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

> Auto Ancillaries - Gears: Rane (Madras) Ltd owns the largest revenue base; RACL Geartech 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 - Gears has outperformed NIFTY 500 by 10.9% over 52 weeks and 10.1% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself. Rane (Madras) Ltd leads with revenue of ₹3,863 crore, based on 7 of 7 comparable companies through Mar 2026.

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

Auto Ancillaries - Gears has outperformed NIFTY 500 by 10.9% over 52 weeks and 10.1% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself.

### 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 66.3/100 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.

## Sector relative strength

Auto Ancillaries - Gears has outperformed NIFTY 500 by 10.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.1%. 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 +21.5%.

13-week sector return versus NIFTY 500: 10%
52-week sector return versus NIFTY 500: 11%
Stocks leading NIFTY: 3/7
Stocks leading sector: 2/6

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

Companies: 7
Combined market value: ₹15.0K 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. RACL Geartech Ltd (RACLGEAR): 66/100 — Favorable setup; evidence 83%
   - Growth & earnings 26.2/35 | Capital efficiency 18.8/25 | Valuation 10.0/20 | Relative strength 11.3/20
   - Exact sum: 26.2 + 18.8 + 10 + 11.3 = 66.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Rane (Madras) Ltd (RML): 66/100 — Favorable setup; evidence 72%
   - Growth & earnings 25.3/35 | Capital efficiency 9.9/25 | Valuation 11.5/20 | Relative strength 19.5/20
   - 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.
3. JTEKT India Ltd (JTEKTINDIA): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 19.7/35 | Capital efficiency 15.3/25 | Valuation 10.2/20 | Relative strength 7.0/20
   - 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.
4. Shanthi Gears Ltd (SHANTIGEAR): 43/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.8/35 | Capital efficiency 20.9/25 | Valuation 7.5/20 | Relative strength 7.6/20
   - Exact sum: 6.8 + 20.9 + 7.5 + 7.6 = 42.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Z F Steering Gear (India) Ltd (ZFSTEERING): 40/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 17.7/35 | Capital efficiency 10.2/25 | Valuation 9.2/20 | Relative strength 3.0/20
   - 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.
6. The Hi-Tech Gears Ltd (HITECHGEAR): 31/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.1/35 | Capital efficiency 13.5/25 | Valuation 5.6/20 | Relative strength 4.7/20
   - Exact sum: 7.1 + 13.5 + 5.6 + 4.7 = 30.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Sar Auto Products Ltd (538992): 40/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 13.9/35 | Capital efficiency 5.3/25 | Valuation 8.5/20 | Relative strength 12.5/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Rane (Madras) Ltd · ₹3,863 crore | 87.3% versus #2 · JTEKT India Ltd | 8/8 recent comparable periods | 7/7 companies · 99 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. Rane (Madras) Ltd (RML): ₹3.9K Cr
2. JTEKT India Ltd (JTEKTINDIA): ₹2.1K Cr — older report
3. The Hi-Tech Gears Ltd (HITECHGEAR): ₹908 Cr
4. Z F Steering Gear (India) Ltd (ZFSTEERING): ₹581 Cr
5. Shanthi Gears Ltd (SHANTIGEAR): ₹519 Cr

### Revenue growth — fastest growers
1. RACL Geartech Ltd (RACLGEAR): 18%
2. Z F Steering Gear (India) Ltd (ZFSTEERING): 16%
3. Rane (Madras) Ltd (RML): 13%
4. JTEKT India Ltd (JTEKTINDIA): 7.1% — older report
5. Sar Auto Products Ltd (538992): 2.7%

### 20-quarter Revenue history
- 538992: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- JTEKTINDIA: Sep 2021 ₹385 Cr | Dec 2021 ₹413 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹472 Cr | Sep 2022 ₹571 Cr | Dec 2022 ₹471 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹478 Cr | Sep 2023 ₹584 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 ₹72 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹583 Cr | Mar 2023 ₹622 Cr | Jun 2023 ₹588 Cr | Sep 2023 ₹611 Cr | Dec 2023 ₹521 Cr | Mar 2024 ₹853 Cr | Jun 2024 ₹818 Cr | Sep 2024 ₹849 Cr | Dec 2024 ₹837 Cr | Mar 2025 ₹901 Cr | Jun 2025 ₹881 Cr | Sep 2025 ₹919 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- RACLGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹97 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹132 Cr | Jun 2026 —
- HITECHGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹277 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹229 Cr | Jun 2026 —
- ZFSTEERING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹109 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹174 Cr | Jun 2026 ₹143 Cr

