Heavy Electrical Equipment industry
47 companies · ₹12.7 L cr · 25 with AI deep dives · Q1FY27 report
Record T&D order backlogs confirm the upcycle; commodity inflation on fixed-price contracts squeezes margins.
- Revenue YoY
- +22.4%
- EBITDA margin
- 11.4%
- +140bps YoY
- Price, 1 year
- +16.6%
- 59% of names up
- P/E vs own 5y
- +1.5%
- 39.7x now
Exhibit 1The quarter in numbers
constant panel of 26 companies above ₹500 cr- Jun 26
- 39,068 cr
- Mar 26
- 48,352 cr
- QoQ
- -19.2%
- Jun 25
- 31,908 cr
- YoY
- +22.4%
- Peak
- 48,352 cr
- vs peak
- -19.2%
- Jun 26
- 11.4%
- Mar 26
- 13.7%
- QoQ
- -230bps
- Jun 25
- 10.0%
- YoY
- +140bps
- Peak
- 13.7%
- vs peak
- -230bps
Breadth: 80% of 30 companies grew revenue year on year (was 79% a quarter earlier) and 43% expanded margin (was 46%).
Exhibit 2What it costs
23.53x - 82.99x across the panel todayThe median name trades at 39.7x, +1.5% against this industry's own 5-year median of 39.2x, and -39.4% against its own peak of 65.6x.
Exhibit 3Structure
₹12.7 L crABB India Ltd is 12.4% of this industry by market cap. The top 5 are 57.6% and the top 10 are 85.5%.
Exhibit 4Screen
P/E below the sub-industry median of 39.73x, 5y ROCE above its median of 21.03%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 47)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.5 L cr
- P/E
- 61.6x
- EV/EBITDA
- 50.2x
- ROCE
- 8.9%
- Margin
- 9.1%
- Rev YoY
- +40.3%
- Mcap
- ₹1.4 L cr
- P/E
- 115.0x
- EV/EBITDA
- 78.1x
- ROCE
- 19.3%
- Margin
- 14.5%
- Rev YoY
- +14.0%
- Mcap
- ₹29,355 cr
- P/E
- 159.7x
- EV/EBITDA
- 79.5x
- ROCE
- 24.9%
- Margin
- 12.9%
- Rev YoY
- +4.8%
- Mcap
- ₹11,082 cr
- P/E
- 83.2x
- EV/EBITDA
- 47.1x
- ROCE
- 29.2%
- Margin
- 23.5%
- Rev YoY
- +31.7%
- Mcap
- ₹9,492 cr
- P/E
- 40.2x
- EV/EBITDA
- -
- ROCE
- 14.3%
- Margin
- 19.3%
- Rev YoY
- +6.1%
- Mcap
- ₹8,705 cr
- P/E
- 32.4x
- EV/EBITDA
- 20.6x
- ROCE
- 25.5%
- Margin
- 17.1%
- Rev YoY
- +8.1%
- Mcap
- ₹482 cr
- P/E
- 10.2x
- EV/EBITDA
- 5.5x
- ROCE
- 42.5%
- Margin
- 13.5%
- Rev YoY
- +47.4%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Order inflows and backlogs hit record or multi-year highs for virtually every T&D or transformer company: ABB (+50% YoY orders), CG Power (backlog +45% YoY), Hitachi Energy…
- ABB (Q2 CY2026): “Very important 50% growth in orders. So that's year-on-year comparable to the last year…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 22 companies
1-22- Mcap
- ₹3,747 cr
- P/E
- 37.7x
- EV/EBITDA
- 28.7x
- ROCE
- 33.0%
- Margin
- 16.5%
- Rev YoY
- +39.0%
- Mcap
- ₹140 cr
- P/E
- 29.9x
- EV/EBITDA
- 20.5x
- ROCE
- 13.2%
- Margin
- 10.3%
- Rev YoY
- -