# Auto Ancillaries - Engine Parts — company-by-company sector analysis

> Auto Ancillaries - Engine Parts: Sundram Fasteners Ltd owns the largest revenue base; India Nippon Electricals Ltd has the fastest current growth.

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

## Bottom line

Auto Ancillaries - Engine Parts has outperformed NIFTY 500 by 35.4% over 52 weeks and 22.1% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. Sundram Fasteners Ltd leads with revenue of ₹6,288 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Auto Ancillaries - Engine Parts sector outperforming NIFTY 500?

Auto Ancillaries - Engine Parts has outperformed NIFTY 500 by 35.4% over 52 weeks and 22.1% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Auto Ancillaries - Engine Parts company is largest by revenue?

Sundram Fasteners Ltd leads with revenue of ₹6,288 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Auto Ancillaries - Engine Parts company is growing fastest?

India Nippon Electricals Ltd has the fastest current revenue growth at 26.4%, across 5 of 5 comparable companies.

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

India Nippon Electricals Ltd ranks first at 66.3/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

India Nippon Electricals Ltd has the lowest comparable gross debt at ₹2 crore. SPR Auto Technologies Ltd has the highest at ₹1,968 crore.

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

Banco Products (India) Ltd has the lowest comparable Guarded PEG at 0.28, among 4 of 5 companies that pass the metric’s comparability rules.

### How much history does this Auto Ancillaries - Engine Parts comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Auto Ancillaries - Engine Parts has outperformed NIFTY 500 by 35.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 22.1%. 4 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SPR Auto Technologies Ltd is the strongest against the sector itself at +14.1%.

13-week sector return versus NIFTY 500: 22%
52-week sector return versus NIFTY 500: 35%
Stocks leading NIFTY: 4/5
Stocks leading sector: 2/5

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

Companies: 5
Combined market value: ₹50.0K 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. India Nippon Electricals Ltd (INDNIPPON): 66/100 — Favorable setup; evidence 94%
   - Growth & earnings 27.2/35 | Capital efficiency 14.3/25 | Valuation 13.9/20 | Relative strength 10.9/20
   - Exact sum: 27.2 + 14.3 + 13.9 + 10.9 = 66.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Banco Products (India) Ltd (BANCOINDIA): 54/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 14.4/35 | Capital efficiency 21.1/25 | Valuation 13.5/20 | Relative strength 4.5/20
   - Exact sum: 14.4 + 21.1 + 13.5 + 4.5 = 53.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. Triton Valves Ltd (505978): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 27.1/35 | Capital efficiency 5.1/25 | Valuation 8.5/20 | Relative strength 11.7/20
   - Exact sum: 27.1 + 5.1 + 8.5 + 11.7 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. SPR Auto Technologies Ltd (SHRIPISTON): 48/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 10.2/35 | Capital efficiency 15.1/25 | Valuation 9.0/20 | Relative strength 13.2/20
   - Exact sum: 10.2 + 15.1 + 9 + 13.2 = 47.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 36%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Sundram Fasteners Ltd (SUNDRMFAST): 41/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 13.2/35 | Capital efficiency 17.1/25 | Valuation 5.4/20 | Relative strength 5.3/20
   - Exact sum: 13.2 + 17.1 + 5.4 + 5.3 = 41
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

## Revenue Scale & Growth Durability

What the numbers say: Sundram Fasteners Ltd is the scale leader at ₹6,288 crore, 41% ahead of SPR Auto Technologies Ltd. India Nippon Electricals Ltd's growth is 26.4% from a ₹1,069 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sundram Fasteners Ltd is the scale benchmark; India Nippon Electricals Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sundram Fasteners Ltd's growth falls below India Nippon Electricals Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Sundram Fasteners Ltd · ₹6,288 crore | 41% versus #2 · SPR Auto Technologies Ltd | 8/8 recent comparable periods | 5/5 companies · 94 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. Sundram Fasteners Ltd (SUNDRMFAST): ₹6.3K Cr
2. SPR Auto Technologies Ltd (SHRIPISTON): ₹4.5K Cr
3. Banco Products (India) Ltd (BANCOINDIA): ₹3.9K Cr
4. India Nippon Electricals Ltd (INDNIPPON): ₹1.1K Cr
5. Triton Valves Ltd (505978): ₹578 Cr

### Revenue growth — fastest growers
1. India Nippon Electricals Ltd (INDNIPPON): 26%
2. SPR Auto Technologies Ltd (SHRIPISTON): 26%
3. Banco Products (India) Ltd (BANCOINDIA): 21%
4. Triton Valves Ltd (505978): 18%
5. Sundram Fasteners Ltd (SUNDRMFAST): 5.6%

