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

> Capital Goods - Engineering General: Thermax Ltd owns the largest revenue base; Pitti Engineering Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-30. Not investment advice.

## Bottom line

Capital Goods - Engineering General has underperformed NIFTY 500 by 4.1% over 52 weeks and 4.3% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Thermax Ltd leads with revenue of ₹10,695 crore, based on 3 of 3 comparable companies through Mar 2026.

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

Capital Goods - Engineering General has underperformed NIFTY 500 by 4.1% over 52 weeks and 4.3% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Capital Goods - Engineering General company is largest by revenue?

Thermax Ltd leads with revenue of ₹10,695 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Capital Goods - Engineering General company is growing fastest?

Pitti Engineering Ltd has the fastest current revenue growth at 12.3%, across 3 of 3 comparable companies.

### Which Capital Goods - Engineering General company has the strongest 4-Factor Sector Score?

Thermax Ltd ranks first at 47.2/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Engineering General company has the least gross debt?

Forbes Precision Tools & Machine Parts Ltd has the lowest comparable gross debt at ₹17 crore. Thermax Ltd has the highest at ₹2,353 crore.

### Which Capital Goods - Engineering General company has the lowest comparable PEG?

Pitti Engineering Ltd has the lowest comparable Guarded PEG at 5.11, among 2 of 3 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - Engineering General comparison include?

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

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

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

## Sector relative strength

Capital Goods - Engineering General has underperformed NIFTY 500 by 4.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.3%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Thermax Ltd is the strongest against the sector itself at +18.6%.

13-week sector return versus NIFTY 500: 4.3%
52-week sector return versus NIFTY 500: -4.1%
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/3

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

Companies: 3
Combined market value: ₹57.9K 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. Thermax Ltd (THERMAX): 47/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 15.6/35 | Capital efficiency 12.7/25 | Valuation 2.0/20 | Relative strength 16.9/20
   - Exact sum: 15.6 + 12.7 + 2 + 16.9 = 47.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Forbes Precision Tools & Machine Parts Ltd (544186): 46/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 10.7/35 | Capital efficiency 21.1/25 | Valuation 10.0/20 | Relative strength 3.7/20
   - Exact sum: 10.7 + 21.1 + 10 + 3.7 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Pitti Engineering Ltd (PITTIENG): 35/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 12.0/35 | Capital efficiency 14.7/25 | Valuation 3.0/20 | Relative strength 5.7/20
   - Exact sum: 12 + 14.7 + 3 + 5.7 = 35.4
   - 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: Thermax Ltd is the scale leader at ₹10,695 crore, 459.1% ahead of Pitti Engineering Ltd. Pitti Engineering Ltd's growth is 12.3% from a ₹1,913 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Thermax Ltd is the scale benchmark; Pitti Engineering Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Thermax Ltd's growth falls below Pitti Engineering Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Thermax Ltd · ₹10,695 crore | 459.1% versus #2 · Pitti Engineering Ltd | 6/8 recent comparable periods | 3/3 companies · 53 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. Thermax Ltd (THERMAX): ₹10.7K Cr
2. Pitti Engineering Ltd (PITTIENG): ₹1.9K Cr
3. Forbes Precision Tools & Machine Parts Ltd (544186): ₹250 Cr

### Revenue growth — fastest growers
1. Pitti Engineering Ltd (PITTIENG): 12%
2. Forbes Precision Tools & Machine Parts Ltd (544186): 7.3%
3. Thermax Ltd (THERMAX): 3.1%

### 20-quarter Revenue history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹71 Cr
- THERMAX: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.4K Cr
- PITTIENG: Jun 2021 ₹175 Cr | Sep 2021 ₹242 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹311 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹248 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹336 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹429 Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹469 Cr | Jun 2025 ₹457 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹477 Cr | Mar 2026 ₹501 Cr

