3 Lattice Towers, Extra High Voltage Cables and Substation Projects Stocks With a Strong Future Roadmap: Karamtara Engineering, KEI Industries and Techno Electric & Engineering Company
- October 21, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
Karamtara Engineering, KEI Industries and Techno Electric & Engineering Company: ROE of 11.4% to 18.8% and FY22 to FY26 revenue CAGR of 20.0% to 36.4%. Prices as of 20 Oct 2026.
Quick Answer
The three transmission and cable stocks to watch are Karamtara Engineering, KEI Industries and Techno Electric & Engineering Company. Their return on equity ranges from 11.4% to 18.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.0% to 36.4%. Karamtara Engineering leads on both return on equity at 18.8% and revenue growth at 36.4% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Transmission and cable stocks follow the build-out of the power grid that carries electricity from plants to consumers. Karamtara Engineering, KEI Industries and Techno Electric and Engineering Company cover transmission towers, power cables and wires, and engineering projects for substations and power infrastructure.
This list covers three transmission and cable stocks with complete current figures: Karamtara Engineering, KEI Industries 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 Transmission and Cable Stocks?
Transmission and cable stocks are listed companies that make towers and cables or execute grid and substation projects. Their earnings follow government and utility spending on power networks, the order book and project execution.
Transmission and Cable Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Karamtara Engineering | 371.05 | 11,949 | 52.2 | 43.9 | 18.8 | 0.91 |
| KEI Industries | 4,442 | 42,514 | 42.6 | 45.1 | 13.8 | 0.04 |
| Techno Electric & Engineering Company | 940 | 10,943 | 25.4 | 22.7 | 11.4 | 0.02 |
On valuation, KEI Industries trades at a P/E below the industry P/E, while Karamtara Engineering and Techno Electric & Engineering Company trade above it, which reflects the growth the market already expects. Readers comparing transmission and cable stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Transmission and Cable Stocks Have a Strong Roadmap in India?
Transmission and cable stocks have a strong roadmap in India because large investments are planned in transmission lines, substations and renewable evacuation to meet rising electricity demand.
- Grid expansion. New lines and substations are needed to connect renewable plants and growing cities.
- Cable demand. Power, housing and industrial projects consume large volumes of cables and wires.
- Order visibility. Utility contracts give revenue visibility over several quarters.
Why Karamtara Engineering Features Among These Transmission and Cable Stocks
Among the transmission and cable stocks on this list, Karamtara Engineering makes transmission line towers, monopoles and structures for power utilities, and also supplies solar mounting structures.
Revenue rose from Rs 1,247 crore in FY22 to Rs 4,316 crore in FY26, a compound annual growth rate of 36.4%. Net profit grew from Rs 103 crore in FY24 to Rs 229 crore in FY26, which works out to a compound annual growth rate of 49.3%.
The company has a return on equity of 18.8%, a debt to equity ratio of 0.91 and a market capitalisation of Rs 11,949 crore. The stock trades at a P/E of 52.2, above the industry P/E of 43.9.
Roadmap: Large transmission corridors and renewable energy connections create sustained demand for towers and structures. The company is widening its capacity and its customer base, which includes state utilities and power grid developers.
What to watch: Keep an eye on order execution timelines and steel price movements.
Why KEI Industries Features Among These Transmission and Cable Stocks
Among the power cable shares on this list, KEI Industries makes power cables, house wires, and extra high voltage cables, and also offers engineering, procurement and construction services for power projects.
The company has a return on equity of 13.8%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 42,514 crore. The stock trades at a P/E of 42.6, below the industry P/E of 45.1.
Revenue rose from Rs 5,742 crore in FY22 to Rs 11,906 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 376 crore in FY22 to Rs 918 crore in FY26, which works out to a compound annual growth rate of 25.0%. In the June 2026 quarter, revenue grew 21.9% year on year to Rs 3,205 crore, while net profit rose 40.0% to Rs 274 crore.
Roadmap: The company benefits from the demand for cables in power transmission, housing and industrial projects, and is expanding capacity to meet it. Rising exports and the shift to branded wires add further growth drivers.
What to watch: Check the capacity additions and the share of the retail business in revenue.
Why Techno Electric & Engineering Company Features Among These Transmission and Cable 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.
