# Capital Goods - EPC/Cranes — company-by-company sector analysis

> Capital Goods - EPC/Cranes: Action Construction Equipment Ltd owns the largest revenue base; Sanghvi Movers 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 - EPC/Cranes has outperformed NIFTY 500 by 3% over 52 weeks and 19.5% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Action Construction Equipment Ltd leads with revenue of ₹3,414 crore, based on 4 of 4 comparable companies through Jun 2026.

### Is the Capital Goods - EPC/Cranes sector outperforming NIFTY 500?

Capital Goods - EPC/Cranes has outperformed NIFTY 500 by 3% over 52 weeks and 19.5% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Capital Goods - EPC/Cranes company is largest by revenue?

Action Construction Equipment Ltd leads with revenue of ₹3,414 crore, based on 4 of 4 comparable companies through Jun 2026.

### Which Capital Goods - EPC/Cranes company is growing fastest?

Sanghvi Movers Ltd has the fastest current revenue growth at 36.8%, across 4 of 4 comparable companies.

### Which Capital Goods - EPC/Cranes company has the strongest 4-Factor Sector Score?

Sanghvi Movers Ltd ranks first at 73.7/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - EPC/Cranes company reports the most CAPEX?

Ajax Engineering Ltd reports the largest latest CAPEX at ₹6 crore, with 1 of 4 companies comparable.

### Which Capital Goods - EPC/Cranes company has the least gross debt?

Ajax Engineering Ltd has the lowest comparable gross debt at ₹2 crore. Sanghvi Movers Ltd has the highest at ₹674 crore.

### Which Capital Goods - EPC/Cranes company has the lowest comparable PEG?

Sanghvi Movers Ltd has the lowest comparable Guarded PEG at 0.43, among 3 of 4 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - EPC/Cranes 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 - EPC/Cranes has outperformed NIFTY 500 by 3% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.5%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sanghvi Movers Ltd is the strongest against the sector itself at +23.1%.

13-week sector return versus NIFTY 500: 20%
52-week sector return versus NIFTY 500: 3.0%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹24.5K 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. Sanghvi Movers Ltd (SANGHVIMOV): 74/100 — Favorable setup; evidence 93%
   - Growth & earnings 19.4/35 | Capital efficiency 18.5/25 | Valuation 15.8/20 | Relative strength 20.0/20
   - Exact sum: 19.4 + 18.5 + 15.8 + 20 = 73.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Action Construction Equipment Ltd (ACE): 55/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 9.9/35 | Capital efficiency 20.0/25 | Valuation 10.7/20 | Relative strength 14.6/20
   - Exact sum: 9.9 + 20 + 10.7 + 14.6 = 55.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Ajax Engineering Ltd (AJAXENGG): 43/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 7.7/35 | Capital efficiency 21.6/25 | Valuation 7.8/20 | Relative strength 6.2/20
   - Exact sum: 7.7 + 21.6 + 7.8 + 6.2 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. TIL Ltd (TIL): 17/100 — Adverse evidence; evidence 73%
   - Growth & earnings 3.7/35 | Capital efficiency 1.4/25 | Valuation 10.0/20 | Relative strength 1.6/20
   - Exact sum: 3.7 + 1.4 + 10 + 1.6 = 16.7
   - 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: Action Construction Equipment Ltd is the scale leader at ₹3,414 crore, 62.3% ahead of Ajax Engineering Ltd. Sanghvi Movers Ltd's growth is 36.8% from a ₹1,070 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Action Construction Equipment Ltd is the scale benchmark; Sanghvi Movers Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Action Construction Equipment Ltd's growth falls below Sanghvi Movers Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Action Construction Equipment Ltd · ₹3,414 crore | 62.3% versus #2 · Ajax Engineering Ltd | 5/8 recent comparable periods | 4/4 companies · 66 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. Action Construction Equipment Ltd (ACE): ₹3.4K Cr
2. Ajax Engineering Ltd (AJAXENGG): ₹2.1K Cr
3. Sanghvi Movers Ltd (SANGHVIMOV): ₹1.1K Cr
4. TIL Ltd (TIL): ₹323 Cr

