3 Transformer Maker, Energy Solutions Provider and Wind Turbines Stocks With a Strong Future Roadmap: Transformers and Rectifiers (India), Thermax and Suzlon Energy
- October 21, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Transformers and Rectifiers (India), Thermax and Suzlon Energy: ROE of 13.0% to 33.4% and FY22 to FY26 revenue CAGR of 15.3% to 26.4%. Prices as of 20 Oct 2026.
Quick Answer
The three energy equipment and wind power stocks to watch are Transformers and Rectifiers (India), Thermax and Suzlon Energy. Their return on equity ranges from 13.0% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 26.4%. Suzlon Energy leads on both return on equity at 33.4% and revenue growth at 26.4% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Energy equipment and wind power stocks let investors follow the makers of machines that move, save and generate power. Transformers and Rectifiers (India), Thermax and Suzlon Energy cover transformers, energy and environment solutions and wind turbines.
This list covers three energy equipment and wind power stocks with complete current figures: Transformers and Rectifiers (India), Thermax and Suzlon Energy. 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 Energy Equipment and Wind Power Stocks?
Energy equipment and wind power stocks are listed companies that make transformers, boilers, heating systems and turbines used in power networks and industry. Their earnings depend on order books, capacity and the pace of power sector spending.
Energy Equipment and Wind Power Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Transformers and Rectifiers (India) | 326.1 | 9,776 | 31.2 | 43.9 | 18.4 | 0.35 |
| Thermax | 3,234.9 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
| Suzlon Energy | 40.38 | 55,008 | 17.5 | 43.9 | 33.4 | 0.06 |
On valuation, Transformers and Rectifiers (India) and Suzlon Energy trade at a P/E below the industry P/E, while Thermax trades above it, which reflects the growth the market already expects. Readers comparing energy equipment and wind power stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Energy Equipment and Wind Power Stocks Have a Strong Roadmap in India?
Energy equipment and wind power stocks have a strong roadmap in India because grid upgrades, industrial decarbonisation and renewable capacity targets are raising orders for the equipment these companies make.
- Grid investment. Transmission expansion needs large transformers and related equipment.
- Industrial efficiency. Factories are adopting cleaner heating, cooling and waste systems.
- Wind capacity targets. New wind projects create orders for turbines and services.
Why Transformers and Rectifiers (India) Features Among These Energy Equipment and Wind Power Stocks
Among the energy equipment and wind power stocks on this list, Transformers and Rectifiers (India) is a Gujarat-based manufacturer of power and distribution transformers, reactors and rectifiers for utilities and industrial customers in India and overseas.
Revenue rose from Rs 1,172 crore in FY22 to Rs 2,570 crore in FY26, a compound annual growth rate of 21.7%. Net profit grew from Rs 216 crore in FY25 to Rs 272 crore in FY26, a rise of 25.8%.
The company has a return on equity of 18.4%, a debt to equity ratio of 0.35 and a market capitalisation of Rs 9,776 crore. The stock trades at a P/E of 31.2, below the industry P/E of 43.9.
Roadmap: Investment in transmission networks and renewable energy evacuation is lifting demand for large transformers. The company has been adding manufacturing capacity to take on bigger orders and to widen its export reach.
What to watch: Follow order book growth and the ramp-up of new manufacturing capacity.
Why Thermax Features Among These Energy Equipment and Wind Power Stocks
Among the transformer and boiler shares on this list, Thermax is a Pune-based engineering company that provides energy and environment solutions, including boilers, heating and cooling systems, water and waste treatment, air pollution control and speciality chemicals.
In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%.
Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9.
Roadmap: Industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.
What to watch: Monitor order inflow across its energy and environment segments.
Why Suzlon Energy Features Among These Energy Equipment and Wind Power Stocks
Among the three companies on this list, Suzlon Energy is a wind turbine maker with manufacturing and service operations across India, supplying turbines for utility, independent power producer and corporate customers and servicing a large installed base.
The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P/E of 17.5, below the industry P/E of 43.9.
Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore.
Roadmap: The company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.
What to watch: Check order book conversion to revenue and the pace of turbine deliveries each quarter.
