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Electrical Equipment

Who is in this listMakes heavy electrical and power equipment, or builds the power grid: transformers, switchgear, motors, turbines, towers, lines.

Ask about this theme

Companies

43

38 added, 1 removed at this review

Combined market value

₹12,09,283 cr

Prices 8 Nov, 3:59 pm IST

Largest two

24.0%
ABB India and Bharat Heavy Electricals

Main business only: 24.7% (ABB India and Bharat Heavy Electricals)

Reviewed

4 Nov 2026

Next: after the Oct to Dec quarter results, February 2027

Renamed from Smart Cities at this review

The rule

Written 4 Nov 2026

Who is in
Renamed from Smart Cities, which names a government programme rather than a business. A company belongs if it makes heavy electrical or power equipment (transformers, switchgear, motors, generators, turbines, grid, automation and power electronics) or builds power transmission towers and lines. Evidence is the exchange class Heavy Electrical Equipment or a known business line (labelled). General builders and consumer electricals are not included.
How we check it
Exchange industry Heavy Electrical Equipment, or a known electrical equipment or power transmission business line (labelled); listed in India (NSE or BSE, main board or SME), market value at least ₹500 crore at the 3 Nov 2026 close. Revenue share is not in our data.
Operating today
The company already sells products or services in this industry. Announced plans, plants under construction and pre-revenue units are listed under "Not yet operating" until they sell.
Revenue share
Not in our data. The test is the business line, not a percentage of revenue.
Listing and size floor
Listed on NSE or BSE (main board or SME), market value ₹500 cr or more at the review date.
What it is not
Not weighted, not an index and not a recommendation. A list of companies that do this work.

Companies in this theme

43 companies · main business first, then one line, each by market value · 8 Nov, 3:59 pm IST · reasons generated

ABB IndiaABB · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes motors, drives and switchgear (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,45,359 crShare12.0%6,859.50+1.26%
Bharat Heavy ElectricalsAdded 4 NovBHEL · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes power plant equipment (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,45,272 crShare12.0%417.20−0.38%
SiemensSIEMENS · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes automation and rail electrical gear (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,30,661 crShare10.8%3,669.00+3.06%
Hitachi Energy IndiaAdded 4 NovPOWERINDIA · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Hitachi Energy India: grid equipment (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,24,089 crShare10.3%27,840.00+0.14%
CG Power and Industrial SolutionsAdded 4 NovCGPOWER · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes motors, transformers and switchgear (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,23,270 crShare10.2%782.70+1.25%
GE Vernova T&D IndiaAdded 4 NovGVT&D · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Transmission and distribution gear (company name: T&D). Generated 4 NovMain businessExchange classificationMarket cap₹1,03,827 crShare8.6%4,055.00+0.92%
Siemens Energy IndiaAdded 4 NovENRIN · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Siemens Energy India: power and grid gear (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹1,01,655 crShare8.4%2,854.50+1.62%
Suzlon EnergyAdded 4 NovSUZLON · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes wind turbines (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹53,490 crShare4.4%39.00+0.52%
ThermaxTHERMAX · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Boilers and energy equipment (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹33,745 crShare2.8%2,832.00+3.12%
Honeywell Automation IndiaHONAUT · Industrial ProductsClassified as Industrial Products. Makes building and plant automation (known business line). Generated 4 NovMain businessKnown business lineMarket cap₹27,232 crShare2.3%30,800.00+2.39%
Schneider Electric InfrastructureAdded 4 NovSCHNEIDER · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes switchgear and grid automation (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹26,352 crShare2.2%1,102.10+3.64%
Azad EngineeringAdded 4 NovAZAD · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Turbine and aerospace parts (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹16,145 crShare1.3%2,500.00+3.19%
Triveni TurbineAdded 4 NovTRITURBINE · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes steam turbines (company name). Generated 4 NovMain businessExchange classificationMarket cap₹15,799 crShare1.3%497.00+0.86%
Voltamp TransformersAdded 4 NovVOLTAMP · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes transformers (company name). Generated 4 NovMain businessExchange classificationMarket cap₹14,333 crShare1.2%9,911.00+1.85%
Inox WindAdded 4 NovINOXWIND · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes wind turbines (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹11,299 crShare0.9%65.38+0.90%
Quality Power Electrical EquipmentsAdded 4 NovQPOWER · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes grid power electronics and reactors (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹11,228 crShare0.9%1,449.80+6.33%
Atlanta ElectricalsAdded 4 NovATLANTAELE · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes power transformers (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹11,096 crShare0.9%1,443.00−1.31%
Elecon Engineering CompanyAdded 4 NovELECON · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes industrial gearboxes (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹9,674 crShare0.8%431.10+2.90%
TD Power SystemsAdded 4 NovTDPOWERSYS · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes generators and motors (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹9,559 crShare0.8%611.90+6.14%
Transformers And Rectifiers (India)Added 4 NovTARIL · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes transformers (company name). Generated 4 NovMain businessExchange classificationMarket cap₹9,365 crShare0.8%312.00+1.78%
Transrail LightingAdded 4 NovTRANSRAILL · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Builds transmission lines, makes towers (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹6,001 crShare0.5%446.95+1.50%
SkipperAdded 4 NovSKIPPER · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes transmission towers (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹5,854 crShare0.5%518.45+0.13%
Marine Electricals (India)Added 4 NovMARINE · Industrial ProductsClassified as Industrial Products. Makes switchgear and power distribution for ships and plants (known business line). Generated 4 NovMain businessSME, NSEKnown business lineMarket cap₹5,545 crShare0.5%402.00+2.73%
GE Power IndiaAdded 4 NovGVPIL · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. GE Power India: power plant equipment (known business line). Generated 4 NovMain businessExchange classificationKnown business lineMarket cap₹4,124 crShare0.3%613.50+2.29%
Shilchar TechnologiesAdded 4 NovSHILCTECH · Heavy Electrical EquipmentClassified as Heavy Electrical Equipment. Makes power and distribution transformers (known business line). Generated 4 NovMain businessBSE onlyExchange classificationKnown business lineMarket cap₹4,115 crShare0.3%3,596.90+1.81%