### 20-quarter Revenue growth history
- 538992: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 113% | Mar 2024 46% | Jun 2024 0.5% | Sep 2024 -16% | Dec 2024 -38% | Mar 2025 -57% | Jun 2025 -40% | Sep 2025 -45% | Dec 2025 1.7% | Mar 2026 164% | Jun 2026 —
- JTEKTINDIA: Sep 2021 8.5% | Dec 2021 -4.4% | Mar 2022 0.0% | Jun 2022 47% | Sep 2022 48% | Dec 2022 14% | Mar 2023 13% | Jun 2023 1.3% | Sep 2023 2.3% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 51% | Dec 2022 21% | Mar 2023 18% | Jun 2023 22% | Sep 2023 24% | Dec 2023 9.6% | Mar 2024 25% | Jun 2024 15% | Sep 2024 15% | Dec 2024 25% | Mar 2025 -0.7% | Jun 2025 -2.9% | Sep 2025 -15% | Dec 2025 -26% | Mar 2026 -12% | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 37% | Jun 2024 39% | Sep 2024 39% | Dec 2024 61% | Mar 2025 5.6% | Jun 2025 7.7% | Sep 2025 8.2% | Dec 2025 21% | Mar 2026 16% | Jun 2026 —
- RACLGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 12% | Jun 2024 24% | Sep 2024 3.9% | Dec 2024 0.0% | Mar 2025 -18% | Jun 2025 -7.3% | Sep 2025 13% | Dec 2025 21% | Mar 2026 52% | Jun 2026 —
- HITECHGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.5% | Mar 2024 0.1% | Jun 2024 -1.1% | Sep 2024 -13% | Dec 2024 -25% | Mar 2025 -25% | Jun 2025 -17% | Sep 2025 -2.3% | Dec 2025 9.0% | Mar 2026 6.4% | Jun 2026 —
- ZFSTEERING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.3% | Mar 2024 -0.9% | Jun 2024 5.8% | Sep 2024 -6.7% | Dec 2024 3.5% | Mar 2025 10% | Jun 2025 3.9% | Sep 2025 9.0% | Dec 2025 21% | Mar 2026 27% | Jun 2026 7.5%

## Operating Economics & Margin Trend

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

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.

Evidence: RACL Geartech Ltd · 22% | 22.2% versus #2 · Shanthi Gears Ltd | 3/8 recent comparable periods | 7/7 companies · 124 observations

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

### OPM — highest
1. RACL Geartech Ltd (RACLGEAR): 22%
2. Shanthi Gears Ltd (SHANTIGEAR): 18%
3. Sar Auto Products Ltd (538992): 12%
4. The Hi-Tech Gears Ltd (HITECHGEAR): 11%
5. JTEKT India Ltd (JTEKTINDIA): 10% — older report

### Margin change — fastest expanders
1. JTEKT India Ltd (JTEKTINDIA): 0.0 pp — older report
2. RACL Geartech Ltd (RACLGEAR): 0.0 pp
3. Rane (Madras) Ltd (RML): 0.0 pp
4. Sar Auto Products Ltd (538992): −0.2 pp
5. Shanthi Gears Ltd (SHANTIGEAR): −2.0 pp

### 20-quarter OPM history
- 538992: Sep 2021 12% | Dec 2021 20% | Mar 2022 19% | Jun 2022 19% | Sep 2022 25% | Dec 2022 19% | Mar 2023 5.4% | Jun 2023 12% | Sep 2023 10% | Dec 2023 10% | Mar 2024 6.1% | Jun 2024 15% | Sep 2024 14% | Dec 2024 12% | Mar 2025 12% | Jun 2025 17% | Sep 2025 17% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- JTEKTINDIA: Sep 2021 8.0% | Dec 2021 9.0% | Mar 2022 9.0% | Jun 2022 8.0% | Sep 2022 10% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 7.0% | Sep 2023 10% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 16% | Dec 2021 18% | Mar 2022 18% | Jun 2022 18% | Sep 2022 20% | Dec 2022 20% | Mar 2023 22% | Jun 2023 19% | Sep 2023 21% | Dec 2023 19% | Mar 2024 17% | Jun 2024 21% | Sep 2024 22% | Dec 2024 22% | Mar 2025 20% | Jun 2025 23% | Sep 2025 20% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- RML: Sep 2021 4.5% | Dec 2021 2.8% | Mar 2022 5.3% | Jun 2022 5.3% | Sep 2022 5.6% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 5.0% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- RACLGEAR: Sep 2021 22% | Dec 2021 22% | Mar 2022 18% | Jun 2022 19% | Sep 2022 23% | Dec 2022 24% | Mar 2023 24% | Jun 2023 25% | Sep 2023 23% | Dec 2023 24% | Mar 2024 22% | Jun 2024 18% | Sep 2024 19% | Dec 2024 21% | Mar 2025 22% | Jun 2025 19% | Sep 2025 20% | Dec 2025 23% | Mar 2026 22% | Jun 2026 —
- HITECHGEAR: Sep 2021 8.0% | Dec 2021 2.7% | Mar 2022 12% | Jun 2022 11% | Sep 2022 12% | Dec 2022 14% | Mar 2023 12% | Jun 2023 13% | Sep 2023 12% | Dec 2023 15% | Mar 2024 14% | Jun 2024 16% | Sep 2024 14% | Dec 2024 13% | Mar 2025 15% | Jun 2025 12% | Sep 2025 12% | Dec 2025 9.8% | Mar 2026 11% | Jun 2026 —
- ZFSTEERING: Sep 2021 10% | Dec 2021 13% | Mar 2022 16% | Jun 2022 16% | Sep 2022 10% | Dec 2022 10% | Mar 2023 13% | Jun 2023 15% | Sep 2023 11% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 13% | Sep 2024 10% | Dec 2024 9.0% | Mar 2025 11% | Jun 2025 14% | Sep 2025 10% | Dec 2025 16% | Mar 2026 12% | Jun 2026 9.0%

