5 Stocks Whose Order Books Expanded by Up to 456% in the Last 3 Years

Synopsis: Five companies have reported sharp order book expansion of up to 456% over the last three years, signalling strong project demand and improved growth visibility across engineering, electronics manufacturing, and infrastructure sectors.

Rising order books often signal strong demand visibility and sustained business momentum for companies operating in project-driven sectors. Investors closely track such companies as a growing backlog typically translates into stable revenue pipelines, improved capacity utilisation, and better earnings visibility over the coming years.

Companies with expanding order books are also well positioned to benefit from rising capital expenditure across infrastructure, defence, energy, and manufacturing sectors. With strong project inflows and execution capabilities, these businesses may see steady revenue growth and improved profitability in the medium term. Here are the stocks with strong order book growth over 3 years

Techno Electric & Engineering Company Ltd

Techno Electric & Engineering Company Ltd (TEECL) is engaged in providing Engineering, Procurement and Construction (EPC), asset ownership and operations, and maintenance services in the power infrastructure industry. The company delivers EPC solutions across transmission, smart metering, and FGD projects and smart metering, executing projects across 17 locations in India.

With the market capitalization of Rs 12,625 crore, the share of the company currently trades at Rs 1,085.60, with an overvalued P/E of 26.3x compared to its industry average. The company’s order book surged 138 percent to Rs 9,581.4 crore in Q3 FY26 from Rs 4,000 crore in Q3 FY23, supported by efficient capital utilisation, reflected in a ROCE of 16.5% and ROE of 12.8%.

Kaynes Technology India Ltd

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (“IoT”), Information Technology (“IT”), and other segments.

With the market capitalization of Rs 23,297 crore, the share of the company currently trades at Rs 3,475.50, with an overvalued P/E of 63.2x compared to its industry average. The company’s order book surged 254  percent to Rs 9,072.2 crore in Q3 FY26 from Rs 2,557.96 crore in Q3 FY23, supported by efficient capital utilisation, reflected in a ROCE of 14.3% and ROE of 10.7%

Lloyds Engineering Works Ltd

Established in 1974, Lloyds Steels Industries is primarily engaged in the design, Manufacturing, and Commissioning of heavy equipment, machinery & systems for the HydroCarbon Sector, Oil & Gas, Steel Plants, Power Plants, Nuclear Plant Boilers, and Turnkey Projects.

With the market capitalization of Rs 4,899 crore, the share of the company currently trades at Rs 41.82, with an overvalued P/E of 31.5x compared to its industry average. The company’s order book surged 245 percent to Rs 1,665.78 crore in Q3 FY26 from Rs 482.3 crore in Q3 FY23, supported by efficient capital utilisation, reflected in a ROE of 15.9%

MTAR Technologies Ltd

MTAR develops and manufactures components and equipment for the defense, aerospace, nuclear, and clean energy sectors. The company was incorporated in 1970 by the promoters to cater to the technical and engineering needs of the Indian government in the post embargo regime. In addition, the company also supplies specialised products such as Ball Screws, Water Lubricated Bearings, Roller Screws, Electro-Mechanical Actuation Systems, ASP assemblies, etc.

With the market capitalization of Rs 10,423 crore, the share of the company currently trades at Rs 3,388.55, with an overvalued P/E of 159x compared to its industry average. The company’s order book surged 102 percent to Rs 2,394.9 crore in Q3 FY26 from Rs 1,183 crore in Q3 FY23, supported by efficient capital utilisation, reflected in a ROCE of 10.5% and ROE of 7.51%.

Bharat Forge Ltd

Bharat Forge, founded in 1961 and headquartered in Pune, is a leading Indian multinational conglomerate with global operations. The Group has diversified businesses across engineering steel, automotive components, renewable energy, infrastructure, and specialty chemicals. 

With the market capitalization of Rs 80,108 crore, the share of the company currently trades at Rs 1,675.60, with an overvalued P/E of 70x compared to its industry average. The company’s order book surged 456.5 percent to Rs 11,130 crore in Q3 FY26 from Rs 2,000 crore in Q3 FY23, supported by efficient capital utilisation, reflected in a ROCE of 12.2% and ROE of 11.6%.

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