3 Pumps and Valves Maker, Forged Components Producer and Cryogenic Tanks Specialist Stocks With a Strong Future Roadmap: Kirloskar Brothers, Happy Forgings and Inox India
- October 26, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Kirloskar Brothers, Happy Forgings and Inox India: ROE of 14.2% to 23.1% and FY22 to FY26 revenue CAGR of 10.5% to 19.4%. Prices as of 23 Oct 2026.
Quick Answer
The three pump, forging and cryogenic equipment stocks to watch are Kirloskar Brothers, Happy Forgings and Inox India. Their return on equity ranges from 14.2% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.5% to 19.4%. Inox India leads on both return on equity at 23.1% and revenue growth at 19.4% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Pump, forging and cryogenic equipment stocks bring together companies with a visible plan for the years ahead. Kirloskar Brothers, Happy Forgings and Inox India cover a pumps and valves maker, a forged components producer and a cryogenic tanks specialist.
This list covers three pump, forging and cryogenic equipment stocks with complete current figures: Kirloskar Brothers, Happy Forgings and Inox India. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are Pump, Forging and Cryogenic Equipment Stocks?
Pump, forging and cryogenic equipment stocks are listed engineering companies that make pumps, forged parts and tanks that store gases at very low temperatures. Their earnings depend on water projects, vehicle and machine output, industrial gas demand and exports.
Pump, Forging and Cryogenic Equipment Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Kirloskar Brothers | 1,597.6 | 13,186 | 35.0 | 43.0 | 15.2 | 0.10 |
| Happy Forgings | 1,762 | 17,630 | 53.9 | 50.7 | 14.2 | 0.15 |
| Inox India | 1,863.8 | 18,179 | 71.3 | 22.4 | 23.1 | 0.07 |
On valuation, Kirloskar Brothers trades at a P/E below the industry P/E, while Happy Forgings and Inox India trade above it, which reflects the growth the market already expects. Readers comparing pump, forging and cryogenic equipment stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Pump, Forging and Cryogenic Equipment Stocks Have a Strong Roadmap in India?
Pump, forging and cryogenic equipment stocks have a strong roadmap in India because water and irrigation plans, global sourcing of forged parts and growing industrial gas use keep raising demand for engineered equipment.
- Water projects. Irrigation and supply plans need pumps.
- Forged parts. Engine and axle makers source precision forgings.
- Industrial gases. Hospitals and energy firms need cryogenic storage.
Why Kirloskar Brothers Features Among These Pump, Forging and Cryogenic Equipment Stocks
Among the pump, forging and cryogenic equipment stocks on this list, Kirloskar Brothers is a Pune-based maker of pumps, valves and hydro systems used in irrigation, water supply, power plants, buildings and industry. It has served customers for over a century.
The company has a return on equity of 15.2%, a debt to equity ratio of 0.10 and a market capitalisation of Rs 13,186 crore. The stock trades at a P/E of 35.0, below the industry P/E of 43.0.
Revenue rose from Rs 3,090 crore in FY22 to Rs 4,615 crore in FY26, a compound annual growth rate of 10.5%. Net profit grew from Rs 81.5 crore in FY22 to Rs 361 crore in FY26, which works out to a compound annual growth rate of 45.1%. In the June 2026 quarter, revenue grew 12.5% year on year to Rs 1,120 crore.
Roadmap: The company benefits from public spending on water supply, irrigation and urban infrastructure, and it is growing its project and aftermarket business. A deep service network supports repeat orders.
What to watch: Follow order inflows from water and irrigation projects and the share of aftermarket sales.
Why Happy Forgings Features Among These Pump, Forging and Cryogenic Equipment Stocks
Among the water pump company shares on this list, Happy Forgings is a Ludhiana-based maker of forged and machined components for engines, transmissions and axles, selling to commercial vehicle, off-highway, farm and industrial customers.
Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%.
In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7.
Roadmap: The company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
What to watch: Monitor the pace of new capacity and the shift towards higher-value, fully machined parts.
Why Inox India Features Among These Pump, Forging and Cryogenic Equipment Stocks
Among the three companies 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.
