Top Capital Goods Stocks Compared: L&T vs BHEL vs Siemens vs ABB India vs Thermax on Price, Valuation, Q2 FY27 Results and Risks

Capital goods stocks compared here means L&T, BHEL, Siemens, ABB India and Thermax on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes a large engineering and construction group with equipment makers and automation specialists, so each figure needs a little context.

Two of the five capital goods companies have filed their September 2026 quarter, so their results below are Q2 FY27. Siemens, ABB India and Thermax are shown on their June 2026 quarter because their September filings are awaited. Capital goods names tend to follow investment and infrastructure sentiment, so a glance at the Nifty 50 page and the Sensex page before you read the tables gives useful backdrop.

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Capital Goods Stocks Compared: Five Engineering and Equipment Names

The capital goods stocks compared here are L&T, BHEL, Siemens, ABB India and Thermax. L&T is the largest by market capitalisation at Rs 5,41,567 crore. Previous closes run from Rs 423.85 for BHEL to Rs 6,750.00 for ABB India, which is why a side-by-side look at value rather than price is more useful. This capital goods stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
L&T	3,944.40	5,41,567
BHEL	423.85	1,47,639
Siemens	3,509.00	1,25,176
ABB India	6,750.00	1,43,123
Thermax	3,282.30	39,095

A quick look at the business behind each ticker puts the numbers in context. L&T is a large engineering and construction group with infrastructure, energy and technology businesses, while BHEL is a state-run maker of power and industrial equipment such as turbines, boilers and transformers. Siemens supplies automation, electrification and smart infrastructure products and services to industry and cities, and ABB India supplies electrification, motion and automation products and services to industrial and utility customers. To compare capital goods stocks properly, line up price to earnings, return on equity and order growth before forming a view.

Rounding out the group, Thermax builds heating, cooling, power and environment solutions for industry. A fair capital goods stock comparison looks at what each company actually earns from, not only at the share price. Project businesses and technology-led suppliers belong in separate mental boxes whenever you compare capital goods stocks fairly.

Capital Goods Stocks Valuation: Premium Multiples Explained

L&T trades at the lowest price to earnings ratio in this group at 25.92. Siemens reports the highest return on equity at 17.15%. L&T has the lowest price to book value at 4.79. These capital goods stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this capital goods stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)	Debt to equity
L&T	25.92	4.79	15.81	0.97	1.24
BHEL	51.27	5.52	10.76	0.33	0.23
Siemens	38.20	9.04	17.15	0.51	0.02
ABB India	47.90	15.32	16.50	0.58	0.02
Thermax	66.19	7.04	12.98	0.06	0.42

Capital goods stocks often trade at premium price to earnings multiples because investors pay for long order books and technology depth. Return on equity and operating margin help you judge whether the premium is earned, and debt to equity shows how comfortably each company funds its work. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple capital goods stock comparison like this one is only as useful as the context behind it, which is why order growth is worth checking as well.

In this group, price to earnings runs from 25.92 for L&T to 66.19 for Thermax. L&T offers the highest dividend yield at 0.97%. Industry price to earnings readings differ by sub-sector: L&T at 22.51; BHEL, Siemens, ABB India and Thermax at 42.17. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and a stock below it is priced for steadier earnings. A well-built capital goods stock comparison also notes that order books matter as much as quarterly profit. Run the same capital goods stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare capital goods stocks, note whether a premium is backed by returns or only by size.

Capital Goods Stocks Q2 FY27 Results: Revenue and Profit Check

Two of the five capital goods stocks compared have filed Q2 FY27 numbers. BHEL posted the fastest revenue growth at 24.3% year on year. BHEL showed the sharpest rise in net profit at 119.0%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. The others are shown on their latest reported quarter, so read each one for what it is. Treat the Q2 FY27 numbers in this capital goods stocks compared review as a snapshot of one quarter, not a verdict on any capital goods company.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
L&T	81,056	69,368	5,915	4,687
BHEL	9,553	7,686	820.9	374.9

L&T Results Snapshot

L&T's Q2 FY27 top line stood at Rs 81,056 crore, versus Rs 69,368 crore in Q2 FY26, a rise of 16.8%. Net profit rose 26.2% to Rs 5,915 crore from Rs 4,687 crore. Net profit margin improved to 6.6% from 5.8%. Earnings per share for the quarter rose to Rs 37.80 from Rs 28.53.

