{"id":310288,"date":"2026-10-15T11:51:13","date_gmt":"2026-10-15T06:21:13","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=310288"},"modified":"2026-10-15T11:51:13","modified_gmt":"2026-10-15T06:21:13","slug":"instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/","title":{"rendered":"3 Instrument Maker, Solar Module and Gearbox Maker Stocks With a Strong Future Roadmap: Rishabh Instruments, Vikram Solar and Elecon Engineering Company"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Rishabh Instruments Rs 695.95, P\/E 30.45. Vikram Solar Rs 146.75, P\/E 14.56. Elecon Engineering Rs 486.90, P\/E 39.59. Closing prices of 14 Oct 2026.<\/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;\">Instrument maker, solar module and gearbox maker stocks with the clearest long-term roadmaps today include Rishabh Instruments in electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, Vikram Solar in solar module manufacturing for utility, commercial and rooftop projects and Elecon Engineering in industrial gearboxes and material handling equipment for steel, cement, power and port users. FY26 revenue growth was 8.3% at Rishabh Instruments, 40.9% at Vikram Solar and 7.3% at Elecon Engineering. P\/E stands at 30.45 for Rishabh Instruments (industry 47.09), 14.56 for Vikram Solar (industry 47.09) and 39.59 for Elecon Engineering (industry 47.18). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Instrument maker, solar module and gearbox maker stocks give investors exposure to instruments, solar equipment and gearboxes for utilities and heavy industry. Order flow, capacity use and execution decide how much of that demand turns into profit.<\/p>\n<p>This list covers three instrument maker, solar module and gearbox maker stocks: Rishabh Instruments for electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, Vikram Solar for solar module manufacturing for utility, commercial and rooftop projects and Elecon Engineering Company for industrial gearboxes and material handling equipment for steel, cement, power and port users. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\"><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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#What_Are_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\" title=\"What Are Instrument Maker, Solar Module and Gearbox Maker Stocks?\">What Are Instrument Maker, Solar Module and Gearbox Maker Stocks?<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_at_a_Glance\" title=\"Instrument Maker, Solar Module and Gearbox Maker Stocks at a Glance\">Instrument Maker, Solar Module and Gearbox Maker Stocks at a Glance<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Why_Do_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Instrument Maker, Solar Module and Gearbox Maker Stocks Have a Strong Roadmap in India?\">Why Do Instrument Maker, Solar Module and Gearbox Maker Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Rishabh_Instruments_Measurement_and_Power_Conditioning_Products_Build_the_Next_Leg\" title=\"Rishabh Instruments: Measurement and Power Conditioning Products Build the Next Leg\">Rishabh Instruments: Measurement and Power Conditioning Products Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Vikram_Solar_Solar_Module_Output_Drives_the_Pipeline\" title=\"Vikram Solar: Solar Module Output Drives the Pipeline\">Vikram Solar: Solar Module Output Drives the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Elecon_Engineering_Company_Gearboxes_and_Material_Handling_Build_the_Next_Leg\" title=\"Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg\">Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg<\/a><\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Best_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_in_India_Rishabh_Instruments_vs_Vikram_Solar_vs_Elecon_Engineering_on_Key_Financials\" title=\"Best Instrument Maker, Solar Module and Gearbox Maker Stocks in India: Rishabh Instruments vs Vikram Solar vs Elecon Engineering on Key Financials\">Best Instrument Maker, Solar Module and Gearbox Maker Stocks in India: Rishabh Instruments vs Vikram Solar vs Elecon Engineering on Key Financials<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#How_to_Evaluate_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Instrument Maker, Solar Module and Gearbox Maker Stocks to Buy Before You Invest\">How to Evaluate Instrument Maker, Solar Module and Gearbox Maker Stocks to Buy Before You Invest<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Risks_to_Consider_Before_Investing_in_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\" title=\"Risks to Consider Before Investing in Instrument Maker, Solar Module and Gearbox Maker Stocks\">Risks to Consider Before Investing in Instrument Maker, Solar Module and Gearbox Maker 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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#FAQs_on_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\" title=\"FAQs on Instrument Maker, Solar Module and Gearbox Maker Stocks\">FAQs on Instrument Maker, Solar Module and Gearbox Maker Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Which_are_the_best_instrument_maker_solar_module_and_gearbox_maker_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best instrument maker, solar module and gearbox maker stocks in India with a strong roadmap?\">Which are the best instrument maker, solar module and gearbox maker stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Is_Rishabh_Instruments_a_good_stock_to_buy_now\" title=\"Is Rishabh Instruments a good stock to buy now?\">Is Rishabh Instruments a good stock to buy now?<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#What_is_the_PE_ratio_of_Rishabh_Instruments_Vikram_Solar_and_Elecon_Engineering\" title=\"What is the P\/E ratio of Rishabh Instruments, Vikram Solar and Elecon Engineering?\">What is the P\/E ratio of Rishabh Instruments, Vikram Solar and Elecon Engineering?<\/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\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Which_of_these_instrument_maker_solar_module_and_gearbox_maker_stocks_has_the_highest_return_on_equity\" title=\"Which of these instrument maker, solar module and gearbox maker stocks has the highest return on equity?