# Aerospace & Defence - Equipments — company-by-company sector analysis

> Aerospace & Defence - Equipments: Hindustan Aeronautics Ltd owns the largest revenue base; Jaykay Enterprises Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

### 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.

### 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 18/23
Stocks leading sector: 8/23

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 24
Combined market value: ₹8.5 L Cr

## 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.

1. Sika Interplant Systems Ltd (SIKA): 72/100 — Favorable setup; evidence 90%
   - Growth & earnings 28.5/35 | Capital efficiency 22.0/25 | Valuation 12.4/20 | Relative strength 8.7/20
   - 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.
2. Sigma Advanced System Ltd (SIGMAADV): 70/100 — Favorable setup; evidence 93%
   - Growth & earnings 24.0/35 | Capital efficiency 14.1/25 | Valuation 11.7/20 | Relative strength 20.0/20
   - 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.
3. Astra Microwave Products Ltd (ASTRAMICRO): 68/100 — Favorable setup; evidence 96%
   - Growth & earnings 20.9/35 | Capital efficiency 18.2/25 | Valuation 10.4/20 | Relative strength 18.3/20
   - 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.
4. Paras Defence and Space Technologies Ltd (PARAS): 66/100 — Favorable setup; evidence 79%
   - Growth & earnings 22.1/35 | Capital efficiency 17.4/25 | Valuation 9.2/20 | Relative strength 17.4/20
   - 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.
5. Data Patterns (India) Ltd (DATAPATTNS): 65/100 — Favorable setup; evidence 96%
   - Growth & earnings 25.7/35 | Capital efficiency 22.1/25 | Valuation 7.7/20 | Relative strength 9.5/20
   - 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.
6. Ideaforge Technology Ltd (IDEAFORGE): 61/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 24.9/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 18.7/20
   - 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.
7. Apollo Micro Systems Ltd (APOLLO): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 21.8/35 | Capital efficiency 13.3/25 | Valuation 6.9/20 | Relative strength 16.6/20
   - 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.
8. Azad Engineering Ltd (AZAD): 57/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 24.9/35 | Capital efficiency 12.7/25 | Valuation 7.6/20 | Relative strength 11.8/20
   - 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.
9. Vinyas Innovative Technologies Ltd (VINYAS): 57/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 21.6/35 | Capital efficiency 16.1/25 | Valuation 10.9/20 | Relative strength 8.4/20
   - 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.
10. MTAR Technologies Ltd (MTARTECH): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 25.2/35 | Capital efficiency 13.3/25 | Valuation 3.0/20 | Relative strength 13.6/20
   - 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.
11. AXISCADES Technologies Ltd (532395): 53/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 15.7/35 | Capital efficiency 12.9/25 | Valuation 10.5/20 | Relative strength 13.9/20
   - 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.
12. Hindustan Aeronautics Ltd (HAL): 52/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 10.8/35 | Capital efficiency 21.1/25 | Valuation 15.1/20 | Relative strength 5.3/20
   - 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.
13. Jaykay Enterprises Ltd (JAYKAY): 52/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 25.8/35 | Capital efficiency 9.5/25 | Valuation 11.5/20 | Relative strength 4.7/20
   - 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.
14. Rossell Techsys Ltd (ROSSTECH): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 25.0/35 | Capital efficiency 5.0/25 | Valuation 9.0/20 | Relative strength 9.6/20
   - 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.
15. Bharat Electronics Ltd (BEL): 46/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.8/35 | Capital efficiency 19.6/25 | Valuation 8.1/20 | Relative strength 2.9/20
   - 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.
16. Mishra Dhatu Nigam Ltd (MIDHANI): 45/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 16.1/35 | Capital efficiency 13.9/25 | Valuation 7.3/20 | Relative strength 7.8/20
   - 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.
17. Zen Technologies Ltd (ZENTEC): 42/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 4.9/35 | Capital efficiency 17.3/25 | Valuation 10.3/20 | Relative strength 9.6/20
   - 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.
18. Dynamatic Technologies Ltd (DYNAMATECH): 42/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 16.2/35 | Capital efficiency 9.1/25 | Valuation 10.6/20 | Relative strength 5.8/20
   - 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.
19. Avantel Ltd (AVANTEL): 38/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 10.0/35 | Capital efficiency 11.1/25 | Valuation 8.7/20 | Relative strength 8.3/20
   - 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.
20. NIBE Ltd (NIBE): 34/100 — Adverse evidence; evidence 66%
   - Growth & earnings 9.6/35 | Capital efficiency 9.0/25 | Valuation 8.5/20 | Relative strength 6.7/20
   - 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.
21. Bharat Dynamics Ltd (BDL): 32/100 — Adverse evidence; evidence 83%
   - Growth & earnings 7.6/35 | Capital efficiency 15.2/25 | Valuation 5.0/20 | Relative strength 4.1/20
   - 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.
22. BEML Ltd (BEML): 30/100 — Adverse evidence; evidence 90%
   - Growth & earnings 6.5/35 | Capital efficiency 8.1/25 | Valuation 9.6/20 | Relative strength 5.4/20
   - 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.
23. DCX Systems Ltd (DCXINDIA): 29/100 — Adverse evidence; evidence 67%
   - Growth & earnings 8.0/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 3.4/20
   - 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.
24. Aequs Ltd (AEQUS): 41/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 15.2/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Hindustan Aeronautics Ltd · ₹33,089 crore | 19.8% versus #2 · Bharat Electronics Ltd | 7/8 recent comparable periods | 24/24 companies · 393 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Hindustan Aeronautics Ltd (HAL): ₹33.1K Cr
2. Bharat Electronics Ltd (BEL): ₹27.6K Cr
3. BEML Ltd (BEML): ₹4.4K Cr
4. Bharat Dynamics Ltd (BDL): ₹2.4K Cr
5. Dynamatic Technologies Ltd (DYNAMATECH): ₹1.6K Cr

### Revenue growth — fastest growers
1. Jaykay Enterprises Ltd (JAYKAY): 100%
2. Sigma Advanced System Ltd (SIGMAADV): 100%
3. Rossell Techsys Ltd (ROSSTECH): 87%
4. Vinyas Innovative Technologies Ltd (VINYAS): 65%
5. Apollo Micro Systems Ltd (APOLLO): 61%

### 20-quarter Revenue history
- 532395: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹67 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹252 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹265 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹268 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- HAL: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹11.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹14.8K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹13.7K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 —
- BEL: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹10.2K Cr | Jun 2026 —
- BDL: Sep 2021 ₹504 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹695 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹462 Cr | Mar 2023 ₹798 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹616 Cr | Dec 2023 ₹602 Cr | Mar 2024 ₹854 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹832 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹567 Cr | Mar 2026 ₹480 Cr | Jun 2026 —
- DATAPATTNS: Sep 2021 ₹59 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹396 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹307 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹345 Cr | Jun 2026 —
- MTARTECH: Sep 2021 ₹91 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- ASTRAMICRO: Sep 2021 ₹182 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹237 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹175 Cr | Dec 2022 ₹220 Cr | Mar 2023 ₹258 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹354 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹408 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹488 Cr | Jun 2026 —
- ZENTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹52 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹255 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹325 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹178 Cr | Mar 2026 ₹178 Cr | Jun 2026 ₹142 Cr
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹60 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹229 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹326 Cr | Mar 2026 ₹367 Cr | Jun 2026 —
- APOLLO: Sep 2021 ₹46 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹293 Cr | Jun 2026 —
- BEML: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹669 Cr | Sep 2022 ₹805 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹577 Cr | Sep 2023 ₹917 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹860 Cr | Dec 2024 ₹876 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹634 Cr | Sep 2025 ₹839 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SIGMAADV: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹2 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹323 Cr | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹61 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹171 Cr | Jun 2026 —
- MIDHANI: Sep 2021 ₹188 Cr | Dec 2021 ₹234 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹181 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹345 Cr | Jun 2023 ₹188 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹553 Cr | Jun 2026 —
- DYNAMATECH: Sep 2021 ₹304 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹321 Cr | Jun 2022 ₹311 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹313 Cr | Mar 2023 ₹368 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹346 Cr | Mar 2024 ₹370 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹315 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹371 Cr | Sep 2025 ₹392 Cr | Dec 2025 ₹425 Cr | Mar 2026 ₹433 Cr | Jun 2026 —
- AVANTEL: Sep 2021 ₹15 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹70 Cr
- IDEAFORGE: Sep 2021 ₹5 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹60 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- SIKA: Sep 2021 ₹36 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹260 Cr | Jun 2026 —
- JAYKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹356 Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹746 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹550 Cr | Jun 2025 ₹222 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹207 Cr | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹114 Cr | Dec 2022 — | Mar 2023 ₹121 Cr | Jun 2023 — | Sep 2023 ₹137 Cr | Dec 2023 — | Mar 2024 ₹180 Cr | Jun 2024 — | Sep 2024 ₹150 Cr | Dec 2024 — | Mar 2025 ₹247 Cr | Jun 2025 — | Sep 2025 ₹212 Cr | Dec 2025 — | Mar 2026 ₹302 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 532395: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 275% | Dec 2023 206% | Mar 2024 13% | Jun 2024 4.1% | Sep 2024 4.9% | Dec 2024 18% | Mar 2025 4.8% | Jun 2025 9.0% | Sep 2025 13% | Dec 2025 25% | Mar 2026 1.9% | Jun 2026 —
- HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 124% | Sep 2022 -7.3% | Dec 2022 -3.8% | Mar 2023 8.1% | Jun 2023 8.1% | Sep 2023 9.5% | Dec 2023 7.0% | Mar 2024 18% | Jun 2024 11% | Sep 2024 6.0% | Dec 2024 15% | Mar 2025 -7.2% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 1.8% | Jun 2026 —
- BEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 90% | Sep 2022 7.7% | Dec 2022 12% | Mar 2023 2.2% | Jun 2023 12% | Sep 2023 1.2% | Dec 2023 0.2% | Mar 2024 32% | Jun 2024 20% | Sep 2024 15% | Dec 2024 39% | Mar 2025 6.8% | Jun 2025 4.6% | Sep 2025 26% | Dec 2025 24% | Mar 2026 12% | Jun 2026 —
- BDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 439% | Sep 2022 6.2% | Dec 2022 -43% | Mar 2023 -42% | Jun 2023 -57% | Sep 2023 15% | Dec 2023 30% | Mar 2024 7.0% | Jun 2024 -36% | Sep 2024 -12% | Dec 2024 38% | Mar 2025 108% | Jun 2025 30% | Sep 2025 110% | Dec 2025 -32% | Mar 2026 -73% | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 49% | Dec 2022 155% | Mar 2023 8.2% | Jun 2023 32% | Sep 2023 23% | Dec 2023 25% | Mar 2024 -1.6% | Jun 2024 16% | Sep 2024 -16% | Dec 2024 -16% | Mar 2025 118% | Jun 2025 -4.8% | Sep 2025 237% | Dec 2025 48% | Mar 2026 -13% | Jun 2026 —
- MTARTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 38% | Dec 2022 105% | Mar 2023 98% | Jun 2023 68% | Sep 2023 33% | Dec 2023 -26% | Mar 2024 -27% | Jun 2024 -16% | Sep 2024 14% | Dec 2024 47% | Mar 2025 28% | Jun 2025 23% | Sep 2025 -28% | Dec 2025 60% | Mar 2026 67% | Jun 2026 —
- ASTRAMICRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 -3.9% | Dec 2022 8.4% | Mar 2023 8.9% | Jun 2023 -17% | Sep 2023 8.6% | Dec 2023 5.0% | Mar 2024 37% | Jun 2024 16% | Sep 2024 21% | Dec 2024 12% | Mar 2025 15% | Jun 2025 29% | Sep 2025 -6.5% | Dec 2025 0.4% | Mar 2026 20% | Jun 2026 —
- ZENTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 92% | Mar 2024 47% | Jun 2024 93% | Sep 2024 267% | Dec 2024 52% | Mar 2025 131% | Jun 2025 -38% | Sep 2025 -28% | Dec 2025 17% | Mar 2026 -45% | Jun 2026 -10%
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 48% | Mar 2024 9.4% | Jun 2024 29% | Sep 2024 35% | Dec 2024 35% | Mar 2025 37% | Jun 2025 40% | Sep 2025 30% | Dec 2025 33% | Mar 2026 28% | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17% | Sep 2025 23% | Dec 2025 51% | Mar 2026 47% | Jun 2026 —
- APOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 107% | Sep 2022 13% | Dec 2022 26% | Mar 2023 0.9% | Jun 2023 3.6% | Sep 2023 67% | Dec 2023 11% | Mar 2024 26% | Jun 2024 57% | Sep 2024 85% | Dec 2024 63% | Mar 2025 20% | Jun 2025 47% | Sep 2025 40% | Dec 2025 70% | Mar 2026 81% | Jun 2026 —
- BEML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -20% | Dec 2022 -8.5% | Mar 2023 -21% | Jun 2023 -14% | Sep 2023 14% | Dec 2023 1.0% | Mar 2024 9.1% | Jun 2024 9.9% | Sep 2024 -6.2% | Dec 2024 -16% | Mar 2025 9.2% | Jun 2025 0.0% | Sep 2025 -2.4% | Dec 2025 24% | Mar 2026 8.5% | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 — | Dec 2022 -100% | Mar 2023 -100% | Jun 2023 -100% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 668% | Mar 2026 467% | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.9% | Mar 2024 23% | Jun 2024 75% | Sep 2024 43% | Dec 2024 34% | Mar 2025 35% | Jun 2025 11% | Sep 2025 22% | Dec 2025 23% | Mar 2026 58% | Jun 2026 —
- MIDHANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9% | Sep 2022 -3.7% | Dec 2022 -1.3% | Mar 2023 6.8% | Jun 2023 63% | Sep 2023 25% | Dec 2023 9.1% | Mar 2024 18% | Jun 2024 -13% | Sep 2024 15% | Dec 2024 -5.6% | Mar 2025 1.2% | Jun 2025 4.3% | Sep 2025 -20% | Dec 2025 16% | Mar 2026 35% | Jun 2026 —
- DYNAMATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.8% | Sep 2022 -50% | Dec 2022 1.7% | Mar 2023 15% | Jun 2023 17% | Sep 2023 129% | Dec 2023 10% | Mar 2024 0.5% | Jun 2024 -4.7% | Sep 2024 2.9% | Dec 2024 -9.0% | Mar 2025 3.0% | Jun 2025 7.2% | Sep 2025 8.6% | Dec 2025 35% | Mar 2026 14% | Jun 2026 —
- AVANTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 140% | Dec 2022 33% | Mar 2023 12% | Jun 2023 155% | Sep 2023 51% | Dec 2023 53% | Mar 2024 -21% | Jun 2024 -25% | Sep 2024 43% | Dec 2024 19% | Mar 2025 18% | Jun 2025 0.3% | Sep 2025 -28% | Dec 2025 -27% | Mar 2026 30% | Jun 2026 36%
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,880% | Sep 2022 700% | Dec 2022 -89% | Mar 2023 -48% | Jun 2023 -2.0% | Sep 2023 -40% | Dec 2023 1,038% | Mar 2024 162% | Jun 2024 -11% | Sep 2024 54% | Dec 2024 -80% | Mar 2025 -80% | Jun 2025 -85% | Sep 2025 11% | Dec 2025 78% | Mar 2026 605% | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -15% | Dec 2024 31% | Mar 2025 56% | Jun 2025 94% | Sep 2025 146% | Dec 2025 72% | Mar 2026 62% | Jun 2026 —
- SIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -64% | Dec 2022 -8.4% | Mar 2023 -5.8% | Jun 2023 89% | Sep 2023 40% | Dec 2023 77% | Mar 2024 97% | Jun 2024 24% | Sep 2024 82% | Dec 2024 46% | Mar 2025 24% | Jun 2025 124% | Sep 2025 55% | Dec 2025 32% | Mar 2026 -10% | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 320% | Mar 2024 141% | Jun 2024 323% | Sep 2024 232% | Dec 2024 137% | Mar 2025 -26% | Jun 2025 -25% | Sep 2025 -46% | Dec 2025 -60% | Mar 2026 130% | Jun 2026 —
- JAYKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -40% | Mar 2024 200% | Jun 2024 143% | Sep 2024 288% | Dec 2024 175% | Mar 2025 -63% | Jun 2025 224% | Sep 2025 103% | Dec 2025 173% | Mar 2026 455% | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -44% | Mar 2024 46% | Jun 2024 -19% | Sep 2024 -37% | Dec 2024 0.9% | Mar 2025 -26% | Jun 2025 61% | Sep 2025 -1.4% | Dec 2025 -39% | Mar 2026 -62% | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20% | Dec 2023 — | Mar 2024 49% | Jun 2024 — | Sep 2024 9.5% | Dec 2024 — | Mar 2025 37% | Jun 2025 — | Sep 2025 41% | Dec 2025 — | Mar 2026 22% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Data Patterns (India) Ltd leads opm at 56%; Ideaforge Technology Ltd leads margin change at +152 percentage points.

