Infra Engineering Stocks and Companies in India

The largest Infra Engineering stocks in India by market value are Engineers India (₹16,909 crore), IRCON (₹9,713 crore) and ISGEC Heavy Engineering (₹7,170 crore), at prices of 4 Nov 2026.

• Engineers India: ₹300.85 | market value ₹16,909 crore | P/E 18.9
• IRCON: ₹103.28 | market value ₹9,713 crore | P/E 18.6
• ISGEC Heavy Engineering: ₹919.55 | market value ₹7,170 crore | P/E 29.7
• Bondada Engineering: ₹273.75 | market value ₹3,057 crore | P/E 14.0
• BGR Energy Systems: ₹303.05 | market value ₹2,187 crore
• EMS: ₹304.70 | market value ₹1,692 crore | P/E 24.8
• Axtel Industries: ₹397.15 | market value ₹642 crore | P/E 20.5
• Artson: ₹156 (price from the week of 23 Aug 2026) | market value ₹576 crore

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.

All 8 listed Indian Infra - Engineering - General companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Infra - Engineering - General index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Engineers India Ltd₹14,200 cr
2. Ircon International Ltd₹9,090 cr
3. ISGEC Heavy Engineering Ltd₹7,170 cr
4. Bondada Engineering Ltd₹3,060 cr
5. BGR Energy Systems Ltd₹2,030 cr
6. EMS Ltd₹1,560 cr
7. Axtel Industries Ltd₹666 cr
8. Artson Ltd₹576 cr

8 Infra Engineering companies in the Infra - Engineering - General industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 8 are listed below, largest first. The largest is Engineers India (₹14,155 crore) and the smallest with a market value is Artson.

Download all 8 Infra 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 1% behind NIFTY 500. Earnings across its companies fell 19% on average over the last four reported quarters.

1 of 8 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 3 weeks running; 3 of the 8 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 8 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 2 of the 7 that report earnings.

Participation is shrinking, 2 → 1 of 8 over four weeks, after being ahead of NIFTY 500. Earnings-led fade, only 2 of 7 members have higher trailing twelve-month earnings than a year ago, so the fade has the earnings behind it.

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 8 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.

Infra - Engineering - General has done worse than the NIFTY 500 by 12.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.1%. Engineers India Ltd is the strongest against the sector itself at +17.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 22.9 as of 30 October 2026 (leaders, rising).

Infra - Engineering - General has done worse than the NIFTY 500 by 12.3% over 52 weeks, but is 3.1% ahead over the last 13 weeks. 1 of 8 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 3 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.

Engineers India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Engineers India Ltd has the strongest one-year price move in Infra - Engineering - General at +24.6%. It also leads on relative strength against the NIFTY, at +16.0%. 3 of 8 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 Infra - Engineering - General 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

1 of 8 Infra - Engineering - General companies held a results call for July to September 2026. Engineers India guided: FY27 turnover around ₹4,200-4,300 crore maintained on current book.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹788 crore in the last 12 months, 24% more than a year before.
• Projects still being built shrank 24% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 9 Infra - Engineering - General companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Infra - Engineering - General figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 4 themes are live here.

The sector is in a sweet spot of record order books and improving operational efficiency. While provision reversals have skewed recent profit numbers, the underlying shift toward high-value international orders and capacity expansion suggests a sustainable growth trajectory, provided commodity and execution risks are managed.

The Infra-Engineering sector is witnessing a period of accelerated execution and record-breaking order inflows. Engineers India Ltd (ENGINERSIN) and ISGEC Heavy Engineering (ISGEC) both reported significant revenue and profit growth in Q3 FY26, driven by a combination of turnkey project momentum and manufacturing efficiency.

How old this read is: OLD: this read comes from our Infra - Engineering - General sector brief dated 19 Apr 2026, about 7 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 Infra - Engineering - General sector brief, 19 Apr 2026 · company earnings-call transcripts.

Ircon International Ltd has the highest Revenue among the 8 Infra - Engineering - General companies compared here, at ₹9,241 crore. ISGEC Heavy Engineering Ltd is next at ₹7,458 crore. Axtel Industries Ltd has the highest Revenue growth at 42.1%, so level and change sit with different companies. Its Revenue series carries 19 reported observations across the 20-quarter window.

What the numbers say: Ircon International Ltd is the largest at ₹9,241 crore, 23.9% ahead of ISGEC Heavy Engineering Ltd. Axtel Industries Ltd's growth is 42.1% from a ₹229 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Ircon International Ltd is the size to compare against; Axtel Industries 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: Ircon International Ltd's growth falls below Axtel Industries 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.

Engineers India Ltd has the highest OPM among the 8 Infra - Engineering - General companies compared here, at 21%. EMS Ltd is next at 17%. The same company also has the highest Margin change, at +11 percentage points. 8 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Engineers India Ltd leads both opm at 21% and margin change at +11 percentage points.

What this means: Engineers India 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

Engineers India Ltd has the highest Net profit among the 8 Infra - Engineering - General companies compared here, at ₹898 crore. Ircon International Ltd is next at ₹520 crore. Axtel Industries Ltd has the highest Profit growth at 97.3%, so level and change sit with different companies. Its Net profit series carries 20 reported observations across the 20-quarter window.

What the numbers say: Engineers India Ltd earns the most, ₹898 crore of profit over the last 12 months, 72.7% above Ircon International Ltd. Axtel Industries Ltd shows 97.3% growth from a profit base of ₹31 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Engineers India 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

Bondada Engineering Ltd has the highest ROCE among the 8 Infra - Engineering - General companies compared here, at 39.4%. Engineers India Ltd is next at 30.4%. BGR Energy Systems Ltd has the highest ROCE change at +59.2 percentage points, so level and change sit with different companies.

What the numbers say: Bondada Engineering Ltd leads ROCE at 39.4%, 9 percentage points above Engineers India 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: Bondada Engineering 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: Bondada Engineering Ltd (BONDADA): its two data sources disagree by up to 13% on reported income across 6 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

Engineers India Ltd has the lowest PEG among the 8 Infra - Engineering - General companies compared here, at 0.54×. Axtel Industries Ltd is next at 0.72×. Bondada Engineering Ltd has the lowest P/E at 14×, so level and change sit with different companies. 5 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Engineers India Ltd has the lowest comparable PEG at 0.54×, 25% below Axtel Industries 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

Infra - Engineering - General companies show up on 6 of our India lists. The most are on the dividend stocks list (2 companies).

This Infra - Engineering - General comparison names 5 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

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 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 8 Infra - Engineering - General 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 8 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bondada Engineering Ltd (BONDADA): its two data sources disagree by up to 13% on reported income across 6 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Infra - Engineering - General comparison above in question form. Every one is computed from the same 8 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.