J.P. Morgan: India Power Equipment — Overblown Concerns on Chinese Participation
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Key Views
New Northeast and Taikai produce switchgear rather than transformers, STATCOM/reactors, or HVDC equipment, meaning overall pricing and addressable markets remain unaffected. Separately, the global power equipment demand cycle has accelerated materially over the past two to three years.
Recommended Securities
- Hitachi Energy India (POWERIND IN) — Overweight, target INR 39,000 (March 2027)
- GE Vernova T&D India (GVTD IN) — Overweight, target INR 5,500 (March 2027)
- Siemens Energy India (ENRIN IN) — Neutral, target INR 3,500 (March 2027)
A conference call is scheduled for July 6.
Key exhibits
Exhibit 1