Linked, not in the list

Companies a reader might expect here, and why each is out

Other links 7

They do not work in this industry, or fail the listing and size floor.

  • ALPEXSOLAR, GGBL, SERVOTECH

    SME companies above ₹500 cr classed Other Electrical Equipment: solar modules, solar projects, EV chargers and solar gear; they sit in Solar and EV like the main-board class. Generated

  • DPEL, VMARCIND

    SME companies above ₹500 cr classed Cables - Electricals: wires and cables, out like Polycab and KEI. Generated

  • HAVELLS, POLYCAB, KEI

    Consumer electricals and cables; not heavy equipment. Generated

  • MEIL, PROSTARM

    Classified Other Electrical Equipment (transformer parts, power backup); not swept, founder call. Generated

  • Spectrum Electrical IndustriesSPECTRUM

    Spectrum Electrical Industries (SME, ₹6,570 cr, Industrial Products): makes parts for switches and appliances (known), not heavy equipment; founder call. Generated

  • Vivid ElectromechVIVIDEL

    Vivid Electromech (SME, ₹925 cr, Other Electrical Equipment): its products are not in our data, so the business line is not confirmed; founder call. Generated

  • WAAREEENER, PREMIERENE, EMMVEE, APARINDS, MTARTECH

    Classified Other Electrical Equipment: solar modules, conductors and precision parts; they sit in Solar and other themes and the class was not swept here. Generated

Re-checked at every review.

How the value is spread

The two largest, ABB India and Bharat Heavy Electricals, are 24.0% of the combined ₹12,09,283 cr. No two companies hold half of the theme's value. Counting only the 40 companies whose main business this is (combined ₹11,76,401 cr), the largest two, ABB India and Bharat Heavy Electricals, are 24.7%.

Each block is one company, largest first. This list is not weighted, so nothing caps one company's share.

Official index

No official index for electrical equipment makers. Nifty India Manufacturing is far broader.

1-year price change

This list, members' median +1.53% to 6 Nov 2026, 36 of 43 with a 1-year history

What changed in these companies

25 Sept 2026 to 8 Nov 2026 · 107 items from 33 of 43 companies

7 Nov 2026

6 Nov 2026

5 Nov 2026

4 Nov 2026

3 Nov 2026

  • Deal
    MarsonsBulk deal: ARIHANT CAPITAL MARKETS LIMITED, bought 15,56,134 shares at ₹159.12
  • Deal
    MarsonsBulk deal: ARIHANT CAPITAL MARKETS LIMITED, sold 17,50,337 shares at ₹158.2
  • Deal
    MarsonsPROGNOSIS SECURITIES PVT. LTD; same-day buy and sell by one client
  • Results
    Transrail LightingOutcome of Board Meeting
  • Order
    Danish PowerBagging/Receiving of orders/contracts
  • Results
    Jyoti StructuresOutcome of Board Meeting

