{"id":312623,"date":"2026-10-16T10:21:10","date_gmt":"2026-10-16T04:51:10","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=312623"},"modified":"2026-10-16T10:21:10","modified_gmt":"2026-10-16T04:51:10","slug":"meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/","title":{"rendered":"3 Meter Maker, Steam Turbine and Defence Electronics Stocks With a Strong Future Roadmap: HPL Electric &#038; Power, Triveni Turbine and Centum Electronics"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>HPL Electric Rs 260.25, P\/E 18.03. Triveni Turbine Rs 506.10, P\/E 48.84. Centum Electronics Rs 3,981.00. 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;\">Meter maker, steam turbine and defence electronics stocks with the clearest long-term roadmaps today include HPL Electric in smart meters, switchgear, lighting and wiring products, Triveni Turbine in industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services and Centum Electronics in electronics design and manufacturing for defence, aerospace and industrial users. FY26 revenue growth was 6.5% at HPL Electric, 8.2% at Triveni Turbine and 29.7% at Centum Electronics. P\/E stands at 18.03 for HPL Electric (industry 47.09) and 48.84 for Triveni Turbine (industry 47.09). 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>Meter maker, steam turbine and defence electronics stocks give investors exposure to meters, turbines and electronics for utilities, industry and defence. Order flow, execution and margins decide how much of that demand turns into profit.<\/p>\n<p>This list covers three meter maker, steam turbine and defence electronics stocks: HPL Electric &amp; Power for smart meters, switchgear, lighting and wiring products, Triveni Turbine for industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services and Centum Electronics for electronics design and manufacturing for defence, aerospace and industrial 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=meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#What_Are_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\" title=\"What Are Meter Maker, Steam Turbine and Defence Electronics Stocks?\">What Are Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_at_a_Glance\" title=\"Meter Maker, Steam Turbine and Defence Electronics Stocks at a Glance\">Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Why_Do_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Meter Maker, Steam Turbine and Defence Electronics Stocks Have a Strong Roadmap in India?\">Why Do Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#HPL_Electric_Power_Smart_Meters_and_Switchgear_Anchor_the_Roadmap\" title=\"HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap\">HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap<\/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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Triveni_Turbine_Industrial_Steam_Turbines_Build_the_Next_Leg\" title=\"Triveni Turbine: Industrial Steam Turbines Build the Next Leg\">Triveni Turbine: Industrial Steam Turbines 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-6\" href=\"https:\/\/univest.in\/blogs-2\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Centum_Electronics_Defence_Electronics_Anchors_the_Roadmap\" title=\"Centum Electronics: Defence Electronics Anchors the Roadmap\">Centum Electronics: Defence Electronics Anchors the Roadmap<\/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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Best_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_in_India_HPL_Electric_vs_Triveni_Turbine_vs_Centum_Electronics_on_Key_Financials\" title=\"Best Meter Maker, Steam Turbine and Defence Electronics Stocks in India: HPL Electric vs Triveni Turbine vs Centum Electronics on Key Financials\">Best Meter Maker, Steam Turbine and Defence Electronics Stocks in India: HPL Electric vs Triveni Turbine vs Centum Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#How_to_Evaluate_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Meter Maker, Steam Turbine and Defence Electronics Stocks to Buy Before You Invest\">How to Evaluate Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Risks_to_Consider_Before_Investing_in_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\" title=\"Risks to Consider Before Investing in Meter Maker, Steam Turbine and Defence Electronics Stocks\">Risks to Consider Before Investing in Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#FAQs_on_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\" title=\"FAQs on Meter Maker, Steam Turbine and Defence Electronics Stocks\">FAQs on Meter Maker, Steam Turbine and Defence Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Which_are_the_best_meter_maker_steam_turbine_and_defence_electronics_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best meter maker, steam turbine and defence electronics stocks in India with a strong roadmap?\">Which are the best meter maker, steam turbine and defence electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Is_HPL_Electric_Power_a_good_stock_to_buy_now\" title=\"Is HPL Electric &amp; Power a good stock to buy now?\">Is HPL Electric &amp; Power 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#What_is_the_PE_ratio_of_HPL_Electric_Triveni_Turbine_and_Centum_Electronics\" title=\"What is the P\/E ratio of HPL Electric, Triveni Turbine and Centum Electronics?\">What is the P\/E ratio of HPL Electric, Triveni Turbine and Centum Electronics?<\/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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Which_of_these_meter_maker_steam_turbine_and_defence_electronics_stocks_has_the_highest_return_on_equity\" title=\"Which of these meter maker, steam turbine and defence electronics stocks has the highest return on equity?\">Which of these meter maker, steam turbine and defence electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#What_are_the_risks_of_investing_in_meter_maker_steam_turbine_and_defence_electronics_stocks\" title=\"What are the risks of investing in meter maker, steam turbine and defence electronics stocks?\">What are the risks of investing in meter maker, steam turbine and defence electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#How_did_HPL_Electric_Triveni_Turbine_and_Centum_Electronics_perform_in_Q1_FY27\" title=\"How did HPL Electric, Triveni Turbine and Centum Electronics perform in Q1 FY27?\">How did HPL Electric, Triveni Turbine and Centum Electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#Do_meter_maker_steam_turbine_and_defence_electronics_stocks_pay_dividends\" title=\"Do meter maker, steam turbine and defence electronics stocks pay dividends?\">Do meter maker, steam turbine and defence electronics 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\/meter-maker-steam-turbine-and-defence-electronics-stocks-roadmap-gateway-list\/#How_can_I_invest_in_meter_maker_steam_turbine_and_defence_electronics_stocks_in_India\" title=\"How can I invest in meter maker, steam turbine and defence electronics stocks in India?