High-Voltage T&D Sector Reports Record Growth and Backlog in Q4 FY26
High-voltage T&D firms show record backlog, robust growth in Q4 FY26

Image: Asianet Newsable
High-voltage transmission and distribution (HV T&D) firms demonstrated significant growth in Q4 FY26, with a 51.8% increase in inflows and a 36.5% rise in revenue year-on-year. The sector's backlog remains at record levels, driven by strong demand and favorable pricing.
- 01HV T&D firms reported a 51.8% increase in inflows and a 36.5% rise in revenue year-on-year.
- 02The EBITDA margin for HV T&D players expanded by 220 basis points to 19.9%.
- 03The Central Electricity Authority (CEA) outlined a 900-gigawatt non-fossil roadmap by FY36, requiring ₹7.93 trillion in transmission capital expenditure.
- 04Immediate supply pressures are leading to peak deficits during summer evenings, necessitating significant generation capacity increases.
- 05In contrast, non-power industrial companies saw only a 10% revenue growth with declining margins due to inflation and cost increases.
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In the fourth quarter of FY26, high-voltage transmission and distribution (HV T&D) firms outperformed other sectors, achieving a 51.8% increase in inflows and a 36.5% rise in revenue year-on-year, according to a report by Nuvama. The EBITDA margin for these firms expanded by 220 basis points to 19.9%, driven by favorable pricing and operational efficiencies. The report highlights the Central Electricity Authority's (CEA) ambitious 900-gigawatt non-fossil roadmap set for FY36, which entails a substantial ₹7.93 trillion in transmission capital expenditure, enhancing the long-term outlook for the sector. However, immediate supply pressures are evident, as India faces peak deficits during summer evenings, necessitating a 35-40GW annual increase in renewable energy and 10-15GW from thermal sources to meet a projected 6-7% growth in power demand. In contrast, non-power industrial firms reported a modest 10% revenue growth with declining margins due to rising costs.
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The growth in the HV T&D sector indicates a positive trend for infrastructure development, which could lead to improved power supply reliability.
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