\">Which of these instrument maker, solar module and gearbox maker stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#What_are_the_risks_of_investing_in_instrument_maker_solar_module_and_gearbox_maker_stocks\" title=\"What are the risks of investing in instrument maker, solar module and gearbox maker stocks?\">What are the risks of investing in instrument maker, solar module and gearbox maker stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#How_did_Rishabh_Instruments_Vikram_Solar_and_Elecon_Engineering_perform_in_Q1_FY27\" title=\"How did Rishabh Instruments, Vikram Solar and Elecon Engineering perform in Q1 FY27?\">How did Rishabh Instruments, Vikram Solar and Elecon Engineering perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#Do_instrument_maker_solar_module_and_gearbox_maker_stocks_pay_dividends\" title=\"Do instrument maker, solar module and gearbox maker stocks pay dividends?\">Do instrument maker, solar module and gearbox maker stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/instrument-maker-solar-module-and-gearbox-maker-stocks-roadmap-compass-list\/#How_can_I_invest_in_instrument_maker_solar_module_and_gearbox_maker_stocks_in_India\" title=\"How can I invest in instrument maker, solar module and gearbox maker stocks in India?\">How can I invest in instrument maker, solar module and gearbox maker stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\"><\/span><strong>What Are Instrument Maker, Solar Module and Gearbox Maker Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Instrument maker, solar module and gearbox maker stocks are shares of companies that make instruments, solar equipment or gearboxes. Results depend on order flow, capacity use and execution, so execution and margins separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_at_a_Glance\"><\/span><strong>Instrument Maker, Solar Module and Gearbox Maker Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three instrument maker, solar module and gearbox maker stocks as of the 14 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/rishabh\/rishabh-instruments-ltd-share-price-today\">Rishabh Instruments<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">695.95<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,497<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">30.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.09<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.94%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.11<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/vikramsolr\/vikram-solar-ltd-share-price-today\">Vikram Solar<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">146.75<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,198<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.56<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.09<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.85%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.20<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/elecon\/elecon-engineering-company-ltd-share-price-today\">Elecon Engineering Company<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">486.90<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,345<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">39.59<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.18<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.79%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among energy and engineering stocks, all three trade at a discount to their industry P\/E multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Instrument Maker, Solar Module and Gearbox Maker Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Instrument maker, solar module and gearbox maker stocks have a strong roadmap in India because power sector instrumentation, solar capacity additions and industrial capacity building keep adding demand for these firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Instrument demand:<\/strong> Utilities and factories buy measurement products.<\/li>\n<li><strong>Solar build-out:<\/strong> New capacity needs modules in large numbers.<\/li>\n<li><strong>Industrial capacity:<\/strong> Steel, cement and ports need gearboxes and handling systems.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Rishabh_Instruments_Measurement_and_Power_Conditioning_Products_Build_the_Next_Leg\"><\/span><strong>Rishabh Instruments: Measurement and Power Conditioning Products Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Rishabh Instruments&#8217; roadmap rests on electrical measuring instruments, power-quality products and solar inverters sold in India and overseas, with smart-grid, renewable and industrial-testing demand supporting volumes.<\/p>\n<p>Revenue grew from Rs 479.92 crore in FY22 to Rs 795.84 crore in FY26, a 65.8% rise, and FY26 revenue was 8.3% higher than FY25. FY26 net profit was Rs 82.26 crore. In Q1 FY27, revenue grew 3.8% to Rs 201.92 crore. Operating margin was 19.04% in FY26 and 18.64% in Q1 FY27 against 17.15% a year earlier.<\/p>\n<p>Debt to equity is 0.11 and return on equity is 10.94%. FY26 operating cash flow was Rs 108.48 crore against capital expenditure of Rs 110.39 crore. Rishabh Instruments paid a dividend of Rs 2 per share for FY26, a yield of 0.31%. At a P\/E of 30.45 against an industry P\/E of 47.09, the stock trades below its industry multiple.<\/p>\n<p>What to watch: Q1 FY27 operating margin was 18.64% against 19.04% for FY26, so margin stability is the figure to follow as volumes grow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vikram_Solar_Solar_Module_Output_Drives_the_Pipeline\"><\/span><strong>Vikram Solar: Solar Module Output Drives the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Vikram Solar&#8217;s roadmap rests on solar module manufacturing for utility, commercial and rooftop projects, with rising solar installations supporting volumes.<\/p>\n<p>Revenue grew from Rs 1,743.05 crore in FY22 to Rs 4,861.87 crore in FY26, a 178.9% rise, and FY26 revenue was 40.9% higher than FY25. FY26 net profit was Rs 469.06 crore. In Q1 FY27, revenue grew 38.5% to Rs 1,575.71 crore. Operating margin was 20.17% in FY26.