- India's FY27 target is 16,554 circuit km (ckm) of new transmission lines of 220 kV and above, the highest ever and 36% more than the 12,139 ckm added in FY26. The transformation capacity target of about 158 GVA is roughly 40% above FY26's actual addition.
- Execution has picked up sharply: 6,108 ckm was added in H1 FY27, about 2.5 times the 2,411 ckm of H1 FY26. September 2026 was the strongest month of the year at 1,807 ckm.
- Our analysis shows the full-year target needs about 10,450 ckm in H2, or roughly 1,740 ckm a month, which is 1.7 times the H1 average. A shortfall is likely, but FY27 should still beat FY26 comfortably.
- The longer-term pipeline is large: the National Electricity Plan envisages about 1.91 lakh ckm of lines and 1,274 GVA of transformation capacity by 2031-32, with an estimated investment of ₹9.15 lakh crore. Analysts expect transmission capex to more than double over FY26–FY30 compared with FY22–FY26.
- Most transmission spending goes into towers, conductors and substations, not cables. HT and EHV cable demand is driven more by the parts of the build-out that need insulated cable: substations, renewable plant collection networks, urban undergrounding, distribution upgrades and data centres.
- Domestic EHV cable supply is still tight. Industry commentary puts India's EHV cable market at about ₹3,500 crore, with roughly half met by imports, and major new domestic EHV capacity is expected only from late 2027.
- 01Background: Why the Grid Is Being Rebuilt
- 02FY27 So Far: A Strong First Half, a Steep Second Half
- 03The Money: Capex Is Set to More Than Double
- 04From Transmission Capex to HT Cable Demand
- 05What This Means for Demand
- 06Outlook for FY27: Three Scenarios
- 07Risks and Indicators to Watch
- 08Frequently Asked Questions
Background: Why the Grid Is Being Rebuilt
India's power system is changing faster than its grid. Renewable capacity is being added at record pace, much of it in Rajasthan, Gujarat and other resource-rich states far from the main load centres. Electricity demand is rising with industrial growth, cooling loads, electric mobility and data centres. All of this needs more high-voltage lines, more substations and more inter-regional transfer capacity.
The National Electricity Plan (Transmission) sets the long-term path: about 1,91,474 ckm of new lines, 1,274 GVA of transformation capacity and 33.25 GW of HVDC links between 2022-23 and 2031-32, at an estimated ₹9.15 lakh crore. A successor plan for 2026-27 to 2035-36 adds another 1,37,500 ckm and about 828 GVA, estimated at ₹7.93 lakh crore.
FY27 is the target, not achievement. Source: CEA statistics as reported by T&D India (FY25 actual, FY26 actual, FY27 target).
FY27 So Far: A Strong First Half, a Steep Second Half
| Indicator | H1 FY26 | H1 FY27 | FY27 full-year target |
|---|---|---|---|
| Transmission lines added (ckm) | 2,411 | 6,108 | 16,554 |
| Share of H1 additions on inter-state (ISTS) network | — | 63% (3,826 ckm) | — |
| State utilities' line addition (ckm) | — | 2,212 (61% of H1 target) | — |
| Private sector line addition (ckm) | — | 1,198 | 4,437 |
| Transformation capacity (MVA) | — | 35,670 (Apr–Jul) | 1,58,339 |
Two features of FY27 stand out. First, the inter-state network is doing the heavy lifting, with almost all ISTS additions coming from projects awarded through tariff-based competitive bidding (TBCB). Second, the private sector is targeted to add far more than before: 4,437 ckm of lines and about 46,800 MVA of transformation capacity in FY27, up from about 13,700 MVA in FY26.
H2 needed = (16,554 − 6,108) ÷ 6 months. Source: CEA statistics via T&D India; Headsup B2B calculation.
Transmission additions in India are usually back-loaded, with many lines commissioned in the last quarter. Even so, the H2 requirement is steep, and history argues for caution: FY26 ended at about half of its original 24,400 ckm target. On the transformation side, FY26 achieved about 90% of its target. Equipment availability, especially large transformers, is becoming a constraint.
The Money: Capex Is Set to More Than Double
Brokerage estimates point to a step change in spending. Jefferies expects transmission capex of about ₹5.9 lakh crore over FY26–FY30, compared with about ₹2.7 lakh crore over FY22–FY26. Citi estimates that integrating India's 900 GW power system plan needs about ₹7.9 lakh crore of transmission investment, with HVDC equipment alone around ₹1.6 lakh crore.
