New Delhi, April 20 -- India's transmission and distribution sector is set for a sustained growth cycle, backed by an estimated capital expenditure of around INR 9 trillion through 2032, even as ordering activity remained weak in FY26 due to temporary constraints, according to a report by Motilal Oswal Financial Services.

The report said "the transmission and distribution (T&D) value chain... continues to benefit from a robust capex outlay of INR9t until 2032," adding that the T&D capex cycle, which began in FY22-23, has already driven "sharp growth in order books, revenue, and the margin profiles for industry participants."

Highlighting the near-term slowdown, the report noted that "sector-level ordering was weaker in FY26 (16 schemes ...