3 Engines and Gensets, Fans and Cables, Transformers and Motors Stocks With a Strong Future Roadmap: Cummins India, Havells India and CG Power and Industrial Solutions
- October 21, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Cummins India, Havells India and CG Power and Industrial Solutions: ROE of 15.1% to 27.9% and FY22 to FY26 revenue CAGR of 13.0% to 23.1%. Prices as of 20 Oct 2026.
Quick Answer
The three electrical products stocks to watch are Cummins India, Havells India and CG Power and Industrial Solutions. Their return on equity ranges from 15.1% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 23.1%. Cummins India has the highest return on equity at 27.9%, while CG Power and Industrial Solutions has the fastest revenue growth at 23.1% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Electrical products stocks bring together the companies that supply power, wiring and equipment to homes, factories and the grid. Cummins India, Havells India and CG Power and Industrial Solutions cover engines and generator sets, consumer electricals and cables, and transformers and motors.
This list covers three electrical products stocks with complete current figures: Cummins India, Havells India and CG Power and Industrial Solutions. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Electrical Products Stocks?
Electrical products stocks are listed companies that make engines, gensets, cables, switchgear, appliances, motors and transformers. Their earnings follow housing activity, factory investment and spending on power networks.
Electrical Products Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Cummins India | 4,612 | 127,515 | 53.9 | 44.4 | 27.9 | 0.00 |
| Havells India | 1,102.7 | 68,928 | 42.2 | 44.3 | 17.9 | 0.03 |
| CG Power and Industrial Solutions | 855 | 134,561 | 108.5 | 43.9 | 15.1 | 0.01 |
On valuation, Havells India trades at a P/E below the industry P/E, while Cummins India and CG Power and Industrial Solutions trade above it, which reflects the growth the market already expects. Readers comparing electrical products 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 Products Stocks Have a Strong Roadmap in India?
Electrical products stocks have a strong roadmap in India because growth in housing, data centres, manufacturing and the power grid all raise the need for electrical equipment.
- Grid investment. Transmission and distribution expansion drives demand for transformers and switchgear.
- Data centre demand. Backup power systems are required in new data centres.
- Home electrification. Rising incomes lift sales of fans, lighting, cables and appliances.
Why Cummins India Features Among These Electrical Products Stocks
Among the electrical products stocks on this list, Cummins India makes diesel and natural gas engines, generator sets, filtration products and power systems for infrastructure, data centres and industrial customers, and it also exports.
The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4.
Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%. In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore.
Roadmap: The company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
What to watch: Track demand from data centres and new infrastructure and the growth of exports.
Why Havells India Features Among These Electrical Products Stocks
Among the electrical goods shares on this list, Havells India is a leading electrical products company that sells fans, lighting, switchgear, wires and cables, and consumer appliances, along with Lloyd air conditioners.
Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%.
In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P/E of 42.2, below the industry P/E of 44.3.
Roadmap: The company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.
What to watch: Check growth in the cables and Lloyd air conditioner businesses.
Why CG Power and Industrial Solutions Features Among These Electrical Products Stocks
Among the three companies on this list, CG Power and Industrial Solutions makes transformers, motors, switchgear, drives and railway equipment for utilities, industry and railways, and has also entered semiconductor packaging.
In the June 2026 quarter, revenue grew 15.8% year on year to Rs 3,364 crore, while net profit rose 15.5% to Rs 308 crore. Revenue rose from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26, a compound annual growth rate of 23.1%.
Net profit grew from Rs 630 crore in FY22 to Rs 1,197 crore in FY26, which works out to a compound annual growth rate of 17.4%. The company has a return on equity of 15.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 134,561 crore. The stock trades at a P/E of 108.5, above the industry P/E of 43.9.
Roadmap: The company is growing in power systems and industrial systems on the back of grid expansion and factory investment. It has built an outsourced semiconductor assembly and test plant, which opens a new technology line.
What to watch: Monitor the ramp-up of its semiconductor facility and order intake in power systems.
