# Capital Goods - Electric General — company-by-company sector analysis

> Capital Goods - Electric General: Siemens Ltd owns the largest revenue base; Alpex Solar Ltd has the fastest current growth.

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

## Bottom line

Capital Goods - Electric General has outperformed NIFTY 500 by 9.5% over 52 weeks and 14.3% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself. Siemens Ltd leads with revenue of ₹17,696 crore, based on 19 of 19 comparable companies through Mar 2026.

### Is the Capital Goods - Electric General sector outperforming NIFTY 500?

Capital Goods - Electric General has outperformed NIFTY 500 by 9.5% over 52 weeks and 14.3% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself.

### 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 77.9/100 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.

## Sector relative strength

Capital Goods - Electric General has outperformed NIFTY 500 by 9.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 14.3%. 10 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 +72.8%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: 9.5%
Stocks leading NIFTY: 10/19
Stocks leading sector: 8/18

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

Companies: 19
Combined market value: ₹1.8 L Cr

## 4-Factor Sector Score

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

1. Modison Ltd (MODISONLTD): 78/100 — Favorable setup; evidence 83%
   - Growth & earnings 29.2/35 | Capital efficiency 17.4/25 | Valuation 12.8/20 | Relative strength 18.5/20
   - Exact sum: 29.2 + 17.4 + 12.8 + 18.5 = 77.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Rishabh Instruments Ltd (RISHABH): 69/100 — Favorable setup; evidence 86%
   - Growth & earnings 25.9/35 | Capital efficiency 17.8/25 | Valuation 10.9/20 | Relative strength 14.2/20
   - Exact sum: 25.9 + 17.8 + 10.9 + 14.2 = 68.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Modern Insulators Ltd (MODINSULAT): 67/100 — Favorable setup; evidence 79%
   - Growth & earnings 28.0/35 | Capital efficiency 18.1/25 | Valuation 7.0/20 | Relative strength 14.0/20
   - Exact sum: 28 + 18.1 + 7 + 14 = 67.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Ravindra Energy Ltd (RELTD): 63/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 28.3/35 | Capital efficiency 12.7/25 | Valuation 8.2/20 | Relative strength 14.2/20
   - 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.
5. Spectrum Electrical Industries Ltd (SPECTRUM): 62/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 23.7/35 | Capital efficiency 14.9/25 | Valuation 4.3/20 | Relative strength 19.5/20
   - Exact sum: 23.7 + 14.9 + 4.3 + 19.5 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. IKIO Technologies Ltd (IKIO): 58/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 22.1/35 | Capital efficiency 12.2/25 | Valuation 8.5/20 | Relative strength 14.8/20
   - Exact sum: 22.1 + 12.2 + 8.5 + 14.8 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Insolation Energy Ltd (INA): 55/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.7/35 | Capital efficiency 13.8/25 | Valuation 19.6/20 | Relative strength 3.0/20
   - 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.
8. Kirloskar Electric Company Ltd (KECL): 53/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 21.5/35 | Capital efficiency 12.6/25 | Valuation 8.9/20 | Relative strength 10.1/20
   - Exact sum: 21.5 + 12.6 + 8.9 + 10.1 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Alpex Solar Ltd (ALPEXSOLAR): 52/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 17.6/35 | Capital efficiency 15.7/25 | Valuation 11.5/20 | Relative strength 7.1/20
   - Exact sum: 17.6 + 15.7 + 11.5 + 7.1 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Siemens Ltd (SIEMENS): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 16.1/35 | Capital efficiency 18.7/25 | Valuation 7.2/20 | Relative strength 7.1/20
   - Exact sum: 16.1 + 18.7 + 7.2 + 7.1 = 49.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Swelect Energy Systems Ltd (SWELECTES): 48/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 21.8/35 | Capital efficiency 9.3/25 | Valuation 10.8/20 | Relative strength 6.5/20
   - Exact sum: 21.8 + 9.3 + 10.8 + 6.5 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Servotech Renewable Power System Ltd (SERVOTECH): 45/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 13.7/35 | Capital efficiency 11.8/25 | Valuation 11.5/20 | Relative strength 7.6/20
   - Exact sum: 13.7 + 11.8 + 11.5 + 7.6 = 44.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Exicom Tele-Systems Ltd (EXICOM): 45/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 16.4/35 | Capital efficiency 1.6/25 | Valuation 10.0/20 | Relative strength 16.6/20
   - Exact sum: 16.4 + 1.6 + 10 + 16.6 = 44.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. V-Guard Industries Ltd (VGUARD): 43/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 13.6/35 | Capital efficiency 17.9/25 | Valuation 9.4/20 | Relative strength 1.9/20
   - Exact sum: 13.6 + 17.9 + 9.4 + 1.9 = 42.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. HPL Electric & Power Ltd (HPL): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 11.2/35 | Capital efficiency 13.4/25 | Valuation 10.4/20 | Relative strength 4.2/20
   - 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.
16. Honda India Power Products Ltd (HONDAPOWER): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 12.3/35 | Capital efficiency 12.4/25 | Valuation 7.6/20 | Relative strength 6.6/20
   - Exact sum: 12.3 + 12.4 + 7.6 + 6.6 = 38.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Salzer Electronics Ltd (SALZERELEC): 38/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 14.5/35 | Capital efficiency 8.8/25 | Valuation 10.1/20 | Relative strength 4.6/20
   - 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.
18. Focus Lighting & Fixtures Ltd (FOCUS): 35/100 — Adverse evidence; evidence 61%
   - Growth & earnings 7.2/35 | Capital efficiency 10.2/25 | Valuation 8.7/20 | Relative strength 8.6/20
   - Exact sum: 7.2 + 10.2 + 8.7 + 8.6 = 34.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Igarashi Motors India Ltd (IGARASHI): 33/100 — Adverse evidence; evidence 70%
   - Growth & earnings 8.0/35 | Capital efficiency 9.5/25 | Valuation 8.5/20 | Relative strength 7.4/20
   - Exact sum: 8 + 9.5 + 8.5 + 7.4 = 33.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: 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.

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.

Evidence: Siemens Ltd · ₹17,696 crore | 196.6% versus #2 · V-Guard Industries Ltd | 4/8 recent comparable periods | 19/19 companies · 287 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. Siemens Ltd (SIEMENS): ₹17.7K Cr
2. V-Guard Industries Ltd (VGUARD): ₹6.0K Cr
3. Alpex Solar Ltd (ALPEXSOLAR): ₹2.2K Cr
4. Insolation Energy Ltd (INA): ₹2.2K Cr
5. HPL Electric & Power Ltd (HPL): ₹1.8K Cr

### Revenue growth — fastest growers
1. Alpex Solar Ltd (ALPEXSOLAR): 100%
2. Ravindra Energy Ltd (RELTD): 100%
3. Insolation Energy Ltd (INA): 63%
4. Spectrum Electrical Industries Ltd (SPECTRUM): 52%
5. Modison Ltd (MODISONLTD): 45%

### 20-quarter Revenue history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- VGUARD: Sep 2021 ₹908 Cr | Dec 2021 ₹968 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹986 Cr | Dec 2022 ₹982 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SPECTRUM: Sep 2021 ₹62 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹35 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹372 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹397 Cr | Jun 2025 ₹387 Cr | Sep 2025 ₹415 Cr | Dec 2025 ₹575 Cr | Mar 2026 ₹794 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹131 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹100 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹203 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹109 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹346 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹301 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹266 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹388 Cr | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹86 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹217 Cr | Jun 2026 ₹216 Cr
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹302 Cr | Mar 2023 ₹363 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹366 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹393 Cr | Sep 2024 ₹422 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹520 Cr | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹79 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹523 Cr | Dec 2025 ₹648 Cr | Mar 2026 ₹672 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹394 Cr | Dec 2022 ₹339 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹231 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹115 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹167 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹178 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹219 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹246 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹270 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹424 Cr | Mar 2026 ₹474 Cr | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹158 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹202 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹77 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹287 Cr | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹110 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹164 Cr | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹41 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹60 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.6% | Mar 2024 -15% | Jun 2024 -23% | Sep 2024 -23% | Dec 2024 -9.4% | Mar 2025 -3.0% | Jun 2025 16% | Sep 2025 9.9% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 8.6% | Dec 2022 1.5% | Mar 2023 7.8% | Jun 2023 19% | Sep 2023 15% | Dec 2023 19% | Mar 2024 18% | Jun 2024 22% | Sep 2024 14% | Dec 2024 8.9% | Mar 2025 15% | Jun 2025 -0.7% | Sep 2025 3.6% | Dec 2025 11% | Mar 2026 14% | Jun 2026 —
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 6.4% | Sep 2023 6.4% | Dec 2023 52% | Mar 2024 97% | Jun 2024 12% | Sep 2024 30% | Dec 2024 -27% | Mar 2025 34% | Jun 2025 13% | Sep 2025 36% | Dec 2025 76% | Mar 2026 67% | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 -2.9% | Dec 2022 -71% | Mar 2023 -69% | Jun 2023 -75% | Sep 2023 -21% | Dec 2023 -71% | Mar 2024 -74% | Jun 2024 -60% | Sep 2024 -41% | Dec 2024 231% | Mar 2025 430% | Jun 2025 609% | Sep 2025 650% | Dec 2025 140% | Mar 2026 -16% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 140% | Sep 2023 140% | Dec 2023 179% | Mar 2024 179% | Jun 2024 120% | Sep 2024 120% | Dec 2024 42% | Mar 2025 73% | Jun 2025 26% | Sep 2025 36% | Dec 2025 77% | Mar 2026 100% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 31% | Sep 2023 37% | Dec 2023 19% | Mar 2024 2.3% | Jun 2024 -1.7% | Sep 2024 1.1% | Dec 2024 14% | Mar 2025 5.1% | Jun 2025 12% | Sep 2025 7.7% | Dec 2025 1.7% | Mar 2026 9.6% | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.0% | Dec 2023 0.0% | Mar 2024 14% | Jun 2024 16% | Sep 2024 8.5% | Dec 2024 17% | Mar 2025 14% | Jun 2025 36% | Sep 2025 53% | Dec 2025 59% | Mar 2026 27% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 143% | Sep 2023 74% | Dec 2023 81% | Mar 2024 -13% | Jun 2024 -4.9% | Sep 2024 -19% | Dec 2024 -25% | Mar 2025 -12% | Jun 2025 -19% | Sep 2025 84% | Dec 2025 41% | Mar 2026 46% | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -40% | Mar 2024 18% | Jun 2024 41% | Sep 2024 132% | Dec 2024 316% | Mar 2025 7.4% | Jun 2025 22% | Sep 2025 -47% | Dec 2025 -2.4% | Mar 2026 49% | Jun 2026 58%
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 17% | Jun 2024 22% | Sep 2024 21% | Dec 2024 7.1% | Mar 2025 16% | Jun 2025 -2.5% | Sep 2025 2.8% | Dec 2025 21% | Mar 2026 5.5% | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 138% | Mar 2025 170% | Jun 2025 394% | Sep 2025 178% | Dec 2025 245% | Mar 2026 106% | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -28% | Dec 2023 -22% | Mar 2024 -26% | Jun 2024 -31% | Sep 2024 -38% | Dec 2024 -22% | Mar 2025 16% | Jun 2025 7.6% | Sep 2025 -0.6% | Dec 2025 32% | Mar 2026 -1.5% | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.7% | Mar 2024 -17% | Jun 2024 18% | Sep 2024 5.9% | Dec 2024 4.3% | Mar 2025 18% | Jun 2025 -5.5% | Sep 2025 31% | Dec 2025 20% | Mar 2026 47% | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1% | Mar 2024 18% | Jun 2024 32% | Sep 2024 21% | Dec 2024 21% | Mar 2025 -7.4% | Jun 2025 -7.8% | Sep 2025 1.4% | Dec 2025 2.5% | Mar 2026 19% | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.8% | Mar 2024 7.9% | Jun 2024 24% | Sep 2024 22% | Dec 2024 26% | Mar 2025 15% | Jun 2025 24% | Sep 2025 22% | Dec 2025 24% | Mar 2026 26% | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -70% | Dec 2023 150% | Mar 2024 23% | Jun 2024 34% | Sep 2024 313% | Dec 2024 42% | Mar 2025 188% | Jun 2025 55% | Sep 2025 -30% | Dec 2025 53% | Mar 2026 -7.8% | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40% | Mar 2024 31% | Jun 2024 35% | Sep 2024 26% | Dec 2024 12% | Mar 2025 14% | Jun 2025 16% | Sep 2025 19% | Dec 2025 19% | Mar 2026 121% | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 31% | Dec 2023 8.9% | Mar 2024 16% | Jun 2024 14% | Sep 2024 11% | Dec 2024 -5.0% | Mar 2025 -23% | Jun 2025 -0.9% | Sep 2025 -12% | Dec 2025 26% | Mar 2026 27% | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 46% | Jun 2024 7.0% | Sep 2024 -19% | Dec 2024 -27% | Mar 2025 -30% | Jun 2025 -25% | Sep 2025 7.5% | Dec 2025 -9.3% | Mar 2026 44% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Modison Ltd leads both opm at 25% and margin change at +13 percentage points.

