India Electrical Equipment

研报英文原文证据摘录

India Electrical Equipment

Viewpoint |

05 Jul 2026 22:23:11 ET │ 16 pages

China OEM approval: Execution tailwind; Not a competitive threat

CITI'S TAKE

Anusha Madireddy AC

Media reports indicate that the government has approved four Chinese +91-22-6175-9866

OEMs with Indian manufacturing operations to participate in Government anusha.madireddy@citi.com

T&D tenders for a two-year period, raising concerns around increased

competition. We view this as execution-positive rather than competitively Mohit Pandey

disruptive — the approval is narrow in scope, confined to segments with +91-22-6175-9734

insufficient domestic capacity, and unlikely to extend to products where mohit.pandey@citi.com

supply is adequate. Rather than enabling aggressive market-share gains,

we see this primarily easing supply-side bottlenecks — particularly in GIS

— supportive of faster project execution. For our T&D OEM coverage

universe, read-through remains limited, underpinned by robust order

backlogs and a growing export revenue base.

Two-Year Participation Window Granted to Four Chinese OEMs — Media articles

(Reuters, 3 July; Economic Times, 3 July) indicate that the government has given

approval to four Chinese power equipment OEMs with manufacturing facilities in

India to participate in government transmission and distribution (T&D) tenders. The

approved entities include (A) TBEA Energy Pvt. Ltd. (which had previously received a

similar one-year approval for reactors in February 2026), (B) Nanjing Electric India

Pvt. Ltd., (C) New Northeast Electric India Pvt. Ltd., and (D) Taikai Electric (India) Pvt.

Ltd. The approval is valid for a period of 2 years from the date of the Office

Memorandum.

Short Approval Tenure and Capex Requirements Likely to Limit Chinese