Industrial services companies generate Revenue from essential activities that support mining, construction, infrastructure and regulatory requirements. SGH Limited (ASX:SGH), ALS Limited (ASX:ALQ) and SRG Global Limited (ASX:SRG) operate in this space but follow very different Business models.

SGH generates Earnings through equipment sales, equipment hire and industrial businesses including WesTrac, Coates and Boral. ALS provides specialised laboratory testing services for mining, environmental, food and life sciences customers. SRG Global delivers engineering, maintenance and construction services across resources and infrastructure markets.

While all three companies benefit from industrial activity, their exposure differs depending on customer demand, project cycles and operating conditions.

SGH Limited (ASX:SGH): Equipment, Mining Services and Materials Exposure

SGH is an industrial Investment group with businesses spanning equipment distribution, equipment hire and building products.

Its major operating businesses include WesTrac, the authorised Caterpillar dealer in Western Australia, New South Wales and the Australian Capital Territory, and Coates, an equipment hire business serving construction, resources and infrastructure customers. SGH also owns Boral, a building materials business supplying products including concrete and quarry materials.

For the financial year ended 30 June 2026, SGH reported revenue of approximately A$10.6 billion.

WesTrac remains a key contributor, benefiting from Demand for mining equipment, parts and maintenance services. Coates provides exposure to equipment rental demand across construction, infrastructure and industrial projects, while Boral is linked to building activity.

SGH’s performance is influenced by mining investment, construction activity, equipment demand and infrastructure spending.

Key factors to monitor include mining Capital Expenditure trends, equipment utilisation levels, Boral’s performance and capital allocation across the group.

ALS Limited (ASX:ALQ): Testing Services Across Mining and Life Sciences

ALS operates a global laboratory testing network, providing analytical services to customers across commodities, environmental monitoring, food, pharmaceutical and industrial markets.

The company’s Commodities division provides testing and analytical services for mining companies, including geochemistry, metallurgical testing and mine-site services. Its Life Sciences division supports testing requirements across areas such as water quality, food safety and pharmaceuticals.

For the financial year ended 31 March 2026, ALS reported revenue of approximately A$3.3 billion, with growth supported by its global operations and demand across its testing businesses. The company also reported higher profitability compared with the previous year.

Unlike equipment and construction companies, ALS does not directly depend on selling physical products. Its revenue is linked to testing volumes, customer requirements and regulatory standards.

The company’s mining exposure provides sensitivity to exploration and production activity, while its life sciences operations provide exposure to broader testing demand.

Key factors to monitor include commodity-sector activity, laboratory utilisation rates, currency movements and growth across life sciences testing.

SRG Global Limited (ASX:SRG): Engineering and Maintenance Services Growth

SRG Global provides engineering, construction and maintenance services across resources, infrastructure, water, transport and defence markets.

The company operates through two main areas: Maintenance & Industrial Services and Engineering & Construction.

Its maintenance business provides ongoing services such as shutdown support, asset maintenance and sustaining capital work for industrial customers. Its engineering and construction operations deliver projects across infrastructure and specialist construction markets.

For the financial year ended 30 June 2026, SRG Global reported revenue of approximately A$1.7 billion, representing growth from the previous year. Net profit increased to approximately A$72 million.

The company has focused on expanding its maintenance services platform while continuing to secure engineering and construction work.

SRG’s earnings are closely linked to resources activity, infrastructure investment, project execution and cost management.

Key factors to monitor include contract wins, labour costs, project delivery and demand from mining and infrastructure customers.

Three Different Ways to Access Industrial Activity

SGH, ALS and SRG Global represent different parts of the industrial services sector.

SGH provides exposure to physical equipment, mining services and construction materials through businesses connected to resources and infrastructure demand.

ALS operates a testing-based model where revenue comes from specialised laboratory services rather than equipment sales or construction activity.

SRG Global provides exposure to engineering and maintenance services, with earnings linked to long-term industrial and infrastructure contracts.

The three companies therefore respond differently to economic conditions. Equipment demand is closely linked to capital investment, testing demand is supported by operational and regulatory requirements, and engineering services depend on project activity and maintenance cycles.

Risks to Monitor

Industrial companies remain exposed to changes in mining investment, construction activity, labour costs and broader economic conditions.

SGH faces sensitivity to equipment demand and resources capital spending.

ALS must manage global operating costs, currency movements and changes in testing demand.

SRG Global remains exposed to project timing, contract execution and construction-cycle conditions.