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.

Evidence: Modison Ltd · 25% | 0% versus #2 · Ravindra Energy Ltd | 5/8 recent comparable periods | 19/19 companies · 344 observations

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

### OPM — highest
1. Modison Ltd (MODISONLTD): 25%
2. Ravindra Energy Ltd (RELTD): 25%
3. Swelect Energy Systems Ltd (SWELECTES): 18%
4. HPL Electric & Power Ltd (HPL): 17%
5. IKIO Technologies Ltd (IKIO): 16%

### Margin change — fastest expanders
1. Modison Ltd (MODISONLTD): +13.0 pp
2. IKIO Technologies Ltd (IKIO): +10.0 pp
3. Ravindra Energy Ltd (RELTD): +8.0 pp
4. Rishabh Instruments Ltd (RISHABH): +7.0 pp
5. Exicom Tele-Systems Ltd (EXICOM): +6.0 pp

### 20-quarter OPM history
- SIEMENS: Sep 2021 11% | Dec 2021 11% | Mar 2022 12% | Jun 2022 9.7% | Sep 2022 11% | Dec 2022 15% | Mar 2023 13% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 15% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- VGUARD: Sep 2021 10% | Dec 2021 9.0% | Mar 2022 11% | Jun 2022 8.1% | Sep 2022 7.4% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 —
- SPECTRUM: Sep 2021 12% | Dec 2021 5.2% | Mar 2022 9.0% | Jun 2022 6.2% | Sep 2022 9.8% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 10% | Sep 2023 13% | Dec 2023 11% | Mar 2024 10% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 15% | Mar 2025 15% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- RELTD: Sep 2021 -14% | Dec 2021 1.7% | Mar 2022 -2.0% | Jun 2022 1.6% | Sep 2022 14% | Dec 2022 3.0% | Mar 2023 2.0% | Jun 2023 19% | Sep 2023 24% | Dec 2023 45% | Mar 2024 28% | Jun 2024 32% | Sep 2024 4.0% | Dec 2024 13% | Mar 2025 17% | Jun 2025 17% | Sep 2025 31% | Dec 2025 25% | Mar 2026 25% | Jun 2026 —
- INA: Sep 2021 7.5% | Dec 2021 — | Mar 2022 7.2% | Jun 2022 6.4% | Sep 2022 7.2% | Dec 2022 5.3% | Mar 2023 6.2% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 13% | Dec 2024 7.0% | Mar 2025 14% | Jun 2025 14% | Sep 2025 11% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 10% | Dec 2022 14% | Mar 2023 14% | Jun 2023 10% | Sep 2023 18% | Dec 2023 3.0% | Mar 2024 10% | Jun 2024 4.0% | Sep 2024 6.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 15% | Sep 2025 17% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- MODINSULAT: Sep 2021 4.0% | Dec 2021 0.7% | Mar 2022 5.7% | Jun 2022 0.9% | Sep 2022 3.0% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 5.0% | Sep 2024 4.0% | Dec 2024 8.0% | Mar 2025 11% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.6% | Sep 2022 2.0% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 10% | Sep 2024 -10% | Dec 2024 -16% | Mar 2025 -6.0% | Jun 2025 -19% | Sep 2025 -12% | Dec 2025 -12% | Mar 2026 0.0% | Jun 2026 —
- SERVOTECH: Sep 2021 6.0% | Dec 2021 5.4% | Mar 2022 5.5% | Jun 2022 4.2% | Sep 2022 5.8% | Dec 2022 7.0% | Mar 2023 4.0% | Jun 2023 8.7% | Sep 2023 6.2% | Dec 2023 5.8% | Mar 2024 4.1% | Jun 2024 7.4% | Sep 2024 9.5% | Dec 2024 7.5% | Mar 2025 8.3% | Jun 2025 7.6% | Sep 2025 5.9% | Dec 2025 13% | Mar 2026 10% | Jun 2026 9.5%
- HPL: Sep 2021 12% | Dec 2021 13% | Mar 2022 14% | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 17% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.7% | Dec 2023 10% | Mar 2024 12% | Jun 2024 5.0% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 16% | Sep 2025 15% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- HONDAPOWER: Sep 2021 8.7% | Dec 2021 9.9% | Mar 2022 7.1% | Jun 2022 2.9% | Sep 2022 14% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 12% | Dec 2023 13% | Mar 2024 5.0% | Jun 2024 11% | Sep 2024 4.0% | Dec 2024 10% | Mar 2025 16% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 19% | Dec 2022 25% | Mar 2023 20% | Jun 2023 21% | Sep 2023 23% | Dec 2023 22% | Mar 2024 18% | Jun 2024 13% | Sep 2024 18% | Dec 2024 12% | Mar 2025 6.0% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- IGARASHI: Sep 2021 12% | Dec 2021 2.3% | Mar 2022 5.9% | Jun 2022 5.5% | Sep 2022 8.8% | Dec 2022 9.2% | Mar 2023 13% | Jun 2023 9.6% | Sep 2023 9.7% | Dec 2023 10.0% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.6% | Sep 2025 11% | Dec 2025 9.4% | Mar 2026 8.5% | Jun 2026 —
- SALZERELEC: Sep 2021 9.5% | Dec 2021 8.4% | Mar 2022 5.8% | Jun 2022 8.7% | Sep 2022 10% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 11% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 11% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 7.0% | Jun 2026 —
- SWELECTES: Sep 2021 26% | Dec 2021 30% | Mar 2022 14% | Jun 2022 34% | Sep 2022 15% | Dec 2022 39% | Mar 2023 19% | Jun 2023 28% | Sep 2023 35% | Dec 2023 37% | Mar 2024 32% | Jun 2024 18% | Sep 2024 15% | Dec 2024 20% | Mar 2025 13% | Jun 2025 24% | Sep 2025 29% | Dec 2025 24% | Mar 2026 18% | Jun 2026 —
- MODISONLTD: Sep 2021 9.5% | Dec 2021 6.9% | Mar 2022 8.9% | Jun 2022 4.7% | Sep 2022 2.2% | Dec 2022 10% | Mar 2023 13% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 13% | Dec 2025 13% | Mar 2026 25% | Jun 2026 —
- KECL: Sep 2021 -5.4% | Dec 2021 -2.6% | Mar 2022 -0.3% | Jun 2022 -0.1% | Sep 2022 11% | Dec 2022 6.6% | Mar 2023 12% | Jun 2023 6.6% | Sep 2023 8.5% | Dec 2023 4.5% | Mar 2024 6.5% | Jun 2024 6.6% | Sep 2024 0.1% | Dec 2024 4.8% | Mar 2025 0.5% | Jun 2025 5.2% | Sep 2025 4.5% | Dec 2025 10% | Mar 2026 3.9% | Jun 2026 —
