# Capital Goods - Mining Equipement — company-by-company sector analysis

> Capital Goods - Mining Equipement: AIA Engineering Ltd owns the largest revenue base; Tega Industries Ltd has the fastest current growth.

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

## Bottom line

The 52-week sector comparison is unavailable. 1 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. AIA Engineering Ltd leads with revenue of ₹4,420 crore, based on 3 of 3 comparable companies through Mar 2026. Tega Industries Ltd has the fastest current revenue growth at 3.3%, across 3 of 3 comparable companies.

### Is the Capital Goods - Mining Equipement sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 1 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Capital Goods - Mining Equipement company is largest by revenue?

AIA Engineering Ltd leads with revenue of ₹4,420 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Capital Goods - Mining Equipement company is growing fastest?

Tega Industries Ltd has the fastest current revenue growth at 3.3%, across 3 of 3 comparable companies.

### Which Capital Goods - Mining Equipement company has the strongest 4-Factor Sector Score?

AIA Engineering Ltd ranks first at 72.9/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Mining Equipement company reports the most CAPEX?

Tega Industries Ltd reports the largest latest CAPEX at ₹8 crore, with 1 of 3 companies comparable.

### Which Capital Goods - Mining Equipement company has the least gross debt?

AIA Engineering Ltd has the lowest comparable gross debt at ₹10 crore. Tega Industries Ltd has the highest at ₹398 crore.

### Which Capital Goods - Mining Equipement company has the lowest comparable PEG?

AIA Engineering Ltd has the lowest comparable Guarded PEG at 0.73, among 3 of 3 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - Mining Equipement 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

The 52-week comparison of Capital Goods - Mining Equipement against NIFTY 500 is not available from the current market series. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. AIA Engineering Ltd is the strongest against the sector itself at +15.7%. Readings are as of 2026-07-19.

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

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

Companies: 3
Combined market value: ₹64.0K 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. AIA Engineering Ltd (AIAENG): 73/100 — Favorable setup; evidence 93%
   - Growth & earnings 19.6/35 | Capital efficiency 21.2/25 | Valuation 12.1/20 | Relative strength 20.0/20
   - Exact sum: 19.6 + 21.2 + 12.1 + 20 = 72.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Elecon Engineering Company Ltd (ELECON): 37/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 4.1/35 | Capital efficiency 19.9/25 | Valuation 9.5/20 | Relative strength 3.0/20
   - Exact sum: 4.1 + 19.9 + 9.5 + 3 = 36.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Tega Industries Ltd (TEGA): 33/100 — Adverse evidence; evidence 84%
   - Growth & earnings 6.4/35 | Capital efficiency 12.3/25 | Valuation 2.2/20 | Relative strength 12.0/20
   - Exact sum: 6.4 + 12.3 + 2.2 + 12 = 32.9
   - 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: AIA Engineering Ltd is the scale leader at ₹4,420 crore, 84.4% ahead of Elecon Engineering Company Ltd. Tega Industries Ltd's growth is 3.3% from a ₹1,692 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: AIA Engineering Ltd is the scale benchmark; Tega Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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

Evidence: AIA Engineering Ltd · ₹4,420 crore | 84.4% versus #2 · Elecon Engineering Company Ltd | 5/8 recent comparable periods | 3/3 companies · 58 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. AIA Engineering Ltd (AIAENG): ₹4.4K Cr
2. Elecon Engineering Company Ltd (ELECON): ₹2.4K Cr
3. Tega Industries Ltd (TEGA): ₹1.7K Cr

### Revenue growth — fastest growers
1. Tega Industries Ltd (TEGA): 3.3%
2. AIA Engineering Ltd (AIAENG): 3.1%
3. Elecon Engineering Company Ltd (ELECON): 3.1%

### 20-quarter Revenue history
- AIAENG: Sep 2021 ₹885 Cr | Dec 2021 ₹848 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- TEGA: Sep 2021 ₹231 Cr | Dec 2021 ₹258 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹244 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹297 Cr | Mar 2023 ₹396 Cr | Jun 2023 ₹268 Cr | Sep 2023 ₹377 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹507 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹409 Cr | Mar 2025 ₹536 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹527 Cr | Jun 2026 —
- ELECON: Sep 2021 ₹310 Cr | Dec 2021 ₹271 Cr | Mar 2022 ₹338 Cr | Jun 2022 ₹328 Cr | Sep 2022 ₹389 Cr | Dec 2022 ₹389 Cr | Mar 2023 ₹425 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹485 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹565 Cr | Jun 2024 ₹392 Cr | Sep 2024 ₹508 Cr | Dec 2024 ₹529 Cr | Mar 2025 ₹798 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹578 Cr | Dec 2025 ₹552 Cr | Mar 2026 ₹746 Cr | Jun 2026 ₹521 Cr

