India Industrial & Infrastructure Q1FY27E preview: Energy, data centres holding up; short cycle offers better risk-reward

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India Industrial & Infrastructure Q1FY27E preview: Energy, data centres holding up; short cycle offers better risk-reward

Global Research

2 July 2026ab

India Industrial & Infrastructure Equities

IndiaQ1FY27E preview: Energy, data centres holding

up; short cycle offers better risk-reward Industrial

Amit Mahawar

Analyst

amit.mahawar@ubs.com

Energy-linked infra/data centres in focus; investors looking beyond large co's +91-22-6155 6030

Relatively weaker domestic conventional infra momentum is shifting investor focus to Akshay Gattani

the strong energy infra growth theme (T&D, low/medium voltage electrification/ Analyst

industrial power) with power and data centres at the core. While power T&D (grid infra) akshay-kumar.gattani@ubs.com

continues to see strong orders and profitability led by global and local demand +91-22-6155 6044

outpacing supply, the outlook for LV/MV also remains strong. Given strong long cycle Harshita Surana

segment orders over last few years, coupled with subdued short-cycle orders/margins in Associate Analyst

the past 16-18 months and a potential pickup for large segments (energy/data centres), harshita.surana@ubs.com

we believe the case for improved earnings and a recovery in order run-rate for short- +91-22-6155 6066

cycle businesses remains compelling.

Q1 focus areas: order momentum; ability to manage input cost volatility

Our preference for short-cycle industrials is intact entering Q1; while large orders

particularly for AI/data centres-linked themes continue to support headline order

inflows, sustainability of base order inflow will be critical. Pricing remains the primary

growth driver and volume recovery continues to be a key variable to watch. Energy-

centric segments (T&D, power-linked plays) remain in favour, although the rate of