BHEL Results Snapshot

BHEL reported Q2 FY27 revenue of Rs 9,553 crore, compared with Rs 7,686 crore a year earlier, a rise of 24.3%. Net profit rose 119.0% to Rs 820.9 crore from Rs 374.9 crore. Operating margin expanded to 13.9% from 10.2% a year ago. Earnings per share for the quarter rose to Rs 2.36 from Rs 1.08.

Siemens Results Snapshot

Siemens has reported only its Q1 FY27 numbers so far, with revenue of Rs 4,831 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.

ABB India Results Snapshot

ABB India has reported only its Q1 FY27 numbers so far, with revenue of Rs 3,652 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.

Thermax Results Snapshot

Thermax has reported only its Q1 FY27 numbers so far, with revenue of Rs 2,371 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.

Capital goods results depend on order inflow and execution, so revenue can move from one quarter to the next as projects reach milestones. That is why a capital goods stock comparison works best when it looks at order commentary and two or three quarters together. Used this way, a capital goods stocks compared review becomes a map of the sector rather than a price list. When you compare capital goods stocks after each result season, track how order growth changes from one quarter to the next. A capital goods stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

Capital Goods Stocks Compared Two at a Time: Three Pairings

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare capital goods stocks two at a time.

Siemens vs ABB India

Siemens and ABB India are both technology-led electrification and automation suppliers, so they are the closest pair in this group. The two are close in size, with market capitalisations of Rs 1,25,176 crore for Siemens and Rs 1,43,123 crore for ABB India. Siemens reports the higher return on equity, at 17.15% against 16.50% for ABB India. For dividend income, ABB India offers 0.58% against 0.51% at Siemens. Because both sell into industry and utilities, order inflow and margin commentary matter more than any single ratio.

L&T vs BHEL

L&T and BHEL are both large project businesses, with L&T spread across infrastructure and energy and BHEL focused on power and industrial equipment. L&T is about 3.7 times the size of BHEL by market capitalisation, at Rs 5,41,567 crore against Rs 1,47,639 crore. On price to earnings, L&T carries the lower multiple at 25.92 against 51.27 for BHEL. L&T reports the higher return on equity, at 15.81% against 10.76% for BHEL. One is a diversified private group and the other a state-run equipment maker, so read the business mix before you read the ratio.

Thermax vs Siemens

Thermax and Siemens both serve industrial customers, with Thermax focused on heating, cooling and power solutions. On price to earnings, Siemens carries the lower multiple at 38.20 against 66.19 for Thermax. Siemens reports the higher return on equity, at 17.15% against 12.98% for Thermax. For dividend income, Siemens offers 0.51% against 0.06% at Thermax. Order flow from industry drives both, so read operating margin and growth along with valuation.

Best Capital Goods Stocks for Each Type of Investor

Searching for the best capital goods stocks usually means different things to different readers. The table below shows who leads on each measure today, so you can pick the row that matches your goal. Any capital goods stocks compared table can mislead if you stop at one row, because each capital goods company leads on a different measure.

If you care most about	Start your research with	The number
Lowest price to earnings	L&T	25.92
Highest return on equity	Siemens	17.15%
Highest dividend yield	L&T	0.97%
Lowest price to book value	L&T	4.79
Largest by market capitalisation	L&T	Rs 5,41,567 crore
Fastest Q2 FY27 revenue growth	BHEL	24.3%
Sharpest Q2 FY27 net profit rise	BHEL	119.0%

No single name tops every row, which is exactly why a capital goods stock comparison helps. A diversified group, equipment makers and automation specialists lead on different measures, so decide which model suits you before you rank the numbers.

What Is Driving Capital Goods Orders Right Now?

Government capex on power, railways, defence and urban infrastructure, along with private investment in factories and data centres, keeps order books healthy. Electrification and automation trends also widen the market for these companies. Knowing what moves order inflow and execution helps you compare capital goods stocks with the right questions in mind.

Order inflow, order book size and execution pace decide revenue, while operating margin shows how well projects are priced and delivered. Multinational subsidiaries such as Siemens and ABB India bring technology depth, while L&T and BHEL bring scale and project strength. A good capital goods stocks compared routine therefore tracks order inflow, order book, execution pace and operating margin.

