Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Auto Ancillaries - Gears Stocks in India

Auto Ancillaries - Gears: Rane (Madras) Ltd owns the largest revenue base; RACL Geartech Ltd has the fastest current growth.

Nifty Auto Ancillaries - Gears Index — Constituents & Performance

The Auto Ancillaries - Gears companies below are the listed Indian Auto Ancillaries - Gears universe this page tracks — the same constituent set people search for as the Nifty Auto Ancillaries - Gears index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Auto Ancillaries - Gears moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 5% ahead of NIFTY 500. Earnings across its companies fell 8% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 7 weeks running.

BREAKING OUT · ahead 7w✓Moving with the index4 of 6 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑7w · 4/6 >200d (+1) · 4/6 lead (+2) · EPS 4/6↑

200500202620252024202320222021 861336 TRAILING 12-MONTH EPS · 100 AT THE START0100143Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 27.4% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 112, against 100 at the start · up 27.2% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 22.7% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 143, against 100 at the start · up 19.6% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 138, against 100 at the start · up 18.6% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 109, against 100 at the start · down 21.7% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 65, against 100 at the start · down 39.7% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 67, against 100 at the start · down 35.1% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 78, against 100 at the start · down 39.8% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 99, against 100 at the start · down 16.5% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 111, against 100 at the start · up 59.1% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or two111 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 861336 TRAILING 12-MONTH EPS · 100 AT THE START0100143Mar 24Mar 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 27.4% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 112, against 100 at the start · up 27.2% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 22.7% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 143, against 100 at the start · up 19.6% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 138, against 100 at the start · up 18.6% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 109, against 100 at the start · down 21.7% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 65, against 100 at the start · down 39.7% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 67, against 100 at the start · down 35.1% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 78, against 100 at the start · down 39.8% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 99, against 100 at the start · down 16.5% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 111, against 100 at the start · up 59.1% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or two111No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Auto Ancillaries - Gears, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broadening down the ladderHow much of the sector is participating, how recently, and whether the movers score well.
Together4 of 6 stocks moving
Fresh2 crossed in the last 4 weeks
Backed by scoresmovers score +1 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 0/20
Mid 2/20
Small 2/2+2

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Auto Ancillaries - Gears outperforming NIFTY 500?

The 52-week comparison of Auto Ancillaries - Gears against NIFTY 500 is not available from the current market series. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Rane (Madras) Ltd is the strongest against the sector itself at +27.3%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
3/7Stocks leading NIFTY 500
2/6Stocks leading sector

Sector metric: 46.2 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 3 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Rane (Madras) Ltd leads with revenue of ₹3,863 crore, based on 7 of 7 comparable companies through Mar 2026. RACL Geartech Ltd has the fastest current revenue growth at 18.1%, across 7 of 7 comparable companies.

Is the Auto Ancillaries - Gears sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Auto Ancillaries - Gears company is largest by revenue?

Rane (Madras) Ltd leads with revenue of ₹3,863 crore, based on 7 of 7 comparable companies through Mar 2026.

Which Auto Ancillaries - Gears company is growing fastest?

RACL Geartech Ltd has the fastest current revenue growth at 18.1%, across 7 of 7 comparable companies.

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

RACL Geartech Ltd ranks first at 66.7/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Auto Ancillaries - Gears company has the least gross debt?

Shanthi Gears Ltd has the lowest comparable gross debt at ₹0 crore. Rane (Madras) Ltd has the highest at ₹752 crore.

Which Auto Ancillaries - Gears company has the lowest comparable PEG?

Shanthi Gears Ltd has the lowest comparable Guarded PEG at 3.18, among 1 of 7 companies that pass the metric’s comparability rules.

How much history does this Auto Ancillaries - Gears comparison include?

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

How is the 4-Factor Sector Score calculated?

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

Companies
7
complete canonical membership
Combined market value
₹15.0K Cr
JTEKT India Ltd
Revenue growing
5/7
positive TTM year-on-year growth
Beating NIFTY 500
3/7
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
RACL Geartech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.8% evidence confidence.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. RACL Geartech Ltd · RACLGEAR

66.7/100 · Favorable setup · 83% evidence

Exact sum: 26.2 + 18.8 + 10 + 11.7 = 66.7

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

26.2/35Growth & earnings

Revenue 18.1% · PAT 100% · OPM change 0 pp

83% evidence

18.8/25Capital efficiency

ROCE 17% · debt/equity 0.67×

95% evidence

10.0/20Valuation

P/E 31.6× · PEG —

50% evidence

11.7/20Relative strength

RS sector 5.6% · RS bench 14.5% · 1Y 47.4%

100% evidence

2. Rane (Madras) Ltd · RML

66.2/100 · Favorable setup · 72% evidence

Exact sum: 25.3 + 9.9 + 11.5 + 19.5 = 66.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.3/35Growth & earnings

Revenue 13.4% · PAT 100% · OPM change 0 pp

83% evidence

9.9/25Capital efficiency

ROCE 14% · debt/equity 1×

80% evidence

11.5/20Valuation

P/E 28.6× · PEG —

15% evidence

19.5/20Relative strength

RS sector 27.3% · RS bench 37.8% · 1Y 32.9%

100% evidence

3. JTEKT India Ltd · JTEKTINDIA

52.2/100 · Thin evidence · provisional · 51% evidence

Exact sum: 19.7 + 15.3 + 10.2 + 7 = 52.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

19.7/35Growth & earnings

Revenue 7.1% · PAT 16.9% · OPM change 0 pp

36% evidence

15.3/25Capital efficiency

ROCE 15.9% · debt/equity 0.09×

60% evidence

10.2/20Valuation

P/E 46.5× · PEG —

50% evidence

7.0/20Relative strength

RS sector -7.8% · RS bench -4.6% · 1Y -2.1%

70% evidence

4. Shanthi Gears Ltd · SHANTIGEAR

42.2/100 · Mixed-negative evidence · 90% evidence

Exact sum: 6.8 + 20.9 + 7.5 + 7 = 42.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

