Jyoti Structures Ltd Management Discussions

Business Outlook: Transmission Sector

Indias power sector is undergoing a major transformation, guided by the Governments long-term plan to build a low-carbon and energy-secure future. With the growing focus on clean energy, transmission infrastructure has become the backbone of this national transition. The shift from conventional power to non-fossil fuel sources like solar, wind, hydro, and nuclear has created a huge demand for a strong and reliable transmission network.

Jyoti Structures Limited (JSL) is fully committed to contributing to this growth story. Leveraging our expertise in engineering and project execution, we are focused on building modern, robust, and scalable transmission systems that will power Indias clean energy ambitions.

Generation Growth and Grid Alignment

As of March 31,2025, Indias total power generation capacity has reached around 468 GW, with nearly 46% of this coming from clean energy sources like solar and wind. In just the last year and a half, over 44 GW of renewable energy has been added. The country is on track to achieve 500 GW of clean energy capacity by 2030, reaffirming its commitment under the Paris Climate Agreement.

According to the National Electricity Plan (NEP), Indias total power generation capacity is expected to grow to ~900 GW by 2032—a massive 75% increase from current levels. Most of this new capacity will come from renewable energy, making the role of transmission infrastructure more important than ever. A reliable and advanced grid is essential to carry this power efficiently across regions.

Transmission Infrastructure: Growth Opportunities

To meet this surge in generation, the Central Electricity Authority (CEA) has laid out a detailed roadmap for upgrading and expanding Indias transmission network by 2032. At present, India has about 490,000 circuit kilometres (ckt-km) of transmission lines and 1,070,000 MVA of substation capacity. By 2032, these numbers will grow significantly, with major upgrades including:

Transmission lines: An additional 191,474 ckt-km of new lines, expanding the total network to over 648,000 ckt-km.Substation capacity: A rise of 1,274,000 MVA, taking the total to more than 2,345,000 MVA.HVDC systems: Capacity expansion of 32,250 MW, enabling high-capacity, long-distance power transferInter-regional transfer capacity: Increase from 119 GW to 168 GW to ensure seamless power flow across regions.

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The total investment required for this expansion is estimated at Rs. 9.15 lakh crore over the next decade, split between Rs. 4.25 lakh crore for 2022-27 and Rs. 4.90 lakh crore for 2027-32. This represents the single largest investment program in Indias transmission sector to date. Policy and Strategic Enablers

The government is actively supporting this expansion through measures like faster Right of Way (RoW) approvals, a strong Tariff-Based Competitive Bidding (TBCB) framework for awarding projects, incentives for domestic manufacturing under the Production-Linked Incentive (PLI) scheme, and the development of Green Energy Corridors to evacuate renewable power. There is also a growing focus on green hydrogen and ammonia corridors, which opens up new avenues for grid development. Additionally, modern technologies like High Voltage Direct Current (HVDC) systems and digital substations are being rapidly adopted to improve grid efficiency, reliability, and cybersecurity. These developments present exciting opportunities for key stakeholders. Companys Strategic Alignment

JSL is well-prepared to benefit from this wave of growth. With a proven record in executing Extra High Voltage (EHV) transmission lines, substations, and cross-border projects, we are already participating in the TBCB bidding regime for both AC and HVDC projects. Our current project pipeline provides strong visibility for future revenues, and we are strategically positioned to capitalize on the Rs. 9.15 lakh crore investment opportunity that the NEP outlines. Outlook

The coming decade marks a turning point for Indias transmission sector. With integrated planning of generation and transmission under NEP-II, the sector offers predictable, long-term growth opportunities. As the power grid evolves into a cleaner, decentralized, and digitally managed network, JSLs technical expertise, operational excellence, and financial discipline will continue to drive sustainable growth and create long-term value for shareholders.