3 Abrasives and Ceramics, Cryogenic Storage and Engines and Power Systems Stocks With a Strong Future Roadmap: Grindwell Norton, Inox India and Cummins India
- October 22, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Grindwell Norton, Inox India and Cummins India: ROE of 16.4% to 27.9% and FY22 to FY26 revenue CAGR of 11.3% to 19.4%. Prices as of 21 Oct 2026.
Quick Answer
The three abrasive, cryogenic and engine stocks to watch are Grindwell Norton, Inox India and Cummins India. Their return on equity ranges from 16.4% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 19.4%. Cummins India has the highest return on equity at 27.9%, while Inox India has the fastest revenue growth at 19.4% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Abrasive, cryogenic and engine stocks let investors follow makers of industrial products that factories and projects depend on. Grindwell Norton, Inox India and Cummins India cover abrasives and ceramics, cryogenic storage systems, and engines and power systems.
This list covers three abrasive, cryogenic and engine stocks with complete current figures: Grindwell Norton, Inox India and Cummins India. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Abrasive, Cryogenic and Engine Stocks?
Abrasive, cryogenic and engine stocks are listed companies that make grinding products, cryogenic tanks and engines for industrial customers. Their earnings depend on factory activity, project orders and aftermarket demand.
Abrasive, Cryogenic and Engine Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Grindwell Norton | 1,873.1 | 20,188 | 46.1 | 44.4 | 16.4 | 0.02 |
| Inox India | 1,930.1 | 18,179 | 71.3 | 22.4 | 23.1 | 0.07 |
| Cummins India | 4,440 | 127,515 | 53.9 | 44.4 | 27.9 | 0.00 |
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 abrasive, cryogenic and engine stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Abrasive, Cryogenic and Engine Stocks Have a Strong Roadmap in India?
Abrasive, cryogenic and engine stocks have a strong roadmap in India because factory investment, gas storage needs and rising demand for backup power are lifting orders.
- Factory activity. Manufacturing growth raises demand for abrasives.
- Gas storage. LNG, industrial gas and clean fuel projects need cryogenic tanks.
- Power backup. Data centres and factories need dependable power systems.
Why Grindwell Norton Features Among These Abrasive, Cryogenic and Engine Stocks
Among the abrasive, cryogenic and engine stocks on this list, Grindwell Norton, a Saint-Gobain group company, makes abrasives, ceramics and plastics products, including grinding wheels, coated abrasives and silicon carbide.
Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%. Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%.
In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4.
Roadmap: Demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
What to watch: Keep tabs on industrial activity and input costs for raw materials such as silicon carbide.
Why Inox India Features Among These Abrasive, Cryogenic and Engine Stocks
Among the cryogenic tank shares on this list, Inox India, based in Vadodara, is a leading maker of cryogenic tanks and systems used to store and transport industrial gases, LNG and other liquefied gases.
In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%.
Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P/E of 71.3, above the industry P/E of 22.4.
Roadmap: Demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.
What to watch: Monitor order inflow from LNG and industrial gas customers, as large orders can shape quarterly numbers.
Why Cummins India Features Among These Abrasive, Cryogenic and Engine Stocks
Among the three companies on this list, Cummins India makes diesel and natural gas engines, generator sets, filtration products and power systems for infrastructure, data centres and industrial customers, and it also exports.
The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4.
Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%. In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore.
Roadmap: The company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
What to watch: Track demand from data centres and new infrastructure and the growth of exports.
Grindwell Norton vs Inox India vs Cummins India on Key Financials
The table below sets the three abrasive, cryogenic and engine 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 |
|---|---|---|---|---|---|
| Grindwell Norton | 2,066 | 3,168 | 11.3% | 417 | 13.2% |
| Inox India | 804 | 1,632 | 19.4% | 258 | 15.8% |
| Cummins India | 6,414 | 12,661 | 18.5% | 2,362 | 18.7% |
Cummins India posts the highest return on equity in this group at 27.9%. Cummins India has the largest FY26 revenue at Rs 12,661 crore, and Inox India shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with abrasive, cryogenic and engine 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 |
|---|---|---|---|
| Grindwell Norton | 727 | 828 | 13.8% |
| Inox India | 352 | 382 | 8.3% |
| Cummins India | 3,041 | 3,563 | 17.2% |
Key Risks to Check Before Investing in Abrasive, Cryogenic and Engine Stocks
Every theme carries risks that deserve a check before any decision. For these abrasive, cryogenic and engine stocks, the main points are: Long-term cryogenic tank shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Investment cycles. Industrial spending can slow if customers delay projects.
- Order timing. Large orders may be recorded unevenly across quarters.
- 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 abrasive, cryogenic and engine stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Abrasive, Cryogenic and Engine Stocks
Abrasive, cryogenic and engine stocks reward investors who follow order books, utilisation and margins together. Grindwell Norton, Inox India and Cummins India each serve core industrial needs. Based on the 21 October 2026 close, Grindwell Norton trades at Rs 1,873.1, Inox India at Rs 1,930.1 and Cummins India at Rs 4,440. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these abrasive, cryogenic and engine stocks to a watchlist.
Download the Univest iOS App or Univest Android App to track abrasive, cryogenic and engine stocks, set price alerts and get research-backed stock ideas.
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 abrasive, cryogenic and engine stocks?
Ans. Abrasive, cryogenic and engine stocks are listed companies that make grinding products, cryogenic tanks and engines for industrial customers. Their earnings depend on factory activity, project orders and aftermarket demand. This list looks at three of them, Grindwell Norton, Inox India and Cummins India, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which abrasive, cryogenic and engine stocks are covered in this list?
Ans. This list covers Grindwell Norton, Inox India and Cummins India. Based on the 21 October 2026 close, Grindwell Norton traded at Rs 1,873.1, Inox India at Rs 1,930.1 and Cummins India at Rs 4,440. Their return on equity ranges from 16.4% to 27.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 19.4%.
Why do abrasive, cryogenic and engine stocks have a strong future roadmap in India?
Ans. Abrasive, cryogenic and engine stocks have a strong roadmap in India because factory investment, gas storage needs and rising demand for backup power are lifting orders. The main drivers are as follows. Factory activity. Manufacturing growth raises demand for abrasives. Gas storage. LNG, industrial gas and clean fuel projects need cryogenic tanks. Power backup. Data centres and factories need dependable power systems. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Grindwell Norton performed financially?
Ans. Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%. Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4. Looking ahead, demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
How has Inox India performed financially?
Ans. Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P/E of 71.3, above the industry P/E of 22.4. Looking ahead, demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.
How has Cummins India performed financially?
Ans. Revenue rose from Rs 6,414 crore in FY22 to Rs 12,661 crore in FY26, a compound annual growth rate of 18.5%. Net profit grew from Rs 934 crore in FY22 to Rs 2,362 crore in FY26, which works out to a compound annual growth rate of 26.1%. In the June 2026 quarter, revenue grew 17.2% year on year to Rs 3,563 crore, while net profit rose 0.9% to Rs 609 crore. The company has a return on equity of 27.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 127,515 crore. The stock trades at a P/E of 53.9, above the industry P/E of 44.4. Looking ahead, the company benefits from demand for backup power at data centres, infrastructure projects and industrial plants, and it is widening its export base. A debt-free balance sheet supports capacity additions and new product lines.
What risks should investors check before buying abrasive, cryogenic and engine stocks?
Ans. Investors should check a few risks before buying abrasive, cryogenic and engine stocks. Investment cycles. Industrial spending can slow if customers delay projects. Order timing. Large orders may be recorded unevenly across quarters. 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 abrasive, cryogenic and engine stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 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.
