Grid Hardware Stocks: 58 Listed Global Companies

GE Vernova

GE Vernova was spun off from General Electric in April 2024 and operates across three segments: Power (gas turbines, nuclear, hydro), Wind, and Electrification. The Electrification segment is the direct grid hardware play, generating $9.6 billion in FY2025 revenue across HVDC systems, power transformers, switchgear, substations, synchronous condensers, and grid automation software. Electrification EBITDA margins expanded from 9.0% to 14.9% in 2025, with the segment's equipment backlog reaching $35 billion — quadrupled over four years and projected to double again by 2028. The February 2026 acquisition of Prolec GE — a transformer joint venture previously 50%-owned — added approximately $3 billion in annual revenue and seven manufacturing sites, five of them in the United States, making GEV a leading North American transformer supplier. Key demand drivers include offshore HVDC connections (including the 2.2 GW TenneT BalWin5 award), data centre power infrastructure, and utility grid modernisation across North America, Europe, and the Middle East. Management has framed GEV's Electrification addressable market at approximately $150 billion annually; including Prolec, 2026 Electrification revenue is guided at roughly $14 billion — approximately 10% penetration.

ABB

ABB is a Swiss electrification and automation company with approximately 110,000 employees operating across Electrification, Motion, and Automation business areas. The Electrification business area — ABB's largest at $17.4 billion in FY2025 revenue (52% of group total) — is the primary grid-hardware play, covering medium-voltage switchgear, power distribution units, smart power systems, and installation products for utilities, data centres, and industrial customers. Electrification Operational EBITA of $4.1 billion in FY2025 targets a 22–26% long-run margin. In Q1 2026, Electrification set a record with $6.6 billion in orders (+44% comparable year-on-year), book-to-bill of 1.44x, and backlog of $11.5 billion (+40%), driven by data centre demand — which management identifies as the single largest demand driver — alongside utility grid modernisation. ABB's ROCE reached 27.2% in Q1 2026, underpinning a $2 billion share buyback programme launched February 2026. India has grown to ABB's fourth-largest market, with approximately $75 million of manufacturing and R&D investment planned for 2026.

Schneider Electric

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison with approximately 160,000 employees operating across more than 100 countries. Its Energy Management segment — the grid-hardware play — generated €33.1 billion in FY2025 revenue (82% of group total) across low-voltage and medium-voltage switchgear, power transformers, circuit breakers, prefabricated power modules, and ADMS grid software serving over 100 utilities covering 170 million end-users globally. The segment holds market shares above 70% in certain electrical product categories in core markets and carried a record €21.3 billion backlog at end-2025 (+21% year-on-year), providing 18–24 months of data centre revenue visibility. FY2025 Energy Management adjusted EBITA margin was 21.8%; group-wide free cash flow reached €4.6 billion. Data centre and networks represents more than one-third of group orders and saw triple-digit growth in Q4 2025. Schneider completed the acquisition of its Indian operating entity (SEIPL) for approximately €5.5 billion in December 2025, bringing India to full ownership as its third-largest country by revenue. The company targets 7–10% organic revenue growth and approximately 20%+ adjusted EBITA margin by 2030.

Eaton

Eaton is an Irish-domiciled power management company with operational headquarters in Cleveland, Ohio, listed on the NYSE and serving customers in 180 countries. Its two Electrical segments — Electrical Americas ($13.3 billion, 48% of FY2025 revenue) and Electrical Global ($6.8 billion, 25%) — supply switchgear, power distribution units, uninterruptible power supplies, and modular power enclosures to utilities, data centres, and industrial customers. Electrical Americas achieved a 29.8% operating margin in Q4 2025, with 12-month rolling orders up 16% organically and combined electrical backlog reaching $15.3 billion (+29% year-on-year) at end-2025. Data centre orders surged approximately 200% year-on-year in Q4 2025 and are forecast to represent approximately 26% of Electrical segment revenue in 2026. Eaton is investing $1.5 billion to expand Electrical Americas manufacturing capacity, with new plants ramping through 2026–2027. A planned spin-off of the Vehicle and eMobility segments by end of Q1 2027 will concentrate the company on Electrical and Aerospace. The pending Boyd Thermal acquisition ($9.5 billion) adds liquid cooling capability for data centres, with 2026 revenue guidance of $1.7 billion+. FY2026 adjusted EPS guidance is $13.00–$13.50.

