3 Leading Wires and Cables Maker, Transformers and Motors Producer and Industrial Gears Specialist Stocks With a Strong Future Roadmap: Polycab India, CG Power and Industrial Solutions and Elecon Engineering
- October 26, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Polycab India, CG Power and Industrial Solutions and Elecon Engineering: ROE of 12.4% to 24.1% and FY22 to FY26 revenue CAGR of 19.0% to 24.1%. Prices as of 23 Oct 2026.
Quick Answer
The three cable, power equipment and gear stocks to watch are Polycab India, CG Power and Industrial Solutions and Elecon Engineering. Their return on equity ranges from 12.4% to 24.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.0% to 24.1%. Polycab India leads on both return on equity at 24.1% and revenue growth at 24.1% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Cable, power equipment and gear stocks let investors follow companies that serve a growing part of the Indian economy. Polycab India, CG Power and Industrial Solutions and Elecon Engineering cover a leading wires and cables maker, a transformers and motors producer and an industrial gears specialist.
This list covers three cable, power equipment and gear stocks with complete current figures: Polycab India, CG Power and Industrial Solutions and Elecon Engineering. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are Cable, Power Equipment and Gear Stocks?
Cable, power equipment and gear stocks are listed electrical and engineering companies that make cables, power equipment and industrial gears. Their earnings depend on construction activity, utility orders, factory investment and input costs.
Cable, Power Equipment and Gear Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Polycab India | 7,440 | 115,291 | 36.0 | 42.9 | 24.1 | 0.02 |
| CG Power and Industrial Solutions | 813.35 | 134,561 | 108.5 | 43.9 | 15.1 | 0.01 |
| Elecon Engineering | 416.2 | 9,361 | 38.3 | 41.5 | 12.4 | 0.14 |
On valuation, Polycab India and Elecon Engineering trade at a P/E below the industry P/E, while CG Power and Industrial Solutions trades above it, which reflects the growth the market already expects. Readers comparing cable, power equipment and gear stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Cable, Power Equipment and Gear Stocks Have a Strong Roadmap in India?
Cable, power equipment and gear stocks have a strong roadmap in India because grid upgrades, real estate growth and factory investment keep lifting demand for electrical and mechanical equipment.
- Grid upgrades. Utilities need transformers, motors and cables.
- Housing and building. New construction needs wiring.
- Factory investment. Plants buy gears and drives.
Why Polycab India Features Among These Cable, Power Equipment and Gear Stocks
Among the cable, power equipment and gear stocks on this list, Polycab India is a leading maker of wires and cables, with a growing range of fast moving electrical goods that includes fans, lighting, switches and switchgear, and a project business in engineering and procurement.
Revenue rose from Rs 12,294 crore in FY22 to Rs 29,120 crore in FY26, a compound annual growth rate of 24.1%. Net profit grew from Rs 845 crore in FY22 to Rs 2,708 crore in FY26, which works out to a compound annual growth rate of 33.8%.
The company has a return on equity of 24.1%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 115,291 crore. The stock trades at a P/E of 36.0, below the industry P/E of 42.9.
Roadmap: Spending on housing, power networks and industry is lifting demand for cables, while the company is deepening its presence in consumer electricals through its dealer network. Capacity additions help it serve both retail and project customers.
What to watch: Monitor cable volumes and the growth of its consumer electricals range.
Why CG Power and Industrial Solutions Features Among These Cable, Power Equipment and Gear Stocks
Among the cable and transformer maker shares 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.
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.
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.
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.
Why Elecon Engineering Features Among These Cable, Power Equipment and Gear Stocks
Among the three companies on this list, Elecon Engineering is a Gujarat-based maker of industrial gears and material handling equipment that supplies steel, cement, power, mining and port customers.
Revenue rose from Rs 1,221 crore in FY22 to Rs 2,447 crore in FY26, a compound annual growth rate of 19.0%. Net profit grew from Rs 140 crore in FY22 to Rs 341 crore in FY26, which works out to a compound annual growth rate of 24.8%.
The company has a return on equity of 12.4%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 9,361 crore. The stock trades at a P/E of 38.3, below the industry P/E of 41.5.
