3 Fans and Switchgear, Abrasives and Mobile Cranes Stocks With a Strong Future Roadmap: Havells India, Grindwell Norton and Action Construction Equipment
- October 21, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Havells India, Grindwell Norton and Action Construction Equipment: ROE of 16.4% to 20.6% and FY22 to FY26 revenue CAGR of 11.3% to 19.9%. Prices as of 20 Oct 2026.
Quick Answer
The three electricals and equipment stocks to watch are Havells India, Grindwell Norton and Action Construction Equipment. Their return on equity ranges from 16.4% to 20.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 19.9%. Action Construction Equipment leads on both return on equity at 20.6% and revenue growth at 19.9% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Electricals and equipment stocks give investors exposure to products used in homes, factories and construction sites. Havells India, Grindwell Norton and Action Construction Equipment cover consumer electricals and cables, abrasives and ceramics and cranes and construction machines.
This list covers three electricals and equipment stocks with complete current figures: Havells India, Grindwell Norton and Action Construction Equipment. 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 Electricals and Equipment Stocks?
Electricals and equipment stocks are listed companies that make electrical products, industrial consumables and construction machinery. Their earnings follow housing activity, factory investment and infrastructure spending.
Electricals and Equipment Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Havells India | 1,102.7 | 68,928 | 42.2 | 44.3 | 17.9 | 0.03 |
| Grindwell Norton | 1,826.8 | 20,188 | 46.1 | 44.4 | 16.4 | 0.02 |
| Action Construction Equipment | 1,108.1 | 13,204 | 30.2 | 44.4 | 20.6 | 0.00 |
On valuation, Havells India and Action Construction Equipment trade at a P/E below the industry P/E, while Grindwell Norton trades above it, which reflects the growth the market already expects. Readers comparing electricals and 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 Electricals and Equipment Stocks Have a Strong Roadmap in India?
Electricals and equipment stocks have a strong roadmap in India because housing, manufacturing and infrastructure projects are all raising demand for electrical goods, industrial inputs and machinery.
- Housing and renovation. Homes need wiring, fans and switchgear.
- Factory activity. Abrasives and ceramics are consumed in metalworking and manufacturing.
- Construction spending. Cranes and machines are needed for roads, ports and buildings.
Why Havells India Features Among These Electricals and Equipment Stocks
Among the electricals and equipment stocks on this list, Havells India is a leading electrical products company that sells fans, lighting, switchgear, wires and cables, and consumer appliances, along with Lloyd air conditioners.
Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%.
In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P/E of 42.2, below the industry P/E of 44.3.
Roadmap: The company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.
What to watch: Check growth in the cables and Lloyd air conditioner businesses.
Why Grindwell Norton Features Among These Electricals and Equipment Stocks
Among the fans and switchgear shares on this list, Grindwell Norton, a Saint-Gobain group company, makes abrasives, ceramics and plastics products, including grinding wheels, coated abrasives and silicon carbide.
In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%.
Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4.
Roadmap: Demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
What to watch: Keep tabs on industrial activity and input costs for raw materials such as silicon carbide.
Why Action Construction Equipment Features Among These Electricals and Equipment Stocks
Among the three companies on this list, Action Construction Equipment is a Haryana-based maker of cranes, backhoe loaders, aerial work platforms and other material-handling and construction machinery.
The company has a return on equity of 20.6%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 13,204 crore. The stock trades at a P/E of 30.2, below the industry P/E of 44.4.
Revenue rose from Rs 1,640 crore in FY22 to Rs 3,390 crore in FY26, a compound annual growth rate of 19.9%. Net profit grew from Rs 105 crore in FY22 to Rs 415 crore in FY26, which works out to a compound annual growth rate of 41.0%. In the June 2026 quarter, revenue grew 19.5% year on year to Rs 840 crore, while net profit rose 22.3% to Rs 119 crore.
Roadmap: Infrastructure spending, rail and port projects and a growing share of exports support demand for its cranes and construction machines. The company also benefits from its widespread dealer network, which gives it reach across India.
What to watch: Follow government infrastructure spending and monsoon-linked construction activity.
