# Auto Ancillaries - Diversified — company-by-company sector analysis

> Auto Ancillaries - Diversified: Samvardhana Motherson International Ltd owns the largest revenue base; Automobile Corporation Of Goa 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. 13 of 20 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Samvardhana Motherson International Ltd leads with revenue of ₹1,26,103 crore, based on 20 of 20 comparable companies through Mar 2026. Automobile Corporation Of Goa Ltd has the fastest current revenue growth at 41.1%, across 20 of 20 comparable companies.

### Is the Auto Ancillaries - Diversified sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 13 of 20 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Auto Ancillaries - Diversified company is largest by revenue?

Samvardhana Motherson International Ltd leads with revenue of ₹1,26,103 crore, based on 20 of 20 comparable companies through Mar 2026.

### Which Auto Ancillaries - Diversified company is growing fastest?

Automobile Corporation Of Goa Ltd has the fastest current revenue growth at 41.1%, across 20 of 20 comparable companies.

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

S J S Enterprises Ltd ranks first at 76.6/100 with 92.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto Ancillaries - Diversified company reports the most CAPEX?

Samvardhana Motherson International Ltd reports the largest latest CAPEX at ₹902 crore, with 4 of 20 companies comparable.

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

Mercury EV-Tech Ltd has the lowest comparable gross debt at ₹7 crore. Samvardhana Motherson International Ltd has the highest at ₹19,170 crore.

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

Varroc Engineering Ltd has the lowest comparable Guarded PEG at 0.63, among 12 of 20 companies that pass the metric’s comparability rules.

### How much history does this Auto Ancillaries - Diversified 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 Auto Ancillaries - Diversified against NIFTY 500 is not available from the current market series. 13 of 20 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. OBSC Perfection Ltd is the strongest against the sector itself at +53.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 13/20
Stocks leading sector: 7/20

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

Companies: 20
Combined market value: ₹4.5 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. S J S Enterprises Ltd (SJS): 77/100 — Favorable setup; evidence 93%
   - Growth & earnings 27.8/35 | Capital efficiency 21.3/25 | Valuation 9.7/20 | Relative strength 17.8/20
   - Exact sum: 27.8 + 21.3 + 9.7 + 17.8 = 76.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Jay Bharat Maruti Ltd (JAYBARMARU): 74/100 — Favorable setup; evidence 83%
   - Growth & earnings 27.4/35 | Capital efficiency 12.8/25 | Valuation 14.4/20 | Relative strength 19.5/20
   - Exact sum: 27.4 + 12.8 + 14.4 + 19.5 = 74.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Automobile Corporation Of Goa Ltd (AUTOCORP): 74/100 — Favorable setup; evidence 79%
   - Growth & earnings 27.0/35 | Capital efficiency 18.3/25 | Valuation 12.4/20 | Relative strength 15.8/20
   - Exact sum: 27 + 18.3 + 12.4 + 15.8 = 73.5
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Carraro India Ltd (CARRARO): 68/100 — Favorable setup; evidence 89%
   - Growth & earnings 25.4/35 | Capital efficiency 18.6/25 | Valuation 15.7/20 | Relative strength 8.3/20
   - Exact sum: 25.4 + 18.6 + 15.7 + 8.3 = 68
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sansera Engineering Ltd (SANSERA): 58/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 26.1/35 | Capital efficiency 14.2/25 | Valuation 3.4/20 | Relative strength 14.2/20
   - Exact sum: 26.1 + 14.2 + 3.4 + 14.2 = 57.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. OBSC Perfection Ltd (OBSCP): 57/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 14.6/35 | Capital efficiency 14.1/25 | Valuation 9.0/20 | Relative strength 19.6/20
   - Exact sum: 14.6 + 14.1 + 9 + 19.6 = 57.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 71.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Lumax Auto Technologies Ltd (LUMAXTECH): 56/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 26.2/35 | Capital efficiency 14.5/25 | Valuation 12.4/20 | Relative strength 3.2/20
   - Exact sum: 26.2 + 14.5 + 12.4 + 3.2 = 56.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.7% and the one-year return is 23.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Minda Corporation Ltd (MINDACORP): 56/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 23.0/35 | Capital efficiency 11.3/25 | Valuation 8.6/20 | Relative strength 12.9/20
   - Exact sum: 23 + 11.3 + 8.6 + 12.9 = 55.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Bosch Ltd (BOSCHLTD): 55/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 20.0/35 | Capital efficiency 19.0/25 | Valuation 6.4/20 | Relative strength 9.4/20
   - Exact sum: 20 + 19 + 6.4 + 9.4 = 54.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
10. Samvardhana Motherson International Ltd (MOTHERSON): 54/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.1/35 | Capital efficiency 10.9/25 | Valuation 13.9/20 | Relative strength 14.2/20
   - Exact sum: 15.1 + 10.9 + 13.9 + 14.2 = 54.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Varroc Engineering Ltd (VARROC): 54/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 17.1/35 | Capital efficiency 12.2/25 | Valuation 15.1/20 | Relative strength 9.1/20
   - Exact sum: 17.1 + 12.2 + 15.1 + 9.1 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Endurance Technologies Ltd (ENDURANCE): 50/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 17.8/35 | Capital efficiency 14.3/25 | Valuation 8.2/20 | Relative strength 9.7/20
   - Exact sum: 17.8 + 14.3 + 8.2 + 9.7 = 50
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Suprajit Engineering Ltd (SUPRAJIT): 50/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 23.3/35 | Capital efficiency 10.8/25 | Valuation 5.2/20 | Relative strength 10.6/20
   - Exact sum: 23.3 + 10.8 + 5.2 + 10.6 = 49.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. NDR Auto Components Ltd (NDRAUTO): 49/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 18.5/35 | Capital efficiency 15.8/25 | Valuation 9.7/20 | Relative strength 4.9/20
   - Exact sum: 18.5 + 15.8 + 9.7 + 4.9 = 48.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Sharda Motor Industries Ltd (SHARDAMOTR): 47/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 12.5/35 | Capital efficiency 18.7/25 | Valuation 11.1/20 | Relative strength 4.6/20
   - Exact sum: 12.5 + 18.7 + 11.1 + 4.6 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Motherson Sumi Wiring India Ltd (MSUMI): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.7/35 | Capital efficiency 17.5/25 | Valuation 7.1/20 | Relative strength 6.3/20
   - Exact sum: 10.7 + 17.5 + 7.1 + 6.3 = 41.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA): 36/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 10.8/35 | Capital efficiency 15.7/25 | Valuation 8.2/20 | Relative strength 1.6/20
   - Exact sum: 10.8 + 15.7 + 8.2 + 1.6 = 36.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Munjal Auto Industries Ltd (MUNJALAU): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 11.2/35 | Capital efficiency 5.1/25 | Valuation 9.0/20 | Relative strength 9.0/20
   - Exact sum: 11.2 + 5.1 + 9 + 9 = 34.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Precision Camshafts Ltd (PRECAM): 33/100 — Adverse evidence; evidence 77%
   - Growth & earnings 9.7/35 | Capital efficiency 10.4/25 | Valuation 9.6/20 | Relative strength 3.6/20
   - Exact sum: 9.7 + 10.4 + 9.6 + 3.6 = 33.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Mercury EV-Tech Ltd (MERCURYEV): 28/100 — Adverse evidence; evidence 70%
   - Growth & earnings 8.3/35 | Capital efficiency 7.8/25 | Valuation 8.5/20 | Relative strength 3.5/20
   - Exact sum: 8.3 + 7.8 + 8.5 + 3.5 = 28.1
   - 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: Samvardhana Motherson International Ltd is the scale leader at ₹1,26,103 crore, 529.4% ahead of Bosch Ltd. Automobile Corporation Of Goa Ltd's growth is 41.1% from a ₹933 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: Samvardhana Motherson International Ltd is the scale benchmark; Automobile Corporation Of Goa Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Samvardhana Motherson International Ltd's growth falls below Automobile Corporation Of Goa Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Samvardhana Motherson International Ltd · ₹1,26,103 crore | 529.4% versus #2 · Bosch Ltd | 8/8 recent comparable periods | 20/20 companies · 328 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. Samvardhana Motherson International Ltd (MOTHERSON): ₹1.3 L Cr
2. Bosch Ltd (BOSCHLTD): ₹20.0K Cr
3. Endurance Technologies Ltd (ENDURANCE): ₹14.6K Cr
4. Motherson Sumi Wiring India Ltd (MSUMI): ₹11.5K Cr
5. Varroc Engineering Ltd (VARROC): ₹8.9K Cr

### Revenue growth — fastest growers
1. Automobile Corporation Of Goa Ltd (AUTOCORP): 41%
2. Lumax Auto Technologies Ltd (LUMAXTECH): 34%
3. Endurance Technologies Ltd (ENDURANCE): 26%
4. S J S Enterprises Ltd (SJS): 26%
5. Carraro India Ltd (CARRARO): 25%

