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

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.

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.

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What Are Cryogenic, Electrical and Gear Makers?

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.

Cryogenic, Electrical and Gear Makers at a Glance

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.

Why Do Cryogenic, Electrical and Gear Makers Have a Strong Roadmap in India?

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.

• 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.

Why Inox India Features Among These Cryogenic, Electrical and Gear Makers

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.

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.

Roadmap: 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.

What to watch: Monitor order inflow from LNG and industrial gas customers, as large orders can shape quarterly numbers.

Why Havells India Features Among These Cryogenic, Electrical and Gear Makers

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.

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%.

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.

Roadmap: 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.

What to watch: Check growth in the cables and Lloyd air conditioner businesses.

Why Elecon Engineering Features Among These Cryogenic, Electrical and Gear Makers

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.

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.

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%.

Roadmap: 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.

What to watch: Follow order inflows, export demand and margins in the gear business.

Inox India vs Havells India vs Elecon Engineering on Key Financials

The table below sets the three cryogenic, electrical and gear makers side by side on revenue, profit and margin, using reported figures.

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.

Key Risks to Check Before Investing in Cryogenic, Electrical and Gear Makers

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.

• 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.

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.

Use the Univest Stock Screener to filter cryogenic, electrical and gear makers by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Cryogenic, Electrical and Gear Makers

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.

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What are cryogenic, electrical and gear makers?

Ans. 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.

Which cryogenic, electrical and gear makers are covered in this list?

Ans. 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%.

Why do cryogenic, electrical and gear makers have a strong future roadmap in India?

Ans. 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.

How has Inox India performed financially?

Ans. 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.

How has Havells India performed financially?

Ans. 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.

How has Elecon Engineering performed financially?

Ans. 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.

What risks should investors check before buying cryogenic, electrical and gear makers?

Ans. 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.

Is this list of cryogenic, electrical and gear makers investment advice?

Ans. 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.