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

> Capital Goods - Engineering Heavy: Bharat Heavy Electricals Ltd owns the largest revenue base; Concord Control Systems 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 - Engineering Heavy has outperformed NIFTY 500 by 12.3% over 52 weeks and 8.3% over 13 weeks. 9 of 16 covered companies beat NIFTY on Mansfield relative strength, while 7 of 16 beat the sector itself. Bharat Heavy Electricals Ltd leads with revenue of ₹35,993 crore, based on 16 of 16 comparable companies through Jun 2026.

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

Capital Goods - Engineering Heavy has outperformed NIFTY 500 by 12.3% over 52 weeks and 8.3% over 13 weeks. 9 of 16 covered companies beat NIFTY on Mansfield relative strength, while 7 of 16 beat the sector itself.

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

Bharat Heavy Electricals Ltd leads with revenue of ₹35,993 crore, based on 16 of 16 comparable companies through Jun 2026.

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

Concord Control Systems Ltd has the fastest current revenue growth at 100%, across 16 of 16 comparable companies.

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

JNK India Ltd ranks first at 75.6/100 with 78.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Engineering Heavy company reports the most CAPEX?

JNK India Ltd reports the largest latest CAPEX at ₹3 crore, with 2 of 16 companies comparable.

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

Disa India Ltd has the lowest comparable gross debt at ₹0 crore. Bharat Heavy Electricals Ltd has the highest at ₹8,187 crore.

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

Inox Wind Ltd has the lowest comparable Guarded PEG at 1.22, among 4 of 16 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - Engineering Heavy 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 - Engineering Heavy has outperformed NIFTY 500 by 12.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 8.3%. 9 of 16 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. JNK India Ltd is the strongest against the sector itself at +32.8%.

13-week sector return versus NIFTY 500: 8.3%
52-week sector return versus NIFTY 500: 12%
Stocks leading NIFTY: 9/16
Stocks leading sector: 7/16

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

Companies: 16
Combined market value: ₹2.6 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. JNK India Ltd (JNKINDIA): 76/100 — Favorable setup; evidence 79%
   - Growth & earnings 30.6/35 | Capital efficiency 15.7/25 | Valuation 9.7/20 | Relative strength 19.6/20
   - Exact sum: 30.6 + 15.7 + 9.7 + 19.6 = 75.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Disa India Ltd (DISAQ): 64/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 18.5/35 | Capital efficiency 21.8/25 | Valuation 12.5/20 | Relative strength 11.0/20
   - Exact sum: 18.5 + 21.8 + 12.5 + 11 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Bharat Heavy Electricals Ltd (BHEL): 61/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 25.1/35 | Capital efficiency 8.7/25 | Valuation 9.4/20 | Relative strength 17.3/20
   - Exact sum: 25.1 + 8.7 + 9.4 + 17.3 = 60.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. John Cockerill India Ltd (COCKERILL): 59/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 23.9/35 | Capital efficiency 9.9/25 | Valuation 9.0/20 | Relative strength 16.6/20
   - Exact sum: 23.9 + 9.9 + 9 + 16.6 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Suzlon Energy Ltd (SUZLON): 59/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 24.5/35 | Capital efficiency 17.9/25 | Valuation 8.9/20 | Relative strength 7.5/20
   - Exact sum: 24.5 + 17.9 + 8.9 + 7.5 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Concord Control Systems Ltd (543619): 55/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 21.5/35 | Capital efficiency 18.6/25 | Valuation 8.3/20 | Relative strength 7.0/20
   - Exact sum: 21.5 + 18.6 + 8.3 + 7 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Walchandnagar Industries Ltd (WALCHANNAG): 52/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 22.1/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 14.2/20
   - Exact sum: 22.1 + 5.5 + 10 + 14.2 = 51.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Eimco Elecon (India) Ltd (EIMCOELECO): 51/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 14.5/35 | Capital efficiency 16.3/25 | Valuation 8.9/20 | Relative strength 11.4/20
   - Exact sum: 14.5 + 16.3 + 8.9 + 11.4 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. The Anup Engineering Ltd (ANUP): 46/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 13.5/35 | Capital efficiency 19.8/25 | Valuation 5.1/20 | Relative strength 7.3/20
   - Exact sum: 13.5 + 19.8 + 5.1 + 7.3 = 45.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
10. Hercules Investments Ltd (HERCULES): 41/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 14.1/35 | Capital efficiency 10.9/25 | Valuation 12.4/20 | Relative strength 3.8/20
   - Exact sum: 14.1 + 10.9 + 12.4 + 3.8 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Windsor Machines Ltd (WINDMACHIN): 41/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 17.9/35 | Capital efficiency 6.2/25 | Valuation 8.5/20 | Relative strength 8.5/20
   - Exact sum: 17.9 + 6.2 + 8.5 + 8.5 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Inox Wind Ltd (INOXWIND): 39/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 14.7/35 | Capital efficiency 8.7/25 | Valuation 12.7/20 | Relative strength 3.2/20
   - Exact sum: 14.7 + 8.7 + 12.7 + 3.2 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Integra Engineering India Ltd (505358): 38/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.1/35 | Capital efficiency 16.4/25 | Valuation 9.9/20 | Relative strength 2.0/20
   - Exact sum: 10.1 + 16.4 + 9.9 + 2 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Bajaj Steel Industries Ltd (BAJAJST): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.3/35 | Capital efficiency 14.6/25 | Valuation 7.9/20 | Relative strength 4.6/20
   - Exact sum: 7.3 + 14.6 + 7.9 + 4.6 = 34.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Kabra Extrusion Technik Ltd (KABRAEXTRU): 34/100 — Adverse evidence; evidence 67%
   - Growth & earnings 7.9/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 10.5/20
   - Exact sum: 7.9 + 5.5 + 10 + 10.5 = 33.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Praj Industries Ltd (PRAJIND): 29/100 — Adverse evidence; evidence 83%
   - Growth & earnings 5.6/35 | Capital efficiency 10.0/25 | Valuation 3.7/20 | Relative strength 9.8/20
   - Exact sum: 5.6 + 10 + 3.7 + 9.8 = 29.1
   - 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: Bharat Heavy Electricals Ltd is the scale leader at ₹35,993 crore, 115.1% ahead of Suzlon Energy Ltd. Concord Control Systems Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 194.7% from a ₹336 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: Bharat Heavy Electricals Ltd is the scale benchmark; Concord Control Systems Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bharat Heavy Electricals Ltd's growth falls below Concord Control Systems Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bharat Heavy Electricals Ltd · ₹35,993 crore | 115.1% versus #2 · Suzlon Energy Ltd | 8/8 recent comparable periods | 16/16 companies · 254 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. Bharat Heavy Electricals Ltd (BHEL): ₹36.0K Cr
2. Suzlon Energy Ltd (SUZLON): ₹16.7K Cr
3. Inox Wind Ltd (INOXWIND): ₹4.4K Cr
4. Praj Industries Ltd (PRAJIND): ₹3.2K Cr
5. The Anup Engineering Ltd (ANUP): ₹822 Cr

### Revenue growth — fastest growers
1. Concord Control Systems Ltd (543619): 100%
2. JNK India Ltd (JNKINDIA): 72%
3. John Cockerill India Ltd (COCKERILL): 63%
4. Windsor Machines Ltd (WINDMACHIN): 55%
5. Suzlon Energy Ltd (SUZLON): 54%

