3 Specialised Batteries, Cables and Wires, and Consumer Electricals Stocks With a Strong Future Roadmap: HBL Engineering, Finolex Cables and Havells India
- October 22, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
HBL Engineering, Finolex Cables and Havells India: ROE of 11.7% to 36.8% and FY22 to FY26 revenue CAGR of 13.0% to 28.0%. Prices as of 21 Oct 2026.
Quick Answer
The three electronics and electricals manufacturing stocks to watch are HBL Engineering, Finolex Cables and Havells India. Their return on equity ranges from 11.7% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 28.0%. HBL Engineering leads on both return on equity at 36.8% and revenue growth at 28.0% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Electronics and electricals manufacturing stocks let investors follow makers of batteries, cables and appliances used across industry and homes. HBL Engineering, Finolex Cables and Havells India cover specialised batteries and defence electronics, cables and wires, and consumer electricals.
This list covers three electronics and electricals manufacturing stocks with complete current figures: HBL Engineering, Finolex Cables and Havells India. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Electronics and Electricals Manufacturing Stocks?
Electronics and electricals manufacturing stocks are listed companies that make batteries, electronics, cables and appliances for industrial and consumer customers. Their earnings depend on order books, housing activity and brand strength.
Electronics and Electricals Manufacturing Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| HBL Engineering | 786.6 | 22,507 | 28.8 | 36.9 | 36.8 | 0.03 |
| Finolex Cables | 1,202.4 | 19,615 | 24.5 | 45.1 | 11.7 | 0.00 |
| Havells India | 1,071.6 | 68,928 | 42.2 | 44.3 | 17.9 | 0.03 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing electronics and electricals manufacturing stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Electronics and Electricals Manufacturing Stocks Have a Strong Roadmap in India?
Electronics and electricals manufacturing stocks have a strong roadmap in India because defence and railway electronics orders, housing growth and rising use of appliances are broadening demand.
- Defence and rail orders. Specialised electronics and batteries serve long-term programmes.
- Housing and renovation. New homes need wires, switches and appliances.
- Brand strength. Established names hold dealer and customer loyalty.
Why HBL Engineering Features Among These Electronics and Electricals Manufacturing Stocks
Among the electronics and electricals manufacturing stocks on this list, HBL Engineering, formerly HBL Power Systems, makes specialised batteries, defence electronics, railway safety systems, and electronics for aerospace and industrial use.
In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore. Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%.
Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9.
Roadmap: The company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
What to watch: Monitor large railway and defence orders and their execution schedules.
Why Finolex Cables Features Among These Electronics and Electricals Manufacturing Stocks
Among the battery and defence electronics shares on this list, Finolex Cables is a Pune-based maker of electrical cables and wires, communication cables, copper products and consumer electricals such as fans, lighting and switchgear, sold under the Finolex brand.
The company has a return on equity of 11.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 19,615 crore. The stock trades at a P/E of 24.5, below the industry P/E of 45.1.
Revenue rose from Rs 3,840 crore in FY22 to Rs 6,487 crore in FY26, a compound annual growth rate of 14.0%. Net profit grew from Rs 504 crore in FY23 to Rs 714 crore in FY26, which works out to a compound annual growth rate of 12.3%. In the June 2026 quarter, revenue grew 42.4% year on year to Rs 2,065 crore, while net profit rose 53.1% to Rs 249 crore.
Roadmap: Strong brand recall among electricians and a wide distribution network support its position in housing wires. Infrastructure, housing and telecom projects add to demand for its cables and related electricals.
What to watch: Track growth in the electrical consumer products business and copper price trends.
Why Havells India Features Among These Electronics and Electricals Manufacturing Stocks
Among the three companies 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.
