1. Transformer capacity expansion to 35,000 MVA - A ₹235 crore capex programme, funded via internal accruals, is raising Airoli transformer capacity from 18,000 MVA to 35,000 MVA, with management targeting completion within 12 months. This nearly doubles capacity at a time when utilisation is already 80%, directly removing the main volume bottleneck in the company's largest and fastest-growing segment.
2. 400 kV transformer entry and order-book build - The first 400 kV transformer was commissioned in FY26 and many more orders have since followed, helping the unexecuted transformer order book grow 40% year-on-year. Entering the 400 kV class opens a large market the company had not previously addressed, with the projects business also now targeting 400 kV substation work.
3. Transformer demand tailwinds from grid capex - India's National Electricity Plan envisages ₹9.16 lakh crore to expand transmission network and transformation capacity from 1,398 GVA to 2,345 GVA by 2032, while power generation capacity is expected to reach 800 GW by 2030. Bharat Bijlee's 24% transformer topline growth in FY26 and highest-ever production and dispatch statistics show it is already capturing this multi-year demand cycle.
4. Projects business scaling to larger substations - The projects business grew 37% in FY26 with on-time, within-budget execution and repeat orders from marquee clients, and is now targeting larger-sized projects including 400 kV substations. Moving up the project-size ladder leverages the newly acquired 400 kV transformer capability and expands the addressable market beyond the current order book.
5. Motor division product range expansion - Medium voltage and railways motor business grew over 100% in FY26, the IE4 high-efficiency induction motor range was launched, and the HVAC product range has grown substantially with a few more additions expected to cover the entire market. These new products and segments widen the motor division's addressable market at a time when stricter efficiency regulations are driving replacement demand.
6. Drives and Automation localisation and e-mobility - The division is localising component manufacture and assembly of drives to meet PLI requirements, while the e-mobility segment continues to grow rapidly with various orders under execution. Localisation can improve margins and unlock PLI benefits, while e-mobility orders from vehicle manufacturers build a new recurring revenue stream.