Is the Capital Goods - Electric General sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 11 of 19 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Capital Goods - Electric General Stocks in India
Capital Goods - Electric General: Siemens Ltd owns the largest revenue base; Alpex Solar Ltd has the fastest current growth.
Nifty Capital Goods - Electric General Index — Constituents & Performance
The Capital Goods - Electric General companies below are the listed Indian Capital Goods - Electric General universe this page tracks — the same constituent set people search for as the Nifty Capital Goods - Electric General 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 Capital Goods - Electric General moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 5% behind NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.
LEADER · ahead 17w~Moving with the index8 of 17 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS ↑17w · 12/17 >200d (+2) · 8/17 lead (−7) · EPS 10/17↑
Capital Goods - Electric General, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together8 of 17 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +8 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
2/4−1
Mid
2/6−3
Small
4/7−3
Participation is not spreading downward this month; the larger companies are still carrying most of it.
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 17 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 Capital Goods - Electric General outperforming NIFTY 500?
The 52-week comparison of Capital Goods - Electric General against NIFTY 500 is not available from the current market series. 11 of 19 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Modern Insulators Ltd is the strongest against the sector itself at +75.8%. Readings are as of 2026-07-19.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
11/19Stocks leading NIFTY 500
7/18Stocks leading sector
Sector metric: 55.2 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. 11 of 19 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Siemens Ltd leads with revenue of ₹17,696 crore, based on 19 of 19 comparable companies through Mar 2026. Alpex Solar Ltd has the fastest current revenue growth at 100%, across 19 of 19 comparable companies.
Which Capital Goods - Electric General company is largest by revenue?
Siemens Ltd leads with revenue of ₹17,696 crore, based on 19 of 19 comparable companies through Mar 2026.
Which Capital Goods - Electric General company is growing fastest?
Alpex Solar Ltd has the fastest current revenue growth at 100%, across 19 of 19 comparable companies.
Which Capital Goods - Electric General company has the strongest 4-Factor Sector Score?
Modison Ltd ranks first at 78.9/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Capital Goods - Electric General company reports the most CAPEX?
Insolation Energy Ltd reports the largest latest CAPEX at ₹124 crore, with 6 of 19 companies comparable.
Which Capital Goods - Electric General company has the least gross debt?
Honda India Power Products Ltd has the lowest comparable gross debt at ₹1 crore. Insolation Energy Ltd has the highest at ₹888 crore.
Which Capital Goods - Electric General company has the lowest comparable PEG?
Insolation Energy Ltd has the lowest comparable Guarded PEG at 0.23, among 4 of 19 companies that pass the metric’s comparability rules.
How much history does this Capital Goods - Electric General 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
19
complete canonical membership
Combined market value
₹1.8 L Cr
Siemens Ltd
Revenue growing
19/19
positive TTM year-on-year growth
Beating NIFTY 500
11/19
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%
Modison Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.8% evidence confidence.
Exicom Tele-Systems Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
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. Modison Ltd · MODISONLTD
78.9/100 · Favorable setup · 83% evidence
Exact sum: 29.2 + 17.4 + 12.8 + 19.5 = 78.9
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
29.2/35Growth & earnings
Revenue 45.2% · PAT 100% · OPM change 13 pp
83% evidence
17.4/25Capital efficiency
ROCE 31% · debt/equity 0.64×
95% evidence
12.8/20Valuation
P/E 11.4× · PEG —
50% evidence
19.5/20Relative strength
RS sector 45.7% · RS bench 67.3% · 1Y 64.7%
100% evidence
2. Rishabh Instruments Ltd · RISHABH
70.5/100 · Favorable setup · 86% evidence
Exact sum: 25.9 + 17.8 + 10.9 + 15.9 = 70.5
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
25.9/35Growth & earnings
Revenue 7.8% · PAT 100% · OPM change 7 pp
88% evidence
17.8/25Capital efficiency
ROCE 14.5% · debt/equity 0.11×
100% evidence
10.9/20Valuation
P/E 29.5× · PEG —
50% evidence
15.9/20Relative strength
RS sector 28.3% · RS bench 49.2% · 1Y 118.8%
100% evidence
3. Modern Insulators Ltd · MODINSULAT
67.5/100 · Favorable setup · 79% evidence
Exact sum: 28 + 18.1 + 7 + 14.4 = 67.5
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
28.0/35Growth & earnings
Revenue 42.7% · PAT 100% · OPM change 5 pp
83% evidence
18.1/25Capital efficiency
ROCE 19.4% · debt/equity 0.13×
80% evidence
7.0/20Valuation
P/E 29.1× · PEG —
50% evidence
14.4/20Relative strength
RS sector 75.8% · RS bench 102.5% · 1Y 393.2%
100% evidence
4. Ravindra Energy Ltd · RELTD
63.4/100 · Mixed-positive evidence · 83% evidence
Exact sum: 28.3 + 12.7 + 8.2 + 14.2 = 63.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28.3/35Growth & earnings
Revenue 100% · PAT 100% · OPM change 8 pp
88% evidence
12.7/25Capital efficiency
ROCE 15.9% · debt/equity 1.19×
100% evidence
8.2/20Valuation
P/E 42.2× · PEG 1.97
65% evidence
14.2/20Relative strength
RS sector 6.9% · RS bench 19.8% · 1Y 32.1%
70% evidence
5. Spectrum Electrical Industries Ltd · SPECTRUM
60.9/100 · Mixed-positive evidence · 96% evidence
Exact sum: 23.7 + 14.9 + 4.3 + 18 = 60.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23.7/35Growth & earnings
Revenue 52% · PAT 92.3% · OPM change 1 pp
88% evidence
14.9/25Capital efficiency
ROCE 16.8% · debt/equity 1.02×
100% evidence
4.3/20Valuation
P/E 80.7× · PEG 9.09
100% evidence
18.0/20Relative strength
RS sector 17.7% · RS bench 37.3% · 1Y 26.7%
100% evidence
6. IKIO Technologies Ltd · IKIO
59.0/100 · Mixed-positive evidence · 75% evidence
Exact sum: 22.1 + 12.2 + 8.5 + 16.2 = 59
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22.1/35Growth & earnings
Revenue 22.4% · PAT 31.3% · OPM change 10 pp
62% evidence
12.2/25Capital efficiency
ROCE 9.5% · debt/equity 0.12×
95% evidence
8.5/20Valuation
P/E 38.2× · PEG —
50% evidence
16.2/20Relative strength
RS sector 6% · RS bench 23.4% · 1Y 4.7%
100% evidence
7. Insolation Energy Ltd · INA
55.1/100 · Mixed-positive evidence · 90% evidence
Exact sum: 18.7 + 13.8 + 19.6 + 3 = 55.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18.7/35Growth & earnings
Revenue 62.7% · PAT 61% · OPM change 0 pp
88% evidence
13.8/25Capital efficiency
ROCE 22.2% · debt/equity 1.1×
100% evidence
19.6/20Valuation
P/E 12.4× · PEG 0.23
100% evidence
3.0/20Relative strength
RS sector -39.8% · RS bench -20.1% · 1Y -54.3%
70% evidence
8. Alpex Solar Ltd · ALPEXSOLAR
52.3/100 · Mixed-positive evidence · 70% evidence
Exact sum: 17.6 + 15.7 + 11.5 + 7.5 = 52.3
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17.6/35Growth & earnings
Revenue 100% · PAT 100% · OPM change -3 pp
83% evidence
15.7/25Capital efficiency
ROCE 43.5% · debt/equity 0.96×
95% evidence
11.5/20Valuation
P/E 10.6× · PEG —
15% evidence
7.5/20Relative strength
RS sector -2.9% · RS bench -15.9% · 1Y -26.1%
70% evidence
9. Kirloskar Electric Company Ltd · KECL
49.5/100 · Mixed-negative evidence · 68% evidence
Exact sum: 21.5 + 12.6 + 8.9 + 6.5 = 49.5
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.5/35Growth & earnings
Revenue 8.4% · PAT 100% · OPM change 3.4 pp
62% evidence
12.6/25Capital efficiency
ROCE 14.6% · debt/equity 0.76×
95% evidence
8.9/20Valuation
P/E 95.1× · PEG —
15% evidence
6.5/20Relative strength
RS sector -6.3% · RS bench 9% · 1Y -13.3%
100% evidence
10. Swelect Energy Systems Ltd · SWELECTES
48.9/100 · Mixed-negative evidence · 70% evidence
Exact sum: 21.8 + 9.3 + 10.8 + 7 = 48.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.8/35Growth & earnings
Revenue 5.6% · PAT 100% · OPM change 5 pp
83% evidence
9.3/25Capital efficiency
ROCE 8% · debt/equity 0.87×
95% evidence
10.8/20Valuation
P/E 19.6× · PEG —
15% evidence
7.0/20Relative strength
RS sector -4.4% · RS bench -8.2% · 1Y 5.1%
70% evidence
11. Siemens Ltd · SIEMENS
48.1/100 · Mixed-negative evidence · 79% evidence
Exact sum: 16.1 + 18.7 + 7.2 + 6.1 = 48.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16.1/35Growth & earnings
Revenue 13.4% · PAT -40.3% · OPM change -1 pp
83% evidence
18.7/25Capital efficiency
ROCE 21.4% · debt/equity 0.02×
80% evidence
7.2/20Valuation
P/E 46.8× · PEG —
50% evidence
6.1/20Relative strength
RS sector -6.1% · RS bench 10% · 1Y 17%
100% evidence
12. Servotech Renewable Power System Ltd · SERVOTECH
45.2/100 · Mixed-negative evidence · 83% evidence
Exact sum: 13.7 + 11.8 + 11.5 + 8.2 = 45.2
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13.7/35Growth & earnings
Revenue 7.4% · PAT 7.5% · OPM change 1.9 pp
95% evidence
11.8/25Capital efficiency
ROCE 12.8% · debt/equity 0.73×
80% evidence
11.5/20Valuation
P/E 57.7× · PEG —
50% evidence
8.2/20Relative strength
RS sector -12.6% · RS bench 1.2% · 1Y -31.2%
100% evidence
13. Exicom Tele-Systems Ltd · EXICOM
44.6/100 · Mixed-negative evidence · 68% evidence
Exact sum: 16.4 + 1.6 + 10 + 16.6 = 44.6
Decision use: Price leads the evidence: RS versus the benchmark is 25.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16.4/35Growth & earnings
