India's power transmission and distribution (T&D) sector is poised for continuous growth, backed by a strong capital expenditure plan of approximately Rs. 9 trillion (US$ 96.70 billion) by 2032, as per a report from Motilal Oswal Financial Services. The report indicates that the current capex cycle, initiated in 2022-23, has resulted in a significant increase in order books, revenues, and margin profiles for industry players. Notwithstanding this robust structural forecast, order activity experienced a brief decline in FY26, with a decrease in awarded schemes relative to the prior year, mainly attributed to execution limitations rather than any lack of demand. The report also stresses that the elevated capacity utilisation among local manufacturers and the transition to higher-voltage transformers, which necessitate longer production and testing durations, have prolonged lead times throughout the industry. Nevertheless, demand stays robust, bolstered by domestic infrastructure growth and strong worldwide needs. India's National Electricity Plan also details a substantial investment drive of approximately Rs. 9 trillion (US$ 96.70 billion) in transmission infrastructure, propelled by extensive renewable energy integration. Moreover, increasing worldwide demand for transformers, especially in the US and Europe, due to power grid improvements, EV infrastructure growth, and asset replacement requirements, offers export possibilities for Indian producers. New sectors like high-voltage direct current (HVDC) initiatives are predicted to propel future expansion, with a continuous flow of project contracts expected in the years ahead.