Non-Electrical Capital Goods Stocks to Buy in November 2026: 5 Names on the Watchlist
- October 29, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Cummins Rs 4,532. Elgi Equipments Rs 509.45. Thermax Rs 3,160. Triveni Rs 463.00. Kirloskar Pneu Rs 547.85. NSE prices, 29 Oct 2026.
Quick Answer
Five non-electrical capital goods stocks to buy on the November 2026 watchlist are Cummins India, Elgi Equipments, Thermax, Triveni Turbine and Kirloskar Pneumatic. All five grew revenue in their latest full year, and four also grew net profit. Kirloskar Pneumatic has the lowest P/E at 27.30, while Cummins India leads on return on equity at 27.87%. Check each valuation against your own risk appetite before acting.
The non-electrical capital goods stocks to buy in November 2026 start with five listed names: Cummins India, Elgi Equipments, Thermax, Triveni Turbine and Kirloskar Pneumatic. Non-electrical capital goods companies make engines, compressors, boilers and turbines, so their results follow industrial investment and export orders.
This article ranks none of them as a sure thing. It lays out the numbers each company has reported, how the shares are priced today and what an investor should check before adding any of these non-electrical capital goods stocks to buy to a portfolio. All prices are NSE quotes from 29 October 2026, and financials come from company filings.
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Which Are the Best Non-Electrical Capital Goods Stocks to Buy in November 2026?
The best non-electrical capital goods stocks to buy in November 2026 for a watchlist are Cummins India, Elgi Equipments, Thermax, Triveni Turbine and Kirloskar Pneumatic. They were picked because each has complete reported financials, profit in the latest quarter and an NSE listing. The table puts their market data side by side.
| Company | CMP (Rs) | Market Cap | P/E | ROE | Dividend Yield |
|---|---|---|---|---|---|
| Cummins India | 4,532 | Rs 1,28,649 crore | 54.34 | 27.87% | 1.42% |
| Elgi Equipments | 509.45 | Rs 16,281 crore | 36.36 | 19.28% | 0.53% |
| Thermax | 3,160 | Rs 37,896 crore | 64.16 | 12.98% | 0.06% |
| Triveni Turbine | 463.00 | Rs 14,484 crore | 43.10 | 24.18% | 0.93% |
| Kirloskar Pneumatic | 547.85 | Rs 7,053 crore | 27.30 | 20.13% | 1.10% |
On valuation, Elgi Equipments and Kirloskar Pneumatic trade below the industry P/E; Triveni Turbine sits close to it; Cummins India and Thermax carry a premium. Valuation is the first filter for any non-electrical capital goods stocks to buy list, and it is covered again in the risk section.
Why These Non-Electrical Capital Goods Stocks to Buy Are in Focus
Rising factory capacity, power and infrastructure investment and export demand for industrial machinery support this segment. The list covers an engine maker, compressor specialists, an energy and environment solutions company and a steam turbine exporter. Investors comparing the best capital goods stocks in India often look at order books, aftermarket revenue and return on equity.
Cummins India: The Engine and Genset Leader Among Non-Electrical Capital Goods Stocks to Buy
Cummins India is a maker of engines, gensets and power solutions for industrial and infrastructure customers. At Rs 4,532, the stock has a market capitalisation of Rs 1,28,649 crore and trades at 54.34 times earnings, while the industry P/E is 42.61.
Reported numbers show FY26 revenue of Rs 12,661 crore, up 16.8% year on year, with net profit at Rs 2,362 crore, up 18.1%. The June 2026 quarter added revenue of Rs 3,563 crore (up 17.2%) and net profit of Rs 609 crore (up 0.9%).
Return on equity is 27.87%, debt-to-equity is 0.00, and the dividend yield is 1.42%. Promoters hold 51.00%, foreign institutions 19.48% and domestic institutions 20.82% as of September 2026. Foreign institutional holding has risen from 18.35% to 19.48% over the last year.
Elgi Equipments: The Air Compressor Specialist Among Non-Electrical Capital Goods Stocks to Buy
Elgi Equipments is an air compressor maker with a large international business. Its market capitalisation is Rs 16,281 crore, the share price is Rs 509.45 and the P/E of 36.36 compares with an industry P/E of 42.61.
Over FY26, net profit rose 22.8% to Rs 430 crore on revenue of Rs 4,068 crore, which was up 14.0%. The latest quarter, the June 2026 quarter, brought revenue of Rs 1,083 crore, up 22.1% year on year, and net profit of Rs 103 crore, up 20.7%.