### 20-quarter Revenue growth history
- AIAENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 50% | Dec 2022 45% | Mar 2023 17% | Jun 2023 15% | Sep 2023 -2.6% | Dec 2023 -4.7% | Mar 2024 -9.7% | Jun 2024 -18% | Sep 2024 -19% | Dec 2024 -8.8% | Mar 2025 0.6% | Jun 2025 1.9% | Sep 2025 0.4% | Dec 2025 0.1% | Mar 2026 9.4% | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 19% | Dec 2022 15% | Mar 2023 37% | Jun 2023 9.8% | Sep 2023 37% | Dec 2023 14% | Mar 2024 28% | Jun 2024 27% | Sep 2024 -6.4% | Dec 2024 20% | Mar 2025 5.7% | Jun 2025 4.7% | Sep 2025 15% | Dec 2025 -1.2% | Mar 2026 -1.7% | Jun 2026 —
- ELECON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 44% | Mar 2023 26% | Jun 2023 26% | Sep 2023 25% | Dec 2023 22% | Mar 2024 33% | Jun 2024 -5.3% | Sep 2024 4.7% | Dec 2024 12% | Mar 2025 41% | Jun 2025 25% | Sep 2025 14% | Dec 2025 4.4% | Mar 2026 -6.5% | Jun 2026 6.1%

## Operating Economics & Margin Trend

What the numbers say: AIA Engineering Ltd leads both opm at 29% and margin change at +3 percentage points.

Investor read: AIA Engineering 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: AIA Engineering Ltd · 29% | 38.1% versus #2 · Elecon Engineering Company Ltd | 3/8 recent comparable periods | 3/3 companies · 58 observations

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

### OPM — highest
1. AIA Engineering Ltd (AIAENG): 29%
2. Elecon Engineering Company Ltd (ELECON): 21%
3. Tega Industries Ltd (TEGA): 11%

### Margin change — fastest expanders
1. AIA Engineering Ltd (AIAENG): +3.0 pp
2. Elecon Engineering Company Ltd (ELECON): −6.0 pp
3. Tega Industries Ltd (TEGA): −17.0 pp

### 20-quarter OPM history
- AIAENG: Sep 2021 18% | Dec 2021 19% | Mar 2022 21% | Jun 2022 23% | Sep 2022 23% | Dec 2022 30% | Mar 2023 25% | Jun 2023 28% | Sep 2023 30% | Dec 2023 27% | Mar 2024 26% | Jun 2024 28% | Sep 2024 26% | Dec 2024 27% | Mar 2025 26% | Jun 2025 29% | Sep 2025 28% | Dec 2025 27% | Mar 2026 29% | Jun 2026 —
- TEGA: Sep 2021 17% | Dec 2021 20% | Mar 2022 24% | Jun 2022 19% | Sep 2022 20% | Dec 2022 23% | Mar 2023 26% | Jun 2023 15% | Sep 2023 22% | Dec 2023 16% | Mar 2024 27% | Jun 2024 19% | Sep 2024 10% | Dec 2024 22% | Mar 2025 28% | Jun 2025 16% | Sep 2025 17% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- ELECON: Sep 2021 21% | Dec 2021 19% | Mar 2022 21% | Jun 2022 20% | Sep 2022 24% | Dec 2022 23% | Mar 2023 22% | Jun 2023 24% | Sep 2023 24% | Dec 2023 25% | Mar 2024 24% | Jun 2024 24% | Sep 2024 22% | Dec 2024 27% | Mar 2025 24% | Jun 2025 27% | Sep 2025 22% | Dec 2025 20% | Mar 2026 21% | Jun 2026 21%