### 20-quarter Margin change history
- 538992: Sep 2021 −9.3 pp | Dec 2021 −1.0 pp | Mar 2022 −7.1 pp | Jun 2022 −4.0 pp | Sep 2022 +13.9 pp | Dec 2022 −1.2 pp | Mar 2023 −13.1 pp | Jun 2023 −6.8 pp | Sep 2023 −15.0 pp | Dec 2023 −8.9 pp | Mar 2024 +0.7 pp | Jun 2024 +2.8 pp | Sep 2024 +3.4 pp | Dec 2024 +1.4 pp | Mar 2025 +5.6 pp | Jun 2025 +1.5 pp | Sep 2025 +3.6 pp | Dec 2025 +0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- JTEKTINDIA: Sep 2021 −1.0 pp | Dec 2021 −1.0 pp | Mar 2022 −3.0 pp | Jun 2022 +2.0 pp | Sep 2022 +2.0 pp | Dec 2022 −1.0 pp | Mar 2023 +1.0 pp | Jun 2023 −1.0 pp | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 +0.5 pp | Dec 2021 +2.1 pp | Mar 2022 +1.8 pp | Jun 2022 +0.4 pp | Sep 2022 +3.7 pp | Dec 2022 +1.7 pp | Mar 2023 +3.8 pp | Jun 2023 +0.7 pp | Sep 2023 +0.8 pp | Dec 2023 −1.0 pp | Mar 2024 −5.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- RML: Sep 2021 +0.5 pp | Dec 2021 −4.6 pp | Mar 2022 +3.2 pp | Jun 2022 +4.0 pp | Sep 2022 +1.1 pp | Dec 2022 +4.2 pp | Mar 2023 +3.7 pp | Jun 2023 +1.7 pp | Sep 2023 −0.6 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- RACLGEAR: Sep 2021 −2.9 pp | Dec 2021 −5.2 pp | Mar 2022 −7.5 pp | Jun 2022 −3.4 pp | Sep 2022 +0.9 pp | Dec 2022 +2.5 pp | Mar 2023 +5.9 pp | Jun 2023 +5.8 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −7.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- HITECHGEAR: Sep 2021 −5.6 pp | Dec 2021 −8.2 pp | Mar 2022 −4.6 pp | Jun 2022 +0.6 pp | Sep 2022 +4.4 pp | Dec 2022 +11.0 pp | Mar 2023 −0.4 pp | Jun 2023 +1.8 pp | Sep 2023 +0.0 pp | Dec 2023 +1.3 pp | Mar 2024 +2.7 pp | Jun 2024 +3.1 pp | Sep 2024 +1.9 pp | Dec 2024 −2.0 pp | Mar 2025 +1.2 pp | Jun 2025 −3.6 pp | Sep 2025 −2.7 pp | Dec 2025 −3.1 pp | Mar 2026 −4.4 pp | Jun 2026 —
- ZFSTEERING: Sep 2021 +7.9 pp | Dec 2021 +1.5 pp | Mar 2022 +1.7 pp | Jun 2022 +6.3 pp | Sep 2022 −0.1 pp | Dec 2022 −3.4 pp | Mar 2023 −3.1 pp | Jun 2023 −1.5 pp | Sep 2023 +0.8 pp | Dec 2023 −1.1 pp | Mar 2024 −3.7 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +7.0 pp | Mar 2026 +1.0 pp | Jun 2026 −5.0 pp

## Profit Scale & Acceleration

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.

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.

