# Castings, Forgings & Fastners — company-by-company sector analysis

> Castings, Forgings & Fastners: Bharat Forge Ltd owns the largest revenue base; Tirupati Forge Ltd has the fastest current growth.

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

## Bottom line

Castings, Forgings & Fastners has outperformed NIFTY 500 by 20.7% over 52 weeks and 14.5% over 13 weeks. 14 of 19 covered companies beat NIFTY on Mansfield relative strength, while 9 of 19 beat the sector itself. Bharat Forge Ltd leads with revenue of ₹16,812 crore, based on 18 of 19 comparable companies through Mar 2026.

### Is the Castings, Forgings & Fastners sector outperforming NIFTY 500?

Castings, Forgings & Fastners has outperformed NIFTY 500 by 20.7% over 52 weeks and 14.5% over 13 weeks. 14 of 19 covered companies beat NIFTY on Mansfield relative strength, while 9 of 19 beat the sector itself.

### Which Castings, Forgings & Fastners company is largest by revenue?

Bharat Forge Ltd leads with revenue of ₹16,812 crore, based on 18 of 19 comparable companies through Mar 2026.

### Which Castings, Forgings & Fastners company is growing fastest?

Tirupati Forge Ltd has the fastest current revenue growth at 41.3%, across 18 of 19 comparable companies.

### Which Castings, Forgings & Fastners company has the strongest 4-Factor Sector Score?

Uniparts India Ltd ranks first at 83.1/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Castings, Forgings & Fastners company reports the most CAPEX?

Sundaram Clayton Ltd reports the largest latest CAPEX at ₹155 crore, with 4 of 19 companies comparable.

### Which Castings, Forgings & Fastners company has the least gross debt?

Steelcast Ltd has the lowest comparable gross debt at ₹0 crore. Bharat Forge Ltd has the highest at ₹7,309 crore.

### Which Castings, Forgings & Fastners company has the lowest comparable PEG?

Uniparts India Ltd has the lowest comparable Guarded PEG at 0.38, among 8 of 19 companies that pass the metric’s comparability rules.

### How much history does this Castings, Forgings & Fastners 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

Castings, Forgings & Fastners has outperformed NIFTY 500 by 20.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 14.5%. 14 of 19 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Tirupati Forge Ltd is the strongest against the sector itself at +48.2%.

13-week sector return versus NIFTY 500: 15%
52-week sector return versus NIFTY 500: 21%
Stocks leading NIFTY: 14/19
Stocks leading sector: 9/19

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

Companies: 19
Combined market value: ₹2.2 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. Uniparts India Ltd (UNIPARTS): 83/100 — Sector-leading setup; evidence 96%
   - Growth & earnings 30.8/35 | Capital efficiency 19.2/25 | Valuation 15.6/20 | Relative strength 17.5/20
   - Exact sum: 30.8 + 19.2 + 15.6 + 17.5 = 83.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Gala Precision Engineering Ltd (GALAPREC): 70/100 — Favorable setup; evidence 76%
   - Growth & earnings 26.7/35 | Capital efficiency 14.6/25 | Valuation 9.8/20 | Relative strength 18.9/20
   - Exact sum: 26.7 + 14.6 + 9.8 + 18.9 = 70
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Uni Abex Alloy Products Ltd (504605): 67/100 — Favorable setup; evidence 79%
   - Growth & earnings 22.0/35 | Capital efficiency 18.9/25 | Valuation 9.5/20 | Relative strength 17.0/20
   - Exact sum: 22 + 18.9 + 9.5 + 17 = 67.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Steelcast Ltd (STEELCAS): 61/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.4/35 | Capital efficiency 20.8/25 | Valuation 13.5/20 | Relative strength 10.2/20
   - Exact sum: 16.4 + 20.8 + 13.5 + 10.2 = 60.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sona BLW Precision Forgings Ltd (SONACOMS): 60/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 21.7/35 | Capital efficiency 14.0/25 | Valuation 6.8/20 | Relative strength 17.1/20
   - Exact sum: 21.7 + 14 + 6.8 + 17.1 = 59.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Kennametal India Ltd (KENNAMET): 56/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.9/35 | Capital efficiency 18.5/25 | Valuation 9.7/20 | Relative strength 8.9/20
   - Exact sum: 18.9 + 18.5 + 9.7 + 8.9 = 56
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Balu Forge Industries Ltd (BALUFORGE): 55/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 17.1/35 | Capital efficiency 20.1/25 | Valuation 14.7/20 | Relative strength 3.3/20
   - Exact sum: 17.1 + 20.1 + 14.7 + 3.3 = 55.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Happy Forgings Ltd (HAPPYFORGE): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 19.1/35 | Capital efficiency 17.2/25 | Valuation 5.5/20 | Relative strength 13.3/20
   - Exact sum: 19.1 + 17.2 + 5.5 + 13.3 = 55.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Amic Forging Ltd (544037): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.8/35 | Capital efficiency 20.6/25 | Valuation 7.2/20 | Relative strength 9.2/20
   - Exact sum: 17.8 + 20.6 + 7.2 + 9.2 = 54.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Tirupati Forge Ltd (TIRUPATIFL): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 14.0/35 | Capital efficiency 9.3/25 | Valuation 8.7/20 | Relative strength 20.0/20
   - Exact sum: 14 + 9.3 + 8.7 + 20 = 52
   - Decision use: Price leads the evidence: RS versus the benchmark is 77.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Nelcast Ltd (NELCAST): 52/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 21.7/35 | Capital efficiency 12.8/25 | Valuation 11.8/20 | Relative strength 5.6/20
   - Exact sum: 21.7 + 12.8 + 11.8 + 5.6 = 51.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Bharat Forge Ltd (BHARATFORG): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.9/35 | Capital efficiency 11.6/25 | Valuation 9.0/20 | Relative strength 11.0/20
   - Exact sum: 19.9 + 11.6 + 9 + 11 = 51.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. M M Forgings Ltd (MMFL): 46/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 11.5/35 | Capital efficiency 8.8/25 | Valuation 11.8/20 | Relative strength 14.1/20
   - Exact sum: 11.5 + 8.8 + 11.8 + 14.1 = 46.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 39.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. CIE Automotive India Ltd (CIEINDIA): 45/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 18.2/35 | Capital efficiency 15.9/25 | Valuation 10.0/20 | Relative strength 1.3/20
   - Exact sum: 18.2 + 15.9 + 10 + 1.3 = 45.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Ramkrishna Forgings Ltd (RKFORGE): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 14.8/35 | Capital efficiency 7.8/25 | Valuation 8.8/20 | Relative strength 7.4/20
   - Exact sum: 14.8 + 7.8 + 8.8 + 7.4 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Sundaram Clayton Ltd (SUNCLAY): 36/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 18.7/35 | Capital efficiency 2.0/25 | Valuation 11.5/20 | Relative strength 3.7/20
   - Exact sum: 18.7 + 2 + 11.5 + 3.7 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Alicon Castalloy Ltd (ALICON): 35/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 9.7/35 | Capital efficiency 10.1/25 | Valuation 11.1/20 | Relative strength 4.2/20
   - Exact sum: 9.7 + 10.1 + 11.1 + 4.2 = 35.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Sterling Tools Ltd (STERTOOLS): 26/100 — Adverse evidence; evidence 77%
   - Growth & earnings 6.2/35 | Capital efficiency 9.5/25 | Valuation 7.2/20 | Relative strength 3.4/20
   - Exact sum: 6.2 + 9.5 + 7.2 + 3.4 = 26.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Synergy Green Industries Ltd (SGIL): 26/100 — Adverse evidence; evidence 76%
   - Growth & earnings 4.2/35 | Capital efficiency 5.5/25 | Valuation 8.5/20 | Relative strength 7.9/20
   - Exact sum: 4.2 + 5.5 + 8.5 + 7.9 = 26.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Bharat Forge Ltd is the scale leader at ₹16,812 crore, 68.2% ahead of CIE Automotive India Ltd. Tirupati Forge Ltd's growth is 41.3% from a ₹162 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: Bharat Forge Ltd is the scale benchmark; Tirupati Forge Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bharat Forge Ltd's growth falls below Tirupati Forge Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bharat Forge Ltd · ₹16,812 crore | 68.2% versus #2 · CIE Automotive India Ltd | 4/8 recent comparable periods | 18/19 companies · 294 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bharat Forge Ltd (BHARATFORG): ₹16.8K Cr
2. CIE Automotive India Ltd (CIEINDIA): ₹10.0K Cr
3. Sona BLW Precision Forgings Ltd (SONACOMS): ₹4.9K Cr
4. Ramkrishna Forgings Ltd (RKFORGE): ₹4.4K Cr
5. Sundaram Clayton Ltd (SUNCLAY): ₹2.0K Cr

### Revenue growth — fastest growers
1. Tirupati Forge Ltd (TIRUPATIFL): 41%
2. Sona BLW Precision Forgings Ltd (SONACOMS): 40%
3. Gala Precision Engineering Ltd (GALAPREC): 33%
4. Uniparts India Ltd (UNIPARTS): 22%
5. Balu Forge Industries Ltd (BALUFORGE): 20%

