# Auto Ancillaries - 2 Wheelers — company-by-company sector analysis

> Auto Ancillaries - 2 Wheelers: Belrise Industries Ltd owns the largest revenue base; Pricol Ltd has the fastest current growth.

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

## Bottom line

Auto Ancillaries - 2 Wheelers has outperformed NIFTY 500 by 40.1% over 52 weeks and 4% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Belrise Industries Ltd leads with revenue of ₹9,510 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Auto Ancillaries - 2 Wheelers sector outperforming NIFTY 500?

Auto Ancillaries - 2 Wheelers has outperformed NIFTY 500 by 40.1% over 52 weeks and 4% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Auto Ancillaries - 2 Wheelers company is largest by revenue?

Belrise Industries Ltd leads with revenue of ₹9,510 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Auto Ancillaries - 2 Wheelers company is growing fastest?

Pricol Ltd has the fastest current revenue growth at 50.1%, across 4 of 4 comparable companies.

### Which Auto Ancillaries - 2 Wheelers company has the strongest 4-Factor Sector Score?

Pricol Ltd ranks first at 80.1/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto Ancillaries - 2 Wheelers company reports the most CAPEX?

Belrise Industries Ltd reports the largest latest CAPEX at ₹350 crore, with 2 of 4 companies comparable.

### Which Auto Ancillaries - 2 Wheelers company has the least gross debt?

L G Balakrishnan & Bros Ltd has the lowest comparable gross debt at ₹190 crore. Belrise Industries Ltd has the highest at ₹1,521 crore.

### Which Auto Ancillaries - 2 Wheelers company has the lowest comparable PEG?

Belrise Industries Ltd has the lowest comparable Guarded PEG at 0.53, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this Auto Ancillaries - 2 Wheelers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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

Auto Ancillaries - 2 Wheelers has outperformed NIFTY 500 by 40.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 4%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Belrise Industries Ltd is the strongest against the sector itself at +11.1%.

13-week sector return versus NIFTY 500: 4.0%
52-week sector return versus NIFTY 500: 40%
Stocks leading NIFTY: 3/4
Stocks leading sector: 1/4

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

Companies: 4
Combined market value: ₹44.7K 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. Pricol Ltd (PRICOLLTD): 80/100 — Sector-leading setup; evidence 97%
   - Growth & earnings 33.6/35 | Capital efficiency 20.9/25 | Valuation 13.3/20 | Relative strength 12.3/20
   - Exact sum: 33.6 + 20.9 + 13.3 + 12.3 = 80.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Belrise Industries Ltd (BELRISE): 68/100 — Favorable setup; evidence 84%
   - Growth & earnings 19.2/35 | Capital efficiency 16.7/25 | Valuation 15.0/20 | Relative strength 17.0/20
   - Exact sum: 19.2 + 16.7 + 15 + 17 = 67.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. ASK Automotive Ltd (ASKAUTOLTD): 61/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 20.0/35 | Capital efficiency 20.3/25 | Valuation 12.9/20 | Relative strength 8.0/20
   - Exact sum: 20 + 20.3 + 12.9 + 8 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 49/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 16.7/35 | Capital efficiency 20.5/25 | Valuation 11.4/20 | Relative strength 0.2/20
   - Exact sum: 16.7 + 20.5 + 11.4 + 0.2 = 48.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Belrise Industries Ltd is the scale leader at ₹9,510 crore, 127.7% ahead of ASK Automotive Ltd. Pricol Ltd's growth is 50.1% from a ₹4,040 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Belrise Industries Ltd is the scale benchmark; Pricol Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Belrise Industries Ltd's growth falls below Pricol Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Belrise Industries Ltd · ₹9,510 crore | 127.7% versus #2 · ASK Automotive Ltd | 7/8 recent comparable periods | 4/4 companies · 76 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. Belrise Industries Ltd (BELRISE): ₹9.5K Cr
2. ASK Automotive Ltd (ASKAUTOLTD): ₹4.2K Cr
3. Pricol Ltd (PRICOLLTD): ₹4.0K Cr
4. L G Balakrishnan & Bros Ltd (LGBBROSLTD): ₹3.1K Cr