Evidence: Rane (Madras) Ltd · ₹108 crore | 20% versus #2 · JTEKT India Ltd | 4/8 recent comparable periods | 7/7 companies · 99 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. Rane (Madras) Ltd (RML): ₹108 Cr
2. JTEKT India Ltd (JTEKTINDIA): ₹90 Cr — older report
3. Shanthi Gears Ltd (SHANTIGEAR): ₹77 Cr
4. RACL Geartech Ltd (RACLGEAR): ₹48 Cr
5. The Hi-Tech Gears Ltd (HITECHGEAR): ₹21 Cr

### Profit growth — fastest growers
1. RACL Geartech Ltd (RACLGEAR): 100%
2. Rane (Madras) Ltd (RML): 100%
3. Z F Steering Gear (India) Ltd (ZFSTEERING): 67%
4. JTEKT India Ltd (JTEKTINDIA): 17% — older report
5. Shanthi Gears Ltd (SHANTIGEAR): -20%

### 20-quarter Net profit history
- 538992: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- JTEKTINDIA: Sep 2021 ₹11 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹30 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 ₹8 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- RACLGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- HITECHGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ZFSTEERING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹11 Cr

### 20-quarter Profit growth history
- 538992: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 104% | Mar 2024 — | Jun 2024 -3.2% | Sep 2024 -24% | Dec 2024 -69% | Mar 2025 — | Jun 2025 -60% | Sep 2025 -56% | Dec 2025 40% | Mar 2026 — | Jun 2026 —
- JTEKTINDIA: Sep 2021 22% | Dec 2021 -5.9% | Mar 2022 -44% | Jun 2022 — | Sep 2022 173% | Dec 2022 -6.3% | Mar 2023 73% | Jun 2023 19% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 113% | Dec 2022 29% | Mar 2023 58% | Jun 2023 38% | Sep 2023 24% | Dec 2023 -5.6% | Mar 2024 37% | Jun 2024 22% | Sep 2024 24% | Dec 2024 53% | Mar 2025 -15% | Jun 2025 4.6% | Sep 2025 -15% | Dec 2025 -38% | Mar 2026 -27% | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -63% | Mar 2024 10% | Jun 2024 — | Sep 2024 -11% | Dec 2024 -100% | Mar 2025 -36% | Jun 2025 27% | Sep 2025 31% | Dec 2025 — | Mar 2026 429% | Jun 2026 —
- RACLGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -20% | Jun 2024 -56% | Sep 2024 -30% | Dec 2024 -42% | Mar 2025 -25% | Jun 2025 100% | Sep 2025 71% | Dec 2025 129% | Mar 2026 100% | Jun 2026 —
- HITECHGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 480% | Mar 2024 7.2% | Jun 2024 53% | Sep 2024 -87% | Dec 2024 -54% | Mar 2025 -45% | Jun 2025 -58% | Sep 2025 -37% | Dec 2025 -87% | Mar 2026 -17% | Jun 2026 —
- ZFSTEERING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 158% | Mar 2024 -20% | Jun 2024 -17% | Sep 2024 -85% | Dec 2024 -118% | Mar 2025 -75% | Jun 2025 -30% | Sep 2025 -200% | Dec 2025 — | Mar 2026 -150% | Jun 2026 57%

## 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 | 0/7 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: 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.

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: Shanthi Gears Ltd · ₹0 crore | 100% versus #2 · Sar Auto Products Ltd | Not enough history | 7/7 companies · 65 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. Shanthi Gears Ltd (SHANTIGEAR): ₹0 Cr
2. Sar Auto Products Ltd (538992): ₹26 Cr
3. JTEKT India Ltd (JTEKTINDIA): ₹69 Cr — older report
4. Z F Steering Gear (India) Ltd (ZFSTEERING): ₹106 Cr
5. The Hi-Tech Gears Ltd (HITECHGEAR): ₹183 Cr

### Net debt — lowest net debt
1. The Hi-Tech Gears Ltd (HITECHGEAR): ₹148 Cr
2. RACL Geartech Ltd (RACLGEAR): ₹222 Cr

### 20-quarter Gross debt history
- 538992: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹16 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹19 Cr | Dec 2025 — | Mar 2026 ₹26 Cr | Jun 2026 —
- JTEKTINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹71 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹62 Cr | Jun 2023 — | Sep 2023 ₹69 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 ₹585 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹668 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹851 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹813 Cr | Jun 2025 — | Sep 2025 ₹832 Cr | Dec 2025 — | Mar 2026 ₹752 Cr | Jun 2026 —
- RACLGEAR: Sep 2021 ₹149 Cr | Dec 2021 ₹149 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹252 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹314 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹236 Cr | Jun 2026 —
- HITECHGEAR: Sep 2021 ₹501 Cr | Dec 2021 ₹501 Cr | Mar 2022 ₹471 Cr | Jun 2022 ₹471 Cr | Sep 2022 ₹452 Cr | Dec 2022 ₹452 Cr | Mar 2023 ₹457 Cr | Jun 2023 ₹457 Cr | Sep 2023 ₹344 Cr | Dec 2023 ₹344 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹183 Cr | Jun 2026 —
- ZFSTEERING: Sep 2021 — | Dec 2021 — | Mar 2022 ₹34 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹77 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹100 Cr | Jun 2025 — | Sep 2025 ₹109 Cr | Dec 2025 — | Mar 2026 ₹106 Cr | Jun 2026 —