Transformers and Rectifiers (India) vs Thermax vs Suzlon Energy on Key Financials
The table below sets the three energy equipment and wind power 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 |
|---|---|---|---|---|---|
| Transformers and Rectifiers (India) | 1,172 | 2,570 | 21.7% | 272 | 10.6% |
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
| Suzlon Energy | 6,604 | 16,842 | 26.4% | 3,163 | 18.8% |
Suzlon Energy posts the highest return on equity in this group at 33.4%. Suzlon Energy combines the largest FY26 revenue at Rs 16,842 crore with the fastest revenue growth, a 26.4% compound annual rate. A useful habit with energy equipment and wind power stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Energy Equipment and Wind Power Stocks
Every theme carries risks that deserve a check before any decision. For these energy equipment and wind power stocks, the main points are:
- Order conversion. Revenue depends on how fast large orders are executed.
- Raw material costs. Steel, copper and component costs can affect 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 energy equipment and wind power stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Energy Equipment and Wind Power Stocks
Energy equipment and wind power stocks reward investors who follow order books, capacity additions and execution. Transformers and Rectifiers (India), Thermax and Suzlon Energy each address a different part of the energy chain. Based on the 20 October 2026 close, Transformers and Rectifiers (India) trades at Rs 326.1, Thermax at Rs 3,234.9 and Suzlon Energy at Rs 40.38.
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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 energy equipment and wind power stocks?
Ans. Energy equipment and wind power stocks are listed companies that make transformers, boilers, heating systems and turbines used in power networks and industry. Their earnings depend on order books, capacity and the pace of power sector spending. This list looks at three of them, Transformers and Rectifiers (India), Thermax and Suzlon Energy, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which energy equipment and wind power stocks are covered in this list?
Ans. This list covers Transformers and Rectifiers (India), Thermax and Suzlon Energy. Based on the 20 October 2026 close, Transformers and Rectifiers (India) traded at Rs 326.1, Thermax at Rs 3,234.9 and Suzlon Energy at Rs 40.38. Their return on equity ranges from 13.0% to 33.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 26.4%.
Why do energy equipment and wind power stocks have a strong future roadmap in India?
Ans. Energy equipment and wind power stocks have a strong roadmap in India because grid upgrades, industrial decarbonisation and renewable capacity targets are raising orders for the equipment these companies make. The main drivers are as follows. Grid investment. Transmission expansion needs large transformers and related equipment. Industrial efficiency. Factories are adopting cleaner heating, cooling and waste systems. Wind capacity targets. New wind projects create orders for turbines and services. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Transformers and Rectifiers (India) performed financially?
Ans. Revenue rose from Rs 1,172 crore in FY22 to Rs 2,570 crore in FY26, a compound annual growth rate of 21.7%. Net profit grew from Rs 216 crore in FY25 to Rs 272 crore in FY26, a rise of 25.8%. The company has a return on equity of 18.4%, a debt to equity ratio of 0.35 and a market capitalisation of Rs 9,776 crore. The stock trades at a P/E of 31.2, below the industry P/E of 43.9. Looking ahead, investment in transmission networks and renewable energy evacuation is lifting demand for large transformers. The company has been adding manufacturing capacity to take on bigger orders and to widen its export reach.
How has Thermax performed financially?
Ans. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.
How has Suzlon Energy performed financially?
Ans. Revenue rose from Rs 6,604 crore in FY22 to Rs 16,842 crore in FY26, a compound annual growth rate of 26.4%. Net profit grew from Rs 2,072 crore in FY25 to Rs 3,163 crore in FY26, a rise of 52.7%. In the June 2026 quarter, revenue grew 22.0% year on year to Rs 3,863 crore. The company has a return on equity of 33.4%, a debt to equity ratio of 0.06 and a market capitalisation of Rs 55,008 crore. The stock trades at a P/E of 17.5, below the industry P/E of 43.9. Looking ahead, the company has a large order book and a strong share of the domestic wind market as the country adds renewable capacity. Its operations and maintenance business generates recurring income from the installed fleet.
What risks should investors check before buying energy equipment and wind power stocks?
Ans. Investors should check a few risks before buying energy equipment and wind power stocks. Order conversion. Revenue depends on how fast large orders are executed. Raw material costs. Steel, copper and component costs can affect 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 energy equipment and wind power 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.