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The last few years shortage of electrical components from switchgears to transformers to trans oil is now coming to parity and should be resolved in two years.
So components companies may do well till then. Then margins will come to parity at maybe higher rate but nowhere close to 20-30%. 10-14% will be new normal for most companies.
Thats the play. But market is giving PE as if current margins will sustain into eternity.
Discl: Do not own any transformer company except for CGPower which is more of a wider industrial play.