{"id":325323,"date":"2026-10-23T14:19:13","date_gmt":"2026-10-23T08:49:13","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=325323"},"modified":"2026-10-23T14:19:13","modified_gmt":"2026-10-23T08:49:13","slug":"engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/","title":{"rendered":"3 Engineering Consultancy and Projects, Cryogenic Tanks and Systems and Energy and Environment Solutions Stocks With a Strong Future Roadmap: Engineers India, Inox India and Thermax"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Engineers India, Inox India and Thermax: ROE of 13.0% to 23.1% and FY22 to FY26 revenue CAGR of 7.9% to 19.4%. Prices as of 22 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;\">The three engineering consultancy and cryogenic stocks to watch are Engineers India, Inox India and Thermax. Their return on equity ranges from 13.0% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.9% to 19.4%. Inox India leads on both return on equity at 23.1% and revenue growth at 19.4% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Engineering consultancy and cryogenic stocks let investors follow companies that design and equip industrial projects. Engineers India, Inox India and Thermax cover engineering consultancy and projects, cryogenic tanks and systems and energy and environment solutions.<\/p>\n<p>This list covers three engineering consultancy and cryogenic stocks with complete current figures: Engineers India, Inox India and Thermax. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#What_Are_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"What Are Engineering Consultancy and Cryogenic Stocks?\">What Are Engineering Consultancy and Cryogenic 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Engineering_Consultancy_and_Cryogenic_Stocks_at_a_Glance\" title=\"Engineering Consultancy and Cryogenic Stocks at a Glance\">Engineering Consultancy and Cryogenic 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Why_Do_Engineering_Consultancy_and_Cryogenic_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Engineering Consultancy and Cryogenic Stocks Have a Strong Roadmap in India?\">Why Do Engineering Consultancy and Cryogenic 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Why_Engineers_India_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"Why Engineers India Features Among These Engineering Consultancy and Cryogenic Stocks\">Why Engineers India Features Among These Engineering Consultancy and Cryogenic Stocks<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Why_Inox_India_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"Why Inox India Features Among These Engineering Consultancy and Cryogenic Stocks\">Why Inox India Features Among These Engineering Consultancy and Cryogenic Stocks<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Why_Thermax_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"Why Thermax Features Among These Engineering Consultancy and Cryogenic Stocks\">Why Thermax Features Among These Engineering Consultancy and Cryogenic Stocks<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Engineers_India_vs_Inox_India_vs_Thermax_on_Key_Financials\" title=\"Engineers India vs Inox India vs Thermax on Key Financials\">Engineers India vs Inox India vs Thermax 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Key_Risks_to_Check_Before_Investing_in_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"Key Risks to Check Before Investing in Engineering Consultancy and Cryogenic Stocks\">Key Risks to Check Before Investing in Engineering Consultancy and Cryogenic 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Final_Thoughts_on_Engineering_Consultancy_and_Cryogenic_Stocks\" title=\"Final Thoughts on Engineering Consultancy and Cryogenic Stocks\">Final Thoughts on Engineering Consultancy and Cryogenic Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#What_are_engineering_consultancy_and_cryogenic_stocks\" title=\"What are engineering consultancy and cryogenic stocks?\">What are engineering consultancy and cryogenic stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Which_engineering_consultancy_and_cryogenic_stocks_are_covered_in_this_list\" title=\"Which engineering consultancy and cryogenic stocks are covered in this list?\">Which engineering consultancy and cryogenic stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Why_do_engineering_consultancy_and_cryogenic_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do engineering consultancy and cryogenic stocks have a strong future roadmap in India?\">Why do engineering consultancy and cryogenic stocks have a strong future roadmap in India?<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#How_has_Engineers_India_performed_financially\" title=\"How has Engineers India performed financially?\">How has Engineers India performed financially?<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#How_has_Inox_India_performed_financially\" title=\"How has Inox India performed financially?\">How has Inox India performed financially?<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#How_has_Thermax_performed_financially\" title=\"How has Thermax performed financially?\">How has Thermax performed financially?<\/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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#What_risks_should_investors_check_before_buying_engineering_consultancy_and_cryogenic_stocks\" title=\"What risks should investors check before buying engineering consultancy and cryogenic stocks?\">What risks should investors check before buying engineering consultancy and cryogenic 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\/engineering-consultancy-and-projects-cryogenic-tanks-and-systems-and-energy-and-environment-solutions-stocks-roadmap-overture-list\/#Is_this_list_of_engineering_consultancy_and_cryogenic_stocks_investment_advice\" title=\"Is this list of engineering consultancy and cryogenic stocks investment advice?\">Is this list of engineering consultancy and cryogenic stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>What Are Engineering Consultancy and Cryogenic Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Engineering consultancy and cryogenic stocks are listed companies that provide project design, storage systems for industrial gases and boilers and environment equipment. Their earnings depend on order inflows, execution and aftermarket revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Engineering_Consultancy_and_Cryogenic_Stocks_at_a_Glance\"><\/span><strong>Engineering Consultancy and Cryogenic Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/enginersin\/engineers-india-ltd-share-price-today\">Engineers India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">259.95<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15,096<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.01<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/inoxindia\/inox-india-ltd-share-price-today\">Inox India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,930.