Siemens Energy

Siemens Energy was spun off from Siemens AG in September 2020 and operates four segments: Gas Services (gas turbines and aftermarket), Grid Technologies (HVDC, substations, transformers, switchgear), Transformation of Industry (compression and industrial decarbonisation), and Siemens Gamesa (wind). Grid Technologies is the direct grid hardware play, generating €10.5 billion in FY2025 revenue at a reported margin of 15.8%. The segment's product mix spans HVDC converter stations (~25% of revenue), AIS/GIS substations (~20%), power and distribution transformers (~30%), switchgear (~15%), and grid stabilisation equipment including FACTS and STATCOM (~5%). Grid backlog stood at €42 billion at end-FY2025 — double the level of FY2023 — with book-to-bill at or above 2x for three consecutive years. For FY2026, Siemens Energy guides Grid Technologies to 19–21% revenue growth and 16–18% margins, with FY2028 targets of high-teens compound revenue growth and 18–20% margins. The company is investing approximately €2 billion in additional Grid factory capacity through FY2028, with new facilities in Austria, Croatia, and Canada. Siemens Energy reinstated its dividend at €0.70 per share for FY2025 — the first since its 2020 IPO — and launched a €6 billion share buyback programme in November 2025.

Hitachi

Japanese conglomerate; Hitachi Energy division covers transformers, HVDC, switchgear, grid automation, and substations.

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Sumitomo Electric

Sumitomo Electric Industries is a Japanese diversified industrial conglomerate founded in 1897 and headquartered in Osaka, listed on the Tokyo, Nagoya, and Fukuoka exchanges with approximately 288,000 employees across roughly 40 countries. Its Environment & Energy segment — approximately 23% of FY2024 group revenue of ¥4,679 billion — covers high-voltage XLPE power cables, HVDC submarine and underground cables, transmission and distribution equipment, and grid-scale redox flow batteries. Sumitomo delivered the world's first 400 kV HVDC XLPE cable system in 2019 and holds the number-one domestic share in Japan for both transmission cables and magnet wires. The company is constructing a subsea cable factory in Scotland as a European manufacturing base and acquired German land-cable maker Südkabel in FY2024, alongside the provisional award of the Shetland 2 subsea cable contract. In 9M FY2025 (nine months to December 2025), Environment & Energy revenues grew 6.5% year-on-year to ¥808 billion. Group FY2025 full-year guidance (year ending March 2026) targets net sales of ¥4,900 billion and operating profit of ¥375 billion (+16.9% year-on-year). The company's 2030 Vision targets net sales above ¥5 trillion and pre-tax ROIC above 10%, with Energy cited as one of three strategic growth pillars.

Prysmian

Prysmian Group is the global leader in cable systems for energy and digital connections, headquartered in Milan and listed on Borsa Italiana. The company operates 109 production plants and 30 R&D centres across more than 50 countries, with approximately 34,000 employees and a fleet of seven cable-laying vessels supporting its submarine business. FY2025 revenues were €19,650 million across four segments: Transmission (submarine and land HVDC cables, 16.6% of revenue), Power Grid (HVAC transmission, medium-voltage distribution and overhead lines, 19.4%), Electrification (building wire and specialty cables, 55.8%), and Digital Solutions (fibre-optic and connectivity, 8.2%). The Transmission segment delivered an 18.3% adjusted EBITDA margin in FY2025 against a €17 billion backlog — including the Eastern Green Link 4 contract (>€2.3 billion, signed February 2026) — plus approximately €2 billion of awards not yet in backlog. Group adjusted EBITDA reached a record €2,398 million (+24.4% year-on-year) with free cash flow of €1,171 million. FY2026 guidance targets €2,625–€2,775 million adjusted EBITDA and €1,300–€1,400 million free cash flow; the 2028 Capital Markets Day targets call for €2,950–€3,150 million adjusted EBITDA and 15–19% diluted EPS CAGR from the 2024 base. Strategy under CEO Massimo Battaini focuses on evolving from cable producer to integrated solutions provider, supported by five major acquisitions in 24 months including Encore Wire, Channell, and ACSM.