### 20-quarter Revenue history
- 505358: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹44 Cr
- 543619: Sep 2021 ₹14 Cr | Dec 2021 — | Mar 2022 ₹18 Cr | Jun 2022 — | Sep 2022 ₹26 Cr | Dec 2022 — | Mar 2023 ₹23 Cr | Jun 2023 — | Sep 2023 ₹30 Cr | Dec 2023 — | Mar 2024 ₹35 Cr | Jun 2024 — | Sep 2024 ₹50 Cr | Dec 2024 — | Mar 2025 ₹75 Cr | Jun 2025 — | Sep 2025 ₹82 Cr | Dec 2025 — | Mar 2026 ₹129 Cr | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5.3K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹8.3K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹6.6K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 ₹12.3K Cr | Jun 2026 ₹7.7K Cr
- SUZLON: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- INOXWIND: Sep 2021 ₹166 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹226 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹349 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹503 Cr | Mar 2024 ₹528 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹733 Cr | Dec 2024 ₹911 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹826 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PRAJIND: Sep 2021 ₹532 Cr | Dec 2021 ₹586 Cr | Mar 2022 ₹839 Cr | Jun 2022 ₹730 Cr | Sep 2022 ₹877 Cr | Dec 2022 ₹911 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹737 Cr | Sep 2023 ₹882 Cr | Dec 2023 ₹829 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹699 Cr | Sep 2024 ₹816 Cr | Dec 2024 ₹853 Cr | Mar 2025 ₹860 Cr | Jun 2025 ₹640 Cr | Sep 2025 ₹842 Cr | Dec 2025 ₹841 Cr | Mar 2026 ₹845 Cr | Jun 2026 —
- COCKERILL: Sep 2021 ₹92 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹211 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹228 Cr | Mar 2026 ₹345 Cr | Jun 2026 —
- ANUP: Sep 2021 ₹89 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹232 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- WINDMACHIN: Sep 2021 ₹87 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹107 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹338 Cr | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹50 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹129 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- WALCHANNAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹73 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- KABRAEXTRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹207 Cr | Mar 2023 ₹178 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- EIMCOELECO: Sep 2021 ₹11 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹63 Cr | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹161 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹37 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- 505358: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.7% | Mar 2024 -6.6% | Jun 2024 -7.6% | Sep 2024 19% | Dec 2024 16% | Mar 2025 27% | Jun 2025 29% | Sep 2025 -1.1% | Dec 2025 -9.8% | Mar 2026 -6.0% | Jun 2026 -3.1%
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 86% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 52% | Jun 2024 — | Sep 2024 67% | Dec 2024 — | Mar 2025 114% | Jun 2025 — | Sep 2025 64% | Dec 2025 — | Mar 2026 72% | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.6% | Mar 2024 0.4% | Jun 2024 9.6% | Sep 2024 28% | Dec 2024 32% | Mar 2025 8.9% | Jun 2025 0.0% | Sep 2025 14% | Dec 2025 16% | Mar 2026 37% | Jun 2026 40%
- SUZLON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 6.2% | Dec 2022 -8.7% | Mar 2023 -31% | Jun 2023 -2.0% | Sep 2023 -0.6% | Dec 2023 7.0% | Mar 2024 30% | Jun 2024 50% | Sep 2024 48% | Dec 2024 91% | Mar 2025 73% | Jun 2025 55% | Sep 2025 84% | Dec 2025 42% | Mar 2026 45% | Jun 2026 —
- INOXWIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 -36% | Dec 2022 49% | Mar 2023 39% | Jun 2023 65% | Sep 2023 247% | Dec 2023 123% | Mar 2024 176% | Jun 2024 83% | Sep 2024 98% | Dec 2024 81% | Mar 2025 141% | Jun 2025 29% | Sep 2025 53% | Dec 2025 32% | Mar 2026 -2.4% | Jun 2026 —
- PRAJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 89% | Sep 2022 65% | Dec 2022 55% | Mar 2023 20% | Jun 2023 1.0% | Sep 2023 0.6% | Dec 2023 -9.0% | Mar 2024 1.5% | Jun 2024 -5.2% | Sep 2024 -7.5% | Dec 2024 2.9% | Mar 2025 -16% | Jun 2025 -8.4% | Sep 2025 3.2% | Dec 2025 -1.4% | Mar 2026 -1.7% | Jun 2026 —
- COCKERILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -62% | Sep 2022 -53% | Dec 2022 62% | Mar 2023 206% | Jun 2023 498% | Sep 2023 345% | Dec 2023 20% | Mar 2024 -24% | Jun 2024 -58% | Sep 2024 -60% | Dec 2024 -72% | Mar 2025 50% | Jun 2025 -12% | Sep 2025 28% | Dec 2025 216% | Mar 2026 56% | Jun 2026 —
- ANUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 13% | Dec 2022 143% | Mar 2023 44% | Jun 2023 140% | Sep 2023 39% | Dec 2023 12% | Mar 2024 9.0% | Jun 2024 17% | Sep 2024 38% | Dec 2024 34% | Mar 2025 41% | Jun 2025 20% | Sep 2025 20% | Dec 2025 20% | Mar 2026 -6.3% | Jun 2026 —
- WINDMACHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 13% | Dec 2022 -1.2% | Mar 2023 -7.1% | Jun 2023 25% | Sep 2023 -8.9% | Dec 2023 -12% | Mar 2024 -13% | Jun 2024 17% | Sep 2024 -33% | Dec 2024 24% | Mar 2025 10% | Jun 2025 40% | Sep 2025 130% | Dec 2025 26% | Mar 2026 53% | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 112% | Jun 2024 138% | Sep 2024 7.2% | Dec 2024 -22% | Mar 2025 -16% | Jun 2025 13% | Sep 2025 71% | Dec 2025 116% | Mar 2026 77% | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 26% | Jun 2024 5.5% | Sep 2024 8.8% | Dec 2024 62% | Mar 2025 13% | Jun 2025 6.3% | Sep 2025 20% | Dec 2025 30% | Mar 2026 -16% | Jun 2026 —
- WALCHANNAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -23% | Mar 2024 -18% | Jun 2024 18% | Sep 2024 -23% | Dec 2024 5.8% | Mar 2025 -42% | Jun 2025 -38% | Sep 2025 -24% | Dec 2025 37% | Mar 2026 75% | Jun 2026 —
- KABRAEXTRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -40% | Mar 2024 -5.6% | Jun 2024 -34% | Sep 2024 -30% | Dec 2024 -2.2% | Mar 2025 -17% | Jun 2025 -2.5% | Sep 2025 5.2% | Dec 2025 -8.9% | Mar 2026 -14% | Jun 2026 —
- EIMCOELECO: Sep 2021 — | Dec 2021 — | Mar 2022 -5.3% | Jun 2022 120% | Sep 2022 236% | Dec 2022 65% | Mar 2023 78% | Jun 2023 33% | Sep 2023 38% | Dec 2023 26% | Mar 2024 31% | Jun 2024 59% | Sep 2024 31% | Dec 2024 -4.2% | Mar 2025 -24% | Jun 2025 -2.9% | Sep 2025 -51% | Dec 2025 37% | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 44% | Jun 2024 44% | Sep 2024 -0.6% | Dec 2024 9.7% | Mar 2025 -12% | Jun 2025 -24% | Sep 2025 15% | Dec 2025 -9.3% | Mar 2026 -24% | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 12% | Mar 2024 21% | Jun 2024 -7.1% | Sep 2024 -100% | Dec 2024 -100% | Mar 2025 -100% | Jun 2025 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Concord Control Systems Ltd leads opm at 30%; Walchandnagar Industries Ltd leads margin change at +93.2 percentage points.

Investor read: Concord Control Systems 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: Concord Control Systems Ltd · 30% | 50% versus #2 · Eimco Elecon (India) Ltd | 5/8 recent comparable periods | 15/16 companies · 283 observations

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

### OPM — highest
1. Concord Control Systems Ltd (543619): 30%
2. Eimco Elecon (India) Ltd (EIMCOELECO): 20%
3. The Anup Engineering Ltd (ANUP): 18%
4. Suzlon Energy Ltd (SUZLON): 18%
5. Disa India Ltd (DISAQ): 17%

### Margin change — fastest expanders
1. Walchandnagar Industries Ltd (WALCHANNAG): +93.2 pp
2. Bharat Heavy Electricals Ltd (BHEL): +17.0 pp
3. Concord Control Systems Ltd (543619): +10.0 pp
4. JNK India Ltd (JNKINDIA): +6.0 pp
5. Hercules Investments Ltd (HERCULES): +3.7 pp — older report

