3 Switchgear, Steel Pipe and Water Pump Stocks With a Strong Future Roadmap: HPL Electric & Power, Surya Roshni and Kirloskar Brothers
- October 19, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
HPL Electric Rs 260.50, P/E 18.03. Surya Roshni Rs 212.40, P/E 14.87. Kirloskar Brothers Rs 1,682.90, P/E 34.98. Closing prices of 14 Oct 2026.
Quick Answer
Switchgear, steel pipe and water pump stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, Surya Roshni in steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects and Kirloskar Brothers in pumps, valves and water-management projects for farms, cities and industry. FY26 revenue growth was 6.5% at HPL Electric, 1.7% at Surya Roshni and 1.1% at Kirloskar Brothers. P/E stands at 18.03 for HPL Electric (industry 47.09), 14.87 for Surya Roshni (industry 47.18) and 34.98 for Kirloskar Brothers (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.
Switchgear, steel pipe and water pump stocks give investors exposure to metering, building products and water equipment used by utilities, builders and farms. Order flow, input costs and margins decide how much of that demand turns into profit.
This list covers three switchgear, steel pipe and water pump stocks: HPL Electric & Power for smart meters, switchgear, lighting and wiring products, Surya Roshni for steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects and Kirloskar Brothers for pumps, valves and water-management projects for farms, cities and industry. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.
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What Are Switchgear, Steel Pipe and Water Pump Stocks?
Switchgear, steel pipe and water pump stocks are shares of companies that make power equipment, run grids or fund projects. Results depend on order flow, network additions and execution, so execution and margins separate the stronger names.
Switchgear, Steel Pipe and Water Pump Stocks at a Glance
The table compares size, valuation, return on equity and debt for the three switchgear, steel pipe and water pump stocks as of the 14 Oct 2026 close.
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE | Debt to Equity |
|---|---|---|---|---|---|---|
| HPL Electric & Power | 260.50 | 1,649 | 18.03 | 47.09 | 9.10% | 0.75 |
| Surya Roshni | 212.40 | 4,637 | 14.87 | 47.18 | 10.85% | 0.03 |
| Kirloskar Brothers | 1,682.90 | 13,196 | 34.98 | 47.18 | 15.16% | 0.10 |
Among electricals and engineering stocks, all three trade at a discount to their industry P/E multiples.
Why Do Switchgear, Steel Pipe and Water Pump Stocks Have a Strong Roadmap in India?
Switchgear, steel pipe and water pump stocks have a strong roadmap in India because smart metering rollouts, construction activity and water projects keep adding orders for these firms. Three drivers stand out.
- Smart metering: Utilities replace old meters with smart ones.
- Building demand: Homes and projects need pipes and lighting.
- Water projects: Farms and cities need pumps and valves.
HPL Electric & Power: Smart Meters and Switchgear Anchor the Roadmap
HPL Electric’s roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.
Revenue grew from Rs 1,018.15 crore in FY22 to Rs 1,815.93 crore in FY26, a 78.4% rise, and FY26 revenue was 6.5% higher than FY25. FY26 net profit was Rs 91.25 crore. In Q1 FY27, revenue grew 34.7% to Rs 517.40 crore, and net profit rose 1.1% to Rs 18.69 crore. Operating margin was 15.51% in FY26.
Debt to equity is 0.75 and return on equity is 9.10%. FY26 operating cash flow was Rs 226.48 crore against capital expenditure of Rs 182.81 crore. HPL Electric paid a dividend of Rs 1 per share for FY26, a yield of 0.39%. At a P/E of 18.03 against an industry P/E of 47.09, the stock trades below its industry multiple.
What to watch: The P/E of 18.03 against an industry P/E of 47.09 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Surya Roshni: Pipes and Lighting Build the Next Leg
Surya Roshni’s roadmap rests on steel pipes and strips, LED lighting and fans for homes, builders and infrastructure projects, with a mix of building and lighting products supporting volumes.
FY26 revenue was Rs 7,594.39 crore, 1.7% higher than FY25. FY26 net profit was Rs 285.81 crore. In Q1 FY27, revenue grew 27.0% to Rs 2,054.48 crore. Operating margin was 7.18% in FY26 and 5.88% in Q1 FY27 against 5.15% a year earlier.
Debt to equity is 0.03 and return on equity is 10.85%. FY26 operating cash flow was Rs 400.66 crore against capital expenditure of Rs 159.76 crore. Surya Roshni paid a dividend of Rs 5 per share for FY26, a yield of 2.35%. At a P/E of 14.87 against an industry P/E of 47.18, the stock trades below its industry multiple.
What to watch: Net profit margin is only 3.8%, so small cost changes move earnings.
Kirloskar Brothers: Pumps and Water Projects Anchor the Roadmap
Kirloskar Brothers’ roadmap rests on pumps, valves and water-management projects for farms, cities and industry, with irrigation, urban water and industrial demand supporting orders.
Revenue grew from Rs 3,090.06 crore in FY22 to Rs 4,615.16 crore in FY26, a 49.4% rise, and FY26 revenue was 1.1% higher than FY25. FY26 net profit was Rs 361.31 crore. In Q1 FY27, revenue grew 12.5% to Rs 1,119.70 crore. Operating margin was 12.83% in FY26.
