{"id":214178,"date":"2026-08-20T16:11:34","date_gmt":"2026-08-20T10:41:34","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=214178"},"modified":"2026-08-20T16:11:36","modified_gmt":"2026-08-20T10:41:36","slug":"capital-goods-non-electrical-stocks-india","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/","title":{"rendered":"3 Fundamentally Strong Capital Goods Stocks in India"},"content":{"rendered":"<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Capital Goods sector stocks. Thermax Ltd CMP Rs 4024.59 | PE 81.19 | ROE 12.98%. Cummins India Ltd CMP Rs 5240.14 | PE 61.36. Kirloskar Brothers Ltd CMP Rs 1950.76 | ROE 15.16%<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">Three capital goods stocks in India are Thermax Ltd (MCap Rs 47,955 Cr, PE 81.19, ROE 12.98%), Cummins India Ltd (MCap Rs 1.45L Cr, PE 61.36, ROE 27.87%), and Kirloskar Brothers Ltd (MCap Rs 15,492 Cr, PE 41.06, ROE 15.16%). Each covers a distinct sub-segment of the capital goods sector with different risk-reward profiles. Verify all data at nseindia.com or bseindia.com before making any investment decision.<\/p>\n<\/div>\n<p>Identifying the right capital goods stocks in India requires looking beyond short-term price movements and focusing on balance sheet strength, earnings consistency and sector positioning. The capital goods sector is a meaningful part of India&#8217;s listed market, drawing investor interest across market cycles. Track the <a href=\"https:\/\/univest.in\/indices\/nifty-500\/nifty-500-share-price-today\">Nifty 500<\/a> index for broader capital goods sector performance alongside individual stock analysis.<\/p>\n<p>This article covers three capital goods stocks in India and their key financial data as of. All figures are sourced from publicly available exchange disclosures. Verify every data point at nseindia.com or bseindia.com before making any investment decision in capital goods stocks in India or any other security.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=capital-goods-non-electrical-stocks-india\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#What_Are_Capital_Goods_Stocks_in_India\" title=\"What Are Capital Goods Stocks in India?\">What Are Capital Goods Stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Budget_2026-27_Impact_on_Capital_Goods_Stocks_in_India\" title=\"Budget 2026-27 Impact on Capital Goods Stocks in India\">Budget 2026-27 Impact on Capital Goods Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#3_Fundamentally_Strong_Capital_Goods_Stocks_in_India_Key_Data\" title=\"3 Fundamentally Strong Capital Goods Stocks in India: Key Data\">3 Fundamentally Strong Capital Goods Stocks in India: Key Data<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#1_Thermax_Ltd_NSE_THERMAX\" title=\"1. Thermax Ltd (NSE: THERMAX)\">1. Thermax Ltd (NSE: THERMAX)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#2_Cummins_India_Ltd_NSE_CUMMINSIND\" title=\"2. Cummins India Ltd (NSE: CUMMINSIND)\">2. Cummins India Ltd (NSE: CUMMINSIND)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#3_Kirloskar_Brothers_Ltd_NSE_KIRLOSBROS\" title=\"3. Kirloskar Brothers Ltd (NSE: KIRLOSBROS)\">3. Kirloskar Brothers Ltd (NSE: KIRLOSBROS)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Factors_That_Affect_Capital_Goods_Stocks_in_India\" title=\"Factors That Affect Capital Goods Stocks in India\">Factors That Affect Capital Goods Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Benefits_of_Investing_in_Fundamentally_Strong_Capital_Goods_Stocks\" title=\"Benefits of Investing in Fundamentally Strong Capital Goods Stocks\">Benefits of Investing in Fundamentally Strong Capital Goods Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Risks_of_Investing_in_Capital_Goods_Stocks\" title=\"Risks of Investing in Capital Goods Stocks\">Risks of Investing in Capital Goods Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#How_to_Choose_Fundamentally_Strong_Capital_Goods_Stocks\" title=\"How to Choose Fundamentally Strong Capital Goods Stocks\">How to Choose Fundamentally Strong Capital Goods Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#Is_Thermax_a_good_long-term_investment\" title=\"Is Thermax a good long-term investment?\">Is Thermax a good long-term investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#How_does_Cummins_India_benefit_from_the_data_centre_boom\" title=\"How does Cummins India benefit from the data centre boom?