\">How can I invest in meter maker, steam turbine and defence electronics stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\"><\/span><strong>What Are Meter Maker, Steam Turbine and Defence Electronics Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meter maker, steam turbine and defence electronics 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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_at_a_Glance\"><\/span><strong>Meter Maker, Steam Turbine and Defence Electronics 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 meter maker, steam turbine and defence electronics 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;\">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\/hpl\/hpl-electric-power-ltd-share-price-today\">HPL Electric &amp; Power<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">260.25<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,649<\/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;\">9.10%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.75<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/triturbine\/triveni-turbine-ltd-share-price-today\">Triveni Turbine<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">506.10<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,412<\/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;\">24.18%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.02<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/centum\/centum-electronics-ltd-share-price-today\">Centum Electronics<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,981.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,119<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">48.37<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.34%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.36<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among power and engineering stocks, Triveni Turbine trades at a premium to the industry P\/E, while HPL Electric trades at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Meter Maker, Steam Turbine and Defence Electronics Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meter maker, steam turbine and defence electronics stocks have a strong roadmap in India because smart meter rollouts, industrial power projects and defence electronics orders keep adding work for these firms. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Smart meters:<\/strong> Utilities replace old meters with smart versions.<\/li>\n<li><strong>Industrial power:<\/strong> Factories add steam turbines for captive and green power.<\/li>\n<li><strong>Defence electronics:<\/strong> Defence and aerospace programmes need electronics suppliers.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"HPL_Electric_Power_Smart_Meters_and_Switchgear_Anchor_the_Roadmap\"><\/span><strong>HPL Electric &amp; Power: Smart Meters and Switchgear Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>HPL Electric&#8217;s roadmap rests on smart meters, switchgear, lighting and wiring products, with the smart meter rollout supporting orders.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Triveni_Turbine_Industrial_Steam_Turbines_Build_the_Next_Leg\"><\/span><strong>Triveni Turbine: Industrial Steam Turbines Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Triveni Turbine&#8217;s roadmap rests on industrial steam turbines for cogeneration, biomass and waste-to-energy plants, along with aftermarket services, with captive power and energy efficiency demand supporting orders.<\/p>\n<p>Revenue grew from Rs 881.72 crore in FY22 to Rs 2,257.61 crore in FY26, a 156.0% rise, and FY26 revenue was 8.2% higher than FY25. FY26 net profit was Rs 349.45 crore. In Q1 FY27, revenue grew 19.7% to Rs 471.10 crore. Operating margin was 23.50% in FY26.<\/p>\n<p>Debt to equity is 0.02 and return on equity is 24.18%. FY26 operating cash flow was Rs 110.95 crore against capital expenditure of Rs 71.60 crore. Triveni Turbine paid a dividend of Rs 4.25 per share for FY26, a yield of 0.82%. At a P\/E of 48.84 against an industry P\/E of 47.09, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 48.84 is a modest premium to the industry P\/E of 47.09, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Centum_Electronics_Defence_Electronics_Anchors_the_Roadmap\"><\/span><strong>Centum Electronics: Defence Electronics Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Centum Electronics&#8217; roadmap rests on electronics design and manufacturing for defence, aerospace and industrial users, with defence and space programmes supporting orders.<\/p>\n<p>Revenue grew from Rs 787.96 crore in FY22 to Rs 968.57 crore in FY26, a 22.9% rise, and FY26 revenue was 29.7% higher than FY25. FY26 net profit was Rs 100.71 crore. In Q1 FY27, revenue grew 13.7% to Rs 206.46 crore. Operating margin was 15.85% in FY26.<\/p>\n<p>Debt to equity is 0.36 and return on equity is 29.34%. FY26 operating cash flow was Rs 60.40 crore against capital expenditure of Rs 40.38 crore. Centum Electronics paid a dividend of Rs 5 per share for FY26, a yield of 0.12%.<\/p>\n<p>What to watch: Return on equity of 29.34% is the figure to follow as growth continues.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_in_India_HPL_Electric_vs_Triveni_Turbine_vs_Centum_Electronics_on_Key_Financials\"><\/span><strong>Best Meter Maker, Steam Turbine and Defence Electronics Stocks in India: HPL Electric vs Triveni Turbine vs Centum Electronics on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best meter maker, steam turbine and defence electronics stocks in India, HPL Electric leads on Q1 FY27 revenue growth; Triveni Turbine leads on FY26 operating margin and the lowest debt to equity; Centum Electronics leads on FY26 revenue growth and return on equity. 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;\">HPL Electric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Triveni Turbine<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Centum Electronics<\/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;\">1,815.93<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,257.61<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">968.57<\/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;\">6.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.7%<\/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;\">91.25<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">349.45<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">100.71<\/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;\">15.51%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.50%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.85%<\/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;\">34.