### 20-quarter Revenue history
- 504605: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹48 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹52 Cr | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 — | Sep 2024 ₹64 Cr | Dec 2024 — | Mar 2025 ₹58 Cr | Jun 2025 — | Sep 2025 ₹67 Cr | Dec 2025 — | Mar 2026 ₹75 Cr | Jun 2026 —
- BHARATFORG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- SONACOMS: Sep 2021 ₹586 Cr | Dec 2021 ₹494 Cr | Mar 2022 ₹529 Cr | Jun 2022 ₹584 Cr | Sep 2022 ₹653 Cr | Dec 2022 ₹675 Cr | Mar 2023 ₹743 Cr | Jun 2023 ₹731 Cr | Sep 2023 ₹787 Cr | Dec 2023 ₹782 Cr | Mar 2024 ₹884 Cr | Jun 2024 ₹891 Cr | Sep 2024 ₹922 Cr | Dec 2024 ₹868 Cr | Mar 2025 ₹865 Cr | Jun 2025 ₹854 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- CIEINDIA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹443 Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹300 Cr | Sep 2022 ₹300 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹330 Cr | Sep 2023 ₹343 Cr | Dec 2023 ₹342 Cr | Mar 2024 ₹343 Cr | Jun 2024 ₹341 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹391 Cr | Mar 2026 ₹424 Cr | Jun 2026 —
- RKFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹777 Cr | Mar 2023 ₹892 Cr | Jun 2023 ₹892 Cr | Sep 2023 ₹899 Cr | Dec 2023 ₹996 Cr | Mar 2024 ₹974 Cr | Jun 2024 ₹959 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹947 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹908 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- KENNAMET: Sep 2021 ₹238 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹269 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹271 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹403 Cr | Jun 2026 —
- BALUFORGE: Sep 2021 ₹74 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹300 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 ₹303 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹347 Cr | Sep 2022 ₹360 Cr | Dec 2022 ₹331 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹253 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹339 Cr | Jun 2026 —
- STEELCAS: Sep 2021 ₹77 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹112 Cr | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹521 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹551 Cr | Mar 2024 ₹555 Cr | Jun 2024 ₹580 Cr | Sep 2024 ₹563 Cr | Dec 2024 ₹529 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹512 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹501 Cr | Mar 2026 ₹518 Cr | Jun 2026 —
- MMFL: Sep 2021 ₹273 Cr | Dec 2021 ₹296 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹344 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹398 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹398 Cr | Dec 2024 ₹374 Cr | Mar 2025 ₹371 Cr | Jun 2025 ₹362 Cr | Sep 2025 ₹385 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹430 Cr | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹46 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- NELCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹327 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹358 Cr | Dec 2023 ₹320 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹291 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹330 Cr | Mar 2026 ₹368 Cr | Jun 2026 —
- ALICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹361 Cr | Mar 2023 ₹319 Cr | Jun 2023 ₹354 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹419 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹418 Cr | Sep 2025 ₹428 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹495 Cr | Jun 2026 —
- TIRUPATIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- SGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹68 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹119 Cr | Jun 2026 —
- STERTOOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹208 Cr | Mar 2023 ₹212 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹282 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹222 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 504605: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.9% | Mar 2024 -13% | Jun 2024 -4.4% | Sep 2024 -15% | Dec 2024 -6.7% | Mar 2025 76% | Jun 2025 -11% | Sep 2025 19% | Dec 2025 9.5% | Mar 2026 30% | Jun 2026 —
- 544037: 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 23% | Dec 2024 — | Mar 2025 -23% | Jun 2025 — | Sep 2025 4.7% | Dec 2025 — | Mar 2026 29% | Jun 2026 —
- BHARATFORG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 15% | Mar 2024 15% | Jun 2024 5.9% | Sep 2024 -2.3% | Dec 2024 -10% | Mar 2025 -7.5% | Jun 2025 -4.8% | Sep 2025 9.3% | Dec 2025 25% | Mar 2026 18% | Jun 2026 —
- SONACOMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 11% | Dec 2022 37% | Mar 2023 40% | Jun 2023 25% | Sep 2023 21% | Dec 2023 16% | Mar 2024 19% | Jun 2024 22% | Sep 2024 17% | Dec 2024 11% | Mar 2025 -2.2% | Jun 2025 -4.2% | Sep 2025 23% | Dec 2025 38% | Mar 2026 45% | Jun 2026 52%
- CIEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 6.6% | Dec 2022 407% | Mar 2023 -5.7% | Jun 2023 -14% | Sep 2023 2.2% | Dec 2023 -0.3% | Mar 2024 -0.5% | Jun 2024 -1.2% | Sep 2024 -6.3% | Dec 2024 -5.8% | Mar 2025 -6.4% | Jun 2025 3.3% | Sep 2025 11% | Dec 2025 13% | Mar 2026 15% | Jun 2026 11%
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 14% | Dec 2023 16% | Mar 2024 14% | Jun 2024 3.3% | Sep 2024 5.3% | Dec 2024 3.5% | Mar 2025 2.6% | Jun 2025 3.8% | Sep 2025 4.4% | Dec 2025 10% | Mar 2026 20% | Jun 2026 —
- RKFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 9.2% | Jun 2024 7.5% | Sep 2024 17% | Dec 2024 7.8% | Mar 2025 -2.8% | Jun 2025 5.8% | Sep 2025 -14% | Dec 2025 2.3% | Mar 2026 29% | Jun 2026 20%
- KENNAMET: Sep 2021 21% | Dec 2021 10% | Mar 2022 7.9% | Jun 2022 27% | Sep 2022 12% | Dec 2022 15% | Mar 2023 4.1% | Jun 2023 3.7% | Sep 2023 -3.4% | Dec 2023 -1.5% | Mar 2024 5.1% | Jun 2024 8.2% | Sep 2024 4.7% | Dec 2024 5.9% | Mar 2025 7.8% | Jun 2025 7.0% | Sep 2025 9.6% | Dec 2025 16% | Mar 2026 39% | Jun 2026 —
- BALUFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -16% | Dec 2022 9.9% | Mar 2023 49% | Jun 2023 111% | Sep 2023 124% | Dec 2023 65% | Mar 2024 30% | Jun 2024 56% | Sep 2024 60% | Dec 2024 74% | Mar 2025 68% | Jun 2025 33% | Sep 2025 35% | Dec 2025 21% | Mar 2026 -2.2% | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 9.2% | Mar 2023 -5.5% | Jun 2023 -14% | Sep 2023 -18% | Dec 2023 -22% | Mar 2024 -12% | Jun 2024 -12% | Sep 2024 -18% | Dec 2024 -20% | Mar 2025 -13% | Jun 2025 5.0% | Sep 2025 15% | Dec 2025 35% | Mar 2026 34% | Jun 2026 —
- STEELCAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 119% | Sep 2022 57% | Dec 2022 52% | Mar 2023 29% | Jun 2023 2.6% | Sep 2023 -16% | Dec 2023 -25% | Mar 2024 -18% | Jun 2024 -35% | Sep 2024 -26% | Dec 2024 13% | Mar 2025 22% | Jun 2025 39% | Sep 2025 43% | Dec 2025 -4.9% | Mar 2026 -6.7% | Jun 2026 —
- SUNCLAY: 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% | Sep 2024 90% | Dec 2024 -4.0% | Mar 2025 5.8% | Jun 2025 -12% | Sep 2025 -12% | Dec 2025 -5.3% | Mar 2026 -12% | Jun 2026 —
- MMFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 31% | Dec 2022 26% | Mar 2023 20% | Jun 2023 7.6% | Sep 2023 11% | Dec 2023 7.3% | Mar 2024 2.6% | Jun 2024 3.2% | Sep 2024 0.3% | Dec 2024 -6.3% | Mar 2025 -6.8% | Jun 2025 -5.2% | Sep 2025 -3.3% | Dec 2025 11% | Mar 2026 16% | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 4.1% | Dec 2024 18% | Mar 2025 32% | Jun 2025 19% | Sep 2025 39% | Dec 2025 47% | Mar 2026 27% | Jun 2026 —
- NELCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.1% | Mar 2024 -5.8% | Jun 2024 2.4% | Sep 2024 -7.8% | Dec 2024 -9.1% | Mar 2025 12% | Jun 2025 11% | Sep 2025 -9.4% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- ALICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 31% | Jun 2024 24% | Sep 2024 22% | Dec 2024 -3.2% | Mar 2025 1.3% | Jun 2025 -5.0% | Sep 2025 -7.7% | Dec 2025 9.7% | Mar 2026 17% | Jun 2026 —
- TIRUPATIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 93% | Mar 2024 42% | Jun 2024 39% | Sep 2024 36% | Dec 2024 -19% | Mar 2025 -17% | Jun 2025 11% | Sep 2025 23% | Dec 2025 86% | Mar 2026 52% | Jun 2026 —
- SGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 -3.4% | Jun 2024 -6.1% | Sep 2024 24% | Dec 2024 10% | Mar 2025 18% | Jun 2025 6.1% | Sep 2025 -19% | Dec 2025 -5.5% | Mar 2026 22% | Jun 2026 —
- STERTOOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 27% | Jun 2024 28% | Sep 2024 35% | Dec 2024 12% | Mar 2025 -26% | Jun 2025 -32% | Sep 2025 -27% | Dec 2025 -21% | Mar 2026 11% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Amic Forging Ltd leads opm at 33%; Uniparts India Ltd leads margin change at +10 percentage points.

Investor read: Amic Forging 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: Amic Forging Ltd · 33% | 6.5% versus #2 · Uni Abex Alloy Products Ltd | 3/4 recent comparable periods | 19/19 companies · 334 observations

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

### OPM — highest
1. Amic Forging Ltd (544037): 33%
2. Uni Abex Alloy Products Ltd (504605): 31%
3. Happy Forgings Ltd (HAPPYFORGE): 31%
4. Steelcast Ltd (STEELCAS): 26%
5. Uniparts India Ltd (UNIPARTS): 24%

### Margin change — fastest expanders
1. Uniparts India Ltd (UNIPARTS): +10.0 pp
2. Uni Abex Alloy Products Ltd (504605): +5.0 pp
3. Amic Forging Ltd (544037): +5.0 pp
4. Ramkrishna Forgings Ltd (RKFORGE): +4.0 pp
5. Sundaram Clayton Ltd (SUNCLAY): +3.0 pp

### 20-quarter OPM history
- 504605: Sep 2021 13% | Dec 2021 18% | Mar 2022 16% | Jun 2022 13% | Sep 2022 9.6% | Dec 2022 22% | Mar 2023 23% | Jun 2023 26% | Sep 2023 33% | Dec 2023 32% | Mar 2024 14% | Jun 2024 22% | Sep 2024 22% | Dec 2024 19% | Mar 2025 26% | Jun 2025 17% | Sep 2025 26% | Dec 2025 13% | Mar 2026 31% | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17% | Sep 2023 19% | Dec 2023 — | Mar 2024 9.0% | Jun 2024 — | Sep 2024 19% | Dec 2024 — | Mar 2025 28% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 33% | Jun 2026 —
- BHARATFORG: Sep 2021 21% | Dec 2021 21% | Mar 2022 15% | Jun 2022 15% | Sep 2022 14% | Dec 2022 13% | Mar 2023 12% | Jun 2023 15% | Sep 2023 16% | Dec 2023 18% | Mar 2024 15% | Jun 2024 18% | Sep 2024 18% | Dec 2024 18% | Mar 2025 18% | Jun 2025 17% | Sep 2025 18% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- SONACOMS: Sep 2021 26% | Dec 2021 26% | Mar 2022 24% | Jun 2022 24% | Sep 2022 25% | Dec 2022 26% | Mar 2023 27% | Jun 2023 28% | Sep 2023 28% | Dec 2023 30% | Mar 2024 28% | Jun 2024 28% | Sep 2024 27% | Dec 2024 27% | Mar 2025 27% | Jun 2025 24% | Sep 2025 25% | Dec 2025 25% | Mar 2026 24% | Jun 2026 23%
- CIEINDIA: Sep 2021 13% | Dec 2021 11% | Mar 2022 14% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 16% | Jun 2023 16% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 15% | Dec 2025 14% | Mar 2026 15% | Jun 2026 15%
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 30% | Dec 2022 25% | Mar 2023 28% | Jun 2023 30% | Sep 2023 27% | Dec 2023 28% | Mar 2024 28% | Jun 2024 29% | Sep 2024 29% | Dec 2024 29% | Mar 2025 29% | Jun 2025 29% | Sep 2025 31% | Dec 2025 31% | Mar 2026 31% | Jun 2026 —
- RKFORGE: Sep 2021 23% | Dec 2021 24% | Mar 2022 21% | Jun 2022 21% | Sep 2022 21% | Dec 2022 22% | Mar 2023 22% | Jun 2023 22% | Sep 2023 22% | Dec 2023 22% | Mar 2024 19% | Jun 2024 18% | Sep 2024 16% | Dec 2024 12% | Mar 2025 10% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 17% | Jun 2026 18%
- KENNAMET: Sep 2021 19% | Dec 2021 19% | Mar 2022 17% | Jun 2022 17% | Sep 2022 18% | Dec 2022 14% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 16% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 18% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- BALUFORGE: Sep 2021 12% | Dec 2021 15% | Mar 2022 12% | Jun 2022 15% | Sep 2022 8.0% | Dec 2022 20% | Mar 2023 17% | Jun 2023 19% | Sep 2023 22% | Dec 2023 22% | Mar 2024 21% | Jun 2024 25% | Sep 2024 29% | Dec 2024 26% | Mar 2025 28% | Jun 2025 31% | Sep 2025 28% | Dec 2025 27% | Mar 2026 23% | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 22% | Mar 2022 20% | Jun 2022 22% | Sep 2022 22% | Dec 2022 24% | Mar 2023 19% | Jun 2023 20% | Sep 2023 18% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 15% | Dec 2024 15% | Mar 2025 14% | Jun 2025 19% | Sep 2025 21% | Dec 2025 20% | Mar 2026 24% | Jun 2026 —
- STEELCAS: Sep 2021 23% | Dec 2021 21% | Mar 2022 19% | Jun 2022 21% | Sep 2022 23% | Dec 2022 26% | Mar 2023 26% | Jun 2023 27% | Sep 2023 28% | Dec 2023 30% | Mar 2024 29% | Jun 2024 25% | Sep 2024 25% | Dec 2024 28% | Mar 2025 31% | Jun 2025 26% | Sep 2025 28% | Dec 2025 28% | Mar 2026 26% | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0% | Sep 2023 8.0% | Dec 2023 -1.0% | Mar 2024 3.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 7.0% | Mar 2025 5.0% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 7.0% | Mar 2026 8.0% | Jun 2026 —
- MMFL: Sep 2021 18% | Dec 2021 19% | Mar 2022 17% | Jun 2022 18% | Sep 2022 19% | Dec 2022 20% | Mar 2023 18% | Jun 2023 18% | Sep 2023 19% | Dec 2023 19% | Mar 2024 20% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 20% | Jun 2025 18% | Sep 2025 17% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18% | Sep 2023 19% | Dec 2023 15% | Mar 2024 24% | Jun 2024 20% | Sep 2024 18% | Dec 2024 13% | Mar 2025 17% | Jun 2025 15% | Sep 2025 16% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- NELCAST: Sep 2021 5.3% | Dec 2021 5.9% | Mar 2022 6.4% | Jun 2022 6.4% | Sep 2022 8.2% | Dec 2022 4.0% | Mar 2023 6.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 5.0% | Jun 2024 7.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 —
- ALICON: Sep 2021 9.1% | Dec 2021 12% | Mar 2022 12% | Jun 2022 11% | Sep 2022 11% | Dec 2022 12% | Mar 2023 9.9% | Jun 2023 11% | Sep 2023 12% | Dec 2023 13% | Mar 2024 14% | Jun 2024 13% | Sep 2024 12% | Dec 2024 8.7% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 10% | Mar 2026 9.2% | Jun 2026 —
- TIRUPATIFL: Sep 2021 6.9% | Dec 2021 18% | Mar 2022 10% | Jun 2022 17% | Sep 2022 17% | Dec 2022 13% | Mar 2023 15% | Jun 2023 11% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 16% | Sep 2024 15% | Dec 2024 9.9% | Mar 2025 11% | Jun 2025 11% | Sep 2025 8.1% | Dec 2025 10% | Mar 2026 9.2% | Jun 2026 —
- SGIL: Sep 2021 6.6% | Dec 2021 6.2% | Mar 2022 11% | Jun 2022 7.0% | Sep 2022 6.5% | Dec 2022 9.4% | Mar 2023 13% | Jun 2023 11% | Sep 2023 14% | Dec 2023 11% | Mar 2024 12% | Jun 2024 13% | Sep 2024 15% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 13% | Dec 2025 9.0% | Mar 2026 8.8% | Jun 2026 —
- STERTOOLS: Sep 2021 16% | Dec 2021 13% | Mar 2022 10% | Jun 2022 13% | Sep 2022 14% | Dec 2022 14% | Mar 2023 11% | Jun 2023 12% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 9.3% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 3.6% | Jun 2026 —