In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. 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%. 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.
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.
Kirloskar Brothers vs Happy Forgings vs Inox India on Key Financials
The table below sets the three pump, forging and cryogenic equipment 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 |
|---|---|---|---|---|---|
| Kirloskar Brothers | 3,090 | 4,615 | 10.5% | 361 | 7.8% |
| Happy Forgings | 866 | 1,577 | 16.2% | 302 | 19.1% |
| Inox India | 804 | 1,632 | 19.4% | 258 | 15.8% |
Inox India posts the highest return on equity in this group at 23.1%. Kirloskar Brothers has the largest FY26 revenue at Rs 4,615 crore, and Inox India shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with pump, forging and cryogenic equipment 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 |
|---|---|---|---|
| Kirloskar Brothers | 995 | 1,120 | 12.5% |
| Happy Forgings | 364 | 460 | 26.5% |
| Inox India | 352 | 382 | 8.3% |
Key Risks to Check Before Investing in Pump, Forging and Cryogenic Equipment Stocks
Every theme carries risks that deserve a check before any decision. For these pump, forging and cryogenic equipment stocks, the main points are: Long-term water pump company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project orders can shift between periods.
- Input costs. Steel and energy prices affect 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 pump, forging and cryogenic equipment stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Pump, Forging and Cryogenic Equipment Stocks
Pump, forging and cryogenic equipment stocks suit investors who prefer to study business strength before price moves. Kirloskar Brothers, Happy Forgings and Inox India each have a clear plan to expand. Based on the 23 October 2026 close, Kirloskar Brothers trades at Rs 1,597.6, Happy Forgings at Rs 1,762 and Inox India at Rs 1,863.8. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these pump, forging and cryogenic equipment 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 pump, forging and cryogenic equipment stocks?
Ans. Pump, forging and cryogenic equipment stocks are listed engineering companies that make pumps, forged parts and tanks that store gases at very low temperatures. Their earnings depend on water projects, vehicle and machine output, industrial gas demand and exports. This list looks at three of them, Kirloskar Brothers, Happy Forgings and Inox India, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which pump, forging and cryogenic equipment stocks are covered in this list?
Ans. This list covers Kirloskar Brothers, Happy Forgings and Inox India. Based on the 23 October 2026 close, Kirloskar Brothers traded at Rs 1,597.6, Happy Forgings at Rs 1,762 and Inox India at Rs 1,863.8. Their return on equity ranges from 14.2% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.5% to 19.4%.
Why do pump, forging and cryogenic equipment stocks have a strong future roadmap in India?
Ans. Pump, forging and cryogenic equipment stocks have a strong roadmap in India because water and irrigation plans, global sourcing of forged parts and growing industrial gas use keep raising demand for engineered equipment. The main drivers are as follows. Water projects. Irrigation and supply plans need pumps. Forged parts. Engine and axle makers source precision forgings. Industrial gases. Hospitals and energy firms need cryogenic storage. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Kirloskar Brothers performed financially?
Ans. Revenue rose from Rs 3,090 crore in FY22 to Rs 4,615 crore in FY26, a compound annual growth rate of 10.5%. Net profit grew from Rs 81.5 crore in FY22 to Rs 361 crore in FY26, which works out to a compound annual growth rate of 45.1%. In the June 2026 quarter, revenue grew 12.5% year on year to Rs 1,120 crore. The company has a return on equity of 15.2%, a debt to equity ratio of 0.10 and a market capitalisation of Rs 13,186 crore. The stock trades at a P/E of 35.0, below the industry P/E of 43.0. Looking ahead, the company benefits from public spending on water supply, irrigation and urban infrastructure, and it is growing its project and aftermarket business. A deep service network supports repeat orders.
How has Happy Forgings performed financially?
Ans. Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7. Looking ahead, the company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global 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.
What risks should investors check before buying pump, forging and cryogenic equipment stocks?
Ans. Investors should check a few risks before buying pump, forging and cryogenic equipment stocks. Order timing. Project orders can shift between periods. Input costs. Steel and energy prices affect 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 pump, forging and cryogenic equipment stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 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.