Is the Aerospace & Defence - Equipments sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 18 of 23 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Aerospace & Defence - Equipments Stocks in India
Aerospace & Defence - Equipments: Hindustan Aeronautics Ltd owns the largest revenue base; Jaykay Enterprises Ltd has the fastest current growth.
Nifty Aerospace & Defence - Equipments Index — Constituents & Performance
The Aerospace & Defence - Equipments companies below are the listed Indian Aerospace & Defence - Equipments universe this page tracks — the same constituent set people search for as the Nifty Aerospace & Defence - Equipments index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
The sector itself · before any single company
How has Aerospace & Defence - Equipments moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 71% ahead of NIFTY 500. Earnings across its companies grew 18% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.
LEADER · ahead 23w~Price and the fundamentals both up14 of 23 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑23w · 18/23 >200d (+0) · 14/23 lead (−6) · EPS 14/22↑
Aerospace & Defence - Equipments, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.
Together14 of 23 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +6 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
3/5−1
Mid
6/8−2
Small
5/10−3
Participation is not spreading downward this month; the larger companies are still carrying most of it.
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 23 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Aerospace & Defence - Equipments outperforming NIFTY 500?
The 52-week comparison of Aerospace & Defence - Equipments against NIFTY 500 is not available from the current market series. 18 of 23 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sigma Advanced System Ltd is the strongest against the sector itself at +90.5%. Readings are as of 2026-07-19.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
18/23Stocks leading NIFTY 500
8/23Stocks leading sector
Sector metric: 42.3 as of 2026-07-19 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
The 52-week sector comparison is unavailable. 18 of 23 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Hindustan Aeronautics Ltd leads with revenue of ₹33,089 crore, based on 24 of 24 comparable companies through Mar 2026. Jaykay Enterprises Ltd has the fastest current revenue growth at 100%, across 24 of 24 comparable companies.
Which Aerospace & Defence - Equipments company is largest by revenue?
Hindustan Aeronautics Ltd leads with revenue of ₹33,089 crore, based on 24 of 24 comparable companies through Mar 2026.
Which Aerospace & Defence - Equipments company is growing fastest?
Jaykay Enterprises Ltd has the fastest current revenue growth at 100%, across 24 of 24 comparable companies.
Which Aerospace & Defence - Equipments company has the strongest 4-Factor Sector Score?
Sika Interplant Systems Ltd ranks first at 71.6/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Aerospace & Defence - Equipments company reports the most CAPEX?
Aequs Ltd reports the largest latest CAPEX at ₹100 crore, with 5 of 24 companies comparable.
Which Aerospace & Defence - Equipments company has the least gross debt?
Bharat Dynamics Ltd has the lowest comparable gross debt at ₹0 crore. Aequs Ltd has the highest at ₹701 crore.
Which Aerospace & Defence - Equipments company has the lowest comparable PEG?
Sika Interplant Systems Ltd has the lowest comparable Guarded PEG at 1.01, among 13 of 24 companies that pass the metric’s comparability rules.
How much history does this Aerospace & Defence - Equipments comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
24
complete canonical membership
Combined market value
₹8.5 L Cr
Hindustan Aeronautics Ltd
Revenue growing
19/24
positive TTM year-on-year growth
Beating NIFTY 500
18/23
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Sika Interplant Systems Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 89.6% evidence confidence.
Hindustan Aeronautics Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
AXISCADES Technologies Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. Sika Interplant Systems Ltd · SIKA
71.6/100 · Favorable setup · 90% evidence
Exact sum: 28.5 + 22 + 12.4 + 8.7 = 71.6
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28.5/35Growth & earnings
Revenue 43% · PAT 38.1% · OPM change 7.9 pp
88% evidence
22.0/25Capital efficiency
ROCE 34.6% · debt/equity 0×
100% evidence
12.4/20Valuation
P/E 68.8× · PEG 1.01
100% evidence
8.7/20Relative strength
RS sector -10.2% · RS bench 7.8% · 1Y -6.8%
70% evidence
2. Sigma Advanced System Ltd · SIGMAADV
69.8/100 · Favorable setup · 93% evidence
Exact sum: 24 + 14.1 + 11.7 + 20 = 69.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24.0/35Growth & earnings
Revenue 100% · PAT 100% · OPM change -12 pp
83% evidence
14.1/25Capital efficiency
ROCE 60.8% · debt/equity 0.71×
95% evidence
11.7/20Valuation
P/E 35.7× · PEG 2.35
100% evidence
20.0/20Relative strength
RS sector 90.5% · RS bench 134.6% · 1Y 416.7%
100% evidence
3. Astra Microwave Products Ltd · ASTRAMICRO
67.8/100 · Favorable setup · 96% evidence
Exact sum: 20.9 + 18.2 + 10.4 + 18.3 = 67.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20.9/35Growth & earnings
Revenue 10.6% · PAT 27% · OPM change 4 pp
88% evidence
18.2/25Capital efficiency
ROCE 20.2% · debt/equity 0.22×
100% evidence
10.4/20Valuation
P/E 89.2× · PEG 1.19
100% evidence
18.3/20Relative strength
RS sector 19.8% · RS bench 54.5% · 1Y 77.6%
100% evidence
4. Paras Defence and Space Technologies Ltd · PARAS
66.1/100 · Favorable setup · 79% evidence
Exact sum: 22.1 + 17.4 + 9.2 + 17.4 = 66.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22.1/35Growth & earnings
Revenue 30.4% · PAT 43.5% · OPM change -1 pp
83% evidence
17.4/25Capital efficiency
ROCE 16.9% · debt/equity 0.04×
80% evidence
9.2/20Valuation
P/E 112× · PEG —
50% evidence
17.4/20Relative strength
RS sector 17.7% · RS bench 51.6% · 1Y 47.9%
100% evidence
5. Data Patterns (India) Ltd · DATAPATTNS
65.0/100 · Favorable setup · 96% evidence
Exact sum: 25.7 + 22.1 + 7.7 + 9.5 = 65
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25.7/35Growth & earnings
Revenue 30.5% · PAT 22.1% · OPM change 18 pp
88% evidence
22.1/25Capital efficiency
ROCE 21.9% · debt/equity 0×
100% evidence
7.7/20Valuation
P/E 104× · PEG 2.12
100% evidence
9.5/20Relative strength
RS sector -1% · RS bench 27.5% · 1Y 48.2%
100% evidence
6. Ideaforge Technology Ltd · IDEAFORGE
60.9/100 · Mixed-positive evidence · 68% evidence
Exact sum: 24.9 + 7.3 + 10 + 18.7 = 60.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24.9/35Growth & earnings
Revenue 41% · PAT 71.4% · OPM change 152 pp
65% evidence
7.3/25Capital efficiency
ROCE -2.8% · debt/equity 0.14×
100% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
18.7/20Relative strength
RS sector 20.3% · RS bench 53.2% · 1Y 55.5%
100% evidence
7. Apollo Micro Systems Ltd · APOLLO
58.6/100 · Mixed-positive evidence · 96% evidence
Exact sum: 21.8 + 13.3 + 6.9 + 16.6 = 58.6
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.8/35Growth & earnings
Revenue 60.9% · PAT 92.9% · OPM change 1 pp
88% evidence
13.3/25Capital efficiency
ROCE 14.5% · debt/equity 0.41×
100% evidence
6.9/20Valuation
P/E 130× · PEG 1.6
100% evidence
16.6/20Relative strength
RS sector 8.4% · RS bench 39.4% · 1Y 124.6%
100% evidence
8. Azad Engineering Ltd · AZAD
57.0/100 · Mixed-positive evidence · 89% evidence
Exact sum: 24.9 + 12.7 + 7.6 + 11.8 = 57
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24.9/35Growth & earnings
Revenue 32.2% · PAT 54% · OPM change 2 pp
88% evidence
12.7/25Capital efficiency
ROCE 11.9% · debt/equity 0.31×
100% evidence
7.6/20Valuation
P/E 119× · PEG 2.29
65% evidence
11.8/20Relative strength
RS sector 1.6% · RS bench 32.2% · 1Y 42.5%
100% evidence
9. Vinyas Innovative Technologies Ltd · VINYAS
57.0/100 · Thin evidence · provisional · 57% evidence
Exact sum: 21.6 + 16.1 + 10.9 + 8.4 = 57
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21.6/35Growth & earnings
Revenue 65% · PAT 100% · OPM change 3 pp
48% evidence
16.1/25Capital efficiency
ROCE 21.4% · debt/equity 0.55×
95% evidence
10.9/20Valuation
P/E 51.9× · PEG —
15% evidence
8.4/20Relative strength
RS sector -17.1% · RS bench 12.4% · 1Y -1.5%
70% evidence
10. MTAR Technologies Ltd · MTARTECH
55.1/100 · Mixed-positive evidence · 96% evidence
Exact sum: 25.2 + 13.3 + 3 + 13.6 = 55.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25.2/35Growth & earnings
Revenue 29.9% · PAT 77.4% · OPM change 1 pp
88% evidence
13.3/25Capital efficiency
ROCE 15.1% · debt/equity 0.46×
100% evidence
3.0/20Valuation
P/E 184× · PEG 3.31
100% evidence
13.6/20Relative strength
RS sector 30.3% · RS bench 60.3% · 1Y 288.3%
100% evidence
11. AXISCADES Technologies Ltd · 532395
53.0/100 · Mixed-positive evidence · 66% evidence
Exact sum: 15.7 + 12.9 + 10.5 + 13.9 = 53
Decision use: Price leads the evidence: RS versus the benchmark is 19.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15.7/35Growth & earnings
Revenue 12.4% · PAT -4.3% · OPM change -1.7 pp
83% evidence
12.9/25Capital efficiency
ROCE 15.3% · debt/equity 0.53×
80% evidence
10.5/20Valuation
P/E 82.5× · PEG —
15% evidence
13.9/20Relative strength
RS sector 8% · RS bench 19.4% · 1Y 9.8%
70% evidence
12. Hindustan Aeronautics Ltd · HAL
52.3/100 · Mixed-positive evidence · 96% evidence
Exact sum: 10.8 + 21.1 + 15.1 + 5.3 = 52.3
Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10.8/35Growth & earnings
Revenue 6.8% · PAT 9% · OPM change -3 pp
88% evidence
21.1/25Capital efficiency
ROCE 32% · debt/equity 0×
100% evidence
15.1/20Valuation
P/E 33.6× · PEG 1.18
100% evidence
5.3/20Relative strength
RS sector -23.6% · RS bench 1.3% · 1Y -3.2%
100% evidence
13. Jaykay Enterprises Ltd · JAYKAY
51.5/100 · Mixed-positive evidence · 62% evidence
Exact sum: 25.8 + 9.5 + 11.5 + 4.7 = 51.5
Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.5% and the one-year return is 16.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
25.8/35Growth & earnings
Revenue 100% · PAT 100% · OPM change 34 pp
62% evidence
9.5/25Capital efficiency
ROCE 8.2% · debt/equity 0.06×
95% evidence
11.5/20Valuation
P/E 32.1× · PEG —
15% evidence
4.7/20Relative strength
RS sector -20.5% · RS bench -4.7% · 1Y 16.1%
70% evidence
14. Rossell Techsys Ltd · ROSSTECH
48.6/100 · Mixed-negative evidence · 79% evidence
Exact sum: 25 + 5 + 9 + 9.6 = 48.6
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25.0/35Growth & earnings
Revenue 86.8% · PAT 100% · OPM change -6.3 pp
88% evidence
5.0/25Capital efficiency
ROCE 11.5% · debt/equity 2.64×
100% evidence
9.0/20Valuation
P/E 164× · PEG —
15% evidence
9.6/20Relative strength
RS sector -0.9% · RS bench 28.4% · 1Y 113.4%
100% evidence
15. Bharat Electronics Ltd · BEL
46.4/100 · Mixed-negative evidence · 96% evidence
Exact sum: 15.8 + 19.6 + 8.1 + 2.9 = 46.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15.8/35Growth & earnings
Revenue 16.1% · PAT 13.9% · OPM change -2 pp
88% evidence