WEG

Brazilian industrial conglomerate listed on B3; one of the world's largest manufacturers of electric motors and a comprehensive provider of electrification and automation solutions. Energy Generation, Transmission and Distribution (GTD) segment (~38% of net revenue) covers power transformers, substations, synchronous condensers, wind turbines, solar inverters, hydro generators, and battery energy storage systems (BESS). FY2025 net revenue R$40.0 billion, up 27% YoY; EBITDA margin ~22%; ROIC consistently above 30%. Investing $77M in a new special transformers plant in Washington, Missouri to serve US grid infrastructure demand, plus a new BESS factory in Itajaí, Brazil (completion 2H27). 2026 CAPEX R$3.6 billion. Accessible to international investors via ADR (WEGZY). Net cash position of R$3.3 billion.

Hengtong

Chinese cable and connectivity group; produces HV power cables, submarine cables, and optical fibre for grid and telecoms.

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NARI Technology

Chinese power intelligence company; produces relay protection, automation systems, and smart substation equipment; affiliated with State Grid.

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Hubbell

Hubbell Incorporated is a Connecticut-based manufacturer of electrical and utility infrastructure products, founded in 1888, with full-year 2025 revenues of $5.8 billion. The company operates through two segments: Utility Solutions (63% of 2025 revenues, $3.7 billion) — supplying transmission line hardware, insulators, connectors, substation components, smart meters, and grid protection and control equipment to U.S. electric utilities — and Electrical Solutions (37%, $2.2 billion), covering wiring devices, connectors, and enclosures for industrial, commercial, and data centre customers. FY2025 adjusted operating margins reached 24.1% in Utility Solutions and 20.2% in Electrical Solutions. Management identifies a ~$1.5 billion served addressable market in 765kV transmission through 2035, with more than 7,000 new miles of 765kV line planned and only one-third yet awarded; Hubbell won its first 160 miles in Q1 2026 alongside a 150-plus-mile 500kV project. Data centre revenue grew approximately 40% organically in Q1 2026 and is forecast to grow more than 25% for full-year 2026. In Q1 2026 total net sales rose 11.1% (organic +8.2%) and full-year 2026 guidance calls for total sales growth of 8–11% and adjusted diluted EPS of $19.30–$19.85. Capital expenditure of $175–190 million is guided for 2026, directed at transmission/substation and data centre capacity. Hubbell spent $958 million on acquisitions in FY2025, including the $829 million DMC Power transaction, a provider of swaged connection systems for utility substation and transmission markets.

LS Electric

Korean manufacturer of switchgear, transformers, substation systems, FACTS/HVDC equipment, and grid automation products; strong domestic grid position and growing North American presence.

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HD Hyundai Electric

Korean manufacturer of power transformers, switchgear, motors, and generators for domestic and export grid markets.

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Furukawa Electric

Tokyo-listed diversified industrial manufacturer; Energy Infrastructure segment produces extra-high-voltage underground and submarine power cables for grid modernisation and renewable energy evacuation. FY2025 net sales ¥1.31 trillion across five segments; Energy Infrastructure contributed ¥141.6 billion (11%) at a 6.8% operating margin. Data centre connectivity products (optical fibre, water-cooling thermal management modules) are the fastest-growing driver, with management targeting ¥400 billion in data centre–related revenue by FY2030. Also supplies high-voltage wire harnesses and EV components. ¥150 billion CAPEX planned for FY2026 including fibre and energy cable capacity expansion.

ZTT

Chinese manufacturer of HV and submarine power cables, conductors, optical fibre, and marine energy equipment.

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Sieyuan Electric

Chinese manufacturer of switchgear, transformers, and reactive power compensation (STATCOM/SVC) equipment.

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Hyosung Heavy Industries

Korean manufacturer of power transformers, gas-insulated switchgear (GIS), and STATCOM reactive power systems.

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TBEA

Chinese manufacturer of power transformers, reactors, and high-voltage equipment; also active in renewable energy.