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18,179<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">71.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.07<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/thermax\/thermax-ltd-share-price-today\">Thermax<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,161.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">38,542<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">65.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.42<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, Engineers India trades at a P\/E below the industry P\/E, while Inox India and Thermax trade above it, which reflects the growth the market already expects. Readers comparing engineering consultancy and cryogenic stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Engineering_Consultancy_and_Cryogenic_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Engineering Consultancy and Cryogenic Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Engineering consultancy and cryogenic stocks have a strong roadmap in India because refining, gas, hydrogen and manufacturing projects keep creating demand for engineering skills and specialised equipment.<\/p>\n<ul>\n<li><strong>Project pipeline.<\/strong> Oil, gas and chemical projects need design and management.<\/li>\n<li><strong>Gas infrastructure.<\/strong> LNG and industrial gas demand lift cryogenic equipment.<\/li>\n<li><strong>Clean energy solutions.<\/strong> Heating, cooling and pollution control grow with regulation.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Engineers_India_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>Why Engineers India Features Among These Engineering Consultancy and Cryogenic Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the engineering consultancy and cryogenic stocks on this list, Engineers India is a public sector engineering consultancy and project company that provides design, project management and construction services to oil, gas, petrochemical, fertiliser and infrastructure clients.<\/p>\n<p>Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%.<\/p>\n<p>The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P\/E of 19.2, below the industry P\/E of 22.7.<\/p>\n<p><strong>Roadmap:<\/strong> The company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.<\/p>\n<p><strong>What to watch:<\/strong> Monitor order inflow from refinery and petrochemical projects and execution of existing mandates.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Inox_India_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>Why Inox India Features Among These Engineering Consultancy and Cryogenic Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the energy and environment solution shares on this list, Inox India, based in Vadodara, is a leading maker of cryogenic tanks and systems used to store and transport industrial gases, LNG and other liquefied gases.<\/p>\n<p>The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P\/E of 71.3, above the industry P\/E of 22.4.<\/p>\n<p>Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore.<\/p>\n<p><strong>Roadmap:<\/strong> Demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.<\/p>\n<p><strong>What to watch:<\/strong> Monitor order inflow from LNG and industrial gas customers, as large orders can shape quarterly numbers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Thermax_Features_Among_These_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>Why Thermax Features Among These Engineering Consultancy and Cryogenic Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Thermax is a Pune-based engineering company that provides energy and environment solutions, including boilers, heating and cooling systems, water and waste treatment, air pollution control and speciality chemicals.<\/p>\n<p>Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%.<\/p>\n<p>In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9.<\/p>\n<p><strong>Roadmap:<\/strong> Industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.<\/p>\n<p><strong>What to watch:<\/strong> Monitor order inflow across its energy and environment segments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Engineers_India_vs_Inox_India_vs_Thermax_on_Key_Financials\"><\/span><strong>Engineers India vs Inox India vs Thermax on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three engineering consultancy and cryogenic stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Engineers India<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,043<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,123<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">692<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Inox India<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">804<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,632<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">258<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Thermax<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,255<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11,041<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">720<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Inox India posts the highest return on equity in this group at 23.1%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Inox India shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with engineering consultancy and cryogenic stocks is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Engineering Consultancy and Cryogenic Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these engineering consultancy and cryogenic stocks, the main points are:<\/p>\n<ul>\n<li><strong>Order timing.<\/strong> Large orders can shift between quarters.<\/li>\n<li><strong>Execution risk.<\/strong> Complex projects need careful delivery.<\/li>\n<li><strong>Valuation levels.<\/strong> Some of these companies trade at high earnings multiples, so growth must continue to justify them.<\/li>\n<\/ul>\n<p>Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter engineering consultancy and cryogenic stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Engineering_Consultancy_and_Cryogenic_Stocks\"><\/span><strong>Final Thoughts on Engineering Consultancy and Cryogenic Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Engineering consultancy and cryogenic stocks reward investors who follow orders, execution and aftermarket revenue together. Engineers India, Inox India and Thermax each serve a durable industrial need. Based on the 22 October 2026 close, Engineers India trades at Rs 259.95, Inox India at Rs 1,930.1 and Thermax at Rs 3,161.3.<\/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&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track engineering consultancy and cryogenic stocks, set price alerts and get research-backed stock ideas.