### 20-quarter Margin change history
- AIAENG: Sep 2021 −7.3 pp | Dec 2021 −5.6 pp | Mar 2022 +1.0 pp | Jun 2022 −0.3 pp | Sep 2022 +5.2 pp | Dec 2022 +11.0 pp | Mar 2023 +4.3 pp | Jun 2023 +5.1 pp | Sep 2023 +6.5 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 −2.3 pp | Mar 2022 +1.6 pp | Jun 2022 +5.3 pp | Sep 2022 +2.5 pp | Dec 2022 +3.2 pp | Mar 2023 +2.2 pp | Jun 2023 −3.9 pp | Sep 2023 +2.4 pp | Dec 2023 −7.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 −12.0 pp | Dec 2024 +6.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 +7.0 pp | Dec 2025 −11.0 pp | Mar 2026 −17.0 pp | Jun 2026 —
- ELECON: Sep 2021 −1.1 pp | Dec 2021 +0.4 pp | Mar 2022 −0.3 pp | Jun 2022 −0.3 pp | Sep 2022 +2.6 pp | Dec 2022 +3.7 pp | Mar 2023 +1.2 pp | Jun 2023 +4.3 pp | Sep 2023 +0.2 pp | Dec 2023 +2.0 pp | Mar 2024 +2.1 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 +3.0 pp | Sep 2025 0.0 pp | Dec 2025 −7.0 pp | Mar 2026 −3.0 pp | Jun 2026 −6.0 pp

## Profit Scale & Acceleration

What the numbers say: AIA Engineering Ltd leads with ₹1,268 crore of TTM profit, 437.3% above Elecon Engineering Company Ltd. AIA Engineering Ltd shows 19.7% growth from a ₹1,268 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: AIA Engineering 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: AIA Engineering Ltd · ₹1,268 crore | 437.3% versus #2 · Elecon Engineering Company Ltd | 5/8 recent comparable periods | 3/3 companies · 58 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. AIA Engineering Ltd (AIAENG): ₹1.3K Cr
2. Elecon Engineering Company Ltd (ELECON): ₹236 Cr
3. Tega Industries Ltd (TEGA): ₹143 Cr

### Profit growth — fastest growers
1. AIA Engineering Ltd (AIAENG): 20%
2. Tega Industries Ltd (TEGA): -29%
3. Elecon Engineering Company Ltd (ELECON): -54%

### 20-quarter Net profit history
- AIAENG: Sep 2021 ₹138 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹190 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹352 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹393 Cr | Jun 2026 —
- TEGA: Sep 2021 ₹23 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- ELECON: Sep 2021 ₹35 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹70 Cr

### 20-quarter Profit growth history
- AIAENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 78% | Dec 2022 155% | Mar 2023 37% | Jun 2023 44% | Sep 2023 32% | Dec 2023 -20% | Mar 2024 -3.0% | Jun 2024 -5.1% | Sep 2024 -21% | Dec 2024 -7.5% | Mar 2025 9.6% | Jun 2025 18% | Sep 2025 8.2% | Dec 2025 13% | Mar 2026 38% | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 52% | Dec 2022 41% | Mar 2023 57% | Jun 2023 -8.7% | Sep 2023 34% | Dec 2023 -25% | Mar 2024 16% | Jun 2024 76% | Sep 2024 -85% | Dec 2024 50% | Mar 2025 15% | Jun 2025 -5.4% | Sep 2025 543% | Dec 2025 -63% | Mar 2026 -58% | Jun 2026 —
- ELECON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 86% | Dec 2022 97% | Mar 2023 48% | Jun 2023 74% | Sep 2023 37% | Dec 2023 43% | Mar 2024 53% | Jun 2024 0.0% | Sep 2024 -1.1% | Dec 2024 20% | Mar 2025 40% | Jun 2025 140% | Sep 2025 0.0% | Dec 2025 -33% | Mar 2026 -96% | Jun 2026 -60%

## Capacity Spending & Returns On It

What the numbers say: Tega Industries Ltd reports ₹8 crore of CAPEX; Tega Industries Ltd has the highest covered intensity at 3.5%. Coverage is only 1 of 3 companies and 1 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: Tega Industries Ltd · ₹8 crore | Not enough peers | 1/1 recent comparable periods | 1/3 companies · 1 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. Tega Industries Ltd (TEGA): ₹8 Cr

