{"id":326204,"date":"2026-10-26T11:21:07","date_gmt":"2026-10-26T05:51:07","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=326204"},"modified":"2026-10-26T11:21:07","modified_gmt":"2026-10-26T05:51:07","slug":"industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/","title":{"rendered":"3 Industrial Gears and Material Handling, Wear-Resistant Castings and Energy and Environment Solutions Stocks With a Strong Future Roadmap: Elecon Engineering, AIA Engineering and Thermax"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Elecon Engineering, AIA Engineering and Thermax: ROE of 12.4% to 15.8% and FY22 to FY26 revenue CAGR of 7.1% to 19.0%. Prices as of 23 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 gear, casting and energy system stocks to watch are Elecon Engineering, AIA Engineering and Thermax. Their return on equity ranges from 12.4% to 15.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 19.0%. AIA Engineering has the highest return on equity at 15.8%, while Elecon Engineering has the fastest revenue growth at 19.0% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Gear, casting and energy system stocks let investors follow engineering companies that supply heavy industry. Elecon Engineering, AIA Engineering and Thermax cover industrial gears and material handling, wear-resistant castings and energy and environment solutions.<\/p>\n<p>This list covers three gear, casting and energy system stocks with complete current figures: Elecon Engineering, AIA Engineering and Thermax. Every figure comes from the latest reported financials and the 23 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=industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#What_Are_Gear_Casting_and_Energy_System_Stocks\" title=\"What Are Gear, Casting and Energy System Stocks?\">What Are Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Gear_Casting_and_Energy_System_Stocks_at_a_Glance\" title=\"Gear, Casting and Energy System Stocks at a Glance\">Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Why_Do_Gear_Casting_and_Energy_System_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Gear, Casting and Energy System Stocks Have a Strong Roadmap in India?\">Why Do Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Why_Elecon_Engineering_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\" title=\"Why Elecon Engineering Features Among These Gear, Casting and Energy System Stocks\">Why Elecon Engineering Features Among These Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Why_AIA_Engineering_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\" title=\"Why AIA Engineering Features Among These Gear, Casting and Energy System Stocks\">Why AIA Engineering Features Among These Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Why_Thermax_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\" title=\"Why Thermax Features Among These Gear, Casting and Energy System Stocks\">Why Thermax Features Among These Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Elecon_Engineering_vs_AIA_Engineering_vs_Thermax_on_Key_Financials\" title=\"Elecon Engineering vs AIA Engineering vs Thermax on Key Financials\">Elecon Engineering vs AIA Engineering 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Key_Risks_to_Check_Before_Investing_in_Gear_Casting_and_Energy_System_Stocks\" title=\"Key Risks to Check Before Investing in Gear, Casting and Energy System Stocks\">Key Risks to Check Before Investing in Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Final_Thoughts_on_Gear_Casting_and_Energy_System_Stocks\" title=\"Final Thoughts on Gear, Casting and Energy System Stocks\">Final Thoughts on Gear, Casting and Energy System 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#What_are_gear_casting_and_energy_system_stocks\" title=\"What are gear, casting and energy system stocks?\">What are gear, casting and energy system 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Which_gear_casting_and_energy_system_stocks_are_covered_in_this_list\" title=\"Which gear, casting and energy system stocks are covered in this list?\">Which gear, casting and energy system 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Why_do_gear_casting_and_energy_system_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do gear, casting and energy system stocks have a strong future roadmap in India?\">Why do gear, casting and energy system 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#How_has_Elecon_Engineering_performed_financially\" title=\"How has Elecon Engineering performed financially?\">How has Elecon Engineering 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#How_has_AIA_Engineering_performed_financially\" title=\"How has AIA Engineering performed financially?\">How has AIA Engineering 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#What_risks_should_investors_check_before_buying_gear_casting_and_energy_system_stocks\" title=\"What risks should investors check before buying gear, casting and energy system stocks?\">What risks should investors check before buying gear, casting and energy system 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\/industrial-gears-and-material-handling-wear-resistant-castings-and-energy-and-environment-solutions-stocks-roadmap-keystone-list\/#Is_this_list_of_gear_casting_and_energy_system_stocks_investment_advice\" title=\"Is this list of gear, casting and energy system stocks investment advice?\">Is this list of gear, casting and energy system stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>What Are Gear, Casting and Energy System Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gear, casting and energy system stocks are listed engineering companies that make gearboxes, grinding media and liners, boilers and pollution control systems. Their earnings depend on industrial capital spending, order inflows and export demand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gear_Casting_and_Energy_System_Stocks_at_a_Glance\"><\/span><strong>Gear, Casting and Energy System 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\/elecon\/elecon-engineering-company-ltd-share-price-today\">Elecon Engineering<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">416.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,361<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">38.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">41.