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.