Revenue 32.7% · PAT -80% · OPM change 6 pp
65% evidence
1.6/25Capital efficiency
ROCE -14.7% · debt/equity 1.09×
100% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
16.6/20Relative strength
RS sector 8.8% · RS bench 25.7% · 1Y -8.1%
100% evidence
14. V-Guard Industries Ltd · VGUARD
43.4/100 · Mixed-negative evidence · 93% evidence
Exact sum: 13.6 + 17.9 + 9.4 + 2.5 = 43.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13.6/35Growth & earnings
Revenue 7% · PAT -1.6% · OPM change 1 pp
83% evidence
17.9/25Capital efficiency
ROCE 18.4% · debt/equity 0.07×
95% evidence
9.4/20Valuation
P/E 39.5× · PEG 2.51
100% evidence
2.5/20Relative strength
RS sector -24.8% · RS bench -11.6% · 1Y -25.9%
100% evidence
15. Honda India Power Products Ltd · HONDAPOWER
39.4/100 · Mixed-negative evidence · 77% evidence
Exact sum: 12.3 + 12.4 + 7.6 + 7.1 = 39.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12.3/35Growth & earnings
Revenue 9.1% · PAT -20% · OPM change -5 pp
83% evidence
12.4/25Capital efficiency
ROCE 11.5% · debt/equity 0×
95% evidence
7.6/20Valuation
P/E 29.5× · PEG —
50% evidence
7.1/20Relative strength
RS sector -4% · RS bench -12% · 1Y -29%
70% evidence
16. HPL Electric & Power Ltd · HPL
39.2/100 · Mixed-negative evidence · 77% evidence
Exact sum: 11.2 + 13.4 + 10.4 + 4.2 = 39.2
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11.2/35Growth & earnings
Revenue 6.5% · PAT -3.2% · OPM change 0 pp
83% evidence
13.4/25Capital efficiency
ROCE 13.5% · debt/equity 0.76×
95% evidence
10.4/20Valuation
P/E 22.6× · PEG —
50% evidence
4.2/20Relative strength
RS sector -22.8% · RS bench -13.8% · 1Y -43.3%
70% evidence
17. Salzer Electronics Ltd · SALZERELEC
38.0/100 · Mixed-negative evidence · 77% evidence
Exact sum: 14.5 + 8.8 + 10.1 + 4.6 = 38
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14.5/35Growth & earnings
Revenue 24% · PAT -22.1% · OPM change -1 pp
83% evidence
8.8/25Capital efficiency
ROCE 11.5% · debt/equity 0.9×
95% evidence
10.1/20Valuation
P/E 19.2× · PEG —
50% evidence
4.6/20Relative strength
RS sector -19.7% · RS bench -16.9% · 1Y -31.4%
70% evidence
18. Focus Lighting & Fixtures Ltd · FOCUS
35.1/100 · Mixed-negative evidence · 61% evidence
Exact sum: 7.2 + 10.2 + 8.7 + 9 = 35.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7.2/35Growth & earnings
Revenue 2.4% · PAT -66.6% · OPM change 0.9 pp
83% evidence
10.2/25Capital efficiency
ROCE 5.5% · debt/equity 0.14×
95% evidence
8.7/20Valuation
P/E 96.1× · PEG —
15% evidence
9.0/20Relative strength
RS sector — · RS bench -3.4% · 1Y —
25% evidence
19. Igarashi Motors India Ltd · IGARASHI
33.3/100 · Adverse evidence · 70% evidence
Exact sum: 8 + 9.5 + 8.5 + 7.3 = 33.3
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8.0/35Growth & earnings
Revenue 3.3% · PAT -49.8% · OPM change -1.9 pp
83% evidence
9.5/25Capital efficiency
ROCE 4.6% · debt/equity 0.31×
95% evidence
8.5/20Valuation
P/E 118× · PEG —
15% evidence
7.3/20Relative strength
RS sector -19.7% · RS bench 4.2% · 1Y -24.4%
70% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Siemens Ltd has the highest Revenue among the 19 Capital Goods - Electric General companies compared here, at ₹17,696 crore. V-Guard Industries Ltd is next at ₹5,966 crore. Alpex Solar Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Siemens Ltd is the scale leader at ₹17,696 crore, 196.6% ahead of V-Guard Industries Ltd. Alpex Solar Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 185% from a ₹2,223 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderSiemens Ltd · ₹17,696 crore
Gap196.6% versus #2 · V-Guard Industries Ltd
Persistence4/8 recent comparable periods
Coverage19/19 companies · 287 observations
Investor read: Siemens Ltd is the scale benchmark; Alpex Solar Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Siemens Ltd's growth falls below Alpex Solar 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
1Siemens Ltd SIEMENS₹17.7K Cr
2V-Guard Industries Ltd VGUARD₹6.0K Cr
3Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹2.2K Cr
4Insolation Energy Ltd INA₹2.2K Cr
5HPL Electric & Power Ltd HPL⚠ unverified₹1.8K Cr
Revenue growthfastest growers
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified100%
2Ravindra Energy Ltd RELTD100%
3Insolation Energy Ltd INA63%
4Spectrum Electrical Industries Ltd SPECTRUM52%
5Modison Ltd MODISONLTD⚠ unverified45%
Revenue · company comparison
19/19 level · 19/19 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.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Siemens Ltd SIEMENS | ₹4.6K Cr | 15% | Mar 2026 |
| V-Guard Industries Ltd VGUARD | ₹1.8K Cr | 14% | Mar 2026 |
| Insolation Energy Ltd INA | ₹794 Cr | 100% | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | ₹672 Cr | 106% | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | ₹520 Cr | 5.5% | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | ₹474 Cr | 26% | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | ₹388 Cr | 46% | Mar 2026 |
| Modison Ltd MODISONLTD⚠ unverified | ₹287 Cr | 121% | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | ₹283 Cr | 67% | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | ₹265 Cr | -1.5% | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | ₹226 Cr | 19% | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | ₹216 Cr | 58% | Jun 2026 |
| Rishabh Instruments Ltd RISHABH | ₹205 Cr | 9.6% | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | ₹203 Cr | 27% | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | ₹202 Cr | -7.8% | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | ₹165 Cr | 47% | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | ₹164 Cr | 27% | Mar 2026 |
| Ravindra Energy Ltd RELTD | ₹133 Cr | -16% | Mar 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | ₹60 Cr | 44% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
₹79 Cr
₹121 Cr
₹77 Cr
₹188 Cr
₹188 Cr
₹327 Cr
₹380 Cr
₹523 Cr
₹648 Cr
₹672 Cr
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
₹109 Cr
₹109 Cr
₹146 Cr
₹346 Cr
₹265 Cr
₹190 Cr
₹264 Cr
₹301 Cr
₹252 Cr
₹153 Cr
₹197 Cr
₹266 Cr
₹205 Cr
₹282 Cr
₹277 Cr
₹388 Cr
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
—
—
—
—
₹394 Cr
₹339 Cr
₹313 Cr
₹210 Cr
₹285 Cr
₹263 Cr
₹231 Cr
₹144 Cr
₹177 Cr
₹204 Cr
₹269 Cr
₹155 Cr
₹176 Cr
₹270 Cr
₹265 Cr
—
HPL Electric & Power Ltd · HPL⚠ unverified
—
—
—
—
—
₹302 Cr
₹363 Cr
₹321 Cr
₹350 Cr
₹366 Cr
₹424 Cr
₹393 Cr
₹422 Cr
₹392 Cr
₹493 Cr
₹383 Cr
₹434 Cr
₹474 Cr
₹520 Cr
—
Insolation Energy Ltd · INA
—
—
—
₹58 Cr
₹58 Cr
₹82 Cr
₹82 Cr
₹139 Cr
₹139 Cr
₹229 Cr
₹229 Cr
₹306 Cr
₹306 Cr
₹325 Cr
₹397 Cr
₹387 Cr
₹415 Cr
₹575 Cr
₹794 Cr
—
Modern Insulators Ltd · MODINSULAT
—
—
—
—
₹100 Cr
₹107 Cr
₹123 Cr
₹90 Cr
₹106 Cr
₹107 Cr
₹140 Cr
₹104 Cr
₹115 Cr
₹125 Cr
₹160 Cr
₹141 Cr
₹176 Cr
₹199 Cr
₹203 Cr
—
Ravindra Energy Ltd · RELTD
₹35 Cr
₹188 Cr
₹372 Cr
₹232 Cr
₹34 Cr
₹55 Cr
₹114 Cr
₹58 Cr
₹27 Cr
₹16 Cr
₹30 Cr
₹23 Cr
₹16 Cr
₹53 Cr
₹159 Cr
₹163 Cr
₹120 Cr
₹127 Cr
₹133 Cr
—
Rishabh Instruments Ltd · RISHABH
—
—
—
₹131 Cr
₹131 Cr
₹134 Cr
₹174 Cr
₹172 Cr
₹180 Cr
₹159 Cr
₹178 Cr
₹169 Cr
₹182 Cr
₹181 Cr
₹187 Cr
₹190 Cr
₹196 Cr
₹184 Cr
₹205 Cr
—
Servotech Renewable Power System Ltd · SERVOTECH
—
—
—
—
—
₹86 Cr
₹115 Cr
₹80 Cr
₹86 Cr
₹52 Cr
₹136 Cr
₹112 Cr
₹200 Cr
₹216 Cr
₹146 Cr
₹137 Cr
₹106 Cr
₹211 Cr
₹217 Cr
₹216 Cr
Siemens Ltd · SIEMENS
—
—
—
—
—
₹4.0K Cr
₹4.9K Cr
₹4.9K Cr
₹5.8K Cr
₹3.7K Cr
₹4.2K Cr
₹3.8K Cr
₹4.5K Cr
₹3.4K Cr
₹4.0K Cr
₹4.3K Cr
₹4.9K Cr
₹3.8K Cr
₹4.6K Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹62 Cr
₹64 Cr
₹64 Cr
₹63 Cr
₹63 Cr
₹64 Cr
₹64 Cr
₹67 Cr
₹67 Cr
₹97 Cr
₹126 Cr
₹75 Cr
₹87 Cr
₹71 Cr
₹169 Cr
₹85 Cr
₹118 Cr
₹125 Cr
₹283 Cr
—
V-Guard Industries Ltd · VGUARD
₹908 Cr
₹968 Cr
₹1.1K Cr
₹1.0K Cr
₹986 Cr
₹982 Cr
₹1.1K Cr
₹1.2K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.5K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.5K Cr
₹1.3K Cr
₹1.4K Cr
₹1.8K Cr
—
Revenue growth · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
138%
170%
394%
178%
245%
106%
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
143%
74%
81%
-13%
-4.9%
-19%
-25%
-12%
-19%
84%
41%
46%
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
—
—
—
—
—
—
—
—
-28%
-22%
-26%
-31%
-38%
-22%
16%
7.6%
-0.6%
32%
-1.5%
—
HPL Electric & Power Ltd · HPL⚠ unverified
—
—
—
—
—
—
—
—
—
21%
17%
22%
21%
7.1%
16%
-2.5%
2.8%
21%
5.5%
—
Insolation Energy Ltd · INA
—
—
—
—
—
—
—
140%
140%
179%
179%
120%
120%
42%
73%
26%
36%
77%
100%
—
Modern Insulators Ltd · MODINSULAT
—
—
—
—
—
—
—
—
6.0%
0.0%
14%
16%
8.5%
17%
14%
36%
53%
59%
27%
—
Ravindra Energy Ltd · RELTD
—
—
—
36%
-2.9%
-71%
-69%
-75%
-21%
-71%
-74%
-60%
-41%
231%
430%
609%
650%
140%
-16%
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
31%
37%
19%
2.3%
-1.7%
1.1%
14%
5.1%
12%
7.7%
1.7%
9.6%
—
Servotech Renewable Power System Ltd · SERVOTECH
—
—
—
—
—
—
—
—
—
-40%
18%
41%
132%
316%
7.4%
22%
-47%
-2.4%
49%
58%
Siemens Ltd · SIEMENS
—
—
—
—
—
—
—
—
—
-7.6%
-15%
-23%
-23%
-9.4%
-3.0%
16%
9.9%
14%
15%
—
Spectrum Electrical Industries Ltd · SPECTRUM
—
—
—
1.6%
1.6%
0.0%
0.0%
6.4%
6.4%
52%
97%
12%
30%
-27%
34%
13%
36%
76%
67%
—
V-Guard Industries Ltd · VGUARD
—
—
—
80%
8.6%
1.5%
7.8%
19%
15%
19%
18%
22%
14%
8.9%
15%
-0.7%
3.6%
11%
14%
—
02 · compare level, then change
Operating Economics & Margin Trend
Modison Ltd has the highest OPM among the 19 Capital Goods - Electric General companies compared here, at 25%. The same company also holds the highest Margin change, at +13 percentage points. 19 of 19 companies report a comparable reading, the latest through Mar 2026. Its OPM series carries 19 reported observations across the 20-quarter window.
What the numbers say: Modison Ltd leads both opm at 25% and margin change at +13 percentage points.