### 20-quarter Revenue growth history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.3% | Sep 2024 7.4% | Dec 2024 -5.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 8.6% | Dec 2025 12% | Mar 2026 7.6%
- THERMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 41% | Dec 2022 27% | Mar 2023 16% | Jun 2023 17% | Sep 2023 11% | Dec 2023 13% | Mar 2024 20% | Jun 2024 13% | Sep 2024 14% | Dec 2024 8.8% | Mar 2025 10% | Jun 2025 -1.2% | Sep 2025 -5.4% | Dec 2025 4.2% | Mar 2026 13%
- PITTIENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 26% | Dec 2022 -10% | Mar 2023 -8.5% | Jun 2023 -6.8% | Sep 2023 -0.3% | Dec 2023 27% | Mar 2024 35% | Jun 2024 35% | Sep 2024 42% | Dec 2024 37% | Mar 2025 40% | Jun 2025 17% | Sep 2025 11% | Dec 2025 15% | Mar 2026 6.8%

## Operating Economics & Margin Trend

What the numbers say: Forbes Precision Tools & Machine Parts Ltd leads both opm at 26% and margin change at +1 percentage points.

Investor read: Forbes Precision Tools & Machine Parts 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: Forbes Precision Tools & Machine Parts Ltd · 26% | 62.5% versus #2 · Pitti Engineering Ltd | 4/8 recent comparable periods | 3/3 companies · 52 observations

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

### OPM — highest
1. Forbes Precision Tools & Machine Parts Ltd (544186): 26%
2. Pitti Engineering Ltd (PITTIENG): 16%
3. Thermax Ltd (THERMAX): 11%

### Margin change — fastest expanders
1. Forbes Precision Tools & Machine Parts Ltd (544186): +1.0 pp
2. Thermax Ltd (THERMAX): +1.0 pp
3. Pitti Engineering Ltd (PITTIENG): −1.0 pp

### 20-quarter OPM history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17% | Sep 2023 22% | Dec 2023 20% | Mar 2024 28% | Jun 2024 19% | Sep 2024 20% | Dec 2024 23% | Mar 2025 25% | Jun 2025 16% | Sep 2025 23% | Dec 2025 18% | Mar 2026 26%
- THERMAX: Jun 2021 6.0% | Sep 2021 7.5% | Dec 2021 7.0% | Mar 2022 6.8% | Jun 2022 5.8% | Sep 2022 6.8% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 6.0% | Sep 2024 11% | Dec 2024 7.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 10% | Mar 2026 11%
- PITTIENG: Jun 2021 16% | Sep 2021 14% | Dec 2021 13% | Mar 2022 13% | Jun 2022 11% | Sep 2022 12% | Dec 2022 16% | Mar 2023 16% | Jun 2023 15% | Sep 2023 15% | Dec 2023 17% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 16% | Mar 2025 17% | Jun 2025 16% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16%

### 20-quarter Margin change history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 +3.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 +3.0 pp | Dec 2025 −5.0 pp | Mar 2026 +1.0 pp
- THERMAX: Jun 2021 +7.7 pp | Sep 2021 +0.5 pp | Dec 2021 −3.5 pp | Mar 2022 −2.1 pp | Jun 2022 −0.2 pp | Sep 2022 −0.7 pp | Dec 2022 +1.0 pp | Mar 2023 +2.2 pp | Jun 2023 +1.2 pp | Sep 2023 +2.2 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 −4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp
- PITTIENG: Jun 2021 +12.6 pp | Sep 2021 −3.3 pp | Dec 2021 −3.7 pp | Mar 2022 −2.7 pp | Jun 2022 −4.5 pp | Sep 2022 −2.5 pp | Dec 2022 +3.1 pp | Mar 2023 +3.0 pp | Jun 2023 +3.6 pp | Sep 2023 +3.0 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Thermax Ltd leads with ₹719 crore of TTM profit, 509.3% above Pitti Engineering Ltd. Thermax Ltd shows 14.7% growth from a ₹719 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Thermax 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: Thermax Ltd · ₹719 crore | 509.3% versus #2 · Pitti Engineering Ltd | 6/8 recent comparable periods | 3/3 companies · 53 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. Thermax Ltd (THERMAX): ₹719 Cr
2. Pitti Engineering Ltd (PITTIENG): ₹118 Cr
3. Forbes Precision Tools & Machine Parts Ltd (544186): ₹29 Cr

