# Capital Goods - Transformers — company-by-company sector analysis

> Capital Goods - Transformers: CG Power & Industrial Solutions Ltd owns the largest revenue base; Marsons 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. 7 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500. CG Power & Industrial Solutions Ltd leads with revenue of ₹12,821 crore, based on 10 of 12 comparable companies through Jun 2026. Marsons Ltd has the fastest current revenue growth at 45.6%, across 10 of 12 comparable companies.

### Is the Capital Goods - Transformers sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 7 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Capital Goods - Transformers company is largest by revenue?

CG Power & Industrial Solutions Ltd leads with revenue of ₹12,821 crore, based on 10 of 12 comparable companies through Jun 2026.

### Which Capital Goods - Transformers company is growing fastest?

Marsons Ltd has the fastest current revenue growth at 45.6%, across 10 of 12 comparable companies.

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

Indo Tech Transformers Ltd ranks first at 86.3/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Transformers company reports the most CAPEX?

Danish Power Ltd reports the largest latest CAPEX at ₹35 crore, with 2 of 12 companies comparable.

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

Shilchar Technologies Ltd has the lowest comparable gross debt at ₹0 crore. Schneider Electric Infrastructure Ltd has the highest at ₹548 crore.

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

Indo Tech Transformers Ltd has the lowest comparable Guarded PEG at 0.45, among 6 of 12 companies that pass the metric’s comparability rules.

### How much history does this Capital Goods - Transformers 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 - Transformers against NIFTY 500 is not available from the current market series. 7 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Indo Tech Transformers Ltd is the strongest against the sector itself at +61.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 7/12
Stocks leading sector: 4/12

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

Companies: 12
Combined market value: ₹2.0 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. Indo Tech Transformers Ltd (INDOTECH): 86/100 — Sector-leading setup; evidence 96%
   - Growth & earnings 31.3/35 | Capital efficiency 20.8/25 | Valuation 14.2/20 | Relative strength 20.0/20
   - Exact sum: 31.3 + 20.8 + 14.2 + 20 = 86.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Marsons Ltd (MARSONS): 59/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 26.7/35 | Capital efficiency 15.9/25 | Valuation 12.2/20 | Relative strength 4.6/20
   - Exact sum: 26.7 + 15.9 + 12.2 + 4.6 = 59.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -45.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Supreme Power Equipment Ltd (SUPREMEPWR): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 20.8/35 | Capital efficiency 14.2/25 | Valuation 11.7/20 | Relative strength 8.5/20
   - Exact sum: 20.8 + 14.2 + 11.7 + 8.5 = 55.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. CG Power & Industrial Solutions Ltd (CGPOWER): 54/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 19.6/35 | Capital efficiency 16.5/25 | Valuation 1.5/20 | Relative strength 16.7/20
   - Exact sum: 19.6 + 16.5 + 1.5 + 16.7 = 54.3
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. Shilchar Technologies Ltd (SHILCTECH): 48/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 9.4/35 | Capital efficiency 21.4/25 | Valuation 9.3/20 | Relative strength 7.6/20
   - Exact sum: 9.4 + 21.4 + 9.3 + 7.6 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Voltamp Transformers Ltd (VOLTAMP): 44/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 13.1/35 | Capital efficiency 16.5/25 | Valuation 5.4/20 | Relative strength 9.0/20
   - Exact sum: 13.1 + 16.5 + 5.4 + 9 = 44
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7. Schneider Electric Infrastructure Ltd (SCHNEIDER): 43/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 8.3/35 | Capital efficiency 13.8/25 | Valuation 4.0/20 | Relative strength 16.7/20
   - Exact sum: 8.3 + 13.8 + 4 + 16.7 = 42.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 33.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Transformers & Rectifiers India Ltd (TARIL): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 12.5/35 | Capital efficiency 11.3/25 | Valuation 11.6/20 | Relative strength 6.9/20
   - Exact sum: 12.5 + 11.3 + 11.6 + 6.9 = 42.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Bharat Bijlee Ltd (BBL): 35/100 — Adverse evidence; evidence 96%
   - Growth & earnings 16.5/35 | Capital efficiency 7.6/25 | Valuation 7.8/20 | Relative strength 2.9/20
   - Exact sum: 16.5 + 7.6 + 7.8 + 2.9 = 34.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Ujaas Energy Ltd (UEL): 30/100 — Adverse evidence; evidence 70%
   - Growth & earnings 4.5/35 | Capital efficiency 5.5/25 | Valuation 8.5/20 | Relative strength 11.5/20
   - Exact sum: 4.5 + 5.5 + 8.5 + 11.5 = 30
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Danish Power Ltd (DANISH): 52/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 16.6/35 | Capital efficiency 17.9/25 | Valuation 11.1/20 | Relative strength 6.8/20
   - Exact sum: 16.6 + 17.9 + 11.1 + 6.8 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Vilas Transcore Ltd (VILAS): 45/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 18.0/35 | Capital efficiency 10.2/25 | Valuation 11.5/20 | Relative strength 5.4/20
   - Exact sum: 18 + 10.2 + 11.5 + 5.4 = 45.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: CG Power & Industrial Solutions Ltd is the scale leader at ₹12,821 crore, 343.5% ahead of Schneider Electric Infrastructure Ltd. Marsons Ltd's growth is 45.6% from a ₹246 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: CG Power & Industrial Solutions Ltd is the scale benchmark; Marsons Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: CG Power & Industrial Solutions Ltd's growth falls below Marsons Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: CG Power & Industrial Solutions Ltd · ₹12,821 crore | 343.5% versus #2 · Schneider Electric Infrastructure Ltd | 8/8 recent comparable periods | 10/12 companies · 180 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. CG Power & Industrial Solutions Ltd (CGPOWER): ₹12.8K Cr
2. Schneider Electric Infrastructure Ltd (SCHNEIDER): ₹2.9K Cr
3. Transformers & Rectifiers India Ltd (TARIL): ₹2.6K Cr
4. Bharat Bijlee Ltd (BBL): ₹2.3K Cr
5. Voltamp Transformers Ltd (VOLTAMP): ₹2.2K Cr

### Revenue growth — fastest growers
1. Marsons Ltd (MARSONS): 46%
2. Indo Tech Transformers Ltd (INDOTECH): 28%
3. Supreme Power Equipment Ltd (SUPREMEPWR): 23%
4. CG Power & Industrial Solutions Ltd (CGPOWER): 21%
5. Bharat Bijlee Ltd (BBL): 20%