### 20-quarter Revenue history
- 505978: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹89 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹159 Cr
- SUNDRMFAST: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr
- SHRIPISTON: Jun 2021 ₹434 Cr | Sep 2021 ₹533 Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹652 Cr | Dec 2022 ₹636 Cr | Mar 2023 ₹701 Cr | Jun 2023 ₹716 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹766 Cr | Mar 2024 ₹856 Cr | Jun 2024 ₹837 Cr | Sep 2024 ₹876 Cr | Dec 2024 ₹848 Cr | Mar 2025 ₹988 Cr | Jun 2025 ₹963 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.5K Cr
- BANCOINDIA: Jun 2021 ₹501 Cr | Sep 2021 ₹549 Cr | Dec 2021 ₹404 Cr | Mar 2022 ₹504 Cr | Jun 2022 ₹586 Cr | Sep 2022 ₹628 Cr | Dec 2022 ₹509 Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹749 Cr | Sep 2023 ₹725 Cr | Dec 2023 ₹571 Cr | Mar 2024 ₹724 Cr | Jun 2024 ₹804 Cr | Sep 2024 ₹895 Cr | Dec 2024 ₹639 Cr | Mar 2025 ₹875 Cr | Jun 2025 ₹970 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹1.1K Cr
- INDNIPPON: Jun 2021 ₹110 Cr | Sep 2021 ₹159 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹234 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹299 Cr

### 20-quarter Revenue growth history
- 505978: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 8.7% | Jun 2024 -0.2% | Sep 2024 16% | Dec 2024 6.0% | Mar 2025 36% | Jun 2025 27% | Sep 2025 11% | Dec 2025 26% | Mar 2026 12%
- SUNDRMFAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 13% | Dec 2022 16% | Mar 2023 8.1% | Jun 2023 0.1% | Sep 2023 1.4% | Dec 2023 -2.6% | Mar 2024 1.2% | Jun 2024 6.2% | Sep 2024 4.5% | Dec 2024 5.4% | Mar 2025 4.4% | Jun 2025 2.3% | Sep 2025 2.4% | Dec 2025 6.9% | Mar 2026 11%
- SHRIPISTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 22% | Dec 2022 24% | Mar 2023 19% | Jun 2023 15% | Sep 2023 15% | Dec 2023 20% | Mar 2024 22% | Jun 2024 17% | Sep 2024 16% | Dec 2024 11% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 21% | Mar 2026 47%
- BANCOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 14% | Dec 2022 26% | Mar 2023 21% | Jun 2023 28% | Sep 2023 15% | Dec 2023 12% | Mar 2024 19% | Jun 2024 7.3% | Sep 2024 23% | Dec 2024 12% | Mar 2025 21% | Jun 2025 21% | Sep 2025 16% | Dec 2025 23% | Mar 2026 26%
- INDNIPPON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 17% | Dec 2022 5.4% | Mar 2023 6.0% | Jun 2023 2.6% | Sep 2023 2.2% | Dec 2023 15% | Mar 2024 24% | Jun 2024 17% | Sep 2024 11% | Dec 2024 20% | Mar 2025 19% | Jun 2025 20% | Sep 2025 30% | Dec 2025 27% | Mar 2026 28%

## Operating Economics & Margin Trend

What the numbers say: Banco Products (India) Ltd leads opm at 20%; Triton Valves Ltd leads margin change at +1.6 percentage points.

Investor read: Banco Products (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Banco Products (India) Ltd · 20% | 11.1% versus #2 · SPR Auto Technologies Ltd | 5/8 recent comparable periods | 5/5 companies · 100 observations

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

### OPM — highest
1. Banco Products (India) Ltd (BANCOINDIA): 20%
2. SPR Auto Technologies Ltd (SHRIPISTON): 18%
3. Sundram Fasteners Ltd (SUNDRMFAST): 15%
4. India Nippon Electricals Ltd (INDNIPPON): 12%
5. Triton Valves Ltd (505978): 7.2%

### Margin change — fastest expanders
1. Triton Valves Ltd (505978): +1.6 pp
2. India Nippon Electricals Ltd (INDNIPPON): 0.0 pp
3. Sundram Fasteners Ltd (SUNDRMFAST): 0.0 pp
4. SPR Auto Technologies Ltd (SHRIPISTON): −3.0 pp
5. Banco Products (India) Ltd (BANCOINDIA): −4.0 pp

### 20-quarter OPM history
- 505978: Jun 2021 7.1% | Sep 2021 0.8% | Dec 2021 7.2% | Mar 2022 7.9% | Jun 2022 6.9% | Sep 2022 3.6% | Dec 2022 0.8% | Mar 2023 4.5% | Jun 2023 6.9% | Sep 2023 7.6% | Dec 2023 6.4% | Mar 2024 7.9% | Jun 2024 6.6% | Sep 2024 7.3% | Dec 2024 6.1% | Mar 2025 5.7% | Jun 2025 6.3% | Sep 2025 6.8% | Dec 2025 7.4% | Mar 2026 7.2%
- SUNDRMFAST: Jun 2021 18% | Sep 2021 18% | Dec 2021 16% | Mar 2022 14% | Jun 2022 16% | Sep 2022 15% | Dec 2022 14% | Mar 2023 16% | Jun 2023 16% | Sep 2023 16% | Dec 2023 15% | Mar 2024 16% | Jun 2024 16% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 16% | Mar 2026 15%
- SHRIPISTON: Jun 2021 14% | Sep 2021 16% | Dec 2021 14% | Mar 2022 14% | Jun 2022 15% | Sep 2022 18% | Dec 2022 18% | Mar 2023 19% | Jun 2023 20% | Sep 2023 21% | Dec 2023 21% | Mar 2024 21% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 21% | Jun 2025 20% | Sep 2025 20% | Dec 2025 20% | Mar 2026 18%
- BANCOINDIA: Jun 2021 14% | Sep 2021 15% | Dec 2021 9.9% | Mar 2022 16% | Jun 2022 11% | Sep 2022 9.4% | Dec 2022 28% | Mar 2023 16% | Jun 2023 13% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 17% | Sep 2024 23% | Dec 2024 9.0% | Mar 2025 24% | Jun 2025 19% | Sep 2025 14% | Dec 2025 16% | Mar 2026 20%
- INDNIPPON: Jun 2021 3.3% | Sep 2021 13% | Dec 2021 8.7% | Mar 2022 8.1% | Jun 2022 6.1% | Sep 2022 10% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 6.0% | Sep 2023 10% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12%