6.8/35Growth & earnings

Revenue -14.2% · PAT -19.8% · OPM change -2 pp

88% evidence

20.9/25Capital efficiency

ROCE 25.6% · debt/equity 0×

100% evidence

7.5/20Valuation

P/E 40.2× · PEG 3.18

100% evidence

7.0/20Relative strength

RS sector -5.4% · RS bench -12.5% · 1Y -18%

70% evidence

5. Z F Steering Gear (India) Ltd · ZFSTEERING

40.1/100 · Mixed-negative evidence · 81% evidence

Exact sum: 17.7 + 10.2 + 9.2 + 3 = 40.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.7/35Growth & earnings

Revenue 16.4% · PAT 66.7% · OPM change -5 pp

95% evidence

10.2/25Capital efficiency

ROCE 6.5% · debt/equity 0.22×

95% evidence

9.2/20Valuation

P/E 31.2× · PEG —

50% evidence

3.0/20Relative strength

RS sector -29.6% · RS bench -19.6% · 1Y -44.5%

70% evidence

6. The Hi-Tech Gears Ltd · HITECHGEAR

31.5/100 · Adverse evidence · 77% evidence

Exact sum: 7.1 + 13.5 + 5.6 + 5.3 = 31.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

7.1/35Growth & earnings

Revenue -2% · PAT -48% · OPM change -4.4 pp

83% evidence

13.5/25Capital efficiency

ROCE 6.9% · debt/equity 0.35×

95% evidence

5.6/20Valuation

P/E 52.7× · PEG —

50% evidence

5.3/20Relative strength

RS sector -9.8% · RS bench -7.4% · 1Y -7.7%

70% evidence

7. Sar Auto Products Ltd · 538992

40.2/100 · Thin evidence · provisional · 50% evidence

Exact sum: 13.9 + 5.3 + 8.5 + 12.5 = 40.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

13.9/35Growth & earnings

Revenue 2.6% · PAT 59.5% · OPM change -0.2 pp

62% evidence

5.3/25Capital efficiency

ROCE 2.1% · debt/equity 1.44×

80% evidence

8.5/20Valuation

P/E 2584× · PEG —

15% evidence

12.5/20Relative strength

RS sector — · RS bench 45.5% · 1Y 90.9%

25% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Rane (Madras) Ltd has the highest Revenue among the 7 Auto Ancillaries - Gears companies compared here, at ₹3,863 crore. JTEKT India Ltd is next at ₹2,063 crore. RACL Geartech Ltd has the highest Revenue growth at 18.1%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Rane (Madras) Ltd is the scale leader at ₹3,863 crore, 87.3% ahead of JTEKT India Ltd. RACL Geartech Ltd's growth is 18.1% from a ₹490 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderRane (Madras) Ltd · ₹3,863 crore
Gap87.3% versus #2 · JTEKT India Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 99 observations

Investor read: Rane (Madras) Ltd is the scale benchmark; RACL Geartech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Rane (Madras) Ltd's growth falls below RACL Geartech Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Rane (Madras) Ltd RML₹3.9K Cr
2JTEKT India Ltd JTEKTINDIA · older report₹2.1K Cr
3The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹908 Cr
4Z F Steering Gear (India) Ltd ZFSTEERING₹581 Cr
5Shanthi Gears Ltd SHANTIGEAR₹519 Cr
Revenue growthfastest growers
1RACL Geartech Ltd RACLGEAR⚠ unverified18%
2Z F Steering Gear (India) Ltd ZFSTEERING16%
3Rane (Madras) Ltd RML13%
4JTEKT India Ltd JTEKTINDIA · older report7.1%
5Sar Auto Products Ltd 5389922.7%
Revenue · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Rane (Madras) Ltd RML₹1.0K Cr16%Mar 2026
JTEKT India Ltd JTEKTINDIA₹584 Cr2.3%Sep 2023
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹229 Cr6.4%Mar 2026
Z F Steering Gear (India) Ltd ZFSTEERING₹143 Cr7.5%Jun 2026
Shanthi Gears Ltd SHANTIGEAR₹135 Cr-12%Mar 2026
RACL Geartech Ltd RACLGEAR⚠ unverified₹132 Cr52%Mar 2026
Sar Auto Products Ltd 538992₹6 Cr164%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

JTEKT India Ltd · JTEKTINDIA

₹385 Cr
₹413 Cr
₹470 Cr
₹472 Cr
₹571 Cr
₹471 Cr
₹530 Cr
₹478 Cr
₹584 Cr
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

—
—
—
—
—
₹97 Cr
₹95 Cr
₹88 Cr
₹102 Cr
₹113 Cr
₹106 Cr
₹109 Cr
₹106 Cr
₹113 Cr
₹87 Cr
₹101 Cr
₹120 Cr
₹137 Cr
₹132 Cr
—

Rane (Madras) Ltd · RML

—
—
—
—
—
₹583 Cr
₹622 Cr
₹588 Cr
₹611 Cr
₹521 Cr
₹853 Cr
₹818 Cr
₹849 Cr
₹837 Cr
₹901 Cr
₹881 Cr
₹919 Cr
₹1.0K Cr
₹1.0K Cr
—

Sar Auto Products Ltd · 538992

—
—
—
—
—
₹3 Cr
₹4 Cr
₹4 Cr
₹5 Cr
₹6 Cr
₹5 Cr
₹4 Cr
₹4 Cr
₹4 Cr
₹2 Cr
₹2 Cr
₹2 Cr
₹4 Cr
₹6 Cr
—