HBL Engineering vs Finolex Cables vs Havells India on Key Financials
The table below sets the three electronics and electricals manufacturing 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 |
|---|---|---|---|---|---|
| HBL Engineering | 1,251 | 3,362 | 28.0% | 814 | 24.2% |
| Finolex Cables | 3,840 | 6,487 | 14.0% | 714 | 11.0% |
| Havells India | 14,099 | 23,022 | 13.0% | 1,689 | 7.3% |
HBL Engineering posts the highest return on equity in this group at 36.8%. Havells India has the largest FY26 revenue at Rs 23,022 crore, and HBL Engineering shows the fastest revenue growth with a 28.0% compound annual rate. A useful habit with electronics and electricals manufacturing 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 |
|---|---|---|---|
| HBL Engineering | 621 | 659 | 6.0% |
| Finolex Cables | 1,450 | 2,065 | 42.4% |
| Havells India | 5,525 | 6,572 | 19.0% |
Key Risks to Check Before Investing in Electronics and Electricals Manufacturing Stocks
Every theme carries risks that deserve a check before any decision. For these electronics and electricals manufacturing stocks, the main points are: Long-term battery and defence electronics shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Raw material costs. Copper, lead and other inputs can affect margins.
- Order timing. Large project orders may shift between quarters.
- 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 electronics and electricals manufacturing stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Electronics and Electricals Manufacturing Stocks
Electronics and electricals manufacturing stocks reward investors who follow order books, brand growth and margins together. HBL Engineering, Finolex Cables and Havells India each serve a different customer group. Based on the 21 October 2026 close, HBL Engineering trades at Rs 786.6, Finolex Cables at Rs 1,202.4 and Havells India at Rs 1,071.6.
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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 electronics and electricals manufacturing stocks?
Ans. Electronics and electricals manufacturing stocks are listed companies that make batteries, electronics, cables and appliances for industrial and consumer customers. Their earnings depend on order books, housing activity and brand strength. This list looks at three of them, HBL Engineering, Finolex Cables and Havells India, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which electronics and electricals manufacturing stocks are covered in this list?
Ans. This list covers HBL Engineering, Finolex Cables and Havells India. Based on the 21 October 2026 close, HBL Engineering traded at Rs 786.6, Finolex Cables at Rs 1,202.4 and Havells India at Rs 1,071.6. Their return on equity ranges from 11.7% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 28.0%.
Why do electronics and electricals manufacturing stocks have a strong future roadmap in India?
Ans. Electronics and electricals manufacturing stocks have a strong roadmap in India because defence and railway electronics orders, housing growth and rising use of appliances are broadening demand. The main drivers are as follows. Defence and rail orders. Specialised electronics and batteries serve long-term programmes. Housing and renovation. New homes need wires, switches and appliances. Brand strength. Established names hold dealer and customer loyalty. Together these factors give the companies on this list a visible path for growth over the coming years.
How has HBL Engineering performed financially?
Ans. Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%. Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore. The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9. Looking ahead, the company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
How has Finolex Cables performed financially?
Ans. Revenue rose from Rs 3,840 crore in FY22 to Rs 6,487 crore in FY26, a compound annual growth rate of 14.0%. Net profit grew from Rs 504 crore in FY23 to Rs 714 crore in FY26, which works out to a compound annual growth rate of 12.3%. In the June 2026 quarter, revenue grew 42.4% year on year to Rs 2,065 crore, while net profit rose 53.1% to Rs 249 crore. The company has a return on equity of 11.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 19,615 crore. The stock trades at a P/E of 24.5, below the industry P/E of 45.1. Looking ahead, strong brand recall among electricians and a wide distribution network support its position in housing wires. Infrastructure, housing and telecom projects add to demand for its cables and related electricals.
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.
What risks should investors check before buying electronics and electricals manufacturing stocks?
Ans. Investors should check a few risks before buying electronics and electricals manufacturing stocks. Raw material costs. Copper, lead and other inputs can affect margins. Order timing. Large project orders may shift between quarters. 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 electronics and electricals manufacturing stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 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.
