Summary:

According to Motilal Oswal Financial Services, India's power transmission and distribution industry is about to begin a long-term growth phase supported by an expected Rs. 9 trillion capital expenditure program through 2032. According to the report, demand is still structurally strong, underpinned by investments in transmission and renewable energy integration under the National Electricity Plan, even if FY26 ordering activity slowed due to temporary execution and production bottlenecks. Due to grid improvements, the proliferation of EV charging stations, industrial electrification, and the construction of data centers, transformer demand is rapidly increasing in the US, Europe, and India, resulting in shortages and increased costs. From 2025 to 2028, export prospects, HVDC projects, and robust earnings growth are anticipated to help Indian industries.

Source: IBEF

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