3 Specialised Batteries Maker, Diversified Chemicals and Sugar Company and Automotive Lighting Maker Stocks With a Strong Future Roadmap: HBL Engineering, DCM Shriram and Lumax Industries
- November 5, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
HBL Engineering, DCM Shriram and Lumax Industries: ROE of 16.3% to 36.8% and FY22 to FY26 revenue CAGR of 9.0% to 28.0%. Prices as of 4 Nov 2026.
Quick Answer
The three battery, chemical and vehicle lamp stocks to watch are HBL Engineering, DCM Shriram and Lumax Industries. Their return on equity ranges from 16.3% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 9.0% to 28.0%. HBL Engineering leads on both return on equity at 36.8% and revenue growth at 28.0% a year. Prices are based on the 4 November 2026 close, and this article is educational, not investment advice.
Battery, chemical and vehicle lamp stocks give investors a way to track businesses that sit close to everyday demand in India. HBL Engineering, DCM Shriram and Lumax Industries cover a specialised batteries maker, a diversified chemicals company and an automotive lighting maker.
This list covers three battery, chemical and vehicle lamp stocks with complete current figures: HBL Engineering, DCM Shriram and Lumax Industries. Every figure comes from the latest reported financials and the 4 November 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Battery, Chemical and Vehicle Lamp Stocks?
Battery, chemical and vehicle lamp stocks are listed companies that make specialised batteries and defence electronics, produce caustic soda, chemicals, sugar and fertilisers, and make headlamps and tail lamps for vehicles. Their earnings depend on defence and rail orders, industrial demand and vehicle output.
Battery, Chemical and Vehicle Lamp Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| HBL Engineering | 836.4 | 22,507 | 28.8 | 36.9 | 36.8 | 0.03 |
| DCM Shriram | 903.55 | 14,257 | 10.3 | 13.9 | 16.3 | 0.24 |
| Lumax Industries | 5,294.2 | 5,073 | 27.1 | 36.9 | 18.8 | 1.06 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing battery, chemical and vehicle lamp stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Battery, Chemical and Vehicle Lamp Stocks Have a Strong Roadmap in India?
Battery, chemical and vehicle lamp stocks have a strong roadmap in India because growing defence and rail electronics, steady industrial demand and rising vehicle output keep widening the market for these companies.
- Batteries. Defence and rail projects need dependable cells.
- Chemicals. Industry needs caustic soda and sugar.
- Vehicle lighting. Newer vehicles use advanced lamps.
Why HBL Engineering Features Among These Battery, Chemical and Vehicle Lamp Stocks
Among the battery, chemical and vehicle lamp stocks on this list, HBL Engineering, formerly HBL Power Systems, makes specialised batteries, defence electronics, railway safety systems, and electronics for aerospace and industrial use.
The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9.
Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%. Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore.
Roadmap: The company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
What to watch: Monitor large railway and defence orders and their execution schedules.
Why DCM Shriram Features Among These Battery, Chemical and Vehicle Lamp Stocks
Among the energy storage, industrial and auto part shares on this list, DCM Shriram is a diversified company with businesses in caustic soda and chemicals, sugar, fertilisers and agri inputs, and building products.
Revenue rose from Rs 9,719 crore in FY22 to Rs 13,734 crore in FY26, a compound annual growth rate of 9.0%. Net profit grew from Rs 447 crore in FY24 to Rs 856 crore in FY26, which works out to a compound annual growth rate of 38.4%.
The company has a return on equity of 16.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 14,257 crore. The stock trades at a P/E of 10.3, below the industry P/E of 13.9.
Roadmap: The company is expanding its chemicals capacity and widening its range of agri inputs and value-added products. A mix of chemicals and agri businesses spreads its sources of revenue.
What to watch: Monitor chemical prices, sugar output and demand for agri inputs.
Why Lumax Industries Features Among These Battery, Chemical and Vehicle Lamp Stocks
Among the three companies on this list, Lumax Industries makes automotive lighting systems such as headlamps and tail lamps for passenger cars, two-wheelers and commercial vehicles.
In the June 2026 quarter, revenue grew 32.6% year on year to Rs 1,227 crore, while net profit rose 41.1% to Rs 51.1 crore. Revenue rose from Rs 1,765 crore in FY22 to Rs 4,191 crore in FY26, a compound annual growth rate of 24.1%.
Net profit grew from Rs 40.7 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 43.5%. The company has a return on equity of 18.8%, a debt to equity ratio of 1.06 and a market capitalisation of Rs 5,073 crore. The stock trades at a P/E of 27.1, below the industry P/E of 36.9.
Roadmap: The shift to LED and advanced lighting raises the value of each vehicle’s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.
What to watch: Track new vehicle launches and the pace at which LED content is added.
