Investing in industrial stocks can feel like a bit of a rollercoaster, especially when the market is volatile. However, some stocks in the sector present strong opportunities at seemingly "cheap" prices right now. Here's why each of these top industrial stocks deserves a spot on your watchlist.

CP stock

Let's start with Canadian Pacific Kansas City (TSX:CP). The cheap stock is a North American railway giant. Yet after its acquisition of Kansas City Southern, it now connects three countries: Canada, the U.S., and Mexico, thus forming the first-ever single-line railway linking the three nations. This acquisition is crucial for long-term growth, especially with cross-border trade on the rise.

CP's revenues have grown by 13.5% year over year, and while its earnings took a dip recently (down 31.6%), this is more reflective of short-term integration costs following the acquisition rather than a systemic issue. If you're looking for a solid long-term play in transportation, CP's current price might be an attractive entry point.

GFL stock

Next, we have GFL Environmental (TSX:GFL), which is making waves in the waste management industry. It's one of the fastest-growing companies in its sector, with services ranging from waste collection to recycling across North America. While its recent profitability figures are less than stellar, with a negative profit margin of -8.83%, its revenues have been climbing steadily, showing a 6% year-over-year increase.

Waste management is a recession-resistant industry, and GFL's expanding operations give it plenty of runway for future growth. If you're a long-term investor, GFL's current struggles could make it an opportunity worth seizing.

TFII stock

Moving on to TFI International (TSX:TFII), this transportation and logistics company has been capitalizing on the e-commerce boom and North American freight demand. TFI stock has seen tremendous growth through acquisitions like UPS Freight, which have bolstered its footprint in the U.S.

Despite the cyclical nature of its business, TFI has managed to grow its revenue by 14.3% year over year. Its forward price-to-earnings (P/E) ratio of 15.80 shows that the stock is attractively valued compared to its historical performance. This combination of steady revenue growth and strategic acquisitions makes TFII an enticing option, especially if you believe in the continued growth of logistics.

WSP stock

For those who prefer infrastructure plays, WSP Global (TSX:WSP) is a standout. WSP is an engineering consulting firm with a focus on sustainability, making it a beneficiary of the global push towards green infrastructure. With a revenue increase of 8.5% year over year and an impressive 22.2% quarterly earnings growth, WSP is executing its growth strategy effectively.

The cheap stock's ability to take on large-scale infrastructure projects, combined with its expertise in sustainable development, makes it well-positioned to thrive as countries and companies increasingly prioritize environmentally friendly projects.

BIP stock

Finally, Brookfield Infrastructure Partners (TSX:BIP.UN) is an interesting play in the infrastructure space, with a diverse portfolio of global assets. BIP.UN's infrastructure assets span everything from transportation to utilities and renewable energy.

Despite some short-term struggles, including a -0.09% profit margin and rising debt levels, the cheap stock's cash flow remains strong. Its forward dividend yield of 4.37% is another incentive for income-focused investors. Brookfield's ability to generate steady cash flow, combined with its diverse asset base, means it's likely to remain a reliable performer over the long haul.

Foolish takeaway

In terms of sector struggles, rising interest rates and inflation have impacted infrastructure and logistics stocks like these. Companies face higher costs for borrowing and materials, which can hurt margins. However, the long-term fundamentals remain strong. The future outlook for these cheap stocks is bright as demand for infrastructure and transportation services continues to grow globally.

So, while each of these stocks has its challenges, the potential for future growth far outweighs the current concerns. Whether you're looking for a defensive play like GFL, a growth opportunity in logistics with TFII, or exposure to sustainable infrastructure through WSP and BIP.UN, there's plenty of value to be found in these stocks right now.