### 20-quarter Margin change history
- 505978: Jun 2021 +5.7 pp | Sep 2021 −12.4 pp | Dec 2021 −3.1 pp | Mar 2022 −2.6 pp | Jun 2022 −0.2 pp | Sep 2022 +2.8 pp | Dec 2022 −6.5 pp | Mar 2023 −3.5 pp | Jun 2023 +0.0 pp | Sep 2023 +4.0 pp | Dec 2023 +5.6 pp | Mar 2024 +3.4 pp | Jun 2024 −0.3 pp | Sep 2024 −0.3 pp | Dec 2024 −0.3 pp | Mar 2025 −2.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 +1.3 pp | Mar 2026 +1.6 pp
- SUNDRMFAST: Jun 2021 +14.0 pp | Sep 2021 −2.5 pp | Dec 2021 −5.0 pp | Mar 2022 −4.3 pp | Jun 2022 −2.0 pp | Sep 2022 −3.0 pp | Dec 2022 −1.8 pp | Mar 2023 +1.7 pp | Jun 2023 +0.0 pp | Sep 2023 +1.4 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp
- SHRIPISTON: Jun 2021 +41.6 pp | Sep 2021 +0.2 pp | Dec 2021 −5.4 pp | Mar 2022 −3.0 pp | Jun 2022 +1.1 pp | Sep 2022 +1.4 pp | Dec 2022 +3.7 pp | Mar 2023 +4.6 pp | Jun 2023 +4.9 pp | Sep 2023 +3.4 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 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 −3.0 pp
- BANCOINDIA: Jun 2021 +4.3 pp | Sep 2021 −1.2 pp | Dec 2021 −4.6 pp | Mar 2022 +9.8 pp | Jun 2022 −2.9 pp | Sep 2022 −5.3 pp | Dec 2022 +18.1 pp | Mar 2023 +0.3 pp | Jun 2023 +1.6 pp | Sep 2023 +7.6 pp | Dec 2023 −12.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +6.0 pp | Dec 2024 −7.0 pp | Mar 2025 +8.0 pp | Jun 2025 +2.0 pp | Sep 2025 −9.0 pp | Dec 2025 +7.0 pp | Mar 2026 −4.0 pp
- INDNIPPON: Jun 2021 +42.3 pp | Sep 2021 −1.2 pp | Dec 2021 −5.6 pp | Mar 2022 −2.7 pp | Jun 2022 +2.8 pp | Sep 2022 −3.0 pp | Dec 2022 −0.7 pp | Mar 2023 +0.9 pp | Jun 2023 −0.1 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Sundram Fasteners Ltd leads with ₹593 crore of TTM profit, 5.5% above SPR Auto Technologies Ltd. Triton Valves Ltd shows 89.8% growth from a ₹10 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Sundram Fasteners 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: Sundram Fasteners Ltd · ₹593 crore | 5.5% versus #2 · SPR Auto Technologies Ltd | 6/8 recent comparable periods | 5/5 companies · 94 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. Sundram Fasteners Ltd (SUNDRMFAST): ₹593 Cr
2. SPR Auto Technologies Ltd (SHRIPISTON): ₹562 Cr
3. Banco Products (India) Ltd (BANCOINDIA): ₹482 Cr
4. India Nippon Electricals Ltd (INDNIPPON): ₹111 Cr
5. Triton Valves Ltd (505978): ₹10 Cr

### Profit growth — fastest growers
1. Triton Valves Ltd (505978): 90%
2. India Nippon Electricals Ltd (INDNIPPON): 35%
3. Banco Products (India) Ltd (BANCOINDIA): 23%
4. Sundram Fasteners Ltd (SUNDRMFAST): 9.4%
5. SPR Auto Technologies Ltd (SHRIPISTON): 8.9%

### 20-quarter Net profit history
- 505978: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-5 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr
- SUNDRMFAST: Jun 2021 ₹120 Cr | Sep 2021 ₹122 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹148 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹161 Cr
- SHRIPISTON: Jun 2021 ₹29 Cr | Sep 2021 ₹47 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹159 Cr
- BANCOINDIA: Jun 2021 ₹46 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹147 Cr
- INDNIPPON: Jun 2021 ₹3 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹40 Cr