### Revenue growth — fastest growers
1. Sanghvi Movers Ltd (SANGHVIMOV): 37%
2. Action Construction Equipment Ltd (ACE): 5.2%
3. TIL Ltd (TIL): 2.5%
4. Ajax Engineering Ltd (AJAXENGG): 1.5%

### 20-quarter Revenue history
- ACE: Sep 2021 ₹361 Cr | Dec 2021 ₹437 Cr | Mar 2022 ₹511 Cr | Jun 2022 ₹498 Cr | Sep 2022 ₹492 Cr | Dec 2022 ₹556 Cr | Mar 2023 ₹614 Cr | Jun 2023 ₹652 Cr | Sep 2023 ₹673 Cr | Dec 2023 ₹753 Cr | Mar 2024 ₹836 Cr | Jun 2024 ₹734 Cr | Sep 2024 ₹757 Cr | Dec 2024 ₹875 Cr | Mar 2025 ₹961 Cr | Jun 2025 ₹652 Cr | Sep 2025 ₹744 Cr | Dec 2025 ₹855 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹786 Cr
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹342 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹657 Cr | Jun 2024 ₹469 Cr | Sep 2024 ₹301 Cr | Dec 2024 ₹548 Cr | Mar 2025 ₹756 Cr | Jun 2025 ₹467 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹758 Cr | Jun 2026 —
- SANGHVIMOV: Sep 2021 ₹71 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹236 Cr | Mar 2026 ₹351 Cr | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹109 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 36% | Dec 2022 27% | Mar 2023 20% | Jun 2023 31% | Sep 2023 37% | Dec 2023 35% | Mar 2024 36% | Jun 2024 13% | Sep 2024 12% | Dec 2024 16% | Mar 2025 15% | Jun 2025 -11% | Sep 2025 -1.7% | Dec 2025 -2.3% | Mar 2026 7.1% | Jun 2026 21%
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 37% | Sep 2024 -12% | Dec 2024 37% | Mar 2025 15% | Jun 2025 -0.4% | Sep 2025 48% | Dec 2025 -21% | Mar 2026 0.3% | Jun 2026 —
- SANGHVIMOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 54% | Dec 2022 54% | Mar 2023 17% | Jun 2023 51% | Sep 2023 28% | Dec 2023 37% | Mar 2024 30% | Jun 2024 3.4% | Sep 2024 11% | Dec 2024 25% | Mar 2025 62% | Jun 2025 81% | Sep 2025 35% | Dec 2025 13% | Mar 2026 31% | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1,213% | Dec 2023 8.7% | Mar 2024 98% | Jun 2024 1,836% | Sep 2024 239% | Dec 2024 556% | Mar 2025 223% | Jun 2025 -6.1% | Sep 2025 16% | Dec 2025 -7.5% | Mar 2026 7.2% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Sanghvi Movers Ltd leads opm at 38%; Action Construction Equipment Ltd leads margin change at +1 percentage points.

Investor read: Sanghvi Movers 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: Sanghvi Movers Ltd · 38% | 153.3% versus #2 · Action Construction Equipment Ltd | 1/8 recent comparable periods | 4/4 companies · 70 observations

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

### OPM — highest
1. Sanghvi Movers Ltd (SANGHVIMOV): 38%
2. Action Construction Equipment Ltd (ACE): 15%
3. Ajax Engineering Ltd (AJAXENGG): 15%
4. TIL Ltd (TIL): 9.1%

### Margin change — fastest expanders
1. Action Construction Equipment Ltd (ACE): +1.0 pp
2. Ajax Engineering Ltd (AJAXENGG): 0.0 pp
3. Sanghvi Movers Ltd (SANGHVIMOV): −2.0 pp
4. TIL Ltd (TIL): −2.9 pp

