3 Power and Distribution Transformers Maker, Cryogenic Tanks Maker and Water Treatment Plants Builder Stocks With a Strong Future Roadmap: Atlanta Electricals, Inox India and VA Tech Wabag
- November 2, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Atlanta Electricals, Inox India and VA Tech Wabag: ROE of 14.4% to 23.1% and FY22 to FY26 revenue CAGR of 7.6% to 33.0%. Prices as of 30 Oct 2026.
Quick Answer
The three transformer, cryogenic tank and water stocks to watch are Atlanta Electricals, Inox India and VA Tech Wabag. Their return on equity ranges from 14.4% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 33.0%. Inox India has the highest return on equity at 23.1%, while Atlanta Electricals has the fastest revenue growth at 33.0% a year. Prices are based on the 30 October 2026 close, and this article is educational, not investment advice.
Transformer, cryogenic tank and water stocks let investors follow companies that serve a growing part of the Indian economy. Atlanta Electricals, Inox India and VA Tech Wabag cover a power and distribution transformers maker, a cryogenic tanks maker and a water treatment plants builder.
This list covers three transformer, cryogenic tank and water stocks with complete current figures: Atlanta Electricals, Inox India and VA Tech Wabag. Every figure comes from the latest reported financials and the 30 October 2026 market close. Companies without complete current figures were left out.
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What Are Transformer, Cryogenic Tank and Water Stocks?
Transformer, cryogenic tank and water stocks are listed companies that make power and distribution transformers, produce cryogenic tanks to store and transport industrial gases and liquefied natural gas, and design, build and operate water and desalination plants. Their earnings depend on utility spending, order books and project execution.
Transformer, Cryogenic Tank and Water Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Atlanta Electricals | 1,589.2 | 12,995 | 59.8 | 43.9 | 21.7 | 0.05 |
| Inox India | 1,860.2 | 18,179 | 71.3 | 22.4 | 23.1 | 0.07 |
| VA Tech Wabag | 1,812.3 | 11,717 | 29.7 | 22.7 | 14.4 | 0.09 |
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 transformer, cryogenic tank and water 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 transformer, cryogenic tank and water stocks can use the coming numbers to test whether growth is holding.
Why Do Transformer, Cryogenic Tank and Water Stocks Have a Strong Roadmap in India?
Transformer, cryogenic tank and water stocks have a strong roadmap in India because grid upgrades, growing use of industrial gases and large water programmes keep widening the market for these equipment and project companies.
- Grid upgrades. Utilities add transformers and capacity.
- Industrial gases. Cryogenic storage serves steel and health.
- Water programmes. Cities need treatment and reuse plants.
Why Atlanta Electricals Features Among These Transformer, Cryogenic Tank and Water Stocks
Among the transformer, cryogenic tank and water stocks on this list, Atlanta Electricals, based in Gujarat, manufactures power and distribution transformers and related electrical equipment for utilities and industrial customers.
In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore. Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%.
Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9.
Roadmap: Transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
What to watch: Monitor order backlog conversion and the pace of capacity additions.
Why Inox India Features Among These Transformer, Cryogenic Tank and Water Stocks
Among the power and process equipment shares on this list, Inox India, based in Vadodara, is a leading maker of cryogenic tanks and systems used to store and transport industrial gases, LNG and other liquefied gases.
The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P/E of 71.3, above the industry P/E of 22.4.
Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore.
Roadmap: Demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.
What to watch: Monitor order inflow from LNG and industrial gas customers, as large orders can shape quarterly numbers.
Why VA Tech Wabag Features Among These Transformer, Cryogenic Tank and Water Stocks
Among the three companies on this list, VA Tech Wabag designs, builds and operates water and wastewater treatment plants, including desalination and recycling plants, for municipal and industrial customers in India and abroad.
Revenue rose from Rs 3,012 crore in FY22 to Rs 4,038 crore in FY26, a compound annual growth rate of 7.6%. Net profit grew from Rs 132 crore in FY22 to Rs 370 crore in FY26, which works out to a compound annual growth rate of 29.4%.
In the June 2026 quarter, revenue grew 26.0% year on year to Rs 939 crore, while net profit rose 36.9% to Rs 90.1 crore. The company has a return on equity of 14.4%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 11,717 crore. The stock trades at a P/E of 29.7, above the industry P/E of 22.7.
Roadmap: Government missions for drinking water supply and sewage treatment, along with industrial water reuse, feed a long project pipeline. Operation and maintenance contracts add recurring revenue, and international orders widen the customer base.
What to watch: Monitor the order book, the share of operation and maintenance contracts and working capital cycles on large projects.