### 20-quarter Revenue history
- CGPOWER: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.3K Cr
- SCHNEIDER: Sep 2021 ₹302 Cr | Dec 2021 ₹600 Cr | Mar 2022 ₹340 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹744 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹600 Cr | Dec 2024 ₹857 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹622 Cr | Sep 2025 ₹650 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹590 Cr | Jun 2026 —
- VOLTAMP: Sep 2021 ₹263 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹387 Cr | Jun 2022 ₹270 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹357 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹398 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹483 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹617 Cr | Jun 2026 —
- TARIL: Sep 2021 ₹267 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹307 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹438 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹257 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹513 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹676 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹737 Cr | Mar 2026 ₹783 Cr | Jun 2026 ₹572 Cr
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹68 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- INDOTECH: Sep 2021 ₹76 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹239 Cr | Jun 2026 —
- BBL: Sep 2021 ₹305 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹424 Cr | Mar 2024 ₹587 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹394 Cr | Dec 2024 ₹514 Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹568 Cr | Mar 2026 ₹767 Cr | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- DANISH: 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 ₹164 Cr | Dec 2024 — | Mar 2025 ₹262 Cr | Jun 2025 — | Sep 2025 ₹212 Cr | Dec 2025 — | Mar 2026 ₹310 Cr | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹159 Cr | Dec 2023 — | Mar 2024 ₹150 Cr | Jun 2024 — | Sep 2024 ₹162 Cr | Dec 2024 — | Mar 2025 ₹191 Cr | Jun 2025 — | Sep 2025 ₹229 Cr | Dec 2025 — | Mar 2026 ₹232 Cr | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹27 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹106 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 17% | Dec 2022 13% | Mar 2023 33% | Jun 2023 13% | Sep 2023 18% | Dec 2023 13% | Mar 2024 15% | Jun 2024 19% | Sep 2024 21% | Dec 2024 27% | Mar 2025 26% | Jun 2025 29% | Sep 2025 21% | Dec 2025 26% | Mar 2026 25% | Jun 2026 14%
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 39% | Dec 2022 -4.3% | Mar 2023 21% | Jun 2023 33% | Sep 2023 18% | Dec 2023 30% | Mar 2024 15% | Jun 2024 20% | Sep 2024 21% | Dec 2024 15% | Mar 2025 24% | Jun 2025 4.9% | Sep 2025 8.3% | Dec 2025 20% | Mar 2026 0.5% | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 21% | Dec 2022 13% | Mar 2023 14% | Jun 2023 19% | Sep 2023 20% | Dec 2023 14% | Mar 2024 15% | Jun 2024 33% | Sep 2024 4.5% | Dec 2024 19% | Mar 2025 24% | Jun 2025 -0.9% | Sep 2025 21% | Dec 2025 30% | Mar 2026 -1.3% | Jun 2026 —
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 -0.9% | Mar 2023 28% | Jun 2023 -45% | Sep 2023 -16% | Dec 2023 11% | Mar 2024 17% | Jun 2024 106% | Sep 2024 80% | Dec 2024 51% | Mar 2025 32% | Jun 2025 64% | Sep 2025 -0.4% | Dec 2025 32% | Mar 2026 16% | Jun 2026 8.1%
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 74% | Mar 2024 11% | Jun 2024 60% | Sep 2024 24% | Dec 2024 31% | Mar 2025 121% | Jun 2025 49% | Sep 2025 31% | Dec 2025 10% | Mar 2026 -34% | Jun 2026 —
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 135% | Sep 2022 17% | Dec 2022 2.4% | Mar 2023 45% | Jun 2023 72% | Sep 2023 7.9% | Dec 2023 65% | Mar 2024 21% | Jun 2024 -12% | Sep 2024 52% | Dec 2024 27% | Mar 2025 18% | Jun 2025 100% | Sep 2025 25% | Dec 2025 11% | Mar 2026 16% | Jun 2026 —
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.8% | Sep 2022 6.2% | Dec 2022 20% | Mar 2023 23% | Jun 2023 59% | Sep 2023 30% | Dec 2023 9.3% | Mar 2024 37% | Jun 2024 -15% | Sep 2024 -6.2% | Dec 2024 21% | Mar 2025 5.5% | Jun 2025 24% | Sep 2025 20% | Dec 2025 11% | Mar 2026 24% | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -45% | Mar 2024 56% | Jun 2024 12,943% | Sep 2024 2,067% | Dec 2024 4,300% | Mar 2025 1,300% | Jun 2025 57% | Sep 2025 54% | Dec 2025 4.6% | Mar 2026 66% | Jun 2026 —
- DANISH: 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 29% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -13% | Mar 2024 -21% | Jun 2024 -12% | Sep 2024 -31% | Dec 2024 40% | Mar 2025 14% | Jun 2025 -58% | Sep 2025 3.4% | Dec 2025 -57% | Mar 2026 -27% | Jun 2026 —
- VILAS: 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 1.9% | Dec 2024 — | Mar 2025 27% | Jun 2025 — | Sep 2025 41% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0% | Sep 2024 9.4% | Dec 2024 23% | Mar 2025 49% | Jun 2025 27% | Sep 2025 29% | Dec 2025 23% | Mar 2026 16% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Marsons Ltd leads opm at 21%; Indo Tech Transformers Ltd leads margin change at +4 percentage points.

Investor read: Marsons 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: Marsons Ltd · 21% | 0% versus #2 · Shilchar Technologies Ltd | 4/8 recent comparable periods | 12/12 companies · 193 observations

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

### OPM — highest
1. Marsons Ltd (MARSONS): 21%
2. Shilchar Technologies Ltd (SHILCTECH): 21%
3. Danish Power Ltd (DANISH): 18%
4. Supreme Power Equipment Ltd (SUPREMEPWR): 18%
5. Transformers & Rectifiers India Ltd (TARIL): 16%

### Margin change — fastest expanders
1. Indo Tech Transformers Ltd (INDOTECH): +4.0 pp
2. Marsons Ltd (MARSONS): +3.0 pp
3. Supreme Power Equipment Ltd (SUPREMEPWR): 0.0 pp
4. CG Power & Industrial Solutions Ltd (CGPOWER): −1.0 pp
5. Transformers & Rectifiers India Ltd (TARIL): −1.0 pp

### 20-quarter OPM history
- CGPOWER: Sep 2021 12% | Dec 2021 13% | Mar 2022 11% | Jun 2022 11% | Sep 2022 15% | Dec 2022 16% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 13% | Mar 2024 13% | Jun 2024 15% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 12%
- SCHNEIDER: Sep 2021 1.2% | Dec 2021 11% | Mar 2022 5.0% | Jun 2022 7.8% | Sep 2022 4.5% | Dec 2022 10% | Mar 2023 15% | Jun 2023 10% | Sep 2023 13% | Dec 2023 15% | Mar 2024 16% | Jun 2024 14% | Sep 2024 12% | Dec 2024 16% | Mar 2025 15% | Jun 2025 11% | Sep 2025 13% | Dec 2025 17% | Mar 2026 8.0% | Jun 2026 —
- VOLTAMP: Sep 2021 12% | Dec 2021 11% | Mar 2022 17% | Jun 2022 13% | Sep 2022 15% | Dec 2022 16% | Mar 2023 21% | Jun 2023 15% | Sep 2023 18% | Dec 2023 26% | Mar 2024 20% | Jun 2024 18% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- TARIL: Sep 2021 8.0% | Dec 2021 5.4% | Mar 2022 4.8% | Jun 2022 7.6% | Sep 2022 10% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 3.0% | Sep 2023 8.0% | Dec 2023 10% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 15% | Mar 2025 19% | Jun 2025 17% | Sep 2025 11% | Dec 2025 17% | Mar 2026 15% | Jun 2026 16%
- SHILCTECH: Sep 2021 6.0% | Dec 2021 13% | Mar 2022 16% | Jun 2022 12% | Sep 2022 17% | Dec 2022 22% | Mar 2023 22% | Jun 2023 30% | Sep 2023 28% | Dec 2023 27% | Mar 2024 30% | Jun 2024 28% | Sep 2024 31% | Dec 2024 28% | Mar 2025 31% | Jun 2025 33% | Sep 2025 31% | Dec 2025 31% | Mar 2026 21% | Jun 2026 —
- INDOTECH: Sep 2021 8.2% | Dec 2021 9.6% | Mar 2022 7.7% | Jun 2022 3.6% | Sep 2022 2.1% | Dec 2022 6.0% | Mar 2023 15% | Jun 2023 6.0% | Sep 2023 12% | Dec 2023 11% | Mar 2024 15% | Jun 2024 10% | Sep 2024 16% | Dec 2024 14% | Mar 2025 10% | Jun 2025 15% | Sep 2025 17% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- BBL: Sep 2021 7.4% | Dec 2021 7.7% | Mar 2022 4.2% | Jun 2022 7.9% | Sep 2022 7.4% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 7.0% | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 -14% | Jun 2022 -350% | Sep 2022 -557% | Dec 2022 24% | Mar 2023 63% | Jun 2023 -117% | Sep 2023 28% | Dec 2023 49% | Mar 2024 16% | Jun 2024 17% | Sep 2024 15% | Dec 2024 9.0% | Mar 2025 18% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 21% | Jun 2026 —
- DANISH: 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 19% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- UEL: Sep 2021 0.2% | Dec 2021 -6.4% | Mar 2022 -40% | Jun 2022 8.9% | Sep 2022 -0.9% | Dec 2022 3.0% | Mar 2023 31% | Jun 2023 -4.6% | Sep 2023 -12% | Dec 2023 -13% | Mar 2024 27% | Jun 2024 8.6% | Sep 2024 -3.4% | Dec 2024 42% | Mar 2025 8.0% | Jun 2025 -122% | Sep 2025 11% | Dec 2025 -19% | Mar 2026 -9.8% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 9.0% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18% | Sep 2023 20% | Dec 2023 21% | Mar 2024 21% | Jun 2024 21% | Sep 2024 20% | Dec 2024 10% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —

