3 Engines and Gensets, Cranes and Loaders, and Boilers and Cooling Stocks With a Strong Future Roadmap: Kirloskar Oil Engines, Action Construction Equipment and Thermax

Kirloskar Oil Engines, Action Construction Equipment and Thermax: ROE of 13.0% to 20.6% and FY22 to FY26 revenue CAGR of 15.3% to 19.9%. Prices as of 21 Oct 2026.

Updated: 22 Oct 2026 • 12:32 pm

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3 Engines and Gensets, Cranes and Loaders, and Boilers and Cooling Stocks With a Strong Future Roadmap: Kirloskar Oil Engines, Action Construction Equipment and Thermax

Quick Answer

The three engine, crane and energy system stocks to watch are Kirloskar Oil Engines, Action Construction Equipment and Thermax. Their return on equity ranges from 13.0% to 20.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 19.9%. Action Construction Equipment leads on both return on equity at 20.6% and revenue growth at 19.9% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.

Engine, crane and energy system stocks let investors follow the makers of machines that power and build projects. Kirloskar Oil Engines, Action Construction Equipment and Thermax cover engines and generator sets, cranes and loaders, and boilers and cooling systems.

This list covers three engine, crane and energy system stocks with complete current figures: Kirloskar Oil Engines, Action Construction Equipment and Thermax. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Engine, Crane and Energy System Stocks?

Engine, crane and energy system stocks are listed companies that make engines, construction machinery and industrial energy equipment. Their earnings depend on infrastructure spending, factory investment and order books.

Engine, Crane and Energy System Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Kirloskar Oil Engines	1,908.7	28,722	53.7	44.4	15.9	1.48
Action Construction Equipment	1,074.6	13,204	30.2	44.4	20.6	0.00
Thermax	3,145	38,542	65.2	43.9	13.0	0.42

On valuation, Action Construction Equipment trades at a P/E below the industry P/E, while Kirloskar Oil Engines and Thermax trade above it, which reflects the growth the market already expects. Readers comparing engine, crane 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.

Why Do Engine, Crane and Energy System Stocks Have a Strong Roadmap in India?

Engine, crane and energy system stocks have a strong roadmap in India because infrastructure spending, rising demand for backup and industrial power and a push for efficient energy use are lifting orders.

Infrastructure spending. Roads, ports and buildings need cranes and loaders.
Power needs. Factories and data centres need reliable power equipment.
Efficiency focus. Industries are adopting cleaner heating and cooling systems.

Why Kirloskar Oil Engines Features Among These Engine, Crane and Energy System Stocks

Among the engine, crane and energy system stocks on this list, Kirloskar Oil Engines, based in Pune, makes diesel and gas engines, generator sets, pumps and power solutions for industrial, farm and infrastructure use.

Revenue rose from Rs 4,049 crore in FY22 to Rs 7,772 crore in FY26, a compound annual growth rate of 17.7%. Net profit grew from Rs 171 crore in FY22 to Rs 558 crore in FY26, which works out to a compound annual growth rate of 34.4%.

In the June 2026 quarter, revenue grew 12.1% year on year to Rs 2,015 crore. The company has a return on equity of 15.9%, a debt to equity ratio of 1.48 and a market capitalisation of Rs 28,722 crore. The stock trades at a P/E of 53.7, above the industry P/E of 44.4.

Roadmap: Backup power demand from data centres, telecom and infrastructure, a growing exports business and new alternative-fuel engines give it several tracks for growth. A large service network helps it hold on to customers across product cycles.

What to watch: Watch order intake from data centres and the pace of new product launches in cleaner fuels.

Why Action Construction Equipment Features Among These Engine, Crane and Energy System Stocks

Among the diesel engine and crane shares on this list, Action Construction Equipment is a Haryana-based maker of cranes, backhoe loaders, aerial work platforms and other material-handling and construction machinery.

In the June 2026 quarter, revenue grew 19.5% year on year to Rs 840 crore, while net profit rose 22.3% to Rs 119 crore. Revenue rose from Rs 1,640 crore in FY22 to Rs 3,390 crore in FY26, a compound annual growth rate of 19.9%.

Net profit grew from Rs 105 crore in FY22 to Rs 415 crore in FY26, which works out to a compound annual growth rate of 41.0%. The company has a return on equity of 20.6%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 13,204 crore. The stock trades at a P/E of 30.2, below the industry P/E of 44.4.

Roadmap: Infrastructure spending, rail and port projects and a growing share of exports support demand for its cranes and construction machines. The company also benefits from its widespread dealer network, which gives it reach across India.

What to watch: Follow government infrastructure spending and monsoon-linked construction activity.

Why Thermax Features Among These Engine, Crane and Energy System Stocks

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.

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.

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.

Roadmap: 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.

What to watch: Monitor order inflow across its energy and environment segments.