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.14<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/aiaeng\/aia-engineering-ltd-share-price-today\">AIA Engineering<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,579.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34,194<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">50.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00<\/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;\">3,096<\/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, Elecon Engineering and AIA Engineering trade at a P\/E below the industry P\/E, while Thermax trades above it, which reflects the growth the market already expects. Readers comparing gear, casting and energy system 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_Gear_Casting_and_Energy_System_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Gear, Casting and Energy System Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gear, casting and energy system stocks have a strong roadmap in India because new factories, mines and power projects need dependable equipment, and cleaner energy rules lift demand for efficient systems.<\/p>\n<ul>\n<li><strong>Industrial spending.<\/strong> New plants in steel, cement and power need equipment.<\/li>\n<li><strong>Wear-resistant parts.<\/strong> Mining and cement plants replace liners regularly.<\/li>\n<li><strong>Cleaner energy.<\/strong> Efficiency and emission norms lift demand for modern systems.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Elecon_Engineering_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>Why Elecon Engineering Features Among These Gear, Casting and Energy System Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the gear, casting and energy system stocks on this list, Elecon Engineering is a Gujarat-based maker of industrial gears and material handling equipment that supplies steel, cement, power, mining and port customers.<\/p>\n<p>The company has a return on equity of 12.4%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 9,361 crore. The stock trades at a P\/E of 38.3, below the industry P\/E of 41.5.<\/p>\n<p>Revenue rose from Rs 1,221 crore in FY22 to Rs 2,447 crore in FY26, a compound annual growth rate of 19.0%. Net profit grew from Rs 140 crore in FY22 to Rs 341 crore in FY26, which works out to a compound annual growth rate of 24.8%.<\/p>\n<p><strong>Roadmap:<\/strong> The company benefits from steady capital spending in core industries and from export orders for gearboxes. A focus on higher-power gear systems helps it win larger orders.<\/p>\n<p><strong>What to watch:<\/strong> Follow order inflows, export demand and margins in the gear business.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_AIA_Engineering_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>Why AIA Engineering Features Among These Gear, Casting and Energy System Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the capital goods engineering shares on this list, AIA Engineering makes high chromium wear-resistant castings used in grinding mills at cement, mining and power plants worldwide, and it sells a large share of its output to export customers.<\/p>\n<p>Revenue rose from Rs 3,723 crore in FY22 to Rs 4,894 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 620 crore in FY22 to Rs 1,269 crore in FY26, which works out to a compound annual growth rate of 19.6%.<\/p>\n<p>In the June 2026 quarter, revenue grew 11.4% year on year to Rs 1,279 crore. The company has a return on equity of 15.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 34,194 crore. The stock trades at a P\/E of 27.0, below the industry P\/E of 50.7.<\/p>\n<p><strong>Roadmap:<\/strong> The company benefits from global mining and cement activity and from the longer life its castings offer customers. A strong position in this niche supports repeat orders.<\/p>\n<p><strong>What to watch:<\/strong> Follow mining and cement demand, volume growth and raw material costs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Thermax_Features_Among_These_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>Why Thermax Features Among These Gear, Casting and Energy System Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Thermax provides energy and environment solutions, including boilers, cooling systems, air pollution control and water treatment, to industries in India and overseas.<\/p>\n<p>In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%.<\/p>\n<p>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%. 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> The company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.<\/p>\n<p><strong>What to watch:<\/strong> Track order inflows, industrial capital spending and progress in cleaner energy products.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elecon_Engineering_vs_AIA_Engineering_vs_Thermax_on_Key_Financials\"><\/span><strong>Elecon Engineering vs AIA Engineering vs Thermax on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three gear, casting and energy system 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;\">Elecon Engineering<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,221<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,447<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">341<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">AIA Engineering<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,723<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,894<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,269<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.9%<\/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>AIA Engineering posts the highest return on equity in this group at 15.8%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Elecon Engineering shows the fastest revenue growth with a 19.0% compound annual rate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Gear, Casting and Energy System 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 gear, casting and energy system stocks, the main points are:<\/p>\n<ul>\n<li><strong>Order timing.<\/strong> Large orders can shift between quarters.<\/li>\n<li><strong>Input costs.<\/strong> Steel and alloy prices influence margins.