Capex cycle to drive structural lending opportunity: India's power sector is entering a massive capex cycle, with installed capacity projected to rise from ~520 GW to ~900 GW by FY32E. This expansion creates a 12-13 lakh crore lending opportunity for specialized financiers including PFC across generation (8-9 lakh crore), transmission (~1 lakh crore), and distribution (~2 lakh crore) projects. Beyond traditional power, growth is supported by 47 GW storage mandate and a strategic pivot into infrastructure financing. Given the policy roadmap for 900+ GW of nonfossil capacity by FY36, this cycle is expected to extend into next decade,...