1. Schneider Electric Infrastructure:

This heavy electrical equipment manufacturer has risen by 8% in three sessions following Goldman Sachs’ upgrade to a ‘Buy’ rating from 'Sell' with a target of Rs 910 per share. The brokerage projects a strong 31% CAGR in order inflows between FY26-FY28, driven by rising power demand and the need to upgrade India’s distribution infrastructure. It also expects the company’s operating margins to improve by 110 bps to 39.6% by FY32. The report added “We revise the total addressable market upward to $14.5 billion by FY32, from an earlier $9 billion”

On June 11, Schneider Electric partnered with NVIDIA to develop infrastructure for AI applications. They are working on systems for power, cooling, and high-density racks aimed at making data centers more efficient. As part of the effort, they are setting up thirteen AI factories and five AI gigafactories (large-scale facilities) across Europe.

In FY25, the company’s net profit rose 56% to Rs 268 crore. Schneider turned profitable in FY22, with profit growing at a CAGR of 76.5% over FY22–25. Revenue increased 20% during the year, in line with Forecaster estimates. Its order inflows rose 13.4% to Rs 2,690 crore, helped by key wins in advanced transformers, smart switchgear, and solutions for utilities and renewable projects.

The company’s management has announced two major capex projects. It will invest nearly Rs 100 crore at the Vadodara plant to increase the switchgear panel capacity by 75% to 14,000 units by FY27. At the Kolkata plant, a new greenfield facility in Dankuni will receive about Rs 90 crore to expand breaker (electrical safety device) capacity from 5,000 to 45,000 units, also by FY27.

Suparna Bhattacharyya, CFO, commented on the expected gains from the capex, saying, “We are seeing good traction in orders that we want to execute. It will be a staggered but profitable increase, at least at the gross margin level. There may be some depreciation impact early on, but we’re optimistic about revenue growth from these (capex) lines.”

CEO & MD Udai Singh noted that while private sector capex announcements for FY26 are down 10–12%, falling inflation at 3.1% may help revive demand. He added that government schemes like the Rs 76,000 crore production-linked incentive (PLI) for digitalization, along with rising demand for data centers, could further support investment momentum.

2. BEML:

This commercial vehicle manufacturer rose 2% on June 18, after its Chairman and Managing Director, Shantanu Roy, said the company expects to double its order book by the end of FY26. BEML is a state-owned company that builds vehicles and equipment for mining, defence, and metro rail. It also supplies coaches for various metro and rail projects in India.

The company ended FY25 with an order book of Rs 14,610 crore and aims to secure over Rs 14,000 crore in new orders in FY26, taking the total to nearly Rs 28,000 crore. The company expects railway, metro, defence, and aerospace segments to drive this growth. 

In FY25, BEML posted its highest-ever net profit of Rs 292.5 crore, up 3.8%, driven by the execution of high-margin orders in the metro and defence segments. However, revenue fell slightly by 0.8% to Rs 4,022.2 crore due to delays in executing metro and rail orders, especially in Q3. 

Regarding the slow order execution, Roy said, ”The order execution that we were planning could not happen because of prototype clearance and a waiting period, which is generally 18 to 24 months for the first prototype.” The management plans to speed up execution in FY26 as key metro and Vande Bharat projects progress. It expects a 20% revenue increase in FY26, supported by a strong order pipeline.

Commenting on the future plans, Roy said, “The next big thing we are working on is the high-speed train, the bullet train, which should be a game changer for the country. It's a collaborative effort of the Indian Railways, National Highspeed Rail Corporation, and BEML.” The company is developing a prototype for the Mumbai-Ahmedabad bullet train and aims to begin trials by December 2026.

BEML is also bidding for the Rs 30,000-40,000 crore Vande Metro project in Mumbai, and plans to launch Vande Bharat Sleeper prototypes this year. On June 9, it signed agreements with the Defence Research and Development Organisation (DRDO) to build three defence mobility platforms, including support systems for Arjun tanks.

Elara Securities has reiterated its ‘Accumulate’ rating on BEML, citing strong order visibility, 20% revenue growth guidance for FY26, and robust metro and defence prospects, with a target price of Rs 4,860.

3. RHI Magnesita India:

This refractory producer surged over 3% on June 16 after Axis Securities reiterated its ‘Buy’ rating with a target price of Rs 550 over the next three to six months. The brokerage believes that RHI Magnesita is well-positioned to benefit from rising demand, thanks to its leadership in the Indian refractory market, where it holds a 30% share. India is currently the fastest-growing refractory market globally, with a projected 6-8% CAGR through FY30.

FY25 performance was slightly below expectations however, with annual revenue declining marginally, and missing Forecaster estimates by 1.6% due to heightened competition and rising input costs. Net profit came in 9% below estimates as EBITDA margins fell by 100 bps, weighed down by pressure on realisation rates, higher raw material prices, and increased employee expenses.

