3 Diesel and Gas Engines Maker, Water Treatment Solutions Provider and Electrical Equipment Manufacturer Stocks With a Strong Future Roadmap: Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions
- October 28, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions: ROE of 10.7% to 15.9% and FY22 to FY26 revenue CAGR of 16.7% to 23.1%. Prices as of 27 Oct 2026.
Quick Answer
The three engine, water and electrical equipment stocks to watch are Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions. Their return on equity ranges from 10.7% to 15.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.7% to 23.1%. Kirloskar Oil Engines has the highest return on equity at 15.9%, while CG Power and Industrial Solutions has the fastest revenue growth at 23.1% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Engine, water and electrical equipment stocks offer a focused view of a sector where demand keeps widening. Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions cover a diesel and gas engines maker, a water treatment solutions provider and an electrical equipment manufacturer.
This list covers three engine, water and electrical equipment stocks with complete current figures: Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Engine, Water and Electrical Equipment Stocks?
Engine, water and electrical equipment stocks are listed engineering companies that make engines, water treatment systems, transformers, motors and railway equipment. Their earnings depend on industrial capital spending, utility orders, order books and commodity costs.
Engine, Water and Electrical Equipment Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Kirloskar Oil Engines | 1,888.4 | 28,722 | 53.7 | 44.4 | 15.9 | 1.48 |
| Ion Exchange (India) | 343.5 | 5,397 | 55.2 | 22.7 | 10.7 | 0.36 |
| CG Power and Industrial Solutions | 835.4 | 134,561 | 108.5 | 43.9 | 15.1 | 0.01 |
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 engine, water and electrical equipment 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 engine, water and electrical equipment stocks can use the coming numbers to test whether growth is holding.
Why Do Engine, Water and Electrical Equipment Stocks Have a Strong Roadmap in India?
Engine, water and electrical equipment stocks have a strong roadmap in India because rising industrial investment, grid and railway upgrades and water treatment needs keep widening the market for Indian engineering firms.
- Grid upgrades. Utilities add transformers and switchgear.
- Water treatment. Industry and cities need cleaner water.
- Power backup. Engines and generators serve growing sites.
Why Kirloskar Oil Engines Features Among These Engine, Water and Electrical Equipment Stocks
Among the engine, water and electrical equipment stocks on this list, Kirloskar Oil Engines, based in Pune, makes diesel and gas engines, generator sets, pumps and power solutions for industrial, farm and infrastructure use.
In the June 2026 quarter, revenue grew 12.1% year on year to Rs 2,015 crore. Revenue rose from Rs 4,049 crore in FY22 to Rs 7,772 crore in FY26, a compound annual growth rate of 17.7%.
Net profit grew from Rs 171 crore in FY22 to Rs 558 crore in FY26, which works out to a compound annual growth rate of 34.4%. The company has a return on equity of 15.9%, a debt to equity ratio of 1.48 and a market capitalisation of Rs 28,722 crore. The stock trades at a P/E of 53.7, above the industry P/E of 44.4.
Roadmap: Backup power demand from data centres, telecom and infrastructure, a growing exports business and new alternative-fuel engines give it several tracks for growth. A large service network helps it hold on to customers across product cycles.
What to watch: Watch order intake from data centres and the pace of new product launches in cleaner fuels.
Why Ion Exchange (India) Features Among These Engine, Water and Electrical Equipment Stocks
Among the power equipment and water solutions shares on this list, Ion Exchange (India) provides water and wastewater treatment solutions, including chemicals, resins, engineering projects and consumer water purifiers, for industries, municipalities and homes.
The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7.
Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%. In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore.
Roadmap: The company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
What to watch: Track order inflows in water projects, chemicals demand and consumer product growth.
Why CG Power and Industrial Solutions Features Among These Engine, Water and Electrical Equipment Stocks
Among the three companies 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.
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.
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.