Shanthi Gears Ltd · SHANTIGEAR

₹72 Cr
₹95 Cr
₹104 Cr
₹99 Cr
₹109 Cr
₹115 Cr
₹123 Cr
₹121 Cr
₹135 Cr
₹126 Cr
₹154 Cr
₹139 Cr
₹155 Cr
₹158 Cr
₹153 Cr
₹135 Cr
₹132 Cr
₹117 Cr
₹135 Cr
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

—
—
—
—
—
₹277 Cr
₹287 Cr
₹264 Cr
₹284 Cr
₹273 Cr
₹287 Cr
₹261 Cr
₹246 Cr
₹205 Cr
₹215 Cr
₹216 Cr
₹241 Cr
₹224 Cr
₹229 Cr
—

Z F Steering Gear (India) Ltd · ZFSTEERING

—
—
—
—
—
₹109 Cr
₹125 Cr
₹121 Cr
₹119 Cr
₹114 Cr
₹124 Cr
₹128 Cr
₹111 Cr
₹118 Cr
₹137 Cr
₹133 Cr
₹121 Cr
₹143 Cr
₹174 Cr
₹143 Cr

Revenue growth · reported quarter history

JTEKT India Ltd · JTEKTINDIA

8.5%
-4.4%
0.0%
47%
48%
14%
13%
1.3%
2.3%
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

—
—
—
—
—
—
—
—
—
16%
12%
24%
3.9%
0.0%
-18%
-7.3%
13%
21%
52%
—

Rane (Madras) Ltd · RML

—
—
—
—
—
—
—
—
—
-11%
37%
39%
39%
61%
5.6%
7.7%
8.2%
21%
16%
—

Sar Auto Products Ltd · 538992

—
—
—
—
—
—
—
—
—
113%
46%
0.5%
-16%
-38%
-57%
-40%
-45%
1.7%
164%
—

Shanthi Gears Ltd · SHANTIGEAR

—
—
—
48%
51%
21%
18%
22%
24%
9.6%
25%
15%
15%
25%
-0.7%
-2.9%
-15%
-26%
-12%
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

—
—
—
—
—
—
—
—
—
-1.5%
0.1%
-1.1%
-13%
-25%
-25%
-17%
-2.3%
9.0%
6.4%
—

Z F Steering Gear (India) Ltd · ZFSTEERING

—
—
—
—
—
—
—
—
—
4.3%
-0.9%
5.8%
-6.7%
3.5%
10%
3.9%
9.0%
21%
27%
7.5%
02 · compare level, then change

Operating Economics & Margin Trend

RACL Geartech Ltd has the highest OPM among the 7 Auto Ancillaries - Gears companies compared here, at 22%. Shanthi Gears Ltd is next at 18%. JTEKT India Ltd has the highest Margin change at 0 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: RACL Geartech Ltd leads opm at 22%; JTEKT India Ltd leads margin change at 0 percentage points.

LeaderRACL Geartech Ltd · 22%
Gap22.2% versus #2 · Shanthi Gears Ltd
Persistence3/8 recent comparable periods
Coverage7/7 companies · 124 observations

Investor read: RACL Geartech Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1RACL Geartech Ltd RACLGEAR⚠ unverified22%
2Shanthi Gears Ltd SHANTIGEAR18%
3Sar Auto Products Ltd 53899212%
4The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified11%
5JTEKT India Ltd JTEKTINDIA · older report10%
Margin changefastest expanders
1JTEKT India Ltd JTEKTINDIA · older report0.0 pp
2RACL Geartech Ltd RACLGEAR⚠ unverified0.0 pp
3Rane (Madras) Ltd RML0.0 pp
4Sar Auto Products Ltd 538992−0.2 pp
5Shanthi Gears Ltd SHANTIGEAR−2.0 pp
Operating margin · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
RACL Geartech Ltd RACLGEAR⚠ unverified22%0.0 ppMar 2026
Shanthi Gears Ltd SHANTIGEAR18%−2.0 ppMar 2026
Sar Auto Products Ltd 53899212%−0.2 ppMar 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified11%−4.4 ppMar 2026
JTEKT India Ltd JTEKTINDIA10%0.0 ppSep 2023
Rane (Madras) Ltd RML9.0%0.0 ppMar 2026
Z F Steering Gear (India) Ltd ZFSTEERING9.0%−5.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

JTEKT India Ltd · JTEKTINDIA

8.0%
9.0%
9.0%
8.0%
10%
8.0%
10%
7.0%
10%
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

22%
22%
18%
19%
23%
24%
24%
25%
23%
24%
22%
18%
19%
21%
22%
19%
20%
23%
22%
—

Rane (Madras) Ltd · RML

4.5%
2.8%
5.3%
5.3%
5.6%
7.0%
9.0%
7.0%
5.0%
9.0%
8.0%
8.0%
9.0%
8.0%
9.0%
8.0%
9.0%
9.0%
9.0%
—

Sar Auto Products Ltd · 538992

12%
20%
19%
19%
25%
19%
5.4%
12%
10%
10%
6.1%
15%
14%
12%
12%
17%
17%
12%
12%
—

Shanthi Gears Ltd · SHANTIGEAR

16%
18%
18%
18%
20%
20%
22%
19%
21%
19%
17%
21%
22%
22%
20%
23%
20%
20%
18%
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

8.0%
2.7%
12%
11%
12%
14%
12%
13%
12%
15%
14%
16%
14%
13%
15%
12%
12%
9.8%
11%
—

Z F Steering Gear (India) Ltd · ZFSTEERING

10%
13%
16%
16%
10%
10%
13%
15%
11%
9.0%
9.0%
13%
10%
9.0%
11%
14%
10%
16%
12%
9.0%

