India is rewiring itself. Renewable generation is being added far from where power is consumed, and moving it requires transmission — towers, transformers, HVDC converters. Order books across the T&D supply chain sit at decade highs. The question worth studying is not whether the capex is real (it is), but what an order book is actually worth.
Order book ≠ earnings
An order book is revenue that has been promised, not profit that has been earned. Execution takes years, input costs move, and fixed-price contracts can turn good orders into bad ones. In the 2007-2012 capex cycle, several capital-goods darlings doubled their order books while their margins halved.