Power transmission sector to see `9 tn capex push by 2032: Report

ANI

New Delhi

India's transmission and distribution sector is set for a sustained growth cycle, backed by an estimated capital expenditure of around ₹9 trillion through 2032, even as ordering activity remained weak in FY26 due to temporary constraints, according to a report by Motilal Oswal Financial Services.

The report said "the transmission and distribution (T&D) value chain continues to benefit from a robust capex outlay of ₹9 trillion until 2032," adding that the T&D capex cycle, which began in 1922-23, has already driven "sharp growth in order books, revenue, and the margin profiles for industry participants."

Highlighting the near-term slowdown, the report noted that "sector-level ordering was weaker in FY26 (16 schemes awarded) versus FY25 (45 schemes awarded), primarily due to temporary bandwidth constraints rather than any structural demand slowdown."

It added that domestic manufacturers are currently operating at high capacity utilisation and are increasingly focusing on higher-voltage transformers, which "involve longer manufacturing cycles and testing timelines," thereby extending lead times.