Ambit, with a Buy call and a target of Rs 28,500 (12.2% upside), said that with increasing capex and focus on localization, it expects India’s contribution in the global market to increase. India is a low-cost base with no quality difference. “We estimate export growth to outperform domestic market (ex HVDC) and expect 12% CAGR in export orders, with export contribution reaching 30% (FY28). With services now a separate business unit, we expect acceleration in services, forming over 10% of total orders (vs 6-7% now).”