### 20-quarter Net debt history
- RACLGEAR: Sep 2021 ₹148 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹200 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹317 Cr | Dec 2024 ₹317 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- HITECHGEAR: Sep 2021 ₹422 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹394 Cr | Jun 2022 ₹394 Cr | Sep 2022 ₹391 Cr | Dec 2022 ₹391 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹377 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹148 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Shanthi Gears Ltd · 25.6% | 50.6% versus #2 · RACL Geartech Ltd | 2/8 recent comparable periods | 7/7 companies · 45 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. Shanthi Gears Ltd (SHANTIGEAR): 26%
2. RACL Geartech Ltd (RACLGEAR): 17%
3. JTEKT India Ltd (JTEKTINDIA): 16% — older report
4. Rane (Madras) Ltd (RML): 14%
5. The Hi-Tech Gears Ltd (HITECHGEAR): 6.9%

### ROCE change — fastest improvers
1. JTEKT India Ltd (JTEKTINDIA): +7.0 pp — older report
2. Rane (Madras) Ltd (RML): +3.0 pp
3. RACL Geartech Ltd (RACLGEAR): +0.5 pp
4. Z F Steering Gear (India) Ltd (ZFSTEERING): 0.0 pp
5. Sar Auto Products Ltd (538992): −0.4 pp

### 20-quarter ROCE history
- SHANTIGEAR: Sep 2021 15% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 28% | Dec 2023 34% | Mar 2024 26% | Jun 2024 35% | Sep 2024 26% | Dec 2024 37% | Mar 2025 29% | Jun 2025 35% | Sep 2025 25% | Dec 2025 28% | Mar 2026 20% | Jun 2026 —
- RACLGEAR: Sep 2021 21% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 29% | Mar 2024 21% | Jun 2024 25% | Sep 2024 18% | Dec 2024 20% | Mar 2025 15% | Jun 2025 20% | Sep 2025 13% | Dec 2025 22% | Mar 2026 16% | Jun 2026 —
- HITECHGEAR: Sep 2021 9.5% | Dec 2021 — | Mar 2022 4.6% | Jun 2022 — | Sep 2022 6.3% | Dec 2022 — | Mar 2023 9.9% | Jun 2023 — | Sep 2023 12% | Dec 2023 28% | Mar 2024 15% | Jun 2024 30% | Sep 2024 15% | Dec 2024 15% | Mar 2025 12% | Jun 2025 12% | Sep 2025 7.8% | Dec 2025 8.8% | Mar 2026 5.2% | Jun 2026 —

### 20-quarter ROCE change history
- SHANTIGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.7 pp | Dec 2022 — | Mar 2023 +6.6 pp | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 −1.4 pp | Dec 2024 +2.8 pp | Mar 2025 +2.9 pp | Jun 2025 −0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −9.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- RACLGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 +4.4 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −5.5 pp | Dec 2024 −9.0 pp | Mar 2025 −6.0 pp | Jun 2025 −5.1 pp | Sep 2025 −5.2 pp | Dec 2025 +1.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- HITECHGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 — | Mar 2023 +5.3 pp | Jun 2023 — | Sep 2023 +5.9 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 −12.7 pp | Mar 2025 −3.1 pp | Jun 2025 −18.5 pp | Sep 2025 −7.3 pp | Dec 2025 −6.0 pp | Mar 2026 −6.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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: Shanthi Gears Ltd · 3.18× | Not enough peers | 0/8 recent comparable periods | 1/7 companies · 12 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. Shanthi Gears Ltd (SHANTIGEAR): 3.2

### P/E — lowest P/E
1. Rane (Madras) Ltd (RML): 28.6
2. Z F Steering Gear (India) Ltd (ZFSTEERING): 31.2
3. RACL Geartech Ltd (RACLGEAR): 31.6
4. Shanthi Gears Ltd (SHANTIGEAR): 40.2
5. JTEKT India Ltd (JTEKTINDIA): 46.5 — older report