Return on equity is 19.28%, debt-to-equity is 0.24, and the dividend yield is 0.53%. Promoters hold 31.19%, foreign institutions 20.20% and domestic institutions 11.47% as of September 2026. Domestic institutional holding has risen from 6.25% to 11.47% over the last year.
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Thermax: The Energy and Environment Solutions Name Among Non-Electrical Capital Goods Stocks to Buy
Thermax is a maker of boilers, heating and cooling systems, and water and air-pollution control equipment. The stock trades at Rs 3,160 with a market capitalisation of Rs 37,896 crore and a P/E of 64.16, against an industry P/E of 41.42.
FY26 revenue rose 3.8% to Rs 11,041 crore and net profit rose 14.9% to Rs 720 crore. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore, while net profit declined 85.6% to Rs 21.8 crore.
Return on equity is 12.98%, debt-to-equity is 0.42, and the dividend yield is 0.06%. Promoters hold 61.98%, foreign institutions 11.31% and domestic institutions 14.94% as of September 2026. A point to keep in view: net profit in the June 2026 quarter was lower than a year earlier, so the next result is worth tracking, and at a P/E of 64.16, expectations are already high.
Triveni Turbine: The Steam Turbine Exporter Among Non-Electrical Capital Goods Stocks to Buy
Triveni Turbine is a maker of industrial steam turbines with a strong export and aftermarket business. At Rs 463.00, the stock has a market capitalisation of Rs 14,484 crore and trades at 43.10 times earnings, while the industry P/E is 41.42.
Reported numbers show FY26 revenue of Rs 2,258 crore, up 8.2% year on year, with net profit at Rs 349 crore, down 2.6%. The June 2026 quarter added revenue of Rs 471 crore (up 19.7%) and net profit of Rs 51.1 crore (down 20.7%).
Return on equity is 24.18%, debt-to-equity is 0.02, and the dividend yield is 0.93%. Promoters hold 55.84%, foreign institutions 18.39% and domestic institutions 17.85% as of September 2026. Domestic institutional holding has risen from 13.88% to 17.85% over the last year. A point to keep in view: FY26 net profit was lower than the year before, which investors should weigh, and net profit in the June 2026 quarter was lower than a year earlier, so the next result is worth tracking.
Kirloskar Pneumatic: The Compressor and Process Equipment Name Among Non-Electrical Capital Goods Stocks to Buy
Kirloskar Pneumatic is a maker of compressors, refrigeration systems and process gas equipment. Its market capitalisation is Rs 7,053 crore, the share price is Rs 547.85 and the P/E of 27.30 compares with an industry P/E of 42.61.
Over FY26, net profit rose 20.4% to Rs 254 crore on revenue of Rs 1,814 crore, which was up 9.1%. The latest quarter, the September 2026 quarter, brought revenue of Rs 334 crore, down 15.0% year on year, and net profit of Rs 40.0 crore, down 8.7%.
Return on equity is 20.13%, debt-to-equity is 0.00, and the dividend yield is 1.10%. Promoters hold 38.80%, foreign institutions 10.01% and domestic institutions 25.30% as of September 2026. Foreign institutional holding has risen from 6.81% to 10.01% over the last year. A point to keep in view: net profit in the September 2026 quarter was lower than a year earlier, so the next result is worth tracking, and revenue in the September 2026 quarter was below the year-ago level.
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Growth Snapshot: Latest Full Year and Latest Quarter
The table compares year-on-year growth in revenue and net profit for all five non-electrical capital goods stocks, using filed results.
| Company | Full-Year Revenue Growth | Full-Year Profit Growth | Latest Quarter | Quarter Revenue Growth | Quarter Profit Growth |
|---|---|---|---|---|---|
| Cummins India | 16.8% | 18.1% | Jun 2026 | 17.2% | 0.9% |
| Elgi Equipments | 14.0% | 22.8% | Jun 2026 | 22.1% | 20.7% |
| Thermax | 3.8% | 14.9% | Jun 2026 | 6.6% | -85.6% |
| Triveni Turbine | 8.2% | -2.6% | Jun 2026 | 19.7% | -20.7% |
| Kirloskar Pneumatic | 9.1% | 20.4% | Sep 2026 | -15.0% | -8.7% |
Factors That Move Non-Electrical Capital Goods Stocks to Buy
Four factors tend to drive non-electrical capital goods stocks, and each one is worth checking before a purchase.
- Industrial capex: Factory and infrastructure investment sets the demand for machinery.
- Aftermarket and services: Spares and service contracts add steady income.
- Exports: Global orders widen the revenue base.
- Raw material costs: Steel and component prices affect margins.