### 20-quarter Revenue history
- MOTHERSON: Sep 2021 ₹14.2K Cr | Dec 2021 ₹16.2K Cr | Mar 2022 ₹17.3K Cr | Jun 2022 ₹17.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹20.3K Cr | Mar 2023 ₹22.5K Cr | Jun 2023 ₹22.5K Cr | Sep 2023 ₹23.5K Cr | Dec 2023 ₹25.6K Cr | Mar 2024 ₹27.1K Cr | Jun 2024 ₹28.9K Cr | Sep 2024 ₹27.8K Cr | Dec 2024 ₹27.7K Cr | Mar 2025 ₹29.3K Cr | Jun 2025 ₹30.2K Cr | Sep 2025 ₹30.2K Cr | Dec 2025 ₹31.4K Cr | Mar 2026 ₹34.3K Cr | Jun 2026 —
- BOSCHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.7K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- ENDURANCE: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- MSUMI: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- ZFCVINDIA: Sep 2021 ₹617 Cr | Dec 2021 ₹653 Cr | Mar 2022 ₹782 Cr | Jun 2022 ₹798 Cr | Sep 2022 ₹793 Cr | Dec 2022 ₹876 Cr | Mar 2023 ₹977 Cr | Jun 2023 ₹967 Cr | Sep 2023 ₹992 Cr | Dec 2023 ₹899 Cr | Mar 2024 ₹959 Cr | Jun 2024 ₹946 Cr | Sep 2024 ₹911 Cr | Dec 2024 ₹962 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹976 Cr | Sep 2025 ₹913 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.1K Cr
- SANSERA: Sep 2021 ₹540 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹574 Cr | Jun 2022 ₹531 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹560 Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹660 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹746 Cr | Jun 2024 ₹744 Cr | Sep 2024 ₹763 Cr | Dec 2024 ₹728 Cr | Mar 2025 ₹782 Cr | Jun 2025 ₹766 Cr | Sep 2025 ₹825 Cr | Dec 2025 ₹908 Cr | Mar 2026 ₹999 Cr | Jun 2026 —
- MINDACORP: Sep 2021 ₹731 Cr | Dec 2021 ₹738 Cr | Mar 2022 ₹948 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- LUMAXTECH: Sep 2021 ₹403 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹422 Cr | Sep 2022 ₹487 Cr | Dec 2022 ₹445 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹632 Cr | Sep 2023 ₹700 Cr | Dec 2023 ₹732 Cr | Mar 2024 ₹757 Cr | Jun 2024 ₹756 Cr | Sep 2024 ₹842 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- VARROC: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 — | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- SJS: Sep 2021 ₹100 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹260 Cr | Jun 2026 —
- SUPRAJIT: Sep 2021 ₹494 Cr | Dec 2021 ₹479 Cr | Mar 2022 ₹506 Cr | Jun 2022 ₹645 Cr | Sep 2022 ₹716 Cr | Dec 2022 ₹692 Cr | Mar 2023 ₹699 Cr | Jun 2023 ₹680 Cr | Sep 2023 ₹709 Cr | Dec 2023 ₹724 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹735 Cr | Sep 2024 ₹834 Cr | Dec 2024 ₹832 Cr | Mar 2025 ₹877 Cr | Jun 2025 ₹863 Cr | Sep 2025 ₹941 Cr | Dec 2025 ₹979 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SHARDAMOTR: Sep 2021 ₹587 Cr | Dec 2021 ₹579 Cr | Mar 2022 ₹618 Cr | Jun 2022 ₹628 Cr | Sep 2022 ₹698 Cr | Dec 2022 ₹686 Cr | Mar 2023 ₹688 Cr | Jun 2023 ₹654 Cr | Sep 2023 ₹763 Cr | Dec 2023 ₹689 Cr | Mar 2024 ₹703 Cr | Jun 2024 ₹685 Cr | Sep 2024 ₹711 Cr | Dec 2024 ₹690 Cr | Mar 2025 ₹750 Cr | Jun 2025 ₹756 Cr | Sep 2025 ₹787 Cr | Dec 2025 ₹882 Cr | Mar 2026 ₹972 Cr | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹481 Cr | Sep 2023 ₹481 Cr | Dec 2023 ₹435 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹474 Cr | Sep 2024 ₹441 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹444 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹586 Cr | Dec 2025 ₹570 Cr | Mar 2026 ₹607 Cr | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹106 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹176 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹229 Cr | Jun 2026 —
- JAYBARMARU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹536 Cr | Mar 2023 ₹673 Cr | Jun 2023 ₹533 Cr | Sep 2023 ₹613 Cr | Dec 2023 ₹548 Cr | Mar 2024 ₹598 Cr | Jun 2024 ₹533 Cr | Sep 2024 ₹555 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹611 Cr | Jun 2025 ₹557 Cr | Sep 2025 ₹583 Cr | Dec 2025 ₹645 Cr | Mar 2026 ₹766 Cr | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹56 Cr | Dec 2023 — | Mar 2024 ₹59 Cr | Jun 2024 — | Sep 2024 ₹68 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹40 Cr | Jun 2025 — | Sep 2025 ₹47 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹88 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹217 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹271 Cr | Jun 2026 —
- PRECAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹160 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹255 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹201 Cr | Jun 2026 —
- MUNJALAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹477 Cr | Mar 2023 ₹483 Cr | Jun 2023 ₹509 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹510 Cr | Sep 2024 ₹522 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹512 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹606 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹20 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.6% | Sep 2022 -87% | Dec 2022 25% | Mar 2023 30% | Jun 2023 27% | Sep 2023 1,181% | Dec 2023 27% | Mar 2024 20% | Jun 2024 29% | Sep 2024 18% | Dec 2024 7.9% | Mar 2025 8.4% | Jun 2025 4.7% | Sep 2025 8.5% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- BOSCHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 4.2% | Jun 2024 3.8% | Sep 2024 6.4% | Dec 2024 6.2% | Mar 2025 16% | Jun 2025 11% | Sep 2025 9.1% | Dec 2025 9.4% | Mar 2026 13% | Jun 2026 —
- ENDURANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 25% | Dec 2022 11% | Mar 2023 7.5% | Jun 2023 16% | Sep 2023 7.8% | Dec 2023 22% | Mar 2024 20% | Jun 2024 15% | Sep 2024 14% | Dec 2024 12% | Mar 2025 10% | Jun 2025 17% | Sep 2025 23% | Dec 2025 26% | Mar 2026 38% | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 31% | Dec 2022 15% | Mar 2023 12% | Jun 2023 11% | Sep 2023 14% | Dec 2023 25% | Mar 2024 19% | Jun 2024 18% | Sep 2024 10% | Dec 2024 8.8% | Mar 2025 12% | Jun 2025 14% | Sep 2025 19% | Dec 2025 26% | Mar 2026 33% | Jun 2026 —
- ZFCVINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 29% | Dec 2022 34% | Mar 2023 25% | Jun 2023 21% | Sep 2023 25% | Dec 2023 2.6% | Mar 2024 -1.8% | Jun 2024 -2.2% | Sep 2024 -8.2% | Dec 2024 7.0% | Mar 2025 5.5% | Jun 2025 3.2% | Sep 2025 0.2% | Dec 2025 12% | Mar 2026 14% | Jun 2026 9.2%
- SANSERA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 6.9% | Dec 2022 15% | Mar 2023 7.8% | Jun 2023 24% | Sep 2023 20% | Dec 2023 27% | Mar 2024 21% | Jun 2024 13% | Sep 2024 10% | Dec 2024 2.1% | Mar 2025 4.8% | Jun 2025 3.0% | Sep 2025 8.1% | Dec 2025 25% | Mar 2026 28% | Jun 2026 —
- MINDACORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 57% | Dec 2022 45% | Mar 2023 13% | Jun 2023 6.4% | Sep 2023 4.3% | Dec 2023 9.2% | Mar 2024 13% | Jun 2024 11% | Sep 2024 7.9% | Dec 2024 7.5% | Mar 2025 8.7% | Jun 2025 16% | Sep 2025 19% | Dec 2025 25% | Mar 2026 29% | Jun 2026 —
- LUMAXTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 21% | Dec 2022 4.0% | Mar 2023 18% | Jun 2023 50% | Sep 2023 44% | Dec 2023 64% | Mar 2024 54% | Jun 2024 20% | Sep 2024 20% | Dec 2024 24% | Mar 2025 50% | Jun 2025 36% | Sep 2025 37% | Dec 2025 40% | Mar 2026 25% | Jun 2026 —
- VARROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -40% | Dec 2022 -45% | Mar 2023 — | Jun 2023 11% | Sep 2023 3.2% | Dec 2023 9.4% | Mar 2024 16% | Jun 2024 5.2% | Sep 2024 10% | Dec 2024 10% | Mar 2025 6.3% | Jun 2025 6.8% | Sep 2025 6.1% | Dec 2025 10% | Mar 2026 13% | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 17% | Dec 2022 15% | Mar 2023 2.9% | Jun 2023 14% | Sep 2023 39% | Dec 2023 52% | Mar 2024 75% | Jun 2024 62% | Sep 2024 18% | Dec 2024 11% | Mar 2025 7.5% | Jun 2025 11% | Sep 2025 25% | Dec 2025 36% | Mar 2026 29% | Jun 2026 —
- SUPRAJIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 45% | Dec 2022 44% | Mar 2023 38% | Jun 2023 5.4% | Sep 2023 -1.0% | Dec 2023 4.6% | Mar 2024 12% | Jun 2024 8.1% | Sep 2024 18% | Dec 2024 15% | Mar 2025 12% | Jun 2025 17% | Sep 2025 13% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- SHARDAMOTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 19% | Dec 2022 18% | Mar 2023 11% | Jun 2023 4.1% | Sep 2023 9.3% | Dec 2023 0.4% | Mar 2024 2.2% | Jun 2024 4.7% | Sep 2024 -6.8% | Dec 2024 0.2% | Mar 2025 6.7% | Jun 2025 10% | Sep 2025 11% | Dec 2025 28% | Mar 2026 30% | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -1.5% | Sep 2024 -8.3% | Dec 2024 3.2% | Mar 2025 13% | Jun 2025 4.0% | Sep 2025 33% | Dec 2025 27% | Mar 2026 37% | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 35% | Jun 2024 34% | Sep 2024 10% | Dec 2024 25% | Mar 2025 9.1% | Jun 2025 8.2% | Sep 2025 15% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- JAYBARMARU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.2% | Mar 2024 -11% | Jun 2024 0.0% | Sep 2024 -9.5% | Dec 2024 7.9% | Mar 2025 2.2% | Jun 2025 4.5% | Sep 2025 5.1% | Dec 2025 9.1% | Mar 2026 25% | Jun 2026 —
- OBSCP: 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 21% | Dec 2024 — | Mar 2025 -32% | Jun 2025 — | Sep 2025 -31% | Dec 2025 70% | Mar 2026 77% | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59% | Mar 2024 23% | Jun 2024 34% | Sep 2024 4.8% | Dec 2024 -21% | Mar 2025 28% | Jun 2025 26% | Sep 2025 58% | Dec 2025 80% | Mar 2026 25% | Jun 2026 —
- PRECAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 59% | Dec 2023 -7.2% | Mar 2024 -8.2% | Jun 2024 -3.0% | Sep 2024 -11% | Dec 2024 -24% | Mar 2025 -26% | Jun 2025 -24% | Sep 2025 -12% | Dec 2025 -8.2% | Mar 2026 5.8% | Jun 2026 —
- MUNJALAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 -16% | Jun 2024 0.3% | Sep 2024 -4.1% | Dec 2024 24% | Mar 2025 26% | Jun 2025 -3.7% | Sep 2025 12% | Dec 2025 16% | Mar 2026 20% | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.5% | Mar 2024 -20% | Jun 2024 -47% | Sep 2024 253% | Dec 2024 677% | Mar 2025 451% | Jun 2025 483% | Sep 2025 75% | Dec 2025 -29% | Mar 2026 -34% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: S J S Enterprises Ltd leads both opm at 29% and margin change at +4 percentage points.

Investor read: S J S Enterprises 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: S J S Enterprises Ltd · 29% | 52.6% versus #2 · Sansera Engineering Ltd | 6/8 recent comparable periods | 20/20 companies · 363 observations

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

### OPM — highest
1. S J S Enterprises Ltd (SJS): 29%
2. Sansera Engineering Ltd (SANSERA): 19%
3. OBSC Perfection Ltd (OBSCP): 17%
4. Bosch Ltd (BOSCHLTD): 14%
5. Endurance Technologies Ltd (ENDURANCE): 14%

### Margin change — fastest expanders
1. S J S Enterprises Ltd (SJS): +4.0 pp
2. Jay Bharat Maruti Ltd (JAYBARMARU): +3.0 pp
3. Sansera Engineering Ltd (SANSERA): +3.0 pp
4. Samvardhana Motherson International Ltd (MOTHERSON): +2.0 pp
5. Suprajit Engineering Ltd (SUPRAJIT): +2.0 pp

### 20-quarter OPM history
- MOTHERSON: Sep 2021 6.7% | Dec 2021 6.6% | Mar 2022 7.3% | Jun 2022 6.1% | Sep 2022 12% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- BOSCHLTD: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 13% | Sep 2022 12% | Dec 2022 11% | Mar 2023 13% | Jun 2023 11% | Sep 2023 12% | Dec 2023 14% | Mar 2024 13% | Jun 2024 12% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- ENDURANCE: Sep 2021 14% | Dec 2021 11% | Mar 2022 12% | Jun 2022 11% | Sep 2022 12% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 14% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- MSUMI: Sep 2021 13% | Dec 2021 14% | Mar 2022 13% | Jun 2022 12% | Sep 2022 9.9% | Dec 2022 11% | Mar 2023 12% | Jun 2023 10% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 10% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 8.0% | Jun 2026 —
- ZFCVINDIA: Sep 2021 10% | Dec 2021 9.0% | Mar 2022 11% | Jun 2022 12% | Sep 2022 14% | Dec 2022 14% | Mar 2023 15% | Jun 2023 15% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 18% | Mar 2025 17% | Jun 2025 13% | Sep 2025 15% | Dec 2025 19% | Mar 2026 16% | Jun 2026 13%
- SANSERA: Sep 2021 20% | Dec 2021 15% | Mar 2022 16% | Jun 2022 17% | Sep 2022 17% | Dec 2022 16% | Mar 2023 16% | Jun 2023 17% | Sep 2023 17% | Dec 2023 17% | Mar 2024 17% | Jun 2024 17% | Sep 2024 17% | Dec 2024 17% | Mar 2025 16% | Jun 2025 17% | Sep 2025 17% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- MINDACORP: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 11% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- LUMAXTECH: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 11% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 12% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 12% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- VARROC: Sep 2021 7.6% | Dec 2021 5.0% | Mar 2022 6.4% | Jun 2022 7.0% | Sep 2022 7.8% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 10% | Sep 2023 10% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- SJS: Sep 2021 26% | Dec 2021 28% | Mar 2022 24% | Jun 2022 25% | Sep 2022 27% | Dec 2022 25% | Mar 2023 23% | Jun 2023 24% | Sep 2023 22% | Dec 2023 25% | Mar 2024 25% | Jun 2024 26% | Sep 2024 26% | Dec 2024 25% | Mar 2025 25% | Jun 2025 27% | Sep 2025 28% | Dec 2025 29% | Mar 2026 29% | Jun 2026 —
- SUPRAJIT: Sep 2021 16% | Dec 2021 11% | Mar 2022 15% | Jun 2022 8.4% | Sep 2022 11% | Dec 2022 12% | Mar 2023 12% | Jun 2023 11% | Sep 2023 10% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 8.0% | Dec 2024 12% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- SHARDAMOTR: Sep 2021 9.8% | Dec 2021 11% | Mar 2022 10% | Jun 2022 9.7% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 12% | Jun 2023 10% | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.8% | Sep 2023 5.8% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 10% | Dec 2024 7.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- NDRAUTO: Sep 2021 6.3% | Dec 2021 4.0% | Mar 2022 7.2% | Jun 2022 7.2% | Sep 2022 9.5% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- JAYBARMARU: Sep 2021 6.8% | Dec 2021 7.8% | Mar 2022 6.9% | Jun 2022 7.1% | Sep 2022 7.4% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 12% | Sep 2025 11% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 20% | Jun 2024 — | Sep 2024 18% | Dec 2024 20% | Mar 2025 16% | Jun 2025 — | Sep 2025 18% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- AUTOCORP: Sep 2021 -5.9% | Dec 2021 6.2% | Mar 2022 9.4% | Jun 2022 7.2% | Sep 2022 5.4% | Dec 2022 5.0% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 6.0% | Jun 2024 10% | Sep 2024 5.0% | Dec 2024 4.0% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 9.0% | Jun 2026 —
- PRECAM: Sep 2021 14% | Dec 2021 15% | Mar 2022 11% | Jun 2022 11% | Sep 2022 14% | Dec 2022 9.5% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 4.0% | Mar 2025 13% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 13% | Jun 2026 —
- MUNJALAU: Sep 2021 3.3% | Dec 2021 5.0% | Mar 2022 5.3% | Jun 2022 5.2% | Sep 2022 4.8% | Dec 2022 4.0% | Mar 2023 4.5% | Jun 2023 4.8% | Sep 2023 6.6% | Dec 2023 6.2% | Mar 2024 8.3% | Jun 2024 5.8% | Sep 2024 5.9% | Dec 2024 4.3% | Mar 2025 6.8% | Jun 2025 5.8% | Sep 2025 4.5% | Dec 2025 6.9% | Mar 2026 3.0% | Jun 2026 —
- MERCURYEV: Sep 2021 -2.9% | Dec 2021 0.0% | Mar 2022 97% | Jun 2022 0.6% | Sep 2022 3.2% | Dec 2022 33% | Mar 2023 1.9% | Jun 2023 14% | Sep 2023 11% | Dec 2023 21% | Mar 2024 6.8% | Jun 2024 23% | Sep 2024 10% | Dec 2024 17% | Mar 2025 -2.8% | Jun 2025 9.4% | Sep 2025 8.9% | Dec 2025 9.4% | Mar 2026 -12% | Jun 2026 —