<\/p>\n<p>Debt to equity is 0.20 and return on equity is 14.85%. FY26 operating cash flow was Rs 666.94 crore against capital expenditure of Rs 283.09 crore. At a P\/E of 14.56 against an industry P\/E of 47.09, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 14.56 against an industry P\/E of 47.09 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elecon_Engineering_Company_Gearboxes_and_Material_Handling_Build_the_Next_Leg\"><\/span><strong>Elecon Engineering Company: Gearboxes and Material Handling Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Elecon Engineering&#8217;s roadmap rests on industrial gearboxes and material handling equipment for steel, cement, power and port users, with industrial capex and replacement demand supporting orders.<\/p>\n<p>Revenue grew from Rs 1,220.51 crore in FY22 to Rs 2,447.22 crore in FY26, a 100.5% rise, and FY26 revenue was 7.3% higher than FY25. FY26 net profit was Rs 341.15 crore. In Q1 FY27, revenue grew 4.9% to Rs 542.47 crore. Operating margin was 24.68% in FY26.<\/p>\n<p>Debt to equity is 0.12 and return on equity is 14.79%. FY26 operating cash flow was Rs 314.22 crore against capital expenditure of Rs 119.51 crore. Elecon Engineering paid a dividend of Rs 2 per share for FY26, a yield of 0.48%. At a P\/E of 39.59 against an industry P\/E of 47.18, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 39.59 against an industry P\/E of 47.18 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_in_India_Rishabh_Instruments_vs_Vikram_Solar_vs_Elecon_Engineering_on_Key_Financials\"><\/span><strong>Best Instrument Maker, Solar Module and Gearbox Maker Stocks in India: Rishabh Instruments vs Vikram Solar vs Elecon Engineering on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best instrument maker, solar module and gearbox maker stocks in India, Rishabh Instruments leads on the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; Elecon Engineering leads on FY26 operating margin and dividend yield. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Rishabh Instruments<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Vikram Solar<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Elecon Engineering<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">795.84<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,861.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,447.22<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">40.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">82.26<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">469.06<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">341.15<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.04%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.17%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.68%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">38.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.94%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.85%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.79%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">30.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.56<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">39.59<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.11<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.20<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.12<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.48%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">108.48<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">666.94<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">314.22<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Energy and engineering earnings follow order flow, capacity use and execution, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Instrument Maker, Solar Module and Gearbox Maker Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen instrument maker, solar module and gearbox maker stocks and shortlist instrument maker, solar module and gearbox maker stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which differs by company here.<\/li>\n<li>Check operating margin, debt and cash flow together.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these instrument maker, solar module and gearbox maker stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\"><\/span><strong>Risks to Consider Before Investing in Instrument Maker, Solar Module and Gearbox Maker Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Order timing:<\/strong> Delays in customer projects can shift revenue between quarters.<\/li>\n<li><strong>Government spending:<\/strong> Changes in public budgets can affect orders.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/li>\n<\/ul>\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&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Rishabh Instruments, Vikram Solar and Elecon Engineering live.<\/em><\/p>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three energy and engineering stocks cover instruments, solar modules and gearboxes. Rishabh Instruments leads on the lowest debt to equity; Vikram Solar leads on FY26 revenue growth and Q1 FY27 revenue growth; Elecon Engineering leads on FY26 operating margin and dividend yield.<\/p>\n<p>Across instrument maker, solar module and gearbox maker 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 instrument maker, solar module and gearbox maker stocks to buy discussed here.<\/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<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Instrument_Maker_Solar_Module_and_Gearbox_Maker_Stocks\"><\/span><strong>FAQs on Instrument Maker, Solar Module and Gearbox Maker Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_instrument_maker_solar_module_and_gearbox_maker_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best instrument maker, solar module and gearbox maker stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rishabh Instruments, Vikram Solar and Elecon Engineering Company stand out for their roadmaps in instruments, solar modules and gearboxes. FY26 revenue growth was 8.3% at Rishabh Instruments, 40.9% at Vikram Solar and 7.3% at Elecon Engineering, and return on equity ranges from 10.94% to 14.85%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Rishabh_Instruments_a_good_stock_to_buy_now\"><\/span><strong>Is Rishabh Instruments a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rishabh Instruments has a debt to equity ratio of 0.11, a return on equity of 10.94% and a P\/E of 30.45 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Rishabh_Instruments_Vikram_Solar_and_Elecon_Engineering\"><\/span><strong>What is the P\/E ratio of Rishabh Instruments, Vikram Solar and Elecon Engineering?