India's power infrastructure transformation is creating significant opportunities for Continuously Transposed Conductor (CTC) manufacturers. According to reports from The Financial Express, India's transformer capacity is expected to rise from 110 GVA to nearly 300 GVA by FY28E, while the country has ₹9 lakh crore of transmission grid capex planned between FY23 and FY32. Vidya Wire's management estimates India's CTC demand at around 30,000 to 40,000 tonnes and growing as transformer manufacturing expands. The opportunity extends beyond India, with grid modernisation across Europe, North America, the Middle East and Southeast Asia driving demand for transformers as countries replace ageing networks. As renewable capacity, data centres, artificial intelligence, and electric vehicles increase electricity demand, pressure is shifting to the transmission and distribution network that must carry that power.
KSH International, India's leading manufacturer of specialised winding wires, reported exceptional Q1FY27 results with revenue growing 108.4% year-on-year to ₹1,164.2 crore. As reported by The Financial Express, the company's specialised wire revenue grew 113% year-on-year, while net profit rose 85.9% to ₹42.2 crore. The company's total installed capacity is expected to reach 59,045 MT by FY27, with a 30,000 MT capacity addition at Supa in Maharashtra on track to come online in Q2FY27. KSH has secured a long-term supply framework agreement with Hitachi Energy Global for backup power systems and alternators for data centres. The company manufactures products only after receiving a purchase order, which protects it from volatility in raw materials and exchange rates, with copper metal costs passed directly through to customers ensuring structurally stable EBITDA per ton.
Vidya Wires is strategically expanding its CTC capabilities with a dedicated 3,000 MTPA capacity rollout expected to be operational in Phase 1. According to reports from The Financial Express, the company is expanding its total manufacturing capacity from approximately 19,000 MTPA to 36,000 MTPA, with the entire expansion expected to be fully operational before December 2026. The company targets a balanced mix of 75% domestic sales and 25% exports, while planning to reduce its working capital cycle from 60 days to 50-52 days. Q1FY27 results showed revenue growing 33.5% year-on-year to ₹549.7 crore with net profit surging 41.4% to ₹17.1 crore. The growth was driven by the phased ramp-up of recently added capacity, with EBITDA growing by 26.1% to ₹25.2 crore while margins stood at 4.6%.
APAR Industries reported strong Q1FY27 performance with revenue growing 29.1% year-on-year to ₹6,591 crore and net profit rising 77.7% to ₹467 crore. As reported by The Financial Express, the company's conductor division order book stands at ₹10,190 crore, with 56.8% being export orders including two large multi-year utility orders totalling over ₹2,800 crore from US and European utilities. The share of premium products in conductor revenue increased to 50.3% from 43.7% in Q1 FY26, driving EBITDA per MT to ₹53,418. The domestic market contributed 72.5% of revenue while exports accounted for 27.5%. From a consolidated perspective, revenue grew 29.1% year-on-year to ₹6,591 crore, supported by a 36.9% increase in domestic revenue, with EBITDA (post-forex) increasing 62.7% to ₹814 crore and margins expanding 260 bps to 12.4%.
According to The Financial Express analysis, KSH and Vidya Wires are trading at premium valuations relative to industry medians, with KSH at 42.3x P/E and Vidya Wires at 36.9x P/E. APAR Industries trades at 59.0x P/E, also above industry medians. The companies demonstrate strong return metrics with KSH achieving 21.5% ROCE and 20.1% ROE, while Vidya Wires shows 20.7% ROCE and 17.8% ROE. APAR stands out with exceptional Return on Capital Employed (ROCE) and Return on Equity (ROE) at 31.1% and 20.2% respectively. The CTC opportunity remains attractive, with companies at different stages of capturing the market - KSH having the strongest existing exposure, Vidya Wires earlier in its CTC journey, and APAR bringing scale with premium products contributing significantly to revenue. The three companies are at different stages of capturing the CTC opportunity, with KSH having the strongest existing exposure, Vidya Wires earlier in its CTC journey, and APAR bringing scale with premium products contributing significantly to revenue.