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.

Evidence: Data Patterns (India) Ltd · 56% | 27.3% versus #2 · Ideaforge Technology Ltd | 4/8 recent comparable periods | 24/24 companies · 414 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Data Patterns (India) Ltd (DATAPATTNS): 56%
2. Ideaforge Technology Ltd (IDEAFORGE): 44%
3. Azad Engineering Ltd (AZAD): 38%
4. Hindustan Aeronautics Ltd (HAL): 36%
5. Astra Microwave Products Ltd (ASTRAMICRO): 33%

### Margin change — fastest expanders
1. Ideaforge Technology Ltd (IDEAFORGE): +152.0 pp
2. Jaykay Enterprises Ltd (JAYKAY): +34.0 pp
3. Data Patterns (India) Ltd (DATAPATTNS): +18.0 pp
4. Sika Interplant Systems Ltd (SIKA): +7.9 pp
5. Avantel Ltd (AVANTEL): +4.6 pp

### 20-quarter OPM history
- 532395: Sep 2021 8.5% | Dec 2021 12% | Mar 2022 15% | Jun 2022 13% | Sep 2022 20% | Dec 2022 21% | Mar 2023 21% | Jun 2023 16% | Sep 2023 15% | Dec 2023 13% | Mar 2024 13% | Jun 2024 14% | Sep 2024 13% | Dec 2024 15% | Mar 2025 14% | Jun 2025 14% | Sep 2025 16% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- HAL: Sep 2021 22% | Dec 2021 24% | Mar 2022 22% | Jun 2022 23% | Sep 2022 32% | Dec 2022 17% | Mar 2023 26% | Jun 2023 22% | Sep 2023 27% | Dec 2023 24% | Mar 2024 40% | Jun 2024 23% | Sep 2024 27% | Dec 2024 24% | Mar 2025 39% | Jun 2025 27% | Sep 2025 24% | Dec 2025 24% | Mar 2026 36% | Jun 2026 —
- BEL: Sep 2021 23% | Dec 2021 22% | Mar 2022 25% | Jun 2022 17% | Sep 2022 22% | Dec 2022 21% | Mar 2023 28% | Jun 2023 19% | Sep 2023 25% | Dec 2023 26% | Mar 2024 27% | Jun 2024 22% | Sep 2024 30% | Dec 2024 29% | Mar 2025 31% | Jun 2025 28% | Sep 2025 29% | Dec 2025 30% | Mar 2026 29% | Jun 2026 —
- BDL: Sep 2021 13% | Dec 2021 36% | Mar 2022 29% | Jun 2022 6.1% | Sep 2022 18% | Dec 2022 19% | Mar 2023 23% | Jun 2023 -11% | Sep 2023 22% | Dec 2023 20% | Mar 2024 37% | Jun 2024 -27% | Sep 2024 18% | Dec 2024 15% | Mar 2025 17% | Jun 2025 -18% | Sep 2025 16% | Dec 2025 5.0% | Mar 2026 12% | Jun 2026 —
- DATAPATTNS: Sep 2021 35% | Dec 2021 36% | Mar 2022 51% | Jun 2022 31% | Sep 2022 34% | Dec 2022 42% | Mar 2023 40% | Jun 2023 31% | Sep 2023 38% | Dec 2023 43% | Mar 2024 51% | Jun 2024 36% | Sep 2024 38% | Dec 2024 46% | Mar 2025 38% | Jun 2025 32% | Sep 2025 22% | Dec 2025 47% | Mar 2026 56% | Jun 2026 —
- MTARTECH: Sep 2021 32% | Dec 2021 29% | Mar 2022 28% | Jun 2022 27% | Sep 2022 28% | Dec 2022 28% | Mar 2023 25% | Jun 2023 23% | Sep 2023 22% | Dec 2023 20% | Mar 2024 13% | Jun 2024 13% | Sep 2024 19% | Dec 2024 19% | Mar 2025 19% | Jun 2025 18% | Sep 2025 13% | Dec 2025 23% | Mar 2026 20% | Jun 2026 —
- ASTRAMICRO: Sep 2021 6.5% | Dec 2021 13% | Mar 2022 10% | Jun 2022 14% | Sep 2022 22% | Dec 2022 23% | Mar 2023 13% | Jun 2023 2.0% | Sep 2023 22% | Dec 2023 29% | Mar 2024 23% | Jun 2024 15% | Sep 2024 21% | Dec 2024 29% | Mar 2025 29% | Jun 2025 20% | Sep 2025 22% | Dec 2025 32% | Mar 2026 33% | Jun 2026 —
- ZENTEC: Sep 2021 -1.0% | Dec 2021 5.7% | Mar 2022 17% | Jun 2022 29% | Sep 2022 30% | Dec 2022 32% | Mar 2023 37% | Jun 2023 52% | Sep 2023 29% | Dec 2023 43% | Mar 2024 36% | Jun 2024 44% | Sep 2024 33% | Dec 2024 29% | Mar 2025 42% | Jun 2025 41% | Sep 2025 37% | Dec 2025 37% | Mar 2026 28% | Jun 2026 27%
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 29% | Mar 2023 36% | Jun 2023 35% | Sep 2023 32% | Dec 2023 37% | Mar 2024 34% | Jun 2024 34% | Sep 2024 36% | Dec 2024 36% | Mar 2025 36% | Jun 2025 36% | Sep 2025 36% | Dec 2025 39% | Mar 2026 38% | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -2.5% | Sep 2024 9.0% | Dec 2024 3.0% | Mar 2025 10% | Jun 2025 -0.1% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 1.0% | Jun 2026 —
- APOLLO: Sep 2021 22% | Dec 2021 19% | Mar 2022 16% | Jun 2022 18% | Sep 2022 18% | Dec 2022 24% | Mar 2023 21% | Jun 2023 22% | Sep 2023 21% | Dec 2023 26% | Mar 2024 21% | Jun 2024 25% | Sep 2024 20% | Dec 2024 26% | Mar 2025 22% | Jun 2025 31% | Sep 2025 26% | Dec 2025 20% | Mar 2026 23% | Jun 2026 —
- BEML: Sep 2021 2.7% | Dec 2021 9.9% | Mar 2022 14% | Jun 2022 -8.3% | Sep 2022 5.2% | Dec 2022 9.0% | Mar 2023 21% | Jun 2023 -9.0% | Sep 2023 6.0% | Dec 2023 5.0% | Mar 2024 24% | Jun 2024 -8.0% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 26% | Jun 2025 -8.0% | Sep 2025 9.0% | Dec 2025 0.0% | Mar 2026 15% | Jun 2026 —
- SIGMAADV: Sep 2021 -25% | Dec 2021 -9.0% | Mar 2022 -100% | Jun 2022 -272% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -2.0% | Mar 2025 29% | Jun 2025 91% | Sep 2025 6.0% | Dec 2025 5.0% | Mar 2026 17% | Jun 2026 —
- PARAS: Sep 2021 30% | Dec 2021 28% | Mar 2022 29% | Jun 2022 28% | Sep 2022 25% | Dec 2022 23% | Mar 2023 26% | Jun 2023 22% | Sep 2023 25% | Dec 2023 19% | Mar 2024 15% | Jun 2024 29% | Sep 2024 26% | Dec 2024 26% | Mar 2025 26% | Jun 2025 23% | Sep 2025 28% | Dec 2025 25% | Mar 2026 25% | Jun 2026 —
- MIDHANI: Sep 2021 28% | Dec 2021 27% | Mar 2022 38% | Jun 2022 29% | Sep 2022 32% | Dec 2022 28% | Mar 2023 29% | Jun 2023 22% | Sep 2023 16% | Dec 2023 14% | Mar 2024 20% | Jun 2024 14% | Sep 2024 19% | Dec 2024 22% | Mar 2025 23% | Jun 2025 20% | Sep 2025 16% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- DYNAMATECH: Sep 2021 13% | Dec 2021 14% | Mar 2022 15% | Jun 2022 14% | Sep 2022 19% | Dec 2022 13% | Mar 2023 13% | Jun 2023 10% | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 11% | Dec 2024 12% | Mar 2025 10% | Jun 2025 10% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- AVANTEL: Sep 2021 33% | Dec 2021 27% | Mar 2022 19% | Jun 2022 27% | Sep 2022 28% | Dec 2022 29% | Mar 2023 35% | Jun 2023 21% | Sep 2023 46% | Dec 2023 41% | Mar 2024 43% | Jun 2024 27% | Sep 2024 45% | Dec 2024 45% | Mar 2025 24% | Jun 2025 20% | Sep 2025 20% | Dec 2025 24% | Mar 2026 21% | Jun 2026 25%
- IDEAFORGE: Sep 2021 -184% | Dec 2021 56% | Mar 2022 56% | Jun 2022 55% | Sep 2022 17% | Dec 2022 -207% | Mar 2023 3.0% | Jun 2023 29% | Sep 2023 -33% | Dec 2023 22% | Mar 2024 15% | Jun 2024 3.0% | Sep 2024 -43% | Dec 2024 -99% | Mar 2025 -108% | Jun 2025 -149% | Sep 2025 -28% | Dec 2025 -84% | Mar 2026 44% | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 12% | Mar 2024 12% | Jun 2024 -2.4% | Sep 2024 11% | Dec 2024 19% | Mar 2025 18% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- SIKA: Sep 2021 20% | Dec 2021 15% | Mar 2022 27% | Jun 2022 18% | Sep 2022 19% | Dec 2022 18% | Mar 2023 14% | Jun 2023 16% | Sep 2023 21% | Dec 2023 21% | Mar 2024 18% | Jun 2024 20% | Sep 2024 21% | Dec 2024 21% | Mar 2025 17% | Jun 2025 18% | Sep 2025 21% | Dec 2025 23% | Mar 2026 25% | Jun 2026 —
- NIBE: Sep 2021 -34% | Dec 2021 -25% | Mar 2022 39% | Jun 2022 14% | Sep 2022 22% | Dec 2022 18% | Mar 2023 8.0% | Jun 2023 12% | Sep 2023 14% | Dec 2023 11% | Mar 2024 13% | Jun 2024 14% | Sep 2024 13% | Dec 2024 5.0% | Mar 2025 17% | Jun 2025 9.0% | Sep 2025 -6.0% | Dec 2025 -16% | Mar 2026 20% | Jun 2026 —
- JAYKAY: Sep 2021 14% | Dec 2021 -57% | Mar 2022 -36% | Jun 2022 -2.4% | Sep 2022 0.6% | Dec 2022 13% | Mar 2023 5.0% | Jun 2023 9.0% | Sep 2023 31% | Dec 2023 5.0% | Mar 2024 0.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 -44% | Jun 2025 12% | Sep 2025 17% | Dec 2025 20% | Mar 2026 -10% | Jun 2026 —
- DCXINDIA: Sep 2021 2.3% | Dec 2021 4.8% | Mar 2022 9.8% | Jun 2022 2.3% | Sep 2022 5.7% | Dec 2022 6.5% | Mar 2023 9.0% | Jun 2023 4.5% | Sep 2023 6.0% | Dec 2023 7.4% | Mar 2024 5.1% | Jun 2024 -3.5% | Sep 2024 -1.9% | Dec 2024 1.5% | Mar 2025 1.9% | Jun 2025 0.5% | Sep 2025 -6.6% | Dec 2025 -4.2% | Mar 2026 -0.2% | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.0% | Dec 2022 — | Mar 2023 9.0% | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 10% | Dec 2025 — | Mar 2026 13% | Jun 2026 —

