However, execution timeline of at least 12-18 months implies that gains from the projects would be visibleonlyafter FY26. The state-owned transmission company, operating nearly 45% of domestic transmission capacity, has seen a sharp increase in ordering activity over the past one year. The company derives revenue from the use of its transmission network. The total value of transmission projects under execution has risen sharply from less than ₹ 50,000 crore at the end of the June 2023 quarter (Q1FY24) to over ₹ 1.1 trillion by Q1FY25. Orders are being driven by the initiation of a large number of, primarily located in regions unconnected with transmission networks so far. "The long-awaited transmission capex is now showing a gradual upturn, underpinned by renewables and growing generation capacity including thermal," said analysts at JM financial Institutional Securities in a report after Q1FY25 results. This would significantly benefit Power Grid that has a market share of 65-70% in new orders.