### 20-quarter Margin change history
- CGPOWER: Sep 2021 +3.4 pp | Dec 2021 +1.6 pp | Mar 2022 +5.7 pp | Jun 2022 +1.4 pp | Sep 2022 +3.5 pp | Dec 2022 +2.6 pp | Mar 2023 +2.8 pp | Jun 2023 +2.7 pp | Sep 2023 −0.3 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 −1.0 pp
- SCHNEIDER: Sep 2021 −7.0 pp | Dec 2021 +1.0 pp | Mar 2022 +7.0 pp | Jun 2022 +8.5 pp | Sep 2022 +3.3 pp | Dec 2022 −1.2 pp | Mar 2023 +10.0 pp | Jun 2023 +2.2 pp | Sep 2023 +8.5 pp | Dec 2023 +5.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- VOLTAMP: Sep 2021 −1.9 pp | Dec 2021 +0.1 pp | Mar 2022 +5.6 pp | Jun 2022 +9.3 pp | Sep 2022 +2.7 pp | Dec 2022 +5.1 pp | Mar 2023 +3.8 pp | Jun 2023 +1.6 pp | Sep 2023 +3.4 pp | Dec 2023 +10.0 pp | Mar 2024 −1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 −6.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −3.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- TARIL: Sep 2021 −3.4 pp | Dec 2021 −5.3 pp | Mar 2022 −2.8 pp | Jun 2022 −0.0 pp | Sep 2022 +2.5 pp | Dec 2022 +3.6 pp | Mar 2023 +2.2 pp | Jun 2023 −4.6 pp | Sep 2023 −2.5 pp | Dec 2023 +1.0 pp | Mar 2024 +7.0 pp | Jun 2024 +10.0 pp | Sep 2024 +7.0 pp | Dec 2024 +5.0 pp | Mar 2025 +5.0 pp | Jun 2025 +4.0 pp | Sep 2025 −4.0 pp | Dec 2025 +2.0 pp | Mar 2026 −4.0 pp | Jun 2026 −1.0 pp
- SHILCTECH: Sep 2021 −4.1 pp | Dec 2021 +0.5 pp | Mar 2022 +14.5 pp | Jun 2022 +8.2 pp | Sep 2022 +11.3 pp | Dec 2022 +9.2 pp | Mar 2023 +6.4 pp | Jun 2023 +18.1 pp | Sep 2023 +10.7 pp | Dec 2023 +5.0 pp | Mar 2024 +8.0 pp | Jun 2024 −2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 −10.0 pp | Jun 2026 —
- INDOTECH: Sep 2021 +13.9 pp | Dec 2021 +5.9 pp | Mar 2022 −5.5 pp | Jun 2022 +25.1 pp | Sep 2022 −6.2 pp | Dec 2022 −3.6 pp | Mar 2023 +7.3 pp | Jun 2023 +2.5 pp | Sep 2023 +9.9 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.0 pp | Mar 2025 −5.0 pp | Jun 2025 +5.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- BBL: Sep 2021 +1.0 pp | Dec 2021 −3.3 pp | Mar 2022 −0.7 pp | Jun 2022 +0.4 pp | Sep 2022 +0.0 pp | Dec 2022 +0.3 pp | Mar 2023 +4.8 pp | Jun 2023 −0.9 pp | Sep 2023 +1.6 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1,092.9 pp | Dec 2022 — | Mar 2023 +76.5 pp | Jun 2023 +232.6 pp | Sep 2023 +585.5 pp | Dec 2023 +25.0 pp | Mar 2024 −46.7 pp | Jun 2024 +134.4 pp | Sep 2024 −13.3 pp | Dec 2024 −40.0 pp | Mar 2025 +2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +6.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 —
- UEL: Sep 2021 +215.3 pp | Dec 2021 +27.8 pp | Mar 2022 +65.6 pp | Jun 2022 −25.6 pp | Sep 2022 −1.1 pp | Dec 2022 +9.4 pp | Mar 2023 +70.4 pp | Jun 2023 −13.5 pp | Sep 2023 −11.5 pp | Dec 2023 −15.5 pp | Mar 2024 −3.5 pp | Jun 2024 +13.2 pp | Sep 2024 +9.0 pp | Dec 2024 +54.2 pp | Mar 2025 −19.4 pp | Jun 2025 −130.9 pp | Sep 2025 +14.3 pp | Dec 2025 −60.7 pp | Mar 2026 −17.7 pp | Jun 2026 —
- VILAS: 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 +1.0 pp | Dec 2024 — | Mar 2025 +4.0 pp | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 −5.0 pp | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +3.2 pp | Sep 2024 0.0 pp | Dec 2024 −10.9 pp | Mar 2025 −3.0 pp | Jun 2025 −2.2 pp | Sep 2025 −1.0 pp | Dec 2025 +3.7 pp | Mar 2026 0.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: CG Power & Industrial Solutions Ltd leads with ₹1,239 crore of TTM profit, 304.9% above Voltamp Transformers Ltd. Marsons Ltd shows 70.4% growth from a ₹46 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: CG Power & Industrial Solutions 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: CG Power & Industrial Solutions Ltd · ₹1,239 crore | 304.9% versus #2 · Voltamp Transformers Ltd | 6/8 recent comparable periods | 10/12 companies · 180 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. CG Power & Industrial Solutions Ltd (CGPOWER): ₹1.2K Cr
2. Voltamp Transformers Ltd (VOLTAMP): ₹306 Cr
3. Transformers & Rectifiers India Ltd (TARIL): ₹268 Cr
4. Schneider Electric Infrastructure Ltd (SCHNEIDER): ₹212 Cr
5. Shilchar Technologies Ltd (SHILCTECH): ₹157 Cr

### Profit growth — fastest growers
1. Marsons Ltd (MARSONS): 70%
2. Indo Tech Transformers Ltd (INDOTECH): 45%
3. CG Power & Industrial Solutions Ltd (CGPOWER): 24%
4. Supreme Power Equipment Ltd (SUPREMEPWR): 13%
5. Shilchar Technologies Ltd (SHILCTECH): 6.8%