LeaderModison Ltd · 25%
Gap0% versus #2 · Ravindra Energy Ltd
Persistence5/8 recent comparable periods
Coverage19/19 companies · 344 observations
Investor read: Modison 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
1Modison Ltd MODISONLTD⚠ unverified25%
2Ravindra Energy Ltd RELTD25%
3Swelect Energy Systems Ltd SWELECTES⚠ unverified18%
4HPL Electric & Power Ltd HPL⚠ unverified17%
5IKIO Technologies Ltd IKIO⚠ unverified16%
Margin changefastest expanders
1Modison Ltd MODISONLTD⚠ unverified+13.0 pp
2IKIO Technologies Ltd IKIO⚠ unverified+10.0 pp
3Ravindra Energy Ltd RELTD+8.0 pp
4Rishabh Instruments Ltd RISHABH+7.0 pp
5Exicom Tele-Systems Ltd EXICOM+6.0 pp
Operating margin · company comparison
19/19 level · 19/19 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.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Ravindra Energy Ltd RELTD | 25% | +8.0 pp | Mar 2026 |
| Modison Ltd MODISONLTD⚠ unverified | 25% | +13.0 pp | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | 18% | +5.0 pp | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | 17% | 0.0 pp | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | 16% | +1.0 pp | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | 16% | +7.0 pp | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | 16% | +5.0 pp | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | 16% | +10.0 pp | Mar 2026 |
| Insolation Energy Ltd INA | 14% | 0.0 pp | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | 13% | −3.0 pp | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | 11% | −5.0 pp | Mar 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | 10% | +0.9 pp | Mar 2026 |
| Siemens Ltd SIEMENS | 10% | −1.0 pp | Mar 2026 |
| V-Guard Industries Ltd VGUARD | 10% | +1.0 pp | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | 9.5% | +1.9 pp | Jun 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | 8.5% | −1.9 pp | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | 7.0% | −1.0 pp | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | 3.9% | +3.4 pp | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | 0.0% | +6.0 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
6.7%
10%
12%
5.0%
16%
20%
16%
16%
15%
14%
13%
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
2.6%
2.0%
11%
9.0%
7.0%
12%
12%
13%
10%
-10%
-16%
-6.0%
-19%
-12%
-12%
0.0%
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
8.7%
9.9%
7.1%
2.9%
14%
13%
9.0%
10%
12%
13%
5.0%
11%
4.0%
10%
16%
5.0%
6.0%
12%
11%
—
HPL Electric & Power Ltd · HPL⚠ unverified
12%
13%
14%
13%
13%
12%
12%
12%
13%
14%
13%
14%
14%
14%
17%
15%
15%
15%
17%
—
Insolation Energy Ltd · INA
7.5%
—
7.2%
6.4%
7.2%
5.3%
6.2%
9.0%
10%
11%
11%
12%
13%
7.0%
14%
14%
11%
13%
14%
—
Modern Insulators Ltd · MODINSULAT
4.0%
0.7%
5.7%
0.9%
3.0%
9.0%
10%
5.0%
5.0%
10%
11%
5.0%
4.0%
8.0%
11%
9.0%
11%
16%
16%
—
Ravindra Energy Ltd · RELTD
-14%
1.7%
-2.0%
1.6%
14%
3.0%
2.0%
19%
24%
45%
28%
32%
4.0%
13%
17%
17%
31%
25%
25%
—
Rishabh Instruments Ltd · RISHABH
—
—
—
14%
10%
14%
14%
10%
18%
3.0%
10%
4.0%
6.0%
8.0%
9.0%
15%
17%
17%
16%
—
Servotech Renewable Power System Ltd · SERVOTECH
6.0%
5.4%
5.5%
4.2%
5.8%
7.0%
4.0%
8.7%
6.2%
5.8%
4.1%
7.4%
9.5%
7.5%
8.3%
7.6%
5.9%
13%
10%
9.5%
Siemens Ltd · SIEMENS
11%
11%
12%
9.7%
11%
15%
13%
12%
12%
12%
15%
13%
12%
12%
11%
12%
12%
11%
10%
—
Spectrum Electrical Industries Ltd · SPECTRUM
12%
5.2%
9.0%
6.2%
9.8%
8.0%
12%
10%
13%
11%
10%
13%
9.0%
15%
15%
14%
13%
15%
16%
—
V-Guard Industries Ltd · VGUARD
10%
9.0%
11%
8.1%
7.4%
7.0%
9.0%
9.0%
8.0%
9.0%
10%
11%
9.0%
8.0%
9.0%
8.0%
8.0%
9.0%
10%
—
Margin change · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
+9.3 pp
+10.0 pp
+4.0 pp
+11.0 pp
−1.0 pp
−6.0 pp
−3.0 pp
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
+4.4 pp
+10.0 pp
+1.0 pp
+4.0 pp
+3.0 pp
−22.0 pp
−28.0 pp
−19.0 pp
−29.0 pp
−2.0 pp
+4.0 pp
+6.0 pp
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
−3.0 pp
−0.7 pp
+0.1 pp
−5.6 pp
+5.3 pp
+3.1 pp
+1.9 pp
+7.2 pp
−2.0 pp
0.0 pp
−4.0 pp
+1.0 pp
−8.0 pp
−3.0 pp
+11.0 pp
−6.0 pp
+2.0 pp
+2.0 pp
−5.0 pp
—
HPL Electric & Power Ltd · HPL⚠ unverified
−3.4 pp
−0.9 pp
−0.2 pp
+5.1 pp
+1.0 pp
−1.3 pp
−2.0 pp
−0.7 pp
+0.5 pp
+2.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
0.0 pp
+4.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
0.0 pp
—
Insolation Energy Ltd · INA
—
—
—
—
−0.3 pp
—
−1.0 pp
+2.6 pp
+2.9 pp
+5.2 pp
+5.1 pp
+3.4 pp
+3.0 pp
−3.5 pp
+2.7 pp
+1.1 pp
−2.1 pp
+6.0 pp
0.0 pp
—
Modern Insulators Ltd · MODINSULAT
−6.3 pp
−9.8 pp
−5.4 pp
−8.8 pp
−1.0 pp
+8.3 pp
+4.3 pp
+4.1 pp
+2.0 pp
+1.0 pp
+1.0 pp
0.0 pp
−1.0 pp
−2.0 pp
0.0 pp
+4.0 pp
+7.0 pp
+8.0 pp
+5.0 pp
—
Ravindra Energy Ltd · RELTD
−10.1 pp
−12.3 pp
−7.2 pp
+0.1 pp
+28.3 pp
+1.3 pp
+4.0 pp
+17.4 pp
+9.6 pp
+42.0 pp
+26.0 pp
+13.0 pp
−20.0 pp
−32.0 pp
−11.0 pp
−15.0 pp
+27.0 pp
+12.0 pp
+8.0 pp
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
−4.3 pp
+7.6 pp
−11.0 pp
−4.0 pp
−6.0 pp
−12.0 pp
+5.0 pp
−1.0 pp
+11.0 pp
+11.0 pp
+9.0 pp
+7.0 pp
—
Servotech Renewable Power System Ltd · SERVOTECH
+8.6 pp
−0.2 pp
−2.3 pp
−6.6 pp
−0.2 pp
+1.6 pp
−1.5 pp
+4.4 pp
+0.4 pp
−1.2 pp
+0.1 pp
−1.3 pp
+3.3 pp
+1.7 pp
+4.3 pp
+0.2 pp
−3.6 pp
+5.8 pp
+2.0 pp
+1.9 pp
Siemens Ltd · SIEMENS
−2.0 pp
−2.1 pp
−0.8 pp
+1.3 pp
+0.4 pp
+4.5 pp
+0.7 pp
+2.3 pp
+0.9 pp
−3.0 pp
+2.0 pp
+1.0 pp
0.0 pp
0.0 pp
−4.0 pp
−1.0 pp
0.0 pp
−1.0 pp
−1.0 pp
—
Spectrum Electrical Industries Ltd · SPECTRUM
−0.2 pp
—
−5.1 pp
−2.2 pp
−2.1 pp
+2.8 pp
+3.0 pp
+4.0 pp
+3.6 pp
+3.1 pp
−1.7 pp
+2.8 pp
−4.3 pp
+3.9 pp
+4.7 pp
+1.0 pp
+4.0 pp
0.0 pp
+1.0 pp
—
V-Guard Industries Ltd · VGUARD
−1.8 pp
−4.8 pp
−2.3 pp
+0.0 pp
−3.1 pp
−2.0 pp
−1.6 pp
+0.9 pp
+0.6 pp
+2.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
−1.0 pp
−1.0 pp
−3.0 pp
−1.0 pp
+1.0 pp
+1.0 pp
—
03 · compare level, then change
Profit Scale & Acceleration
Siemens Ltd has the highest Net profit among the 19 Capital Goods - Electric General companies compared here, at ₹1,556 crore. V-Guard Industries Ltd is next at ₹308 crore. Alpex Solar 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: Siemens Ltd leads with ₹1,556 crore of TTM profit, 405.2% above V-Guard Industries Ltd. Alpex Solar Ltd shows ≥100% on the scoring scale (143.4% uncapped) growth from a ₹202 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderSiemens Ltd · ₹1,556 crore
Gap405.2% versus #2 · V-Guard Industries Ltd
Persistence3/8 recent comparable periods
Coverage19/19 companies · 287 observations
Investor read: Siemens 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
1Siemens Ltd SIEMENS₹1.6K Cr
2V-Guard Industries Ltd VGUARD₹308 Cr
3Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹202 Cr
4Insolation Energy Ltd INA₹198 Cr
5HPL Electric & Power Ltd HPL⚠ unverified₹91 Cr
Profit growthfastest growers
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified100%
2Modern Insulators Ltd MODINSULAT100%
3Modison Ltd MODISONLTD⚠ unverified100%
4Ravindra Energy Ltd RELTD100%
5Rishabh Instruments Ltd RISHABH100%
Net profit · company comparison
19/19 level · 16/19 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.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Siemens Ltd SIEMENS | ₹370 Cr | -36% | Mar 2026 |
| V-Guard Industries Ltd VGUARD | ₹112 Cr | 23% | Mar 2026 |
| Insolation Energy Ltd INA | ₹70 Cr | 67% | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | ₹53 Cr | 51% | Mar 2026 |
