3 Lighting and Pipes, Thermal Power and Defence Electronics Stocks With a Strong Future Roadmap: Surya Roshni, Adani Power and Centum Electronics
- October 19, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Surya Roshni Rs 212.40, P/E 14.87. Adani Power Rs 195.85, P/E 24.93. Centum Electronics Rs 4,026.20. Closing prices of 14 Oct 2026.
Quick Answer
Lighting and pipes, thermal power and defence electronics stocks with the clearest long-term roadmaps today include Surya Roshni in steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects, Adani Power in thermal power generation from large plants supplying power across India and Centum Electronics in electronics design and manufacturing for defence, aerospace and industrial users. P/E stands at 14.87 for Surya Roshni (industry 47.18) and 24.93 for Adani Power (industry 22.17). 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.
Lighting and pipes, thermal power and defence electronics stocks give investors exposure to building products, electricity supply and specialised electronics. Order flow, power demand and margins decide how much of that demand turns into profit.
This list covers three lighting and pipes, thermal power and defence electronics stocks: Surya Roshni for steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects, Adani Power for thermal power generation from large plants supplying power across India 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 Lighting and Pipes, Thermal Power and Defence Electronics Stocks?
Lighting and pipes, thermal power 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.
Lighting and Pipes, Thermal Power and Defence Electronics Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three lighting and pipes, thermal power 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 |
|---|---|---|---|---|---|
| Surya Roshni | 212.40 | 4,637 | 47.18 | 10.85% | 0.03 |
| Adani Power | 195.85 | 362,552 | 22.17 | 19.76% | 0.84 |
| Centum Electronics | 4,026.20 | 6,119 | 48.37 | 29.34% | 0.36 |
Among power and engineering stocks, Adani Power trades at a premium to the industry P/E, while Surya Roshni trades at a discount.
Why Do Lighting and Pipes, Thermal Power and Defence Electronics Stocks Have a Strong Roadmap in India?
Lighting and pipes, thermal power and defence electronics stocks have a strong roadmap in India because infrastructure building, rising electricity demand and defence electronics orders keep adding business for these firms. Three drivers stand out.
- Building demand: Homes and projects need pipes and lighting.
- Power demand: Cities and industries consume more electricity.
- Defence orders: Defence and aerospace users buy specialised electronics.
Surya Roshni: Pipes and Lighting Build the Next Leg
Surya Roshni’s roadmap rests on steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects, with a mix of building and lighting products supporting volumes.
FY26 revenue was Rs 7,594.39 crore, 1.7% higher than FY25. FY26 net profit was Rs 285.81 crore. In Q1 FY27, revenue grew 27.0% to Rs 2,054.48 crore. Operating margin was 7.18% in FY26 and 5.88% in Q1 FY27 against 5.15% a year earlier.
Debt to equity is 0.03 and return on equity is 10.85%. FY26 operating cash flow was Rs 400.66 crore against capital expenditure of Rs 159.76 crore. Surya Roshni paid a dividend of Rs 5 per share for FY26, a yield of 2.35%. At a P/E of 14.87 against an industry P/E of 47.18, the stock trades below its industry multiple.
What to watch: Net profit margin is only 3.8%, so small cost changes move earnings.
Adani Power: Thermal Power Capacity Anchors the Roadmap
Adani Power’s roadmap rests on thermal power generation from large plants supplying power across India, with long-term power purchase agreements supporting revenue.
Revenue grew from Rs 31,686.47 crore in FY22 to Rs 57,865.28 crore in FY26, an 82.6% rise. FY26 net profit rose 1.7% to Rs 12,971.08 crore. Over four years, net profit rose from Rs 4,911.58 crore in FY22 to Rs 12,971.08 crore. In Q1 FY27, revenue grew 32.6% to Rs 19,322.30 crore, and net profit rose 47.2% to Rs 4,866.60 crore. Operating margin was 43.20% in FY26 and 44.90% in Q1 FY27 against 43.59% a year earlier.