### 20-quarter Margin change history
- 532395: Sep 2021 −3.9 pp | Dec 2021 −2.5 pp | Mar 2022 +1.4 pp | Jun 2022 +3.6 pp | Sep 2022 +11.3 pp | Dec 2022 +8.9 pp | Mar 2023 +5.9 pp | Jun 2023 +3.0 pp | Sep 2023 −5.2 pp | Dec 2023 −7.6 pp | Mar 2024 −8.0 pp | Jun 2024 −1.8 pp | Sep 2024 −2.0 pp | Dec 2024 +1.8 pp | Mar 2025 +1.3 pp | Jun 2025 −0.0 pp | Sep 2025 +3.2 pp | Dec 2025 +3.6 pp | Mar 2026 −1.7 pp | Jun 2026 —
- HAL: Sep 2021 +1.1 pp | Dec 2021 +1.9 pp | Mar 2022 −3.4 pp | Jun 2022 +8.0 pp | Sep 2022 +9.2 pp | Dec 2022 −7.2 pp | Mar 2023 +4.4 pp | Jun 2023 −0.8 pp | Sep 2023 −4.5 pp | Dec 2023 +7.0 pp | Mar 2024 +14.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 +4.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- BEL: Sep 2021 +3.9 pp | Dec 2021 +2.7 pp | Mar 2022 −3.8 pp | Jun 2022 +12.4 pp | Sep 2022 −1.6 pp | Dec 2022 −1.4 pp | Mar 2023 +3.1 pp | Jun 2023 +2.4 pp | Sep 2023 +3.1 pp | Dec 2023 +5.0 pp | Mar 2024 −1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +5.0 pp | Dec 2024 +3.0 pp | Mar 2025 +4.0 pp | Jun 2025 +6.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- BDL: Sep 2021 −5.6 pp | Dec 2021 +23.1 pp | Mar 2022 −1.0 pp | Jun 2022 +32.2 pp | Sep 2022 +4.4 pp | Dec 2022 −17.0 pp | Mar 2023 −6.3 pp | Jun 2023 −17.1 pp | Sep 2023 +4.5 pp | Dec 2023 +1.0 pp | Mar 2024 +14.0 pp | Jun 2024 −16.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −20.0 pp | Jun 2025 +9.0 pp | Sep 2025 −2.0 pp | Dec 2025 −10.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 +33.5 pp | Mar 2022 −5.2 pp | Jun 2022 −15.3 pp | Sep 2022 −0.5 pp | Dec 2022 +6.4 pp | Mar 2023 −11.3 pp | Jun 2023 −0.1 pp | Sep 2023 +3.8 pp | Dec 2023 +1.0 pp | Mar 2024 +11.0 pp | Jun 2024 +5.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 −13.0 pp | Jun 2025 −4.0 pp | Sep 2025 −16.0 pp | Dec 2025 +1.0 pp | Mar 2026 +18.0 pp | Jun 2026 —
- MTARTECH: Sep 2021 −0.6 pp | Dec 2021 −2.5 pp | Mar 2022 −15.4 pp | Jun 2022 +0.6 pp | Sep 2022 −4.6 pp | Dec 2022 −1.2 pp | Mar 2023 −3.1 pp | Jun 2023 −4.4 pp | Sep 2023 −5.7 pp | Dec 2023 −8.0 pp | Mar 2024 −12.0 pp | Jun 2024 −10.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +6.0 pp | Jun 2025 +5.0 pp | Sep 2025 −6.0 pp | Dec 2025 +4.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ASTRAMICRO: Sep 2021 +5.7 pp | Dec 2021 +0.5 pp | Mar 2022 −9.4 pp | Jun 2022 −5.6 pp | Sep 2022 +15.7 pp | Dec 2022 +10.2 pp | Mar 2023 +2.8 pp | Jun 2023 −11.7 pp | Sep 2023 −0.2 pp | Dec 2023 +6.0 pp | Mar 2024 +10.0 pp | Jun 2024 +13.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +6.0 pp | Jun 2025 +5.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ZENTEC: Sep 2021 −22.3 pp | Dec 2021 −14.6 pp | Mar 2022 +3.1 pp | Jun 2022 +39.3 pp | Sep 2022 +30.7 pp | Dec 2022 +26.3 pp | Mar 2023 +19.7 pp | Jun 2023 +22.9 pp | Sep 2023 −0.7 pp | Dec 2023 +11.0 pp | Mar 2024 −1.0 pp | Jun 2024 −8.0 pp | Sep 2024 +4.0 pp | Dec 2024 −14.0 pp | Mar 2025 +6.0 pp | Jun 2025 −3.0 pp | Sep 2025 +4.0 pp | Dec 2025 +8.0 pp | Mar 2026 −14.0 pp | Jun 2026 −14.0 pp
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +8.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 +4.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +2.4 pp | Sep 2025 +1.0 pp | Dec 2025 +6.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- APOLLO: Sep 2021 +5.5 pp | Dec 2021 −8.2 pp | Mar 2022 −0.1 pp | Jun 2022 −9.1 pp | Sep 2022 −4.0 pp | Dec 2022 +5.3 pp | Mar 2023 +5.4 pp | Jun 2023 +4.4 pp | Sep 2023 +3.4 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +6.0 pp | Sep 2025 +6.0 pp | Dec 2025 −6.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- BEML: Sep 2021 −3.0 pp | Dec 2021 +4.0 pp | Mar 2022 +2.2 pp | Jun 2022 +9.9 pp | Sep 2022 +2.5 pp | Dec 2022 −0.9 pp | Mar 2023 +7.4 pp | Jun 2023 −0.7 pp | Sep 2023 +0.8 pp | Dec 2023 −4.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 −7.0 pp | Mar 2026 −11.0 pp | Jun 2026 —
- SIGMAADV: Sep 2021 −37.9 pp | Dec 2021 −18.0 pp | Mar 2022 −93.4 pp | Jun 2022 −269.8 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +7.0 pp | Mar 2026 −12.0 pp | Jun 2026 —
- PARAS: Sep 2021 −2.9 pp | Dec 2021 +14.4 pp | Mar 2022 −8.5 pp | Jun 2022 +2.7 pp | Sep 2022 −5.2 pp | Dec 2022 −4.7 pp | Mar 2023 −2.8 pp | Jun 2023 −5.5 pp | Sep 2023 −0.1 pp | Dec 2023 −4.0 pp | Mar 2024 −11.0 pp | Jun 2024 +7.0 pp | Sep 2024 +1.0 pp | Dec 2024 +7.0 pp | Mar 2025 +11.0 pp | Jun 2025 −6.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- MIDHANI: Sep 2021 −2.8 pp | Dec 2021 −18.6 pp | Mar 2022 +7.9 pp | Jun 2022 +6.4 pp | Sep 2022 +4.8 pp | Dec 2022 +1.1 pp | Mar 2023 −8.7 pp | Jun 2023 −6.7 pp | Sep 2023 −16.4 pp | Dec 2023 −14.0 pp | Mar 2024 −9.0 pp | Jun 2024 −8.0 pp | Sep 2024 +3.0 pp | Dec 2024 +8.0 pp | Mar 2025 +3.0 pp | Jun 2025 +6.0 pp | Sep 2025 −3.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- DYNAMATECH: Sep 2021 −1.5 pp | Dec 2021 +2.9 pp | Mar 2022 +4.5 pp | Jun 2022 +2.2 pp | Sep 2022 +6.5 pp | Dec 2022 −0.6 pp | Mar 2023 −2.0 pp | Jun 2023 −3.6 pp | Sep 2023 −8.0 pp | Dec 2023 −1.4 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- AVANTEL: Sep 2021 −7.1 pp | Dec 2021 −1.3 pp | Mar 2022 −6.3 pp | Jun 2022 −6.7 pp | Sep 2022 −5.1 pp | Dec 2022 +1.8 pp | Mar 2023 +15.2 pp | Jun 2023 −6.6 pp | Sep 2023 +18.2 pp | Dec 2023 +12.2 pp | Mar 2024 +9.0 pp | Jun 2024 +6.7 pp | Sep 2024 −1.1 pp | Dec 2024 +4.2 pp | Mar 2025 −19.9 pp | Jun 2025 −7.2 pp | Sep 2025 −24.4 pp | Dec 2025 −21.1 pp | Mar 2026 −2.3 pp | Jun 2026 +4.6 pp
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +239.3 pp | Sep 2022 +201.2 pp | Dec 2022 −262.7 pp | Mar 2023 −52.7 pp | Jun 2023 −26.5 pp | Sep 2023 −50.4 pp | Dec 2023 +229.0 pp | Mar 2024 +12.0 pp | Jun 2024 −26.0 pp | Sep 2024 −10.0 pp | Dec 2024 −121.0 pp | Mar 2025 −123.0 pp | Jun 2025 −152.0 pp | Sep 2025 +15.0 pp | Dec 2025 +15.0 pp | Mar 2026 +152.0 pp | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −8.0 pp | Dec 2024 +6.7 pp | Mar 2025 +5.9 pp | Jun 2025 +15.0 pp | Sep 2025 +1.0 pp | Dec 2025 −5.8 pp | Mar 2026 −6.3 pp | Jun 2026 —
- SIKA: Sep 2021 +0.8 pp | Dec 2021 −1.2 pp | Mar 2022 +6.6 pp | Jun 2022 −0.7 pp | Sep 2022 −1.5 pp | Dec 2022 +3.4 pp | Mar 2023 −12.7 pp | Jun 2023 −1.6 pp | Sep 2023 +2.4 pp | Dec 2023 +2.3 pp | Mar 2024 +3.9 pp | Jun 2024 +3.7 pp | Sep 2024 −0.4 pp | Dec 2024 −0.1 pp | Mar 2025 −0.4 pp | Jun 2025 −1.8 pp | Sep 2025 −0.1 pp | Dec 2025 +2.4 pp | Mar 2026 +7.9 pp | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 +24.9 pp | Jun 2022 +5.9 pp | Sep 2022 +55.5 pp | Dec 2022 +42.8 pp | Mar 2023 −30.8 pp | Jun 2023 −1.9 pp | Sep 2023 −7.7 pp | Dec 2023 −7.0 pp | Mar 2024 +5.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −6.0 pp | Mar 2025 +4.0 pp | Jun 2025 −5.0 pp | Sep 2025 −19.0 pp | Dec 2025 −21.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- JAYKAY: Sep 2021 +1,351.4 pp | Dec 2021 +1,730.5 pp | Mar 2022 +1,676.4 pp | Jun 2022 +1,135.1 pp | Sep 2022 −13.3 pp | Dec 2022 +70.2 pp | Mar 2023 +41.1 pp | Jun 2023 +11.4 pp | Sep 2023 +30.4 pp | Dec 2023 −8.2 pp | Mar 2024 −5.0 pp | Jun 2024 −1.0 pp | Sep 2024 −26.0 pp | Dec 2024 +1.0 pp | Mar 2025 −44.0 pp | Jun 2025 +4.0 pp | Sep 2025 +12.0 pp | Dec 2025 +14.0 pp | Mar 2026 +34.0 pp | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +1.6 pp | Mar 2023 −0.8 pp | Jun 2023 +2.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.9 pp | Mar 2024 −3.9 pp | Jun 2024 −8.0 pp | Sep 2024 −7.9 pp | Dec 2024 −5.9 pp | Mar 2025 −3.2 pp | Jun 2025 +4.0 pp | Sep 2025 −4.7 pp | Dec 2025 −5.7 pp | Mar 2026 −2.0 pp | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 +3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Hindustan Aeronautics Ltd · ₹9,116 crore | 50.4% versus #2 · Bharat Electronics Ltd | 6/8 recent comparable periods | 24/24 companies · 394 observations

Definition: 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 profit — largest
1. Hindustan Aeronautics Ltd (HAL): ₹9.1K Cr
2. Bharat Electronics Ltd (BEL): ₹6.1K Cr
3. Bharat Dynamics Ltd (BDL): ₹420 Cr
4. Data Patterns (India) Ltd (DATAPATTNS): ₹271 Cr
5. Sigma Advanced System Ltd (SIGMAADV): ₹267 Cr

### Profit growth — fastest growers
1. Rossell Techsys Ltd (ROSSTECH): 100%
2. Sigma Advanced System Ltd (SIGMAADV): 100%
3. Vinyas Innovative Technologies Ltd (VINYAS): 100%
4. Apollo Micro Systems Ltd (APOLLO): 93%
5. MTAR Technologies Ltd (MTARTECH): 77%