### 20-quarter OPM history
- 505358: Sep 2021 14% | Dec 2021 14% | Mar 2022 13% | Jun 2022 10.0% | Sep 2022 15% | Dec 2022 18% | Mar 2023 20% | Jun 2023 18% | Sep 2023 16% | Dec 2023 18% | Mar 2024 14% | Jun 2024 15% | Sep 2024 21% | Dec 2024 22% | Mar 2025 18% | Jun 2025 20% | Sep 2025 16% | Dec 2025 16% | Mar 2026 16% | Jun 2026 16%
- 543619: Sep 2021 11% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 26% | Jun 2024 — | Sep 2024 28% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 30% | Jun 2026 —
- BHEL: Sep 2021 -0.6% | Dec 2021 1.7% | Mar 2022 14% | Jun 2022 -3.6% | Sep 2022 -4.7% | Dec 2022 3.0% | Mar 2023 13% | Jun 2023 -4.0% | Sep 2023 -3.0% | Dec 2023 4.0% | Mar 2024 9.0% | Jun 2024 -3.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 9.0% | Jun 2025 -10% | Sep 2025 8.0% | Dec 2025 6.0% | Mar 2026 14% | Jun 2026 7.0%
- SUZLON: Sep 2021 17% | Dec 2021 18% | Mar 2022 8.8% | Jun 2022 16% | Sep 2022 12% | Dec 2022 15% | Mar 2023 14% | Jun 2023 15% | Sep 2023 16% | Dec 2023 16% | Mar 2024 16% | Jun 2024 18% | Sep 2024 14% | Dec 2024 17% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- INOXWIND: Sep 2021 1.9% | Dec 2021 -21% | Mar 2022 -207% | Jun 2022 -13% | Sep 2022 -22% | Dec 2022 -78% | Mar 2023 -14% | Jun 2023 9.0% | Sep 2023 13% | Dec 2023 18% | Mar 2024 19% | Jun 2024 21% | Sep 2024 23% | Dec 2024 22% | Mar 2025 20% | Jun 2025 22% | Sep 2025 20% | Dec 2025 23% | Mar 2026 16% | Jun 2026 —
- PRAJIND: Sep 2021 8.7% | Dec 2021 8.7% | Mar 2022 9.4% | Jun 2022 7.6% | Sep 2022 7.7% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 10% | Sep 2023 10% | Dec 2023 12% | Mar 2024 13% | Jun 2024 13% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 5.0% | Sep 2025 7.0% | Dec 2025 5.0% | Mar 2026 3.0% | Jun 2026 —
- COCKERILL: Sep 2021 4.3% | Dec 2021 4.6% | Mar 2022 0.4% | Jun 2022 -19% | Sep 2022 -11% | Dec 2022 3.6% | Mar 2023 5.5% | Jun 2023 3.3% | Sep 2023 3.2% | Dec 2023 5.0% | Mar 2024 3.2% | Jun 2024 0.6% | Sep 2024 -11% | Dec 2024 -0.7% | Mar 2025 -0.7% | Jun 2025 2.4% | Sep 2025 12% | Dec 2025 -8.6% | Mar 2026 1.4% | Jun 2026 —
- ANUP: Sep 2021 25% | Dec 2021 23% | Mar 2022 24% | Jun 2022 18% | Sep 2022 20% | Dec 2022 20% | Mar 2023 21% | Jun 2023 22% | Sep 2023 22% | Dec 2023 19% | Mar 2024 21% | Jun 2024 23% | Sep 2024 22% | Dec 2024 23% | Mar 2025 22% | Jun 2025 23% | Sep 2025 22% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- WINDMACHIN: Sep 2021 3.6% | Dec 2021 10.0% | Mar 2022 15% | Jun 2022 -11% | Sep 2022 13% | Dec 2022 7.0% | Mar 2023 12% | Jun 2023 2.7% | Sep 2023 9.5% | Dec 2023 10% | Mar 2024 3.5% | Jun 2024 1.4% | Sep 2024 5.1% | Dec 2024 8.2% | Mar 2025 9.1% | Jun 2025 7.0% | Sep 2025 6.2% | Dec 2025 2.9% | Mar 2026 5.9% | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 21% | Sep 2023 23% | Dec 2023 34% | Mar 2024 16% | Jun 2024 11% | Sep 2024 12% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 3.0% | Sep 2025 9.0% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- DISAQ: Sep 2021 21% | Dec 2021 14% | Mar 2022 22% | Jun 2022 14% | Sep 2022 17% | Dec 2022 3.0% | Mar 2023 16% | Jun 2023 20% | Sep 2023 14% | Dec 2023 8.0% | Mar 2024 16% | Jun 2024 18% | Sep 2024 14% | Dec 2024 12% | Mar 2025 17% | Jun 2025 15% | Sep 2025 14% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- WALCHANNAG: Sep 2021 10% | Dec 2021 7.8% | Mar 2022 12% | Jun 2022 -7.0% | Sep 2022 2.4% | Dec 2022 2.9% | Mar 2023 -30% | Jun 2023 -3.4% | Sep 2023 5.8% | Dec 2023 -14% | Mar 2024 5.8% | Jun 2024 -16% | Sep 2024 -9.0% | Dec 2024 -9.6% | Mar 2025 -89% | Jun 2025 -4.8% | Sep 2025 -5.9% | Dec 2025 19% | Mar 2026 4.5% | Jun 2026 —
- KABRAEXTRU: Sep 2021 14% | Dec 2021 15% | Mar 2022 12% | Jun 2022 9.9% | Sep 2022 10.0% | Dec 2022 11% | Mar 2023 13% | Jun 2023 9.3% | Sep 2023 6.2% | Dec 2023 7.0% | Mar 2024 17% | Jun 2024 5.6% | Sep 2024 17% | Dec 2024 12% | Mar 2025 3.1% | Jun 2025 -3.5% | Sep 2025 6.7% | Dec 2025 1.4% | Mar 2026 2.5% | Jun 2026 —
- EIMCOELECO: Sep 2021 9.0% | Dec 2021 14% | Mar 2022 13% | Jun 2022 -4.0% | Sep 2022 17% | Dec 2022 16% | Mar 2023 21% | Jun 2023 6.0% | Sep 2023 25% | Dec 2023 16% | Mar 2024 20% | Jun 2024 22% | Sep 2024 23% | Dec 2024 17% | Mar 2025 28% | Jun 2025 18% | Sep 2025 16% | Dec 2025 20% | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 15% | Dec 2021 3.6% | Mar 2022 14% | Jun 2022 15% | Sep 2022 18% | Dec 2022 18% | Mar 2023 16% | Jun 2023 15% | Sep 2023 16% | Dec 2023 13% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 15% | Mar 2025 16% | Jun 2025 13% | Sep 2025 18% | Dec 2025 7.4% | Mar 2026 4.8% | Jun 2026 —
- HERCULES: Sep 2021 11% | Dec 2021 7.8% | Mar 2022 -1.4% | Jun 2022 9.1% | Sep 2022 12% | Dec 2022 14% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 13% | Dec 2023 15% | Mar 2024 23% | Jun 2024 15% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- 505358: Sep 2021 −2.8 pp | Dec 2021 −2.4 pp | Mar 2022 +0.1 pp | Jun 2022 −6.4 pp | Sep 2022 +0.6 pp | Dec 2022 +4.4 pp | Mar 2023 +6.8 pp | Jun 2023 +7.6 pp | Sep 2023 +0.7 pp | Dec 2023 −0.0 pp | Mar 2024 −5.8 pp | Jun 2024 −2.9 pp | Sep 2024 +5.0 pp | Dec 2024 +3.1 pp | Mar 2025 +4.4 pp | Jun 2025 +5.2 pp | Sep 2025 −4.8 pp | Dec 2025 −5.8 pp | Mar 2026 −2.3 pp | Jun 2026 −3.5 pp
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +8.0 pp | Jun 2023 — | Sep 2023 +15.0 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 — | Mar 2025 −6.0 pp | Jun 2025 — | Sep 2025 −3.0 pp | Dec 2025 — | Mar 2026 +10.0 pp | Jun 2026 —
- BHEL: Sep 2021 +16.6 pp | Dec 2021 +5.8 pp | Mar 2022 +32.0 pp | Jun 2022 +12.8 pp | Sep 2022 −4.1 pp | Dec 2022 +1.3 pp | Mar 2023 −1.3 pp | Jun 2023 −0.4 pp | Sep 2023 +1.7 pp | Dec 2023 +1.0 pp | Mar 2024 −4.0 pp | Jun 2024 +1.0 pp | Sep 2024 +7.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −7.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +5.0 pp | Jun 2026 +17.0 pp
- SUZLON: Sep 2021 +1.9 pp | Dec 2021 +3.6 pp | Mar 2022 −8.5 pp | Jun 2022 +2.0 pp | Sep 2022 −5.4 pp | Dec 2022 −2.8 pp | Mar 2023 +5.3 pp | Jun 2023 −0.5 pp | Sep 2023 +4.2 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +5.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- INOXWIND: Sep 2021 +24.7 pp | Dec 2021 −22.2 pp | Mar 2022 −157.0 pp | Jun 2022 −14.1 pp | Sep 2022 −23.9 pp | Dec 2022 −57.0 pp | Mar 2023 +193.3 pp | Jun 2023 +22.4 pp | Sep 2023 +35.0 pp | Dec 2023 +96.0 pp | Mar 2024 +33.0 pp | Jun 2024 +12.0 pp | Sep 2024 +10.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- PRAJIND: Sep 2021 +1.9 pp | Dec 2021 −2.7 pp | Mar 2022 −3.8 pp | Jun 2022 −0.3 pp | Sep 2022 −1.0 pp | Dec 2022 +0.3 pp | Mar 2023 +1.6 pp | Jun 2023 +2.4 pp | Sep 2023 +2.3 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 −8.0 pp | Sep 2025 −4.0 pp | Dec 2025 −4.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- COCKERILL: Sep 2021 +61.0 pp | Dec 2021 +3.3 pp | Mar 2022 +12.8 pp | Jun 2022 −18.2 pp | Sep 2022 −15.0 pp | Dec 2022 −1.0 pp | Mar 2023 +5.1 pp | Jun 2023 +22.3 pp | Sep 2023 +13.8 pp | Dec 2023 +1.4 pp | Mar 2024 −2.3 pp | Jun 2024 −2.6 pp | Sep 2024 −14.6 pp | Dec 2024 −5.7 pp | Mar 2025 −3.9 pp | Jun 2025 +1.7 pp | Sep 2025 +23.0 pp | Dec 2025 −8.0 pp | Mar 2026 +2.1 pp | Jun 2026 —
- ANUP: Sep 2021 +4.5 pp | Dec 2021 +0.4 pp | Mar 2022 −2.9 pp | Jun 2022 −6.1 pp | Sep 2022 −5.5 pp | Dec 2022 −3.3 pp | Mar 2023 −2.8 pp | Jun 2023 +4.0 pp | Sep 2023 +2.0 pp | Dec 2023 −0.6 pp | Mar 2024 −0.5 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.6 pp | Mar 2025 +1.5 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- WINDMACHIN: Sep 2021 −5.2 pp | Dec 2021 −2.3 pp | Mar 2022 +2.0 pp | Jun 2022 −2.6 pp | Sep 2022 +9.6 pp | Dec 2022 −2.9 pp | Mar 2023 −3.2 pp | Jun 2023 +13.7 pp | Sep 2023 −3.7 pp | Dec 2023 +3.0 pp | Mar 2024 −8.4 pp | Jun 2024 −1.3 pp | Sep 2024 −4.4 pp | Dec 2024 −1.9 pp | Mar 2025 +5.6 pp | Jun 2025 +5.6 pp | Sep 2025 +1.1 pp | Dec 2025 −5.2 pp | Mar 2026 −3.2 pp | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 −10.0 pp | Sep 2024 −11.0 pp | Dec 2024 −27.0 pp | Mar 2025 −8.0 pp | Jun 2025 −8.0 pp | Sep 2025 −3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- DISAQ: Sep 2021 +2.9 pp | Dec 2021 −13.7 pp | Mar 2022 +25.3 pp | Jun 2022 +2.2 pp | Sep 2022 −4.2 pp | Dec 2022 −10.9 pp | Mar 2023 −6.3 pp | Jun 2023 +6.0 pp | Sep 2023 −3.2 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 0.0 pp | Dec 2025 +5.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WALCHANNAG: Sep 2021 +0.7 pp | Dec 2021 −0.2 pp | Mar 2022 +9.1 pp | Jun 2022 −2.0 pp | Sep 2022 −7.7 pp | Dec 2022 −4.9 pp | Mar 2023 −41.9 pp | Jun 2023 +3.7 pp | Sep 2023 +3.4 pp | Dec 2023 −17.2 pp | Mar 2024 +36.1 pp | Jun 2024 −12.8 pp | Sep 2024 −14.8 pp | Dec 2024 +4.7 pp | Mar 2025 −94.5 pp | Jun 2025 +11.4 pp | Sep 2025 +3.1 pp | Dec 2025 +28.5 pp | Mar 2026 +93.2 pp | Jun 2026 —
- KABRAEXTRU: Sep 2021 +0.2 pp | Dec 2021 −2.8 pp | Mar 2022 −3.6 pp | Jun 2022 −1.9 pp | Sep 2022 −4.5 pp | Dec 2022 −4.8 pp | Mar 2023 +1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −3.8 pp | Dec 2023 −3.6 pp | Mar 2024 +3.5 pp | Jun 2024 −3.7 pp | Sep 2024 +10.9 pp | Dec 2024 +4.6 pp | Mar 2025 −13.5 pp | Jun 2025 −9.1 pp | Sep 2025 −10.5 pp | Dec 2025 −10.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- EIMCOELECO: Sep 2021 −0.8 pp | Dec 2021 +4.2 pp | Mar 2022 +9.0 pp | Jun 2022 −8.0 pp | Sep 2022 +8.0 pp | Dec 2022 +2.0 pp | Mar 2023 +8.0 pp | Jun 2023 +10.0 pp | Sep 2023 +8.0 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 +16.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +8.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 +3.0 pp | Dec 2021 −13.0 pp | Mar 2022 −17.4 pp | Jun 2022 +0.6 pp | Sep 2022 +3.0 pp | Dec 2022 +14.5 pp | Mar 2023 +1.9 pp | Jun 2023 −0.5 pp | Sep 2023 −1.7 pp | Dec 2023 −4.8 pp | Mar 2024 −1.2 pp | Jun 2024 +0.8 pp | Sep 2024 +0.3 pp | Dec 2024 +1.8 pp | Mar 2025 +0.8 pp | Jun 2025 −2.9 pp | Sep 2025 +1.6 pp | Dec 2025 −7.6 pp | Mar 2026 −10.9 pp | Jun 2026 —
- HERCULES: Sep 2021 −0.1 pp | Dec 2021 +1.2 pp | Mar 2022 −8.6 pp | Jun 2022 +0.2 pp | Sep 2022 +1.0 pp | Dec 2022 +6.5 pp | Mar 2023 +10.4 pp | Jun 2023 +1.9 pp | Sep 2023 +0.4 pp | Dec 2023 +0.8 pp | Mar 2024 +14.3 pp | Jun 2024 +3.7 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Suzlon Energy Ltd leads with ₹3,162 crore of TTM profit, 30% above Bharat Heavy Electricals Ltd. Concord Control Systems Ltd shows ≥100% on the scoring scale (250% uncapped) growth from a ₹63 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Suzlon Energy 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: Suzlon Energy Ltd · ₹3,162 crore | 30% versus #2 · Bharat Heavy Electricals Ltd | 7/8 recent comparable periods | 16/16 companies · 254 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. Suzlon Energy Ltd (SUZLON): ₹3.2K Cr
2. Bharat Heavy Electricals Ltd (BHEL): ₹2.4K Cr
3. Inox Wind Ltd (INOXWIND): ₹451 Cr
4. The Anup Engineering Ltd (ANUP): ₹111 Cr
5. JNK India Ltd (JNKINDIA): ₹65 Cr