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 30.45 for Rishabh Instruments (industry 47.09), 14.56 for Vikram Solar (industry 47.09) and 39.59 for Elecon Engineering (industry 47.18). All of them trade below the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_instrument_maker_solar_module_and_gearbox_maker_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these instrument maker, solar module and gearbox maker stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Vikram Solar has the highest return on equity at 14.85%, followed by Elecon Engineering Company at 14.79% and Rishabh Instruments at 10.94%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_instrument_maker_solar_module_and_gearbox_maker_stocks\"><\/span><strong>What are the risks of investing in instrument maker, solar module and gearbox maker stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Rishabh_Instruments_Vikram_Solar_and_Elecon_Engineering_perform_in_Q1_FY27\"><\/span><strong>How did Rishabh Instruments, Vikram Solar and Elecon Engineering perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rishabh Instruments reported revenue of Rs 201.92 crore, up 3.8% year on year. Vikram Solar reported revenue of Rs 1,575.71 crore, up 38.5% year on year. Elecon Engineering Company reported revenue of Rs 542.47 crore, up 4.9% year on year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_instrument_maker_solar_module_and_gearbox_maker_stocks_pay_dividends\"><\/span><strong>Do instrument maker, solar module and gearbox maker stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rishabh Instruments and Elecon Engineering pay dividends. The dividend yield is 0.31% for Rishabh Instruments and 0.48% for Elecon Engineering, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_instrument_maker_solar_module_and_gearbox_maker_stocks_in_India\"><\/span><strong>How can I invest in instrument maker, solar module and gearbox maker stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy instrument maker, solar module and gearbox maker stocks through a demat and trading account on NSE or BSE after checking each company&#8217;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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best instrument maker, solar module and gearbox maker stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rishabh Instruments, Vikram Solar and Elecon Engineering Company stand out for their roadmaps in instruments, solar modules and gearboxes. FY26 revenue growth was 8.3% at Rishabh Instruments, 40.9% at Vikram Solar and 7.3% at Elecon Engineering, and return on equity ranges from 10.94% to 14.85%.\"}},{\"@type\":\"Question\",\"name\":\"Is Rishabh Instruments a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rishabh Instruments has a debt to equity ratio of 0.11, a return on equity of 10.94% and a P\/E of 30.45 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.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of Rishabh Instruments, Vikram Solar and Elecon Engineering?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 30.45 for Rishabh Instruments (industry 47.09), 14.56 for Vikram Solar (industry 47.09) and 39.59 for Elecon Engineering (industry 47.18). All of them trade below the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these instrument maker, solar module and gearbox maker stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Vikram Solar has the highest return on equity at 14.85%, followed by Elecon Engineering Company at 14.79% and Rishabh Instruments at 10.94%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in instrument maker, solar module and gearbox maker stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are order timing, government spending and quarterly trends. Delays in customer projects can shift revenue between quarters.\"}},{\"@type\":\"Question\",\"name\":\"How did Rishabh Instruments, Vikram Solar and Elecon Engineering perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rishabh Instruments reported revenue of Rs 201.92 crore, up 3.8% year on year. 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Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rishabh Instruments, Vikram Solar and Elecon Engineering Company compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":36,"featured_media":310287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[10558,12101,10504,12418,12419,11376],"class_list":["post-310288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-elecon-engineering-company","tag-instrument-maker","tag-rishabh-instruments","tag-solar-module-and-gearbox-maker-stocks","tag-solar-module-and-gearbox-maker-stocks-to-buy","tag-vikram-solar"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["310287"],"rank_math_title":["Instrument Maker, Solar Module and Gearbox Maker Stocks"],"rank_math_description":["Instrument maker, solar module and gearbox maker stocks with a strong roadmap compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["instrument maker, solar module and gearbox maker stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-instrument-maker-solar-module-and-gearbox-maker-stocks-with-a-strong-future.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310288","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=310288"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310288\/revisions"}],"predecessor-version":[{"id":310289,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/310288\/revisions\/310289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/310287"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=310288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=310288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=310288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}