3 Industrial Electricals, Grinding Media and CNC Machines Stocks With a Strong Future Roadmap: CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation
- October 21, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation: ROE of 15.1% to 16.8% and FY22 to FY26 revenue CAGR of 7.1% to 30.2%. Prices as of 20 Oct 2026.
Quick Answer
The three capital goods manufacturing stocks to watch are CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation. Their return on equity ranges from 15.1% to 16.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 30.2%. Jyoti CNC Automation leads on both return on equity at 16.8% and revenue growth at 30.2% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Capital goods manufacturing stocks let investors follow the makers of machines and parts that factories and utilities depend on. CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation cover industrial electricals, grinding media and CNC machine tools.
This list covers three capital goods manufacturing stocks with complete current figures: CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation. 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 Capital Goods Manufacturing Stocks?
Capital goods manufacturing stocks are listed companies that make machines, motors, wear-resistant parts and tools for industrial customers. Their earnings depend on factory investment, order books and the use of their plants.
Capital Goods Manufacturing Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| CG Power and Industrial Solutions | 855 | 134,561 | 108.5 | 43.9 | 15.1 | 0.01 |
| AIA Engineering | 3,665.2 | 34,194 | 27.0 | 50.7 | 15.8 | 0.00 |
| Jyoti CNC Automation | 975.8 | 22,175 | 68.9 | 44.4 | 16.8 | 0.43 |
On valuation, AIA Engineering trades at a P/E below the industry P/E, while CG Power and Industrial Solutions and Jyoti CNC Automation trade above it, which reflects the growth the market already expects. Readers comparing capital goods manufacturing stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in capital goods manufacturing stocks can use the coming numbers to test whether growth is holding.
Why Do Capital Goods Manufacturing Stocks Have a Strong Roadmap in India?
Capital goods manufacturing stocks have a strong roadmap in India because factory investment, mining and power projects and the move towards local production are lifting demand for industrial machines and parts.
- Manufacturing push. New factories need motors, machine tools and power equipment.
- Mining and cement demand. Grinding media is a recurring need in these industries.
- Automation. Plants are adopting CNC machines to raise precision and output.
Why CG Power and Industrial Solutions Features Among These Capital Goods Manufacturing Stocks
Among the capital goods manufacturing stocks on this list, CG Power and Industrial Solutions makes transformers, motors, switchgear, drives and railway equipment for utilities, industry and railways, and has also entered semiconductor packaging.
Revenue rose from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26, a compound annual growth rate of 23.1%. Net profit grew from Rs 630 crore in FY22 to Rs 1,197 crore in FY26, which works out to a compound annual growth rate of 17.4%.
In the June 2026 quarter, revenue grew 15.8% year on year to Rs 3,364 crore, while net profit rose 15.5% to Rs 308 crore. The company has a return on equity of 15.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 134,561 crore. The stock trades at a P/E of 108.5, above the industry P/E of 43.9.
Roadmap: The company is growing in power systems and industrial systems on the back of grid expansion and factory investment. It has built an outsourced semiconductor assembly and test plant, which opens a new technology line.
What to watch: Monitor the ramp-up of its semiconductor facility and order intake in power systems.
Why AIA Engineering Features Among These Capital Goods Manufacturing Stocks
Among the grinding media and CNC shares on this list, AIA Engineering, based in Ahmedabad, is a leading maker of high chromium grinding media and wear-resistant castings used in mining and cement plants.
In the June 2026 quarter, revenue grew 11.4% year on year to Rs 1,279 crore. Revenue rose from Rs 3,723 crore in FY22 to Rs 4,894 crore in FY26, a compound annual growth rate of 7.1%.
Net profit grew from Rs 620 crore in FY22 to Rs 1,269 crore in FY26, which works out to a compound annual growth rate of 19.6%. The company has a return on equity of 15.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 34,194 crore. The stock trades at a P/E of 27.0, below the industry P/E of 50.7.
Roadmap: Mining activity across copper, gold and iron ore, and a global push for efficient grinding, keep demand for its products steady. The company is adding capacity and building a bigger share of its sales in mining customers, which tend to be repeat buyers.
What to watch: Monitor mining capital spending cycles and the ramp-up of newer capacity.
Why Jyoti CNC Automation Features Among These Capital Goods Manufacturing Stocks
Among the three companies on this list, Jyoti CNC Automation, based in Rajkot, makes computer numerical control machines, including multi-axis machining centres, for aerospace, defence, auto and general engineering customers.
The company has a return on equity of 16.8%, a debt to equity ratio of 0.43 and a market capitalisation of Rs 22,175 crore. The stock trades at a P/E of 68.9, above the industry P/E of 44.4.
Revenue rose from Rs 750 crore in FY22 to Rs 2,154 crore in FY26, a compound annual growth rate of 30.2%. Net profit grew from Rs 151 crore in FY24 to Rs 336 crore in FY26, which works out to a compound annual growth rate of 49.2%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 512 crore.
Roadmap: Defence and aerospace manufacturing, along with the shift to precision machining at Indian factories, supports demand for advanced CNC machines. The company has also built a presence in Europe through an acquisition, adding technology and customers abroad.
What to watch: Watch order book trends and how quickly the international business contributes.
