3 Alternators, Defence Electronics and Power Cables Stocks With a Strong Future Roadmap: TD Power Systems, HBL Engineering and KEI Industries
- October 21, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
TD Power Systems, HBL Engineering and KEI Industries: ROE of 13.8% to 36.8% and FY22 to FY26 revenue CAGR of 20.0% to 28.0%. Prices as of 20 Oct 2026.
Quick Answer
The three electrical infrastructure stocks to watch are TD Power Systems, HBL Engineering and KEI Industries. Their return on equity ranges from 13.8% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.0% to 28.0%. HBL Engineering leads on both return on equity at 36.8% and revenue growth at 28.0% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Electrical infrastructure stocks give investors exposure to the equipment that keeps power flowing and systems running. TD Power Systems, HBL Engineering and KEI Industries cover generators for turbines, specialised batteries and defence electronics and power cables.
This list covers three electrical infrastructure stocks with complete current figures: TD Power Systems, HBL Engineering and KEI Industries. 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 Electrical Infrastructure Stocks?
Electrical infrastructure stocks are listed companies that make generators, batteries, electronics and cables for utilities, industry and defence customers. Their earnings follow project spending, order books and exports.
Electrical Infrastructure Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| TD Power Systems | 737 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
| HBL Engineering | 812.95 | 22,507 | 28.8 | 36.9 | 36.8 | 0.03 |
| KEI Industries | 4,442 | 42,514 | 42.6 | 45.1 | 13.8 | 0.04 |
On valuation, HBL Engineering and KEI Industries trade at a P/E below the industry P/E, while TD Power Systems trades above it, which reflects the growth the market already expects. Readers comparing electrical infrastructure stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Electrical Infrastructure Stocks Have a Strong Roadmap in India?
Electrical infrastructure stocks have a strong roadmap in India because power projects, railway electrification, defence needs and building activity all require reliable electrical equipment.
- Power projects. New thermal, hydro and wind plants need generators.
- Defence and railways. Specialised batteries and electronics serve strategic users.
- Cable demand. Infrastructure and housing use large volumes of cables and wires.
Why TD Power Systems Features Among These Electrical Infrastructure Stocks
Among the electrical infrastructure stocks 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.
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.
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 HBL Engineering Features Among These Electrical Infrastructure Stocks
Among the alternator and cable shares on this list, HBL Engineering, formerly HBL Power Systems, makes specialised batteries, defence electronics, railway safety systems, and electronics for aerospace and industrial use.
The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9.
Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%. Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore.
Roadmap: The company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
What to watch: Monitor large railway and defence orders and their execution schedules.
Why KEI Industries Features Among These Electrical Infrastructure Stocks
Among the three companies on this list, KEI Industries makes power cables, house wires, and extra high voltage cables, and also offers engineering, procurement and construction services for power projects.
Revenue rose from Rs 5,742 crore in FY22 to Rs 11,906 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 376 crore in FY22 to Rs 918 crore in FY26, which works out to a compound annual growth rate of 25.0%.
In the June 2026 quarter, revenue grew 21.9% year on year to Rs 3,205 crore, while net profit rose 40.0% to Rs 274 crore. The company has a return on equity of 13.8%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 42,514 crore. The stock trades at a P/E of 42.6, below the industry P/E of 45.1.
Roadmap: The company benefits from the demand for cables in power transmission, housing and industrial projects, and is expanding capacity to meet it. Rising exports and the shift to branded wires add further growth drivers.
What to watch: Check the capacity additions and the share of the retail business in revenue.
TD Power Systems vs HBL Engineering vs KEI Industries on Key Financials
The table below sets the three electrical infrastructure 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 |
|---|---|---|---|---|---|
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
| HBL Engineering | 1,251 | 3,362 | 28.0% | 814 | 24.2% |
| KEI Industries | 5,742 | 11,906 | 20.0% | 918 | 7.7% |
HBL Engineering posts the highest return on equity in this group at 36.8%. KEI Industries has the largest FY26 revenue at Rs 11,906 crore, and HBL Engineering shows the fastest revenue growth with a 28.0% compound annual rate.
Key Risks to Check Before Investing in Electrical Infrastructure Stocks
Every theme carries risks that deserve a check before any decision. For these electrical infrastructure stocks, the main points are:
- Order timing. Project awards can vary between quarters.
- Metal prices. Copper and aluminium costs influence 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 electrical infrastructure stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Electrical Infrastructure Stocks
Electrical infrastructure stocks suit investors who follow order books and capacity additions. TD Power Systems, HBL Engineering and KEI Industries each serve a different group of buyers with a clear plan for growth. Based on the 20 October 2026 close, TD Power Systems trades at Rs 737, HBL Engineering at Rs 812.95 and KEI Industries at Rs 4,442.
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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 electrical infrastructure stocks?
Ans. Electrical infrastructure stocks are listed companies that make generators, batteries, electronics and cables for utilities, industry and defence customers. Their earnings follow project spending, order books and exports. This list looks at three of them, TD Power Systems, HBL Engineering and KEI Industries, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which electrical infrastructure stocks are covered in this list?
Ans. This list covers TD Power Systems, HBL Engineering and KEI Industries. Based on the 20 October 2026 close, TD Power Systems traded at Rs 737, HBL Engineering at Rs 812.95 and KEI Industries at Rs 4,442. Their return on equity ranges from 13.8% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 20.0% to 28.0%.
Why do electrical infrastructure stocks have a strong future roadmap in India?
Ans. Electrical infrastructure stocks have a strong roadmap in India because power projects, railway electrification, defence needs and building activity all require reliable electrical equipment. The main drivers are as follows. Power projects. New thermal, hydro and wind plants need generators. Defence and railways. Specialised batteries and electronics serve strategic users. Cable demand. Infrastructure and housing use large volumes of cables and wires. Together these factors give the companies on this list a visible path for growth over the coming years.
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 HBL Engineering performed financially?
Ans. Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%. Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore. The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9. Looking ahead, the company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
How has KEI Industries performed financially?
Ans. Revenue rose from Rs 5,742 crore in FY22 to Rs 11,906 crore in FY26, a compound annual growth rate of 20.0%. Net profit grew from Rs 376 crore in FY22 to Rs 918 crore in FY26, which works out to a compound annual growth rate of 25.0%. In the June 2026 quarter, revenue grew 21.9% year on year to Rs 3,205 crore, while net profit rose 40.0% to Rs 274 crore. The company has a return on equity of 13.8%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 42,514 crore. The stock trades at a P/E of 42.6, below the industry P/E of 45.1. Looking ahead, the company benefits from the demand for cables in power transmission, housing and industrial projects, and is expanding capacity to meet it. Rising exports and the shift to branded wires add further growth drivers.
What risks should investors check before buying electrical infrastructure stocks?
Ans. Investors should check a few risks before buying electrical infrastructure stocks. Order timing. Project awards can vary between quarters. Metal prices. Copper and aluminium costs influence 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 electrical infrastructure 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.