3 Exhaust Systems Producer, Control Cables Specialist and Forged Components Maker Stocks With a Strong Future Roadmap: Sharda Motor Industries, Suprajit Engineering and Happy Forgings
- October 27, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Sharda Motor Industries, Suprajit Engineering and Happy Forgings: ROE of 12.7% to 26.3% and FY22 to FY26 revenue CAGR of 11.1% to 20.4%. Prices as of 26 Oct 2026.
Quick Answer
The three exhaust, control cable and forging stocks to watch are Sharda Motor Industries, Suprajit Engineering and Happy Forgings. Their return on equity ranges from 12.7% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 20.4%. Sharda Motor Industries has the highest return on equity at 26.3%, while Suprajit Engineering has the fastest revenue growth at 20.4% a year. Prices are based on the 26 October 2026 close, and this article is educational, not investment advice.
Exhaust, control cable and forging stocks bring together companies with a visible plan for the years ahead. Sharda Motor Industries, Suprajit Engineering and Happy Forgings cover an exhaust systems producer, a control cables specialist and a forged components maker.
This list covers three exhaust, control cable and forging stocks with complete current figures: Sharda Motor Industries, Suprajit Engineering and Happy Forgings. Every figure comes from the latest reported financials and the 26 October 2026 market close. Companies without complete current figures were left out.
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What Are Exhaust, Control Cable and Forging Stocks?
Exhaust, control cable and forging stocks are listed auto component makers that supply exhaust systems, cable systems and forged parts to passenger vehicle, two-wheeler and commercial vehicle makers. Their earnings depend on vehicle output, emission norms, replacement demand and input costs.
Exhaust, Control Cable and Forging Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Sharda Motor Industries | 796 | 4,995 | 15.0 | 36.9 | 26.3 | 0.04 |
| Suprajit Engineering | 452.7 | 6,286 | 33.6 | 36.1 | 12.7 | 0.69 |
| Happy Forgings | 1,758.4 | 17,630 | 53.9 | 50.7 | 14.2 | 0.15 |
On valuation, Sharda Motor Industries and Suprajit Engineering trade at a P/E below the industry P/E, while Happy Forgings trades above it, which reflects the growth the market already expects. Readers comparing exhaust, control cable and forging stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in exhaust, control cable and forging stocks can use the coming numbers to test whether growth is holding.
Why Do Exhaust, Control Cable and Forging Stocks Have a Strong Roadmap in India?
Exhaust, control cable and forging stocks have a strong roadmap in India because stricter emission rules, rising two-wheeler output and a large vehicle fleet keep lifting orders for precision parts.
- Emission norms. Stricter rules raise content per vehicle.
- Control systems. Cables go into every two-wheeler.
- Heavy vehicles. Forgings go into engines, axles and gearboxes.
Why Sharda Motor Industries Features Among These Exhaust, Control Cable and Forging Stocks
Among the exhaust, control cable and forging stocks on this list, Sharda Motor Industries makes exhaust systems and catalytic converters, with large passenger vehicle makers among its main customers.
Revenue rose from Rs 2,285 crore in FY22 to Rs 3,483 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 149 crore in FY22 to Rs 345 crore in FY26, which works out to a compound annual growth rate of 23.3%.
In the June 2026 quarter, revenue grew 33.2% year on year to Rs 1,038 crore. The company has a return on equity of 26.3%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 4,995 crore. The stock trades at a P/E of 15.0, below the industry P/E of 36.9.
Roadmap: Tighter emission norms increase the content per vehicle for exhaust systems and catalysts. The company is adding capacity in line with its customers’ production plans and expanding into new product lines, which broadens its revenue base.
What to watch: Follow volume trends at its key customers and precious metal price movements.
Why Suprajit Engineering Features Among These Exhaust, Control Cable and Forging Stocks
Among the catalytic converter and silencer shares on this list, Suprajit Engineering is a Bengaluru-based maker of automotive cables and control systems, lighting products and other components for two-wheelers, cars and commercial vehicles, with a presence in many countries.
In the June 2026 quarter, revenue grew 19.1% year on year to Rs 1,074 crore, while net profit rose 8.6% to Rs 52.2 crore. Revenue rose from Rs 1,877 crore in FY22 to Rs 3,941 crore in FY26, a compound annual growth rate of 20.4%.
Net profit grew from Rs 152 crore in FY23 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 6.3%. The company has a return on equity of 12.7%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 6,286 crore. The stock trades at a P/E of 33.6, below the industry P/E of 36.1.
Roadmap: The company is widening its mix through lighting, electronics and aftermarket products while keeping its strong cable franchise. A global footprint supports orders from international vehicle makers.
What to watch: Follow growth in new product lines, export programmes and margin trends.
Why Happy Forgings Features Among These Exhaust, Control Cable and Forging Stocks
Among the three companies 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.