| Modison Ltd MODISONLTD⚠ unverified | ₹36 Cr | 260% | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | ₹31 Cr | -16% | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | ₹27 Cr | -25% | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | ₹26 Cr | 86% | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | ₹24 Cr | 167% | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | ₹20 Cr | 233% | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | ₹18 Cr | 38% | Mar 2026 |
| Ravindra Energy Ltd RELTD | ₹13 Cr | 0.0% | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | ₹11 Cr | 22% | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | ₹10 Cr | -9.1% | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | ₹8 Cr | 77% | Jun 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | ₹3 Cr | 113% | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | ₹2 Cr | -48% | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | ₹-1 Cr | 619% | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | ₹-54 Cr | -561% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
₹5 Cr
₹6 Cr
₹1 Cr
₹24 Cr
₹23 Cr
₹35 Cr
₹42 Cr
₹53 Cr
₹54 Cr
₹53 Cr
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
₹-14 Cr
₹-14 Cr
₹6 Cr
₹28 Cr
₹10 Cr
₹18 Cr
₹9 Cr
₹27 Cr
₹18 Cr
₹-17 Cr
₹-49 Cr
₹-62 Cr
₹-83 Cr
₹-69 Cr
₹-68 Cr
₹-54 Cr
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
—
—
—
—
₹42 Cr
₹32 Cr
₹6 Cr
₹17 Cr
₹31 Cr
₹28 Cr
₹16 Cr
₹16 Cr
₹9 Cr
₹19 Cr
₹36 Cr
₹9 Cr
₹11 Cr
₹17 Cr
₹27 Cr
—
HPL Electric & Power Ltd · HPL⚠ unverified
—
—
—
—
—
₹6 Cr
₹11 Cr
₹7 Cr
₹11 Cr
₹12 Cr
₹14 Cr
₹17 Cr
₹22 Cr
₹18 Cr
₹37 Cr
₹18 Cr
₹22 Cr
₹20 Cr
₹31 Cr
—
Insolation Energy Ltd · INA
—
—
—
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹8 Cr
₹8 Cr
₹20 Cr
₹20 Cr
₹31 Cr
₹31 Cr
₹19 Cr
₹42 Cr
₹40 Cr
₹37 Cr
₹51 Cr
₹70 Cr
—
Modern Insulators Ltd · MODINSULAT
—
—
—
—
₹5 Cr
₹10 Cr
₹12 Cr
₹4 Cr
₹6 Cr
₹10 Cr
₹16 Cr
₹8 Cr
₹13 Cr
₹9 Cr
₹9 Cr
₹15 Cr
₹17 Cr
₹24 Cr
₹24 Cr
—
Ravindra Energy Ltd · RELTD
₹27 Cr
₹-6 Cr
₹19 Cr
₹1 Cr
₹5 Cr
₹0 Cr
₹9 Cr
₹3 Cr
₹9 Cr
₹0 Cr
₹-63 Cr
₹6 Cr
₹1 Cr
₹2 Cr
₹13 Cr
₹23 Cr
₹31 Cr
₹15 Cr
₹13 Cr
—
Rishabh Instruments Ltd · RISHABH
—
—
—
₹8 Cr
₹8 Cr
₹18 Cr
₹15 Cr
₹8 Cr
₹22 Cr
₹7 Cr
₹2 Cr
₹3 Cr
₹4 Cr
₹8 Cr
₹6 Cr
₹20 Cr
₹22 Cr
₹21 Cr
₹20 Cr
—
Servotech Renewable Power System Ltd · SERVOTECH
—
—
—
—
—
₹4 Cr
₹6 Cr
₹4 Cr
₹3 Cr
₹1 Cr
₹3 Cr
₹4 Cr
₹11 Cr
₹9 Cr
₹8 Cr
₹5 Cr
₹0 Cr
₹16 Cr
₹11 Cr
₹8 Cr
Siemens Ltd · SIEMENS
—
—
—
—
—
₹463 Cr
₹472 Cr
₹456 Cr
₹572 Cr
₹506 Cr
₹803 Cr
₹578 Cr
₹831 Cr
₹615 Cr
₹582 Cr
₹423 Cr
₹485 Cr
₹278 Cr
₹370 Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹3 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹3 Cr
₹3 Cr
₹4 Cr
₹4 Cr
₹6 Cr
₹6 Cr
₹2 Cr
₹7 Cr
₹3 Cr
₹14 Cr
₹6 Cr
₹8 Cr
₹10 Cr
₹26 Cr
—
V-Guard Industries Ltd · VGUARD
₹59 Cr
₹53 Cr
₹90 Cr
₹53 Cr
₹44 Cr
₹39 Cr
₹53 Cr
₹64 Cr
₹59 Cr
₹58 Cr
₹76 Cr
₹99 Cr
₹63 Cr
₹60 Cr
₹91 Cr
₹74 Cr
₹65 Cr
₹57 Cr
₹112 Cr
—
Profit growth · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
360%
483%
4,100%
121%
135%
51%
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
50%
-3.6%
80%
-194%
-644%
-330%
-561%
—
—
—
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
—
—
—
—
—
—
—
—
-26%
-13%
167%
-5.9%
-71%
-32%
125%
-44%
22%
-11%
-25%
—
HPL Electric & Power Ltd · HPL⚠ unverified
—
—
—
—
—
—
—
—
—
100%
27%
143%
100%
50%
164%
5.9%
0.0%
11%
-16%
—
Insolation Energy Ltd · INA
—
—
—
—
—
—
—
300%
300%
567%
567%
288%
288%
-5.0%
110%
29%
19%
168%
67%
—
Modern Insulators Ltd · MODINSULAT
—
—
—
—
—
—
—
—
20%
0.0%
33%
100%
117%
-10%
-44%
88%
31%
167%
167%
—
Ravindra Energy Ltd · RELTD
—
—
—
—
-81%
—
-53%
200%
80%
—
-800%
100%
-89%
—
—
283%
3,000%
650%
0.0%
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
0.0%
175%
-61%
-87%
-63%
-82%
14%
200%
567%
450%
163%
233%
—
Servotech Renewable Power System Ltd · SERVOTECH
—
—
—
—
—
—
—
—
—
-72%
-42%
9.5%
259%
728%
123%
1.3%
-97%
69%
45%
77%
Siemens Ltd · SIEMENS
—
—
—
—
—
—
—
—
—
9.3%
70%
27%
45%
22%
-28%
-27%
-42%
-55%
-36%
—
Spectrum Electrical Industries Ltd · SPECTRUM
—
—
—
-67%
-67%
200%
200%
300%
300%
100%
98%
-50%
75%
-50%
136%
200%
14%
233%
86%
—
V-Guard Industries Ltd · VGUARD
—
—
—
112%
-25%
-26%
-41%
21%
34%
49%
43%
55%
6.8%
3.5%
20%
-25%
3.2%
-5.0%
23%
—
04 · compare level, then change
Capacity Spending & Returns On It
Insolation Energy Ltd has the highest CAPEX among the 19 Capital Goods - Electric General companies compared here, at ₹124 crore. Alpex Solar Ltd is next at ₹44 crore. The same company also holds the highest CAPEX intensity, at 29.9%. 6 of 19 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Insolation Energy Ltd reports ₹124 crore of CAPEX; Insolation Energy Ltd has the highest covered intensity at 29.9%. Coverage is only 6 of 19 companies and 29 reported observations, so this is partial evidence—not a complete sector rank.
LeaderInsolation Energy Ltd · ₹124 crore
Gap181.8% versus #2 · Alpex Solar Ltd
Persistence8/8 recent comparable periods
Coverage6/19 companies · 29 observations
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.
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.
CAPEXlargest spenders
1Insolation Energy Ltd INA₹124 Cr
2Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹44 Cr
3IKIO Technologies Ltd IKIO⚠ unverified₹10 Cr
4Rishabh Instruments Ltd RISHABH₹6 Cr
5Spectrum Electrical Industries Ltd SPECTRUM₹5 Cr
CAPEX intensityhighest reinvestment intensity
1Insolation Energy Ltd INA30%
2Alpex Solar Ltd ALPEXSOLAR⚠ unverified14%
3IKIO Technologies Ltd IKIO⚠ unverified8.7%
4Rishabh Instruments Ltd RISHABH4.6%
5Spectrum Electrical Industries Ltd SPECTRUM4.0%
Capital expenditure · company comparison
6/19 level · 6/19 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: Siemens Ltd (SIEMENS) — its two data sources disagree by up to 38% on reported income across 13 comparable periods, so its derived ratios are withheld; Servotech Renewable Power System Ltd (SERVOTECH) — its two data sources disagree by up to 13% 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.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Insolation Energy Ltd INA | ₹124 Cr | 30% | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | ₹44 Cr | 14% | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | ₹10 Cr | 8.7% | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | ₹6 Cr | 4.6% | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | ₹5 Cr | 4.0% | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | ₹1 Cr | 0.9% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
₹1 Cr
₹1 Cr
—
—
—
—
₹13 Cr
₹44 Cr
—
—
—
—
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
₹1 Cr
₹1 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
IKIO Technologies Ltd · IKIO⚠ unverified
—
—
—
—
—
₹6 Cr
₹10 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
Insolation Energy Ltd · INA
—
—
—
₹3 Cr
₹3 Cr
—
₹12 Cr
₹10 Cr
₹10 Cr
₹2 Cr
₹2 Cr
₹17 Cr
₹17 Cr
—
—
₹124 Cr
₹124 Cr
—
—
—
Rishabh Instruments Ltd · RISHABH
—
—
—
₹6 Cr
₹6 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹4 Cr
—
₹8 Cr
₹3 Cr
₹3 Cr
—
₹4 Cr
₹4 Cr
₹4 Cr
—
₹5 Cr
—
—
—
—
—
—
—
—
—
CAPEX intensity · reported quarter history
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
6.9%
14%
—
—
—
—
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
0.9%
0.9%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
IKIO Technologies Ltd · IKIO⚠ unverified
—
—
—
—
—
5.2%
8.7%
—
—
—
—
—
—
—
—
—
—
—
—
—
Insolation Energy Ltd · INA
—
—
—
5.2%
5.2%
—
15%
7.2%
7.2%
0.9%
0.9%
5.6%
5.6%
—
—
32%
30%
—
—
—
Rishabh Instruments Ltd · RISHABH
—
—
—
4.6%
4.6%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Spectrum Electrical Industries Ltd · SPECTRUM
6.5%
—
13%
4.8%
4.8%
—
6.3%
6.0%
6.0%
—
4.0%
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