Margin change · reported quarter history

JTEKT India Ltd · JTEKTINDIA

−1.0 pp
−1.0 pp
−3.0 pp
+2.0 pp
+2.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
0.0 pp
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

−2.9 pp
−5.2 pp
−7.5 pp
−3.4 pp
+0.9 pp
+2.5 pp
+5.9 pp
+5.8 pp
−0.2 pp
0.0 pp
−2.0 pp
−7.0 pp
−4.0 pp
−3.0 pp
0.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
0.0 pp
—

Rane (Madras) Ltd · RML

+0.5 pp
−4.6 pp
+3.2 pp
+4.0 pp
+1.1 pp
+4.2 pp
+3.7 pp
+1.7 pp
−0.6 pp
+2.0 pp
−1.0 pp
+1.0 pp
+4.0 pp
−1.0 pp
+1.0 pp
0.0 pp
0.0 pp
+1.0 pp
0.0 pp
—

Sar Auto Products Ltd · 538992

−9.3 pp
−1.0 pp
−7.1 pp
−4.0 pp
+13.9 pp
−1.2 pp
−13.1 pp
−6.8 pp
−15.0 pp
−8.9 pp
+0.7 pp
+2.8 pp
+3.4 pp
+1.4 pp
+5.6 pp
+1.5 pp
+3.6 pp
+0.1 pp
−0.2 pp
—

Shanthi Gears Ltd · SHANTIGEAR

+0.5 pp
+2.1 pp
+1.8 pp
+0.4 pp
+3.7 pp
+1.7 pp
+3.8 pp
+0.7 pp
+0.8 pp
−1.0 pp
−5.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
+3.0 pp
+2.0 pp
−2.0 pp
−2.0 pp
−2.0 pp
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

−5.6 pp
−8.2 pp
−4.6 pp
+0.6 pp
+4.4 pp
+11.0 pp
−0.4 pp
+1.8 pp
+0.0 pp
+1.3 pp
+2.7 pp
+3.1 pp
+1.9 pp
−2.0 pp
+1.2 pp
−3.6 pp
−2.7 pp
−3.1 pp
−4.4 pp
—

Z F Steering Gear (India) Ltd · ZFSTEERING

+7.9 pp
+1.5 pp
+1.7 pp
+6.3 pp
−0.1 pp
−3.4 pp
−3.1 pp
−1.5 pp
+0.8 pp
−1.1 pp
−3.7 pp
−2.0 pp
−1.0 pp
0.0 pp
+2.0 pp
+1.0 pp
0.0 pp
+7.0 pp
+1.0 pp
−5.0 pp
03 · compare level, then change

Profit Scale & Acceleration

Rane (Madras) Ltd has the highest Net profit among the 7 Auto Ancillaries - Gears companies compared here, at ₹108 crore. JTEKT India Ltd is next at ₹90 crore. RACL Geartech Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Rane (Madras) Ltd leads with ₹108 crore of TTM profit, 20% above JTEKT India Ltd. RACL Geartech Ltd shows ≥100% on the scoring scale growth from a ₹48 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderRane (Madras) Ltd · ₹108 crore
Gap20% versus #2 · JTEKT India Ltd
Persistence4/8 recent comparable periods
Coverage7/7 companies · 99 observations

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

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Rane (Madras) Ltd RML₹108 Cr
2JTEKT India Ltd JTEKTINDIA · older report₹90 Cr
3Shanthi Gears Ltd SHANTIGEAR₹77 Cr
4RACL Geartech Ltd RACLGEAR⚠ unverified₹48 Cr
5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹21 Cr
Profit growthfastest growers
1RACL Geartech Ltd RACLGEAR⚠ unverified100%
2Rane (Madras) Ltd RML100%
3Z F Steering Gear (India) Ltd ZFSTEERING67%
4JTEKT India Ltd JTEKTINDIA · older report17%
5Shanthi Gears Ltd SHANTIGEAR-20%
Net profit · company comparison
7/7 level · 6/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Rane (Madras) Ltd RML₹37 Cr429%Mar 2026
JTEKT India Ltd JTEKTINDIA₹30 Cr0.0%Sep 2023
Shanthi Gears Ltd SHANTIGEAR₹16 Cr-27%Mar 2026
RACL Geartech Ltd RACLGEAR⚠ unverified₹12 Cr100%Mar 2026
Z F Steering Gear (India) Ltd ZFSTEERING₹11 Cr57%Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹8 Cr-17%Mar 2026
Sar Auto Products Ltd 538992₹0 Cr40%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

JTEKT India Ltd · JTEKTINDIA

₹11 Cr
₹16 Cr
₹15 Cr
₹16 Cr
₹30 Cr
₹15 Cr
₹26 Cr
₹19 Cr
₹30 Cr
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

—
—
—
—
—
₹12 Cr
₹10 Cr
₹9 Cr
₹10 Cr
₹12 Cr
₹8 Cr
₹4 Cr
₹7 Cr
₹7 Cr
₹6 Cr
₹8 Cr
₹12 Cr
₹16 Cr
₹12 Cr
—

Rane (Madras) Ltd · RML

—
—
—
—
—
₹24 Cr
₹10 Cr
₹-14 Cr
₹18 Cr
₹9 Cr
₹11 Cr
₹15 Cr
₹16 Cr
₹0 Cr
₹7 Cr
₹19 Cr
₹21 Cr
₹31 Cr
₹37 Cr
—

Sar Auto Products Ltd · 538992

—
—
—
—
—
₹0 Cr
₹-0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹-0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹-0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
—