\">How does Cummins India benefit from the data centre boom?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/capital-goods-non-electrical-stocks-india\/#What_drives_order_books_for_capital_goods_companies_in_2026\" title=\"What drives order books for capital goods companies in 2026?\">What drives order books for capital goods companies in 2026?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Capital_Goods_Stocks_in_India\"><\/span><strong>What Are Capital Goods Stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Capital goods stocks in the non-electrical segment cover companies that manufacture boilers, heat exchangers, pumps, compressors, engines and process equipment used across power, petrochemical, infrastructure and manufacturing industries. Unlike electrical capital goods, which focus on transmission and distribution, non-electrical capital goods companies supply the mechanical and thermal systems that run industrial processes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Budget_2026-27_Impact_on_Capital_Goods_Stocks_in_India\"><\/span><strong>Budget 2026-27 Impact on Capital Goods Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Union Budget 2026-27 has shaped the investment environment for capital goods stocks in India through the following sector-relevant provisions:<\/p>\n<ul>\n<li>Rs 15.48 lakh crore government capex allocation directly drives orders for industrial pumps, boilers and heat exchangers from companies like Thermax and Kirloskar Brothers.<\/li>\n<li>Energy transition demand creates orders for waste heat recovery systems and energy-efficient industrial equipment.<\/li>\n<li>Data centre expansion in India creates new demand for precision cooling systems and generators in Cummins India&#8217;s product range.<\/li>\n<li>Semiconductor and electronics manufacturing plant investments require process equipment supplied by capital goods companies.<\/li>\n<li>Defence indigenisation creates orders for industrial equipment used in ordnance factories and defence production corridors.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"3_Fundamentally_Strong_Capital_Goods_Stocks_in_India_Key_Data\"><\/span><strong>3 Fundamentally Strong Capital Goods Stocks in India: Key Data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%; font-size: 13px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"8\">\n<thead>\n<tr style=\"background: #EBF3FB;\">\n<th style=\"text-align: left;\">Company<\/th>\n<th style=\"text-align: right;\">CMP (Rs)<\/th>\n<th style=\"text-align: right;\">MCap (Rs Cr)<\/th>\n<th style=\"text-align: right;\">PE<\/th>\n<th style=\"text-align: right;\">PB<\/th>\n<th style=\"text-align: right;\">ROE<\/th>\n<th style=\"text-align: right;\">EPS TTM (Rs)<\/th>\n<th style=\"text-align: right;\">Div. Yield<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Thermax Ltd (NSE: THERMAX)<\/td>\n<td style=\"text-align: right;\">Rs 4024.59<\/td>\n<td style=\"text-align: right;\">47,955<\/td>\n<td style=\"text-align: right;\">81.19<\/td>\n<td style=\"text-align: right;\">8.64<\/td>\n<td style=\"text-align: right;\">12.98%<\/td>\n<td style=\"text-align: right;\">49.57<\/td>\n<td style=\"text-align: right;\">0.05%<\/td>\n<\/tr>\n<tr>\n<td>Cummins India Ltd (NSE: CUMMINSIND)<\/td>\n<td style=\"text-align: right;\">Rs 5240.14<\/td>\n<td style=\"text-align: right;\">1.45L<\/td>\n<td style=\"text-align: right;\">61.36<\/td>\n<td style=\"text-align: right;\">17.14<\/td>\n<td style=\"text-align: right;\">27.87%<\/td>\n<td style=\"text-align: right;\">85.40<\/td>\n<td style=\"text-align: right;\">1.26%<\/td>\n<\/tr>\n<tr>\n<td>Kirloskar Brothers Ltd (NSE: KIRLOSBROS)<\/td>\n<td style=\"text-align: right;\">Rs 1950.76<\/td>\n<td style=\"text-align: right;\">15,492<\/td>\n<td style=\"text-align: right;\">41.06<\/td>\n<td style=\"text-align: right;\">6.29<\/td>\n<td style=\"text-align: right;\">15.16%<\/td>\n<td style=\"text-align: right;\">47.51<\/td>\n<td style=\"text-align: right;\">0.36%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12px; color: #555; margin-top: 6px;\"><em>Data sourced from publicly available exchange filings. Verify all figures at nseindia.com or bseindia.com before investing.