Risks to Weigh When You Compare Capital Goods Stocks

Capital goods stocks depend on the pace of orders and on execution, and delays in project approvals can push revenue from one quarter to the next. Valuations are often high, which leaves less room for slips. Read the order book and margin commentary in each filing before you compare these names. Every capital goods stock comparison has blind spots, and for this group the biggest is order inflow and execution. A thoughtful capital goods stocks compared review keeps these risks next to the numbers instead of in a footnote.

Because order inflow, order book, execution pace and operating margin drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this capital goods stocks compared guide a balanced starting point.

How to Compare Capital Goods Stocks and Build a Shortlist

Start by deciding whether you want a diversified project leader, a state-run equipment maker or a technology-led automation name, because each responds to different triggers. Project businesses reward readers who track order books, while technology names reward those who track margins. Done step by step, this capital goods stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and debt, because premium multiples leave less room for slips. Spreading your attention across one project business and one technology-led name is a simple way to see both sides of the sector. Keep the shortlist of best capital goods stocks short enough that you can actually follow each company's quarterly results. When you compare capital goods stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter capital goods stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this capital goods stocks compared page after the next set of results to see which numbers have moved.

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Conclusion: Capital Goods Stocks Compared at a Glance

This capital goods stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. L&T leads on size and Siemens leads on return on equity, while the others bring their own strengths. Treat the capital goods stocks Q2 FY27 results and capital goods stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare capital goods stocks again next quarter, the same checklist of price to earnings, return on equity and order growth will work.

Frequently Asked Questions on Capital Goods Stocks Compared

Which are the top capital goods stocks compared in this article?

Ans. The capital goods stocks compared in this article are L&T, BHEL, Siemens, ABB India and Thermax. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, which gives you one tidy table to work from before you read any filing in detail.

Which capital goods stock has the highest market capitalisation?

Ans. Among the five names, L&T has the highest market capitalisation at Rs 5,41,567 crore. BHEL follows at Rs 1,47,639 crore. Because market capitalisation is simply share price multiplied by shares outstanding, it shifts daily, so confirm the live number before using it.

Which of these capital goods stocks has the lowest price to earnings ratio?

Ans. On capital goods stocks valuation, L&T has the lowest price to earnings ratio among these capital goods stocks at 25.92, based on the latest reported earnings. Thermax sits at the other end at 66.19. A low multiple can reflect slower growth or higher risk as easily as a bargain, so read it next to growth and margins.

Which capital goods stock has the highest return on equity?

Ans. Siemens reports the highest return on equity in this group at 17.15%. The ratio measures profit earned for every rupee of shareholder money, which makes it a quick test of capital efficiency. One year can mislead, so look at several, and remember that borrowing can push the figure up.

How did capital goods stocks perform in Q2 FY27 results?

Ans. Two of the five names have filed Q2 FY27 numbers in our data. BHEL recorded the fastest revenue growth at 24.3% year on year. BHEL showed the sharpest net profit rise at 119.0%. For capital goods stocks Q2 FY27 results, the others are covered on their latest reported quarter, and each filing on the exchange website carries the full detail.

What are the main risks when you compare capital goods stocks?

Ans. Capital goods stocks depend on the pace of orders and on execution, and delays in project approvals can push revenue from one quarter to the next. Valuations are often high, which leaves less room for slips. Read the order book and margin commentary in each filing before you compare these names. Keep an eye on order inflow, order book, execution pace and operating margin.

Which metrics matter most when you compare capital goods stocks?

Ans. Order inflow, order book size, execution pace and operating margin matter most, since these companies earn on projects and equipment deliveries. Price to earnings, return on equity and debt to equity show how the market values each company. Read each filing for these along with the numbers in this article.

Which is the best capital goods stock to buy among these five?

Ans. The best capital goods stock depends on whether you value scale, technology depth or order momentum, because the five names differ on all three. On the numbers in this article, L&T has the largest market capitalisation, the lowest price to earnings and the highest dividend yield; Siemens has the highest return on equity. Each name wins on a different row, and this is educational content rather than advice. Build a shortlist from the tables, read the latest filings, and talk to a SEBI-registered advisor, because your own goals and risk appetite decide the right fit.