India, June 26 -- India's power sector is undergoing its most ambitious transformation in decades. The central government has committed to adding over 500 GW of renewable energy capacity by 2030, a target that demands not just generation assets but an entirely rebuilt transmission and distribution backbone.

Grid connectivity projects, interstate transmission corridors, high-voltage substations, and smart metering rollouts are collectively drawing in lakhs of crores in public and private capital and the companies that manufacture the equipment to move electricity are emerging as some of the most compelling structural plays on India's energy transition.

For equity investors, the calculus is straightforward: every new solar park, wind fa...