### 20-quarter Net profit history
- CGPOWER: Sep 2021 ₹188 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹426 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹748 Cr | Mar 2024 ₹234 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹363 Cr | Jun 2026 ₹308 Cr
- SCHNEIDER: Sep 2021 ₹-9 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- VOLTAMP: Sep 2021 ₹35 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- TARIL: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹64 Cr
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- INDOTECH: Sep 2021 ₹5 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- BBL: Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- DANISH: 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 ₹20 Cr | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹40 Cr | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-5 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹11 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹15 Cr | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹11 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 171% | Sep 2022 -4.8% | Dec 2022 -58% | Mar 2023 280% | Jun 2023 57% | Sep 2023 35% | Dec 2023 228% | Mar 2024 -45% | Jun 2024 18% | Sep 2024 -9.1% | Dec 2024 -68% | Mar 2025 17% | Jun 2025 11% | Sep 2025 29% | Dec 2025 19% | Mar 2026 32% | Jun 2026 15%
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -15% | Mar 2023 — | Jun 2023 30% | Sep 2023 378% | Dec 2023 107% | Mar 2024 -93% | Jun 2024 37% | Sep 2024 26% | Dec 2024 22% | Mar 2025 1,733% | Jun 2025 -15% | Sep 2025 -3.7% | Dec 2025 -13% | Mar 2026 -60% | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 31% | Dec 2022 70% | Mar 2023 48% | Jun 2023 89% | Sep 2023 48% | Dec 2023 86% | Mar 2024 22% | Jun 2024 55% | Sep 2024 12% | Dec 2024 -23% | Mar 2025 3.2% | Jun 2025 1.3% | Sep 2025 4.0% | Dec 2025 36% | Mar 2026 -51% | Jun 2026 —
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 140% | Dec 2022 180% | Mar 2023 900% | Jun 2023 -300% | Sep 2023 -83% | Dec 2023 14% | Mar 2024 320% | Jun 2024 — | Sep 2024 2,200% | Dec 2024 244% | Mar 2025 124% | Jun 2025 219% | Sep 2025 -20% | Dec 2025 38% | Mar 2026 -3.2% | Jun 2026 -4.5%
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 117% | Mar 2024 56% | Jun 2024 50% | Sep 2024 38% | Dec 2024 35% | Mar 2025 120% | Jun 2025 71% | Sep 2025 39% | Dec 2025 20% | Mar 2026 -49% | Jun 2026 —
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -80% | Dec 2022 -43% | Mar 2023 217% | Jun 2023 300% | Sep 2023 600% | Dec 2023 175% | Mar 2024 37% | Jun 2024 50% | Sep 2024 157% | Dec 2024 73% | Mar 2025 -19% | Jun 2025 217% | Sep 2025 39% | Dec 2025 32% | Mar 2026 14% | Jun 2026 —
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 21% | Dec 2022 44% | Mar 2023 125% | Jun 2023 56% | Sep 2023 65% | Dec 2023 30% | Mar 2024 81% | Jun 2024 -4.0% | Sep 2024 -32% | Dec 2024 37% | Mar 2025 2.0% | Jun 2025 17% | Sep 2025 47% | Dec 2025 -39% | Mar 2026 -22% | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 — | Sep 2024 1,456% | Dec 2024 — | Mar 2025 — | Jun 2025 60% | Sep 2025 29% | Dec 2025 0.0% | Mar 2026 156% | Jun 2026 —
- DANISH: 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 45% | Dec 2025 — | Mar 2026 14% | Jun 2026 —
- UEL: 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 -91% | Mar 2025 — | Jun 2025 -35% | Sep 2025 -88% | Dec 2025 -96% | Mar 2026 40% | Jun 2026 —
- VILAS: 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 27% | Dec 2024 — | Mar 2025 75% | Jun 2025 — | Sep 2025 71% | Dec 2025 — | Mar 2026 -29% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 22% | Sep 2024 0.0% | Dec 2024 9.1% | Mar 2025 50% | Jun 2025 30% | Sep 2025 43% | Dec 2025 7.1% | Mar 2026 -8.3% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Danish Power Ltd reports ₹35 crore of CAPEX; Danish Power Ltd has the highest covered intensity at 11.3%. Coverage is only 2 of 12 companies and 10 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: Danish Power Ltd · ₹35 crore | 250% versus #2 · Vilas Transcore Ltd | 4/4 recent comparable periods | 2/12 companies · 10 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. Danish Power Ltd (DANISH): ₹35 Cr
2. Vilas Transcore Ltd (VILAS): ₹10 Cr

### CAPEX intensity — highest reinvestment intensity
1. Danish Power Ltd (DANISH): 11%
2. Vilas Transcore Ltd (VILAS): 4.3%

### 20-quarter CAPEX history
- DANISH: 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 ₹32 Cr | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 — | Sep 2025 ₹40 Cr | Dec 2025 — | Mar 2026 ₹35 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹37 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹10 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DANISH: 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 20% | Dec 2024 — | Mar 2025 5.3% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 11% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.6% | Dec 2023 — | Mar 2024 0.7% | Jun 2024 — | Sep 2024 1.9% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 4.3% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: CG Power & Industrial Solutions Ltd has the clearest covered balance-sheet capacity with ₹2,865 crore net cash and gross debt of ₹118 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: Shilchar Technologies Ltd · ₹0 crore | 100% versus #2 · Marsons Ltd | Not enough history | 12/12 companies · 170 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. Shilchar Technologies Ltd (SHILCTECH): ₹0 Cr
2. Marsons Ltd (MARSONS): ₹1 Cr
3. Voltamp Transformers Ltd (VOLTAMP): ₹1 Cr
4. Danish Power Ltd (DANISH): ₹2 Cr
5. Indo Tech Transformers Ltd (INDOTECH): ₹5 Cr

### Net debt — lowest net debt
1. CG Power & Industrial Solutions Ltd (CGPOWER): ₹-2.9K Cr
2. Indo Tech Transformers Ltd (INDOTECH): ₹-109 Cr
3. Voltamp Transformers Ltd (VOLTAMP): ₹-100 Cr
4. Danish Power Ltd (DANISH): ₹-90 Cr
5. Vilas Transcore Ltd (VILAS): ₹-67 Cr

### 20-quarter Gross debt history
- CGPOWER: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹367 Cr | Jun 2022 ₹367 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹118 Cr | Jun 2026 —
- SCHNEIDER: Sep 2021 ₹585 Cr | Dec 2021 ₹585 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹506 Cr | Sep 2022 ₹574 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹618 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹477 Cr | Dec 2023 ₹477 Cr | Mar 2024 ₹575 Cr | Jun 2024 ₹547 Cr | Sep 2024 ₹514 Cr | Dec 2024 ₹514 Cr | Mar 2025 ₹606 Cr | Jun 2025 ₹522 Cr | Sep 2025 ₹527 Cr | Dec 2025 ₹527 Cr | Mar 2026 ₹548 Cr | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- TARIL: Sep 2021 ₹274 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹325 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹330 Cr | Jun 2023 ₹330 Cr | Sep 2023 ₹383 Cr | Dec 2023 ₹383 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹457 Cr | Jun 2026 ₹457 Cr
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹17 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- INDOTECH: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- BBL: Sep 2021 ₹324 Cr | Dec 2021 ₹324 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹295 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- MARSONS: Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 ₹35 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 —
- UEL: Sep 2021 ₹118 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹15 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹39 Cr | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹19 Cr | Jun 2025 — | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹50 Cr | Jun 2026 —

### 20-quarter Net debt history
- CGPOWER: Sep 2021 ₹707 Cr | Dec 2021 ₹707 Cr | Mar 2022 ₹-153 Cr | Jun 2022 ₹-227 Cr | Sep 2022 ₹-525 Cr | Dec 2022 ₹-525 Cr | Mar 2023 ₹-694 Cr | Jun 2023 ₹-694 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-2.9K Cr | Jun 2026 —
- SCHNEIDER: Sep 2021 ₹576 Cr | Dec 2021 ₹576 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹470 Cr | Sep 2022 ₹556 Cr | Dec 2022 ₹556 Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹458 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹444 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹374 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-52 Cr | Dec 2023 ₹-52 Cr | Mar 2024 ₹-58 Cr | Jun 2024 ₹-58 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-160 Cr | Jun 2025 ₹-160 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-39 Cr | Mar 2026 ₹-100 Cr | Jun 2026 —
- TARIL: Sep 2021 ₹239 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹311 Cr | Jun 2022 ₹311 Cr | Sep 2022 ₹208 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹249 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹-148 Cr | Dec 2024 ₹-148 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹165 Cr | Jun 2026 ₹165 Cr
- INDOTECH: Sep 2021 ₹-14 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-42 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-42 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-53 Cr | Sep 2024 ₹-63 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-83 Cr | Dec 2025 ₹-83 Cr | Mar 2026 ₹-109 Cr | Jun 2026 —
- BBL: Sep 2021 ₹267 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-118 Cr | Dec 2023 ₹-118 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-249 Cr | Dec 2024 ₹-249 Cr | Mar 2025 ₹-347 Cr | Jun 2025 ₹-350 Cr | Sep 2025 ₹-125 Cr | Dec 2025 ₹-125 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- MARSONS: Sep 2021 ₹23 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹-41 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- DANISH: 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 ₹25 Cr | Dec 2024 — | Mar 2025 ₹-121 Cr | Jun 2025 — | Sep 2025 ₹-100 Cr | Dec 2025 — | Mar 2026 ₹-90 Cr | Jun 2026 —
- UEL: Sep 2021 ₹117 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-93 Cr | Jun 2024 — | Sep 2024 ₹-142 Cr | Dec 2024 — | Mar 2025 ₹-111 Cr | Jun 2025 — | Sep 2025 ₹-92 Cr | Dec 2025 — | Mar 2026 ₹-67 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Shilchar Technologies Ltd leads ROCE at 50.7%, 13 percentage points above Indo Tech Transformers Ltd. Indo Tech Transformers Ltd has the strongest latest improvement at +5.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Shilchar Technologies 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: Shilchar Technologies Ltd · 50.7% | 34.5% versus #2 · Indo Tech Transformers Ltd | Not enough history | 12/12 companies · 130 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. Shilchar Technologies Ltd (SHILCTECH): 51%
2. Indo Tech Transformers Ltd (INDOTECH): 38%
3. Schneider Electric Infrastructure Ltd (SCHNEIDER): 30%
4. CG Power & Industrial Solutions Ltd (CGPOWER): 27%
5. Marsons Ltd (MARSONS): 25%

