Archive · 7 Oct 2026
Two Indian Suppliers Positioned for the Power Infrastructure Boom
India is expected to use much more electricity as factories and other users grow.
Some power will come from renewable sources, which may be far from the places that need it.
TD Power Systems makes generators that help produce electricity.
APAR Industries makes conductors and cables that help carry and distribute it.
Both companies reported growing sales and substantial orders.
TD Power’s challenge is making and delivering enough equipment on time.
APAR’s businesses have different drivers, and some volumes and operating conditions have been uneven.
The article says both stocks are valued at levels that assume continued growth.
It presents them as examples of companies involved in expanding power infrastructure, not as investment recommendations.
India’s electricity demand is projected to grow 6.4% annually from 2026 to 2030, with industry accounting for about a third of the increase.
TD Power Systems supplies generators for varied power and industrial applications; its Q1 FY27 orders rose 87% year over year to ₹734.1 crore.
TD Power’s June-end order book was ₹2,207 crore, with 69.5% from exports and deemed exports, but execution and capacity are growing concerns.
APAR Industries supplies conductors and cables as well as oils; its conductor order book stood at ₹10,190 crore at the end of June.
Both companies reported strong growth and high returns on capital, while their elevated valuations make sustained growth and order execution important tests.
- Who
- TD Power Systems and APAR Industries.
- What
- The article examines how their generator, conductor, cable and oil businesses relate to India’s expanding electricity and manufacturing needs.
- When
- The article cites Q1 FY27 results and company data through June, with valuations stated as of October 6.
- Where
- India, with both companies also serving overseas markets.
- Why
- Rising electricity demand and renewable generation are increasing the need for equipment to generate and transmit power.
Growth opportunity
Execution and valuation risks
Order growth
Growth opportunity
TD Power’s order inflow, export exposure and ₹2,207 crore order book point to demand across several power and industrial markets.
Execution and valuation risks
TD Power says quarterly order inflows have exceeded ₹700 crore, raising questions about whether capacity, working capital and execution can keep pace.
APAR’s infrastructure exposure
Growth opportunity
APAR’s conductors and cables can benefit from expanded transmission capacity and the need to connect and distribute electricity.
Execution and valuation risks
The article notes that conductor volumes fell 6.7% year over year in Q1 FY27, while APAR’s oil volumes also declined amid supply and port-related disruptions.
Share valuations
Growth opportunity
The article points to large order books, earnings growth and strong returns on capital as support for continued investor interest.
Execution and valuation risks
Both companies trade at P/E multiples above the sector medians cited in the article, making sustained earnings growth and successful order conversion important.
- India electricity-demand forecast
- The IEA expects demand to grow 6.4% annually from 2026 to 2030, adding over 570 TWh of annual consumption.
- Industry’s expected contribution
- Industry is expected to account for about one-third of the projected increase in electricity demand.
- TD Power Q1 FY27 orders
- ₹734.1 crore, up 87% year over year; 93% came from exports and deemed exports.
- TD Power order book
- ₹2,207 crore at the end of June; 69.5% was from exports and deemed exports.
- APAR conductor order book
- ₹10,190 crore at the end of June.
- APAR Q1 FY27 consolidated results
- Revenue was ₹6,591 crore, up 29.1%; EBITDA was ₹814 crore, up 62.7%; net profit was ₹467 crore, up 77.7%.
- Valuations cited
- As of October 6, the article reported P/E ratios of about 93x for TD Power Systems and 61.5x for APAR Industries.