Everyone Knows About Siemens, KEC and ABB India. But here are 5 Power Transmission Stocks Flying Under the Radar

India's power transmission sector has never been more dynamic. What was once a space dominated by a handful of legacy players has now evolved into a complex ecosystem.

Big players like Torrent Power, Techno Electric & Engineering, Sterlite Power Transmission, ABB India, among others have ramped up their activities.

But if you look beyond these names and dig a little deeper, a new group of emerging companies operating in the same ecosystem, chasing the same megatrend - are on a faster growth trajectory, given their size.

These are under the radar companies, often not discussed much in public.

As India accelerates its capex cycle, upgrading its transmission grids, expanding renewable capacity, and fortifying industrial corridors, a wide range of small-sized companies involved in the transmission ecosystem are set to benefit.

Let's look at 5 such names...

#1 Vikran Engineering

In a market dominated by heavyweights, Vikran Engineering is that underdog quietly gaining ground in the transmission EPC space.

The company operates across power transmission, high-voltage substations, water infrastructure, and even rail projects, essentially, all the areas seeing massive government and private sector spending.

In FY23, it clocked revenue of around Rs 5.3 billion (bn). By FY25, that figure had jumped to roughly Rs 9.2 bn, a three-year CAGR of about 32%.

Profits have risen from Rs 430 million (m) to Rs 780 m during the same period.

The company's EBITDA margins hover around 17.5%, with PAT margins of roughly 8.4%.

Return metrics are healthy, with ROCE around 23%, ROE near 17%, and debt-to-equity a little below 0.6.

The recent dampened performance in its stock price was largely due to Q1 earnings. In Q1 FY26, it reported a dip in net margin (around 3.5%), likely a temporary blip in execution.

At a price to earnings (PE) multiple of around 22 times, and price to book (PB) of 3.8, Vikran isn't a cheap stock, but it's in early discovery mode in the transmission sector.

The company's focus on engineering, procurement, and construction (EPC) projects for power, railway electrification, and water infrastructure, combined with its asset-light business model and presence in solar PV projects, gives it a competitive edge.

Going forward, Vikran Engineering plans to speed up the executing, while keeps its working capital under control.

The company was recently listed on the stock market, and it saw attention from investors like Ashish Kacholia, Mukul Agrawal, and The Wealth Company.

#2 Supreme Power Equipment

Second on the list is Supreme Power Equipment ltd.

If you believe India's power infrastructure is only halfway through its upcycle, then transformer manufacturers like Supreme Power Equipment are in a sweet spot.

Supreme Power makes a wide range of oil-filled power and distribution transformers essential for utilities, renewable projects, and large industrial clients.

Its diverse product portfolio includes power, generator, windmill, solar, isolation, and energy-efficient transformers, with voltage capacities ranging from 16 KVA to 25 MVA/110 KV. The company operates a 17,876 sq. m. facility in Chennai.

In FY25, the company posted revenue of about Rs 1.1 bn, up from Rs 750 m reported in the year ago period.

In Q1FY26, it posted revenue of Rs 382 m and a profit of Rs 44 m, maintaining double-digit margins even after a seasonal slowdown.

The company's ROCE is around 28%, the ROE 22%, and it carries minimal debt, appealing numbers for a mid-sized manufacturer.

As of Q1 FY26, the company's order book was over Rs 1 bn, with notable orders including Rs 159 m for power transformers, Rs 27 m from Munnar Tea Estate, and Rs 36 m from TANTRANSCO (Tamil Nadu Transmission Corporation Limited).

As India upgrades its transmission and distribution network and integrates renewable capacity, demand for transformers is set to rise steadily. Even modest contract wins or export deals could change the scale of its business quickly.

However, investors must examine the key risks like its dependency on government contracts, and raw material price swings.

Overall, with rising demand for transformers, ongoing capacity expansion, and increasing private sector contracts, Supreme Power is well-positioned for sustained long-term growth in the evolving transmission sector.

#3 IndiGrid Infrastructure Trust

Next on the list is IndiGrid Infrastructure Trust.

As India's first listed power transmission InvIT, IndiGrid owns operational assets, transmission lines, substations, and related infrastructure, and earns regulated returns from them. It's not chasing breakneck growth but instead delivers steady, predictable cash flows.

In FY25, IndiGrid generated revenue of roughly Rs 34.4 bn and profits of Rs 4.1 bn. Its asset base is substantial, valued at over Rs 260 bn.

IndiGrid pays regular dividends, offers potentially inflation-protected cash flow, and has limited execution risk compared to EPC companies.

On the flip side, return ratios have lagged around 6-7%, and the growth rate hasn't been high.

#4 Pix Transmission

Fourth on the list is Pix Transmission Ltd.

Pix Transmission doesn't make electrical equipment. Instead, it manufactures mechanical power transmission belts and conveyor systems used in industries worldwide.

In FY25, Pix delivered revenue of about Rs 5.9 bn, up 18% YoY. Net profit jumped 36% to Rs 1.1 bn, and profit margins climbed above 19%.

The company's debt has also gone down, from Rs 326 m to Rs 235 m.

In Q1FY26, investors had a concern about slight slowdown, which resulted in a 12% revenue dip sequentially. The company believes that's more about the timing of orders than structural weakness.

#5 Divgi Torqtransfer Systems

Last on the list is Divgi Torqtransfer Systems Ltd.

Divgi Torqtransfer Systems is a precision engineering company that supplies drivetrain components to global OEMs.

The company is India's largest EV transmission manufacturer. It specializes in crafting drivetrain systems and related transmission components for a diverse array of vehicles, spanning passenger cars, utility vehicles, commercial vehicles, etc.

It operates in the sweet spot of India's automotive future: the transition from internal combustion to electric.

Coming to its financials, in FY25, the company's revenue came in at around Rs 2.2 bn, with a PAT of Rs 240 m. That's down from the previous year, where it reported Rs 2.5 bn in revenue and Rs 530 m net profit. But in Q1FY26 revenue and profit witnessed a rebound.

The company is investing in advanced drivetrain systems for electric vehicles and dual-clutch technology, both in demand globally. Divgi may not yet have the scale of big transmission players, but it has the DNA to evolve into one.

Conclusion

India's growing energy demands are pushing the power sector into a new phase of expansion. At the heart of this transformation is power transmission.

Power transmission companies are responsible for delivering electricity from generation plants to substations and then to wider distribution networks.

With the push towards renewable energy, electric mobility, and stronger grid infrastructure, the role of transmission is becoming more crucial than ever.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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For the entire list, check out all power transmission stocks on our website.

Happy investing.

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