Power Grid Corporation Leads in India's FY28 Transmission Pipeline Execution

A PL Capital research note highlights a growing disparity in execution readiness within the power transmission sector in India. State-owned Power Grid Corporation of India demonstrates a decisive edge over Adani Energy Solutions, particularly in the near-term project maturity and execution for the fiscal year 2028. Both entities show comfortable visibility for project commissioning in FY27.

Power Grid's FY27 portfolio, valued at ₹33,100 crore, is in an advanced stage, with 95% of foundations completed and 85% of towers erected. For FY28, Power Grid is managing a ₹75,200 crore commissioning slate, based on Central Electricity Authority projections, with 67% of foundations and 50% of towers already completed. A substantial portion, ₹51,800 crore, is slated for commissioning in the first quarter of FY28, providing an "execution cushion."

In contrast, Adani Energy Solutions' FY27 lineup of ₹12,300 crore is on track, with 89% of foundations completed and 82% of equipment received. However, its ₹12,600 crore pipeline for FY28 is in early development, with only 17% of foundations laid and 4% of towers erected as of July 2026. This indicates that Adani Energy Solutions will require a greater execution ramp-up to meet its scheduled rollout. The overall market share for private developers has increased to 46% from 43%, supported by ₹1,21,200 crore in tariff-based competitive bidding projects.

Another major supply chain signal from Rolls-Royce SMR.

Another major supply chain signal from Rolls-Royce SMR.

After announcing that Siemens Energy will manufacture steam turbine components for its first SMRs, Rolls-Royce SMR has unveiled another major step.

The company has launched a supplier programme offering up to £1.4 billion in contract opportunities for UK businesses over the next year.

This isn't just another partnership announcement.

It's a clear sign that the focus is shifting from reactor design to building the industrial capability needed to deliver projects at scale.

Every new manufacturing agreement, supplier programme and localisation initiative strengthens the supply chain behind future SMR deployment.

For suppliers, this is another reminder that opportunities begin long before the first concrete is poured.

Building visibility early is becoming just as important as having the right capabilities.

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BARC Seeks Industry Partners for 300 MW Bharat SMR

The Bhabha Atomic Research Centre (BARC) is exploring industry participation for the investment and commercialization of its indigenous 300 MW Bharat Small Modular Reactor (BSMR-300). Initial discussions have been held with NTPC Limited, Reliance Industries Limited, Adani Group, and Larsen & Toubro Limited.

BARC is considering the establishment of an industry-backed special purpose vehicle (SPV) that would hold the intellectual property rights for the reactor. The BSMR-300 has a targeted capital expenditure of Rs 300 million per MW, indicating an approximate cost of Rs 90 billion for a 300 MW unit.

A request for proposal (RFP) is anticipated to formalize the industry participation process. The specific investment commitments and the ownership structure of the proposed SPV are yet to be finalized.