Shanthi Gears Ltd · SHANTIGEAR

₹8 Cr
₹14 Cr
₹12 Cr
₹13 Cr
₹17 Cr
₹18 Cr
₹19 Cr
₹18 Cr
₹21 Cr
₹17 Cr
₹26 Cr
₹22 Cr
₹26 Cr
₹26 Cr
₹22 Cr
₹23 Cr
₹22 Cr
₹16 Cr
₹16 Cr
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

—
—
—
—
—
₹3 Cr
₹17 Cr
₹9 Cr
₹72 Cr
₹15 Cr
₹18 Cr
₹14 Cr
₹10 Cr
₹7 Cr
₹10 Cr
₹6 Cr
₹6 Cr
₹1 Cr
₹8 Cr
—

Z F Steering Gear (India) Ltd · ZFSTEERING

—
—
—
—
—
₹4 Cr
₹10 Cr
₹12 Cr
₹13 Cr
₹11 Cr
₹8 Cr
₹10 Cr
₹2 Cr
₹-2 Cr
₹2 Cr
₹7 Cr
₹-2 Cr
₹7 Cr
₹-1 Cr
₹11 Cr

Profit growth · reported quarter history

JTEKT India Ltd · JTEKTINDIA

22%
-5.9%
-44%
—
173%
-6.3%
73%
19%
0.0%
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

—
—
—
—
—
—
—
—
—
0.0%
-20%
-56%
-30%
-42%
-25%
100%
71%
129%
100%
—

Rane (Madras) Ltd · RML

—
—
—
—
—
—
—
—
—
-63%
10%
—
-11%
-100%
-36%
27%
31%
—
429%
—

Sar Auto Products Ltd · 538992

—
—
—
—
—
—
—
—
—
104%
—
-3.2%
-24%
-69%
—
-60%
-56%
40%
—
—

Shanthi Gears Ltd · SHANTIGEAR

—
—
—
44%
113%
29%
58%
38%
24%
-5.6%
37%
22%
24%
53%
-15%
4.6%
-15%
-38%
-27%
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

—
—
—
—
—
—
—
—
—
480%
7.2%
53%
-87%
-54%
-45%
-58%
-37%
-87%
-17%
—

Z F Steering Gear (India) Ltd · ZFSTEERING

—
—
—
—
—
—
—
—
—
158%
-20%
-17%
-85%
-118%
-75%
-30%
-200%
—
-150%
57%
04 · not available

Capacity Spending & Returns On It

No company in this Auto Ancillaries - Gears comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 7 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

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.

Withheld from this comparison: JTEKT India Ltd (JTEKTINDIA) — its two data sources disagree by up to 17% on reported income across 10 comparable periods, so its derived ratios are withheld; Rane (Madras) Ltd (RML) — its two data sources disagree by up to 395% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Shanthi Gears Ltd has the lowest Gross debt among the 7 Auto Ancillaries - Gears companies compared here, at ₹0 crore. Sar Auto Products Ltd is next at ₹26 crore. The Hi-Tech Gears Ltd has the lowest Net debt at ₹148 crore, so level and change sit with different companies.

What the numbers say: The Hi-Tech Gears Ltd has the clearest covered balance-sheet capacity with ₹148 crore and gross debt of ₹183 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderShanthi Gears Ltd · ₹0 crore
Gap100% versus #2 · Sar Auto Products Ltd
PersistenceNot enough history
Coverage7/7 companies · 65 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Shanthi Gears Ltd SHANTIGEAR₹0 Cr
2Sar Auto Products Ltd 538992₹26 Cr
3JTEKT India Ltd JTEKTINDIA · older report₹69 Cr
4Z F Steering Gear (India) Ltd ZFSTEERING₹106 Cr
5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹183 Cr
Net debtlowest net debt
1The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹148 Cr
2RACL Geartech Ltd RACLGEAR⚠ unverified₹222 Cr
Debt and balance-sheet capacity · company comparison
7/7 level · 2/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Rane (Madras) Ltd RML₹752 Cr—Mar 2026
RACL Geartech Ltd RACLGEAR⚠ unverified₹236 Cr₹222 CrMar 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹183 Cr₹148 CrMar 2026
Z F Steering Gear (India) Ltd ZFSTEERING₹106 Cr—Jun 2026
JTEKT India Ltd JTEKTINDIA₹69 Cr—Sep 2023
Sar Auto Products Ltd 538992₹26 Cr—Mar 2026
Shanthi Gears Ltd SHANTIGEAR₹0 Cr—Mar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

JTEKT India Ltd · JTEKTINDIA

—
—
₹71 Cr
—
—
—
₹62 Cr
—
₹69 Cr
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

₹149 Cr
₹149 Cr
₹163 Cr
₹165 Cr
₹200 Cr
₹200 Cr
₹203 Cr
₹203 Cr
₹252 Cr
₹252 Cr
₹289 Cr
₹289 Cr
₹320 Cr
₹320 Cr
₹314 Cr
₹314 Cr
₹235 Cr
₹235 Cr
₹236 Cr
—

Rane (Madras) Ltd · RML

—
—
₹585 Cr
—
—
—
₹668 Cr
—
—
—
₹851 Cr
—
—
—
₹813 Cr
—
₹832 Cr
—
₹752 Cr
—

Sar Auto Products Ltd · 538992

—
—
₹5 Cr
—
—
—
₹7 Cr
—
—
—
₹16 Cr
—
—
—
₹18 Cr
—
₹19 Cr
—
₹26 Cr
—

Shanthi Gears Ltd · SHANTIGEAR

—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

₹501 Cr
₹501 Cr
₹471 Cr
₹471 Cr
₹452 Cr
₹452 Cr
₹457 Cr
₹457 Cr
₹344 Cr
₹344 Cr
₹298 Cr
₹298 Cr
₹261 Cr
₹261 Cr
₹202 Cr
₹202 Cr
₹181 Cr
₹181 Cr
₹183 Cr
—