### 20-quarter Profit growth history
- 505978: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 176% | Sep 2024 216% | Dec 2024 55% | Mar 2025 -47% | Jun 2025 -3.8% | Sep 2025 -1.0% | Dec 2025 147% | Mar 2026 635%
- SUNDRMFAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -5.7% | Dec 2022 9.3% | Mar 2023 19% | Jun 2023 -5.2% | Sep 2023 16% | Dec 2023 9.3% | Mar 2024 5.5% | Jun 2024 11% | Sep 2024 8.3% | Dec 2024 1.6% | Mar 2025 -7.5% | Jun 2025 3.5% | Sep 2025 6.3% | Dec 2025 0.0% | Mar 2026 30%
- SHRIPISTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 90% | Sep 2022 55% | Dec 2022 97% | Mar 2023 82% | Jun 2023 84% | Sep 2023 55% | Dec 2023 44% | Mar 2024 27% | Jun 2024 16% | Sep 2024 12% | Dec 2024 12% | Mar 2025 31% | Jun 2025 15% | Sep 2025 13% | Dec 2025 4.1% | Mar 2026 4.6%
- BANCOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 6.1% | Dec 2022 476% | Mar 2023 28% | Jun 2023 97% | Sep 2023 27% | Dec 2023 -31% | Mar 2024 33% | Jun 2024 0.0% | Sep 2024 111% | Dec 2024 -54% | Mar 2025 126% | Jun 2025 59% | Sep 2025 0.0% | Dec 2025 177% | Mar 2026 -4.6%
- INDNIPPON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 -5.6% | Dec 2022 40% | Mar 2023 -26% | Jun 2023 125% | Sep 2023 5.9% | Dec 2023 -14% | Mar 2024 43% | Jun 2024 100% | Sep 2024 17% | Dec 2024 33% | Mar 2025 35% | Jun 2025 28% | Sep 2025 9.5% | Dec 2025 56% | Mar 2026 48%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: India Nippon Electricals Ltd has the clearest covered balance-sheet capacity with ₹166 crore net cash and gross debt of ₹2 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: India Nippon Electricals Ltd · ₹2 crore | 98.5% versus #2 · Triton Valves Ltd | 8/8 recent comparable periods | 5/5 companies · 86 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. India Nippon Electricals Ltd (INDNIPPON): ₹2 Cr
2. Triton Valves Ltd (505978): ₹132 Cr
3. Banco Products (India) Ltd (BANCOINDIA): ₹614 Cr
4. Sundram Fasteners Ltd (SUNDRMFAST): ₹625 Cr
5. SPR Auto Technologies Ltd (SHRIPISTON): ₹2.0K Cr

### Net debt — lowest net debt
1. India Nippon Electricals Ltd (INDNIPPON): ₹-166 Cr
2. Banco Products (India) Ltd (BANCOINDIA): ₹455 Cr
3. Sundram Fasteners Ltd (SUNDRMFAST): ₹501 Cr
4. SPR Auto Technologies Ltd (SHRIPISTON): ₹938 Cr

### 20-quarter Gross debt history
- 505978: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹122 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹131 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹120 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹132 Cr | Jun 2025 — | Sep 2025 ₹133 Cr | Dec 2025 — | Mar 2026 ₹132 Cr
- SUNDRMFAST: Jun 2021 ₹710 Cr | Sep 2021 ₹782 Cr | Dec 2021 ₹782 Cr | Mar 2022 ₹772 Cr | Jun 2022 ₹772 Cr | Sep 2022 ₹728 Cr | Dec 2022 ₹728 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹730 Cr | Sep 2023 ₹593 Cr | Dec 2023 ₹593 Cr | Mar 2024 ₹647 Cr | Jun 2024 ₹654 Cr | Sep 2024 ₹835 Cr | Dec 2024 ₹835 Cr | Mar 2025 ₹823 Cr | Jun 2025 ₹823 Cr | Sep 2025 ₹741 Cr | Dec 2025 ₹741 Cr | Mar 2026 ₹625 Cr
- SHRIPISTON: Jun 2021 ₹146 Cr | Sep 2021 ₹154 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹266 Cr | Mar 2023 ₹333 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹333 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹506 Cr | Dec 2024 ₹506 Cr | Mar 2025 ₹508 Cr | Jun 2025 ₹508 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹2.0K Cr
- BANCOINDIA: Jun 2021 ₹14 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹359 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹420 Cr | Mar 2025 ₹573 Cr | Jun 2025 ₹573 Cr | Sep 2025 ₹729 Cr | Dec 2025 ₹729 Cr | Mar 2026 ₹614 Cr
- INDNIPPON: Jun 2021 ₹5 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr

### 20-quarter Net debt history
- SUNDRMFAST: Jun 2021 ₹672 Cr | Sep 2021 ₹740 Cr | Dec 2021 ₹740 Cr | Mar 2022 ₹715 Cr | Jun 2022 ₹715 Cr | Sep 2022 ₹652 Cr | Dec 2022 ₹652 Cr | Mar 2023 ₹645 Cr | Jun 2023 ₹644 Cr | Sep 2023 ₹522 Cr | Dec 2023 ₹522 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹586 Cr | Sep 2024 ₹786 Cr | Dec 2024 ₹786 Cr | Mar 2025 ₹745 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹672 Cr | Dec 2025 ₹672 Cr | Mar 2026 ₹501 Cr
- SHRIPISTON: Jun 2021 ₹-131 Cr | Sep 2021 ₹-190 Cr | Dec 2021 ₹-190 Cr | Mar 2022 ₹-209 Cr | Jun 2022 ₹-209 Cr | Sep 2022 ₹-287 Cr | Dec 2022 ₹-287 Cr | Mar 2023 ₹-349 Cr | Jun 2023 ₹-349 Cr | Sep 2023 ₹-463 Cr | Dec 2023 ₹-463 Cr | Mar 2024 ₹-388 Cr | Jun 2024 ₹-388 Cr | Sep 2024 ₹-654 Cr | Dec 2024 ₹-654 Cr | Mar 2025 ₹-462 Cr | Jun 2025 ₹-462 Cr | Sep 2025 ₹-665 Cr | Dec 2025 ₹-665 Cr | Mar 2026 ₹938 Cr
- BANCOINDIA: Jun 2021 ₹-109 Cr | Sep 2021 ₹-46 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹208 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹191 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹340 Cr | Mar 2025 ₹509 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹541 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹455 Cr
- INDNIPPON: Jun 2021 ₹-160 Cr | Sep 2021 ₹-163 Cr | Dec 2021 ₹-163 Cr | Mar 2022 ₹-165 Cr | Jun 2022 ₹-165 Cr | Sep 2022 ₹-168 Cr | Dec 2022 ₹-168 Cr | Mar 2023 ₹-170 Cr | Jun 2023 ₹-171 Cr | Sep 2023 ₹-195 Cr | Dec 2023 ₹-195 Cr | Mar 2024 ₹-196 Cr | Jun 2024 ₹-197 Cr | Sep 2024 ₹-164 Cr | Dec 2024 ₹-164 Cr | Mar 2025 ₹-167 Cr | Jun 2025 ₹-166 Cr | Sep 2025 ₹-160 Cr | Dec 2025 ₹-160 Cr | Mar 2026 ₹-166 Cr

## Return On Capital Employed

What the numbers say: Banco Products (India) Ltd leads ROCE at 30.9%, 10.1 percentage points above SPR Auto Technologies Ltd. Triton Valves Ltd has the strongest latest improvement at +2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Banco Products (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: Banco Products (India) Ltd · 30.9% | 48.6% versus #2 · SPR Auto Technologies Ltd | 5/8 recent comparable periods | 5/5 companies · 60 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. Banco Products (India) Ltd (BANCOINDIA): 31%
2. SPR Auto Technologies Ltd (SHRIPISTON): 21%
3. Sundram Fasteners Ltd (SUNDRMFAST): 18%
4. India Nippon Electricals Ltd (INDNIPPON): 17%
5. Triton Valves Ltd (505978): 11%

### ROCE change — fastest improvers
1. Triton Valves Ltd (505978): +2.0 pp
2. India Nippon Electricals Ltd (INDNIPPON): +1.8 pp
3. Sundram Fasteners Ltd (SUNDRMFAST): −0.6 pp
4. Banco Products (India) Ltd (BANCOINDIA): −1.5 pp
5. SPR Auto Technologies Ltd (SHRIPISTON): −5.4 pp

### 20-quarter ROCE history
- SUNDRMFAST: Jun 2021 — | Sep 2021 24% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 19% | Dec 2023 22% | Mar 2024 18% | Jun 2024 21% | Sep 2024 18% | Dec 2024 21% | Mar 2025 18% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 17%
- SHRIPISTON: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 24% | Dec 2023 33% | Mar 2024 23% | Jun 2024 31% | Sep 2024 22% | Dec 2024 30% | Mar 2025 22% | Jun 2025 29% | Sep 2025 22% | Dec 2025 28% | Mar 2026 16%
- BANCOINDIA: Jun 2021 — | Sep 2021 20% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 32% | Dec 2023 32% | Mar 2024 26% | Jun 2024 31% | Sep 2024 29% | Dec 2024 32% | Mar 2025 30% | Jun 2025 40% | Sep 2025 24% | Dec 2025 37% | Mar 2026 28%
- INDNIPPON: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 6.9% | Jun 2022 — | Sep 2022 7.2% | Dec 2022 — | Mar 2023 7.0% | Jun 2023 — | Sep 2023 6.8% | Dec 2023 11% | Mar 2024 7.8% | Jun 2024 14% | Sep 2024 8.9% | Dec 2024 15% | Mar 2025 9.7% | Jun 2025 15% | Sep 2025 10% | Dec 2025 16% | Mar 2026 12%

### 20-quarter ROCE change history
- SUNDRMFAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.8 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 −1.4 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −1.0 pp | Mar 2025 −0.6 pp | Jun 2025 −1.8 pp | Sep 2025 −1.3 pp | Dec 2025 −1.6 pp | Mar 2026 −0.6 pp
- SHRIPISTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 +5.3 pp | Jun 2023 — | Sep 2023 +6.8 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 −2.6 pp | Mar 2025 −1.3 pp | Jun 2025 −1.8 pp | Sep 2025 −0.3 pp | Dec 2025 −2.0 pp | Mar 2026 −5.4 pp
- BANCOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 — | Mar 2023 +5.9 pp | Jun 2023 — | Sep 2023 +14.0 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 +0.1 pp | Mar 2025 +3.9 pp | Jun 2025 +8.8 pp | Sep 2025 −4.9 pp | Dec 2025 +5.2 pp | Mar 2026 −1.5 pp
- INDNIPPON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 +3.5 pp | Mar 2025 +1.9 pp | Jun 2025 +1.5 pp | Sep 2025 +1.2 pp | Dec 2025 +1.5 pp | Mar 2026 +1.8 pp