Kirloskar Oil Engines vs Action Construction Equipment vs Thermax on Key Financials

The table below sets the three engine, crane and energy system stocks side by side on revenue, profit and margin, using reported figures.

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
Kirloskar Oil Engines	4,049	7,772	17.7%	558	7.2%
Action Construction Equipment	1,640	3,390	19.9%	415	12.2%
Thermax	6,255	11,041	15.3%	720	6.5%

Action Construction Equipment posts the highest return on equity in this group at 20.6%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Action Construction Equipment shows the fastest revenue growth with a 19.9% compound annual rate. A useful habit with engine, crane and energy system stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Company	Q1 FY26 Revenue (Rs Cr)	Q1 FY27 Revenue (Rs Cr)	Year-on-Year Growth
Kirloskar Oil Engines	1,796	2,015	12.1%
Action Construction Equipment	703	840	19.5%
Thermax	2,223	2,371	6.6%

Key Risks to Check Before Investing in Engine, Crane and Energy System Stocks

Every theme carries risks that deserve a check before any decision. For these engine, crane and energy system stocks, the main points are: Long-term diesel engine and crane shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Cyclical demand. Equipment orders can move with construction activity.
Input costs. Steel and component prices can affect 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 engine, crane and energy system stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Engine, Crane and Energy System Stocks

Engine, crane and energy system stocks reward investors who follow order books, volumes and margins together. Kirloskar Oil Engines, Action Construction Equipment and Thermax each serve industry and infrastructure customers. Based on the 21 October 2026 close, Kirloskar Oil Engines trades at Rs 1,908.7, Action Construction Equipment at Rs 1,074.6 and Thermax at Rs 3,145. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these engine, crane and energy system stocks to a watchlist.

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Disclaimer: 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).

What are engine, crane and energy system stocks?

Ans. Engine, crane and energy system stocks are listed companies that make engines, construction machinery and industrial energy equipment. Their earnings depend on infrastructure spending, factory investment and order books. This list looks at three of them, Kirloskar Oil Engines, Action Construction Equipment and Thermax, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.

Which engine, crane and energy system stocks are covered in this list?

Ans. This list covers Kirloskar Oil Engines, Action Construction Equipment and Thermax. Based on the 21 October 2026 close, Kirloskar Oil Engines traded at Rs 1,908.7, Action Construction Equipment at Rs 1,074.6 and Thermax at Rs 3,145. Their return on equity ranges from 13.0% to 20.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 19.9%.

Why do engine, crane and energy system stocks have a strong future roadmap in India?

Ans. Engine, crane and energy system stocks have a strong roadmap in India because infrastructure spending, rising demand for backup and industrial power and a push for efficient energy use are lifting orders. The main drivers are as follows. Infrastructure spending. Roads, ports and buildings need cranes and loaders. Power needs. Factories and data centres need reliable power equipment. Efficiency focus. Industries are adopting cleaner heating and cooling systems. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Kirloskar Oil Engines performed financially?

Ans. Revenue rose from Rs 4,049 crore in FY22 to Rs 7,772 crore in FY26, a compound annual growth rate of 17.7%. Net profit grew from Rs 171 crore in FY22 to Rs 558 crore in FY26, which works out to a compound annual growth rate of 34.4%. In the June 2026 quarter, revenue grew 12.1% year on year to Rs 2,015 crore. The company has a return on equity of 15.9%, a debt to equity ratio of 1.48 and a market capitalisation of Rs 28,722 crore. The stock trades at a P/E of 53.7, above the industry P/E of 44.4. Looking ahead, backup power demand from data centres, telecom and infrastructure, a growing exports business and new alternative-fuel engines give it several tracks for growth. A large service network helps it hold on to customers across product cycles.

How has Action Construction Equipment performed financially?

Ans. Revenue rose from Rs 1,640 crore in FY22 to Rs 3,390 crore in FY26, a compound annual growth rate of 19.9%. Net profit grew from Rs 105 crore in FY22 to Rs 415 crore in FY26, which works out to a compound annual growth rate of 41.0%. In the June 2026 quarter, revenue grew 19.5% year on year to Rs 840 crore, while net profit rose 22.3% to Rs 119 crore. The company has a return on equity of 20.6%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 13,204 crore. The stock trades at a P/E of 30.2, below the industry P/E of 44.4. Looking ahead, infrastructure spending, rail and port projects and a growing share of exports support demand for its cranes and construction machines. The company also benefits from its widespread dealer network, which gives it reach across India.

How has Thermax performed financially?

Ans. 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.

What risks should investors check before buying engine, crane and energy system stocks?

Ans. Investors should check a few risks before buying engine, crane and energy system stocks. Cyclical demand. Equipment orders can move with construction activity. Input costs. Steel and component prices can affect 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 engine, crane and energy system stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 21 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.