### Profit growth — fastest growers
1. Concord Control Systems Ltd (543619): 100%
2. JNK India Ltd (JNKINDIA): 100%
3. Suzlon Energy Ltd (SUZLON): 53%
4. Disa India Ltd (DISAQ): 6.0%
5. Inox Wind Ltd (INOXWIND): 5.9%

### 20-quarter Net profit history
- 505358: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹5 Cr
- 543619: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹25 Cr | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 ₹658 Cr | Jun 2023 ₹-205 Cr | Sep 2023 ₹-63 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹490 Cr | Jun 2024 ₹-211 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹504 Cr | Jun 2025 ₹-456 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹390 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹377 Cr
- SUZLON: Sep 2021 ₹-11 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹-204 Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹320 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹201 Cr | Dec 2024 ₹388 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹324 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- INOXWIND: Sep 2021 ₹-58 Cr | Dec 2021 ₹-64 Cr | Mar 2022 ₹-309 Cr | Jun 2022 ₹-130 Cr | Sep 2022 ₹-134 Cr | Dec 2022 ₹-288 Cr | Mar 2023 ₹-119 Cr | Jun 2023 ₹-65 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- PRAJIND: Sep 2021 ₹33 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- COCKERILL: Sep 2021 ₹2 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ANUP: Sep 2021 ₹16 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- WINDMACHIN: Sep 2021 ₹-3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-37 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- WALCHANNAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-6 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KABRAEXTRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- EIMCOELECO: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹13 Cr | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹21 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹7 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- 505358: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -54% | Mar 2024 -43% | Jun 2024 -30% | Sep 2024 53% | Dec 2024 46% | Mar 2025 53% | Jun 2025 73% | Sep 2025 -35% | Dec 2025 -43% | Mar 2026 -17% | Jun 2026 -11%
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 200% | Dec 2023 — | Mar 2024 133% | Jun 2024 — | Sep 2024 33% | Dec 2024 — | Mar 2025 100% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 79% | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 -26% | Jun 2024 — | Sep 2024 — | Dec 2024 125% | Mar 2025 2.9% | Jun 2025 — | Sep 2025 254% | Dec 2025 189% | Mar 2026 156% | Jun 2026 —
- SUZLON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 105% | Mar 2023 — | Jun 2023 -96% | Sep 2023 79% | Dec 2023 160% | Mar 2024 -21% | Jun 2024 199% | Sep 2024 97% | Dec 2024 91% | Mar 2025 365% | Jun 2025 7.3% | Sep 2025 536% | Dec 2025 15% | Mar 2026 -5.7% | Jun 2026 —
- INOXWIND: 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 5,400% | Mar 2025 476% | Jun 2025 131% | Sep 2025 44% | Dec 2025 15% | Mar 2026 -44% | Jun 2026 —
- PRAJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 45% | Dec 2022 68% | Mar 2023 52% | Jun 2023 44% | Sep 2023 29% | Dec 2023 13% | Mar 2024 4.6% | Jun 2024 42% | Sep 2024 -13% | Dec 2024 -41% | Mar 2025 -57% | Jun 2025 -94% | Sep 2025 -65% | Dec 2025 -129% | Mar 2026 -70% | Jun 2026 —
- COCKERILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -250% | Dec 2022 90% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.3% | Mar 2024 -63% | Jun 2024 -101% | Sep 2024 -207% | Dec 2024 -114% | Mar 2025 -180% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 -19% | Dec 2022 133% | Mar 2023 -41% | Jun 2023 280% | Sep 2023 69% | Dec 2023 43% | Mar 2024 126% | Jun 2024 26% | Sep 2024 50% | Dec 2024 50% | Mar 2025 -26% | Jun 2025 8.3% | Sep 2025 -3.0% | Dec 2025 -13% | Mar 2026 -16% | Jun 2026 —
- WINDMACHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -113% | Mar 2023 -7.2% | Jun 2023 — | Sep 2023 -76% | Dec 2023 — | Mar 2024 -181% | Jun 2024 — | Sep 2024 -2,630% | Dec 2024 2,395% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -107% | Mar 2026 — | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 55% | Jun 2024 50% | Sep 2024 -33% | Dec 2024 -90% | Mar 2025 -24% | Jun 2025 -83% | Sep 2025 63% | Dec 2025 500% | Mar 2026 154% | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 200% | Mar 2024 30% | Jun 2024 -6.3% | Sep 2024 50% | Dec 2024 67% | Mar 2025 0.0% | Jun 2025 -13% | Sep 2025 0.0% | Dec 2025 50% | Mar 2026 0.0% | Jun 2026 —
- WALCHANNAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -106% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KABRAEXTRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -70% | Mar 2024 53% | Jun 2024 -65% | Sep 2024 119% | Dec 2024 104% | Mar 2025 -43% | Jun 2025 -479% | Sep 2025 -97% | Dec 2025 -171% | Mar 2026 -36% | Jun 2026 —
- EIMCOELECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 500% | Dec 2022 150% | Mar 2023 150% | Jun 2023 — | Sep 2023 83% | Dec 2023 60% | Mar 2024 50% | Jun 2024 200% | Sep 2024 18% | Dec 2024 -25% | Mar 2025 0.0% | Jun 2025 -6.7% | Sep 2025 -62% | Dec 2025 117% | Mar 2026 — | Jun 2026 —
- BAJAJST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -53% | Mar 2024 32% | Jun 2024 268% | Sep 2024 2.5% | Dec 2024 36% | Mar 2025 -20% | Jun 2025 -79% | Sep 2025 22% | Dec 2025 -57% | Mar 2026 -87% | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 24% | Dec 2023 17% | Mar 2024 -86% | Jun 2024 23% | Sep 2024 -70% | Dec 2024 -74% | Mar 2025 -100% | Jun 2025 -100% | Sep 2025 96% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: JNK India Ltd reports ₹3 crore of CAPEX; Disa India Ltd has the highest covered intensity at 2.5%. Coverage is only 2 of 16 companies and 4 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: JNK India Ltd · ₹3 crore | 50% versus #2 · Disa India Ltd | 2/2 recent comparable periods | 2/16 companies · 4 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. JNK India Ltd (JNKINDIA): ₹3 Cr
2. Disa India Ltd (DISAQ): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. Disa India Ltd (DISAQ): 2.5%
2. JNK India Ltd (JNKINDIA): 1.3%

### 20-quarter CAPEX history
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | 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
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.7% | Mar 2024 1.3% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.2% | Sep 2023 2.5% | 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: Suzlon Energy Ltd has the clearest covered balance-sheet capacity with ₹906 crore net cash and gross debt of ₹556 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: Disa India Ltd · ₹0 crore | null versus #2 · Hercules Investments Ltd | 8/8 recent comparable periods | 16/16 companies · 234 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. Disa India Ltd (DISAQ): ₹0 Cr
2. Hercules Investments Ltd (HERCULES): ₹0 Cr — older report
3. Eimco Elecon (India) Ltd (EIMCOELECO): ₹4 Cr
4. John Cockerill India Ltd (COCKERILL): ₹5 Cr
5. Integra Engineering India Ltd (505358): ₹22 Cr

### Net debt — lowest net debt
1. Suzlon Energy Ltd (SUZLON): ₹-906 Cr
2. Praj Industries Ltd (PRAJIND): ₹-438 Cr
3. John Cockerill India Ltd (COCKERILL): ₹-222 Cr
4. Disa India Ltd (DISAQ): ₹-213 Cr
5. JNK India Ltd (JNKINDIA): ₹-122 Cr