### 20-quarter OPM history
- ACE: Sep 2021 9.6% | Dec 2021 9.0% | Mar 2022 9.3% | Jun 2022 8.2% | Sep 2022 9.2% | Dec 2022 11% | Mar 2023 12% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 16% | Jun 2024 13% | Sep 2024 14% | Dec 2024 15% | Mar 2025 17% | Jun 2025 14% | Sep 2025 15% | Dec 2025 15% | Mar 2026 17% | Jun 2026 15%
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14% | Sep 2023 15% | Dec 2023 17% | Mar 2024 17% | Jun 2024 17% | Sep 2024 13% | Dec 2024 16% | Mar 2025 15% | Jun 2025 13% | Sep 2025 10% | Dec 2025 10% | Mar 2026 15% | Jun 2026 —
- SANGHVIMOV: Sep 2021 51% | Dec 2021 45% | Mar 2022 33% | Jun 2022 49% | Sep 2022 52% | Dec 2022 61% | Mar 2023 60% | Jun 2023 60% | Sep 2023 62% | Dec 2023 69% | Mar 2024 36% | Jun 2024 49% | Sep 2024 47% | Dec 2024 37% | Mar 2025 40% | Jun 2025 36% | Sep 2025 38% | Dec 2025 36% | Mar 2026 38% | Jun 2026 —
- TIL: Sep 2021 -148% | Dec 2021 -138% | Mar 2022 -161% | Jun 2022 -108% | Sep 2022 -871% | Dec 2022 -116% | Mar 2023 -85% | Jun 2023 -523% | Sep 2023 -58% | Dec 2023 -151% | Mar 2024 -90% | Jun 2024 -7.1% | Sep 2024 3.5% | Dec 2024 3.3% | Mar 2025 12% | Jun 2025 -11% | Sep 2025 0.1% | Dec 2025 1.7% | Mar 2026 9.1% | Jun 2026 —

### 20-quarter Margin change history
- ACE: Sep 2021 +0.6 pp | Dec 2021 −2.3 pp | Mar 2022 −1.6 pp | Jun 2022 −1.2 pp | Sep 2022 −0.4 pp | Dec 2022 +2.0 pp | Mar 2023 +2.8 pp | Jun 2023 +4.8 pp | Sep 2023 +3.8 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +3.0 pp | Sep 2024 −1.5 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −4.0 pp | Sep 2025 −3.0 pp | Dec 2025 −6.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SANGHVIMOV: Sep 2021 +9.9 pp | Dec 2021 +24.2 pp | Mar 2022 −16.7 pp | Jun 2022 +8.6 pp | Sep 2022 +1.3 pp | Dec 2022 +16.0 pp | Mar 2023 +27.3 pp | Jun 2023 +10.7 pp | Sep 2023 +10.0 pp | Dec 2023 +8.0 pp | Mar 2024 −24.4 pp | Jun 2024 −11.0 pp | Sep 2024 −15.0 pp | Dec 2024 −32.0 pp | Mar 2025 +4.4 pp | Jun 2025 −13.0 pp | Sep 2025 −9.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- TIL: Sep 2021 −146.2 pp | Dec 2021 −149.6 pp | Mar 2022 −106.1 pp | Jun 2022 +252.2 pp | Sep 2022 −723.3 pp | Dec 2022 +22.5 pp | Mar 2023 +76.0 pp | Jun 2023 −414.1 pp | Sep 2023 +813.1 pp | Dec 2023 −35.7 pp | Mar 2024 −4.6 pp | Jun 2024 +515.5 pp | Sep 2024 +61.5 pp | Dec 2024 +154.8 pp | Mar 2025 +101.6 pp | Jun 2025 −3.7 pp | Sep 2025 −3.4 pp | Dec 2025 −1.7 pp | Mar 2026 −2.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Action Construction Equipment Ltd leads with ₹436 crore of TTM profit, 93.8% above Ajax Engineering Ltd. Sanghvi Movers Ltd shows 17.9% growth from a ₹184 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Action Construction Equipment 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: Action Construction Equipment Ltd · ₹436 crore | 93.8% versus #2 · Ajax Engineering Ltd | 6/8 recent comparable periods | 4/4 companies · 66 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. Action Construction Equipment Ltd (ACE): ₹436 Cr
2. Ajax Engineering Ltd (AJAXENGG): ₹225 Cr
3. Sanghvi Movers Ltd (SANGHVIMOV): ₹184 Cr
4. TIL Ltd (TIL): ₹-31 Cr

