3 Instrument Maker, Solar Module and Gearbox Maker Stocks With a Strong Future Roadmap: Rishabh Instruments, Vikram Solar and Elecon Engineering Company
- October 15, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Rishabh Instruments Rs 695.95, P/E 30.45. Vikram Solar Rs 146.75, P/E 14.56. Elecon Engineering Rs 486.90, P/E 39.59. Closing prices of 14 Oct 2026.
Quick Answer
Instrument maker, solar module and gearbox maker stocks with the clearest long-term roadmaps today include Rishabh Instruments in electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, Vikram Solar in solar module manufacturing for utility, commercial and rooftop projects and Elecon Engineering in industrial gearboxes and material handling equipment for steel, cement, power and port users. FY26 revenue growth was 8.3% at Rishabh Instruments, 40.9% at Vikram Solar and 7.3% at Elecon Engineering. P/E stands at 30.45 for Rishabh Instruments (industry 47.09), 14.56 for Vikram Solar (industry 47.09) and 39.59 for Elecon Engineering (industry 47.18). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company’s risks need equal attention.
Instrument maker, solar module and gearbox maker stocks give investors exposure to instruments, solar equipment and gearboxes for utilities and heavy industry. Order flow, capacity use and execution decide how much of that demand turns into profit.
This list covers three instrument maker, solar module and gearbox maker stocks: Rishabh Instruments for electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, Vikram Solar for solar module manufacturing for utility, commercial and rooftop projects and Elecon Engineering Company for industrial gearboxes and material handling equipment for steel, cement, power and port users. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Instrument Maker, Solar Module and Gearbox Maker Stocks?
Instrument maker, solar module and gearbox maker stocks are shares of companies that make instruments, solar equipment or gearboxes. Results depend on order flow, capacity use and execution, so execution and margins separate the stronger names.
Instrument Maker, Solar Module and Gearbox Maker Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three instrument maker, solar module and gearbox maker stocks as of the 14 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| Rishabh Instruments | 695.95 | 2,497 | 30.45 | 47.09 | 10.94% | 0.11 |
| Vikram Solar | 146.75 | 5,198 | 14.56 | 47.09 | 14.85% | 0.20 |
| Elecon Engineering Company | 486.90 | 9,345 | 39.59 | 47.18 | 14.79% | 0.12 |
Among energy and engineering stocks, all three trade at a discount to their industry P/E multiples.
Why Do Instrument Maker, Solar Module and Gearbox Maker Stocks Have a Strong Roadmap in India?
Instrument maker, solar module and gearbox maker stocks have a strong roadmap in India because power sector instrumentation, solar capacity additions and industrial capacity building keep adding demand for these firms. Three drivers stand out.
- Instrument demand: Utilities and factories buy measurement products.
- Solar build-out: New capacity needs modules in large numbers.
- Industrial capacity: Steel, cement and ports need gearboxes and handling systems.
Rishabh Instruments: Measurement and Power Conditioning Products Build the Next Leg
Rishabh Instruments’ roadmap rests on electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, with smart-grid, renewable and industrial-testing demand supporting volumes.
Revenue grew from Rs 479.92 crore in FY22 to Rs 795.84 crore in FY26, a 65.8% rise, and FY26 revenue was 8.3% higher than FY25. FY26 net profit was Rs 82.26 crore. In Q1 FY27, revenue grew 3.8% to Rs 201.92 crore. Operating margin was 19.04% in FY26 and 18.64% in Q1 FY27 against 17.15% a year earlier.
Debt to equity is 0.11 and return on equity is 10.94%. FY26 operating cash flow was Rs 108.48 crore against capital expenditure of Rs 110.39 crore. Rishabh Instruments paid a dividend of Rs 2 per share for FY26, a yield of 0.31%. At a P/E of 30.45 against an industry P/E of 47.09, the stock trades below its industry multiple.
What to watch: Q1 FY27 operating margin was 18.64% against 19.04% for FY26, so margin stability is the figure to follow as volumes grow.
Vikram Solar: Solar Module Output Drives the Pipeline
Vikram Solar’s roadmap rests on solar module manufacturing for utility, commercial and rooftop projects, with rising solar installations supporting volumes.
Revenue grew from Rs 1,743.05 crore in FY22 to Rs 4,861.87 crore in FY26, a 178.9% rise, and FY26 revenue was 40.9% higher than FY25. FY26 net profit was Rs 469.06 crore. In Q1 FY27, revenue grew 38.5% to Rs 1,575.71 crore. Operating margin was 20.17% in FY26.
Debt to equity is 0.20 and return on equity is 14.85%. FY26 operating cash flow was Rs 666.94 crore against capital expenditure of Rs 283.09 crore. At a P/E of 14.56 against an industry P/E of 47.09, the stock trades below its industry multiple.
What to watch: The P/E of 14.56 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg
Elecon Engineering’s roadmap rests on industrial gearboxes and material handling equipment for steel, cement, power and port users, with industrial capex and replacement demand supporting orders.
Revenue grew from Rs 1,220.51 crore in FY22 to Rs 2,447.22 crore in FY26, a 100.5% rise, and FY26 revenue was 7.3% higher than FY25. FY26 net profit was Rs 341.15 crore. In Q1 FY27, revenue grew 4.9% to Rs 542.47 crore. Operating margin was 24.68% in FY26.
