India easing Chinese power equipment import curbs to have limited impact on local firms, says Jefferies

Power Grid of India

20/02/2026 06:16

** Jefferies says India easing curbs on Chinese imports of equipment for power, coal would have limited impact on local players

** Estimates state-owned Bharat Heavy Electricals BHEL.NS would be impacted should Chinese players be allowed to import boiler-turbine-generator (BTG) equipment

** BTG forms about 9% of Larsen & Toubro's LART.NS order book, but its diversified portfolio would help insulate impact - Jefferies

** Reuters reported on Wednesday that India has begun easing the curbs, allowing state-run power and coal companies to start limited imports as shortages and project delays mount

** Jefferies notes companies highlighted during Q3 results that import approval only for components and not entire transformers, local content norms to remain in place

** Adds, Siemens Energy India SIEE.NS and Hitachi Energy India HITN.NS are its top picks in the sector

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))