### Profit growth — fastest growers
1. Sanghvi Movers Ltd (SANGHVIMOV): 18%
2. Action Construction Equipment Ltd (ACE): 2.8%
3. Ajax Engineering Ltd (AJAXENGG): -14%
4. TIL Ltd (TIL): -80%

### 20-quarter Net profit history
- ACE: Sep 2021 ₹23 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹111 Cr | Jun 2026 ₹119 Cr
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹41 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- SANGHVIMOV: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-22 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-20 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 48% | Dec 2022 74% | Mar 2023 34% | Jun 2023 58% | Sep 2023 118% | Dec 2023 87% | Mar 2024 109% | Jun 2024 24% | Sep 2024 28% | Dec 2024 27% | Mar 2025 21% | Jun 2025 17% | Sep 2025 -5.3% | Dec 2025 3.6% | Mar 2026 -6.7% | Jun 2026 21%
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 63% | Sep 2024 -17% | Dec 2024 26% | Mar 2025 3.4% | Jun 2025 -21% | Sep 2025 15% | Dec 2025 -44% | Mar 2026 4.4% | Jun 2026 —
- SANGHVIMOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 480% | Dec 2022 289% | Mar 2023 79% | Jun 2023 200% | Sep 2023 28% | Dec 2023 74% | Mar 2024 41% | Jun 2024 -4.8% | Sep 2024 -22% | Dec 2024 -46% | Mar 2025 13% | Jun 2025 25% | Sep 2025 24% | Dec 2025 -12% | Mar 2026 28% | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -212% | Sep 2024 — | Dec 2024 -104% | Mar 2025 -94% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -202% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Ajax Engineering Ltd reports ₹6 crore of CAPEX; Ajax Engineering Ltd has the highest covered intensity at 1.8%. Coverage is only 1 of 4 companies and 2 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: Ajax Engineering Ltd · ₹6 crore | Not enough peers | 2/2 recent comparable periods | 1/4 companies · 2 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. Ajax Engineering Ltd (AJAXENGG): ₹6 Cr

### CAPEX intensity — highest reinvestment intensity
1. Ajax Engineering Ltd (AJAXENGG): 1.8%

### 20-quarter CAPEX history
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹6 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
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8% | Sep 2023 1.8% | 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: Ajax Engineering Ltd has the clearest covered balance-sheet capacity with ₹1,049 crore net cash and gross debt of ₹2 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: Ajax Engineering Ltd · ₹2 crore | 75% versus #2 · Action Construction Equipment Ltd | 8/8 recent comparable periods | 4/4 companies · 66 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. Ajax Engineering Ltd (AJAXENGG): ₹2 Cr
2. Action Construction Equipment Ltd (ACE): ₹8 Cr
3. TIL Ltd (TIL): ₹382 Cr
4. Sanghvi Movers Ltd (SANGHVIMOV): ₹674 Cr

### Net debt — lowest net debt
1. Ajax Engineering Ltd (AJAXENGG): ₹-1.0K Cr
2. Action Construction Equipment Ltd (ACE): ₹-629 Cr
3. TIL Ltd (TIL): ₹368 Cr
4. Sanghvi Movers Ltd (SANGHVIMOV): ₹459 Cr

### 20-quarter Gross debt history
- ACE: Sep 2021 ₹57 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹8 Cr
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SANGHVIMOV: Sep 2021 ₹179 Cr | Dec 2021 ₹179 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹336 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹438 Cr | Jun 2025 ₹438 Cr | Sep 2025 ₹493 Cr | Dec 2025 ₹493 Cr | Mar 2026 ₹674 Cr | Jun 2026 —
- TIL: Sep 2021 ₹382 Cr | Dec 2021 ₹382 Cr | Mar 2022 ₹408 Cr | Jun 2022 ₹408 Cr | Sep 2022 ₹411 Cr | Dec 2022 ₹411 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹172 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹284 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹382 Cr | Jun 2026 —