Kirloskar Oil Engines vs Ion Exchange (India) vs CG Power and Industrial Solutions on Key Financials
The table below sets the three engine, water and electrical equipment 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 |
|---|---|---|---|---|---|
| Kirloskar Oil Engines | 4,049 | 7,772 | 17.7% | 558 | 7.2% |
| Ion Exchange (India) | 1,619 | 3,001 | 16.7% | 143 | 4.8% |
| CG Power and Industrial Solutions | 5,521 | 12,662 | 23.1% | 1,197 | 9.5% |
Kirloskar Oil Engines posts the highest return on equity in this group at 15.9%. 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 engine, water and electrical equipment 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 |
|---|---|---|---|
| Kirloskar Oil Engines | 1,796 | 2,015 | 12.1% |
| Ion Exchange (India) | 601 | 706 | 17.6% |
| CG Power and Industrial Solutions | 2,906 | 3,364 | 15.8% |
Key Risks to Check Before Investing in Engine, Water and Electrical Equipment Stocks
Every theme carries risks that deserve a check before any decision. For these engine, water and electrical equipment stocks, the main points are: Long-term power equipment and water solutions shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project deliveries can shift between periods.
- Input costs. Metal and material prices can move 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 engine, water and electrical equipment stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Engine, Water and Electrical Equipment Stocks
Engine, water and electrical equipment stocks reward patient research into demand, execution and financial strength. Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions each have a clear plan to expand. Based on the 27 October 2026 close, Kirloskar Oil Engines trades at Rs 1,888.4, Ion Exchange (India) at Rs 343.5 and CG Power and Industrial Solutions at Rs 835.4. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these engine, water and electrical equipment 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 engine, water and electrical equipment stocks?
Ans. Engine, water and electrical equipment stocks are listed engineering companies that make engines, water treatment systems, transformers, motors and railway equipment. Their earnings depend on industrial capital spending, utility orders, order books and commodity costs. This list looks at three of them, Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which engine, water and electrical equipment stocks are covered in this list?
Ans. This list covers Kirloskar Oil Engines, Ion Exchange (India) and CG Power and Industrial Solutions. Based on the 27 October 2026 close, Kirloskar Oil Engines traded at Rs 1,888.4, Ion Exchange (India) at Rs 343.5 and CG Power and Industrial Solutions at Rs 835.4. Their return on equity ranges from 10.7% to 15.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.7% to 23.1%.
Why do engine, water and electrical equipment stocks have a strong future roadmap in India?
Ans. Engine, water and electrical equipment stocks have a strong roadmap in India because rising industrial investment, grid and railway upgrades and water treatment needs keep widening the market for Indian engineering firms. The main drivers are as follows. Grid upgrades. Utilities add transformers and switchgear. Water treatment. Industry and cities need cleaner water. Power backup. Engines and generators serve growing sites. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Kirloskar Oil Engines performed financially?
Ans. Revenue rose from Rs 4,049 crore in FY22 to Rs 7,772 crore in FY26, a compound annual growth rate of 17.7%. Net profit grew from Rs 171 crore in FY22 to Rs 558 crore in FY26, which works out to a compound annual growth rate of 34.4%. In the June 2026 quarter, revenue grew 12.1% year on year to Rs 2,015 crore. The company has a return on equity of 15.9%, a debt to equity ratio of 1.48 and a market capitalisation of Rs 28,722 crore. The stock trades at a P/E of 53.7, above the industry P/E of 44.4. Looking ahead, backup power demand from data centres, telecom and infrastructure, a growing exports business and new alternative-fuel engines give it several tracks for growth. A large service network helps it hold on to customers across product cycles.
How has Ion Exchange (India) performed financially?
Ans. Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%. In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore. The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7. Looking ahead, the company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
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.
What risks should investors check before buying engine, water and electrical equipment stocks?
Ans. Investors should check a few risks before buying engine, water and electrical equipment stocks. Order timing. Project deliveries can shift between periods. Input costs. Metal and material prices can move 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 engine, water and electrical equipment stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 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.