- FOCUS: Sep 2021 7.1% | Dec 2021 9.9% | Mar 2022 13% | Jun 2022 11% | Sep 2022 20% | Dec 2022 24% | Mar 2023 19% | Jun 2023 22% | Sep 2023 20% | Dec 2023 19% | Mar 2024 22% | Jun 2024 21% | Sep 2024 18% | Dec 2024 6.2% | Mar 2025 9.3% | Jun 2025 10% | Sep 2025 8.8% | Dec 2025 2.9% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- SIEMENS: Sep 2021 −2.0 pp | Dec 2021 −2.1 pp | Mar 2022 −0.8 pp | Jun 2022 +1.3 pp | Sep 2022 +0.4 pp | Dec 2022 +4.5 pp | Mar 2023 +0.7 pp | Jun 2023 +2.3 pp | Sep 2023 +0.9 pp | Dec 2023 −3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VGUARD: Sep 2021 −1.8 pp | Dec 2021 −4.8 pp | Mar 2022 −2.3 pp | Jun 2022 +0.0 pp | Sep 2022 −3.1 pp | Dec 2022 −2.0 pp | Mar 2023 −1.6 pp | Jun 2023 +0.9 pp | Sep 2023 +0.6 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SPECTRUM: Sep 2021 −0.2 pp | Dec 2021 — | Mar 2022 −5.1 pp | Jun 2022 −2.2 pp | Sep 2022 −2.1 pp | Dec 2022 +2.8 pp | Mar 2023 +3.0 pp | Jun 2023 +4.0 pp | Sep 2023 +3.6 pp | Dec 2023 +3.1 pp | Mar 2024 −1.7 pp | Jun 2024 +2.8 pp | Sep 2024 −4.3 pp | Dec 2024 +3.9 pp | Mar 2025 +4.7 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RELTD: Sep 2021 −10.1 pp | Dec 2021 −12.3 pp | Mar 2022 −7.2 pp | Jun 2022 +0.1 pp | Sep 2022 +28.3 pp | Dec 2022 +1.3 pp | Mar 2023 +4.0 pp | Jun 2023 +17.4 pp | Sep 2023 +9.6 pp | Dec 2023 +42.0 pp | Mar 2024 +26.0 pp | Jun 2024 +13.0 pp | Sep 2024 −20.0 pp | Dec 2024 −32.0 pp | Mar 2025 −11.0 pp | Jun 2025 −15.0 pp | Sep 2025 +27.0 pp | Dec 2025 +12.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 −1.0 pp | Jun 2023 +2.6 pp | Sep 2023 +2.9 pp | Dec 2023 +5.2 pp | Mar 2024 +5.1 pp | Jun 2024 +3.4 pp | Sep 2024 +3.0 pp | Dec 2024 −3.5 pp | Mar 2025 +2.7 pp | Jun 2025 +1.1 pp | Sep 2025 −2.1 pp | Dec 2025 +6.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −4.3 pp | Sep 2023 +7.6 pp | Dec 2023 −11.0 pp | Mar 2024 −4.0 pp | Jun 2024 −6.0 pp | Sep 2024 −12.0 pp | Dec 2024 +5.0 pp | Mar 2025 −1.0 pp | Jun 2025 +11.0 pp | Sep 2025 +11.0 pp | Dec 2025 +9.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- MODINSULAT: Sep 2021 −6.3 pp | Dec 2021 −9.8 pp | Mar 2022 −5.4 pp | Jun 2022 −8.8 pp | Sep 2022 −1.0 pp | Dec 2022 +8.3 pp | Mar 2023 +4.3 pp | Jun 2023 +4.1 pp | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +7.0 pp | Dec 2025 +8.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +4.4 pp | Sep 2023 +10.0 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 +3.0 pp | Sep 2024 −22.0 pp | Dec 2024 −28.0 pp | Mar 2025 −19.0 pp | Jun 2025 −29.0 pp | Sep 2025 −2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- SERVOTECH: Sep 2021 +8.6 pp | Dec 2021 −0.2 pp | Mar 2022 −2.3 pp | Jun 2022 −6.6 pp | Sep 2022 −0.2 pp | Dec 2022 +1.6 pp | Mar 2023 −1.5 pp | Jun 2023 +4.4 pp | Sep 2023 +0.4 pp | Dec 2023 −1.2 pp | Mar 2024 +0.1 pp | Jun 2024 −1.3 pp | Sep 2024 +3.3 pp | Dec 2024 +1.7 pp | Mar 2025 +4.3 pp | Jun 2025 +0.2 pp | Sep 2025 −3.6 pp | Dec 2025 +5.8 pp | Mar 2026 +2.0 pp | Jun 2026 +1.9 pp
- HPL: Sep 2021 −3.4 pp | Dec 2021 −0.9 pp | Mar 2022 −0.2 pp | Jun 2022 +5.1 pp | Sep 2022 +1.0 pp | Dec 2022 −1.3 pp | Mar 2023 −2.0 pp | Jun 2023 −0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +9.3 pp | Dec 2024 +10.0 pp | Mar 2025 +4.0 pp | Jun 2025 +11.0 pp | Sep 2025 −1.0 pp | Dec 2025 −6.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- HONDAPOWER: Sep 2021 −3.0 pp | Dec 2021 −0.7 pp | Mar 2022 +0.1 pp | Jun 2022 −5.6 pp | Sep 2022 +5.3 pp | Dec 2022 +3.1 pp | Mar 2023 +1.9 pp | Jun 2023 +7.2 pp | Sep 2023 −2.0 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 +1.0 pp | Sep 2024 −8.0 pp | Dec 2024 −3.0 pp | Mar 2025 +11.0 pp | Jun 2025 −6.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2.9 pp | Sep 2023 +4.3 pp | Dec 2023 −3.0 pp | Mar 2024 −2.0 pp | Jun 2024 −8.0 pp | Sep 2024 −5.0 pp | Dec 2024 −10.0 pp | Mar 2025 −12.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 +3.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- IGARASHI: Sep 2021 −3.0 pp | Dec 2021 −14.3 pp | Mar 2022 −9.9 pp | Jun 2022 −6.1 pp | Sep 2022 −2.9 pp | Dec 2022 +6.9 pp | Mar 2023 +6.8 pp | Jun 2023 +4.1 pp | Sep 2023 +0.9 pp | Dec 2023 +0.8 pp | Mar 2024 −1.7 pp | Jun 2024 +1.8 pp | Sep 2024 +2.5 pp | Dec 2024 +1.3 pp | Mar 2025 −0.6 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −1.8 pp | Mar 2026 −1.9 pp | Jun 2026 —
- SALZERELEC: Sep 2021 −2.9 pp | Dec 2021 −1.5 pp | Mar 2022 −2.7 pp | Jun 2022 −1.0 pp | Sep 2022 +0.9 pp | Dec 2022 +1.6 pp | Mar 2023 +2.2 pp | Jun 2023 +0.3 pp | Sep 2023 −0.4 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- SWELECTES: Sep 2021 −2.5 pp | Dec 2021 +9.8 pp | Mar 2022 −0.3 pp | Jun 2022 +24.5 pp | Sep 2022 −10.7 pp | Dec 2022 +9.7 pp | Mar 2023 +4.6 pp | Jun 2023 −6.4 pp | Sep 2023 +20.0 pp | Dec 2023 −2.3 pp | Mar 2024 +13.0 pp | Jun 2024 −10.0 pp | Sep 2024 −20.0 pp | Dec 2024 −17.0 pp | Mar 2025 −19.0 pp | Jun 2025 +6.0 pp | Sep 2025 +14.0 pp | Dec 2025 +4.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- MODISONLTD: Sep 2021 −11.4 pp | Dec 2021 −6.1 pp | Mar 2022 −1.7 pp | Jun 2022 −4.9 pp | Sep 2022 −7.2 pp | Dec 2022 +3.1 pp | Mar 2023 +4.1 pp | Jun 2023 +3.3 pp | Sep 2023 +5.8 pp | Dec 2023 −2.0 pp | Mar 2024 −5.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 −1.0 pp | Sep 2025 +5.0 pp | Dec 2025 +4.0 pp | Mar 2026 +13.0 pp | Jun 2026 —
- KECL: Sep 2021 −0.3 pp | Dec 2021 +2.2 pp | Mar 2022 +1.3 pp | Jun 2022 +14.0 pp | Sep 2022 +16.3 pp | Dec 2022 +9.2 pp | Mar 2023 +11.8 pp | Jun 2023 +6.6 pp | Sep 2023 −2.4 pp | Dec 2023 −2.1 pp | Mar 2024 −5.1 pp | Jun 2024 +0.1 pp | Sep 2024 −8.4 pp | Dec 2024 +0.3 pp | Mar 2025 −6.0 pp | Jun 2025 −1.4 pp | Sep 2025 +4.4 pp | Dec 2025 +5.7 pp | Mar 2026 +3.4 pp | Jun 2026 —
- FOCUS: Sep 2021 +16.8 pp | Dec 2021 +0.2 pp | Mar 2022 +9.7 pp | Jun 2022 +12.8 pp | Sep 2022 +12.8 pp | Dec 2022 +14.4 pp | Mar 2023 +5.9 pp | Jun 2023 +10.8 pp | Sep 2023 +0.5 pp | Dec 2023 −5.8 pp | Mar 2024 +2.9 pp | Jun 2024 −0.4 pp | Sep 2024 −2.7 pp | Dec 2024 −12.3 pp | Mar 2025 −12.8 pp | Jun 2025 −11.0 pp | Sep 2025 −8.9 pp | Dec 2025 −3.3 pp | Mar 2026 +0.9 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Siemens Ltd · ₹1,556 crore | 405.2% versus #2 · V-Guard Industries Ltd | 3/8 recent comparable periods | 19/19 companies · 287 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. Siemens Ltd (SIEMENS): ₹1.6K Cr
2. V-Guard Industries Ltd (VGUARD): ₹308 Cr
3. Alpex Solar Ltd (ALPEXSOLAR): ₹202 Cr
4. Insolation Energy Ltd (INA): ₹198 Cr
5. HPL Electric & Power Ltd (HPL): ₹91 Cr

### Profit growth — fastest growers
1. Alpex Solar Ltd (ALPEXSOLAR): 100%
2. Modern Insulators Ltd (MODINSULAT): 100%
3. Modison Ltd (MODISONLTD): 100%
4. Ravindra Energy Ltd (RELTD): 100%
5. Rishabh Instruments Ltd (RISHABH): 100%