Z F Steering Gear (India) Ltd · ZFSTEERING

—
—
₹34 Cr
—
—
—
₹43 Cr
—
—
—
₹77 Cr
—
—
—
₹100 Cr
—
₹109 Cr
—
₹106 Cr
—

Net debt · reported quarter history

RACL Geartech Ltd · RACLGEAR⚠ unverified

₹148 Cr
₹148 Cr
₹155 Cr
₹164 Cr
₹194 Cr
₹194 Cr
₹200 Cr
₹200 Cr
₹249 Cr
₹249 Cr
₹288 Cr
₹288 Cr
₹317 Cr
₹317 Cr
₹312 Cr
₹311 Cr
₹229 Cr
₹229 Cr
₹222 Cr
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

₹422 Cr
₹422 Cr
₹394 Cr
₹394 Cr
₹391 Cr
₹391 Cr
₹387 Cr
₹377 Cr
₹281 Cr
₹281 Cr
₹245 Cr
₹244 Cr
₹212 Cr
₹212 Cr
₹168 Cr
₹166 Cr
₹151 Cr
₹151 Cr
₹148 Cr
—
06 · compare level, then change

Return On Capital Employed

Shanthi Gears Ltd has the highest ROCE among the 7 Auto Ancillaries - Gears companies compared here, at 25.6%. RACL Geartech Ltd is next at 17%. JTEKT India Ltd has the highest ROCE change at +7 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Shanthi Gears Ltd leads ROCE at 25.6%, 8.6 percentage points above RACL Geartech Ltd. JTEKT India Ltd has the strongest latest improvement at +7 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.

LeaderShanthi Gears Ltd · 25.6%
Gap50.6% versus #2 · RACL Geartech Ltd
Persistence2/8 recent comparable periods
Coverage7/7 companies · 45 observations

Investor read: Shanthi Gears Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Shanthi Gears Ltd SHANTIGEAR26%
2RACL Geartech Ltd RACLGEAR⚠ unverified17%
3JTEKT India Ltd JTEKTINDIA · older report16%
4Rane (Madras) Ltd RML14%
5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified6.9%
ROCE changefastest improvers
1JTEKT India Ltd JTEKTINDIA · older report+7.0 pp
2Rane (Madras) Ltd RML+3.0 pp
3RACL Geartech Ltd RACLGEAR⚠ unverified+0.5 pp
4Z F Steering Gear (India) Ltd ZFSTEERING0.0 pp
5Sar Auto Products Ltd 538992−0.4 pp
Return on capital · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: JTEKT India Ltd (JTEKTINDIA) — its two data sources disagree by up to 17% on reported income across 10 comparable periods, so its derived ratios are withheld; Rane (Madras) Ltd (RML) — its two data sources disagree by up to 395% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Shanthi Gears Ltd SHANTIGEAR20%−9.0 ppMar 2026
RACL Geartech Ltd RACLGEAR⚠ unverified16%+0.5 ppMar 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified5.2%−6.5 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

RACL Geartech Ltd · RACLGEAR⚠ unverified

21%
—
19%
—
20%
—
24%
—
24%
29%
21%
25%
18%
20%
15%
20%
13%
22%
16%
—

Shanthi Gears Ltd · SHANTIGEAR

15%
—
20%
—
23%
—
26%
—
28%
34%
26%
35%
26%
37%
29%
35%
25%
28%
20%
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

9.5%
—
4.6%
—
6.3%
—
9.9%
—
12%
28%
15%
30%
15%
15%
12%
12%
7.8%
8.8%
5.2%
—

ROCE change · reported quarter history

RACL Geartech Ltd · RACLGEAR⚠ unverified

—
—
—
—
−1.9 pp
—
+4.3 pp
—
+4.4 pp
—
−2.5 pp
—
−5.5 pp
−9.0 pp
−6.0 pp
−5.1 pp
−5.2 pp
+1.7 pp
+0.5 pp
—

Shanthi Gears Ltd · SHANTIGEAR

—
—
—
—
+8.7 pp
—
+6.6 pp
—
+4.5 pp
—
−0.6 pp
—
−1.4 pp
+2.8 pp
+2.9 pp
−0.5 pp
−1.3 pp
−9.0 pp
−9.0 pp
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

—
—
—
—
−3.2 pp
—
+5.3 pp
—
+5.9 pp
—
+4.9 pp
—
+2.9 pp
−12.7 pp
−3.1 pp
−18.5 pp
−7.3 pp
−6.0 pp
−6.5 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Shanthi Gears Ltd has the lowest Guarded PEG among the 7 Auto Ancillaries - Gears companies compared here, at 3.18×. Rane (Madras) Ltd has the lowest P/E at 28.6×, so level and change sit with different companies. 1 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Shanthi Gears Ltd has the lowest comparable Guarded PEG at 3.18×. Only 1 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderShanthi Gears Ltd · 3.18×
GapNot enough peers
Persistence0/8 recent comparable periods
Coverage1/7 companies · 12 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Shanthi Gears Ltd SHANTIGEAR3.2
P/Elowest P/E
1Rane (Madras) Ltd RML28.6
2Z F Steering Gear (India) Ltd ZFSTEERING31.2
3RACL Geartech Ltd RACLGEAR⚠ unverified31.6
4Shanthi Gears Ltd SHANTIGEAR40.2
5JTEKT India Ltd JTEKTINDIA · older report46.5
Valuation · company comparison
1/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Shanthi Gears Ltd SHANTIGEAR3.239.3Mar 2026
Sar Auto Products Ltd 538992—2,250.0Mar 2026
JTEKT India Ltd JTEKTINDIA—48.5Sep 2023
Rane (Madras) Ltd RML—22.0Mar 2026
RACL Geartech Ltd RACLGEAR⚠ unverified—33.2Mar 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified—47.3Mar 2026
Z F Steering Gear (India) Ltd ZFSTEERING—38.7Jun 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Shanthi Gears Ltd · SHANTIGEAR