Debt to equity is 0.10 and return on equity is 15.16%. FY26 operating cash flow was Rs 334.22 crore against capital expenditure of Rs 135.29 crore. Kirloskar Brothers paid a dividend of Rs 7 per share for FY26, a yield of 0.42%. At a P/E of 34.98 against an industry P/E of 47.18, the stock trades below its industry multiple.
What to watch: The P/E of 34.98 against an industry P/E of 47.18 leaves valuation less stretched, so the next quarters’ growth is the figure to follow.
Best Switchgear, Steel Pipe and Water Pump Stocks in India: HPL Electric vs Surya Roshni vs Kirloskar Brothers on Key Financials
Among the best switchgear, steel pipe and water pump stocks in India, HPL Electric leads on FY26 revenue growth and FY26 operating margin; Surya Roshni leads on the lowest P/E and the lowest debt to equity; Kirloskar Brothers leads on return on equity. The table puts the numbers side by side.
| Metric | HPL Electric | Surya Roshni | Kirloskar Brothers |
|---|---|---|---|
| FY26 revenue (Rs Cr) | 1,815.93 | 7,594.39 | 4,615.16 |
| FY26 revenue growth | 6.5% | 1.7% | 1.1% |
| FY26 net profit (Rs Cr) | 91.25 | 285.81 | 361.31 |
| FY26 operating profit margin | 15.51% | 7.18% | 12.83% |
| Q1 FY27 revenue growth (YoY) | 34.7% | 27.0% | 12.5% |
| Return on equity | 9.10% | 10.85% | 15.16% |
| P/E ratio | 18.03 | 14.87 | 34.98 |
| Debt to equity | 0.75 | 0.03 | 0.10 |
| Dividend yield | 0.39% | 2.35% | 0.42% |
| FY26 operating cash flow (Rs Cr) | 226.48 | 400.66 | 334.22 |
Power and engineering earnings follow order flow, network additions and execution, so full-year numbers and quarterly trends together give a better view.
How to Evaluate Switchgear, Steel Pipe and Water Pump Stocks to Buy Before You Invest
A short checklist keeps the research consistent when you screen switchgear, steel pipe and water pump stocks and shortlist switchgear, steel pipe and water pump 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.
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Risks to Consider Before Investing in Switchgear, Steel Pipe and Water Pump 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 HPL Electric, Surya Roshni and Kirloskar Brothers 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.
Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.
Final Take: Which Stock Has the Strongest Roadmap?
These three electricals and engineering stocks cover switchgear, pipes and pumps. HPL Electric leads on FY26 revenue growth and FY26 operating margin; Surya Roshni leads on the lowest P/E and the lowest debt to equity; Kirloskar Brothers leads on return on equity.
Across switchgear, steel pipe and water pump 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 switchgear, steel pipe and water pump 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 Switchgear, Steel Pipe and Water Pump Stocks
Which are the best switchgear, steel pipe and water pump stocks in India with a strong roadmap?
Ans. HPL Electric & Power, Surya Roshni and Kirloskar Brothers stand out for their roadmaps in switchgear, pipes and pumps. FY26 revenue growth was 6.5% at HPL Electric, 1.7% at Surya Roshni and 1.1% at Kirloskar Brothers, and return on equity ranges from 9.10% to 15.16%.
Is HPL Electric & Power a good stock to buy now?
Ans. HPL Electric & Power has a debt to equity ratio of 0.75, a return on equity of 9.10% and a P/E of 18.03 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 HPL Electric, Surya Roshni and Kirloskar Brothers?
Ans. The P/E ratio is 18.03 for HPL Electric (industry 47.09), 14.87 for Surya Roshni (industry 47.18) and 34.98 for Kirloskar Brothers (industry 47.18). All of them trade below the industry multiple.
Which of these switchgear, steel pipe and water pump stocks has the highest return on equity?
Ans. Kirloskar Brothers has the highest return on equity at 15.16%, followed by Surya Roshni at 10.85% and HPL Electric & Power at 9.10%.
What are the risks of investing in switchgear, steel pipe and water pump stocks?
Ans. The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.
How did HPL Electric, Surya Roshni and Kirloskar Brothers perform in Q1 FY27?
Ans. HPL Electric & Power reported revenue of Rs 517.40 crore, up 34.7% year on year, and net profit rose 1.1% to Rs 18.69 crore. Surya Roshni reported revenue of Rs 2,054.48 crore, up 27.0% year on year. Kirloskar Brothers reported revenue of Rs 1,119.70 crore, up 12.5% year on year.
Do switchgear, steel pipe and water pump stocks pay dividends?
Ans. Yes, all three companies pay dividends. The dividend yield is 0.39% for HPL Electric, 2.35% for Surya Roshni and 0.42% for Kirloskar Brothers, based on dividends declared for FY26.
How can I invest in switchgear, steel pipe and water pump stocks in India?
Ans. You can buy switchgear, steel pipe and water pump 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.