### CAPEX intensity — highest reinvestment intensity
1. Tega Industries Ltd (TEGA): 3.5%

### 20-quarter CAPEX history
- TEGA: Sep 2021 ₹8 Cr | 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- TEGA: Sep 2021 3.5% | 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: AIA Engineering Ltd has the clearest covered balance-sheet capacity with ₹4,374 crore net cash and gross debt of ₹10 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: AIA Engineering Ltd · ₹10 crore | 96.3% versus #2 · Elecon Engineering Company Ltd | 8/8 recent comparable periods | 3/3 companies · 56 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. AIA Engineering Ltd (AIAENG): ₹10 Cr
2. Elecon Engineering Company Ltd (ELECON): ₹273 Cr
3. Tega Industries Ltd (TEGA): ₹398 Cr

### Net debt — lowest net debt
1. AIA Engineering Ltd (AIAENG): ₹-4.4K Cr
2. Tega Industries Ltd (TEGA): ₹-1.9K Cr
3. Elecon Engineering Company Ltd (ELECON): ₹-567 Cr

### 20-quarter Gross debt history
- AIAENG: Sep 2021 ₹245 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹467 Cr | Dec 2022 ₹467 Cr | Mar 2023 ₹503 Cr | Jun 2023 ₹503 Cr | Sep 2023 ₹484 Cr | Dec 2023 ₹484 Cr | Mar 2024 ₹461 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹491 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹245 Cr | Jun 2022 ₹245 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹361 Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹344 Cr | Dec 2023 ₹344 Cr | Mar 2024 ₹308 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹288 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹330 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹305 Cr | Mar 2026 ₹398 Cr | Jun 2026 —
- ELECON: Sep 2021 ₹243 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹181 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹273 Cr | Jun 2026 ₹273 Cr

### 20-quarter Net debt history
- AIAENG: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.6K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-2.6K Cr | Jun 2023 ₹-2.6K Cr | Sep 2023 ₹-2.9K Cr | Dec 2023 ₹-2.9K Cr | Mar 2024 ₹-3.1K Cr | Jun 2024 ₹-3.1K Cr | Sep 2024 ₹-3.2K Cr | Dec 2024 ₹-3.2K Cr | Mar 2025 ₹-3.8K Cr | Jun 2025 ₹-3.8K Cr | Sep 2025 ₹-4.2K Cr | Dec 2025 ₹-4.2K Cr | Mar 2026 ₹-4.4K Cr | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹56 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹-41 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹-107 Cr | Dec 2025 ₹-107 Cr | Mar 2026 ₹-1.9K Cr | Jun 2026 —
- ELECON: Sep 2021 ₹96 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹-49 Cr | Dec 2022 ₹-49 Cr | Mar 2023 ₹-177 Cr | Jun 2023 ₹-177 Cr | Sep 2023 ₹-312 Cr | Dec 2023 ₹-312 Cr | Mar 2024 ₹-408 Cr | Jun 2024 ₹-408 Cr | Sep 2024 ₹-414 Cr | Dec 2024 ₹-414 Cr | Mar 2025 ₹-544 Cr | Jun 2025 ₹-544 Cr | Sep 2025 ₹-561 Cr | Dec 2025 ₹-561 Cr | Mar 2026 ₹-567 Cr | Jun 2026 ₹-567 Cr

## Return On Capital Employed

What the numbers say: AIA Engineering Ltd leads ROCE at 21.1%, 0.2 percentage points above Elecon Engineering Company Ltd. AIA Engineering Ltd has the strongest latest improvement at -0.8 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: AIA Engineering 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: AIA Engineering Ltd · 21.1% | 1% versus #2 · Elecon Engineering Company Ltd | 1/8 recent comparable periods | 3/3 companies · 45 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. AIA Engineering Ltd (AIAENG): 21%
2. Elecon Engineering Company Ltd (ELECON): 21%
3. Tega Industries Ltd (TEGA): 8.1%

### ROCE change — fastest improvers
1. AIA Engineering Ltd (AIAENG): −0.8 pp
2. Tega Industries Ltd (TEGA): −11.6 pp
3. Elecon Engineering Company Ltd (ELECON): −18.6 pp