### Revenue growth — fastest growers
1. Pricol Ltd (PRICOLLTD): 50%
2. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 19%
3. ASK Automotive Ltd (ASKAUTOLTD): 16%
4. Belrise Industries Ltd (BELRISE): 15%

### 20-quarter Revenue history
- BELRISE: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.6K Cr
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹604 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹637 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹657 Cr | Sep 2023 ₹794 Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹862 Cr | Sep 2024 ₹974 Cr | Dec 2024 ₹915 Cr | Mar 2025 ₹850 Cr | Jun 2025 ₹891 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- PRICOLLTD: Jun 2021 ₹316 Cr | Sep 2021 ₹407 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹414 Cr | Jun 2022 ₹445 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹474 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹537 Cr | Sep 2023 ₹578 Cr | Dec 2023 ₹573 Cr | Mar 2024 ₹584 Cr | Jun 2024 ₹620 Cr | Sep 2024 ₹669 Cr | Dec 2024 ₹634 Cr | Mar 2025 ₹769 Cr | Jun 2025 ₹895 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- LGBBROSLTD: Jun 2021 ₹393 Cr | Sep 2021 ₹577 Cr | Dec 2021 ₹574 Cr | Mar 2022 ₹559 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹581 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹539 Cr | Sep 2023 ₹600 Cr | Dec 2023 ₹600 Cr | Mar 2024 ₹607 Cr | Jun 2024 ₹571 Cr | Sep 2024 ₹661 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹669 Cr | Jun 2025 ₹657 Cr | Sep 2025 ₹787 Cr | Dec 2025 ₹817 Cr | Mar 2026 ₹815 Cr

### 20-quarter Revenue growth history
- BELRISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 65% | Dec 2022 -2.6% | Mar 2023 9.4% | Jun 2023 31% | Sep 2023 -2.7% | Dec 2023 44% | Mar 2024 -10% | Jun 2024 -8.5% | Sep 2024 12% | Dec 2024 0.3% | Mar 2025 49% | Jun 2025 27% | Sep 2025 14% | Dec 2025 8.0% | Mar 2026 12%
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.8% | Sep 2023 6.4% | Dec 2023 20% | Mar 2024 38% | Jun 2024 31% | Sep 2024 23% | Dec 2024 20% | Mar 2025 8.6% | Jun 2025 3.4% | Sep 2025 8.2% | Dec 2025 18% | Mar 2026 35%
- PRICOLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 27% | Dec 2022 16% | Mar 2023 26% | Jun 2023 21% | Sep 2023 12% | Dec 2023 21% | Mar 2024 12% | Jun 2024 15% | Sep 2024 16% | Dec 2024 11% | Mar 2025 32% | Jun 2025 44% | Sep 2025 51% | Dec 2025 64% | Mar 2026 43%
- LGBBROSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 0.2% | Dec 2022 1.2% | Mar 2023 -6.4% | Jun 2023 3.5% | Sep 2023 3.8% | Dec 2023 3.3% | Mar 2024 16% | Jun 2024 5.9% | Sep 2024 10% | Dec 2024 13% | Mar 2025 10% | Jun 2025 15% | Sep 2025 19% | Dec 2025 21% | Mar 2026 22%

## Operating Economics & Margin Trend

What the numbers say: L G Balakrishnan & Bros Ltd leads opm at 14%; Pricol Ltd leads margin change at +2 percentage points.