### 20-quarter Net debt history
- ACE: Sep 2021 ₹-31 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-77 Cr | Jun 2022 ₹-116 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-35 Cr | Mar 2023 ₹-237 Cr | Jun 2023 ₹-237 Cr | Sep 2023 ₹-249 Cr | Dec 2023 ₹-249 Cr | Mar 2024 ₹-472 Cr | Jun 2024 ₹-476 Cr | Sep 2024 ₹-294 Cr | Dec 2024 ₹-294 Cr | Mar 2025 ₹-420 Cr | Jun 2025 ₹-420 Cr | Sep 2025 ₹-349 Cr | Dec 2025 ₹-349 Cr | Mar 2026 ₹-629 Cr | Jun 2026 ₹-629 Cr
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-469 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-625 Cr | Jun 2024 — | Sep 2024 ₹-404 Cr | Dec 2024 — | Mar 2025 ₹-693 Cr | Jun 2025 ₹-693 Cr | Sep 2025 ₹-666 Cr | Dec 2025 ₹-666 Cr | Mar 2026 ₹-1.0K Cr | Jun 2026 —
- SANGHVIMOV: Sep 2021 ₹175 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹253 Cr | Dec 2023 ₹253 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹459 Cr | Jun 2026 —
- TIL: Sep 2021 ₹376 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹406 Cr | Jun 2022 ₹402 Cr | Sep 2022 ₹404 Cr | Dec 2022 ₹404 Cr | Mar 2023 ₹409 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹390 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹163 Cr | Jun 2024 ₹161 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹277 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹308 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹368 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Action Construction Equipment Ltd leads ROCE at 31.7%, 7.8 percentage points above Ajax Engineering Ltd. Sanghvi Movers Ltd has the strongest latest improvement at +0.3 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: Action Construction Equipment 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: Action Construction Equipment Ltd · 31.7% | 32.6% versus #2 · Ajax Engineering Ltd | 2/8 recent comparable periods | 4/4 companies · 54 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. Action Construction Equipment Ltd (ACE): 32%
2. Ajax Engineering Ltd (AJAXENGG): 24%
3. Sanghvi Movers Ltd (SANGHVIMOV): 17%
4. TIL Ltd (TIL): 2.9%

### ROCE change — fastest improvers
1. Sanghvi Movers Ltd (SANGHVIMOV): +0.3 pp
2. TIL Ltd (TIL): −7.1 pp
3. Ajax Engineering Ltd (AJAXENGG): −8.2 pp
4. Action Construction Equipment Ltd (ACE): −8.3 pp

### 20-quarter ROCE history
- ACE: Sep 2021 21% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 27% | Dec 2023 41% | Mar 2024 31% | Jun 2024 44% | Sep 2024 30% | Dec 2024 45% | Mar 2025 29% | Jun 2025 41% | Sep 2025 26% | Dec 2025 37% | Mar 2026 23% | Jun 2026 33%
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 29% | Jun 2024 — | Sep 2024 29% | Dec 2024 35% | Mar 2025 26% | Jun 2025 32% | Sep 2025 23% | Dec 2025 26% | Mar 2026 18% | Jun 2026 —
- SANGHVIMOV: Sep 2021 1.4% | Dec 2021 — | Mar 2022 2.3% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 14% | Jun 2023 22% | Sep 2023 17% | Dec 2023 24% | Mar 2024 20% | Jun 2024 — | Sep 2024 18% | Dec 2024 — | Mar 2025 14% | Jun 2025 19% | Sep 2025 16% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- TIL: Sep 2021 -34% | Dec 2021 — | Mar 2022 1,299% | Jun 2022 — | Sep 2022 108% | Dec 2022 — | Mar 2023 48% | Jun 2023 -12% | Sep 2023 43% | Dec 2023 196% | Mar 2024 -53% | Jun 2024 98% | Sep 2024 106% | Dec 2024 54% | Mar 2025 11% | Jun 2025 14% | Sep 2025 9.1% | Dec 2025 12% | Mar 2026 4.3% | Jun 2026 —