### 20-quarter Gross debt history
- 505358: Sep 2021 — | Dec 2021 — | Mar 2022 ₹37 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹25 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39 Cr | Jun 2025 — | Sep 2025 ₹34 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —
- 543619: 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 ₹3 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹54 Cr | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.9K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.0K Cr | Jun 2025 — | Sep 2025 ₹11.0K Cr | Dec 2025 — | Mar 2026 ₹8.2K Cr | Jun 2026 —
- SUZLON: Sep 2021 ₹6.6K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹323 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹397 Cr | Mar 2026 ₹556 Cr | Jun 2026 —
- INOXWIND: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- PRAJIND: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹173 Cr | Jun 2026 —
- COCKERILL: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- ANUP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- WINDMACHIN: Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹86 Cr | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹44 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹68 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- DISAQ: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- WALCHANNAG: Sep 2021 ₹332 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹448 Cr | Jun 2022 ₹448 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹457 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹219 Cr | Jun 2026 —
- KABRAEXTRU: Sep 2021 ₹36 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹108 Cr | Dec 2022 — | Mar 2023 ₹74 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- EIMCOELECO: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 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 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹4 Cr
- BAJAJST: Sep 2021 ₹56 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- SUZLON: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹-65 Cr | Dec 2023 ₹-65 Cr | Mar 2024 ₹-285 Cr | Jun 2024 ₹-285 Cr | Sep 2024 ₹-501 Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-833 Cr | Jun 2025 ₹-833 Cr | Sep 2025 ₹-506 Cr | Dec 2025 ₹-506 Cr | Mar 2026 ₹-906 Cr | Jun 2026 —
- INOXWIND: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹596 Cr | Dec 2025 ₹596 Cr | Mar 2026 ₹975 Cr | Jun 2026 —
- PRAJIND: Sep 2021 ₹-423 Cr | Dec 2021 ₹-423 Cr | Mar 2022 ₹-531 Cr | Jun 2022 ₹-531 Cr | Sep 2022 ₹-424 Cr | Dec 2022 ₹-424 Cr | Mar 2023 ₹-560 Cr | Jun 2023 ₹-560 Cr | Sep 2023 ₹-548 Cr | Dec 2023 ₹-548 Cr | Mar 2024 ₹-445 Cr | Jun 2024 ₹-445 Cr | Sep 2024 ₹-487 Cr | Dec 2024 ₹-487 Cr | Mar 2025 ₹-343 Cr | Jun 2025 ₹-343 Cr | Sep 2025 ₹-182 Cr | Dec 2025 ₹-182 Cr | Mar 2026 ₹-438 Cr | Jun 2026 —
- COCKERILL: Sep 2021 ₹-40 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-36 Cr | Jun 2022 ₹-36 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-115 Cr | Mar 2024 — | Jun 2024 ₹-72 Cr | Sep 2024 ₹-72 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-119 Cr | Sep 2025 ₹-119 Cr | Dec 2025 ₹-201 Cr | Mar 2026 ₹-222 Cr | Jun 2026 —
- ANUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-60 Cr | Dec 2023 ₹-60 Cr | Mar 2024 ₹-103 Cr | Jun 2024 ₹-103 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹97 Cr | Jun 2026 —
- WINDMACHIN: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹-57 Cr | Jun 2025 ₹-59 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹31 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹-183 Cr | Dec 2024 ₹-183 Cr | Mar 2025 ₹-176 Cr | Jun 2025 ₹-167 Cr | Sep 2025 ₹-163 Cr | Dec 2025 ₹-163 Cr | Mar 2026 ₹-122 Cr | Jun 2026 —
- DISAQ: Sep 2021 ₹-186 Cr | Dec 2021 ₹-186 Cr | Mar 2022 ₹-163 Cr | Jun 2022 ₹-163 Cr | Sep 2022 ₹-167 Cr | Dec 2022 ₹-167 Cr | Mar 2023 ₹-151 Cr | Jun 2023 ₹-151 Cr | Sep 2023 ₹-228 Cr | Dec 2023 ₹-228 Cr | Mar 2024 ₹-181 Cr | Jun 2024 ₹-181 Cr | Sep 2024 ₹-225 Cr | Dec 2024 ₹-225 Cr | Mar 2025 ₹-146 Cr | Jun 2025 ₹-146 Cr | Sep 2025 ₹-213 Cr | Dec 2025 ₹-213 Cr | Mar 2026 — | Jun 2026 —
- WALCHANNAG: Sep 2021 ₹329 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹442 Cr | Jun 2022 ₹402 Cr | Sep 2022 ₹409 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- KABRAEXTRU: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹73 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹119 Cr | Jun 2026 —
- EIMCOELECO: Sep 2021 ₹-72 Cr | Dec 2021 ₹-72 Cr | Mar 2022 ₹-72 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-22 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-11 Cr | Jun 2026 ₹-11 Cr
- BAJAJST: Sep 2021 ₹-78 Cr | Dec 2021 ₹-78 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-76 Cr | Sep 2022 ₹-92 Cr | Dec 2022 ₹-92 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹-92 Cr | Dec 2023 ₹-92 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-57 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹-37 Cr | Sep 2025 ₹-55 Cr | Dec 2025 ₹-55 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Suzlon Energy Ltd leads ROCE at 35.1%, 4.5 percentage points above Concord Control Systems Ltd. Walchandnagar Industries Ltd has the strongest latest improvement at +18.6 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: Suzlon Energy 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: Suzlon Energy Ltd · 35.1% | 14.7% versus #2 · Concord Control Systems Ltd | 6/8 recent comparable periods | 16/16 companies · 177 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. Suzlon Energy Ltd (SUZLON): 35%
2. Concord Control Systems Ltd (543619): 31%
3. Disa India Ltd (DISAQ): 27%
4. The Anup Engineering Ltd (ANUP): 21%
5. Integra Engineering India Ltd (505358): 19%

### ROCE change — fastest improvers
1. Walchandnagar Industries Ltd (WALCHANNAG): +18.6 pp
2. John Cockerill India Ltd (COCKERILL): +12.6 pp
3. JNK India Ltd (JNKINDIA): +6.6 pp
4. Bharat Heavy Electricals Ltd (BHEL): +4.0 pp
5. Suzlon Energy Ltd (SUZLON): +3.4 pp

### 20-quarter ROCE history
- SUZLON: Sep 2021 18% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 17% | Dec 2023 30% | Mar 2024 20% | Jun 2024 29% | Sep 2024 20% | Dec 2024 21% | Mar 2025 22% | Jun 2025 34% | Sep 2025 25% | Dec 2025 34% | Mar 2026 26% | Jun 2026 —
- INOXWIND: Sep 2021 -11% | Dec 2021 — | Mar 2022 -15% | Jun 2022 — | Sep 2022 -16% | Dec 2022 — | Mar 2023 — | Jun 2023 -10% | Sep 2023 -6.4% | Dec 2023 2.0% | Mar 2024 4.2% | Jun 2024 8.9% | Sep 2024 10% | Dec 2024 18% | Mar 2025 10% | Jun 2025 16% | Sep 2025 9.0% | Dec 2025 17% | Mar 2026 8.3% | Jun 2026 —
- PRAJIND: Sep 2021 19% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 27% | Dec 2023 36% | Mar 2024 23% | Jun 2024 33% | Sep 2024 23% | Dec 2024 29% | Mar 2025 15% | Jun 2025 15% | Sep 2025 8.9% | Dec 2025 7.2% | Mar 2026 3.9% | Jun 2026 —
- COCKERILL: Sep 2021 -2.7% | Dec 2021 — | Mar 2022 2.5% | Jun 2022 — | Sep 2022 -5.6% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 22% | Dec 2023 12% | Mar 2024 16% | Jun 2024 7.8% | Sep 2024 4.9% | Dec 2024 -4.1% | Mar 2025 -3.2% | Jun 2025 -6.1% | Sep 2025 7.0% | Dec 2025 8.6% | Mar 2026 9.4% | Jun 2026 —
- ANUP: Sep 2021 18% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 20% | Sep 2023 19% | Dec 2023 — | Mar 2024 20% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 22% | Jun 2025 26% | Sep 2025 24% | Dec 2025 26% | Mar 2026 20% | Jun 2026 —
- WINDMACHIN: Sep 2021 4.0% | Dec 2021 — | Mar 2022 4.3% | Jun 2022 — | Sep 2022 6.2% | Dec 2022 — | Mar 2023 3.5% | Jun 2023 — | Sep 2023 4.3% | Dec 2023 6.6% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 -0.4% | Dec 2024 5.8% | Mar 2025 0.7% | Jun 2025 3.6% | Sep 2025 2.1% | Dec 2025 0.5% | Mar 2026 1.7% | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 45% | Jun 2024 56% | Sep 2024 17% | Dec 2024 18% | Mar 2025 7.7% | Jun 2025 15% | Sep 2025 7.2% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- DISAQ: Sep 2021 17% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 23% | Mar 2024 17% | Jun 2024 25% | Sep 2024 17% | Dec 2024 27% | Mar 2025 21% | Jun 2025 26% | Sep 2025 20% | Dec 2025 27% | Mar 2026 20% | Jun 2026 —
- WALCHANNAG: Sep 2021 6.2% | Dec 2021 — | Mar 2022 5.0% | Jun 2022 — | Sep 2022 -0.3% | Dec 2022 — | Mar 2023 -14% | Jun 2023 — | Sep 2023 -13% | Dec 2023 17% | Mar 2024 -0.1% | Jun 2024 3.7% | Sep 2024 -4.1% | Dec 2024 3.0% | Mar 2025 -16% | Jun 2025 -11% | Sep 2025 -14% | Dec 2025 -7.7% | Mar 2026 2.6% | Jun 2026 —
- KABRAEXTRU: Sep 2021 13% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 13% | Dec 2023 12% | Mar 2024 9.5% | Jun 2024 11% | Sep 2024 10% | Dec 2024 14% | Mar 2025 7.3% | Jun 2025 8.4% | Sep 2025 1.4% | Dec 2025 1.5% | Mar 2026 -0.3% | Jun 2026 —
- EIMCOELECO: Sep 2021 -0.4% | Dec 2021 2.1% | Mar 2022 0.5% | Jun 2022 2.1% | Sep 2022 1.6% | Dec 2022 5.0% | Mar 2023 4.8% | Jun 2023 9.8% | Sep 2023 7.5% | Dec 2023 12% | Mar 2024 8.5% | Jun 2024 16% | Sep 2024 12% | Dec 2024 16% | Mar 2025 11% | Jun 2025 16% | Sep 2025 7.9% | Dec 2025 14% | Mar 2026 7.8% | Jun 2026 —
- BAJAJST: Sep 2021 41% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 25% | Dec 2023 28% | Mar 2024 19% | Jun 2024 37% | Sep 2024 19% | Dec 2024 36% | Mar 2025 19% | Jun 2025 20% | Sep 2025 17% | Dec 2025 18% | Mar 2026 9.4% | Jun 2026 —