Investor read: L G Balakrishnan & Bros 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: L G Balakrishnan & Bros Ltd · 14% | 16.7% versus #2 · ASK Automotive Ltd | 0/8 recent comparable periods | 4/4 companies · 76 observations

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

### OPM — highest
1. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 14%
2. ASK Automotive Ltd (ASKAUTOLTD): 12%
3. Pricol Ltd (PRICOLLTD): 12%
4. Belrise Industries Ltd (BELRISE): 11%

### Margin change — fastest expanders
1. Pricol Ltd (PRICOLLTD): +2.0 pp
2. ASK Automotive Ltd (ASKAUTOLTD): 0.0 pp
3. Belrise Industries Ltd (BELRISE): −1.0 pp
4. L G Balakrishnan & Bros Ltd (LGBBROSLTD): −1.0 pp

### 20-quarter OPM history
- BELRISE: Jun 2021 9.5% | Sep 2021 9.5% | Dec 2021 9.7% | Mar 2022 9.2% | Jun 2022 8.9% | Sep 2022 8.4% | Dec 2022 10% | Mar 2023 7.4% | Jun 2023 8.1% | Sep 2023 9.4% | Dec 2023 8.7% | Mar 2024 12% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 11%
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.8% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 10% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 12%
- PRICOLLTD: Jun 2021 11% | Sep 2021 12% | Dec 2021 12% | Mar 2022 12% | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 11% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12%
- LGBBROSLTD: Jun 2021 16% | Sep 2021 18% | Dec 2021 20% | Mar 2022 19% | Jun 2022 16% | Sep 2022 18% | Dec 2022 18% | Mar 2023 17% | Jun 2023 16% | Sep 2023 17% | Dec 2023 18% | Mar 2024 17% | Jun 2024 16% | Sep 2024 17% | Dec 2024 17% | Mar 2025 15% | Jun 2025 15% | Sep 2025 17% | Dec 2025 16% | Mar 2026 14%

### 20-quarter Margin change history
- BELRISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 −1.1 pp | Dec 2022 +0.3 pp | Mar 2023 −1.8 pp | Jun 2023 −0.8 pp | Sep 2023 +1.0 pp | Dec 2023 −1.3 pp | Mar 2024 +4.6 pp | Jun 2024 +4.9 pp | Sep 2024 +2.6 pp | Dec 2024 +3.3 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +4.2 pp | Sep 2023 −1.9 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp
- PRICOLLTD: Jun 2021 +14.0 pp | Sep 2021 −2.2 pp | Dec 2021 −3.4 pp | Mar 2022 −0.1 pp | Jun 2022 +1.4 pp | Sep 2022 +0.1 pp | Dec 2022 −0.6 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp
- LGBBROSLTD: Jun 2021 +8.2 pp | Sep 2021 +4.5 pp | Dec 2021 +1.8 pp | Mar 2022 +1.0 pp | Jun 2022 +0.7 pp | Sep 2022 −0.8 pp | Dec 2022 −2.2 pp | Mar 2023 −1.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Belrise Industries Ltd leads with ₹497 crore of TTM profit, 55.8% above L G Balakrishnan & Bros Ltd. Pricol Ltd shows 50.3% growth from a ₹251 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Belrise Industries 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: Belrise Industries Ltd · ₹497 crore | 55.8% versus #2 · L G Balakrishnan & Bros Ltd | 5/8 recent comparable periods | 4/4 companies · 76 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. Belrise Industries Ltd (BELRISE): ₹497 Cr
2. L G Balakrishnan & Bros Ltd (LGBBROSLTD): ₹319 Cr
3. ASK Automotive Ltd (ASKAUTOLTD): ₹298 Cr
4. Pricol Ltd (PRICOLLTD): ₹251 Cr

### Profit growth — fastest growers
1. Pricol Ltd (PRICOLLTD): 50%
2. Belrise Industries Ltd (BELRISE): 40%
3. ASK Automotive Ltd (ASKAUTOLTD): 20%
4. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 5.6%

### 20-quarter Net profit history
- BELRISE: Jun 2021 ₹53 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹130 Cr
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹23 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹72 Cr
- PRICOLLTD: Jun 2021 ₹6 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹73 Cr
- LGBBROSLTD: Jun 2021 ₹33 Cr | Sep 2021 ₹78 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹70 Cr