### 20-quarter ROCE change history
- ACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 — | Mar 2023 +4.4 pp | Jun 2023 — | Sep 2023 +8.8 pp | Dec 2023 — | Mar 2024 +8.6 pp | Jun 2024 — | Sep 2024 +2.2 pp | Dec 2024 +4.6 pp | Mar 2025 −1.3 pp | Jun 2025 −3.0 pp | Sep 2025 −3.6 pp | Dec 2025 −8.5 pp | Mar 2026 −6.2 pp | Jun 2026 −8.3 pp
- AJAXENGG: 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 −2.5 pp | Jun 2025 — | Sep 2025 −5.2 pp | Dec 2025 −8.9 pp | Mar 2026 −8.2 pp | Jun 2026 —
- SANGHVIMOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 — | Mar 2023 +11.5 pp | Jun 2023 — | Sep 2023 +11.2 pp | Dec 2023 — | Mar 2024 +6.6 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 — | Mar 2025 −6.3 pp | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 +0.3 pp | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +141.9 pp | Dec 2022 — | Mar 2023 −1,251.3 pp | Jun 2023 — | Sep 2023 −65.2 pp | Dec 2023 — | Mar 2024 −101.4 pp | Jun 2024 +109.7 pp | Sep 2024 +63.1 pp | Dec 2024 −141.9 pp | Mar 2025 +64.7 pp | Jun 2025 −83.6 pp | Sep 2025 −97.2 pp | Dec 2025 −42.1 pp | Mar 2026 −7.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sanghvi Movers Ltd has the lowest comparable Guarded PEG at 0.43×, 74.3% below Action Construction Equipment Ltd. Only 3 of 4 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: Sanghvi Movers Ltd · 0.43× | 74.3% versus #2 · Action Construction Equipment Ltd | 0/8 recent comparable periods | 3/4 companies · 12 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sanghvi Movers Ltd (SANGHVIMOV): 0.4
2. Action Construction Equipment Ltd (ACE): 1.7
3. Ajax Engineering Ltd (AJAXENGG): 2.2

### P/E — lowest P/E
1. Sanghvi Movers Ltd (SANGHVIMOV): 20.8
2. Action Construction Equipment Ltd (ACE): 28.3
3. Ajax Engineering Ltd (AJAXENGG): 28.6

### 20-quarter Guarded PEG history
- ACE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 1.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AJAXENGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SANGHVIMOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —

### 20-quarter P/E history
- ACE: Sep 2021 28.7 | Dec 2021 22.8 | Mar 2022 23.3 | Jun 2022 24.1 | Sep 2022 25.4 | Dec 2022 25.8 | Mar 2023 30.4 | Jun 2023 34.0 | Sep 2023 41.9 | Dec 2023 41.9 | Mar 2024 61.3 | Jun 2024 54.0 | Sep 2024 49.0 | Dec 2024 47.1 | Mar 2025 38.5 | Jun 2025 35.3 | Sep 2025 30.4 | Dec 2025 27.1 | Mar 2026 22.0 | Jun 2026 28.3
- AJAXENGG: 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 30.1 | Jun 2025 27.8 | Sep 2025 31.7 | Dec 2025 27.1 | Mar 2026 21.8 | Jun 2026 —
- SANGHVIMOV: Sep 2021 -258.9 | Dec 2021 54.8 | Mar 2022 27.2 | Jun 2022 29.8 | Sep 2022 38.7 | Dec 2022 19.9 | Mar 2023 15.8 | Jun 2023 18.6 | Sep 2023 21.2 | Dec 2023 24.0 | Mar 2024 33.6 | Jun 2024 26.4 | Sep 2024 36.0 | Dec 2024 27.2 | Mar 2025 21.6 | Jun 2025 15.8 | Sep 2025 19.0 | Dec 2025 17.8 | Mar 2026 12.1 | Jun 2026 —
- TIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1.6 | Sep 2023 — | Dec 2023 5.5 | Mar 2024 1.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 64.3 | Jun 2025 79.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sanghvi Movers Ltd leads both ev/ebitda at 6.4× and p/bv at 3.02×.