### 20-quarter Margin change history
- 504605: Sep 2021 −5.0 pp | Dec 2021 −0.9 pp | Mar 2022 −3.7 pp | Jun 2022 −0.9 pp | Sep 2022 −3.8 pp | Dec 2022 +4.1 pp | Mar 2023 +7.0 pp | Jun 2023 +13.1 pp | Sep 2023 +23.4 pp | Dec 2023 +10.2 pp | Mar 2024 −9.0 pp | Jun 2024 −4.0 pp | Sep 2024 −11.0 pp | Dec 2024 −13.0 pp | Mar 2025 +12.0 pp | Jun 2025 −5.0 pp | Sep 2025 +4.0 pp | Dec 2025 −6.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- 544037: 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 0.0 pp | Dec 2024 — | Mar 2025 +19.0 pp | Jun 2025 — | Sep 2025 +8.0 pp | Dec 2025 — | Mar 2026 +5.0 pp | Jun 2026 —
- BHARATFORG: Sep 2021 +8.8 pp | Dec 2021 +4.6 pp | Mar 2022 −4.1 pp | Jun 2022 −6.0 pp | Sep 2022 −6.9 pp | Dec 2022 −7.9 pp | Mar 2023 −3.2 pp | Jun 2023 +0.1 pp | Sep 2023 +2.0 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- SONACOMS: Sep 2021 −6.2 pp | Dec 2021 −3.6 pp | Mar 2022 −1.7 pp | Jun 2022 −4.2 pp | Sep 2022 −1.7 pp | Dec 2022 −0.4 pp | Mar 2023 +2.7 pp | Jun 2023 +4.5 pp | Sep 2023 +3.3 pp | Dec 2023 +4.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 −1.0 pp
- CIEINDIA: Sep 2021 +3.9 pp | Dec 2021 −1.8 pp | Mar 2022 +0.5 pp | Jun 2022 +1.1 pp | Sep 2022 +0.2 pp | Dec 2022 +2.2 pp | Mar 2023 +2.4 pp | Jun 2023 +2.2 pp | Sep 2023 +2.0 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +3.5 pp | Sep 2023 −3.3 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- RKFORGE: Sep 2021 +4.6 pp | Dec 2021 +4.7 pp | Mar 2022 +0.2 pp | Jun 2022 −1.5 pp | Sep 2022 −1.4 pp | Dec 2022 −1.5 pp | Mar 2023 +1.5 pp | Jun 2023 +0.6 pp | Sep 2023 +0.7 pp | Dec 2023 0.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −6.0 pp | Dec 2024 −10.0 pp | Mar 2025 −9.0 pp | Jun 2025 −4.0 pp | Sep 2025 −3.0 pp | Dec 2025 +3.0 pp | Mar 2026 +7.0 pp | Jun 2026 +4.0 pp
- KENNAMET: Sep 2021 +5.0 pp | Dec 2021 +5.0 pp | Mar 2022 +2.0 pp | Jun 2022 −1.0 pp | Sep 2022 −1.0 pp | Dec 2022 −5.0 pp | Mar 2023 −5.0 pp | Jun 2023 −4.0 pp | Sep 2023 −4.0 pp | Dec 2023 +2.0 pp | Mar 2024 +5.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.1 pp | Jun 2026 —
- BALUFORGE: Sep 2021 — | Dec 2021 +5.9 pp | Mar 2022 +4.7 pp | Jun 2022 +3.4 pp | Sep 2022 −4.5 pp | Dec 2022 +5.0 pp | Mar 2023 +4.5 pp | Jun 2023 +4.2 pp | Sep 2023 +14.0 pp | Dec 2023 +2.0 pp | Mar 2024 +4.0 pp | Jun 2024 +6.0 pp | Sep 2024 +7.0 pp | Dec 2024 +4.0 pp | Mar 2025 +7.0 pp | Jun 2025 +6.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.9 pp | Mar 2023 −1.2 pp | Jun 2023 −1.7 pp | Sep 2023 −4.1 pp | Dec 2023 −8.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 +3.0 pp | Sep 2025 +6.0 pp | Dec 2025 +5.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- STEELCAS: Sep 2021 +2.0 pp | Dec 2021 −0.2 pp | Mar 2022 −1.1 pp | Jun 2022 −1.1 pp | Sep 2022 +0.2 pp | Dec 2022 +4.9 pp | Mar 2023 +7.1 pp | Jun 2023 +6.2 pp | Sep 2023 +4.7 pp | Dec 2023 +4.0 pp | Mar 2024 +3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 0.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 +8.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- MMFL: Sep 2021 +0.3 pp | Dec 2021 +3.6 pp | Mar 2022 −2.8 pp | Jun 2022 −0.2 pp | Sep 2022 +1.0 pp | Dec 2022 +0.7 pp | Mar 2023 +0.8 pp | Jun 2023 −0.4 pp | Sep 2023 0.0 pp | Dec 2023 −1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −7.0 pp | Jun 2025 −5.0 pp | Sep 2025 −2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- NELCAST: Sep 2021 −3.7 pp | Dec 2021 −3.2 pp | Mar 2022 −2.6 pp | Jun 2022 +1.0 pp | Sep 2022 +2.9 pp | Dec 2022 −1.9 pp | Mar 2023 −0.4 pp | Jun 2023 +0.6 pp | Sep 2023 +0.8 pp | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 +4.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ALICON: Sep 2021 −3.7 pp | Dec 2021 −0.2 pp | Mar 2022 −3.2 pp | Jun 2022 +2.8 pp | Sep 2022 +2.2 pp | Dec 2022 −0.4 pp | Mar 2023 −1.9 pp | Jun 2023 +0.2 pp | Sep 2023 +0.8 pp | Dec 2023 +1.4 pp | Mar 2024 +3.8 pp | Jun 2024 +2.0 pp | Sep 2024 −0.1 pp | Dec 2024 −4.2 pp | Mar 2025 −2.8 pp | Jun 2025 −1.3 pp | Sep 2025 +0.7 pp | Dec 2025 +1.5 pp | Mar 2026 −1.8 pp | Jun 2026 —
- TIRUPATIFL: Sep 2021 −5.1 pp | Dec 2021 +9.6 pp | Mar 2022 +4.2 pp | Jun 2022 +7.2 pp | Sep 2022 +10.2 pp | Dec 2022 −5.4 pp | Mar 2023 +4.8 pp | Jun 2023 −5.8 pp | Sep 2023 −4.7 pp | Dec 2023 −0.7 pp | Mar 2024 −4.5 pp | Jun 2024 +4.6 pp | Sep 2024 +2.6 pp | Dec 2024 −2.4 pp | Mar 2025 +0.7 pp | Jun 2025 −4.7 pp | Sep 2025 −6.8 pp | Dec 2025 +0.6 pp | Mar 2026 −2.1 pp | Jun 2026 —
- SGIL: Sep 2021 −2.8 pp | Dec 2021 −8.0 pp | Mar 2022 +0.6 pp | Jun 2022 −3.3 pp | Sep 2022 −0.1 pp | Dec 2022 +3.2 pp | Mar 2023 +1.6 pp | Jun 2023 +4.3 pp | Sep 2023 +8.0 pp | Dec 2023 +1.7 pp | Mar 2024 −1.1 pp | Jun 2024 +1.8 pp | Sep 2024 +0.3 pp | Dec 2024 +3.3 pp | Mar 2025 +3.6 pp | Jun 2025 +0.4 pp | Sep 2025 −1.8 pp | Dec 2025 −5.3 pp | Mar 2026 −6.5 pp | Jun 2026 —
- STERTOOLS: Sep 2021 −6.7 pp | Dec 2021 −7.2 pp | Mar 2022 −6.2 pp | Jun 2022 −0.1 pp | Sep 2022 −2.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.4 pp | Jun 2023 −1.1 pp | Sep 2023 −2.0 pp | Dec 2023 −2.3 pp | Mar 2024 +0.9 pp | Jun 2024 −0.2 pp | Sep 2024 −0.7 pp | Dec 2024 −0.9 pp | Mar 2025 −2.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.0 pp | Dec 2025 +0.7 pp | Mar 2026 −5.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Bharat Forge Ltd leads with ₹1,089 crore of TTM profit, 20.6% above CIE Automotive India Ltd. Uni Abex Alloy Products Ltd shows ≥100% on the scoring scale (748.5% uncapped) growth from a ₹280 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Bharat Forge 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: Bharat Forge Ltd · ₹1,089 crore | 20.6% versus #2 · CIE Automotive India Ltd | 5/8 recent comparable periods | 18/19 companies · 294 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. Bharat Forge Ltd (BHARATFORG): ₹1.1K Cr
2. CIE Automotive India Ltd (CIEINDIA): ₹903 Cr
3. Sona BLW Precision Forgings Ltd (SONACOMS): ₹686 Cr
4. Happy Forgings Ltd (HAPPYFORGE): ₹302 Cr
5. Uni Abex Alloy Products Ltd (504605): ₹280 Cr

### Profit growth — fastest growers
1. Uni Abex Alloy Products Ltd (504605): 100%
2. Sundaram Clayton Ltd (SUNCLAY): 100%
3. Uniparts India Ltd (UNIPARTS): 78%
4. Gala Precision Engineering Ltd (GALAPREC): 35%
5. Balu Forge Industries Ltd (BALUFORGE): 27%