19/19 capacity base · 19/19 OCF · 19/19 CAPEX · 19/19 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
₹20 Cr
₹21 Cr
₹19 Cr
₹21 Cr
₹31 Cr
₹101 Cr
₹343 Cr
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
₹112 Cr
₹119 Cr
₹84 Cr
₹114 Cr
₹665 Cr
₹868 Cr
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹107 Cr
₹102 Cr
₹98 Cr
₹100 Cr
₹93 Cr
₹100 Cr
₹100 Cr
₹105 Cr
₹115 Cr
₹175 Cr
HPL Electric & Power Ltd · HPL⚠ unverified
₹399 Cr
₹425 Cr
₹460 Cr
₹497 Cr
₹466 Cr
₹457 Cr
₹460 Cr
₹471 Cr
₹506 Cr
₹655 Cr
Insolation Energy Ltd · INA
—
—
—
₹8 Cr
₹10 Cr
₹11 Cr
₹38 Cr
₹47 Cr
₹123 Cr
₹598 Cr
Modern Insulators Ltd · MODINSULAT
₹202 Cr
₹195 Cr
₹190 Cr
₹192 Cr
₹182 Cr
₹175 Cr
₹172 Cr
₹165 Cr
₹173 Cr
₹179 Cr
Ravindra Energy Ltd · RELTD
₹150 Cr
₹243 Cr
₹177 Cr
₹179 Cr
₹175 Cr
₹193 Cr
₹218 Cr
₹281 Cr
₹447 Cr
₹892 Cr
Rishabh Instruments Ltd · RISHABH
—
—
—
₹213 Cr
₹226 Cr
₹225 Cr
₹227 Cr
₹282 Cr
₹343 Cr
₹423 Cr
Servotech Renewable Power System Ltd · SERVOTECH
₹7 Cr
₹9 Cr
₹8 Cr
₹8 Cr
₹11 Cr
₹12 Cr
₹23 Cr
₹47 Cr
₹72 Cr
₹156 Cr
Siemens Ltd · SIEMENS
₹1.3K Cr
₹1.5K Cr
₹1.4K Cr
₹1.3K Cr
₹1.3K Cr
₹3.3K Cr
₹3.2K Cr
₹3.1K Cr
₹3.2K Cr
₹3.0K Cr
Spectrum Electrical Industries Ltd · SPECTRUM
₹20 Cr
₹50 Cr
₹51 Cr
₹65 Cr
₹75 Cr
₹89 Cr
₹94 Cr
₹105 Cr
₹177 Cr
₹318 Cr
V-Guard Industries Ltd · VGUARD
₹179 Cr
₹225 Cr
₹239 Cr
₹351 Cr
₹390 Cr
₹480 Cr
₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
Operating cash flow · fiscal-year history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
₹7 Cr
₹2 Cr
₹-1 Cr
₹-7 Cr
₹-5 Cr
₹69 Cr
₹-116 Cr
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
₹-13 Cr
₹56 Cr
₹3 Cr
₹28 Cr
₹-169 Cr
₹-87 Cr
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹40 Cr
₹55 Cr
₹21 Cr
₹-18 Cr
₹152 Cr
₹37 Cr
₹157 Cr
₹106 Cr
₹22 Cr
₹-11 Cr
HPL Electric & Power Ltd · HPL⚠ unverified
₹3 Cr
₹20 Cr
₹83 Cr
₹63 Cr
₹85 Cr
₹101 Cr
₹104 Cr
₹100 Cr
₹138 Cr
₹226 Cr
Insolation Energy Ltd · INA
—
—
—
₹4 Cr
₹1 Cr
₹9 Cr
₹-1 Cr
₹30 Cr
₹113 Cr
₹-73 Cr
Modern Insulators Ltd · MODINSULAT
₹25 Cr
₹36 Cr
₹31 Cr
₹27 Cr
₹53 Cr
₹14 Cr
₹23 Cr
₹12 Cr
₹40 Cr
₹47 Cr
Ravindra Energy Ltd · RELTD
₹60 Cr
₹55 Cr
₹16 Cr
₹-29 Cr
₹53 Cr
₹19 Cr
₹122 Cr
₹61 Cr
₹71 Cr
₹172 Cr
Rishabh Instruments Ltd · RISHABH
—
—
—
₹72 Cr
₹53 Cr
₹13 Cr
₹28 Cr
₹76 Cr
₹65 Cr
₹108 Cr
Servotech Renewable Power System Ltd · SERVOTECH
₹9 Cr
₹-6 Cr
₹1 Cr
₹3 Cr
₹3 Cr
₹8 Cr
₹-24 Cr
₹1 Cr
₹-55 Cr
₹-2 Cr
Siemens Ltd · SIEMENS
₹513 Cr
₹573 Cr
₹100 Cr
₹1.3K Cr
₹720 Cr
₹1.4K Cr
₹978 Cr
₹1.4K Cr
₹1.7K Cr
₹-535 Cr
Spectrum Electrical Industries Ltd · SPECTRUM
₹9 Cr
₹-9 Cr
₹-17 Cr
₹3 Cr
₹15 Cr
₹21 Cr
₹2 Cr
₹-1 Cr
₹-26 Cr
₹94 Cr
V-Guard Industries Ltd · VGUARD
₹130 Cr
₹52 Cr
₹156 Cr
₹141 Cr
₹222 Cr
₹-37 Cr
₹424 Cr
₹393 Cr
₹477 Cr
₹459 Cr
CAPEX · reported cash flow · fiscal-year history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
₹3 Cr
₹1 Cr
₹4 Cr
₹13 Cr
₹78 Cr
₹266 Cr
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
₹22 Cr
₹-19 Cr
₹49 Cr
₹607 Cr
₹319 Cr
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹18 Cr
₹18 Cr
₹17 Cr
₹24 Cr
₹13 Cr
₹26 Cr
₹21 Cr
₹25 Cr
₹32 Cr
₹83 Cr
HPL Electric & Power Ltd · HPL⚠ unverified
₹85 Cr
₹49 Cr
₹67 Cr
₹74 Cr
₹14 Cr
₹38 Cr
₹41 Cr
₹50 Cr
₹77 Cr
₹212 Cr
Insolation Energy Ltd · INA
—
—
—
—
₹3 Cr
₹3 Cr
₹29 Cr
₹16 Cr
₹85 Cr
₹511 Cr
Modern Insulators Ltd · MODINSULAT
₹75 Cr
₹3 Cr
₹5 Cr
₹12 Cr
₹1 Cr
₹2 Cr
₹6 Cr
₹2 Cr
₹17 Cr
₹16 Cr
Ravindra Energy Ltd · RELTD
₹-45 Cr
₹97 Cr
₹-59 Cr
₹9 Cr
₹5 Cr
₹27 Cr
₹36 Cr
₹76 Cr
₹177 Cr
₹473 Cr
Rishabh Instruments Ltd · RISHABH
—
—
—
—
₹34 Cr
₹19 Cr
₹22 Cr
₹83 Cr
₹89 Cr
₹116 Cr
Servotech Renewable Power System Ltd · SERVOTECH
₹1 Cr
₹3 Cr
₹0 Cr
₹1 Cr
₹4 Cr
₹3 Cr
₹13 Cr
₹27 Cr
₹31 Cr
₹102 Cr
Siemens Ltd · SIEMENS
₹108 Cr
₹400 Cr
₹133 Cr
₹33 Cr
₹259 Cr
₹2.3K Cr
₹177 Cr
₹250 Cr
₹373 Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹9 Cr
₹34 Cr
₹7 Cr
₹20 Cr
₹16 Cr
₹22 Cr
₹14 Cr
₹20 Cr
₹81 Cr
₹153 Cr
V-Guard Industries Ltd · VGUARD
—
₹66 Cr
₹37 Cr
₹141 Cr
₹78 Cr
₹139 Cr
₹858 Cr
₹178 Cr
₹148 Cr
₹230 Cr
Free cash flow · fiscal-year history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
₹-1 Cr
₹-2 Cr
₹-11 Cr
₹-18 Cr
₹-9 Cr
₹-382 Cr
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
₹34 Cr
₹22 Cr
₹-21 Cr
₹-776 Cr
₹-406 Cr
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹22 Cr
₹37 Cr
₹4 Cr
₹-42 Cr
₹139 Cr
₹11 Cr
₹136 Cr
₹81 Cr
₹-10 Cr
₹-94 Cr
HPL Electric & Power Ltd · HPL⚠ unverified
₹-82 Cr
₹-29 Cr
₹16 Cr
₹-11 Cr
₹71 Cr
₹63 Cr
₹63 Cr
₹50 Cr
₹61 Cr
₹14 Cr
Insolation Energy Ltd · INA
—
—
—
—
₹-2 Cr
₹6 Cr
₹-30 Cr
₹14 Cr
₹28 Cr
₹-584 Cr
Modern Insulators Ltd · MODINSULAT
₹-50 Cr
₹33 Cr
₹26 Cr
₹15 Cr
₹52 Cr
₹12 Cr
₹17 Cr
₹10 Cr
₹23 Cr
₹31 Cr
Ravindra Energy Ltd · RELTD
₹105 Cr
₹-42 Cr
₹75 Cr
₹-38 Cr
₹48 Cr
₹-8 Cr
₹86 Cr
₹-15 Cr
₹-106 Cr
₹-301 Cr
Rishabh Instruments Ltd · RISHABH
—
—
—
—
₹19 Cr
₹-6 Cr
₹6 Cr
₹-7 Cr
₹-24 Cr
₹-8 Cr
Servotech Renewable Power System Ltd · SERVOTECH
₹8 Cr
₹-9 Cr
₹1 Cr
₹2 Cr
₹-1 Cr
₹5 Cr
₹-37 Cr
₹-26 Cr
₹-86 Cr
₹-104 Cr
Siemens Ltd · SIEMENS
₹405 Cr
₹173 Cr
₹-33 Cr
₹1.2K Cr
₹461 Cr
₹-890 Cr
₹801 Cr
₹1.2K Cr
₹1.3K Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹0 Cr
₹-43 Cr
₹-24 Cr
₹-17 Cr
₹-1 Cr
₹-1 Cr
₹-12 Cr
₹-21 Cr
₹-107 Cr
₹-59 Cr
V-Guard Industries Ltd · VGUARD
—
₹-14 Cr
₹119 Cr
₹0 Cr
₹144 Cr
₹-176 Cr
₹-434 Cr
₹215 Cr
₹329 Cr
₹229 Cr
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Honda India Power Products Ltd has the lowest Gross debt among the 19 Capital Goods - Electric General companies compared here, at ₹1 crore. Focus Lighting & Fixtures Ltd is next at ₹20 crore. Rishabh Instruments Ltd has the lowest Net debt at ₹121 crore net cash, so level and change sit with different companies.
What the numbers say: Rishabh Instruments Ltd has the clearest covered balance-sheet capacity with ₹121 crore net cash and gross debt of ₹81 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderHonda India Power Products Ltd · ₹1 crore
Gap95% versus #2 · Focus Lighting & Fixtures Ltd
Persistence8/8 recent comparable periods
Coverage19/19 companies · 281 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
1Honda India Power Products Ltd HONDAPOWER⚠ unverified₹1 Cr
2Focus Lighting & Fixtures Ltd FOCUS₹20 Cr
3Modern Insulators Ltd MODINSULAT₹68 Cr
4IKIO Technologies Ltd IKIO⚠ unverified₹70 Cr
5Rishabh Instruments Ltd RISHABH₹81 Cr
Net debtlowest net debt
1Rishabh Instruments Ltd RISHABH₹-121 Cr
2Honda India Power Products Ltd HONDAPOWER⚠ unverified₹-78 Cr
3V-Guard Industries Ltd VGUARD₹-75 Cr
4IKIO Technologies Ltd IKIO⚠ unverified₹48 Cr
5Kirloskar Electric Company Ltd KECL⚠ unverified₹68 Cr
Debt and balance-sheet capacity · company comparison
19/19 level · 15/19 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.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Insolation Energy Ltd INA | ₹888 Cr | ₹367 Cr | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | ₹798 Cr | ₹563 Cr | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | ₹755 Cr | ₹674 Cr | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | ₹713 Cr | ₹649 Cr | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | ₹537 Cr | ₹387 Cr | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | ₹535 Cr | ₹515 Cr | Mar 2026 |
| Ravindra Energy Ltd RELTD | ₹502 Cr | ₹463 Cr | Mar 2026 |
| Siemens Ltd SIEMENS | ₹307 Cr | — | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | ₹249 Cr | ₹216 Cr | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | ₹211 Cr | — | Jun 2026 |
| Modison Ltd MODISONLTD⚠ unverified | ₹174 Cr | ₹174 Cr | Mar 2026 |
