The ASX reporting season is kicking off — and a select group of under-the-radar ASX industrial shares have been quietly building serious momentum.
While tech stocks often dominate the headlines, these industrials are proving that smart execution, strong sector tailwinds, and disciplined management can deliver exceptional results. From asset maintenance to infrastructure upgrades and defence tech, here are three industrials shares to watch closely this earnings season.
1. Duratec Ltd (ASX: DUR)
At the time of writing, the Duratec share price has rallied more than 22% over the past 12 months — and there's reason for the optimism.
Duratec specialises in the remediation, protection, and life extension of critical infrastructure in sectors such as mining, energy, marine, defence, and transport. The company provides full asset lifecycle solutions, from condition assessments to maintenance and decommissioning.
Last week, Duratec expanded its national footprint with the acquisition of EIG Australia, an electrical infrastructure provider with expertise in fuel and fluid transfer systems. This strategic move strengthens Duratec's position in high-barrier, high-value sectors such as defence and mining.
With a healthy order book and growing capabilities in critical infrastructure, Duratec appears well-positioned heading into FY25 results.
2. Tasmea Ltd (ASX: TEA)
To date, the Tasmea share price has risen more than 150% in a year. The company has delivered outsized returns while quietly executing its industrial services and acquisition strategy.
Tasmea operates a national network of over 20 integrated businesses, offering maintenance, shutdown, and engineering services to sectors such as mining, renewables, defence, and water infrastructure. Many of its blue-chip clients are secured through long-term service agreements, providing a solid base of recurring revenue.
The company reported a 76.6% jump in first-half profit for FY25, reaffirmed full-year guidance of $52 million of NPAT, and rewarded shareholders with a fully franked special dividend. A recently upgraded FY26 forecast — now targeting $70 million in profit — signals management's confidence in ongoing growth.
Much of that momentum has come from smart acquisitions, including Future Engineering Group, which elevated its high-margin electrical division.
3. GenusPlus Group Ltd (ASX: GNP)
As of today, GenusPlus shares have climbed over 100% over the past 12 months, fuelled by consistent contract wins and strong execution across power and telecom infrastructure.
Founded in 2017, the company operates across three core divisions — infrastructure, communications, and industrial services — offering end-to-end solutions from design and construction to maintenance and decommissioning.
GenusPlus posted a 33% increase in 1H FY25 revenue, with about 90% of its FY25–FY27 revenue already under contract, according to Bell Potter. Analysts see upside potential driven by structural demand in renewables, transmission upgrades, and telecom rollouts, especially as recent acquisitions expand its reach.
A strong balance sheet and upgraded earnings guidance round out what's been a breakout year for this small cap.
Foolish Takeaway
While market attention often shifts toward high-growth tech or dividend-heavy blue chips, these ASX industrial shares have been quietly delivering and may continue to do so this earnings season.
With sector tailwinds, strong order books, and smart strategic execution, Duratec, Tasmea, and GenusPlus are all worth watching as results roll in. Investors looking for exposure to infrastructure, energy, and asset services might find compelling opportunities hiding in plain sight.