19.6/25Capital efficiency
ROCE 36.5% · debt/equity 0×
100% evidence
8.1/20Valuation
P/E 48.8× · PEG 2.55
100% evidence
2.9/20Relative strength
RS sector -26.3% · RS bench -2.3% · 1Y 3.7%
100% evidence
16. Mishra Dhatu Nigam Ltd · MIDHANI
45.1/100 · Mixed-negative evidence · 96% evidence
Exact sum: 16.1 + 13.9 + 7.3 + 7.8 = 45.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16.1/35Growth & earnings
Revenue 12.6% · PAT 18.9% · OPM change -2 pp
88% evidence
13.9/25Capital efficiency
ROCE 11.3% · debt/equity 0.27×
100% evidence
7.3/20Valuation
P/E 56× · PEG 5.62
100% evidence
7.8/20Relative strength
RS sector -17.2% · RS bench 8.8% · 1Y -2.7%
100% evidence
17. Zen Technologies Ltd · ZENTEC
42.1/100 · Mixed-negative evidence · 70% evidence
Exact sum: 4.9 + 17.3 + 10.3 + 9.6 = 42.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4.9/35Growth & earnings
Revenue -23.4% · PAT -27.8% · OPM change -14 pp
95% evidence
17.3/25Capital efficiency
ROCE 16.2% · debt/equity 0.01×
80% evidence
10.3/20Valuation
P/E 87.9× · PEG —
15% evidence
9.6/20Relative strength
RS sector -6.1% · RS bench 16.7% · 1Y -5.9%
70% evidence
18. Dynamatic Technologies Ltd · DYNAMATECH
41.7/100 · Mixed-negative evidence · 89% evidence
Exact sum: 16.2 + 9.1 + 10.6 + 5.8 = 41.7
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16.2/35Growth & earnings
Revenue 15.5% · PAT -23.3% · OPM change 1 pp
88% evidence
9.1/25Capital efficiency
ROCE 10% · debt/equity 0.8×
100% evidence
10.6/20Valuation
P/E 142× · PEG 1.42
65% evidence
5.8/20Relative strength
RS sector -14% · RS bench 12.3% · 1Y 41.9%
100% evidence
19. Avantel Ltd · AVANTEL
38.1/100 · Mixed-negative evidence · 77% evidence
Exact sum: 10 + 11.1 + 8.7 + 8.3 = 38.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10.0/35Growth & earnings
Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp
100% evidence
11.1/25Capital efficiency
ROCE 9.6% · debt/equity 0.1×
100% evidence
8.7/20Valuation
P/E 253× · PEG —
15% evidence
8.3/20Relative strength
RS sector -11.5% · RS bench 6.5% · 1Y 12.5%
70% evidence
20. NIBE Ltd · NIBE
33.8/100 · Adverse evidence · 66% evidence
Exact sum: 9.6 + 9 + 8.5 + 6.7 = 33.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9.6/35Growth & earnings
Revenue -6.7% · PAT -80% · OPM change 3 pp
83% evidence
9.0/25Capital efficiency
ROCE 4.8% · debt/equity 0.34×
80% evidence
8.5/20Valuation
P/E 414× · PEG —
15% evidence
6.7/20Relative strength
RS sector -29.4% · RS bench 21.4% · 1Y -9.7%
70% evidence
21. Bharat Dynamics Ltd · BDL
31.9/100 · Adverse evidence · 83% evidence
Exact sum: 7.6 + 15.2 + 5 + 4.1 = 31.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7.6/35Growth & earnings
Revenue -27% · PAT -23.6% · OPM change -5 pp
88% evidence
15.2/25Capital efficiency
ROCE 13.8% · debt/equity 0×
100% evidence
5.0/20Valuation
P/E 108× · PEG 4.44
65% evidence
4.1/20Relative strength
RS sector -22% · RS bench -12.2% · 1Y -24.9%
70% evidence
22. BEML Ltd · BEML
29.6/100 · Adverse evidence · 90% evidence
Exact sum: 6.5 + 8.1 + 9.6 + 5.4 = 29.6
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6.5/35Growth & earnings
Revenue 8.1% · PAT -51.5% · OPM change -11 pp
88% evidence
8.1/25Capital efficiency
ROCE 7.7% · debt/equity 0.1×
100% evidence
9.6/20Valuation
P/E 101× · PEG 1.18
100% evidence
5.4/20Relative strength
RS sector -19.5% · RS bench -3% · 1Y -17.6%
70% evidence
23. DCX Systems Ltd · DCXINDIA
29.2/100 · Adverse evidence · 67% evidence
Exact sum: 8 + 7.8 + 10 + 3.4 = 29.2
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8.0/35Growth & earnings
Revenue -31.4% · PAT -80% · OPM change -2 pp
83% evidence
7.8/25Capital efficiency
ROCE 0.9% · debt/equity 0×
95% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
3.4/20Relative strength
RS sector -26.7% · RS bench -9.9% · 1Y -31.1%
70% evidence
24. Aequs Ltd · AEQUS
40.5/100 · Thin evidence · provisional · 48% evidence
Exact sum: 15.2 + 5.3 + 10 + 10 = 40.5
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15.2/35Growth & earnings
Revenue 34.8% · PAT — · OPM change -9 pp
65% evidence
5.3/25Capital efficiency
ROCE 1.6% · debt/equity 0.47×
100% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
10.0/20Relative strength
RS sector — · RS bench — · 1Y —
0% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Hindustan Aeronautics Ltd has the highest Revenue among the 24 Aerospace & Defence - Equipments companies compared here, at ₹33,089 crore. Bharat Electronics Ltd is next at ₹27,610 crore. Jaykay Enterprises Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Hindustan Aeronautics Ltd is the scale leader at ₹33,089 crore, 19.8% ahead of Bharat Electronics Ltd. Jaykay Enterprises Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 195.1% from a ₹239 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderHindustan Aeronautics Ltd · ₹33,089 crore
Gap19.8% versus #2 · Bharat Electronics Ltd
Persistence7/8 recent comparable periods
Coverage24/24 companies · 393 observations
Investor read: Hindustan Aeronautics Ltd is the scale benchmark; Jaykay Enterprises Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Hindustan Aeronautics Ltd's growth falls below Jaykay Enterprises Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Hindustan Aeronautics Ltd HAL₹33.1K Cr
2Bharat Electronics Ltd BEL₹27.6K Cr
3BEML Ltd BEML₹4.4K Cr
4Bharat Dynamics Ltd BDL₹2.4K Cr
5Dynamatic Technologies Ltd DYNAMATECH₹1.6K Cr
Revenue growthfastest growers
1Jaykay Enterprises Ltd JAYKAY⚠ unverified100%
2Sigma Advanced System Ltd SIGMAADV100%
3Rossell Techsys Ltd ROSSTECH87%
4Vinyas Innovative Technologies Ltd VINYAS⚠ unverified65%
5Apollo Micro Systems Ltd APOLLO61%
Revenue · company comparison
24/24 level · 24/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Hindustan Aeronautics Ltd HAL | ₹13.9K Cr | 1.8% | Mar 2026 |
| Bharat Electronics Ltd BEL | ₹10.2K Cr | 12% | Mar 2026 |
| BEML Ltd BEML | ₹1.8K Cr | 8.5% | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | ₹553 Cr | 35% | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | ₹488 Cr | 20% | Mar 2026 |
| Bharat Dynamics Ltd BDL | ₹480 Cr | -73% | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | ₹433 Cr | 14% | Mar 2026 |
| Aequs Ltd AEQUS | ₹367 Cr | 47% | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | ₹345 Cr | -13% | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | ₹323 Cr | 467% | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | ₹306 Cr | 67% | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹302 Cr | 22% | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | ₹293 Cr | 81% | Mar 2026 |
| AXISCADES Technologies Ltd 532395 | ₹273 Cr | 1.9% | Mar 2026 |
| NIBE Ltd NIBE | ₹260 Cr | 130% | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹207 Cr | -62% | Mar 2026 |
| Paras Defence and Space Technologies Ltd PARAS | ₹171 Cr | 58% | Mar 2026 |
| Azad Engineering Ltd AZAD | ₹162 Cr | 28% | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | ₹142 Cr | 62% | Mar 2026 |
| Zen Technologies Ltd ZENTEC | ₹142 Cr | -10% | Jun 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹141 Cr | 605% | Mar 2026 |
| Avantel Ltd AVANTEL | ₹70 Cr | 36% | Jun 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹61 Cr | 455% | Mar 2026 |
| Sika Interplant Systems Ltd SIKA | ₹41 Cr | -10% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
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—
—
—
—
₹229 Cr
₹229 Cr
₹216 Cr
₹249 Cr
₹269 Cr
₹282 Cr
₹326 Cr
₹367 Cr
—
Apollo Micro Systems Ltd · APOLLO
₹46 Cr
₹65 Cr
₹106 Cr
₹56 Cr
₹52 Cr
₹82 Cr
₹107 Cr
₹58 Cr
₹87 Cr
₹91 Cr
₹135 Cr
₹91 Cr
₹161 Cr
₹148 Cr
₹162 Cr
₹134 Cr
₹225 Cr
₹252 Cr
₹293 Cr
—
Astra Microwave Products Ltd · ASTRAMICRO
₹182 Cr
₹203 Cr
₹237 Cr
₹162 Cr
₹175 Cr
₹220 Cr
₹258 Cr
₹134 Cr
₹190 Cr
₹231 Cr
₹354 Cr
₹155 Cr
₹230 Cr
₹259 Cr
₹408 Cr
₹200 Cr
₹215 Cr
₹260 Cr
₹488 Cr
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹60 Cr
₹85 Cr
₹76 Cr
₹83 Cr
₹89 Cr
₹93 Cr
₹98 Cr
₹112 Cr
₹120 Cr
₹127 Cr
₹137 Cr
₹146 Cr
₹159 Cr
₹162 Cr
—
BEML Ltd · BEML
₹1.0K Cr
₹1.1K Cr
₹1.8K Cr
₹669 Cr
₹805 Cr
₹1.0K Cr
₹1.4K Cr
₹577 Cr
₹917 Cr
₹1.0K Cr
₹1.5K Cr
₹634 Cr
₹860 Cr
₹876 Cr
₹1.7K Cr
₹634 Cr
₹839 Cr
₹1.1K Cr
₹1.8K Cr
—
Bharat Dynamics Ltd · BDL
₹504 Cr
₹804 Cr
₹1.4K Cr
₹695 Cr
₹535 Cr
₹462 Cr
₹798 Cr
₹298 Cr
₹616 Cr
₹602 Cr
₹854 Cr
₹191 Cr
₹545 Cr
₹832 Cr
₹1.8K Cr
₹248 Cr
₹1.1K Cr
₹567 Cr
₹480 Cr
—
Bharat Electronics Ltd · BEL
₹3.7K Cr
₹3.7K Cr
₹6.3K Cr
₹3.1K Cr
₹4.0K Cr
₹4.2K Cr
₹6.5K Cr
₹3.5K Cr
₹4.0K Cr
₹4.2K Cr
₹8.6K Cr
₹4.2K Cr
₹4.6K Cr
₹5.8K Cr
₹9.2K Cr
₹4.4K Cr
₹5.8K Cr
₹7.2K Cr
₹10.2K Cr
—
Data Patterns (India) Ltd · DATAPATTNS
₹59 Cr
₹44 Cr
₹171 Cr
₹68 Cr
₹88 Cr
₹112 Cr
₹185 Cr
₹90 Cr
₹108 Cr
₹140 Cr
₹182 Cr
₹104 Cr
₹91 Cr
₹117 Cr
₹396 Cr
₹99 Cr
₹307 Cr
₹173 Cr
₹345 Cr
—
Hindustan Aeronautics Ltd · HAL
₹5.6K Cr
₹5.9K Cr
₹11.6K Cr
₹3.6K Cr
₹5.1K Cr
₹5.7K Cr
₹12.5K Cr
₹3.9K Cr
₹5.6K Cr
₹6.1K Cr
₹14.8K Cr
₹4.3K Cr
₹6.0K Cr
₹7.0K Cr
₹13.7K Cr
₹4.8K Cr
₹6.6K Cr
₹7.7K Cr
₹13.9K Cr
—
MTAR Technologies Ltd · MTARTECH
₹91 Cr
₹78 Cr
₹99 Cr
₹91 Cr
₹126 Cr
₹160 Cr
₹196 Cr
₹153 Cr
₹167 Cr
₹118 Cr
₹143 Cr
₹128 Cr
₹190 Cr
₹174 Cr
₹183 Cr
₹157 Cr
₹136 Cr
₹278 Cr
₹306 Cr
—
Sigma Advanced System Ltd · SIGMAADV
₹13 Cr
₹13 Cr
₹14 Cr
₹2 Cr
—
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹19 Cr
₹57 Cr
₹0 Cr
₹18 Cr
₹146 Cr
₹323 Cr
—
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
₹52 Cr
₹96 Cr
₹132 Cr
₹66 Cr
₹100 Cr
₹141 Cr
₹255 Cr
₹242 Cr
₹152 Cr
₹325 Cr
₹158 Cr
₹174 Cr
₹178 Cr
₹178 Cr
₹142 Cr
Revenue growth · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
17%
23%
51%
47%
—
Apollo Micro Systems Ltd · APOLLO
—
—
—
107%
13%
26%
0.9%
3.6%
67%
11%
26%
57%
85%
63%
20%
47%
40%
70%
81%
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
25%
-3.9%
8.4%
8.9%
-17%
8.6%
5.0%
37%
16%
21%
12%
15%
29%
-6.5%
0.4%
20%
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
48%
9.4%
29%
35%
35%
37%
40%
30%
33%
28%
—
BEML Ltd · BEML
—
—
—
48%
-20%
-8.5%
-21%
-14%
14%
1.0%
9.1%
9.9%
-6.2%
-16%
9.2%
0.0%
-2.4%
24%
8.5%
—
Bharat Dynamics Ltd · BDL
—
—
—
439%
6.2%
-43%
-42%
-57%
15%
30%
7.0%
-36%
-12%
38%
108%
30%
110%
-32%
-73%
—
Bharat Electronics Ltd · BEL
—
—
—
90%
7.7%
12%
2.2%
12%
1.2%
0.2%
32%
20%
15%
39%
6.8%
4.6%
26%
24%
12%
—
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
84%
49%
155%
8.2%
32%
23%
25%
-1.6%
16%
-16%
-16%
118%
-4.8%
237%
48%
-13%
—
Hindustan Aeronautics Ltd · HAL
—
—
—
124%
-7.3%
-3.8%
8.1%
8.1%
9.5%
7.0%
18%
11%
6.0%
15%
-7.2%
11%
11%
11%
1.8%
—
MTAR Technologies Ltd · MTARTECH
—
—
—
69%
38%
105%
98%
68%
33%
-26%
-27%
-16%
14%
47%
28%
23%
-28%
60%
67%
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
-85%
—
-100%
-100%
-100%
—
—
—
—
—
—
—
—
—
668%
467%
—
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
—
—
—
—
92%
47%
93%
267%
52%
131%
-38%
-28%
17%
-45%
-10%
02 · compare level, then change
Operating Economics & Margin Trend
Data Patterns (India) Ltd has the highest OPM among the 24 Aerospace & Defence - Equipments companies compared here, at 56%. Ideaforge Technology Ltd is next at 44%. Ideaforge Technology Ltd has the highest Margin change at +152 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.
