3 Air Compressors, Forged Engine Components and Industrial Steam Turbines Stocks With a Strong Future Roadmap: Elgi Equipments, Happy Forgings and Triveni Turbine
- October 23, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
Elgi Equipments, Happy Forgings and Triveni Turbine: ROE of 14.2% to 24.2% and FY22 to FY26 revenue CAGR of 12.1% to 26.5%. Prices as of 22 Oct 2026.
Quick Answer
The three compressor, forging and turbine stocks to watch are Elgi Equipments, Happy Forgings and Triveni Turbine. Their return on equity ranges from 14.2% to 24.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.1% to 26.5%. Triveni Turbine leads on both return on equity at 24.2% and revenue growth at 26.5% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.
Compressor, forging and turbine stocks let investors follow engineering companies that supply the machinery and parts behind industry. Elgi Equipments, Happy Forgings and Triveni Turbine cover air compressors, forged engine components and industrial steam turbines.
This list covers three compressor, forging and turbine stocks with complete current figures: Elgi Equipments, Happy Forgings and Triveni Turbine. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.
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What Are Compressor, Forging and Turbine Stocks?
Compressor, forging and turbine stocks are listed engineering companies that make compressors, precision forgings and turbines for factories, vehicles and power plants. Their earnings depend on order inflows, capacity use and aftermarket sales.
Compressor, Forging and Turbine Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Elgi Equipments | 534 | 17,259 | 38.5 | 44.4 | 19.3 | 0.24 |
| Happy Forgings | 1,818 | 17,630 | 53.9 | 50.7 | 14.2 | 0.15 |
| Triveni Turbine | 453.05 | 15,418 | 45.9 | 43.9 | 24.2 | 0.02 |
On valuation, Elgi Equipments trades at a P/E below the industry P/E, while Happy Forgings and Triveni Turbine trade above it, which reflects the growth the market already expects. Readers comparing compressor, forging and turbine stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Compressor, Forging and Turbine Stocks Have a Strong Roadmap in India?
Compressor, forging and turbine stocks have a strong roadmap in India because factory investment, vehicle production and captive power projects are creating steady demand for engineered equipment.
- Factory investment. New plants need compressors and power equipment.
- Precision parts. Global makers source forged components from trusted suppliers.
- Aftermarket sales. Spares and service add steady revenue.
Why Elgi Equipments Features Among These Compressor, Forging and Turbine Stocks
Among the compressor, forging and turbine stocks on this list, Elgi Equipments, based in Coimbatore, is a major manufacturer of air compressors for industrial customers, selling in India and in international markets through its own subsidiaries.
In the June 2026 quarter, revenue grew 22.1% year on year to Rs 1,083 crore, while net profit rose 20.7% to Rs 103 crore. Revenue rose from Rs 2,580 crore in FY22 to Rs 4,068 crore in FY26, a compound annual growth rate of 12.1%.
Net profit grew from Rs 178 crore in FY22 to Rs 430 crore in FY26, which works out to a compound annual growth rate of 24.6%. The company has a return on equity of 19.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 17,259 crore. The stock trades at a P/E of 38.5, below the industry P/E of 44.4.
Roadmap: The company is growing its oil-free and energy-efficient compressor range and building a service-led annuity through spares and aftermarket support. International units add geographic spread, and automation in manufacturing improves efficiency.
What to watch: Follow industrial capital spending trends and the contribution of international subsidiaries.
Why Happy Forgings Features Among These Compressor, Forging and Turbine Stocks
Among the engineered equipment company shares on this list, Happy Forgings is a Ludhiana-based maker of forged and machined components for engines, transmissions and axles, selling to commercial vehicle, off-highway, farm and industrial customers.
The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7.
Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore.
Roadmap: The company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
What to watch: Monitor the pace of new capacity and the shift towards higher-value, fully machined parts.
Why Triveni Turbine Features Among These Compressor, Forging and Turbine Stocks
Among the three companies on this list, Triveni Turbine designs and manufactures steam turbines up to 100 MW for industrial power, sugar, biomass and waste-to-energy plants, and has a large aftermarket business.
Revenue rose from Rs 882 crore in FY22 to Rs 2,258 crore in FY26, a compound annual growth rate of 26.5%. Net profit grew from Rs 270 crore in FY22 to Rs 349 crore in FY26, which works out to a compound annual growth rate of 6.6%.
In the June 2026 quarter, revenue grew 19.7% year on year to Rs 471 crore. The company has a return on equity of 24.2%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 15,418 crore. The stock trades at a P/E of 45.9, above the industry P/E of 43.9.
Roadmap: Its roadmap includes new product platforms, a rising share of exports and a growing aftermarket franchise that brings recurring revenue. A healthy order book gives visibility into the coming quarters, and a debt-free balance sheet supports expansion.
