3 Winding Wires Specialist, Motors and Transformers Producer and Boilers and Energy Solutions Provider Stocks With a Strong Future Roadmap: Ram Ratna Wires, CG Power and Industrial Solutions and Thermax
- October 26, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
Ram Ratna Wires, CG Power and Industrial Solutions and Thermax: ROE of 13.0% to 18.5% and FY22 to FY26 revenue CAGR of 15.3% to 23.1%. Prices as of 23 Oct 2026.
Quick Answer
The three winding wire, motor and boiler stocks to watch are Ram Ratna Wires, CG Power and Industrial Solutions and Thermax. Their return on equity ranges from 13.0% to 18.5%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 23.1%. Ram Ratna Wires has the highest return on equity at 18.5%, while CG Power and Industrial Solutions has the fastest revenue growth at 23.1% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Winding wire, motor and boiler stocks offer a focused view of a sector where demand keeps widening. Ram Ratna Wires, CG Power and Industrial Solutions and Thermax cover a winding wires specialist, a motors and transformers producer and a boilers and energy solutions provider.
This list covers three winding wire, motor and boiler stocks with complete current figures: Ram Ratna Wires, CG Power and Industrial Solutions and Thermax. 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 Winding Wire, Motor and Boiler Stocks?
Winding wire, motor and boiler stocks are listed engineering companies that make conductors, electrical machines and heating and cooling systems for utilities and factories. Their earnings depend on factory investment, grid spending, order books and input costs.
Winding Wire, Motor and Boiler Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Ram Ratna Wires | 533.15 | 5,049 | 39.5 | 11.3 | 18.5 | 1.13 |
| CG Power and Industrial Solutions | 813.35 | 134,561 | 108.5 | 43.9 | 15.1 | 0.01 |
| Thermax | 3,096 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing winding wire, motor and boiler stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Winding Wire, Motor and Boiler Stocks Have a Strong Roadmap in India?
Winding wire, motor and boiler stocks have a strong roadmap in India because grid upgrades, factory expansion and the push for efficient energy use keep lifting demand for electrical and thermal equipment.
- Grid upgrades. Utilities buy transformers and winding wires.
- Factory investment. Plants add motors, drives and boilers.
- Energy efficiency. Clean heat and cooling systems gain interest.
Why Ram Ratna Wires Features Among These Winding Wire, Motor and Boiler Stocks
Among the winding wire, motor and boiler stocks on this list, Ram Ratna Wires makes winding wires, conductors and related products used in transformers, motors, generators and electrical equipment. It supplies major manufacturers of power and industrial machines.
Revenue rose from Rs 2,295 crore in FY22 to Rs 5,195 crore in FY26, a compound annual growth rate of 22.7%. Net profit grew from Rs 54.2 crore in FY22 to Rs 109 crore in FY26, which works out to a compound annual growth rate of 19.0%.
The company has a return on equity of 18.5%, a debt to equity ratio of 1.13 and a market capitalisation of Rs 5,049 crore. The stock trades at a P/E of 39.5, above the industry P/E of 11.3.
Roadmap: The company is benefiting from higher spending on power transmission, renewable energy and electrical equipment. Added capacity and a wider product range help it serve large equipment makers.
What to watch: Track winding wire volumes, copper pass-through pricing and new capacity.
Why CG Power and Industrial Solutions Features Among These Winding Wire, Motor and Boiler Stocks
Among the copper conductor company 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.
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. 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%. 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.
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 Thermax Features Among These Winding Wire, Motor and Boiler Stocks
Among the three companies on this list, Thermax provides energy and environment solutions, including boilers, cooling systems, air pollution control and water treatment, to industries in India and overseas.
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.
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.
Roadmap: The company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.
What to watch: Track order inflows, industrial capital spending and progress in cleaner energy products.
Ram Ratna Wires vs CG Power and Industrial Solutions vs Thermax on Key Financials
The table below sets the three winding wire, motor and boiler 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 |
|---|---|---|---|---|---|
| Ram Ratna Wires | 2,295 | 5,195 | 22.7% | 109 | 2.1% |
| CG Power and Industrial Solutions | 5,521 | 12,662 | 23.1% | 1,197 | 9.5% |
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
Ram Ratna Wires posts the highest return on equity in this group at 18.5%. CG Power and Industrial Solutions combines the largest FY26 revenue at Rs 12,662 crore with the fastest revenue growth, a 23.1% compound annual rate. A useful habit with winding wire, motor and boiler stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Winding Wire, Motor and Boiler Stocks
Every theme carries risks that deserve a check before any decision. For these winding wire, motor and boiler stocks, the main points are: Long-term copper conductor company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- 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 winding wire, motor and boiler stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Winding Wire, Motor and Boiler Stocks
Winding wire, motor and boiler stocks reward patient research into demand, execution and financial strength. Ram Ratna Wires, CG Power and Industrial Solutions and Thermax each have a clear plan to grow. Based on the 23 October 2026 close, Ram Ratna Wires trades at Rs 533.15, CG Power and Industrial Solutions at Rs 813.35 and Thermax at Rs 3,096.
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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 winding wire, motor and boiler stocks?
Ans. Winding wire, motor and boiler stocks are listed engineering companies that make conductors, electrical machines and heating and cooling systems for utilities and factories. Their earnings depend on factory investment, grid spending, order books and input costs. This list looks at three of them, Ram Ratna Wires, CG Power and Industrial Solutions and Thermax, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which winding wire, motor and boiler stocks are covered in this list?
Ans. This list covers Ram Ratna Wires, CG Power and Industrial Solutions and Thermax. Based on the 23 October 2026 close, Ram Ratna Wires traded at Rs 533.15, CG Power and Industrial Solutions at Rs 813.35 and Thermax at Rs 3,096. Their return on equity ranges from 13.0% to 18.5%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 23.1%.
Why do winding wire, motor and boiler stocks have a strong future roadmap in India?
Ans. Winding wire, motor and boiler stocks have a strong roadmap in India because grid upgrades, factory expansion and the push for efficient energy use keep lifting demand for electrical and thermal equipment. The main drivers are as follows. Grid upgrades. Utilities buy transformers and winding wires. Factory investment. Plants add motors, drives and boilers. Energy efficiency. Clean heat and cooling systems gain interest. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Ram Ratna Wires performed financially?
Ans. Revenue rose from Rs 2,295 crore in FY22 to Rs 5,195 crore in FY26, a compound annual growth rate of 22.7%. Net profit grew from Rs 54.2 crore in FY22 to Rs 109 crore in FY26, which works out to a compound annual growth rate of 19.0%. The company has a return on equity of 18.5%, a debt to equity ratio of 1.13 and a market capitalisation of Rs 5,049 crore. The stock trades at a P/E of 39.5, above the industry P/E of 11.3. Looking ahead, the company is benefiting from higher spending on power transmission, renewable energy and electrical equipment. Added capacity and a wider product range help it serve large equipment makers.
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 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, the company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.
What risks should investors check before buying winding wire, motor and boiler stocks?
Ans. Investors should check a few risks before buying winding wire, motor and boiler 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 winding wire, motor and boiler 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.
