Summary:

According to Motilal Oswal Financial Services, India's power transmission and distribution (T&D) industry is expected to develop at a robust rate thanks to a capital expenditure pipeline worth approximately Rs. 9 trillion (US$96.70 billion) through 2032. For industry participants, the ongoing cycle of capital expenditures, which started in 2022–2023, has increased order books, sales, and margins. However, rather than insufficient demand, execution limitations caused a brief slowdown in ordering activity in FY26.

According to the report, lead times have increased due to a shift toward higher-voltage transformers and high capacity utilization among local producers. Infrastructure expansion and the integration of renewable energy sources under India's National Electricity Plan continue to fuel demand. Opportunities around the world are also growing, particularly in the US and Europe, and HVDC projects are anticipated to facilitate future growth.

Source: IBEF

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