### ROCE change — fastest improvers
1. Indo Tech Transformers Ltd (INDOTECH): +5.4 pp
2. Vilas Transcore Ltd (VILAS): −0.3 pp
3. Bharat Bijlee Ltd (BBL): −0.9 pp
4. Marsons Ltd (MARSONS): −1.0 pp
5. Voltamp Transformers Ltd (VOLTAMP): −3.2 pp

### 20-quarter ROCE history
- CGPOWER: Sep 2021 25% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 49% | Jun 2023 — | Sep 2023 45% | Dec 2023 95% | Mar 2024 33% | Jun 2024 73% | Sep 2024 28% | Dec 2024 42% | Mar 2025 28% | Jun 2025 38% | Sep 2025 16% | Dec 2025 26% | Mar 2026 17% | Jun 2026 —
- SCHNEIDER: Sep 2021 7.4% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 32% | Dec 2023 46% | Mar 2024 33% | Jun 2024 43% | Sep 2024 33% | Dec 2024 47% | Mar 2025 32% | Jun 2025 40% | Sep 2025 29% | Dec 2025 34% | Mar 2026 25% | Jun 2026 —
- VOLTAMP: Sep 2021 9.2% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 22% | Dec 2023 35% | Mar 2024 23% | Jun 2024 35% | Sep 2024 24% | Dec 2024 33% | Mar 2025 22% | Jun 2025 29% | Sep 2025 22% | Dec 2025 30% | Mar 2026 19% | Jun 2026 —
- TARIL: Sep 2021 14% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 17% | Jun 2024 28% | Sep 2024 17% | Dec 2024 34% | Mar 2025 22% | Jun 2025 39% | Sep 2025 23% | Dec 2025 32% | Mar 2026 22% | Jun 2026 28%
- INDOTECH: Sep 2021 9.0% | Dec 2021 — | Mar 2022 8.7% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 21% | Dec 2023 32% | Mar 2024 25% | Jun 2024 32% | Sep 2024 28% | Dec 2024 42% | Mar 2025 25% | Jun 2025 41% | Sep 2025 29% | Dec 2025 41% | Mar 2026 30% | Jun 2026 —
- BBL: Sep 2021 6.7% | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 7.2% | Jun 2023 — | Sep 2023 8.3% | Dec 2023 12% | Mar 2024 7.9% | Jun 2024 11% | Sep 2024 5.6% | Dec 2024 9.5% | Mar 2025 7.1% | Jun 2025 9.6% | Sep 2025 6.9% | Dec 2025 7.9% | Mar 2026 6.2% | Jun 2026 —
- MARSONS: Sep 2021 -7.5% | Dec 2021 — | Mar 2022 -5.8% | Jun 2022 — | Sep 2022 -5.4% | Dec 2022 — | Mar 2023 4.6% | Jun 2023 — | Sep 2023 5.7% | Dec 2023 30% | Mar 2024 4.3% | Jun 2024 34% | Sep 2024 13% | Dec 2024 28% | Mar 2025 20% | Jun 2025 44% | Sep 2025 20% | Dec 2025 27% | Mar 2026 19% | Jun 2026 —
- DANISH: 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 28% | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- UEL: Sep 2021 -14% | Dec 2021 — | Mar 2022 -11% | Jun 2022 — | Sep 2022 -16% | Dec 2022 — | Mar 2023 -6.6% | Jun 2023 — | Sep 2023 -11% | Dec 2023 21% | Mar 2024 -8.5% | Jun 2024 20% | Sep 2024 -3.3% | Dec 2024 13% | Mar 2025 4.6% | Jun 2025 11% | Sep 2025 0.9% | Dec 2025 3.0% | Mar 2026 -4.9% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 14% | Jun 2026 —

### 20-quarter ROCE change history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.2 pp | Dec 2022 — | Mar 2023 +9.8 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 −15.8 pp | Jun 2024 — | Sep 2024 −16.8 pp | Dec 2024 −53.6 pp | Mar 2025 −5.1 pp | Jun 2025 −34.8 pp | Sep 2025 −11.7 pp | Dec 2025 −15.5 pp | Mar 2026 −11.4 pp | Jun 2026 —
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.0 pp | Dec 2022 — | Mar 2023 +10.5 pp | Jun 2023 — | Sep 2023 +7.8 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +0.6 pp | Mar 2025 −0.9 pp | Jun 2025 −3.9 pp | Sep 2025 −4.4 pp | Dec 2025 −12.7 pp | Mar 2026 −7.3 pp | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.4 pp | Dec 2022 — | Mar 2023 +6.2 pp | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +2.3 pp | Dec 2024 −2.4 pp | Mar 2025 −0.7 pp | Jun 2025 −5.1 pp | Sep 2025 −1.8 pp | Dec 2025 −2.4 pp | Mar 2026 −3.2 pp | Jun 2026 —
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 — | Mar 2023 +7.1 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 −2.8 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 +17.1 pp | Mar 2025 +4.3 pp | Jun 2025 +11.1 pp | Sep 2025 +5.4 pp | Dec 2025 −1.8 pp | Mar 2026 −0.1 pp | Jun 2026 −11.8 pp
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 — | Mar 2023 +6.5 pp | Jun 2023 — | Sep 2023 +10.7 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 +6.9 pp | Dec 2024 +10.0 pp | Mar 2025 +0.1 pp | Jun 2025 +9.2 pp | Sep 2025 +0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +5.4 pp | Jun 2026 —
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +2.5 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 −2.7 pp | Dec 2024 −2.5 pp | Mar 2025 −0.8 pp | Jun 2025 −1.5 pp | Sep 2025 +1.3 pp | Dec 2025 −1.6 pp | Mar 2026 −0.9 pp | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 — | Mar 2023 +10.4 pp | Jun 2023 — | Sep 2023 +11.1 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 +6.9 pp | Dec 2024 −2.5 pp | Mar 2025 +16.0 pp | Jun 2025 +9.7 pp | Sep 2025 +7.8 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- DANISH: 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 −2.9 pp | Dec 2025 — | Mar 2026 −6.6 pp | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 +7.9 pp | Dec 2024 −7.9 pp | Mar 2025 +13.1 pp | Jun 2025 −8.7 pp | Sep 2025 +4.2 pp | Dec 2025 −10.2 pp | Mar 2026 −9.5 pp | Jun 2026 —
- VILAS: 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 −2.8 pp | Jun 2025 — | Sep 2025 +6.0 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Indo Tech Transformers Ltd has the lowest comparable Guarded PEG at 0.45×, 70.6% below Transformers & Rectifiers India Ltd. Only 6 of 12 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: Indo Tech Transformers Ltd · 0.45× | 70.6% versus #2 · Transformers & Rectifiers India Ltd | 0/8 recent comparable periods | 6/12 companies · 49 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. Indo Tech Transformers Ltd (INDOTECH): 0.5
2. Transformers & Rectifiers India Ltd (TARIL): 1.5
3. Voltamp Transformers Ltd (VOLTAMP): 2.4
4. Schneider Electric Infrastructure Ltd (SCHNEIDER): 2.8
5. Bharat Bijlee Ltd (BBL): 4.5