Risks to Keep in Mind Before Buying Non-Electrical Capital Goods Stocks
The first risk is timing, because capital goods orders are lumpy and revenue can move sharply between quarters. The second is valuation, since several names trade at premium multiples. A slowdown in industrial investment or export demand can delay orders, so check the order book alongside profit growth.
On the numbers, Thermax trades at the highest P/E on this list at 64.16, so its earnings need to keep growing to support the price. Non-electrical capital goods stocks to buy can still fall when markets turn weak, and a staggered entry has historically suited investors better than a lump-sum purchase.
How to Choose Non-Electrical Capital Goods Stocks to Buy
- Check order book: A strong order book gives revenue visibility for coming quarters.
- Review ROE: Returns above 15% show efficient capital use.
- Study the export share: Export orders diversify demand but add currency exposure.
- Compare valuations: Premium multiples need steady order growth to stay justified.
How to Invest in Non-Electrical Capital Goods Stocks
- Shortlist two or three companies from this list that match your risk appetite.
- Open the Univest Screener and compare P/E, ROE and debt for each stock.
- Check the latest quarterly results and shareholding pattern on NSE or BSE.
- Decide an amount you can hold for three to five years and split it into two or three purchases.
- Review the holding after every quarterly result instead of reacting to daily price moves.
Conclusion
Kirloskar Pneumatic offers the lowest P/E on this list at 27.30, Cummins India has the highest return on equity at 27.87%, and Elgi Equipments posted the fastest net profit growth in its latest full year at 22.8%. Among the best non-electrical capital goods stocks in India, these five give investors a spread of size, valuation and growth, so the right pick depends on risk appetite and holding period. Spread the entry, keep position sizes sensible and consult a SEBI-registered advisor before investing in any of these non-electrical capital goods stocks to buy.
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).
Frequently Asked Questions on Non-Electrical Capital Goods Stocks to Buy
Which are the best non-electrical capital goods stocks to buy in November 2026?
Ans. The five non-electrical capital goods stocks on the November 2026 watchlist are Cummins India, Elgi Equipments, Thermax, Triveni Turbine and Kirloskar Pneumatic. Kirloskar Pneumatic has the lowest P/E at 27.30, Cummins India has the highest ROE at 27.87%, and Elgi Equipments grew net profit 22.8% in its latest full year. This is educational content, not investment advice, so please consult a SEBI-registered advisor.
Is Cummins India a good non-electrical capital goods stock to buy?
Ans. Cummins India is the largest company on this list with a market capitalisation of Rs 1,28,649 crore and a P/E of 54.34 against an industry P/E of 42.61. Its FY26 revenue rose 16.8% and net profit rose 18.1%, with return on equity at 27.87%. Whether it suits you depends on your risk appetite and holding period, so please consult a SEBI-registered advisor before investing.
Are non-electrical capital goods stocks expensive right now?
Ans. Valuations vary across the group. Cummins India trades at a P/E of 54.34, Elgi Equipments trades at a P/E of 36.36, Thermax trades at a P/E of 64.16, Triveni Turbine trades at a P/E of 43.10, Kirloskar Pneumatic trades at a P/E of 27.30, against industry multiples ranging from 41.42 to 42.61. Higher multiples reflect faster growth but also leave less room for earnings misses, so entry price deserves attention.
Which non-electrical capital goods stocks pay a dividend?
Ans. Dividend yields on this list are Cummins India 1.42%, Elgi Equipments 0.53%, Thermax 0.06%, Triveni Turbine 0.93%, Kirloskar Pneumatic 1.10%. Yields are modest across the group, so most investors look at these stocks for growth in earnings rather than for income, and payouts can change with company profits.
Which non-electrical capital goods stock has the highest return on equity?
Ans. Cummins India has the highest ROE on this list at 27.87%, followed by Triveni Turbine at 24.18% and Kirloskar Pneumatic at 20.13%. A higher ROE shows a company earns more profit on shareholder capital, but it should be read alongside valuation and debt.
What are the risks of investing in non-electrical capital goods stocks?
Ans. The main risks are lumpy orders, premium valuations and swings in industrial or export demand. On this list, Thermax trades at the highest P/E of 64.16, which leaves less room for earnings disappointments. Staggered buying and a long holding period can help manage these risks.
How can I invest in non-electrical capital goods stocks in India?
Ans. You can buy these stocks directly on NSE or BSE through a demat account, and compare them first on the Univest Screener using P/E, ROE and debt. Many investors split the amount across two or three purchases and review the holding after each quarterly result. Sector-themed mutual funds and ETFs are another route for investors who prefer diversification.
