"The highest revenue growth is expected in Havells India at 30 percent, followed by Thermax (20 percent) and BEML (18 percent), Elara Capital said in report.
In the upcoming Q1FY19 earning session, Elara Capital is expecting revenue of the capital goods companies under coverage is likely to grow by 15 percent.
The healthy opening orderbook, better execution and low base in Q1FY18, owing to GST implementation, would drive growth, it said in report.
"The highest revenue growth is expected in Havells India at 30 percent, followed by Thermax (20 percent) and BEML (18 percent), it added further.
Among the stock recommendations, Elara Capital has buy on BEML, CG Power, Inox Wind, KEC International and Suzlon Energy, while it has accumulate rating on ABB India, Crompton Greaves Consumer, Cummins, Havells India and KEI Industries.
However, it has maintained reduce call on Siemens, V-Guard Industries, Voltas and sell call on Thermax.
T&D firms like ABB India, Siemens CG Power and KEC International are likely to see revenue growth in the range of 14-16 percent, while EBITDA margin (ex-renewables) is likely to rise by 40bp to 8.7 percent on low margin base as GST was implemented.