### P/E — lowest P/E
1. Vilas Transcore Ltd (VILAS): 22.1
2. Danish Power Ltd (DANISH): 23.5
3. Supreme Power Equipment Ltd (SUPREMEPWR): 23.5
4. Bharat Bijlee Ltd (BBL): 23.7
5. Shilchar Technologies Ltd (SHILCTECH): 30.9

### 20-quarter Guarded PEG history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 2.6 | Jun 2024 9.6 | Sep 2024 14.9 | Dec 2024 — | Mar 2025 11.0 | Jun 2025 7.6 | Sep 2025 9.9 | Dec 2025 5.2 | Mar 2026 4.8 | Jun 2026 5.2
- SCHNEIDER: Sep 2021 — | Dec 2021 2.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.3 | Dec 2024 4.4 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 2.6 | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- VOLTAMP: Sep 2021 0.8 | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 1.1 | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 2.1 | Jun 2025 4.9 | Sep 2025 — | Dec 2025 — | Mar 2026 2.4 | Jun 2026 —
- TARIL: Sep 2021 0.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.3 | Dec 2023 44.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.5
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 —
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 0.5 | Mar 2023 1.1 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 4.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CGPOWER: Sep 2021 19.6 | Dec 2021 27.1 | Mar 2022 22.6 | Jun 2022 57.3 | Sep 2022 64.4 | Dec 2022 69.0 | Mar 2023 73.0 | Jun 2023 76.5 | Sep 2023 81.6 | Dec 2023 79.4 | Mar 2024 96.1 | Jun 2024 125.8 | Sep 2024 129.3 | Dec 2024 127.5 | Mar 2025 103.7 | Jun 2025 105.4 | Sep 2025 112.7 | Dec 2025 94.7 | Mar 2026 91.1 | Jun 2026 120.0
- SCHNEIDER: Sep 2021 119.4 | Dec 2021 123.1 | Mar 2022 159.2 | Jun 2022 77.2 | Sep 2022 73.2 | Dec 2022 53.0 | Mar 2023 56.8 | Jun 2023 57.5 | Sep 2023 67.3 | Dec 2023 57.5 | Mar 2024 81.4 | Jun 2024 118.0 | Sep 2024 104.0 | Dec 2024 94.2 | Mar 2025 78.6 | Jun 2025 74.4 | Sep 2025 80.7 | Dec 2025 70.8 | Mar 2026 80.1 | Jun 2026 —
- VOLTAMP: Sep 2021 13.4 | Dec 2021 17.7 | Mar 2022 18.1 | Jun 2022 19.7 | Sep 2022 18.3 | Dec 2022 18.1 | Mar 2023 15.5 | Jun 2023 20.5 | Sep 2023 20.3 | Dec 2023 26.8 | Mar 2024 33.7 | Jun 2024 36.2 | Sep 2024 40.0 | Dec 2024 29.9 | Mar 2025 22.4 | Jun 2025 28.9 | Sep 2025 21.8 | Dec 2025 23.9 | Mar 2026 24.1 | Jun 2026 —
- TARIL: Sep 2021 27.0 | Dec 2021 31.5 | Mar 2022 22.6 | Jun 2022 26.8 | Sep 2022 45.2 | Dec 2022 30.4 | Mar 2023 22.9 | Jun 2023 32.3 | Sep 2023 104.7 | Dec 2023 257.1 | Mar 2024 363.9 | Jun 2024 233.2 | Sep 2024 116.3 | Dec 2024 132.6 | Mar 2025 99.3 | Jun 2025 69.5 | Sep 2025 57.7 | Dec 2025 35.0 | Mar 2026 30.6 | Jun 2026 38.0
- SHILCTECH: Sep 2021 14.1 | Dec 2021 19.4 | Mar 2022 19.5 | Jun 2022 14.3 | Sep 2022 12.5 | Dec 2022 13.6 | Mar 2023 16.7 | Jun 2023 16.5 | Sep 2023 22.2 | Dec 2023 27.9 | Mar 2024 35.2 | Jun 2024 45.7 | Sep 2024 41.8 | Dec 2024 54.3 | Mar 2025 34.4 | Jun 2025 41.4 | Sep 2025 31.4 | Dec 2025 25.4 | Mar 2026 22.4 | Jun 2026 —
- INDOTECH: Sep 2021 27.4 | Dec 2021 17.1 | Mar 2022 11.7 | Jun 2022 15.4 | Sep 2022 12.1 | Dec 2022 12.7 | Mar 2023 14.7 | Jun 2023 17.4 | Sep 2023 16.3 | Dec 2023 20.8 | Mar 2024 25.9 | Jun 2024 36.4 | Sep 2024 40.7 | Dec 2024 51.6 | Mar 2025 34.8 | Jun 2025 33.0 | Sep 2025 23.5 | Dec 2025 19.6 | Mar 2026 13.9 | Jun 2026 —
- BBL: Sep 2021 15.3 | Dec 2021 19.1 | Mar 2022 17.8 | Jun 2022 16.3 | Sep 2022 18.4 | Dec 2022 22.7 | Mar 2023 21.1 | Jun 2023 20.4 | Sep 2023 22.1 | Dec 2023 26.5 | Mar 2024 33.0 | Jun 2024 40.0 | Sep 2024 42.1 | Dec 2024 34.5 | Mar 2025 24.7 | Jun 2025 25.9 | Sep 2025 26.0 | Dec 2025 20.8 | Mar 2026 18.4 | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -183.1 | Mar 2023 24.5 | Jun 2023 — | Sep 2023 21.5 | Dec 2023 32.5 | Mar 2024 820.8 | Jun 2024 142.9 | Sep 2024 310.2 | Dec 2024 152.7 | Mar 2025 94.1 | Jun 2025 131.8 | Sep 2025 98.4 | Dec 2025 80.4 | Mar 2026 69.5 | Jun 2026 —
- DANISH: 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 27.3 | Jun 2025 — | Sep 2025 29.2 | Dec 2025 — | Mar 2026 18.0 | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.5 | Mar 2024 — | Jun 2024 59.1 | Sep 2024 123.7 | Dec 2024 129.4 | Mar 2025 241.7 | Jun 2025 690.9 | Sep 2025 571.6 | Dec 2025 844.9 | Mar 2026 724.5 | Jun 2026 —
- VILAS: 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 31.5 | Dec 2024 — | Mar 2025 26.0 | Jun 2025 — | Sep 2025 37.0 | Dec 2025 — | Mar 2026 19.5 | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 49.5 | Sep 2024 47.6 | Dec 2024 37.9 | Mar 2025 18.9 | Jun 2025 30.6 | Sep 2025 27.8 | Dec 2025 23.4 | Mar 2026 18.9 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Indo Tech Transformers Ltd leads ev/ebitda at 9.5×; Bharat Bijlee Ltd leads p/bv at 1.4×.

