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IndiaPulse
Themes / Capital Goods

Capital Goods

Infrastructure and industrial capex beneficiaries.

Capital GoodsAuto-built

Theme scorecard

Measures whether this idea is investable today by blending cohort quality, valuation cushion, and price momentum. It is a research filter, not advice.

Build portfolio from this theme
Theme
38
Stretched
Quality
34
Valuation
35
Momentum
51
Positive MoS
43%
P/E 81.9 · ROCE 19%
Curated research view

Capital Goods

A focused investor view: high-conviction names first, then small/micro exposure only as controlled satellite risk. Live U-Score and MoS still come from the current database.

72/100
Theme score
High Conviction
Investability
45.6
Live avg U
-3585.9%
Live avg MoS

Curated company map

Names from the curated theme note. Solid chips are present in the live tagged cohort; dashed chips need tag review, ticker verification, or may be indirect/unlisted exposure.

12/12 live tagged

Investment thesis

India is in an infrastructure and manufacturing capex cycle. Government spending, private industrial capex, power transmission, defence, automation, and data-centre demand create long order books for high-quality capital goods companies.

1-2 year outlook: Very positive for diversified and power-equipment leaders. Expect sustained order inflow and operating leverage, but avoid names where valuation already assumes perfect execution.
Recommended allocation: 10-15% for growth-oriented portfolios.

Key triggers

  • Government infra and power capex
  • Private-sector capex revival
  • Strong order books across T&D and industrial automation
  • PLI-linked manufacturing expansion

Major risks

  • High valuations in quality names
  • Project execution delays
  • Commodity cost volatility
  • Export slowdown risk
Small, micro, and SME names should be opt-in exposure. Suggested filters: U-Score above 65, positive MoS, Piotroski 7+, debt/equity below 0.8, promoter pledge below 10%, and enough traded value to exit without slippage.

Thesis

A data-generated Capital Goods basket from tagged stocks. Use it to separate durable order-book compounders from cyclical execution risk.

  • Infra and private capex
  • Power and automation orders
  • Execution quality matters

Top picks · ranked by U-Score within this cohort

Full cohort

OSWALPUMPSMicro
Oswal Pumps Limited
IT
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +66.8%Piotroski: 6/9ROCE: 38%P/E: 12.0D/E: 0.14
79
U-Score
401.60
Open →
EMMVEELarge
Emmvee Photovoltaic Power Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +53.0%Piotroski: 8/9ROCE: 45%P/E: 21.1D/E: 0.10
74
U-Score
335.20
Open →
GANDHITUBESmall
Gandhi Special Tubes Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +66.7%Piotroski: 8/9ROCE: 32%P/E: 14.8D/E: 0.00
72
U-Score
849.70
Open →
WEBELSOLARMicro
Websol Energy System Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +66.5%Piotroski: 8/9ROCE: 63%P/E: 15.0D/E: 0.21
72
U-Score
106.12
Open →
MBELSmall
M & B Engineering Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +63.0%Piotroski: 6/9ROCE: 23%P/E: 16.5D/E: 0.13
72
U-Score
275.80
Open →
SUZLONMid
Suzlon Energy Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +48.3%Piotroski: 8/9ROCE: 35%P/E: 23.4D/E: 0.06
71
U-Score
55.23
Open →
WAAREEENERMid
Waaree Energies Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +48.4%Piotroski: 8/9ROCE: 39%P/E: 22.0D/E: 0.22
70
U-Score
3041.30
Open →
KRISHNADEFMicro
Krishna Defence And Allied Industries Limited
Consumer
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +46.6%Piotroski: 7/9ROCE: 30%P/E: 41.9D/E: 0.01
70
U-Score
1240.80
Open →
SAATVIKGLMicro
Saatvik Green Energy Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +63.6%Piotroski: 6/9ROCE: 33%P/E: 16.2D/E: 0.69
69
U-Score
468.40
Open →
PATELENGSmall
Patel Engineering Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +77.8%Piotroski: 7/9ROCE: 14%P/E: 6.5D/E: 0.27
68
U-Score
27.70
Open →
PREMIERENEMid
Premier Energies Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +27.3%Piotroski: 8/9ROCE: 33%P/E: 32.8D/E: 0.86
65
U-Score
1086.70
Open →
MACPOWERSmall
Macpower CNC Machines Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +36.3%Piotroski: 8/9ROCE: 29%P/E: 28.7D/E: 0.01
64
U-Score
1014.25
Open →
SHAKTIPUMPMicro
Shakti Pumps (India) Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +44.9%Piotroski: 8/9ROCE: 24%P/E: 24.8D/E: 0.29
63
U-Score
525.80
Open →
MENONBESmall
Menon Bearings Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +53.4%Piotroski: 8/9ROCE: 26%P/E: 20.9D/E: 0.25
62
U-Score
169.81
Open →
CUMMINSINDLarge
Cummins India Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -45.4%Piotroski: 8/9ROCE: 40%P/E: 64.2D/E: 0.00
60
U-Score
5641.00
Open →
NAHARINDUSSmall
Nahar Industrial Enterprises Limited
Industrials
FAIR VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +78.4%Piotroski: 5/9ROCE: 7%P/E: 9.6D/E: 0.65
59
U-Score
117.08
Open →
VETOSmall
Veto Switchgears And Cables Limited
Media
FAIR VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +76.0%Piotroski: 8/9ROCE: 12%P/E: 10.7D/E: 0.07
59
U-Score
148.45
Open →
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The rationale above is editorial — the ranking uses our U-Score engine so the names you see first are the strongest fundamentals fit, not the most popular or most-mentioned. Re-rank yourself if you weigh valuation or quality differently. All information is for study purposes only — consult your financial advisor before investing.