Powering the Future: 4 Ancillary Stocks Driving India's Energy Infrastructure Boom

#2 CG Power & Industrial Solutions

Next on the list is CG Power & Industrial Solutions.

CG Power operates across two core segments - Power Systems and Industrial Systems, covering transformers, switchgear, motors and railway electrification, enabling it to play a critical role across the power value chain.

The company has shown a sharp turnaround over the last few years, driven by strong operating discipline, cost optimisation and a focused strategy on high-margin businesses.

CG Power continues to benefit from robust order inflows, with its unexecuted order backlog increasing by 66% YoY to Rs 148,590 million (m), providing strong multi-quarter revenue visibility.

A key growth driver for the company remains its Power System segment, which delivered a strong 44% YoY revenue growth along with significant margin expansion, supported by healthy demand and improved execution.

The company has also demonstrated strong pricing discipline, supported by price variation clauses in its power business, which helps protect margins against commodity volatility.

CG power is increasingly focusing on exports, highlighted by a large Rs 9,000 m transformer order for a US data center project, opening a new high-growth global opportunity.

The company is also expanding its transformer capacity aggressively, positioning itself to capture the rising demand from both domestic and international markets.

Structurally, CG Power is also beneficiary of India's power sector capex cycle, renewable integration, and increasing investments in grid infrastructure.

CG Power & Industrial Solutions Financial Snapshot

The company delivered a strong financial performance in Q3 FY26, with revenue growing 22% YoY, EBITDA rising 33% YoY and PAT increasing 28% YoY, showing strong operation momentum.

A key highlight remains its strong order momentum and execution discipline, which has enabled the company to achieve record high quarter revenue and profitability.

While near-term margins in industrial segments may remain impacted due to commodity fluctuations, the company's strong order book, improving margins and strategic positioning place it well for sustained long-term growth in the power ancillary space.

#3 Voltamp Transformers

Next on the list is Voltamp Transformers.

The company has established itself as one of India's most trusted transformer manufacturers, with over 61 years of experience and more than 70,000 installations across the country and overseas, making it a direct proxy to India's power infrastructure buildout and accelerating energy transition.

Voltamp operates across oil-filled power transformers, dry-type transformers, compact substations, and a full-fledged pan India services business covering the entire transformer lifecycle from manufacturing to maintenance.

In the dry-type segment, Voltamp has 35% market share with over 22,000 installations, backed by technology licensed from HTT, Germany a competitive moat that is difficult to replicate.

Its customer base speaks for itself 95% of listed corporates and MNCs in India are regular Voltmap customers, with EPC majors like L&T, Siemens, ABB, GE, and Tata Projects sourcing from the company for over three decades.

On the expansion front, Voltamp is investing Rs 2,000 m in a new greenfield EHV transformer facility near Vadodara, set to add 6,000 MVA of annual capacity.

Voltamp Transformers Financial Snapshot

In Q3 FY26, Voltamp posted its highest-ever quarterly revenue of Rs 6,300 m, up 30% YoY, while net profit surged 35% YoY reflecting strong order conversion and operating momentum.

The order book remains robust, with Rs 19,810 m in fresh orders secured in FY26 on top of an opening backlog of Rs 9,380 m, providing strong revenue visibility for the quarters ahead.

With a debt-free balance sheet, expanding EHV capacity, and deep-rooted customer relationships across power, industrials, data centers, and renewable energy, Voltamp is well positioned as a high-quality compounder in India's power ancillary space.

#4 Apar Industries

Next on the list is Apar Industries.

Apar Industries has established itself as a leading player in conductors, cables, and specialty oils, making it a direct proxy to India's power transmission expansion, renewable energy integration, and industrial electrification demand.

Apar operates across three key segments - Conductors, Specialty Oils, and Cables enabling it to participate across the entire power value chain from transmission to end-use applications.

The company has been consistently improving its product mix, with its conductor division order book standing at Rs 73,960 m, providing robust revenue visibility going forward.

A key growth driver for the company is its conductor business, which delivered 25.1% YoY revenue growth in Q3 FY26, supported by improved product mix and higher execution of premium orders.

The company is also witnessing traction in the domestic market, with domestic revenue growing 30% YoY, helping offset temporary weakness in export markets due to global tariff challenges.

In addition, Apar's specialty oil segment continues to benefit from rising demand for transformer oils and industrial lubricants, driven by increasing power infrastructure and industrial activity.

Apar Industries Financial Snapshot

The company delivered a strong financial performance in Q3 FY26, with revenue growing 16.2% YoY, EBITDA rising 20.4% YoY, and PAT increasing 19.4% YoY, showing steady operational momentum.

The company is focused on premiumisation and export markets, which will drive margin expansion.

Supported by a clean balance sheet and ongoing capacity expansion, the company is strengthening its presence across power, industrial, data center, and renewable energy.

This strong positioning, along with deep customer relationships, makes it a structurally good company in India's power ancillary space.

Conclusion

The power sector is no longer just about generation - the real transformation is happening across the ecosystem that supports it.

As India moves aggressively towards renewable energy, electrification, and grid modernisation, the demand for efficient transmission, distribution, and electrical infrastructure is only set to accelerate.

Power ancillary companies sit right at the heart of this shift. Whether it is cables, transformers, conductors, or smart solutions, these businesses are direct beneficiaries of ever incremental investment in the power sector.

What makes this space particularly compelling is the variety of opportunities. From consistent compounders like wires & cables players, to high-growth opportunities in smart metering and conductors, to opening leverage plays in transformers and EPC - each segment offers a different way to participate in this structural story.

At the same time, the journey will not be linear. Commodity price volatility, execution challenges, and global uncertainties can create short-term fluctuations in performance.

However, companies with strong balance sheets, improving return ratios, disciplined execution, and clear growth visibility are better positioned to navigate these cycles.

For investors, the focus should remain on business quality, scalability, order visibility, and capital efficiency rather than just short-term price movements.

In a sector where every megawatt added creates a multiplier effect, power ancillaries are not just supporting players anymore, they are emerging as one of the most powerful long-term wealth creation themes in the market.

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