The power gear and transmission equipment sector—though relatively less discussed—is also in the spotlight as Trump’s reciprocal tariffs raise questions over India’s power infra exports to the US. Several Indian players have growing export revenue from supplying transformers, switchgears, and electrical components to American clients.
Companies with moderate to high exposure include:
- GE T&D India: ~20–25% export revenue
- TRIL: ~11% US exports
- CG Power: ~20% exports
- ABB India: ~15% exports
- Voltamp Transformers: ~10–15% exports
- Bharat Bijlee: ~10–15% exports
- BHEL: ~10–15% exports
- KEC International: ~10–15% exports
- Shilchar Tech: ~10–25% exports
Though most players have limited direct US dependency, they may still feel the ripple effect through global supply chain re-alignments or if the US includes sectoral components under Section 232.
Analysts remain cautious but not alarmed. Diversified order books and domestic capex momentum may help soften the blow, but a prolonged tariff regime could weigh on fresh orders and profitability.
Bottom line: The risk to power gear exporters is not immediate but not negligible either. Players with direct US business or global contracts routed via the US should be on alert.