Archive · 26 Aug 2026
India’s Grid Expansion Highlights Three CTC Supplier Stocks
India is building and upgrading many electricity networks.
This creates more demand for transformers and the special copper wires used inside them.
These wires are called Continuously Transposed Conductors, or CTC.
KSH International already has substantial business in specialised winding wires.
Vidya Wires is adding a new CTC facility while also expanding its overall production capacity.
APAR Industries is larger and already sells many premium conductor products.
The companies reported higher revenue and profit in the first quarter of FY27.
However, the article says their stock valuations are higher than some industry comparisons.
The article presents these companies as stocks to watch, not as guaranteed investments.
India’s transmission grid has around ₹9 lakh crore of planned capex between FY23 and FY32, supporting demand for transformer components.
KSH International’s specialised winding wires generated 75.3% of FY26 revenue, while capacity is expected to reach 59,045 MT by the end of FY27.
Vidya Wires is adding dedicated 3,000 MTPA CTC capacity and expanding total manufacturing capacity to 36,000 MTPA before December 2026.
APAR Industries’ premium conductors, including CTC, contributed 50.3% of conductor revenue in Q1FY27, with a ₹10,190 crore order book.
All three companies reported year-on-year profit growth in Q1FY27, but their shares trade at premiums to industry measures cited in the article.
- Who
- KSH International, Vidya Wires, and APAR Industries are the companies examined.
- What
- The article evaluates three manufacturers of CTC and other specialised conductors that may benefit from India’s power-transmission expansion.
- When
- The operating and financial figures primarily cover Q1FY27; the grid-capex period cited is FY23 to FY32.
- Where
- The opportunity is centred on India, with additional demand described across Europe, North America, the Middle East, and Southeast Asia.
- Why
- Renewable energy, data centres, artificial intelligence, electric vehicles, ageing grids, and transformer-capacity expansion are increasing the need for transmission and distribution infrastructure.
Growth case
Caution case
Power-infrastructure opportunity
Growth case
Rising electricity demand and planned grid investment could increase demand for transformers, CTC, and premium conductors.
Caution case
The article does not establish that projected infrastructure demand will translate into equivalent returns for every supplier.
Company positioning
Growth case
KSH has substantial specialised-wire exposure, Vidya Wires is moving into CTC, and APAR has scale, premium products, and a large order book.
Caution case
The companies are at different stages of expansion, and Vidya Wires still needs customer qualification and facility ramp-up as new capacity stabilises.
Stock valuation
Growth case
Strong Q1FY27 revenue and profit growth may support continued investor interest in the companies.
Caution case
The cited price-to-earnings multiples for KSH, Vidya Wires, and APAR Industries were above the industry median, while the article says the stocks had undergone re-rating.
- Planned Indian grid capex
- Around ₹9 lakh crore between FY23 and FY32.
- Estimated Indian CTC demand
- Approximately 30,000 to 40,000 tonnes, according to Vidya Wires management.
- KSH International capacity
- Expected to reach 59,045 MT by the end of FY27, compared with 43,445 MT as of 30 June 2026.
- Vidya Wires CTC expansion
- A dedicated 3,000 MTPA CTC facility is planned as part of its expansion.
- Vidya Wires total capacity
- Expected to increase from approximately 19,000 MTPA to 36,000 MTPA before December 2026.
- APAR Industries order book
- The Conductor Division had a pending order book of ₹10,190 crore, with 56.8% consisting of export orders.
- Q1FY27 APAR net profit
- Consolidated net profit rose 77.7% year on year to ₹467 crore.