### 20-quarter Margin change history
- MOTHERSON: Sep 2021 −2.6 pp | Dec 2021 −3.9 pp | Mar 2022 −2.9 pp | Jun 2022 −1.4 pp | Sep 2022 +5.3 pp | Dec 2022 +1.4 pp | Mar 2023 +1.7 pp | Jun 2023 +2.9 pp | Sep 2023 −4.0 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- BOSCHLTD: Sep 2021 +0.6 pp | Dec 2021 −0.3 pp | Mar 2022 −5.9 pp | Jun 2022 +0.1 pp | Sep 2022 −0.5 pp | Dec 2022 −0.5 pp | Mar 2023 −0.3 pp | Jun 2023 −1.7 pp | Sep 2023 +0.2 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ENDURANCE: Sep 2021 −3.9 pp | Dec 2021 −6.5 pp | Mar 2022 −3.2 pp | Jun 2022 −3.1 pp | Sep 2022 −2.3 pp | Dec 2022 +0.2 pp | Mar 2023 +0.6 pp | Jun 2023 +1.7 pp | Sep 2023 +1.5 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 −2.0 pp | Jun 2022 +1.7 pp | Sep 2022 −3.4 pp | Dec 2022 −3.3 pp | Mar 2023 −1.2 pp | Jun 2023 −2.1 pp | Sep 2023 +2.2 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ZFCVINDIA: Sep 2021 −4.9 pp | Dec 2021 −6.5 pp | Mar 2022 −0.3 pp | Jun 2022 +3.8 pp | Sep 2022 +3.8 pp | Dec 2022 +5.0 pp | Mar 2023 +3.6 pp | Jun 2023 +2.6 pp | Sep 2023 +1.0 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +2.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 0.0 pp
- SANSERA: Sep 2021 −2.6 pp | Dec 2021 −4.1 pp | Mar 2022 −3.1 pp | Jun 2022 +2.1 pp | Sep 2022 −2.8 pp | Dec 2022 +0.7 pp | Mar 2023 −0.3 pp | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- MINDACORP: Sep 2021 +0.7 pp | Dec 2021 −0.4 pp | Mar 2022 +5.4 pp | Jun 2022 +5.0 pp | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.2 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- LUMAXTECH: Sep 2021 +0.6 pp | Dec 2021 +0.1 pp | Mar 2022 −0.1 pp | Jun 2022 +4.5 pp | Sep 2022 −0.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.1 pp | Jun 2023 +2.5 pp | Sep 2023 +2.0 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- VARROC: Sep 2021 −0.8 pp | Dec 2021 −1.5 pp | Mar 2022 +10.6 pp | Jun 2022 +19.7 pp | Sep 2022 +0.3 pp | Dec 2022 +3.0 pp | Mar 2023 +3.6 pp | Jun 2023 +3.0 pp | Sep 2023 +2.2 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 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 −7.5 pp | Mar 2022 −0.2 pp | Jun 2022 +1.1 pp | Sep 2022 +0.6 pp | Dec 2022 −2.8 pp | Mar 2023 −1.5 pp | Jun 2023 −0.7 pp | Sep 2023 −4.5 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +4.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- SUPRAJIT: Sep 2021 −0.4 pp | Dec 2021 −5.7 pp | Mar 2022 −0.8 pp | Jun 2022 −5.3 pp | Sep 2022 −5.2 pp | Dec 2022 +0.7 pp | Mar 2023 −3.1 pp | Jun 2023 +2.6 pp | Sep 2023 −1.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 +3.0 pp | Dec 2025 −2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SHARDAMOTR: Sep 2021 +2.1 pp | Dec 2021 +2.0 pp | Mar 2022 +1.4 pp | Jun 2022 +1.2 pp | Sep 2022 +1.1 pp | Dec 2022 −1.7 pp | Mar 2023 +2.0 pp | Jun 2023 +0.3 pp | Sep 2023 +2.2 pp | Dec 2023 +5.0 pp | Mar 2024 +2.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +7.2 pp | Sep 2024 +4.2 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- NDRAUTO: Sep 2021 −3.4 pp | Dec 2021 −3.4 pp | Mar 2022 +1.2 pp | Jun 2022 +1.1 pp | Sep 2022 +3.2 pp | Dec 2022 +3.0 pp | Mar 2023 +0.8 pp | Jun 2023 +1.8 pp | Sep 2023 +0.5 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- JAYBARMARU: Sep 2021 −2.8 pp | Dec 2021 −2.3 pp | Mar 2022 −3.9 pp | Jun 2022 −0.4 pp | Sep 2022 +0.6 pp | Dec 2022 −0.8 pp | Mar 2023 +1.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- OBSCP: 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 +2.0 pp | Dec 2024 — | Mar 2025 −4.3 pp | Jun 2025 — | Sep 2025 +0.1 pp | Dec 2025 −0.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- AUTOCORP: Sep 2021 +18.7 pp | Dec 2021 +12.5 pp | Mar 2022 +19.2 pp | Jun 2022 +21.1 pp | Sep 2022 +11.3 pp | Dec 2022 −1.2 pp | Mar 2023 −2.4 pp | Jun 2023 +0.8 pp | Sep 2023 +1.6 pp | Dec 2023 +3.0 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- PRECAM: Sep 2021 +3.4 pp | Dec 2021 +1.5 pp | Mar 2022 +6.7 pp | Jun 2022 +0.5 pp | Sep 2022 +0.3 pp | Dec 2022 −5.8 pp | Mar 2023 −2.1 pp | Jun 2023 −2.0 pp | Sep 2023 −3.0 pp | Dec 2023 +1.5 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −7.0 pp | Mar 2025 +5.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MUNJALAU: Sep 2021 +0.2 pp | Dec 2021 +1.3 pp | Mar 2022 −1.2 pp | Jun 2022 +1.0 pp | Sep 2022 +1.5 pp | Dec 2022 −1.0 pp | Mar 2023 −0.8 pp | Jun 2023 −0.4 pp | Sep 2023 +1.9 pp | Dec 2023 +2.2 pp | Mar 2024 +3.8 pp | Jun 2024 +1.0 pp | Sep 2024 −0.8 pp | Dec 2024 −1.9 pp | Mar 2025 −1.5 pp | Jun 2025 −0.1 pp | Sep 2025 −1.4 pp | Dec 2025 +2.7 pp | Mar 2026 −3.7 pp | Jun 2026 —
- MERCURYEV: Sep 2021 +2.2 pp | Dec 2021 — | Mar 2022 +130.5 pp | Jun 2022 +8.8 pp | Sep 2022 +6.2 pp | Dec 2022 +32.6 pp | Mar 2023 −95.3 pp | Jun 2023 +12.9 pp | Sep 2023 +8.0 pp | Dec 2023 −11.4 pp | Mar 2024 +5.0 pp | Jun 2024 +9.7 pp | Sep 2024 −0.9 pp | Dec 2024 −4.1 pp | Mar 2025 −9.7 pp | Jun 2025 −13.9 pp | Sep 2025 −1.5 pp | Dec 2025 −7.6 pp | Mar 2026 −8.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Samvardhana Motherson International Ltd leads with ₹4,086 crore of TTM profit, 47.3% above Bosch Ltd. Jay Bharat Maruti Ltd shows ≥100% on the scoring scale (321.2% uncapped) growth from a ₹139 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Samvardhana Motherson International 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: Samvardhana Motherson International Ltd · ₹4,086 crore | 47.3% versus #2 · Bosch Ltd | 5/8 recent comparable periods | 20/20 companies · 328 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. Samvardhana Motherson International Ltd (MOTHERSON): ₹4.1K Cr
2. Bosch Ltd (BOSCHLTD): ₹2.8K Cr
3. Endurance Technologies Ltd (ENDURANCE): ₹951 Cr
4. Motherson Sumi Wiring India Ltd (MSUMI): ₹624 Cr
5. ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA): ₹498 Cr

### Profit growth — fastest growers
1. Jay Bharat Maruti Ltd (JAYBARMARU): 100%
2. Varroc Engineering Ltd (VARROC): 100%
3. Suprajit Engineering Ltd (SUPRAJIT): 87%
4. Sansera Engineering Ltd (SANSERA): 50%
5. Automobile Corporation Of Goa Ltd (AUTOCORP): 49%

### 20-quarter Net profit history
- MOTHERSON: Sep 2021 ₹227 Cr | Dec 2021 ₹378 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹501 Cr | Mar 2023 ₹699 Cr | Jun 2023 ₹648 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹633 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹949 Cr | Dec 2024 ₹984 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹606 Cr | Sep 2025 ₹846 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BOSCHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹320 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹518 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹466 Cr | Sep 2024 ₹537 Cr | Dec 2024 ₹459 Cr | Mar 2025 ₹554 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹554 Cr | Dec 2025 ₹533 Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- ENDURANCE: Sep 2021 ₹133 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹210 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹276 Cr | Jun 2026 —
- MSUMI: Sep 2021 ₹134 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- ZFCVINDIA: Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹146 Cr | Jun 2026 ₹104 Cr
- SANSERA: Sep 2021 ₹51 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- MINDACORP: Sep 2021 ₹39 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- LUMAXTECH: Sep 2021 ₹26 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- VARROC: Sep 2021 ₹-297 Cr | Dec 2021 ₹-264 Cr | Mar 2022 — | Jun 2022 ₹-84 Cr | Sep 2022 ₹-795 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹384 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹-45 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- SJS: Sep 2021 ₹15 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- SUPRAJIT: Sep 2021 ₹50 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- SHARDAMOTR: Sep 2021 ₹42 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- JAYBARMARU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- PRECAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹12 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- MUNJALAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 -5.7% | Dec 2022 33% | Mar 2023 434% | Jun 2023 256% | Sep 2023 37% | Dec 2023 26% | Mar 2024 107% | Jun 2024 69% | Sep 2024 223% | Dec 2024 55% | Mar 2025 -23% | Jun 2025 -45% | Sep 2025 -11% | Dec 2025 8.9% | Mar 2026 40% | Jun 2026 —
- BOSCHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 62% | Mar 2024 42% | Jun 2024 14% | Sep 2024 -46% | Dec 2024 -11% | Mar 2025 -1.8% | Jun 2025 139% | Sep 2025 3.2% | Dec 2025 16% | Mar 2026 2.9% | Jun 2026 —
- ENDURANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 -1.5% | Dec 2022 14% | Mar 2023 0.0% | Jun 2023 59% | Sep 2023 18% | Dec 2023 41% | Mar 2024 54% | Jun 2024 24% | Sep 2024 31% | Dec 2024 21% | Mar 2025 17% | Jun 2025 11% | Sep 2025 12% | Dec 2025 21% | Mar 2026 13% | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 -13% | Dec 2022 -30% | Mar 2023 200% | Jun 2023 -2.4% | Sep 2023 34% | Dec 2023 58% | Mar 2024 38% | Jun 2024 21% | Sep 2024 -2.6% | Dec 2024 -17% | Mar 2025 -14% | Jun 2025 -4.0% | Sep 2025 8.6% | Dec 2025 6.4% | Mar 2026 1.2% | Jun 2026 —
- ZFCVINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 195% | Sep 2022 116% | Dec 2022 166% | Mar 2023 77% | Jun 2023 61% | Sep 2023 54% | Dec 2023 19% | Mar 2024 -1.0% | Jun 2024 -1.0% | Sep 2024 2.8% | Dec 2024 24% | Mar 2025 27% | Jun 2025 23% | Sep 2025 -0.9% | Dec 2025 12% | Mar 2026 15% | Jun 2026 -15%
- SANSERA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 -12% | Dec 2022 35% | Mar 2023 -5.4% | Jun 2023 32% | Sep 2023 6.7% | Dec 2023 55% | Mar 2024 31% | Jun 2024 11% | Sep 2024 8.3% | Dec 2024 17% | Mar 2025 28% | Jun 2025 26% | Sep 2025 37% | Dec 2025 23% | Mar 2026 108% | Jun 2026 —
- MINDACORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 643% | Sep 2022 49% | Dec 2022 -26% | Mar 2023 61% | Jun 2023 -13% | Sep 2023 1.7% | Dec 2023 0.0% | Mar 2024 -42% | Jun 2024 42% | Sep 2024 25% | Dec 2024 25% | Mar 2025 -27% | Jun 2025 1.6% | Sep 2025 15% | Dec 2025 29% | Mar 2026 138% | Jun 2026 —
- LUMAXTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 420% | Sep 2022 31% | Dec 2022 12% | Mar 2023 -4.0% | Jun 2023 15% | Sep 2023 12% | Dec 2023 71% | Mar 2024 113% | Jun 2024 40% | Sep 2024 37% | Dec 2024 17% | Mar 2025 57% | Jun 2025 29% | Sep 2025 50% | Dec 2025 93% | Mar 2026 23% | Jun 2026 —
- VARROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,645% | Mar 2024 45% | Jun 2024 0.0% | Sep 2024 3.6% | Dec 2024 -112% | Mar 2025 -60% | Jun 2025 215% | Sep 2025 8.6% | Dec 2025 — | Mar 2026 204% | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 33% | Dec 2022 6.7% | Mar 2023 0.0% | Jun 2023 13% | Sep 2023 -5.0% | Dec 2023 31% | Mar 2024 80% | Jun 2024 56% | Sep 2024 53% | Dec 2024 33% | Mar 2025 26% | Jun 2025 25% | Sep 2025 48% | Dec 2025 61% | Mar 2026 44% | Jun 2026 —
- SUPRAJIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -8.0% | Dec 2022 19% | Mar 2023 -16% | Jun 2023 22% | Sep 2023 -24% | Dec 2023 5.3% | Mar 2024 44% | Jun 2024 15% | Sep 2024 -100% | Dec 2024 -18% | Mar 2025 -54% | Jun 2025 26% | Sep 2025 — | Dec 2025 -61% | Mar 2026 163% | Jun 2026 —
- SHARDAMOTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 88% | Sep 2022 31% | Dec 2022 18% | Mar 2023 41% | Jun 2023 22% | Sep 2023 45% | Dec 2023 65% | Mar 2024 42% | Jun 2024 40% | Sep 2024 -1.3% | Dec 2024 -1.3% | Mar 2025 -4.6% | Jun 2025 30% | Sep 2025 -5.1% | Dec 2025 8.0% | Mar 2026 6.0% | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 133% | Sep 2024 83% | Dec 2024 -21% | Mar 2025 33% | Jun 2025 3.6% | Sep 2025 45% | Dec 2025 87% | Mar 2026 75% | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 20% | Jun 2024 50% | Sep 2024 20% | Dec 2024 44% | Mar 2025 33% | Jun 2025 17% | Sep 2025 25% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- JAYBARMARU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -21% | Jun 2024 0.0% | Sep 2024 -67% | Dec 2024 -43% | Mar 2025 91% | Jun 2025 360% | Sep 2025 500% | Dec 2025 350% | Mar 2026 281% | Jun 2026 —
- OBSCP: 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 17% | Dec 2024 — | Mar 2025 -15% | Jun 2025 — | Sep 2025 -22% | Dec 2025 78% | Mar 2026 70% | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 150% | Mar 2024 38% | Jun 2024 80% | Sep 2024 -13% | Dec 2024 -50% | Mar 2025 55% | Jun 2025 28% | Sep 2025 114% | Dec 2025 120% | Mar 2026 24% | Jun 2026 —
- PRECAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -33% | Dec 2023 35% | Mar 2024 -73% | Jun 2024 200% | Sep 2024 0.0% | Dec 2024 -125% | Mar 2025 1,233% | Jun 2025 58% | Sep 2025 63% | Dec 2025 — | Mar 2026 -75% | Jun 2026 —
- MUNJALAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,485% | Jun 2024 1.9% | Sep 2024 37% | Dec 2024 — | Mar 2025 -72% | Jun 2025 84% | Sep 2025 -34% | Dec 2025 — | Mar 2026 -112% | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -48% | Mar 2024 -23% | Jun 2024 -35% | Sep 2024 171% | Dec 2024 708% | Mar 2025 574% | Jun 2025 159% | Sep 2025 7.5% | Dec 2025 -79% | Mar 2026 -81% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Samvardhana Motherson International Ltd reports ₹902 crore of CAPEX; Sansera Engineering Ltd has the highest covered intensity at 21.8%. Coverage is only 4 of 20 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: Samvardhana Motherson International Ltd · ₹902 crore | 443.4% versus #2 · Sansera Engineering Ltd | 3/3 recent comparable periods | 4/20 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. Samvardhana Motherson International Ltd (MOTHERSON): ₹902 Cr
2. Sansera Engineering Ltd (SANSERA): ₹166 Cr
3. Carraro India Ltd (CARRARO): ₹13 Cr
4. OBSC Perfection Ltd (OBSCP): ₹9 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sansera Engineering Ltd (SANSERA): 22%
2. OBSC Perfection Ltd (OBSCP): 19%
3. Samvardhana Motherson International Ltd (MOTHERSON): 3.2%
4. Carraro India Ltd (CARRARO): 2.7%