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Thermax_Ltd_NSE_THERMAX\"><\/span><strong>1. Thermax Ltd (NSE: THERMAX)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Thermax Ltd was founded in 1966 and is headquartered in Pune. It is one of three capital goods stocks in India covered in this article and trades at Rs 4024.59, with a market capitalisation of Rs 47,955 crore. The PE ratio stands at 81.19 against the industry average of 48.65, return on equity is at 12.98%, EPS (TTM) of Rs 49.57 and book value of Rs 465.88. Dividend yield as of the latest available data is 0.05%.<\/p>\n<p>Among capital goods stocks in India, Thermax Ltd carries a debt-to-equity of 0.42, which provides context on its leverage relative to peers. The company&#8217;s price-to-book ratio of 8.64 reflects how the market values its net assets. Investors should verify all these figures directly at nseindia.com or bseindia.com before making any investment decision related to this or any other stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Cummins_India_Ltd_NSE_CUMMINSIND\"><\/span><strong>2. Cummins India Ltd (NSE: CUMMINSIND)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cummins India Ltd was founded in 1962 and is headquartered in Pune. It is one of three capital goods stocks in India covered in this article and trades at Rs 5240.14, with a market capitalisation of Rs 1.45L crore. The PE ratio stands at 61.36 against the industry average of 44.34, return on equity is at 27.87%, EPS (TTM) of Rs 85.40 and book value of Rs 305.74. Dividend yield as of the latest available data is 1.26%.<\/p>\n<p>Among capital goods stocks in India, Cummins India Ltd carries a debt-to-equity of 0.00, which provides context on its leverage relative to peers. The company&#8217;s price-to-book ratio of 17.14 reflects how the market values its net assets. Investors should verify all these figures directly at nseindia.com or bseindia.com before making any investment decision related to this or any other stock.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Compare Capital Goods Stocks by PE, ROE and Dividend Yield on the Univest Screener<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Kirloskar_Brothers_Ltd_NSE_KIRLOSBROS\"><\/span><strong>3. Kirloskar Brothers Ltd (NSE: KIRLOSBROS)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kirloskar Brothers Ltd was founded in 1888 and is headquartered in Pune. It is one of three capital goods stocks in India covered in this article and trades at Rs 1950.76, with a market capitalisation of Rs 15,492 crore. The PE ratio stands at 41.06 against the industry average of 44.34, return on equity is at 15.16%, EPS (TTM) of Rs 47.51 and book value of Rs 310.30. Dividend yield as of the latest available data is 0.36%.<\/p>\n<p>Among capital goods stocks in India, Kirloskar Brothers Ltd carries a debt-to-equity of 0.10, which provides context on its leverage relative to peers. The company&#8217;s price-to-book ratio of 6.29 reflects how the market values its net assets. Investors should verify all these figures directly at nseindia.com or bseindia.com before making any investment decision related to this or any other stock.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track these capital goods stocks in India with live prices and exchange-sourced research.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Factors_That_Affect_Capital_Goods_Stocks_in_India\"><\/span><strong>Factors That Affect Capital Goods Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several macro and sector-specific factors determine how capital goods stocks in India perform across market cycles. Investors researching capital goods stocks in India should monitor these variables alongside individual company financials:<\/p>\n<ul>\n<li><strong>Interest rate environment:<\/strong> RBI&#8217;s monetary policy stance affects cost of capital for capital-intensive capital goods companies and the consumer demand that drives their revenues.<\/li>\n<li><strong>Government capital expenditure:<\/strong> Budget allocations for infrastructure and sector-specific schemes directly shape order books and revenue visibility for capital goods stocks in India.<\/li>\n<li><strong>Raw material price movements:<\/strong> Input cost inflation or deflation affects operating margins for manufacturing-oriented capital goods stocks in India, sometimes sharply within a single quarter.<\/li>\n<li><strong>FII and DII flows:<\/strong> Foreign institutional buying and selling creates short-term price volatility in capital goods stocks in India that may not reflect underlying fundamental changes.