Winding Wires Poised To Benefit From India's Power Expansion

31 Jul 2026 CW Team

India plans to nearly double installed power generation capacity from around 442 GW in FY24 to about 900 GW by FY32, supported by more than Rs nine trillion (tn) of planned investment in transmission infrastructure. Expansion of substations, transmission lines and transformer capacity should drive long-term demand for distribution, power and speciality transformers, thereby supporting winding wire producers. The scale-up is likely to underpin investment in higher-quality inputs and greater manufacturing capacity across the sector.

Renewable energy and grid modernisation are cited as major growth drivers, with a non-fossil power capacity target of 612.7 GW by 2032 from 194 GW in 2024, implying a 15.5 per cent compound annual growth rate. Deployment of battery energy storage systems, smart grids and green hydrogen projects is expected to add demand for specialised winding wires used in transformers, generators and inverters. The industry is shifting towards higher-value products such as continuously transposed conductors and EV-grade winding wires, which have higher qualification barriers.

The brokerage said industry formalisation and the China plus one strategy could create opportunities as global supply chains diversify and exports of Indian transformers and motors increase. Copper is expected to remain the preferred conductor for critical applications because of its electrical and thermal properties, keeping demand strong from EV traction motors, renewable energy equipment, HVDC transformers, industrial automation and data centres. The report also pointed to a structural opportunity in copper tubes backed by the expanding HVAC market and lower air-conditioner penetration.

PhillipCapital said India’s winding wire industry is entering a structural growth phase driven by rapid electrification, rising investment in power transmission and distribution and greater renewable energy adoption. Winding wires, essential in transformers, motors and generators, provide direct exposure to the expanding power infrastructure and the energy transition. Demand from electric vehicles, data centres, industrial automation and heating, ventilation and air-conditioning is expected to support steady volume growth and offer margin expansion opportunities for organised manufacturers. India plans to nearly double installed power generation capacity from around 442 GW in FY24 to about 900 GW by FY32, supported by more than Rs nine trillion (tn) of planned investment in transmission infrastructure. Expansion of substations, transmission lines and transformer capacity should drive long-term demand for distribution, power and speciality transformers, thereby supporting winding wire producers. The scale-up is likely to underpin investment in higher-quality inputs and greater manufacturing capacity across the sector. Renewable energy and grid modernisation are cited as major growth drivers, with a non-fossil power capacity target of 612.7 GW by 2032 from 194 GW in 2024, implying a 15.5 per cent compound annual growth rate. Deployment of battery energy storage systems, smart grids and green hydrogen projects is expected to add demand for specialised winding wires used in transformers, generators and inverters. The industry is shifting towards higher-value products such as continuously transposed conductors and EV-grade winding wires, which have higher qualification barriers. The brokerage said industry formalisation and the China plus one strategy could create opportunities as global supply chains diversify and exports of Indian transformers and motors increase. Copper is expected to remain the preferred conductor for critical applications because of its electrical and thermal properties, keeping demand strong from EV traction motors, renewable energy equipment, HVDC transformers, industrial automation and data centres. The report also pointed to a structural opportunity in copper tubes backed by the expanding HVAC market and lower air-conditioner penetration.

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