At a time when the markets are focused on war, crude oil, inflation, and supply disruption, it is easy to miss a quieter shift. India’s engineering and capital-goods sector is slowly becoming part of a wider industrial ecosystem: Power transmission, electrification, process industries, industrial utilities, water systems, automation, backup power, and global subcontracting. The Gulf region may eventually create repair and rebuilding opportunities, but the larger opportunity is domestic. India itself is going through a long cycle of industrial modernisation. That is where these companies will matter.