<\/li>\n<li><strong>Global sector trends:<\/strong> Technology shifts, export demand changes and competitive dynamics from imports influence long-term earnings trajectories for capital goods stocks in India.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Investing_in_Fundamentally_Strong_Capital_Goods_Stocks\"><\/span><strong>Benefits of Investing in Fundamentally Strong Capital Goods Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Earnings consistency:<\/strong> Companies with strong fundamentals across PE, ROE and EPS metrics have historically delivered more predictable earnings growth than low-quality peers in the same sector.<\/li>\n<li><strong>Lower downside risk:<\/strong> Fundamentally strong capital goods stocks in India with manageable debt and positive free cash flow tend to recover faster from market corrections than highly leveraged peers.<\/li>\n<li><strong>Dividend income potential:<\/strong> Several capital goods stocks in India with strong fundamentals also maintain consistent dividend track records, adding an income layer alongside capital appreciation.<\/li>\n<li><strong>Index inclusion benefits:<\/strong> Large-cap capital goods stocks in India included in major indices receive mandatory passive investment flows from index funds and ETFs.<\/li>\n<li><strong>Regulatory advantage:<\/strong> Established capital goods stocks in India with clean governance records have easier access to capital and face lower regulatory disruption risk than newer entrants.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Risks_of_Investing_in_Capital_Goods_Stocks\"><\/span><strong>Risks of Investing in Capital Goods Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Sector cyclicality:<\/strong> Capital Goods is a sector that can experience multi-quarter earnings pressure during economic downturns or policy headwinds. capital goods stocks in India are not immune to sector-level cycles.<\/li>\n<li><strong>Valuation compression:<\/strong> High-PE capital goods stocks in India can de-rate sharply when earnings miss expectations or when sector sentiment turns negative, even without fundamental deterioration.<\/li>\n<li><strong>Competition risk:<\/strong> Domestic and international competition can erode market share or pricing power for even fundamentally strong capital goods stocks in India over time.<\/li>\n<li><strong>Regulatory changes:<\/strong> Policy shifts in taxation, import duties, environmental norms or sector regulations can affect profitability with limited advance warning.<\/li>\n<li><strong>Execution risk:<\/strong> For project-based capital goods stocks in India, delayed execution, cost overruns or working capital pressure can affect quarterly earnings significantly.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Choose_Fundamentally_Strong_Capital_Goods_Stocks\"><\/span><strong>How to Choose Fundamentally Strong Capital Goods Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Screen for PE ratios in line with or below the sector average; a company trading at a large premium to peers requires a clear earnings growth justification<\/li>\n<li>Target ROE consistently above 12% for at least three consecutive financial years to confirm sustainable profitability rather than a one-off earnings year<\/li>\n<li>Check debt-to-equity below 1 for manufacturing companies and below 2 for infrastructure or utility-type capital goods stocks in India<\/li>\n<li>Verify dividend payment history as a signal of management&#8217;s confidence in forward free cash flow generation<\/li>\n<li>Cross-reference with the latest quarterly results to ensure fundamentals are trending in the right direction before committing capital<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thermax Ltd, Cummins India Ltd and Kirloskar Brothers Ltd are three capital goods stocks in India that represent distinct positioning within the capital goods sector. Among these capital goods stocks in India, Thermax Ltd trades at Rs 4024.59 with a PE of 81.19 and ROE of 12.98%; Cummins India Ltd at Rs 5240.14 with PE 61.36; and Kirloskar Brothers Ltd at Rs 1950.76 with PE 41.06. Each of these capital goods stocks in India carries distinct risks that require individual evaluation. This article is for educational purposes only. Consult a SEBI-registered financial advisor before investing in capital goods stocks in India or any other security.