New Delhi, April 27 -- India's energy security push is evolving into a structural, policy-driven investment theme that will underpin a broad domestic capital expenditure cycle across power generation, transmission, storage and fuel substitution, even as geopolitical risks in West Asia reinforce the need for resilience and self-reliance. While most stocks in the space have already delivered strong returns and trade close to target prices, the theme still has room to run, with long-term investors advised to accumulate on dips, according to 360 ONE Capital Markets.

The brokerage said the policy lens has shifted from affordability and decarbonisation to resilience, reliability and reduced import dependence, creating opportunities across the ...