Jyoti Structures Ltd Management Discussions

BUSINESS OUTLOOK - TRANSMISSION SECTOR

Indias power transmission sector is poised for sustained growth, driven by rising electricity demand, rapid industrialisation, expanding renewable energy capacity and the countrys transition towards a low-carbon economy. A robust transmission network is essential for reliable power evacuation, grid stability and seamless integration of renewable energy into the national grid.

As on March 31, 2026, Indias installed power generation capacity exceeded 520 GW, with non-fossil fuel sources contributing more than 52% of the total installed capacity. The Governments target of achieving 500 GW of non-fossil fuel-based capacity by 2030 is expected to accelerate investments in transmission infrastructure and grid modernisation.

According to the National Electricity Plan (Transmission), Volume-II issued by the Central Electricity Authority (CEA), Indias transmission network is projected to expand to approximately 6.48 lakh circuit kilometres by 2032, with substation capacity expected to reach around 23.45 lakh MVA, HVDC capacity of 66,750 MW, and inter-regional transfer capability increasing from 119 GW to 168 GW. The

Plan also envisages investments of nearly Rs.9.15 lakh crore during 2022-2032, reflecting the significant scale of transmission infrastructure development required to support Indias growing power demand and clean energy transition.

Government initiatives such as Tariff Based Competitive Bidding (TBCB), Green Energy Corridor Projects and long-term transmission planning for renewable energy integration continue to strengthen the sectors growth outlook. The Union Budget 2025-26 and initiatives of the Ministry of New and Renewable Energy (MNRE) further reinforce the focus on transmission connectivity, renewable energy evacuation and grid modernisation.

The sector is also witnessing increasing adoption of advanced technologies, including High Voltage Direct Current (HVDC) systems, digital substations, Flexible AC Transmission Systems (FACTS), Battery Energy Storage Systems (BESS) and smart grid solutions, which are expected to improve network reliability, operational efficiency and renewable energy integration.

Jyoti Structures Limited is well-positioned to benefit from the growing opportunities in the transmission sector through its strong capabilities in transmission tower manufacturing, tower testing and execution of turnkey transmission line projects. The Companys operational experience, manufacturing infrastructure and project execution expertise position it favourably to support the expanding transmission network and renewable energy integration initiatives across the country. The Companys strong execution track record, manufacturing infrastructure and focus on operational excellence position it favourably to participate in Indias expanding transmission infrastructure landscape.

The outlook for the Indian transmission sector remains positive, supported by favourable policy initiatives, growing renewable energy penetration, rising electricity demand and significant planned investments in transmission infrastructure. As India progresses towards its clean energy and energy security objectives, the transmission sector is expected to remain a key enabler of sustainable economic growth, creating long-term opportunities for industry participants and stakeholders.

• Central Electricity Authority (CEA) - National Electricity Plan (Transmission), Volume II, 2024

• Ministry of Power, Government of India - Annual Report 2025-26

• Central Electricity Authority (CEA) - Installed Capacity Reports

• Ministry of New & Renewable Energy (MNRE)

• Union Budget 2025-26

• Press Information Bureau (PIB)