What the numbers say: Data Patterns (India) Ltd leads opm at 56%; Ideaforge Technology Ltd leads margin change at +152 percentage points.
LeaderData Patterns (India) Ltd · 56%
Gap27.3% versus #2 · Ideaforge Technology Ltd
Persistence4/8 recent comparable periods
Coverage24/24 companies · 414 observations
Investor read: Data Patterns (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Data Patterns (India) Ltd DATAPATTNS56%
2Ideaforge Technology Ltd IDEAFORGE44%
3Azad Engineering Ltd AZAD38%
4Hindustan Aeronautics Ltd HAL36%
5Astra Microwave Products Ltd ASTRAMICRO33%
Margin changefastest expanders
1Ideaforge Technology Ltd IDEAFORGE+152.0 pp
2Jaykay Enterprises Ltd JAYKAY⚠ unverified+34.0 pp
3Data Patterns (India) Ltd DATAPATTNS+18.0 pp
4Sika Interplant Systems Ltd SIKA+7.9 pp
5Avantel Ltd AVANTEL+4.6 pp
Operating margin · company comparison
24/24 level · 24/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Data Patterns (India) Ltd DATAPATTNS | 56% | +18.0 pp | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | 44% | +152.0 pp | Mar 2026 |
| Azad Engineering Ltd AZAD | 38% | +2.0 pp | Mar 2026 |
| Hindustan Aeronautics Ltd HAL | 36% | −3.0 pp | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 33% | +4.0 pp | Mar 2026 |
| Bharat Electronics Ltd BEL | 29% | −2.0 pp | Mar 2026 |
| Zen Technologies Ltd ZENTEC | 27% | −14.0 pp | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | 25% | +7.9 pp | Mar 2026 |
| Paras Defence and Space Technologies Ltd PARAS | 25% | −1.0 pp | Mar 2026 |
| Avantel Ltd AVANTEL | 25% | +4.6 pp | Jun 2026 |
| Apollo Micro Systems Ltd APOLLO | 23% | +1.0 pp | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 21% | −2.0 pp | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | 20% | +1.0 pp | Mar 2026 |
| NIBE Ltd NIBE | 20% | +3.0 pp | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | 17% | −12.0 pp | Mar 2026 |
| BEML Ltd BEML | 15% | −11.0 pp | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | 13% | +3.0 pp | Mar 2026 |
| AXISCADES Technologies Ltd 532395 | 12% | −1.7 pp | Mar 2026 |
| Bharat Dynamics Ltd BDL | 12% | −5.0 pp | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | 11% | −6.3 pp | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 11% | +1.0 pp | Mar 2026 |
| Aequs Ltd AEQUS | 1.0% | −9.0 pp | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | -0.2% | −2.0 pp | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | -10% | +34.0 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
-2.5%
9.0%
3.0%
10%
-0.1%
10%
9.0%
1.0%
—
Apollo Micro Systems Ltd · APOLLO
22%
19%
16%
18%
18%
24%
21%
22%
21%
26%
21%
25%
20%
26%
22%
31%
26%
20%
23%
—
Astra Microwave Products Ltd · ASTRAMICRO
6.5%
13%
10%
14%
22%
23%
13%
2.0%
22%
29%
23%
15%
21%
29%
29%
20%
22%
32%
33%
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
29%
36%
35%
32%
37%
34%
34%
36%
36%
36%
36%
36%
39%
38%
—
BEML Ltd · BEML
2.7%
9.9%
14%
-8.3%
5.2%
9.0%
21%
-9.0%
6.0%
5.0%
24%
-8.0%
8.0%
7.0%
26%
-8.0%
9.0%
0.0%
15%
—
Bharat Dynamics Ltd · BDL
13%
36%
29%
6.1%
18%
19%
23%
-11%
22%
20%
37%
-27%
18%
15%
17%
-18%
16%
5.0%
12%
—
Bharat Electronics Ltd · BEL
23%
22%
25%
17%
22%
21%
28%
19%
25%
26%
27%
22%
30%
29%
31%
28%
29%
30%
29%
—
Data Patterns (India) Ltd · DATAPATTNS
35%
36%
51%
31%
34%
42%
40%
31%
38%
43%
51%
36%
38%
46%
38%
32%
22%
47%
56%
—
Hindustan Aeronautics Ltd · HAL
22%
24%
22%
23%
32%
17%
26%
22%
27%
24%
40%
23%
27%
24%
39%
27%
24%
24%
36%
—
MTAR Technologies Ltd · MTARTECH
32%
29%
28%
27%
28%
28%
25%
23%
22%
20%
13%
13%
19%
19%
19%
18%
13%
23%
20%
—
Sigma Advanced System Ltd · SIGMAADV
-25%
-9.0%
-100%
-272%
—
—
—
—
—
—
—
—
—
-2.0%
29%
91%
6.0%
5.0%
17%
—
Zen Technologies Ltd · ZENTEC
-1.0%
5.7%
17%
29%
30%
32%
37%
52%
29%
43%
36%
44%
33%
29%
42%
41%
37%
37%
28%
27%
Margin change · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+2.4 pp
+1.0 pp
+6.0 pp
−9.0 pp
—
Apollo Micro Systems Ltd · APOLLO
+5.5 pp
−8.2 pp
−0.1 pp
−9.1 pp
−4.0 pp
+5.3 pp
+5.4 pp
+4.4 pp
+3.4 pp
+2.0 pp
0.0 pp
+3.0 pp
−1.0 pp
0.0 pp
+1.0 pp
+6.0 pp
+6.0 pp
−6.0 pp
+1.0 pp
—
Astra Microwave Products Ltd · ASTRAMICRO
+5.7 pp
+0.5 pp
−9.4 pp
−5.6 pp
+15.7 pp
+10.2 pp
+2.8 pp
−11.7 pp
−0.2 pp
+6.0 pp
+10.0 pp
+13.0 pp
−1.0 pp
0.0 pp
+6.0 pp
+5.0 pp
+1.0 pp
+3.0 pp
+4.0 pp
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
+8.0 pp
−2.0 pp
−1.0 pp
+4.0 pp
−1.0 pp
+2.0 pp
+2.0 pp
0.0 pp
+3.0 pp
+2.0 pp
—
BEML Ltd · BEML
−3.0 pp
+4.0 pp
+2.2 pp
+9.9 pp
+2.5 pp
−0.9 pp
+7.4 pp
−0.7 pp
+0.8 pp
−4.0 pp
+3.0 pp
+1.0 pp
+2.0 pp
+2.0 pp
+2.0 pp
0.0 pp
+1.0 pp
−7.0 pp
−11.0 pp
—
Bharat Dynamics Ltd · BDL
−5.6 pp
+23.1 pp
−1.0 pp
+32.2 pp
+4.4 pp
−17.0 pp
−6.3 pp
−17.1 pp
+4.5 pp
+1.0 pp
+14.0 pp
−16.0 pp
−4.0 pp
−5.0 pp
−20.0 pp
+9.0 pp
−2.0 pp
−10.0 pp
−5.0 pp
—
Bharat Electronics Ltd · BEL
+3.9 pp
+2.7 pp
−3.8 pp
+12.4 pp
−1.6 pp
−1.4 pp
+3.1 pp
+2.4 pp
+3.1 pp
+5.0 pp
−1.0 pp
+3.0 pp
+5.0 pp
+3.0 pp
+4.0 pp
+6.0 pp
−1.0 pp
+1.0 pp
−2.0 pp
—
Data Patterns (India) Ltd · DATAPATTNS
—
+33.5 pp
−5.2 pp
−15.3 pp
−0.5 pp
+6.4 pp
−11.3 pp
−0.1 pp
+3.8 pp
+1.0 pp
+11.0 pp
+5.0 pp
0.0 pp
+3.0 pp
−13.0 pp
−4.0 pp
−16.0 pp
+1.0 pp
+18.0 pp
—
Hindustan Aeronautics Ltd · HAL
+1.1 pp
+1.9 pp
−3.4 pp
+8.0 pp
+9.2 pp
−7.2 pp
+4.4 pp
−0.8 pp
−4.5 pp
+7.0 pp
+14.0 pp
+1.0 pp
0.0 pp
0.0 pp
−1.0 pp
+4.0 pp
−3.0 pp
0.0 pp
−3.0 pp
—
MTAR Technologies Ltd · MTARTECH
−0.6 pp
−2.5 pp
−15.4 pp
+0.6 pp
−4.6 pp
−1.2 pp
−3.1 pp
−4.4 pp
−5.7 pp
−8.0 pp
−12.0 pp
−10.0 pp
−3.0 pp
−1.0 pp
+6.0 pp
+5.0 pp
−6.0 pp
+4.0 pp
+1.0 pp
—
Sigma Advanced System Ltd · SIGMAADV
−37.9 pp
−18.0 pp
−93.4 pp
−269.8 pp
—
—
—
—
—
—
—
—
—
—
—
—
—
+7.0 pp
−12.0 pp
—
Zen Technologies Ltd · ZENTEC
−22.3 pp
−14.6 pp
+3.1 pp
+39.3 pp
+30.7 pp
+26.3 pp
+19.7 pp
+22.9 pp
−0.7 pp
+11.0 pp
−1.0 pp
−8.0 pp
+4.0 pp
−14.0 pp
+6.0 pp
−3.0 pp
+4.0 pp
+8.0 pp
−14.0 pp
−14.0 pp
03 · compare level, then change
Profit Scale & Acceleration
Hindustan Aeronautics Ltd has the highest Net profit among the 24 Aerospace & Defence - Equipments companies compared here, at ₹9,116 crore. Bharat Electronics Ltd is next at ₹6,062 crore. Rossell Techsys Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Hindustan Aeronautics Ltd leads with ₹9,116 crore of TTM profit, 50.4% above Bharat Electronics Ltd. Rossell Techsys Ltd shows ≥100% on the scoring scale (175.5% uncapped) growth from a ₹22 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderHindustan Aeronautics Ltd · ₹9,116 crore
Gap50.4% versus #2 · Bharat Electronics Ltd
Persistence6/8 recent comparable periods
Coverage24/24 companies · 394 observations
Investor read: Hindustan Aeronautics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Hindustan Aeronautics Ltd HAL₹9.1K Cr
2Bharat Electronics Ltd BEL₹6.1K Cr
3Bharat Dynamics Ltd BDL₹420 Cr
4Data Patterns (India) Ltd DATAPATTNS₹271 Cr
5Sigma Advanced System Ltd SIGMAADV₹267 Cr
Profit growthfastest growers
1Rossell Techsys Ltd ROSSTECH100%
2Sigma Advanced System Ltd SIGMAADV100%
3Vinyas Innovative Technologies Ltd VINYAS⚠ unverified100%
4Apollo Micro Systems Ltd APOLLO93%
5MTAR Technologies Ltd MTARTECH77%
Net profit · company comparison
24/24 level · 21/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Hindustan Aeronautics Ltd HAL | ₹4.2K Cr | 5.5% | Mar 2026 |
| Bharat Electronics Ltd BEL | ₹2.2K Cr | 4.7% | Mar 2026 |
| BEML Ltd BEML | ₹180 Cr | -38% | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹180 Cr | 40% | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | ₹138 Cr | 21% | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | ₹128 Cr | 1,322% | Mar 2026 |
| Bharat Dynamics Ltd BDL | ₹113 Cr | -59% | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | ₹106 Cr | 45% | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | ₹78 Cr | 39% | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹60 Cr | -2,500% | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | ₹44 Cr | 214% | Mar 2026 |
