{"id":332021,"date":"2026-10-29T12:58:04","date_gmt":"2026-10-29T07:28:04","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=332021"},"modified":"2026-10-29T12:58:04","modified_gmt":"2026-10-29T07:28:04","slug":"cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/","title":{"rendered":"3 Cryogenic Tanks and Systems Leader, Fans and Switchgear Major and Industrial Gears Maker Stocks With a Strong Future Roadmap: Inox India, Havells India and Elecon Engineering"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E84;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Inox India, Havells India and Elecon Engineering: ROE of 12.4% to 23.1% and FY22 to FY26 revenue CAGR of 13.0% to 19.4%. Prices as of 28 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:#1F4E84;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three cryogenic, electrical and gear makers to watch are Inox India, Havells India and Elecon Engineering. Their return on equity ranges from 12.4% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% 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 28 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Cryogenic, electrical and gear makers give investors a way to track businesses that sit close to everyday demand in India. Inox India, Havells India and Elecon Engineering cover a cryogenic tanks and systems leader, a fans and switchgear major and an industrial gears maker.<\/p>\n<p>This list covers three cryogenic, electrical and gear makers with complete current figures: Inox India, Havells India and Elecon Engineering. Every figure comes from the latest reported financials and the 28 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=cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#What_Are_Cryogenic_Electrical_and_Gear_Makers\" title=\"What Are Cryogenic, Electrical and Gear Makers?\">What Are Cryogenic, Electrical and Gear Makers?<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Cryogenic_Electrical_and_Gear_Makers_at_a_Glance\" title=\"Cryogenic, Electrical and Gear Makers at a Glance\">Cryogenic, Electrical and Gear Makers 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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Why_Do_Cryogenic_Electrical_and_Gear_Makers_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Cryogenic, Electrical and Gear Makers Have a Strong Roadmap in India?\">Why Do Cryogenic, Electrical and Gear Makers 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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Why_Inox_India_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\" title=\"Why Inox India Features Among These Cryogenic, Electrical and Gear Makers\">Why Inox India Features Among These Cryogenic, Electrical and Gear Makers<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Why_Havells_India_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\" title=\"Why Havells India Features Among These Cryogenic, Electrical and Gear Makers\">Why Havells India Features Among These Cryogenic, Electrical and Gear Makers<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Why_Elecon_Engineering_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\" title=\"Why Elecon Engineering Features Among These Cryogenic, Electrical and Gear Makers\">Why Elecon Engineering Features Among These Cryogenic, Electrical and Gear Makers<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Inox_India_vs_Havells_India_vs_Elecon_Engineering_on_Key_Financials\" title=\"Inox India vs Havells India vs Elecon Engineering on Key Financials\">Inox India vs Havells India vs Elecon Engineering on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Key_Risks_to_Check_Before_Investing_in_Cryogenic_Electrical_and_Gear_Makers\" title=\"Key Risks to Check Before Investing in Cryogenic, Electrical and Gear Makers\">Key Risks to Check Before Investing in Cryogenic, Electrical and Gear Makers<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Final_Thoughts_on_Cryogenic_Electrical_and_Gear_Makers\" title=\"Final Thoughts on Cryogenic, Electrical and Gear Makers\">Final Thoughts on Cryogenic, Electrical and Gear Makers<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#What_are_cryogenic_electrical_and_gear_makers\" title=\"What are cryogenic, electrical and gear makers?\">What are cryogenic, electrical and gear makers?<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Which_cryogenic_electrical_and_gear_makers_are_covered_in_this_list\" title=\"Which cryogenic, electrical and gear makers are covered in this list?\">Which cryogenic, electrical and gear makers 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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Why_do_cryogenic_electrical_and_gear_makers_have_a_strong_future_roadmap_in_India\" title=\"Why do cryogenic, electrical and gear makers have a strong future roadmap in India?\">Why do cryogenic, electrical and gear makers 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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-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-14\" href=\"https:\/\/univest.in\/blogs-2\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#How_has_Havells_India_performed_financially\" title=\"How has Havells India performed financially?\">How has Havells 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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-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-16\" href=\"https:\/\/univest.in\/blogs-2\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#What_risks_should_investors_check_before_buying_cryogenic_electrical_and_gear_makers\" title=\"What risks should investors check before buying cryogenic, electrical and gear makers?\">What risks should investors check before buying cryogenic, electrical and gear makers?<\/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\/cryogenic-tanks-and-systems-leader-fans-and-switchgear-major-and-industrial-gears-maker-stocks-roadmap-pathfinder-list\/#Is_this_list_of_cryogenic_electrical_and_gear_makers_investment_advice\" title=\"Is this list of cryogenic, electrical and gear makers investment advice?\">Is this list of cryogenic, electrical and gear makers investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>What Are Cryogenic, Electrical and Gear Makers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cryogenic, electrical and gear makers are listed companies that make tanks and systems to store industrial gases and LNG, sell fans, lighting, switchgear, wires and appliances, and produce industrial gears and material handling equipment. Their earnings depend on project orders, housing demand and capital spending.