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

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.

Updated: 26 Oct 2026 • 11:21 am

Posted by:

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

Quick Answer

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.

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.

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.

Click Here – Get Free Investment Predictions

Table of Contents

What Are Gear, Casting and Energy System Stocks?

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.

Gear, Casting and Energy System Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Elecon Engineering	416.2	9,361	38.3	41.5	12.4	0.14
AIA Engineering	3,579.2	34,194	27.0	50.7	15.8	0.00
Thermax	3,096	38,542	65.2	43.9	13.0	0.42

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.

Why Do Gear, Casting and Energy System Stocks Have a Strong Roadmap in India?

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.

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.

Why Elecon Engineering Features Among These Gear, Casting and Energy System Stocks

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.

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.

Why AIA Engineering Features Among These Gear, Casting and Energy System Stocks

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.

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.

Roadmap: 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.

What to watch: Follow mining and cement demand, volume growth and raw material costs.

Why Thermax Features Among These Gear, Casting and Energy System Stocks

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.

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%.

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.

Roadmap: 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.

What to watch: Track order inflows, industrial capital spending and progress in cleaner energy products.

Elecon Engineering vs AIA Engineering vs Thermax on Key Financials

The table below sets the three gear, casting 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
Elecon Engineering	1,221	2,447	19.0%	341	13.9%
AIA Engineering	3,723	4,894	7.1%	1,269	25.9%
Thermax	6,255	11,041	15.3%	720	6.5%

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.

Key Risks to Check Before Investing in Gear, Casting and Energy System Stocks

Every theme carries risks that deserve a check before any decision. For these gear, casting and energy system stocks, the main points are:

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.

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 gear, casting and energy system stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Gear, Casting and Energy System Stocks

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.

Download the Univest iOS App or Univest Android App to track gear, casting and energy system stocks, set price alerts and get research-backed stock ideas.

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 gear, casting and energy system stocks?

Ans. 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.

Which gear, casting and energy system stocks are covered in this list?

Ans. 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%.

Why do gear, casting and energy system stocks have a strong future roadmap in India?

Ans. 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.

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.

How has AIA Engineering performed financially?

Ans. 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.

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, 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.

What risks should investors check before buying gear, casting and energy system stocks?

Ans. 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.

Is this list of gear, casting and energy system stocks investment advice?

Ans. 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.