| Paras Defence and Space Technologies Ltd PARAS | ₹39 Cr | 86% | Mar 2026 |
| Azad Engineering Ltd AZAD | ₹37 Cr | 48% | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | ₹37 Cr | 164% | Mar 2026 |
| Zen Technologies Ltd ZENTEC | ₹32 Cr | -40% | Jun 2026 |
| NIBE Ltd NIBE | ₹28 Cr | 211% | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹22 Cr | 83% | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | ₹13 Cr | -19% | Mar 2026 |
| Sika Interplant Systems Ltd SIKA | ₹8 Cr | -1.0% | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | ₹8 Cr | 9.8% | Mar 2026 |
| Avantel Ltd AVANTEL | ₹5 Cr | 67% | Jun 2026 |
| AXISCADES Technologies Ltd 532395 | ₹0 Cr | -99% | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹-0 Cr | -101% | Mar 2026 |
| Aequs Ltd AEQUS | ₹-54 Cr | -700% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
₹-36 Cr
₹-36 Cr
₹-40 Cr
₹9 Cr
₹-8 Cr
₹-21 Cr
₹-43 Cr
₹-54 Cr
—
Apollo Micro Systems Ltd · APOLLO
₹3 Cr
₹3 Cr
₹8 Cr
₹2 Cr
₹3 Cr
₹7 Cr
₹7 Cr
₹2 Cr
₹7 Cr
₹10 Cr
₹13 Cr
₹8 Cr
₹16 Cr
₹18 Cr
₹14 Cr
₹18 Cr
₹30 Cr
₹23 Cr
₹37 Cr
—
Astra Microwave Products Ltd · ASTRAMICRO
₹3 Cr
₹11 Cr
₹11 Cr
₹8 Cr
₹21 Cr
₹28 Cr
₹14 Cr
₹-7 Cr
₹30 Cr
₹43 Cr
₹54 Cr
₹7 Cr
₹25 Cr
₹47 Cr
₹73 Cr
₹16 Cr
₹24 Cr
₹47 Cr
₹106 Cr
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹4 Cr
₹15 Cr
₹7 Cr
₹19 Cr
₹17 Cr
₹15 Cr
₹17 Cr
₹21 Cr
₹24 Cr
₹25 Cr
₹29 Cr
₹33 Cr
₹35 Cr
₹37 Cr
—
BEML Ltd · BEML
₹11 Cr
₹79 Cr
₹134 Cr
₹-82 Cr
₹16 Cr
₹66 Cr
₹158 Cr
₹-75 Cr
₹52 Cr
₹48 Cr
₹257 Cr
₹-70 Cr
₹51 Cr
₹24 Cr
₹288 Cr
₹-64 Cr
₹48 Cr
₹-22 Cr
₹180 Cr
—
Bharat Dynamics Ltd · BDL
₹43 Cr
₹213 Cr
₹264 Cr
₹40 Cr
₹76 Cr
₹84 Cr
₹153 Cr
₹42 Cr
₹147 Cr
₹135 Cr
₹289 Cr
₹7 Cr
₹123 Cr
₹147 Cr
₹273 Cr
₹18 Cr
₹216 Cr
₹73 Cr
₹113 Cr
—
Bharat Electronics Ltd · BEL
₹624 Cr
₹596 Cr
₹1.2K Cr
₹366 Cr
₹624 Cr
₹614 Cr
₹1.4K Cr
₹539 Cr
₹790 Cr
₹860 Cr
₹1.8K Cr
₹791 Cr
₹1.1K Cr
₹1.3K Cr
₹2.1K Cr
₹969 Cr
₹1.3K Cr
₹1.6K Cr
₹2.2K Cr
—
Data Patterns (India) Ltd · DATAPATTNS
₹13 Cr
₹9 Cr
₹62 Cr
₹14 Cr
₹21 Cr
₹33 Cr
₹55 Cr
₹26 Cr
₹34 Cr
₹51 Cr
₹71 Cr
₹33 Cr
₹30 Cr
₹45 Cr
₹114 Cr
₹26 Cr
₹49 Cr
₹58 Cr
₹138 Cr
—
Hindustan Aeronautics Ltd · HAL
₹847 Cr
₹933 Cr
₹3.1K Cr
₹620 Cr
₹1.2K Cr
₹1.2K Cr
₹2.8K Cr
₹814 Cr
₹1.2K Cr
₹1.3K Cr
₹4.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.4K Cr
₹4.0K Cr
₹1.4K Cr
₹1.7K Cr
₹1.9K Cr
₹4.2K Cr
—
MTAR Technologies Ltd · MTARTECH
₹19 Cr
₹13 Cr
₹20 Cr
₹16 Cr
₹25 Cr
₹31 Cr
₹31 Cr
₹20 Cr
₹20 Cr
₹10 Cr
₹5 Cr
₹4 Cr
₹19 Cr
₹16 Cr
₹14 Cr
₹11 Cr
₹4 Cr
₹35 Cr
₹44 Cr
—
Sigma Advanced System Ltd · SIGMAADV
₹0 Cr
₹1 Cr
₹1 Cr
₹2 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹-3 Cr
₹-5 Cr
₹-8 Cr
₹-17 Cr
₹-14 Cr
₹7 Cr
₹9 Cr
₹136 Cr
₹4 Cr
₹-1 Cr
₹128 Cr
—
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
₹12 Cr
₹23 Cr
₹48 Cr
₹14 Cr
₹30 Cr
₹38 Cr
₹79 Cr
₹63 Cr
₹43 Cr
₹114 Cr
₹53 Cr
₹62 Cr
₹56 Cr
₹47 Cr
₹32 Cr
Profit growth · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-700%
—
Apollo Micro Systems Ltd · APOLLO
—
—
—
100%
0.0%
133%
-13%
0.0%
133%
43%
86%
300%
129%
80%
7.7%
125%
88%
28%
164%
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
-33%
600%
155%
27%
-188%
43%
54%
286%
—
-17%
9.3%
35%
129%
-4.0%
0.0%
45%
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
325%
0.0%
143%
11%
41%
67%
71%
57%
46%
48%
—
BEML Ltd · BEML
—
—
—
—
45%
-16%
18%
—
225%
-27%
63%
—
-1.9%
-50%
12%
—
-5.9%
-192%
-38%
—
Bharat Dynamics Ltd · BDL
—
—
—
—
77%
-61%
-42%
5.0%
93%
61%
89%
-83%
-16%
8.9%
-5.5%
157%
76%
-50%
-59%
—
Bharat Electronics Ltd · BEL
—
—
—
1,425%
0.0%
3.0%
20%
47%
27%
40%
30%
47%
38%
53%
18%
23%
18%
20%
4.7%
—
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
40%
62%
267%
-11%
86%
62%
55%
29%
27%
-12%
-12%
61%
-21%
63%
29%
21%
—
Hindustan Aeronautics Ltd · HAL
—
—
—
218%
44%
24%
-8.8%
31%
1.3%
9.3%
52%
77%
22%
14%
-7.7%
-3.7%
11%
30%
5.5%
—
MTAR Technologies Ltd · MTARTECH
—
—
—
78%
32%
138%
55%
25%
-20%
-68%
-84%
-80%
-5.0%
60%
180%
175%
-79%
119%
214%
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
0.0%
—
106%
200%
50%
-250%
-343%
-367%
-667%
—
—
—
—
—
-114%
1,322%
—
Zen Technologies Ltd · ZENTEC
—
—
—
—
—
—
—
—
—
150%
65%
65%
350%
43%
200%
-33%
-1.6%
30%
-59%
-40%
04 · compare level, then change
Capacity Spending & Returns On It
Aequs Ltd has the highest CAPEX among the 24 Aerospace & Defence - Equipments companies compared here, at ₹100 crore. Vinyas Innovative Technologies Ltd is next at ₹17 crore. The same company also holds the highest CAPEX intensity, at 35.5%. 5 of 24 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Aequs Ltd reports ₹100 crore of CAPEX; Aequs Ltd has the highest covered intensity at 35.5%. Coverage is only 5 of 24 companies and 19 reported observations, so this is partial evidence—not a complete sector rank.
LeaderAequs Ltd · ₹100 crore
Gap488.2% versus #2 · Vinyas Innovative Technologies Ltd
Persistence4/4 recent comparable periods
Coverage5/24 companies · 19 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Aequs Ltd AEQUS₹100 Cr
2Vinyas Innovative Technologies Ltd VINYAS⚠ unverified₹17 Cr
3Ideaforge Technology Ltd IDEAFORGE₹3 Cr
4Azad Engineering Ltd AZAD₹1 Cr
5DCX Systems Ltd DCXINDIA⚠ unverified₹0 Cr
CAPEX intensityhighest reinvestment intensity
1Aequs Ltd AEQUS36%
2Vinyas Innovative Technologies Ltd VINYAS⚠ unverified5.6%
3Ideaforge Technology Ltd IDEAFORGE4.0%
4Azad Engineering Ltd AZAD1.2%
Capital expenditure · company comparison
5/24 level · 4/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: Zen Technologies Ltd (ZENTEC) — its two data sources disagree by up to 32% on reported income across 14 comparable periods, so its derived ratios are withheld; Paras Defence and Space Technologies Ltd (PARAS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; NIBE Ltd (NIBE) — its two data sources disagree by up to 9.5% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Aequs Ltd AEQUS | ₹100 Cr | 36% | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹17 Cr | 5.6% | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹3 Cr | 4.0% | Mar 2026 |
| Azad Engineering Ltd AZAD | ₹1 Cr | 1.2% | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹0 Cr | — | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
₹61 Cr
₹61 Cr
—
—
₹100 Cr
₹100 Cr
—
—
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
₹20 Cr
₹1 Cr
—
—
—
—
—
—
—
—
—
—
—
DCX Systems Ltd · DCXINDIA⚠ unverified
₹1 Cr
—
₹0 Cr
₹0 Cr
₹0 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Ideaforge Technology Ltd · IDEAFORGE
₹3 Cr
₹3 Cr
₹3 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Vinyas Innovative Technologies Ltd · VINYAS⚠ unverified
—
—
—
—
—
—
—
—
₹3 Cr
—
₹28 Cr
—
₹1 Cr
—
₹2 Cr
—
₹18 Cr
—
₹17 Cr
—
CAPEX intensity · reported quarter history
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
27%
27%
—
—
37%
36%
—
—
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
26%
1.2%
—
—
—
—
—
—
—
—
—
—
—
Ideaforge Technology Ltd · IDEAFORGE
60%
4.0%
4.0%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Vinyas Innovative Technologies Ltd · VINYAS⚠ unverified
—
—
—
—
—
—
—
—
2.2%
—
16%
—
0.7%
—
0.8%
—
8.5%
—
5.6%
—
Annual capital allocation · 10-year view
24/24 capacity base · 24/24 OCF · 24/24 CAPEX · 24/24 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
₹686 Cr
₹835 Cr
₹920 Cr
₹1.1K Cr
Apollo Micro Systems Ltd · APOLLO
—
—
—
₹87 Cr
₹101 Cr
₹116 Cr
₹138 Cr
₹179 Cr
₹254 Cr
₹673 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹187 Cr
₹195 Cr
₹180 Cr
₹173 Cr
₹153 Cr
₹160 Cr
₹169 Cr
₹183 Cr
₹232 Cr
₹276 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
₹121 Cr
₹168 Cr
₹255 Cr
₹302 Cr
₹516 Cr
₹1.0K Cr
BEML Ltd · BEML
₹662 Cr
₹663 Cr
₹656 Cr
₹636 Cr
₹615 Cr
₹635 Cr
₹528 Cr
₹565 Cr
₹687 Cr
₹981 Cr
Bharat Dynamics Ltd · BDL
₹893 Cr
₹998 Cr
₹1.0K Cr
₹974 Cr
₹937 Cr
₹915 Cr
₹883 Cr
₹897 Cr
₹1.1K Cr
₹1.2K Cr
Bharat Electronics Ltd · BEL
₹2.2K Cr
₹2.8K Cr
₹3.1K Cr
₹3.5K Cr
₹3.5K Cr
₹3.7K Cr
₹3.8K Cr
₹3.9K Cr