### Profit growth — fastest growers
1. Thermax Ltd (THERMAX): 15%
2. Forbes Precision Tools & Machine Parts Ltd (544186): 3.6%
3. Pitti Engineering Ltd (PITTIENG): -3.3%

### 20-quarter Net profit history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹11 Cr
- THERMAX: Jun 2021 ₹42 Cr | Sep 2021 ₹88 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹244 Cr
- PITTIENG: Jun 2021 ₹7 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹27 Cr

### 20-quarter Profit growth history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -13% | Mar 2025 -18% | Jun 2025 -20% | Sep 2025 14% | Dec 2025 -14% | Mar 2026 22%
- THERMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 24% | Dec 2022 59% | Mar 2023 51% | Jun 2023 1.7% | Sep 2023 46% | Dec 2023 88% | Mar 2024 21% | Jun 2024 82% | Sep 2024 25% | Dec 2024 -52% | Mar 2025 9.6% | Jun 2025 39% | Sep 2025 -40% | Dec 2025 80% | Mar 2026 18%
- PITTIENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 -23% | Dec 2022 0.0% | Mar 2023 25% | Jun 2023 17% | Sep 2023 120% | Dec 2023 33% | Mar 2024 84% | Jun 2024 36% | Sep 2024 73% | Dec 2024 81% | Mar 2025 -22% | Jun 2025 21% | Sep 2025 5.3% | Dec 2025 -3.5% | Mar 2026 -25%

## Capacity Spending & Returns On It

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

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

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

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Thermax Ltd has the clearest covered balance-sheet capacity with ₹114 crore net cash and gross debt of ₹2,353 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: Forbes Precision Tools & Machine Parts Ltd · ₹17 crore | 97.9% versus #2 · Pitti Engineering Ltd | Not enough history | 3/3 companies · 43 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. Forbes Precision Tools & Machine Parts Ltd (544186): ₹17 Cr
2. Pitti Engineering Ltd (PITTIENG): ₹811 Cr
3. Thermax Ltd (THERMAX): ₹2.4K Cr

### Net debt — lowest net debt
1. Thermax Ltd (THERMAX): ₹-114 Cr
2. Pitti Engineering Ltd (PITTIENG): ₹664 Cr

### 20-quarter Gross debt history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹20 Cr | Dec 2025 — | Mar 2026 ₹17 Cr
- THERMAX: Jun 2021 ₹330 Cr | Sep 2021 ₹307 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹368 Cr | Jun 2022 ₹375 Cr | Sep 2022 ₹478 Cr | Dec 2022 ₹478 Cr | Mar 2023 ₹831 Cr | Jun 2023 ₹831 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.4K Cr
- PITTIENG: Jun 2021 ₹323 Cr | Sep 2021 ₹347 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹393 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹439 Cr | Dec 2022 ₹439 Cr | Mar 2023 ₹356 Cr | Jun 2023 ₹356 Cr | Sep 2023 ₹478 Cr | Dec 2023 ₹478 Cr | Mar 2024 ₹628 Cr | Jun 2024 ₹616 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹690 Cr | Jun 2025 ₹690 Cr | Sep 2025 ₹778 Cr | Dec 2025 ₹778 Cr | Mar 2026 ₹811 Cr

### 20-quarter Net debt history
- THERMAX: Jun 2021 ₹-1.7K Cr | Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-1.5K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.3K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-715 Cr | Dec 2025 ₹-715 Cr | Mar 2026 ₹-114 Cr
- PITTIENG: Jun 2021 ₹314 Cr | Sep 2021 ₹331 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹358 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹397 Cr | Mar 2023 ₹316 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹364 Cr | Mar 2024 ₹550 Cr | Jun 2024 ₹540 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹590 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹633 Cr | Dec 2025 ₹633 Cr | Mar 2026 ₹664 Cr

