Renewable Surge Fuels Multi-Year Boom In India's Power Equipment Industry
POWER & RENEWABLE ENERGY

Renewable Surge Fuels Multi-Year Boom In India's Power Equipment Industry

A JP Morgan report says India is entering a multi-year growth phase in its power equipment sector driven by an accelerating energy transition and rising transmission investments. The report indicates high?voltage equipment manufacturers are in the midst of a decadal upcycle as the grid expands to accommodate a significant increase in renewable capacity. Strong policy visibility and a sharp ramp?up in solar and wind additions underpin the outlook.

The national plan targets 470GW of solar and wind additions over the next decade, which is expected to materially increase demand for transmission infrastructure and related equipment. Annual transmission capital expenditure is projected at about $eight to nine bn, while high?voltage direct current technology is identified as a key enabler of long?distance renewable power evacuation. The report estimates a $14-15 bn opportunity in HVDC over the next five to six years, reinforcing a robust medium?term demand cycle.

Beyond domestic demand, export opportunities are expanding as global grids upgrade to accommodate renewables and rising electricity consumption from data?centre growth driven by artificial intelligence. Exports are extending the cycle as global order books increase on renewables, grid upgrades and AI?driven load growth, positioning Indian manufacturers as competitive global suppliers. A favourable industry structure, characterised by limited competition in HVDC, tight supply?demand conditions and operating leverage, is expected to support margin expansion.

The report cautions that near?term risks such as supply?chain disruptions or delays in HVDC project awards could weigh on sentiment, but notes that any pauses may create entry opportunities given the multi?year ordering outlook. It highlights that large?scale transmission build typically takes three to five years, providing multi?year revenue visibility for high?voltage original equipment manufacturers. Overall, India’s power equipment sector is assessed as well positioned to benefit from the energy transition with strong order visibility, export optionality and margin tailwinds driving a sustained upcycle over the coming three to five years.

A JP Morgan report says India is entering a multi-year growth phase in its power equipment sector driven by an accelerating energy transition and rising transmission investments. The report indicates high?voltage equipment manufacturers are in the midst of a decadal upcycle as the grid expands to accommodate a significant increase in renewable capacity. Strong policy visibility and a sharp ramp?up in solar and wind additions underpin the outlook. The national plan targets 470GW of solar and wind additions over the next decade, which is expected to materially increase demand for transmission infrastructure and related equipment. Annual transmission capital expenditure is projected at about $eight to nine bn, while high?voltage direct current technology is identified as a key enabler of long?distance renewable power evacuation. The report estimates a $14-15 bn opportunity in HVDC over the next five to six years, reinforcing a robust medium?term demand cycle. Beyond domestic demand, export opportunities are expanding as global grids upgrade to accommodate renewables and rising electricity consumption from data?centre growth driven by artificial intelligence. Exports are extending the cycle as global order books increase on renewables, grid upgrades and AI?driven load growth, positioning Indian manufacturers as competitive global suppliers. A favourable industry structure, characterised by limited competition in HVDC, tight supply?demand conditions and operating leverage, is expected to support margin expansion. The report cautions that near?term risks such as supply?chain disruptions or delays in HVDC project awards could weigh on sentiment, but notes that any pauses may create entry opportunities given the multi?year ordering outlook. It highlights that large?scale transmission build typically takes three to five years, providing multi?year revenue visibility for high?voltage original equipment manufacturers. Overall, India’s power equipment sector is assessed as well positioned to benefit from the energy transition with strong order visibility, export optionality and margin tailwinds driving a sustained upcycle over the coming three to five years.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement