New Delhi, June 9 -- High-voltage transmission and distribution (HV T&D) players continued to outpace other segments during the fourth quarter of FY26, even as the broader sector presented a strong cycle but weaker risk-reward balance.

According to a report by Nuvama, high-voltage transmission and distribution players continued to operate with a record-high backlog.

"HV T&D players continue to operate with record-high backlog, with inflows growing 51.8%, revenue up 36.5% YoY and EBITDA margin expanding 220bp YoY to 19.9%, aided by favourable pricing and operating leverage", the report stated.

The report noted that while execution visibility remains strong, the current valuation alters the investment proposition.

The domestic power sec...