The company has earmarked Rs 150 crore in capex for FY26. According to CFO Azim Syed, a significant portion of this investment will go toward acquiring modern presses, which are expected to lower manpower costs once commissioned over the next 12 to 14 months. He also highlighted that net debt was reduced by 53%, ending FY25 at Rs 146 crore.

MD and CEO Pramod Sagar says, “Medium-term demand fundamentals remain intact, with domestic steel capacity poised to expand and infrastructure-led cement demand expected to recover in FY26.” RHI’s high-grade refractory products are used in high-temperature industrial processes of over 1,200°C across sectors like steel, cement, and glass. He also stated that the company is selectively raising prices to offset cost increases and expects EBITDA margins to reach 15% by Q2 FY26 from 13.7% currently.

While Axis Securities sees strong medium-term potential, it flags short-term risks such as elevated input costs and intensified competition. The brokerage projects a sales CAGR of 13% and net profit CAGR of 30% over FY26–27. The company appears in the screener of stocks where FIIs and mutual funds have increased their stake over the past quarter.

4. Siemens:

This heavy electrical equipment company rose 3% on June 17 after receiving a Rs 1,230 crore order from the National High-Speed Rail Corporation (NHSRCL). The order includes developing a signalling and telecommunication system for the Mumbai–Ahmedabad high-speed rail project.

Siemens operates in the industrial automation, mobility, and infrastructure sectors. In line with parent company Siemens AG’s restructuring plan, the Indian arm announced the demerger of its energy business (Siemens Energy) on May 14, 2024, to focus on power generation equipment, transmission systems, and renewable energy.

Sunil Mathur, MD and CEO, said, “The two businesses operate in very different markets and need different types of investment. The demerger allows both companies to focus on their core areas, use resources more efficiently, and helps us work towards doubling Siemens’ order book in five years.”

In Q2FY25 (In fiscal year of Oct to Sept), Siemens' revenue declined 2.5% YoY to Rs 4,259 crore, following weaker demand in its factory automation and industrial control systems business. Meanwhile, its order book rose 7.2% to Rs 41,460 crore. Mathur said, “The industrial automation and mobility segments faced weak demand due to sluggish private capex, and fewer large projects were executed and billed, which impacted revenue and profitability.”

Siemens plans to invest Rs 1,100 crore over the next two to three years to expand its main businesses. It aims to increase export revenue share from 12% to 20% over the next three to five years.

Management is optimistic about the mobility segment in H2FY25. Mathur said, “We expect stronger revenue and volume, driven by project deliveries of the 9,000 horsepower locomotive, and aim to scale production from 5 to 100 units annually by FY27.”

Prabhudas Lilladher maintains an ‘Accumulate’ rating on Siemens with a target price of Rs 3,497. The brokerage expects large orders from Indian Railways, metro projects, and growth in public capital expenditure to drive long-term growth in the mobility and smart infrastructure segments. They believe the demerger of the energy business will help Siemens focus on core verticals and improve capital allocation.

5. Oil India (OIL):

This exploration & production company rose by 5.1% on June 12 as it signed a memorandum of understanding (MoU) with the Cochin Port Authority to establish a support base for offshore oil exploration in the Kerala-Konkan Basin. In a recent interview, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, highlighted key reforms in exploration policy. He pointed out that India has transitioned from a production-sharing to a revenue-sharing model. Puri believes that oil discoveries and regulatory simplification could drive a significant leap in the country's economic growth. He believes that India is on the brink of a ‘Guyana-sized’ oil discovery in the Andaman Sea.

The company reported a 1.1% rise in revenue with a net profit jump of 3.4% in FY25 due to growth in natural gas & pipeline transportation revenue. It marginally missed the Forecaster net profit estimate by 1.2%, led by a decline in crude oil segment revenue and high volatility in crude oil prices. The company appears in a screener of stocks with strong momentum.

Debojeet Hazarika - GM Finance at OIL, stated, “Our capex for FY25 was Rs 8,467 crore. Around 80% of the capex was allocated to upstream (finding and extracting), while the remaining went into midstream (transportation & storage) and downstream (refining & distribution). FY26 remains broadly similar, with an emphasis on exploration, development drilling, and strategic downstream growth. Additionally, a planned capex of Rs 9,133 crore has been earmarked for Numaligarh refinery in FY26.”

Avendus Spark has initiated a ‘Buy’ rating on OIL with a target price of Rs 630, citing strong production visibility and capacity expansion as key positives, despite recent corrections in oil prices. It highlights “high-octane growth at low valuation” with over 80% earnings growth potential in three years, which it considers a rarity in the sector. Growth is expected to be volume-driven, supported by a threefold increase in Numaligarh refinery capacity and steady upstream output.

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