### 20-quarter Net profit history
- 504605: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹258 Cr | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 ₹23 Cr | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 ₹16 Cr | Jun 2026 —
- BHARATFORG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹142 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹273 Cr | Mar 2026 ₹233 Cr | Jun 2026 —
- SONACOMS: Sep 2021 ₹88 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹187 Cr | Jun 2026 ₹179 Cr
- CIEINDIA: Sep 2021 ₹166 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹161 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹-658 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹302 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹169 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹249 Cr | Jun 2026 ₹236 Cr
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- RKFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹61 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹56 Cr | Jun 2026 ₹47 Cr
- KENNAMET: Sep 2021 ₹28 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- BALUFORGE: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 ₹44 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- STEELCAS: Sep 2021 ₹10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-36 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-63 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹-54 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹-52 Cr | Mar 2026 ₹426 Cr | Jun 2026 —
- MMFL: Sep 2021 ₹27 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- NELCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- ALICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TIRUPATIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- STERTOOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 504605: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 -57% | Jun 2024 -22% | Sep 2024 -38% | Dec 2024 -50% | Mar 2025 333% | Jun 2025 -14% | Sep 2025 38% | Dec 2025 0.0% | Mar 2026 1,885% | Jun 2026 —
- 544037: 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 229% | Dec 2024 — | Mar 2025 86% | Jun 2025 — | Sep 2025 -48% | Dec 2025 — | Mar 2026 23% | Jun 2026 —
- BHARATFORG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 51% | Dec 2023 222% | Mar 2024 77% | Jun 2024 -18% | Sep 2024 13% | Dec 2024 -16% | Mar 2025 25% | Jun 2025 62% | Sep 2025 23% | Dec 2025 28% | Mar 2026 -18% | Jun 2026 —
- SONACOMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.3% | Sep 2022 5.7% | Dec 2022 24% | Mar 2023 14% | Jun 2023 47% | Sep 2023 33% | Dec 2023 25% | Mar 2024 23% | Jun 2024 27% | Sep 2024 16% | Dec 2024 13% | Mar 2025 11% | Jun 2025 -14% | Sep 2025 18% | Dec 2025 -0.7% | Mar 2026 14% | Jun 2026 47%
- CIEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 3.0% | Dec 2022 -923% | Mar 2023 73% | Jun 2023 60% | Sep 2023 119% | Dec 2023 — | Mar 2024 -18% | Jun 2024 -28% | Sep 2024 -48% | Dec 2024 9.5% | Mar 2025 -10% | Jun 2025 -6.0% | Sep 2025 9.7% | Dec 2025 10% | Mar 2026 21% | Jun 2026 16%
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 -5.2% | Dec 2023 38% | Mar 2024 29% | Jun 2024 0.0% | Sep 2024 29% | Dec 2024 12% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 2.8% | Dec 2025 22% | Mar 2026 24% | Jun 2026 —
- RKFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 -2.9% | Jun 2024 -30% | Sep 2024 71% | Dec 2024 -76% | Mar 2025 203% | Jun 2025 -78% | Sep 2025 -107% | Dec 2025 -33% | Mar 2026 -72% | Jun 2026 292%
- KENNAMET: Sep 2021 115% | Dec 2021 94% | Mar 2022 23% | Jun 2022 27% | Sep 2022 14% | Dec 2022 -29% | Mar 2023 -41% | Jun 2023 -32% | Sep 2023 -47% | Dec 2023 14% | Mar 2024 138% | Jun 2024 58% | Sep 2024 47% | Dec 2024 -12% | Mar 2025 -37% | Jun 2025 3.3% | Sep 2025 24% | Dec 2025 9.1% | Mar 2026 113% | Jun 2026 —
- BALUFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 -29% | Dec 2022 38% | Mar 2023 36% | Jun 2023 143% | Sep 2023 360% | Dec 2023 127% | Mar 2024 87% | Jun 2024 100% | Sep 2024 109% | Dec 2024 136% | Mar 2025 125% | Jun 2025 68% | Sep 2025 35% | Dec 2025 20% | Mar 2026 4.8% | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27% | Mar 2023 -2.2% | Jun 2023 -27% | Sep 2023 -38% | Dec 2023 -54% | Mar 2024 -36% | Jun 2024 -32% | Sep 2024 -36% | Dec 2024 -27% | Mar 2025 -21% | Jun 2025 36% | Sep 2025 86% | Dec 2025 74% | Mar 2026 122% | Jun 2026 —
- STEELCAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 80% | Dec 2022 111% | Mar 2023 100% | Jun 2023 43% | Sep 2023 5.6% | Dec 2023 -11% | Mar 2024 -5.0% | Jun 2024 -35% | Sep 2024 -32% | Dec 2024 12% | Mar 2025 42% | Jun 2025 54% | Sep 2025 77% | Dec 2025 11% | Mar 2026 -15% | Jun 2026 —
- SUNCLAY: 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 — | Dec 2025 — | Mar 2026 196% | Jun 2026 —
- MMFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 22% | Dec 2022 24% | Mar 2023 158% | Jun 2023 3.6% | Sep 2023 6.1% | Dec 2023 -5.6% | Mar 2024 19% | Jun 2024 3.5% | Sep 2024 -8.6% | Dec 2024 -21% | Mar 2025 -11% | Jun 2025 -37% | Sep 2025 -47% | Dec 2025 -33% | Mar 2026 36% | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 20% | Sep 2024 0.0% | Dec 2024 -17% | Mar 2025 43% | Jun 2025 17% | Sep 2025 60% | Dec 2025 60% | Mar 2026 20% | Jun 2026 —
- NELCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 420% | Mar 2024 25% | Jun 2024 14% | Sep 2024 -41% | Dec 2024 -77% | Mar 2025 180% | Jun 2025 50% | Sep 2025 -50% | Dec 2025 167% | Mar 2026 7.1% | Jun 2026 —
- ALICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.2% | Mar 2024 112% | Jun 2024 101% | Sep 2024 16% | Dec 2024 -95% | Mar 2025 -54% | Jun 2025 -51% | Sep 2025 -17% | Dec 2025 323% | Mar 2026 -16% | Jun 2026 —
- TIRUPATIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 101% | Mar 2024 -10% | Jun 2024 128% | Sep 2024 73% | Dec 2024 -36% | Mar 2025 -32% | Jun 2025 -46% | Sep 2025 -49% | Dec 2025 54% | Mar 2026 17% | Jun 2026 —
- SGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -5.3% | Jun 2024 18% | Sep 2024 30% | Dec 2024 128% | Mar 2025 18% | Jun 2025 15% | Sep 2025 -43% | Dec 2025 -125% | Mar 2026 -89% | Jun 2026 —
- STERTOOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.4% | Mar 2024 109% | Jun 2024 41% | Sep 2024 40% | Dec 2024 0.2% | Mar 2025 -46% | Jun 2025 -51% | Sep 2025 -1.6% | Dec 2025 -89% | Mar 2026 -82% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Sundaram Clayton Ltd reports ₹155 crore of CAPEX; Sundaram Clayton Ltd has the highest covered intensity at 27.5%. Coverage is only 4 of 19 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: Sundaram Clayton Ltd · ₹155 crore | 252.3% versus #2 · Happy Forgings Ltd | 3/3 recent comparable periods | 4/19 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. Sundaram Clayton Ltd (SUNCLAY): ₹155 Cr
2. Happy Forgings Ltd (HAPPYFORGE): ₹44 Cr
3. Uniparts India Ltd (UNIPARTS): ₹7 Cr
4. Gala Precision Engineering Ltd (GALAPREC): ₹4 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sundaram Clayton Ltd (SUNCLAY): 28%
2. Happy Forgings Ltd (HAPPYFORGE): 15%
3. Gala Precision Engineering Ltd (GALAPREC): 7.0%
4. Uniparts India Ltd (UNIPARTS): 1.9%

### 20-quarter CAPEX history
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹44 Cr | Sep 2022 ₹44 Cr | 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 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | 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 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹57 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹146 Cr | Sep 2024 ₹155 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 15% | 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 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 2.9% | Jun 2022 2.3% | Sep 2022 1.9% | 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 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 25% | Sep 2024 28% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.2% | Mar 2024 7.0% | 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: CIE Automotive India Ltd has the clearest covered balance-sheet capacity with ₹1,211 crore net cash and gross debt of ₹513 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: Steelcast Ltd · ₹0 crore | 100% versus #2 · Kennametal India Ltd | 6/8 recent comparable periods | 19/19 companies · 278 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. Steelcast Ltd (STEELCAS): ₹0 Cr
2. Kennametal India Ltd (KENNAMET): ₹2 Cr
3. Amic Forging Ltd (544037): ₹6 Cr
4. Uni Abex Alloy Products Ltd (504605): ₹13 Cr
5. Gala Precision Engineering Ltd (GALAPREC): ₹38 Cr

### Net debt — lowest net debt
1. CIE Automotive India Ltd (CIEINDIA): ₹-1.2K Cr
2. Sona BLW Precision Forgings Ltd (SONACOMS): ₹-787 Cr
3. Kennametal India Ltd (KENNAMET): ₹-177 Cr
4. Uniparts India Ltd (UNIPARTS): ₹-95 Cr
5. Happy Forgings Ltd (HAPPYFORGE): ₹-76 Cr

### 20-quarter Gross debt history
- 504605: Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹13 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹19 Cr | Dec 2025 — | Mar 2026 ₹13 Cr | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- BHARATFORG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.9K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.7K Cr | Jun 2025 — | Sep 2025 ₹6.7K Cr | Dec 2025 — | Mar 2026 ₹7.3K Cr | Jun 2026 —
- SONACOMS: Sep 2021 ₹182 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹255 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹295 Cr | Sep 2023 ₹386 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹412 Cr | Jun 2024 ₹418 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹442 Cr | Jun 2026 —
- CIEINDIA: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹985 Cr | Mar 2023 ₹985 Cr | Jun 2023 ₹864 Cr | Sep 2023 ₹864 Cr | Dec 2023 ₹855 Cr | Mar 2024 ₹855 Cr | Jun 2024 ₹481 Cr | Sep 2024 ₹481 Cr | Dec 2024 ₹570 Cr | Mar 2025 ₹570 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹486 Cr | Dec 2025 ₹426 Cr | Mar 2026 ₹426 Cr | Jun 2026 ₹513 Cr
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹240 Cr | Jun 2022 ₹240 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹219 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹259 Cr | Dec 2023 — | Mar 2024 ₹143 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- RKFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.1K Cr | Jun 2025 — | Sep 2025 ₹2.7K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr | Jun 2026 —
- KENNAMET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- BALUFORGE: Sep 2021 ₹26 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹47 Cr | Jun 2022 — | Sep 2022 ₹69 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 ₹171 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹146 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹61 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- STEELCAS: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹990 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- MMFL: Sep 2021 ₹590 Cr | Dec 2021 ₹590 Cr | Mar 2022 ₹685 Cr | Jun 2022 ₹685 Cr | Sep 2022 ₹403 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹756 Cr | Jun 2023 ₹756 Cr | Sep 2023 ₹801 Cr | Dec 2023 ₹801 Cr | Mar 2024 ₹931 Cr | Jun 2024 ₹931 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹57 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹60 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- NELCAST: Sep 2021 ₹260 Cr | Dec 2021 ₹260 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹309 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹304 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹292 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹292 Cr | Mar 2026 ₹257 Cr | Jun 2026 —
- ALICON: Sep 2021 ₹251 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹265 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹314 Cr | Dec 2023 ₹314 Cr | Mar 2024 ₹331 Cr | Jun 2024 ₹331 Cr | Sep 2024 ₹357 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹366 Cr | Jun 2025 ₹366 Cr | Sep 2025 ₹351 Cr | Dec 2025 ₹351 Cr | Mar 2026 ₹354 Cr | Jun 2026 —
- TIRUPATIFL: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- SGIL: Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹201 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹250 Cr | Jun 2026 —
- STERTOOLS: Sep 2021 ₹101 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹147 Cr | Jun 2026 —

