3 Engineering Consultancy and Projects, Cryogenic Tanks and Systems and Energy and Environment Solutions Stocks With a Strong Future Roadmap: Engineers India, Inox India and Thermax
- October 23, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Engineers India, Inox India and Thermax: ROE of 13.0% to 23.1% and FY22 to FY26 revenue CAGR of 7.9% to 19.4%. Prices as of 22 Oct 2026.
Quick Answer
The three engineering consultancy and cryogenic stocks to watch are Engineers India, Inox India and Thermax. Their return on equity ranges from 13.0% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.9% to 19.4%. Inox India leads on both return on equity at 23.1% and revenue growth at 19.4% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.
Engineering consultancy and cryogenic stocks let investors follow companies that design and equip industrial projects. Engineers India, Inox India and Thermax cover engineering consultancy and projects, cryogenic tanks and systems and energy and environment solutions.
This list covers three engineering consultancy and cryogenic stocks with complete current figures: Engineers India, Inox India and Thermax. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.
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What Are Engineering Consultancy and Cryogenic Stocks?
Engineering consultancy and cryogenic stocks are listed companies that provide project design, storage systems for industrial gases and boilers and environment equipment. Their earnings depend on order inflows, execution and aftermarket revenue.
Engineering Consultancy and Cryogenic Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Engineers India | 259.95 | 15,096 | 19.2 | 22.7 | 22.0 | 0.01 |
| Inox India | 1,930.1 | 18,179 | 71.3 | 22.4 | 23.1 | 0.07 |
| Thermax | 3,161.3 | 38,542 | 65.2 | 43.9 | 13.0 | 0.42 |
On valuation, Engineers India trades at a P/E below the industry P/E, while Inox India and Thermax trade above it, which reflects the growth the market already expects. Readers comparing engineering consultancy and cryogenic stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Engineering Consultancy and Cryogenic Stocks Have a Strong Roadmap in India?
Engineering consultancy and cryogenic stocks have a strong roadmap in India because refining, gas, hydrogen and manufacturing projects keep creating demand for engineering skills and specialised equipment.
- Project pipeline. Oil, gas and chemical projects need design and management.
- Gas infrastructure. LNG and industrial gas demand lift cryogenic equipment.
- Clean energy solutions. Heating, cooling and pollution control grow with regulation.
Why Engineers India Features Among These Engineering Consultancy and Cryogenic Stocks
Among the engineering consultancy and cryogenic stocks on this list, Engineers India is a public sector engineering consultancy and project company that provides design, project management and construction services to oil, gas, petrochemical, fertiliser and infrastructure clients.
Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%.
The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P/E of 19.2, below the industry P/E of 22.7.
Roadmap: The company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.
What to watch: Monitor order inflow from refinery and petrochemical projects and execution of existing mandates.
Why Inox India Features Among These Engineering Consultancy and Cryogenic Stocks
Among the energy and environment solution 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.
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.
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.
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 Thermax Features Among These Engineering Consultancy and Cryogenic Stocks
Among the three companies on this list, Thermax is a Pune-based engineering company that provides energy and environment solutions, including boilers, heating and cooling systems, water and waste treatment, air pollution control and speciality chemicals.
Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%.
In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9.
Roadmap: Industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.
What to watch: Monitor order inflow across its energy and environment segments.
Engineers India vs Inox India vs Thermax on Key Financials
The table below sets the three engineering consultancy and cryogenic 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 |
|---|---|---|---|---|---|
| Engineers India | 3,043 | 4,123 | 7.9% | 692 | 16.8% |
| Inox India | 804 | 1,632 | 19.4% | 258 | 15.8% |
| Thermax | 6,255 | 11,041 | 15.3% | 720 | 6.5% |
Inox India posts the highest return on equity in this group at 23.1%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Inox India shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with engineering consultancy and cryogenic stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Engineering Consultancy and Cryogenic Stocks
Every theme carries risks that deserve a check before any decision. For these engineering consultancy and cryogenic stocks, the main points are:
- Order timing. Large orders can shift between quarters.
- Execution risk. Complex projects need careful delivery.
- 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 engineering consultancy and cryogenic stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Engineering Consultancy and Cryogenic Stocks
Engineering consultancy and cryogenic stocks reward investors who follow orders, execution and aftermarket revenue together. Engineers India, Inox India and Thermax each serve a durable industrial need. Based on the 22 October 2026 close, Engineers India trades at Rs 259.95, Inox India at Rs 1,930.1 and Thermax at Rs 3,161.3.
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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 engineering consultancy and cryogenic stocks?
Ans. Engineering consultancy and cryogenic stocks are listed companies that provide project design, storage systems for industrial gases and boilers and environment equipment. Their earnings depend on order inflows, execution and aftermarket revenue. This list looks at three of them, Engineers India, Inox India and Thermax, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.
Which engineering consultancy and cryogenic stocks are covered in this list?
Ans. This list covers Engineers India, Inox India and Thermax. Based on the 22 October 2026 close, Engineers India traded at Rs 259.95, Inox India at Rs 1,930.1 and Thermax at Rs 3,161.3. Their return on equity ranges from 13.0% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.9% to 19.4%.
Why do engineering consultancy and cryogenic stocks have a strong future roadmap in India?
Ans. Engineering consultancy and cryogenic stocks have a strong roadmap in India because refining, gas, hydrogen and manufacturing projects keep creating demand for engineering skills and specialised equipment. The main drivers are as follows. Project pipeline. Oil, gas and chemical projects need design and management. Gas infrastructure. LNG and industrial gas demand lift cryogenic equipment. Clean energy solutions. Heating, cooling and pollution control grow with regulation. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Engineers India performed financially?
Ans. Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%. The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P/E of 19.2, below the industry P/E of 22.7. Looking ahead, the company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.
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 Thermax performed financially?
Ans. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.
What risks should investors check before buying engineering consultancy and cryogenic stocks?
Ans. Investors should check a few risks before buying engineering consultancy and cryogenic stocks. Order timing. Large orders can shift between quarters. Execution risk. Complex projects need careful delivery. 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 engineering consultancy and cryogenic stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 22 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.