### 20-quarter Profit growth history
- BELRISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 77% | Dec 2022 -8.3% | Mar 2023 1.4% | Jun 2023 20% | Sep 2023 4.3% | Dec 2023 51% | Mar 2024 -78% | Jun 2024 -14% | Sep 2024 -26% | Dec 2024 -13% | Mar 2025 588% | Jun 2025 56% | Sep 2025 82% | Dec 2025 21% | Mar 2026 18%
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 52% | Sep 2023 -16% | Dec 2023 72% | Mar 2024 109% | Jun 2024 63% | Sep 2024 63% | Dec 2024 32% | Mar 2025 21% | Jun 2025 16% | Sep 2025 19% | Dec 2025 21% | Mar 2026 24%
- PRICOLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 250% | Sep 2022 220% | Dec 2022 59% | Mar 2023 131% | Jun 2023 52% | Sep 2023 -31% | Dec 2023 26% | Mar 2024 40% | Jun 2024 44% | Sep 2024 36% | Dec 2024 21% | Mar 2025 -17% | Jun 2025 8.7% | Sep 2025 42% | Dec 2025 56% | Mar 2026 109%
- LGBBROSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 -14% | Dec 2022 1.4% | Mar 2023 -14% | Jun 2023 -5.2% | Sep 2023 12% | Dec 2023 1.4% | Mar 2024 24% | Jun 2024 18% | Sep 2024 4.0% | Dec 2024 2.7% | Mar 2025 24% | Jun 2025 3.1% | Sep 2025 21% | Dec 2025 17% | Mar 2026 -17%

## Capacity Spending & Returns On It

What the numbers say: Belrise Industries Ltd reports ₹350 crore of CAPEX; Belrise Industries Ltd has the highest covered intensity at 15.4%. Coverage is only 2 of 4 companies and 12 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: Belrise Industries Ltd · ₹350 crore | 288.9% versus #2 · ASK Automotive Ltd | 8/8 recent comparable periods | 2/4 companies · 12 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. Belrise Industries Ltd (BELRISE): ₹350 Cr
2. ASK Automotive Ltd (ASKAUTOLTD): ₹90 Cr

### CAPEX intensity — highest reinvestment intensity
1. Belrise Industries Ltd (BELRISE): 15%
2. ASK Automotive Ltd (ASKAUTOLTD): 11%

### 20-quarter CAPEX history
- BELRISE: Jun 2021 ₹126 Cr | Sep 2021 ₹126 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹4 Cr | Mar 2024 ₹257 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹350 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹13 Cr | Sep 2022 ₹29 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹80 Cr | Sep 2023 ₹90 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- BELRISE: Jun 2021 11% | Sep 2021 11% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2% | Mar 2024 17% | Jun 2024 7.4% | Sep 2024 5.2% | Dec 2024 6.9% | Mar 2025 15% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 3.9% | Dec 2022 — | Mar 2023 — | Jun 2023 12% | Sep 2023 11% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: L G Balakrishnan & Bros Ltd has the clearest covered balance-sheet capacity with ₹33 crore net cash and gross debt of ₹190 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: L G Balakrishnan & Bros Ltd · ₹190 crore | 49.9% versus #2 · Pricol Ltd | 8/8 recent comparable periods | 4/4 companies · 73 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. L G Balakrishnan & Bros Ltd (LGBBROSLTD): ₹190 Cr
2. Pricol Ltd (PRICOLLTD): ₹379 Cr
3. ASK Automotive Ltd (ASKAUTOLTD): ₹679 Cr
4. Belrise Industries Ltd (BELRISE): ₹1.5K Cr

### Net debt — lowest net debt
1. L G Balakrishnan & Bros Ltd (LGBBROSLTD): ₹-33 Cr
2. Pricol Ltd (PRICOLLTD): ₹253 Cr
3. ASK Automotive Ltd (ASKAUTOLTD): ₹666 Cr
4. Belrise Industries Ltd (BELRISE): ₹680 Cr

