Other Electrical Equipment industry

81 companies · ₹3.0 L cr · 41 with AI deep dives · Q2FY27 report

Record order books meet a metal-cost squeeze: unrecovered pass-through and a module glut cap margin recovery

Turning upmargin troughed at 11.8% and has risen for 7 quarters to 15.8%, on positive revenue growth

Revenue YoY: +49.8%
EBITDA margin: 15.8%; -20bps YoY
Price, 1 year: -14.0%; 38% of names up
P/E vs own 5y: +7.8%; 27.8x now

Exhibit 1The quarter in numbers

constant panel of 24 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	25,641 cr	26,693 cr	-3.9%	17,117 cr	+49.8%	26,693 cr	-3.9%
EBITDA margin	15.8%	14.9%	+90bps	16.0%	-20bps	17.8%	-200bps

Revenue

Jun 26: 25,641 cr

Exhibit 4Screen

P/E below the sub-industry median of 27.82x, 5y ROCE above its median of 14.45%, 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 81)

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
Waaree Energies Ltd	₹66,735 cr	17.5x	11.0x	39.9%	22.3%	+79.2%	Unlock
Apar Industries Ltd	₹62,220 cr

Exhibit 6What managements said

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

tailwindOrder books at record highs across solar, cables and metering9 managements

Waaree ₹61,500 Cr, Genus ₹25,173 Cr, APAR conductors ₹10,190 Cr, Saatvik 6.35 GW (~₹8,200 Cr), Premier ₹15,000 Cr, Diamond ₹3,688 Cr (~2x revenue), Avalon ₹2,208 Cr (+23.4%)…

WAAREEENER (Q1FY27): “Our order book stands at approximately INR61,500 crores, the highest in our history”

headwind8 managements headwind5 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 56 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Bharat Bijlee Ltd	₹2,548 cr	22.8x	14.3x	8.1%	7.0%	+17.7%	Unlock