3 Energy and Environment Equipment Company, Jewellery Retailer and Real Estate Developer Stocks With a Strong Future Roadmap: Thermax, PN Gadgil Jewellers and Lodha Developers
- November 12, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
Thermax, PN Gadgil Jewellers and Lodha Developers: ROE of 13.0% to 20.9% and FY22 to FY26 revenue CAGR of 15.3% to 43.0%. Prices as of 11 Nov 2026.
Quick Answer
The three boiler, jewellery and housing developer stocks to watch are Thermax, PN Gadgil Jewellers and Lodha Developers. Their return on equity ranges from 13.0% to 20.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 43.0%. PN Gadgil Jewellers leads on both return on equity at 20.9% and revenue growth at 43.0% a year. Prices are based on the 11 November 2026 close, and this article is educational, not investment advice.
Boiler, jewellery and housing developer stocks give investors a way to track businesses that sit close to everyday demand in India. Thermax, PN Gadgil Jewellers and Lodha Developers cover an energy and environment equipment company, a jewellery retailer and a real estate developer.
This list covers three boiler, jewellery and housing developer stocks with complete current figures: Thermax, PN Gadgil Jewellers and Lodha Developers. Every figure comes from the latest reported financials and the 11 November 2026 market close. Companies without complete current figures were left out.
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What Are Boiler, Jewellery and Housing Developer Stocks?
Boiler, jewellery and housing developer stocks are listed companies that build boilers, chillers and water and air treatment plants, run gold and diamond jewellery stores across many cities, and develop residential and commercial real estate projects. Their earnings depend on industrial investment, jewellery sales and housing demand.
Boiler, Jewellery and Housing Developer Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Thermax | 2,725.4 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
| PN Gadgil Jewellers | 629.45 | 8,435 | 18.9 | 44.2 | 20.9 | 0.89 |
| Lodha Developers | 1,174.5 | 100,506 | 24.3 | 30.7 | 14.7 | 0.42 |
On valuation, PN Gadgil Jewellers and Lodha Developers trade at a P/E below the industry P/E, while Thermax trades above it, which reflects the growth the market already expects. Readers comparing boiler, jewellery and housing developer 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 boiler, jewellery and housing developer stocks can use the coming numbers to test whether growth is holding.
Why Do Boiler, Jewellery and Housing Developer Stocks Have a Strong Roadmap in India?
Boiler, jewellery and housing developer stocks have a strong roadmap in India because heavy industrial investment in clean energy, a steady shift to branded jewellery and strong demand for new homes keep widening the market for these companies.
- Energy equipment. Industry adds efficient heating and cooling.
- Jewellery. Shoppers prefer certified branded ornaments.
- Real estate. Families and firms seek new homes and offices.
Why Thermax Features Among These Boiler, Jewellery and Housing Developer Stocks
Among the boiler, jewellery and housing developer stocks 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.
In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. 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%. 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.
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.
Why PN Gadgil Jewellers Features Among These Boiler, Jewellery and Housing Developer Stocks
Among the heating plant, gold ornament and real estate shares on this list, PN Gadgil Jewellers is a Pune-based jewellery retailer with a long history in Maharashtra, selling gold, silver, diamond and platinum jewellery through its own stores and online.
The company has a return on equity of 20.9%, a debt to equity ratio of 0.89 and a market capitalisation of Rs 8,435 crore. The stock trades at a P/E of 18.9, below the industry P/E of 44.2.
Revenue rose from Rs 2,586 crore in FY22 to Rs 10,827 crore in FY26, a compound annual growth rate of 43.0%. Net profit grew from Rs 69.5 crore in FY22 to Rs 410 crore in FY26, which works out to a compound annual growth rate of 55.8%. In the June 2026 quarter, revenue grew 40.3% year on year to Rs 2,423 crore, while net profit rose 51.9% to Rs 105 crore.
Roadmap: The company is opening new stores across Maharashtra and neighbouring states and is widening its range of gold and silver jewellery. A strong regional brand helps it win repeat customers.
What to watch: Monitor store additions, gold price movements and festive season demand.
Why Lodha Developers Features Among These Boiler, Jewellery and Housing Developer Stocks
Among the three companies on this list, Lodha Developers, listed as Macrotech Developers, is a leading residential real estate developer in the Mumbai Metropolitan Region, with projects in Pune, Bengaluru and other cities. It also builds industrial and logistics parks.
Revenue rose from Rs 9,525 crore in FY22 to Rs 17,120 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 1,208 crore in FY22 to Rs 3,431 crore in FY26, which works out to a compound annual growth rate of 29.8%.
In the June 2026 quarter, revenue grew 40.6% year on year to Rs 5,097 crore, while net profit rose 103.4% to Rs 1,373 crore. The company has a return on equity of 14.7%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 100,506 crore. The stock trades at a P/E of 24.3, below the industry P/E of 30.7.
Roadmap: The company is launching new projects in its core micro-markets while growing its land bank and its industrial parks business. A strong brand supports pre-sales across price points.
What to watch: Track pre-sales bookings, new launches and collections from ongoing projects.
