Heavy Engineering Stocks and Companies in India

The largest Heavy Engineering stocks in India by market value are BHEL (₹1.48 lakh crore), Suzlon (₹51,068 crore) and Inox Wind (₹10,974 crore), at prices of 4 Nov 2026.

• BHEL: ₹423.85 | market value ₹1.48 lakh crore | P/E 51.3
• Suzlon: ₹37.45 | market value ₹51,068 crore | P/E 22.6
• Inox Wind: ₹63.50 | market value ₹10,974 crore | P/E 31.9
• Praj Industries: ₹241.70 | market value ₹4,700 crore | P/E 86.4
• John Cockerill India: ₹7,152.50 | market value ₹3,532 crore | P/E 166.7
• Windsor Machines: ₹293.30 | market value ₹3,035 crore | P/E 1018.5
• The Anup Engineering: ₹1,386.20 | market value ₹2,777 crore | P/E 32.3
• Concord Control Systems: ₹2,784.05 | market value ₹2,891 crore | P/E 68.6
• Kabra Extrusion Technik: ₹701.45 | market value ₹2,453 crore | P/E 565.1
• JNK India: ₹413.35 | market value ₹2,313 crore | P/E 30.8

The other 6 Heavy Engineering companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 16 listed Indian Capital Goods - Engineering Heavy companies are named here; all 16 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Capital Goods - Engineering Heavy index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Bharat Heavy Electricals Ltd₹1.3 lakh cr
2. Suzlon Energy Ltd₹46,200 cr
3. Inox Wind Ltd₹9,540 cr
4. Praj Industries Ltd₹4,700 cr
5. John Cockerill India Ltd₹3,280 cr
6. Windsor Machines Ltd₹2,760 cr
7. The Anup Engineering Ltd₹2,630 cr
8. Concord Control Systems Ltd₹2,460 cr
9. Kabra Extrusion Technik Ltd₹2,430 cr
10. JNK India Ltd₹2,110 cr
11. Disa India Ltd₹1,630 cr
12. Eimco Elecon (India) Ltd₹1,230 cr
13. Walchandnagar Industries Ltd₹1,230 cr
14. Bajaj Steel Industries Ltd₹651 cr
15. Integra Engineering India Ltd₹506 cr

The remaining 1 Capital Goods - Engineering Heavy company are named and ranked in the scorecard.

16 Heavy Engineering companies in the Capital Goods - Engineering Heavy industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 16 are listed below, largest first. The largest is Bharat Heavy Electricals (₹1.35 lakh crore) and the smallest with a market value is Hercules Investments.

Download all 16 Heavy Engineering companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 9% behind NIFTY 500. Earnings across its companies fell 16% on average over the last four reported quarters.

1 of 16 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 4 of the 16 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 1 of those 16 pass the momentum test (2 fewer than four weeks earlier); earnings rising at 9 of the 16 that report earnings.

Participation is shrinking, 3 → 1 of 16 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 9 of 16 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 16 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Capital Goods - Engineering Heavy has done better than the NIFTY 500 by 5.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.6%. Bharat Heavy Electricals Ltd is the strongest against the sector itself at +16.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 30.3 as of 30 October 2026 (leaders, rising).

Capital Goods - Engineering Heavy has done better than the NIFTY 500 by 5.7% over 52 weeks, but is 3.6% behind over the last 13 weeks. 1 of 16 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 2 of the 8 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

JNK India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 78.6% evidence confidence.

Suzlon Energy Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Kabra Extrusion Technik Ltd has the strongest one-year price move in Capital Goods - Engineering Heavy at +188.6%. It also leads on relative strength against the NIFTY, at +107.6%. 7 of 16 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Capital Goods - Engineering Heavy itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

This is a genuine, earnings-led upcycle that has already run, not froth, but late. Participation is thin: only 35% of names are advancing and two heavyweights carry the aggregate. In the week of 13 July 2026, 60% of 15 Capital Goods - Engineering Heavy companies were beating the Nifty 500, against 18.8% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover Capital Goods - Engineering Heavy, so this is the latest we have.

2 of 15 Capital Goods - Engineering Heavy companies held a results call for July to September 2026. Praj Industries guided: GenX FY27 order intake ₹800-1,000 crore on track including multi-year datacenter framework minimum $52 million over 2.5 years via quarterly tranches.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters cut theirs by 0.5 points.