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Polycab India

Polycab India Limited is India's largest integrated manufacturer of wires and cables by revenue and the most profitable player in the Indian electricals industry. Listed on Indian exchanges with promoter holding of 62%, Polycab operates across four segments: Wires & Cables (W&C, ~84% of group revenue), Fast-Moving Electrical Goods (FMEG, ~7%), EPC (~9%), and International (~6%). In FY2024-25 the company crossed the ₹200 billion revenue milestone ahead of schedule, reporting ₹224,083 million revenue (+24% year-on-year) with ROCE of 28.7% and net cash of ₹24.6 billion. The W&C segment — spanning over 9,650 product SKUs from 27 manufacturing plants across six regions — holds 26–27% share of India's organised W&C market and is approximately twice the scale of the second-largest domestic player. Polycab is 100% backward integrated in W&C, controlling raw materials through to finished product. In the nine months to December 2025, group revenue grew 30% year-on-year to ₹200,193 million with EBITDA margin of 14.2%, and domestic W&C volume grew approximately 40% year-on-year in Q3 FY26. Project Spring (FY2025–FY2030) targets W&C EBITDA margins of 11–13%, international revenue above 10% of total, ₹60–80 billion capex funded entirely from internal accruals, and a top-10 global position in wires and cables. The company is present in 84 countries, with the Middle East, Europe, and North America as primary export markets.

CG Power and Industrial Solutions

Mumbai-headquartered Indian engineering conglomerate listed on NSE, part of the Murugappa Group since 2020; manufactures power transformers (up to 1,500MVA, 765kV), distribution transformers, EHV switchgear, GIS, and industrial motors and drives. Power Systems segment revenue ₹5,138 crores in FY2026, up 46% YoY, driven by India's grid modernisation and renewable evacuation investment. Greenfield transformer facility (45,000 MVA capacity) approved for Western India, targeting total capacity of 85,000 MVA by FY2028. Also supplies traction motors and KAVACH train collision avoidance systems to Indian Railways, and is building a semiconductor OSAT facility with government support. Debt-free balance sheet.

GE Vernova T&D India

India-listed subsidiary of GE Vernova's Electrification segment; provides the full stack of high-voltage T&D infrastructure for India's power grid — power transformers, shunt reactors, GIS, circuit breakers, instrument transformers, HVDC systems, STATCOMs, and full EPC substation turnkey projects up to 1,200 kV UHV. Order backlog ₹127 billion as of March 2025 (~3× annual revenue). Won ₹8 billion in SCADA/EMS digital software orders from Power Grid Corporation in FY2025 alone. Export revenue 28% of total, largely to fellow GE Vernova subsidiaries in France and the Middle East. Announced ₹1.4 billion investment (May 2025) to localise HVDC LCC valve and VSC STATCOM valve manufacturing in Chennai. Direct beneficiary of India's ₹9.2 trillion National Electricity Plan II transmission infrastructure programme.

China XD Electric

Chinese manufacturer of high-voltage switches, power transformers, converter transformers, and DC transmission valve equipment.

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Powell Industries

Powell Industries (NASDAQ: POWL) is a Houston, Texas-based designer and manufacturer of custom-engineered electrical switchgear, power control room substations (PCRs), electrical houses (E-Houses), motor control centres, and medium-voltage distribution systems for voltages from 480V to 38,000V, built to ANSI and IEC standards. Products serve oil and gas, electric utilities, petrochemical, commercial industrial, and light rail traction applications. Fiscal 2025 (year ending September 2025) revenue was $1,104.3 million (+9% year-on-year), gross margin 29.4%, and diluted EPS reached $14.86 — compared with $0.05 four years earlier. Electric utility revenue grew 50% year-on-year to $279 million (25% of total) and light rail traction power grew 87% to $41.3 million. Backlog stood at $1.6 billion at December 2025 with approximately $933 million expected to convert within twelve months. Powell carries zero long-term debt with $475.5 million in cash and short-term investments at fiscal year-end. A $12.4 million expansion at the Jacintoport, Houston facility is adding 335,000 sq ft of lay-down area and doubling the bulkhead, completing in H2 FY2026. Powell sources more than 90% of materials from near operations across North America and the UK — a stated differentiator versus larger multinational competitors including ABB, Eaton, Schneider, and Siemens.

Beijing Sifang

Chinese smart-grid equipment supplier producing relay protection, power system automation, HVDC controls, and security & stability control systems.

