India’s data centre infrastructure theme is attracting strong investor interest. Analysts point to companies such as CG Power, Hitachi Energy India, GE Vernova T&D, and ABB India as key beneficiaries of rising capital expenditure and transmission demand.
The Central Electricity Authority has outlined a ₹7.9 lakh crore transmission plan to integrate 900 gigawatts of renewable energy by FY36. High‑voltage direct current projects worth ₹24,000 crore annually are expected to drive growth. A global shortage of transformers until 2028–29 is also creating pricing power for Indian manufacturers.
Hitachi Energy India holds nearly 58 percent market share in HVDC and has announced a ₹4,000 crore investment. Brokerages have set price targets ranging from ₹29,000 to ₹46,700. GE Vernova T&D, the other major HVDC player, has tripled its order book between FY24 and FY26, with targets between ₹4,300 and ₹6,200. CG Power is gaining from diversified exposure across transmission, railways, motors, and semiconductor packaging. ABB India and Siemens remain important players in electrical and cooling systems, though analysts are cautious about valuations.
Risks include high valuations, execution delays, and possible moderation in private capex. Despite these challenges, the scarcity of quality transmission assets is keeping investor sentiment strong.