### 20-quarter Net profit history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹463 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹506 Cr | Mar 2024 ₹803 Cr | Jun 2024 ₹578 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹423 Cr | Sep 2025 ₹485 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹370 Cr | Jun 2026 —
- VGUARD: Sep 2021 ₹59 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹112 Cr | Jun 2026 —
- SPECTRUM: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹27 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-63 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-14 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-83 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-68 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹8 Cr
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹42 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹6 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-2 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹16 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.3% | Mar 2024 70% | Jun 2024 27% | Sep 2024 45% | Dec 2024 22% | Mar 2025 -28% | Jun 2025 -27% | Sep 2025 -42% | Dec 2025 -55% | Mar 2026 -36% | Jun 2026 —
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 112% | Sep 2022 -25% | Dec 2022 -26% | Mar 2023 -41% | Jun 2023 21% | Sep 2023 34% | Dec 2023 49% | Mar 2024 43% | Jun 2024 55% | Sep 2024 6.8% | Dec 2024 3.5% | Mar 2025 20% | Jun 2025 -25% | Sep 2025 3.2% | Dec 2025 -5.0% | Mar 2026 23% | Jun 2026 —
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -67% | Dec 2022 200% | Mar 2023 200% | Jun 2023 300% | Sep 2023 300% | Dec 2023 100% | Mar 2024 98% | Jun 2024 -50% | Sep 2024 75% | Dec 2024 -50% | Mar 2025 136% | Jun 2025 200% | Sep 2025 14% | Dec 2025 233% | Mar 2026 86% | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -81% | Dec 2022 — | Mar 2023 -53% | Jun 2023 200% | Sep 2023 80% | Dec 2023 — | Mar 2024 -800% | Jun 2024 100% | Sep 2024 -89% | Dec 2024 — | Mar 2025 — | Jun 2025 283% | Sep 2025 3,000% | Dec 2025 650% | Mar 2026 0.0% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 300% | Sep 2023 300% | Dec 2023 567% | Mar 2024 567% | Jun 2024 288% | Sep 2024 288% | Dec 2024 -5.0% | Mar 2025 110% | Jun 2025 29% | Sep 2025 19% | Dec 2025 168% | Mar 2026 67% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 175% | Dec 2023 -61% | Mar 2024 -87% | Jun 2024 -63% | Sep 2024 -82% | Dec 2024 14% | Mar 2025 200% | Jun 2025 567% | Sep 2025 450% | Dec 2025 163% | Mar 2026 233% | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20% | Dec 2023 0.0% | Mar 2024 33% | Jun 2024 100% | Sep 2024 117% | Dec 2024 -10% | Mar 2025 -44% | Jun 2025 88% | Sep 2025 31% | Dec 2025 167% | Mar 2026 167% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 -3.6% | Jun 2024 80% | Sep 2024 -194% | Dec 2024 -644% | Mar 2025 -330% | Jun 2025 -561% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -72% | Mar 2024 -42% | Jun 2024 9.5% | Sep 2024 259% | Dec 2024 728% | Mar 2025 123% | Jun 2025 1.3% | Sep 2025 -97% | Dec 2025 69% | Mar 2026 45% | Jun 2026 77%
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 27% | Jun 2024 143% | Sep 2024 100% | Dec 2024 50% | Mar 2025 164% | Jun 2025 5.9% | Sep 2025 0.0% | Dec 2025 11% | Mar 2026 -16% | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 360% | Mar 2025 483% | Jun 2025 4,100% | Sep 2025 121% | Dec 2025 135% | Mar 2026 51% | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -26% | Dec 2023 -13% | Mar 2024 167% | Jun 2024 -5.9% | Sep 2024 -71% | Dec 2024 -32% | Mar 2025 125% | Jun 2025 -44% | Sep 2025 22% | Dec 2025 -11% | Mar 2026 -25% | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.6% | Mar 2024 -29% | Jun 2024 -14% | Sep 2024 -28% | Dec 2024 -58% | Mar 2025 -110% | Jun 2025 -83% | Sep 2025 -15% | Dec 2025 38% | Mar 2026 — | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 -33% | Jun 2024 471% | Sep 2024 434% | Dec 2024 231% | Mar 2025 -40% | Jun 2025 -69% | Sep 2025 -42% | Dec 2025 -32% | Mar 2026 -48% | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 30% | Jun 2024 50% | Sep 2024 170% | Dec 2024 15% | Mar 2025 -15% | Jun 2025 13% | Sep 2025 -52% | Dec 2025 -13% | Mar 2026 -9.1% | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 800% | Jun 2024 -42% | Sep 2024 29% | Dec 2024 -238% | Mar 2025 -75% | Jun 2025 200% | Sep 2025 78% | Dec 2025 — | Mar 2026 22% | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -25% | Jun 2024 -83% | Sep 2024 33% | Dec 2024 50% | Mar 2025 67% | Jun 2025 400% | Sep 2025 50% | Dec 2025 233% | Mar 2026 260% | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -66% | Dec 2023 -55% | Mar 2024 -50% | Jun 2024 5.5% | Sep 2024 -4.3% | Dec 2024 -62% | Mar 2025 -171% | Jun 2025 -78% | Sep 2025 96% | Dec 2025 619% | Mar 2026 — | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 102% | Jun 2024 0.4% | Sep 2024 -49% | Dec 2024 -100% | Mar 2025 -88% | Jun 2025 -76% | Sep 2025 -65% | Dec 2025 — | Mar 2026 113% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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: Insolation Energy Ltd · ₹124 crore | 181.8% versus #2 · Alpex Solar Ltd | 8/8 recent comparable periods | 6/19 companies · 29 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Insolation Energy Ltd (INA): ₹124 Cr
2. Alpex Solar Ltd (ALPEXSOLAR): ₹44 Cr
3. IKIO Technologies Ltd (IKIO): ₹10 Cr
4. Rishabh Instruments Ltd (RISHABH): ₹6 Cr
5. Spectrum Electrical Industries Ltd (SPECTRUM): ₹5 Cr

### CAPEX intensity — highest reinvestment intensity
1. Insolation Energy Ltd (INA): 30%
2. Alpex Solar Ltd (ALPEXSOLAR): 14%
3. IKIO Technologies Ltd (IKIO): 8.7%
4. Rishabh Instruments Ltd (RISHABH): 4.6%
5. Spectrum Electrical Industries Ltd (SPECTRUM): 4.0%

### 20-quarter CAPEX history
- SPECTRUM: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹124 Cr | Sep 2025 ₹124 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹13 Cr | Mar 2025 ₹44 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- SPECTRUM: Sep 2021 6.5% | Dec 2021 — | Mar 2022 13% | Jun 2022 4.8% | Sep 2022 4.8% | Dec 2022 — | Mar 2023 6.3% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 — | Mar 2024 4.0% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 5.2% | Dec 2022 — | Mar 2023 15% | Jun 2023 7.2% | Sep 2023 7.2% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 5.6% | Sep 2024 5.6% | Dec 2024 — | Mar 2025 — | Jun 2025 32% | Sep 2025 30% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6% | Sep 2022 4.6% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 6.9% | Mar 2025 14% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.2% | Mar 2023 8.7% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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: Honda India Power Products Ltd · ₹1 crore | 95% versus #2 · Focus Lighting & Fixtures Ltd | 8/8 recent comparable periods | 19/19 companies · 281 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. Honda India Power Products Ltd (HONDAPOWER): ₹1 Cr
2. Focus Lighting & Fixtures Ltd (FOCUS): ₹20 Cr
3. Modern Insulators Ltd (MODINSULAT): ₹68 Cr
4. IKIO Technologies Ltd (IKIO): ₹70 Cr
5. Rishabh Instruments Ltd (RISHABH): ₹81 Cr

### Net debt — lowest net debt
1. Rishabh Instruments Ltd (RISHABH): ₹-121 Cr
2. Honda India Power Products Ltd (HONDAPOWER): ₹-78 Cr
3. V-Guard Industries Ltd (VGUARD): ₹-75 Cr
4. IKIO Technologies Ltd (IKIO): ₹48 Cr
5. Kirloskar Electric Company Ltd (KECL): ₹68 Cr

### 20-quarter Gross debt history
- SIEMENS: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹182 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹175 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹279 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹145 Cr | Dec 2025 — | Mar 2026 ₹307 Cr | Jun 2026 —
- VGUARD: Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹503 Cr | Jun 2023 ₹503 Cr | Sep 2023 ₹388 Cr | Dec 2023 ₹388 Cr | Mar 2024 ₹401 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- SPECTRUM: Sep 2021 ₹75 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹89 Cr | Jun 2024 — | Sep 2024 ₹92 Cr | Dec 2024 — | Mar 2025 ₹185 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹151 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹164 Cr | Jun 2022 — | Sep 2022 ₹131 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹224 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹432 Cr | Mar 2026 ₹502 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹69 Cr | Dec 2024 — | Mar 2025 ₹108 Cr | Jun 2025 ₹257 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹257 Cr | Mar 2026 ₹888 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹103 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹102 Cr | Dec 2022 — | Mar 2023 ₹106 Cr | Jun 2023 — | Sep 2023 ₹69 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹68 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹128 Cr | Jun 2022 ₹128 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹133 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹86 Cr | Dec 2023 — | Mar 2024 ₹46 Cr | Jun 2024 — | Sep 2024 ₹620 Cr | Dec 2024 ₹620 Cr | Mar 2025 ₹707 Cr | Jun 2025 ₹707 Cr | Sep 2025 ₹582 Cr | Dec 2025 ₹582 Cr | Mar 2026 ₹713 Cr | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹42 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹75 Cr | Jun 2025 — | Sep 2025 ₹152 Cr | Dec 2025 — | Mar 2026 ₹211 Cr | Jun 2026 —
- HPL: Sep 2021 ₹573 Cr | Dec 2021 ₹573 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹565 Cr | Sep 2022 ₹598 Cr | Dec 2022 ₹598 Cr | Mar 2023 ₹600 Cr | Jun 2023 ₹600 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹639 Cr | Mar 2024 ₹627 Cr | Jun 2024 ₹627 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹651 Cr | Mar 2025 ₹639 Cr | Jun 2025 ₹639 Cr | Sep 2025 ₹742 Cr | Dec 2025 ₹742 Cr | Mar 2026 ₹755 Cr | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹27 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹42 Cr | Dec 2023 — | Mar 2024 ₹49 Cr | Jun 2024 — | Sep 2024 ₹33 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹537 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 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 ₹1 Cr | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹116 Cr | Jun 2022 ₹16 Cr | Sep 2022 — | Dec 2022 ₹145 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- IGARASHI: Sep 2021 ₹87 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- SALZERELEC: Sep 2021 ₹233 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹312 Cr | Jun 2024 — | Sep 2024 ₹351 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹422 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹480 Cr | Mar 2026 ₹535 Cr | Jun 2026 —
- SWELECTES: Sep 2021 ₹385 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹459 Cr | Jun 2022 ₹459 Cr | Sep 2022 ₹450 Cr | Dec 2022 ₹450 Cr | Mar 2023 ₹550 Cr | Jun 2023 ₹550 Cr | Sep 2023 ₹618 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹569 Cr | Jun 2024 ₹569 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹635 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹666 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹798 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹174 Cr | Jun 2026 —
- KECL: Sep 2021 ₹153 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹20 Cr | Jun 2026 —

