Heavy Electrical Equipment industry

47 companies · ₹11.0 L cr · 36 with AI deep dives · Q2FY27 report

Record order books, but metal costs on fixed-price backlog and West Asia freight cap the margin recovery

Turning upmargin troughed at 10.2% and has risen for 4 quarters to 11.4%, on positive revenue growth

Revenue YoY: +20.5%
EBITDA margin: 11.4%; +120bps YoY
Price, 1 year: -1.2%; 50% of names up
P/E vs own 5y: -15.4%; 33.0x now

Exhibit 1The quarter in numbers

constant panel of 26 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	39,068 cr	48,352 cr	-19.2%	32,424 cr	+20.5%	48,352 cr	-19.2%
EBITDA margin	11.4%	13.7%	-230bps	10.2%	+120bps	13.7%	-230bps

Revenue

Jun 26: 39,068 cr

Exhibit 4Screen

P/E below the sub-industry median of 32.99x, 5y ROCE above its median of 22.94%, 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.

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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.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Bharat Heavy Electricals Ltd	₹1.4 L cr	47.6x	46.3x	8.4%	6.9%	+23.8%	Unlock
ABB India Ltd	₹1.4 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

tailwindRecord order books and backlog growth driven by grid, data-centre and renewables demand14 managements

Most managements reported backlog growth of 20-60% YoY: ABB +22%, CG Power +45% (Power Systems +59%), Schneider ~+33%, TARIL +32%, Elecon +33%, Thermax +23%, Hitachi Energy +10.6%…

CGPOWER (Q1FY27): “order book rising to 45% year-over-year to INR17,333 crores and offering multi-quarter…”

headwind12 managements headwind10 managements

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.

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AppendixThe other 22 companies

1-22

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Voltamp Transformers Ltd	₹10,132 cr	31.3x	24.0x	24.1%	16.5%	+28.4%