### 20-quarter CAPEX history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹780 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.1K Cr | Sep 2024 ₹902 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SANSERA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹75 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹115 Cr | Sep 2024 ₹166 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.5% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.8% | Sep 2024 3.2% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SANSERA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16% | Sep 2024 22% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.7% | Sep 2023 2.7% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OBSCP: 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 10% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: ZF Commercial Vehicle Control System India Ltd has the clearest covered balance-sheet capacity with ₹2,175 crore net cash and gross debt of ₹55 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: Mercury EV-Tech Ltd · ₹7 crore | 30% versus #2 · Automobile Corporation Of Goa Ltd | 2/8 recent comparable periods | 20/20 companies · 324 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. Mercury EV-Tech Ltd (MERCURYEV): ₹7 Cr
2. Automobile Corporation Of Goa Ltd (AUTOCORP): ₹10 Cr
3. S J S Enterprises Ltd (SJS): ₹23 Cr
4. Sharda Motor Industries Ltd (SHARDAMOTR): ₹49 Cr
5. Precision Camshafts Ltd (PRECAM): ₹54 Cr

### Net debt — lowest net debt
1. ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA): ₹-2.2K Cr
2. Sharda Motor Industries Ltd (SHARDAMOTR): ₹-942 Cr
3. Endurance Technologies Ltd (ENDURANCE): ₹-562 Cr
4. Precision Camshafts Ltd (PRECAM): ₹-379 Cr
5. S J S Enterprises Ltd (SJS): ₹-226 Cr

### 20-quarter Gross debt history
- MOTHERSON: Sep 2021 ₹12.2K Cr | Dec 2021 ₹12.2K Cr | Mar 2022 ₹14.1K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹14.1K Cr | Dec 2022 ₹14.1K Cr | Mar 2023 ₹13.8K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹21.8K Cr | Dec 2023 ₹21.8K Cr | Mar 2024 ₹19.9K Cr | Jun 2024 ₹22.8K Cr | Sep 2024 ₹25.4K Cr | Dec 2024 ₹25.4K Cr | Mar 2025 ₹17.2K Cr | Jun 2025 ₹17.2K Cr | Sep 2025 ₹19.8K Cr | Dec 2025 ₹19.8K Cr | Mar 2026 ₹19.2K Cr | Jun 2026 —
- BOSCHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹73 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹53 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹39 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹118 Cr | Jun 2025 — | Sep 2025 ₹109 Cr | Dec 2025 — | Mar 2026 ₹119 Cr | Jun 2026 —
- ENDURANCE: Sep 2021 ₹551 Cr | Dec 2021 ₹551 Cr | Mar 2022 ₹430 Cr | Jun 2022 ₹430 Cr | Sep 2022 ₹651 Cr | Dec 2022 ₹651 Cr | Mar 2023 ₹515 Cr | Jun 2023 ₹515 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹765 Cr | Jun 2024 ₹765 Cr | Sep 2024 ₹763 Cr | Dec 2024 ₹763 Cr | Mar 2025 ₹944 Cr | Jun 2025 ₹944 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹283 Cr | Jun 2022 ₹283 Cr | Sep 2022 ₹374 Cr | Dec 2022 ₹374 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹373 Cr | Sep 2023 ₹283 Cr | Dec 2023 ₹283 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹253 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹233 Cr | Jun 2026 —
- ZFCVINDIA: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- SANSERA: Sep 2021 ₹745 Cr | Dec 2021 ₹745 Cr | Mar 2022 ₹746 Cr | Jun 2022 ₹746 Cr | Sep 2022 ₹759 Cr | Dec 2022 ₹759 Cr | Mar 2023 ₹804 Cr | Jun 2023 ₹804 Cr | Sep 2023 ₹797 Cr | Dec 2023 ₹797 Cr | Mar 2024 ₹891 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹439 Cr | Dec 2025 ₹439 Cr | Mar 2026 ₹591 Cr | Jun 2026 —
- MINDACORP: Sep 2021 ₹502 Cr | Dec 2021 ₹502 Cr | Mar 2022 ₹511 Cr | Jun 2022 ₹506 Cr | Sep 2022 ₹591 Cr | Dec 2022 ₹591 Cr | Mar 2023 ₹718 Cr | Jun 2023 ₹713 Cr | Sep 2023 ₹765 Cr | Dec 2023 ₹765 Cr | Mar 2024 ₹540 Cr | Jun 2024 ₹535 Cr | Sep 2024 ₹534 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- LUMAXTECH: Sep 2021 ₹142 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹664 Cr | Jun 2023 ₹664 Cr | Sep 2023 ₹721 Cr | Dec 2023 ₹721 Cr | Mar 2024 ₹810 Cr | Jun 2024 ₹810 Cr | Sep 2024 ₹768 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹902 Cr | Jun 2025 ₹902 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VARROC: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹915 Cr | Mar 2026 ₹925 Cr | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- SUPRAJIT: Sep 2021 ₹335 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹337 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹613 Cr | Dec 2022 ₹613 Cr | Mar 2023 ₹718 Cr | Jun 2023 ₹718 Cr | Sep 2023 ₹722 Cr | Dec 2023 ₹722 Cr | Mar 2024 ₹708 Cr | Jun 2024 ₹708 Cr | Sep 2024 ₹887 Cr | Dec 2024 ₹887 Cr | Mar 2025 ₹817 Cr | Jun 2025 ₹817 Cr | Sep 2025 ₹927 Cr | Dec 2025 ₹927 Cr | Mar 2026 ₹993 Cr | Jun 2026 —
- SHARDAMOTR: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹182 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹192 Cr | Jun 2023 ₹188 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹216 Cr | Jun 2024 — | Sep 2024 ₹212 Cr | Dec 2024 — | Mar 2025 ₹191 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- JAYBARMARU: Sep 2021 ₹406 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹336 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹435 Cr | Mar 2024 ₹440 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹544 Cr | Mar 2025 ₹540 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹616 Cr | Dec 2025 ₹616 Cr | Mar 2026 ₹531 Cr | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹41 Cr | Jun 2024 ₹41 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹27 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹43 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹72 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹63 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹86 Cr | Jun 2025 — | Sep 2025 ₹94 Cr | Dec 2025 — | Mar 2026 ₹10 Cr | Jun 2026 —
- PRECAM: Sep 2021 ₹147 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- MUNJALAU: Sep 2021 ₹129 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹283 Cr | Mar 2023 ₹282 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹276 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹302 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹395 Cr | Mar 2026 ₹423 Cr | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹47 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹56 Cr | Jun 2024 — | Sep 2024 ₹75 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- MOTHERSON: Sep 2021 ₹8.8K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹9.9K Cr | Dec 2022 ₹9.9K Cr | Mar 2023 ₹9.1K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹15.9K Cr | Dec 2023 ₹15.9K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹15.9K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.9K Cr | Mar 2025 ₹11.2K Cr | Jun 2025 ₹11.2K Cr | Sep 2025 ₹12.8K Cr | Dec 2025 ₹12.8K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- ENDURANCE: Sep 2021 ₹-352 Cr | Dec 2021 ₹-352 Cr | Mar 2022 ₹-458 Cr | Jun 2022 ₹-458 Cr | Sep 2022 ₹-284 Cr | Dec 2022 ₹-284 Cr | Mar 2023 ₹-419 Cr | Jun 2023 ₹-419 Cr | Sep 2023 ₹-456 Cr | Dec 2023 ₹-456 Cr | Mar 2024 ₹-505 Cr | Jun 2024 ₹-505 Cr | Sep 2024 ₹-353 Cr | Dec 2024 ₹-353 Cr | Mar 2025 ₹-863 Cr | Jun 2025 ₹-863 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-562 Cr | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-10 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹310 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹337 Cr | Jun 2023 ₹337 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- ZFCVINDIA: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- SANSERA: Sep 2021 ₹668 Cr | Dec 2021 ₹668 Cr | Mar 2022 ₹700 Cr | Jun 2022 ₹699 Cr | Sep 2022 ₹715 Cr | Dec 2022 ₹715 Cr | Mar 2023 ₹746 Cr | Jun 2023 ₹746 Cr | Sep 2023 ₹714 Cr | Dec 2023 ₹714 Cr | Mar 2024 ₹831 Cr | Jun 2024 ₹865 Cr | Sep 2024 ₹975 Cr | Dec 2024 ₹975 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹192 Cr | Jun 2026 —
- MINDACORP: Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹581 Cr | Jun 2023 ₹581 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹636 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- LUMAXTECH: Sep 2021 ₹-21 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-42 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹485 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹625 Cr | Sep 2025 ₹790 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹885 Cr | Jun 2026 —
- VARROC: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹999 Cr | Dec 2024 ₹999 Cr | Mar 2025 ₹917 Cr | Jun 2025 ₹917 Cr | Sep 2025 ₹570 Cr | Dec 2025 ₹570 Cr | Mar 2026 ₹683 Cr | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-66 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹-109 Cr | Dec 2022 ₹-109 Cr | Mar 2023 ₹-128 Cr | Jun 2023 ₹-135 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-66 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹-140 Cr | Dec 2025 ₹-140 Cr | Mar 2026 ₹-226 Cr | Jun 2026 —
- SUPRAJIT: Sep 2021 ₹-78 Cr | Dec 2021 ₹-78 Cr | Mar 2022 ₹-109 Cr | Jun 2022 ₹-110 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹366 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹519 Cr | Mar 2026 ₹652 Cr | Jun 2026 —
- SHARDAMOTR: Sep 2021 ₹-273 Cr | Dec 2021 ₹-273 Cr | Mar 2022 ₹-442 Cr | Jun 2022 ₹-442 Cr | Sep 2022 ₹-532 Cr | Dec 2022 ₹-532 Cr | Mar 2023 ₹-540 Cr | Jun 2023 ₹-142 Cr | Sep 2023 ₹-663 Cr | Dec 2023 ₹-663 Cr | Mar 2024 ₹-570 Cr | Jun 2024 ₹-585 Cr | Sep 2024 ₹-496 Cr | Dec 2024 ₹-496 Cr | Mar 2025 ₹-851 Cr | Jun 2025 ₹-854 Cr | Sep 2025 ₹-922 Cr | Dec 2025 ₹-922 Cr | Mar 2026 ₹-942 Cr | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹93 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹112 Cr | Jun 2024 — | Sep 2024 ₹115 Cr | Dec 2024 — | Mar 2025 ₹123 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-38 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- JAYBARMARU: Sep 2021 ₹405 Cr | Dec 2021 ₹405 Cr | Mar 2022 ₹376 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹350 Cr | Mar 2023 ₹329 Cr | Jun 2023 ₹330 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹431 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹436 Cr | Sep 2024 ₹541 Cr | Dec 2024 ₹541 Cr | Mar 2025 ₹538 Cr | Jun 2025 ₹537 Cr | Sep 2025 ₹523 Cr | Dec 2025 ₹523 Cr | Mar 2026 ₹458 Cr | Jun 2026 —
- OBSCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹40 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- PRECAM: Sep 2021 ₹-147 Cr | Dec 2021 ₹-147 Cr | Mar 2022 ₹-100 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-150 Cr | Dec 2022 ₹-150 Cr | Mar 2023 ₹-133 Cr | Jun 2023 ₹-133 Cr | Sep 2023 ₹-162 Cr | Dec 2023 ₹-162 Cr | Mar 2024 ₹-204 Cr | Jun 2024 ₹-204 Cr | Sep 2024 ₹-257 Cr | Dec 2024 ₹-257 Cr | Mar 2025 ₹-293 Cr | Jun 2025 ₹-293 Cr | Sep 2025 ₹-360 Cr | Dec 2025 ₹-360 Cr | Mar 2026 ₹-379 Cr | Jun 2026 —
- MUNJALAU: Sep 2021 ₹80 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹55 Cr | Jun 2024 — | Sep 2024 ₹73 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹-50 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Motherson Sumi Wiring India Ltd leads ROCE at 38.9%, 2.9 percentage points above Sharda Motor Industries Ltd. Automobile Corporation Of Goa Ltd has the strongest latest improvement at +10 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: Motherson Sumi Wiring 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 roce change signal.