Thermax vs PN Gadgil Jewellers vs Lodha Developers on Key Financials
The table below sets the three boiler, jewellery and housing developer 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 |
|---|---|---|---|---|---|
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
| PN Gadgil Jewellers | 2,586 | 10,827 | 43.0% | 410 | 3.8% |
| Lodha Developers | 9,525 | 17,120 | 15.8% | 3,431 | 20.0% |
PN Gadgil Jewellers posts the highest return on equity in this group at 20.9%. Lodha Developers has the largest FY26 revenue at Rs 17,120 crore, and PN Gadgil Jewellers shows the fastest revenue growth with a 43.0% compound annual rate. A useful habit with boiler, jewellery and housing developer 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 |
|---|---|---|---|
| Thermax | 2,223 | 2,371 | 6.6% |
| PN Gadgil Jewellers | 1,727 | 2,423 | 40.3% |
| Lodha Developers | 3,625 | 5,097 | 40.6% |
Key Risks to Check Before Investing in Boiler, Jewellery and Housing Developer Stocks
Every theme carries risks that deserve a check before any decision. For these boiler, jewellery and housing developer stocks, the main points are: Long-term heating plant, gold ornament and real estate shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Capital spending cycles. Customer investment in plants and equipment can vary.
- Consumer spending. Sales follow festivals, incomes and consumer mood.
- Housing cycles. Real estate and building demand can vary with rates and sentiment.
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 boiler, jewellery and housing developer stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Boiler, Jewellery and Housing Developer Stocks
Boiler, jewellery and housing developer stocks work best when investors track growth, valuation and return on equity side by side. Thermax, PN Gadgil Jewellers and Lodha Developers each have a clear plan to grow. Based on the 11 November 2026 close, Thermax trades at Rs 2,725.4, PN Gadgil Jewellers at Rs 629.45 and Lodha Developers at Rs 1,174.5. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these boiler, jewellery and housing developer 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 boiler, jewellery and housing developer stocks?
Ans. Boiler, jewellery and housing developer stocks are listed companies that build boilers, chillers and water and air treatment plants, run gold and diamond jewellery stores across many cities, and develop residential and commercial real estate projects. Their earnings depend on industrial investment, jewellery sales and housing demand. This list looks at three of them, Thermax, PN Gadgil Jewellers and Lodha Developers, using reported FY22 to FY26 financials and the 11 November 2026 closing prices.
Which boiler, jewellery and housing developer stocks are covered in this list?
Ans. This list covers Thermax, PN Gadgil Jewellers and Lodha Developers. Based on the 11 November 2026 close, Thermax traded at Rs 2,725.4, PN Gadgil Jewellers at Rs 629.45 and Lodha Developers at Rs 1,174.5. Their return on equity ranges from 13.0% to 20.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 43.0%.
Why do boiler, jewellery and housing developer stocks have a strong future roadmap in India?
Ans. Boiler, jewellery and housing developer stocks have a strong roadmap in India because heavy industrial investment in clean energy, a steady shift to branded jewellery and strong demand for new homes keep widening the market for these companies. The main drivers are as follows. Energy equipment. Industry adds efficient heating and cooling. Jewellery. Shoppers prefer certified branded ornaments. Real estate. Families and firms seek new homes and offices. Together these factors give the companies on this list a visible path for growth over the coming years.
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.
How has PN Gadgil Jewellers performed financially?
Ans. Revenue rose from Rs 2,586 crore in FY22 to Rs 10,827 crore in FY26, a compound annual growth rate of 43.0%. Net profit grew from Rs 69.5 crore in FY22 to Rs 410 crore in FY26, which works out to a compound annual growth rate of 55.8%. In the June 2026 quarter, revenue grew 40.3% year on year to Rs 2,423 crore, while net profit rose 51.9% to Rs 105 crore. The company has a return on equity of 20.9%, a debt to equity ratio of 0.89 and a market capitalisation of Rs 8,435 crore. The stock trades at a P/E of 18.9, below the industry P/E of 44.2. Looking ahead, the company is opening new stores across Maharashtra and neighbouring states and is widening its range of gold and silver jewellery. A strong regional brand helps it win repeat customers.
How has Lodha Developers performed financially?
Ans. Revenue rose from Rs 9,525 crore in FY22 to Rs 17,120 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 1,208 crore in FY22 to Rs 3,431 crore in FY26, which works out to a compound annual growth rate of 29.8%. In the June 2026 quarter, revenue grew 40.6% year on year to Rs 5,097 crore, while net profit rose 103.4% to Rs 1,373 crore. The company has a return on equity of 14.7%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 100,506 crore. The stock trades at a P/E of 24.3, below the industry P/E of 30.7. Looking ahead, the company is launching new projects in its core micro-markets while growing its land bank and its industrial parks business. A strong brand supports pre-sales across price points.
What risks should investors check before buying boiler, jewellery and housing developer stocks?
Ans. Investors should check a few risks before buying boiler, jewellery and housing developer stocks. Capital spending cycles. Customer investment in plants and equipment can vary. Consumer spending. Sales follow festivals, incomes and consumer mood. Housing cycles. Real estate and building demand can vary with rates and sentiment. 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 boiler, jewellery and housing developer stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 11 November 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.