### 20-quarter Guarded PEG history
- SHANTIGEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.2 | Dec 2022 1.7 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 2.1 | Jun 2024 2.4 | Sep 2024 3.0 | Dec 2024 2.3 | Mar 2025 1.2 | Jun 2025 2.3 | Sep 2025 3.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 538992: Sep 2021 231.3 | Dec 2021 187.1 | Mar 2022 182.7 | Jun 2022 207.7 | Sep 2022 356.0 | Dec 2022 299.2 | Mar 2023 356.0 | Jun 2023 738.3 | Sep 2023 698.2 | Dec 2023 1,200.0 | Mar 2024 993.2 | Jun 2024 905.4 | Sep 2024 803.7 | Dec 2024 863.3 | Mar 2025 1,341.6 | Jun 2025 1,034.0 | Sep 2025 2,323.2 | Dec 2025 2,270.2 | Mar 2026 2,250.0 | Jun 2026 —
- JTEKTINDIA: Sep 2021 57.9 | Dec 2021 48.8 | Mar 2022 39.7 | Jun 2022 55.7 | Sep 2022 47.2 | Dec 2022 52.2 | Mar 2023 35.9 | Jun 2023 44.6 | Sep 2023 48.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 40.9 | Dec 2021 33.8 | Mar 2022 36.1 | Jun 2022 38.2 | Sep 2022 53.6 | Dec 2022 47.3 | Mar 2023 47.1 | Jun 2023 53.9 | Sep 2023 48.9 | Dec 2023 60.5 | Mar 2024 55.9 | Jun 2024 55.1 | Sep 2024 57.9 | Dec 2024 42.4 | Mar 2025 36.4 | Jun 2025 39.3 | Sep 2025 41.8 | Dec 2025 38.8 | Mar 2026 39.3 | Jun 2026 —
- RML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 34.2 | Jun 2023 31.6 | Sep 2023 33.9 | Dec 2023 9.1 | Mar 2024 8.5 | Jun 2024 10.8 | Sep 2024 13.6 | Dec 2024 26.0 | Mar 2025 22.4 | Jun 2025 39.7 | Sep 2025 39.2 | Dec 2025 41.5 | Mar 2026 22.0 | Jun 2026 —
- RACLGEAR: Sep 2021 19.7 | Dec 2021 25.1 | Mar 2022 23.6 | Jun 2022 23.6 | Sep 2022 21.5 | Dec 2022 28.4 | Mar 2023 30.0 | Jun 2023 34.8 | Sep 2023 30.3 | Dec 2023 31.0 | Mar 2024 31.4 | Jun 2024 31.5 | Sep 2024 29.6 | Dec 2024 29.9 | Mar 2025 31.5 | Jun 2025 40.7 | Sep 2025 43.9 | Dec 2025 40.4 | Mar 2026 33.2 | Jun 2026 —
- HITECHGEAR: Sep 2021 10.6 | Dec 2021 13.9 | Mar 2022 23.6 | Jun 2022 20.2 | Sep 2022 182.0 | Dec 2022 27.3 | Mar 2023 26.8 | Jun 2023 30.4 | Sep 2023 20.8 | Dec 2023 24.6 | Mar 2024 30.5 | Jun 2024 37.6 | Sep 2024 30.5 | Dec 2024 26.8 | Mar 2025 23.5 | Jun 2025 34.6 | Sep 2025 44.0 | Dec 2025 45.6 | Mar 2026 47.3 | Jun 2026 —
- ZFSTEERING: Sep 2021 8.8 | Dec 2021 9.6 | Mar 2022 8.7 | Jun 2022 8.9 | Sep 2022 27.1 | Dec 2022 24.6 | Mar 2023 22.1 | Jun 2023 23.0 | Sep 2023 22.1 | Dec 2023 18.9 | Mar 2024 16.4 | Jun 2024 23.7 | Sep 2024 35.2 | Dec 2024 42.3 | Mar 2025 46.4 | Jun 2025 70.5 | Sep 2025 73.8 | Dec 2025 64.4 | Mar 2026 28.8 | Jun 2026 38.7

## Enterprise Value & Book Value

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×.

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: Rane (Madras) Ltd · 7.7× | 8.3% versus #2 · Z F Steering Gear (India) Ltd | 0/8 recent comparable periods | 7/7 companies · 123 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. Rane (Madras) Ltd (RML): 7.7
2. Z F Steering Gear (India) Ltd (ZFSTEERING): 8.4
3. The Hi-Tech Gears Ltd (HITECHGEAR): 9.9
4. RACL Geartech Ltd (RACLGEAR): 14.5
5. JTEKT India Ltd (JTEKTINDIA): 20.2 — older report

### P/BV — lowest P/BV
1. Z F Steering Gear (India) Ltd (ZFSTEERING): 1.3
2. The Hi-Tech Gears Ltd (HITECHGEAR): 2.1
3. Rane (Madras) Ltd (RML): 4.2
4. RACL Geartech Ltd (RACLGEAR): 4.4
5. JTEKT India Ltd (JTEKTINDIA): 4.8 — older report