Evidence: Motherson Sumi Wiring India Ltd · 38.9% | 8.1% versus #2 · Sharda Motor Industries Ltd | 2/8 recent comparable periods | 20/20 companies · 253 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. Motherson Sumi Wiring India Ltd (MSUMI): 39%
2. Sharda Motor Industries Ltd (SHARDAMOTR): 36%
3. Automobile Corporation Of Goa Ltd (AUTOCORP): 30%
4. Carraro India Ltd (CARRARO): 30%
5. S J S Enterprises Ltd (SJS): 29%

### ROCE change — fastest improvers
1. Automobile Corporation Of Goa Ltd (AUTOCORP): +10.0 pp
2. Jay Bharat Maruti Ltd (JAYBARMARU): +7.9 pp
3. Lumax Auto Technologies Ltd (LUMAXTECH): +4.0 pp
4. Carraro India Ltd (CARRARO): +3.7 pp
5. S J S Enterprises Ltd (SJS): +3.3 pp

### 20-quarter ROCE history
- MOTHERSON: Sep 2021 11% | Dec 2021 — | Mar 2022 4.8% | Jun 2022 — | Sep 2022 6.1% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 10% | Sep 2023 11% | Dec 2023 14% | Mar 2024 12% | Jun 2024 14% | Sep 2024 12% | Dec 2024 16% | Mar 2025 11% | Jun 2025 14% | Sep 2025 9.6% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- ENDURANCE: Sep 2021 19% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 17% | Mar 2024 15% | Jun 2024 19% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 46% | Jun 2022 — | Sep 2022 49% | Dec 2022 — | Mar 2023 41% | Jun 2023 — | Sep 2023 45% | Dec 2023 55% | Mar 2024 44% | Jun 2024 51% | Sep 2024 47% | Dec 2024 50% | Mar 2025 42% | Jun 2025 43% | Sep 2025 40% | Dec 2025 44% | Mar 2026 35% | Jun 2026 —
- ZFCVINDIA: Sep 2021 9.2% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 15% | Jun 2023 21% | Sep 2023 17% | Dec 2023 22% | Mar 2024 16% | Jun 2024 21% | Sep 2024 15% | Dec 2024 20% | Mar 2025 15% | Jun 2025 21% | Sep 2025 14% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- SANSERA: Sep 2021 19% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 18% | Sep 2023 16% | Dec 2023 19% | Mar 2024 18% | Jun 2024 17% | Sep 2024 17% | Dec 2024 19% | Mar 2025 11% | Jun 2025 14% | Sep 2025 10% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- MINDACORP: Sep 2021 13% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 15% | Jun 2024 18% | Sep 2024 15% | Dec 2024 17% | Mar 2025 13% | Jun 2025 16% | Sep 2025 13% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- LUMAXTECH: Sep 2021 17% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 11% | Jun 2023 18% | Sep 2023 13% | Dec 2023 23% | Mar 2024 18% | Jun 2024 21% | Sep 2024 20% | Dec 2024 24% | Mar 2025 19% | Jun 2025 25% | Sep 2025 22% | Dec 2025 29% | Mar 2026 23% | Jun 2026 —
- VARROC: Sep 2021 -9.1% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.7% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 16% | Dec 2023 24% | Mar 2024 18% | Jun 2024 24% | Sep 2024 19% | Dec 2024 19% | Mar 2025 22% | Jun 2025 19% | Sep 2025 22% | Dec 2025 19% | Mar 2026 23% | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 14% | Dec 2023 21% | Mar 2024 18% | Jun 2024 25% | Sep 2024 22% | Dec 2024 25% | Mar 2025 21% | Jun 2025 24% | Sep 2025 21% | Dec 2025 29% | Mar 2026 24% | Jun 2026 —
- SUPRAJIT: Sep 2021 22% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 13% | Jun 2024 18% | Sep 2024 13% | Dec 2024 17% | Mar 2025 13% | Jun 2025 17% | Sep 2025 14% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- SHARDAMOTR: Sep 2021 32% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 30% | Dec 2023 47% | Mar 2024 30% | Jun 2024 47% | Sep 2024 37% | Dec 2024 47% | Mar 2025 30% | Jun 2025 42% | Sep 2025 28% | Dec 2025 43% | Mar 2026 26% | Jun 2026 —
- CARRARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 20% | Dec 2024 21% | Mar 2025 20% | Jun 2025 24% | Sep 2025 20% | Dec 2025 26% | Mar 2026 23% | Jun 2026 —
- NDRAUTO: Sep 2021 2.9% | Dec 2021 — | Mar 2022 3.6% | Jun 2022 — | Sep 2022 6.5% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 13% | Dec 2023 21% | Mar 2024 15% | Jun 2024 22% | Sep 2024 16% | Dec 2024 24% | Mar 2025 17% | Jun 2025 24% | Sep 2025 17% | Dec 2025 24% | Mar 2026 17% | Jun 2026 —
- JAYBARMARU: Sep 2021 13% | Dec 2021 — | Mar 2022 9.5% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 11% | Dec 2023 12% | Mar 2024 9.4% | Jun 2024 11% | Sep 2024 7.6% | Dec 2024 7.8% | Mar 2025 7.6% | Jun 2025 12% | Sep 2025 12% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- OBSCP: 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 17% | Jun 2025 17% | Sep 2025 18% | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- PRECAM: Sep 2021 1.8% | Dec 2021 — | Mar 2022 3.0% | Jun 2022 — | Sep 2022 4.1% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 9.2% | Sep 2023 3.1% | Dec 2023 10% | Mar 2024 2.6% | Jun 2024 9.8% | Sep 2024 3.3% | Dec 2024 5.6% | Mar 2025 2.9% | Jun 2025 13% | Sep 2025 1.2% | Dec 2025 14% | Mar 2026 2.7% | Jun 2026 —
- MUNJALAU: Sep 2021 15% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 8.1% | Dec 2022 — | Mar 2023 5.9% | Jun 2023 — | Sep 2023 7.4% | Dec 2023 7.2% | Mar 2024 10% | Jun 2024 13% | Sep 2024 10% | Dec 2024 18% | Mar 2025 8.4% | Jun 2025 15% | Sep 2025 7.3% | Dec 2025 17% | Mar 2026 6.9% | Jun 2026 —
- MERCURYEV: Sep 2021 -2.2% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 0.5% | Dec 2022 — | Mar 2023 2.2% | Jun 2023 — | Sep 2023 3.5% | Dec 2023 3.3% | Mar 2024 2.3% | Jun 2024 2.8% | Sep 2024 3.1% | Dec 2024 8.0% | Mar 2025 3.6% | Jun 2025 5.6% | Sep 2025 4.4% | Dec 2025 3.6% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 — | Mar 2023 +4.4 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 +3.1 pp | Sep 2024 +0.7 pp | Dec 2024 +2.1 pp | Mar 2025 −1.0 pp | Jun 2025 +0.4 pp | Sep 2025 −2.0 pp | Dec 2025 −4.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ENDURANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.2 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 — | Mar 2024 +2.5 pp | Jun 2024 — | Sep 2024 +2.2 pp | Dec 2024 +2.6 pp | Mar 2025 +0.6 pp | Jun 2025 +0.6 pp | Sep 2025 −1.1 pp | Dec 2025 −0.8 pp | Mar 2026 −0.7 pp | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −4.9 pp | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 −4.5 pp | Mar 2025 −2.1 pp | Jun 2025 −8.2 pp | Sep 2025 −6.3 pp | Dec 2025 −6.2 pp | Mar 2026 −7.0 pp | Jun 2026 —
- ZFCVINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 — | Mar 2023 +7.0 pp | Jun 2023 — | Sep 2023 +5.0 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 −0.2 pp | Sep 2024 −1.9 pp | Dec 2024 −1.7 pp | Mar 2025 −0.5 pp | Jun 2025 +0.3 pp | Sep 2025 −0.5 pp | Dec 2025 +0.2 pp | Mar 2026 −1.2 pp | Jun 2026 —
- SANSERA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +2.7 pp | Jun 2024 −0.7 pp | Sep 2024 +0.8 pp | Dec 2024 −0.3 pp | Mar 2025 −7.4 pp | Jun 2025 −2.8 pp | Sep 2025 −6.4 pp | Dec 2025 −4.0 pp | Mar 2026 +1.5 pp | Jun 2026 —
- MINDACORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 — | Mar 2023 +5.0 pp | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 +0.1 pp | Mar 2025 −2.3 pp | Jun 2025 −2.0 pp | Sep 2025 −2.1 pp | Dec 2025 −1.1 pp | Mar 2026 +2.0 pp | Jun 2026 —
- LUMAXTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 — | Mar 2023 −6.7 pp | Jun 2023 — | Sep 2023 −6.8 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 +3.9 pp | Sep 2024 +6.4 pp | Dec 2024 +0.7 pp | Mar 2025 +1.6 pp | Jun 2025 +3.4 pp | Sep 2025 +2.5 pp | Dec 2025 +5.6 pp | Mar 2026 +4.0 pp | Jun 2026 —
- VARROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +20.6 pp | Dec 2023 — | Mar 2024 +3.6 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 −5.3 pp | Mar 2025 +3.9 pp | Jun 2025 −5.3 pp | Sep 2025 +3.3 pp | Dec 2025 −0.1 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 −6.5 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 +7.8 pp | Dec 2024 +4.4 pp | Mar 2025 +3.0 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 +3.8 pp | Mar 2026 +3.3 pp | Jun 2026 —
- SUPRAJIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.0 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −1.0 pp | Sep 2025 +0.2 pp | Dec 2025 +1.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SHARDAMOTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 +6.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.6 pp | Jun 2025 −5.1 pp | Sep 2025 −8.5 pp | Dec 2025 −4.7 pp | Mar 2026 −4.6 pp | Jun 2026 —
- CARRARO: 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 +2.3 pp | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 +4.6 pp | Mar 2026 +3.7 pp | Jun 2026 —
- NDRAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 — | Mar 2023 +6.0 pp | Jun 2023 — | Sep 2023 +6.2 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +2.8 pp | Mar 2025 +2.5 pp | Jun 2025 +2.3 pp | Sep 2025 +1.5 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- JAYBARMARU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 −2.8 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −3.9 pp | Mar 2025 −1.8 pp | Jun 2025 +1.1 pp | Sep 2025 +4.0 pp | Dec 2025 +7.9 pp | Mar 2026 +7.9 pp | Jun 2026 —
- OBSCP: 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 −1.2 pp | Jun 2026 —
- PRECAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −1.7 pp | Jun 2024 +0.6 pp | Sep 2024 +0.2 pp | Dec 2024 −4.6 pp | Mar 2025 +0.3 pp | Jun 2025 +3.2 pp | Sep 2025 −2.1 pp | Dec 2025 +8.6 pp | Mar 2026 −0.2 pp | Jun 2026 —
- MUNJALAU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 −4.6 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 +10.6 pp | Mar 2025 −1.8 pp | Jun 2025 +1.3 pp | Sep 2025 −2.7 pp | Dec 2025 −1.3 pp | Mar 2026 −1.5 pp | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 — | Mar 2023 −21.2 pp | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 +4.7 pp | Mar 2025 +1.3 pp | Jun 2025 +2.8 pp | Sep 2025 +1.3 pp | Dec 2025 −4.4 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Varroc Engineering Ltd has the lowest comparable Guarded PEG at 0.63×, 4.5% below Carraro India Ltd. Only 12 of 20 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: Varroc Engineering Ltd · 0.63× | 4.5% versus #2 · Carraro India Ltd | 0/8 recent comparable periods | 12/20 companies · 102 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. Varroc Engineering Ltd (VARROC): 0.6
2. Carraro India Ltd (CARRARO): 0.7
3. Lumax Auto Technologies Ltd (LUMAXTECH): 0.8
4. Samvardhana Motherson International Ltd (MOTHERSON): 0.8
5. S J S Enterprises Ltd (SJS): 0.9

