India Power Equipment: 1QFY27 preview - key monitorables: Order inflow print + NT outlook, capex progress, exports and pricing commentary

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India Power Equipment: 1QFY27 preview - key monitorables: Order inflow print + NT outlook, capex progress, exports and pricing commentary

J P M O R G A N Asia Pacific Equity Research

08 July 2026

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India Power Equipment

1QFY27 preview - key monitorables: Order inflow print

+ NT outlook, capex progress, exports and pricing

commentary

Power Equipment stocks have corrected 15-20% from the peak, with a confluence India Industrials, Electric Utilities,

of (1) worries around both global and India demand-supply gap narrowing, and Infrastructure Sectors

potentially causing normalization in pricing/margins on incremental orders, (2) Rishabh Gupta AC

few Chinese cos (with manufacturing in India) allowed to participate in public (91-22) 6157-3429

contracts, and (3) worries around execution delays in US DC/Transmission infra rishabh.x.gupta@jpmorgan.com

build-out, along with the recent global ‘AI-trade’ cool-off impacting stock Atul Tiwari

performance, in our view. 1Q P&Ls are unlikely to drive EPS upgrades as domestic (91-22) 6157-3582

order inflow (OI) was relatively soft in FY26, starting FY27 order backlog (OB) atul.tiwari@jpmorgan.com

(ex-HVDC) for GVTD/POWERIND/ENRIN was up ~15-20% yoy, and Middle- Muskan Agarwal

(91-22) 6157-3226

East driven disruptions could have had some impact on margins and execution. muskan.x3.agarwal@jpmchase.com

However, we believe the structural thesis premised on export optionality, 2-3 J.P. Morgan India Private Limited, J.P. Morgan