3 Transformer Maker, Electronics Manufacturer and Grid Contractor Stocks With a Strong Future Roadmap: Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company
- October 21, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company: ROE of 11.1% to 21.7% and FY22 to FY26 revenue CAGR of 31.0% to 39.4%. Prices as of 20 Oct 2026.
Quick Answer
The three electrical equipment stocks to watch are Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company. Their return on equity ranges from 11.1% to 21.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 31.0% to 39.4%. Atlanta Electricals has the highest return on equity at 21.7%, while Syrma SGS Technology has the fastest revenue growth at 39.4% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Electrical equipment stocks suit investors who want to follow spending on power networks and electronics. Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company cover power transformers, electronics manufacturing services and transmission engineering with data centre capacity.
This list covers three electrical equipment stocks with complete current figures: Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Electrical Equipment Stocks?
Electrical equipment stocks are listed companies that build transformers, electronic assemblies and electrical networks for utilities and industry. Their revenue follows utility capex, industrial demand and the shift of electronics production to India.
Electrical Equipment Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Atlanta Electricals | 1,688.7 | 12,995 | 59.8 | 43.9 | 21.7 | 0.05 |
| Syrma SGS Technology | 1,547.6 | 29,841 | 74.3 | 73.6 | 11.1 | 0.14 |
| Techno Electric & Engineering Company | 940 | 10,943 | 25.4 | 22.7 | 11.4 | 0.02 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing electrical equipment stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Electrical Equipment Stocks Have a Strong Roadmap in India?
Electrical equipment stocks have a strong roadmap in India because grid upgrades, renewable connections and electronics manufacturing are all growing together.
- Grid upgrades. Utilities are adding transformers and substations to carry more power.
- Electronics manufacturing. Government schemes encourage production of electronics within India.
- Data centres. Power-hungry data centres create new demand for electrical engineering.
Why Atlanta Electricals Features Among These Electrical Equipment Stocks
Among the electrical equipment stocks on this list, Atlanta Electricals, based in Gujarat, manufactures power and distribution transformers and related electrical equipment for utilities and industrial customers.
The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9.
Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%. Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore.
Roadmap: Transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
What to watch: Monitor order backlog conversion and the pace of capacity additions.
Why Syrma SGS Technology Features Among These Electrical Equipment Stocks
Among the electrical equipment shares on this list, Syrma SGS Technology is an electronics manufacturing services company that makes printed circuit boards, box builds and electronic products for industrial, automotive, healthcare and consumer customers.
Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%.
The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6.
Roadmap: The company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
What to watch: Check order inflow from new customers and the ramp-up of new manufacturing lines.
Why Techno Electric & Engineering Company Features Among These Electrical Equipment Stocks
Among the three companies on this list, Techno Electric & Engineering Company builds power transmission and distribution infrastructure and also owns and operates wind power assets and data centre capacity.
In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore. Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%.
Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%. The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7.
Roadmap: Strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
What to watch: Watch the build-out of data centre capacity and the timing of large transmission orders.
Atlanta Electricals vs Syrma SGS Technology vs Techno Electric & Engineering Company on Key Financials
The table below sets the three electrical equipment stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Atlanta Electricals | 597 | 1,867 | 33.0% | 202 | 10.8% |
| Syrma SGS Technology | 1,284 | 4,857 | 39.4% | 346 | 7.1% |
| Techno Electric & Engineering Company | 1,154 | 3,401 | 31.0% | 449 | 13.2% |
Atlanta Electricals posts the highest return on equity in this group at 21.7%. Syrma SGS Technology combines the largest FY26 revenue at Rs 4,857 crore with the fastest revenue growth, a 39.4% compound annual rate.
Key Risks to Check Before Investing in Electrical Equipment Stocks
Every theme carries risks that deserve a check before any decision. For these electrical equipment stocks, the main points are:
- Customer concentration. Large orders from a few utilities or customers can swing results.
- Component supply. Electronics makers depend on steady supply of parts.
- Working capital. Utility payments can take time to arrive.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter electrical equipment stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Electrical Equipment Stocks
Electrical equipment stocks reward investors who follow utility spending and manufacturing trends together. Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company each have a clear growth driver. Based on the 20 October 2026 close, Atlanta Electricals trades at Rs 1,688.7, Syrma SGS Technology at Rs 1,547.6 and Techno Electric & Engineering Company at Rs 940.
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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).
What are electrical equipment stocks?
Ans. Electrical equipment stocks are listed companies that build transformers, electronic assemblies and electrical networks for utilities and industry. Their revenue follows utility capex, industrial demand and the shift of electronics production to India. This list looks at three of them, Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which electrical equipment stocks are covered in this list?
Ans. This list covers Atlanta Electricals, Syrma SGS Technology and Techno Electric & Engineering Company. Based on the 20 October 2026 close, Atlanta Electricals traded at Rs 1,688.7, Syrma SGS Technology at Rs 1,547.6 and Techno Electric & Engineering Company at Rs 940. Their return on equity ranges from 11.1% to 21.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 31.0% to 39.4%.
Why do electrical equipment stocks have a strong future roadmap in India?
Ans. Electrical equipment stocks have a strong roadmap in India because grid upgrades, renewable connections and electronics manufacturing are all growing together. The main drivers are as follows. Grid upgrades. Utilities are adding transformers and substations to carry more power. Electronics manufacturing. Government schemes encourage production of electronics within India. Data centres. Power-hungry data centres create new demand for electrical engineering. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Atlanta Electricals performed financially?
Ans. Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%. Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore. The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9. Looking ahead, transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
How has Syrma SGS Technology performed financially?
Ans. Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%. The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6. Looking ahead, the company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
How has Techno Electric & Engineering Company performed financially?
Ans. Revenue rose from Rs 1,154 crore in FY22 to Rs 3,401 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 239 crore in FY22 to Rs 449 crore in FY26, which works out to a compound annual growth rate of 17.0%. In the June 2026 quarter, revenue grew 14.8% year on year to Rs 659 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 10,943 crore. The stock trades at a P/E of 25.4, above the industry P/E of 22.7. Looking ahead, strong demand for transmission networks and substations supports its engineering order book, while a new data centre platform opens a second growth path. Its operating wind assets add recurring cash flow.
What risks should investors check before buying electrical equipment stocks?
Ans. Investors should check a few risks before buying electrical equipment stocks. Customer concentration. Large orders from a few utilities or customers can swing results. Component supply. Electronics makers depend on steady supply of parts. Working capital. Utility payments can take time to arrive. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of electrical equipment stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.