## Valuation Against Growth & Quality

What the numbers say: Banco Products (India) Ltd has the lowest comparable Guarded PEG at 0.28×, 33.3% below India Nippon Electricals Ltd. Only 4 of 5 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: Banco Products (India) Ltd · 0.28× | 33.3% versus #2 · India Nippon Electricals Ltd | 0/8 recent comparable periods | 4/5 companies · 41 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. Banco Products (India) Ltd (BANCOINDIA): 0.3
2. India Nippon Electricals Ltd (INDNIPPON): 0.4
3. SPR Auto Technologies Ltd (SHRIPISTON): 1.4
4. Sundram Fasteners Ltd (SUNDRMFAST): 5.4

### P/E — lowest P/E
1. Banco Products (India) Ltd (BANCOINDIA): 18.7
2. India Nippon Electricals Ltd (INDNIPPON): 29.7
3. SPR Auto Technologies Ltd (SHRIPISTON): 32.4
4. Sundram Fasteners Ltd (SUNDRMFAST): 32.8
5. Triton Valves Ltd (505978): 48.2

### 20-quarter Guarded PEG history
- SUNDRMFAST: Jun 2021 4.4 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.9 | Sep 2023 3.8 | Dec 2023 5.3 | Mar 2024 7.6 | Jun 2024 8.2 | Sep 2024 5.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHRIPISTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 2.2 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 2.3 | Dec 2025 1.7 | Mar 2026 1.4
- BANCOINDIA: Jun 2021 — | Sep 2021 0.5 | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 1.8 | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 — | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.3
- INDNIPPON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.6 | Jun 2022 2.4 | Sep 2022 — | Dec 2022 0.5 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 3.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 0.7 | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 1.2 | Dec 2025 0.4 | Mar 2026 0.4

### 20-quarter P/E history
- 505978: Jun 2021 19.0 | Sep 2021 13.9 | Dec 2021 64.2 | Mar 2022 507.7 | Jun 2022 513.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 124.6 | Sep 2024 150.1 | Dec 2024 117.1 | Mar 2025 63.1 | Jun 2025 65.6 | Sep 2025 77.7 | Dec 2025 73.1 | Mar 2026 52.2
- SUNDRMFAST: Jun 2021 46.2 | Sep 2021 37.7 | Dec 2021 36.5 | Mar 2022 39.2 | Jun 2022 33.0 | Sep 2022 40.4 | Dec 2022 43.8 | Mar 2023 43.3 | Jun 2023 52.3 | Sep 2023 54.5 | Dec 2023 52.2 | Mar 2024 44.7 | Jun 2024 54.5 | Sep 2024 54.8 | Dec 2024 41.3 | Mar 2025 35.0 | Jun 2025 38.9 | Sep 2025 38.2 | Dec 2025 35.4 | Mar 2026 28.4
- SHRIPISTON: Jun 2021 23.9 | Sep 2021 12.8 | Dec 2021 10.5 | Mar 2022 9.8 | Jun 2022 9.1 | Sep 2022 9.0 | Dec 2022 11.8 | Mar 2023 8.8 | Jun 2023 14.2 | Sep 2023 13.2 | Dec 2023 16.8 | Mar 2024 20.9 | Jun 2024 19.0 | Sep 2024 21.7 | Dec 2024 19.5 | Mar 2025 17.4 | Jun 2025 21.6 | Sep 2025 22.3 | Dec 2025 26.0 | Mar 2026 23.8
- BANCOINDIA: Jun 2021 12.1 | Sep 2021 10.0 | Dec 2021 8.2 | Mar 2022 7.5 | Jun 2022 8.0 | Sep 2022 9.3 | Dec 2022 10.0 | Mar 2023 7.1 | Jun 2023 9.2 | Sep 2023 13.2 | Dec 2023 16.1 | Mar 2024 16.8 | Jun 2024 18.1 | Sep 2024 17.9 | Dec 2024 22.0 | Mar 2025 16.1 | Jun 2025 21.5 | Sep 2025 27.4 | Dec 2025 22.8 | Mar 2026 15.9
- INDNIPPON: Jun 2021 21.2 | Sep 2021 16.6 | Dec 2021 15.7 | Mar 2022 22.4 | Jun 2022 15.7 | Sep 2022 19.5 | Dec 2022 18.3 | Mar 2023 14.0 | Jun 2023 20.8 | Sep 2023 21.6 | Dec 2023 22.2 | Mar 2024 29.0 | Jun 2024 30.9 | Sep 2024 25.4 | Dec 2024 22.2 | Mar 2025 17.9 | Jun 2025 21.9 | Sep 2025 25.7 | Dec 2025 22.5 | Mar 2026 19.8

## Enterprise Value & Book Value

What the numbers say: Banco Products (India) Ltd leads ev/ebitda at 10.7×; India Nippon Electricals Ltd leads p/bv at 3.3×.