## Return On Capital Employed

What the numbers say: Forbes Precision Tools & Machine Parts Ltd leads ROCE at 21%, 6.2 percentage points above Pitti Engineering Ltd. Pitti Engineering Ltd has the strongest latest improvement at -0.4 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: Forbes Precision Tools & Machine Parts 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: Forbes Precision Tools & Machine Parts Ltd · 21% | 41.9% versus #2 · Pitti Engineering Ltd | Not enough history | 3/3 companies · 30 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. Forbes Precision Tools & Machine Parts Ltd (544186): 21%
2. Pitti Engineering Ltd (PITTIENG): 15%
3. Thermax Ltd (THERMAX): 14%

### ROCE change — fastest improvers
1. Pitti Engineering Ltd (PITTIENG): −0.4 pp
2. Thermax Ltd (THERMAX): −0.8 pp
3. Forbes Precision Tools & Machine Parts Ltd (544186): −4.0 pp

### 20-quarter ROCE history
- THERMAX: Jun 2021 — | Sep 2021 10% | Dec 2021 — | Mar 2022 8.4% | Jun 2022 — | Sep 2022 9.8% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 21% | Mar 2024 12% | Jun 2024 21% | Sep 2024 12% | Dec 2024 17% | Mar 2025 12% | Jun 2025 18% | Sep 2025 11% | Dec 2025 17% | Mar 2026 11%
- PITTIENG: Jun 2021 — | Sep 2021 25% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 27% | Dec 2023 31% | Mar 2024 21% | Jun 2024 29% | Sep 2024 33% | Dec 2024 34% | Mar 2025 17% | Jun 2025 23% | Sep 2025 17% | Dec 2025 23% | Mar 2026 17%

### 20-quarter ROCE change history
- THERMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 +2.5 pp | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 −3.7 pp | Mar 2025 −0.4 pp | Jun 2025 −3.3 pp | Sep 2025 −1.5 pp | Dec 2025 −0.1 pp | Mar 2026 −0.8 pp
- PITTIENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 +6.0 pp | Dec 2024 +3.8 pp | Mar 2025 −3.4 pp | Jun 2025 −6.3 pp | Sep 2025 −15.5 pp | Dec 2025 −11.5 pp | Mar 2026 −0.4 pp

## Valuation Against Growth & Quality

What the numbers say: Pitti Engineering Ltd has the lowest comparable Guarded PEG at 5.11×, 2.7% below Thermax Ltd. Only 2 of 3 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: Pitti Engineering Ltd · 5.11× | 2.7% versus #2 · Thermax Ltd | 0/8 recent comparable periods | 2/3 companies · 23 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. Pitti Engineering Ltd (PITTIENG): 5.1
2. Thermax Ltd (THERMAX): 5.3

### P/E — lowest P/E
1. Forbes Precision Tools & Machine Parts Ltd (544186): 25.2
2. Pitti Engineering Ltd (PITTIENG): 29.4
3. Thermax Ltd (THERMAX): 97.2

### 20-quarter Guarded PEG history
- THERMAX: Jun 2021 5.8 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9 | Sep 2022 7.5 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 — | Sep 2023 1.6 | Dec 2023 — | Mar 2024 2.4 | Jun 2024 — | Sep 2024 4.0 | Dec 2024 — | Mar 2025 5.3 | Jun 2025 2.0 | Sep 2025 5.3 | Dec 2025 — | Mar 2026 —
- PITTIENG: Jun 2021 — | Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.7 | Dec 2022 3.7 | Mar 2023 0.7 | Jun 2023 1.5 | Sep 2023 3.5 | Dec 2023 3.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 — | Jun 2025 2.5 | Sep 2025 5.1 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 39.2 | Sep 2025 31.9 | Dec 2025 25.4 | Mar 2026 21.2
- THERMAX: Jun 2021 74.5 | Sep 2021 56.0 | Dec 2021 62.4 | Mar 2022 75.0 | Jun 2022 75.0 | Sep 2022 78.6 | Dec 2022 67.0 | Mar 2023 68.8 | Jun 2023 60.4 | Sep 2023 76.8 | Dec 2023 69.1 | Mar 2024 91.4 | Jun 2024 109.7 | Sep 2024 102.3 | Dec 2024 81.1 | Mar 2025 70.3 | Jun 2025 62.9 | Sep 2025 56.8 | Dec 2025 60.5 | Mar 2026 59.5
- PITTIENG: Jun 2021 14.2 | Sep 2021 10.5 | Dec 2021 15.4 | Mar 2022 17.4 | Jun 2022 18.5 | Sep 2022 16.3 | Dec 2022 19.5 | Mar 2023 16.1 | Jun 2023 20.1 | Sep 2023 31.6 | Dec 2023 31.0 | Mar 2024 32.0 | Jun 2024 32.6 | Sep 2024 41.1 | Dec 2024 37.3 | Mar 2025 27.0 | Jun 2025 28.8 | Sep 2025 29.7 | Dec 2025 24.8 | Mar 2026 21.5