Debt to equity is 0.84 and return on equity is 19.76%. FY26 operating cash flow was Rs 20,513.65 crore against capital expenditure of Rs 23,350.09 crore. At a P/E of 24.93 against an industry P/E of 22.17, the stock trades above its industry multiple.
What to watch: Q1 FY27 operating margin was 44.90% against 43.20% for FY26, so margin stability is the figure to follow as volumes grow.
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 Lighting and Pipes, Thermal Power and Defence Electronics Stocks in India: Surya Roshni vs Adani Power vs Centum Electronics on Key Financials
Among the best lighting and pipes, thermal power and defence electronics stocks in India, Surya Roshni leads on the lowest debt to equity and dividend yield; Adani Power leads on FY26 operating margin and Q1 FY27 revenue growth; Centum Electronics leads on return on equity. The table puts the numbers side by side.
| Metric | Surya Roshni | Adani Power | Centum Electronics |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 7,594.39 | 57,865.28 | 968.57 |
| FY26 net profit (Rs Cr) | 285.81 | 12,971.08 | 100.71 |
| FY26 operating profit margin | 7.18% | 43.20% | 15.85% |
| Q1 FY27 revenue growth (YoY) | 27.0% | 32.6% | 13.7% |
| Return on equity | 10.85% | 19.76% | 29.34% |
| Debt to equity | 0.03 | 0.84 | 0.36 |
| Dividend yield | 2.35% | 0.00% | 0.12% |
| FY26 operating cash flow (Rs Cr) | 400.66 | 20,513.65 | 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 Lighting and Pipes, Thermal Power and Defence Electronics Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen lighting and pipes, thermal power and defence electronics stocks and shortlist lighting and pipes, thermal power 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 Lighting and Pipes, Thermal Power 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.
Final Take: Which Stock Has the Strongest Roadmap?
These three power and engineering stocks cover pipes and lighting, thermal power and electronics. Surya Roshni leads on the lowest debt to equity and dividend yield; Adani Power leads on FY26 operating margin and Q1 FY27 revenue growth; Centum Electronics leads on return on equity.
Across lighting and pipes, thermal power 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 lighting and pipes, thermal power 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 Lighting and Pipes, Thermal Power and Defence Electronics Stocks
Which are the best lighting and pipes, thermal power and defence electronics stocks in India with a strong roadmap?
Ans. Surya Roshni, Adani Power and Centum Electronics stand out for their roadmaps in pipes and lighting, thermal power and electronics. Return on equity ranges from 10.85% to 29.34%.
Is Surya Roshni a good stock to buy now?
Ans. Surya Roshni has a debt to equity ratio of 0.03, a return on equity of 10.85% and a P/E of 14.87 against an industry P/E of 47.18. 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 Surya Roshni, Adani Power and Centum Electronics?
Ans. The P/E ratio is 14.87 for Surya Roshni (industry 47.18) and 24.93 for Adani Power (industry 22.17). Only Adani Power trades at or above the industry multiple.
Which of these lighting and pipes, thermal power and defence electronics stocks has the highest return on equity?
Ans. Centum Electronics has the highest return on equity at 29.34%, followed by Adani Power at 19.76% and Surya Roshni at 10.85%.
What are the risks of investing in lighting and pipes, thermal power 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 Surya Roshni, Adani Power and Centum Electronics perform in Q1 FY27?
Ans. Surya Roshni reported revenue of Rs 2,054.48 crore, up 27.0% year on year. Adani Power reported revenue of Rs 19,322.30 crore, up 32.6% year on year, and net profit rose 47.2% to Rs 4,866.60 crore. Centum Electronics reported revenue of Rs 206.46 crore, up 13.7% year on year.
Do lighting and pipes, thermal power and defence electronics stocks pay dividends?
Ans. Surya Roshni and Centum Electronics pay dividends. The dividend yield is 2.35% for Surya Roshni and 0.12% for Centum Electronics, based on dividends declared for FY26.
How can I invest in lighting and pipes, thermal power and defence electronics stocks in India?
Ans. You can buy lighting and pipes, thermal power 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.