CG Power and Industrial Solutions vs AIA Engineering vs Jyoti CNC Automation on Key Financials
The table below sets the three capital goods manufacturing 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 |
|---|---|---|---|---|---|
| CG Power and Industrial Solutions | 5,521 | 12,662 | 23.1% | 1,197 | 9.5% |
| AIA Engineering | 3,723 | 4,894 | 7.1% | 1,269 | 25.9% |
| Jyoti CNC Automation | 750 | 2,154 | 30.2% | 336 | 15.6% |
Jyoti CNC Automation posts the highest return on equity in this group at 16.8%. CG Power and Industrial Solutions has the largest FY26 revenue at Rs 12,662 crore, and Jyoti CNC Automation shows the fastest revenue growth with a 30.2% compound annual rate. A useful habit with capital goods manufacturing 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 |
|---|---|---|---|
| CG Power and Industrial Solutions | 2,906 | 3,364 | 15.8% |
| AIA Engineering | 1,147 | 1,279 | 11.4% |
| Jyoti CNC Automation | 431 | 512 | 19.0% |
Key Risks to Check Before Investing in Capital Goods Manufacturing Stocks
Every theme carries risks that deserve a check before any decision. For these capital goods manufacturing stocks, the main points are: Long-term grinding media and CNC shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Investment cycles. Demand can slow if customers delay capital spending.
- Order timing. Large orders may be recorded unevenly across quarters.
- 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 capital goods manufacturing stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Capital Goods Manufacturing Stocks
Capital goods manufacturing stocks reward investors who follow order books, utilisation and margins together. CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation each address a different industrial need. Based on the 20 October 2026 close, CG Power and Industrial Solutions trades at Rs 855, AIA Engineering at Rs 3,665.2 and Jyoti CNC Automation at Rs 975.8. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these capital goods manufacturing 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 capital goods manufacturing stocks?
Ans. Capital goods manufacturing stocks are listed companies that make machines, motors, wear-resistant parts and tools for industrial customers. Their earnings depend on factory investment, order books and the use of their plants. This list looks at three of them, CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which capital goods manufacturing stocks are covered in this list?
Ans. This list covers CG Power and Industrial Solutions, AIA Engineering and Jyoti CNC Automation. Based on the 20 October 2026 close, CG Power and Industrial Solutions traded at Rs 855, AIA Engineering at Rs 3,665.2 and Jyoti CNC Automation at Rs 975.8. Their return on equity ranges from 15.1% to 16.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 30.2%.
Why do capital goods manufacturing stocks have a strong future roadmap in India?
Ans. Capital goods manufacturing stocks have a strong roadmap in India because factory investment, mining and power projects and the move towards local production are lifting demand for industrial machines and parts. The main drivers are as follows. Manufacturing push. New factories need motors, machine tools and power equipment. Mining and cement demand. Grinding media is a recurring need in these industries. Automation. Plants are adopting CNC machines to raise precision and output. Together these factors give the companies on this list a visible path for growth over the coming years.
How has CG Power and Industrial Solutions performed financially?
Ans. Revenue rose from Rs 5,521 crore in FY22 to Rs 12,662 crore in FY26, a compound annual growth rate of 23.1%. Net profit grew from Rs 630 crore in FY22 to Rs 1,197 crore in FY26, which works out to a compound annual growth rate of 17.4%. In the June 2026 quarter, revenue grew 15.8% year on year to Rs 3,364 crore, while net profit rose 15.5% to Rs 308 crore. The company has a return on equity of 15.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 134,561 crore. The stock trades at a P/E of 108.5, above the industry P/E of 43.9. Looking ahead, the company is growing in power systems and industrial systems on the back of grid expansion and factory investment. It has built an outsourced semiconductor assembly and test plant, which opens a new technology line.
How has AIA Engineering performed financially?
Ans. Revenue rose from Rs 3,723 crore in FY22 to Rs 4,894 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 620 crore in FY22 to Rs 1,269 crore in FY26, which works out to a compound annual growth rate of 19.6%. In the June 2026 quarter, revenue grew 11.4% year on year to Rs 1,279 crore. The company has a return on equity of 15.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 34,194 crore. The stock trades at a P/E of 27.0, below the industry P/E of 50.7. Looking ahead, mining activity across copper, gold and iron ore, and a global push for efficient grinding, keep demand for its products steady. The company is adding capacity and building a bigger share of its sales in mining customers, which tend to be repeat buyers.
How has Jyoti CNC Automation performed financially?
Ans. Revenue rose from Rs 750 crore in FY22 to Rs 2,154 crore in FY26, a compound annual growth rate of 30.2%. Net profit grew from Rs 151 crore in FY24 to Rs 336 crore in FY26, which works out to a compound annual growth rate of 49.2%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 512 crore. The company has a return on equity of 16.8%, a debt to equity ratio of 0.43 and a market capitalisation of Rs 22,175 crore. The stock trades at a P/E of 68.9, above the industry P/E of 44.4. Looking ahead, defence and aerospace manufacturing, along with the shift to precision machining at Indian factories, supports demand for advanced CNC machines. The company has also built a presence in Europe through an acquisition, adding technology and customers abroad.
What risks should investors check before buying capital goods manufacturing stocks?
Ans. Investors should check a few risks before buying capital goods manufacturing stocks. Investment cycles. Demand can slow if customers delay capital spending. Order timing. Large orders may be recorded unevenly across quarters. 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 capital goods manufacturing 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.