Capital Goods Rally in 2026: Hitachi Energy Up 33%, Apar 28%, Astral 18%

Capital goods stocks have performed strongly in 2026 even as the broader market remains volatile. Companies such as Hitachi Energy India, ABB India and Apar Industries have seen solid gains this year.

Improved investor sentiment, better earnings, steady order inflows and record government capital expenditure (capex) announced in the Union Budget 2026 have supported the rally. Trade agreements between India-US and India-EU have also improved export prospects. In addition, softer commodity prices have helped improve margins.

The BSE Capital Goods Index has rebounded about 3.5% in less than two months, reflecting the renewed optimism.

Hitachi Energy and Apar Industries Lead the Rally

Hitachi Energy has emerged as the top performer, rising 33% so far in 2026. The stock gained momentum after reporting strong December quarter results.

Apar Industries has also seen heavy buying after its Q3 results in late January. The stock has jumped 34% in February alone and is up 28% year-to-date.

Astral rose 18% in 2026 after reporting strong volume growth and healthy margins, touching a fresh 52-week high earlier this month.

GE Vernova T&D India has delivered an 18% return this year, building on a 51% rally in 2025.

Other Stocks Posting Double-Digit Gains

Supreme Industries has gained 17% so far in 2026, recovering more than half of its 29% decline last year. Elgi Equipments has rebounded 15% after recording its first annual drop in five years in 2025.

Other companies such as Kirloskar Oil Engines, ABB India, CG Power and Industrial Solutions and Cummins India have gained between 10% and 14% this year.

Read More: India’s Forex Reserves Rise by $8.66 Billion to Reach Record $725.7 Billion.

Conclusion

The capital goods sector has started 2026 on a strong note, led by Hitachi Energy and Apar Industries. Strong earnings, healthy order books, government capex and better export opportunities are driving the rally. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all related documents carefully before investing.