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: Sanghvi Movers Ltd · 6.4× | 59% versus #2 · Ajax Engineering Ltd | 0/8 recent comparable periods | 4/4 companies · 48 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sanghvi Movers Ltd (SANGHVIMOV): 6.4
2. Ajax Engineering Ltd (AJAXENGG): 15.6
3. Action Construction Equipment Ltd (ACE): 19.1
4. TIL Ltd (TIL): 57.4

### P/BV — lowest P/BV
1. Sanghvi Movers Ltd (SANGHVIMOV): 3.0
2. Ajax Engineering Ltd (AJAXENGG): 4.7
3. Action Construction Equipment Ltd (ACE): 6.2
4. TIL Ltd (TIL): 15.6

### 20-quarter EV/EBITDA history
- ACE: Sep 2021 19.0 | Dec 2021 15.3 | Mar 2022 15.5 | Jun 2022 15.7 | Sep 2022 17.0 | Dec 2022 17.4 | Mar 2023 20.4 | Jun 2023 22.3 | Sep 2023 27.7 | Dec 2023 28.2 | Mar 2024 41.8 | Jun 2024 36.8 | Sep 2024 33.0 | Dec 2024 31.7 | Mar 2025 25.7 | Jun 2025 23.6 | Sep 2025 20.6 | Dec 2025 18.5 | Mar 2026 15.2 | Jun 2026 19.1
- AJAXENGG: 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 21.4 | Jun 2025 19.8 | Sep 2025 22.6 | Dec 2025 19.5 | Mar 2026 15.6 | Jun 2026 —
- SANGHVIMOV: Sep 2021 7.4 | Dec 2021 7.9 | Mar 2022 6.9 | Jun 2022 5.9 | Sep 2022 7.2 | Dec 2022 7.3 | Mar 2023 6.4 | Jun 2023 7.8 | Sep 2023 9.4 | Dec 2023 11.1 | Mar 2024 15.9 | Jun 2024 12.7 | Sep 2024 14.3 | Dec 2024 11.1 | Mar 2025 9.1 | Jun 2025 7.1 | Sep 2025 9.2 | Dec 2025 9.0 | Mar 2026 6.4 | Jun 2026 —
- TIL: 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 77.6 | Sep 2025 75.8 | Dec 2025 74.1 | Mar 2026 57.4 | Jun 2026 —

### 20-quarter P/BV history
- ACE: Sep 2021 5.7 | Dec 2021 3.8 | Mar 2022 3.8 | Jun 2022 4.7 | Sep 2022 4.0 | Dec 2022 4.4 | Mar 2023 6.4 | Jun 2023 7.7 | Sep 2023 8.9 | Dec 2023 9.4 | Mar 2024 16.3 | Jun 2024 19.3 | Sep 2024 13.7 | Dec 2024 12.4 | Mar 2025 10.8 | Jun 2025 11.7 | Sep 2025 8.0 | Dec 2025 6.3 | Mar 2026 5.2 | Jun 2026 5.8
- AJAXENGG: 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 5.9 | Jun 2025 6.2 | Sep 2025 6.8 | Dec 2025 5.4 | Mar 2026 3.9 | Jun 2026 —
- SANGHVIMOV: Sep 2021 1.2 | Dec 2021 1.4 | Mar 2022 1.1 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 2.8 | Sep 2023 3.5 | Dec 2023 3.9 | Mar 2024 6.5 | Jun 2024 5.1 | Sep 2024 3.9 | Dec 2024 2.5 | Mar 2025 2.0 | Jun 2025 2.9 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 1.8 | Jun 2026 —
- TIL: Sep 2021 0.8 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 0.5 | Sep 2022 -0.6 | Dec 2022 -1.0 | Mar 2023 -0.9 | Jun 2023 -0.7 | Sep 2023 -1.2 | Dec 2023 -1.5 | Mar 2024 -2.3 | Jun 2024 -4.8 | Sep 2024 -5.8 | Dec 2024 — | Mar 2025 19.0 | Jun 2025 31.9 | Sep 2025 24.9 | Dec 2025 21.6 | Mar 2026 10.4 | Jun 2026 —