### 20-quarter ROCE history
- AIAENG: Sep 2021 13% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 27% | Mar 2024 18% | Jun 2024 24% | Sep 2024 17% | Dec 2024 22% | Mar 2025 15% | Jun 2025 21% | Sep 2025 14% | Dec 2025 22% | Mar 2026 14% | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 19% | Dec 2023 24% | Mar 2024 19% | Jun 2024 23% | Sep 2024 15% | Dec 2024 21% | Mar 2025 15% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 3.8% | Jun 2026 —
- ELECON: Sep 2021 19% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 23% | Dec 2023 31% | Mar 2024 25% | Jun 2024 30% | Sep 2024 22% | Dec 2024 29% | Mar 2025 22% | Jun 2025 34% | Sep 2025 21% | Dec 2025 29% | Mar 2026 17% | Jun 2026 15%

### 20-quarter ROCE change history
- AIAENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 — | Mar 2023 +6.9 pp | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 — | Mar 2024 −1.6 pp | Jun 2024 — | Sep 2024 −4.6 pp | Dec 2024 −5.3 pp | Mar 2025 −3.5 pp | Jun 2025 −2.9 pp | Sep 2025 −2.1 pp | Dec 2025 +0.3 pp | Mar 2026 −0.8 pp | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −4.2 pp | Dec 2024 −3.3 pp | Mar 2025 −3.1 pp | Jun 2025 −3.6 pp | Sep 2025 +1.9 pp | Dec 2025 −2.1 pp | Mar 2026 −11.6 pp | Jun 2026 —
- ELECON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 — | Mar 2023 +2.8 pp | Jun 2023 — | Sep 2023 +3.4 pp | Dec 2023 — | Mar 2024 +4.4 pp | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 −2.1 pp | Mar 2025 −2.5 pp | Jun 2025 +3.7 pp | Sep 2025 −1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −5.9 pp | Jun 2026 −18.6 pp

## Valuation Against Growth & Quality

What the numbers say: AIA Engineering Ltd has the lowest comparable Guarded PEG at 0.73×, 59.7% below Elecon Engineering Company Ltd. Only 3 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: AIA Engineering Ltd · 0.73× | 59.7% versus #2 · Elecon Engineering Company Ltd | 0/8 recent comparable periods | 3/3 companies · 33 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. AIA Engineering Ltd (AIAENG): 0.7
2. Elecon Engineering Company Ltd (ELECON): 1.8
3. Tega Industries Ltd (TEGA): 8.9

### P/E — lowest P/E
1. Elecon Engineering Company Ltd (ELECON): 31.3
2. AIA Engineering Ltd (AIAENG): 33.6
3. Tega Industries Ltd (TEGA): 82.2

### 20-quarter Guarded PEG history
- AIAENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5 | Sep 2022 1.6 | Dec 2022 1.0 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 4.6 | Sep 2024 — | Dec 2024 — | Mar 2025 2.9 | Jun 2025 1.6 | Sep 2025 — | Dec 2025 2.4 | Mar 2026 0.7 | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 3.9 | Mar 2022 1.0 | Jun 2022 — | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 2.9 | Jun 2024 11.1 | Sep 2024 4.3 | Dec 2024 1.2 | Mar 2025 3.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.9 | Jun 2026 —
- ELECON: Sep 2021 — | Dec 2021 0.6 | Mar 2022 0.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 2.2 | Mar 2025 0.7 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —

### 20-quarter P/E history
- AIAENG: Sep 2021 31.3 | Dec 2021 30.6 | Mar 2022 28.4 | Jun 2022 33.2 | Sep 2022 35.8 | Dec 2022 31.5 | Mar 2023 27.9 | Jun 2023 28.6 | Sep 2023 29.1 | Dec 2023 28.6 | Mar 2024 32.3 | Jun 2024 34.7 | Sep 2024 36.0 | Dec 2024 30.5 | Mar 2025 30.4 | Jun 2025 29.4 | Sep 2025 25.9 | Dec 2025 32.2 | Mar 2026 27.7 | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 24.6 | Mar 2022 19.4 | Jun 2022 24.0 | Sep 2022 26.8 | Dec 2022 27.3 | Mar 2023 29.9 | Jun 2023 35.0 | Sep 2023 33.9 | Dec 2023 39.3 | Mar 2024 45.4 | Jun 2024 56.2 | Sep 2024 57.9 | Dec 2024 61.0 | Mar 2025 52.3 | Jun 2025 53.5 | Sep 2025 64.5 | Dec 2025 64.5 | Mar 2026 56.5 | Jun 2026 —
- ELECON: Sep 2021 18.1 | Dec 2021 17.4 | Mar 2022 12.8 | Jun 2022 20.9 | Sep 2022 24.7 | Dec 2022 22.1 | Mar 2023 19.8 | Jun 2023 27.5 | Sep 2023 32.3 | Dec 2023 35.6 | Mar 2024 33.3 | Jun 2024 42.0 | Sep 2024 43.8 | Dec 2024 40.6 | Mar 2025 27.1 | Jun 2025 35.5 | Sep 2025 28.3 | Dec 2025 23.9 | Mar 2026 20.2 | Jun 2026 33.1