Power Grid, the largest transmission utility, spent about ₹39,967 crore on capex in FY26 and has guided about ₹37,000 crore for FY27. The private sector, led by companies such as Adani Energy Solutions and Resonia, is taking a larger share of new lines through TBCB projects.
Third-party brokerage estimate; not an official figure. Source: Jefferies estimates as reported by Trade Brains, 2026.
From Transmission Capex to HT Cable Demand
It is important to separate what transmission spending buys. Long-distance overhead lines are built with towers and bare conductors, not insulated cables. HT (typically 11–33 kV) and EHV (66 kV and above) cables are used where lines must be insulated or underground, and in the networks that connect generation and load to the grid.
| Demand source | Cable type used | Why it is growing |
|---|---|---|
| Renewable plants and pooling substations | 33 kV HT cables for collection networks; EHV at pooling stations | Record solar and wind additions, each plant needing internal HT cabling |
| Substations (new and upgraded) | HT and EHV power cables, control cables | About 158 GVA of transformation capacity targeted in FY27 |
| Urban undergrounding | HT and EHV underground cables | Space and safety limits on overhead lines in dense cities |
| Distribution upgrades | 11–33 kV HT cables, LT cables | Distribution reform spending of about ₹3 lakh crore under RDSS |
| Data centres | HT and EHV power cables | Industry estimates of about ₹3.5 crore of cable demand per MW of data centre capacity |
| Metro, rail and industrial projects | HT cables, traction and specialty cables | Ongoing urban transit and industrial capex |
Industry commentary estimates that power transmission and distribution account for about 30% of India's cable demand. Brokerage forecasts put the overall wires and cables industry at about ₹90,000 crore in FY25, rising to about ₹1,57,500 crore by FY30, or roughly 12% a year. Large manufacturers are adding HT and EHV capacity: KEI's Sanand plant and Polycab's EHV expansion at Halol, the latter targeting voltages up to 550 kV, are expected to add capacity in FY27 and late 2027.
What This Means for Demand
| Product category | Main FY27 demand driver | Headsup B2B outlook |
|---|---|---|
| HT XLPE power cables (11–33 kV) | RE collection networks, substations, distribution upgrades, data centres | Strong |
| EHV cables (66–400 kV) | Urban undergrounding, data centres, pooling substations | Strong; supply tight until new domestic capacity starts |
| Cable jointing kits and terminations | Every HT/EHV cable installation | Strong; follows cable volumes |
| Control and instrumentation cables | New and upgraded substations | Steady to strong |
| Conductors (ACSR, AL59, HTLS) | Overhead line addition and reconductoring | Strong, but tied to line execution pace |
| LT power cables and solar DC cables | Distribution, rooftop and utility solar | Steady |
For buyers, the practical issue in FY27 is lead time rather than availability of standard HT cables. EHV cables, large transformers and certain accessories can have long delivery schedules, so contractors should place orders early and confirm type-test approvals with the utility before finalising suppliers.
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Outlook for FY27: Three Scenarios
H2 additions only match H1. Right-of-way, equipment delays and slow state utilities hold FY27 near FY26 levels.
H2 runs 1.2 to 1.4 times faster than H1, in line with the usual year-end push. FY27 beats FY26 by 10–20% but misses target.
The September pace of about 1,800 ckm a month is sustained through H2 and the target is met.
Scenario values are Headsup B2B estimates based on H1 FY27 actuals of 6,108 ckm.
Risks and Indicators to Watch
| Risk | Indicator to watch |
|---|---|
| Line execution falls short | CEA monthly line addition in Q3 and Q4 FY27 |
| Equipment bottlenecks | Transformation capacity achievement vs target; transformer delivery times |
| Grid congestion persists | Inter-regional transfer capacity, which stood at about 1,20,340 MW in July 2026, unchanged since June 2025 |
| EHV cable import dependence | Commissioning dates of new domestic EHV capacity |
| Raw material swings | Copper and aluminium prices, which feed directly into cable costs |
| Slower data centre build-out | Data centre capacity additions and hyperscaler investment announcements |
Frequently asked questions
How many transmission lines will India add in FY27?+
The target is 16,554 ckm of lines of 220 kV and above, the highest ever. By September 2026, 6,108 ckm had been added.
