3 Air Conditioning and Refrigeration Company, Bimetal Components Maker and Electronics Manufacturing Services Firm Stocks With a Strong Future Roadmap: Blue Star, Shivalik Bimetal and Syrma SGS Technology
- October 28, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Blue Star, Shivalik Bimetal and Syrma SGS Technology: ROE of 11.1% to 19.9% and FY22 to FY26 revenue CAGR of 15.3% to 39.4%. Prices as of 27 Oct 2026.
Quick Answer
The three cooling, electrical component and EMS stocks to watch are Blue Star, Shivalik Bimetal and Syrma SGS Technology. Their return on equity ranges from 11.1% to 19.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 39.4%. Shivalik Bimetal has the highest return on equity at 19.9%, while Syrma SGS Technology has the fastest revenue growth at 39.4% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Cooling, electrical component and EMS stocks give investors a way to track businesses that sit close to everyday demand in India. Blue Star, Shivalik Bimetal and Syrma SGS Technology cover an air conditioning and refrigeration company, a bimetal components maker and an electronics manufacturing services firm.
This list covers three cooling, electrical component and EMS stocks with complete current figures: Blue Star, Shivalik Bimetal and Syrma SGS Technology. 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 Cooling, Electrical Component and EMS Stocks?
Cooling, electrical component and EMS stocks are listed manufacturing companies that make cooling products, electrical contact components and electronic assemblies for homes, industry and vehicles. Their earnings depend on consumer demand, order books, commodity costs and capacity use.
Cooling, Electrical Component and EMS Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Blue Star | 1,526 | 32,243 | 63.3 | 43.1 | 15.4 | 0.24 |
| Shivalik Bimetal | 1,007.2 | 5,383 | 50.7 | 11.3 | 19.9 | 0.13 |
| Syrma SGS Technology | 1,519.6 | 29,841 | 74.3 | 73.6 | 11.1 | 0.14 |
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 cooling, electrical component and EMS stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Cooling, Electrical Component and EMS Stocks Have a Strong Roadmap in India?
Cooling, electrical component and EMS stocks have a strong roadmap in India because rising temperatures, growing appliance ownership and the shift of electronics manufacturing to India keep widening the market for domestic makers.
- Cooling demand. Warmer summers lift air conditioner sales.
- Electrical parts. Appliances and vehicles need contact components.
- Electronics build. Global brands move production to India.
Why Blue Star Features Among These Cooling, Electrical Component and EMS Stocks
Among the cooling, electrical component and EMS stocks on this list, Blue Star is an air conditioning and commercial refrigeration company that sells room air conditioners, cooling products and electro-mechanical projects across India.
The company has a return on equity of 15.4%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 32,243 crore. The stock trades at a P/E of 63.3, above the industry P/E of 43.1.
Revenue rose from Rs 6,100 crore in FY22 to Rs 12,464 crore in FY26, a compound annual growth rate of 19.6%. Net profit grew from Rs 168 crore in FY22 to Rs 527 crore in FY26, which works out to a compound annual growth rate of 33.1%. In the June 2026 quarter, revenue grew 13.4% year on year to Rs 3,399 crore.
Roadmap: The company benefits from rising air conditioner penetration, growth in commercial buildings and expansion of cold chain. A wide service network and trusted brand support market share.
What to watch: Track room air conditioner volumes, commercial cooling orders and project execution.
Why Shivalik Bimetal Features Among These Cooling, Electrical Component and EMS Stocks
Among the air conditioner and electronics maker shares on this list, Shivalik Bimetal Controls makes thermostatic bimetal strips, shunts and electrical contact components used in appliances, automobiles and electrical equipment, selling to customers in India and abroad.
Revenue rose from Rs 329 crore in FY22 to Rs 583 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 55.1 crore in FY22 to Rs 95.9 crore in FY26, which works out to a compound annual growth rate of 14.8%.
In the June 2026 quarter, revenue grew 33.7% year on year to Rs 186 crore, while net profit rose 44.9% to Rs 33.0 crore. The company has a return on equity of 19.9%, a debt to equity ratio of 0.13 and a market capitalisation of Rs 5,383 crore. The stock trades at a P/E of 50.7, above the industry P/E of 11.3.
Roadmap: The company is growing its shunt business for electric and hybrid vehicles and smart meters while adding new components for industrial and appliance customers. Its materials expertise supports a strong position in the niche.
What to watch: Follow shunt demand from electric vehicles and meters and new component launches.
Why Syrma SGS Technology Features Among These Cooling, Electrical Component and EMS Stocks
Among the three companies on this list, Syrma SGS Technology is an electronics manufacturing services company that makes printed circuit boards, box builds and electronic products for industrial, automotive, healthcare and consumer customers.
Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%.
The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6.
Roadmap: The company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
What to watch: Check order inflow from new customers and the ramp-up of new manufacturing lines.
Blue Star vs Shivalik Bimetal vs Syrma SGS Technology on Key Financials
The table below sets the three cooling, electrical component and EMS 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 |
|---|---|---|---|---|---|
| Blue Star | 6,100 | 12,464 | 19.6% | 527 | 4.2% |
| Shivalik Bimetal | 329 | 583 | 15.3% | 95.9 | 16.4% |
| Syrma SGS Technology | 1,284 | 4,857 | 39.4% | 346 | 7.1% |
Shivalik Bimetal posts the highest return on equity in this group at 19.9%. Blue Star has the largest FY26 revenue at Rs 12,464 crore, and Syrma SGS Technology shows the fastest revenue growth with a 39.4% compound annual rate. A useful habit with cooling, electrical component and EMS stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Cooling, Electrical Component and EMS Stocks
Every theme carries risks that deserve a check before any decision. For these cooling, electrical component and EMS stocks, the main points are: Long-term air conditioner and electronics maker shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Seasonal demand. Cooling sales can vary with the weather.
- 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 cooling, electrical component and EMS stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Cooling, Electrical Component and EMS Stocks
Cooling, electrical component and EMS stocks work best when investors track growth, valuation and return on equity side by side. Blue Star, Shivalik Bimetal and Syrma SGS Technology each have a clear plan to expand. Based on the 27 October 2026 close, Blue Star trades at Rs 1,526, Shivalik Bimetal at Rs 1,007.2 and Syrma SGS Technology at Rs 1,519.6.
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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 cooling, electrical component and EMS stocks?
Ans. Cooling, electrical component and EMS stocks are listed manufacturing companies that make cooling products, electrical contact components and electronic assemblies for homes, industry and vehicles. Their earnings depend on consumer demand, order books, commodity costs and capacity use. This list looks at three of them, Blue Star, Shivalik Bimetal and Syrma SGS Technology, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which cooling, electrical component and EMS stocks are covered in this list?
Ans. This list covers Blue Star, Shivalik Bimetal and Syrma SGS Technology. Based on the 27 October 2026 close, Blue Star traded at Rs 1,526, Shivalik Bimetal at Rs 1,007.2 and Syrma SGS Technology at Rs 1,519.6. Their return on equity ranges from 11.1% to 19.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 39.4%.
Why do cooling, electrical component and EMS stocks have a strong future roadmap in India?
Ans. Cooling, electrical component and EMS stocks have a strong roadmap in India because rising temperatures, growing appliance ownership and the shift of electronics manufacturing to India keep widening the market for domestic makers. The main drivers are as follows. Cooling demand. Warmer summers lift air conditioner sales. Electrical parts. Appliances and vehicles need contact components. Electronics build. Global brands move production to India. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Blue Star performed financially?
Ans. Revenue rose from Rs 6,100 crore in FY22 to Rs 12,464 crore in FY26, a compound annual growth rate of 19.6%. Net profit grew from Rs 168 crore in FY22 to Rs 527 crore in FY26, which works out to a compound annual growth rate of 33.1%. In the June 2026 quarter, revenue grew 13.4% year on year to Rs 3,399 crore. The company has a return on equity of 15.4%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 32,243 crore. The stock trades at a P/E of 63.3, above the industry P/E of 43.1. Looking ahead, the company benefits from rising air conditioner penetration, growth in commercial buildings and expansion of cold chain. A wide service network and trusted brand support market share.
How has Shivalik Bimetal performed financially?
Ans. Revenue rose from Rs 329 crore in FY22 to Rs 583 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 55.1 crore in FY22 to Rs 95.9 crore in FY26, which works out to a compound annual growth rate of 14.8%. In the June 2026 quarter, revenue grew 33.7% year on year to Rs 186 crore, while net profit rose 44.9% to Rs 33.0 crore. The company has a return on equity of 19.9%, a debt to equity ratio of 0.13 and a market capitalisation of Rs 5,383 crore. The stock trades at a P/E of 50.7, above the industry P/E of 11.3. Looking ahead, the company is growing its shunt business for electric and hybrid vehicles and smart meters while adding new components for industrial and appliance customers. Its materials expertise supports a strong position in the niche.
How has Syrma SGS Technology performed financially?
Ans. Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%. The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6. Looking ahead, the company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
What risks should investors check before buying cooling, electrical component and EMS stocks?
Ans. Investors should check a few risks before buying cooling, electrical component and EMS stocks. Seasonal demand. Cooling sales can vary with the weather. 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 cooling, electrical component and EMS 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.
