Substation is a large ~75k Cr.

EPC opportunity in next 5 years

765 kv & 400 kv projects will capture ~70% of the EPC opportunity size

2012-17 substation EPC 2017-22 substation EPC opportunity

opp.

HVDC 765 kv 400 kv 220 kv 110/66 kv

​53k HVDC
- AIS GIS AIS GIS AIS GIS AIS GIS
2%

​765 kv
PGCIL 2500 5000 12400 4150 3450 1650 450
38%
46%
Private
develop 1700 3050 9100 2500 2550 1000 350
26% ers
​400 kv
24% State
utilities 5900 5900 7100 2400 3450 3450
36%
​220 kv
21% Total 4200 8050 21500 12550 11900 9750 3200 3450 3450
2017-22 substatio...
​110/66 kv
8%
2012-17 substation EPC... 6% 10% 28% 16% 15% 13% 4% 4% 4%

% contribution to
x% total market size

Note: Basis spend in 12th 5 year plan & expected shift in future trends, 75% contracts in 765kv assumed to be GIS while 50% of remaining voltage bands
assumed to be GIS,
Basis 100k Cr capex (out of 130k inter state spending) planned in 13th plan for PGCIL, 70:30 split has been assumed between PGCIL & Pvt. developers for inter-
state projects;
Switchgear cost has been exclude from GIS contracts as switchgear supply is a separate contract while other material supply & construction services is executed
by EPC business unit/pure play EPC player

Source: PGCIL, Expert interviews, Analyst research reports, BCG analysis