1、India T&DANCHOR REPORTGlobal Markets Research6 November 2024Multi-decade growth storyUSD110bn domestic grid investment opportunity over FY22-32EIndias power transmission sector is poised for significant growth,driven by surging electricity demand and ambitious renewable energy capacity addition targ

2、ets.CEA expects USD110bn in investments over FY22-32E.Globally,regions such as Europe,North America,and MENA are also investing heavily in transmission infra.Europe is focusing on renewable energy integration,while North America is prioritizing grid modernization.MENA is driven by increasing demand

3、and a shift towards sustainability.To capitalise on these manifold opportunities,we favor product manufacturers with strong technological capabilities and a significant domestic manufacturing presence.Hence,we initiate coverage of the following:CG Power and Industrial Solutions(CGPOWER IN,Buy;TP of

4、INR970):We expect an earnings CAGR of 32%over FY24-27F as we believe it is strategically positioned to leverage industry tailwinds.GE Vernova T&D India(GVTD IN,Buy;TP of INR2,500):We expect an earnings CAGR of 76%over FY24-27F driven by robust ordering prospects,market share gains,and healthy pricin

5、g power.Apar Industries(APR IN,Buy;TP of INR11,700):It is a proxy play on grid electrification as it specializes in highly technology-oriented products(HTLS and HeC conductors,800kV transformer oil,and E-beam cables).Research AnalystsIndia Capital GoodsUmesh Raut-NFASL+91 22 403 74035Tanay Rasal-NFA

6、SL+91 22 403 74214See Appendix A-1 for analyst certification,important disclosures and the status of non-US analysts.Production Complete:2024-11-06 20:33 UTCEQUITY:CAPITAL GOODSIndia T&DGlobal Markets Research6 November 2024Multi-decade growth storyInitiating coverage with Buy ratings on CG Power,GE