### P/E — lowest P/E
1. Jay Bharat Maruti Ltd (JAYBARMARU): 12.5
2. Sharda Motor Industries Ltd (SHARDAMOTR): 14.3
3. Automobile Corporation Of Goa Ltd (AUTOCORP): 18.7
4. Carraro India Ltd (CARRARO): 22.1
5. Munjal Auto Industries Ltd (MUNJALAU): 28.2

### 20-quarter Guarded PEG history
- MOTHERSON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.3 | Mar 2023 — | Jun 2023 2.6 | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- ENDURANCE: Sep 2021 — | Dec 2021 — | Mar 2022 1.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.1 | Dec 2023 2.6 | Mar 2024 1.7 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 2.2 | Sep 2025 — | Dec 2025 — | Mar 2026 2.7 | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.2 | Dec 2023 0.9 | Mar 2024 1.3 | Jun 2024 2.4 | Sep 2024 1.3 | Dec 2024 — | Mar 2025 4.6 | Jun 2025 — | Sep 2025 — | Dec 2025 6.3 | Mar 2026 — | Jun 2026 —
- ZFCVINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 2.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 4.3 | Mar 2024 1.4 | Jun 2024 — | Sep 2024 5.3 | Dec 2024 2.2 | Mar 2025 8.6 | Jun 2025 2.4 | Sep 2025 2.6 | Dec 2025 5.0 | Mar 2026 3.3 | Jun 2026 4.2
- SANSERA: Sep 2021 4.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7 | Mar 2023 1.2 | Jun 2023 3.9 | Sep 2023 1.5 | Dec 2023 3.2 | Mar 2024 1.9 | Jun 2024 1.5 | Sep 2024 2.3 | Dec 2024 1.9 | Mar 2025 3.3 | Jun 2025 5.4 | Sep 2025 5.5 | Dec 2025 3.8 | Mar 2026 2.2 | Jun 2026 —
- MINDACORP: Sep 2021 0.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.1 | Jun 2024 1.2 | Sep 2024 — | Dec 2024 2.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —
- LUMAXTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 2.2 | Dec 2023 — | Mar 2024 2.1 | Jun 2024 1.0 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 1.2 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 0.8 | Jun 2026 —
- VARROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.6 | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.7 | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 2.7 | Dec 2023 — | Mar 2024 3.4 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- SUPRAJIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.4 | Mar 2026 5.5 | Jun 2026 —
- SHARDAMOTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.7 | Jun 2025 1.9 | Sep 2025 — | Dec 2025 — | Mar 2026 2.0 | Jun 2026 —
- CARRARO: 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 0.9 | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- MOTHERSON: Sep 2021 26.8 | Dec 2021 30.6 | Mar 2022 34.6 | Jun 2022 62.5 | Sep 2022 80.8 | Dec 2022 65.0 | Mar 2023 44.7 | Jun 2023 54.4 | Sep 2023 42.4 | Dec 2023 45.6 | Mar 2024 49.4 | Jun 2024 46.1 | Sep 2024 45.8 | Dec 2024 28.4 | Mar 2025 21.9 | Jun 2025 28.2 | Sep 2025 33.0 | Dec 2025 37.6 | Mar 2026 32.8 | Jun 2026 —
- BOSCHLTD: Sep 2021 34.2 | Dec 2021 36.4 | Mar 2022 30.7 | Jun 2022 34.5 | Sep 2022 36.1 | Dec 2022 39.4 | Mar 2023 41.5 | Jun 2023 39.4 | Sep 2023 37.4 | Dec 2023 42.8 | Mar 2024 52.6 | Jun 2024 54.3 | Sep 2024 58.7 | Dec 2024 50.2 | Mar 2025 41.3 | Jun 2025 47.2 | Sep 2025 50.7 | Dec 2025 46.5 | Mar 2026 37.8 | Jun 2026 —
- ENDURANCE: Sep 2021 32.7 | Dec 2021 37.4 | Mar 2022 31.4 | Jun 2022 39.4 | Sep 2022 42.2 | Dec 2022 41.0 | Mar 2023 35.9 | Jun 2023 45.6 | Sep 2023 41.5 | Dec 2023 48.3 | Mar 2024 42.4 | Jun 2024 55.4 | Sep 2024 46.2 | Dec 2024 39.6 | Mar 2025 34.5 | Jun 2025 46.2 | Sep 2025 51.3 | Dec 2025 47.9 | Mar 2026 42.5 | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 49.6 | Jun 2022 46.9 | Sep 2022 60.4 | Dec 2022 58.2 | Mar 2023 50.3 | Jun 2023 52.7 | Sep 2023 58.9 | Dec 2023 52.1 | Mar 2024 50.1 | Jun 2024 52.3 | Sep 2024 48.3 | Dec 2024 39.0 | Mar 2025 36.6 | Jun 2025 44.0 | Sep 2025 52.1 | Dec 2025 49.0 | Mar 2026 40.3 | Jun 2026 —
- ZFCVINDIA: Sep 2021 89.9 | Dec 2021 121.1 | Mar 2022 101.9 | Jun 2022 96.1 | Sep 2022 145.1 | Dec 2022 77.3 | Mar 2023 72.1 | Jun 2023 72.8 | Sep 2023 83.0 | Dec 2023 77.4 | Mar 2024 70.5 | Jun 2024 72.5 | Sep 2024 76.3 | Dec 2024 54.7 | Mar 2025 56.7 | Jun 2025 55.6 | Sep 2025 49.3 | Dec 2025 58.1 | Mar 2026 52.3 | Jun 2026 56.8
- SANSERA: Sep 2021 35.7 | Dec 2021 33.9 | Mar 2022 24.6 | Jun 2022 25.8 | Sep 2022 25.1 | Dec 2022 27.8 | Mar 2023 26.5 | Jun 2023 31.5 | Sep 2023 31.9 | Dec 2023 34.3 | Mar 2024 31.1 | Jun 2024 37.2 | Sep 2024 47.2 | Dec 2024 41.8 | Mar 2025 33.7 | Jun 2025 37.1 | Sep 2025 37.7 | Dec 2025 42.3 | Mar 2026 49.0 | Jun 2026 —
- MINDACORP: Sep 2021 31.6 | Dec 2021 37.1 | Mar 2022 48.8 | Jun 2022 26.8 | Sep 2022 23.6 | Dec 2022 21.4 | Mar 2023 21.6 | Jun 2023 23.7 | Sep 2023 28.7 | Dec 2023 33.2 | Mar 2024 35.9 | Jun 2024 50.7 | Sep 2024 58.6 | Dec 2024 48.2 | Mar 2025 56.6 | Jun 2025 53.9 | Sep 2025 54.0 | Dec 2025 52.1 | Mar 2026 43.5 | Jun 2026 —
- LUMAXTECH: Sep 2021 14.7 | Dec 2021 14.9 | Mar 2022 17.1 | Jun 2022 16.3 | Sep 2022 21.5 | Dec 2022 17.3 | Mar 2023 19.0 | Jun 2023 24.4 | Sep 2023 25.0 | Dec 2023 27.1 | Mar 2024 29.9 | Jun 2024 30.5 | Sep 2024 27.9 | Dec 2024 28.0 | Mar 2025 22.5 | Jun 2025 43.8 | Sep 2025 47.2 | Dec 2025 48.9 | Mar 2026 42.7 | Jun 2026 —
- VARROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -5.3 | Mar 2023 -4.7 | Jun 2023 142.8 | Sep 2023 80.1 | Dec 2023 50.9 | Mar 2024 14.6 | Jun 2024 18.2 | Sep 2024 16.9 | Dec 2024 17.1 | Mar 2025 39.1 | Jun 2025 54.3 | Sep 2025 50.1 | Dec 2025 47.8 | Mar 2026 30.0 | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 29.3 | Mar 2022 22.6 | Jun 2022 26.2 | Sep 2022 21.3 | Dec 2022 22.6 | Mar 2023 17.9 | Jun 2023 25.6 | Sep 2023 30.3 | Dec 2023 27.8 | Mar 2024 25.7 | Jun 2024 28.6 | Sep 2024 30.8 | Dec 2024 34.8 | Mar 2025 25.3 | Jun 2025 34.0 | Sep 2025 36.4 | Dec 2025 39.6 | Mar 2026 32.7 | Jun 2026 —
- SUPRAJIT: Sep 2021 23.3 | Dec 2021 31.1 | Mar 2022 26.5 | Jun 2022 28.2 | Sep 2022 29.5 | Dec 2022 29.8 | Mar 2023 29.9 | Jun 2023 37.2 | Sep 2023 33.9 | Dec 2023 38.3 | Mar 2024 38.3 | Jun 2024 42.3 | Sep 2024 42.5 | Dec 2024 46.6 | Mar 2025 39.6 | Jun 2025 65.7 | Sep 2025 62.1 | Dec 2025 40.9 | Mar 2026 40.6 | Jun 2026 —
- SHARDAMOTR: Sep 2021 17.7 | Dec 2021 21.4 | Mar 2022 17.2 | Jun 2022 14.7 | Sep 2022 14.3 | Dec 2022 12.0 | Mar 2023 8.8 | Jun 2023 11.1 | Sep 2023 13.3 | Dec 2023 15.9 | Mar 2024 14.9 | Jun 2024 21.9 | Sep 2024 22.6 | Dec 2024 18.0 | Mar 2025 14.3 | Jun 2025 17.4 | Sep 2025 18.7 | Dec 2025 17.0 | Mar 2026 13.3 | Jun 2026 —
- CARRARO: 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 43.9 | Mar 2025 28.3 | Jun 2025 29.4 | Sep 2025 29.6 | Dec 2025 30.3 | Mar 2026 22.2 | Jun 2026 —
- NDRAUTO: Sep 2021 15.5 | Dec 2021 15.4 | Mar 2022 17.5 | Jun 2022 13.4 | Sep 2022 16.2 | Dec 2022 16.2 | Mar 2023 13.6 | Jun 2023 16.9 | Sep 2023 21.2 | Dec 2023 29.2 | Mar 2024 28.3 | Jun 2024 26.1 | Sep 2024 52.0 | Dec 2024 39.0 | Mar 2025 33.4 | Jun 2025 48.4 | Sep 2025 44.3 | Dec 2025 33.4 | Mar 2026 25.6 | Jun 2026 —
- JAYBARMARU: Sep 2021 16.4 | Dec 2021 17.0 | Mar 2022 19.4 | Jun 2022 21.1 | Sep 2022 22.8 | Dec 2022 18.4 | Mar 2023 15.3 | Jun 2023 36.5 | Sep 2023 33.9 | Dec 2023 32.6 | Mar 2024 36.3 | Jun 2024 36.6 | Sep 2024 34.0 | Dec 2024 34.8 | Mar 2025 26.0 | Jun 2025 25.6 | Sep 2025 22.0 | Dec 2025 14.8 | Mar 2026 10.8 | Jun 2026 —
- OBSCP: 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 30.4 | Mar 2025 19.9 | Jun 2025 35.9 | Sep 2025 43.6 | Dec 2025 36.5 | Mar 2026 35.6 | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49.5 | Sep 2022 30.1 | Dec 2022 20.0 | Mar 2023 15.3 | Jun 2023 28.9 | Sep 2023 32.4 | Dec 2023 29.4 | Mar 2024 37.4 | Jun 2024 38.0 | Sep 2024 35.0 | Dec 2024 28.8 | Mar 2025 19.0 | Jun 2025 23.5 | Sep 2025 24.6 | Dec 2025 18.2 | Mar 2026 14.0 | Jun 2026 —
- PRECAM: Sep 2021 137.1 | Dec 2021 109.0 | Mar 2022 98.1 | Jun 2022 32.5 | Sep 2022 43.1 | Dec 2022 33.7 | Mar 2023 26.5 | Jun 2023 38.5 | Sep 2023 57.2 | Dec 2023 57.2 | Mar 2024 52.5 | Jun 2024 64.4 | Sep 2024 61.9 | Dec 2024 91.7 | Mar 2025 97.0 | Jun 2025 68.5 | Sep 2025 52.7 | Dec 2025 46.3 | Mar 2026 21.4 | Jun 2026 —
- MUNJALAU: Sep 2021 15.6 | Dec 2021 15.3 | Mar 2022 13.1 | Jun 2022 16.2 | Sep 2022 15.9 | Dec 2022 13.8 | Mar 2023 13.5 | Jun 2023 25.0 | Sep 2023 27.6 | Dec 2023 32.6 | Mar 2024 22.5 | Jun 2024 20.4 | Sep 2024 21.6 | Dec 2024 16.7 | Mar 2025 13.5 | Jun 2025 16.2 | Sep 2025 29.9 | Dec 2025 29.5 | Mar 2026 16.1 | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 -59.1 | Mar 2022 7.5 | Jun 2022 9.6 | Sep 2022 291.2 | Dec 2022 147.1 | Mar 2023 1,351.0 | Jun 2023 329.4 | Sep 2023 376.0 | Dec 2023 743.0 | Mar 2024 615.2 | Jun 2024 588.5 | Sep 2024 1,093.5 | Dec 2024 510.7 | Mar 2025 164.7 | Jun 2025 139.5 | Sep 2025 103.1 | Dec 2025 84.2 | Mar 2026 83.6 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Jay Bharat Maruti Ltd leads ev/ebitda at 5.8×; Precision Camshafts Ltd leads p/bv at 1.58×.