### 20-quarter Net debt history
- SONACOMS: Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹-2.7K Cr | Dec 2024 ₹-2.7K Cr | Mar 2025 ₹-2.4K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-366 Cr | Dec 2025 ₹-366 Cr | Mar 2026 ₹-787 Cr | Jun 2026 —
- CIEINDIA: Sep 2021 ₹1.1K Cr | Dec 2021 ₹915 Cr | Mar 2022 ₹913 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹357 Cr | Mar 2023 ₹356 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹456 Cr | Dec 2023 ₹-139 Cr | Mar 2024 ₹-165 Cr | Jun 2024 ₹-175 Cr | Sep 2024 ₹-175 Cr | Dec 2024 ₹-722 Cr | Mar 2025 ₹-722 Cr | Jun 2025 ₹-307 Cr | Sep 2025 ₹-307 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-1.2K Cr | Jun 2026 —
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹239 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹219 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹258 Cr | Dec 2023 — | Mar 2024 ₹21 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-76 Cr | Jun 2026 —
- KENNAMET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-86 Cr | Sep 2023 ₹-86 Cr | Dec 2023 ₹-110 Cr | Mar 2024 ₹-110 Cr | Jun 2024 ₹-110 Cr | Sep 2024 ₹-110 Cr | Dec 2024 ₹-204 Cr | Mar 2025 ₹-204 Cr | Jun 2025 ₹-162 Cr | Sep 2025 ₹-162 Cr | Dec 2025 ₹-177 Cr | Mar 2026 ₹-177 Cr | Jun 2026 —
- BALUFORGE: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹40 Cr | Jun 2022 — | Sep 2022 ₹62 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-175 Cr | Dec 2024 ₹-175 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-56 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 ₹156 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹114 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-3 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-56 Cr | Dec 2023 ₹-56 Cr | Mar 2024 ₹-72 Cr | Jun 2024 ₹-72 Cr | Sep 2024 ₹-129 Cr | Dec 2024 ₹-129 Cr | Mar 2025 ₹-156 Cr | Jun 2025 ₹-156 Cr | Sep 2025 ₹-192 Cr | Dec 2025 ₹-192 Cr | Mar 2026 ₹-95 Cr | Jun 2026 —
- STEELCAS: Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹-29 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-56 Cr | Jun 2025 ₹-56 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MMFL: Sep 2021 ₹372 Cr | Dec 2021 ₹372 Cr | Mar 2022 ₹458 Cr | Jun 2022 ₹458 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹537 Cr | Jun 2023 ₹537 Cr | Sep 2023 ₹575 Cr | Dec 2023 ₹575 Cr | Mar 2024 ₹721 Cr | Jun 2024 ₹721 Cr | Sep 2024 ₹949 Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹967 Cr | Jun 2025 ₹967 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹59 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹-65 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- NELCAST: Sep 2021 ₹207 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹219 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹240 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹199 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹244 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹216 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹172 Cr | Jun 2026 —
- ALICON: Sep 2021 ₹240 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹307 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹334 Cr | Jun 2026 —
- TIRUPATIFL: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- SGIL: Sep 2021 ₹62 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹238 Cr | Jun 2026 —
- STERTOOLS: Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Steelcast Ltd leads ROCE at 32.3%, 7.7 percentage points above Kennametal India Ltd. Uniparts India Ltd has the strongest latest improvement at +11 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: Steelcast 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: Steelcast Ltd · 32.3% | 31.3% versus #2 · Kennametal India Ltd | 2/8 recent comparable periods | 19/19 companies · 217 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. Steelcast Ltd (STEELCAS): 32%
2. Kennametal India Ltd (KENNAMET): 25%
3. Amic Forging Ltd (544037): 24%
4. Balu Forge Industries Ltd (BALUFORGE): 23%
5. Uniparts India Ltd (UNIPARTS): 22%

### ROCE change — fastest improvers
1. Uniparts India Ltd (UNIPARTS): +11.0 pp
2. Nelcast Ltd (NELCAST): +2.7 pp
3. Gala Precision Engineering Ltd (GALAPREC): +2.6 pp
4. Bharat Forge Ltd (BHARATFORG): +1.0 pp
5. Kennametal India Ltd (KENNAMET): +0.5 pp

### 20-quarter ROCE history
- SONACOMS: Sep 2021 23% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 26% | Mar 2024 21% | Jun 2024 22% | Sep 2024 13% | Dec 2024 19% | Mar 2025 12% | Jun 2025 17% | Sep 2025 11% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- CIEINDIA: Sep 2021 — | Dec 2021 10% | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14% | Sep 2023 10% | Dec 2023 17% | Mar 2024 24% | Jun 2024 16% | Sep 2024 18% | Dec 2024 15% | Mar 2025 16% | Jun 2025 14% | Sep 2025 15% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 25% | Dec 2023 28% | Mar 2024 20% | Jun 2024 25% | Sep 2024 19% | Dec 2024 25% | Mar 2025 18% | Jun 2025 21% | Sep 2025 17% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- KENNAMET: Sep 2021 20% | Dec 2021 20% | Mar 2022 22% | Jun 2022 22% | Sep 2022 25% | Dec 2022 19% | Mar 2023 19% | Jun 2023 16% | Sep 2023 16% | Dec 2023 14% | Mar 2024 19% | Jun 2024 17% | Sep 2024 22% | Dec 2024 17% | Mar 2025 18% | Jun 2025 17% | Sep 2025 20% | Dec 2025 17% | Mar 2026 — | Jun 2026 —
- BALUFORGE: Sep 2021 16% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 25% | Jun 2023 38% | Sep 2023 20% | Dec 2023 34% | Mar 2024 20% | Jun 2024 38% | Sep 2024 18% | Dec 2024 32% | Mar 2025 23% | Jun 2025 36% | Sep 2025 23% | Dec 2025 29% | Mar 2026 18% | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 18% | Mar 2022 21% | Jun 2022 25% | Sep 2022 — | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 22% | Dec 2023 22% | Mar 2024 16% | Jun 2024 17% | Sep 2024 12% | Dec 2024 14% | Mar 2025 9.7% | Jun 2025 14% | Sep 2025 13% | Dec 2025 18% | Mar 2026 21% | Jun 2026 —
- STEELCAS: Sep 2021 21% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 43% | Jun 2023 — | Sep 2023 42% | Dec 2023 47% | Mar 2024 36% | Jun 2024 36% | Sep 2024 27% | Dec 2024 32% | Mar 2025 27% | Jun 2025 35% | Sep 2025 29% | Dec 2025 37% | Mar 2026 25% | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -0.5% | Sep 2023 — | Dec 2023 — | Mar 2024 -4.2% | Jun 2024 -5.4% | Sep 2024 -6.2% | Dec 2024 -5.1% | Mar 2025 -3.0% | Jun 2025 7.9% | Sep 2025 -3.7% | Dec 2025 7.4% | Mar 2026 -4.2% | Jun 2026 —
- MMFL: Sep 2021 12% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 19% | Jun 2023 21% | Sep 2023 17% | Dec 2023 18% | Mar 2024 17% | Jun 2024 21% | Sep 2024 14% | Dec 2024 17% | Mar 2025 13% | Jun 2025 15% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- GALAPREC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 20% | Mar 2024 28% | Jun 2024 27% | Sep 2024 14% | Dec 2024 18% | Mar 2025 13% | Jun 2025 19% | Sep 2025 12% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- NELCAST: Sep 2021 6.4% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 9.1% | Jun 2023 — | Sep 2023 9.5% | Dec 2023 16% | Mar 2024 10% | Jun 2024 16% | Sep 2024 8.8% | Dec 2024 11% | Mar 2025 9.5% | Jun 2025 14% | Sep 2025 10% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- ALICON: Sep 2021 13% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 14% | Dec 2023 15% | Mar 2024 17% | Jun 2024 20% | Sep 2024 19% | Dec 2024 17% | Mar 2025 14% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- TIRUPATIFL: Sep 2021 7.1% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 39% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 20% | Dec 2023 27% | Mar 2024 17% | Jun 2024 27% | Sep 2024 22% | Dec 2024 26% | Mar 2025 8.8% | Jun 2025 12% | Sep 2025 5.0% | Dec 2025 11% | Mar 2026 5.0% | Jun 2026 —
- SGIL: Sep 2021 18% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 31% | Dec 2023 39% | Mar 2024 35% | Jun 2024 36% | Sep 2024 32% | Dec 2024 40% | Mar 2025 23% | Jun 2025 35% | Sep 2025 17% | Dec 2025 22% | Mar 2026 7.6% | Jun 2026 —
- STERTOOLS: Sep 2021 13% | Dec 2021 — | Mar 2022 9.1% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 15% | Mar 2024 15% | Jun 2024 18% | Sep 2024 16% | Dec 2024 18% | Mar 2025 13% | Jun 2025 14% | Sep 2025 9.2% | Dec 2025 11% | Mar 2026 6.1% | Jun 2026 —

### 20-quarter ROCE change history
- SONACOMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +4.7 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 −8.4 pp | Dec 2024 −6.7 pp | Mar 2025 −9.4 pp | Jun 2025 −4.4 pp | Sep 2025 −2.0 pp | Dec 2025 −5.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CIEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2.7 pp | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.4 pp | Sep 2024 +8.0 pp | Dec 2024 −2.1 pp | Mar 2025 −7.7 pp | Jun 2025 −2.3 pp | Sep 2025 −2.9 pp | Dec 2025 −2.2 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −7.5 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −2.6 pp | Mar 2025 −2.1 pp | Jun 2025 −3.7 pp | Sep 2025 −1.6 pp | Dec 2025 −4.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- KENNAMET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 −0.2 pp | Mar 2023 −3.2 pp | Jun 2023 −5.9 pp | Sep 2023 −9.3 pp | Dec 2023 −5.5 pp | Mar 2024 +0.1 pp | Jun 2024 +1.0 pp | Sep 2024 +6.7 pp | Dec 2024 +2.8 pp | Mar 2025 −0.9 pp | Jun 2025 −0.6 pp | Sep 2025 −2.1 pp | Dec 2025 +0.5 pp | Mar 2026 — | Jun 2026 —
- BALUFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 — | Mar 2023 +3.5 pp | Jun 2023 — | Sep 2023 +2.7 pp | Dec 2023 — | Mar 2024 −4.8 pp | Jun 2024 +0.1 pp | Sep 2024 −1.9 pp | Dec 2024 −1.8 pp | Mar 2025 +2.9 pp | Jun 2025 −2.7 pp | Sep 2025 +4.5 pp | Dec 2025 −3.5 pp | Mar 2026 −5.3 pp | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +6.4 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −11.3 pp | Jun 2024 — | Sep 2024 −10.2 pp | Dec 2024 −7.6 pp | Mar 2025 −6.0 pp | Jun 2025 −2.3 pp | Sep 2025 +1.0 pp | Dec 2025 +4.4 pp | Mar 2026 +11.0 pp | Jun 2026 —
- STEELCAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.8 pp | Dec 2022 — | Mar 2023 +14.9 pp | Jun 2023 — | Sep 2023 +6.3 pp | Dec 2023 — | Mar 2024 −7.4 pp | Jun 2024 — | Sep 2024 −15.2 pp | Dec 2024 −14.7 pp | Mar 2025 −8.6 pp | Jun 2025 −1.5 pp | Sep 2025 +2.2 pp | Dec 2025 +4.5 pp | Mar 2026 −2.1 pp | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −4.9 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +1.2 pp | Jun 2025 +13.3 pp | Sep 2025 +2.5 pp | Dec 2025 +12.5 pp | Mar 2026 −1.2 pp | Jun 2026 —
- MMFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 −1.6 pp | Jun 2024 −0.2 pp | Sep 2024 −3.5 pp | Dec 2024 −0.5 pp | Mar 2025 −4.1 pp | Jun 2025 −5.7 pp | Sep 2025 −3.3 pp | Dec 2025 −5.5 pp | Mar 2026 −2.1 pp | Jun 2026 —
- GALAPREC: 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 +0.1 pp | Dec 2024 −2.2 pp | Mar 2025 −14.5 pp | Jun 2025 −8.7 pp | Sep 2025 −1.5 pp | Dec 2025 −1.6 pp | Mar 2026 +2.6 pp | Jun 2026 —
- NELCAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −5.0 pp | Mar 2025 −0.7 pp | Jun 2025 −2.0 pp | Sep 2025 +1.2 pp | Dec 2025 +3.5 pp | Mar 2026 +2.7 pp | Jun 2026 —
- ALICON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 +4.6 pp | Dec 2024 +1.5 pp | Mar 2025 −2.5 pp | Jun 2025 −7.5 pp | Sep 2025 −6.5 pp | Dec 2025 −4.7 pp | Mar 2026 −2.3 pp | Jun 2026 —
- TIRUPATIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +31.9 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 −19.5 pp | Dec 2023 — | Mar 2024 −13.4 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 −1.1 pp | Mar 2025 −8.6 pp | Jun 2025 −14.6 pp | Sep 2025 −16.5 pp | Dec 2025 −14.6 pp | Mar 2026 −3.8 pp | Jun 2026 —
- SGIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +16.0 pp | Dec 2023 — | Mar 2024 +17.8 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +1.8 pp | Mar 2025 −11.5 pp | Jun 2025 −1.3 pp | Sep 2025 −14.7 pp | Dec 2025 −18.5 pp | Mar 2026 −15.7 pp | Jun 2026 —
- STERTOOLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 +5.0 pp | Jun 2023 — | Sep 2023 +2.7 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 +3.3 pp | Mar 2025 −1.2 pp | Jun 2025 −4.3 pp | Sep 2025 −6.7 pp | Dec 2025 −7.6 pp | Mar 2026 −7.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Uniparts India Ltd has the lowest comparable Guarded PEG at 0.38×, 38.7% below Steelcast Ltd. Only 8 of 19 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: Uniparts India Ltd · 0.38× | 38.7% versus #2 · Steelcast Ltd | 0/8 recent comparable periods | 8/19 companies · 53 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. Uniparts India Ltd (UNIPARTS): 0.4
2. Steelcast Ltd (STEELCAS): 0.6
3. M M Forgings Ltd (MMFL): 0.7
4. Balu Forge Industries Ltd (BALUFORGE): 1.5
5. Kennametal India Ltd (KENNAMET): 1.5

