3 Meter Maker, Steam Turbine and Defence Electronics Stocks With a Strong Future Roadmap: HPL Electric & Power, Triveni Turbine and Centum Electronics
- October 16, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
HPL Electric Rs 260.25, P/E 18.03. Triveni Turbine Rs 506.10, P/E 48.84. Centum Electronics Rs 3,981.00. Closing prices of 14 Oct 2026.
Quick Answer
Meter maker, steam turbine and defence electronics stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, Triveni Turbine in industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services and Centum Electronics in electronics design and manufacturing for defence, aerospace and industrial users. FY26 revenue growth was 6.5% at HPL Electric, 8.2% at Triveni Turbine and 29.7% at Centum Electronics. P/E stands at 18.03 for HPL Electric (industry 47.09) and 48.84 for Triveni Turbine (industry 47.09). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Meter maker, steam turbine and defence electronics stocks give investors exposure to meters, turbines and electronics for utilities, industry and defence. Order flow, execution and margins decide how much of that demand turns into profit.
This list covers three meter maker, steam turbine and defence electronics stocks: HPL Electric & Power for smart meters, switchgear, lighting and wiring products, Triveni Turbine for industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services and Centum Electronics for electronics design and manufacturing for defence, aerospace and industrial users. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.
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What Are Meter Maker, Steam Turbine and Defence Electronics Stocks?
Meter maker, steam turbine and defence electronics stocks are shares of companies that make power equipment, run grids or fund projects. Results depend on order flow, network additions and execution, so execution and margins separate the stronger names.
Meter Maker, Steam Turbine and Defence Electronics Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three meter maker, steam turbine and defence electronics stocks as of the 14 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|
| HPL Electric & Power | 260.25 | 1,649 | 47.09 | 9.10% | 0.75 |
| Triveni Turbine | 506.10 | 16,412 | 47.09 | 24.18% | 0.02 |
| Centum Electronics | 3,981.00 | 6,119 | 48.37 | 29.34% | 0.36 |
Among power and engineering stocks, Triveni Turbine trades at a premium to the industry P/E, while HPL Electric trades at a discount.
Why Do Meter Maker, Steam Turbine and Defence Electronics Stocks Have a Strong Roadmap in India?
Meter maker, steam turbine and defence electronics stocks have a strong roadmap in India because smart meter rollouts, industrial power projects and defence electronics orders keep adding work for these firms. Three drivers stand out.
- Smart meters: Utilities replace old meters with smart versions.
- Industrial power: Factories add steam turbines for captive and green power.
- Defence electronics: Defence and aerospace programmes need electronics suppliers.
HPL Electric & Power: Smart Meters and Switchgear Anchor the Roadmap
HPL Electric’s roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.
Revenue grew from Rs 1,018.15 crore in FY22 to Rs 1,815.93 crore in FY26, a 78.4% rise, and FY26 revenue was 6.5% higher than FY25. FY26 net profit was Rs 91.25 crore. In Q1 FY27, revenue grew 34.7% to Rs 517.40 crore, and net profit rose 1.1% to Rs 18.69 crore. Operating margin was 15.51% in FY26.
Debt to equity is 0.75 and return on equity is 9.10%. FY26 operating cash flow was Rs 226.48 crore against capital expenditure of Rs 182.81 crore. HPL Electric paid a dividend of Rs 1 per share for FY26, a yield of 0.39%. At a P/E of 18.03 against an industry P/E of 47.09, the stock trades below its industry multiple.
What to watch: The P/E of 18.03 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Triveni Turbine: Industrial Steam Turbines Build the Next Leg
Triveni Turbine’s roadmap rests on industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services, with captive power and energy efficiency demand supporting orders.
Revenue grew from Rs 881.72 crore in FY22 to Rs 2,257.61 crore in FY26, a 156.0% rise, and FY26 revenue was 8.2% higher than FY25. FY26 net profit was Rs 349.45 crore. In Q1 FY27, revenue grew 19.7% to Rs 471.10 crore. Operating margin was 23.50% in FY26.
Debt to equity is 0.02 and return on equity is 24.18%. FY26 operating cash flow was Rs 110.95 crore against capital expenditure of Rs 71.60 crore. Triveni Turbine paid a dividend of Rs 4.25 per share for FY26, a yield of 0.82%. At a P/E of 48.84 against an industry P/E of 47.09, the stock trades above its industry multiple.
What to watch: The P/E of 48.84 is a modest premium to the industry P/E of 47.09, so the next quarters’ growth is the figure to follow.
Centum Electronics: Defence Electronics Anchors the Roadmap
Centum Electronics’ roadmap rests on electronics design and manufacturing for defence, aerospace and industrial users, with defence and space programmes supporting orders.
Revenue grew from Rs 787.96 crore in FY22 to Rs 968.57 crore in FY26, a 22.9% rise, and FY26 revenue was 29.7% higher than FY25. FY26 net profit was Rs 100.71 crore. In Q1 FY27, revenue grew 13.7% to Rs 206.46 crore. Operating margin was 15.85% in FY26.