—
—
—
—
1.2
1.7
0.9
0.9
1.0
—
2.1
2.4
3.0
2.3
1.2
2.3
3.2
—
—
—

P/E · reported quarter history

JTEKT India Ltd · JTEKTINDIA

57.9
48.8
39.7
55.7
47.2
52.2
35.9
44.6
48.5
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

19.7
25.1
23.6
23.6
21.5
28.4
30.0
34.8
30.3
31.0
31.4
31.5
29.6
29.9
31.5
40.7
43.9
40.4
33.2
—

Rane (Madras) Ltd · RML

—
—
—
—
—
—
34.2
31.6
33.9
9.1
8.5
10.8
13.6
26.0
22.4
39.7
39.2
41.5
22.0
—

Sar Auto Products Ltd · 538992

231.3
187.1
182.7
207.7
356.0
299.2
356.0
738.3
698.2
1,200.0
993.2
905.4
803.7
863.3
1,341.6
1,034.0
2,323.2
2,270.2
2,250.0
—

Shanthi Gears Ltd · SHANTIGEAR

40.9
33.8
36.1
38.2
53.6
47.3
47.1
53.9
48.9
60.5
55.9
55.1
57.9
42.4
36.4
39.3
41.8
38.8
39.3
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

10.6
13.9
23.6
20.2
182.0
27.3
26.8
30.4
20.8
24.6
30.5
37.6
30.5
26.8
23.5
34.6
44.0
45.6
47.3
—

Z F Steering Gear (India) Ltd · ZFSTEERING

8.8
9.6
8.7
8.9
27.1
24.6
22.1
23.0
22.1
18.9
16.4
23.7
35.2
42.3
46.4
70.5
73.8
64.4
28.8
38.7
08 · compare level, then change

Enterprise Value & Book Value

Rane (Madras) Ltd has the lowest EV/EBITDA among the 7 Auto Ancillaries - Gears companies compared here, at 7.7×. Z F Steering Gear (India) Ltd is next at 8.4×. Z F Steering Gear (India) Ltd has the lowest P/BV at 1.31×, so level and change sit with different companies. Its EV/EBITDA series carries 19 reported observations across the 20-quarter window.

What the numbers say: Rane (Madras) Ltd leads ev/ebitda at 7.7×; Z F Steering Gear (India) Ltd leads p/bv at 1.31×.

LeaderRane (Madras) Ltd · 7.7×
Gap8.3% versus #2 · Z F Steering Gear (India) Ltd
Persistence0/8 recent comparable periods
Coverage7/7 companies · 123 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Rane (Madras) Ltd RML7.7
2Z F Steering Gear (India) Ltd ZFSTEERING8.4
3The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified9.9
4RACL Geartech Ltd RACLGEAR⚠ unverified14.5
5JTEKT India Ltd JTEKTINDIA · older report20.2
P/BVlowest P/BV
1Z F Steering Gear (India) Ltd ZFSTEERING1.3
2The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified2.1
3Rane (Madras) Ltd RML4.2
4RACL Geartech Ltd RACLGEAR⚠ unverified4.4
5JTEKT India Ltd JTEKTINDIA · older report4.8
Enterprise and book valuation · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Sar Auto Products Ltd 538992326.053.7Mar 2026
Shanthi Gears Ltd SHANTIGEAR24.97.7Mar 2026
JTEKT India Ltd JTEKTINDIA20.25.5Sep 2023
RACL Geartech Ltd RACLGEAR⚠ unverified14.54.5Mar 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified9.92.1Mar 2026
Z F Steering Gear (India) Ltd ZFSTEERING8.41.3Jun 2026
Rane (Madras) Ltd RML7.72.7Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

JTEKT India Ltd · JTEKTINDIA

17.5
15.4
12.6
16.0
17.1
21.2
14.4
19.0
20.2
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

10.0
12.9
11.9
11.0
11.2
13.8
13.9
16.2
14.8
15.3
15.1
14.2
13.3
12.8
12.1
14.6
16.3
15.5
14.5
—

Rane (Madras) Ltd · RML

13.8
13.1
18.4
13.1
12.4
11.5
7.3
8.8
9.9
9.2
9.3
10.4
12.3
8.2
6.2
11.2
9.9
9.4
7.7
—

Sar Auto Products Ltd · 538992

93.7
81.8
83.0
91.8
138.7
137.5
163.5
199.2
233.4
357.0
379.6
382.3
313.3
289.4
308.5
238.0
334.6
328.9
326.0
—

Shanthi Gears Ltd · SHANTIGEAR

24.6
20.5
22.9
22.7
32.6
29.6
29.6
35.1
31.7
39.9
36.5
36.1
38.8
28.8
24.9
26.3
27.4
25.0
24.9
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

6.2
7.9
8.6
7.7
7.7
7.3
5.7
7.3
6.9
7.8
11.5
13.8
11.2
10.3
8.8
11.1
11.7
11.4
9.9
—

Z F Steering Gear (India) Ltd · ZFSTEERING

6.6
7.2
6.5
—
8.5
7.7
6.7
8.8
9.3
9.4
8.8
12.5
18.1
17.1
13.6
15.2
14.2
11.3
8.0
8.4

