Industrials

<h2 style="text-align: justify;"><span style="font-size: 12pt;">Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?</span></h2><p style="text-align: justify;">31 years in the field of strategic business development, marketing, sales, &amp; P&amp;L Management of Power Transmission &amp; Distribution; HV, MV &amp; LV Switchboards/Switchgear.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">Q2. How are utility-scale renewable energy projects (solar, wind, hybrid) influencing demand for smart MV switchgear across transmission and distribution networks? </span></h2><p style="text-align: justify;">The future is renewable energy only, as most countries have started their journey towards achieving a Carbon zero emission strategy. The same is seen in the transmission and distribution networks as well.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">Q3. Which companies are leading in smart switchgear innovation, and how are they differentiating themselves?</p><p style="text-align: justify;">The leading companies are:</p><ul style="text-align: justify;"><li>Siemens</li><li>ABB</li><li>Schneider</li></ul><p style="text-align: justify;">There is not much differentiation; the objective is the same.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">Q4. Are there local manufacturing hubs for MV switchgear components in emerging markets, and how are OEMs addressing localization mandates?</span></h2><p style="text-align: justify;">Yes, there are local manufacturing hubs for every major OEM. Even then, it is difficult to cover the world, and they are also adopting alternative go-to-market strategies.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">Q5. Which component sub-markets present the most attractive opportunities amid shortages?</span></h2><p style="text-align: justify;">Vacuum Interrupters, as the number of OEMs is limited around the world.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">Q6. How are prolonged supply chain disruptions (especially transformer and relay shortages) affecting switchgear delivery schedules and pricing in 2025&ndash;2026?</span></h2><p style="text-align: justify;">Switchgear is always towards the end of a turnkey project, and OEMs have learned to live with it with proper planning and forecasting. There is not much dependence on other products. Relays are sometimes a bottleneck, but the major OEMs now have their own range of numerical relays.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?</span></h2><p style="text-align: justify;">Capacity expansion, local country presence for 24x7 service, and storage warehouses in strategic locations.<br>&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p>