### P/E — lowest P/E
1. Sundaram Clayton Ltd (SUNCLAY): 11.5
2. CIE Automotive India Ltd (CIEINDIA): 17.5
3. Uniparts India Ltd (UNIPARTS): 19.3
4. Uni Abex Alloy Products Ltd (504605): 19.8
5. Balu Forge Industries Ltd (BALUFORGE): 20.3

### 20-quarter Guarded PEG history
- SONACOMS: Sep 2021 7.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.9 | Mar 2023 3.3 | Jun 2023 6.8 | Sep 2023 3.4 | Dec 2023 3.4 | Mar 2024 2.7 | Jun 2024 2.3 | Sep 2024 3.0 | Dec 2024 3.1 | Mar 2025 2.8 | Jun 2025 3.4 | Sep 2025 — | Dec 2025 — | Mar 2026 3.0 | Jun 2026 —
- CIEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.9 | Sep 2023 — | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 2.2 | Sep 2024 3.1 | Dec 2024 3.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.4
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 — | Sep 2024 2.0 | Dec 2024 3.2 | Mar 2025 — | Jun 2025 — | Sep 2025 3.1 | Dec 2025 — | Mar 2026 1.7 | Jun 2026 —
- KENNAMET: Sep 2021 — | Dec 2021 — | Mar 2022 1.8 | Jun 2022 — | Sep 2022 4.6 | Dec 2022 1.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 — | Jun 2025 3.2 | Sep 2025 1.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BALUFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | 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 0.4 | Jun 2026 —
- STEELCAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.7 | Jun 2024 2.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.6 | Dec 2025 3.3 | Mar 2026 0.6 | Jun 2026 —
- MMFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 4.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —

### 20-quarter P/E history
- 504605: Sep 2021 10.1 | Dec 2021 9.7 | Mar 2022 9.5 | Jun 2022 9.3 | Sep 2022 10.9 | Dec 2022 10.0 | Mar 2023 12.2 | Jun 2023 11.2 | Sep 2023 17.3 | Dec 2023 17.4 | Mar 2024 15.3 | Jun 2024 14.0 | Sep 2024 19.2 | Dec 2024 18.5 | Mar 2025 16.9 | Jun 2025 18.9 | Sep 2025 20.1 | Dec 2025 17.2 | Mar 2026 15.5 | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.8 | Jun 2024 — | Sep 2024 129.2 | Dec 2024 — | Mar 2025 38.5 | Jun 2025 — | Sep 2025 73.4 | Dec 2025 — | Mar 2026 53.1 | Jun 2026 —
- BHARATFORG: Sep 2021 75.8 | Dec 2021 44.4 | Mar 2022 33.3 | Jun 2022 30.0 | Sep 2022 33.4 | Dec 2022 48.5 | Mar 2023 56.0 | Jun 2023 70.9 | Sep 2023 83.8 | Dec 2023 83.8 | Mar 2024 60.4 | Jun 2024 81.2 | Sep 2024 69.1 | Dec 2024 58.8 | Mar 2025 55.4 | Jun 2025 59.8 | Sep 2025 54.7 | Dec 2025 63.9 | Mar 2026 70.6 | Jun 2026 —
- SONACOMS: Sep 2021 142.0 | Dec 2021 189.2 | Mar 2022 121.8 | Jun 2022 96.3 | Sep 2022 76.3 | Dec 2022 68.2 | Mar 2023 63.6 | Jun 2023 77.0 | Sep 2023 78.2 | Dec 2023 80.0 | Mar 2024 83.0 | Jun 2024 72.8 | Sep 2024 78.2 | Dec 2024 62.1 | Mar 2025 46.5 | Jun 2025 47.7 | Sep 2025 43.3 | Dec 2025 51.2 | Mar 2026 51.9 | Jun 2026 59.1
- CIEINDIA: Sep 2021 27.1 | Dec 2021 20.9 | Mar 2022 16.1 | Jun 2022 15.2 | Sep 2022 17.4 | Dec 2022 21.7 | Mar 2023 20.1 | Jun 2023 27.2 | Sep 2023 24.4 | Dec 2023 23.3 | Mar 2024 22.0 | Jun 2024 26.9 | Sep 2024 25.5 | Dec 2024 21.9 | Mar 2025 18.4 | Jun 2025 21.3 | Sep 2025 20.2 | Dec 2025 18.6 | Mar 2026 20.6 | Jun 2026 20.7
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44.1 | Mar 2024 38.2 | Jun 2024 52.3 | Sep 2024 45.5 | Dec 2024 35.9 | Mar 2025 27.9 | Jun 2025 34.0 | Sep 2025 33.7 | Dec 2025 37.8 | Mar 2026 38.9 | Jun 2026 —
- RKFORGE: Sep 2021 44.3 | Dec 2021 25.9 | Mar 2022 17.8 | Jun 2022 12.8 | Sep 2022 14.2 | Dec 2022 17.0 | Mar 2023 17.4 | Jun 2023 28.7 | Sep 2023 37.4 | Dec 2023 40.7 | Mar 2024 37.0 | Jun 2024 49.4 | Sep 2024 63.5 | Dec 2024 63.2 | Mar 2025 70.9 | Jun 2025 36.5 | Sep 2025 33.2 | Dec 2025 41.5 | Mar 2026 39.5 | Jun 2026 126.4
- KENNAMET: Sep 2021 41.5 | Dec 2021 46.0 | Mar 2022 45.2 | Jun 2022 36.7 | Sep 2022 51.7 | Dec 2022 42.0 | Mar 2023 40.7 | Jun 2023 49.7 | Sep 2023 50.1 | Dec 2023 46.6 | Mar 2024 44.6 | Jun 2024 62.0 | Sep 2024 58.0 | Dec 2024 55.9 | Mar 2025 41.2 | Jun 2025 44.2 | Sep 2025 39.1 | Dec 2025 39.6 | Mar 2026 39.5 | Jun 2026 —
- BALUFORGE: Sep 2021 117.9 | Dec 2021 52.7 | Mar 2022 35.9 | Jun 2022 21.0 | Sep 2022 13.5 | Dec 2022 16.4 | Mar 2023 21.1 | Jun 2023 35.3 | Sep 2023 38.0 | Dec 2023 32.8 | Mar 2024 23.8 | Jun 2024 34.0 | Sep 2024 72.6 | Dec 2024 57.4 | Mar 2025 40.2 | Jun 2025 36.1 | Sep 2025 31.0 | Dec 2025 28.0 | Mar 2026 18.1 | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.4 | Mar 2023 14.4 | Jun 2023 12.2 | Sep 2023 13.8 | Dec 2023 15.2 | Mar 2024 16.7 | Jun 2024 18.9 | Sep 2024 18.9 | Dec 2024 18.4 | Mar 2025 14.8 | Jun 2025 19.7 | Sep 2025 18.7 | Dec 2025 18.8 | Mar 2026 15.7 | Jun 2026 —
- STEELCAS: Sep 2021 30.0 | Dec 2021 25.7 | Mar 2022 21.7 | Jun 2022 21.0 | Sep 2022 20.7 | Dec 2022 18.4 | Mar 2023 15.2 | Jun 2023 13.6 | Sep 2023 18.4 | Dec 2023 16.1 | Mar 2024 17.5 | Jun 2024 17.5 | Sep 2024 24.5 | Dec 2024 28.7 | Mar 2025 31.4 | Jun 2025 30.7 | Sep 2025 26.9 | Dec 2025 23.3 | Mar 2026 25.4 | Jun 2026 —
- SUNCLAY: 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 -456.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 10.4 | Jun 2026 —
- MMFL: Sep 2021 27.0 | Dec 2021 18.4 | Mar 2022 17.6 | Jun 2022 22.6 | Sep 2022 21.0 | Dec 2022 20.1 | Mar 2023 19.3 | Jun 2023 17.5 | Sep 2023 16.5 | Dec 2023 17.9 | Mar 2024 16.5 | Jun 2024 22.3 | Sep 2024 20.9 | Dec 2024 17.4 | Mar 2025 13.1 | Jun 2025 14.9 | Sep 2025 13.4 | Dec 2025 18.1 | Mar 2026 22.4 | Jun 2026 —
- GALAPREC: 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 34.4 | Dec 2024 54.5 | Mar 2025 34.4 | Jun 2025 40.8 | Sep 2025 35.7 | Dec 2025 32.6 | Mar 2026 27.6 | Jun 2026 —
- NELCAST: Sep 2021 37.6 | Dec 2021 38.7 | Mar 2022 40.1 | Jun 2022 36.2 | Sep 2022 34.4 | Dec 2022 30.0 | Mar 2023 24.1 | Jun 2023 26.8 | Sep 2023 48.9 | Dec 2023 40.8 | Mar 2024 28.2 | Jun 2024 32.7 | Sep 2024 31.3 | Dec 2024 34.4 | Mar 2025 28.3 | Jun 2025 36.6 | Sep 2025 29.7 | Dec 2025 24.9 | Mar 2026 22.2 | Jun 2026 —
- ALICON: Sep 2021 28.1 | Dec 2021 31.8 | Mar 2022 28.2 | Jun 2022 42.5 | Sep 2022 35.9 | Dec 2022 27.8 | Mar 2023 19.9 | Jun 2023 25.5 | Sep 2023 27.7 | Dec 2023 28.4 | Mar 2024 26.3 | Jun 2024 31.9 | Sep 2024 30.9 | Dec 2024 22.1 | Mar 2025 18.7 | Jun 2025 31.2 | Sep 2025 36.6 | Dec 2025 39.2 | Mar 2026 26.6 | Jun 2026 —
- TIRUPATIFL: Sep 2021 105.1 | Dec 2021 104.5 | Mar 2022 27.3 | Jun 2022 16.5 | Sep 2022 17.1 | Dec 2022 19.4 | Mar 2023 9.7 | Jun 2023 8.0 | Sep 2023 14.2 | Dec 2023 26.8 | Mar 2024 23.1 | Jun 2024 33.4 | Sep 2024 40.6 | Dec 2024 70.3 | Mar 2025 39.1 | Jun 2025 57.2 | Sep 2025 61.2 | Dec 2025 73.7 | Mar 2026 81.6 | Jun 2026 —
- SGIL: Sep 2021 37.4 | Dec 2021 — | Mar 2022 174.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 197.5 | Jun 2023 52.5 | Sep 2023 42.7 | Dec 2023 38.0 | Mar 2024 42.1 | Jun 2024 41.4 | Sep 2024 45.6 | Dec 2024 44.6 | Mar 2025 36.3 | Jun 2025 47.3 | Sep 2025 49.5 | Dec 2025 47.1 | Mar 2026 44.7 | Jun 2026 —
- STERTOOLS: Sep 2021 19.8 | Dec 2021 18.4 | Mar 2022 17.9 | Jun 2022 36.8 | Sep 2022 23.6 | Dec 2022 29.1 | Mar 2023 34.6 | Jun 2023 29.1 | Sep 2023 28.1 | Dec 2023 26.3 | Mar 2024 22.7 | Jun 2024 24.1 | Sep 2024 35.0 | Dec 2024 32.4 | Mar 2025 16.8 | Jun 2025 22.0 | Sep 2025 23.1 | Dec 2025 23.9 | Mar 2026 18.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sterling Tools Ltd leads ev/ebitda at 6.3×; Alicon Castalloy Ltd leads p/bv at 1.65×.