• Spending on new plants and equipment was ₹5,535 crore in the last 12 months, 20% more than a year before.
• Projects still being built grew 46% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 20 Capital Goods - Engineering Heavy companies, in percentage points.

Ownership and spending as of 10 October 2026.

The next two quarters of margin conversion decide this. The disproving print is sector Σprofit going flat-to-negative while operating margin mean-reverts toward the 6.2% mid-cycle level.

From our industry review of 19 July 2026.

This is the written read behind the Capital Goods - Engineering Heavy figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 5 themes are live here, 1 of them rated high severity.

The Capital Goods - Engineering Heavy sector shows mixed signals based on the single constituent analyzed, KABRAEXTRU. Consolidated revenue declined 13.90% year-on-year to ₹120.15 crores in Q4 FY26, marking the third consecutive quarter of contraction. Profitability faced significant pressure, with PAT plunging 36.29% to ₹6.90 crores.

How old this read is: OLD: this read comes from our Capital Goods - Engineering Heavy sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Capital Goods - Engineering Heavy sector brief, 28 Jul 2026.

Bharat Heavy Electricals Ltd has the highest Revenue among the 16 Capital Goods - Engineering Heavy companies compared here, at ₹37,781 crore. Suzlon Energy Ltd is next at ₹18,434 crore. Concord Control Systems Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharat Heavy Electricals Ltd is the largest at ₹37,781 crore, 105% ahead of Suzlon Energy Ltd. Concord Control Systems Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 194.7% from a ₹336 crore base, with 9 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bharat Heavy Electricals Ltd is the size to compare against; Concord Control Systems Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Bharat Heavy Electricals Ltd's growth falls below Concord Control Systems Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Hercules Investments Ltd has the highest OPM among the 16 Capital Goods - Engineering Heavy companies compared here, at 48.7%. Concord Control Systems Ltd is next at 30%. Walchandnagar Industries Ltd has the highest Margin change at +12.9 percentage points, so level and change sit with different companies. Its OPM series carries 15 reported observations across the 20-quarter window.

What the numbers say: Hercules Investments Ltd leads opm at 48.7%; Walchandnagar Industries Ltd leads margin change at +12.9 percentage points.

What this means: Hercules Investments Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Bharat Heavy Electricals Ltd has the highest Net profit among the 16 Capital Goods - Engineering Heavy companies compared here, at ₹2,878 crore. Suzlon Energy Ltd is next at ₹2,258 crore. Concord Control Systems Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharat Heavy Electricals Ltd earns the most, ₹2,878 crore of profit over the last 12 months, 27.5% above Suzlon Energy Ltd. Concord Control Systems Ltd shows at least 100% on the scoring scale (250% in full) growth from a profit base of ₹63 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Bharat Heavy Electricals Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Suzlon Energy Ltd has the highest ROCE among the 16 Capital Goods - Engineering Heavy companies compared here, at 34.2%. Concord Control Systems Ltd is next at 31.2%. Walchandnagar Industries Ltd has the highest ROCE change at +18.8 percentage points, so level and change sit with different companies. Its ROCE series carries 16 reported observations across the 20-quarter window.

What the numbers say: Suzlon Energy Ltd leads ROCE at 34.2%, 3 percentage points above Concord Control Systems Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Suzlon Energy Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: Bharat Heavy Electricals Ltd (BHEL): its two data sources disagree by up to 347% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Hercules Investments Ltd has the lowest PEG among the 16 Capital Goods - Engineering Heavy companies compared here, at 0.28×. Suzlon Energy Ltd is next at 0.36×. The same company also has the lowest P/E, at 8.55×. 10 of 16 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Hercules Investments Ltd has the lowest comparable PEG at 0.28×, 22.2% below Suzlon Energy Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Capital Goods - Engineering Heavy companies show up on 7 of our India lists. The most are on the 52 week high & low list (4 companies).

This Capital Goods - Engineering Heavy comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 16 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 has second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 16 Capital Goods - Engineering Heavy companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 16 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bharat Heavy Electricals Ltd (BHEL): its two data sources disagree by up to 347% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Capital Goods - Engineering Heavy comparison above in question form. Every one is computed from the same 16 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.