HBL Engineering vs DCM Shriram vs Lumax Industries on Key Financials
The table below sets the three battery, chemical and vehicle lamp 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 |
|---|---|---|---|---|---|
| HBL Engineering | 1,251 | 3,362 | 28.0% | 814 | 24.2% |
| DCM Shriram | 9,719 | 13,734 | 9.0% | 856 | 6.2% |
| Lumax Industries | 1,765 | 4,191 | 24.1% | 172 | 4.1% |
HBL Engineering posts the highest return on equity in this group at 36.8%. DCM Shriram has the largest FY26 revenue at Rs 13,734 crore, and HBL Engineering shows the fastest revenue growth with a 28.0% compound annual rate. A useful habit with battery, chemical and vehicle lamp stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Battery, Chemical and Vehicle Lamp Stocks
Every theme carries risks that deserve a check before any decision. For these battery, chemical and vehicle lamp stocks, the main points are: Long-term energy storage, industrial and auto part shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Defence and space orders can shift between periods.
- Raw material and energy costs. Input prices can move margins in chemicals.
- 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 battery, chemical and vehicle lamp stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Battery, Chemical and Vehicle Lamp Stocks
Battery, chemical and vehicle lamp stocks work best when investors track growth, valuation and return on equity side by side. HBL Engineering, DCM Shriram and Lumax Industries each have a clear plan to grow. Based on the 4 November 2026 close, HBL Engineering trades at Rs 836.4, DCM Shriram at Rs 903.55 and Lumax Industries at Rs 5,294.2.
Download the Univest iOS App or Univest Android App to track battery, chemical and vehicle lamp stocks, set price alerts and get research-backed stock ideas.
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 battery, chemical and vehicle lamp stocks?
Ans. Battery, chemical and vehicle lamp stocks are listed companies that make specialised batteries and defence electronics, produce caustic soda, chemicals, sugar and fertilisers, and make headlamps and tail lamps for vehicles. Their earnings depend on defence and rail orders, industrial demand and vehicle output. This list looks at three of them, HBL Engineering, DCM Shriram and Lumax Industries, using reported FY22 to FY26 financials and the 4 November 2026 closing prices.
Which battery, chemical and vehicle lamp stocks are covered in this list?
Ans. This list covers HBL Engineering, DCM Shriram and Lumax Industries. Based on the 4 November 2026 close, HBL Engineering traded at Rs 836.4, DCM Shriram at Rs 903.55 and Lumax Industries at Rs 5,294.2. Their return on equity ranges from 16.3% to 36.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 9.0% to 28.0%.
Why do battery, chemical and vehicle lamp stocks have a strong future roadmap in India?
Ans. Battery, chemical and vehicle lamp stocks have a strong roadmap in India because growing defence and rail electronics, steady industrial demand and rising vehicle output keep widening the market for these companies. The main drivers are as follows. Batteries. Defence and rail projects need dependable cells. Chemicals. Industry needs caustic soda and sugar. Vehicle lighting. Newer vehicles use advanced lamps. Together these factors give the companies on this list a visible path for growth over the coming years.
How has HBL Engineering performed financially?
Ans. Revenue rose from Rs 1,251 crore in FY22 to Rs 3,362 crore in FY26, a compound annual growth rate of 28.0%. Net profit grew from Rs 93.7 crore in FY22 to Rs 814 crore in FY26, which works out to a compound annual growth rate of 71.7%. In the June 2026 quarter, revenue grew 6.0% year on year to Rs 659 crore. The company has a return on equity of 36.8%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 22,507 crore. The stock trades at a P/E of 28.8, below the industry P/E of 36.9. Looking ahead, the company has grown its defence electronics and railway safety businesses, including systems for collision avoidance, and is expanding its battery lines. Orders from railways and defence customers provide a long runway.
How has DCM Shriram performed financially?
Ans. Revenue rose from Rs 9,719 crore in FY22 to Rs 13,734 crore in FY26, a compound annual growth rate of 9.0%. Net profit grew from Rs 447 crore in FY24 to Rs 856 crore in FY26, which works out to a compound annual growth rate of 38.4%. The company has a return on equity of 16.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 14,257 crore. The stock trades at a P/E of 10.3, below the industry P/E of 13.9. Looking ahead, the company is expanding its chemicals capacity and widening its range of agri inputs and value-added products. A mix of chemicals and agri businesses spreads its sources of revenue.
How has Lumax Industries performed financially?
Ans. Revenue rose from Rs 1,765 crore in FY22 to Rs 4,191 crore in FY26, a compound annual growth rate of 24.1%. Net profit grew from Rs 40.7 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 43.5%. In the June 2026 quarter, revenue grew 32.6% year on year to Rs 1,227 crore, while net profit rose 41.1% to Rs 51.1 crore. The company has a return on equity of 18.8%, a debt to equity ratio of 1.06 and a market capitalisation of Rs 5,073 crore. The stock trades at a P/E of 27.1, below the industry P/E of 36.9. Looking ahead, the shift to LED and advanced lighting raises the value of each vehicle’s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.
What risks should investors check before buying battery, chemical and vehicle lamp stocks?
Ans. Investors should check a few risks before buying battery, chemical and vehicle lamp stocks. Order timing. Defence and space orders can shift between periods. Raw material and energy costs. Input prices can move margins in chemicals. 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 battery, chemical and vehicle lamp stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 4 November 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.