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: Sterling Tools Ltd · 6.3× | 6% versus #2 · Alicon Castalloy Ltd | 0/8 recent comparable periods | 19/19 companies · 315 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. Sterling Tools Ltd (STERTOOLS): 6.3
2. Alicon Castalloy Ltd (ALICON): 6.7
3. Uniparts India Ltd (UNIPARTS): 9.6
4. M M Forgings Ltd (MMFL): 9.9
5. Nelcast Ltd (NELCAST): 10.2

### P/BV — lowest P/BV
1. Alicon Castalloy Ltd (ALICON): 1.7
2. Sterling Tools Ltd (STERTOOLS): 1.7
3. Nelcast Ltd (NELCAST): 2.0
4. CIE Automotive India Ltd (CIEINDIA): 2.0
5. Uni Abex Alloy Products Ltd (504605): 2.3

### 20-quarter EV/EBITDA history
- 504605: Sep 2021 5.2 | Dec 2021 5.3 | Mar 2022 5.4 | Jun 2022 5.4 | Sep 2022 6.8 | Dec 2022 6.3 | Mar 2023 7.4 | Jun 2023 7.0 | Sep 2023 11.0 | Dec 2023 11.5 | Mar 2024 10.3 | Jun 2024 9.2 | Sep 2024 12.8 | Dec 2024 12.1 | Mar 2025 10.7 | Jun 2025 12.6 | Sep 2025 13.0 | Dec 2025 11.5 | Mar 2026 10.5 | Jun 2026 —
- 544037: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 48.0 | Jun 2024 — | Sep 2024 88.8 | Dec 2024 — | Mar 2025 28.5 | Jun 2025 — | Sep 2025 50.2 | Dec 2025 — | Mar 2026 36.0 | Jun 2026 —
- BHARATFORG: Sep 2021 27.3 | Dec 2021 21.0 | Mar 2022 18.6 | Jun 2022 16.0 | Sep 2022 17.8 | Dec 2022 22.4 | Mar 2023 20.2 | Jun 2023 23.2 | Sep 2023 27.1 | Dec 2023 27.7 | Mar 2024 22.7 | Jun 2024 30.1 | Sep 2024 26.4 | Dec 2024 23.5 | Mar 2025 21.8 | Jun 2025 23.7 | Sep 2025 21.9 | Dec 2025 25.8 | Mar 2026 29.2 | Jun 2026 —
- SONACOMS: Sep 2021 74.3 | Dec 2021 98.1 | Mar 2022 68.1 | Jun 2022 58.6 | Sep 2022 46.7 | Dec 2022 41.4 | Mar 2023 37.3 | Jun 2023 43.4 | Sep 2023 44.5 | Dec 2023 45.6 | Mar 2024 47.5 | Jun 2024 41.2 | Sep 2024 47.0 | Dec 2024 34.9 | Mar 2025 25.2 | Jun 2025 27.2 | Sep 2025 22.8 | Dec 2025 28.3 | Mar 2026 28.7 | Jun 2026 33.1
- CIEINDIA: Sep 2021 9.6 | Dec 2021 9.3 | Mar 2022 7.5 | Jun 2022 9.4 | Sep 2022 10.7 | Dec 2022 12.7 | Mar 2023 11.9 | Jun 2023 15.3 | Sep 2023 13.6 | Dec 2023 12.8 | Mar 2024 12.2 | Jun 2024 14.7 | Sep 2024 13.8 | Dec 2024 12.0 | Mar 2025 10.5 | Jun 2025 11.8 | Sep 2025 11.3 | Dec 2025 10.5 | Mar 2026 11.7 | Jun 2026 11.8
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28.6 | Mar 2024 24.8 | Jun 2024 33.8 | Sep 2024 27.7 | Dec 2024 21.9 | Mar 2025 17.1 | Jun 2025 20.6 | Sep 2025 20.4 | Dec 2025 22.8 | Mar 2026 23.7 | Jun 2026 —
- RKFORGE: Sep 2021 13.7 | Dec 2021 10.6 | Mar 2022 8.3 | Jun 2022 7.1 | Sep 2022 8.0 | Dec 2022 9.1 | Mar 2023 9.5 | Jun 2023 12.5 | Sep 2023 15.6 | Dec 2023 19.0 | Mar 2024 17.1 | Jun 2024 21.0 | Sep 2024 24.1 | Dec 2024 23.2 | Mar 2025 22.6 | Jun 2025 22.4 | Sep 2025 21.2 | Dec 2025 23.5 | Mar 2026 21.3 | Jun 2026 19.7
- KENNAMET: Sep 2021 22.1 | Dec 2021 25.3 | Mar 2022 26.1 | Jun 2022 21.2 | Sep 2022 30.6 | Dec 2022 25.7 | Mar 2023 24.9 | Jun 2023 30.4 | Sep 2023 30.7 | Dec 2023 28.5 | Mar 2024 27.3 | Jun 2024 38.0 | Sep 2024 35.6 | Dec 2024 34.3 | Mar 2025 25.2 | Jun 2025 27.1 | Sep 2025 23.9 | Dec 2025 24.2 | Mar 2026 24.1 | Jun 2026 —
- BALUFORGE: Sep 2021 87.3 | Dec 2021 32.0 | Mar 2022 25.4 | Jun 2022 14.9 | Sep 2022 11.1 | Dec 2022 12.1 | Mar 2023 13.6 | Jun 2023 22.6 | Sep 2023 30.5 | Dec 2023 25.6 | Mar 2024 18.5 | Jun 2024 26.1 | Sep 2024 56.7 | Dec 2024 42.9 | Mar 2025 29.9 | Jun 2025 28.7 | Sep 2025 24.1 | Dec 2025 22.2 | Mar 2026 15.3 | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 10.1 | Mar 2023 9.4 | Jun 2023 8.4 | Sep 2023 9.0 | Dec 2023 9.8 | Mar 2024 10.5 | Jun 2024 11.3 | Sep 2024 11.3 | Dec 2024 10.6 | Mar 2025 8.4 | Jun 2025 10.9 | Sep 2025 10.7 | Dec 2025 11.3 | Mar 2026 9.6 | Jun 2026 —
- STEELCAS: Sep 2021 13.2 | Dec 2021 12.7 | Mar 2022 11.2 | Jun 2022 11.3 | Sep 2022 11.9 | Dec 2022 11.0 | Mar 2023 9.7 | Jun 2023 8.9 | Sep 2023 11.6 | Dec 2023 10.1 | Mar 2024 10.9 | Jun 2024 11.2 | Sep 2024 15.2 | Dec 2024 17.7 | Mar 2025 19.7 | Jun 2025 19.9 | Sep 2025 17.7 | Dec 2025 15.5 | Mar 2026 16.9 | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30.7 | Mar 2024 28.6 | Jun 2024 44.0 | Sep 2024 74.0 | Dec 2024 101.0 | Mar 2025 66.5 | Jun 2025 49.9 | Sep 2025 41.2 | Dec 2025 34.6 | Mar 2026 35.7 | Jun 2026 —
- MMFL: Sep 2021 12.9 | Dec 2021 10.2 | Mar 2022 10.1 | Jun 2022 11.2 | Sep 2022 9.0 | Dec 2022 8.6 | Mar 2023 9.2 | Jun 2023 9.4 | Sep 2023 9.1 | Dec 2023 9.4 | Mar 2024 8.5 | Jun 2024 11.8 | Sep 2024 11.0 | Dec 2024 9.7 | Mar 2025 7.8 | Jun 2025 8.0 | Sep 2025 7.9 | Dec 2025 9.1 | Mar 2026 9.9 | Jun 2026 —
- GALAPREC: 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 26.7 | Dec 2024 38.8 | Mar 2025 21.3 | Jun 2025 23.4 | Sep 2025 21.2 | Dec 2025 20.5 | Mar 2026 17.2 | Jun 2026 —
- NELCAST: Sep 2021 12.6 | Dec 2021 11.9 | Mar 2022 10.7 | Jun 2022 9.9 | Sep 2022 12.2 | Dec 2022 12.3 | Mar 2023 10.4 | Jun 2023 10.6 | Sep 2023 17.1 | Dec 2023 15.6 | Mar 2024 12.2 | Jun 2024 14.1 | Sep 2024 13.8 | Dec 2024 13.6 | Mar 2025 10.6 | Jun 2025 14.2 | Sep 2025 12.3 | Dec 2025 10.3 | Mar 2026 10.2 | Jun 2026 —
- ALICON: Sep 2021 12.4 | Dec 2021 12.3 | Mar 2022 10.9 | Jun 2022 11.7 | Sep 2022 12.3 | Dec 2022 11.0 | Mar 2023 8.3 | Jun 2023 10.0 | Sep 2023 10.6 | Dec 2023 10.5 | Mar 2024 9.4 | Jun 2024 11.4 | Sep 2024 11.6 | Dec 2024 8.7 | Mar 2025 6.8 | Jun 2025 8.9 | Sep 2025 9.2 | Dec 2025 9.1 | Mar 2026 6.7 | Jun 2026 —
- TIRUPATIFL: Sep 2021 28.2 | Dec 2021 28.1 | Mar 2022 13.9 | Jun 2022 9.1 | Sep 2022 9.9 | Dec 2022 11.9 | Mar 2023 6.1 | Jun 2023 5.2 | Sep 2023 8.4 | Dec 2023 13.9 | Mar 2024 13.1 | Jun 2024 17.7 | Sep 2024 21.5 | Dec 2024 37.0 | Mar 2025 23.1 | Jun 2025 31.1 | Sep 2025 28.2 | Dec 2025 28.2 | Mar 2026 29.2 | Jun 2026 —
- SGIL: Sep 2021 11.5 | Dec 2021 20.3 | Mar 2022 13.9 | Jun 2022 13.8 | Sep 2022 14.2 | Dec 2022 12.4 | Mar 2023 10.8 | Jun 2023 11.0 | Sep 2023 12.0 | Dec 2023 12.9 | Mar 2024 14.0 | Jun 2024 14.0 | Sep 2024 15.3 | Dec 2024 17.6 | Mar 2025 13.8 | Jun 2025 16.7 | Sep 2025 17.4 | Dec 2025 16.6 | Mar 2026 15.9 | Jun 2026 —
- STERTOOLS: Sep 2021 9.6 | Dec 2021 9.1 | Mar 2022 8.3 | Jun 2022 14.7 | Sep 2022 10.7 | Dec 2022 12.8 | Mar 2023 16.3 | Jun 2023 14.0 | Sep 2023 13.6 | Dec 2023 12.6 | Mar 2024 11.0 | Jun 2024 12.3 | Sep 2024 17.6 | Dec 2024 16.9 | Mar 2025 8.9 | Jun 2025 10.7 | Sep 2025 10.1 | Dec 2025 10.0 | Mar 2026 6.3 | Jun 2026 —