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: Jay Bharat Maruti Ltd · 5.8× | 13.4% versus #2 · Munjal Auto Industries Ltd | 0/8 recent comparable periods | 20/20 companies · 346 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. Jay Bharat Maruti Ltd (JAYBARMARU): 5.8
2. Munjal Auto Industries Ltd (MUNJALAU): 6.7
3. Precision Camshafts Ltd (PRECAM): 8.6
4. Sharda Motor Industries Ltd (SHARDAMOTR): 8.6
5. Varroc Engineering Ltd (VARROC): 9.5

### P/BV — lowest P/BV
1. Precision Camshafts Ltd (PRECAM): 1.6
2. Munjal Auto Industries Ltd (MUNJALAU): 2.2
3. Mercury EV-Tech Ltd (MERCURYEV): 2.4
4. Jay Bharat Maruti Ltd (JAYBARMARU): 2.5
5. Sharda Motor Industries Ltd (SHARDAMOTR): 3.6

### 20-quarter EV/EBITDA history
- MOTHERSON: Sep 2021 9.1 | Dec 2021 10.2 | Mar 2022 12.3 | Jun 2022 12.1 | Sep 2022 12.4 | Dec 2022 11.6 | Mar 2023 9.6 | Jun 2023 11.7 | Sep 2023 11.3 | Dec 2023 11.8 | Mar 2024 11.9 | Jun 2024 14.2 | Sep 2024 15.4 | Dec 2024 10.8 | Mar 2025 8.9 | Jun 2025 10.4 | Sep 2025 10.8 | Dec 2025 12.3 | Mar 2026 11.0 | Jun 2026 —
- BOSCHLTD: Sep 2021 21.3 | Dec 2021 23.4 | Mar 2022 19.1 | Jun 2022 21.4 | Sep 2022 22.6 | Dec 2022 23.5 | Mar 2023 25.8 | Jun 2023 23.9 | Sep 2023 22.3 | Dec 2023 25.3 | Mar 2024 32.0 | Jun 2024 35.0 | Sep 2024 39.0 | Dec 2024 32.6 | Mar 2025 26.6 | Jun 2025 30.3 | Sep 2025 33.5 | Dec 2025 31.0 | Mar 2026 25.3 | Jun 2026 —
- ENDURANCE: Sep 2021 17.3 | Dec 2021 19.7 | Mar 2022 15.8 | Jun 2022 19.0 | Sep 2022 20.4 | Dec 2022 19.5 | Mar 2023 16.7 | Jun 2023 20.6 | Sep 2023 19.2 | Dec 2023 22.4 | Mar 2024 19.9 | Jun 2024 26.8 | Sep 2024 22.6 | Dec 2024 19.8 | Mar 2025 17.2 | Jun 2025 22.9 | Sep 2025 23.8 | Dec 2025 22.7 | Mar 2026 20.1 | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 30.5 | Jun 2022 33.5 | Sep 2022 36.8 | Dec 2022 30.8 | Mar 2023 26.3 | Jun 2023 31.7 | Sep 2023 36.0 | Dec 2023 31.9 | Mar 2024 31.2 | Jun 2024 33.0 | Sep 2024 30.3 | Dec 2024 24.7 | Mar 2025 22.6 | Jun 2025 26.3 | Sep 2025 30.8 | Dec 2025 29.1 | Mar 2026 23.9 | Jun 2026 —
- ZFCVINDIA: Sep 2021 46.3 | Dec 2021 61.7 | Mar 2022 53.2 | Jun 2022 44.8 | Sep 2022 65.1 | Dec 2022 40.1 | Mar 2023 40.2 | Jun 2023 41.8 | Sep 2023 48.0 | Dec 2023 45.5 | Mar 2024 41.8 | Jun 2024 42.8 | Sep 2024 44.8 | Dec 2024 31.6 | Mar 2025 33.4 | Jun 2025 32.9 | Sep 2025 29.0 | Dec 2025 34.4 | Mar 2026 30.8 | Jun 2026 33.8
- SANSERA: Sep 2021 16.1 | Dec 2021 15.9 | Mar 2022 12.1 | Jun 2022 11.6 | Sep 2022 11.8 | Dec 2022 12.3 | Mar 2023 11.8 | Jun 2023 13.5 | Sep 2023 13.8 | Dec 2023 14.4 | Mar 2024 13.5 | Jun 2024 16.0 | Sep 2024 19.9 | Dec 2024 20.1 | Mar 2025 16.2 | Jun 2025 17.5 | Sep 2025 16.1 | Dec 2025 18.8 | Mar 2026 22.3 | Jun 2026 —
- MINDACORP: Sep 2021 11.6 | Dec 2021 14.7 | Mar 2022 19.0 | Jun 2022 13.8 | Sep 2022 13.3 | Dec 2022 11.8 | Mar 2023 11.3 | Jun 2023 14.5 | Sep 2023 17.6 | Dec 2023 20.2 | Mar 2024 21.2 | Jun 2024 22.8 | Sep 2024 26.7 | Dec 2024 22.1 | Mar 2025 24.9 | Jun 2025 23.9 | Sep 2025 25.1 | Dec 2025 23.6 | Mar 2026 20.6 | Jun 2026 —
- LUMAXTECH: Sep 2021 6.5 | Dec 2021 6.9 | Mar 2022 7.5 | Jun 2022 7.0 | Sep 2022 10.4 | Dec 2022 8.5 | Mar 2023 8.8 | Jun 2023 10.9 | Sep 2023 11.3 | Dec 2023 10.6 | Mar 2024 10.6 | Jun 2024 10.8 | Sep 2024 10.8 | Dec 2024 11.2 | Mar 2025 9.5 | Jun 2025 16.5 | Sep 2025 17.7 | Dec 2025 19.0 | Mar 2026 18.1 | Jun 2026 —
- VARROC: Sep 2021 20.1 | Dec 2021 40.8 | Mar 2022 45.6 | Jun 2022 42.8 | Sep 2022 14.9 | Dec 2022 12.8 | Mar 2023 9.9 | Jun 2023 10.9 | Sep 2023 13.1 | Dec 2023 13.2 | Mar 2024 11.1 | Jun 2024 13.5 | Sep 2024 12.2 | Dec 2024 12.0 | Mar 2025 9.3 | Jun 2025 12.3 | Sep 2025 12.5 | Dec 2025 12.0 | Mar 2026 9.5 | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 16.6 | Mar 2022 12.8 | Jun 2022 14.7 | Sep 2022 12.1 | Dec 2022 13.1 | Mar 2023 10.4 | Jun 2023 15.1 | Sep 2023 17.6 | Dec 2023 16.1 | Mar 2024 14.4 | Jun 2024 15.2 | Sep 2024 16.6 | Dec 2024 19.0 | Mar 2025 14.2 | Jun 2025 19.6 | Sep 2025 21.6 | Dec 2025 24.0 | Mar 2026 19.9 | Jun 2026 —
- SUPRAJIT: Sep 2021 14.1 | Dec 2021 18.3 | Mar 2022 15.7 | Jun 2022 16.4 | Sep 2022 16.7 | Dec 2022 15.9 | Mar 2023 14.4 | Jun 2023 16.5 | Sep 2023 16.4 | Dec 2023 17.7 | Mar 2024 17.4 | Jun 2024 20.1 | Sep 2024 19.8 | Dec 2024 18.5 | Mar 2025 14.8 | Jun 2025 18.7 | Sep 2025 18.4 | Dec 2025 15.8 | Mar 2026 14.1 | Jun 2026 —
- SHARDAMOTR: Sep 2021 7.7 | Dec 2021 10.4 | Mar 2022 8.4 | Jun 2022 7.7 | Sep 2022 7.2 | Dec 2022 6.0 | Mar 2023 4.3 | Jun 2023 5.9 | Sep 2023 8.1 | Dec 2023 8.6 | Mar 2024 8.2 | Jun 2024 13.6 | Sep 2024 14.1 | Dec 2024 11.3 | Mar 2025 9.1 | Jun 2025 10.9 | Sep 2025 12.0 | Dec 2025 11.0 | Mar 2026 8.6 | Jun 2026 —
- CARRARO: 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 23.1 | Mar 2025 12.5 | Jun 2025 13.9 | Sep 2025 14.6 | Dec 2025 15.6 | Mar 2026 12.2 | Jun 2026 —
- NDRAUTO: Sep 2021 6.6 | Dec 2021 6.7 | Mar 2022 7.0 | Jun 2022 6.2 | Sep 2022 8.7 | Dec 2022 9.5 | Mar 2023 7.4 | Jun 2023 10.1 | Sep 2023 12.5 | Dec 2023 17.3 | Mar 2024 16.7 | Jun 2024 14.8 | Sep 2024 30.4 | Dec 2024 22.9 | Mar 2025 20.1 | Jun 2025 29.2 | Sep 2025 26.7 | Dec 2025 20.7 | Mar 2026 15.9 | Jun 2026 —
- JAYBARMARU: Sep 2021 6.6 | Dec 2021 6.6 | Mar 2022 6.6 | Jun 2022 6.4 | Sep 2022 6.9 | Dec 2022 6.1 | Mar 2023 5.6 | Jun 2023 10.0 | Sep 2023 8.7 | Dec 2023 9.0 | Mar 2024 9.6 | Jun 2024 8.8 | Sep 2024 9.0 | Dec 2024 9.1 | Mar 2025 7.5 | Jun 2025 7.6 | Sep 2025 8.4 | Dec 2025 7.1 | Mar 2026 5.8 | Jun 2026 —
- OBSCP: 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 24.8 | Mar 2025 17.0 | Jun 2025 26.6 | Sep 2025 26.7 | Dec 2025 23.4 | Mar 2026 24.0 | Jun 2026 —
- AUTOCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34.7 | Sep 2022 20.8 | Dec 2022 14.2 | Mar 2023 11.8 | Jun 2023 20.1 | Sep 2023 22.8 | Dec 2023 20.2 | Mar 2024 26.0 | Jun 2024 26.4 | Sep 2024 24.6 | Dec 2024 20.1 | Mar 2025 13.2 | Jun 2025 16.5 | Sep 2025 17.4 | Dec 2025 12.6 | Mar 2026 9.8 | Jun 2026 —
- PRECAM: Sep 2021 9.4 | Dec 2021 12.2 | Mar 2022 11.6 | Jun 2022 7.6 | Sep 2022 8.5 | Dec 2022 7.3 | Mar 2023 7.0 | Jun 2023 13.0 | Sep 2023 18.3 | Dec 2023 16.7 | Mar 2024 13.8 | Jun 2024 14.0 | Sep 2024 16.5 | Dec 2024 23.6 | Mar 2025 15.6 | Jun 2025 17.2 | Sep 2025 15.4 | Dec 2025 14.1 | Mar 2026 8.6 | Jun 2026 —
- MUNJALAU: Sep 2021 6.6 | Dec 2021 6.0 | Mar 2022 5.3 | Jun 2022 6.4 | Sep 2022 8.0 | Dec 2022 7.2 | Mar 2023 4.7 | Jun 2023 6.1 | Sep 2023 7.7 | Dec 2023 9.2 | Mar 2024 7.6 | Jun 2024 7.4 | Sep 2024 8.8 | Dec 2024 7.9 | Mar 2025 6.2 | Jun 2025 6.8 | Sep 2025 9.3 | Dec 2025 8.4 | Mar 2026 6.7 | Jun 2026 —
- MERCURYEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 127.1 | Sep 2022 831.8 | Dec 2022 152.7 | Mar 2023 747.9 | Jun 2023 268.4 | Sep 2023 311.9 | Dec 2023 574.9 | Mar 2024 440.9 | Jun 2024 363.3 | Sep 2024 630.5 | Dec 2024 348.1 | Mar 2025 120.5 | Jun 2025 103.2 | Sep 2025 71.9 | Dec 2025 50.8 | Mar 2026 43.4 | Jun 2026 —

