Motilal Oswal, a domestic brokerage firm, has started coverage on select transmission and distribution (T&D) stocks, highlighting a significant capital expenditure boom and growing order books. The firm has assigned 'Buy' ratings to CG Power, GE Vernova T&D, and Siemens Energy, with price targets of ₹900, ₹4,750, and ₹3,700 per share, respectively. This optimism is fueled by rising domestic demand and a marked increase in transformer demand in international markets, driven by renewable energy integration and electric vehicle (EV) infrastructure development. The National Electricity Plan of India has earmarked ₹9 trillion for transmission investments, which is expected to accelerate order inflows. The brokerage anticipates that the T&D sector will continue to thrive, with one to two high-voltage direct current (HVDC) project awards expected annually, benefiting specialized manufacturers like Hitachi Energy India and BHEL. Despite high valuations, the potential for earnings upgrades and export opportunities could sustain these stock prices into the future.