| V-Guard Industries Ltd VGUARD | ₹165 Cr | ₹-75 Cr | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | ₹145 Cr | ₹144 Cr | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | ₹100 Cr | ₹68 Cr | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | ₹81 Cr | ₹-121 Cr | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | ₹70 Cr | ₹48 Cr | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | ₹68 Cr | — | Mar 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | ₹20 Cr | — | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | ₹1 Cr | ₹-78 Cr | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
₹27 Cr
—
—
—
₹47 Cr
₹42 Cr
₹42 Cr
—
₹49 Cr
—
₹33 Cr
₹67 Cr
₹79 Cr
₹79 Cr
₹174 Cr
₹174 Cr
₹537 Cr
—
Exicom Tele-Systems Ltd · EXICOM
—
—
₹128 Cr
₹128 Cr
—
—
₹133 Cr
₹133 Cr
₹86 Cr
—
₹46 Cr
—
₹620 Cr
₹620 Cr
₹707 Cr
₹707 Cr
₹582 Cr
₹582 Cr
₹713 Cr
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹2 Cr
₹2 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹1 Cr
—
HPL Electric & Power Ltd · HPL⚠ unverified
₹573 Cr
₹573 Cr
₹597 Cr
₹565 Cr
₹598 Cr
₹598 Cr
₹600 Cr
₹600 Cr
₹639 Cr
₹639 Cr
₹627 Cr
₹627 Cr
₹651 Cr
₹651 Cr
₹639 Cr
₹639 Cr
₹742 Cr
₹742 Cr
₹755 Cr
—
Insolation Energy Ltd · INA
—
—
₹31 Cr
₹36 Cr
₹36 Cr
₹68 Cr
₹68 Cr
₹70 Cr
₹70 Cr
₹96 Cr
₹96 Cr
₹69 Cr
₹69 Cr
—
₹108 Cr
₹257 Cr
₹257 Cr
₹257 Cr
₹888 Cr
—
Modern Insulators Ltd · MODINSULAT
—
—
₹26 Cr
—
—
—
₹8 Cr
—
—
—
₹19 Cr
—
—
—
₹25 Cr
—
₹33 Cr
—
₹68 Cr
—
Ravindra Energy Ltd · RELTD
₹151 Cr
₹151 Cr
₹164 Cr
—
₹131 Cr
₹131 Cr
₹117 Cr
₹120 Cr
₹143 Cr
₹143 Cr
₹148 Cr
₹159 Cr
₹104 Cr
₹104 Cr
₹224 Cr
₹224 Cr
₹386 Cr
₹432 Cr
₹502 Cr
—
Rishabh Instruments Ltd · RISHABH
—
—
₹103 Cr
₹103 Cr
₹102 Cr
—
₹106 Cr
—
₹69 Cr
₹69 Cr
₹58 Cr
₹58 Cr
₹125 Cr
₹125 Cr
₹100 Cr
₹98 Cr
₹104 Cr
₹104 Cr
₹81 Cr
—
Servotech Renewable Power System Ltd · SERVOTECH
—
—
₹19 Cr
—
—
—
₹42 Cr
—
—
—
₹73 Cr
—
—
—
₹75 Cr
—
₹152 Cr
—
₹211 Cr
—
Siemens Ltd · SIEMENS
₹4 Cr
—
—
—
₹182 Cr
—
—
—
₹175 Cr
—
—
—
₹279 Cr
—
—
—
₹145 Cr
—
₹307 Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹75 Cr
₹79 Cr
₹79 Cr
₹94 Cr
₹94 Cr
₹99 Cr
₹99 Cr
₹87 Cr
₹87 Cr
₹94 Cr
₹89 Cr
—
₹92 Cr
—
₹185 Cr
₹189 Cr
₹164 Cr
₹164 Cr
₹249 Cr
—
V-Guard Industries Ltd · VGUARD
₹66 Cr
₹66 Cr
₹68 Cr
₹68 Cr
₹91 Cr
₹91 Cr
₹503 Cr
₹503 Cr
₹388 Cr
₹388 Cr
₹401 Cr
₹401 Cr
₹256 Cr
₹256 Cr
₹134 Cr
₹134 Cr
₹151 Cr
₹151 Cr
₹165 Cr
—
Net debt · reported quarter history
Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
₹35 Cr
₹35 Cr
—
₹6 Cr
—
₹-10 Cr
₹28 Cr
₹33 Cr
₹33 Cr
₹36 Cr
₹36 Cr
₹387 Cr
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
₹85 Cr
—
—
₹95 Cr
₹95 Cr
₹34 Cr
—
₹-51 Cr
—
₹234 Cr
₹234 Cr
₹654 Cr
₹487 Cr
₹440 Cr
₹440 Cr
₹649 Cr
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
₹-133 Cr
₹-133 Cr
₹-276 Cr
₹-276 Cr
₹-425 Cr
₹-425 Cr
₹-466 Cr
₹-466 Cr
₹-477 Cr
₹-477 Cr
₹-539 Cr
₹-541 Cr
₹-520 Cr
₹-520 Cr
₹-540 Cr
₹-542 Cr
₹-446 Cr
₹-446 Cr
₹-78 Cr
—
HPL Electric & Power Ltd · HPL⚠ unverified
₹499 Cr
₹499 Cr
₹562 Cr
₹485 Cr
₹529 Cr
₹529 Cr
₹573 Cr
₹530 Cr
₹573 Cr
₹573 Cr
₹601 Cr
₹568 Cr
₹590 Cr
₹590 Cr
₹612 Cr
₹578 Cr
₹670 Cr
₹670 Cr
₹674 Cr
—
Igarashi Motors India Ltd · IGARASHI⚠ unverified
₹80 Cr
₹80 Cr
₹74 Cr
₹74 Cr
₹87 Cr
₹87 Cr
₹99 Cr
₹99 Cr
₹114 Cr
₹114 Cr
₹118 Cr
₹118 Cr
₹129 Cr
₹129 Cr
₹132 Cr
₹132 Cr
₹136 Cr
₹136 Cr
₹144 Cr
—
IKIO Technologies Ltd · IKIO⚠ unverified
—
—
—
₹15 Cr
—
₹142 Cr
₹123 Cr
₹120 Cr
₹-176 Cr
₹-176 Cr
₹-118 Cr
₹-118 Cr
₹-86 Cr
₹-86 Cr
₹-51 Cr
₹-54 Cr
₹-29 Cr
₹-29 Cr
₹48 Cr
—
Insolation Energy Ltd · INA
—
—
—
₹31 Cr
₹31 Cr
₹45 Cr
₹45 Cr
₹55 Cr
₹55 Cr
₹41 Cr
₹41 Cr
₹56 Cr
₹56 Cr
—
₹-206 Cr
₹93 Cr
₹93 Cr
₹93 Cr
₹367 Cr
—
Ravindra Energy Ltd · RELTD
₹131 Cr
—
₹148 Cr
—
₹123 Cr
—
₹97 Cr
—
₹126 Cr
—
₹134 Cr
—
₹76 Cr
—
₹140 Cr
—
₹369 Cr
—
₹463 Cr
—
Rishabh Instruments Ltd · RISHABH
—
—
—
₹-2 Cr
₹-4 Cr
—
₹0 Cr
—
₹-398 Cr
₹-398 Cr
₹-97 Cr
₹-97 Cr
₹-83 Cr
₹-83 Cr
₹-98 Cr
₹-100 Cr
₹-115 Cr
₹-115 Cr
₹-121 Cr
—
Salzer Electronics Ltd · SALZERELEC⚠ unverified
₹218 Cr
₹218 Cr
₹242 Cr
₹238 Cr
₹231 Cr
₹231 Cr
₹265 Cr
₹260 Cr
₹287 Cr
₹287 Cr
₹294 Cr
—
₹329 Cr
₹329 Cr
₹405 Cr
₹404 Cr
₹454 Cr
₹454 Cr
₹515 Cr
—
Spectrum Electrical Industries Ltd · SPECTRUM
₹60 Cr
₹64 Cr
₹64 Cr
₹79 Cr
₹79 Cr
₹78 Cr
₹78 Cr
₹70 Cr
₹70 Cr
₹82 Cr
₹82 Cr
—
₹64 Cr
—
₹184 Cr
₹184 Cr
₹161 Cr
₹161 Cr
₹216 Cr
—
V-Guard Industries Ltd · VGUARD
₹-144 Cr
₹-144 Cr
₹7 Cr
₹7 Cr
₹-80 Cr
₹-80 Cr
₹436 Cr
₹436 Cr
₹254 Cr
₹254 Cr
₹313 Cr
₹314 Cr
₹105 Cr
₹105 Cr
₹59 Cr
₹59 Cr
₹51 Cr
₹51 Cr
₹-75 Cr
—
06 · compare level, then change
Return On Capital Employed
Alpex Solar Ltd has the highest ROCE among the 19 Capital Goods - Electric General companies compared here, at 43.5%. Modison Ltd is next at 31%. Modison Ltd has the highest ROCE change at +22 percentage points, so level and change sit with different companies. 19 of 19 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Alpex Solar Ltd leads ROCE at 43.5%, 12.5 percentage points above Modison Ltd. Modison Ltd has the strongest latest improvement at +22 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.
LeaderAlpex Solar Ltd · 43.5%
Gap40.3% versus #2 · Modison Ltd
Persistence4/5 recent comparable periods
Coverage19/19 companies · 217 observations
Investor read: Alpex Solar 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
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified44%
2Modison Ltd MODISONLTD⚠ unverified31%
3Insolation Energy Ltd INA22%
4Siemens Ltd SIEMENS21%
5Modern Insulators Ltd MODINSULAT19%
ROCE changefastest improvers
1Modison Ltd MODISONLTD⚠ unverified+22.0 pp
2Kirloskar Electric Company Ltd KECL⚠ unverified+13.4 pp
3Modern Insulators Ltd MODINSULAT+10.0 pp
4Rishabh Instruments Ltd RISHABH+8.1 pp
5Ravindra Energy Ltd RELTD+4.5 pp
Return on capital · company comparison
19/19 level · 19/19 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: Siemens Ltd (SIEMENS) — its two data sources disagree by up to 38% on reported income across 13 comparable periods, so its derived ratios are withheld; Servotech Renewable Power System Ltd (SERVOTECH) — its two data sources disagree by up to 13% 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.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Modison Ltd MODISONLTD⚠ unverified | 39% | +22.0 pp | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | 35% | −13.5 pp | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | 22% | +13.4 pp | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | 19% | −2.9 pp | Mar 2026 |
| Insolation Energy Ltd INA | 19% | −4.8 pp | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | 18% | −0.7 pp | Mar 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | 18% | +1.7 pp | Mar 2026 |
| V-Guard Industries Ltd VGUARD | 16% | −2.2 pp | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | 11% | +8.1 pp | Mar 2026 |
| Ravindra Energy Ltd RELTD | 10% | +4.5 pp | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | 8.0% | +3.2 pp | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | 7.4% | +1.4 pp | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | 7.3% | −0.4 pp | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | 6.2% | −2.7 pp | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | -20% | −11.8 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
13%
25%
—
25%
—
33%
42%
48%
93%
40%
74%
35%
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
18%
—
24%
30%
14%
22%
6.7%
3.3%
-8.4%
-17%
-19%
-21%
-20%
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
12%
—
12%
—
14%
—
16%
19%
14%
15%
9.8%
16%
5.7%
10%
7.7%
12%
8.2%
13%
7.3%
—
HPL Electric & Power Ltd · HPL⚠ unverified
9.0%
—
9.2%
—
13%
—
14%
—
15%
17%
16%