### 20-quarter Net profit history
- 532395: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- HAL: Sep 2021 ₹847 Cr | Dec 2021 ₹933 Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹814 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- BEL: Sep 2021 ₹624 Cr | Dec 2021 ₹596 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹366 Cr | Sep 2022 ₹624 Cr | Dec 2022 ₹614 Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹539 Cr | Sep 2023 ₹790 Cr | Dec 2023 ₹860 Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹791 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹969 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- BDL: Sep 2021 ₹43 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹264 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- DATAPATTNS: Sep 2021 ₹13 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- MTARTECH: Sep 2021 ₹19 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- ASTRAMICRO: Sep 2021 ₹3 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- ZENTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹47 Cr | Jun 2026 ₹32 Cr
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-36 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- APOLLO: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- BEML: Sep 2021 ₹11 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹-82 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹-75 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹257 Cr | Jun 2024 ₹-70 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹-64 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- SIGMAADV: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- MIDHANI: Sep 2021 ₹34 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- DYNAMATECH: Sep 2021 ₹-10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- AVANTEL: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹5 Cr
- IDEAFORGE: Sep 2021 ₹-10 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- SIKA: Sep 2021 ₹7 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- JAYKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-0 Cr | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 532395: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 311% | Dec 2023 -76% | Mar 2024 -44% | Jun 2024 194% | Sep 2024 9.6% | Dec 2024 96% | Mar 2025 250% | Jun 2025 24% | Sep 2025 89% | Dec 2025 87% | Mar 2026 -99% | Jun 2026 —
- HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 218% | Sep 2022 44% | Dec 2022 24% | Mar 2023 -8.8% | Jun 2023 31% | Sep 2023 1.3% | Dec 2023 9.3% | Mar 2024 52% | Jun 2024 77% | Sep 2024 22% | Dec 2024 14% | Mar 2025 -7.7% | Jun 2025 -3.7% | Sep 2025 11% | Dec 2025 30% | Mar 2026 5.5% | Jun 2026 —
- BEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,425% | Sep 2022 0.0% | Dec 2022 3.0% | Mar 2023 20% | Jun 2023 47% | Sep 2023 27% | Dec 2023 40% | Mar 2024 30% | Jun 2024 47% | Sep 2024 38% | Dec 2024 53% | Mar 2025 18% | Jun 2025 23% | Sep 2025 18% | Dec 2025 20% | Mar 2026 4.7% | Jun 2026 —
- BDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 77% | Dec 2022 -61% | Mar 2023 -42% | Jun 2023 5.0% | Sep 2023 93% | Dec 2023 61% | Mar 2024 89% | Jun 2024 -83% | Sep 2024 -16% | Dec 2024 8.9% | Mar 2025 -5.5% | Jun 2025 157% | Sep 2025 76% | Dec 2025 -50% | Mar 2026 -59% | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 62% | Dec 2022 267% | Mar 2023 -11% | Jun 2023 86% | Sep 2023 62% | Dec 2023 55% | Mar 2024 29% | Jun 2024 27% | Sep 2024 -12% | Dec 2024 -12% | Mar 2025 61% | Jun 2025 -21% | Sep 2025 63% | Dec 2025 29% | Mar 2026 21% | Jun 2026 —
- MTARTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 32% | Dec 2022 138% | Mar 2023 55% | Jun 2023 25% | Sep 2023 -20% | Dec 2023 -68% | Mar 2024 -84% | Jun 2024 -80% | Sep 2024 -5.0% | Dec 2024 60% | Mar 2025 180% | Jun 2025 175% | Sep 2025 -79% | Dec 2025 119% | Mar 2026 214% | Jun 2026 —
- ASTRAMICRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 600% | Dec 2022 155% | Mar 2023 27% | Jun 2023 -188% | Sep 2023 43% | Dec 2023 54% | Mar 2024 286% | Jun 2024 — | Sep 2024 -17% | Dec 2024 9.3% | Mar 2025 35% | Jun 2025 129% | Sep 2025 -4.0% | Dec 2025 0.0% | Mar 2026 45% | Jun 2026 —
- ZENTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 150% | Mar 2024 65% | Jun 2024 65% | Sep 2024 350% | Dec 2024 43% | Mar 2025 200% | Jun 2025 -33% | Sep 2025 -1.6% | Dec 2025 30% | Mar 2026 -59% | Jun 2026 -40%
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 325% | Mar 2024 0.0% | Jun 2024 143% | Sep 2024 11% | Dec 2024 41% | Mar 2025 67% | Jun 2025 71% | Sep 2025 57% | Dec 2025 46% | Mar 2026 48% | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -700% | Jun 2026 —
- APOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 0.0% | Dec 2022 133% | Mar 2023 -13% | Jun 2023 0.0% | Sep 2023 133% | Dec 2023 43% | Mar 2024 86% | Jun 2024 300% | Sep 2024 129% | Dec 2024 80% | Mar 2025 7.7% | Jun 2025 125% | Sep 2025 88% | Dec 2025 28% | Mar 2026 164% | Jun 2026 —
- BEML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 45% | Dec 2022 -16% | Mar 2023 18% | Jun 2023 — | Sep 2023 225% | Dec 2023 -27% | Mar 2024 63% | Jun 2024 — | Sep 2024 -1.9% | Dec 2024 -50% | Mar 2025 12% | Jun 2025 — | Sep 2025 -5.9% | Dec 2025 -192% | Mar 2026 -38% | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 106% | Mar 2023 200% | Jun 2023 50% | Sep 2023 -250% | Dec 2023 -343% | Mar 2024 -367% | Jun 2024 -667% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -114% | Mar 2026 1,322% | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -33% | Mar 2024 -17% | Jun 2024 133% | Sep 2024 44% | Dec 2024 133% | Mar 2025 110% | Jun 2025 0.0% | Sep 2025 46% | Dec 2025 21% | Mar 2026 86% | Jun 2026 —
- MIDHANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.3% | Sep 2022 0.0% | Dec 2022 -9.3% | Mar 2023 -19% | Jun 2023 5.6% | Sep 2023 -59% | Dec 2023 -67% | Mar 2024 -30% | Jun 2024 -74% | Sep 2024 71% | Dec 2024 100% | Mar 2025 22% | Jun 2025 160% | Sep 2025 -46% | Dec 2025 7.7% | Mar 2026 39% | Jun 2026 —
- DYNAMATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 167% | Sep 2022 — | Dec 2022 -12% | Mar 2023 20% | Jun 2023 413% | Sep 2023 71% | Dec 2023 57% | Mar 2024 217% | Jun 2024 -73% | Sep 2024 0.0% | Dec 2024 -64% | Mar 2025 -72% | Jun 2025 0.0% | Sep 2025 -75% | Dec 2025 50% | Mar 2026 -19% | Jun 2026 —
- AVANTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 34% | Mar 2023 61% | Jun 2023 100% | Sep 2023 168% | Dec 2023 144% | Mar 2024 26% | Jun 2024 -7.9% | Sep 2024 43% | Dec 2024 23% | Mar 2025 -50% | Jun 2025 -56% | Sep 2025 -81% | Dec 2025 -86% | Mar 2026 -22% | Jun 2026 67%
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -125% | Mar 2023 -116% | Jun 2023 -54% | Sep 2023 -75% | Dec 2023 — | Mar 2024 — | Jun 2024 -95% | Sep 2024 -1,500% | Dec 2024 -260% | Mar 2025 -360% | Jun 2025 -2,500% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -101% | Dec 2024 164% | Mar 2025 363% | Jun 2025 — | Sep 2025 — | Dec 2025 4.0% | Mar 2026 9.8% | Jun 2026 —
- SIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -71% | Dec 2022 10% | Mar 2023 -49% | Jun 2023 79% | Sep 2023 151% | Dec 2023 115% | Mar 2024 195% | Jun 2024 48% | Sep 2024 23% | Dec 2024 51% | Mar 2025 31% | Jun 2025 96% | Sep 2025 45% | Dec 2025 33% | Mar 2026 -1.0% | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 300% | Mar 2024 — | Jun 2024 700% | Sep 2024 200% | Dec 2024 -50% | Mar 2025 -10% | Jun 2025 -88% | Sep 2025 -211% | Dec 2025 -1,050% | Mar 2026 211% | Jun 2026 —
- JAYKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -90% | Mar 2024 — | Jun 2024 400% | Sep 2024 -67% | Dec 2024 400% | Mar 2025 -180% | Jun 2025 300% | Sep 2025 800% | Dec 2025 40% | Mar 2026 — | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -20% | Jun 2024 -69% | Sep 2024 -74% | Dec 2024 -25% | Mar 2025 -37% | Jun 2025 38% | Sep 2025 -273% | Dec 2025 -124% | Mar 2026 -101% | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 — | Mar 2024 150% | Jun 2024 — | Sep 2024 17% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 29% | Dec 2025 — | Mar 2026 83% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Aequs Ltd · ₹100 crore | 488.2% versus #2 · Vinyas Innovative Technologies Ltd | 4/4 recent comparable periods | 5/24 companies · 19 observations

Definition: 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.

### CAPEX — largest spenders
1. Aequs Ltd (AEQUS): ₹100 Cr
2. Vinyas Innovative Technologies Ltd (VINYAS): ₹17 Cr
3. Ideaforge Technology Ltd (IDEAFORGE): ₹3 Cr
4. Azad Engineering Ltd (AZAD): ₹1 Cr
5. DCX Systems Ltd (DCXINDIA): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Aequs Ltd (AEQUS): 36%
2. Vinyas Innovative Technologies Ltd (VINYAS): 5.6%
3. Ideaforge Technology Ltd (IDEAFORGE): 4.0%
4. Azad Engineering Ltd (AZAD): 1.2%

### 20-quarter CAPEX history
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹61 Cr | Sep 2024 ₹61 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹100 Cr | Sep 2025 ₹100 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IDEAFORGE: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DCXINDIA: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹17 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 26% | Sep 2023 1.2% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 27% | Sep 2024 27% | Dec 2024 — | Mar 2025 — | Jun 2025 37% | Sep 2025 36% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IDEAFORGE: Sep 2021 60% | Dec 2021 4.0% | Mar 2022 4.0% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.2% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 0.7% | Dec 2024 — | Mar 2025 0.8% | Jun 2025 — | Sep 2025 8.5% | Dec 2025 — | Mar 2026 5.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Bharat Dynamics Ltd · ₹0 crore | null versus #2 · Sika Interplant Systems Ltd | 8/8 recent comparable periods | 24/24 companies · 344 observations

Definition: 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 debt — lowest gross debt
1. Bharat Dynamics Ltd (BDL): ₹0 Cr
2. Sika Interplant Systems Ltd (SIKA): ₹0 Cr
3. DCX Systems Ltd (DCXINDIA): ₹3 Cr
4. Data Patterns (India) Ltd (DATAPATTNS): ₹5 Cr
5. Hindustan Aeronautics Ltd (HAL): ₹11 Cr

### Net debt — lowest net debt
1. Hindustan Aeronautics Ltd (HAL): ₹-46.2K Cr
2. Bharat Electronics Ltd (BEL): ₹-8.5K Cr
3. Bharat Dynamics Ltd (BDL): ₹-4.7K Cr
4. DCX Systems Ltd (DCXINDIA): ₹-762 Cr
5. Data Patterns (India) Ltd (DATAPATTNS): ₹-418 Cr

### 20-quarter Gross debt history
- 532395: Sep 2021 — | Dec 2021 — | Mar 2022 ₹72 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹346 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹319 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹258 Cr | Jun 2025 — | Sep 2025 ₹213 Cr | Dec 2025 — | Mar 2026 ₹388 Cr | Jun 2026 —
- HAL: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- BEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹53 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹61 Cr | Jun 2023 — | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- BDL: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- DATAPATTNS: Sep 2021 ₹56 Cr | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- MTARTECH: Sep 2021 ₹55 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹250 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹377 Cr | Jun 2026 —
- ASTRAMICRO: Sep 2021 ₹91 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹424 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹288 Cr | Jun 2026 —
- ZENTEC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹78 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹19 Cr | Jun 2026 —
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹197 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹301 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹312 Cr | Mar 2026 ₹474 Cr | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹664 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 ₹699 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹785 Cr | Jun 2025 ₹869 Cr | Sep 2025 ₹869 Cr | Dec 2025 ₹869 Cr | Mar 2026 ₹701 Cr | Jun 2026 —
- APOLLO: Sep 2021 ₹118 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹335 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹543 Cr | Jun 2026 —
- BEML: Sep 2021 ₹845 Cr | Dec 2021 ₹845 Cr | Mar 2022 ₹832 Cr | Jun 2022 ₹832 Cr | Sep 2022 ₹646 Cr | Dec 2022 ₹646 Cr | Mar 2023 ₹381 Cr | Jun 2023 ₹381 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹391 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹649 Cr | Dec 2024 ₹649 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹666 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹332 Cr | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹66 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 — | Sep 2025 ₹56 Cr | Dec 2025 — | Mar 2026 ₹27 Cr | Jun 2026 —
- MIDHANI: Sep 2021 ₹160 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹268 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹318 Cr | Mar 2023 ₹489 Cr | Jun 2023 ₹489 Cr | Sep 2023 ₹498 Cr | Dec 2023 ₹498 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹433 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹407 Cr | Jun 2026 —
- DYNAMATECH: Sep 2021 ₹690 Cr | Dec 2021 ₹690 Cr | Mar 2022 ₹687 Cr | Jun 2022 ₹687 Cr | Sep 2022 ₹704 Cr | Dec 2022 ₹704 Cr | Mar 2023 ₹754 Cr | Jun 2023 ₹754 Cr | Sep 2023 ₹642 Cr | Dec 2023 ₹642 Cr | Mar 2024 ₹585 Cr | Jun 2024 ₹585 Cr | Sep 2024 ₹556 Cr | Dec 2024 ₹556 Cr | Mar 2025 ₹571 Cr | Jun 2025 ₹571 Cr | Sep 2025 ₹594 Cr | Dec 2025 ₹594 Cr | Mar 2026 ₹638 Cr | Jun 2026 —
- AVANTEL: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹38 Cr | Dec 2022 — | Mar 2023 ₹30 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹34 Cr | Jun 2026 ₹34 Cr
- IDEAFORGE: Sep 2021 — | Dec 2021 ₹16 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹33 Cr | Dec 2022 — | Mar 2023 ₹101 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹148 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹168 Cr | Jun 2024 — | Sep 2024 ₹196 Cr | Dec 2024 — | Mar 2025 ₹240 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹265 Cr | Mar 2026 ₹409 Cr | Jun 2026 —
- SIKA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹77 Cr | Jun 2025 — | Sep 2025 ₹91 Cr | Dec 2025 — | Mar 2026 ₹120 Cr | Jun 2026 —
- JAYKAY: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹503 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹523 Cr | Dec 2022 ₹523 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹509 Cr | Sep 2023 ₹434 Cr | Dec 2023 ₹434 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹291 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹96 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹86 Cr | Jun 2023 — | Sep 2023 ₹104 Cr | Dec 2023 — | Mar 2024 ₹97 Cr | Jun 2024 — | Sep 2024 ₹94 Cr | Dec 2024 — | Mar 2025 ₹104 Cr | Jun 2025 — | Sep 2025 ₹129 Cr | Dec 2025 — | Mar 2026 ₹130 Cr | Jun 2026 —

### 20-quarter Net debt history
- HAL: Sep 2021 ₹-13.6K Cr | Dec 2021 ₹-13.6K Cr | Mar 2022 ₹-14.3K Cr | Jun 2022 ₹-14.3K Cr | Sep 2022 ₹-16.8K Cr | Dec 2022 ₹-16.8K Cr | Mar 2023 ₹-20.3K Cr | Jun 2023 ₹-20.3K Cr | Sep 2023 ₹-21.4K Cr | Dec 2023 ₹-21.4K Cr | Mar 2024 ₹-26.4K Cr | Jun 2024 ₹-26.4K Cr | Sep 2024 ₹-28.9K Cr | Dec 2024 ₹-28.9K Cr | Mar 2025 ₹-38.1K Cr | Jun 2025 ₹-38.1K Cr | Sep 2025 ₹-44.5K Cr | Dec 2025 ₹-44.5K Cr | Mar 2026 ₹-46.2K Cr | Jun 2026 —
- BEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-7.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-8.1K Cr | Jun 2023 — | Sep 2023 ₹-8.2K Cr | Dec 2023 ₹-8.2K Cr | Mar 2024 ₹-11.0K Cr | Jun 2024 ₹-11.0K Cr | Sep 2024 ₹-8.3K Cr | Dec 2024 ₹-8.3K Cr | Mar 2025 ₹-9.5K Cr | Jun 2025 ₹-9.5K Cr | Sep 2025 ₹-8.1K Cr | Dec 2025 ₹-8.1K Cr | Mar 2026 ₹-8.5K Cr | Jun 2026 —
- BDL: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.9K Cr | Jun 2022 ₹-1.9K Cr | Sep 2022 ₹-2.0K Cr | Dec 2022 ₹-2.0K Cr | Mar 2023 ₹-3.9K Cr | Jun 2023 ₹-3.9K Cr | Sep 2023 ₹-3.8K Cr | Dec 2023 ₹-3.8K Cr | Mar 2024 ₹-4.2K Cr | Jun 2024 ₹-4.2K Cr | Sep 2024 ₹-3.5K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-4.2K Cr | Jun 2025 ₹-4.2K Cr | Sep 2025 ₹-4.2K Cr | Dec 2025 ₹-4.2K Cr | Mar 2026 ₹-4.7K Cr | Jun 2026 —
- DATAPATTNS: Sep 2021 ₹48 Cr | Dec 2021 — | Mar 2022 ₹-168 Cr | Jun 2022 ₹-168 Cr | Sep 2022 ₹-54 Cr | Dec 2022 ₹-54 Cr | Mar 2023 ₹-601 Cr | Jun 2023 ₹-598 Cr | Sep 2023 ₹-600 Cr | Dec 2023 ₹-600 Cr | Mar 2024 ₹-651 Cr | Jun 2024 ₹-651 Cr | Sep 2024 ₹-551 Cr | Dec 2024 ₹-551 Cr | Mar 2025 ₹-447 Cr | Jun 2025 ₹-447 Cr | Sep 2025 ₹-319 Cr | Dec 2025 ₹-319 Cr | Mar 2026 ₹-418 Cr | Jun 2026 —
- MTARTECH: Sep 2021 ₹-119 Cr | Dec 2021 ₹-119 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹196 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹168 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- ASTRAMICRO: Sep 2021 ₹34 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹399 Cr | Jun 2025 ₹326 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹261 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹216 Cr | Jun 2025 ₹-434 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹421 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹724 Cr | Jun 2025 ₹800 Cr | Sep 2025 ₹800 Cr | Dec 2025 ₹800 Cr | Mar 2026 ₹344 Cr | Jun 2026 —
- APOLLO: Sep 2021 ₹102 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹295 Cr | Jun 2025 ₹295 Cr | Sep 2025 ₹294 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹387 Cr | Jun 2026 —
- BEML: Sep 2021 ₹835 Cr | Dec 2021 ₹835 Cr | Mar 2022 ₹808 Cr | Jun 2022 ₹798 Cr | Sep 2022 ₹635 Cr | Dec 2022 ₹635 Cr | Mar 2023 ₹342 Cr | Jun 2023 ₹342 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹381 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹575 Cr | Dec 2024 ₹575 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹629 Cr | Dec 2025 ₹629 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-6 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹-123 Cr | Dec 2025 ₹-123 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- MIDHANI: Sep 2021 ₹76 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹298 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹310 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹475 Cr | Jun 2023 ₹475 Cr | Sep 2023 ₹497 Cr | Dec 2023 ₹497 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹390 Cr | Dec 2024 ₹390 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹215 Cr | Jun 2026 —
- DYNAMATECH: Sep 2021 ₹631 Cr | Dec 2021 ₹631 Cr | Mar 2022 ₹670 Cr | Jun 2022 ₹670 Cr | Sep 2022 ₹674 Cr | Dec 2022 ₹674 Cr | Mar 2023 ₹616 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹572 Cr | Mar 2024 ₹534 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹503 Cr | Dec 2024 ₹503 Cr | Mar 2025 ₹538 Cr | Jun 2025 ₹525 Cr | Sep 2025 ₹548 Cr | Dec 2025 ₹548 Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- AVANTEL: Sep 2021 ₹-23 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹31 Cr | Dec 2022 — | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹27 Cr
- IDEAFORGE: Sep 2021 — | Dec 2021 ₹-27 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-114 Cr | Dec 2022 — | Mar 2023 ₹-40 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-325 Cr | Dec 2023 ₹-325 Cr | Mar 2024 ₹-347 Cr | Jun 2024 ₹-347 Cr | Sep 2024 ₹-269 Cr | Dec 2024 ₹-269 Cr | Mar 2025 ₹-166 Cr | Jun 2025 ₹-166 Cr | Sep 2025 ₹-104 Cr | Dec 2025 ₹-104 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹166 Cr | Jun 2024 — | Sep 2024 ₹192 Cr | Dec 2024 — | Mar 2025 ₹236 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹362 Cr | Jun 2026 —
- SIKA: Sep 2021 ₹-31 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-36 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-33 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-31 Cr | Mar 2026 — | Jun 2026 —
- JAYKAY: Sep 2021 ₹-40 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-36 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹-94 Cr | Dec 2024 ₹-94 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-134 Cr | Sep 2025 ₹-56 Cr | Dec 2025 ₹-56 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹315 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹-172 Cr | Dec 2022 ₹-172 Cr | Mar 2023 ₹495 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹-223 Cr | Dec 2023 ₹-223 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹-550 Cr | Sep 2024 ₹-907 Cr | Dec 2024 ₹-907 Cr | Mar 2025 ₹-190 Cr | Jun 2025 ₹-999 Cr | Sep 2025 ₹-869 Cr | Dec 2025 ₹-869 Cr | Mar 2026 ₹-762 Cr | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹82 Cr | Jun 2023 — | Sep 2023 ₹61 Cr | Dec 2023 — | Mar 2024 ₹84 Cr | Jun 2024 — | Sep 2024 ₹86 Cr | Dec 2024 — | Mar 2025 ₹92 Cr | Jun 2025 — | Sep 2025 ₹80 Cr | Dec 2025 — | Mar 2026 ₹113 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Sigma Advanced System Ltd · 60.8% | 66.6% versus #2 · Bharat Electronics Ltd | 7/8 recent comparable periods | 24/24 companies · 278 observations