### 20-quarter ROCE change history
- SUZLON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 — | Mar 2023 −6.4 pp | Jun 2023 — | Sep 2023 −6.9 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 — | Sep 2024 +2.2 pp | Dec 2024 −9.2 pp | Mar 2025 +1.9 pp | Jun 2025 +5.4 pp | Sep 2025 +5.4 pp | Dec 2025 +12.7 pp | Mar 2026 +3.4 pp | Jun 2026 —
- INOXWIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +9.8 pp | Dec 2023 — | Mar 2024 — | Jun 2024 +19.0 pp | Sep 2024 +16.8 pp | Dec 2024 +15.6 pp | Mar 2025 +5.8 pp | Jun 2025 +7.5 pp | Sep 2025 −1.4 pp | Dec 2025 −1.0 pp | Mar 2026 −1.7 pp | Jun 2026 —
- PRAJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 — | Mar 2023 +7.6 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 −2.9 pp | Jun 2024 — | Sep 2024 −4.1 pp | Dec 2024 −6.5 pp | Mar 2025 −7.9 pp | Jun 2025 −18.3 pp | Sep 2025 −14.1 pp | Dec 2025 −21.9 pp | Mar 2026 −11.0 pp | Jun 2026 —
- COCKERILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +27.6 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −17.1 pp | Dec 2024 −16.5 pp | Mar 2025 −18.9 pp | Jun 2025 −13.9 pp | Sep 2025 +2.1 pp | Dec 2025 +12.7 pp | Mar 2026 +12.6 pp | Jun 2026 —
- ANUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +6.5 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 — | Mar 2025 +2.6 pp | Jun 2025 — | Sep 2025 +2.3 pp | Dec 2025 — | Mar 2026 −2.5 pp | Jun 2026 —
- WINDMACHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 −0.8 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 −1.8 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −0.8 pp | Mar 2025 −1.0 pp | Jun 2025 +1.6 pp | Sep 2025 +2.5 pp | Dec 2025 −5.3 pp | Mar 2026 +1.0 pp | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +34.8 pp | Jun 2024 — | Sep 2024 — | Dec 2024 −25.4 pp | Mar 2025 −37.1 pp | Jun 2025 −41.7 pp | Sep 2025 −9.7 pp | Dec 2025 −3.0 pp | Mar 2026 +6.6 pp | Jun 2026 —
- DISAQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 −6.6 pp | Jun 2023 — | Sep 2023 −4.9 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 +4.3 pp | Mar 2025 +4.0 pp | Jun 2025 +0.9 pp | Sep 2025 +2.7 pp | Dec 2025 −0.6 pp | Mar 2026 −0.5 pp | Jun 2026 —
- WALCHANNAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 — | Mar 2023 −18.5 pp | Jun 2023 — | Sep 2023 −12.3 pp | Dec 2023 — | Mar 2024 +13.4 pp | Jun 2024 — | Sep 2024 +8.5 pp | Dec 2024 −13.5 pp | Mar 2025 −15.9 pp | Jun 2025 −14.8 pp | Sep 2025 −9.9 pp | Dec 2025 −10.7 pp | Mar 2026 +18.6 pp | Jun 2026 —
- KABRAEXTRU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 +3.1 pp | Jun 2023 — | Sep 2023 −1.8 pp | Dec 2023 — | Mar 2024 −6.0 pp | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 +2.0 pp | Mar 2025 −2.2 pp | Jun 2025 −2.7 pp | Sep 2025 −9.0 pp | Dec 2025 −12.1 pp | Mar 2026 −7.6 pp | Jun 2026 —
- EIMCOELECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.9 pp | Mar 2023 +4.3 pp | Jun 2023 +7.7 pp | Sep 2023 +5.9 pp | Dec 2023 +7.1 pp | Mar 2024 +3.7 pp | Jun 2024 +6.5 pp | Sep 2024 +4.0 pp | Dec 2024 +4.1 pp | Mar 2025 +2.8 pp | Jun 2025 −0.7 pp | Sep 2025 −3.6 pp | Dec 2025 −2.3 pp | Mar 2026 −3.5 pp | Jun 2026 —
- BAJAJST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −24.1 pp | Dec 2022 — | Mar 2023 +10.1 pp | Jun 2023 — | Sep 2023 +8.3 pp | Dec 2023 — | Mar 2024 −9.3 pp | Jun 2024 — | Sep 2024 −5.5 pp | Dec 2024 +7.8 pp | Mar 2025 −0.2 pp | Jun 2025 −16.2 pp | Sep 2025 −2.6 pp | Dec 2025 −17.6 pp | Mar 2026 −9.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Inox Wind Ltd has the lowest comparable Guarded PEG at 1.22×, 72.9% below Praj Industries Ltd. Only 4 of 16 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: Inox Wind Ltd · 1.22× | 72.9% versus #2 · Praj Industries Ltd | 0/8 recent comparable periods | 4/16 companies · 17 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. Inox Wind Ltd (INOXWIND): 1.2
2. Praj Industries Ltd (PRAJIND): 4.5
3. Suzlon Energy Ltd (SUZLON): 4.8
4. The Anup Engineering Ltd (ANUP): 5.0

### P/E — lowest P/E
1. Hercules Investments Ltd (HERCULES): 8.6 — older report
2. Bajaj Steel Industries Ltd (BAJAJST): 22.3
3. Suzlon Energy Ltd (SUZLON): 22.5
4. Eimco Elecon (India) Ltd (EIMCOELECO): 27.0
5. Disa India Ltd (DISAQ): 31.3

### 20-quarter Guarded PEG history
- SUZLON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INOXWIND: 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 1.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRAJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 — | Jun 2024 2.6 | Sep 2024 4.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANUP: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 2.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 — | Jun 2024 1.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 505358: Sep 2021 25.8 | Dec 2021 37.4 | Mar 2022 30.1 | Jun 2022 26.0 | Sep 2022 25.5 | Dec 2022 36.8 | Mar 2023 27.3 | Jun 2023 52.5 | Sep 2023 38.2 | Dec 2023 43.3 | Mar 2024 47.4 | Jun 2024 59.8 | Sep 2024 65.1 | Dec 2024 54.6 | Mar 2025 42.6 | Jun 2025 41.6 | Sep 2025 39.7 | Dec 2025 32.2 | Mar 2026 26.9 | Jun 2026 48.3
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.3 | Jun 2023 — | Sep 2023 58.6 | Dec 2023 — | Mar 2024 37.9 | Jun 2024 — | Sep 2024 86.6 | Dec 2024 — | Mar 2025 44.5 | Jun 2025 — | Sep 2025 68.9 | Dec 2025 — | Mar 2026 64.0 | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35.6 | Sep 2022 29.5 | Dec 2022 36.2 | Mar 2023 31.3 | Jun 2023 58.0 | Sep 2023 89.7 | Dec 2023 156.1 | Mar 2024 191.7 | Jun 2024 371.4 | Sep 2024 364.0 | Dec 2024 183.9 | Mar 2025 145.3 | Jun 2025 172.6 | Sep 2025 278.3 | Dec 2025 175.9 | Mar 2026 108.9 | Jun 2026 87.5
- SUZLON: Sep 2021 — | Dec 2021 -178.8 | Mar 2022 — | Jun 2022 3.0 | Sep 2022 3.8 | Dec 2022 5.6 | Mar 2023 3.5 | Jun 2023 90.0 | Sep 2023 112.2 | Dec 2023 131.7 | Mar 2024 106.3 | Jun 2024 97.9 | Sep 2024 119.2 | Dec 2024 86.6 | Mar 2025 65.1 | Jun 2025 44.0 | Sep 2025 35.7 | Dec 2025 22.7 | Mar 2026 17.1 | Jun 2026 —
- INOXWIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -187.3 | Mar 2024 -476.9 | Jun 2024 230.9 | Sep 2024 157.1 | Dec 2024 250.8 | Mar 2025 100.5 | Jun 2025 69.3 | Sep 2025 45.1 | Dec 2025 37.3 | Mar 2026 25.0 | Jun 2026 —
- PRAJIND: Sep 2021 55.6 | Dec 2021 45.3 | Mar 2022 46.3 | Jun 2022 43.7 | Sep 2022 45.2 | Dec 2022 35.5 | Mar 2023 29.9 | Jun 2023 28.9 | Sep 2023 41.9 | Dec 2023 37.6 | Mar 2024 35.0 | Jun 2024 47.2 | Sep 2024 51.4 | Dec 2024 53.7 | Mar 2025 41.0 | Jun 2025 46.7 | Sep 2025 45.7 | Dec 2025 58.0 | Mar 2026 78.8 | Jun 2026 —
- COCKERILL: Sep 2021 -70.9 | Dec 2021 -272.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,012.9 | Mar 2023 55.6 | Jun 2023 64.5 | Sep 2023 43.8 | Dec 2023 48.2 | Mar 2024 64.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -211.9 | Sep 2025 347.7 | Dec 2025 252.3 | Mar 2026 109.4 | Jun 2026 —
- ANUP: Sep 2021 17.1 | Dec 2021 16.7 | Mar 2022 14.3 | Jun 2022 10.9 | Sep 2022 13.8 | Dec 2022 15.2 | Mar 2023 15.5 | Jun 2023 33.8 | Sep 2023 30.2 | Dec 2023 36.7 | Mar 2024 42.4 | Jun 2024 48.8 | Sep 2024 85.5 | Dec 2024 132.4 | Mar 2025 133.6 | Jun 2025 45.8 | Sep 2025 38.1 | Dec 2025 37.0 | Mar 2026 28.8 | Jun 2026 —
- WINDMACHIN: Sep 2021 14.8 | Dec 2021 31.9 | Mar 2022 52.3 | Jun 2022 94.0 | Sep 2022 102.4 | Dec 2022 31.8 | Mar 2023 45.5 | Jun 2023 84.6 | Sep 2023 41.7 | Dec 2023 79.7 | Mar 2024 48.1 | Jun 2024 60.0 | Sep 2024 — | Dec 2024 565.5 | Mar 2025 — | Jun 2025 — | Sep 2025 79.1 | Dec 2025 — | Mar 2026 -620.6 | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17.2 | Sep 2024 13.7 | Dec 2024 52.7 | Mar 2025 52.9 | Jun 2025 64.6 | Sep 2025 62.8 | Dec 2025 47.1 | Mar 2026 26.9 | Jun 2026 —
- DISAQ: Sep 2021 28.2 | Dec 2021 24.8 | Mar 2022 35.2 | Jun 2022 22.5 | Sep 2022 26.2 | Dec 2022 29.5 | Mar 2023 35.6 | Jun 2023 49.3 | Sep 2023 54.5 | Dec 2023 59.9 | Mar 2024 48.1 | Jun 2024 50.5 | Sep 2024 59.3 | Dec 2024 51.0 | Mar 2025 39.1 | Jun 2025 39.9 | Sep 2025 36.5 | Dec 2025 32.2 | Mar 2026 30.1 | Jun 2026 —
- WALCHANNAG: Sep 2021 -5.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -17.4 | Mar 2026 -60.8 | Jun 2026 —
- KABRAEXTRU: Sep 2021 28.6 | Dec 2021 53.5 | Mar 2022 51.8 | Jun 2022 31.6 | Sep 2022 37.4 | Dec 2022 45.1 | Mar 2023 41.6 | Jun 2023 39.2 | Sep 2023 36.9 | Dec 2023 40.2 | Mar 2024 36.7 | Jun 2024 42.5 | Sep 2024 49.8 | Dec 2024 50.7 | Mar 2025 25.3 | Jun 2025 55.3 | Sep 2025 58.0 | Dec 2025 205.3 | Mar 2026 194.8 | Jun 2026 —
- EIMCOELECO: Sep 2021 28.8 | Dec 2021 30.1 | Mar 2022 36.2 | Jun 2022 24.2 | Sep 2022 37.7 | Dec 2022 21.6 | Mar 2023 15.2 | Jun 2023 17.6 | Sep 2023 19.8 | Dec 2023 29.8 | Mar 2024 26.2 | Jun 2024 35.9 | Sep 2024 41.7 | Dec 2024 32.4 | Mar 2025 21.3 | Jun 2025 36.5 | Sep 2025 26.6 | Dec 2025 23.0 | Mar 2026 22.9 | Jun 2026 26.1
- BAJAJST: Sep 2021 6.9 | Dec 2021 5.9 | Mar 2022 5.9 | Jun 2022 7.1 | Sep 2022 9.3 | Dec 2022 11.8 | Mar 2023 9.9 | Jun 2023 10.0 | Sep 2023 8.4 | Dec 2023 9.8 | Mar 2024 11.8 | Jun 2024 14.3 | Sep 2024 20.2 | Dec 2024 25.2 | Mar 2025 21.3 | Jun 2025 22.3 | Sep 2025 20.3 | Dec 2025 17.1 | Mar 2026 13.5 | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.2 | Sep 2023 11.4 | Dec 2023 11.2 | Mar 2024 16.3 | Jun 2024 14.2 | Sep 2024 12.6 | Dec 2024 19.0 | Mar 2025 12.5 | Jun 2025 16.4 | Sep 2025 14.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Bajaj Steel Industries Ltd leads ev/ebitda at 7.2×; Hercules Investments Ltd leads p/bv at 0.34×.