19%
19%
20%
22%
23%
20%
22%
19%
—
Igarashi Motors India Ltd · IGARASHI⚠ unverified
10%
—
1.3%
—
-2.1%
—
3.6%
—
5.4%
6.1%
5.0%
7.2%
8.4%
9.9%
8.9%
7.5%
6.7%
5.7%
6.2%
—
IKIO Technologies Ltd · IKIO⚠ unverified
—
—
—
—
—
32%
49%
—
17%
28%
14%
25%
11%
12%
6.0%
6.7%
3.8%
6.9%
7.4%
—
Insolation Energy Ltd · INA
—
—
—
9.5%
19%
13%
18%
22%
30%
41%
56%
53%
66%
—
24%
21%
23%
—
19%
—
Ravindra Energy Ltd · RELTD
2.0%
—
0.7%
—
6.2%
—
8.1%
—
6.2%
12%
9.6%
-7.9%
9.4%
-11%
5.9%
12%
11%
19%
10%
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
5.4%
—
14%
—
13%
13%
7.3%
9.0%
2.2%
5.9%
3.2%
8.6%
8.1%
13%
11%
—
Salzer Electronics Ltd · SALZERELEC⚠ unverified
14%
—
13%
—
15%
—
18%
—
18%
21%
19%
22%
20%
26%
19%
25%
19%
20%
18%
—
Spectrum Electrical Industries Ltd · SPECTRUM
16%
15%
13%
12%
11%
12%
13%
17%
19%
15%
18%
—
17%
20%
16%
23%
19%
28%
18%
—
V-Guard Industries Ltd · VGUARD
25%
—
20%
—
19%
—
12%
—
14%
19%
16%
20%
19%
20%
18%
18%
16%
17%
16%
—
ROCE change · reported quarter history
Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
+7.8 pp
—
+23.6 pp
—
+7.2 pp
+32.0 pp
−13.5 pp
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
—
−3.7 pp
—
−17.4 pp
−26.8 pp
−22.3 pp
−39.1 pp
−25.5 pp
−24.0 pp
−11.8 pp
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
—
—
—
—
+1.7 pp
—
+3.7 pp
—
0.0 pp
—
−5.7 pp
−2.8 pp
−8.3 pp
−5.1 pp
−2.1 pp
−4.1 pp
+2.5 pp
+2.6 pp
−0.4 pp
—
HPL Electric & Power Ltd · HPL⚠ unverified
—
—
—
—
+4.0 pp
—
+4.3 pp
—
+1.6 pp
—
+2.6 pp
—
+3.9 pp
+3.2 pp
+6.0 pp
+3.9 pp
+1.9 pp
+2.5 pp
−2.9 pp
—
Igarashi Motors India Ltd · IGARASHI⚠ unverified
—
—
—
—
−12.1 pp
—
+2.3 pp
—
+7.5 pp
—
+1.4 pp
—
+3.0 pp
+3.8 pp
+3.9 pp
+0.3 pp
−1.7 pp
−4.2 pp
−2.7 pp
—
IKIO Technologies Ltd · IKIO⚠ unverified
—
—
—
—
—
—
—
—
—
−3.5 pp
−34.5 pp
—
−6.1 pp
−16.7 pp
−8.1 pp
−18.4 pp
−7.5 pp
−4.6 pp
+1.4 pp
—
Insolation Energy Ltd · INA
—
—
—
—
—
—
—
+12.7 pp
+11.1 pp
+27.4 pp
+37.7 pp
+30.3 pp
+36.1 pp
—
−32.1 pp
−31.1 pp
−42.8 pp
—
−4.8 pp
—
Ravindra Energy Ltd · RELTD
—
—
—
—
+4.2 pp
—
+7.4 pp
—
0.0 pp
—
+1.5 pp
—
+3.2 pp
−22.4 pp
−3.7 pp
+19.8 pp
+1.2 pp
+29.8 pp
+4.5 pp
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
—
+7.7 pp
—
−6.2 pp
—
−10.9 pp
−7.3 pp
−4.1 pp
−0.4 pp
+5.9 pp
+6.9 pp
+8.1 pp
—
Salzer Electronics Ltd · SALZERELEC⚠ unverified
—
—
—
—
+1.7 pp
—
+5.1 pp
—
+2.6 pp
—
+0.8 pp
—
+1.6 pp
+4.7 pp
0.0 pp
+2.8 pp
−0.5 pp
−5.4 pp
−0.7 pp
—
Spectrum Electrical Industries Ltd · SPECTRUM
—
—
—
—
−4.9 pp
−2.5 pp
0.0 pp
+5.2 pp
+8.4 pp
+3.3 pp
+5.1 pp
—
−2.0 pp
+5.0 pp
−2.5 pp
—
+1.8 pp
+7.3 pp
+1.7 pp
—
V-Guard Industries Ltd · VGUARD
—
—
—
—
−5.5 pp
—
−7.5 pp
—
−5.7 pp
—
+4.0 pp
—
+5.6 pp
+0.9 pp
+2.0 pp
−2.1 pp
−3.6 pp
−3.1 pp
−2.2 pp
—
07 · compare level, then change
Valuation Against Growth & Quality
Insolation Energy Ltd has the lowest Guarded PEG among the 19 Capital Goods - Electric General companies compared here, at 0.23×. Ravindra Energy Ltd is next at 1.97×. Alpex Solar Ltd has the lowest P/E at 10.6×, so level and change sit with different companies. 4 of 19 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Insolation Energy Ltd has the lowest comparable Guarded PEG at 0.23×, 88.3% below Ravindra Energy Ltd. Only 4 of 19 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderInsolation Energy Ltd · 0.23×
Gap88.3% versus #2 · Ravindra Energy Ltd
Persistence0/8 recent comparable periods
Coverage4/19 companies · 21 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
1Insolation Energy Ltd INA0.2
2Ravindra Energy Ltd RELTD2.0
3V-Guard Industries Ltd VGUARD2.5
4Spectrum Electrical Industries Ltd SPECTRUM9.1
P/Elowest P/E
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified10.6
2Modison Ltd MODISONLTD⚠ unverified11.4
3Insolation Energy Ltd INA12.4
4Salzer Electronics Ltd SALZERELEC⚠ unverified19.2
5Swelect Energy Systems Ltd SWELECTES⚠ unverified19.6
Valuation · company comparison
4/19 level · 18/19 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.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Spectrum Electrical Industries Ltd SPECTRUM | 9.1 | 62.1 | Mar 2026 |
| V-Guard Industries Ltd VGUARD | 2.5 | 45.6 | Mar 2026 |
| Ravindra Energy Ltd RELTD | 2.0 | 25.6 | Mar 2026 |
| Exicom Tele-Systems Ltd EXICOM | 0.6 | 79.5 | Mar 2026 |
| Insolation Energy Ltd INA | 0.2 | 13.6 | Mar 2026 |
| Siemens Ltd SIEMENS | — | 67.0 | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | — | 21.0 | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | — | 16.3 | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | — | 66.1 | Jun 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | — | 17.4 | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | — | 22.6 | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | — | 23.9 | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | — | 44.2 | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | — | 69.1 | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | — | 17.3 | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | — | 13.8 | Mar 2026 |
| Modison Ltd MODISONLTD⚠ unverified | — | 10.3 | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | — | 30.2 | Mar 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | — | 109.1 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
—
—
0.6
—
—
—
—
—
—
—
—
Insolation Energy Ltd · INA
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.5
—
0.2
—
Ravindra Energy Ltd · RELTD
—
—
0.8
—
—
—
—
—
—
—
—
2.0
—
—
—
—
—
—
—
—
Spectrum Electrical Industries Ltd · SPECTRUM
0.6
—
—
0.4
0.4
—
—
12.2
17.4
—
—
—
—
—
—
—
9.1
—
—
—
V-Guard Industries Ltd · VGUARD
1.1
—
1.9
3.2
1.5
—
5.0
—
—
—
—
2.0
1.5
1.6
1.9
2.5
—
—
—
—
P/E · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
30.5
95.9
84.4
52.9
35.1
67.6
78.1
23.9
22.6
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
—
18.2
27.1
52.6
84.1
79.5
—
—
—
—
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
15.8
18.4
16.7
19.3
25.5
26.2
21.5
23.5
26.4
25.1
24.1
42.5
46.3
44.4
36.3
37.3
38.3
31.1
23.9
—
HPL Electric & Power Ltd · HPL⚠ unverified
46.8
60.5
49.6
47.4
13.3
18.2
16.8
28.0
45.0
45.0
49.5
64.7
67.7
53.5
37.8
37.0
31.3
27.0
17.4
—
Insolation Energy Ltd · INA
—
—
—
—
—
22.5
27.4
21.4
76.5
74.8
162.2
125.1
133.4
75.0
53.1
45.9
34.7
21.0
13.6
—
Modern Insulators Ltd · MODINSULAT
6.6
7.3
7.6
7.9
15.0
12.3
7.4
8.4
11.0
13.9
11.3
16.5
16.1
15.1
10.6
14.0
13.3
18.7
16.3
—
Ravindra Energy Ltd · RELTD
74.5
18.7
18.6
19.3
21.7
43.2
27.3
46.1
56.9
41.0
54.6
83.4
270.3
240.9
104.3
84.8
60.0
39.5
25.6
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
—
31.6
30.4
28.5
40.6
41.0
71.6
44.4
48.1
39.6
26.4
21.0
—
Servotech Renewable Power System Ltd · SERVOTECH
—
126.2
153.0
28.8
92.5
83.7
58.1
149.5
111.9
94.6
114.1
160.3
325.0
175.4
95.7
100.3
83.1
75.6
51.6
66.1
Siemens Ltd · SIEMENS
39.4
44.4
44.8
46.2
47.3
45.8
46.0
47.5
42.3
41.9
57.5
75.4
72.0
66.2
54.7
66.0
64.8
66.6
67.0
—
Spectrum Electrical Industries Ltd · SPECTRUM
14.4
7.3
13.4
11.4
13.0
23.8
98.0
125.3
178.9
158.2
180.8
182.8
142.2
161.1
146.4
100.4
73.6
63.6
62.1
—
V-Guard Industries Ltd · VGUARD
49.7
41.4
45.6
41.3
41.0
47.0
47.7
64.5
66.5
58.8
61.4
72.6
66.3
61.1
51.8
53.6
55.9
49.1
45.6
—
08 · compare level, then change
Enterprise Value & Book Value
Swelect Energy Systems Ltd has the lowest EV/EBITDA among the 19 Capital Goods - Electric General companies compared here, at 6.5×. Modison Ltd is next at 6.9×. The same company also holds the lowest P/BV, at 1.01×. 18 of 19 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Swelect Energy Systems Ltd leads both ev/ebitda at 6.5× and p/bv at 1.01×.
