Chinese import restrictions remain

Research evidence excerpt

Chinese import restrictions remain

India | Industrials EquityJulyResearch3, 2026

Chinese import restrictions remain Recent Research:

Media reports highlight that the government has approved four Chinese Power T&D Growth Still Visible – Initiate GE

Vernova T&D (Hold)companies (TBEA Energy, Nanjing Electric, New Northeast Electric, Taikai

Electric) to supply equipment for government projects only from their Thoughts on Chinese Competition

Indian manufacturing facilities. Import restrictions still remain. Even Flash Note: Potential negative

with supply from these facilities, we believe demand-supply mismatch development; Defence - the least impact

remains. Remain positive on Hitachi Energy and Siemens Energy and see

the correction as a buying opportunity.

TBEA Energy India (TBEA) – the transformer player: TBEA is the Indian subsidiary of TBEA

Group, China’s largest power transmission equipment manufacturer. It supplies transformers

and reactors from a 20,000 MVA facility (5% of industry capacity) in Gujarat. It also supplies

cables & wires, bushings, solar products, and turnkey EPC services for India as well as export

markets. New Northeast Electric India and Taikai Electric (India) primarily supply gas insulated

switchgear solutions for Indian markets, while Nanjing Electric India specializes in electrical

insulators, which is a key component in transformers. No companies have commented on

press reports (Reuters).

We remain constructive on Power T&D with supply to lag demand: We believe power T&D

equipment will see strong growth in FY26-30E backed by transmission project bids doubling

from an annual run-rate of Rs390-400 bn in FY24 to Rs800 bn+ from FY25. Power Grid

(PWGR IN, Rs288, Buy) and Adani Energy (ADANIENS IN, Rs1,574, Buy) managements have