₹4.5K Cr
₹4.9K Cr
Data Patterns (India) Ltd · DATAPATTNS
₹24 Cr
₹23 Cr
₹36 Cr
₹33 Cr
₹33 Cr
₹64 Cr
₹113 Cr
₹198 Cr
₹296 Cr
₹334 Cr
Hindustan Aeronautics Ltd · HAL
₹8.7K Cr
₹9.0K Cr
₹9.0K Cr
₹9.4K Cr
₹9.6K Cr
₹9.2K Cr
₹8.7K Cr
₹9.2K Cr
₹9.8K Cr
₹10.6K Cr
MTAR Technologies Ltd · MTARTECH
₹156 Cr
₹154 Cr
₹168 Cr
₹167 Cr
₹178 Cr
₹240 Cr
₹355 Cr
₹414 Cr
₹492 Cr
₹548 Cr
Sigma Advanced System Ltd · SIGMAADV
₹187 Cr
₹199 Cr
₹239 Cr
₹243 Cr
₹248 Cr
₹204 Cr
₹179 Cr
₹187 Cr
₹200 Cr
₹334 Cr
Zen Technologies Ltd · ZENTEC
₹62 Cr
—
₹63 Cr
₹73 Cr
₹70 Cr
₹70 Cr
₹77 Cr
₹104 Cr
₹215 Cr
₹254 Cr
Operating cash flow · fiscal-year history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
₹-1 Cr
₹10 Cr
₹-19 Cr
₹26 Cr
₹-99 Cr
Apollo Micro Systems Ltd · APOLLO
—
—
—
₹47 Cr
₹6 Cr
₹43 Cr
₹-16 Cr
₹-76 Cr
₹10 Cr
₹-130 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹14 Cr
₹179 Cr
₹1 Cr
₹-7 Cr
₹-25 Cr
₹115 Cr
₹-25 Cr
₹-182 Cr
₹-90 Cr
₹387 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
₹5 Cr
₹21 Cr
₹-10 Cr
₹-7 Cr
₹54 Cr
₹-119 Cr
BEML Ltd · BEML
₹209 Cr
₹130 Cr
₹257 Cr
₹106 Cr
₹-301 Cr
₹51 Cr
₹560 Cr
₹458 Cr
₹183 Cr
₹118 Cr
Bharat Dynamics Ltd · BDL
₹-420 Cr
₹-342 Cr
₹84 Cr
₹504 Cr
₹1.1K Cr
₹530 Cr
₹2.1K Cr
₹412 Cr
₹167 Cr
₹604 Cr
Bharat Electronics Ltd · BEL
₹-61 Cr
₹-687 Cr
₹1.5K Cr
₹2.6K Cr
₹5.1K Cr
₹4.2K Cr
₹1.2K Cr
₹4.7K Cr
₹587 Cr
₹1.5K Cr
Data Patterns (India) Ltd · DATAPATTNS
₹9 Cr
₹11 Cr
₹-4 Cr
₹13 Cr
₹55 Cr
₹50 Cr
₹-17 Cr
₹139 Cr
₹-90 Cr
₹80 Cr
Hindustan Aeronautics Ltd · HAL
₹-404 Cr
₹-748 Cr
₹-7.7K Cr
₹1.5K Cr
₹15.3K Cr
₹10.2K Cr
₹8.8K Cr
₹8.2K Cr
₹13.6K Cr
₹10.9K Cr
MTAR Technologies Ltd · MTARTECH
—
₹14 Cr
₹42 Cr
₹56 Cr
₹9 Cr
₹-30 Cr
₹7 Cr
₹57 Cr
₹101 Cr
₹197 Cr
Sigma Advanced System Ltd · SIGMAADV
₹45 Cr
₹16 Cr
₹51 Cr
₹17 Cr
₹20 Cr
₹16 Cr
₹15 Cr
₹22 Cr
₹37 Cr
₹-225 Cr
Zen Technologies Ltd · ZENTEC
₹0 Cr
—
₹-49 Cr
₹62 Cr
₹6 Cr
₹-44 Cr
₹116 Cr
₹13 Cr
₹-146 Cr
₹245 Cr
CAPEX · reported cash flow · fiscal-year history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
₹257 Cr
₹188 Cr
₹367 Cr
Apollo Micro Systems Ltd · APOLLO
—
—
—
—
₹23 Cr
₹24 Cr
₹32 Cr
₹52 Cr
₹90 Cr
₹441 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹73 Cr
₹35 Cr
₹14 Cr
₹19 Cr
₹4 Cr
₹29 Cr
₹33 Cr
₹39 Cr
₹84 Cr
₹88 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹60 Cr
₹104 Cr
₹68 Cr
₹243 Cr
₹573 Cr
BEML Ltd · BEML
₹64 Cr
₹66 Cr
₹64 Cr
₹52 Cr
₹50 Cr
₹86 Cr
₹-43 Cr
₹101 Cr
₹193 Cr
₹377 Cr
Bharat Dynamics Ltd · BDL
₹132 Cr
₹168 Cr
₹88 Cr
₹66 Cr
₹58 Cr
₹68 Cr
₹45 Cr
₹81 Cr
₹261 Cr
₹166 Cr
Bharat Electronics Ltd · BEL
₹794 Cr
₹807 Cr
₹706 Cr
₹766 Cr
₹381 Cr
₹547 Cr
₹566 Cr
₹554 Cr
₹1.0K Cr
₹937 Cr
Data Patterns (India) Ltd · DATAPATTNS
₹1 Cr
₹2 Cr
₹19 Cr
₹2 Cr
₹6 Cr
₹38 Cr
₹57 Cr
₹101 Cr
₹112 Cr
₹61 Cr
Hindustan Aeronautics Ltd · HAL
₹1.5K Cr
₹1.2K Cr
₹958 Cr
₹1.4K Cr
₹1.3K Cr
₹781 Cr
₹1.3K Cr
₹1.9K Cr
₹1.9K Cr
₹2.2K Cr
MTAR Technologies Ltd · MTARTECH
₹7 Cr
₹9 Cr
₹25 Cr
₹11 Cr
₹24 Cr
₹76 Cr
₹134 Cr
₹82 Cr
₹110 Cr
₹91 Cr
Sigma Advanced System Ltd · SIGMAADV
₹-2 Cr
₹16 Cr
₹44 Cr
₹8 Cr
₹9 Cr
₹-40 Cr
₹-22 Cr
₹11 Cr
₹17 Cr
₹148 Cr
Zen Technologies Ltd · ZENTEC
₹7 Cr
—
—
₹15 Cr
₹2 Cr
₹5 Cr
₹13 Cr
₹37 Cr
₹126 Cr
₹63 Cr
Free cash flow · fiscal-year history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
₹-276 Cr
₹-162 Cr
₹-466 Cr
Apollo Micro Systems Ltd · APOLLO
—
—
—
—
₹-17 Cr
₹19 Cr
₹-48 Cr
₹-128 Cr
₹-80 Cr
₹-571 Cr
Astra Microwave Products Ltd · ASTRAMICRO
₹-59 Cr
₹144 Cr
₹-13 Cr
₹-26 Cr
₹-29 Cr
₹86 Cr
₹-58 Cr
₹-221 Cr
₹-174 Cr
₹299 Cr
Azad Engineering Ltd · AZAD
—
—
—
—
—
₹-39 Cr
₹-114 Cr
₹-75 Cr
₹-189 Cr
₹-692 Cr
BEML Ltd · BEML
₹145 Cr
₹64 Cr
₹193 Cr
₹54 Cr
₹-351 Cr
₹-35 Cr
₹603 Cr
₹357 Cr
₹-10 Cr
₹-259 Cr
Bharat Dynamics Ltd · BDL
₹-552 Cr
₹-510 Cr
₹-4 Cr
₹438 Cr
₹1.0K Cr
₹462 Cr
₹2.1K Cr
₹331 Cr
₹-94 Cr
₹438 Cr
Bharat Electronics Ltd · BEL
₹-855 Cr
₹-1.5K Cr
₹808 Cr
₹1.8K Cr
₹4.7K Cr
₹3.7K Cr
₹633 Cr
₹4.1K Cr
₹-422 Cr
₹604 Cr
Data Patterns (India) Ltd · DATAPATTNS
₹8 Cr
₹9 Cr
₹-23 Cr
₹11 Cr
₹49 Cr
₹12 Cr
₹-74 Cr
₹38 Cr
₹-202 Cr
₹19 Cr
Hindustan Aeronautics Ltd · HAL
₹-1.9K Cr
₹-2.0K Cr
₹-8.7K Cr
₹89 Cr
₹13.9K Cr
₹9.4K Cr
₹7.6K Cr
₹6.3K Cr
₹11.8K Cr
₹8.7K Cr
MTAR Technologies Ltd · MTARTECH
—
₹5 Cr
₹17 Cr
₹45 Cr
₹-15 Cr
₹-106 Cr
₹-127 Cr
₹-25 Cr
₹-9 Cr
₹106 Cr
Sigma Advanced System Ltd · SIGMAADV
₹47 Cr
₹0 Cr
₹7 Cr
₹9 Cr
₹11 Cr
₹56 Cr
₹37 Cr
₹11 Cr
₹20 Cr
₹-373 Cr
Zen Technologies Ltd · ZENTEC
₹-7 Cr
—
—
₹47 Cr
₹4 Cr
₹-49 Cr
₹103 Cr
₹-24 Cr
₹-272 Cr
₹182 Cr
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Bharat Dynamics Ltd has the lowest Gross debt among the 24 Aerospace & Defence - Equipments companies compared here, at ₹0 crore. Hindustan Aeronautics Ltd has the lowest Net debt at ₹46,186 crore net cash, so level and change sit with different companies. 24 of 24 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Hindustan Aeronautics Ltd has the clearest covered balance-sheet capacity with ₹46,186 crore net cash and gross debt of ₹11 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderBharat Dynamics Ltd · ₹0 crore
Gapnull versus #2 · Sika Interplant Systems Ltd
Persistence8/8 recent comparable periods
Coverage24/24 companies · 344 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Bharat Dynamics Ltd BDL₹0 Cr
2Sika Interplant Systems Ltd SIKA₹0 Cr
3DCX Systems Ltd DCXINDIA⚠ unverified₹3 Cr
4Data Patterns (India) Ltd DATAPATTNS₹5 Cr
5Hindustan Aeronautics Ltd HAL₹11 Cr
Net debtlowest net debt
1Hindustan Aeronautics Ltd HAL₹-46.2K Cr
2Bharat Electronics Ltd BEL₹-8.5K Cr
3Bharat Dynamics Ltd BDL₹-4.7K Cr
4DCX Systems Ltd DCXINDIA⚠ unverified₹-762 Cr
5Data Patterns (India) Ltd DATAPATTNS₹-418 Cr
Debt and balance-sheet capacity · company comparison
24/24 level · 20/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Aequs Ltd AEQUS | ₹701 Cr | ₹344 Cr | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | ₹638 Cr | ₹570 Cr | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | ₹543 Cr | ₹387 Cr | Mar 2026 |
| Azad Engineering Ltd AZAD | ₹474 Cr | ₹283 Cr | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | ₹409 Cr | ₹362 Cr | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | ₹407 Cr | ₹215 Cr | Mar 2026 |
| AXISCADES Technologies Ltd 532395 | ₹388 Cr | — | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | ₹377 Cr | ₹140 Cr | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | ₹332 Cr | ₹308 Cr | Mar 2026 |
| BEML Ltd BEML | ₹309 Cr | ₹273 Cr | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | ₹288 Cr | ₹35 Cr | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | ₹130 Cr | ₹113 Cr | Mar 2026 |
| NIBE Ltd NIBE | ₹120 Cr | — | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | ₹84 Cr | ₹-24 Cr | Mar 2026 |
| Bharat Electronics Ltd BEL | ₹65 Cr | ₹-8.5K Cr | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹39 Cr | ₹-10 Cr | Mar 2026 |
| Avantel Ltd AVANTEL | ₹34 Cr | ₹27 Cr | Jun 2026 |
| Paras Defence and Space Technologies Ltd PARAS | ₹27 Cr | — | Mar 2026 |
| Zen Technologies Ltd ZENTEC | ₹19 Cr | — | Jun 2026 |
| Hindustan Aeronautics Ltd HAL | ₹11 Cr | ₹-46.2K Cr | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | ₹5 Cr | ₹-418 Cr | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹3 Cr | ₹-762 Cr | Mar 2026 |
| Bharat Dynamics Ltd BDL | ₹0 Cr | ₹-4.7K Cr | Mar 2026 |
| Sika Interplant Systems Ltd SIKA | ₹0 Cr | ₹-31 Cr | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
₹664 Cr
—
—
—
₹1.1K Cr
₹699 Cr
—
—
₹785 Cr
₹869 Cr
₹869 Cr
₹869 Cr
₹701 Cr
—
Apollo Micro Systems Ltd · APOLLO
₹118 Cr
₹118 Cr
₹116 Cr
₹119 Cr
₹134 Cr
₹134 Cr
₹144 Cr
₹143 Cr
₹171 Cr
₹171 Cr
₹208 Cr
₹200 Cr
₹215 Cr
₹215 Cr
₹335 Cr
₹335 Cr
₹361 Cr
₹361 Cr
₹543 Cr
—
Astra Microwave Products Ltd · ASTRAMICRO
₹91 Cr
₹91 Cr
₹70 Cr
₹70 Cr
₹154 Cr
₹154 Cr
₹186 Cr
₹185 Cr
₹68 Cr
₹68 Cr
₹238 Cr
₹238 Cr
₹306 Cr
₹306 Cr
₹424 Cr
₹424 Cr
₹278 Cr
₹278 Cr
₹288 Cr
—
Azad Engineering Ltd · AZAD
—
—
₹197 Cr
—
—
—
₹301 Cr
₹325 Cr
₹327 Cr
₹327 Cr