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: Indo Tech Transformers Ltd · 9.5× | 11.2% versus #2 · Danish Power Ltd | 0/8 recent comparable periods | 12/12 companies · 169 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. Indo Tech Transformers Ltd (INDOTECH): 9.5
2. Danish Power Ltd (DANISH): 10.7
3. Bharat Bijlee Ltd (BBL): 11.0
4. Vilas Transcore Ltd (VILAS): 12.1
5. Supreme Power Equipment Ltd (SUPREMEPWR): 13.5

### P/BV — lowest P/BV
1. Bharat Bijlee Ltd (BBL): 1.4
2. Vilas Transcore Ltd (VILAS): 2.7
3. Danish Power Ltd (DANISH): 3.5
4. Supreme Power Equipment Ltd (SUPREMEPWR): 4.1
5. Voltamp Transformers Ltd (VOLTAMP): 5.2

### 20-quarter EV/EBITDA history
- CGPOWER: Sep 2021 46.8 | Dec 2021 55.0 | Mar 2022 45.9 | Jun 2022 42.5 | Sep 2022 46.0 | Dec 2022 47.6 | Mar 2023 48.0 | Jun 2023 54.0 | Sep 2023 57.7 | Dec 2023 56.8 | Mar 2024 68.9 | Jun 2024 86.7 | Sep 2024 88.4 | Dec 2024 87.0 | Mar 2025 70.1 | Jun 2025 69.5 | Sep 2025 76.0 | Dec 2025 62.9 | Mar 2026 60.0 | Jun 2026 78.7
- SCHNEIDER: Sep 2021 37.0 | Dec 2021 49.2 | Mar 2022 39.9 | Jun 2022 30.7 | Sep 2022 39.5 | Dec 2022 31.6 | Mar 2023 31.8 | Jun 2023 37.8 | Sep 2023 46.0 | Dec 2023 42.2 | Mar 2024 62.0 | Jun 2024 69.8 | Sep 2024 59.8 | Dec 2024 53.1 | Mar 2025 41.7 | Jun 2025 47.9 | Sep 2025 51.2 | Dec 2025 43.9 | Mar 2026 49.2 | Jun 2026 —
- VOLTAMP: Sep 2021 9.9 | Dec 2021 13.1 | Mar 2022 13.2 | Jun 2022 14.2 | Sep 2022 13.2 | Dec 2022 13.0 | Mar 2023 11.2 | Jun 2023 15.1 | Sep 2023 14.8 | Dec 2023 19.9 | Mar 2024 25.0 | Jun 2024 27.0 | Sep 2024 30.1 | Dec 2024 22.1 | Mar 2025 16.3 | Jun 2025 20.7 | Sep 2025 15.5 | Dec 2025 17.2 | Mar 2026 17.6 | Jun 2026 —
- TARIL: Sep 2021 6.8 | Dec 2021 8.0 | Mar 2022 7.3 | Jun 2022 7.3 | Sep 2022 11.2 | Dec 2022 9.3 | Mar 2023 9.0 | Jun 2023 12.3 | Sep 2023 23.3 | Dec 2023 38.2 | Mar 2024 59.8 | Jun 2024 79.4 | Sep 2024 53.3 | Dec 2024 68.9 | Mar 2025 55.3 | Jun 2025 41.4 | Sep 2025 35.8 | Dec 2025 21.7 | Mar 2026 18.8 | Jun 2026 23.3
- SHILCTECH: Sep 2021 7.0 | Dec 2021 9.0 | Mar 2022 10.7 | Jun 2022 9.1 | Sep 2022 8.2 | Dec 2022 9.2 | Mar 2023 11.8 | Jun 2023 11.9 | Sep 2023 15.8 | Dec 2023 19.9 | Mar 2024 25.4 | Jun 2024 33.2 | Sep 2024 30.0 | Dec 2024 39.2 | Mar 2025 24.6 | Jun 2025 29.9 | Sep 2025 22.7 | Dec 2025 18.4 | Mar 2026 16.1 | Jun 2026 —
- INDOTECH: Sep 2021 12.8 | Dec 2021 11.9 | Mar 2022 8.6 | Jun 2022 8.9 | Sep 2022 7.9 | Dec 2022 7.6 | Mar 2023 7.4 | Jun 2023 12.2 | Sep 2023 11.1 | Dec 2023 13.6 | Mar 2024 17.1 | Jun 2024 25.4 | Sep 2024 28.3 | Dec 2024 37.1 | Mar 2025 24.1 | Jun 2025 22.2 | Sep 2025 15.8 | Dec 2025 13.2 | Mar 2026 9.5 | Jun 2026 —
- BBL: Sep 2021 10.1 | Dec 2021 12.7 | Mar 2022 12.1 | Jun 2022 10.5 | Sep 2022 12.2 | Dec 2022 14.7 | Mar 2023 13.8 | Jun 2023 13.4 | Sep 2023 14.5 | Dec 2023 15.2 | Mar 2024 19.4 | Jun 2024 26.3 | Sep 2024 26.4 | Dec 2024 20.3 | Mar 2025 14.7 | Jun 2025 16.3 | Sep 2025 15.1 | Dec 2025 13.0 | Mar 2026 11.0 | Jun 2026 —
- MARSONS: 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 144.1 | Mar 2025 102.1 | Jun 2025 111.1 | Sep 2025 107.3 | Dec 2025 87.5 | Mar 2026 49.5 | Jun 2026 —
- DANISH: 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 27.9 | Jun 2025 — | Sep 2025 17.5 | Dec 2025 — | Mar 2026 10.7 | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 53.5 | Sep 2023 79.8 | Dec 2023 94.5 | Mar 2024 — | Jun 2024 104.6 | Sep 2024 165.0 | Dec 2024 177.0 | Mar 2025 102.8 | Jun 2025 293.2 | Sep 2025 320.4 | Dec 2025 186.0 | Mar 2026 613.5 | Jun 2026 —
- VILAS: 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 26.3 | Dec 2024 — | Mar 2025 19.6 | Jun 2025 — | Sep 2025 21.9 | Dec 2025 — | Mar 2026 12.1 | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14.9 | Mar 2024 16.7 | Jun 2024 35.9 | Sep 2024 28.9 | Dec 2024 22.2 | Mar 2025 11.0 | Jun 2025 19.9 | Sep 2025 18.2 | Dec 2025 16.6 | Mar 2026 13.5 | Jun 2026 —