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cryogenic_Electrical_and_Gear_Makers_at_a_Glance\"><\/span><strong>Cryogenic, Electrical and Gear Makers 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\/inoxindia\/inox-india-ltd-share-price-today\">Inox India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,910<\/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\/havells\/havells-india-ltd-share-price-today\">Havells India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,025.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">68,928<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">42.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">44.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.03<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/elecon\/elecon-engineering-company-ltd-share-price-today\">Elecon Engineering<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">429.4<\/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<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, Havells India and Elecon Engineering trade at a P\/E below the industry P\/E, while Inox India trades above it, which reflects the growth the market already expects. Readers comparing cryogenic, electrical and gear makers 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_Cryogenic_Electrical_and_Gear_Makers_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Cryogenic, Electrical and Gear Makers Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cryogenic, electrical and gear makers have a strong roadmap in India because growing use of industrial gases and LNG, new housing and factories and rising capital spending in steel, cement and power keep widening the market for these equipment makers.<\/p>\n<ul>\n<li><strong>Gas value chain.<\/strong> LNG and industrial gas needs call for storage systems.<\/li>\n<li><strong>Housing demand.<\/strong> New homes need electricals and appliances.<\/li>\n<li><strong>Core industries.<\/strong> Steel, cement and power buy gears and handling systems.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Inox_India_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>Why Inox India Features Among These Cryogenic, Electrical and Gear Makers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the cryogenic, electrical and gear makers 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>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%.<\/p>\n<p>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.<\/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_Havells_India_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>Why Havells India Features Among These Cryogenic, Electrical and Gear Makers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the engineering equipment shares on this list, Havells India is a leading electrical products company that sells fans, lighting, switchgear, wires and cables, and consumer appliances, along with Lloyd air conditioners.<\/p>\n<p>In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%.<\/p>\n<p>Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P\/E of 42.2, below the industry P\/E of 44.3.<\/p>\n<p><strong>Roadmap:<\/strong> The company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.<\/p>\n<p><strong>What to watch:<\/strong> Check growth in the cables and Lloyd air conditioner businesses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Elecon_Engineering_Features_Among_These_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>Why Elecon Engineering Features Among These Cryogenic, Electrical and Gear Makers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies 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=\"Inox_India_vs_Havells_India_vs_Elecon_Engineering_on_Key_Financials\"><\/span><strong>Inox India vs Havells India vs Elecon Engineering on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three cryogenic, electrical and gear makers 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;\">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;\">Havells India<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14,099<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23,022<\/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;\">1,689<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">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<\/tbody>\n<\/table>\n<\/div>\n<p>Inox India posts the highest return on equity in this group at 23.1%. Havells India has the largest FY26 revenue at Rs 23,022 crore, and Inox India shows the fastest revenue growth with a 19.4% compound annual rate. A useful habit with cryogenic, electrical and gear makers 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_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>Key Risks to Check Before Investing in Cryogenic, Electrical and Gear Makers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these cryogenic, electrical and gear makers, the main points are: Long-term engineering equipment shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.<\/p>\n<ul>\n<li><strong>Capital spending cycles.<\/strong> Customer investment in plants and equipment can vary.<\/li>\n<li><strong>Input costs.<\/strong> Metal and material prices can move 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 cryogenic, electrical and gear makers 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_Cryogenic_Electrical_and_Gear_Makers\"><\/span><strong>Final Thoughts on Cryogenic, Electrical and Gear Makers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cryogenic, electrical and gear makers work best when investors track growth, valuation and return on equity side by side. Inox India, Havells India and Elecon Engineering each have a clear plan to grow. Based on the 28 October 2026 close, Inox India trades at Rs 1,910, Havells India at Rs 1,025.4 and Elecon Engineering at Rs 429.4.