Debt to equity is 0.12 and return on equity is 14.79%. FY26 operating cash flow was Rs 314.22 crore against capital expenditure of Rs 119.51 crore. Elecon Engineering paid a dividend of Rs 2 per share for FY26, a yield of 0.48%. At a P/E of 39.59 against an industry P/E of 47.18, the stock trades below its industry multiple.
What to watch: The P/E of 39.59 against an industry P/E of 47.18 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Best Instrument Maker, Solar Module and Gearbox Maker Stocks in India: Rishabh Instruments vs Vikram Solar vs Elecon Engineering on Key Financials
Among the best instrument maker, solar module and gearbox maker stocks in India, Rishabh Instruments leads on the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; Elecon Engineering leads on FY26 operating margin and dividend yield. The table puts the numbers side by side.
| Metric | Rishabh Instruments | Vikram Solar | Elecon Engineering |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 795.84 | 4,861.87 | 2,447.22 |
| FY26 revenue growth | 8.3% | 40.9% | 7.3% |
| FY26 net profit (Rs Cr) | 82.26 | 469.06 | 341.15 |
| FY26 operating profit margin | 19.04% | 20.17% | 24.68% |
| Q1 FY27 revenue growth (YoY) | 3.8% | 38.5% | 4.9% |
| Return on equity | 10.94% | 14.85% | 14.79% |
| P/E ratio | 30.45 | 14.56 | 39.59 |
| Debt to equity | 0.11 | 0.20 | 0.12 |
| Dividend yield | 0.31% | 0.00% | 0.48% |
| FY26 operating cash flow (Rs Cr) | 108.48 | 666.94 | 314.22 |
Energy and engineering earnings follow order flow, capacity use and execution, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Instrument Maker, Solar Module and Gearbox Maker Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen instrument maker, solar module and gearbox maker stocks and shortlist instrument maker, solar module and gearbox maker stocks to buy.
- Compare each stock’s P/E with its industry P/E, which differs by company here.
- Check operating margin, debt and cash flow together.
- Check whether revenue growth is turning into profit growth, not only sales.
- Read operating cash flow against capital expenditure to see how growth is funded.
- Watch debt to equity and interest cover before sizing a position.
- Spread exposure across companies and business lines instead of one demand cycle.
Risks to Consider Before Investing in Instrument Maker, Solar Module and Gearbox Maker Stocks
- Order timing: Delays in customer projects can shift revenue between quarters.
- Government spending: Changes in public budgets can affect orders.
- Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.
Download the Univest iOS App or Univest Android App to track Rishabh Instruments, Vikram Solar and Elecon Engineering live.
Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.
Final Take: Which Stock Has the Strongest Roadmap?
These three energy and engineering stocks cover instruments, solar modules and gearboxes. Rishabh Instruments leads on the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; Elecon Engineering leads on FY26 operating margin and dividend yield.
Across instrument maker, solar module and gearbox maker stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the instrument maker, solar module and gearbox maker stocks to buy discussed here.
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).
FAQs on Instrument Maker, Solar Module and Gearbox Maker Stocks
Which are the best instrument maker, solar module and gearbox maker stocks in India with a strong roadmap?
Ans. Rishabh Instruments, Vikram Solar and Elecon Engineering Company stand out for their roadmaps in instruments, solar modules and gearboxes. FY26 revenue growth was 8.3% at Rishabh Instruments, 40.9% at Vikram Solar and 7.3% at Elecon Engineering, and return on equity ranges from 10.94% to 14.85%.
Is Rishabh Instruments a good stock to buy now?
Ans. Rishabh Instruments has a debt to equity ratio of 0.11, a return on equity of 10.94% and a P/E of 30.45 against an industry P/E of 47.09. Valuation, order flow and execution move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.
What is the P/E ratio of Rishabh Instruments, Vikram Solar and Elecon Engineering?
Ans. The P/E ratio is 30.45 for Rishabh Instruments (industry 47.09), 14.56 for Vikram Solar (industry 47.09) and 39.59 for Elecon Engineering (industry 47.18). All of them trade below the industry multiple.
Which of these instrument maker, solar module and gearbox maker stocks has the highest return on equity?
Ans. Vikram Solar has the highest return on equity at 14.85%, followed by Elecon Engineering Company at 14.79% and Rishabh Instruments at 10.94%.
What are the risks of investing in instrument maker, solar module and gearbox maker stocks?
Ans. The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.
How did Rishabh Instruments, Vikram Solar and Elecon Engineering perform in Q1 FY27?
Ans. Rishabh Instruments reported revenue of Rs 201.92 crore, up 3.8% year on year. Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. Elecon Engineering Company reported revenue of Rs 542.47 crore, up 4.9% year on year.
Do instrument maker, solar module and gearbox maker stocks pay dividends?
Ans. Rishabh Instruments and Elecon Engineering pay dividends. The dividend yield is 0.31% for Rishabh Instruments and 0.48% for Elecon Engineering, based on dividends declared for FY26.
How can I invest in instrument maker, solar module and gearbox maker stocks in India?
Ans. You can buy instrument maker, solar module and gearbox maker stocks through a demat and trading account on NSE or BSE after checking each company’s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.