<\/em><\/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<h3><span class=\"ez-toc-section\" id=\"What_are_engineering_consultancy_and_cryogenic_stocks\"><\/span><strong>What are engineering consultancy and cryogenic stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Engineering consultancy and cryogenic stocks are listed companies that provide project design, storage systems for industrial gases and boilers and environment equipment. Their earnings depend on order inflows, execution and aftermarket revenue. This list looks at three of them, Engineers India, Inox India and Thermax, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_engineering_consultancy_and_cryogenic_stocks_are_covered_in_this_list\"><\/span><strong>Which engineering consultancy and cryogenic stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Engineers India, Inox India and Thermax. Based on the 22 October 2026 close, Engineers India traded at Rs 259.95, Inox India at Rs 1,930.1 and Thermax at Rs 3,161.3. Their return on equity ranges from 13.0% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.9% to 19.4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_engineering_consultancy_and_cryogenic_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do engineering consultancy and cryogenic stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Engineering consultancy and cryogenic stocks have a strong roadmap in India because refining, gas, hydrogen and manufacturing projects keep creating demand for engineering skills and specialised equipment. The main drivers are as follows. Project pipeline. Oil, gas and chemical projects need design and management. Gas infrastructure. LNG and industrial gas demand lift cryogenic equipment. Clean energy solutions. Heating, cooling and pollution control grow with regulation. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Engineers_India_performed_financially\"><\/span><strong>How has Engineers India performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%. The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P\/E of 19.2, below the industry P\/E of 22.7. Looking ahead, the company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Inox_India_performed_financially\"><\/span><strong>How has Inox India performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P\/E of 71.3, above the industry P\/E of 22.4. Looking ahead, demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Thermax_performed_financially\"><\/span><strong>How has Thermax performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_engineering_consultancy_and_cryogenic_stocks\"><\/span><strong>What risks should investors check before buying engineering consultancy and cryogenic stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying engineering consultancy and cryogenic stocks. Order timing. Large orders can shift between quarters. Execution risk. Complex projects need careful delivery. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_engineering_consultancy_and_cryogenic_stocks_investment_advice\"><\/span><strong>Is this list of engineering consultancy and cryogenic stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 22 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are engineering consultancy and cryogenic stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Engineering consultancy and cryogenic stocks are listed companies that provide project design, storage systems for industrial gases and boilers and environment equipment. Their earnings depend on order inflows, execution and aftermarket revenue. This list looks at three of them, Engineers India, Inox India and Thermax, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which engineering consultancy and cryogenic stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Engineers India, Inox India and Thermax. Based on the 22 October 2026 close, Engineers India traded at Rs 259.95, Inox India at Rs 1,930.1 and Thermax at Rs 3,161.3. Their return on equity ranges from 13.0% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.9% to 19.4%.\"}},{\"@type\":\"Question\",\"name\":\"Why do engineering consultancy and cryogenic stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Engineering consultancy and cryogenic stocks have a strong roadmap in India because refining, gas, hydrogen and manufacturing projects keep creating demand for engineering skills and specialised equipment. The main drivers are as follows. Project pipeline. Oil, gas and chemical projects need design and management. Gas infrastructure. LNG and industrial gas demand lift cryogenic equipment. Clean energy solutions. Heating, cooling and pollution control grow with regulation. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has Engineers India performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%. The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P\/E of 19.2, below the industry P\/E of 22.7. Looking ahead, the company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.\"}},{\"@type\":\"Question\",\"name\":\"How has Inox India performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 804 crore in FY22 to Rs 1,632 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 130 crore in FY22 to Rs 258 crore in FY26, which works out to a compound annual growth rate of 18.6%. In the June 2026 quarter, revenue grew 8.3% year on year to Rs 382 crore. The company has a return on equity of 23.1%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 18,179 crore. The stock trades at a P\/E of 71.3, above the industry P\/E of 22.4. Looking ahead, demand for industrial gases, LNG infrastructure, hydrogen and space-related applications supports its order flow. Its equipment is built for long service life, and a large share of sales comes from exports, which provides geographic spread.\"}},{\"@type\":\"Question\",\"name\":\"How has Thermax performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying engineering consultancy and cryogenic stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying engineering consultancy and cryogenic stocks. Order timing. Large orders can shift between quarters. Execution risk. Complex projects need careful delivery. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of engineering consultancy and cryogenic stocks investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational and uses publicly available data as of the 22 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Engineering Consultancy and Cryogenic Stocks with a strong future roadmap: Engineers India, Inox India and Thermax. Compare price, valuation, return on equity and revenue growth as of 22 October 2026.<\/p>\n","protected":false},"author":34,"featured_media":325322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,15338,15337,5971,9503,15339,7051],"class_list":["post-325323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-energy-and-environment-solution-shares","tag-engineering-consultancy-and-cryogenic-stocks","tag-engineers-india","tag-inox-india","tag-process-engineering-company-stocks","tag-thermax"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["325322"],"rank_math_title":["Engineering Consultancy and Cryogenic Equipment Stocks"],"rank_math_description":["Compare 3 engineering consultancy and cryogenic stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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