Sharda Motor Industries vs Suprajit Engineering vs Happy Forgings on Key Financials
The table below sets the three exhaust, control cable and forging 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 |
|---|---|---|---|---|---|
| Sharda Motor Industries | 2,285 | 3,483 | 11.1% | 345 | 9.9% |
| Suprajit Engineering | 1,877 | 3,941 | 20.4% | 183 | 4.6% |
| Happy Forgings | 866 | 1,577 | 16.2% | 302 | 19.1% |
Sharda Motor Industries posts the highest return on equity in this group at 26.3%. Suprajit Engineering combines the largest FY26 revenue at Rs 3,941 crore with the fastest revenue growth, a 20.4% compound annual rate. A useful habit with exhaust, control cable and forging 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 |
|---|---|---|---|
| Sharda Motor Industries | 779 | 1,038 | 33.2% |
| Suprajit Engineering | 902 | 1,074 | 19.1% |
| Happy Forgings | 364 | 460 | 26.5% |
Key Risks to Check Before Investing in Exhaust, Control Cable and Forging Stocks
Every theme carries risks that deserve a check before any decision. For these exhaust, control cable and forging stocks, the main points are: Long-term catalytic converter and silencer shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Vehicle cycles. Component orders follow vehicle production.
- Customer concentration. A few vehicle makers buy most output.
- 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 exhaust, control cable and forging stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Exhaust, Control Cable and Forging Stocks
Exhaust, control cable and forging stocks suit investors who prefer to study business strength before price moves. Sharda Motor Industries, Suprajit Engineering and Happy Forgings each have a clear plan to expand. Based on the 26 October 2026 close, Sharda Motor Industries trades at Rs 796, Suprajit Engineering at Rs 452.7 and Happy Forgings at Rs 1,758.4. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these exhaust, control cable and forging 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 exhaust, control cable and forging stocks?
Ans. Exhaust, control cable and forging stocks are listed auto component makers that supply exhaust systems, cable systems and forged parts to passenger vehicle, two-wheeler and commercial vehicle makers. Their earnings depend on vehicle output, emission norms, replacement demand and input costs. This list looks at three of them, Sharda Motor Industries, Suprajit Engineering and Happy Forgings, using reported FY22 to FY26 financials and the 26 October 2026 closing prices.
Which exhaust, control cable and forging stocks are covered in this list?
Ans. This list covers Sharda Motor Industries, Suprajit Engineering and Happy Forgings. Based on the 26 October 2026 close, Sharda Motor Industries traded at Rs 796, Suprajit Engineering at Rs 452.7 and Happy Forgings at Rs 1,758.4. Their return on equity ranges from 12.7% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 20.4%.
Why do exhaust, control cable and forging stocks have a strong future roadmap in India?
Ans. Exhaust, control cable and forging stocks have a strong roadmap in India because stricter emission rules, rising two-wheeler output and a large vehicle fleet keep lifting orders for precision parts. The main drivers are as follows. Emission norms. Stricter rules raise content per vehicle. Control systems. Cables go into every two-wheeler. Heavy vehicles. Forgings go into engines, axles and gearboxes. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Sharda Motor Industries performed financially?
Ans. Revenue rose from Rs 2,285 crore in FY22 to Rs 3,483 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 149 crore in FY22 to Rs 345 crore in FY26, which works out to a compound annual growth rate of 23.3%. In the June 2026 quarter, revenue grew 33.2% year on year to Rs 1,038 crore. The company has a return on equity of 26.3%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 4,995 crore. The stock trades at a P/E of 15.0, below the industry P/E of 36.9. Looking ahead, tighter emission norms increase the content per vehicle for exhaust systems and catalysts. The company is adding capacity in line with its customers’ production plans and expanding into new product lines, which broadens its revenue base.
How has Suprajit Engineering performed financially?
Ans. Revenue rose from Rs 1,877 crore in FY22 to Rs 3,941 crore in FY26, a compound annual growth rate of 20.4%. Net profit grew from Rs 152 crore in FY23 to Rs 183 crore in FY26, which works out to a compound annual growth rate of 6.3%. In the June 2026 quarter, revenue grew 19.1% year on year to Rs 1,074 crore, while net profit rose 8.6% to Rs 52.2 crore. The company has a return on equity of 12.7%, a debt to equity ratio of 0.69 and a market capitalisation of Rs 6,286 crore. The stock trades at a P/E of 33.6, below the industry P/E of 36.1. Looking ahead, the company is widening its mix through lighting, electronics and aftermarket products while keeping its strong cable franchise. A global footprint supports orders from international vehicle makers.
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.
What risks should investors check before buying exhaust, control cable and forging stocks?
Ans. Investors should check a few risks before buying exhaust, control cable and forging stocks. Vehicle cycles. Component orders follow vehicle production. Customer concentration. A few vehicle makers buy most output. 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 exhaust, control cable and forging stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 26 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.
