3 Defence and Railway Electronics Maker, Vehicle Lighting Supplier and Decorative Components Specialist Stocks With a Strong Future Roadmap: HBL Engineering, Varroc Engineering and SJS Enterprises
- October 29, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
HBL Engineering, Varroc Engineering and SJS Enterprises: ROE of 14.3% to 36.8% and FY22 to FY26 revenue CAGR of 11.0% to 28.0%. Prices as of 28 Oct 2026.
Quick Answer
The three defence electronics, lamps and decorative parts to watch are HBL Engineering, Varroc Engineering and SJS Enterprises. Their return on equity ranges from 14.3% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% 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 28 October 2026 close, and this article is educational, not investment advice.
Defence electronics, lamps and decorative parts let investors follow companies that serve a growing part of the Indian economy. HBL Engineering, Varroc Engineering and SJS Enterprises cover a defence and railway electronics maker, a vehicle lighting supplier and a decorative components specialist.
This list covers three defence electronics, lamps and decorative parts with complete current figures: HBL Engineering, Varroc Engineering and SJS Enterprises. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.
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What Are Defence Electronics, Lamps and Decorative Parts?
Defence electronics, lamps and decorative parts are listed companies that make specialised batteries and electronics for defence and railways, supply lighting, polymer and electrical parts to vehicle makers and produce decorative badges, lenses and appliques. Their earnings depend on defence and railway orders and vehicle output.
Defence Electronics, Lamps and Decorative Parts at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| HBL Engineering | 809.95 | 22,507 | 28.8 | 36.9 | 36.8 | 0.03 |
| Varroc Engineering | 807.5 | 12,256 | 61.2 | 36.9 | 14.3 | 0.52 |
| SJS Enterprises | 2,046.8 | 6,459 | 30.5 | 36.9 | 19.7 | 0.03 |
On valuation, HBL Engineering and SJS Enterprises trade at a P/E below the industry P/E, while Varroc Engineering trades above it, which reflects the growth the market already expects. Readers comparing defence electronics, lamps and decorative parts should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Defence Electronics, Lamps and Decorative Parts Have a Strong Roadmap in India?
Defence electronics, lamps and decorative parts have a strong roadmap in India because local sourcing in defence, railway safety upgrades and higher demand for premium vehicle styling keep widening the order pipeline for these engineering and component companies.
- Defence sourcing. Local production lifts orders for electronics.
- Vehicle lighting. New models use advanced lamp systems.
- Premium styling. Buyers prefer finished and decorated parts.
Why HBL Engineering Features Among These Defence Electronics, Lamps and Decorative Parts
Among the defence electronics, lamps and decorative parts on this list, HBL Engineering, formerly HBL Power Systems, makes specialised batteries, defence electronics, railway safety systems, and electronics for aerospace and industrial use.
In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore. 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%. 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.
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 Varroc Engineering Features Among These Defence Electronics, Lamps and Decorative Parts
Among the railway and defence batteries, lamps and cosmetic component shares on this list, Varroc Engineering is a Maharashtra-based automotive component maker with a focus on exterior lighting systems, electrical and electronic parts and polymer products for two-wheeler, passenger car and commercial vehicle makers across the world.
The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9.
Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore.
Roadmap: The company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
What to watch: Monitor order wins in lighting and the growth of content per vehicle.
Why SJS Enterprises Features Among These Defence Electronics, Lamps and Decorative Parts
Among the three companies on this list, SJS Enterprises makes decorative aesthetic parts such as lenses, badges, decals and appliqués for vehicles, along with products for consumer durables.
Revenue rose from Rs 374 crore in FY22 to Rs 973 crore in FY26, a compound annual growth rate of 27.0%. Net profit grew from Rs 55.0 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 32.9%.
In the June 2026 quarter, revenue grew 25.3% year on year to Rs 266 crore, while net profit rose 115.0% to Rs 74.4 crore. The company has a return on equity of 19.7%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 6,459 crore. The stock trades at a P/E of 30.5, below the industry P/E of 36.9.
Roadmap: Premium finishes, electric vehicle styling and a rising number of parts per vehicle widen its addressable market. The company has also acquired overseas and domestic businesses, which deepen its product range and customer mix.
What to watch: Follow how newly acquired units are integrated and how premium finishes contribute to the mix.