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: Banco Products (India) Ltd · 10.7× | 18.3% versus #2 · India Nippon Electricals Ltd | 0/8 recent comparable periods | 5/5 companies · 100 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. Banco Products (India) Ltd (BANCOINDIA): 10.7
2. India Nippon Electricals Ltd (INDNIPPON): 13.1
3. SPR Auto Technologies Ltd (SHRIPISTON): 13.8
4. Triton Valves Ltd (505978): 14.8
5. Sundram Fasteners Ltd (SUNDRMFAST): 16.3

### P/BV — lowest P/BV
1. India Nippon Electricals Ltd (INDNIPPON): 3.3
2. Triton Valves Ltd (505978): 4.0
3. Sundram Fasteners Ltd (SUNDRMFAST): 4.6
4. Banco Products (India) Ltd (BANCOINDIA): 5.2
5. SPR Auto Technologies Ltd (SHRIPISTON): 6.3

### 20-quarter EV/EBITDA history
- 505978: Jun 2021 7.9 | Sep 2021 6.5 | Dec 2021 12.9 | Mar 2022 11.9 | Jun 2022 10.7 | Sep 2022 14.0 | Dec 2022 14.3 | Mar 2023 15.7 | Jun 2023 18.0 | Sep 2023 18.5 | Dec 2023 13.4 | Mar 2024 16.4 | Jun 2024 16.2 | Sep 2024 21.9 | Dec 2024 23.2 | Mar 2025 14.5 | Jun 2025 13.3 | Sep 2025 15.6 | Dec 2025 15.0 | Mar 2026 14.8
- SUNDRMFAST: Jun 2021 25.3 | Sep 2021 22.3 | Dec 2021 21.7 | Mar 2022 22.7 | Jun 2022 18.8 | Sep 2022 23.0 | Dec 2022 24.7 | Mar 2023 24.4 | Jun 2023 29.4 | Sep 2023 30.4 | Dec 2023 29.2 | Mar 2024 25.2 | Jun 2024 30.9 | Sep 2024 31.1 | Dec 2024 23.8 | Mar 2025 20.4 | Jun 2025 22.4 | Sep 2025 21.9 | Dec 2025 20.2 | Mar 2026 16.3
- SHRIPISTON: Jun 2021 9.2 | Sep 2021 5.9 | Dec 2021 4.7 | Mar 2022 4.2 | Jun 2022 4.1 | Sep 2022 3.9 | Dec 2022 5.6 | Mar 2023 4.5 | Jun 2023 7.8 | Sep 2023 7.3 | Dec 2023 9.5 | Mar 2024 12.1 | Jun 2024 11.1 | Sep 2024 12.6 | Dec 2024 11.0 | Mar 2025 9.8 | Jun 2025 12.6 | Sep 2025 12.8 | Dec 2025 15.2 | Mar 2026 13.8
- BANCOINDIA: Jun 2021 7.4 | Sep 2021 5.5 | Dec 2021 4.8 | Mar 2022 4.2 | Jun 2022 4.0 | Sep 2022 5.7 | Dec 2022 6.5 | Mar 2023 4.6 | Jun 2023 5.8 | Sep 2023 9.3 | Dec 2023 9.9 | Mar 2024 10.1 | Jun 2024 11.6 | Sep 2024 10.8 | Dec 2024 13.7 | Mar 2025 9.8 | Jun 2025 13.4 | Sep 2025 17.2 | Dec 2025 15.0 | Mar 2026 10.7
- INDNIPPON: Jun 2021 13.3 | Sep 2021 10.6 | Dec 2021 10.6 | Mar 2022 14.3 | Jun 2022 10.1 | Sep 2022 12.1 | Dec 2022 11.2 | Mar 2023 8.7 | Jun 2023 12.9 | Sep 2023 14.5 | Dec 2023 15.2 | Mar 2024 18.8 | Jun 2024 19.9 | Sep 2024 16.6 | Dec 2024 14.2 | Mar 2025 11.4 | Jun 2025 13.9 | Sep 2025 16.9 | Dec 2025 14.9 | Mar 2026 13.1

### 20-quarter P/BV history
- 505978: Jun 2021 1.9 | Sep 2021 1.7 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 2.0 | Dec 2022 2.5 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 2.3 | Dec 2023 2.1 | Mar 2024 4.0 | Jun 2024 4.7 | Sep 2024 5.8 | Dec 2024 5.8 | Mar 2025 3.4 | Jun 2025 3.2 | Sep 2025 3.6 | Dec 2025 3.0 | Mar 2026 3.6
- SUNDRMFAST: Jun 2021 8.3 | Sep 2021 8.1 | Dec 2021 7.6 | Mar 2022 7.6 | Jun 2022 5.7 | Sep 2022 6.7 | Dec 2022 7.1 | Mar 2023 7.8 | Jun 2023 8.5 | Sep 2023 8.8 | Dec 2023 8.2 | Mar 2024 7.2 | Jun 2024 9.4 | Sep 2024 8.6 | Dec 2024 6.2 | Mar 2025 5.3 | Jun 2025 5.5 | Sep 2025 5.5 | Dec 2025 4.8 | Mar 2026 4.0
- SHRIPISTON: Jun 2021 2.0 | Sep 2021 1.8 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 3.3 | Sep 2023 2.9 | Dec 2023 3.7 | Mar 2024 5.0 | Jun 2024 5.4 | Sep 2024 5.1 | Dec 2024 4.2 | Mar 2025 3.9 | Jun 2025 5.7 | Sep 2025 4.9 | Dec 2025 5.3 | Mar 2026 5.1
- BANCOINDIA: Jun 2021 1.9 | Sep 2021 1.7 | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.6 | Jun 2023 2.2 | Sep 2023 3.5 | Dec 2023 4.4 | Mar 2024 4.1 | Jun 2024 4.9 | Sep 2024 4.6 | Dec 2024 5.9 | Mar 2025 3.9 | Jun 2025 7.9 | Sep 2025 9.1 | Dec 2025 6.0 | Mar 2026 4.7
- INDNIPPON: Jun 2021 2.0 | Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 2.0 | Sep 2023 2.1 | Dec 2023 2.1 | Mar 2024 2.6 | Jun 2024 3.3 | Sep 2024 2.8 | Dec 2024 2.4 | Mar 2025 2.0 | Jun 2025 2.6 | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 2.1