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Chint Electrics

Chinese electrical equipment manufacturer; produces low-voltage switchgear, circuit breakers, MCBs, and solar inverters.

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NKT

NKT A/S is a Danish pure-play power cable solutions provider founded in 1891, headquartered in Brøndby, and listed on Nasdaq Copenhagen (OMXC25). The company operates 13 production facilities across Europe — including high-voltage factories at Karlskrona, Sweden and Cologne, Germany — and one cable-laying vessel, NKT Victoria, with a second vessel, NKT Eleonora, under construction for 2027. FY2025 revenue at standard metal prices was €2,722 million (organic +6%) with operational EBITDA of €390 million (14.3% margin), a record high. The Transmission segment (60% of revenue, 15.2% margin) focuses on extra-high-voltage HVDC cable systems for subsea interconnectors and offshore wind export; the Distribution segment (29%) serves medium-voltage DSOs. High-voltage backlog stood at €10.2 billion (market prices) at end-2025, augmented by booking commitments exceeding €3.5 billion; notable awards include Bornholm Energy Island (~€650 million, September 2025) and two SSEN contracts (~€2 billion combined, January 2026). NKT is executing approximately €2 billion in capacity investment through 2028: the Karlskrona site — designated as Europe's first European Strategic Net Zero project in May 2025 — will become the world's largest high-voltage offshore cable factory on completion in 2027. FY2026 guidance targets €2.63–2.78 billion revenue and €360–410 million EBITDA, with a 2028 ambition of more than €700 million EBITDA and a 2030 ambition of more than €900 million EBITDA and ROCE above 22%.

Nexans

Nexans is a Paris-listed French cable manufacturer with over 140 years of history, operating in 41 countries and positioning itself as the "global pure player in sustainable electrification." FY2025 standard sales were €6,098 million (+10.1%, organic +8.3%), with adjusted EBITDA of €728 million (11.9% margin), free cash flow of €344 million, and ROCE of 21.3%. Three continuing segments drive results: PWR-Transmission (27% of standard sales, €1,657 million, 12.3% adjusted EBITDA margin) — long-cycle HVDC subsea and land interconnectors and offshore wind export cables, with an adjusted backlog of €7.7 billion at end-2025; PWR-Grid (22%, €1,319 million, 16.4% margin — the highest of the three) — medium- and high-voltage cables and accessories for DSOs and TSOs; and PWR-Connect (38%, €2,341 million, 12.3% margin) — shorter-cycle low-voltage cables for residential, commercial, industrial, and data centre customers. Nexans operates three cable-laying vessels, including the Nexans Electra entering service mid-2026, and expanded its Halden, Norway subsea plant; in 2025 the company completed the Tyrrhenian Link installation, setting a world record for 500 kV HVDC cable at 2,150 metres depth. FY2026 guidance targets adjusted EBITDA of €730–810 million; the 2028 target is €1,150 million (±75 million) with ROCE above 20%. Net debt at end-2025 was €266 million (leverage 0.36x), with a BB+ stable S&P credit rating.

ESCO Technologies

St. Louis-based NYSE-listed technology company; Utility Solutions Group (USG, 35% of FY2025 revenue at $380M) supplies diagnostic instruments, dissolved gas analysers, condition monitoring systems, and protection testing equipment for high-voltage grid infrastructure through Doble Engineering and Morgan Schaffer. Growing demand from data centre proliferation and grid electrification is a structural tailwind for Doble. FY2025 also included acquisition of ESCO Maritime Solutions (~$472M) for Navy signature management and quiet propulsion motors, and divestiture of the space-sector VACCO unit. Announced acquisition of Megger Group (Doble's leading competitor in utility diagnostics) in April 2026, expected to close Q1 FY2027. Group FY2025 revenue ~$1.1 billion; backlog $1.07B as of Q1 FY2026.