### 20-quarter Net debt history
- VGUARD: Sep 2021 ₹-144 Cr | Dec 2021 ₹-144 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹-80 Cr | Dec 2022 ₹-80 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹-75 Cr | Jun 2026 —
- SPECTRUM: Sep 2021 ₹60 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹82 Cr | Jun 2024 — | Sep 2024 ₹64 Cr | Dec 2024 — | Mar 2025 ₹184 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹131 Cr | Dec 2021 — | Mar 2022 ₹148 Cr | Jun 2022 — | Sep 2022 ₹123 Cr | Dec 2022 — | Mar 2023 ₹97 Cr | Jun 2023 — | Sep 2023 ₹126 Cr | Dec 2023 — | Mar 2024 ₹134 Cr | Jun 2024 — | Sep 2024 ₹76 Cr | Dec 2024 — | Mar 2025 ₹140 Cr | Jun 2025 — | Sep 2025 ₹369 Cr | Dec 2025 — | Mar 2026 ₹463 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹31 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹56 Cr | Dec 2024 — | Mar 2025 ₹-206 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹367 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-2 Cr | Sep 2022 ₹-4 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹-398 Cr | Dec 2023 ₹-398 Cr | Mar 2024 ₹-97 Cr | Jun 2024 ₹-97 Cr | Sep 2024 ₹-83 Cr | Dec 2024 ₹-83 Cr | Mar 2025 ₹-98 Cr | Jun 2025 ₹-100 Cr | Sep 2025 ₹-115 Cr | Dec 2025 ₹-115 Cr | Mar 2026 ₹-121 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹85 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹95 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹34 Cr | Dec 2023 — | Mar 2024 ₹-51 Cr | Jun 2024 — | Sep 2024 ₹234 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹487 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹649 Cr | Jun 2026 —
- HPL: Sep 2021 ₹499 Cr | Dec 2021 ₹499 Cr | Mar 2022 ₹562 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹529 Cr | Dec 2022 ₹529 Cr | Mar 2023 ₹573 Cr | Jun 2023 ₹530 Cr | Sep 2023 ₹573 Cr | Dec 2023 ₹573 Cr | Mar 2024 ₹601 Cr | Jun 2024 ₹568 Cr | Sep 2024 ₹590 Cr | Dec 2024 ₹590 Cr | Mar 2025 ₹612 Cr | Jun 2025 ₹578 Cr | Sep 2025 ₹670 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹674 Cr | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹35 Cr | Sep 2023 ₹35 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹-10 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹387 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 ₹-133 Cr | Dec 2021 ₹-133 Cr | Mar 2022 ₹-276 Cr | Jun 2022 ₹-276 Cr | Sep 2022 ₹-425 Cr | Dec 2022 ₹-425 Cr | Mar 2023 ₹-466 Cr | Jun 2023 ₹-466 Cr | Sep 2023 ₹-477 Cr | Dec 2023 ₹-477 Cr | Mar 2024 ₹-539 Cr | Jun 2024 ₹-541 Cr | Sep 2024 ₹-520 Cr | Dec 2024 ₹-520 Cr | Mar 2025 ₹-540 Cr | Jun 2025 ₹-542 Cr | Sep 2025 ₹-446 Cr | Dec 2025 ₹-446 Cr | Mar 2026 ₹-78 Cr | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹15 Cr | Sep 2022 — | Dec 2022 ₹142 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹-176 Cr | Dec 2023 ₹-176 Cr | Mar 2024 ₹-118 Cr | Jun 2024 ₹-118 Cr | Sep 2024 ₹-86 Cr | Dec 2024 ₹-86 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- IGARASHI: Sep 2021 ₹80 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- SALZERELEC: Sep 2021 ₹218 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹265 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹294 Cr | Jun 2024 — | Sep 2024 ₹329 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹404 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹454 Cr | Mar 2026 ₹515 Cr | Jun 2026 —
- SWELECTES: Sep 2021 ₹-56 Cr | Dec 2021 ₹-56 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹349 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹535 Cr | Jun 2023 ₹535 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹551 Cr | Jun 2024 ₹551 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹581 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹563 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹174 Cr | Jun 2026 —
- KECL: Sep 2021 ₹137 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹68 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Alpex Solar Ltd · 43.5% | 40.3% versus #2 · Modison Ltd | 4/5 recent comparable periods | 19/19 companies · 217 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. Alpex Solar Ltd (ALPEXSOLAR): 44%
2. Modison Ltd (MODISONLTD): 31%
3. Insolation Energy Ltd (INA): 22%
4. Siemens Ltd (SIEMENS): 21%
5. Modern Insulators Ltd (MODINSULAT): 19%

### ROCE change — fastest improvers
1. Modison Ltd (MODISONLTD): +22.0 pp
2. Kirloskar Electric Company Ltd (KECL): +13.4 pp
3. Modern Insulators Ltd (MODINSULAT): +10.0 pp
4. Rishabh Instruments Ltd (RISHABH): +8.1 pp
5. Ravindra Energy Ltd (RELTD): +4.5 pp

### 20-quarter ROCE history
- VGUARD: Sep 2021 25% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 14% | Dec 2023 19% | Mar 2024 16% | Jun 2024 20% | Sep 2024 19% | Dec 2024 20% | Mar 2025 18% | Jun 2025 18% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- SPECTRUM: Sep 2021 16% | Dec 2021 15% | Mar 2022 13% | Jun 2022 12% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 17% | Sep 2023 19% | Dec 2023 15% | Mar 2024 18% | Jun 2024 — | Sep 2024 17% | Dec 2024 20% | Mar 2025 16% | Jun 2025 23% | Sep 2025 19% | Dec 2025 28% | Mar 2026 18% | Jun 2026 —
- RELTD: Sep 2021 2.0% | Dec 2021 — | Mar 2022 0.7% | Jun 2022 — | Sep 2022 6.2% | Dec 2022 — | Mar 2023 8.1% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 12% | Mar 2024 9.6% | Jun 2024 -7.9% | Sep 2024 9.4% | Dec 2024 -11% | Mar 2025 5.9% | Jun 2025 12% | Sep 2025 11% | Dec 2025 19% | Mar 2026 10% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 19% | Dec 2022 13% | Mar 2023 18% | Jun 2023 22% | Sep 2023 30% | Dec 2023 41% | Mar 2024 56% | Jun 2024 53% | Sep 2024 66% | Dec 2024 — | Mar 2025 24% | Jun 2025 21% | Sep 2025 23% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.4% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 13% | Dec 2023 13% | Mar 2024 7.3% | Jun 2024 9.0% | Sep 2024 2.2% | Dec 2024 5.9% | Mar 2025 3.2% | Jun 2025 8.6% | Sep 2025 8.1% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 24% | Dec 2023 30% | Mar 2024 14% | Jun 2024 22% | Sep 2024 6.7% | Dec 2024 3.3% | Mar 2025 -8.4% | Jun 2025 -17% | Sep 2025 -19% | Dec 2025 -21% | Mar 2026 -20% | Jun 2026 —
- HPL: Sep 2021 9.0% | Dec 2021 — | Mar 2022 9.2% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 16% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 22% | Jun 2025 23% | Sep 2025 20% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 25% | Dec 2023 — | Mar 2024 25% | Jun 2024 — | Sep 2024 33% | Dec 2024 42% | Mar 2025 48% | Jun 2025 93% | Sep 2025 40% | Dec 2025 74% | Mar 2026 35% | Jun 2026 —
- HONDAPOWER: Sep 2021 12% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 16% | Jun 2023 19% | Sep 2023 14% | Dec 2023 15% | Mar 2024 9.8% | Jun 2024 16% | Sep 2024 5.7% | Dec 2024 10% | Mar 2025 7.7% | Jun 2025 12% | Sep 2025 8.2% | Dec 2025 13% | Mar 2026 7.3% | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 32% | Mar 2023 49% | Jun 2023 — | Sep 2023 17% | Dec 2023 28% | Mar 2024 14% | Jun 2024 25% | Sep 2024 11% | Dec 2024 12% | Mar 2025 6.0% | Jun 2025 6.7% | Sep 2025 3.8% | Dec 2025 6.9% | Mar 2026 7.4% | Jun 2026 —
- IGARASHI: Sep 2021 10% | Dec 2021 — | Mar 2022 1.3% | Jun 2022 — | Sep 2022 -2.1% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 6.1% | Mar 2024 5.0% | Jun 2024 7.2% | Sep 2024 8.4% | Dec 2024 9.9% | Mar 2025 8.9% | Jun 2025 7.5% | Sep 2025 6.7% | Dec 2025 5.7% | Mar 2026 6.2% | Jun 2026 —
- SALZERELEC: Sep 2021 14% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 19% | Jun 2024 22% | Sep 2024 20% | Dec 2024 26% | Mar 2025 19% | Jun 2025 25% | Sep 2025 19% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- SWELECTES: Sep 2021 1.5% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.1% | Dec 2022 — | Mar 2023 3.7% | Jun 2023 5.8% | Sep 2023 4.2% | Dec 2023 7.4% | Mar 2024 5.1% | Jun 2024 11% | Sep 2024 5.8% | Dec 2024 12% | Mar 2025 4.8% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 12% | Mar 2026 8.0% | Jun 2026 —
- MODISONLTD: Sep 2021 18% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 7.3% | Dec 2022 — | Mar 2023 9.5% | Jun 2023 — | Sep 2023 13% | Dec 2023 18% | Mar 2024 13% | Jun 2024 14% | Sep 2024 14% | Dec 2024 17% | Mar 2025 17% | Jun 2025 21% | Sep 2025 19% | Dec 2025 31% | Mar 2026 39% | Jun 2026 —
- KECL: Sep 2021 -22% | Dec 2021 — | Mar 2022 -2.4% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 36% | Jun 2023 33% | Sep 2023 31% | Dec 2023 25% | Mar 2024 19% | Jun 2024 22% | Sep 2024 14% | Dec 2024 19% | Mar 2025 8.1% | Jun 2025 14% | Sep 2025 14% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —

### 20-quarter ROCE change history
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 — | Mar 2023 −7.5 pp | Jun 2023 — | Sep 2023 −5.7 pp | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 +5.6 pp | Dec 2024 +0.9 pp | Mar 2025 +2.0 pp | Jun 2025 −2.1 pp | Sep 2025 −3.6 pp | Dec 2025 −3.1 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 −2.5 pp | Mar 2023 0.0 pp | Jun 2023 +5.2 pp | Sep 2023 +8.4 pp | Dec 2023 +3.3 pp | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 +5.0 pp | Mar 2025 −2.5 pp | Jun 2025 — | Sep 2025 +1.8 pp | Dec 2025 +7.3 pp | Mar 2026 +1.7 pp | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 — | Mar 2023 +7.4 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 −22.4 pp | Mar 2025 −3.7 pp | Jun 2025 +19.8 pp | Sep 2025 +1.2 pp | Dec 2025 +29.8 pp | Mar 2026 +4.5 pp | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +12.7 pp | Sep 2023 +11.1 pp | Dec 2023 +27.4 pp | Mar 2024 +37.7 pp | Jun 2024 +30.3 pp | Sep 2024 +36.1 pp | Dec 2024 — | Mar 2025 −32.1 pp | Jun 2025 −31.1 pp | Sep 2025 −42.8 pp | Dec 2025 — | Mar 2026 −4.8 pp | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.7 pp | Dec 2023 — | Mar 2024 −6.2 pp | Jun 2024 — | Sep 2024 −10.9 pp | Dec 2024 −7.3 pp | Mar 2025 −4.1 pp | Jun 2025 −0.4 pp | Sep 2025 +5.9 pp | Dec 2025 +6.9 pp | Mar 2026 +8.1 pp | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −17.4 pp | Dec 2024 −26.8 pp | Mar 2025 −22.3 pp | Jun 2025 −39.1 pp | Sep 2025 −25.5 pp | Dec 2025 −24.0 pp | Mar 2026 −11.8 pp | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 +3.2 pp | Mar 2025 +6.0 pp | Jun 2025 +3.9 pp | Sep 2025 +1.9 pp | Dec 2025 +2.5 pp | Mar 2026 −2.9 pp | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +7.8 pp | Dec 2024 — | Mar 2025 +23.6 pp | Jun 2025 — | Sep 2025 +7.2 pp | Dec 2025 +32.0 pp | Mar 2026 −13.5 pp | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +3.7 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −5.7 pp | Jun 2024 −2.8 pp | Sep 2024 −8.3 pp | Dec 2024 −5.1 pp | Mar 2025 −2.1 pp | Jun 2025 −4.1 pp | Sep 2025 +2.5 pp | Dec 2025 +2.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.5 pp | Mar 2024 −34.5 pp | Jun 2024 — | Sep 2024 −6.1 pp | Dec 2024 −16.7 pp | Mar 2025 −8.1 pp | Jun 2025 −18.4 pp | Sep 2025 −7.5 pp | Dec 2025 −4.6 pp | Mar 2026 +1.4 pp | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.1 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +7.5 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +3.8 pp | Mar 2025 +3.9 pp | Jun 2025 +0.3 pp | Sep 2025 −1.7 pp | Dec 2025 −4.2 pp | Mar 2026 −2.7 pp | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +5.1 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +4.7 pp | Mar 2025 0.0 pp | Jun 2025 +2.8 pp | Sep 2025 −0.5 pp | Dec 2025 −5.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 +5.3 pp | Sep 2024 +1.6 pp | Dec 2024 +4.5 pp | Mar 2025 −0.3 pp | Jun 2025 −0.8 pp | Sep 2025 +1.2 pp | Dec 2025 0.0 pp | Mar 2026 +3.2 pp | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.5 pp | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 — | Sep 2023 +6.0 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 −0.6 pp | Mar 2025 +3.8 pp | Jun 2025 +6.3 pp | Sep 2025 +4.8 pp | Dec 2025 +14.4 pp | Mar 2026 +22.0 pp | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +45.8 pp | Dec 2022 — | Mar 2023 +38.8 pp | Jun 2023 — | Sep 2023 +6.9 pp | Dec 2023 — | Mar 2024 −17.1 pp | Jun 2024 −11.2 pp | Sep 2024 −17.3 pp | Dec 2024 −5.6 pp | Mar 2025 −11.2 pp | Jun 2025 −8.2 pp | Sep 2025 +0.8 pp | Dec 2025 −1.6 pp | Mar 2026 +13.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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: Insolation Energy Ltd · 0.23× | 88.3% versus #2 · Ravindra Energy Ltd | 0/8 recent comparable periods | 4/19 companies · 21 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. Insolation Energy Ltd (INA): 0.2
2. Ravindra Energy Ltd (RELTD): 2.0
3. V-Guard Industries Ltd (VGUARD): 2.5
4. Spectrum Electrical Industries Ltd (SPECTRUM): 9.1