Atlanta Electricals vs Inox India vs VA Tech Wabag on Key Financials
The table below sets the three transformer, cryogenic tank and water 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 |
|---|---|---|---|---|---|
| Atlanta Electricals | 597 | 1,867 | 33.0% | 202 | 10.8% |
| Inox India | 804 | 1,632 | 19.4% | 258 | 15.8% |
| VA Tech Wabag | 3,012 | 4,038 | 7.6% | 370 | 9.2% |
Inox India posts the highest return on equity in this group at 23.1%. VA Tech Wabag has the largest FY26 revenue at Rs 4,038 crore, and Atlanta Electricals shows the fastest revenue growth with a 33.0% compound annual rate. A useful habit with transformer, cryogenic tank and water 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 |
|---|---|---|---|
| Atlanta Electricals | 318 | 469 | 47.6% |
| Inox India | 352 | 382 | 8.3% |
| VA Tech Wabag | 745 | 939 | 26.0% |
Key Risks to Check Before Investing in Transformer, Cryogenic Tank and Water Stocks
Every theme carries risks that deserve a check before any decision. For these transformer, cryogenic tank and water stocks, the main points are: Long-term power and process equipment shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards can shift between periods.
- Capex cycles. Customer spending on plants and projects can vary.
- 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 transformer, cryogenic tank and water stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Transformer, Cryogenic Tank and Water Stocks
Transformer, cryogenic tank and water stocks reward investors who follow demand trends, order books and margins together. Atlanta Electricals, Inox India and VA Tech Wabag each have a clear plan to grow. Based on the 30 October 2026 close, Atlanta Electricals trades at Rs 1,589.2, Inox India at Rs 1,860.2 and VA Tech Wabag at Rs 1,812.3. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these transformer, cryogenic tank and water 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 transformer, cryogenic tank and water stocks?
Ans. Transformer, cryogenic tank and water stocks are listed companies that make power and distribution transformers, produce cryogenic tanks to store and transport industrial gases and liquefied natural gas, and design, build and operate water and desalination plants. Their earnings depend on utility spending, order books and project execution. This list looks at three of them, Atlanta Electricals, Inox India and VA Tech Wabag, using reported FY22 to FY26 financials and the 30 October 2026 closing prices.
Which transformer, cryogenic tank and water stocks are covered in this list?
Ans. This list covers Atlanta Electricals, Inox India and VA Tech Wabag. Based on the 30 October 2026 close, Atlanta Electricals traded at Rs 1,589.2, Inox India at Rs 1,860.2 and VA Tech Wabag at Rs 1,812.3. Their return on equity ranges from 14.4% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 33.0%.
Why do transformer, cryogenic tank and water stocks have a strong future roadmap in India?
Ans. Transformer, cryogenic tank and water stocks have a strong roadmap in India because grid upgrades, growing use of industrial gases and large water programmes keep widening the market for these equipment and project companies. The main drivers are as follows. Grid upgrades. Utilities add transformers and capacity. Industrial gases. Cryogenic storage serves steel and health. Water programmes. Cities need treatment and reuse plants. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Atlanta Electricals performed financially?
Ans. Revenue rose from Rs 597 crore in FY22 to Rs 1,867 crore in FY26, a compound annual growth rate of 33.0%. Net profit grew from Rs 87.5 crore in FY23 to Rs 202 crore in FY26, which works out to a compound annual growth rate of 32.1%. In the June 2026 quarter, revenue grew 47.6% year on year to Rs 469 crore, while net profit rose 50.4% to Rs 46.8 crore. The company has a return on equity of 21.7%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 12,995 crore. The stock trades at a P/E of 59.8, above the industry P/E of 43.9. Looking ahead, transmission and distribution spending, rising electricity demand and renewable power connections keep the transformer order book active. The company is adding capacity to meet this demand and to serve larger customers.
How has Inox India performed financially?
Ans. Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P/E of 71.3, above the industry P/E of 22.4. Looking ahead, demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.
How has VA Tech Wabag performed financially?
Ans. Revenue rose from Rs 3,012 crore in FY22 to Rs 4,038 crore in FY26, a compound annual growth rate of 7.6%. Net profit grew from Rs 132 crore in FY22 to Rs 370 crore in FY26, which works out to a compound annual growth rate of 29.4%. In the June 2026 quarter, revenue grew 26.0% year on year to Rs 939 crore, while net profit rose 36.9% to Rs 90.1 crore. The company has a return on equity of 14.4%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 11,717 crore. The stock trades at a P/E of 29.7, above the industry P/E of 22.7. Looking ahead, government missions for drinking water supply and sewage treatment, along with industrial water reuse, feed a long project pipeline. Operation and maintenance contracts add recurring revenue, and international orders widen the customer base.
What risks should investors check before buying transformer, cryogenic tank and water stocks?
Ans. Investors should check a few risks before buying transformer, cryogenic tank and water stocks. Order timing. Project awards can shift between periods. Capex cycles. Customer spending on plants and projects can vary. 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 transformer, cryogenic tank and water stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 30 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.