### 20-quarter EV/EBITDA history
- 538992: Sep 2021 93.7 | Dec 2021 81.8 | Mar 2022 83.0 | Jun 2022 91.8 | Sep 2022 138.7 | Dec 2022 137.5 | Mar 2023 163.5 | Jun 2023 199.2 | Sep 2023 233.4 | Dec 2023 357.0 | Mar 2024 379.6 | Jun 2024 382.3 | Sep 2024 313.3 | Dec 2024 289.4 | Mar 2025 308.5 | Jun 2025 238.0 | Sep 2025 334.6 | Dec 2025 328.9 | Mar 2026 326.0 | Jun 2026 —
- JTEKTINDIA: Sep 2021 17.5 | Dec 2021 15.4 | Mar 2022 12.6 | Jun 2022 16.0 | Sep 2022 17.1 | Dec 2022 21.2 | Mar 2023 14.4 | Jun 2023 19.0 | Sep 2023 20.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 24.6 | Dec 2021 20.5 | Mar 2022 22.9 | Jun 2022 22.7 | Sep 2022 32.6 | Dec 2022 29.6 | Mar 2023 29.6 | Jun 2023 35.1 | Sep 2023 31.7 | Dec 2023 39.9 | Mar 2024 36.5 | Jun 2024 36.1 | Sep 2024 38.8 | Dec 2024 28.8 | Mar 2025 24.9 | Jun 2025 26.3 | Sep 2025 27.4 | Dec 2025 25.0 | Mar 2026 24.9 | Jun 2026 —
- RML: Sep 2021 13.8 | Dec 2021 13.1 | Mar 2022 18.4 | Jun 2022 13.1 | Sep 2022 12.4 | Dec 2022 11.5 | Mar 2023 7.3 | Jun 2023 8.8 | Sep 2023 9.9 | Dec 2023 9.2 | Mar 2024 9.3 | Jun 2024 10.4 | Sep 2024 12.3 | Dec 2024 8.2 | Mar 2025 6.2 | Jun 2025 11.2 | Sep 2025 9.9 | Dec 2025 9.4 | Mar 2026 7.7 | Jun 2026 —
- RACLGEAR: Sep 2021 10.0 | Dec 2021 12.9 | Mar 2022 11.9 | Jun 2022 11.0 | Sep 2022 11.2 | Dec 2022 13.8 | Mar 2023 13.9 | Jun 2023 16.2 | Sep 2023 14.8 | Dec 2023 15.3 | Mar 2024 15.1 | Jun 2024 14.2 | Sep 2024 13.3 | Dec 2024 12.8 | Mar 2025 12.1 | Jun 2025 14.6 | Sep 2025 16.3 | Dec 2025 15.5 | Mar 2026 14.5 | Jun 2026 —
- HITECHGEAR: Sep 2021 6.2 | Dec 2021 7.9 | Mar 2022 8.6 | Jun 2022 7.7 | Sep 2022 7.7 | Dec 2022 7.3 | Mar 2023 5.7 | Jun 2023 7.3 | Sep 2023 6.9 | Dec 2023 7.8 | Mar 2024 11.5 | Jun 2024 13.8 | Sep 2024 11.2 | Dec 2024 10.3 | Mar 2025 8.8 | Jun 2025 11.1 | Sep 2025 11.7 | Dec 2025 11.4 | Mar 2026 9.9 | Jun 2026 —
- ZFSTEERING: Sep 2021 6.6 | Dec 2021 7.2 | Mar 2022 6.5 | Jun 2022 — | Sep 2022 8.5 | Dec 2022 7.7 | Mar 2023 6.7 | Jun 2023 8.8 | Sep 2023 9.3 | Dec 2023 9.4 | Mar 2024 8.8 | Jun 2024 12.5 | Sep 2024 18.1 | Dec 2024 17.1 | Mar 2025 13.6 | Jun 2025 15.2 | Sep 2025 14.2 | Dec 2025 11.3 | Mar 2026 8.0 | Jun 2026 8.4