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Is_Thermax_a_good_long-term_investment\"><\/span><strong>Is Thermax a good long-term investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Thermax operates at the intersection of industrial energy and environment solutions with a strong order book driven by government capex and private industrial investment. The company has a diversified product portfolio across boilers, heat exchangers and water treatment. Long-term investment decisions should be based on individual financial goals and risk assessment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_Cummins_India_benefit_from_the_data_centre_boom\"><\/span><strong>How does Cummins India benefit from the data centre boom?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cummins India is a leading supplier of diesel generator sets that serve as backup power for data centres. India&#8217;s rapidly expanding cloud infrastructure and AI-linked data centre construction create direct incremental demand for Cummins generator solutions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_drives_order_books_for_capital_goods_companies_in_2026\"><\/span><strong>What drives order books for capital goods companies in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Government infrastructure spending, private industrial capex, energy transition projects and the semiconductor manufacturing push are the four primary order drivers for capital goods companies through 2026. Order books at most companies have been at multi-year highs since 2024.<\/p>\n<div class=\"faq-schema\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Explore 3 fundamentally strong capital goods stocks in India: Thermax Ltd, Cummins India Ltd and Kirloskar Brothers Ltd with key financial metrics including PE, ROE and market cap.<\/p>\n","protected":false},"author":36,"featured_media":214177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[3802],"class_list":["post-214178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-news"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["214177"],"_edit_lock":["1787222499:36"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["24"],"rank_math_seo_score":["75"],"rank_math_title":["3 Fundamentally Strong Capital Goods Stocks in India"],"rank_math_description":["Explore 3 fundamentally strong capital goods stocks: Thermax, Cummins India and Kirloskar Brothers with PE, ROE and key metrics."],"rank_math_focus_keyword":["capital goods stocks in India"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"],"_edit_last":["36"],"_ez-toc-disabled":[""],"_ez-toc-insert":[""],"_ez-toc-header-label":[""],"_ez-toc-alignment":["none"],"_ez-toc-heading-levels":["a:0:{}"],"_ez-toc-alttext":[""],"_ez-toc-visibility_hide_by_default":[""],"_ez-toc-hide_counter":[""],"_ez-toc-exclude":[""],"_ez-toc-position-specific":["before"],"stm_select_gm_zoom":[""],"stm_agenda":[""],"stm_host":[""],"stm_select_approved_denied":[""],"stm_multiselect_approved":[""],"stm_multiselect_denied":[""],"stm_date":[""],"stm_time":[""],"stm_timezone":[""],"stm_duration":[""],"stm_password":[""],"stm_waiting_room":[""],"stm_join_before_host":[""],"stm_host_join_start":[""],"stm_start_after_participants":[""],"stm_mute_participants":[""],"stm_enforce_login":[""],"stm_alternative_hosts":[""],"top_bar_custom_style":[""],"top_bar_bg":[""],"wc_top_bar_cart_custom_style":[""],"wc_top_bar_cart_color":[""],"wc_top_bar_cart_icon_color_hover":[""],"wc_top_bar_cart_counter_color":[""],"wc_top_bar_cart_counter_color_hover":[""],"wc_top_bar_cart_counter_bg":[""],"wc_top_bar_cart_counter_bg_hover":[""],"top_bar_wpml_switcher_custom_style":[""],"wpml_switcher_color":[""],"top_bar_wpml_switcher_bg":[""],"top_bar_wpml_switcher_bg_hover":[""],"top_bar_wpml_switcher_color_hover":[""],"top_bar_socials_custom_style":[""],"top_bar_socials_color":[""],"top_bar_socials_color_hover":[""],"top_bar_search_custom_style":[""],"top_bar_search_color":[""],"top_bar_search_icon_color_hover":[""],"top_bar_contact_info_style":[""],"top_bar_contact_info_color":[""],"top_bar_contact_info_link_color":[""],"top_bar_contact_info_link_color_hover":[""],"top_bar_contact_info_select_bg":[""],"top_bar_contact_info_select_color":[""],"top_bar_contact_info_select_drop_bg":[""],"top_bar_contact_info_select_items_bg":[""],"top_bar_contact_info_select_items_color