Indian Electrical Industry – Growth & Performance Overview
FY 2025–26 (April 2025 – March 2026)
The Indian electrical equipment industry continued its strong growth momentum in FY 2025–26, recording 12.6% overall growth over FY 2024–25. This performance was supported by the continued expansion of India’s power infrastructure, with 54,597 MW of generation capacity added during FY26, of which 96% was from non-fossil fuel sources. As of 31 March 2026, the country’s installed generation capacity stood at 5,32,740 MW, while 12,139 CKM of transmission lines and 1,13,013 MVA of transformation capacity were added during the year. Strong demand across key equipment segments—particularly Energy Meters (54.9%), Power Transformers (31.6%), Insulators (27.4%) and Conductors (18.4%)—further contributed to the industry’s expansion, highlighting the continued investment in generation, transmission, grid strengthening and renewable energy integration.
1. Strong expansion of the Indian power sector
The growth of the electrical equipment industry continues to be closely linked with the expansion of India’s power infrastructure. As of 31 March 2026, India’s installed generation capacity stood at 5,32,740 MW. During April 2025–March 2026, 54,597 MW of generation capacity was added, of which 96% was from non-fossil-fuel sources.
Non-fossil sources accounted for 53% of total installed generation capacity, with solar emerging as the largest contributor within the non-fossil portfolio. The strong addition of renewable capacity is creating sustained demand for associated transmission, switchgear, transformers, cables, conductors, substations and other electrical equipment.
Transmission and transformation infrastructure also continued to expand. During FY26, 12,139 CKM of transmission lines and 1,13,013 MVA of transformation capacity were added against FY26 targets of 15,382 CKM and 1,26,007 MVA respectively.
2. Electrical equipment industry registered double-digit growth
The overall IEEMA Electrical Equipment Industry Growth Index increased by 12.6% in FY26 compared with FY25. This indicates that the industry continued to experience broad-based demand despite variations across individual product segments.
The major product groups recorded the following growth during FY26:
% Growth index for Electrical Equipment Industry
Product
FY 24
FY 25
FY 26
Rotating Machines
3.6
10.2
1.1
LV Switchgear
13.7
14.8
7.9
HV Switchgear
27.7
16.8
23.6
Cables
23.6
7.8
10.0
Power Transformer
11.8
34.8
31.6
Distribution Transformer
32.8
8.7
3.4
Capacitors
11.7
-1.6
11.3
Energy Meters
11.4
73.7
54.9
Transmission Line Tower
16.5
13.8
12.6
Conductors
2.1
4.1
18.4
Insulator
9.5
7.0
27.4
Instrument Transformer
15.5
128.4
-35.1
Surge Arrester
1.3
-4.1
-8.7
Overall Growth Index
17.5
14.1
12.6
The performance shows particularly strong momentum in energy meters, power transformers, insulators, conductors and transmission-related equipment, reflecting the continuing investment in power generation and grid infrastructure.
3. Transformers and grid equipment remain key growth drivers
Power Transformers recorded 31.6% growth, indicating strong demand from transmission expansion, renewable integration and grid strengthening. The quarterly trend was particularly robust, with Power Transformer growth reaching 58.5% in Q4 FY26.
The transmission ecosystem also performed strongly. Insulators grew 27.4% and conductors 18.4% mainly the growth seen for High ampacity conductors, while transmission lines recorded 12.6% annual growth. This reflects continued investments in strengthening the transmission network and evacuating power from new generation capacity.
Distribution Transformers recorded a more moderate 3.4% annual growth, although the quarterly trend improved after a decline in Q1 FY26.
4. Energy metering emerged as one of the strongest segments
Energy meters were the standout segment during FY26, registering 54.9% annual growth. The quarterly growth remained exceptionally high, at 88.3% in Q1 FY26, 96.7% in Q2, 53.6% in Q3 and 11.3% in Q4.
This performance points towards significant demand generated by the ongoing modernisation and digitisation of the electricity distribution system.
5. Switchgear and cables maintained healthy growth
LV Switchgear and MV-HV Switchgear both recorded 7.9% annual growth. Within MV-HV Switchgear, the performance was mixed: HV GIS recorded strong growth of 41.8%, while MV GIS declined by 11.9%. HV CB grew by 28.2%, whereas RMU declined by 4.2%.
The cable sector recorded 10.0% growth, supported by strong growth in LV power cables (14.7%), MV power cables (10.8%) and HV & EHV power cables (10.3%). Control cables grew 8.7%, while PVC cable based on IS-694 grew 2.1%.
6. Quarterly trend indicates sustained momentum
The quarterly IEEMA Growth Index provides evidence that industry momentum strengthened towards the end of FY26. The overall industry growth was:
Thus, despite moderation in Q3, the industry ended FY26 on a strong note, with Q4 growth of 18.5%.
The Q4 performance was led particularly by Power Transformers (58.5%), Insulators (42.7%), Cables (24.1%), Conductors (16.4%), HV Switchgear (15.5%) and LV Switchgear (12.0%). This suggests that infrastructure-linked electrical equipment remained the principal engine of growth towards the end of FY26.
7. Import–Export trends show mixed external-sector performance
India’s electrical industry recorded robust growth in trade during April–March 2025–26, with both imports and exports registering positive growth.1 Total imports increased from INR1,50,970.72 crore (USD 18.02 billion) in 2024–25 to INR2,02,092.61 crore (USD 23.06 billion) in 2025–26, representing a growth of 33.9% in value terms (INR) and 27.9% in USD terms.
Exports also expanded, although at a slower pace, rising from INR1,17,178.27 crore (USD 13.84 billion) to INR1,30,659.45 crore (USD 14.77 billion), reflecting growth of 11.5% in INR and 7.0% in USD. The significantly faster growth in imports compared to exports resulted in a substantial widening of India’s trade deficit in electrical products, indicating increasing dependence on imported electrical equipment, components, and advanced technologies.
The increase in imports, alongside broadly stable exports, indicates that domestic demand remained strong but also highlights the need to strengthen domestic manufacturing competitiveness and export capability in selected product categories.
Source : CEA
INDUSTRY UPDATES
- April to March 2026
- April to December 2025
- April to September 2025
- April to June 2025
- April to March 2025
- April to March 2024
- April to December 2023 FY23
- April to September 2023 HYFY24
- April to June 2023 FY24
- April to March 2022-23 FY23
- April to March 2022-23
- April to December 2021-22
- April to September 2021-22
- April to June 2021-22
- April to March 2020-21
- April to December 2020-21
- April To September 2020-21
- April To March 2019-20
- April to December 2019-20
- April To September 2019-20
- April To June 2019-20
- April To March 2018-19
- April To January 2018-2019
- April To September 2018-2019
- April to March 2017-2018
- April to January 2017-2018
- April To September 2017-18
- April To June 2017-18
- April to March 2016-17
- April to December 2016-2017
- April to September 2016-2017