Definition: 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.

### ROCE — highest
1. Sigma Advanced System Ltd (SIGMAADV): 61%
2. Bharat Electronics Ltd (BEL): 37%
3. Sika Interplant Systems Ltd (SIKA): 35%
4. Hindustan Aeronautics Ltd (HAL): 32%
5. Data Patterns (India) Ltd (DATAPATTNS): 22%

### ROCE change — fastest improvers
1. Sigma Advanced System Ltd (SIGMAADV): +41.2 pp
2. Rossell Techsys Ltd (ROSSTECH): +11.5 pp
3. Ideaforge Technology Ltd (IDEAFORGE): +7.0 pp
4. Sika Interplant Systems Ltd (SIKA): +4.6 pp
5. Jaykay Enterprises Ltd (JAYKAY): +3.8 pp

### 20-quarter ROCE history
- HAL: Sep 2021 11% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 12% | Dec 2023 20% | Mar 2024 18% | Jun 2024 28% | Sep 2024 17% | Dec 2024 28% | Mar 2025 11% | Jun 2025 21% | Sep 2025 9.3% | Dec 2025 20% | Mar 2026 7.7% | Jun 2026 —
- BEL: Sep 2021 24% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 25% | Dec 2023 30% | Mar 2024 27% | Jun 2024 35% | Sep 2024 29% | Dec 2024 38% | Mar 2025 30% | Jun 2025 38% | Sep 2025 31% | Dec 2025 39% | Mar 2026 30% | Jun 2026 —
- BDL: Sep 2021 10% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 5.1% | Jun 2023 — | Sep 2023 4.1% | Dec 2023 11% | Mar 2024 6.4% | Jun 2024 11% | Sep 2024 5.6% | Dec 2024 10% | Mar 2025 5.4% | Jun 2025 10% | Sep 2025 6.2% | Dec 2025 10% | Mar 2026 1.9% | Jun 2026 —
- DATAPATTNS: Sep 2021 46% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 15% | Dec 2023 25% | Mar 2024 15% | Jun 2024 20% | Sep 2024 15% | Dec 2024 19% | Mar 2025 17% | Jun 2025 21% | Sep 2025 18% | Dec 2025 23% | Mar 2026 20% | Jun 2026 —
- MTARTECH: Sep 2021 15% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 19% | Dec 2023 19% | Mar 2024 11% | Jun 2024 9.7% | Sep 2024 8.6% | Dec 2024 10% | Mar 2025 11% | Jun 2025 13% | Sep 2025 9.2% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- ASTRAMICRO: Sep 2021 19% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 11% | Dec 2023 18% | Mar 2024 16% | Jun 2024 24% | Sep 2024 18% | Dec 2024 22% | Mar 2025 19% | Jun 2025 25% | Sep 2025 19% | Dec 2025 23% | Mar 2026 20% | Jun 2026 —
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 9.7% | Jun 2023 14% | Sep 2023 19% | Dec 2023 28% | Mar 2024 14% | Jun 2024 23% | Sep 2024 14% | Dec 2024 20% | Mar 2025 8.1% | Jun 2025 14% | Sep 2025 8.8% | Dec 2025 16% | Mar 2026 9.1% | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -2.6% | Jun 2025 -1.9% | Sep 2025 -1.4% | Dec 2025 — | Mar 2026 -2.5% | Jun 2026 —
- APOLLO: Sep 2021 9.2% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 17% | Mar 2024 13% | Jun 2024 17% | Sep 2024 15% | Dec 2024 20% | Mar 2025 16% | Jun 2025 21% | Sep 2025 13% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- BEML: Sep 2021 5.2% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 9.8% | Dec 2022 — | Mar 2023 9.5% | Jun 2023 — | Sep 2023 10% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 11% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 11% | Dec 2025 10% | Mar 2026 5.2% | Jun 2026 —
- SIGMAADV: Sep 2021 -3.0% | Dec 2021 — | Mar 2022 -8.6% | Jun 2022 — | Sep 2022 -7.9% | Dec 2022 — | Mar 2023 -5.8% | Jun 2023 — | Sep 2023 -4.0% | Dec 2023 7.6% | Mar 2024 -3.6% | Jun 2024 6.3% | Sep 2024 -3.9% | Dec 2024 7.9% | Mar 2025 -4.9% | Jun 2025 67% | Sep 2025 55% | Dec 2025 70% | Mar 2026 36% | Jun 2026 —
- MIDHANI: Sep 2021 13% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 9.4% | Dec 2023 9.2% | Mar 2024 6.9% | Jun 2024 7.0% | Sep 2024 6.4% | Dec 2024 8.0% | Mar 2025 7.6% | Jun 2025 8.9% | Sep 2025 7.2% | Dec 2025 8.0% | Mar 2026 7.2% | Jun 2026 —
- DYNAMATECH: Sep 2021 6.8% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 12% | Jun 2023 17% | Sep 2023 11% | Dec 2023 18% | Mar 2024 9.6% | Jun 2024 17% | Sep 2024 9.6% | Dec 2024 16% | Mar 2025 8.7% | Jun 2025 11% | Sep 2025 8.2% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 —
- AVANTEL: Sep 2021 28% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 37% | Jun 2023 — | Sep 2023 47% | Dec 2023 66% | Mar 2024 44% | Jun 2024 53% | Sep 2024 40% | Dec 2024 53% | Mar 2025 32% | Jun 2025 36% | Sep 2025 16% | Dec 2025 12% | Mar 2026 7.9% | Jun 2026 11%
- IDEAFORGE: Sep 2021 — | Dec 2021 14% | Mar 2022 38% | Jun 2022 — | Sep 2022 43% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 -1.6% | Dec 2023 11% | Mar 2024 5.1% | Jun 2024 7.5% | Sep 2024 -0.6% | Dec 2024 -3.2% | Mar 2025 -13% | Jun 2025 -14% | Sep 2025 -18% | Dec 2025 -17% | Mar 2026 -6.2% | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.9% | Jun 2024 14% | Sep 2024 7.3% | Dec 2024 15% | Mar 2025 18% | Jun 2025 28% | Sep 2025 30% | Dec 2025 36% | Mar 2026 29% | Jun 2026 —
- SIKA: Sep 2021 25% | Dec 2021 24% | Mar 2022 24% | Jun 2022 — | Sep 2022 14% | Dec 2022 15% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 16% | Mar 2024 19% | Jun 2024 19% | Sep 2024 22% | Dec 2024 23% | Mar 2025 23% | Jun 2025 26% | Sep 2025 28% | Dec 2025 28% | Mar 2026 27% | Jun 2026 —
- JAYKAY: Sep 2021 -0.6% | Dec 2021 — | Mar 2022 2.1% | Jun 2022 — | Sep 2022 1.1% | Dec 2022 — | Mar 2023 7.9% | Jun 2023 — | Sep 2023 7.2% | Dec 2023 3.7% | Mar 2024 4.4% | Jun 2024 9.6% | Sep 2024 4.4% | Dec 2024 7.2% | Mar 2025 2.6% | Jun 2025 8.6% | Sep 2025 7.8% | Dec 2025 11% | Mar 2026 6.4% | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 43% | Jun 2022 53% | Sep 2022 52% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 20% | Dec 2023 33% | Mar 2024 6.5% | Jun 2024 14% | Sep 2024 2.6% | Dec 2024 9.5% | Mar 2025 -0.6% | Jun 2025 5.7% | Sep 2025 -0.4% | Dec 2025 2.8% | Mar 2026 -1.0% | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 20% | Dec 2023 — | Mar 2024 22% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 22% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 21% | Jun 2026 —

### 20-quarter ROCE change history
- HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +5.4 pp | Jun 2024 — | Sep 2024 +5.0 pp | Dec 2024 +8.0 pp | Mar 2025 −6.4 pp | Jun 2025 −6.1 pp | Sep 2025 −7.7 pp | Dec 2025 −8.0 pp | Mar 2026 −3.5 pp | Jun 2026 —
- BEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +4.2 pp | Jun 2023 — | Sep 2023 +2.5 pp | Dec 2023 — | Mar 2024 +2.2 pp | Jun 2024 — | Sep 2024 +3.5 pp | Dec 2024 +8.1 pp | Mar 2025 +3.3 pp | Jun 2025 +3.5 pp | Sep 2025 +2.0 pp | Dec 2025 +0.4 pp | Mar 2026 −0.6 pp | Jun 2026 —
- BDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.0 pp | Dec 2022 — | Mar 2023 −10.9 pp | Jun 2023 — | Sep 2023 −12.9 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 −0.8 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +0.6 pp | Dec 2025 +0.1 pp | Mar 2026 −3.5 pp | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.5 pp | Dec 2022 — | Mar 2023 −9.9 pp | Jun 2023 — | Sep 2023 −9.4 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 −5.7 pp | Mar 2025 +1.4 pp | Jun 2025 +0.9 pp | Sep 2025 +3.0 pp | Dec 2025 +3.6 pp | Mar 2026 +2.9 pp | Jun 2026 —
- MTARTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 — | Mar 2024 −7.6 pp | Jun 2024 — | Sep 2024 −10.1 pp | Dec 2024 −8.5 pp | Mar 2025 −0.7 pp | Jun 2025 +2.9 pp | Sep 2025 +0.6 pp | Dec 2025 +3.3 pp | Mar 2026 +2.9 pp | Jun 2026 —
- ASTRAMICRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 — | Mar 2023 +5.9 pp | Jun 2023 — | Sep 2023 −3.6 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 +6.3 pp | Dec 2024 +4.4 pp | Mar 2025 +3.3 pp | Jun 2025 +1.1 pp | Sep 2025 +1.2 pp | Dec 2025 +1.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.1 pp | Jun 2024 +9.1 pp | Sep 2024 −4.6 pp | Dec 2024 −7.7 pp | Mar 2025 −5.7 pp | Jun 2025 −9.4 pp | Sep 2025 −5.1 pp | Dec 2025 −4.9 pp | Mar 2026 +1.0 pp | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +0.1 pp | Jun 2026 —
- APOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +2.1 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 +3.4 pp | Mar 2025 +3.0 pp | Jun 2025 +3.8 pp | Sep 2025 −2.2 pp | Dec 2025 −1.9 pp | Mar 2026 −2.8 pp | Jun 2026 —
- BEML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.6 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.5 pp | Dec 2025 −1.5 pp | Mar 2026 −5.7 pp | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 +2.8 pp | Jun 2023 — | Sep 2023 +3.9 pp | Dec 2023 — | Mar 2024 +2.2 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 −1.3 pp | Jun 2025 +61.0 pp | Sep 2025 +59.1 pp | Dec 2025 +61.9 pp | Mar 2026 +41.2 pp | Jun 2026 —
- MIDHANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 −2.1 pp | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −1.2 pp | Mar 2025 +0.7 pp | Jun 2025 +1.9 pp | Sep 2025 +0.8 pp | Dec 2025 0.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- DYNAMATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.5 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 +0.3 pp | Sep 2024 −0.9 pp | Dec 2024 −2.9 pp | Mar 2025 −0.9 pp | Jun 2025 −5.9 pp | Sep 2025 −1.4 pp | Dec 2025 −5.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- AVANTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 — | Mar 2023 +10.8 pp | Jun 2023 — | Sep 2023 +17.0 pp | Dec 2023 — | Mar 2024 +6.6 pp | Jun 2024 — | Sep 2024 −6.6 pp | Dec 2024 −12.4 pp | Mar 2025 −11.9 pp | Jun 2025 −16.7 pp | Sep 2025 −24.6 pp | Dec 2025 −41.6 pp | Mar 2026 −23.7 pp | Jun 2026 −24.7 pp
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −27.1 pp | Jun 2023 — | Sep 2023 −44.2 pp | Dec 2023 — | Mar 2024 −5.3 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 −13.9 pp | Mar 2025 −18.3 pp | Jun 2025 −21.0 pp | Sep 2025 −17.5 pp | Dec 2025 −13.4 pp | Mar 2026 +7.0 pp | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +11.6 pp | Jun 2025 +14.0 pp | Sep 2025 +22.6 pp | Dec 2025 +20.9 pp | Mar 2026 +11.5 pp | Jun 2026 —
- SIKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.6 pp | Dec 2022 −9.0 pp | Mar 2023 −12.2 pp | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 +1.3 pp | Mar 2024 +6.8 pp | Jun 2024 +6.5 pp | Sep 2024 +8.0 pp | Dec 2024 +6.5 pp | Mar 2025 +4.3 pp | Jun 2025 +6.3 pp | Sep 2025 +5.8 pp | Dec 2025 +5.9 pp | Mar 2026 +4.6 pp | Jun 2026 —
- JAYKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 +6.1 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −2.8 pp | Dec 2024 +3.5 pp | Mar 2025 −1.8 pp | Jun 2025 −1.0 pp | Sep 2025 +3.4 pp | Dec 2025 +3.8 pp | Mar 2026 +3.8 pp | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −21.3 pp | Jun 2023 — | Sep 2023 −32.1 pp | Dec 2023 — | Mar 2024 −15.1 pp | Jun 2024 — | Sep 2024 −17.3 pp | Dec 2024 −23.2 pp | Mar 2025 −7.1 pp | Jun 2025 −7.9 pp | Sep 2025 −3.0 pp | Dec 2025 −6.7 pp | Mar 2026 −0.4 pp | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −6.2 pp | Jun 2024 — | Sep 2024 +2.4 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 −5.3 pp | Dec 2025 — | Mar 2026 −0.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Sika Interplant Systems Ltd · 1.01× | 14.4% versus #2 · BEML Ltd | 0/8 recent comparable periods | 13/24 companies · 118 observations

