3 Forgings Maker, Gas Compression Services Company and Microwave Systems Maker Stocks With a Strong Future Roadmap: Bharat Forge, Deep Industries and Astra Microwave Products
- November 6, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Bharat Forge, Deep Industries and Astra Microwave Products: ROE of 11.3% to 19.4% and FY22 to FY26 revenue CAGR of 11.8% to 31.0%. Prices as of 5 Nov 2026.
Quick Answer
The three forging, gas compression and microwave stocks to watch are Bharat Forge, Deep Industries and Astra Microwave Products. Their return on equity ranges from 11.3% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.8% to 31.0%. Deep Industries leads on both return on equity at 19.4% and revenue growth at 31.0% a year. Prices are based on the 5 November 2026 close, and this article is educational, not investment advice.
Forging, gas compression and microwave stocks bring together companies with a visible plan for the years ahead. Bharat Forge, Deep Industries and Astra Microwave Products cover a forgings maker, a gas compression services company and a microwave systems maker.
This list covers three forging, gas compression and microwave stocks with complete current figures: Bharat Forge, Deep Industries and Astra Microwave Products. Every figure comes from the latest reported financials and the 5 November 2026 market close. Companies without complete current figures were left out.
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What Are Forging, Gas Compression and Microwave Stocks?
Forging, gas compression and microwave stocks are listed companies that make forged and machined components for vehicles and defence, provide gas compression and oilfield services, and build microwave and radio frequency systems for defence and space. Their earnings depend on vehicle and defence orders, gas production activity and programme awards.
Forging, Gas Compression and Microwave Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Bharat Forge | 1,753 | 87,540 | 122.4 | 50.7 | 11.3 | 0.76 |
| Deep Industries | 639.65 | 4,618 | 20.6 | 7.2 | 19.4 | 0.10 |
| Astra Microwave Products | 1,558 | 15,358 | 81.2 | 48.1 | 14.7 | 0.22 |
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 forging, gas compression and microwave stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Forging, Gas Compression and Microwave Stocks Have a Strong Roadmap in India?
Forging, gas compression and microwave stocks have a strong roadmap in India because rising defence indigenisation, growing gas production and processing needs and steady demand for advanced forged parts keep widening the market for these companies.
- Forgings. Vehicles and defence need strong forged parts.
- Gas compression. Gas fields need compression and processing.
- Microwave systems. Radar and communication need advanced electronics.
Why Bharat Forge Features Among These Forging, Gas Compression and Microwave Stocks
Among the forging, gas compression and microwave stocks on this list, Bharat Forge is a Pune-based maker of forgings, axles and chassis components for automotive and industrial customers, and it has a growing defence and aerospace business that includes artillery systems and components.
Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%.
In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7.
Roadmap: The company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
What to watch: Check order inflow in defence and aerospace and the share of non-automotive sales.
Why Deep Industries Features Among These Forging, Gas Compression and Microwave Stocks
Among the forged part, oilfield service and radar shares on this list, Deep Industries provides natural gas compression, dehydration and oilfield services and also operates gas fields, serving oil and gas producers in India.
In the June 2026 quarter, revenue grew 42.1% year on year to Rs 303 crore, while net profit rose 44.5% to Rs 89.1 crore. Revenue rose from Rs 326 crore in FY22 to Rs 960 crore in FY26, a compound annual growth rate of 31.0%.
Net profit grew from Rs 72.4 crore in FY22 to Rs 197 crore in FY26, which works out to a compound annual growth rate of 28.4%. The company has a return on equity of 19.4%, a debt to equity ratio of 0.10 and a market capitalisation of Rs 4,618 crore. The stock trades at a P/E of 20.6, above the industry P/E of 7.2.
Roadmap: The company is adding gas compression contracts and building its own gas production as demand for natural gas grows. Long-term service contracts give it steady visibility.
What to watch: Follow new contract wins, gas output and fleet utilisation.
Why Astra Microwave Products Features Among These Forging, Gas Compression and Microwave Stocks
Among the three companies on this list, Astra Microwave Products is a Hyderabad-based maker of microwave and radio frequency components, sub-systems and systems used in radars, missiles, electronic warfare and satellite communication.
The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1.
Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%.