### 20-quarter P/BV history
- 538992: Sep 2021 15.3 | Dec 2021 14.2 | Mar 2022 15.6 | Jun 2022 16.6 | Sep 2022 20.5 | Dec 2022 22.9 | Mar 2023 27.8 | Jun 2023 29.8 | Sep 2023 35.1 | Dec 2023 47.2 | Mar 2024 54.3 | Jun 2024 66.6 | Sep 2024 54.7 | Dec 2024 51.7 | Mar 2025 54.4 | Jun 2025 43.5 | Sep 2025 56.3 | Dec 2025 54.2 | Mar 2026 53.7 | Jun 2026 —
- JTEKTINDIA: Sep 2021 4.7 | Dec 2021 4.0 | Mar 2022 3.2 | Jun 2022 3.7 | Sep 2022 4.1 | Dec 2022 5.9 | Mar 2023 4.3 | Jun 2023 5.9 | Sep 2023 5.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTIGEAR: Sep 2021 5.6 | Dec 2021 4.5 | Mar 2022 5.7 | Jun 2022 6.8 | Sep 2022 8.8 | Dec 2022 9.1 | Mar 2023 10.8 | Jun 2023 13.9 | Sep 2023 11.6 | Dec 2023 14.1 | Mar 2024 13.0 | Jun 2024 15.0 | Sep 2024 14.4 | Dec 2024 10.2 | Mar 2025 9.6 | Jun 2025 10.9 | Sep 2025 10.1 | Dec 2025 8.4 | Mar 2026 7.7 | Jun 2026 —
- RML: Sep 2021 3.1 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 2.1 | Sep 2022 2.6 | Dec 2022 2.8 | Mar 2023 2.9 | Jun 2023 5.2 | Sep 2023 6.1 | Dec 2023 5.2 | Mar 2024 4.4 | Jun 2024 5.8 | Sep 2024 2.9 | Dec 2024 5.5 | Mar 2025 4.0 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 3.2 | Mar 2026 2.7 | Jun 2026 —
- RACLGEAR: Sep 2021 4.9 | Dec 2021 5.8 | Mar 2022 5.2 | Jun 2022 5.2 | Sep 2022 3.7 | Dec 2022 5.5 | Mar 2023 7.5 | Jun 2023 9.9 | Sep 2023 7.3 | Dec 2023 6.8 | Mar 2024 6.9 | Jun 2024 7.4 | Sep 2024 5.0 | Dec 2024 4.4 | Mar 2025 3.8 | Jun 2025 4.7 | Sep 2025 5.2 | Dec 2025 4.3 | Mar 2026 4.5 | Jun 2026 —
- HITECHGEAR: Sep 2021 1.8 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 3.3 | Jun 2024 5.2 | Sep 2024 3.5 | Dec 2024 3.1 | Mar 2025 2.3 | Jun 2025 3.0 | Sep 2025 2.9 | Dec 2025 2.6 | Mar 2026 2.1 | Jun 2026 —
- ZFSTEERING: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 — | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 2.5 | Sep 2024 3.2 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 1.4 | Mar 2026 1.2 | Jun 2026 1.3

## Market action

Sar Auto Products Ltd has the strongest one-year price move in Auto Ancillaries - Gears at +120.2%. It also leads on Mansfield relative strength against NIFTY at +67.9%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Sar Auto Products Ltd (538992): 120%
2. RACL Geartech Ltd (RACLGEAR): 45%
3. Rane (Madras) Ltd (RML): 27%
4. JTEKT India Ltd (JTEKTINDIA): -5.4%
5. The Hi-Tech Gears Ltd (HITECHGEAR): -13%

### Strongest relative strength versus NIFTY 500
1. Sar Auto Products Ltd (538992): 68%
2. Rane (Madras) Ltd (RML): 34%
3. RACL Geartech Ltd (RACLGEAR): 14%
4. JTEKT India Ltd (JTEKTINDIA): -6.1%
5. Shanthi Gears Ltd (SHANTIGEAR): -11%

## 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.
- 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.

## Every company
- JTEKT India Ltd (JTEKTINDIA) — market value ₹3.7K Cr; latest fundamentals Sep 2023; second-feed figures WITHHELD
- Shanthi Gears Ltd (SHANTIGEAR) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Rane (Madras) Ltd (RML) — market value ₹3.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Sar Auto Products Ltd (538992) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- RACL Geartech Ltd (RACLGEAR) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- The Hi-Tech Gears Ltd (HITECHGEAR) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Z F Steering Gear (India) Ltd (ZFSTEERING) — market value ₹630 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 1. Unverified: 4. Withheld: 2. Graded companies: 7.

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.

- WITHHELD | JTEKTINDIA | JTEKT India Ltd | diff_gt_2pct | disagreement up to 16.6% over 10 comparable periods
- WITHHELD | RML | Rane (Madras) Ltd | diff_gt_2pct | disagreement up to 394.86% over 14 comparable periods

- UNVERIFIED | RACLGEAR | RACL Geartech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HITECHGEAR | The Hi-Tech Gears Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty Auto Ancillaries - 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.

### Is the Auto Ancillaries - Gears sector beating the market?

Auto Ancillaries - Gears has outperformed NIFTY 500 by 10.9% over the last 52 weeks and 10.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 66.3 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 11.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Auto Ancillaries - 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. The sector itself is 10.9% 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-gears