### 20-quarter Gross debt history
- BELRISE: Jun 2021 ₹2.1K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 — | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 — | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹175 Cr | Jun 2022 ₹175 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹328 Cr | Jun 2023 ₹395 Cr | Sep 2023 ₹438 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹346 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹412 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹612 Cr | Mar 2026 ₹679 Cr
- PRICOLLTD: Jun 2021 ₹279 Cr | Sep 2021 ₹250 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹379 Cr
- LGBBROSLTD: Jun 2021 ₹91 Cr | Sep 2021 ₹83 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹190 Cr

### 20-quarter Net debt history
- BELRISE: Jun 2021 ₹2.0K Cr | Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 — | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹680 Cr
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹173 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹326 Cr | Jun 2023 ₹390 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹334 Cr | Jun 2024 ₹333 Cr | Sep 2024 ₹397 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹602 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹666 Cr
- PRICOLLTD: Jun 2021 ₹213 Cr | Sep 2021 ₹197 Cr | Dec 2021 ₹197 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-57 Cr | Jun 2024 ₹-57 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹253 Cr
- LGBBROSLTD: Jun 2021 ₹-55 Cr | Sep 2021 ₹-120 Cr | Dec 2021 ₹-120 Cr | Mar 2022 ₹-183 Cr | Jun 2022 ₹-183 Cr | Sep 2022 ₹-185 Cr | Dec 2022 ₹-185 Cr | Mar 2023 ₹-242 Cr | Jun 2023 ₹-244 Cr | Sep 2023 ₹-460 Cr | Dec 2023 ₹-460 Cr | Mar 2024 ₹-225 Cr | Jun 2024 ₹-245 Cr | Sep 2024 ₹-378 Cr | Dec 2024 ₹-378 Cr | Mar 2025 ₹-258 Cr | Jun 2025 ₹-258 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹-33 Cr

## Return On Capital Employed

What the numbers say: ASK Automotive Ltd leads ROCE at 25.4%, 0.9 percentage points above Pricol Ltd. Pricol Ltd has the strongest latest improvement at +5.9 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: ASK Automotive 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: ASK Automotive Ltd · 25.4% | 3.7% versus #2 · Pricol Ltd | 5/8 recent comparable periods | 4/4 companies · 57 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. ASK Automotive Ltd (ASKAUTOLTD): 25%
2. Pricol Ltd (PRICOLLTD): 25%
3. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 20%
4. Belrise Industries Ltd (BELRISE): 15%

### ROCE change — fastest improvers
1. Pricol Ltd (PRICOLLTD): +5.9 pp
2. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 0.0 pp
3. ASK Automotive Ltd (ASKAUTOLTD): −1.0 pp
4. Belrise Industries Ltd (BELRISE): −2.5 pp

### 20-quarter ROCE history
- BELRISE: Jun 2021 — | Sep 2021 22% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 14% | Mar 2025 16% | Jun 2025 20% | Sep 2025 13% | Dec 2025 18% | Mar 2026 13%
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 20% | Jun 2023 20% | Sep 2023 17% | Dec 2023 22% | Mar 2024 20% | Jun 2024 28% | Sep 2024 23% | Dec 2024 29% | Mar 2025 24% | Jun 2025 29% | Sep 2025 23% | Dec 2025 28% | Mar 2026 23%
- PRICOLLTD: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 24% | Mar 2024 23% | Jun 2024 26% | Sep 2024 23% | Dec 2024 26% | Mar 2025 21% | Jun 2025 24% | Sep 2025 22% | Dec 2025 28% | Mar 2026 27%
- LGBBROSLTD: Jun 2021 — | Sep 2021 26% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 20% | Dec 2023 26% | Mar 2024 19% | Jun 2024 25% | Sep 2024 17% | Dec 2024 23% | Mar 2025 16% | Jun 2025 22% | Sep 2025 17% | Dec 2025 22% | Mar 2026 16%