2 Nov 2026

  • Deal
    MarsonsACME CAPITAL MARKET LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsARIHANT CAPITAL MARKETS LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsHRTI PRIVATE LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsPROGNOSIS SECURITIES PVT. LTD; same-day buy and sell by one client
  • Deal
    MarsonsQE SECURITIES LLP; same-day buy and sell by one client
  • Order
    Jyoti StructuresBagging/Receiving of orders/contracts
  • Other filing
    Swelect Energy SystemsAcquisition
  • Results
    KEC InternationalOutcome of Board Meeting

31 Oct 2026

30 Oct 2026

  • Deal
    MarsonsARIHANT CAPITAL MARKETS LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsPROGNOSIS SECURITIES PVT. LTD; same-day buy and sell by one client
  • Results
    SkipperOutcome of Board Meeting
  • Results
    GE Vernova T&D IndiaOutcome of Board Meeting

29 Oct 2026

28 Oct 2026

27 Oct 2026

26 Oct 2026

24 Oct 2026

23 Oct 2026

22 Oct 2026

  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, bought 2,63,812 shares at ₹122.24
  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, sold 9,28,812 shares at ₹122.18
  • Other filing
    Swelect Energy SystemsAcquisition

21 Oct 2026

15 Oct 2026

  • Deal
    MarsonsARIHANT CAPITAL MARKETS LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsPROGNOSIS SECURITIES PVT. LTD; same-day buy and sell by one client

14 Oct 2026

13 Oct 2026

12 Oct 2026

  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, bought 15,09,293 shares at ₹131.76
  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, sold 13,50,793 shares at ₹132.39
  • Order
    Azad EngineeringBagging/Receiving of orders/contracts

10 Oct 2026

9 Oct 2026

  • Deal
    MarsonsARIHANT CAPITAL MARKETS LIMITED; same-day buy and sell by one client
  • Order
    Bajel ProjectsBagging/Receiving of orders/contracts

8 Oct 2026

7 Oct 2026

  • Deal
    MarsonsARIHANT CAPITAL MARKETS LIMITED; same-day buy and sell by one client
  • Deal
    MarsonsQE SECURITIES LLP; same-day buy and sell by one client

6 Oct 2026

5 Oct 2026

  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, bought 9,63,056 shares at ₹114.11
  • Deal
    MarsonsBulk deal: PROGNOSIS SECURITIES PVT. LTD, sold 1,08,816 shares at ₹114.19
  • Order
    Marine Electricals (India)Bagging/Receiving of orders/contracts
  • Order
    Danish PowerBagging/Receiving of orders/contracts
  • Order
    Solex EnergyBagging/Receiving of orders/contracts

3 Oct 2026

2 Oct 2026

1 Oct 2026

30 Sept 2026

28 Sept 2026

398 routine filings left out.

