India’s industrial capex cycle is showing early signs of rotation, with UBS expecting the next phase of growth to be led by the power equipment value chain and defence. In a conversation with CNBC-TV18, Amit Mahawar, India Industrial Analyst at UBS, outlined where he sees the strongest opportunities over the next few years.

Mahawar noted that industrial capex has moderated in the last 18 months, but demand remains strong in the power equipment ecosystem. He pointed out that segments such as cables, transformers and switchgear continue to see healthy order inflows, supported by both domestic and global demand.

According to him, “ordering momentum is outperforming the short-cycle industrial segments,” indicating where the next leg of growth may come from.

UBS expects the biggest upside su

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