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.7%<\/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;\">9.10%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.18%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.34%<\/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;\">0.75<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.02<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.36<\/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;\">0.39%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.82%<\/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;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">226.48<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">110.95<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">60.40<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power and engineering earnings follow order flow, network additions 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_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Meter Maker, Steam Turbine and Defence Electronics 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 meter maker, steam turbine and defence electronics stocks and shortlist meter maker, steam turbine and defence electronics 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 meter maker, steam turbine and defence electronics stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\"><\/span><strong>Risks to Consider Before Investing in Meter Maker, Steam Turbine and Defence Electronics 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 HPL Electric, Triveni Turbine and Centum Electronics 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<p>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.<\/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 power and engineering stocks cover meters, steam turbines and defence electronics. HPL Electric leads on Q1 FY27 revenue growth; Triveni Turbine leads on FY26 operating margin and the lowest debt to equity; Centum Electronics leads on FY26 revenue growth and return on equity.<\/p>\n<p>Across meter maker, steam turbine and defence electronics 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 meter maker, steam turbine and defence electronics 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_Meter_Maker_Steam_Turbine_and_Defence_Electronics_Stocks\"><\/span><strong>FAQs on Meter Maker, Steam Turbine and Defence Electronics Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_meter_maker_steam_turbine_and_defence_electronics_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best meter maker, steam turbine and defence electronics stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; Power, Triveni Turbine and Centum Electronics stand out for their roadmaps in meters, steam turbines and defence electronics. FY26 revenue growth was 6.5% at HPL Electric, 8.2% at Triveni Turbine and 29.7% at Centum Electronics, and return on equity ranges from 9.10% to 29.34%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_HPL_Electric_Power_a_good_stock_to_buy_now\"><\/span><strong>Is HPL Electric &amp; Power a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_HPL_Electric_Triveni_Turbine_and_Centum_Electronics\"><\/span><strong>What is the P\/E ratio of HPL Electric, Triveni Turbine and Centum Electronics?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 18.03 for HPL Electric (industry 47.09) and 48.84 for Triveni Turbine (industry 47.09). Only Triveni Turbine trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_meter_maker_steam_turbine_and_defence_electronics_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these meter maker, steam turbine and defence electronics stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Centum Electronics has the highest return on equity at 29.34%, followed by Triveni Turbine at 24.18% and HPL Electric &amp; Power at 9.10%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_meter_maker_steam_turbine_and_defence_electronics_stocks\"><\/span><strong>What are the risks of investing in meter maker, steam turbine and defence electronics 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_HPL_Electric_Triveni_Turbine_and_Centum_Electronics_perform_in_Q1_FY27\"><\/span><strong>How did HPL Electric, Triveni Turbine and Centum Electronics perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HPL Electric &amp; 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. Triveni Turbine reported revenue of Rs 471.10 crore, up 19.7% year on year. Centum Electronics reported revenue of Rs 206.46 crore, up 13.7% year on year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_meter_maker_steam_turbine_and_defence_electronics_stocks_pay_dividends\"><\/span><strong>Do meter maker, steam turbine and defence electronics stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 0.39% for HPL Electric, 0.82% for Triveni Turbine and 0.12% for Centum Electronics, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_meter_maker_steam_turbine_and_defence_electronics_stocks_in_India\"><\/span><strong>How can I invest in meter maker, steam turbine and defence electronics stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy meter maker, steam turbine and defence electronics 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 meter maker, steam turbine and defence electronics stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"HPL Electric & Power, Triveni Turbine and Centum Electronics stand out for their roadmaps in meters, steam turbines and defence electronics. 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The dividend yield is 0.39% for HPL Electric, 0.82% for Triveni Turbine and 0.12% for Centum Electronics, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in meter maker, steam turbine and defence electronics stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy meter maker, steam turbine and defence electronics 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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>HPL Electric &#038; Power, Triveni Turbine and Centum Electronics compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":38,"featured_media":312619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[5446,12698,12699,12700,10606],"class_list":["post-312623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-centum-electronics","tag-meter-maker","tag-steam-turbine-and-defence-electronics-stocks","tag-steam-turbine-and-defence-electronics-stocks-to-buy","tag-triveni-turbine"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["312619"],"rank_math_title":["Meter Maker, Steam Turbine and Defence Electronics Stocks"],"rank_math_description":["Meter maker, steam turbine and defence electronics stocks with a strong roadmap compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["meter maker, steam turbine and defence electronics 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-meter-maker-steam-turbine-and-defence-electronics-stocks-with-a-strong-future.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/312623","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=312623"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/312623\/revisions"}],"predecessor-version":[{"id":312626,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/312623\/revisions\/312626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/312619"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=312623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=312623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=312623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}