Jyoti Structures Wins ₹949 Crore HVDC Orders in 2026

Power Grid awards two Rajasthan transmission packages

Jyoti Structures Ltd has received Notifications of Award from Power Grid Corporation of India Ltd for two high-voltage direct current transmission line packages in Rajasthan. The combined value of the orders is ₹949.35 crore, excluding GST. The awards relate to the ±800 kV HVDC Bipole Barmer-II and South Kalamb transmission lines project. Jyoti Structures disclosed the development to the stock exchanges under Regulation 30 of the Listing Obligations and Disclosure Requirements regulations on October 26, 2026. The contracts cover turnkey execution of the transmission lines. The company will supply, erect, test and commission the assets under the awarded packages. Each package has a completion period of 38 months from its respective notification of award.

Order value is split across TL01 and TL02

The Power Grid orders have been awarded under two separate packages, identified as TL01 and TL02. Lot 1 under package TL01 is valued at ₹474.85 crore, excluding GST. Lot 2 under package TL02 is valued at ₹474.50 crore, excluding GST. Together, the two lots total ₹949.35 crore. The company described both assignments as total turnkey contracts. This means the scope spans equipment supply as well as on-site erection, testing and commissioning. The disclosed value does not include goods and services tax.

Key facts from the Power Grid awards

Scope centres on ±800 kV HVDC line execution

The assignment involves ±800 kV high-voltage direct current, or HVDC, transmission lines. HVDC systems are used for bulk electricity transfer over long distances and form part of the wider transmission network. Jyoti Structures will execute the line work rather than merely supply a single component. Its disclosed scope includes erection and commissioning, which are critical stages before a line can enter service. The two packages are part of the Bipole Barmer-II and South Kalamb project. The company has not disclosed further financial terms beyond the package values, tax exclusion and execution schedule. The notifications of award establish the contractual awards for the two lots.

Completion schedule extends to 38 months

Both orders carry the same 38-month completion period. The schedule starts from the date of the respective notification of award, according to Jyoti Structures' disclosure. This provides a multi-year execution horizon for the company. Transmission line contracts typically involve engineering, procurement, construction activity and final testing before commissioning. The company has stated that the work will be undertaken on a turnkey basis. No separate commissioning date was provided in the announcement. The timing of actual revenue recognition was also not disclosed.

Awards follow a recent GETCO contract in Gujarat

The Power Grid win comes after Jyoti Structures' recent order from Gujarat Energy Transmission Corporation Ltd, or GETCO. That contract is valued at ₹689.93 crore for the 765 kV DC Pachchham-Saykha transmission line project in Gujarat. The two announcements point to a series of large transmission line mandates for the engineering, procurement and construction company. However, the projects involve different awarding entities, geographies and voltage specifications. The GETCO project concerns a 765 kV DC line, while the latest Power Grid awards relate to ±800 kV HVDC lines. Both contracts focus on transmission infrastructure execution. Jyoti Structures also operates in the power transmission EPC segment.

Barmer HVDC scheme uses competitive bidding framework

Power Grid formally acquired the project special purpose vehicle for the Barmer HVDC scheme on September 23, 2026. The acquisition followed Power Grid's selection as the successful bidder under the tariff-based competitive bidding framework. The subsequent line package awards are part of execution activity associated with the scheme. Tariff-based competitive bidding is used for awarding eligible transmission projects through a competitive process. The available disclosures identify the two Jyoti Structures packages as among the project works awarded by Power Grid. The company has described the work as being in Rajasthan. The announcement does not provide a separate breakdown of materials, labour or other execution costs.

Share market reaction reflected contract announcement

Shares of Jyoti Structures rose more than 10% on the day the Power Grid awards were reported. The market reaction followed the disclosure of the ₹949.35 crore order value and the 38-month project timeline. No specific closing price or trading volume is available in the provided information. The share movement indicates that investors responded to the size of the new contract announcement. Still, the company has not issued guidance on the contract's effect on future revenue, margins or profitability. Investors would need to monitor subsequent financial disclosures for updates on execution and recognition. The order value is stated before GST and should be read accordingly.

Company confirms no related-party connection

Jyoti Structures said that none of its promoters or promoter group entities has an interest in Power Grid Corporation of India. It also confirmed that the awards are not related-party transactions. This disclosure forms part of the company's exchange communication on the order receipt. Power Grid is the state-owned transmission utility that has issued the notifications of award. The company has not indicated any further conditions attached to the awards in the information provided. The key next step is execution of the two packages within the stated 38-month period. Progress updates, if any, would be reflected through future company disclosures.

What the orders mean for Jyoti Structures

The ₹949.35 crore Power Grid awards add two large HVDC line packages to Jyoti Structures' recent order wins. The contracts place the company on a project involving high-capacity transmission infrastructure in Rajasthan. Their value, scope and execution duration are clearly defined in the company's announcement. The award also follows the separate ₹689.93 crore GETCO transmission line contract in Gujarat. Together, these developments underline the company's active participation in transmission EPC tenders and project execution. The immediate focus will remain on meeting contractual milestones for the Power Grid packages. Any updates on execution, commissioning or financial impact will depend on later disclosures by the company.