### P/E — lowest P/E
1. Alpex Solar Ltd (ALPEXSOLAR): 10.6
2. Modison Ltd (MODISONLTD): 11.4
3. Insolation Energy Ltd (INA): 12.4
4. Salzer Electronics Ltd (SALZERELEC): 19.2
5. Swelect Energy Systems Ltd (SWELECTES): 19.6

### 20-quarter Guarded PEG history
- VGUARD: Sep 2021 1.1 | Dec 2021 — | Mar 2022 1.9 | Jun 2022 3.2 | Sep 2022 1.5 | Dec 2022 — | Mar 2023 5.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.0 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.9 | Jun 2025 2.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SPECTRUM: Sep 2021 0.6 | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 12.2 | Sep 2023 17.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 9.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.5 | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SIEMENS: Sep 2021 39.4 | Dec 2021 44.4 | Mar 2022 44.8 | Jun 2022 46.2 | Sep 2022 47.3 | Dec 2022 45.8 | Mar 2023 46.0 | Jun 2023 47.5 | Sep 2023 42.3 | Dec 2023 41.9 | Mar 2024 57.5 | Jun 2024 75.4 | Sep 2024 72.0 | Dec 2024 66.2 | Mar 2025 54.7 | Jun 2025 66.0 | Sep 2025 64.8 | Dec 2025 66.6 | Mar 2026 67.0 | Jun 2026 —
- VGUARD: Sep 2021 49.7 | Dec 2021 41.4 | Mar 2022 45.6 | Jun 2022 41.3 | Sep 2022 41.0 | Dec 2022 47.0 | Mar 2023 47.7 | Jun 2023 64.5 | Sep 2023 66.5 | Dec 2023 58.8 | Mar 2024 61.4 | Jun 2024 72.6 | Sep 2024 66.3 | Dec 2024 61.1 | Mar 2025 51.8 | Jun 2025 53.6 | Sep 2025 55.9 | Dec 2025 49.1 | Mar 2026 45.6 | Jun 2026 —
- SPECTRUM: Sep 2021 14.4 | Dec 2021 7.3 | Mar 2022 13.4 | Jun 2022 11.4 | Sep 2022 13.0 | Dec 2022 23.8 | Mar 2023 98.0 | Jun 2023 125.3 | Sep 2023 178.9 | Dec 2023 158.2 | Mar 2024 180.8 | Jun 2024 182.8 | Sep 2024 142.2 | Dec 2024 161.1 | Mar 2025 146.4 | Jun 2025 100.4 | Sep 2025 73.6 | Dec 2025 63.6 | Mar 2026 62.1 | Jun 2026 —
- RELTD: Sep 2021 74.5 | Dec 2021 18.7 | Mar 2022 18.6 | Jun 2022 19.3 | Sep 2022 21.7 | Dec 2022 43.2 | Mar 2023 27.3 | Jun 2023 46.1 | Sep 2023 56.9 | Dec 2023 41.0 | Mar 2024 54.6 | Jun 2024 83.4 | Sep 2024 270.3 | Dec 2024 240.9 | Mar 2025 104.3 | Jun 2025 84.8 | Sep 2025 60.0 | Dec 2025 39.5 | Mar 2026 25.6 | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 22.5 | Mar 2023 27.4 | Jun 2023 21.4 | Sep 2023 76.5 | Dec 2023 74.8 | Mar 2024 162.2 | Jun 2024 125.1 | Sep 2024 133.4 | Dec 2024 75.0 | Mar 2025 53.1 | Jun 2025 45.9 | Sep 2025 34.7 | Dec 2025 21.0 | Mar 2026 13.6 | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 31.6 | Dec 2023 30.4 | Mar 2024 28.5 | Jun 2024 40.6 | Sep 2024 41.0 | Dec 2024 71.6 | Mar 2025 44.4 | Jun 2025 48.1 | Sep 2025 39.6 | Dec 2025 26.4 | Mar 2026 21.0 | Jun 2026 —
- MODINSULAT: Sep 2021 6.6 | Dec 2021 7.3 | Mar 2022 7.6 | Jun 2022 7.9 | Sep 2022 15.0 | Dec 2022 12.3 | Mar 2023 7.4 | Jun 2023 8.4 | Sep 2023 11.0 | Dec 2023 13.9 | Mar 2024 11.3 | Jun 2024 16.5 | Sep 2024 16.1 | Dec 2024 15.1 | Mar 2025 10.6 | Jun 2025 14.0 | Sep 2025 13.3 | Dec 2025 18.7 | Mar 2026 16.3 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18.2 | Jun 2024 27.1 | Sep 2024 52.6 | Dec 2024 84.1 | Mar 2025 79.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 126.2 | Mar 2022 153.0 | Jun 2022 28.8 | Sep 2022 92.5 | Dec 2022 83.7 | Mar 2023 58.1 | Jun 2023 149.5 | Sep 2023 111.9 | Dec 2023 94.6 | Mar 2024 114.1 | Jun 2024 160.3 | Sep 2024 325.0 | Dec 2024 175.4 | Mar 2025 95.7 | Jun 2025 100.3 | Sep 2025 83.1 | Dec 2025 75.6 | Mar 2026 51.6 | Jun 2026 66.1
- HPL: Sep 2021 46.8 | Dec 2021 60.5 | Mar 2022 49.6 | Jun 2022 47.4 | Sep 2022 13.3 | Dec 2022 18.2 | Mar 2023 16.8 | Jun 2023 28.0 | Sep 2023 45.0 | Dec 2023 45.0 | Mar 2024 49.5 | Jun 2024 64.7 | Sep 2024 67.7 | Dec 2024 53.5 | Mar 2025 37.8 | Jun 2025 37.0 | Sep 2025 31.3 | Dec 2025 27.0 | Mar 2026 17.4 | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30.5 | Jun 2024 95.9 | Sep 2024 84.4 | Dec 2024 52.9 | Mar 2025 35.1 | Jun 2025 67.6 | Sep 2025 78.1 | Dec 2025 23.9 | Mar 2026 22.6 | Jun 2026 —
- HONDAPOWER: Sep 2021 15.8 | Dec 2021 18.4 | Mar 2022 16.7 | Jun 2022 19.3 | Sep 2022 25.5 | Dec 2022 26.2 | Mar 2023 21.5 | Jun 2023 23.5 | Sep 2023 26.4 | Dec 2023 25.1 | Mar 2024 24.1 | Jun 2024 42.5 | Sep 2024 46.3 | Dec 2024 44.4 | Mar 2025 36.3 | Jun 2025 37.3 | Sep 2025 38.3 | Dec 2025 31.1 | Mar 2026 23.9 | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 21.6 | Sep 2023 46.1 | Dec 2023 35.2 | Mar 2024 32.1 | Jun 2024 37.4 | Sep 2024 37.9 | Dec 2024 36.1 | Mar 2025 42.6 | Jun 2025 53.2 | Sep 2025 79.0 | Dec 2025 79.8 | Mar 2026 44.2 | Jun 2026 —
- IGARASHI: Sep 2021 41.2 | Dec 2021 45.8 | Mar 2022 72.1 | Jun 2022 61.0 | Sep 2022 -118.2 | Dec 2022 -224.0 | Mar 2023 209.1 | Jun 2023 292.6 | Sep 2023 178.9 | Dec 2023 137.6 | Mar 2024 106.8 | Jun 2024 158.8 | Sep 2024 122.1 | Dec 2024 97.9 | Mar 2025 59.3 | Jun 2025 62.9 | Sep 2025 85.2 | Dec 2025 91.1 | Mar 2026 69.1 | Jun 2026 —
- SALZERELEC: Sep 2021 10.7 | Dec 2021 12.2 | Mar 2022 10.9 | Jun 2022 11.8 | Sep 2022 14.3 | Dec 2022 13.5 | Mar 2023 13.1 | Jun 2023 15.2 | Sep 2023 15.2 | Dec 2023 16.6 | Mar 2024 32.9 | Jun 2024 33.4 | Sep 2024 31.9 | Dec 2024 37.8 | Mar 2025 27.5 | Jun 2025 24.2 | Sep 2025 19.9 | Dec 2025 22.0 | Mar 2026 17.3 | Jun 2026 —
- SWELECTES: Sep 2021 19.7 | Dec 2021 30.8 | Mar 2022 19.2 | Jun 2022 12.2 | Sep 2022 9.8 | Dec 2022 9.2 | Mar 2023 11.8 | Jun 2023 17.2 | Sep 2023 31.0 | Dec 2023 41.2 | Mar 2024 56.0 | Jun 2024 75.3 | Sep 2024 92.0 | Dec 2024 59.4 | Mar 2025 118.4 | Jun 2025 72.4 | Sep 2025 51.5 | Dec 2025 28.5 | Mar 2026 13.8 | Jun 2026 —
- MODISONLTD: Sep 2021 8.4 | Dec 2021 11.8 | Mar 2022 12.8 | Jun 2022 10.2 | Sep 2022 15.0 | Dec 2022 20.6 | Mar 2023 12.3 | Jun 2023 17.7 | Sep 2023 15.3 | Dec 2023 22.1 | Mar 2024 20.3 | Jun 2024 23.6 | Sep 2024 33.2 | Dec 2024 31.9 | Mar 2025 18.4 | Jun 2025 21.6 | Sep 2025 19.2 | Dec 2025 14.7 | Mar 2026 10.3 | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 3.4 | Dec 2022 3.8 | Mar 2023 3.6 | Jun 2023 27.5 | Sep 2023 18.7 | Dec 2023 34.3 | Mar 2024 35.5 | Jun 2024 89.7 | Sep 2024 90.6 | Dec 2024 295.6 | Mar 2025 279.6 | Jun 2025 297.1 | Sep 2025 106.0 | Dec 2025 93.0 | Mar 2026 30.2 | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17.6 | Dec 2022 26.7 | Mar 2023 24.6 | Jun 2023 27.1 | Sep 2023 32.3 | Dec 2023 31.0 | Mar 2024 27.9 | Jun 2024 25.3 | Sep 2024 20.4 | Dec 2024 24.4 | Mar 2025 19.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 109.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Swelect Energy Systems Ltd leads both ev/ebitda at 6.5× and p/bv at 1.01×.