HBL Engineering vs Varroc Engineering vs SJS Enterprises on Key Financials
The table below sets the three defence electronics, lamps and decorative parts 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 |
|---|---|---|---|---|---|
| HBL Engineering | 1,251 | 3,362 | 28.0% | 814 | 24.2% |
| Varroc Engineering | 5,878 | 8,917 | 11.0% | 230 | 2.6% |
| SJS Enterprises | 374 | 973 | 27.0% | 172 | 17.7% |
HBL Engineering posts the highest return on equity in this group at 36.8%. Varroc Engineering has the largest FY26 revenue at Rs 8,917 crore, and HBL Engineering shows the fastest revenue growth with a 28.0% compound annual rate. A useful habit with defence electronics, lamps and decorative parts 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 |
|---|---|---|---|
| HBL Engineering | 621 | 659 | 6.0% |
| Varroc Engineering | 2,033 | 2,640 | 29.9% |
| SJS Enterprises | 212 | 266 | 25.3% |
Key Risks to Check Before Investing in Defence Electronics, Lamps and Decorative Parts
Every theme carries risks that deserve a check before any decision. For these defence electronics, lamps and decorative parts, the main points are: Long-term railway and defence batteries, lamps and cosmetic component shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards can shift between periods.
- Production cycles. Vehicle output can vary with demand.
- Input costs. Metal and material prices can move 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 defence electronics, lamps and decorative parts by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Defence Electronics, Lamps and Decorative Parts
Defence electronics, lamps and decorative parts reward investors who follow demand trends, order books and margins together. HBL Engineering, Varroc Engineering and SJS Enterprises each have a clear plan to expand. Based on the 28 October 2026 close, HBL Engineering trades at Rs 809.95, Varroc Engineering at Rs 807.5 and SJS Enterprises at Rs 2,046.8. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these defence electronics, lamps and decorative parts 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 defence electronics, lamps and decorative parts?
Ans. Defence electronics, lamps and decorative parts are listed companies that make specialised batteries and electronics for defence and railways, supply lighting, polymer and electrical parts to vehicle makers and produce decorative badges, lenses and appliques. Their earnings depend on defence and railway orders and vehicle output. This list looks at three of them, HBL Engineering, Varroc Engineering and SJS Enterprises, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.
Which defence electronics, lamps and decorative parts are covered in this list?
Ans. This list covers HBL Engineering, Varroc Engineering and SJS Enterprises. Based on the 28 October 2026 close, HBL Engineering traded at Rs 809.95, Varroc Engineering at Rs 807.5 and SJS Enterprises at Rs 2,046.8. Their return on equity ranges from 14.3% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 28.0%.
Why do defence electronics, lamps and decorative parts have a strong future roadmap in India?
Ans. Defence electronics, lamps and decorative parts have a strong roadmap in India because local sourcing in defence, railway safety upgrades and higher demand for premium vehicle styling keep widening the order pipeline for these engineering and component companies. The main drivers are as follows. Defence sourcing. Local production lifts orders for electronics. Vehicle lighting. New models use advanced lamp systems. Premium styling. Buyers prefer finished and decorated parts. Together these factors give the companies on this list a visible path for growth over the coming years.
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 Varroc Engineering performed financially?
Ans. Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P/E of 61.2, above the industry P/E of 36.9. Looking ahead, the company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.
How has SJS Enterprises performed financially?
Ans. Revenue rose from Rs 374 crore in FY22 to Rs 973 crore in FY26, a compound annual growth rate of 27.0%. Net profit grew from Rs 55.0 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 32.9%. In the June 2026 quarter, revenue grew 25.3% year on year to Rs 266 crore, while net profit rose 115.0% to Rs 74.4 crore. The company has a return on equity of 19.7%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 6,459 crore. The stock trades at a P/E of 30.5, below the industry P/E of 36.9. Looking ahead, premium finishes, electric vehicle styling and a rising number of parts per vehicle widen its addressable market. The company has also acquired overseas and domestic businesses, which deepen its product range and customer mix.
What risks should investors check before buying defence electronics, lamps and decorative parts?
Ans. Investors should check a few risks before buying defence electronics, lamps and decorative parts. Order timing. Project awards can shift between periods. Production cycles. Vehicle output can vary with demand. Input costs. Metal and material prices can move 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 defence electronics, lamps and decorative parts investment advice?
Ans. No. This article is educational and uses publicly available data as of the 28 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.