MYR Group

MYR Group is a top-5 U.S. specialty electrical contractor (Engineering News-Record) with 130+ years of uninterrupted operation, 13 wholly-owned subsidiary companies, and more than 9,000 employees. Its Transmission & Distribution (T&D) segment — approximately 54% of FY2025 revenue — builds and maintains overhead and underground transmission lines up to 765kV, substations, distribution networks, and EV charging infrastructure for utilities, cooperatives, and independent power producers. More than 60% of T&D work is performed under multi-year Master Service Agreements providing a recurring revenue base, with some client relationships exceeding 50 years. Its Commercial & Industrial segment serves data centres, airports, hospitals, manufacturing plants, and clean energy facilities. Total backlog reached a record $2.84 billion at March 31, 2026, and management guided to approximately 12% organic revenue growth for FY2026. Q1 2026 set simultaneous records for revenue ($1.0 billion, +20% year-on-year), net income ($46.8 million, +101%), and EBITDA ($81.5 million, +62%). FY2025 revenues were $3.66 billion. The company is effectively debt-free ($9.4 million funded debt, $163 million cash at March 31, 2026) with significant bonding capacity — capital is directed towards organic growth, fleet investment, and bolt-on acquisitions.

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Apar Industries

Indian manufacturer of speciality cables, conductors (ACSR, HTLS), transformer oils, and lubricants for grid applications.

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KEI Industries

Indian manufacturer of HV/EHV power cables, control cables, and wires for industrial and power transmission applications.

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Taihan Cable

Korean power cable manufacturer with EHV and submarine cable capacity; supplies transmission and distribution cables for grid interconnection projects.

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Henan Pinggao

Chinese specialist manufacturer of high-voltage and ultra-high-voltage AC/DC switchgear including GIS, circuit breakers, and disconnectors up to 1100 kV.

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XJ Electric

Chinese State Grid unit producing UHV equipment, smart grid systems, EV charging, rail transit electrification, and power automation products.

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Itron

Itron is a global leader in Industrial IoT infrastructure for utilities and municipalities, providing smart metering hardware, Gen6 communication networks, grid edge software, and AI-powered operational resilience tools. Its Networked Solutions segment — the company's largest at roughly 60% of Q1 2026 revenue — deploys multi-application communication modules and network management software enabling utilities to manage electricity, gas, and water systems in real time. The higher-margin Outcomes segment, which reached record revenue of $360 million in FY2025, delivers subscription analytics for DER management, grid planning, energy forecasting, and non-revenue water reduction, driving Annual Recurring Revenue of $368 million (up 20% year-on-year). Total backlog was $4.4 billion at March 31, 2026. Two acquisitions completed within five months of each other — Urbint ($330.6M, November 2025) and Locusview ($546.6M, January 2026) — created a new Resiliency Solutions segment covering AI-powered worker safety, damage prevention, and digital construction management for utility field operations. The company has shipped more than 16 million network endpoints cumulatively, and partners with NVIDIA, Microsoft, AWS, and Snowflake on real-time AI analytics, with technology integrations across Schneider Electric and GE Vernova for grid operations.

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Hammond Power Solutions

Guelph, Ontario–headquartered North American leader in dry-type and cast-resin transformers, harmonic filters, and power quality equipment; TSX-listed (HPS.A). Products are essential enabling hardware for data centres, EV charging infrastructure, renewable energy installations, and industrial electrification. FY2025 revenue record, backlog up 122% YoY driven by large custom data centre transformer orders; 5-year sales CAGR of 22.8%. Commissioned ~C$100M of new custom transformer capacity at Monterrey 4 (Mexico) in 2025; additional C$100M expansion in 2026–2027. Announced acquisition of AEG Power Solutions (enterprise value C$365M, February 2026) to add advanced power electronics and European market presence. Approximately 2,500 employees across 18 locations.

Fujikura

Tokyo-listed Japanese industrial group; Power Systems segment produces high-voltage power cables and accessories for grid infrastructure and industrial applications, contributing ¥157 billion revenue at a 12.1% operating margin in FY2025. Dominant profit engine is Telecommunication Systems (¥653 billion revenue, 23.4% margin) serving AI infrastructure data centre build-out via next-generation SWR/WTC optical cable. Signed a landmark U.S. Department of Commerce strategic supplier agreement in October 2025 for optical cables supporting U.S. generative AI infrastructure; plans up to ¥260 billion in U.S. manufacturing capacity. Also investing in superconducting wire and fibre laser technologies as long-cycle bets on fusion energy. FY2025 group net sales ¥1.18 trillion.