₹39 Cr
₹39 Cr
₹163 Cr
₹163 Cr
₹263 Cr
₹263 Cr
₹312 Cr
₹312 Cr
₹474 Cr
—
BEML Ltd · BEML
₹845 Cr
₹845 Cr
₹832 Cr
₹832 Cr
₹646 Cr
₹646 Cr
₹381 Cr
₹381 Cr
₹391 Cr
₹391 Cr
₹71 Cr
₹71 Cr
₹649 Cr
₹649 Cr
₹229 Cr
₹229 Cr
₹666 Cr
₹666 Cr
₹309 Cr
—
Bharat Dynamics Ltd · BDL
₹7 Cr
₹7 Cr
₹10 Cr
₹7 Cr
₹6 Cr
₹6 Cr
₹9 Cr
₹5 Cr
₹4 Cr
₹4 Cr
₹8 Cr
₹4 Cr
₹3 Cr
₹3 Cr
₹7 Cr
₹2 Cr
₹1 Cr
₹1 Cr
₹0 Cr
—
Bharat Electronics Ltd · BEL
—
—
₹53 Cr
—
—
—
₹61 Cr
—
₹61 Cr
₹61 Cr
₹63 Cr
₹63 Cr
₹61 Cr
₹61 Cr
₹61 Cr
₹61 Cr
₹59 Cr
₹59 Cr
₹65 Cr
—
Data Patterns (India) Ltd · DATAPATTNS
₹56 Cr
—
₹9 Cr
₹9 Cr
₹14 Cr
₹14 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹4 Cr
₹4 Cr
₹7 Cr
₹7 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹5 Cr
—
Hindustan Aeronautics Ltd · HAL
₹6 Cr
₹6 Cr
₹49 Cr
₹49 Cr
₹3 Cr
₹3 Cr
₹52 Cr
₹52 Cr
₹1 Cr
₹1 Cr
₹50 Cr
₹50 Cr
₹1 Cr
₹1 Cr
₹51 Cr
₹51 Cr
₹11 Cr
₹11 Cr
₹11 Cr
—
MTAR Technologies Ltd · MTARTECH
₹55 Cr
₹55 Cr
₹96 Cr
₹96 Cr
₹134 Cr
₹134 Cr
₹143 Cr
₹143 Cr
₹250 Cr
₹250 Cr
₹191 Cr
₹191 Cr
₹184 Cr
₹184 Cr
₹177 Cr
₹177 Cr
₹186 Cr
₹186 Cr
₹377 Cr
—
Sigma Advanced System Ltd · SIGMAADV
—
—
₹29 Cr
₹25 Cr
₹149 Cr
₹149 Cr
₹146 Cr
₹146 Cr
₹148 Cr
₹148 Cr
₹147 Cr
₹147 Cr
₹143 Cr
₹143 Cr
₹139 Cr
₹139 Cr
₹4 Cr
₹4 Cr
₹332 Cr
—
Zen Technologies Ltd · ZENTEC
—
—
₹15 Cr
—
—
—
₹7 Cr
—
—
—
₹6 Cr
—
—
—
₹78 Cr
—
₹18 Cr
—
₹19 Cr
—
Net debt · reported quarter history
Showing the 12 largest of 20 companies with a series here. The remaining 8 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
₹421 Cr
—
—
₹724 Cr
₹800 Cr
₹800 Cr
₹800 Cr
₹344 Cr
—
Apollo Micro Systems Ltd · APOLLO
₹102 Cr
₹102 Cr
₹116 Cr
₹103 Cr
₹117 Cr
₹117 Cr
₹144 Cr
₹125 Cr
₹150 Cr
₹150 Cr
₹208 Cr
₹172 Cr
₹196 Cr
₹196 Cr
₹295 Cr
₹295 Cr
₹294 Cr
₹294 Cr
₹387 Cr
—
Astra Microwave Products Ltd · ASTRAMICRO
₹34 Cr
₹34 Cr
₹-3 Cr
₹43 Cr
₹85 Cr
₹85 Cr
₹80 Cr
₹79 Cr
₹-99 Cr
₹-99 Cr
₹172 Cr
₹112 Cr
₹230 Cr
₹230 Cr
₹399 Cr
₹326 Cr
₹96 Cr
₹96 Cr
₹35 Cr
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
₹261 Cr
₹285 Cr
₹303 Cr
₹303 Cr
₹-20 Cr
₹-20 Cr
₹127 Cr
₹127 Cr
₹216 Cr
₹-434 Cr
₹-36 Cr
₹-36 Cr
₹283 Cr
—
BEML Ltd · BEML
₹835 Cr
₹835 Cr
₹808 Cr
₹798 Cr
₹635 Cr
₹635 Cr
₹342 Cr
₹342 Cr
₹381 Cr
₹381 Cr
₹63 Cr
₹62 Cr
₹575 Cr
₹575 Cr
₹313 Cr
₹224 Cr
₹629 Cr
₹629 Cr
₹273 Cr
—
Bharat Dynamics Ltd · BDL
₹-1.3K Cr
₹-1.3K Cr
₹-1.9K Cr
₹-1.9K Cr
₹-2.0K Cr
₹-2.0K Cr
₹-3.9K Cr
₹-3.9K Cr
₹-3.8K Cr
₹-3.8K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-3.5K Cr
₹-3.5K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-4.7K Cr
—
Bharat Electronics Ltd · BEL
—
—
₹-7.5K Cr
—
—
—
₹-8.1K Cr
—
₹-8.2K Cr
₹-8.2K Cr
₹-11.0K Cr
₹-11.0K Cr
₹-8.3K Cr
₹-8.3K Cr
₹-9.5K Cr
₹-9.5K Cr
₹-8.1K Cr
₹-8.1K Cr
₹-8.5K Cr
—
Data Patterns (India) Ltd · DATAPATTNS
₹48 Cr
—
₹-168 Cr
₹-168 Cr
₹-54 Cr
₹-54 Cr
₹-601 Cr
₹-598 Cr
₹-600 Cr
₹-600 Cr
₹-651 Cr
₹-651 Cr
₹-551 Cr
₹-551 Cr
₹-447 Cr
₹-447 Cr
₹-319 Cr
₹-319 Cr
₹-418 Cr
—
Hindustan Aeronautics Ltd · HAL
₹-13.6K Cr
₹-13.6K Cr
₹-14.3K Cr
₹-14.3K Cr
₹-16.8K Cr
₹-16.8K Cr
₹-20.3K Cr
₹-20.3K Cr
₹-21.4K Cr
₹-21.4K Cr
₹-26.4K Cr
₹-26.4K Cr
₹-28.9K Cr
₹-28.9K Cr
₹-38.1K Cr
₹-38.1K Cr
₹-44.5K Cr
₹-44.5K Cr
₹-46.2K Cr
—
Mishra Dhatu Nigam Ltd · MIDHANI
₹76 Cr
₹76 Cr
₹298 Cr
₹205 Cr
₹310 Cr
₹310 Cr
₹475 Cr
₹475 Cr
₹497 Cr
₹497 Cr
₹417 Cr
₹416 Cr
₹390 Cr
₹390 Cr
₹299 Cr
₹299 Cr
₹320 Cr
₹320 Cr
₹215 Cr
—
MTAR Technologies Ltd · MTARTECH
₹-119 Cr
₹-119 Cr
₹-33 Cr
₹-33 Cr
₹46 Cr
₹46 Cr
₹84 Cr
₹84 Cr
₹196 Cr
₹196 Cr
₹160 Cr
₹140 Cr
₹172 Cr
₹172 Cr
₹199 Cr
₹160 Cr
₹168 Cr
₹168 Cr
₹140 Cr
—
Sigma Advanced System Ltd · SIGMAADV
—
—
₹-6 Cr
₹-12 Cr
₹123 Cr
₹123 Cr
₹144 Cr
₹137 Cr
₹140 Cr
₹140 Cr
₹130 Cr
₹129 Cr
₹134 Cr
₹134 Cr
₹130 Cr
₹129 Cr
₹-123 Cr
₹-123 Cr
₹308 Cr
—
06 · compare level, then change
Return On Capital Employed
Sigma Advanced System Ltd has the highest ROCE among the 24 Aerospace & Defence - Equipments companies compared here, at 60.8%. Bharat Electronics Ltd is next at 36.5%. The same company also holds the highest ROCE change, at +41.2 percentage points. 24 of 24 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Sigma Advanced System Ltd leads ROCE at 60.8%, 24.3 percentage points above Bharat Electronics Ltd. Sigma Advanced System Ltd has the strongest latest improvement at +41.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderSigma Advanced System Ltd · 60.8%
Gap66.6% versus #2 · Bharat Electronics Ltd
Persistence7/8 recent comparable periods
Coverage24/24 companies · 278 observations
Investor read: Sigma Advanced System Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Sigma Advanced System Ltd SIGMAADV61%
2Bharat Electronics Ltd BEL37%
3Sika Interplant Systems Ltd SIKA35%
4Hindustan Aeronautics Ltd HAL32%
5Data Patterns (India) Ltd DATAPATTNS22%
ROCE changefastest improvers
1Sigma Advanced System Ltd SIGMAADV+41.2 pp
2Rossell Techsys Ltd ROSSTECH+11.5 pp
3Ideaforge Technology Ltd IDEAFORGE+7.0 pp
4Sika Interplant Systems Ltd SIKA+4.6 pp
5Jaykay Enterprises Ltd JAYKAY⚠ unverified+3.8 pp
Return on capital · company comparison
24/24 level · 24/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: Zen Technologies Ltd (ZENTEC) — its two data sources disagree by up to 32% on reported income across 14 comparable periods, so its derived ratios are withheld; Paras Defence and Space Technologies Ltd (PARAS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; NIBE Ltd (NIBE) — its two data sources disagree by up to 9.5% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Sigma Advanced System Ltd SIGMAADV | 36% | +41.2 pp | Mar 2026 |
| Bharat Electronics Ltd BEL | 30% | −0.6 pp | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | 29% | +11.5 pp | Mar 2026 |
| Sika Interplant Systems Ltd SIKA | 27% | +4.6 pp | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | 21% | −0.7 pp | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 20% | +0.3 pp | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 20% | +2.9 pp | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | 13% | +2.9 pp | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | 13% | −2.8 pp | Mar 2026 |
| Avantel Ltd AVANTEL | 11% | −24.7 pp | Jun 2026 |
| Azad Engineering Ltd AZAD | 9.1% | +1.0 pp | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 9.0% | +0.3 pp | Mar 2026 |
| Hindustan Aeronautics Ltd HAL | 7.7% | −3.5 pp | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 7.2% | −0.4 pp | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | 6.4% | +3.8 pp | Mar 2026 |
| BEML Ltd BEML | 5.2% | −5.7 pp | Mar 2026 |
| Bharat Dynamics Ltd BDL | 1.9% | −3.5 pp | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | -1.0% | −0.4 pp | Mar 2026 |
| Aequs Ltd AEQUS | -2.5% | +0.1 pp | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | -6.2% | +7.0 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 20 companies with a series here. The remaining 8 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2.6%
-1.9%
-1.4%
—
-2.5%
—
Apollo Micro Systems Ltd · APOLLO
9.2%
—
11%
—
12%
—
13%
—
14%
17%
13%
17%
15%
20%
16%
21%
13%
18%
13%
—
Astra Microwave Products Ltd · ASTRAMICRO
19%
—
11%
—
15%
—
17%
—
11%
18%
16%
24%
18%
22%
19%
25%
19%
23%
20%
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
9.7%
14%
19%
28%
14%
23%
14%
20%
8.1%
14%
8.8%
16%
9.1%
—
BEML Ltd · BEML
5.2%
—
7.7%
—
9.8%
—
9.5%
—
10%
11%
11%
12%
11%
12%
11%
12%
11%
10%
5.2%
—
Bharat Dynamics Ltd · BDL
10%
—
16%
—
17%
—
5.1%
—
4.1%
11%
6.4%
11%
5.6%
10%
5.4%
10%
6.2%
10%
1.9%
—
Bharat Electronics Ltd · BEL
24%
—
21%
—
23%
—
25%
—
25%
30%
27%
35%
29%
38%
30%
38%
31%
39%
30%
—
Data Patterns (India) Ltd · DATAPATTNS
46%
—
23%
—
24%
—
13%
—
15%
25%
15%
20%
15%
19%
17%
21%
18%
23%
20%
—
Hindustan Aeronautics Ltd · HAL
11%
—
11%
—
11%
—
12%
—
12%
20%
18%
28%
17%
28%
11%
21%
9.3%
20%
7.7%
—
Mishra Dhatu Nigam Ltd · MIDHANI
13%
—
12%
—
12%
—
11%
—
9.4%
9.2%
6.9%
7.0%
6.4%
8.0%
7.6%
8.9%
7.2%
8.0%
7.2%
—
MTAR Technologies Ltd · MTARTECH
