As India Switches gears to renewable energy, these five switchgear stocks may benefit

Switchgear Plays a Crucial Role in Controlling, Protecting and Isolating Electrical Equipment to ENSURE that Electricity is distributed safely and efficiently.

Increasing Demand for Smart Switchgear is an upcoming trend in the market, and investors are looking for options for long-term gains.

Here are five switchgear stocks to watch in 2025. These have been filtered using Equitymaster’s Powerful Stock Screner – Best switchgear stocks in India.

#1 CG Power & Industrial Solutions

Headquartered in Mumbai, CG Power is an 86-age-old engineering Congress and a Leader in the Electrical Engineering Industry. It has two business lines – Industrial Systems and Power Systems. The company provides a Comprehensive Array of Switchgear Products. Its product portfolio includes:

• Medium voltage switchgear: Air Insulated Switchgears (AIS) (Indoor & Outdoor), MV Gas Insulated Switchgear (GIS), Ring Main Units (RMUS), etc.
• Relay and automation: Self-Powered Relays for RMU, Feeder Remote Terminal Unit (FRTU) for RMU Automation, etc.
• Extra high voltage switchgears: SF6 Circuit Breakers (Live & Dead Tank), Inductive Voltage Transforms (IVT), Capacitive Voltage Transformers (CVT), Surge Arrester, and Transformer Bushings.
• Vacuum Interrupters, HV Instrument Transformers, and Condenser Bushings: Used in Renewables and Railway Track Side Substation.
• Power quality solutions: Used in Transmission and Distribution Utilities, Water Supply Schemes, Steel, Cement, Process Industries, Railways, and refineries.
• Railways loco head and track moreide products: Used in Railways Loco Head & Trackside Stations.

These are Crucial Components for Power Distribution, Protection, and Control in the Industrial, Commercial, Commercial, and Utility Sector.

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The company plans a capacity expansion of switchgears (Nashik) for 155 Crore.

The board has also approved a greenfield expansion for 45,000 mega Volt-Meperes (MVA) of Power Transformer Capacity for 712 Crore, which would increase its overall capacity to 85,000 mva by fy28.

In the mV switchgear business, the company expanded its presence in the metro segment by second a 33kv ais order for for projects in Bhopal, Indore, and Agra. It operates world-class switchgear manufacturing facilites at nashik and aurangabad in Maharashtra.

Revenue Increased at a Compounded Annual Growth Rate (CAGR) of 39.5% over the past three years, while net profit has grown slowly since fy2222. The company maintained strong financial health, with an average return on equity (Roe) of 45.9% and return on Capital Employed (Roce) of 53.8%.

#2 ge venova t & d india

Ge t & d is the listed entity of ge’s grid solutions business in India. IT Builds Power Transmission and Distribution Infrastructure, and have a product portfolio comprising the entreen range of transmission of transmission Equipment up to ehv (765 kv and beyond), Including AIS and Localy Manufactured Power Transforms and Gis.

The company offers products for the power industry, including power transformers, circuit breakers, switchgear, instrument transformers, Substation Automation Equipment, Digital SOTWAR SOBSTATION Equipments and More.

It manufactures election distribution and control apparatus for switching or protecting electrical circuits – Switches, Fuses, Voltage Limiters, Surge Supppressors, Junction Boxes, ETC. This contributes 23.7% of the company’s revenue.

Revenue has been flat over the past three years, while the company Recorded a strong bottom line in 2024 after a bout of losses. It has an average Roe of 4.9% and ROCE of 10.6%.

#3 voltamp transformers

Voltamp transformers are a baroda-based company that primarily manufactures various types of oil-filled power & distribution transformers of variaous classes.

It has two main business segments:

• Products: Comprising Oil-Filled Power and Distribution Transformers Up to 120 MVA.
• Services: These related to transformers and electrical systems, include spares, asset management service, diagnostic and condition monitoring, factories overhaul, repair, repair, referbishment/capacity enjoyment, Customer Training, etc.

Its clients include companys in the power, oil refinery, textile, chemical, real estate, automobile, infrastructure, and Steel sector. These include Larsen & Toubro, Technip, Thyssenkrupp, Toyo, Petrofac, Engineers India, Tata Projects, Thermax, Siemens, ABB, Ge and Hitachi.

The company has four manufacturing facilities in Gujarat with a total installed capacity of 14,000 mva.

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Revenue Increased at a Cagr of 32.7% over the past three years, while net profit grew at a Cagr of 39.9%. The company has maintained strong Financial Health, with an average Roe of 18.3% and Roce of 23.9%.

#4 HPL Electric & Power

The companyis a Leading Electrical Equipment Manufacturer In India, with a significant presence in five product verticals – Metering solutions, modular switches, switchgears, LED Lighting, and Wires
& Cables.

It is the largest manufacturer of on-LOD Change-Over Switches, with A50%Market Share in India. It also has a 20% Sharein domestic electric meters, and 5% in lv switchgear.

The company has taken manufacturing facilities in gurugram, jabli, kundli & gahraunda.it.it has an order book of more than 3,500 Crore as of 20 May.

Revenue Grew 16.39% and Domestic Switchgear Grew 16% in FY25.

Revenue Grew at a Cagr of 18.6% over the past three years, while net profit grew at a cagr of 63.3%. The company maintained strong Financial Health, with an average Roe of 3.4% and ROce of 13.9%.

#5 rmc switchgears

Incorporated in 1994, RMC switchgears is in the business of switchgear engineering and early contractor involvement (ECI) Contracts for the Power Distribution/TRANSMISSION sector. Its manufacturing facilities are locked at badodiya, with an installed production capacity of 36,000 mt.

RMC Switchgears Caters to Diverse Industries Including Railways, Electrical, Utility, Aerospace, Automotive, ROADS & Highways, Oil & Gas, Chemical Processing, Chemical Processing, COOLING TOWS.

The company is developing innovative products such as advanced metering infrastructure and distributed automation systems. These are designed to minimise transmission losses and enhance the efficiency of India’s evolving electrical infrastructure.

It is also focusing on products such as Smart Meter ENCLOSURERERES and Distribution Boxes for Various Transformers.

Revenue Grew at a Cagr of 57.2% over the past three years, while net profit grew at a cagr of 221.1%. The company has maintained strong Financial Health, with an average Roe of 17.5% and Roce of 27.9%.

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Conclusion

Switchgear companies Play a critical role in India’s energy transition, electrification push, and infrastructure upgrades. Investors Cold Consider these stocks based on the company’s market position, scalability, and future growth. IT’s important, however, to keep in mind the risk of margin Volativity, Policy Execution, and Competitive Differentiation. Thorough Research on Financials and Corporate Governance is vital before making any investment decisions to ensure they align with your financial Goals and Risk AppeTite.

Happy Investing!

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

This article is syndicated from Equitymaster.com