### 20-quarter P/BV history
- MOTHERSON: Sep 2021 4.6 | Dec 2021 4.6 | Mar 2022 3.4 | Jun 2022 3.0 | Sep 2022 2.4 | Dec 2022 2.4 | Mar 2023 2.2 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 3.1 | Mar 2024 3.5 | Jun 2024 5.7 | Sep 2024 5.6 | Dec 2024 3.4 | Mar 2025 2.8 | Jun 2025 4.0 | Sep 2025 3.2 | Dec 2025 3.4 | Mar 2026 3.1 | Jun 2026 —
- BOSCHLTD: Sep 2021 4.6 | Dec 2021 5.0 | Mar 2022 4.1 | Jun 2022 4.3 | Sep 2022 4.3 | Dec 2022 4.7 | Mar 2023 5.3 | Jun 2023 5.3 | Sep 2023 5.1 | Dec 2023 5.7 | Mar 2024 7.7 | Jun 2024 9.1 | Sep 2024 9.3 | Dec 2024 7.9 | Mar 2025 6.6 | Jun 2025 7.9 | Sep 2025 8.2 | Dec 2025 7.5 | Mar 2026 6.2 | Jun 2026 —
- ENDURANCE: Sep 2021 6.2 | Dec 2021 6.4 | Mar 2022 4.5 | Jun 2022 5.3 | Sep 2022 5.0 | Dec 2022 4.8 | Mar 2023 4.5 | Jun 2023 5.7 | Sep 2023 5.1 | Dec 2023 5.9 | Mar 2024 5.6 | Jun 2024 8.5 | Sep 2024 6.7 | Dec 2024 5.7 | Mar 2025 5.2 | Jun 2025 7.4 | Sep 2025 6.7 | Dec 2025 5.7 | Mar 2026 5.1 | Jun 2026 —
- MSUMI: Sep 2021 — | Dec 2021 — | Mar 2022 18.3 | Jun 2022 19.3 | Sep 2022 25.2 | Dec 2022 23.6 | Mar 2023 17.2 | Jun 2023 20.6 | Sep 2023 21.4 | Dec 2023 20.7 | Mar 2024 22.1 | Jun 2024 25.0 | Sep 2024 19.1 | Dec 2024 16.0 | Mar 2025 14.2 | Jun 2025 15.8 | Sep 2025 18.3 | Dec 2025 16.2 | Mar 2026 13.6 | Jun 2026 —
- ZFCVINDIA: Sep 2021 6.8 | Dec 2021 7.9 | Mar 2022 6.9 | Jun 2022 6.5 | Sep 2022 8.4 | Dec 2022 7.6 | Mar 2023 9.3 | Jun 2023 10.9 | Sep 2023 12.2 | Dec 2023 11.7 | Mar 2024 11.1 | Jun 2024 12.2 | Sep 2024 11.1 | Dec 2024 7.6 | Mar 2025 8.3 | Jun 2025 9.2 | Sep 2025 7.4 | Dec 2025 8.2 | Mar 2026 7.7 | Jun 2026 9.2
- SANSERA: Sep 2021 4.3 | Dec 2021 4.2 | Mar 2022 3.1 | Jun 2022 3.4 | Sep 2022 3.4 | Dec 2022 3.6 | Mar 2023 3.8 | Jun 2023 4.4 | Sep 2023 4.3 | Dec 2023 4.3 | Mar 2024 4.4 | Jun 2024 5.8 | Sep 2024 6.7 | Dec 2024 5.6 | Mar 2025 5.2 | Jun 2025 5.5 | Sep 2025 3.2 | Dec 2025 3.7 | Mar 2026 4.7 | Jun 2026 —
- MINDACORP: Sep 2021 2.7 | Dec 2021 3.4 | Mar 2022 4.2 | Jun 2022 3.9 | Sep 2022 3.5 | Dec 2022 3.4 | Mar 2023 3.9 | Jun 2023 5.1 | Sep 2023 5.0 | Dec 2023 4.9 | Mar 2024 5.3 | Jun 2024 7.3 | Sep 2024 7.3 | Dec 2024 5.7 | Mar 2025 6.1 | Jun 2025 6.2 | Sep 2025 6.2 | Dec 2025 5.7 | Mar 2026 5.2 | Jun 2026 —
- LUMAXTECH: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 2.3 | Jun 2022 2.2 | Sep 2022 3.1 | Dec 2022 2.7 | Mar 2023 3.4 | Jun 2023 4.4 | Sep 2023 3.7 | Dec 2023 3.7 | Mar 2024 4.7 | Jun 2024 6.0 | Sep 2024 4.9 | Dec 2024 5.2 | Mar 2025 4.4 | Jun 2025 9.9 | Sep 2025 9.5 | Dec 2025 9.8 | Mar 2026 10.4 | Jun 2026 —
- VARROC: Sep 2021 1.5 | Dec 2021 2.0 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 5.8 | Dec 2022 5.2 | Mar 2023 1.9 | Jun 2023 2.6 | Sep 2023 7.6 | Dec 2023 8.2 | Mar 2024 7.4 | Jun 2024 10.2 | Sep 2024 5.9 | Dec 2024 5.6 | Mar 2025 4.1 | Jun 2025 5.8 | Sep 2025 6.0 | Dec 2025 5.5 | Mar 2026 4.4 | Jun 2026 —
- SJS: Sep 2021 — | Dec 2021 — | Mar 2022 3.5 | Jun 2022 4.0 | Sep 2022 3.3 | Dec 2022 3.8 | Mar 2023 3.3 | Jun 2023 4.8 | Sep 2023 4.8 | Dec 2023 3.9 | Mar 2024 3.8 | Jun 2024 5.5 | Sep 2024 5.3 | Dec 2024 6.0 | Mar 2025 4.7 | Jun 2025 5.8 | Sep 2025 6.7 | Dec 2025 7.3 | Mar 2026 6.9 | Jun 2026 —
- SUPRAJIT: Sep 2021 4.4 | Dec 2021 5.9 | Mar 2022 4.5 | Jun 2022 4.7 | Sep 2022 4.1 | Dec 2022 3.9 | Mar 2023 4.4 | Jun 2023 5.2 | Sep 2023 4.4 | Dec 2023 4.4 | Mar 2024 4.5 | Jun 2024 5.8 | Sep 2024 5.4 | Dec 2024 5.0 | Mar 2025 4.1 | Jun 2025 4.8 | Sep 2025 5.3 | Dec 2025 4.8 | Mar 2026 4.2 | Jun 2026 —
- SHARDAMOTR: Sep 2021 4.2 | Dec 2021 5.4 | Mar 2022 4.6 | Jun 2022 5.1 | Sep 2022 3.7 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 4.0 | Sep 2023 3.8 | Dec 2023 4.6 | Mar 2024 4.8 | Jun 2024 8.6 | Sep 2024 7.3 | Dec 2024 6.2 | Mar 2025 5.0 | Jun 2025 5.7 | Sep 2025 5.7 | Dec 2025 4.7 | Mar 2026 3.8 | Jun 2026 —
- CARRARO: 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 3.8 | Jun 2025 5.7 | Sep 2025 5.8 | Dec 2025 6.1 | Mar 2026 5.4 | Jun 2026 —
- NDRAUTO: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 2.2 | Sep 2023 3.1 | Dec 2023 4.3 | Mar 2024 4.5 | Jun 2024 4.5 | Sep 2024 8.6 | Dec 2024 6.2 | Mar 2025 5.9 | Jun 2025 8.5 | Sep 2025 8.1 | Dec 2025 5.8 | Mar 2026 4.7 | Jun 2026 —
- JAYBARMARU: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 2.9 | Sep 2023 2.4 | Dec 2023 2.2 | Mar 2024 2.5 | Jun 2024 2.3 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 2.0 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 —
- OBSCP: 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 3.6 | Jun 2025 6.7 | Sep 2025 7.0 | Dec 2025 6.4 | Mar 2026 6.2 | Jun 2026 —
- AUTOCORP: Sep 2021 2.3 | Dec 2021 3.8 | Mar 2022 3.6 | Jun 2022 2.7 | Sep 2022 3.3 | Dec 2022 3.0 | Mar 2023 2.6 | Jun 2023 3.8 | Sep 2023 4.7 | Dec 2023 4.3 | Mar 2024 6.5 | Jun 2024 6.7 | Sep 2024 7.4 | Dec 2024 5.6 | Mar 2025 3.3 | Jun 2025 4.3 | Sep 2025 5.0 | Dec 2025 3.9 | Mar 2026 3.4 | Jun 2026 —
- PRECAM: Sep 2021 1.4 | Dec 2021 2.1 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 2.6 | Sep 2023 3.7 | Dec 2023 3.3 | Mar 2024 2.6 | Jun 2024 2.5 | Sep 2024 2.9 | Dec 2024 4.3 | Mar 2025 2.2 | Jun 2025 2.6 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 1.3 | Jun 2026 —
- MUNJALAU: Sep 2021 1.8 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 2.2 | Mar 2024 2.0 | Jun 2024 2.3 | Sep 2024 3.0 | Dec 2024 2.4 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 2.5 | Dec 2025 1.9 | Mar 2026 1.6 | Jun 2026 —
- MERCURYEV: Sep 2021 1.2 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 4.1 | Mar 2023 4.5 | Jun 2023 8.8 | Sep 2023 16.3 | Dec 2023 38.6 | Mar 2024 27.3 | Jun 2024 23.1 | Sep 2024 39.4 | Dec 2024 18.0 | Mar 2025 14.2 | Jun 2025 12.8 | Sep 2025 10.1 | Dec 2025 2.6 | Mar 2026 1.6 | Jun 2026 —

## Market action

Sansera Engineering Ltd has the strongest one-year price move in Auto Ancillaries - Diversified at +137.1%. OBSC Perfection Ltd leads on Mansfield relative strength against NIFTY at +71.9%. 13 of 20 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Sansera Engineering Ltd (SANSERA): 137%
2. Jay Bharat Maruti Ltd (JAYBARMARU): 124%
3. OBSC Perfection Ltd (OBSCP): 107%
4. S J S Enterprises Ltd (SJS): 76%
5. Samvardhana Motherson International Ltd (MOTHERSON): 43%

### Strongest relative strength versus NIFTY 500
1. OBSC Perfection Ltd (OBSCP): 72%
2. Jay Bharat Maruti Ltd (JAYBARMARU): 66%
3. Sansera Engineering Ltd (SANSERA): 58%
4. S J S Enterprises Ltd (SJS): 27%
5. Samvardhana Motherson International Ltd (MOTHERSON): 21%

## 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.
- 6 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.
- 1 company is 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
- Samvardhana Motherson International Ltd (MOTHERSON) — market value ₹1.5 L Cr; latest fundamentals Mar 2026
- Bosch Ltd (BOSCHLTD) — market value ₹1.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Endurance Technologies Ltd (ENDURANCE) — market value ₹37.1K Cr; latest fundamentals Mar 2026
- Motherson Sumi Wiring India Ltd (MSUMI) — market value ₹26.6K Cr; latest fundamentals Mar 2026
- ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA) — market value ₹26.4K Cr; latest fundamentals Jun 2026
- Sansera Engineering Ltd (SANSERA) — market value ₹19.9K Cr; latest fundamentals Mar 2026
- Minda Corporation Ltd (MINDACORP) — market value ₹16.2K Cr; latest fundamentals Mar 2026
- Lumax Auto Technologies Ltd (LUMAXTECH) — market value ₹10.0K Cr; latest fundamentals Mar 2026
- Varroc Engineering Ltd (VARROC) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- S J S Enterprises Ltd (SJS) — market value ₹7.5K Cr; latest fundamentals Mar 2026
- Suprajit Engineering Ltd (SUPRAJIT) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Sharda Motor Industries Ltd (SHARDAMOTR) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- Carraro India Ltd (CARRARO) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- NDR Auto Components Ltd (NDRAUTO) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jay Bharat Maruti Ltd (JAYBARMARU) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- OBSC Perfection Ltd (OBSCP) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Automobile Corporation Of Goa Ltd (AUTOCORP) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Precision Camshafts Ltd (PRECAM) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Munjal Auto Industries Ltd (MUNJALAU) — market value ₹998 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Mercury EV-Tech Ltd (MERCURYEV) — market value ₹667 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 12. Unverified: 7. Withheld: 1. Graded companies: 20.

6 of 20 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.

1 of 20 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bosch Ltd (BOSCHLTD) — its two data sources disagree by up to 4.6% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | BOSCHLTD | Bosch Ltd | diff_gt_2pct | disagreement up to 4.55% over 14 comparable periods

- UNVERIFIED | NDRAUTO | NDR Auto Components Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JAYBARMARU | Jay Bharat Maruti Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | OBSCP | OBSC Perfection Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PRECAM | Precision Camshafts Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MUNJALAU | Munjal Auto Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MERCURYEV | Mercury EV-Tech 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 Auto Ancillaries - Diversified index?

The Nifty Auto Ancillaries - Diversified index tracks India's listed Auto Ancillaries - Diversified companies as a single basket. This page follows the same 20 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 - Diversified sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, S J S Enterprises Ltd places first among 20 listed Auto Ancillaries - Diversified companies, followed by Jay Bharat Maruti 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 Auto Ancillaries - Diversified stocks are listed in India?

This comparison covers 20 listed Auto Ancillaries - Diversified 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 Auto Ancillaries - Diversified company is the biggest?

Samvardhana Motherson International Ltd is the largest, with trailing-twelve-month revenue of ₹1,26,103 crore, ahead of Bosch Ltd at ₹20,036 crore. That covers 20 of 20 companies with comparable reporting through Mar 2026.

### Which Auto Ancillaries - Diversified company is growing fastest?

Automobile Corporation Of Goa Ltd has the fastest revenue growth at 41.1% year on year, across 20 of 20 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 - Diversified company has the best profit margins?

S J S Enterprises Ltd has the highest operating margin at 29%, from 20 of 20 comparable companies. S J S Enterprises Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto Ancillaries - Diversified company makes the most profit?

Samvardhana Motherson International Ltd earns the most, at ₹4,086 crore of trailing-twelve-month net profit, from 20 of 20 comparable companies. Jay Bharat Maruti Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Motherson Sumi Wiring India Ltd leads on return on capital employed at 38.9%, across 20 of 20 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 - Diversified stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Varroc Engineering Ltd screens cheapest at 0.63×. Only 12 of 20 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 - Diversified company has the strongest balance sheet?

Mercury EV-Tech Ltd carries the lowest comparable gross debt at ₹7 crore, from 20 of 20 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 - Diversified stock has the strongest price momentum?

OBSC Perfection 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 - Diversified company scores highest for research priority?

S J S Enterprises Ltd scores 76.6 out of 100 with 92.8% evidence confidence, from 27.8 points on growth and earnings, 21.3 on capital efficiency, 9.7 on valuation and 17.8 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 - Diversified companies does this comparison cover, and over what period?

It compares 20 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 Auto Ancillaries - Diversified sector?

The 20 Auto Ancillaries - Diversified companies on this page carry ₹4,54,128 crore of combined market value. Samvardhana Motherson International Ltd is the largest at ₹1,53,620 crore, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Auto Ancillaries - Diversified sector's P/E ratio?

The median price-to-earnings ratio across the 20 Auto Ancillaries - Diversified companies on this page is 39.7×, measured on the 20 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 Auto Ancillaries - Diversified sector performing?

13 of the 20 covered Auto Ancillaries - Diversified 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/auto-ancillaries-diversified