What to watch: Track order inflows, since turbine deliveries follow orders with a lag.
Elgi Equipments vs Happy Forgings vs Triveni Turbine on Key Financials
The table below sets the three compressor, forging and turbine 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 |
|---|---|---|---|---|---|
| Elgi Equipments | 2,580 | 4,068 | 12.1% | 430 | 10.6% |
| Happy Forgings | 866 | 1,577 | 16.2% | 302 | 19.1% |
| Triveni Turbine | 882 | 2,258 | 26.5% | 349 | 15.5% |
Triveni Turbine posts the highest return on equity in this group at 24.2%. Elgi Equipments has the largest FY26 revenue at Rs 4,068 crore, and Triveni Turbine shows the fastest revenue growth with a 26.5% compound annual rate. A useful habit with compressor, forging and turbine 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 |
|---|---|---|---|
| Elgi Equipments | 886 | 1,083 | 22.1% |
| Happy Forgings | 364 | 460 | 26.5% |
| Triveni Turbine | 394 | 471 | 19.7% |
Key Risks to Check Before Investing in Compressor, Forging and Turbine Stocks
Every theme carries risks that deserve a check before any decision. For these compressor, forging and turbine stocks, the main points are: Long-term engineered equipment company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Large orders can shift between quarters.
- Input costs. Steel and energy prices 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 compressor, forging and turbine stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Compressor, Forging and Turbine Stocks
Compressor, forging and turbine stocks reward investors who follow orders, capacity use and aftermarket revenue together. Elgi Equipments, Happy Forgings and Triveni Turbine each serve a durable need. Based on the 22 October 2026 close, Elgi Equipments trades at Rs 534, Happy Forgings at Rs 1,818 and Triveni Turbine at Rs 453.05. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these compressor, forging and turbine stocks to a watchlist.
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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 compressor, forging and turbine stocks?
Ans. Compressor, forging and turbine stocks are listed engineering companies that make compressors, precision forgings and turbines for factories, vehicles and power plants. Their earnings depend on order inflows, capacity use and aftermarket sales. This list looks at three of them, Elgi Equipments, Happy Forgings and Triveni Turbine, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.
Which compressor, forging and turbine stocks are covered in this list?
Ans. This list covers Elgi Equipments, Happy Forgings and Triveni Turbine. Based on the 22 October 2026 close, Elgi Equipments traded at Rs 534, Happy Forgings at Rs 1,818 and Triveni Turbine at Rs 453.05. Their return on equity ranges from 14.2% to 24.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.1% to 26.5%.
Why do compressor, forging and turbine stocks have a strong future roadmap in India?
Ans. Compressor, forging and turbine stocks have a strong roadmap in India because factory investment, vehicle production and captive power projects are creating steady demand for engineered equipment. The main drivers are as follows. Factory investment. New plants need compressors and power equipment. Precision parts. Global makers source forged components from trusted suppliers. Aftermarket sales. Spares and service add steady revenue. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Elgi Equipments performed financially?
Ans. Revenue rose from Rs 2,580 crore in FY22 to Rs 4,068 crore in FY26, a compound annual growth rate of 12.1%. Net profit grew from Rs 178 crore in FY22 to Rs 430 crore in FY26, which works out to a compound annual growth rate of 24.6%. In the June 2026 quarter, revenue grew 22.1% year on year to Rs 1,083 crore, while net profit rose 20.7% to Rs 103 crore. The company has a return on equity of 19.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 17,259 crore. The stock trades at a P/E of 38.5, below the industry P/E of 44.4. Looking ahead, the company is growing its oil-free and energy-efficient compressor range and building a service-led annuity through spares and aftermarket support. International units add geographic spread, and automation in manufacturing improves efficiency.
How has Happy Forgings performed financially?
Ans. Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7. Looking ahead, the company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
How has Triveni Turbine performed financially?
Ans. Revenue rose from Rs 882 crore in FY22 to Rs 2,258 crore in FY26, a compound annual growth rate of 26.5%. Net profit grew from Rs 270 crore in FY22 to Rs 349 crore in FY26, which works out to a compound annual growth rate of 6.6%. In the June 2026 quarter, revenue grew 19.7% year on year to Rs 471 crore. The company has a return on equity of 24.2%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 15,418 crore. The stock trades at a P/E of 45.9, above the industry P/E of 43.9. Looking ahead, its roadmap includes new product platforms, a rising share of exports and a growing aftermarket franchise that brings recurring revenue. A healthy order book gives visibility into the coming quarters, and a debt-free balance sheet supports expansion.
What risks should investors check before buying compressor, forging and turbine stocks?
Ans. Investors should check a few risks before buying compressor, forging and turbine stocks. Order timing. Large orders can shift between quarters. Input costs. Steel and energy prices 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 compressor, forging and turbine stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 22 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.