### 20-quarter P/BV history
- CGPOWER: Sep 2021 -3.9 | Dec 2021 65.5 | Mar 2022 62.1 | Jun 2022 29.2 | Sep 2022 26.6 | Dec 2022 30.5 | Mar 2023 42.4 | Jun 2023 53.5 | Sep 2023 37.7 | Dec 2023 31.1 | Mar 2024 37.1 | Jun 2024 60.1 | Sep 2024 38.5 | Dec 2024 32.5 | Mar 2025 27.8 | Jun 2025 34.0 | Sep 2025 29.4 | Dec 2025 13.8 | Mar 2026 14.1 | Jun 2026 37.4
- SCHNEIDER: Sep 2021 -33.8 | Dec 2021 -121.5 | Mar 2022 -129.9 | Jun 2022 -28.7 | Sep 2022 75.6 | Dec 2022 67.6 | Mar 2023 -77.1 | Jun 2023 -128.9 | Sep 2023 130.9 | Dec 2023 44.3 | Mar 2024 80.3 | Jun 2024 311.3 | Sep 2024 92.9 | Dec 2024 46.5 | Mar 2025 40.0 | Jun 2025 89.6 | Sep 2025 41.9 | Dec 2025 26.4 | Mar 2026 31.9 | Jun 2026 —
- VOLTAMP: Sep 2021 1.7 | Dec 2021 2.3 | Mar 2022 2.3 | Jun 2022 3.1 | Sep 2022 2.7 | Dec 2022 2.9 | Mar 2023 2.9 | Jun 2023 4.3 | Sep 2023 4.1 | Dec 2023 5.7 | Mar 2024 8.4 | Jun 2024 10.1 | Sep 2024 9.9 | Dec 2024 7.2 | Mar 2025 5.1 | Jun 2025 6.9 | Sep 2025 4.5 | Dec 2025 4.8 | Mar 2026 5.2 | Jun 2026 —
- TARIL: Sep 2021 1.0 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 3.7 | Sep 2023 5.8 | Dec 2023 8.0 | Mar 2024 14.8 | Jun 2024 18.6 | Sep 2024 16.0 | Dec 2024 14.9 | Mar 2025 14.6 | Jun 2025 11.8 | Sep 2025 11.9 | Dec 2025 6.4 | Mar 2026 6.1 | Jun 2026 6.6
- SHILCTECH: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.9 | Jun 2022 3.0 | Sep 2022 2.6 | Dec 2022 3.9 | Mar 2023 7.2 | Jun 2023 8.9 | Sep 2023 9.8 | Dec 2023 12.2 | Mar 2024 18.4 | Jun 2024 33.5 | Sep 2024 19.9 | Dec 2024 22.8 | Mar 2025 15.6 | Jun 2025 29.0 | Sep 2025 14.8 | Dec 2025 10.8 | Mar 2026 9.9 | Jun 2026 —
- INDOTECH: Sep 2021 1.2 | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 3.1 | Sep 2023 3.1 | Dec 2023 3.9 | Mar 2024 5.8 | Jun 2024 10.0 | Sep 2024 9.2 | Dec 2024 12.8 | Mar 2025 9.9 | Jun 2025 9.7 | Sep 2025 6.5 | Dec 2025 5.1 | Mar 2026 3.9 | Jun 2026 —
- BBL: Sep 2021 0.8 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 1.9 | Mar 2024 2.5 | Jun 2024 3.8 | Sep 2024 2.9 | Dec 2024 1.9 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 1.8 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —
- MARSONS: Sep 2021 -0.3 | Dec 2021 -0.4 | Mar 2022 -0.5 | Jun 2022 -0.3 | Sep 2022 -0.2 | Dec 2022 -0.2 | Mar 2023 -0.2 | Jun 2023 -0.2 | Sep 2023 -0.2 | Dec 2023 -0.3 | Mar 2024 -1.3 | Jun 2024 -2.0 | Sep 2024 -5.2 | Dec 2024 27.8 | Mar 2025 -5.7 | Jun 2025 -5.7 | Sep 2025 22.3 | Dec 2025 18.3 | Mar 2026 9.7 | Jun 2026 —
- DANISH: 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 4.9 | Jun 2025 — | Sep 2025 5.2 | Dec 2025 — | Mar 2026 3.3 | Jun 2026 —
- UEL: Sep 2021 1.0 | Dec 2021 3.5 | Mar 2022 3.2 | Jun 2022 1.4 | Sep 2022 3.8 | Dec 2022 3.5 | Mar 2023 1.8 | Jun 2023 2.2 | Sep 2023 3.8 | Dec 2023 4.2 | Mar 2024 177.2 | Jun 2024 101.8 | Sep 2024 71.1 | Dec 2024 72.0 | Mar 2025 51.2 | Jun 2025 76.8 | Sep 2025 61.1 | Dec 2025 51.2 | Mar 2026 20.9 | Jun 2026 —
- VILAS: 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 3.7 | Dec 2024 — | Mar 2025 2.8 | Jun 2025 — | Sep 2025 4.3 | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 11.1 | Sep 2024 9.0 | Dec 2024 6.9 | Mar 2025 3.4 | Jun 2025 7.7 | Sep 2025 5.6 | Dec 2025 4.6 | Mar 2026 3.7 | Jun 2026 —

## Market action

Indo Tech Transformers Ltd has the strongest one-year price move in Capital Goods - Transformers at +80.8%. It also leads on Mansfield relative strength against NIFTY at +78.3%. 7 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Indo Tech Transformers Ltd (INDOTECH): 81%
2. Schneider Electric Infrastructure Ltd (SCHNEIDER): 41%
3. CG Power & Industrial Solutions Ltd (CGPOWER): 36%
4. Ujaas Energy Ltd (UEL): 34%
5. Voltamp Transformers Ltd (VOLTAMP): -0.3%

### Strongest relative strength versus NIFTY 500
1. Indo Tech Transformers Ltd (INDOTECH): 78%
2. Schneider Electric Infrastructure Ltd (SCHNEIDER): 34%
3. CG Power & Industrial Solutions Ltd (CGPOWER): 20%
4. Voltamp Transformers Ltd (VOLTAMP): 11%
5. Danish Power Ltd (DANISH): 9.8%

## 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.
- 4 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
- CG Power & Industrial Solutions Ltd (CGPOWER) — market value ₹1.4 L Cr; latest fundamentals Jun 2026
- Schneider Electric Infrastructure Ltd (SCHNEIDER) — market value ₹32.3K Cr; latest fundamentals Mar 2026
- Voltamp Transformers Ltd (VOLTAMP) — market value ₹9.3K Cr; latest fundamentals Mar 2026
- Transformers & Rectifiers India Ltd (TARIL) — market value ₹8.9K Cr; latest fundamentals Jun 2026
- Shilchar Technologies Ltd (SHILCTECH) — market value ₹4.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Indo Tech Transformers Ltd (INDOTECH) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Bharat Bijlee Ltd (BBL) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Marsons Ltd (MARSONS) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Danish Power Ltd (DANISH) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ujaas Energy Ltd (UEL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vilas Transcore Ltd (VILAS) — market value ₹875 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Supreme Power Equipment Ltd (SUPREMEPWR) — market value ₹481 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 5. Withheld: 1. Graded companies: 12.

4 of 12 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 12 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Shilchar Technologies Ltd (SHILCTECH) — its two data sources disagree by up to 3.4% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | SHILCTECH | Shilchar Technologies Ltd | diff_gt_2pct | disagreement up to 3.42% over 14 comparable periods

- UNVERIFIED | MARSONS | Marsons Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DANISH | Danish Power Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | UEL | Ujaas Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VILAS | Vilas Transcore 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 - Transformers index?

The Nifty Capital Goods - Transformers index tracks India's listed Capital Goods - Transformers companies as a single basket. This page follows the same 12 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 - Transformers sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Indo Tech Transformers Ltd places first among 12 listed Capital Goods - Transformers companies, followed by Marsons 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 - Transformers stocks are listed in India?

This comparison covers 12 listed Capital Goods - Transformers 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 - Transformers company is the biggest?

CG Power & Industrial Solutions Ltd is the largest, with trailing-twelve-month revenue of ₹12,821 crore, ahead of Schneider Electric Infrastructure Ltd at ₹2,891 crore. That covers 10 of 12 companies with comparable reporting through Jun 2026.

### Which Capital Goods - Transformers company is growing fastest?

Marsons Ltd has the fastest revenue growth at 45.6% year on year, across 10 of 12 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 - Transformers company has the best profit margins?

Marsons Ltd has the highest operating margin at 21%, from 12 of 12 comparable companies. Indo Tech Transformers Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - Transformers company makes the most profit?

CG Power & Industrial Solutions Ltd earns the most, at ₹1,239 crore of trailing-twelve-month net profit, from 10 of 12 comparable companies. Marsons Ltd has the fastest profit growth at 70.4%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Shilchar Technologies Ltd leads on return on capital employed at 50.7%, across 12 of 12 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 - Transformers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Indo Tech Transformers Ltd screens cheapest at 0.45×. Only 6 of 12 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 - Transformers company has the strongest balance sheet?

Shilchar Technologies Ltd carries the lowest comparable gross debt at ₹0 crore, from 12 of 12 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 - Transformers stock has the strongest price momentum?

Indo Tech Transformers 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 - Transformers company scores highest for research priority?

Indo Tech Transformers Ltd scores 86.3 out of 100 with 95.6% evidence confidence, from 31.3 points on growth and earnings, 20.8 on capital efficiency, 14.2 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 - Transformers companies does this comparison cover, and over what period?

It compares 12 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 - Transformers sector?

The 12 Capital Goods - Transformers companies on this page carry ₹2,04,979 crore of combined market value. CG Power & Industrial Solutions Ltd is the largest at ₹1,36,664 crore, about 67% 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 - Transformers sector's P/E ratio?

The median price-to-earnings ratio across the 12 Capital Goods - Transformers companies on this page is 34.2×, measured on the 12 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 - Transformers sector performing?

7 of the 12 covered Capital Goods - Transformers 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-transformers