LeaderSwelect Energy Systems Ltd · 6.5×
Gap5.8% versus #2 · Modison Ltd
Persistence0/8 recent comparable periods
Coverage18/19 companies · 314 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
1Swelect Energy Systems Ltd SWELECTES⚠ unverified6.5
2Modison Ltd MODISONLTD⚠ unverified6.9
3HPL Electric & Power Ltd HPL⚠ unverified8.6
4Salzer Electronics Ltd SALZERELEC⚠ unverified9.3
5Insolation Energy Ltd INA10.1
P/BVlowest P/BV
1Swelect Energy Systems Ltd SWELECTES⚠ unverified1.0
2Salzer Electronics Ltd SALZERELEC⚠ unverified1.7
3HPL Electric & Power Ltd HPL⚠ unverified2.1
4IKIO Technologies Ltd IKIO⚠ unverified2.6
5Honda India Power Products Ltd HONDAPOWER⚠ unverified2.6
Enterprise and book valuation · company comparison
18/19 level · 19/19 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.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Exicom Tele-Systems Ltd EXICOM | 42.8 | 1.6 | Mar 2026 |
| Siemens Ltd SIEMENS | 41.2 | 8.2 | Mar 2026 |
| Servotech Renewable Power System Ltd SERVOTECH | 33.3 | 7.7 | Jun 2026 |
| Spectrum Electrical Industries Ltd SPECTRUM | 32.0 | 10.8 | Mar 2026 |
| V-Guard Industries Ltd VGUARD | 26.8 | 6.3 | Mar 2026 |
| Focus Lighting & Fixtures Ltd FOCUS | 24.5 | 2.8 | Mar 2026 |
| Ravindra Energy Ltd RELTD | 19.1 | 6.2 | Mar 2026 |
| Alpex Solar Ltd ALPEXSOLAR⚠ unverified | 15.5 | 4.2 | Mar 2026 |
| Kirloskar Electric Company Ltd KECL⚠ unverified | 13.2 | 4.5 | Mar 2026 |
| Igarashi Motors India Ltd IGARASHI⚠ unverified | 12.7 | 2.0 | Mar 2026 |
| IKIO Technologies Ltd IKIO⚠ unverified | 11.7 | 1.5 | Mar 2026 |
| Modern Insulators Ltd MODINSULAT | 11.2 | 2.1 | Mar 2026 |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | 11.2 | 2.6 | Mar 2026 |
| Rishabh Instruments Ltd RISHABH | 10.4 | 2.1 | Mar 2026 |
| Insolation Energy Ltd INA | 10.1 | 2.9 | Mar 2026 |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | 9.3 | 1.6 | Mar 2026 |
| HPL Electric & Power Ltd HPL⚠ unverified | 8.6 | 1.8 | Mar 2026 |
| Modison Ltd MODISONLTD⚠ unverified | 6.9 | 1.7 | Mar 2026 |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | 6.5 | 0.8 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
66.5
61.7
50.5
35.2
37.3
62.4
71.2
16.4
15.5
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
—
39.7
47.0
27.9
33.3
42.8
—
—
—
—
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
8.6
10.2
9.3
10.9
10.9
13.5
11.9
11.6
13.9
12.4
11.6
23.5
25.3
21.8
15.6
18.7
18.6
15.2
11.2
—
HPL Electric & Power Ltd · HPL⚠ unverified
7.6
7.6
7.1
6.8
6.3
7.2
6.6
8.5
11.8
12.6
14.1
17.1
19.8
17.9
14.0
15.5
13.5
12.2
8.6
—
Insolation Energy Ltd · INA
—
—
—
—
—
17.7
20.4
15.2
44.1
40.3
85.9
82.9
87.3
60.0
42.6
35.2
24.5
15.5
10.1
—
Modern Insulators Ltd · MODINSULAT
4.8
5.0
5.0
5.5
8.5
8.2
5.9
6.6
8.2
10.3
8.4
12.8
12.7
11.7
7.7
9.0
9.4
12.7
11.2
—
Ravindra Energy Ltd · RELTD
30.9
18.0
16.6
13.8
15.3
17.9
15.0
18.6
23.8
19.9
24.7
24.1
58.7
81.0
82.6
50.0
41.6
30.6
19.1
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
—
22.1
17.4
14.3
20.7
18.5
22.2
11.5
15.6
17.0
12.7
10.4
—
Servotech Renewable Power System Ltd · SERVOTECH
—
26.9
33.5
13.4
42.0
40.4
32.0
88.6
68.5
59.0
67.8
89.0
171.7
97.9
55.0
57.6
47.3
38.9
26.5
33.3
Siemens Ltd · SIEMENS
21.7
23.9
23.7
24.5
26.3
25.4
26.5
27.9
25.1
25.4
35.3
48.0
46.2
42.1
33.4
41.6
40.4
41.0
41.2
—
Spectrum Electrical Industries Ltd · SPECTRUM
7.5
5.2
7.5
6.0
6.7
9.1
25.0
40.3
56.9
62.1
72.8
82.8
63.9
70.7
64.4
46.6
35.8
30.4
32.0
—
V-Guard Industries Ltd · VGUARD
29.6
24.6
26.4
26.2
27.0
30.8
30.9
36.4
37.6
32.7
34.2
41.6
39.0
35.7
30.2
32.2
32.4
28.8
26.8
—
P/BV · reported quarter history
Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alpex Solar Ltd · ALPEXSOLAR⚠ unverified
—
—
—
—
—
—
—
—
—
—
6.1
17.2
14.6
13.4
7.7
20.4
22.4
4.4
4.2
—
Exicom Tele-Systems Ltd · EXICOM
—
—
—
—
—
—
—
—
—
—
3.3
8.4
5.9
4.7
2.7
3.7
3.3
2.2
1.6
—
Honda India Power Products Ltd · HONDAPOWER⚠ unverified
2.0
2.1
2.0
2.4
2.2
3.2
3.0
3.1
3.9
3.2
2.9
5.1
5.0
3.6
2.5
3.7
3.2
3.1
2.6
—
HPL Electric & Power Ltd · HPL⚠ unverified
0.6
0.6
0.6
0.5
0.6
0.8
0.7
1.1
1.7
2.0
2.5
3.6
4.4
4.0
3.1
4.2
3.6
2.7
1.8
—
Insolation Energy Ltd · INA
—
—
—
—
—
4.1
5.0
5.0
15.4
23.2
50.2
131.0
68.0
45.0
31.8
51.4
7.1
4.4
2.9
—
Modern Insulators Ltd · MODINSULAT
0.8
0.8
0.6
0.5
0.5
0.5
0.5
0.7
0.9
1.1
0.9
1.5
1.6
1.4
0.9
1.1
1.2
1.9
2.1
—
Ravindra Energy Ltd · RELTD
4.1
4.3
3.7
3.7
4.2
4.0
3.0
3.3
5.1
4.1
5.5
4.6
16.6
13.5
16.2
13.0
9.4
8.2
6.2
—
Rishabh Instruments Ltd · RISHABH
—
—
—
—
—
—
—
—
3.7
4.3
3.3
3.1
2.6
2.2
1.4
1.9
2.5
2.2
2.1
—
Servotech Renewable Power System Ltd · SERVOTECH
—
3.5
4.3
2.6
7.3
6.3
4.1
20.1
20.3
18.2
18.5
22.7
46.9
20.4
15.5
22.4
11.8
6.7
5.6
7.7
Siemens Ltd · SIEMENS
4.4
5.1
4.5
4.5
5.5
5.6
5.6
6.4
6.2
7.1
8.4
11.3
10.7
10.2
7.0
9.2
8.9
8.3
8.2
—
Spectrum Electrical Industries Ltd · SPECTRUM
1.1
1.0
1.8
1.1
1.2
1.5
6.3
12.7
16.4
20.8
23.7
38.1
16.5
19.8
17.9
13.5
11.2
8.8
10.8
—
V-Guard Industries Ltd · VGUARD
9.2
7.6
7.5
7.8
7.2
7.7
7.7
8.7
8.3
7.5
8.5
11.6
10.7
9.4
8.0
9.3
7.7
6.5
6.3
—
09 · let price answer last
Market action
Modern Insulators Ltd has the strongest one-year price move in Capital Goods - Electric General at +393.2%. It also leads on Mansfield relative strength against NIFTY at +102.5%. 11 of 19 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 Capital Goods - Electric General comparison names 6 specific ways its own evidence can mislead, all listed below. All 19 companies here report on comparable dates, so no rank carries a stale marker. 9 draw at least one figure from a second feed with too little overlap to cross-check. 2 have second-feed figures withheld because the two sources disagree.
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.
- 9 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.
10 · the complete set
Which companies are included?
All 19 companies in the canonical Capital Goods - Electric General 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.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| Siemens Ltd SIEMENS23/26 WEEKS | ₹1.3 L Cr | ₹3,690 | 2026-07-19 | Mar 2026 | Second feed withheld |
| V-Guard Industries Ltd VGUARD | ₹12.7K Cr | ₹291 | 2026-07-19 | Mar 2026 | Cross-checked |
| Spectrum Electrical Industries Ltd SPECTRUMAHEAD20/26 WEEKS | ₹3.6K Cr | ₹2,282 | 2026-07-19 | Mar 2026 | Cross-checked |
| Ravindra Energy Ltd RELTDAHEAD | ₹3.4K Cr | ₹171 | 2026-07-19 | Mar 2026 | Cross-checked |
| Insolation Energy Ltd INA | ₹2.5K Cr | ₹113 | 2026-07-19 | Mar 2026 | Cross-checked |
| Rishabh Instruments Ltd RISHABHAHEAD24/26 WEEKS | ₹2.4K Cr | ₹622 | 2026-07-19 | Mar 2026 | Cross-checked |
| Modern Insulators Ltd MODINSULAT | ₹2.3K Cr | ₹493 | 2026-07-19 | Mar 2026 | Primary source only |
| Exicom Tele-Systems Ltd EXICOMAHEAD | ₹2.2K Cr | ₹160 | 2026-07-19 | Mar 2026 | Cross-checked |
| Servotech Renewable Power System Ltd SERVOTECH | ₹2.2K Cr | ₹95.6 | 2026-07-19 | Jun 2026 | Second feed withheld |
| HPL Electric & Power Ltd HPL⚠ unverified | ₹2.1K Cr | ₹334 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Alpex Solar Ltd ALPEXSOLARLAGGING, FUNDAMENTALS UP⚠ unverified | ₹2.1K Cr | ₹836 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Honda India Power Products Ltd HONDAPOWER⚠ unverified | ₹2.1K Cr | ₹2,089 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| IKIO Technologies Ltd IKIOAHEAD⚠ unverified | ₹1.6K Cr | ₹205 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Igarashi Motors India Ltd IGARASHIAHEAD⚠ unverified | ₹1.4K Cr | ₹456 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Salzer Electronics Ltd SALZERELEC⚠ unverified | ₹1.0K Cr | ₹576 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Swelect Energy Systems Ltd SWELECTES⚠ unverified | ₹930 Cr | ₹613 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Modison Ltd MODISONLTDAHEAD⚠ unverified | ₹897 Cr | ₹276 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Kirloskar Electric Company Ltd KECL⚠ unverified | ₹829 Cr | ₹125 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Focus Lighting & Fixtures Ltd FOCUS | ₹487 Cr | ₹72.2 | 2026-07-19 | Mar 2026 | Primary source only |
How each company's sources stand: 9 of 19 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 19 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Siemens Ltd (SIEMENS) — its two data sources disagree by up to 38% on reported income across 13 comparable periods, so its derived ratios are withheld; Servotech Renewable Power System Ltd (SERVOTECH) — its two data sources disagree by up to 13% 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 19 Capital Goods - Electric General 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.
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 standing6 cross-checked · 11 unverified · 2 withheld, of 19 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
Capital Goods - Electric General company comparison FAQs
These 18 answers restate the Capital Goods - Electric General comparison above in question form. Every one is computed from the same 19 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 Capital Goods - Electric General index?
The Nifty Capital Goods - Electric General index tracks India's listed Capital Goods - Electric General companies as a single basket. This page follows the same 19 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Capital Goods - Electric General sector rather than to its largest constituent. Figures are as of Jun 2026.
Which are the best Capital Goods - Electric General stocks in India?
Ranked by this page's four-factor score, Modison Ltd places first among 19 listed Capital Goods - Electric General companies, followed by Rishabh Instruments 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 Capital Goods - Electric General stocks are listed in India?
This comparison covers 19 listed Capital Goods - Electric General 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 Capital Goods - Electric General company is the biggest?
Siemens Ltd is the largest, with trailing-twelve-month revenue of ₹17,696 crore, ahead of V-Guard Industries Ltd at ₹5,966 crore. That covers 19 of 19 companies with comparable reporting through Mar 2026.
Which Capital Goods - Electric General company is growing fastest?
Alpex Solar Ltd has the fastest revenue growth at 100% year on year, across 19 of 19 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 Capital Goods - Electric General company has the best profit margins?
Modison Ltd has the highest operating margin at 25%, from 19 of 19 comparable companies. Modison Ltd shows the biggest recent improvement, at +13 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Capital Goods - Electric General company makes the most profit?
Siemens Ltd earns the most, at ₹1,556 crore of trailing-twelve-month net profit, from 19 of 19 comparable companies. Alpex Solar Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Capital Goods - Electric General company earns the highest return on capital?
Alpex Solar Ltd leads on return on capital employed at 43.5%, across 19 of 19 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 Capital Goods - Electric General stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — Insolation Energy Ltd screens cheapest at 0.23×. Only 4 of 19 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 Capital Goods - Electric General company has the strongest balance sheet?
Honda India Power Products Ltd carries the lowest comparable gross debt at ₹1 crore, from 19 of 19 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 Capital Goods - Electric General stock has the strongest price momentum?
Modern Insulators 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 Capital Goods - Electric General company scores highest for research priority?
Modison Ltd scores 78.9 out of 100 with 82.8% evidence confidence, from 29.2 points on growth and earnings, 17.4 on capital efficiency, 12.8 on valuation and 19.5 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 Capital Goods - Electric General companies does this comparison cover, and over what period?
It compares 19 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 Capital Goods - Electric General sector?
The 19 Capital Goods - Electric General companies on this page carry ₹1,76,274 crore of combined market value. Siemens Ltd is the largest at ₹1,31,401 crore, about 75% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
What is the Capital Goods - Electric General sector's P/E ratio?
The median price-to-earnings ratio across the 19 Capital Goods - Electric General companies on this page is 38.2×, measured on the 18 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 Capital Goods - Electric General sector performing?
11 of the 19 covered Capital Goods - Electric General 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.