## Enterprise Value & Book Value

What the numbers say: Pitti Engineering Ltd leads both ev/ebitda at 9.5× and p/bv at 3.52×.

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: Pitti Engineering Ltd · 9.5× | 9.5% versus #2 · Forbes Precision Tools & Machine Parts Ltd | 0/8 recent comparable periods | 3/3 companies · 48 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. Pitti Engineering Ltd (PITTIENG): 9.5
2. Forbes Precision Tools & Machine Parts Ltd (544186): 10.5
3. Thermax Ltd (THERMAX): 31.1

### P/BV — lowest P/BV
1. Pitti Engineering Ltd (PITTIENG): 3.5
2. Forbes Precision Tools & Machine Parts Ltd (544186): 4.1
3. Thermax Ltd (THERMAX): 9.7

### 20-quarter EV/EBITDA history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 33.3 | Sep 2024 30.8 | Dec 2024 26.4 | Mar 2025 13.4 | Jun 2025 20.6 | Sep 2025 16.4 | Dec 2025 13.1 | Mar 2026 10.5
- THERMAX: Jun 2021 38.1 | Sep 2021 27.8 | Dec 2021 35.0 | Mar 2022 41.6 | Jun 2022 39.8 | Sep 2022 43.6 | Dec 2022 37.3 | Mar 2023 39.9 | Jun 2023 35.1 | Sep 2023 44.5 | Dec 2023 40.2 | Mar 2024 52.2 | Jun 2024 61.7 | Sep 2024 58.3 | Dec 2024 46.6 | Mar 2025 39.8 | Jun 2025 34.7 | Sep 2025 31.6 | Dec 2025 31.8 | Mar 2026 31.1
- PITTIENG: Jun 2021 7.3 | Sep 2021 6.4 | Dec 2021 7.7 | Mar 2022 8.4 | Jun 2022 8.5 | Sep 2022 8.4 | Dec 2022 9.1 | Mar 2023 7.5 | Jun 2023 9.1 | Sep 2023 12.6 | Dec 2023 13.3 | Mar 2024 13.3 | Jun 2024 14.6 | Sep 2024 20.3 | Dec 2024 18.8 | Mar 2025 14.1 | Jun 2025 13.6 | Sep 2025 13.2 | Dec 2025 11.2 | Mar 2026 9.5

### 20-quarter P/BV history
- 544186: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.7 | Mar 2025 5.0 | Jun 2025 6.8 | Sep 2025 5.3 | Dec 2025 4.8 | Mar 2026 3.7
- THERMAX: Jun 2021 5.9 | Sep 2021 5.1 | Dec 2021 6.5 | Mar 2022 7.2 | Jun 2022 7.2 | Sep 2022 7.3 | Dec 2022 6.6 | Mar 2023 7.8 | Jun 2023 7.8 | Sep 2023 9.6 | Dec 2023 9.2 | Mar 2024 12.5 | Jun 2024 16.5 | Sep 2024 14.0 | Dec 2024 11.3 | Mar 2025 9.4 | Jun 2025 9.0 | Sep 2025 7.7 | Dec 2025 7.1 | Mar 2026 7.5
- PITTIENG: Jun 2021 1.7 | Sep 2021 2.0 | Dec 2021 2.9 | Mar 2022 3.6 | Jun 2022 4.1 | Sep 2022 3.0 | Dec 2022 3.4 | Mar 2023 3.1 | Jun 2023 4.2 | Sep 2023 5.8 | Dec 2023 6.2 | Mar 2024 6.8 | Jun 2024 9.5 | Sep 2024 9.0 | Dec 2024 5.5 | Mar 2025 4.5 | Jun 2025 6.6 | Sep 2025 4.2 | Dec 2025 3.4 | Mar 2026 2.9

