3 Two-Wheeler Lighting Specialist, Exterior Lighting Supplier and Radiator Producer Stocks With a Strong Future Roadmap: Fiem Industries, Varroc Engineering and Banco Products (India)
- October 29, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Fiem Industries, Varroc Engineering and Banco Products (India): ROE of 14.3% to 28.6% and FY22 to FY26 revenue CAGR of 11.0% to 19.4%. Prices as of 27 Oct 2026.
Quick Answer
The three vehicle lighting, mirror and radiator stocks to watch are Fiem Industries, Varroc Engineering and Banco Products (India). Their return on equity ranges from 14.3% to 28.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 19.4%. Banco Products (India) leads on both return on equity at 28.6% and revenue growth at 19.4% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Vehicle lighting, mirror and radiator stocks let investors follow companies that serve a growing part of the Indian economy. Fiem Industries, Varroc Engineering and Banco Products (India) cover a two-wheeler lighting specialist, an exterior lighting supplier and a radiator producer.
This list covers three vehicle lighting, mirror and radiator stocks with complete current figures: Fiem Industries, Varroc Engineering and Banco Products (India). 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 Vehicle Lighting, Mirror and Radiator Stocks?
Vehicle lighting, mirror and radiator stocks are listed companies that make lighting, signalling equipment and rear view mirrors for two-wheelers, supply exterior lighting and electronics to vehicle makers and produce radiators and cooling products. Their earnings depend on vehicle output, content per vehicle and aftermarket demand.
Vehicle Lighting, Mirror and Radiator Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Fiem Industries | 1,664.4 | 4,790 | 18.2 | 36.9 | 21.0 | 0.05 |
| Varroc Engineering | 807.5 | 12,256 | 61.2 | 36.9 | 14.3 | 0.52 |
| Banco Products (India) | 589.15 | 8,345 | 16.9 | 35.2 | 28.6 | 0.36 |
On valuation, Fiem Industries and Banco Products (India) trade at a P/E below the industry P/E, while Varroc Engineering trades above it, which reflects the growth the market already expects. Readers comparing vehicle lighting, mirror and radiator stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Vehicle Lighting, Mirror and Radiator Stocks Have a Strong Roadmap in India?
Vehicle lighting, mirror and radiator stocks have a strong roadmap in India because higher two-wheeler and passenger vehicle output, advanced lighting content and steady demand for engine cooling keep widening the market for Indian component makers.
- Lighting content. Advanced lamps lift value per vehicle.
- Two-wheeler demand. Rural and urban buyers add vehicles.
- Engine cooling. Radiators serve new and older vehicles.
Why Fiem Industries Features Among These Vehicle Lighting, Mirror and Radiator Stocks
Among the vehicle lighting, mirror and radiator stocks on this list, Fiem Industries makes automotive lighting, signalling equipment and rear view mirrors, mainly for two-wheelers, with leading Japanese and Indian makers as customers.
In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore. Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%.
Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%. The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9.
Roadmap: LED lighting is replacing older bulbs, which raises the value of each vehicle’s lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.
What to watch: Follow two-wheeler production volumes and customer-specific launch schedules.
Why Varroc Engineering Features Among These Vehicle Lighting, Mirror and Radiator Stocks
Among the lamps, signalling and cooling shares on this list, Varroc Engineering is a Maharashtra-based automotive component maker with a focus on exterior lighting systems, electrical and electronic parts and polymer products for two-wheeler, passenger car and commercial vehicle makers across the world.
The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9.
Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore.
Roadmap: The company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
What to watch: Monitor order wins in lighting and the growth of content per vehicle.
Why Banco Products (India) Features Among These Vehicle Lighting, Mirror and Radiator Stocks
Among the three companies on this list, Banco Products (India) is a Vadodara-based maker of engine cooling systems, radiators, heat exchangers, gaskets and sealing products for vehicle makers, industrial customers and the aftermarket.
Revenue rose from Rs 1,963 crore in FY22 to Rs 3,995 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 152 crore in FY22 to Rs 482 crore in FY26, which works out to a compound annual growth rate of 33.3%.
In the June 2026 quarter, revenue grew 20.9% year on year to Rs 1,190 crore, while net profit rose 11.7% to Rs 122 crore. The company has a return on equity of 28.6%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 8,345 crore. The stock trades at a P/E of 16.9, below the industry P/E of 35.2.
Roadmap: The company is growing its cooling systems range for commercial vehicles, off-highway machines and industrial uses and is widening its presence in overseas markets. Aftermarket sales add steady demand beyond new vehicle production.