Definition: 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 PEG — lowest PEG
1. Sika Interplant Systems Ltd (SIKA): 1.0
2. BEML Ltd (BEML): 1.2
3. Hindustan Aeronautics Ltd (HAL): 1.2
4. Astra Microwave Products Ltd (ASTRAMICRO): 1.2
5. Dynamatic Technologies Ltd (DYNAMATECH): 1.4

### P/E — lowest P/E
1. Jaykay Enterprises Ltd (JAYKAY): 32.1
2. Hindustan Aeronautics Ltd (HAL): 33.6
3. Sigma Advanced System Ltd (SIGMAADV): 35.7
4. Bharat Electronics Ltd (BEL): 48.8
5. Vinyas Innovative Technologies Ltd (VINYAS): 51.9

### 20-quarter Guarded PEG history
- HAL: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 — | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 3.4 | Mar 2024 — | Jun 2024 — | Sep 2024 1.6 | Dec 2024 2.3 | Mar 2025 0.8 | Jun 2025 4.0 | Sep 2025 — | Dec 2025 1.2 | Mar 2026 — | Jun 2026 —
- BEL: Sep 2021 1.0 | Dec 2021 — | Mar 2022 — | Jun 2022 1.7 | Sep 2022 0.8 | Dec 2022 — | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 2.1 | Dec 2023 1.9 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 2.5 | Mar 2026 2.6 | Jun 2026 —
- BDL: Sep 2021 — | Dec 2021 3.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.0 | Mar 2025 4.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1 | Sep 2022 1.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.7 | Dec 2023 2.2 | Mar 2024 4.5 | Jun 2024 3.4 | Sep 2024 2.0 | Dec 2024 3.4 | Mar 2025 6.8 | Jun 2025 — | Sep 2025 6.1 | Dec 2025 5.2 | Mar 2026 2.1 | Jun 2026 —
- MTARTECH: Sep 2021 4.8 | Dec 2021 4.4 | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 2.1 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.2 | Dec 2025 10.2 | Mar 2026 3.3 | Jun 2026 —
- ASTRAMICRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.4 | Sep 2022 2.6 | Dec 2022 — | Mar 2023 1.2 | Jun 2023 — | Sep 2023 1.4 | Dec 2023 3.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.4 | Jun 2025 — | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 1.2 | Jun 2026 —
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.0 | Mar 2025 — | Jun 2025 1.9 | Sep 2025 3.0 | Dec 2025 1.9 | Mar 2026 2.3 | Jun 2026 —
- APOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 1.2 | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 — | Mar 2024 2.2 | Jun 2024 3.5 | Sep 2024 1.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 8.0 | Mar 2026 1.6 | Jun 2026 —
- BEML: Sep 2021 — | Dec 2021 — | Mar 2022 0.6 | Jun 2022 — | Sep 2022 0.8 | Dec 2022 1.0 | Mar 2023 7.1 | Jun 2023 — | Sep 2023 3.3 | Dec 2023 1.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SIGMAADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MIDHANI: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 2.2 | Jun 2022 2.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.3 | Jun 2025 3.5 | Sep 2025 1.2 | Dec 2025 2.5 | Mar 2026 5.6 | Jun 2026 —
- DYNAMATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.7 | Jun 2023 1.2 | Sep 2023 — | Dec 2023 1.1 | Mar 2024 — | Jun 2024 1.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AVANTEL: Sep 2021 0.4 | Dec 2021 0.7 | Mar 2022 3.5 | Jun 2022 1.0 | Sep 2022 — | Dec 2022 1.3 | Mar 2023 0.6 | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 1.5 | Mar 2025 1.8 | Jun 2025 11.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SIKA: Sep 2021 — | Dec 2021 — | Mar 2022 0.7 | Jun 2022 0.3 | Sep 2022 0.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.4 | Sep 2025 1.4 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —

### 20-quarter P/E history
- 532395: Sep 2021 18.0 | Dec 2021 26.9 | Mar 2022 23.0 | Jun 2022 19.6 | Sep 2022 22.3 | Dec 2022 23.8 | Mar 2023 20.2 | Jun 2023 33.5 | Sep 2023 36.6 | Dec 2023 56.3 | Mar 2024 53.0 | Jun 2024 62.6 | Sep 2024 53.1 | Dec 2024 58.1 | Mar 2025 69.5 | Jun 2025 77.3 | Sep 2025 85.2 | Dec 2025 60.9 | Mar 2026 56.6 | Jun 2026 —
- HAL: Sep 2021 13.6 | Dec 2021 11.5 | Mar 2022 12.9 | Jun 2022 11.8 | Sep 2022 14.2 | Dec 2022 14.4 | Mar 2023 15.0 | Jun 2023 21.8 | Sep 2023 21.4 | Dec 2023 31.1 | Mar 2024 36.2 | Jun 2024 46.2 | Sep 2024 36.3 | Dec 2024 33.2 | Mar 2025 32.1 | Jun 2025 39.2 | Sep 2025 38.1 | Dec 2025 34.8 | Mar 2026 27.0 | Jun 2026 —
- BEL: Sep 2021 24.2 | Dec 2021 22.3 | Mar 2022 19.2 | Jun 2022 23.7 | Sep 2022 26.9 | Dec 2022 26.6 | Mar 2023 25.9 | Jun 2023 30.8 | Sep 2023 32.0 | Dec 2023 40.5 | Mar 2024 41.3 | Jun 2024 56.1 | Sep 2024 50.6 | Dec 2024 47.0 | Mar 2025 44.1 | Jun 2025 56.9 | Sep 2025 52.6 | Dec 2025 51.1 | Mar 2026 49.6 | Jun 2026 —
- BDL: Sep 2021 22.4 | Dec 2021 21.5 | Mar 2022 20.6 | Jun 2022 25.5 | Sep 2022 27.4 | Dec 2022 28.1 | Mar 2023 37.2 | Jun 2023 58.3 | Sep 2023 53.4 | Dec 2023 73.8 | Mar 2024 67.4 | Jun 2024 95.5 | Sep 2024 71.7 | Dec 2024 79.5 | Mar 2025 83.0 | Jun 2025 126.1 | Sep 2025 97.9 | Dec 2025 82.8 | Mar 2026 71.9 | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 59.1 | Dec 2022 53.7 | Mar 2023 54.8 | Jun 2023 80.8 | Sep 2023 84.1 | Dec 2023 69.0 | Mar 2024 81.7 | Jun 2024 92.5 | Sep 2024 70.7 | Dec 2024 76.0 | Mar 2025 52.9 | Jun 2025 88.4 | Sep 2025 70.6 | Dec 2025 71.2 | Mar 2026 83.8 | Jun 2026 —
- MTARTECH: Sep 2021 94.4 | Dec 2021 135.4 | Mar 2022 89.8 | Jun 2022 69.6 | Sep 2022 71.2 | Dec 2022 67.2 | Mar 2023 52.8 | Jun 2023 57.0 | Sep 2023 72.6 | Dec 2023 65.7 | Mar 2024 62.9 | Jun 2024 101.9 | Sep 2024 132.3 | Dec 2024 133.2 | Mar 2025 89.5 | Jun 2025 92.5 | Sep 2025 97.5 | Dec 2025 164.5 | Mar 2026 166.3 | Jun 2026 —
- ASTRAMICRO: Sep 2021 41.3 | Dec 2021 38.4 | Mar 2022 35.1 | Jun 2022 44.1 | Sep 2022 77.4 | Dec 2022 48.6 | Mar 2023 29.0 | Jun 2023 45.6 | Sep 2023 66.6 | Dec 2023 83.7 | Mar 2024 69.5 | Jun 2024 74.5 | Sep 2024 59.6 | Dec 2024 56.4 | Mar 2025 47.5 | Jun 2025 64.8 | Sep 2025 61.1 | Dec 2025 57.7 | Mar 2026 52.0 | Jun 2026 —
- ZENTEC: Sep 2021 487.9 | Dec 2021 675.0 | Mar 2022 650.6 | Jun 2022 648.9 | Sep 2022 143.9 | Dec 2022 89.4 | Mar 2023 104.5 | Jun 2023 79.8 | Sep 2023 77.2 | Dec 2023 72.2 | Mar 2024 70.3 | Jun 2024 78.2 | Sep 2024 92.1 | Dec 2024 101.5 | Mar 2025 60.5 | Jun 2025 60.8 | Sep 2025 48.4 | Dec 2025 44.3 | Mar 2026 43.7 | Jun 2026 57.1
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13.5 | Mar 2024 26.7 | Jun 2024 35.1 | Sep 2024 122.7 | Dec 2024 142.2 | Mar 2025 104.4 | Jun 2025 111.1 | Sep 2025 96.6 | Dec 2025 93.3 | Mar 2026 78.4 | Jun 2026 —
- APOLLO: Sep 2021 24.4 | Dec 2021 38.3 | Mar 2022 26.1 | Jun 2022 17.5 | Sep 2022 24.1 | Dec 2022 41.7 | Mar 2023 30.1 | Jun 2023 59.3 | Sep 2023 60.9 | Dec 2023 100.8 | Mar 2024 85.9 | Jun 2024 91.4 | Sep 2024 76.3 | Dec 2024 61.5 | Mar 2025 66.7 | Jun 2025 104.8 | Sep 2025 153.1 | Dec 2025 105.8 | Mar 2026 71.2 | Jun 2026 —
- BEML: Sep 2021 42.8 | Dec 2021 54.3 | Mar 2022 33.9 | Jun 2022 33.1 | Sep 2022 44.0 | Dec 2022 41.9 | Mar 2023 39.2 | Jun 2023 42.8 | Sep 2023 58.4 | Dec 2023 58.7 | Mar 2024 72.6 | Jun 2024 65.6 | Sep 2024 54.0 | Dec 2024 59.4 | Mar 2025 51.2 | Jun 2025 63.0 | Sep 2025 58.6 | Dec 2025 52.8 | Mar 2026 48.1 | Jun 2026 —
- SIGMAADV: Sep 2021 49.5 | Dec 2021 244.8 | Mar 2022 107.2 | Jun 2022 155.6 | Sep 2022 232.8 | Dec 2022 74.5 | Mar 2023 40.9 | Jun 2023 28.0 | Sep 2023 36.3 | Dec 2023 103.6 | Mar 2024 93.7 | Jun 2024 — | Sep 2024 — | Dec 2024 -19.5 | Mar 2025 — | Jun 2025 6.6 | Sep 2025 8.5 | Dec 2025 9.6 | Mar 2026 7.2 | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 141.2 | Mar 2022 61.8 | Jun 2022 79.7 | Sep 2022 82.3 | Dec 2022 69.9 | Mar 2023 51.5 | Jun 2023 66.4 | Sep 2023 81.2 | Dec 2023 78.0 | Mar 2024 72.7 | Jun 2024 171.4 | Sep 2024 101.8 | Dec 2024 87.4 | Mar 2025 70.2 | Jun 2025 102.0 | Sep 2025 87.6 | Dec 2025 80.1 | Mar 2026 68.7 | Jun 2026 —
- MIDHANI: Sep 2021 18.7 | Dec 2021 18.1 | Mar 2022 18.8 | Jun 2022 17.2 | Sep 2022 21.8 | Dec 2022 23.2 | Mar 2023 20.2 | Jun 2023 35.0 | Sep 2023 48.7 | Dec 2023 57.0 | Mar 2024 66.2 | Jun 2024 93.8 | Sep 2024 92.7 | Dec 2024 72.8 | Mar 2025 50.4 | Jun 2025 73.1 | Sep 2025 60.7 | Dec 2025 55.4 | Mar 2026 49.0 | Jun 2026 —
- DYNAMATECH: Sep 2021 — | Dec 2021 3,248.2 | Mar 2022 240.6 | Jun 2022 39.5 | Sep 2022 42.0 | Dec 2022 37.3 | Mar 2023 43.5 | Jun 2023 56.0 | Sep 2023 43.0 | Dec 2023 52.1 | Mar 2024 71.2 | Jun 2024 72.2 | Sep 2024 101.8 | Dec 2024 106.9 | Mar 2025 92.5 | Jun 2025 105.3 | Sep 2025 103.6 | Dec 2025 170.3 | Mar 2026 122.8 | Jun 2026 —
- AVANTEL: Sep 2021 20.2 | Dec 2021 19.3 | Mar 2022 27.9 | Jun 2022 26.8 | Sep 2022 25.8 | Dec 2022 29.3 | Mar 2023 29.1 | Jun 2023 46.2 | Sep 2023 69.3 | Dec 2023 70.0 | Mar 2024 49.5 | Jun 2024 82.0 | Sep 2024 82.8 | Dec 2024 67.0 | Mar 2025 45.5 | Jun 2025 73.4 | Sep 2025 90.3 | Dec 2025 125.9 | Mar 2026 200.3 | Jun 2026 301.2
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 62.8 | Dec 2023 58.0 | Mar 2024 113.1 | Jun 2024 70.9 | Sep 2024 112.4 | Dec 2024 200.4 | Mar 2025 184.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -94.4 | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 0.1 | Jun 2025 0.2 | Sep 2025 175.5 | Dec 2025 112.8 | Mar 2026 116.9 | Jun 2026 —
- SIKA: Sep 2021 19.3 | Dec 2021 25.7 | Mar 2022 16.1 | Jun 2022 16.4 | Sep 2022 18.9 | Dec 2022 26.5 | Mar 2023 21.6 | Jun 2023 35.9 | Sep 2023 41.2 | Dec 2023 50.4 | Mar 2024 44.6 | Jun 2024 74.3 | Sep 2024 55.1 | Dec 2024 47.7 | Mar 2025 55.0 | Jun 2025 120.0 | Sep 2025 80.9 | Dec 2025 54.7 | Mar 2026 49.4 | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 155.3 | Sep 2023 247.1 | Dec 2023 122.8 | Mar 2024 166.0 | Jun 2024 133.1 | Sep 2024 94.5 | Dec 2024 71.7 | Mar 2025 47.2 | Jun 2025 90.0 | Sep 2025 95.0 | Dec 2025 501.3 | Mar 2026 448.2 | Jun 2026 —
- JAYKAY: Sep 2021 8.3 | Dec 2021 7.5 | Mar 2022 8.2 | Jun 2022 16.3 | Sep 2022 28.9 | Dec 2022 81.8 | Mar 2023 28.8 | Jun 2023 53.2 | Sep 2023 56.5 | Dec 2023 74.0 | Mar 2024 91.7 | Jun 2024 122.0 | Sep 2024 84.0 | Dec 2024 137.3 | Mar 2025 96.6 | Jun 2025 266.3 | Sep 2025 117.9 | Dec 2025 80.7 | Mar 2026 46.9 | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 26.5 | Mar 2023 17.1 | Jun 2023 34.5 | Sep 2023 36.6 | Dec 2023 37.6 | Mar 2024 33.9 | Jun 2024 48.9 | Sep 2024 49.8 | Dec 2024 70.1 | Mar 2025 49.9 | Jun 2025 78.3 | Sep 2025 71.6 | Dec 2025 86.5 | Mar 2026 137.8 | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 49.2 | Jun 2024 — | Sep 2024 56.6 | Dec 2024 — | Mar 2025 51.0 | Jun 2025 — | Sep 2025 69.6 | Dec 2025 — | Mar 2026 33.2 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sigma Advanced System Ltd leads ev/ebitda at 11.9×; DCX Systems Ltd leads p/bv at 1.33×.

