InCred Equities has initiated coverage of Techno Electric and Engineering Company with a 'Buy' rating, citing its strong position as a leading Engineering, Procurement, and Construction (EPC) player in India's power transmission and distribution sector. The brokerage highlights Techno Electric's extensive experience of over 45 years and its significant market share, particularly with 50% of Power Grid Corporation of India's (PGCIL) substation portfolio. InCred forecasts a 34% upside in the company's stock price, setting a target of ₹1,681 based on a sum-of-the-parts valuation. Techno Electric's robust order book of over ₹9,500 crore and expected revenue growth at a 32% CAGR from FY25 to FY28 are key factors in this bullish outlook. The company is also venturing into data centers, planning a $1 billion investment to develop 250 MW capacity by FY30, which is expected to enhance its profit margins. Currently, shares are trading at ₹1,265, reflecting a 1.20% increase from the previous session. Analysts believe that Techno Electric is well-positioned to capitalize on a ₹9.15 trillion T&D capital expenditure opportunity from 2023 to 2032, driven by policy support and increasing demand.