Executive Summary & Analyst Perspective
High Voltage, High Stakes: Why India is Betting ₹9 Trillion on Its Power Grid
India's T&D sector is backed by an estimated ₹9 trillion capex through 2032, driven primarily by the need to integrate large-scale renewable energy into the national grid. Rising global demand for transformers, particularly in the US and Europe amidst power grid upgrades, EV infrastructure expansion, and asset replacement needs, presents significant export opportunities for Indian manufacturers. The T&D capex cycle, which began in FY22–23, has already resulted in significant growth in order books, revenues, and margin profiles for industry participants. Emerging HVDC projects represent a key growth frontier, with about 14.5 GW of a 32.3 GW pipeline already tendered and awarded, and expectations of one to two HVDC awards annually going forward.
At Eninrac, we track power infrastructure markets with granular data intelligence. Our assessment is unambiguous: India's power transmission sector is entering its most consequential investment decade. The question is no longer 'if the grid will be transformed’; it is 'who positions early to capture the ₹9 trillion opportunity.' This report dissects the opportunity across four critical segments: High-Voltage Direct Current (HVDC) corridors, Interstate Transmission Systems (ISTS), Intrastate Distribution Network Upgradation, and Renewable Energy Evacuation Infrastructure.
Eninrac Analyst Perspective – Key Takeaways
India's ₹9T T&D capex could enable nearly 500 GW renewable evacuation capacity by 2032.
HVDC projects are expected to sustain long-haul transmission growth with 1–2 project awards annually.
Global transformer demand growth in the US and Europe is expected to support record export revenues for Indian manufacturers through FY28.
FY26's decline to 16 scheme awards from 45 in FY25 reflects execution bandwidth constraints rather than demand weakness.
Global Transmission Investments & Capacity Track
Power Transmission Lines – A Multidecadal Opportunity
Global Power Transmission Expansion: A $22+ Billion Grid Buildout Reshaping Energy Markets
At Eninrac, we track cross-border energy infrastructure with precision. Our read of global transmission expansion data is unequivocal: the world is amid a structural grid buildout cycle, and the opportunity window for developers, equipment manufacturers, and investors is wide open.
- SAARC countries lead the charge with the largest regional expansion at 106k ckm / $10 Billion which is a testament to South Asia's surging electricity demand and aggressive renewable integration targets. India sits at the heart of this wave, anchoring neighborhood grid connectivity ambitions across Bangladesh, Nepal, Bhutan, and Sri Lanka.
- ANZ and Central Asia are each adding ~29–30k ckm of new transmission capacity, signaling that even mature and landlocked markets are prioritizing grid modernization to handle the energy transition. The Middle East mirrors this at 29k ckm / $3 Billion, driven by Vision 2030-aligned power diversification programmes.
- The USA's $4 Billion / 25k ckm expansion underscores that even the world's most developed grid is far from done coupled with aging infrastructure replacement and clean energy corridor development are fueling a once-in-a-generation reinvestment cycle.
- Africa presents a dual narrative — West Africa (12k ckm / $2Bn) and East Africa (10k ckm / $1Bn) are building foundational grid capacity, while South Africa (3k ckm / $0.5Bn) focuses on targeted network rehabilitation. LATAM rounds out the picture with 5k ckm of network expansion underway.
- The aggregate signal is clear: Over 250k ckm of new transmission infrastructure is being planned or deployed globally, representing a combined investment corridor exceeding $22 billion. For equipment suppliers, EPC contractors, and financiers, the question is not whether this market is real, it is whether your strategy is calibrated to capture it.
India Power Transmission Investments & Capacity Addition Track
60% of Planned CAPEX to Be Spent on ISTS Corridors (2022–2027)
Transmission Sector on Track for Major Expansion
Given the Government’s sharpened focus on cutting Aggregate Technical and Commercial (AT&C) losses and thrust on renewables, we expect T&D spending to turn the spotlight on higher KV substations. In addition to spending on the green energy corridor to connect renewable energy to the grid, GoI is targeting to award sizable chunk of inter-state transmission projects through Tariff Based Competitive Bidding (TBCB) route which would drive private player’s participation. Private players’ involvement would ensure large ticket size orders, timely delivery, better quality and lower cost of the projects.
As per the NEP Volume II – transmission investments will not only strengthen the existing inter-region corridors but will also create new ones. The need for a robust transmission system has increased with the advent of renewables. As the Government will increase renewables energy (RE) capacity from the current level of 203 GW to 600 GW by 2032, it will need to create transmission infrastructure matching with the renewable power industry. Renewable power developers have raised the concern for grid availability in the past which highlights the urgent need of expansion of grid connectivity to accomplish the renewable energy target