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.

Evidence: Sigma Advanced System Ltd · 11.9× | 19.6% versus #2 · Hindustan Aeronautics Ltd | 0/8 recent comparable periods | 23/24 companies · 379 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Sigma Advanced System Ltd (SIGMAADV): 11.9
2. Hindustan Aeronautics Ltd (HAL): 14.8
3. DCX Systems Ltd (DCXINDIA): 17.9
4. Vinyas Innovative Technologies Ltd (VINYAS): 18.3
5. Mishra Dhatu Nigam Ltd (MIDHANI): 23.1

### P/BV — lowest P/BV
1. DCX Systems Ltd (DCXINDIA): 1.3
2. Jaykay Enterprises Ltd (JAYKAY): 3.1
3. Mishra Dhatu Nigam Ltd (MIDHANI): 4.8
4. BEML Ltd (BEML): 4.9
5. Ideaforge Technology Ltd (IDEAFORGE): 6.3

### 20-quarter EV/EBITDA history
- 532395: Sep 2021 3.6 | Dec 2021 5.7 | Mar 2022 5.7 | Jun 2022 6.0 | Sep 2022 8.3 | Dec 2022 10.3 | Mar 2023 7.3 | Jun 2023 11.9 | Sep 2023 12.0 | Dec 2023 18.1 | Mar 2024 17.5 | Jun 2024 17.0 | Sep 2024 17.6 | Dec 2024 19.4 | Mar 2025 24.8 | Jun 2025 38.1 | Sep 2025 42.9 | Dec 2025 32.0 | Mar 2026 31.4 | Jun 2026 —
- HAL: Sep 2021 6.7 | Dec 2021 4.5 | Mar 2022 5.3 | Jun 2022 8.3 | Sep 2022 8.8 | Dec 2022 9.0 | Mar 2023 10.4 | Jun 2023 13.5 | Sep 2023 12.6 | Dec 2023 19.0 | Mar 2024 22.0 | Jun 2024 28.4 | Sep 2024 22.5 | Dec 2024 20.7 | Mar 2025 19.7 | Jun 2025 24.7 | Sep 2025 22.3 | Dec 2025 19.6 | Mar 2026 14.8 | Jun 2026 —
- BEL: Sep 2021 13.7 | Dec 2021 14.4 | Mar 2022 12.7 | Jun 2022 14.5 | Sep 2022 18.2 | Dec 2022 17.9 | Mar 2023 15.5 | Jun 2023 19.3 | Sep 2023 20.3 | Dec 2023 26.4 | Mar 2024 27.3 | Jun 2024 37.7 | Sep 2024 33.6 | Dec 2024 31.8 | Mar 2025 29.9 | Jun 2025 38.5 | Sep 2025 35.8 | Dec 2025 34.9 | Mar 2026 33.7 | Jun 2026 —
- BDL: Sep 2021 10.6 | Dec 2021 10.8 | Mar 2022 11.6 | Jun 2022 14.1 | Sep 2022 15.2 | Dec 2022 15.7 | Mar 2023 20.9 | Jun 2023 33.1 | Sep 2023 26.9 | Dec 2023 43.6 | Mar 2024 39.6 | Jun 2024 60.9 | Sep 2024 43.7 | Dec 2024 49.2 | Mar 2025 52.5 | Jun 2025 79.1 | Sep 2025 60.7 | Dec 2025 52.1 | Mar 2026 43.0 | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 42.2 | Mar 2022 37.2 | Jun 2022 35.9 | Sep 2022 38.7 | Dec 2022 34.9 | Mar 2023 38.9 | Jun 2023 56.9 | Sep 2023 56.8 | Dec 2023 46.4 | Mar 2024 55.1 | Jun 2024 60.8 | Sep 2024 46.7 | Dec 2024 51.0 | Mar 2025 34.8 | Jun 2025 57.9 | Sep 2025 47.2 | Dec 2025 47.8 | Mar 2026 56.3 | Jun 2026 —
- MTARTECH: Sep 2021 49.6 | Dec 2021 77.3 | Mar 2022 50.6 | Jun 2022 39.4 | Sep 2022 43.3 | Dec 2022 41.2 | Mar 2023 32.7 | Jun 2023 34.2 | Sep 2023 43.2 | Dec 2023 39.1 | Mar 2024 35.3 | Jun 2024 49.2 | Sep 2024 56.4 | Dec 2024 54.0 | Mar 2025 37.3 | Jun 2025 40.0 | Sep 2025 43.1 | Dec 2025 62.7 | Mar 2026 74.4 | Jun 2026 —
- ASTRAMICRO: Sep 2021 17.4 | Dec 2021 17.5 | Mar 2022 15.9 | Jun 2022 18.7 | Sep 2022 29.8 | Dec 2022 21.8 | Mar 2023 13.6 | Jun 2023 23.2 | Sep 2023 31.3 | Dec 2023 39.6 | Mar 2024 34.3 | Jun 2024 42.2 | Sep 2024 34.2 | Dec 2024 31.6 | Mar 2025 26.1 | Jun 2025 34.0 | Sep 2025 32.8 | Dec 2025 29.7 | Mar 2026 26.3 | Jun 2026 —
- ZENTEC: Sep 2021 142.8 | Dec 2021 193.6 | Mar 2022 243.3 | Jun 2022 136.1 | Sep 2022 63.6 | Dec 2022 39.3 | Mar 2023 48.7 | Jun 2023 43.1 | Sep 2023 45.2 | Dec 2023 43.1 | Mar 2024 44.0 | Jun 2024 49.6 | Sep 2024 64.1 | Dec 2024 68.3 | Mar 2025 38.2 | Jun 2025 39.9 | Sep 2025 28.7 | Dec 2025 26.3 | Mar 2026 25.9 | Jun 2026 36.3
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 53.4 | Mar 2024 102.0 | Jun 2024 77.2 | Sep 2024 56.6 | Dec 2024 62.8 | Mar 2025 56.7 | Jun 2025 60.0 | Sep 2025 49.1 | Dec 2025 48.2 | Mar 2026 39.5 | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 82.6 | Mar 2026 73.4 | Jun 2026 —
- APOLLO: Sep 2021 8.6 | Dec 2021 11.2 | Mar 2022 8.4 | Jun 2022 7.7 | Sep 2022 10.0 | Dec 2022 14.8 | Mar 2023 11.9 | Jun 2023 19.8 | Sep 2023 22.0 | Dec 2023 45.3 | Mar 2024 36.0 | Jun 2024 39.8 | Sep 2024 35.4 | Dec 2024 29.1 | Mar 2025 31.7 | Jun 2025 50.1 | Sep 2025 74.0 | Dec 2025 55.4 | Mar 2026 37.1 | Jun 2026 —
- BEML: Sep 2021 22.4 | Dec 2021 26.9 | Mar 2022 20.1 | Jun 2022 15.4 | Sep 2022 20.6 | Dec 2022 20.2 | Mar 2023 19.3 | Jun 2023 19.4 | Sep 2023 25.4 | Dec 2023 29.0 | Mar 2024 32.9 | Jun 2024 38.9 | Sep 2024 32.0 | Dec 2024 34.9 | Mar 2025 29.2 | Jun 2025 34.9 | Sep 2025 33.0 | Dec 2025 30.6 | Mar 2026 26.6 | Jun 2026 —
- SIGMAADV: Sep 2021 14.5 | Dec 2021 56.8 | Mar 2022 37.0 | Jun 2022 37.5 | Sep 2022 53.0 | Dec 2022 33.1 | Mar 2023 9.4 | Jun 2023 8.8 | Sep 2023 17.1 | Dec 2023 19.2 | Mar 2024 26.3 | Jun 2024 21.7 | Sep 2024 24.9 | Dec 2024 32.6 | Mar 2025 16.4 | Jun 2025 16.8 | Sep 2025 5.9 | Dec 2025 6.8 | Mar 2026 11.9 | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 62.5 | Mar 2022 36.5 | Jun 2022 41.5 | Sep 2022 44.9 | Dec 2022 38.9 | Mar 2023 27.2 | Jun 2023 36.2 | Sep 2023 43.8 | Dec 2023 42.9 | Mar 2024 40.5 | Jun 2024 92.3 | Sep 2024 58.3 | Dec 2024 51.8 | Mar 2025 43.2 | Jun 2025 63.0 | Sep 2025 52.6 | Dec 2025 49.8 | Mar 2026 42.8 | Jun 2026 —
- MIDHANI: Sep 2021 12.2 | Dec 2021 12.0 | Mar 2022 12.3 | Jun 2022 10.6 | Sep 2022 13.8 | Dec 2022 13.9 | Mar 2023 11.4 | Jun 2023 19.2 | Sep 2023 26.7 | Dec 2023 29.7 | Mar 2024 31.7 | Jun 2024 40.5 | Sep 2024 37.2 | Dec 2024 31.0 | Mar 2025 23.1 | Jun 2025 34.1 | Sep 2025 29.3 | Dec 2025 25.8 | Mar 2026 23.1 | Jun 2026 —
- DYNAMATECH: Sep 2021 17.0 | Dec 2021 13.4 | Mar 2022 12.8 | Jun 2022 10.4 | Sep 2022 11.8 | Dec 2022 11.7 | Mar 2023 12.7 | Jun 2023 15.8 | Sep 2023 15.4 | Dec 2023 18.6 | Mar 2024 25.1 | Jun 2024 25.8 | Sep 2024 29.9 | Dec 2024 30.8 | Mar 2025 24.6 | Jun 2025 27.8 | Sep 2025 26.3 | Dec 2025 34.6 | Mar 2026 30.2 | Jun 2026 —
- AVANTEL: Sep 2021 12.9 | Dec 2021 11.7 | Mar 2022 17.4 | Jun 2022 17.7 | Sep 2022 17.3 | Dec 2022 19.1 | Mar 2023 17.8 | Jun 2023 26.9 | Sep 2023 39.2 | Dec 2023 40.8 | Mar 2024 30.1 | Jun 2024 52.0 | Sep 2024 51.7 | Dec 2024 42.6 | Mar 2025 28.4 | Jun 2025 44.1 | Sep 2025 52.7 | Dec 2025 62.7 | Mar 2026 68.7 | Jun 2026 90.4
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 68.1 | Dec 2023 59.1 | Mar 2024 38.5 | Jun 2024 40.3 | Sep 2024 45.3 | Dec 2024 52.7 | Mar 2025 215.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 54.9 | Mar 2025 35.9 | Jun 2025 44.8 | Sep 2025 60.1 | Dec 2025 45.4 | Mar 2026 45.1 | Jun 2026 —
- SIKA: Sep 2021 11.8 | Dec 2021 18.0 | Mar 2022 10.6 | Jun 2022 11.2 | Sep 2022 12.6 | Dec 2022 15.8 | Mar 2023 12.3 | Jun 2023 20.8 | Sep 2023 25.0 | Dec 2023 32.5 | Mar 2024 29.3 | Jun 2024 53.5 | Sep 2024 39.6 | Dec 2024 34.4 | Mar 2025 41.0 | Jun 2025 86.9 | Sep 2025 60.6 | Dec 2025 40.4 | Mar 2026 35.9 | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 36.6 | Sep 2023 56.7 | Dec 2023 47.7 | Mar 2024 72.8 | Jun 2024 67.3 | Sep 2024 53.3 | Dec 2024 39.0 | Mar 2025 24.1 | Jun 2025 38.8 | Sep 2025 36.4 | Dec 2025 51.6 | Mar 2026 86.9 | Jun 2026 —
- JAYKAY: Sep 2021 15.6 | Dec 2021 14.1 | Mar 2022 15.4 | Jun 2022 123.1 | Sep 2022 138.9 | Dec 2022 213.1 | Mar 2023 18.4 | Jun 2023 27.1 | Sep 2023 30.8 | Dec 2023 42.8 | Mar 2024 67.4 | Jun 2024 59.0 | Sep 2024 47.9 | Dec 2024 61.7 | Mar 2025 60.0 | Jun 2025 105.3 | Sep 2025 69.0 | Dec 2025 48.5 | Mar 2026 24.7 | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 21.1 | Mar 2023 12.5 | Jun 2023 21.1 | Sep 2023 22.9 | Dec 2023 22.8 | Mar 2024 23.3 | Jun 2024 30.4 | Sep 2024 25.3 | Dec 2024 27.9 | Mar 2025 15.7 | Jun 2025 29.5 | Sep 2025 21.6 | Dec 2025 19.6 | Mar 2026 17.9 | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 24.4 | Jun 2024 — | Sep 2024 28.2 | Dec 2024 — | Mar 2025 26.6 | Jun 2025 — | Sep 2025 35.8 | Dec 2025 — | Mar 2026 18.3 | Jun 2026 —