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: Bajaj Steel Industries Ltd · 7.2× | 28.7% versus #2 · Hercules Investments Ltd | 0/8 recent comparable periods | 16/16 companies · 246 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. Bajaj Steel Industries Ltd (BAJAJST): 7.2
2. Hercules Investments Ltd (HERCULES): 10.1 — older report
3. JNK India Ltd (JNKINDIA): 12.3
4. Inox Wind Ltd (INOXWIND): 13.3
5. Eimco Elecon (India) Ltd (EIMCOELECO): 17.7

### P/BV — lowest P/BV
1. Hercules Investments Ltd (HERCULES): 0.3 — older report
2. Bajaj Steel Industries Ltd (BAJAJST): 1.9
3. Inox Wind Ltd (INOXWIND): 2.1
4. Eimco Elecon (India) Ltd (EIMCOELECO): 2.7
5. Kabra Extrusion Technik Ltd (KABRAEXTRU): 3.0

### 20-quarter EV/EBITDA history
- 505358: Sep 2021 15.8 | Dec 2021 23.4 | Mar 2022 18.6 | Jun 2022 16.8 | Sep 2022 15.9 | Dec 2022 21.7 | Mar 2023 24.2 | Jun 2023 44.0 | Sep 2023 31.1 | Dec 2023 35.5 | Mar 2024 29.3 | Jun 2024 35.4 | Sep 2024 37.5 | Dec 2024 31.7 | Mar 2025 25.4 | Jun 2025 24.8 | Sep 2025 23.6 | Dec 2025 18.6 | Mar 2026 15.0 | Jun 2026 26.4
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 22.4 | Jun 2023 — | Sep 2023 44.6 | Dec 2023 — | Mar 2024 27.9 | Jun 2024 — | Sep 2024 62.9 | Dec 2024 — | Mar 2025 29.3 | Jun 2025 — | Sep 2025 49.1 | Dec 2025 — | Mar 2026 50.7 | Jun 2026 —
- BHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12.4 | Sep 2022 13.7 | Dec 2022 19.4 | Mar 2023 15.4 | Jun 2023 21.3 | Sep 2023 32.6 | Dec 2023 50.0 | Mar 2024 59.8 | Jun 2024 84.7 | Sep 2024 84.8 | Dec 2024 54.5 | Mar 2025 47.5 | Jun 2025 53.6 | Sep 2025 55.6 | Dec 2025 54.8 | Mar 2026 41.8 | Jun 2026 44.1
- SUZLON: Sep 2021 21.1 | Dec 2021 22.9 | Mar 2022 18.2 | Jun 2022 16.4 | Sep 2022 13.4 | Dec 2022 18.0 | Mar 2023 16.3 | Jun 2023 26.5 | Sep 2023 43.0 | Dec 2023 57.0 | Mar 2024 58.1 | Jun 2024 68.4 | Sep 2024 87.5 | Dec 2024 64.0 | Mar 2025 47.6 | Jun 2025 46.5 | Sep 2025 33.8 | Dec 2025 27.3 | Mar 2026 19.2 | Jun 2026 —
- INOXWIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 120.2 | Jun 2024 65.8 | Sep 2024 78.3 | Dec 2024 49.8 | Mar 2025 33.9 | Jun 2025 35.4 | Sep 2025 25.7 | Dec 2025 21.2 | Mar 2026 13.3 | Jun 2026 —
- PRAJIND: Sep 2021 34.1 | Dec 2021 28.3 | Mar 2022 29.4 | Jun 2022 28.0 | Sep 2022 29.6 | Dec 2022 23.3 | Mar 2023 19.5 | Jun 2023 19.2 | Sep 2023 28.1 | Dec 2023 25.0 | Mar 2024 23.2 | Jun 2024 30.8 | Sep 2024 32.8 | Dec 2024 33.0 | Mar 2025 23.6 | Jun 2025 24.4 | Sep 2025 20.6 | Dec 2025 22.2 | Mar 2026 24.1 | Jun 2026 —
- COCKERILL: Sep 2021 — | Dec 2021 74.7 | Mar 2022 76.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 72.0 | Jun 2023 63.9 | Sep 2023 41.6 | Dec 2023 37.4 | Mar 2024 48.2 | Jun 2024 116.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 250.6 | Dec 2025 99.7 | Mar 2026 62.2 | Jun 2026 —
- ANUP: Sep 2021 12.2 | Dec 2021 11.8 | Mar 2022 9.1 | Jun 2022 8.9 | Sep 2022 11.1 | Dec 2022 12.1 | Mar 2023 11.9 | Jun 2023 20.1 | Sep 2023 19.1 | Dec 2023 23.8 | Mar 2024 27.6 | Jun 2024 31.7 | Sep 2024 52.5 | Dec 2024 81.0 | Mar 2025 81.7 | Jun 2025 31.8 | Sep 2025 25.9 | Dec 2025 24.8 | Mar 2026 18.4 | Jun 2026 —
- WINDMACHIN: Sep 2021 6.8 | Dec 2021 9.4 | Mar 2022 10.7 | Jun 2022 7.5 | Sep 2022 8.8 | Dec 2022 7.8 | Mar 2023 7.1 | Jun 2023 11.6 | Sep 2023 11.8 | Dec 2023 14.8 | Mar 2024 11.2 | Jun 2024 38.8 | Sep 2024 55.3 | Dec 2024 126.7 | Mar 2025 122.1 | Jun 2025 129.7 | Sep 2025 73.5 | Dec 2025 63.0 | Mar 2026 58.9 | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 62.7 | Sep 2024 50.1 | Dec 2024 33.5 | Mar 2025 24.8 | Jun 2025 30.8 | Sep 2025 23.5 | Dec 2025 19.1 | Mar 2026 12.3 | Jun 2026 —
- DISAQ: Sep 2021 15.5 | Dec 2021 13.5 | Mar 2022 19.2 | Jun 2022 12.8 | Sep 2022 15.8 | Dec 2022 17.9 | Mar 2023 20.5 | Jun 2023 29.2 | Sep 2023 34.6 | Dec 2023 37.6 | Mar 2024 30.1 | Jun 2024 32.6 | Sep 2024 37.8 | Dec 2024 32.5 | Mar 2025 24.7 | Jun 2025 25.1 | Sep 2025 23.1 | Dec 2025 20.1 | Mar 2026 18.6 | Jun 2026 —
- WALCHANNAG: Sep 2021 13.4 | Dec 2021 10.1 | Mar 2022 11.3 | Jun 2022 10.2 | Sep 2022 11.4 | Dec 2022 20.3 | Mar 2023 18.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 69.2 | Sep 2024 63.0 | Dec 2024 88.4 | Mar 2025 65.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KABRAEXTRU: Sep 2021 16.8 | Dec 2021 30.4 | Mar 2022 29.8 | Jun 2022 17.0 | Sep 2022 20.7 | Dec 2022 24.4 | Mar 2023 22.4 | Jun 2023 20.1 | Sep 2023 19.6 | Dec 2023 20.1 | Mar 2024 16.6 | Jun 2024 21.1 | Sep 2024 23.3 | Dec 2024 25.9 | Mar 2025 13.7 | Jun 2025 18.8 | Sep 2025 19.2 | Dec 2025 22.8 | Mar 2026 30.7 | Jun 2026 —
- EIMCOELECO: Sep 2021 12.7 | Dec 2021 12.2 | Mar 2022 12.7 | Jun 2022 11.2 | Sep 2022 14.5 | Dec 2022 11.0 | Mar 2023 8.3 | Jun 2023 10.2 | Sep 2023 12.5 | Dec 2023 19.1 | Mar 2024 17.1 | Jun 2024 24.5 | Sep 2024 28.4 | Dec 2024 22.1 | Mar 2025 14.4 | Jun 2025 24.9 | Sep 2025 18.1 | Dec 2025 15.7 | Mar 2026 15.6 | Jun 2026 17.7
- BAJAJST: Sep 2021 4.7 | Dec 2021 3.2 | Mar 2022 3.0 | Jun 2022 3.2 | Sep 2022 3.8 | Dec 2022 5.7 | Mar 2023 5.4 | Jun 2023 5.4 | Sep 2023 4.8 | Dec 2023 5.3 | Mar 2024 5.9 | Jun 2024 8.2 | Sep 2024 12.1 | Dec 2024 15.2 | Mar 2025 13.1 | Jun 2025 13.5 | Sep 2025 11.9 | Dec 2025 9.8 | Mar 2026 7.2 | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.9 | Sep 2023 8.2 | Dec 2023 8.0 | Mar 2024 11.6 | Jun 2024 9.7 | Sep 2024 8.7 | Dec 2024 13.1 | Mar 2025 8.6 | Jun 2025 11.3 | Sep 2025 10.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 505358: Sep 2021 5.9 | Dec 2021 8.0 | Mar 2022 6.5 | Jun 2022 5.4 | Sep 2022 4.4 | Dec 2022 6.6 | Mar 2023 9.8 | Jun 2023 15.3 | Sep 2023 12.8 | Dec 2023 13.4 | Mar 2024 11.3 | Jun 2024 11.3 | Sep 2024 11.3 | Dec 2024 9.7 | Mar 2025 8.5 | Jun 2025 8.1 | Sep 2025 8.6 | Dec 2025 5.8 | Mar 2026 4.2 | Jun 2026 7.8
- 543619: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.6 | Dec 2023 — | Mar 2024 12.9 | Jun 2024 — | Sep 2024 50.1 | Dec 2024 — | Mar 2025 12.3 | Jun 2025 — | Sep 2025 65.7 | Dec 2025 — | Mar 2026 14.0 | Jun 2026 —
- BHEL: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.9 | Dec 2023 2.6 | Mar 2024 3.3 | Jun 2024 4.3 | Sep 2024 4.1 | Dec 2024 3.4 | Mar 2025 3.1 | Jun 2025 3.8 | Sep 2025 3.2 | Dec 2025 4.0 | Mar 2026 3.6 | Jun 2026 5.7
- SUZLON: Sep 2021 -1.8 | Dec 2021 -3.1 | Mar 2022 -2.9 | Jun 2022 -2.2 | Sep 2022 -30.7 | Dec 2022 -42.4 | Mar 2023 -3.1 | Jun 2023 -6.0 | Sep 2023 29.3 | Dec 2023 15.1 | Mar 2024 16.0 | Jun 2024 48.0 | Sep 2024 27.9 | Dec 2024 19.1 | Mar 2025 17.1 | Jun 2025 23.1 | Sep 2025 12.3 | Dec 2025 9.2 | Mar 2026 7.1 | Jun 2026 —
- INOXWIND: Sep 2021 1.8 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 1.4 | Sep 2022 2.4 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 3.5 | Sep 2023 3.8 | Dec 2023 10.4 | Mar 2024 10.8 | Jun 2024 10.8 | Sep 2024 11.6 | Dec 2024 9.3 | Mar 2025 8.4 | Jun 2025 6.0 | Sep 2025 3.8 | Dec 2025 3.3 | Mar 2026 2.0 | Jun 2026 —
- PRAJIND: Sep 2021 7.9 | Dec 2021 7.5 | Mar 2022 8.2 | Jun 2022 8.2 | Sep 2022 8.3 | Dec 2022 7.1 | Mar 2023 6.8 | Jun 2023 7.6 | Sep 2023 10.0 | Dec 2023 9.2 | Mar 2024 8.8 | Jun 2024 12.4 | Sep 2024 11.6 | Dec 2024 11.5 | Mar 2025 7.8 | Jun 2025 7.2 | Sep 2025 4.6 | Dec 2025 4.7 | Mar 2026 4.5 | Jun 2026 —
- COCKERILL: Sep 2021 2.6 | Dec 2021 2.9 | Mar 2022 4.3 | Jun 2022 3.2 | Sep 2022 3.6 | Dec 2022 3.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.2 | Mar 2024 — | Jun 2024 14.0 | Sep 2024 13.4 | Dec 2024 10.3 | Mar 2025 7.1 | Jun 2025 8.4 | Sep 2025 14.5 | Dec 2025 12.4 | Mar 2026 9.6 | Jun 2026 —
- ANUP: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.5 | Jun 2023 4.4 | Sep 2023 4.5 | Dec 2023 5.8 | Mar 2024 6.7 | Jun 2024 7.8 | Sep 2024 9.5 | Dec 2024 12.6 | Mar 2025 12.7 | Jun 2025 12.0 | Sep 2025 7.5 | Dec 2025 7.0 | Mar 2026 5.3 | Jun 2026 —
- WINDMACHIN: Sep 2021 0.6 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.4 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 1.6 | Jun 2024 3.4 | Sep 2024 4.9 | Dec 2024 10.1 | Mar 2025 9.0 | Jun 2025 9.3 | Sep 2025 3.3 | Dec 2025 3.2 | Mar 2026 2.6 | Jun 2026 —
- JNKINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 23.6 | Sep 2024 7.4 | Dec 2024 7.2 | Mar 2025 3.8 | Jun 2025 3.9 | Sep 2025 3.1 | Dec 2025 2.8 | Mar 2026 2.4 | Jun 2026 —
- DISAQ: Sep 2021 4.3 | Dec 2021 4.0 | Mar 2022 4.5 | Jun 2022 4.6 | Sep 2022 4.9 | Dec 2022 5.2 | Mar 2023 5.6 | Jun 2023 7.1 | Sep 2023 9.4 | Dec 2023 9.5 | Mar 2024 8.3 | Jun 2024 10.3 | Sep 2024 10.7 | Dec 2024 9.2 | Mar 2025 7.8 | Jun 2025 8.4 | Sep 2025 7.4 | Dec 2025 6.3 | Mar 2026 5.9 | Jun 2026 —
- WALCHANNAG: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 3.6 | Mar 2024 3.8 | Jun 2024 4.1 | Sep 2024 4.6 | Dec 2024 4.4 | Mar 2025 2.5 | Jun 2025 3.5 | Sep 2025 3.4 | Dec 2025 3.7 | Mar 2026 2.7 | Jun 2026 —
- KABRAEXTRU: Sep 2021 2.8 | Dec 2021 5.3 | Mar 2022 5.6 | Jun 2022 3.4 | Sep 2022 3.5 | Dec 2022 4.7 | Mar 2023 4.7 | Jun 2023 4.4 | Sep 2023 3.9 | Dec 2023 3.5 | Mar 2024 2.4 | Jun 2024 3.6 | Sep 2024 3.3 | Dec 2024 4.0 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.5 | Jun 2026 —
- EIMCOELECO: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 1.5 | Dec 2023 2.5 | Mar 2024 2.4 | Jun 2024 3.6 | Sep 2024 4.1 | Dec 2024 3.2 | Mar 2025 2.1 | Jun 2025 3.6 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.3 | Jun 2026 2.6
- BAJAJST: Sep 2021 4.3 | Dec 2021 2.2 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.9 | Mar 2023 2.7 | Jun 2023 3.1 | Sep 2023 2.1 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 3.1 | Sep 2024 4.0 | Dec 2024 4.6 | Mar 2025 4.1 | Jun 2025 4.2 | Sep 2025 3.0 | Dec 2025 2.5 | Mar 2026 1.7 | Jun 2026 —
- HERCULES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.6 | Jun 2024 0.7 | Sep 2024 0.5 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Market action

