3 Air Compressors, Turbine Generators and Cryogenic Equipment Stocks With a Strong Future Roadmap: Elgi Equipments, TD Power Systems and Inox India
- October 21, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Elgi Equipments, TD Power Systems and Inox India: ROE of 19.3% to 23.1% and FY22 to FY26 revenue CAGR of 12.1% to 23.2%. Prices as of 20 Oct 2026.
Quick Answer
The three industrial equipment stocks to watch are Elgi Equipments, TD Power Systems and Inox India. Their return on equity ranges from 19.3% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.1% to 23.2%. Inox India has the highest return on equity at 23.1%, while TD Power Systems has the fastest revenue growth at 23.2% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Industrial equipment stocks give investors exposure to the machines that factories, power plants and gas networks need when they expand. Elgi Equipments, TD Power Systems and Inox India make air compressors, turbine generators and cryogenic storage equipment.
This list covers three industrial equipment stocks with complete current figures: Elgi Equipments, TD Power Systems and Inox India. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Industrial Equipment Stocks?
Industrial equipment stocks are listed companies that design and make engineered machines such as compressors, generators and storage tanks. Orders follow industrial investment, so their revenue rises when plants are built or upgraded.
Industrial Equipment Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Elgi Equipments | 544.35 | 17,259 | 38.5 | 44.4 | 19.3 | 0.24 |
| TD Power Systems | 737 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
| Inox India | 1,999.4 | 18,179 | 71.3 | 22.4 | 23.1 | 0.07 |
On valuation, Elgi Equipments trades at a P/E below the industry P/E, while TD Power Systems and Inox India trade above it, which reflects the growth the market already expects. Readers comparing industrial equipment stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Industrial Equipment Stocks Have a Strong Roadmap in India?
Industrial equipment stocks have a strong roadmap in India because new factories, power capacity and gas infrastructure all need engineered equipment made to demanding standards.
- Manufacturing investment. New plants and upgrades create steady orders for compressors and process equipment.
- Power capacity. Generators and turbines are needed as power generation expands.
- Clean gas storage. Cryogenic tanks serve industrial gases, LNG and hydrogen applications.
Why Elgi Equipments Features Among These Industrial Equipment Stocks
Among the industrial equipment stocks on this list, Elgi Equipments, based in Coimbatore, is a major manufacturer of air compressors for industrial customers, selling in India and in international markets through its own subsidiaries.
In the June 2026 quarter, revenue grew 22.1% year on year to Rs 1,083 crore, while net profit rose 20.7% to Rs 103 crore. Revenue rose from Rs 2,580 crore in FY22 to Rs 4,068 crore in FY26, a compound annual growth rate of 12.1%.
Net profit grew from Rs 178 crore in FY22 to Rs 430 crore in FY26, which works out to a compound annual growth rate of 24.6%. The company has a return on equity of 19.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 17,259 crore. The stock trades at a P/E of 38.5, below the industry P/E of 44.4.
Roadmap: The company is growing its oil-free and energy-efficient compressor range and building a service-led annuity through spares and aftermarket support. International units add geographic spread, and automation in manufacturing improves efficiency.
What to watch: Follow industrial capital spending trends and the contribution of international subsidiaries.
Why TD Power Systems Features Among These Industrial Equipment Stocks
Among the industrial equipment shares on this list, TD Power Systems, based in Bengaluru, manufactures generators for steam, gas, hydro and wind turbines and serves customers in India and overseas.
The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9.
Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%.
Roadmap: The company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
What to watch: Follow export order inflows and capacity utilisation at the new facilities.
Why Inox India Features Among These Industrial Equipment Stocks
Among the three companies 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.
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.
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.
Elgi Equipments vs TD Power Systems vs Inox India on Key Financials
The table below sets the three industrial 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 |
|---|---|---|---|---|---|
| Elgi Equipments | 2,580 | 4,068 | 12.1% | 430 | 10.6% |
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
| Inox India | 804 | 1,632 | 19.4% | 258 | 15.8% |
Inox India posts the highest return on equity in this group at 23.1%. Elgi Equipments has the largest FY26 revenue at Rs 4,068 crore, and TD Power Systems shows the fastest revenue growth with a 23.2% compound annual rate. A useful habit with industrial equipment stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Industrial Equipment Stocks
Every theme carries risks that deserve a check before any decision. For these industrial equipment stocks, the main points are:
- Order timing. Equipment orders can be lumpy and shift revenue between quarters.
- Export exposure. A share of sales depends on demand in other countries.
- Input costs. Steel and component prices influence margins.
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 industrial equipment stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Industrial Equipment Stocks
Industrial equipment stocks suit investors who watch order books and margins through the investment cycle. Elgi Equipments, TD Power Systems and Inox India each build engineered products with long customer ties. Based on the 20 October 2026 close, Elgi Equipments trades at Rs 544.35, TD Power Systems at Rs 737 and Inox India at Rs 1,999.4.
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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 industrial equipment stocks?
Ans. Industrial equipment stocks are listed companies that design and make engineered machines such as compressors, generators and storage tanks. Orders follow industrial investment, so their revenue rises when plants are built or upgraded. This list looks at three of them, Elgi Equipments, TD Power Systems and Inox India, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which industrial equipment stocks are covered in this list?
Ans. This list covers Elgi Equipments, TD Power Systems and Inox India. Based on the 20 October 2026 close, Elgi Equipments traded at Rs 544.35, TD Power Systems at Rs 737 and Inox India at Rs 1,999.4. Their return on equity ranges from 19.3% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.1% to 23.2%.
Why do industrial equipment stocks have a strong future roadmap in India?
Ans. Industrial equipment stocks have a strong roadmap in India because new factories, power capacity and gas infrastructure all need engineered equipment made to demanding standards. The main drivers are as follows. Manufacturing investment. New plants and upgrades create steady orders for compressors and process equipment. Power capacity. Generators and turbines are needed as power generation expands. Clean gas storage. Cryogenic tanks serve industrial gases, LNG and hydrogen applications. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Elgi Equipments performed financially?
Ans. Revenue rose from Rs 2,580 crore in FY22 to Rs 4,068 crore in FY26, a compound annual growth rate of 12.1%. Net profit grew from Rs 178 crore in FY22 to Rs 430 crore in FY26, which works out to a compound annual growth rate of 24.6%. In the June 2026 quarter, revenue grew 22.1% year on year to Rs 1,083 crore, while net profit rose 20.7% to Rs 103 crore. The company has a return on equity of 19.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 17,259 crore. The stock trades at a P/E of 38.5, below the industry P/E of 44.4. Looking ahead, the company is growing its oil-free and energy-efficient compressor range and building a service-led annuity through spares and aftermarket support. International units add geographic spread, and automation in manufacturing improves efficiency.
How has TD Power Systems performed financially?
Ans. Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%. The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9. Looking ahead, the company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
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.
What risks should investors check before buying industrial equipment stocks?
Ans. Investors should check a few risks before buying industrial equipment stocks. Order timing. Equipment orders can be lumpy and shift revenue between quarters. Export exposure. A share of sales depends on demand in other countries. Input costs. Steel and component prices influence margins. 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 industrial equipment stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 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.