## Market action

SPR Auto Technologies Ltd has the strongest one-year price move in Auto Ancillaries - Engine Parts at +70%. India Nippon Electricals Ltd leads on Mansfield relative strength against NIFTY at +39.5%. 4 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. SPR Auto Technologies Ltd (SHRIPISTON): 70%
2. India Nippon Electricals Ltd (INDNIPPON): 54%
3. Triton Valves Ltd (505978): 49%
4. Sundram Fasteners Ltd (SUNDRMFAST): -7.5%
5. Banco Products (India) Ltd (BANCOINDIA): -7.8%

### Strongest relative strength versus NIFTY 500
1. India Nippon Electricals Ltd (INDNIPPON): 40%
2. SPR Auto Technologies Ltd (SHRIPISTON): 36%
3. Triton Valves Ltd (505978): 21%
4. Sundram Fasteners Ltd (SUNDRMFAST): 3.4%
5. Banco Products (India) Ltd (BANCOINDIA): -6.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Sundram Fasteners Ltd (SUNDRMFAST) — market value ₹19.8K Cr; latest fundamentals Mar 2026
- SPR Auto Technologies Ltd (SHRIPISTON) — market value ₹18.3K Cr; latest fundamentals Mar 2026
- Banco Products (India) Ltd (BANCOINDIA) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- India Nippon Electricals Ltd (INDNIPPON) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Triton Valves Ltd (505978) — market value ₹515 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 1. Withheld: 0. Graded companies: 5.

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

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty Auto Ancillaries - Engine Parts index?

The Nifty Auto Ancillaries - Engine Parts index tracks India's listed Auto Ancillaries - Engine Parts companies as a single basket. This page follows the same 5 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 - Engine Parts sector rather than to its largest constituent. Figures are as of Mar 2026.

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

Ranked by this page's four-factor score, India Nippon Electricals Ltd places first among 5 listed Auto Ancillaries - Engine Parts companies, followed by Banco Products (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Auto Ancillaries - Engine Parts stocks are listed in India?

This comparison covers 5 listed Auto Ancillaries - Engine Parts companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Auto Ancillaries - Engine Parts company is the biggest?

Sundram Fasteners Ltd is the largest, with trailing-twelve-month revenue of ₹6,288 crore, ahead of SPR Auto Technologies Ltd at ₹4,458 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Auto Ancillaries - Engine Parts company is growing fastest?

India Nippon Electricals Ltd has the fastest revenue growth at 26.4% year on year, across 5 of 5 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 - Engine Parts company has the best profit margins?

Banco Products (India) Ltd has the highest operating margin at 20%, from 5 of 5 comparable companies. Triton Valves Ltd shows the biggest recent improvement, at +1.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto Ancillaries - Engine Parts company makes the most profit?

Sundram Fasteners Ltd earns the most, at ₹593 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Triton Valves Ltd has the fastest profit growth at 89.8%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Banco Products (India) Ltd leads on return on capital employed at 30.9%, across 5 of 5 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 - Engine Parts stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Banco Products (India) Ltd screens cheapest at 0.28×. Only 4 of 5 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 - Engine Parts company has the strongest balance sheet?

India Nippon Electricals Ltd carries the lowest comparable gross debt at ₹2 crore, from 5 of 5 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.

### Is the Auto Ancillaries - Engine Parts sector beating the market?

Auto Ancillaries - Engine Parts has outperformed NIFTY 500 by 35.4% over the last 52 weeks and 22.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto Ancillaries - Engine Parts stock has the strongest price momentum?

India Nippon Electricals 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 - Engine Parts company scores highest for research priority?

India Nippon Electricals Ltd scores 66.3 out of 100 with 94% evidence confidence, from 27.2 points on growth and earnings, 14.3 on capital efficiency, 13.9 on valuation and 10.9 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 - Engine Parts companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Auto Ancillaries - Engine Parts sector?

The 5 Auto Ancillaries - Engine Parts companies on this page carry ₹50,017 crore of combined market value. Sundram Fasteners Ltd is the largest at ₹19,765 crore, about 40% 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 - Engine Parts sector's P/E ratio?

The median price-to-earnings ratio across the 5 Auto Ancillaries - Engine Parts companies on this page is 32.4×, measured on the 5 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 - Engine Parts sector performing?

4 of the 5 covered Auto Ancillaries - Engine Parts companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 35.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-ancillaries-engine-parts