Roadmap: The company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
What to watch: Check the timing of large order execution, since quarterly revenue in defence electronics can move with delivery schedules.
Bharat Forge vs Deep Industries vs Astra Microwave Products on Key Financials
The table below sets the three forging, gas compression and microwave 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 |
|---|---|---|---|---|---|
| Bharat Forge | 10,657 | 17,010 | 12.4% | 1,089 | 6.4% |
| Deep Industries | 326 | 960 | 31.0% | 197 | 20.5% |
| Astra Microwave Products | 757 | 1,181 | 11.8% | 193 | 16.3% |
Deep Industries posts the highest return on equity in this group at 19.4%. Bharat Forge has the largest FY26 revenue at Rs 17,010 crore, and Deep Industries shows the fastest revenue growth with a 31.0% compound annual rate. A useful habit with forging, gas compression and microwave stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Forging, Gas Compression and Microwave Stocks
Every theme carries risks that deserve a check before any decision. For these forging, gas compression and microwave stocks, the main points are: Long-term forged part, oilfield service and radar shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Defence and space orders can shift between periods.
- Oil and gas prices. Earnings follow crude oil, gas and refining 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 forging, gas compression and microwave stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Forging, Gas Compression and Microwave Stocks
Forging, gas compression and microwave stocks suit investors who prefer to study business strength before price moves. Bharat Forge, Deep Industries and Astra Microwave Products each have a clear plan to grow. Based on the 5 November 2026 close, Bharat Forge trades at Rs 1,753, Deep Industries at Rs 639.65 and Astra Microwave Products at Rs 1,558. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these forging, gas compression and microwave stocks 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 forging, gas compression and microwave stocks?
Ans. Forging, gas compression and microwave stocks are listed companies that make forged and machined components for vehicles and defence, provide gas compression and oilfield services, and build microwave and radio frequency systems for defence and space. Their earnings depend on vehicle and defence orders, gas production activity and programme awards. This list looks at three of them, Bharat Forge, Deep Industries and Astra Microwave Products, using reported FY22 to FY26 financials and the 5 November 2026 closing prices.
Which forging, gas compression and microwave stocks are covered in this list?
Ans. This list covers Bharat Forge, Deep Industries and Astra Microwave Products. Based on the 5 November 2026 close, Bharat Forge traded at Rs 1,753, Deep Industries at Rs 639.65 and Astra Microwave Products at Rs 1,558. Their return on equity ranges from 11.3% to 19.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.8% to 31.0%.
Why do forging, gas compression and microwave stocks have a strong future roadmap in India?
Ans. Forging, gas compression and microwave stocks have a strong roadmap in India because rising defence indigenisation, growing gas production and processing needs and steady demand for advanced forged parts keep widening the market for these companies. The main drivers are as follows. Forgings. Vehicles and defence need strong forged parts. Gas compression. Gas fields need compression and processing. Microwave systems. Radar and communication need advanced electronics. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Bharat Forge performed financially?
Ans. Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%. In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7. Looking ahead, the company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
How has Deep Industries performed financially?
Ans. Revenue rose from Rs 326 crore in FY22 to Rs 960 crore in FY26, a compound annual growth rate of 31.0%. Net profit grew from Rs 72.4 crore in FY22 to Rs 197 crore in FY26, which works out to a compound annual growth rate of 28.4%. In the June 2026 quarter, revenue grew 42.1% year on year to Rs 303 crore, while net profit rose 44.5% to Rs 89.1 crore. The company has a return on equity of 19.4%, a debt to equity ratio of 0.10 and a market capitalisation of Rs 4,618 crore. The stock trades at a P/E of 20.6, above the industry P/E of 7.2. Looking ahead, the company is adding gas compression contracts and building its own gas production as demand for natural gas grows. Long-term service contracts give it steady visibility.
How has Astra Microwave Products performed financially?
Ans. Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%. The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1. Looking ahead, the company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
What risks should investors check before buying forging, gas compression and microwave stocks?
Ans. Investors should check a few risks before buying forging, gas compression and microwave stocks. Order timing. Defence and space orders can shift between periods. Oil and gas prices. Earnings follow crude oil, gas and refining 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 forging, gas compression and microwave stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 5 November 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.