## Market action

Thermax Ltd has the strongest one-year price move in Capital Goods - Engineering General at +16.1%. It also leads on Mansfield relative strength against NIFTY at +27.8%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Thermax Ltd (THERMAX): 16%
2. Pitti Engineering Ltd (PITTIENG): -6.5%
3. Forbes Precision Tools & Machine Parts Ltd (544186): -37%

### Strongest relative strength versus NIFTY 500
1. Thermax Ltd (THERMAX): 28%
2. Pitti Engineering Ltd (PITTIENG): 3.7%
3. Forbes Precision Tools & Machine Parts Ltd (544186): -11%

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

## Every company
- Thermax Ltd (THERMAX) — market value ₹53.8K Cr; latest fundamentals Mar 2026
- Pitti Engineering Ltd (PITTIENG) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Forbes Precision Tools & Machine Parts Ltd (544186) — market value ₹693 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3.

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

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty Capital Goods - Engineering General index?

The Nifty Capital Goods - Engineering General index tracks India's listed Capital Goods - Engineering General companies as a single basket. This page follows the same 3 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 - Engineering General sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Capital Goods - Engineering General stocks in India?

Ranked by this page's four-factor score, Thermax Ltd places first among 3 listed Capital Goods - Engineering General companies, followed by Forbes Precision Tools & Machine Parts Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Capital Goods - Engineering General stocks are listed in India?

This comparison covers 3 listed Capital Goods - Engineering 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 Mar 2026.

### Which Capital Goods - Engineering General company is the biggest?

Thermax Ltd is the largest, with trailing-twelve-month revenue of ₹10,695 crore, ahead of Pitti Engineering Ltd at ₹1,913 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Capital Goods - Engineering General company is growing fastest?

Pitti Engineering Ltd has the fastest revenue growth at 12.3% year on year, across 3 of 3 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 - Engineering General company has the best profit margins?

Forbes Precision Tools & Machine Parts Ltd has the highest operating margin at 26%, from 3 of 3 comparable companies. Forbes Precision Tools & Machine Parts Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - Engineering General company makes the most profit?

Thermax Ltd earns the most, at ₹719 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Thermax Ltd has the fastest profit growth at 14.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Capital Goods - Engineering General company earns the highest return on capital?

Forbes Precision Tools & Machine Parts Ltd leads on return on capital employed at 21%, across 3 of 3 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 - Engineering General stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Pitti Engineering Ltd screens cheapest at 5.11×. Only 2 of 3 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 - Engineering General company has the strongest balance sheet?

Forbes Precision Tools & Machine Parts Ltd carries the lowest comparable gross debt at ₹17 crore, from 3 of 3 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 - Engineering General sector beating the market?

Capital Goods - Engineering General has underperformed NIFTY 500 by 4.1% over the last 52 weeks and 4.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Capital Goods - Engineering General stock has the strongest price momentum?

Thermax 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 - Engineering General company scores highest for research priority?

Thermax Ltd scores 47.2 out of 100 with 94% evidence confidence, from 15.6 points on growth and earnings, 12.7 on capital efficiency, 2 on valuation and 16.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Capital Goods - Engineering General companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Capital Goods - Engineering General sector?

The 3 Capital Goods - Engineering General companies on this page carry ₹57,947 crore of combined market value. Thermax Ltd is the largest at ₹53,787 crore, about 93% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-30.

### How is the Capital Goods - Engineering General sector performing?

2 of the 3 covered Capital Goods - Engineering General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-30.

### 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-engineering-general