<\/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 gear, casting and energy system 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_Gear_Casting_and_Energy_System_Stocks\"><\/span><strong>Final Thoughts on Gear, Casting and Energy System Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gear, casting and energy system stocks reward investors who follow order inflows, export demand and margins together. Elecon Engineering, AIA Engineering and Thermax each serve a clear industrial need. Based on the 23 October 2026 close, Elecon Engineering trades at Rs 416.2, AIA Engineering at Rs 3,579.2 and Thermax at Rs 3,096.<\/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 gear, casting and energy system 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_gear_casting_and_energy_system_stocks\"><\/span><strong>What are gear, casting and energy system stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Gear, casting and energy system stocks are listed engineering companies that make gearboxes, grinding media and liners, boilers and pollution control systems. Their earnings depend on industrial capital spending, order inflows and export demand. This list looks at three of them, Elecon Engineering, AIA Engineering and Thermax, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_gear_casting_and_energy_system_stocks_are_covered_in_this_list\"><\/span><strong>Which gear, casting and energy system stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Elecon Engineering, AIA Engineering and Thermax. Based on the 23 October 2026 close, Elecon Engineering traded at Rs 416.2, AIA Engineering at Rs 3,579.2 and Thermax at Rs 3,096. Their return on equity ranges from 12.4% to 15.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 19.0%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_gear_casting_and_energy_system_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do gear, casting and energy system stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Gear, casting and energy system stocks have a strong roadmap in India because new factories, mines and power projects need dependable equipment, and cleaner energy rules lift demand for efficient systems. The main drivers are as follows. Industrial spending. New plants in steel, cement and power need equipment. Wear-resistant parts. Mining and cement plants replace liners regularly. Cleaner energy. Efficiency and emission norms lift demand for modern systems. 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_Elecon_Engineering_performed_financially\"><\/span><strong>How has Elecon Engineering performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 1,221 crore in FY22 to Rs 2,447 crore in FY26, a compound annual growth rate of 19.0%. Net profit grew from Rs 140 crore in FY22 to Rs 341 crore in FY26, which works out to a compound annual growth rate of 24.8%. The company has a return on equity of 12.4%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 9,361 crore. The stock trades at a P\/E of 38.3, below the industry P\/E of 41.5. Looking ahead, the company benefits from steady capital spending in core industries and from export orders for gearboxes. A focus on higher-power gear systems helps it win larger orders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_AIA_Engineering_performed_financially\"><\/span><strong>How has AIA Engineering performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,723 crore in FY22 to Rs 4,894 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 620 crore in FY22 to Rs 1,269 crore in FY26, which works out to a compound annual growth rate of 19.6%. In the June 2026 quarter, revenue grew 11.4% year on year to Rs 1,279 crore. The company has a return on equity of 15.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 34,194 crore. The stock trades at a P\/E of 27.0, below the industry P\/E of 50.7. Looking ahead, the company benefits from global mining and cement activity and from the longer life its castings offer customers. A strong position in this niche supports repeat orders.<\/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, the company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_gear_casting_and_energy_system_stocks\"><\/span><strong>What risks should investors check before buying gear, casting and energy system stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying gear, casting and energy system stocks. Order timing. Large orders can shift between quarters. Input costs. Steel and alloy prices influence margins. 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_gear_casting_and_energy_system_stocks_investment_advice\"><\/span><strong>Is this list of gear, casting and energy system 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 23 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 gear, casting and energy system stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Gear, casting and energy system stocks are listed engineering companies that make gearboxes, grinding media and liners, boilers and pollution control systems. Their earnings depend on industrial capital spending, order inflows and export demand. This list looks at three of them, Elecon Engineering, AIA Engineering and Thermax, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which gear, casting and energy system stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Elecon Engineering, AIA Engineering and Thermax. 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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>Gear, Casting and Energy System Stocks with a strong future roadmap: Elecon Engineering, AIA Engineering and Thermax. Compare price, valuation, return on equity and revenue growth as of 23 October 2026.<\/p>\n","protected":false},"author":36,"featured_media":326203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[9517,3803,15748,15747,13650,15746,15749,7051],"class_list":["post-326204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-aia-engineering","tag-best-stocks","tag-capital-goods-engineering-shares","tag-casting-and-energy-system-stocks","tag-elecon-engineering","tag-gear","tag-mill-liner-and-boiler-maker-stocks","tag-thermax"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["326203"],"rank_math_title":["Gear, Casting and Energy System Stocks"],"rank_math_description":["Compare 3 gear, casting and energy system stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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