## Market action

Sanghvi Movers Ltd has the strongest one-year price move in Capital Goods - EPC/Cranes at +69.9%. It also leads on Mansfield relative strength against NIFTY at +36.3%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Sanghvi Movers Ltd (SANGHVIMOV): 70%
2. Action Construction Equipment Ltd (ACE): -8.9%
3. Ajax Engineering Ltd (AJAXENGG): -19%
4. TIL Ltd (TIL): -45%

### Strongest relative strength versus NIFTY 500
1. Sanghvi Movers Ltd (SANGHVIMOV): 36%
2. Action Construction Equipment Ltd (ACE): 9.2%
3. Ajax Engineering Ltd (AJAXENGG): -0.4%
4. TIL Ltd (TIL): -13%

## 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 draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Action Construction Equipment Ltd (ACE) — market value ₹12.4K Cr; latest fundamentals Jun 2026
- Ajax Engineering Ltd (AJAXENGG) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Sanghvi Movers Ltd (SANGHVIMOV) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- TIL Ltd (TIL) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 1. Withheld: 0. Graded companies: 4.

1 of 4 companies draws 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.

- UNVERIFIED | TIL | TIL 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 - EPC/Cranes index?

The Nifty Capital Goods - EPC/Cranes index tracks India's listed Capital Goods - EPC/Cranes companies as a single basket. This page follows the same 4 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 - EPC/Cranes sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Capital Goods - EPC/Cranes stocks in India?

Ranked by this page's four-factor score, Sanghvi Movers Ltd places first among 4 listed Capital Goods - EPC/Cranes companies, followed by Action Construction Equipment 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 - EPC/Cranes stocks are listed in India?

This comparison covers 4 listed Capital Goods - EPC/Cranes 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 - EPC/Cranes company is the biggest?

Action Construction Equipment Ltd is the largest, with trailing-twelve-month revenue of ₹3,414 crore, ahead of Ajax Engineering Ltd at ₹2,104 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.

### Which Capital Goods - EPC/Cranes company is growing fastest?

Sanghvi Movers Ltd has the fastest revenue growth at 36.8% year on year, across 4 of 4 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 - EPC/Cranes company has the best profit margins?

Sanghvi Movers Ltd has the highest operating margin at 38%, from 4 of 4 comparable companies. Action Construction Equipment Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - EPC/Cranes company makes the most profit?

Action Construction Equipment Ltd earns the most, at ₹436 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Sanghvi Movers Ltd has the fastest profit growth at 17.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Capital Goods - EPC/Cranes company earns the highest return on capital?

Action Construction Equipment Ltd leads on return on capital employed at 31.7%, across 4 of 4 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 - EPC/Cranes stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sanghvi Movers Ltd screens cheapest at 0.43×. Only 3 of 4 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 - EPC/Cranes company has the strongest balance sheet?

Ajax Engineering Ltd carries the lowest comparable gross debt at ₹2 crore, from 4 of 4 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 - EPC/Cranes sector beating the market?

Capital Goods - EPC/Cranes has outperformed NIFTY 500 by 3% over the last 52 weeks and 19.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Capital Goods - EPC/Cranes stock has the strongest price momentum?

Sanghvi Movers 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 - EPC/Cranes company scores highest for research priority?

Sanghvi Movers Ltd scores 73.7 out of 100 with 92.6% evidence confidence, from 19.4 points on growth and earnings, 18.5 on capital efficiency, 15.8 on valuation and 20 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 - EPC/Cranes companies does this comparison cover, and over what period?

It compares 4 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 - EPC/Cranes sector?

The 4 Capital Goods - EPC/Cranes companies on this page carry ₹24,510 crore of combined market value. Action Construction Equipment Ltd is the largest at ₹12,378 crore, about 51% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Capital Goods - EPC/Cranes sector performing?

2 of the 4 covered Capital Goods - EPC/Cranes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 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-epc-cranes