EPC stocks refer to stocks from businesses focused on engineering and construction management of large infrastructure projects. These companies benefit from government infrastructure spending as well as economic or industrial production positive growth trends. Some examples are Larsen &Toubro as well as Engineers India Limited.
In this article, we will look at four stocks that have been recommended by Jefferies. It also added that the order inflow of companies surged by 28 percent in FY25, led by HAL and other companies.
1. Larsen & Toubro
Larsen & Toubro Ltd is an Indian multinational that works in engineering, construction, and manufacturing. It builds infrastructure like buildings, transportation systems, and power distribution networks. It also provides services to the oil and gas industry, thermal power plants, and green energy projects.
It manufactures critical equipment for industries like defence, aerospace, and nuclear energy. The company also offers IT services, financing, and develops infrastructure projects like toll roads and power generation.
The company has reported a revenue of Rs 2,55,734 crores in FY25, up by 15.65 percent from its FY24 revenue of Rs 2,21,113 crores. Additionally, the company has reported a net profit growth of 13.67 percent to Rs 17,673 crores in FY25 from Rs 15,547 crores in FY24. As of May 2025, the company has an order book of Rs 5,79,100 crore.
2. Hindustan Aeronautics
Hindustan Aeronautics Limited (HAL) is among the premier aerospace and defence manufacturers and services providers engaged in the design, manufacturing and overhaul of aircraft, helicopters, engines and avionics. HAL’s products include combat aircraft, transport aircraft, trainers, utility helicopters, cryogenic engines, and a variety of advanced flight control systems.
The company has reported a revenue of Rs 30,981 crores in FY25, up by 2 percent from its FY24 revenue of Rs 30,381 crores. Additionally, the company has reported a net profit growth of 9.75 percent to Rs 8,364 crores in FY25 from Rs 7,621 crores in FY24. As of April 2025, the company has an order book of Rs 1,84,000 crore.
3. Afcons Infrastructure
Afcons Infrastructure Limited, specializes in infrastructure, engineering, and construction, executing projects across India, South Asia, Africa, and the Middle East. The company undertakes roads, railways, metros, bridges, tunnels, dams, ports, powerhouses, and oil & gas facilities, along with EPC, offshore, and marine services.
The company has reported a revenue of Rs 12,548 crores in FY25, down by 5.42 percent from its FY24 revenue of Rs 13,268 crores. However, the company has reported a net profit growth of 8.22 percent to Rs 487 crores in FY25 from Rs 450 crores in FY24. As of March 2025, the company has an order book of Rs 36,869 crore.
4. KEI Industries
KEI Industries Limited is a manufacturer and exporter of wires and cables in various applications, including power, control, solar, and EV charging cables. It has and provides comprehensive EPC solutions for power projects and rail infrastructure projects. KEI meets nearly all wire and cable needs in more than 60 countries, serving markets that include power, real estate, and manufacturing.
The company has reported a revenue of Rs 9,736 crores in FY25, up by 20.13 percent from its FY24 revenue of Rs 8,104 crores. Additionally, the company has reported a net profit growth of 19.79 percent to Rs 696 crores in FY25 from Rs 581 crores in FY24. As of March 2025, the company has an order book of Rs 3,482.9 crore.
Written by Satyajeet Mukherjee
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