15%
—
14%
—
15%
—
19%
—
19%
19%
11%
9.7%
8.6%
10%
11%
13%
9.2%
14%
13%
—
Sigma Advanced System Ltd · SIGMAADV
-3.0%
—
-8.6%
—
-7.9%
—
-5.8%
—
-4.0%
7.6%
-3.6%
6.3%
-3.9%
7.9%
-4.9%
67%
55%
70%
36%
—
ROCE change · reported quarter history
Showing the 12 largest of 20 companies with a series here. The remaining 8 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+0.1 pp
—
Apollo Micro Systems Ltd · APOLLO
—
—
—
—
+2.4 pp
—
+2.3 pp
—
+2.1 pp
—
−0.1 pp
—
+1.1 pp
+3.4 pp
+3.0 pp
+3.8 pp
−2.2 pp
−1.9 pp
−2.8 pp
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
—
−3.7 pp
—
+5.9 pp
—
−3.6 pp
—
−1.1 pp
—
+6.3 pp
+4.4 pp
+3.3 pp
+1.1 pp
+1.2 pp
+1.2 pp
+0.3 pp
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
—
+4.1 pp
+9.1 pp
−4.6 pp
−7.7 pp
−5.7 pp
−9.4 pp
−5.1 pp
−4.9 pp
+1.0 pp
—
BEML Ltd · BEML
—
—
—
—
+4.6 pp
—
+1.8 pp
—
+0.6 pp
—
+1.3 pp
—
+0.1 pp
+0.6 pp
+0.1 pp
−0.1 pp
+0.5 pp
−1.5 pp
−5.7 pp
—
Bharat Dynamics Ltd · BDL
—
—
—
—
+7.0 pp
—
−10.9 pp
—
−12.9 pp
—
+1.3 pp
—
+1.5 pp
−0.8 pp
−1.0 pp
−1.0 pp
+0.6 pp
+0.1 pp
−3.5 pp
—
Bharat Electronics Ltd · BEL
—
—
—
—
−1.0 pp
—
+4.2 pp
—
+2.5 pp
—
+2.2 pp
—
+3.5 pp
+8.1 pp
+3.3 pp
+3.5 pp
+2.0 pp
+0.4 pp
−0.6 pp
—
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
—
−21.5 pp
—
−9.9 pp
—
−9.4 pp
—
+2.6 pp
—
+0.2 pp
−5.7 pp
+1.4 pp
+0.9 pp
+3.0 pp
+3.6 pp
+2.9 pp
—
Hindustan Aeronautics Ltd · HAL
—
—
—
—
0.0 pp
—
+1.3 pp
—
+1.0 pp
—
+5.4 pp
—
+5.0 pp
+8.0 pp
−6.4 pp
−6.1 pp
−7.7 pp
−8.0 pp
−3.5 pp
—
Mishra Dhatu Nigam Ltd · MIDHANI
—
—
—
—
−1.3 pp
—
−1.2 pp
—
−2.1 pp
—
−3.7 pp
—
−3.0 pp
−1.2 pp
+0.7 pp
+1.9 pp
+0.8 pp
0.0 pp
−0.4 pp
—
MTAR Technologies Ltd · MTARTECH
—
—
—
—
0.0 pp
—
+4.6 pp
—
+4.0 pp
—
−7.6 pp
—
−10.1 pp
−8.5 pp
−0.7 pp
+2.9 pp
+0.6 pp
+3.3 pp
+2.9 pp
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
—
−4.9 pp
—
+2.8 pp
—
+3.9 pp
—
+2.2 pp
—
+0.1 pp
+0.3 pp
−1.3 pp
+61.0 pp
+59.1 pp
+61.9 pp
+41.2 pp
—
07 · compare level, then change
Valuation Against Growth & Quality
Sika Interplant Systems Ltd has the lowest Guarded PEG among the 24 Aerospace & Defence - Equipments companies compared here, at 1.01×. BEML Ltd is next at 1.18×. Jaykay Enterprises Ltd has the lowest P/E at 32.1×, so level and change sit with different companies. 13 of 24 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Sika Interplant Systems Ltd has the lowest comparable Guarded PEG at 1.01×, 14.4% below BEML Ltd. Only 13 of 24 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderSika Interplant Systems Ltd · 1.01×
Gap14.4% versus #2 · BEML Ltd
Persistence0/8 recent comparable periods
Coverage13/24 companies · 118 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Sika Interplant Systems Ltd SIKA1.0
2BEML Ltd BEML1.2
3Hindustan Aeronautics Ltd HAL1.2
4Astra Microwave Products Ltd ASTRAMICRO1.2
5Dynamatic Technologies Ltd DYNAMATECH1.4
P/Elowest P/E
1Jaykay Enterprises Ltd JAYKAY⚠ unverified32.1
2Hindustan Aeronautics Ltd HAL33.6
3Sigma Advanced System Ltd SIGMAADV35.7
4Bharat Electronics Ltd BEL48.8
5Vinyas Innovative Technologies Ltd VINYAS⚠ unverified51.9
Valuation · company comparison
13/24 level · 21/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Avantel Ltd AVANTEL | 11.3 | 301.2 | Jun 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 5.6 | 49.0 | Mar 2026 |
| Bharat Dynamics Ltd BDL | 4.4 | 71.9 | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | 3.3 | 166.3 | Mar 2026 |
| Bharat Electronics Ltd BEL | 2.6 | 49.6 | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | 2.4 | 7.2 | Mar 2026 |
| Azad Engineering Ltd AZAD | 2.3 | 78.4 | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 2.1 | 83.8 | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | 1.6 | 71.2 | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 1.4 | 122.8 | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 1.2 | 52.0 | Mar 2026 |
| Hindustan Aeronautics Ltd HAL | 1.2 | 27.0 | Mar 2026 |
| BEML Ltd BEML | 1.2 | 48.1 | Mar 2026 |
| Sika Interplant Systems Ltd SIKA | 1.0 | 49.4 | Mar 2026 |
| AXISCADES Technologies Ltd 532395 | — | 56.6 | Mar 2026 |
| Zen Technologies Ltd ZENTEC | — | 57.1 | Jun 2026 |
| Paras Defence and Space Technologies Ltd PARAS | — | 68.7 | Mar 2026 |
| Ideaforge Technology Ltd IDEAFORGE | — | -94.4 | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | — | 116.9 | Mar 2026 |
| NIBE Ltd NIBE | — | 448.2 | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | — | 46.9 | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | — | 137.8 | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | — | 33.2 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Apollo Micro Systems Ltd · APOLLO
—
—
—
0.4
1.2
—
—
1.8
1.6
—
2.2
3.5
1.6
—
—
—
2.8
8.0
1.6
—
Astra Microwave Products Ltd · ASTRAMICRO
—
—
—
1.4
2.6
—
1.2
—
1.4
3.7
—
—
—
—
1.4
—
3.0
2.4
1.2
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
—
—
—
—
7.0
—
1.9
3.0
1.9
2.3
—
BEML Ltd · BEML
—
—
0.6
—
0.8
1.0
7.1
—
3.3
1.6
—
—
—
1.4
1.2
—
—
—
—
—
Bharat Dynamics Ltd · BDL
—
3.3
—
—
—
—
—
—
—
—
—
—
—
9.0
4.4
—
—
—
—
—
Bharat Electronics Ltd · BEL
1.0
—
—
1.7
0.8
—
1.3
1.3
2.1
1.9
1.4
1.7
1.5
0.9
1.1
1.7
1.8
2.5
2.6
—
Data Patterns (India) Ltd · DATAPATTNS
—
—
—
0.1
1.3
—
—
—
2.7
2.2
4.5
3.4
2.0
3.4
6.8
—
6.1
5.2
2.1
—
Dynamatic Technologies Ltd · DYNAMATECH
—
—
—
—
—
—
2.7
1.2
—
1.1
—
1.4
—
—
—
—
—
—
—
—
Hindustan Aeronautics Ltd · HAL
0.4
0.3
—
—
0.3
0.6
—
0.7
—
3.4
—
—
1.6
2.3
0.8
4.0
—
1.2
—
—
Mishra Dhatu Nigam Ltd · MIDHANI
1.1
1.0
2.2
2.8
—
—
—
—
—
—
—
—
—
—
2.3
3.5
1.2
2.5
5.6
—
MTAR Technologies Ltd · MTARTECH
4.8
4.4
—
—
1.5
2.1
0.9
—
1.3
1.7
—
—
—
—
—
—
2.2
10.2
3.3
—
Sigma Advanced System Ltd · SIGMAADV
—
—
—
—
—
2.2
2.4
—
—
—
—
—
—
—
—
—
—
—
—
—
P/E · reported quarter history
Showing the 12 largest of 23 companies with a series here. The remaining 11 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Apollo Micro Systems Ltd · APOLLO
24.4
38.3
26.1
17.5
24.1
41.7
30.1
59.3
60.9
100.8
85.9
91.4
76.3
61.5
66.7
104.8
153.1
105.8
71.2
—
Astra Microwave Products Ltd · ASTRAMICRO
41.3
38.4
35.1
44.1
77.4
48.6
29.0
45.6
66.6
83.7
69.5
74.5
59.6
56.4
47.5
64.8
61.1
57.7
52.0
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
13.5
26.7
35.1
122.7
142.2
104.4
111.1
96.6
93.3
78.4
—
BEML Ltd · BEML
42.8
54.3
33.9
33.1
44.0
41.9
39.2
42.8
58.4
58.7
72.6
65.6
54.0
59.4
51.2
63.0
58.6
52.8
48.1
—
Bharat Dynamics Ltd · BDL
22.4
21.5
20.6
25.5
27.4
28.1
37.2
58.3
53.4
73.8
67.4
95.5
71.7
79.5
83.0
126.1
97.9
82.8
71.9
—
Bharat Electronics Ltd · BEL
24.2
22.3
19.2
23.7
26.9
26.6
25.9
30.8
32.0
40.5
41.3
56.1
50.6
47.0
44.1
56.9
52.6
51.1
49.6
—
Data Patterns (India) Ltd · DATAPATTNS
—
2.3
2.1
2.0
59.1
53.7
54.8
80.8
84.1
69.0
81.7
92.5
70.7
76.0
52.9
88.4
70.6
71.2
83.8
—
Hindustan Aeronautics Ltd · HAL
13.6
11.5
12.9
11.8
14.2
14.4
15.0
21.8
21.4
31.1
36.2
46.2
36.3
33.2
32.1
39.2
38.1
34.8
27.0
—
MTAR Technologies Ltd · MTARTECH
94.4
135.4
89.8
69.6
71.2
67.2
52.8
57.0
72.6
65.7
62.9
101.9
132.3
133.2
89.5
92.5
97.5
164.5
166.3
—
Paras Defence and Space Technologies Ltd · PARAS
—
141.2
61.8
79.7
82.3
69.9
51.5
66.4
81.2
78.0
72.7
171.4
101.8
87.4
70.2
102.0
87.6
80.1
68.7
—
Sigma Advanced System Ltd · SIGMAADV
49.5
244.8
107.2
155.6
232.8
74.5
40.9
28.0
36.3
103.6
93.7
—
—
-19.5
—
6.6
8.5
9.6
7.2
—
Zen Technologies Ltd · ZENTEC
487.9
675.0
650.6
648.9
143.9
89.4
104.5
79.8
77.2
72.2
70.3
78.2
92.1
101.5
60.5
60.8
48.4
44.3
43.7
57.1
08 · compare level, then change
Enterprise Value & Book Value
Sigma Advanced System Ltd has the lowest EV/EBITDA among the 24 Aerospace & Defence - Equipments companies compared here, at 11.9×. Hindustan Aeronautics Ltd is next at 14.8×. DCX Systems Ltd has the lowest P/BV at 1.33×, so level and change sit with different companies. 23 of 24 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Sigma Advanced System Ltd leads ev/ebitda at 11.9×; DCX Systems Ltd leads p/bv at 1.33×.