":[""],"top_bar_contact_info_select_items_hover":[""],"header_inverse":["default"],"enable_header_transparent":["off"],"header_nav_custom_style":[""],"header_bg":[""],"header_shadow":[""],"wc_cart_custom_style":[""],"wc_cart_icon_color":[""],"wc_cart_icon_color_hover":[""],"wc_cart_counter_color":[""],"wc_cart_counter_color_hover":[""],"wc_cart_counter_bg":[""],"wc_cart_counter_bg_hover":[""],"header_wpml_switcher_custom_style":[""],"header_wpml_switcher_color":[""],"header_wpml_switcher_color_hover":[""],"header_wpml_switcher_bg":[""],"header_wpml_switcher_bg_hover":[""],"header_socials_custom_style":[""],"header_socials_color":[""],"header_socials_color_hover":[""],"header_search_custom_style":[""],"header_search_icon_color":[""],"header_search_icon_color_hover":[""],"header_contact_info_style":[""],"header_contact_info_color":[""],"header_contact_info_link_color":[""],"header_contact_info_link_color_hover":[""],"header_button_custom_style":[""],"header_button_color":[""],"header_button_color_hover":[""],"header_button_bg":[""],"header_button_bg_hover":[""],"header_nav_menu_customize":[""],"header_nav_menu_link_color":[""],"header_nav_menu_link_color_hover":[""],"header_nav_menu_link_color_active":[""],"header_nav_menu_link_arrow_color":[""],"header_nav_menu_link_arrow_color_hover":[""],"header_nav_menu_level_1_bg":[""],"header_nav_menu_level_1_link_color":[""],"header_nav_menu_level_1_link_color_hover":[""],"header_nav_menu_level_1_link_bg_hover":[""],"header_nav_menu_level_1_link_arrow_color":[""],"header_nav_menu_level_1_link_arrow_color_hover":[""],"header_nav_menu_level_2_bg":[""],"header_nav_menu_level_2_link_color":[""],"header_nav_menu_level_2_link_color_hover":[""],"header_nav_menu_level_2_link_bg_hover":[""],"header_mega_menu_bg":[""],"header_mega_menu_title_color":[""],"header_mega_menu_title_color_hover":[""],"header_mega_menu_description_color":[""],"header_mega_menu_description_link_color":[""],"header_mega_menu_description_link_color_hover":[""],"header_mega_menu_color":[""],"header_mega_menu_color_hover":[""],"header_mega_menu_border_color":[""],"header_mega_menu_icons_color":[""],"header_nav_menu_customize_end":[""],"hfe_enabled_notice":[""],"disable_title_box":["default"],"hfe_disabled":[""],"enable_transparent":["default"],"title_box_title_bg_color":[""],"title_box_bg_custom_image":["default"],"title_box_bg_image":[""],"title_box_bg_position":["default"],"metabox_title_box_bg_position_x":[""],"metabox_title_box_bg_position_y":[""],"metabox_title_box_bg_attachment":["default"],"title_box_bg_size":["default"],"metabox_title_box_bg_size_slider":[""],"title_box_bg_repeat":["default"],"disable_title":["default"],"title_box_title_color":[""],"title_box_title_line_color":[""],"disable_breadcrumbs":["default"],"metabox_title_box_breadcrumbs_color":[""],"metabox_title_box_links_color":[""],"metabox_title_box_links_color_hover":[""],"content_bg_transparent":[""],"show_popup_single":[""],"popups_single":[""],"popups_single_event":[""],"popup_single_event_open_delay":[""],"popup_single_event_showing_in":[""],"popup_single_event_date_from":[""],"popup_single_event_date_to":[""],"popup_single_event_time_from":[""],"popup_single_event_time_to":[""],"popup_single_animation":[""],"popup_single_responsive":[""],"separator_footer_copyright_border_t":[""],"name":[""],"email":[""],"phone":[""],"company":[""],"memberId":[""],"testimonial_position":[""],"testimonial_company":[""],"testimonial_bg_img":[""],"testimonial_video_url":[""],"popups_width":[""],"popups_height":[""],"popups_image_bg":[""],"popups_color_bg":[""],"popups_border_radius":[""],"popups_template":[""],"rank_math_analytic_object_id":["39173"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/08\/capital-goods-non-electrical-stocks-india.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/214178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=214178"}],"version-history":[{"count":2,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/214178\/revisions"}],"predecessor-version":[{"id":214279,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/214178\/revisions\/214279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/214177"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=214178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=214178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=214178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}