Roadmap: The company benefits from steady capital spending in core industries and from export orders for gearboxes. A focus on higher-power gear systems helps it win larger orders.
What to watch: Follow order inflows, export demand and margins in the gear business.
Polycab India vs CG Power and Industrial Solutions vs Elecon Engineering on Key Financials
The table below sets the three cable, power equipment and gear 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 |
|---|---|---|---|---|---|
| Polycab India | 12,294 | 29,120 | 24.1% | 2,708 | 9.3% |
| CG Power and Industrial Solutions | 5,521 | 12,662 | 23.1% | 1,197 | 9.5% |
| Elecon Engineering | 1,221 | 2,447 | 19.0% | 341 | 13.9% |
Polycab India posts the highest return on equity in this group at 24.1%. Polycab India combines the largest FY26 revenue at Rs 29,120 crore with the fastest revenue growth, a 24.1% compound annual rate. A useful habit with cable, power equipment and gear stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Cable, Power Equipment and Gear Stocks
Every theme carries risks that deserve a check before any decision. For these cable, power equipment and gear stocks, the main points are:
- Input costs. Copper and steel prices affect margins.
- Order timing. Project orders can shift between periods.
- 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 cable, power equipment and gear stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Cable, Power Equipment and Gear Stocks
Cable, power equipment and gear stocks reward investors who follow demand trends, order books and margins together. Polycab India, CG Power and Industrial Solutions and Elecon Engineering each have a clear plan to grow. Based on the 23 October 2026 close, Polycab India trades at Rs 7,440, CG Power and Industrial Solutions at Rs 813.35 and Elecon Engineering at Rs 416.2.
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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 cable, power equipment and gear stocks?
Ans. Cable, power equipment and gear stocks are listed electrical and engineering companies that make cables, power equipment and industrial gears. Their earnings depend on construction activity, utility orders, factory investment and input costs. This list looks at three of them, Polycab India, CG Power and Industrial Solutions and Elecon Engineering, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which cable, power equipment and gear stocks are covered in this list?
Ans. This list covers Polycab India, CG Power and Industrial Solutions and Elecon Engineering. Based on the 23 October 2026 close, Polycab India traded at Rs 7,440, CG Power and Industrial Solutions at Rs 813.35 and Elecon Engineering at Rs 416.2. Their return on equity ranges from 12.4% to 24.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 19.0% to 24.1%.
Why do cable, power equipment and gear stocks have a strong future roadmap in India?
Ans. Cable, power equipment and gear stocks have a strong roadmap in India because grid upgrades, real estate growth and factory investment keep lifting demand for electrical and mechanical equipment. The main drivers are as follows. Grid upgrades. Utilities need transformers, motors and cables. Housing and building. New construction needs wiring. Factory investment. Plants buy gears and drives. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Polycab India performed financially?
Ans. Revenue rose from Rs 12,294 crore in FY22 to Rs 29,120 crore in FY26, a compound annual growth rate of 24.1%. Net profit grew from Rs 845 crore in FY22 to Rs 2,708 crore in FY26, which works out to a compound annual growth rate of 33.8%. The company has a return on equity of 24.1%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 115,291 crore. The stock trades at a P/E of 36.0, below the industry P/E of 42.9. Looking ahead, spending on housing, power networks and industry is lifting demand for cables, while the company is deepening its presence in consumer electricals through its dealer network. Capacity additions help it serve both retail and project customers.
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.
How has Elecon Engineering performed financially?
Ans. Revenue rose from Rs 1,221 crore in FY22 to Rs 2,447 crore in FY26, a compound annual growth rate of 19.0%. Net profit grew from Rs 140 crore in FY22 to Rs 341 crore in FY26, which works out to a compound annual growth rate of 24.8%. The company has a return on equity of 12.4%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 9,361 crore. The stock trades at a P/E of 38.3, below the industry P/E of 41.5. Looking ahead, the company benefits from steady capital spending in core industries and from export orders for gearboxes. A focus on higher-power gear systems helps it win larger orders.
What risks should investors check before buying cable, power equipment and gear stocks?
Ans. Investors should check a few risks before buying cable, power equipment and gear stocks. Input costs. Copper and steel prices affect margins. Order timing. Project orders can shift between periods. 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 cable, power equipment and gear stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 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.