### 20-quarter ROCE change history
- BELRISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 +3.5 pp | Sep 2025 −2.3 pp | Dec 2025 +3.2 pp | Mar 2026 −2.5 pp
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 +7.7 pp | Sep 2024 +5.9 pp | Dec 2024 +7.8 pp | Mar 2025 +3.4 pp | Jun 2025 +1.4 pp | Sep 2025 −0.4 pp | Dec 2025 −0.9 pp | Mar 2026 −1.0 pp
- PRICOLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 +4.8 pp | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 +2.0 pp | Mar 2025 −1.7 pp | Jun 2025 −1.3 pp | Sep 2025 −1.1 pp | Dec 2025 +1.6 pp | Mar 2026 +5.9 pp
- LGBBROSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 −4.5 pp | Jun 2023 — | Sep 2023 −4.8 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 −2.5 pp | Mar 2025 −2.3 pp | Jun 2025 −2.8 pp | Sep 2025 −0.5 pp | Dec 2025 −0.8 pp | Mar 2026 0.0 pp

## Valuation Against Growth & Quality

What the numbers say: Belrise Industries Ltd has the lowest comparable Guarded PEG at 0.53×, 49% below L G Balakrishnan & Bros Ltd. Only 4 of 4 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: Belrise Industries Ltd · 0.53× | 49% versus #2 · L G Balakrishnan & Bros Ltd | 0/4 recent comparable periods | 4/4 companies · 28 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. Belrise Industries Ltd (BELRISE): 0.5
2. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 1.0
3. Pricol Ltd (PRICOLLTD): 1.3
4. ASK Automotive Ltd (ASKAUTOLTD): 1.6

### P/E — lowest P/E
1. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 15.5
2. Pricol Ltd (PRICOLLTD): 30.9
3. ASK Automotive Ltd (ASKAUTOLTD): 34.0
4. Belrise Industries Ltd (BELRISE): 44.1

### 20-quarter Guarded PEG history
- BELRISE: Jun 2021 — | 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 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.3 | Mar 2025 — | Jun 2025 2.6 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 1.6
- PRICOLLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 2.1 | Sep 2024 1.9 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 1.8 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 1.3
- LGBBROSLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 0.4 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 2.6 | Sep 2025 — | Dec 2025 1.1 | Mar 2026 1.0

### 20-quarter P/E history
- BELRISE: Jun 2021 — | 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 19.3 | Sep 2025 28.0 | Dec 2025 31.0 | Mar 2026 31.7
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 46.7 | Mar 2024 45.8 | Jun 2024 41.2 | Sep 2024 44.6 | Dec 2024 41.4 | Mar 2025 37.0 | Jun 2025 41.7 | Sep 2025 42.6 | Dec 2025 35.4 | Mar 2026 30.5
- PRICOLLTD: Jun 2021 28.2 | Sep 2021 14.3 | Dec 2021 31.2 | Mar 2022 38.0 | Jun 2022 29.1 | Sep 2022 35.3 | Dec 2022 25.5 | Mar 2023 25.1 | Jun 2023 23.8 | Sep 2023 31.2 | Dec 2023 38.1 | Mar 2024 36.8 | Jun 2024 42.6 | Sep 2024 37.5 | Dec 2024 41.3 | Mar 2025 31.7 | Jun 2025 32.9 | Sep 2025 38.4 | Dec 2025 39.9 | Mar 2026 30.1
- LGBBROSLTD: Jun 2021 11.6 | Sep 2021 8.2 | Dec 2021 10.1 | Mar 2022 7.7 | Jun 2022 7.9 | Sep 2022 9.7 | Dec 2022 8.7 | Mar 2023 9.4 | Jun 2023 15.1 | Sep 2023 13.7 | Dec 2023 15.8 | Mar 2024 15.9 | Jun 2024 16.9 | Sep 2024 15.9 | Dec 2024 14.6 | Mar 2025 13.7 | Jun 2025 14.1 | Sep 2025 15.7 | Dec 2025 18.8 | Mar 2026 16.9

## Enterprise Value & Book Value

What the numbers say: L G Balakrishnan & Bros Ltd leads both ev/ebitda at 10.1× and p/bv at 2.28×.