Iljin Electric

Korean manufacturer of power transformers, gas-insulated switchgear (GIS), shunt reactors, and HV power cables for domestic and export grid projects.

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Arteche

Basque industrial group listed on Spain's Main Market (SIBE) since February 2026; designs and manufactures measurement transformers (up to 800kV), protection relays, network automation systems, and power quality equipment for high-voltage grid infrastructure worldwide. Three segments: Measurement & Monitoring Systems (72% of revenue), T&D Grid Automation (17%), and Network Reliability (11%). FY2025 revenue €508M, up 21% YoY; EBITDA margin ~15.8%; book-to-bill 1.16x with backlog of €355M. Operates across nine countries with EMEA (43%) and North America (32%) as primary markets. Executing a full SF6-free product transition ahead of EU regulatory deadlines. Share price +201% during 2025.

American Superconductor

Nasdaq-listed US power technology company; Grid segment (~85% of revenue) provides D-VAR® STATCOM reactive power compensation systems, medium-voltage capacitor banks and harmonic filters (NEPSI), DC rectifiers and industrial transformers (Neeltran), engineered power conversion for industrial and military applications (NWL), and large power and distribution transformers for utilities (Comtrafo, acquired December 2025 for ~$203M). Also supplies high-temperature superconductor (HTS) degaussing systems to the US and Canadian navies (Ship Protection Systems), with a $300M+ total opportunity across the Canadian Surface Combatant programme. Revenue exceeded $290M annualised by early FY2026, up from ~$48M in FY2017. 12-month backlog exceeds $250M.

Elsewedy Electric

Egyptian-headquartered cables, transformers, electrical products, and infrastructure group with broad MENA and African grid market exposure.

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Preformed Line Products

Ohio-based Nasdaq-listed manufacturer of precision hardware and fittings for overhead and underground energy transmission and distribution lines — armor rods, dead-end fittings, suspension hardware, spacer dampers, vibration dampers, substation connectors (PLP SubCon), and string hardware rated up to 1,100 kV. Energy products represent 60%+ of revenue, with communications products (fibre optic closures, FTTH hardware) making up most of the remainder. FY2025 revenue $442M; order backlog $232.8M at year-end 2025, up 22% YoY. Manufacturing in 20 countries; new Poland facility under construction (~$28M investment) to expand EMEA capacity. Crossed $1 billion market cap for the first time in September 2025. Leveraged to global transmission line construction and FTTH broadband rollout cycles.

Baosheng

Chinese cable manufacturer producing bare conductors, power cables, and communication cables for grid applications.

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Voltamp Transformers

Indian specialist manufacturer of oil-filled and dry-type transformers for power, industrial, and renewable energy sectors.

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Transformers & Rectifiers India

Indian manufacturer of power, distribution, furnace, and rectifier transformers for utilities and industry.

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Shilchar Technologies

Indian manufacturer of power and distribution transformers, furnace transformers, and inductors for solar, wind, and industrial applications.

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Alfen

Dutch specialist in prefab transformer substations, smart-grid solutions, EV charging infrastructure, and grid-scale energy storage systems.

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Bharat Bijlee

Indian manufacturer of power transformers (up to EHV class), electric motors, drives, and turnkey EHV switchyard and substation solutions.

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Indo Tech Transformers

Indian manufacturer of power and distribution transformers up to 245 kV, mobile substations, and special application transformers.

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Riyadh Cables Group

Saudi Arabia's largest cable manufacturer by volume; supplies low-voltage distribution through extra-high-voltage (EHV) transmission cables to utilities and infrastructure contractors across the GCC. Operates at ~94% capacity utilisation with a SAR 5.5 billion confirmed-order backlog (Q1 2026); revenue of SAR 10.7 billion in FY2025, up 19% YoY. Commodity-price-neutral margin model hedged via copper and aluminum futures. Geographic expansion underway in UAE (77% of export revenue), Uzbekistan (51% stake in Artikul Aziya Kabel acquired November 2025), and a prospective Syria management concession. Direct beneficiary of Saudi Vision 2030 grid infrastructure spending.

S&S Power

Indian manufacturer of power and distribution switchgear, T&D equipment, and industrial automation systems for utilities and industry.

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