Buy, Sell Or Hold: Larsen and Toubro, Cummins India, Thermax, Kirloskar Oil Engines, ISGEC Heavy Engineering — Analyst Forecast
- September 23, 2026
- Posted by: Kunal Singla
- Category: Market
Sector Snapshot (23 September 2026)
| Stock | LTP (Rs) | 52W High | 52W Low | P/E vs Industry | ROE | Our View |
|---|---|---|---|---|---|---|
| Larsen and Toubro | 3,929.90 | 4,440.00 | 3,288.10 | 27.13 / 24.20 | 14.72% | Buy on Dips |
| Cummins India | 5,010.00 | 6,100.00 | 3,833.00 | 58.18 / 46.98 | 27.87% | Hold |
| Thermax | 3,464.90 | 5,277.80 | 2,742.70 | 70.10 / 47.74 | 12.98% | Avoid / High Risk |
| Kirloskar Oil Engines | 2,219.50 | 2,720.00 | 865.55 | 58.73 / 46.98 | 15.86% | Hold |
| ISGEC Heavy Engineering | 867.85 | 1,113.90 | 683.95 | 17.59 / 30.82 | 12.68% | Buy on Dips |
Quick Answer
ISGEC Heavy Engineering stands out among these non-electrical equipment stocks, trading well below its industry average valuation, and Larsen and Toubro combines a near-fair multiple with solid return on equity. Cummins India posts the strongest return on equity in the group but at a rich valuation, Kirloskar Oil Engines sits in between, and Thermax carries the richest multiple alongside more modest profitability, keeping it in higher-risk territory.
India’s non-electrical capital goods makers span engineering, construction, engines, boilers and heavy fabrication, businesses tied closely to industrial capex and infrastructure spending. This piece checks five listed non-electrical equipment stocks on valuation and profitability.
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Larsen and Toubro: Buy on Dips
Larsen and Toubro trades at Rs 3,929.90, down close to 12% from its 52-week high of Rs 4,440.00. It combines a healthy return on equity of 14.72% with a price-to-earnings ratio of 27.13, close to the industry average of 24.20. That balance of solid profitability and a near-fair valuation, backed by India’s largest engineering and construction order book, makes it one of the more attractive non-electrical equipment stocks to accumulate on dips.
Cummins India: Hold
Cummins India is at Rs 5,010.00, down close to 18% from its 52-week high of Rs 6,100.00. It posts the strongest return on equity in this group at 27.87%, with a completely debt-free balance sheet, but its price-to-earnings ratio of 58.18 runs well above the industry average of 46.98. That premium already reflects much of the company’s strong profitability, which keeps this in hold territory.
Thermax: Avoid / High Risk
Thermax has corrected sharply to Rs 3,464.90, down close to 34% from its 52-week high of Rs 5,277.80. Its price-to-earnings ratio of 70.10 is the richest in this group, well above the industry average of 47.74, while its return on equity of 12.98% is comparatively modest. That gap between a still-rich valuation and modest profitability, even after the steep fall, puts this in high-risk territory rather than a name to add to.
Kirloskar Oil Engines: Hold
Kirloskar Oil Engines trades at Rs 2,219.50, down close to 18% from its 52-week high of Rs 2,720.00. It posts a return on equity of 15.86% with a price-to-earnings ratio of 58.73, above the industry average of 46.98, and carries a higher debt-to-equity ratio of 1.48 than most peers here. That combination keeps this in hold territory rather than a fresh buy.
ISGEC Heavy Engineering: Buy on Dips
ISGEC Heavy Engineering is at Rs 867.85, down close to 22% from its 52-week high of Rs 1,113.90. It stands out with a price-to-earnings ratio of just 17.59 against an industry average of 30.82, well below every other name in this group, with a return on equity of 12.68%. That cheap valuation relative to peers makes it the standout non-electrical equipment stock to watch for accumulation on dips.
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What Ties These Non-Electrical Equipment Stocks Together
Across these non-electrical equipment stocks, ISGEC Heavy Engineering and Larsen and Toubro currently offer the more attractive combination of valuation and profitability, while Cummins India’s industry-leading return on equity comes at a rich multiple and Thermax’s steep correction has not yet brought its valuation in line with its more modest returns. Industrial capex cycles, order inflows and commodity input costs can all move these numbers from one quarter to the next.
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Conclusion
Non-electrical equipment stocks in India show a fairly wide spread between the cheaply valued, profitable names and the more richly priced ones. ISGEC Heavy Engineering and Larsen and Toubro currently look better placed for gradual accumulation among these non-electrical equipment stocks, Cummins India and Kirloskar Oil Engines are reasonable holds, and Thermax’s rich valuation against modest returns keeps it in higher-risk territory. As always, treat this as a starting point rather than a final word.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.
Frequently Asked Questions
A few common questions on these non-electrical equipment stocks, answered briefly below for quick reference on this non-electrical equipment stocks basket.
Which non-electrical equipment stocks look attractive right now?
ISGEC Heavy Engineering and Larsen and Toubro currently show the most favourable combination of a below or near-industry valuation and solid return on equity among the names covered here.
Why is Thermax rated high risk despite its steep fall?
Thermax trades at a price-to-earnings ratio of 70.10, still the richest among these non-electrical equipment stocks, while its return on equity of 12.98% remains comparatively modest, which keeps it in high-risk territory even after a 34% correction.
Is Cummins India overvalued?
Cummins India posts the strongest return on equity in this group at 27.87% with a debt-free balance sheet, but its price-to-earnings ratio still runs above the industry average, which keeps it in hold territory rather than a clear buy.
Why is ISGEC Heavy Engineering the cheapest in this group?
ISGEC Heavy Engineering trades at a price-to-earnings ratio of just 17.59 against an industry average of 30.82, notably below every other name in this group, while still delivering a reasonable 12.68% return on equity.
Does Kirloskar Oil Engines carry a lot of debt?
Yes, Kirloskar Oil Engines has a debt-to-equity ratio of 1.48, the highest among these non-electrical equipment stocks, which is worth watching alongside its valuation and returns.
Where can I track these non-electrical equipment stocks in real time?
You can track live prices, set price alerts, and follow quarterly results for Larsen and Toubro, Cummins India, Thermax, Kirloskar Oil Engines and ISGEC Heavy Engineering using the Univest iOS App and Univest Android App.