LeaderSigma Advanced System Ltd · 11.9×
Gap19.6% versus #2 · Hindustan Aeronautics Ltd
Persistence0/8 recent comparable periods
Coverage23/24 companies · 379 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Sigma Advanced System Ltd SIGMAADV11.9
2Hindustan Aeronautics Ltd HAL14.8
3DCX Systems Ltd DCXINDIA⚠ unverified17.9
4Vinyas Innovative Technologies Ltd VINYAS⚠ unverified18.3
5Mishra Dhatu Nigam Ltd MIDHANI23.1
P/BVlowest P/BV
1DCX Systems Ltd DCXINDIA⚠ unverified1.3
2Jaykay Enterprises Ltd JAYKAY⚠ unverified3.1
3Mishra Dhatu Nigam Ltd MIDHANI4.8
4BEML Ltd BEML4.9
5Ideaforge Technology Ltd IDEAFORGE6.3
Enterprise and book valuation · company comparison
23/24 level · 24/24 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Ideaforge Technology Ltd IDEAFORGE | 215.6 | 2.9 | Mar 2026 |
| Avantel Ltd AVANTEL | 90.4 | 13.5 | Jun 2026 |
| NIBE Ltd NIBE | 86.9 | 5.4 | Mar 2026 |
| MTAR Technologies Ltd MTARTECH | 74.4 | 14.8 | Mar 2026 |
| Aequs Ltd AEQUS | 73.4 | 5.5 | Mar 2026 |
| Data Patterns (India) Ltd DATAPATTNS | 56.3 | 11.5 | Mar 2026 |
| Rossell Techsys Ltd ROSSTECH | 45.1 | 18.1 | Mar 2026 |
| Bharat Dynamics Ltd BDL | 43.0 | 9.9 | Mar 2026 |
| Paras Defence and Space Technologies Ltd PARAS | 42.8 | 7.5 | Mar 2026 |
| Azad Engineering Ltd AZAD | 39.5 | 6.5 | Mar 2026 |
| Apollo Micro Systems Ltd APOLLO | 37.1 | 6.3 | Mar 2026 |
| Zen Technologies Ltd ZENTEC | 36.3 | 8.5 | Jun 2026 |
| Sika Interplant Systems Ltd SIKA | 35.9 | 12.3 | Mar 2026 |
| Bharat Electronics Ltd BEL | 33.7 | 13.7 | Mar 2026 |
| AXISCADES Technologies Ltd 532395 | 31.4 | 9.0 | Mar 2026 |
| Dynamatic Technologies Ltd DYNAMATECH | 30.2 | 7.5 | Mar 2026 |
| BEML Ltd BEML | 26.6 | 4.3 | Mar 2026 |
| Astra Microwave Products Ltd ASTRAMICRO | 26.3 | 7.2 | Mar 2026 |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | 24.7 | 3.5 | Mar 2026 |
| Mishra Dhatu Nigam Ltd MIDHANI | 23.1 | 3.7 | Mar 2026 |
| Vinyas Innovative Technologies Ltd VINYAS⚠ unverified | 18.3 | 4.3 | Mar 2026 |
| DCX Systems Ltd DCXINDIA⚠ unverified | 17.9 | 1.3 | Mar 2026 |
| Hindustan Aeronautics Ltd HAL | 14.8 | 6.5 | Mar 2026 |
| Sigma Advanced System Ltd SIGMAADV | 11.9 | 4.0 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
82.6
73.4
—
Apollo Micro Systems Ltd · APOLLO
8.6
11.2
8.4
7.7
10.0
14.8
11.9
19.8
22.0
45.3
36.0
39.8
35.4
29.1
31.7
50.1
74.0
55.4
37.1
—
Astra Microwave Products Ltd · ASTRAMICRO
17.4
17.5
15.9
18.7
29.8
21.8
13.6
23.2
31.3
39.6
34.3
42.2
34.2
31.6
26.1
34.0
32.8
29.7
26.3
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
53.4
102.0
77.2
56.6
62.8
56.7
60.0
49.1
48.2
39.5
—
BEML Ltd · BEML
22.4
26.9
20.1
15.4
20.6
20.2
19.3
19.4
25.4
29.0
32.9
38.9
32.0
34.9
29.2
34.9
33.0
30.6
26.6
—
Bharat Dynamics Ltd · BDL
10.6
10.8
11.6
14.1
15.2
15.7
20.9
33.1
26.9
43.6
39.6
60.9
43.7
49.2
52.5
79.1
60.7
52.1
43.0
—
Bharat Electronics Ltd · BEL
13.7
14.4
12.7
14.5
18.2
17.9
15.5
19.3
20.3
26.4
27.3
37.7
33.6
31.8
29.9
38.5
35.8
34.9
33.7
—
Data Patterns (India) Ltd · DATAPATTNS
—
42.2
37.2
35.9
38.7
34.9
38.9
56.9
56.8
46.4
55.1
60.8
46.7
51.0
34.8
57.9
47.2
47.8
56.3
—
Hindustan Aeronautics Ltd · HAL
6.7
4.5
5.3
8.3
8.8
9.0
10.4
13.5
12.6
19.0
22.0
28.4
22.5
20.7
19.7
24.7
22.3
19.6
14.8
—
MTAR Technologies Ltd · MTARTECH
49.6
77.3
50.6
39.4
43.3
41.2
32.7
34.2
43.2
39.1
35.3
49.2
56.4
54.0
37.3
40.0
43.1
62.7
74.4
—
Sigma Advanced System Ltd · SIGMAADV
14.5
56.8
37.0
37.5
53.0
33.1
9.4
8.8
17.1
19.2
26.3
21.7
24.9
32.6
16.4
16.8
5.9
6.8
11.9
—
Zen Technologies Ltd · ZENTEC
142.8
193.6
243.3
136.1
63.6
39.3
48.7
43.1
45.2
43.1
44.0
49.6
64.1
68.3
38.2
39.9
28.7
26.3
25.9
36.3
P/BV · reported quarter history
Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Aequs Ltd · AEQUS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11.5
5.5
—
Apollo Micro Systems Ltd · APOLLO
0.8
1.1
0.8
0.8
1.2
1.9
1.8
3.6
3.1
6.2
6.3
5.7
5.7
5.2
6.5
10.4
16.4
8.3
6.3
—
Astra Microwave Products Ltd · ASTRAMICRO
3.1
3.6
3.4
3.0
4.3
4.1
3.3
5.4
5.8
6.6
6.5
12.8
8.3
7.5
6.5
10.3
9.0
8.0
7.2
—
Azad Engineering Ltd · AZAD
—
—
—
—
—
—
—
—
—
17.8
35.1
17.4
13.7
14.6
11.8
14.6
7.2
7.2
6.5
—
BEML Ltd · BEML
2.1
2.6
2.5
1.9
2.8
2.8
2.2
2.9
4.0
5.0
5.6
7.6
5.8
6.3
5.0
6.9
6.1
5.6
4.3
—
Bharat Dynamics Ltd · BDL
2.6
2.6
3.8
5.0
5.1
5.5
6.0
6.8
5.9
9.3
9.5
18.2
11.4
11.8
12.6
19.1
13.7
12.8
9.9
—
Bharat Electronics Ltd · BEL
4.5
4.5
4.4
5.1
5.7
5.7
5.6
7.2
7.3
9.1
9.9
16.1
13.1
12.1
12.5
18.6
14.5
13.5
13.7
—
Data Patterns (India) Ltd · DATAPATTNS
—
—
6.4
5.8
9.9
9.6
12.4
16.9
10.1
8.7
11.3
14.4
10.1
10.4
7.0
11.9
9.8
9.8
11.5
—
Hindustan Aeronautics Ltd · HAL
2.9
2.5
2.8
3.9
3.8
4.0
4.7
6.6
5.5
7.5
8.8
14.9
10.3
9.1
8.9
11.2
9.1
8.0
6.5
—
MTAR Technologies Ltd · MTARTECH
9.1
15.3
10.7
8.9
8.7
8.9
9.4
11.3
12.6
10.3
7.8
9.2
7.9
7.3
5.6
7.2
7.9
9.9
14.8
—
Sigma Advanced System Ltd · SIGMAADV
0.9
3.2
2.1
1.7
1.5
1.3
0.9
1.2
1.9
2.6
3.4
2.5
2.8
4.3
2.5
4.3
8.1
5.4
4.0
—
Zen Technologies Ltd · ZENTEC
8.0
8.5
8.0
6.8
5.3
5.0
9.2
11.7
19.2
17.6
21.2
29.5
32.0
13.9
8.6
36.0
8.0
6.9
6.8
8.5
09 · let price answer last
Market action
Sigma Advanced System Ltd has the strongest one-year price move in Aerospace & Defence - Equipments at +416.7%. It also leads on Mansfield relative strength against NIFTY at +134.6%. 18 of 23 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Aerospace & Defence - Equipments comparison names 6 specific ways its own evidence can mislead, all listed below. All 24 companies here report on comparable dates, so no rank carries a stale marker. 3 draw at least one figure from a second feed with too little overlap to cross-check. 3 have second-feed figures withheld because the two sources disagree.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
10 · the complete set
Which companies are included?
All 24 companies in the canonical Aerospace & Defence - Equipments membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 1 of these is no longer being priced, so its price and relative strength are frozen at the last traded week shown.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| Hindustan Aeronautics Ltd HALAHEAD | ₹3.1 L Cr | ₹4,573 | 2026-07-19 | Mar 2026 | Cross-checked |
| Bharat Electronics Ltd BEL | ₹3.0 L Cr | ₹405 | 2026-07-19 | Mar 2026 | Cross-checked |
| Bharat Dynamics Ltd BDL | ₹45.6K Cr | ₹1,243 | 2026-07-19 | Mar 2026 | Cross-checked |
| Data Patterns (India) Ltd DATAPATTNSAHEAD24/26 WEEKS | ₹25.7K Cr | ₹4,584 | 2026-07-19 | Mar 2026 | Cross-checked |
| MTAR Technologies Ltd MTARTECHAHEAD26/26 WEEKS | ₹17.9K Cr | ₹5,805 | 2026-07-19 | Mar 2026 | Cross-checked |
| Astra Microwave Products Ltd ASTRAMICROAHEAD22/26 WEEKS | ₹17.2K Cr | ₹1,813 | 2026-07-19 | Mar 2026 | Cross-checked |
| Zen Technologies Ltd ZENTEC22/26 WEEKS | ₹16.0K Cr | ₹1,769 | 2026-07-19 | Jun 2026 | Second feed withheld |
| Azad Engineering Ltd AZADAHEAD23/26 WEEKS | ₹15.8K Cr | ₹2,439 | 2026-07-19 | Mar 2026 | Cross-checked |
| Aequs Ltd AEQUSAHEAD | ₹15.4K Cr | ₹229 | 2026-07-19 | Mar 2026 | Cross-checked |
| Apollo Micro Systems Ltd APOLLOAHEAD | ₹14.7K Cr | ₹394 | 2026-07-19 | Mar 2026 | Cross-checked |
| BEML Ltd BEML | ₹14.3K Cr | ₹1,713 | 2026-07-19 | Mar 2026 | Cross-checked |
| Sigma Advanced System Ltd SIGMAADVAHEAD | ₹9.9K Cr | ₹523 | 2026-07-19 | Mar 2026 | Cross-checked |
| Paras Defence and Space Technologies Ltd PARASAHEAD20/26 WEEKS | ₹9.6K Cr | ₹1,195 | 2026-07-19 | Mar 2026 | Second feed withheld |
| Mishra Dhatu Nigam Ltd MIDHANI22/26 WEEKS | ₹7.4K Cr | ₹393 | 2026-07-19 | Mar 2026 | Cross-checked |
| Dynamatic Technologies Ltd DYNAMATECH22/26 WEEKS | ₹7.1K Cr | ₹10,458 | 2026-07-19 | Mar 2026 | Cross-checked |
| AXISCADES Technologies Ltd 532395 | ₹6.5K Cr | ₹1,533 | 2026-03-08 · not currently priced | Mar 2026 | Primary source only |
| Avantel Ltd AVANTELAHEAD | ₹4.3K Cr | ₹163 | 2026-07-19 | Jun 2026 | Cross-checked |
| Ideaforge Technology Ltd IDEAFORGEAHEAD18/26 WEEKS | ₹4.3K Cr | ₹871 | 2026-07-19 | Mar 2026 | Cross-checked |
| Rossell Techsys Ltd ROSSTECHAHEAD24/26 WEEKS | ₹3.7K Cr | ₹983 | 2026-07-19 | Mar 2026 | Cross-checked |
| Sika Interplant Systems Ltd SIKA | ₹2.4K Cr | ₹1,140 | 2026-07-19 | Mar 2026 | Cross-checked |
| NIBE Ltd NIBEAHEAD | ₹2.3K Cr | ₹1,504 | 2026-07-19 | Mar 2026 | Second feed withheld |
| Jaykay Enterprises Ltd JAYKAY⚠ unverified | ₹2.2K Cr | ₹165 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| DCX Systems Ltd DCXINDIA⚠ unverified | ₹2.0K Cr | ₹181 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Vinyas Innovative Technologies Ltd VINYASAHEAD⚠ unverified | ₹1.6K Cr | ₹1,273 | 2026-07-19 | Mar 2026 | Includes unverified figures |
How each company's sources stand: 3 of 24 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 3 of 24 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Zen Technologies Ltd (ZENTEC) — its two data sources disagree by up to 32% on reported income across 14 comparable periods, so its derived ratios are withheld; Paras Defence and Space Technologies Ltd (PARAS) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld; NIBE Ltd (NIBE) — its two data sources disagree by up to 9.5% on reported income across 13 comparable periods, so its derived ratios are withheld.
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 24 Aerospace & Defence - Equipments companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing17 cross-checked · 4 unverified · 3 withheld, of 24 graded companies.
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.
Questions investors ask · short, speakable answers
Aerospace & Defence - Equipments company comparison FAQs
These 18 answers restate the Aerospace & Defence - Equipments comparison above in question form. Every one is computed from the same 24 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.
What is the Nifty Aerospace & Defence - Equipments index?
The Nifty Aerospace & Defence - Equipments index tracks India's listed Aerospace & Defence - Equipments companies as a single basket. This page follows the same 24 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Aerospace & Defence - Equipments sector rather than to its largest constituent. Figures are as of Jun 2026.
Which are the best Aerospace & Defence - Equipments stocks in India?
Ranked by this page's four-factor score, Sika Interplant Systems Ltd places first among 24 listed Aerospace & Defence - Equipments companies, followed by Sigma Advanced System Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Aerospace & Defence - Equipments stocks are listed in India?
This comparison covers 24 listed Aerospace & Defence - Equipments companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which Aerospace & Defence - Equipments company is the biggest?
Hindustan Aeronautics Ltd is the largest, with trailing-twelve-month revenue of ₹33,089 crore, ahead of Bharat Electronics Ltd at ₹27,610 crore. That covers 24 of 24 companies with comparable reporting through Mar 2026.
Which Aerospace & Defence - Equipments company is growing fastest?
Jaykay Enterprises Ltd has the fastest revenue growth at 100% year on year, across 24 of 24 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Aerospace & Defence - Equipments company has the best profit margins?
Data Patterns (India) Ltd has the highest operating margin at 56%, from 24 of 24 comparable companies. Ideaforge Technology Ltd shows the biggest recent improvement, at +152 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Aerospace & Defence - Equipments company makes the most profit?
Hindustan Aeronautics Ltd earns the most, at ₹9,116 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Rossell Techsys Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Aerospace & Defence - Equipments company earns the highest return on capital?
Sigma Advanced System Ltd leads on return on capital employed at 60.8%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Aerospace & Defence - Equipments stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — Sika Interplant Systems Ltd screens cheapest at 1.01×. Only 13 of 24 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Aerospace & Defence - Equipments company has the strongest balance sheet?
Bharat Dynamics Ltd carries the lowest comparable gross debt at ₹0 crore, from 24 of 24 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Aerospace & Defence - Equipments stock has the strongest price momentum?
Sigma Advanced System Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Aerospace & Defence - Equipments company scores highest for research priority?
Sika Interplant Systems Ltd scores 71.6 out of 100 with 89.6% evidence confidence, from 28.5 points on growth and earnings, 22 on capital efficiency, 12.4 on valuation and 8.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Aerospace & Defence - Equipments companies does this comparison cover, and over what period?
It compares 24 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Aerospace & Defence - Equipments sector?
The 24 Aerospace & Defence - Equipments companies on this page carry ₹8,47,637 crore of combined market value. Hindustan Aeronautics Ltd is the largest at ₹3,05,858 crore, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
What is the Aerospace & Defence - Equipments sector's P/E ratio?
The median price-to-earnings ratio across the 24 Aerospace & Defence - Equipments companies on this page is 101×, measured on the 21 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.
How is the Aerospace & Defence - Equipments sector performing?
18 of the 23 covered Aerospace & Defence - Equipments companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.