Despite delays in implementation, RDSS's grid modernization efforts in India have shown notable progress with a reduction in AT&C losses from 21.9% to 16.2%. This improvement has positively impacted companies like Siemens, ABB India, and Hitachi Energy due to increased demand for high-spec hardware. However, Genus Power and HPL Electric may face cash flow challenges due to unspecified reasons.

JPMorgan sets a target price of INR 2,600 for Siemens Energy India, maintaining a neutral stance, due to the anticipated upcycle in high voltage equipment, driven by renewable energy projects, growing adoption of HVDC technology, and potential export expansion worth $14-$15 billion.