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.
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.
Karamtara Engineering vs KEI Industries vs Techno Electric & Engineering Company on Key Financials
The table below sets the three transmission and cable 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 |
|---|---|---|---|---|---|
| Karamtara Engineering | 1,247 | 4,316 | 36.4% | 229 | 5.3% |
| KEI Industries | 5,742 | 11,906 | 20.0% | 918 | 7.7% |
| Techno Electric & Engineering Company | 1,154 | 3,401 | 31.0% | 449 | 13.2% |
Karamtara Engineering posts the highest return on equity in this group at 18.8%. KEI Industries has the largest FY26 revenue at Rs 11,906 crore, and Karamtara Engineering shows the fastest revenue growth with a 36.4% compound annual rate. A useful habit with transmission and cable stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Transmission and Cable Stocks
Every theme carries risks that deserve a check before any decision. For these transmission and cable stocks, the main points are: Long-term power cable shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards and delivery schedules can vary between quarters.
- Metal prices. Steel, copper and aluminium costs influence margins.
- 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 transmission and cable stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Transmission and Cable Stocks
Transmission and cable stocks suit investors who follow order books and capacity additions in power infrastructure. Karamtara Engineering, KEI Industries and Techno Electric and Engineering Company each serve a different link of the grid chain. Based on the 20 October 2026 close, Karamtara Engineering trades at Rs 371.05, KEI Industries at Rs 4,442 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 transmission and cable stocks?
Ans. Transmission and cable stocks are listed companies that make towers and cables or execute grid and substation projects. Their earnings follow government and utility spending on power networks, the order book and project execution. This list looks at three of them, Karamtara Engineering, KEI Industries and Techno Electric & Engineering Company, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which transmission and cable stocks are covered in this list?
Ans. This list covers Karamtara Engineering, KEI Industries and Techno Electric & Engineering Company. Based on the 20 October 2026 close, Karamtara Engineering traded at Rs 371.05, KEI Industries at Rs 4,442 and Techno Electric & Engineering Company at Rs 940. Their return on equity ranges from 11.4% to 18.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.0% to 36.4%.
Why do transmission and cable stocks have a strong future roadmap in India?
Ans. Transmission and cable stocks have a strong roadmap in India because large investments are planned in transmission lines, substations and renewable evacuation to meet rising electricity demand. The main drivers are as follows. Grid expansion. New lines and substations are needed to connect renewable plants and growing cities. Cable demand. Power, housing and industrial projects consume large volumes of cables and wires. Order visibility. Utility contracts give revenue visibility over several quarters. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Karamtara Engineering performed financially?
Ans. Revenue rose from Rs 1,247 crore in FY22 to Rs 4,316 crore in FY26, a compound annual growth rate of 36.4%. Net profit grew from Rs 103 crore in FY24 to Rs 229 crore in FY26, which works out to a compound annual growth rate of 49.3%. The company has a return on equity of 18.8%, a debt to equity ratio of 0.91 and a market capitalisation of Rs 11,949 crore. The stock trades at a P/E of 52.2, above the industry P/E of 43.9. Looking ahead, large transmission corridors and renewable energy connections create sustained demand for towers and structures. The company is widening its capacity and its customer base, which includes state utilities and power grid developers.
How has KEI Industries performed financially?
Ans. Revenue rose from Rs 5,742 crore in FY22 to Rs 11,906 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 376 crore in FY22 to Rs 918 crore in FY26, which works out to a compound annual growth rate of 25.0%. In the June 2026 quarter, revenue grew 21.9% year on year to Rs 3,205 crore, while net profit rose 40.0% to Rs 274 crore. The company has a return on equity of 13.8%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 42,514 crore. The stock trades at a P/E of 42.6, below the industry P/E of 45.1. Looking ahead, the company benefits from the demand for cables in power transmission, housing and industrial projects, and is expanding capacity to meet it. Rising exports and the shift to branded wires add further growth drivers.
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 transmission and cable stocks?
Ans. Investors should check a few risks before buying transmission and cable stocks. Order timing. Project awards and delivery schedules can vary between quarters. Metal prices. Steel, copper and aluminium costs influence margins. 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 transmission and cable 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.
