India Industrial & Infrastructure: Our talk with UBS Korean utilities analyst: Insights for Korean and Indian T&D incumbents

Research evidence excerpt

India Industrial & Infrastructure: Our talk with UBS Korean utilities analyst: Insights for Korean and Indian T&D incumbents

Global Research

7 July 2026ab

India Industrial & Infrastructure Equities

IndiaOur talk with UBS Korean utilities analyst:

Insights for Korean and Indian T&D incumbents Industrial

Amit Mahawar

Analyst

amit.mahawar@ubs.com

Positive read-across for Indian T&D companies with export potential +91-22-6155 6030

We hosted UBS's Korean Utilities and Power Equipment analyst to discuss the outlook Yoon Cho

for the global power transmission and distribution (T&D) market. Overall, the discussion Analyst

was reflective of Yoon Cho’s constructive view for Korean incumbents exporting to the yoon.cho@ubs.com

US market, and highlights a favourable read-across for Indian companies exposed to +82-2-3702 8805

current/potential export opportunities. With demand continuing to outpace industry Akshay Gattani

capacity, the T&D segment appears well positioned to sustain strong order inflows, Analyst

earnings visibility and margin resilience over the medium term. In addition, strong US akshay-kumar.gattani@ubs.com

utility spending, electrification, renewable integration and data-centre investments +91-22-6155 6044

suggest export-oriented Indian players could continue to benefit from favourable Harshita Surana

demand conditions, while qualification barriers in utility markets should help incumbent Associate Analyst

manufacturers sustain pricing and margin strength. harshita.surana@ubs.com

+91-22-6155 6066

Q: What is the current outlook for the Korean domestic market and exports?

A: The Korean T&D market remains heavily dependent on KEPCO, resulting in relatively

low profitability with single-digit operating margins. While domestic demand remains