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: L G Balakrishnan & Bros Ltd · 10.1× | 28.9% versus #2 · Belrise Industries Ltd | 0/8 recent comparable periods | 4/4 companies · 54 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. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 10.1
2. Belrise Industries Ltd (BELRISE): 14.2
3. Pricol Ltd (PRICOLLTD): 15.0
4. ASK Automotive Ltd (ASKAUTOLTD): 17.7

### P/BV — lowest P/BV
1. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 2.3
2. Belrise Industries Ltd (BELRISE): 3.9
3. Pricol Ltd (PRICOLLTD): 6.1
4. ASK Automotive Ltd (ASKAUTOLTD): 7.7

### 20-quarter EV/EBITDA history
- BELRISE: Jun 2021 — | 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 10.7 | Sep 2025 13.2 | Dec 2025 14.5 | Mar 2026 14.2
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25.5 | Mar 2024 25.1 | Jun 2024 22.8 | Sep 2024 24.8 | Dec 2024 23.7 | Mar 2025 21.5 | Jun 2025 23.7 | Sep 2025 24.1 | Dec 2025 20.5 | Mar 2026 17.7
- PRICOLLTD: Jun 2021 7.4 | Sep 2021 5.3 | Dec 2021 7.2 | Mar 2022 8.8 | Jun 2022 8.9 | Sep 2022 11.3 | Dec 2022 10.7 | Mar 2023 11.8 | Jun 2023 12.4 | Sep 2023 16.4 | Dec 2023 18.3 | Mar 2024 17.5 | Jun 2024 21.1 | Sep 2024 19.0 | Dec 2024 21.7 | Mar 2025 16.9 | Jun 2025 16.5 | Sep 2025 19.4 | Dec 2025 19.8 | Mar 2026 15.0
- LGBBROSLTD: Jun 2021 6.0 | Sep 2021 4.1 | Dec 2021 5.3 | Mar 2022 4.1 | Jun 2022 4.4 | Sep 2022 5.2 | Dec 2022 4.7 | Mar 2023 5.2 | Jun 2023 8.4 | Sep 2023 7.5 | Dec 2023 8.2 | Mar 2024 8.2 | Jun 2024 9.6 | Sep 2024 9.1 | Dec 2024 8.0 | Mar 2025 7.3 | Jun 2025 8.1 | Sep 2025 8.8 | Dec 2025 11.2 | Mar 2026 10.1

### 20-quarter P/BV history
- BELRISE: Jun 2021 — | 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 3.5 | Sep 2025 2.8 | Dec 2025 3.3 | Mar 2026 3.3
- ASKAUTOLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.0 | Mar 2024 7.8 | Jun 2024 8.8 | Sep 2024 10.7 | Dec 2024 10.0 | Mar 2025 9.5 | Jun 2025 12.6 | Sep 2025 10.5 | Dec 2025 8.2 | Mar 2026 7.5
- PRICOLLTD: Jun 2021 2.9 | Sep 2021 2.1 | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 3.5 | Dec 2022 3.6 | Mar 2023 4.4 | Jun 2023 4.8 | Sep 2023 5.7 | Dec 2023 6.0 | Mar 2024 6.2 | Jun 2024 8.5 | Sep 2024 6.8 | Dec 2024 7.3 | Mar 2025 5.9 | Jun 2025 6.5 | Sep 2025 6.5 | Dec 2025 6.7 | Mar 2026 5.7
- LGBBROSLTD: Jun 2021 2.0 | Sep 2021 1.5 | Dec 2021 2.1 | Mar 2022 1.8 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 2.1 | Jun 2023 3.2 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 3.3 | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.9 | Mar 2026 2.7

## Market action

Belrise Industries Ltd has the strongest one-year price move in Auto Ancillaries - 2 Wheelers at +83.7%. It also leads on Mansfield relative strength against NIFTY at +26.1%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Belrise Industries Ltd (BELRISE): 84%
2. Pricol Ltd (PRICOLLTD): 39%
3. L G Balakrishnan & Bros Ltd (LGBBROSLTD): 19%
4. ASK Automotive Ltd (ASKAUTOLTD): -3.0%