Cummins India vs Havells India vs CG Power and Industrial Solutions on Key Financials
The table below sets the three electrical products 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 |
|---|---|---|---|---|---|
| Cummins India | 6,414 | 12,661 | 18.5% | 2,362 | 18.7% |
| Havells India | 14,099 | 23,022 | 13.0% | 1,689 | 7.3% |
| CG Power and Industrial Solutions | 5,521 | 12,662 | 23.1% | 1,197 | 9.5% |
Cummins India posts the highest return on equity in this group at 27.9%. Havells India has the largest FY26 revenue at Rs 23,022 crore, and CG Power and Industrial Solutions shows the fastest revenue growth with a 23.1% compound annual rate. A useful habit with electrical products stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Cummins India | 3,041 | 3,563 | 17.2% |
| Havells India | 5,525 | 6,572 | 19.0% |
| CG Power and Industrial Solutions | 2,906 | 3,364 | 15.8% |
Key Risks to Check Before Investing in Electrical Products Stocks
Every theme carries risks that deserve a check before any decision. For these electrical products stocks, the main points are: Long-term electrical goods shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Commodity costs. Copper, aluminium and steel prices influence cost of production.
- Order timing. Industrial orders may be delivered unevenly through the year.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
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 products stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Electrical Products Stocks
Electrical products stocks reward investors who follow order books, housing demand and capacity additions. Cummins India, Havells India and CG Power and Industrial Solutions each serve a different part of the power chain. Based on the 20 October 2026 close, Cummins India trades at Rs 4,612, Havells India at Rs 1,102.7 and CG Power and Industrial Solutions at Rs 855. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these electrical products stocks to a watchlist.
Download the Univest iOS App or Univest Android App to track electrical products stocks, set price alerts and get research-backed stock ideas.
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 products stocks?
Ans. Electrical products stocks are listed companies that make engines, gensets, cables, switchgear, appliances, motors and transformers. Their earnings follow housing activity, factory investment and spending on power networks. This list looks at three of them, Cummins India, Havells India and CG Power and Industrial Solutions, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which electrical products stocks are covered in this list?
Ans. This list covers Cummins India, Havells India and CG Power and Industrial Solutions. Based on the 20 October 2026 close, Cummins India traded at Rs 4,612, Havells India at Rs 1,102.7 and CG Power and Industrial Solutions at Rs 855. Their return on equity ranges from 15.1% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 23.1%.
Why do electrical products stocks have a strong future roadmap in India?
Ans. Electrical products stocks have a strong roadmap in India because growth in housing, data centres, manufacturing and the power grid all raise the need for electrical equipment. The main drivers are as follows. Grid investment. Transmission and distribution expansion drives demand for transformers and switchgear. Data centre demand. Backup power systems are required in new data centres. Home electrification. Rising incomes lift sales of fans, lighting, cables and appliances. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Cummins India performed financially?
Ans. Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%. In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4. Looking ahead, the company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
How has Havells India performed financially?
Ans. Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P/E of 42.2, below the industry P/E of 44.3. Looking ahead, the company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.
How has CG Power and Industrial Solutions performed financially?
Ans. Revenue rose from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26, a compound annual growth rate of 23.1%. Net profit grew from Rs 630 crore in FY22 to Rs 1,197 crore in FY26, which works out to a compound annual growth rate of 17.4%. In the June 2026 quarter, revenue grew 15.8% year on year to Rs 3,364 crore, while net profit rose 15.5% to Rs 308 crore. The company has a return on equity of 15.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 134,561 crore. The stock trades at a P/E of 108.5, above the industry P/E of 43.9. Looking ahead, the company is growing in power systems and industrial systems on the back of grid expansion and factory investment. It has built an outsourced semiconductor assembly and test plant, which opens a new technology line.
What risks should investors check before buying electrical products stocks?
Ans. Investors should check a few risks before buying electrical products stocks. Commodity costs. Copper, aluminium and steel prices influence cost of production. Order timing. Industrial orders may be delivered unevenly through the year. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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 products 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.