## Enterprise Value & Book Value

What the numbers say: Elecon Engineering Company Ltd leads ev/ebitda at 19.6×; Tega Industries Ltd leads p/bv at 3.44×.

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: Elecon Engineering Company Ltd · 19.6× | 1.5% versus #2 · AIA Engineering Ltd | 0/8 recent comparable periods | 3/3 companies · 57 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. Elecon Engineering Company Ltd (ELECON): 19.6
2. AIA Engineering Ltd (AIAENG): 19.9
3. Tega Industries Ltd (TEGA): 33.3

### P/BV — lowest P/BV
1. Tega Industries Ltd (TEGA): 3.4
2. Elecon Engineering Company Ltd (ELECON): 4.1
3. AIA Engineering Ltd (AIAENG): 5.3

### 20-quarter EV/EBITDA history
- AIAENG: Sep 2021 20.4 | Dec 2021 20.4 | Mar 2022 18.7 | Jun 2022 22.1 | Sep 2022 25.4 | Dec 2022 22.5 | Mar 2023 19.8 | Jun 2023 20.1 | Sep 2023 20.4 | Dec 2023 19.9 | Mar 2024 22.3 | Jun 2024 24.2 | Sep 2024 25.2 | Dec 2024 20.9 | Mar 2025 21.1 | Jun 2025 20.8 | Sep 2025 18.6 | Dec 2025 23.4 | Mar 2026 19.9 | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 16.7 | Mar 2022 13.4 | Jun 2022 14.8 | Sep 2022 16.6 | Dec 2022 16.6 | Mar 2023 18.2 | Jun 2023 22.6 | Sep 2023 21.7 | Dec 2023 24.5 | Mar 2024 27.6 | Jun 2024 32.7 | Sep 2024 33.2 | Dec 2024 31.4 | Mar 2025 26.7 | Jun 2025 27.4 | Sep 2025 33.8 | Dec 2025 38.0 | Mar 2026 33.3 | Jun 2026 —
- ELECON: Sep 2021 8.2 | Dec 2021 8.2 | Mar 2022 6.6 | Jun 2022 11.7 | Sep 2022 14.3 | Dec 2022 13.7 | Mar 2023 13.0 | Jun 2023 17.6 | Sep 2023 21.2 | Dec 2023 23.2 | Mar 2024 21.8 | Jun 2024 28.1 | Sep 2024 29.4 | Dec 2024 27.6 | Mar 2025 18.3 | Jun 2025 23.8 | Sep 2025 19.0 | Dec 2025 15.8 | Mar 2026 12.9 | Jun 2026 19.6

### 20-quarter P/BV history
- AIAENG: Sep 2021 4.3 | Dec 2021 4.0 | Mar 2022 3.6 | Jun 2022 4.8 | Sep 2022 4.7 | Dec 2022 4.8 | Mar 2023 5.8 | Jun 2023 6.3 | Sep 2023 5.8 | Dec 2023 5.7 | Mar 2024 6.0 | Jun 2024 6.9 | Sep 2024 6.1 | Dec 2024 5.0 | Mar 2025 4.9 | Jun 2025 4.7 | Sep 2025 4.1 | Dec 2025 4.9 | Mar 2026 4.4 | Jun 2026 —
- TEGA: Sep 2021 — | Dec 2021 — | Mar 2022 4.2 | Jun 2022 4.0 | Sep 2022 4.6 | Dec 2022 5.0 | Mar 2023 6.3 | Jun 2023 8.8 | Sep 2023 5.9 | Dec 2023 7.1 | Mar 2024 7.6 | Jun 2024 10.4 | Sep 2024 10.2 | Dec 2024 8.2 | Mar 2025 7.8 | Jun 2025 8.4 | Sep 2025 9.2 | Dec 2025 8.8 | Mar 2026 7.7 | Jun 2026 —
- ELECON: Sep 2021 2.1 | Dec 2021 2.1 | Mar 2022 1.6 | Jun 2022 2.9 | Sep 2022 3.4 | Dec 2022 3.6 | Mar 2023 4.1 | Jun 2023 5.1 | Sep 2023 6.8 | Dec 2023 7.3 | Mar 2024 7.5 | Jun 2024 9.2 | Sep 2024 9.7 | Dec 2024 8.2 | Mar 2025 5.8 | Jun 2025 7.3 | Sep 2025 6.3 | Dec 2025 4.8 | Mar 2026 3.7 | Jun 2026 5.1