### Strongest relative strength versus NIFTY 500
1. Belrise Industries Ltd (BELRISE): 26%
2. Pricol Ltd (PRICOLLTD): 12%
3. ASK Automotive Ltd (ASKAUTOLTD): 10%
4. L G Balakrishnan & Bros Ltd (LGBBROSLTD): -4.7%

## 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.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Belrise Industries Ltd (BELRISE) — market value ₹22.1K Cr; latest fundamentals Mar 2026
- ASK Automotive Ltd (ASKAUTOLTD) — market value ₹10.0K Cr; latest fundamentals Mar 2026
- Pricol Ltd (PRICOLLTD) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- L G Balakrishnan & Bros Ltd (LGBBROSLTD) — market value ₹4.9K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 0. Graded companies: 4.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 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 Auto Ancillaries - 2 Wheelers index?

The Nifty Auto Ancillaries - 2 Wheelers index tracks India's listed Auto Ancillaries - 2 Wheelers companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Auto Ancillaries - 2 Wheelers sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Auto Ancillaries - 2 Wheelers stocks in India?

Ranked by this page's four-factor score, Pricol Ltd places first among 4 listed Auto Ancillaries - 2 Wheelers companies, followed by Belrise Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Auto Ancillaries - 2 Wheelers stocks are listed in India?

This comparison covers 4 listed Auto Ancillaries - 2 Wheelers 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 Mar 2026.

### Which Auto Ancillaries - 2 Wheelers company is the biggest?

Belrise Industries Ltd is the largest, with trailing-twelve-month revenue of ₹9,510 crore, ahead of ASK Automotive Ltd at ₹4,176 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Auto Ancillaries - 2 Wheelers company is growing fastest?

Pricol Ltd has the fastest revenue growth at 50.1% year on year, across 4 of 4 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 Auto Ancillaries - 2 Wheelers company has the best profit margins?

L G Balakrishnan & Bros Ltd has the highest operating margin at 14%, from 4 of 4 comparable companies. Pricol Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto Ancillaries - 2 Wheelers company makes the most profit?

Belrise Industries Ltd earns the most, at ₹497 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Pricol Ltd has the fastest profit growth at 50.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto Ancillaries - 2 Wheelers company earns the highest return on capital?

ASK Automotive Ltd leads on return on capital employed at 25.4%, across 4 of 4 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 Auto Ancillaries - 2 Wheelers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Belrise Industries Ltd screens cheapest at 0.53×. Only 4 of 4 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 Auto Ancillaries - 2 Wheelers company has the strongest balance sheet?

L G Balakrishnan & Bros Ltd carries the lowest comparable gross debt at ₹190 crore, from 4 of 4 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 Auto Ancillaries - 2 Wheelers company is investing most in new capacity?

Belrise Industries Ltd reports the largest capital spending at ₹350 crore, across 2 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Auto Ancillaries - 2 Wheelers sector beating the market?

Auto Ancillaries - 2 Wheelers has outperformed NIFTY 500 by 40.1% over the last 52 weeks and 4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto Ancillaries - 2 Wheelers stock has the strongest price momentum?

Belrise Industries 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 Auto Ancillaries - 2 Wheelers company scores highest for research priority?

Pricol Ltd scores 80.1 out of 100 with 97% evidence confidence, from 33.6 points on growth and earnings, 20.9 on capital efficiency, 13.3 on valuation and 12.3 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 Auto Ancillaries - 2 Wheelers companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 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 Auto Ancillaries - 2 Wheelers sector?

The 4 Auto Ancillaries - 2 Wheelers companies on this page carry ₹44,692 crore of combined market value. Belrise Industries Ltd is the largest at ₹22,076 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Auto Ancillaries - 2 Wheelers sector performing?

3 of the 4 covered Auto Ancillaries - 2 Wheelers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 40.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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/auto-ancillaries-2-wheelers