Change log

Quarterly, after results

  1. 4 Nov 2026 · review against the rule above

    +38 −1

    • Triveni Turbine Limited added: Classified as Heavy Electrical Equipment. Makes steam turbines (company name). (Exchange classification) Generated 4 Nov
    • Saakshi Medtech and Panels Limited added: Classified as Other Electrical Equipment. Makes electrical panels (company name: Panels). (Company name) Generated 4 Nov
    • Inox Wind Limited added: Classified as Heavy Electrical Equipment. Makes wind turbines (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Parth Electricals & Engineering Limited added: Classified as Other Electrical Equipment. Makes control panels and builds power distribution (known business line). (Known business line) Generated 4 Nov
    • Swelect Energy Systems Limited added: Classified as Heavy Electrical Equipment. Makes solar modules and runs solar plants (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Marsons Limited added: Classified as Heavy Electrical Equipment. Makes transformers (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Bharat Heavy Electricals Limited added: Classified as Heavy Electrical Equipment. Makes power plant equipment (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • GE Power India Limited added: Classified as Heavy Electrical Equipment. GE Power India: power plant equipment (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Schneider Electric Infrastructure Limited added: Classified as Heavy Electrical Equipment. Makes switchgear and grid automation (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Azad Engineering Limited added: Classified as Heavy Electrical Equipment. Turbine and aerospace parts (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Hitachi Energy India Limited added: Classified as Heavy Electrical Equipment. Hitachi Energy India: grid equipment (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Suzlon Energy Limited added: Classified as Heavy Electrical Equipment. Makes wind turbines (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Bharat Bijlee Limited added: Classified as Heavy Electrical Equipment. Makes transformers and motors (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • KP Green Engineering Limited added: Classified as Heavy Electrical Equipment. Makes transmission towers and substation structures (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Supreme Power Equipment Limited added: Classified as Other Electrical Equipment. Makes transformers (known business line). (Known business line) Generated 4 Nov
    • Indo Tech Transformers Limited added: Classified as Heavy Electrical Equipment. Makes transformers (company name). (Exchange classification) Generated 4 Nov
    • Hind Rectifiers Limited added: Classified as Industrial Products. Makes rectifiers and transformers for railways (known business line). (Known business line) Generated 4 Nov
    • CG Power and Industrial Solutions Limited added: Classified as Heavy Electrical Equipment. Makes motors, transformers and switchgear (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Transformers And Rectifiers (India) Limited added: Classified as Heavy Electrical Equipment. Makes transformers (company name). (Exchange classification) Generated 4 Nov
    • Marine Electricals (India) Limited added: Classified as Industrial Products. Makes switchgear and power distribution for ships and plants (known business line). (Known business line) Generated 4 Nov
    • GE Vernova T&D India Limited added: Classified as Heavy Electrical Equipment. Transmission and distribution gear (company name: T&D). (Exchange classification) Generated 4 Nov
    • Kirloskar Electric Company Limited added: Classified as Other Electrical Equipment. Makes motors, generators and transformers (known business line). (Known business line) Generated 4 Nov
    • Transrail Lighting Limited added: Classified as Heavy Electrical Equipment. Builds transmission lines, makes towers (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Elecon Engineering Company Limited added: Classified as Heavy Electrical Equipment. Makes industrial gearboxes (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • TD Power Systems Limited added: Classified as Heavy Electrical Equipment. Makes generators and motors (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Exicom Tele-Systems Limited added: Classified as Heavy Electrical Equipment. Makes EV chargers and telecom power systems (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Siemens Energy India Limited added: Classified as Heavy Electrical Equipment. Siemens Energy India: power and grid gear (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Kalpataru Projects International Limited added: Classified as Civil Construction. Builds power transmission lines and makes towers (known business line). (Known business line) Generated 4 Nov
    • Shilchar Technologies Limited added: Classified as Heavy Electrical Equipment. Makes power and distribution transformers (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Bajel Projects Limited added: Classified as Heavy Electrical Equipment. Builds power transmission projects (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Yash Highvoltage Limited added: Classified as Other Electrical Equipment. Makes transformer bushings (known business line). (Known business line) Generated 4 Nov
    • Danish Power Limited added: Classified as Heavy Electrical Equipment. Makes transformers and control panels (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Voltamp Transformers Limited added: Classified as Heavy Electrical Equipment. Makes transformers (company name). (Exchange classification) Generated 4 Nov
    • Skipper Limited added: Classified as Heavy Electrical Equipment. Makes transmission towers (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Atlanta Electricals Limited added: Classified as Heavy Electrical Equipment. Makes power transformers (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Solex Energy Limited added: Classified as Heavy Electrical Equipment. Makes solar modules (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Jyoti Structures Limited added: Classified as Heavy Electrical Equipment. Builds transmission lines and makes towers (company name: Structures). (Exchange classification) Generated 4 Nov
    • Quality Power Electrical Equipments Limited added: Classified as Heavy Electrical Equipment. Makes grid power electronics and reactors (known business line). (Exchange classification, Known business line) Generated 4 Nov
    • Larsen & Toubro Limited removed: Classified as Civil Construction. Engineering and construction group (known business line); grid building is one line of many. Generated 4 Nov

  2. 4 Nov 2026 · renamed

    From Smart Cities to Electrical Equipment.

  3. 5 Feb 2026 · list set

    6 companies chosen by hand, with no written rule.

  4. Next · after the Oct to Dec quarter results, February 2027

    Every member re-checked against the rule; reasons regenerated from new filings.

Sectors in this theme

Capital Goods
38 companies
Industrials
3 companies
Construction
2 companies

Sector from each company's exchange record. A theme can cut across sectors.

Also in other themes

Save companies to a watchlist

Save the 43 companies to a watchlist. Saving sends nothing. Needs sign-in.

Curated by the research team against the rule above. Reasons are generated from each company's filings and exchange record and are not reviewed by an editor. A list of companies linked to the theme, not a recommendation.