### 20-quarter P/BV history
- 532395: Sep 2021 0.9 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.5 | Sep 2022 2.0 | Dec 2022 3.5 | Mar 2023 3.1 | Jun 2023 5.5 | Sep 2023 5.8 | Dec 2023 6.8 | Mar 2024 5.9 | Jun 2024 5.9 | Sep 2024 4.2 | Dec 2024 4.5 | Mar 2025 6.2 | Jun 2025 10.2 | Sep 2025 10.7 | Dec 2025 8.1 | Mar 2026 9.0 | Jun 2026 —
- HAL: Sep 2021 2.9 | Dec 2021 2.5 | Mar 2022 2.8 | Jun 2022 3.9 | Sep 2022 3.8 | Dec 2022 4.0 | Mar 2023 4.7 | Jun 2023 6.6 | Sep 2023 5.5 | Dec 2023 7.5 | Mar 2024 8.8 | Jun 2024 14.9 | Sep 2024 10.3 | Dec 2024 9.1 | Mar 2025 8.9 | Jun 2025 11.2 | Sep 2025 9.1 | Dec 2025 8.0 | Mar 2026 6.5 | Jun 2026 —
- BEL: Sep 2021 4.5 | Dec 2021 4.5 | Mar 2022 4.4 | Jun 2022 5.1 | Sep 2022 5.7 | Dec 2022 5.7 | Mar 2023 5.6 | Jun 2023 7.2 | Sep 2023 7.3 | Dec 2023 9.1 | Mar 2024 9.9 | Jun 2024 16.1 | Sep 2024 13.1 | Dec 2024 12.1 | Mar 2025 12.5 | Jun 2025 18.6 | Sep 2025 14.5 | Dec 2025 13.5 | Mar 2026 13.7 | Jun 2026 —
- BDL: Sep 2021 2.6 | Dec 2021 2.6 | Mar 2022 3.8 | Jun 2022 5.0 | Sep 2022 5.1 | Dec 2022 5.5 | Mar 2023 6.0 | Jun 2023 6.8 | Sep 2023 5.9 | Dec 2023 9.3 | Mar 2024 9.5 | Jun 2024 18.2 | Sep 2024 11.4 | Dec 2024 11.8 | Mar 2025 12.6 | Jun 2025 19.1 | Sep 2025 13.7 | Dec 2025 12.8 | Mar 2026 9.9 | Jun 2026 —
- DATAPATTNS: Sep 2021 — | Dec 2021 — | Mar 2022 6.4 | Jun 2022 5.8 | Sep 2022 9.9 | Dec 2022 9.6 | Mar 2023 12.4 | Jun 2023 16.9 | Sep 2023 10.1 | Dec 2023 8.7 | Mar 2024 11.3 | Jun 2024 14.4 | Sep 2024 10.1 | Dec 2024 10.4 | Mar 2025 7.0 | Jun 2025 11.9 | Sep 2025 9.8 | Dec 2025 9.8 | Mar 2026 11.5 | Jun 2026 —
- MTARTECH: Sep 2021 9.1 | Dec 2021 15.3 | Mar 2022 10.7 | Jun 2022 8.9 | Sep 2022 8.7 | Dec 2022 8.9 | Mar 2023 9.4 | Jun 2023 11.3 | Sep 2023 12.6 | Dec 2023 10.3 | Mar 2024 7.8 | Jun 2024 9.2 | Sep 2024 7.9 | Dec 2024 7.3 | Mar 2025 5.6 | Jun 2025 7.2 | Sep 2025 7.9 | Dec 2025 9.9 | Mar 2026 14.8 | Jun 2026 —
- ASTRAMICRO: Sep 2021 3.1 | Dec 2021 3.6 | Mar 2022 3.4 | Jun 2022 3.0 | Sep 2022 4.3 | Dec 2022 4.1 | Mar 2023 3.3 | Jun 2023 5.4 | Sep 2023 5.8 | Dec 2023 6.6 | Mar 2024 6.5 | Jun 2024 12.8 | Sep 2024 8.3 | Dec 2024 7.5 | Mar 2025 6.5 | Jun 2025 10.3 | Sep 2025 9.0 | Dec 2025 8.0 | Mar 2026 7.2 | Jun 2026 —
- ZENTEC: Sep 2021 8.0 | Dec 2021 8.5 | Mar 2022 8.0 | Jun 2022 6.8 | Sep 2022 5.3 | Dec 2022 5.0 | Mar 2023 9.2 | Jun 2023 11.7 | Sep 2023 19.2 | Dec 2023 17.6 | Mar 2024 21.2 | Jun 2024 29.5 | Sep 2024 32.0 | Dec 2024 13.9 | Mar 2025 8.6 | Jun 2025 36.0 | Sep 2025 8.0 | Dec 2025 6.9 | Mar 2026 6.8 | Jun 2026 8.5
- AZAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17.8 | Mar 2024 35.1 | Jun 2024 17.4 | Sep 2024 13.7 | Dec 2024 14.6 | Mar 2025 11.8 | Jun 2025 14.6 | Sep 2025 7.2 | Dec 2025 7.2 | Mar 2026 6.5 | Jun 2026 —
- AEQUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 11.5 | Mar 2026 5.5 | Jun 2026 —
- APOLLO: Sep 2021 0.8 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 1.2 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 3.6 | Sep 2023 3.1 | Dec 2023 6.2 | Mar 2024 6.3 | Jun 2024 5.7 | Sep 2024 5.7 | Dec 2024 5.2 | Mar 2025 6.5 | Jun 2025 10.4 | Sep 2025 16.4 | Dec 2025 8.3 | Mar 2026 6.3 | Jun 2026 —
- BEML: Sep 2021 2.1 | Dec 2021 2.6 | Mar 2022 2.5 | Jun 2022 1.9 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 2.2 | Jun 2023 2.9 | Sep 2023 4.0 | Dec 2023 5.0 | Mar 2024 5.6 | Jun 2024 7.6 | Sep 2024 5.8 | Dec 2024 6.3 | Mar 2025 5.0 | Jun 2025 6.9 | Sep 2025 6.1 | Dec 2025 5.6 | Mar 2026 4.3 | Jun 2026 —
- SIGMAADV: Sep 2021 0.9 | Dec 2021 3.2 | Mar 2022 2.1 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 1.2 | Sep 2023 1.9 | Dec 2023 2.6 | Mar 2024 3.4 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 4.3 | Mar 2025 2.5 | Jun 2025 4.3 | Sep 2025 8.1 | Dec 2025 5.4 | Mar 2026 4.0 | Jun 2026 —
- PARAS: Sep 2021 — | Dec 2021 — | Mar 2022 7.1 | Jun 2022 5.8 | Sep 2022 6.9 | Dec 2022 6.0 | Mar 2023 4.8 | Jun 2023 6.3 | Sep 2023 6.9 | Dec 2023 6.5 | Mar 2024 5.6 | Jun 2024 13.3 | Sep 2024 9.4 | Dec 2024 8.4 | Mar 2025 8.2 | Jun 2025 14.2 | Sep 2025 8.8 | Dec 2025 8.4 | Mar 2026 7.5 | Jun 2026 —
- MIDHANI: Sep 2021 3.2 | Dec 2021 3.0 | Mar 2022 2.9 | Jun 2022 2.8 | Sep 2022 3.1 | Dec 2022 3.3 | Mar 2023 2.9 | Jun 2023 4.6 | Sep 2023 6.0 | Dec 2023 5.9 | Mar 2024 5.6 | Jun 2024 6.7 | Sep 2024 5.5 | Dec 2024 4.8 | Mar 2025 3.8 | Jun 2025 6.1 | Sep 2025 5.5 | Dec 2025 4.1 | Mar 2026 3.7 | Jun 2026 —
- DYNAMATECH: Sep 2021 5.2 | Dec 2021 4.0 | Mar 2022 4.0 | Jun 2022 3.1 | Sep 2022 3.9 | Dec 2022 4.1 | Mar 2023 4.6 | Jun 2023 6.3 | Sep 2023 4.8 | Dec 2023 5.5 | Mar 2024 8.1 | Jun 2024 8.6 | Sep 2024 7.7 | Dec 2024 7.6 | Mar 2025 5.6 | Jun 2025 6.8 | Sep 2025 6.1 | Dec 2025 7.9 | Mar 2026 7.5 | Jun 2026 —
- AVANTEL: Sep 2021 4.9 | Dec 2021 4.2 | Mar 2022 6.0 | Jun 2022 5.8 | Sep 2022 5.5 | Dec 2022 7.0 | Mar 2023 7.1 | Jun 2023 11.6 | Sep 2023 19.6 | Dec 2023 21.7 | Mar 2024 19.1 | Jun 2024 26.3 | Sep 2024 26.2 | Dec 2024 20.0 | Mar 2025 14.5 | Jun 2025 17.5 | Sep 2025 20.0 | Dec 2025 13.1 | Mar 2026 10.2 | Jun 2026 13.5
- IDEAFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.9 | Dec 2023 5.5 | Mar 2024 4.7 | Jun 2024 5.1 | Sep 2024 4.6 | Dec 2024 3.9 | Mar 2025 2.3 | Jun 2025 3.8 | Sep 2025 3.5 | Dec 2025 3.7 | Mar 2026 2.9 | Jun 2026 —
- ROSSTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 8.8 | Jun 2025 11.8 | Sep 2025 20.1 | Dec 2025 16.7 | Mar 2026 18.1 | Jun 2026 —
- SIKA: Sep 2021 3.7 | Dec 2021 5.9 | Mar 2022 3.6 | Jun 2022 4.5 | Sep 2022 3.6 | Dec 2022 3.5 | Mar 2023 3.0 | Jun 2023 3.5 | Sep 2023 4.6 | Dec 2023 6.4 | Mar 2024 6.7 | Jun 2024 16.1 | Sep 2024 10.3 | Dec 2024 9.7 | Mar 2025 11.7 | Jun 2025 24.2 | Sep 2025 20.6 | Dec 2025 13.6 | Mar 2026 12.3 | Jun 2026 —
- NIBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.9 | Sep 2023 9.4 | Dec 2023 7.3 | Mar 2024 16.6 | Jun 2024 30.7 | Sep 2024 15.5 | Dec 2024 11.0 | Mar 2025 6.7 | Jun 2025 10.4 | Sep 2025 8.5 | Dec 2025 7.1 | Mar 2026 5.4 | Jun 2026 —
- JAYKAY: Sep 2021 2.8 | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 2.2 | Jun 2023 3.1 | Sep 2023 3.0 | Dec 2023 4.7 | Mar 2024 4.5 | Jun 2024 6.4 | Sep 2024 6.0 | Dec 2024 4.6 | Mar 2025 4.6 | Jun 2025 9.4 | Sep 2025 5.7 | Dec 2025 5.4 | Mar 2026 3.5 | Jun 2026 —
- DCXINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16.6 | Mar 2023 2.5 | Jun 2023 4.4 | Sep 2023 5.0 | Dec 2023 5.6 | Mar 2024 4.8 | Jun 2024 6.1 | Sep 2024 3.3 | Dec 2024 3.0 | Mar 2025 1.9 | Jun 2025 2.7 | Sep 2025 2.1 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 —
- VINYAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.9 | Jun 2024 — | Sep 2024 7.0 | Dec 2024 — | Mar 2025 6.7 | Jun 2025 — | Sep 2025 7.0 | Dec 2025 — | Mar 2026 4.3 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Sigma Advanced System Ltd (SIGMAADV): 417%
2. MTAR Technologies Ltd (MTARTECH): 288%
3. Apollo Micro Systems Ltd (APOLLO): 125%
4. Rossell Techsys Ltd (ROSSTECH): 113%
5. Astra Microwave Products Ltd (ASTRAMICRO): 78%

### Strongest relative strength versus NIFTY 500
1. Sigma Advanced System Ltd (SIGMAADV): 135%
2. MTAR Technologies Ltd (MTARTECH): 60%
3. Astra Microwave Products Ltd (ASTRAMICRO): 55%
4. Ideaforge Technology Ltd (IDEAFORGE): 53%
5. Paras Defence and Space Technologies Ltd (PARAS): 52%

## What can make this comparison misleading?
- 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.

## Every company
- Hindustan Aeronautics Ltd (HAL) — market value ₹3.1 L Cr; latest fundamentals Mar 2026
- Bharat Electronics Ltd (BEL) — market value ₹3.0 L Cr; latest fundamentals Mar 2026
- Bharat Dynamics Ltd (BDL) — market value ₹45.6K Cr; latest fundamentals Mar 2026
- Data Patterns (India) Ltd (DATAPATTNS) — market value ₹25.7K Cr; latest fundamentals Mar 2026
- MTAR Technologies Ltd (MTARTECH) — market value ₹17.9K Cr; latest fundamentals Mar 2026
- Astra Microwave Products Ltd (ASTRAMICRO) — market value ₹17.2K Cr; latest fundamentals Mar 2026
- Zen Technologies Ltd (ZENTEC) — market value ₹16.0K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Azad Engineering Ltd (AZAD) — market value ₹15.8K Cr; latest fundamentals Mar 2026
- Aequs Ltd (AEQUS) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- Apollo Micro Systems Ltd (APOLLO) — market value ₹14.7K Cr; latest fundamentals Mar 2026
- BEML Ltd (BEML) — market value ₹14.3K Cr; latest fundamentals Mar 2026
- Sigma Advanced System Ltd (SIGMAADV) — market value ₹9.9K Cr; latest fundamentals Mar 2026
- Paras Defence and Space Technologies Ltd (PARAS) — market value ₹9.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Mishra Dhatu Nigam Ltd (MIDHANI) — market value ₹7.4K Cr; latest fundamentals Mar 2026
- Dynamatic Technologies Ltd (DYNAMATECH) — market value ₹7.1K Cr; latest fundamentals Mar 2026
- AXISCADES Technologies Ltd (532395) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Avantel Ltd (AVANTEL) — market value ₹4.3K Cr; latest fundamentals Jun 2026
- Ideaforge Technology Ltd (IDEAFORGE) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Rossell Techsys Ltd (ROSSTECH) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Sika Interplant Systems Ltd (SIKA) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- NIBE Ltd (NIBE) — market value ₹2.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Jaykay Enterprises Ltd (JAYKAY) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- DCX Systems Ltd (DCXINDIA) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vinyas Innovative Technologies Ltd (VINYAS) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 17. Unverified: 4. Withheld: 3. Graded companies: 24.

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.

- WITHHELD | ZENTEC | Zen Technologies Ltd | diff_gt_2pct | disagreement up to 31.84% over 14 comparable periods
- WITHHELD | PARAS | Paras Defence and Space Technologies Ltd | diff_gt_2pct | disagreement up to 10.56% over 14 comparable periods
- WITHHELD | NIBE | NIBE Ltd | diff_gt_2pct | disagreement up to 9.53% over 13 comparable periods

- UNVERIFIED | JAYKAY | Jaykay Enterprises Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DCXINDIA | DCX Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VINYAS | Vinyas Innovative Technologies Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/aerospace-defence-equipments