How much will India invest in power transmission?+
The National Electricity Plan envisages about ₹9.15 lakh crore of transmission investment up to 2031-32. Analysts expect transmission capex of about ₹5.9 lakh crore over FY26–FY30.
Does transmission capex increase HT cable demand?+
Partly. Overhead lines use conductors, but substations, renewable plant networks, urban undergrounding, distribution upgrades and data centres all need HT and EHV cables.
What is the difference between HT and EHV cables?+
HT cables usually cover medium voltages such as 11–33 kV, while EHV cables are used at 66 kV and above, mainly for underground transmission and large substations.
Is there a shortage of EHV cables in India?+
Supply is tight. Industry commentary suggests about half of India's EHV cable demand is met by imports, and major new domestic EHV capacity is expected from late 2027.
- T&D India, "Transmission line addition spikes in September 2026, achievement in H1FY27 more than doubles year-on-year", 21 October 2026 (CEA data). tndindia.com/transmission-line-addition-spikes-in-september-2026-achievement-in-h1fy27-more-than-doubles-year-on-year/
- T&D India, "Healthy growth expected in FY27 transmission infrastructure addition", 2026 (CEA FY27 targets). tndindia.com/healthy-growth-expected-in-fy27-transmission-infrastructure-addition/
- T&D India, "Transmission line addition on ISTS network surges in 4MFY27", 2026. tndindia.com/transmission-line-addition-on-ists-network-surges-in-4mfy27/
- T&D India, "Transmission line addition in Q1FY26 meets barely a fifth of the target", 2025 (FY25 actual, FY26 target). tndindia.com/transmission-line-addition-in-q1fy26-meets-barely-a-fifth-of-the-target/
- Loktej, "India Adds 113,013 MVA grid transformation capacity in FY26; Meets 90% of CEA target", September 2026 (National Electricity Plan figures). english.loktej.com/article/32867/india-adds-113-013-mva-grid-transformation-capacity-in-fy26--meets-90--of-cea-target
- Trade Brains, "Power T&D Sector Outlook FY27", 2026 (Jefferies and Citi estimates). tradebrains.in/indian-markets/power-td-sector-outlook-fy27-3-stocks-to-watch-as-indias-power-transmission-growth-story-expands-12548474
- PSU Watch, "Power Grid FY26: Profit rises 3 percent as capex surges past guidance", 2026. psuwatch.com/newsupdates/power-grid-fy26-profit-rises-3-percent-as-capex-surges-past-guidance-2
- smallcase, "Three Problems Hit Polycab India at Once. Is It a Crisis?", 2026 (T&D share of cable demand; EHV market and imports). smallcase.com/blog/three-problems-hit-polycab-india-at-once-is-it-a-crisis/
- Whalesbook, "Data Centers Fuel Boom for India's High-Voltage Cable Makers", May 2026 (industry size forecast). whalesbook.com/news/English/industrial-goodsservices/Data-Centers-Fuel-Boom-for-Indias-High-Voltage-Cable-Makers/6a0279f7e43db892c2a03c9a
- Business Standard, "Motilal Oswal sees strong growth for Cables & Wires", December 2025 (cable demand per MW of data centre). business-standard.com/markets/news/motilal-oswal-sees-strong-growth-for-cables-wires-bets-on-polycab-kei-industries-havells-rr-kabel-125121600111_1.html
- Business Standard, KEI Industries Sanand expansion, 2025. business-standard.com/markets/news/these-2-cable-wire-stocks-are-a-must-have-in-your-portfolio-details-here-polycab-kei-industries-125093000083_1.html
- Navi Exports, "Electrical Equipment Exports from India", 2026 (RDSS outlay). naviexports.com/blog/electrical-equipment-exports-from-india-wires-cables-switchgear/
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Published 3 November 2026 by Headsup B2B Research. Data as of 3 November 2026; next review February 2027 (post Union Budget).
Disclaimer: This report is for information only. Targets, estimates and forecasts are from official sources and third-party analysts as cited and may change; scenario figures are Headsup B2B estimates. This report does not contain or imply any product prices. Verify current data with CEA, the Ministry of Power and official sources before making decisions.