## Market action

AIA Engineering Ltd has the strongest one-year price move in Capital Goods - Mining Equipement at +38%. It also leads on Mansfield relative strength against NIFTY at +22.6%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. AIA Engineering Ltd (AIAENG): 38%
2. Tega Industries Ltd (TEGA): -16%
3. Elecon Engineering Company Ltd (ELECON): -23%

### Strongest relative strength versus NIFTY 500
1. AIA Engineering Ltd (AIAENG): 23%
2. Elecon Engineering Company Ltd (ELECON): -7.4%
3. Tega Industries Ltd (TEGA): -12%

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

## Every company
- AIA Engineering Ltd (AIAENG) — market value ₹42.8K Cr; latest fundamentals Mar 2026
- Tega Industries Ltd (TEGA) — market value ₹11.7K Cr; latest fundamentals Mar 2026
- Elecon Engineering Company Ltd (ELECON) — market value ₹9.5K Cr; latest fundamentals Jun 2026

## Source standing of each company

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

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

## Methodology and freshness

Fundamentals through 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 - Mining Equipement index?

The Nifty Capital Goods - Mining Equipement index tracks India's listed Capital Goods - Mining Equipement companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Capital Goods - Mining Equipement sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Capital Goods - Mining Equipement stocks in India?

Ranked by this page's four-factor score, AIA Engineering Ltd places first among 3 listed Capital Goods - Mining Equipement companies, followed by Elecon Engineering Company 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 - Mining Equipement stocks are listed in India?

This comparison covers 3 listed Capital Goods - Mining Equipement 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 - Mining Equipement company is the biggest?

AIA Engineering Ltd is the largest, with trailing-twelve-month revenue of ₹4,420 crore, ahead of Elecon Engineering Company Ltd at ₹2,397 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Capital Goods - Mining Equipement company is growing fastest?

Tega Industries Ltd has the fastest revenue growth at 3.3% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Capital Goods - Mining Equipement company has the best profit margins?

AIA Engineering Ltd has the highest operating margin at 29%, from 3 of 3 comparable companies. AIA Engineering Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - Mining Equipement company makes the most profit?

AIA Engineering Ltd earns the most, at ₹1,268 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. AIA Engineering Ltd has the fastest profit growth at 19.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Capital Goods - Mining Equipement company earns the highest return on capital?

AIA Engineering Ltd leads on return on capital employed at 21.1%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Capital Goods - Mining Equipement stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — AIA Engineering Ltd screens cheapest at 0.73×. Only 3 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Capital Goods - Mining Equipement company has the strongest balance sheet?

AIA Engineering Ltd carries the lowest comparable gross debt at ₹10 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Capital Goods - Mining Equipement stock has the strongest price momentum?

AIA Engineering 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 - Mining Equipement company scores highest for research priority?

AIA Engineering Ltd scores 72.9 out of 100 with 92.6% evidence confidence, from 19.6 points on growth and earnings, 21.2 on capital efficiency, 12.1 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 - Mining Equipement companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending 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 - Mining Equipement sector?

The 3 Capital Goods - Mining Equipement companies on this page carry ₹63,953 crore of combined market value. AIA Engineering Ltd is the largest at ₹42,769 crore, about 67% 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 - Mining Equipement sector performing?

1 of the 3 covered Capital Goods - Mining Equipement companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/capital-goods-mining-equipement