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: Swelect Energy Systems Ltd · 6.5× | 5.8% versus #2 · Modison Ltd | 0/8 recent comparable periods | 18/19 companies · 314 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. Swelect Energy Systems Ltd (SWELECTES): 6.5
2. Modison Ltd (MODISONLTD): 6.9
3. HPL Electric & Power Ltd (HPL): 8.6
4. Salzer Electronics Ltd (SALZERELEC): 9.3
5. Insolation Energy Ltd (INA): 10.1

### P/BV — lowest P/BV
1. Swelect Energy Systems Ltd (SWELECTES): 1.0
2. Salzer Electronics Ltd (SALZERELEC): 1.7
3. HPL Electric & Power Ltd (HPL): 2.1
4. IKIO Technologies Ltd (IKIO): 2.6
5. Honda India Power Products Ltd (HONDAPOWER): 2.6

### 20-quarter EV/EBITDA history
- SIEMENS: Sep 2021 21.7 | Dec 2021 23.9 | Mar 2022 23.7 | Jun 2022 24.5 | Sep 2022 26.3 | Dec 2022 25.4 | Mar 2023 26.5 | Jun 2023 27.9 | Sep 2023 25.1 | Dec 2023 25.4 | Mar 2024 35.3 | Jun 2024 48.0 | Sep 2024 46.2 | Dec 2024 42.1 | Mar 2025 33.4 | Jun 2025 41.6 | Sep 2025 40.4 | Dec 2025 41.0 | Mar 2026 41.2 | Jun 2026 —
- VGUARD: Sep 2021 29.6 | Dec 2021 24.6 | Mar 2022 26.4 | Jun 2022 26.2 | Sep 2022 27.0 | Dec 2022 30.8 | Mar 2023 30.9 | Jun 2023 36.4 | Sep 2023 37.6 | Dec 2023 32.7 | Mar 2024 34.2 | Jun 2024 41.6 | Sep 2024 39.0 | Dec 2024 35.7 | Mar 2025 30.2 | Jun 2025 32.2 | Sep 2025 32.4 | Dec 2025 28.8 | Mar 2026 26.8 | Jun 2026 —
- SPECTRUM: Sep 2021 7.5 | Dec 2021 5.2 | Mar 2022 7.5 | Jun 2022 6.0 | Sep 2022 6.7 | Dec 2022 9.1 | Mar 2023 25.0 | Jun 2023 40.3 | Sep 2023 56.9 | Dec 2023 62.1 | Mar 2024 72.8 | Jun 2024 82.8 | Sep 2024 63.9 | Dec 2024 70.7 | Mar 2025 64.4 | Jun 2025 46.6 | Sep 2025 35.8 | Dec 2025 30.4 | Mar 2026 32.0 | Jun 2026 —
- RELTD: Sep 2021 30.9 | Dec 2021 18.0 | Mar 2022 16.6 | Jun 2022 13.8 | Sep 2022 15.3 | Dec 2022 17.9 | Mar 2023 15.0 | Jun 2023 18.6 | Sep 2023 23.8 | Dec 2023 19.9 | Mar 2024 24.7 | Jun 2024 24.1 | Sep 2024 58.7 | Dec 2024 81.0 | Mar 2025 82.6 | Jun 2025 50.0 | Sep 2025 41.6 | Dec 2025 30.6 | Mar 2026 19.1 | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 17.7 | Mar 2023 20.4 | Jun 2023 15.2 | Sep 2023 44.1 | Dec 2023 40.3 | Mar 2024 85.9 | Jun 2024 82.9 | Sep 2024 87.3 | Dec 2024 60.0 | Mar 2025 42.6 | Jun 2025 35.2 | Sep 2025 24.5 | Dec 2025 15.5 | Mar 2026 10.1 | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 22.1 | Dec 2023 17.4 | Mar 2024 14.3 | Jun 2024 20.7 | Sep 2024 18.5 | Dec 2024 22.2 | Mar 2025 11.5 | Jun 2025 15.6 | Sep 2025 17.0 | Dec 2025 12.7 | Mar 2026 10.4 | Jun 2026 —
- MODINSULAT: Sep 2021 4.8 | Dec 2021 5.0 | Mar 2022 5.0 | Jun 2022 5.5 | Sep 2022 8.5 | Dec 2022 8.2 | Mar 2023 5.9 | Jun 2023 6.6 | Sep 2023 8.2 | Dec 2023 10.3 | Mar 2024 8.4 | Jun 2024 12.8 | Sep 2024 12.7 | Dec 2024 11.7 | Mar 2025 7.7 | Jun 2025 9.0 | Sep 2025 9.4 | Dec 2025 12.7 | Mar 2026 11.2 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 39.7 | Jun 2024 47.0 | Sep 2024 27.9 | Dec 2024 33.3 | Mar 2025 42.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 26.9 | Mar 2022 33.5 | Jun 2022 13.4 | Sep 2022 42.0 | Dec 2022 40.4 | Mar 2023 32.0 | Jun 2023 88.6 | Sep 2023 68.5 | Dec 2023 59.0 | Mar 2024 67.8 | Jun 2024 89.0 | Sep 2024 171.7 | Dec 2024 97.9 | Mar 2025 55.0 | Jun 2025 57.6 | Sep 2025 47.3 | Dec 2025 38.9 | Mar 2026 26.5 | Jun 2026 33.3
- HPL: Sep 2021 7.6 | Dec 2021 7.6 | Mar 2022 7.1 | Jun 2022 6.8 | Sep 2022 6.3 | Dec 2022 7.2 | Mar 2023 6.6 | Jun 2023 8.5 | Sep 2023 11.8 | Dec 2023 12.6 | Mar 2024 14.1 | Jun 2024 17.1 | Sep 2024 19.8 | Dec 2024 17.9 | Mar 2025 14.0 | Jun 2025 15.5 | Sep 2025 13.5 | Dec 2025 12.2 | Mar 2026 8.6 | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 66.5 | Jun 2024 61.7 | Sep 2024 50.5 | Dec 2024 35.2 | Mar 2025 37.3 | Jun 2025 62.4 | Sep 2025 71.2 | Dec 2025 16.4 | Mar 2026 15.5 | Jun 2026 —
- HONDAPOWER: Sep 2021 8.6 | Dec 2021 10.2 | Mar 2022 9.3 | Jun 2022 10.9 | Sep 2022 10.9 | Dec 2022 13.5 | Mar 2023 11.9 | Jun 2023 11.6 | Sep 2023 13.9 | Dec 2023 12.4 | Mar 2024 11.6 | Jun 2024 23.5 | Sep 2024 25.3 | Dec 2024 21.8 | Mar 2025 15.6 | Jun 2025 18.7 | Sep 2025 18.6 | Dec 2025 15.2 | Mar 2026 11.2 | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 43.9 | Sep 2023 35.4 | Dec 2023 20.7 | Mar 2024 18.0 | Jun 2024 22.1 | Sep 2024 19.8 | Dec 2024 18.7 | Mar 2025 19.8 | Jun 2025 20.3 | Sep 2025 23.9 | Dec 2025 21.8 | Mar 2026 11.7 | Jun 2026 —
- IGARASHI: Sep 2021 16.8 | Dec 2021 16.4 | Mar 2022 16.3 | Jun 2022 18.1 | Sep 2022 33.4 | Dec 2022 35.3 | Mar 2023 23.0 | Jun 2023 23.7 | Sep 2023 26.6 | Dec 2023 22.1 | Mar 2024 18.1 | Jun 2024 21.7 | Sep 2024 25.0 | Dec 2024 25.1 | Mar 2025 17.0 | Jun 2025 17.0 | Sep 2025 18.9 | Dec 2025 17.3 | Mar 2026 12.7 | Jun 2026 —
- SALZERELEC: Sep 2021 6.3 | Dec 2021 7.3 | Mar 2022 7.0 | Jun 2022 6.8 | Sep 2022 8.3 | Dec 2022 7.7 | Mar 2023 7.5 | Jun 2023 8.4 | Sep 2023 8.6 | Dec 2023 9.4 | Mar 2024 15.8 | Jun 2024 15.6 | Sep 2024 15.3 | Dec 2024 19.3 | Mar 2025 14.3 | Jun 2025 12.3 | Sep 2025 11.0 | Dec 2025 11.3 | Mar 2026 9.3 | Jun 2026 —
- SWELECTES: Sep 2021 7.9 | Dec 2021 12.1 | Mar 2022 10.7 | Jun 2022 7.0 | Sep 2022 8.6 | Dec 2022 8.0 | Mar 2023 7.9 | Jun 2023 9.1 | Sep 2023 12.3 | Dec 2023 14.3 | Mar 2024 18.3 | Jun 2024 18.2 | Sep 2024 18.5 | Dec 2024 14.3 | Mar 2025 9.1 | Jun 2025 8.7 | Sep 2025 11.1 | Dec 2025 8.3 | Mar 2026 6.5 | Jun 2026 —
- MODISONLTD: Sep 2021 5.3 | Dec 2021 7.2 | Mar 2022 7.5 | Jun 2022 5.8 | Sep 2022 8.3 | Dec 2022 10.2 | Mar 2023 7.5 | Jun 2023 8.9 | Sep 2023 9.2 | Dec 2023 14.2 | Mar 2024 11.9 | Jun 2024 12.6 | Sep 2024 18.2 | Dec 2024 17.9 | Mar 2025 10.7 | Jun 2025 12.2 | Sep 2025 11.4 | Dec 2025 9.3 | Mar 2026 6.9 | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.1 | Sep 2022 3.3 | Dec 2022 3.7 | Mar 2023 3.5 | Jun 2023 16.2 | Sep 2023 12.4 | Dec 2023 16.4 | Mar 2024 16.0 | Jun 2024 30.6 | Sep 2024 30.4 | Dec 2024 36.7 | Mar 2025 28.9 | Jun 2025 46.6 | Sep 2025 40.3 | Dec 2025 20.3 | Mar 2026 13.2 | Jun 2026 —
- FOCUS: Sep 2021 26.2 | Dec 2021 21.7 | Mar 2022 24.1 | Jun 2022 41.6 | Sep 2022 11.9 | Dec 2022 16.6 | Mar 2023 21.0 | Jun 2023 22.0 | Sep 2023 24.6 | Dec 2023 23.7 | Mar 2024 20.3 | Jun 2024 18.8 | Sep 2024 15.6 | Dec 2024 18.1 | Mar 2025 13.7 | Jun 2025 25.4 | Sep 2025 28.2 | Dec 2025 27.5 | Mar 2026 24.5 | Jun 2026 —