Concord Control Systems Ltd has the strongest one-year price move in Capital Goods - Engineering Heavy at +120.5%. John Cockerill India Ltd leads on Mansfield relative strength against NIFTY at +57.5%. 9 of 16 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Concord Control Systems Ltd (543619): 121%
2. John Cockerill India Ltd (COCKERILL): 85%
3. Bharat Heavy Electricals Ltd (BHEL): 67%
4. JNK India Ltd (JNKINDIA): 43%
5. Kabra Extrusion Technik Ltd (KABRAEXTRU): 22%

### Strongest relative strength versus NIFTY 500
1. John Cockerill India Ltd (COCKERILL): 57%
2. Kabra Extrusion Technik Ltd (KABRAEXTRU): 55%
3. JNK India Ltd (JNKINDIA): 54%
4. Bharat Heavy Electricals Ltd (BHEL): 43%
5. Walchandnagar Industries Ltd (WALCHANNAG): 22%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 5 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.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Bharat Heavy Electricals Ltd (BHEL) — market value ₹1.5 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Suzlon Energy Ltd (SUZLON) — market value ₹71.3K Cr; latest fundamentals Mar 2026
- Inox Wind Ltd (INOXWIND) — market value ₹13.3K Cr; latest fundamentals Mar 2026
- Praj Industries Ltd (PRAJIND) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- John Cockerill India Ltd (COCKERILL) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- The Anup Engineering Ltd (ANUP) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Windsor Machines Ltd (WINDMACHIN) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- JNK India Ltd (JNKINDIA) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Concord Control Systems Ltd (543619) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Disa India Ltd (DISAQ) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Walchandnagar Industries Ltd (WALCHANNAG) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kabra Extrusion Technik Ltd (KABRAEXTRU) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Eimco Elecon (India) Ltd (EIMCOELECO) — market value ₹1.0K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Bajaj Steel Industries Ltd (BAJAJST) — market value ₹823 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Integra Engineering India Ltd (505358) — market value ₹582 Cr; latest fundamentals Jun 2026
- Hercules Investments Ltd (HERCULES) — market value ₹317 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 7. Unverified: 8. Withheld: 1. Graded companies: 16.

5 of 16 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.

1 of 16 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bharat Heavy Electricals Ltd (BHEL) — its two data sources disagree by up to 347% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | BHEL | Bharat Heavy Electricals Ltd | diff_gt_2pct | disagreement up to 347.12% over 15 comparable periods

- UNVERIFIED | DISAQ | Disa India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WALCHANNAG | Walchandnagar Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KABRAEXTRU | Kabra Extrusion Technik Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EIMCOELECO | Eimco Elecon (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BAJAJST | Bajaj Steel Industries 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 - Engineering Heavy index?

The Nifty Capital Goods - Engineering Heavy index tracks India's listed Capital Goods - Engineering Heavy companies as a single basket. This page follows the same 16 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 Heavy sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, JNK India Ltd places first among 16 listed Capital Goods - Engineering Heavy companies, followed by Disa India 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 - Engineering Heavy stocks are listed in India?

This comparison covers 16 listed Capital Goods - Engineering Heavy 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 - Engineering Heavy company is the biggest?

Bharat Heavy Electricals Ltd is the largest, with trailing-twelve-month revenue of ₹35,993 crore, ahead of Suzlon Energy Ltd at ₹16,732 crore. That covers 16 of 16 companies with comparable reporting through Jun 2026.

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

Concord Control Systems Ltd has the fastest revenue growth at 100% year on year, across 16 of 16 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 Heavy company has the best profit margins?

Concord Control Systems Ltd has the highest operating margin at 30%, from 15 of 16 comparable companies. Walchandnagar Industries Ltd shows the biggest recent improvement, at +93.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Suzlon Energy Ltd earns the most, at ₹3,162 crore of trailing-twelve-month net profit, from 16 of 16 comparable companies. Concord Control Systems 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 - Engineering Heavy company earns the highest return on capital?

Suzlon Energy Ltd leads on return on capital employed at 35.1%, across 16 of 16 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 Heavy stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Inox Wind Ltd screens cheapest at 1.22×. Only 4 of 16 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 Heavy company has the strongest balance sheet?

Disa India Ltd carries the lowest comparable gross debt at ₹0 crore, from 16 of 16 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 Heavy sector beating the market?

Capital Goods - Engineering Heavy has outperformed NIFTY 500 by 12.3% over the last 52 weeks and 8.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

John Cockerill India 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 Heavy company scores highest for research priority?

JNK India Ltd scores 75.6 out of 100 with 78.6% evidence confidence, from 30.6 points on growth and earnings, 15.7 on capital efficiency, 9.7 on valuation and 19.6 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 Heavy companies does this comparison cover, and over what period?

It compares 16 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 - Engineering Heavy sector?

The 16 Capital Goods - Engineering Heavy companies on this page carry ₹2,60,137 crore of combined market value. Bharat Heavy Electricals Ltd is the largest at ₹1,45,306 crore, about 56% 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 - Engineering Heavy sector's P/E ratio?

The median price-to-earnings ratio across the 16 Capital Goods - Engineering Heavy companies on this page is 39.2×, measured on the 14 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 - Engineering Heavy sector performing?

9 of the 16 covered Capital Goods - Engineering Heavy companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 12.3% 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-engineering-heavy