P/BV · reported quarter history

JTEKT India Ltd · JTEKTINDIA

4.7
4.0
3.2
3.7
4.1
5.9
4.3
5.9
5.5
—
—
—
—
—
—
—
—
—
—
—

RACL Geartech Ltd · RACLGEAR⚠ unverified

4.9
5.8
5.2
5.2
3.7
5.5
7.5
9.9
7.3
6.8
6.9
7.4
5.0
4.4
3.8
4.7
5.2
4.3
4.5
—

Rane (Madras) Ltd · RML

3.1
2.7
2.5
2.1
2.6
2.8
2.9
5.2
6.1
5.2
4.4
5.8
2.9
5.5
4.0
2.2
2.0
3.2
2.7
—

Sar Auto Products Ltd · 538992

15.3
14.2
15.6
16.6
20.5
22.9
27.8
29.8
35.1
47.2
54.3
66.6
54.7
51.7
54.4
43.5
56.3
54.2
53.7
—

Shanthi Gears Ltd · SHANTIGEAR

5.6
4.5
5.7
6.8
8.8
9.1
10.8
13.9
11.6
14.1
13.0
15.0
14.4
10.2
9.6
10.9
10.1
8.4
7.7
—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

1.8
1.4
1.2
1.0
1.1
1.5
1.4
2.1
1.9
2.0
3.3
5.2
3.5
3.1
2.3
3.0
2.9
2.6
2.1
—

Z F Steering Gear (India) Ltd · ZFSTEERING

1.1
1.3
1.1
—
1.2
1.1
0.9
1.4
1.6
1.7
1.7
2.5
3.2
2.9
1.9
2.3
2.0
1.4
1.2
1.3
09 · let price answer last

Market action

Sar Auto Products Ltd has the strongest one-year price move in Auto Ancillaries - Gears at +90.9%. It also leads on Mansfield relative strength against NIFTY at +45.5%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Auto Ancillaries - Gears comparison names 8 specific ways its own evidence can mislead, all listed below. 1 of the 7 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 2 draw at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
  • 2 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.
  • 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 7 companies in the canonical Auto Ancillaries - Gears membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
JTEKT India Ltd JTEKTINDIA₹3.7K Cr₹1322026-07-19Sep 2023Second feed withheld
Shanthi Gears Ltd SHANTIGEAR₹3.2K Cr₹4202026-07-19Mar 2026Cross-checked
Rane (Madras) Ltd RMLAHEAD21/26 WEEKS₹3.1K Cr₹1,1302026-07-19Mar 2026Second feed withheld
Sar Auto Products Ltd 538992AHEAD22/26 WEEKS₹1.7K Cr₹3,6332026-07-19Mar 2026Primary source only
RACL Geartech Ltd RACLGEARAHEAD⚠ unverified₹1.6K Cr₹1,3162026-07-19Mar 2026Includes unverified figures
The Hi-Tech Gears Ltd HITECHGEARAHEAD⚠ unverified₹1.1K Cr₹5882026-07-19Mar 2026Includes unverified figures
Z F Steering Gear (India) Ltd ZFSTEERING₹630 Cr₹6942026-07-19Jun 2026Primary source only
How each company's sources stand: 2 of 7 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. 2 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JTEKT India Ltd (JTEKTINDIA) — its two data sources disagree by up to 17% on reported income across 10 comparable periods, so its derived ratios are withheld; Rane (Madras) Ltd (RML) — its two data sources disagree by up to 395% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 Auto Ancillaries - Gears companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing1 cross-checked · 4 unverified · 2 withheld, of 7 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Auto Ancillaries - Gears company comparison FAQs

These 18 answers restate the Auto Ancillaries - Gears comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Auto Ancillaries - Gears index?

The Nifty Auto Ancillaries - Gears index tracks India's listed Auto Ancillaries - Gears companies as a single basket. This page follows the same 7 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 - Gears sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Auto Ancillaries - Gears stocks in India?

Ranked by this page's four-factor score, RACL Geartech Ltd places first among 7 listed Auto Ancillaries - Gears companies, followed by Rane (Madras) 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 - Gears stocks are listed in India?

This comparison covers 7 listed Auto Ancillaries - Gears 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 - Gears company is the biggest?

Rane (Madras) Ltd is the largest, with trailing-twelve-month revenue of ₹3,863 crore, ahead of JTEKT India Ltd at ₹2,063 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

Which Auto Ancillaries - Gears company is growing fastest?

RACL Geartech Ltd has the fastest revenue growth at 18.1% year on year, across 7 of 7 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 - Gears company has the best profit margins?

RACL Geartech Ltd has the highest operating margin at 22%, from 7 of 7 comparable companies. JTEKT India Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Auto Ancillaries - Gears company makes the most profit?

Rane (Madras) Ltd earns the most, at ₹108 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. RACL Geartech 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 - Gears company earns the highest return on capital?

Shanthi Gears Ltd leads on return on capital employed at 25.6%, across 7 of 7 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 - Gears stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Shanthi Gears Ltd screens cheapest at 3.18×. Only 1 of 7 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 - Gears company has the strongest balance sheet?

Shanthi Gears Ltd carries the lowest comparable gross debt at ₹0 crore, from 7 of 7 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 - Gears stock has the strongest price momentum?

Sar Auto Products 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 - Gears company scores highest for research priority?

RACL Geartech Ltd scores 66.7 out of 100 with 82.8% evidence confidence, from 26.2 points on growth and earnings, 18.8 on capital efficiency, 10 on valuation and 11.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Auto Ancillaries - Gears companies does this comparison cover, and over what period?

It compares 7 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 - Gears sector?

The 7 Auto Ancillaries - Gears companies on this page carry ₹15,015 crore of combined market value. JTEKT India Ltd is the largest at ₹3,651 crore, about 24% 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 - Gears sector's P/E ratio?

The median price-to-earnings ratio across the 7 Auto Ancillaries - Gears companies on this page is 40.2×, measured on the 7 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 - Gears sector performing?

3 of the 7 covered Auto Ancillaries - Gears 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.

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