### 20-quarter P/BV history
- SIEMENS: Sep 2021 4.4 | Dec 2021 5.1 | Mar 2022 4.5 | Jun 2022 4.5 | Sep 2022 5.5 | Dec 2022 5.6 | Mar 2023 5.6 | Jun 2023 6.4 | Sep 2023 6.2 | Dec 2023 7.1 | Mar 2024 8.4 | Jun 2024 11.3 | Sep 2024 10.7 | Dec 2024 10.2 | Mar 2025 7.0 | Jun 2025 9.2 | Sep 2025 8.9 | Dec 2025 8.3 | Mar 2026 8.2 | Jun 2026 —
- VGUARD: Sep 2021 9.2 | Dec 2021 7.6 | Mar 2022 7.5 | Jun 2022 7.8 | Sep 2022 7.2 | Dec 2022 7.7 | Mar 2023 7.7 | Jun 2023 8.7 | Sep 2023 8.3 | Dec 2023 7.5 | Mar 2024 8.5 | Jun 2024 11.6 | Sep 2024 10.7 | Dec 2024 9.4 | Mar 2025 8.0 | Jun 2025 9.3 | Sep 2025 7.7 | Dec 2025 6.5 | Mar 2026 6.3 | Jun 2026 —
- SPECTRUM: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.8 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 6.3 | Jun 2023 12.7 | Sep 2023 16.4 | Dec 2023 20.8 | Mar 2024 23.7 | Jun 2024 38.1 | Sep 2024 16.5 | Dec 2024 19.8 | Mar 2025 17.9 | Jun 2025 13.5 | Sep 2025 11.2 | Dec 2025 8.8 | Mar 2026 10.8 | Jun 2026 —
- RELTD: Sep 2021 4.1 | Dec 2021 4.3 | Mar 2022 3.7 | Jun 2022 3.7 | Sep 2022 4.2 | Dec 2022 4.0 | Mar 2023 3.0 | Jun 2023 3.3 | Sep 2023 5.1 | Dec 2023 4.1 | Mar 2024 5.5 | Jun 2024 4.6 | Sep 2024 16.6 | Dec 2024 13.5 | Mar 2025 16.2 | Jun 2025 13.0 | Sep 2025 9.4 | Dec 2025 8.2 | Mar 2026 6.2 | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.1 | Mar 2023 5.0 | Jun 2023 5.0 | Sep 2023 15.4 | Dec 2023 23.2 | Mar 2024 50.2 | Jun 2024 131.0 | Sep 2024 68.0 | Dec 2024 45.0 | Mar 2025 31.8 | Jun 2025 51.4 | Sep 2025 7.1 | Dec 2025 4.4 | Mar 2026 2.9 | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.7 | Dec 2023 4.3 | Mar 2024 3.3 | Jun 2024 3.1 | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 1.4 | Jun 2025 1.9 | Sep 2025 2.5 | Dec 2025 2.2 | Mar 2026 2.1 | Jun 2026 —
- MODINSULAT: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.9 | Mar 2026 2.1 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.3 | Jun 2024 8.4 | Sep 2024 5.9 | Dec 2024 4.7 | Mar 2025 2.7 | Jun 2025 3.7 | Sep 2025 3.3 | Dec 2025 2.2 | Mar 2026 1.6 | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 3.5 | Mar 2022 4.3 | Jun 2022 2.6 | Sep 2022 7.3 | Dec 2022 6.3 | Mar 2023 4.1 | Jun 2023 20.1 | Sep 2023 20.3 | Dec 2023 18.2 | Mar 2024 18.5 | Jun 2024 22.7 | Sep 2024 46.9 | Dec 2024 20.4 | Mar 2025 15.5 | Jun 2025 22.4 | Sep 2025 11.8 | Dec 2025 6.7 | Mar 2026 5.6 | Jun 2026 7.7
- HPL: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 1.1 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 2.5 | Jun 2024 3.6 | Sep 2024 4.4 | Dec 2024 4.0 | Mar 2025 3.1 | Jun 2025 4.2 | Sep 2025 3.6 | Dec 2025 2.7 | Mar 2026 1.8 | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.1 | Jun 2024 17.2 | Sep 2024 14.6 | Dec 2024 13.4 | Mar 2025 7.7 | Jun 2025 20.4 | Sep 2025 22.4 | Dec 2025 4.4 | Mar 2026 4.2 | Jun 2026 —
- HONDAPOWER: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 2.4 | Sep 2022 2.2 | Dec 2022 3.2 | Mar 2023 3.0 | Jun 2023 3.1 | Sep 2023 3.9 | Dec 2023 3.2 | Mar 2024 2.9 | Jun 2024 5.1 | Sep 2024 5.0 | Dec 2024 3.6 | Mar 2025 2.5 | Jun 2025 3.7 | Sep 2025 3.2 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 23.8 | Sep 2023 5.2 | Dec 2023 4.7 | Mar 2024 4.1 | Jun 2024 4.1 | Sep 2024 4.0 | Dec 2024 3.5 | Mar 2025 3.3 | Jun 2025 3.0 | Sep 2025 2.9 | Dec 2025 2.5 | Mar 2026 1.5 | Jun 2026 —
- IGARASHI: Sep 2021 3.7 | Dec 2021 3.4 | Mar 2022 2.5 | Jun 2022 2.0 | Sep 2022 3.1 | Dec 2022 3.0 | Mar 2023 2.5 | Jun 2023 3.5 | Sep 2023 4.4 | Dec 2023 3.7 | Mar 2024 2.9 | Jun 2024 3.5 | Sep 2024 4.5 | Dec 2024 4.8 | Mar 2025 3.4 | Jun 2025 3.4 | Sep 2025 3.4 | Dec 2025 3.0 | Mar 2026 2.0 | Jun 2026 —
- SALZERELEC: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 3.4 | Jun 2024 3.6 | Sep 2024 3.4 | Dec 2024 5.0 | Mar 2025 3.7 | Jun 2025 3.3 | Sep 2025 2.5 | Dec 2025 2.1 | Mar 2026 1.6 | Jun 2026 —
- SWELECTES: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 1.8 | Jun 2024 2.4 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.6 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- MODISONLTD: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 2.3 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 2.9 | Dec 2024 3.1 | Mar 2025 1.9 | Jun 2025 2.8 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- KECL: Sep 2021 3.4 | Dec 2021 25.0 | Mar 2022 26.0 | Jun 2022 4.9 | Sep 2022 2.9 | Dec 2022 4.6 | Mar 2023 6.0 | Jun 2023 11.2 | Sep 2023 7.6 | Dec 2023 7.4 | Mar 2024 7.0 | Jun 2024 13.7 | Sep 2024 15.6 | Dec 2024 10.0 | Mar 2025 7.3 | Jun 2025 12.0 | Sep 2025 6.1 | Dec 2025 5.3 | Mar 2026 4.5 | Jun 2026 —
- FOCUS: Sep 2021 2.0 | Dec 2021 2.7 | Mar 2022 3.0 | Jun 2022 3.4 | Sep 2022 3.8 | Dec 2022 7.9 | Mar 2023 13.6 | Jun 2023 15.5 | Sep 2023 12.2 | Dec 2023 10.9 | Mar 2024 8.9 | Jun 2024 10.9 | Sep 2024 8.8 | Dec 2024 6.0 | Mar 2025 3.7 | Jun 2025 5.6 | Sep 2025 4.7 | Dec 2025 3.5 | Mar 2026 2.8 | Jun 2026 —

## Market action

Modern Insulators Ltd has the strongest one-year price move in Capital Goods - Electric General at +389.7%. It also leads on Mansfield relative strength against NIFTY at +98.4%. 10 of 19 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Modern Insulators Ltd (MODINSULAT): 390%
2. Rishabh Instruments Ltd (RISHABH): 108%
3. Modison Ltd (MODISONLTD): 54%
4. Spectrum Electrical Industries Ltd (SPECTRUM): 48%
5. Ravindra Energy Ltd (RELTD): 28%

### Strongest relative strength versus NIFTY 500
1. Modern Insulators Ltd (MODINSULAT): 98%
2. Spectrum Electrical Industries Ltd (SPECTRUM): 61%
3. Modison Ltd (MODISONLTD): 58%
4. Rishabh Instruments Ltd (RISHABH): 42%
5. Exicom Tele-Systems Ltd (EXICOM): 27%

## 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.
- 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.

## Every company
- Siemens Ltd (SIEMENS) — market value ₹1.3 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- V-Guard Industries Ltd (VGUARD) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- Spectrum Electrical Industries Ltd (SPECTRUM) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Ravindra Energy Ltd (RELTD) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Insolation Energy Ltd (INA) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Rishabh Instruments Ltd (RISHABH) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Modern Insulators Ltd (MODINSULAT) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Exicom Tele-Systems Ltd (EXICOM) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Servotech Renewable Power System Ltd (SERVOTECH) — market value ₹2.2K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- HPL Electric & Power Ltd (HPL) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Alpex Solar Ltd (ALPEXSOLAR) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Honda India Power Products Ltd (HONDAPOWER) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- IKIO Technologies Ltd (IKIO) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Igarashi Motors India Ltd (IGARASHI) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Salzer Electronics Ltd (SALZERELEC) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Swelect Energy Systems Ltd (SWELECTES) — market value ₹930 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Modison Ltd (MODISONLTD) — market value ₹897 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kirloskar Electric Company Ltd (KECL) — market value ₹829 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Focus Lighting & Fixtures Ltd (FOCUS) — market value ₹487 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 11. Withheld: 2. Graded companies: 19.

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.

- WITHHELD | SIEMENS | Siemens Ltd | diff_gt_2pct | disagreement up to 38.47% over 13 comparable periods
- WITHHELD | SERVOTECH | Servotech Renewable Power System Ltd | diff_gt_2pct | disagreement up to 12.54% over 14 comparable periods

- UNVERIFIED | HPL | HPL Electric & Power Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ALPEXSOLAR | Alpex Solar Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HONDAPOWER | Honda India Power Products Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IKIO | IKIO Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IGARASHI | Igarashi Motors India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SALZERELEC | Salzer Electronics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SWELECTES | Swelect Energy Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MODISONLTD | Modison Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KECL | Kirloskar Electric Company 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 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.

### Is the Capital Goods - Electric General sector beating the market?

Capital Goods - Electric General has outperformed NIFTY 500 by 9.5% over the last 52 weeks and 14.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 77.9 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 18.5 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?

10 of the 19 covered Capital Goods - Electric General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.5% 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/capital-goods-electric-general