Debt to equity is 0.36 and return on equity is 29.34%. FY26 operating cash flow was Rs 60.40 crore against capital expenditure of Rs 40.38 crore. Centum Electronics paid a dividend of Rs 5 per share for FY26, a yield of 0.12%.
What to watch: Return on equity of 29.34% is the figure to follow as growth continues.
Best Meter Maker, Steam Turbine and Defence Electronics Stocks in India: HPL Electric vs Triveni Turbine vs Centum Electronics on Key Financials
Among the best meter maker, steam turbine and defence electronics stocks in India, HPL Electric leads on Q1 FY27 revenue growth; Triveni Turbine leads on FY26 operating margin and the lowest debt to equity; Centum Electronics leads on FY26 revenue growth and return on equity. The table puts the numbers side by side.
| Metric | HPL Electric | Triveni Turbine | Centum Electronics |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 1,815.93 | 2,257.61 | 968.57 |
| FY26 revenue growth | 6.5% | 8.2% | 29.7% |
| FY26 net profit (Rs Cr) | 91.25 | 349.45 | 100.71 |
| FY26 operating profit margin | 15.51% | 23.50% | 15.85% |
| Q1 FY27 revenue growth (YoY) | 34.7% | 19.7% | 13.7% |
| Return on equity | 9.10% | 24.18% | 29.34% |
| Debt to equity | 0.75 | 0.02 | 0.36 |
| Dividend yield | 0.39% | 0.82% | 0.12% |
| FY26 operating cash flow (Rs Cr) | 226.48 | 110.95 | 60.40 |
Power and engineering earnings follow order flow, network additions and execution, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Meter Maker, Steam Turbine and Defence Electronics Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen meter maker, steam turbine and defence electronics stocks and shortlist meter maker, steam turbine and defence electronics stocks to buy.
- Compare each stock’s P/E with its industry P/E, which differs by company here.
- Check operating margin, debt and cash flow together.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Risks to Consider Before Investing in Meter Maker, Steam Turbine and Defence Electronics Stocks
- Order timing: Delays in customer projects can shift revenue between quarters.
- Government spending: Changes in public budgets can affect orders.
- Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.
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Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.
Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.
Final Take: Which Stock Has the Strongest Roadmap?
These three power and engineering stocks cover meters, steam turbines and defence electronics. HPL Electric leads on Q1 FY27 revenue growth; Triveni Turbine leads on FY26 operating margin and the lowest debt to equity; Centum Electronics leads on FY26 revenue growth and return on equity.
Across meter maker, steam turbine and defence electronics stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the meter maker, steam turbine and defence electronics stocks to buy discussed here.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Meter Maker, Steam Turbine and Defence Electronics Stocks
Which are the best meter maker, steam turbine and defence electronics stocks in India with a strong roadmap?
Ans. HPL Electric & Power, Triveni Turbine and Centum Electronics stand out for their roadmaps in meters, steam turbines and defence electronics. FY26 revenue growth was 6.5% at HPL Electric, 8.2% at Triveni Turbine and 29.7% at Centum Electronics, and return on equity ranges from 9.10% to 29.34%.
Is HPL Electric & Power a good stock to buy now?
Ans. HPL Electric & Power has a debt to equity ratio of 0.75, a return on equity of 9.10% and a P/E of 18.03 against an industry P/E of 47.09. Valuation, order flow and execution move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of HPL Electric, Triveni Turbine and Centum Electronics?
Ans. The P/E ratio is 18.03 for HPL Electric (industry 47.09) and 48.84 for Triveni Turbine (industry 47.09). Only Triveni Turbine trades at or above the industry multiple.
Which of these meter maker, steam turbine and defence electronics stocks has the highest return on equity?
Ans. Centum Electronics has the highest return on equity at 29.34%, followed by Triveni Turbine at 24.18% and HPL Electric & Power at 9.10%.
What are the risks of investing in meter maker, steam turbine and defence electronics stocks?
Ans. The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.
How did HPL Electric, Triveni Turbine and Centum Electronics perform in Q1 FY27?
Ans. HPL Electric & Power reported revenue of Rs 517.40 crore, up 34.7% year on year, and net profit rose 1.1% to Rs 18.69 crore. Triveni Turbine reported revenue of Rs 471.10 crore, up 19.7% year on year. Centum Electronics reported revenue of Rs 206.46 crore, up 13.7% year on year.
Do meter maker, steam turbine and defence electronics stocks pay dividends?
Ans. Yes, all three companies pay dividends. The dividend yield is 0.39% for HPL Electric, 0.82% for Triveni Turbine and 0.12% for Centum Electronics, based on dividends declared for FY26.
How can I invest in meter maker, steam turbine and defence electronics stocks in India?
Ans. You can buy meter maker, steam turbine and defence electronics stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.