What to watch: Monitor vehicle production trends, export orders and raw material costs.
Fiem Industries vs Varroc Engineering vs Banco Products (India) on Key Financials
The table below sets the three vehicle lighting, mirror and radiator 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 |
|---|---|---|---|---|---|
| Fiem Industries | 1,575 | 2,836 | 15.8% | 256 | 9.0% |
| Varroc Engineering | 5,878 | 8,917 | 11.0% | 230 | 2.6% |
| Banco Products (India) | 1,963 | 3,995 | 19.4% | 482 | 12.1% |
Banco Products (India) posts the highest return on equity in this group at 28.6%. Varroc Engineering has the largest FY26 revenue at Rs 8,917 crore, and Banco Products (India) shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with vehicle lighting, mirror and radiator 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 |
|---|---|---|---|
| Fiem Industries | 665 | 780 | 17.4% |
| Varroc Engineering | 2,033 | 2,640 | 29.9% |
| Banco Products (India) | 984 | 1,190 | 20.9% |
Key Risks to Check Before Investing in Vehicle Lighting, Mirror and Radiator Stocks
Every theme carries risks that deserve a check before any decision. For these vehicle lighting, mirror and radiator stocks, the main points are: Long-term lamps, signalling and cooling shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Production cycles. Vehicle output can vary with demand.
- Input costs. Metal and material prices can move margins.
- Competition. Rivals can influence pricing and market share.
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 vehicle lighting, mirror and radiator stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Vehicle Lighting, Mirror and Radiator Stocks
Vehicle lighting, mirror and radiator stocks reward investors who follow demand trends, order books and margins together. Fiem Industries, Varroc Engineering and Banco Products (India) each have a clear plan to grow. Based on the 27 October 2026 close, Fiem Industries trades at Rs 1,664.4, Varroc Engineering at Rs 807.5 and Banco Products (India) at Rs 589.15. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these vehicle lighting, mirror and radiator 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 vehicle lighting, mirror and radiator stocks?
Ans. Vehicle lighting, mirror and radiator stocks are listed companies that make lighting, signalling equipment and rear view mirrors for two-wheelers, supply exterior lighting and electronics to vehicle makers and produce radiators and cooling products. Their earnings depend on vehicle output, content per vehicle and aftermarket demand. This list looks at three of them, Fiem Industries, Varroc Engineering and Banco Products (India), using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which vehicle lighting, mirror and radiator stocks are covered in this list?
Ans. This list covers Fiem Industries, Varroc Engineering and Banco Products (India). Based on the 27 October 2026 close, Fiem Industries traded at Rs 1,664.4, Varroc Engineering at Rs 807.5 and Banco Products (India) at Rs 589.15. Their return on equity ranges from 14.3% to 28.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 19.4%.
Why do vehicle lighting, mirror and radiator stocks have a strong future roadmap in India?
Ans. Vehicle lighting, mirror and radiator stocks have a strong roadmap in India because higher two-wheeler and passenger vehicle output, advanced lighting content and steady demand for engine cooling keep widening the market for Indian component makers. The main drivers are as follows. Lighting content. Advanced lamps lift value per vehicle. Two-wheeler demand. Rural and urban buyers add vehicles. Engine cooling. Radiators serve new and older vehicles. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Fiem Industries performed financially?
Ans. Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%. In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore. The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9. Looking ahead, lED lighting is replacing older bulbs, which raises the value of each vehicle’s lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.
How has Varroc Engineering performed financially?
Ans. Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9. Looking ahead, the company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
How has Banco Products (India) performed financially?
Ans. Revenue rose from Rs 1,963 crore in FY22 to Rs 3,995 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 152 crore in FY22 to Rs 482 crore in FY26, which works out to a compound annual growth rate of 33.3%. In the June 2026 quarter, revenue grew 20.9% year on year to Rs 1,190 crore, while net profit rose 11.7% to Rs 122 crore. The company has a return on equity of 28.6%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 8,345 crore. The stock trades at a P/E of 16.9, below the industry P/E of 35.2. Looking ahead, the company is growing its cooling systems range for commercial vehicles, off-highway machines and industrial uses and is widening its presence in overseas markets. Aftermarket sales add steady demand beyond new vehicle production.
What risks should investors check before buying vehicle lighting, mirror and radiator stocks?
Ans. Investors should check a few risks before buying vehicle lighting, mirror and radiator stocks. Production cycles. Vehicle output can vary with demand. Input costs. Metal and material prices can move margins. Competition. Rivals can influence pricing and market share. 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 vehicle lighting, mirror and radiator 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.