<\/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 cryogenic, electrical and gear makers, 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_cryogenic_electrical_and_gear_makers\"><\/span><strong>What are cryogenic, electrical and gear makers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cryogenic, electrical and gear makers are listed companies that make tanks and systems to store industrial gases and LNG, sell fans, lighting, switchgear, wires and appliances, and produce industrial gears and material handling equipment. Their earnings depend on project orders, housing demand and capital spending. This list looks at three of them, Inox India, Havells India and Elecon Engineering, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_cryogenic_electrical_and_gear_makers_are_covered_in_this_list\"><\/span><strong>Which cryogenic, electrical and gear makers are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Inox India, Havells India and Elecon Engineering. Based on the 28 October 2026 close, Inox India traded at Rs 1,910, Havells India at Rs 1,025.4 and Elecon Engineering at Rs 429.4. Their return on equity ranges from 12.4% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 19.4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_cryogenic_electrical_and_gear_makers_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do cryogenic, electrical and gear makers have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cryogenic, electrical and gear makers have a strong roadmap in India because growing use of industrial gases and LNG, new housing and factories and rising capital spending in steel, cement and power keep widening the market for these equipment makers. The main drivers are as follows. Gas value chain. LNG and industrial gas needs call for storage systems. Housing demand. New homes need electricals and appliances. Core industries. Steel, cement and power buy gears and handling 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_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_Havells_India_performed_financially\"><\/span><strong>How has Havells India performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P\/E of 42.2, below the industry P\/E of 44.3. Looking ahead, the company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. Capacity expansion in cables and appliances supports future growth.<\/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=\"What_risks_should_investors_check_before_buying_cryogenic_electrical_and_gear_makers\"><\/span><strong>What risks should investors check before buying cryogenic, electrical and gear makers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying cryogenic, electrical and gear makers. Capital spending cycles. Customer investment in plants and equipment can vary. Input costs. Metal and material prices can move 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_cryogenic_electrical_and_gear_makers_investment_advice\"><\/span><strong>Is this list of cryogenic, electrical and gear makers 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 28 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 cryogenic, electrical and gear makers?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cryogenic, electrical and gear makers are listed companies that make tanks and systems to store industrial gases and LNG, sell fans, lighting, switchgear, wires and appliances, and produce industrial gears and material handling equipment. Their earnings depend on project orders, housing demand and capital spending. 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Their return on equity ranges from 12.4% to 23.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.0% to 19.4%.\"}},{\"@type\":\"Question\",\"name\":\"Why do cryogenic, electrical and gear makers have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cryogenic, electrical and gear makers have a strong roadmap in India because growing use of industrial gases and LNG, new housing and factories and rising capital spending in steel, cement and power keep widening the market for these equipment makers. The main drivers are as follows. Gas value chain. LNG and industrial gas needs call for storage systems. Housing demand. New homes need electricals and appliances. Core industries. Steel, cement and power buy gears and handling systems. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@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 Havells India performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 14,099 crore in FY22 to Rs 23,022 crore in FY26, a compound annual growth rate of 13.0%. Net profit grew from Rs 1,196 crore in FY22 to Rs 1,689 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 19.0% year on year to Rs 6,572 crore. The company has a return on equity of 17.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 68,928 crore. The stock trades at a P\/E of 42.2, below the industry P\/E of 44.3. Looking ahead, the company sells through a wide dealer network and keeps adding premium products and new categories such as air conditioners and water heaters. 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A focus on higher-power gear systems helps it win larger orders.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying cryogenic, electrical and gear makers?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying cryogenic, electrical and gear makers. Capital spending cycles. Customer investment in plants and equipment can vary. Input costs. Metal and material prices can move 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.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of cryogenic, electrical and gear makers investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational and uses publicly available data as of the 28 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>Cryogenic, Electrical and Gear Makers with a strong future roadmap: Inox India, Havells India and Elecon Engineering. Compare price, valuation, return on equity and revenue growth as of 28 October 2026.<\/p>\n","protected":false},"author":28,"featured_media":332020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,18067,13650,18068,18069,7147,9503,18070],"class_list":["post-332021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-cryogenic","tag-elecon-engineering","tag-electrical-and-gear-makers","tag-engineering-equipment-shares","tag-havells-india","tag-inox-india","tag-plant-equipment-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["332020"],"rank_math_title":["Cryogenic Tanks, Electricals and Industrial Gear Stocks"],"rank_math_description":["Compare 3 cryogenic, electrical and gear makers with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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