This red hot ASX industrials stock has 21% upside according to Bell Potter

This red hot stock can keep rising.

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ASX industrials stock Mayfield Group Holdings Ltd (ASX: MYG) raced 300% higher during 2025. 

For comparison, the S&P/ASX 200 Industrials Index (ASX: XNJ) rose 9% during that same span. 

Mayfield Group is a national supplier of electrical equipment, including switchboards, control modules, kiosk substations, and transportable switchrooms. 

The company also delivers whole-of-life services for communications infrastructure integrated with power and energy storage solutions.

Man reading an e-book with his feet up and piles of books next to him.

Image source: Getty Images

Why is this industrials stock booming?

In the last 12 months, it has benefited from major investment in Australia's electricity infrastructure

The country is upgrading transmission lines, expanding renewable energy projects, electrifying industries, and building more data centres, all of which increase demand for Mayfield's electrical and engineered solutions. 

Rising defence spending has also created additional demand for secure energy systems.

At the same time, the company has strengthened its own performance by expanding its order book, improving operations, increasing profit margins, and maintaining a strong balance sheet. 

However, in 2026, it has come back down to earth slightly, falling 12% year to date. 

A new report from Bell Potter suggests this recent dip could be an attractive entry point for investors. 

Here's what the broker had to say. 

Expanding to record levels

Bell Potter said this ASX industrials stock has secured $52m in new purchase orders to date in 2H FY26 across the Data Centre, Renewable Energy, Infrastructure, Power Generation, and Mining sectors. 

Notable purchase orders included:

  • $15.7m order for the supply of switchboards to a major data centre development (largest single order to date)
  • $10.2m order for custom-built protection and control panels for a major renewable energy zone project
  • $2.0m SMEC order from an international customer (first international contract award since acquisition)

MYG's current WIH stands at $151m (record), positioning the company for strong revenue growth in FY27 (BPe +23.0%, including SMEC contribution).

MYG's coverage is ~80% of our CY26 revenue forecast (consistent with PcP). If MYG maintains its current order win-rate, we see potential upside to our FY27 revenue estimate.

Buy rating unchanged 

Bell Potter has retained its buy recommendation on this ASX industrials stock. 

It has also maintained its price target of $3.40. 

At roughly $2.80 per share at the time of writing, this indicates an upside potential of 21%.

MYG's outlook is underpinned by structural tailwinds in Mining, Renewable Energy, Data Centre, Defence and Water infrastructure markets. MYG is adequately.

MYG is well positioned to achieve our FY27 revenue expectation of $205m (+23% growth) given its WIH expansion to record levels ($151m – 6 May 2026)

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Mayfield Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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