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Powering Up: CTC Demand Surges in India
26 Aug
Summary
- India's transformer capacity is set to almost triple by FY28.
- Continuously Transposed Conductor (CTC) demand is rising.
- KSH, Vidya Wires, and APAR Industries are key players.
India's transformer manufacturing capacity is projected to surge from 110 GVA to nearly 300 GVA by FY28, significantly boosting demand for Continuously Transposed Conductors (CTC). This expansion aligns with global grid modernization efforts and India's substantial planned transmission grid capital expenditure.
KSH International is scaling its specialized winding wire production, with CTC as a key product, aiming for 59,045 MT capacity by FY27 and securing a long-term agreement with Hitachi Energy Global. The company benefits from a pass-through cost model that insulates margins from copper price volatility.
Vidya Wires is enhancing its value chain by introducing dedicated CTC capacity and expanding its total manufacturing output to 36,000 MTPA by December 2026. The company targets increasing its export share to 25% while reducing its working capital cycle.
APAR Industries' Conductor Division is experiencing strong growth, with premium products like CTC now constituting over 50% of its revenue. The company holds a substantial order book of ₹10,190 crore, with a significant portion from US and European utilities, reflecting global demand for its conductors.
While all three companies are set to benefit from the growing CTC market, KSH International currently shows the strongest existing exposure. Vidya Wires is earlier in its CTC development, and APAR Industries offers significant scale with a large order backlog. The overall trend indicates a robust opportunity within the power infrastructure cycle.