### 20-quarter P/BV history
- 504605: Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 2.9 | Jun 2023 3.1 | Sep 2023 5.2 | Dec 2023 6.2 | Mar 2024 6.0 | Jun 2024 6.1 | Sep 2024 5.8 | Dec 2024 4.4 | Mar 2025 3.3 | Jun 2025 5.6 | Sep 2025 4.5 | Dec 2025 4.0 | Mar 2026 3.6 | Jun 2026 —
- 544037: 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 24.4 | Dec 2024 — | Mar 2025 13.0 | Jun 2025 — | Sep 2025 12.2 | Dec 2025 — | Mar 2026 9.2 | Jun 2026 —
- BHARATFORG: Sep 2021 6.5 | Dec 2021 5.6 | Mar 2022 5.5 | Jun 2022 5.5 | Sep 2022 4.9 | Dec 2022 6.2 | Mar 2023 5.5 | Jun 2023 5.9 | Sep 2023 7.6 | Dec 2023 8.2 | Mar 2024 7.5 | Jun 2024 11.6 | Sep 2024 9.9 | Dec 2024 8.4 | Mar 2025 7.7 | Jun 2025 8.5 | Sep 2025 6.1 | Dec 2025 7.4 | Mar 2026 8.8 | Jun 2026 —
- SONACOMS: Sep 2021 18.3 | Dec 2021 24.4 | Mar 2022 21.8 | Jun 2022 16.9 | Sep 2022 12.8 | Dec 2022 11.6 | Mar 2023 12.1 | Jun 2023 13.2 | Sep 2023 14.9 | Dec 2023 15.5 | Mar 2024 17.0 | Jun 2024 14.2 | Sep 2024 16.3 | Dec 2024 7.1 | Mar 2025 5.5 | Jun 2025 10.5 | Sep 2025 4.6 | Dec 2025 5.2 | Mar 2026 5.3 | Jun 2026 6.4
- CIEINDIA: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 1.3 | Jun 2022 1.6 | Sep 2022 1.9 | Dec 2022 2.4 | Mar 2023 2.6 | Jun 2023 3.8 | Sep 2023 3.6 | Dec 2023 3.5 | Mar 2024 3.4 | Jun 2024 3.6 | Sep 2024 3.3 | Dec 2024 2.9 | Mar 2025 2.5 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.1 | Mar 2026 2.6 | Jun 2026 2.4
- HAPPYFORGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.2 | Jun 2024 7.1 | Sep 2024 6.9 | Dec 2024 5.4 | Mar 2025 4.3 | Jun 2025 5.6 | Sep 2025 4.9 | Dec 2025 5.2 | Mar 2026 5.7 | Jun 2026 —
- RKFORGE: Sep 2021 3.8 | Dec 2021 3.2 | Mar 2022 2.8 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 3.5 | Mar 2023 4.2 | Jun 2023 6.6 | Sep 2023 7.8 | Dec 2023 7.7 | Mar 2024 8.1 | Jun 2024 10.7 | Sep 2024 7.0 | Dec 2024 5.6 | Mar 2025 4.8 | Jun 2025 4.6 | Sep 2025 3.2 | Dec 2025 3.0 | Mar 2026 2.9 | Jun 2026 3.1
- KENNAMET: Sep 2021 5.5 | Dec 2021 6.3 | Mar 2022 7.2 | Jun 2022 6.1 | Sep 2022 10.1 | Dec 2022 7.6 | Mar 2023 7.4 | Jun 2023 9.0 | Sep 2023 9.1 | Dec 2023 8.4 | Mar 2024 8.1 | Jun 2024 11.2 | Sep 2024 10.5 | Dec 2024 10.1 | Mar 2025 7.5 | Jun 2025 8.0 | Sep 2025 7.1 | Dec 2025 7.2 | Mar 2026 7.2 | Jun 2026 —
- BALUFORGE: Sep 2021 14.6 | Dec 2021 7.0 | Mar 2022 6.5 | Jun 2022 4.0 | Sep 2022 2.8 | Dec 2022 3.1 | Mar 2023 4.5 | Jun 2023 8.5 | Sep 2023 9.3 | Dec 2023 5.7 | Mar 2024 4.9 | Jun 2024 12.5 | Sep 2024 14.6 | Dec 2024 8.9 | Mar 2025 7.7 | Jun 2025 12.4 | Sep 2025 6.6 | Dec 2025 5.6 | Mar 2026 3.8 | Jun 2026 —
- UNIPARTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.9 | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 3.0 | Mar 2024 2.7 | Jun 2024 2.8 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.4 | Mar 2026 2.3 | Jun 2026 —
- STEELCAS: Sep 2021 4.0 | Dec 2021 4.2 | Mar 2022 4.3 | Jun 2022 5.4 | Sep 2022 4.8 | Dec 2022 5.0 | Mar 2023 5.9 | Jun 2023 6.1 | Sep 2023 6.5 | Dec 2023 5.2 | Mar 2024 5.5 | Jun 2024 6.1 | Sep 2024 6.1 | Dec 2024 6.2 | Mar 2025 7.0 | Jun 2025 8.2 | Sep 2025 6.5 | Dec 2025 5.8 | Mar 2026 6.4 | Jun 2026 —
- SUNCLAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.7 | Jun 2024 5.2 | Sep 2024 7.5 | Dec 2024 10.6 | Mar 2025 9.9 | Jun 2025 6.9 | Sep 2025 3.8 | Dec 2025 3.1 | Mar 2026 3.2 | Jun 2026 —
- MMFL: Sep 2021 4.1 | Dec 2021 3.3 | Mar 2022 3.6 | Jun 2022 3.6 | Sep 2022 3.1 | Dec 2022 3.2 | Mar 2023 3.6 | Jun 2023 4.0 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 2.9 | Jun 2024 3.8 | Sep 2024 3.6 | Dec 2024 2.7 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 2.1 | Jun 2026 —
- GALAPREC: 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 4.1 | Dec 2024 6.8 | Mar 2025 4.2 | Jun 2025 4.3 | Sep 2025 3.8 | Dec 2025 3.7 | Mar 2026 3.5 | Jun 2026 —
- NELCAST: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 3.0 | Dec 2023 2.8 | Mar 2024 2.3 | Jun 2024 2.8 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 2.4 | Sep 2025 2.2 | Dec 2025 1.6 | Mar 2026 1.8 | Jun 2026 —
- ALICON: Sep 2021 3.4 | Dec 2021 3.1 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.4 | Jun 2023 2.9 | Sep 2023 2.9 | Dec 2023 2.8 | Mar 2024 2.6 | Jun 2024 4.0 | Sep 2024 3.9 | Dec 2024 2.8 | Mar 2025 1.8 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 1.6 | Jun 2026 —
- TIRUPATIFL: Sep 2021 4.9 | Dec 2021 5.2 | Mar 2022 5.2 | Jun 2022 3.4 | Sep 2022 4.4 | Dec 2022 6.6 | Mar 2023 3.3 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 4.0 | Mar 2024 4.1 | Jun 2024 5.9 | Sep 2024 6.8 | Dec 2024 11.9 | Mar 2025 6.0 | Jun 2025 8.3 | Sep 2025 4.1 | Dec 2025 3.5 | Mar 2026 4.2 | Jun 2026 —
- SGIL: Sep 2021 6.2 | Dec 2021 7.1 | Mar 2022 7.3 | Jun 2022 6.0 | Sep 2022 6.8 | Dec 2022 5.9 | Mar 2023 4.9 | Jun 2023 7.7 | Sep 2023 8.8 | Dec 2023 10.9 | Mar 2024 10.4 | Jun 2024 10.7 | Sep 2024 11.0 | Dec 2024 13.5 | Mar 2025 5.7 | Jun 2025 7.4 | Sep 2025 7.8 | Dec 2025 7.4 | Mar 2026 7.0 | Jun 2026 —
- STERTOOLS: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 2.8 | Sep 2022 2.0 | Dec 2022 2.6 | Mar 2023 4.1 | Jun 2023 3.7 | Sep 2023 3.4 | Dec 2023 3.1 | Mar 2024 2.6 | Jun 2024 3.3 | Sep 2024 4.7 | Dec 2024 4.4 | Mar 2025 2.3 | Jun 2025 2.9 | Sep 2025 2.3 | Dec 2025 1.9 | Mar 2026 1.1 | Jun 2026 —

## Market action

Uniparts India Ltd has the strongest one-year price move in Castings, Forgings & Fastners at +79.3%. Tirupati Forge Ltd leads on Mansfield relative strength against NIFTY at +77.9%. 14 of 19 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Uniparts India Ltd (UNIPARTS): 79%
2. Bharat Forge Ltd (BHARATFORG): 77%
3. Tirupati Forge Ltd (TIRUPATIFL): 72%
4. Happy Forgings Ltd (HAPPYFORGE): 72%
5. Sona BLW Precision Forgings Ltd (SONACOMS): 50%

### Strongest relative strength versus NIFTY 500
1. Tirupati Forge Ltd (TIRUPATIFL): 78%
2. Gala Precision Engineering Ltd (GALAPREC): 40%
3. M M Forgings Ltd (MMFL): 39%
4. Sona BLW Precision Forgings Ltd (SONACOMS): 39%
5. Uniparts India Ltd (UNIPARTS): 39%

## 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.
- 6 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.
- 2 companies are 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.

## Every company
- Bharat Forge Ltd (BHARATFORG) — market value ₹1.0 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Sona BLW Precision Forgings Ltd (SONACOMS) — market value ₹44.7K Cr; latest fundamentals Jun 2026
- CIE Automotive India Ltd (CIEINDIA) — market value ₹15.7K Cr; latest fundamentals Jun 2026
- Happy Forgings Ltd (HAPPYFORGE) — market value ₹15.2K Cr; latest fundamentals Mar 2026
- Ramkrishna Forgings Ltd (RKFORGE) — market value ₹10.6K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Kennametal India Ltd (KENNAMET) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Balu Forge Industries Ltd (BALUFORGE) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Uniparts India Ltd (UNIPARTS) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Steelcast Ltd (STEELCAS) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Sundaram Clayton Ltd (SUNCLAY) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- M M Forgings Ltd (MMFL) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Amic Forging Ltd (544037) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Gala Precision Engineering Ltd (GALAPREC) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Nelcast Ltd (NELCAST) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Alicon Castalloy Ltd (ALICON) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Tirupati Forge Ltd (TIRUPATIFL) — market value ₹951 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Uni Abex Alloy Products Ltd (504605) — market value ₹932 Cr; latest fundamentals Mar 2026
- Synergy Green Industries Ltd (SGIL) — market value ₹927 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sterling Tools Ltd (STERTOOLS) — market value ₹882 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 9. Unverified: 8. Withheld: 2. Graded companies: 19.

6 of 19 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.

2 of 19 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bharat Forge Ltd (BHARATFORG) — its two data sources disagree by up to 16% on reported income across 15 comparable periods, so its derived ratios are withheld; Ramkrishna Forgings Ltd (RKFORGE) — its two data sources disagree by up to 372% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | BHARATFORG | Bharat Forge Ltd | diff_gt_2pct | disagreement up to 15.6% over 15 comparable periods
- WITHHELD | RKFORGE | Ramkrishna Forgings Ltd | diff_gt_2pct | disagreement up to 371.97% over 13 comparable periods

- UNVERIFIED | GALAPREC | Gala Precision Engineering Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NELCAST | Nelcast Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ALICON | Alicon Castalloy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TIRUPATIFL | Tirupati Forge Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SGIL | Synergy Green Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | STERTOOLS | Sterling Tools 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 Castings, Forgings & Fastners index?

The Nifty Castings, Forgings & Fastners index tracks India's listed Castings, Forgings & Fastners companies as a single basket. This page follows the same 19 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Castings, Forgings & Fastners sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Castings, Forgings & Fastners stocks in India?

Ranked by this page's four-factor score, Uniparts India Ltd places first among 19 listed Castings, Forgings & Fastners companies, followed by Gala Precision Engineering 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 Castings, Forgings & Fastners stocks are listed in India?

This comparison covers 19 listed Castings, Forgings & Fastners 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 Castings, Forgings & Fastners company is the biggest?

Bharat Forge Ltd is the largest, with trailing-twelve-month revenue of ₹16,812 crore, ahead of CIE Automotive India Ltd at ₹9,998 crore. That covers 18 of 19 companies with comparable reporting through Mar 2026.

### Which Castings, Forgings & Fastners company is growing fastest?

Tirupati Forge Ltd has the fastest revenue growth at 41.3% year on year, across 18 of 19 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 Castings, Forgings & Fastners company has the best profit margins?

Amic Forging Ltd has the highest operating margin at 33%, from 19 of 19 comparable companies. Uniparts India Ltd shows the biggest recent improvement, at +10 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Castings, Forgings & Fastners company makes the most profit?

Bharat Forge Ltd earns the most, at ₹1,089 crore of trailing-twelve-month net profit, from 18 of 19 comparable companies. Uni Abex Alloy Products Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Castings, Forgings & Fastners company earns the highest return on capital?

Steelcast Ltd leads on return on capital employed at 32.3%, across 19 of 19 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 Castings, Forgings & Fastners stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Uniparts India Ltd screens cheapest at 0.38×. Only 8 of 19 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 Castings, Forgings & Fastners company has the strongest balance sheet?

Steelcast Ltd carries the lowest comparable gross debt at ₹0 crore, from 19 of 19 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Castings, Forgings & Fastners sector beating the market?

Castings, Forgings & Fastners has outperformed NIFTY 500 by 20.7% over the last 52 weeks and 14.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Castings, Forgings & Fastners stock has the strongest price momentum?

Tirupati Forge 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 Castings, Forgings & Fastners company scores highest for research priority?

Uniparts India Ltd scores 83.1 out of 100 with 95.6% evidence confidence, from 30.8 points on growth and earnings, 19.2 on capital efficiency, 15.6 on valuation and 17.5 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 Castings, Forgings & Fastners companies does this comparison cover, and over what period?

It compares 19 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 Castings, Forgings & Fastners sector?

The 19 Castings, Forgings & Fastners companies on this page carry ₹2,21,727 crore of combined market value. Bharat Forge Ltd is the largest at ₹1,02,866 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Castings, Forgings & Fastners sector's P/E ratio?

The median price-to-earnings ratio across the 19 Castings, Forgings & Fastners companies on this page is 36.7×, measured on the 19 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 Castings, Forgings & Fastners sector performing?

14 of the 19 covered Castings, Forgings & Fastners companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

Narrative sector analysis: https://www.sectoralpha.in/sectors/castings-forgings-fastners