Havells India vs Grindwell Norton vs Action Construction Equipment on Key Financials
The table below sets the three electricals and 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 |
|---|---|---|---|---|---|
| Havells India | 14,099 | 23,022 | 13.0% | 1,689 | 7.3% |
| Grindwell Norton | 2,066 | 3,168 | 11.3% | 417 | 13.2% |
| Action Construction Equipment | 1,640 | 3,390 | 19.9% | 415 | 12.2% |
Action Construction Equipment posts the highest return on equity in this group at 20.6%. Havells India has the largest FY26 revenue at Rs 23,022 crore, and Action Construction Equipment shows the fastest revenue growth with a 19.9% compound annual rate. A useful habit with electricals and equipment stocks 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 |
|---|---|---|---|
| Havells India | 5,525 | 6,572 | 19.0% |
| Grindwell Norton | 727 | 828 | 13.8% |
| Action Construction Equipment | 703 | 840 | 19.5% |
Key Risks to Check Before Investing in Electricals and Equipment Stocks
Every theme carries risks that deserve a check before any decision. For these electricals and equipment stocks, the main points are: Long-term fans and switchgear shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Commodity costs. Copper, aluminium and steel prices influence margins.
- Order timing. Industrial and construction orders may be delivered unevenly.
- 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 electricals and equipment stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Electricals and Equipment Stocks
Electricals and equipment stocks reward investors who follow volumes, order inflow and capacity use. Havells India, Grindwell Norton and Action Construction Equipment each serve a different group of buyers. Based on the 20 October 2026 close, Havells India trades at Rs 1,102.7, Grindwell Norton at Rs 1,826.8 and Action Construction Equipment at Rs 1,108.1.
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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 electricals and equipment stocks?
Ans. Electricals and equipment stocks are listed companies that make electrical products, industrial consumables and construction machinery. Their earnings follow housing activity, factory investment and infrastructure spending. This list looks at three of them, Havells India, Grindwell Norton and Action Construction Equipment, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which electricals and equipment stocks are covered in this list?
Ans. This list covers Havells India, Grindwell Norton and Action Construction Equipment. Based on the 20 October 2026 close, Havells India traded at Rs 1,102.7, Grindwell Norton at Rs 1,826.8 and Action Construction Equipment at Rs 1,108.1. Their return on equity ranges from 16.4% to 20.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 19.9%.
Why do electricals and equipment stocks have a strong future roadmap in India?
Ans. Electricals and equipment stocks have a strong roadmap in India because housing, manufacturing and infrastructure projects are all raising demand for electrical goods, industrial inputs and machinery. The main drivers are as follows. Housing and renovation. Homes need wiring, fans and switchgear. Factory activity. Abrasives and ceramics are consumed in metalworking and manufacturing. Construction spending. Cranes and machines are needed for roads, ports and buildings. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Havells India performed financially?
Ans. Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P/E of 42.2, below the industry P/E of 44.3. Looking ahead, the company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.
How has Grindwell Norton performed financially?
Ans. Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%. Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4. Looking ahead, demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
How has Action Construction Equipment performed financially?
Ans. Revenue rose from Rs 1,640 crore in FY22 to Rs 3,390 crore in FY26, a compound annual growth rate of 19.9%. Net profit grew from Rs 105 crore in FY22 to Rs 415 crore in FY26, which works out to a compound annual growth rate of 41.0%. In the June 2026 quarter, revenue grew 19.5% year on year to Rs 840 crore, while net profit rose 22.3% to Rs 119 crore. The company has a return on equity of 20.6%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 13,204 crore. The stock trades at a P/E of 30.2, below the industry P/E of 44.4. Looking ahead, infrastructure spending, rail and port projects and a growing share of exports support demand for its cranes and construction machines. The company also benefits from its widespread dealer network, which gives it reach across India.
What risks should investors check before buying electricals and equipment stocks?
Ans. Investors should check a few risks before buying electricals and equipment stocks. Commodity costs. Copper, aluminium and steel prices influence margins. Order timing. Industrial and construction orders may be delivered unevenly. 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 electricals and 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.
