These 18 stocks could be likely beneficiaries as Centre unveils PM Dhara scheme worth Rs 1.86 lakh crore

Shares of companies across the renewable energy, power transmission, capital goods and cable segments are likely to be in focus heading into trade on Thursday after the government unveiled the PM Developing Harmony and Accelerating Renewable Energy Access (DHARA) scheme, the third phase of the Green Energy Corridor programme.

Stocks such as NTPC Green Energy, ACME Solar, Clean Max, Suzlon, Inox Wind, Larsen & Toubro, KEC International, Kalpataru Projects, GE Vernova T&D, Hitachi Energy India, Siemens Energy India, Apar Industries, Voltamp Transformers, Cummins India, ABB India, CG Power, KEI Industries and Polycab, among others could be likely beneficiaries of the Rs 1.86 lakh crore programme.

International brokerage Nomura said the sharply higher outlay and inclusion of the BESS component under GEC-III should improve demand visibility for transmission equipment manufacturers and companies providing BESS solutions. The brokerage also noted that greenfield projects under GEC-III will be awarded through the TBCB route, which it believes could benefit private transmission companies.


Among the stocks under its coverage, Nomura expects GE Vernova T&D India, Hitachi Energy India, and CG Power to be the major beneficiaries.

The PM DHARA scheme is aimed at evacuating up to 135 GW of renewable power, deploying 50 GWh of Battery Storage Systems, supporting the target of 900 GW of non-fossil capacity by 2035 and easing transmission congestion in states with a high concentration of renewable energy capacity.

For implementation, Greenfield projects will be awarded through Tariff Based Competitive Bidding (TBCB), while brownfield upgrades will follow a cost-plus model. State Transmission Utilities will serve as the implementation agencies.

The capex under the scheme will be over and above the Rs 7.9 lakh crore transmission and distribution capex announced by the Central Electricity Authority in March 2026. This spending will be carried out between 2027 and 2036 and will also cover 12-13 HVDC projects.

The broader capital goods theme is expected to be involved in the scheme, as its implementation and related buildouts will require services from companies operating across different parts of the infrastructure development chain.

The PM DHARA scheme could provide a meaningful long-term order pipeline for the capital goods and power infrastructure sectors. The planned evacuation of up to 135 GW of renewable power, 50 GWh of battery storage capacity and 12-13 HVDC projects could translate into demand for transmission equipment, transformers, cables, power systems and project execution services. With spending spread across 2027-2036 and over and above the Rs 7.9 lakh crore T&D capex already announced, the scheme could support revenue visibility and order inflows for companies exposed to the power transmission and renewable infrastructure buildout.

Capital goods stocks have delivered strong returns so far this year, with Apar Industries more than doubling in value in the first nine months. Shares of Hitachi Energy, CG Power and GE Vernova T&D have gained 67%, 33% and 33%, respectively, on a year-to-date basis, although all three have pulled back from the highs they touched earlier this year.

Voltamp Transformers shares have risen 35%, while Polycab India and KEI Industries have risen up to 5%. Clean Max and ACME Solar have risen up to 85% in 2026.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.