# CNC - Machines — company-by-company sector analysis

> CNC - Machines: Jyoti CNC Automation Ltd owns the largest revenue base AND the fastest current growth.

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

## Bottom line

CNC - Machines has outperformed NIFTY 500 by 39.1% over 52 weeks and 19.5% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Jyoti CNC Automation Ltd leads with revenue of ₹2,093 crore, based on 2 of 3 comparable companies through Mar 2026.

### Is the CNC - Machines sector outperforming NIFTY 500?

CNC - Machines has outperformed NIFTY 500 by 39.1% over 52 weeks and 19.5% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which CNC - Machines company is largest by revenue?

Jyoti CNC Automation Ltd leads with revenue of ₹2,093 crore, based on 2 of 3 comparable companies through Mar 2026.

### Which CNC - Machines company is growing fastest?

Jyoti CNC Automation Ltd has the fastest current revenue growth at 15.1%, across 2 of 3 comparable companies.

### Which CNC - Machines company has the strongest 4-Factor Sector Score?

Lokesh Machines Ltd ranks first at 55.7/100 with 77% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which CNC - Machines company has the least gross debt?

Macpower CNC Machines Ltd has the lowest comparable gross debt at ₹1 crore. Jyoti CNC Automation Ltd has the highest at ₹853 crore.

### Which CNC - Machines company has the lowest comparable PEG?

Jyoti CNC Automation Ltd has the lowest comparable Guarded PEG at 3.1, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this CNC - Machines comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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

CNC - Machines has outperformed NIFTY 500 by 39.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.5%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Lokesh Machines Ltd is the strongest against the sector itself at +12.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 20%
52-week sector return versus NIFTY 500: 39%
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹20.2K 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. Lokesh Machines Ltd (LOKESHMACH): 56/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 18.9/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 17.7/20
   - Exact sum: 18.9 + 9.1 + 10 + 17.7 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Jyoti CNC Automation Ltd (JYOTICNC): 37/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 9.4/35 | Capital efficiency 20.0/25 | Valuation 5.0/20 | Relative strength 3.0/20
   - Exact sum: 9.4 + 20 + 5 + 3 = 37.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Macpower CNC Machines Ltd (MACPOWER): 58/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 17.5/35 | Capital efficiency 18.6/25 | Valuation 10.0/20 | Relative strength 12.1/20
   - Exact sum: 17.5 + 18.6 + 10 + 12.1 = 58.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Jyoti CNC Automation Ltd is the scale leader at ₹2,093 crore, 10× the revenue of Lokesh Machines Ltd. Jyoti CNC Automation Ltd's growth is 15.1% from a ₹2,093 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: Jyoti CNC Automation Ltd is the scale benchmark; Jyoti CNC Automation Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Jyoti CNC Automation Ltd's growth falls below Jyoti CNC Automation Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Jyoti CNC Automation Ltd · ₹2,093 crore | 10× versus #2 · Lokesh Machines Ltd | 8/8 recent comparable periods | 2/3 companies · 29 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. Jyoti CNC Automation Ltd (JYOTICNC): ₹2.1K Cr
2. Lokesh Machines Ltd (LOKESHMACH): ₹209 Cr

### Revenue growth — fastest growers
1. Jyoti CNC Automation Ltd (JYOTICNC): 15%
2. Lokesh Machines Ltd (LOKESHMACH): -8.7%

### 20-quarter Revenue history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹239 Cr | Mar 2023 ₹446 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹302 Cr | Dec 2023 ₹378 Cr | Mar 2024 ₹450 Cr | Jun 2024 ₹362 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹450 Cr | Mar 2025 ₹576 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹508 Cr | Dec 2025 ₹576 Cr | Mar 2026 ₹599 Cr
- MACPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 ₹6.9K Cr | 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 —
- LOKESHMACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹63 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹59 Cr

### 20-quarter Revenue growth history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 58% | Mar 2024 0.9% | Jun 2024 74% | Sep 2024 43% | Dec 2024 19% | Mar 2025 28% | Jun 2025 13% | Sep 2025 18% | Dec 2025 28% | Mar 2026 4.0%
- LOKESHMACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 37% | Mar 2024 20% | Jun 2024 24% | Sep 2024 -1.4% | Dec 2024 -40% | Mar 2025 -52% | Jun 2025 -23% | Sep 2025 -33% | Dec 2025 -2.1% | Mar 2026 53%

## Operating Economics & Margin Trend

What the numbers say: Jyoti CNC Automation Ltd leads opm at 25%; Lokesh Machines Ltd leads margin change at -1.2 percentage points.

Investor read: Jyoti CNC Automation 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: Jyoti CNC Automation Ltd · 25% | 41.2% versus #2 · Lokesh Machines Ltd | 5/8 recent comparable periods | 2/3 companies · 37 observations

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

### OPM — highest
1. Jyoti CNC Automation Ltd (JYOTICNC): 25%
2. Lokesh Machines Ltd (LOKESHMACH): 18%

### Margin change — fastest expanders
1. Lokesh Machines Ltd (LOKESHMACH): −1.2 pp
2. Jyoti CNC Automation Ltd (JYOTICNC): −6.0 pp
3. Macpower CNC Machines Ltd (MACPOWER): −52.8 pp

### 20-quarter OPM history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.0% | Mar 2023 19% | Jun 2023 8.0% | Sep 2023 18% | Dec 2023 25% | Mar 2024 30% | Jun 2024 23% | Sep 2024 25% | Dec 2024 25% | Mar 2025 31% | Jun 2025 24% | Sep 2025 25% | Dec 2025 27% | Mar 2026 25%
- MACPOWER: Jun 2021 10% | Sep 2021 12% | Dec 2021 -44% | 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 —
- LOKESHMACH: Jun 2021 16% | Sep 2021 14% | Dec 2021 14% | Mar 2022 15% | Jun 2022 12% | Sep 2022 14% | Dec 2022 8.2% | Mar 2023 14% | Jun 2023 11% | Sep 2023 13% | Dec 2023 15% | Mar 2024 15% | Jun 2024 13% | Sep 2024 16% | Dec 2024 1.9% | Mar 2025 19% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 18%

### 20-quarter Margin change history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +24.0 pp | Mar 2024 +11.0 pp | Jun 2024 +15.0 pp | Sep 2024 +7.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 −6.0 pp
- MACPOWER: Jun 2021 +8.7 pp | Sep 2021 +3.0 pp | Dec 2021 −52.8 pp | 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 —
- LOKESHMACH: Jun 2021 −1.0 pp | Sep 2021 −5.2 pp | Dec 2021 −3.7 pp | Mar 2022 +1.3 pp | Jun 2022 −4.4 pp | Sep 2022 −0.6 pp | Dec 2022 −5.7 pp | Mar 2023 −1.4 pp | Jun 2023 −0.3 pp | Sep 2023 −1.0 pp | Dec 2023 +6.7 pp | Mar 2024 +1.1 pp | Jun 2024 +1.5 pp | Sep 2024 +3.3 pp | Dec 2024 −13.1 pp | Mar 2025 +4.2 pp | Jun 2025 +5.1 pp | Sep 2025 +2.9 pp | Dec 2025 +16.9 pp | Mar 2026 −1.2 pp

## Profit Scale & Acceleration

What the numbers say: Jyoti CNC Automation Ltd leads with ₹337 crore of TTM profit, 87.1× the profit of Lokesh Machines Ltd. Lokesh Machines Ltd shows ≥100% on the scoring scale (658.8% uncapped) growth from a ₹4 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Jyoti CNC Automation 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: Jyoti CNC Automation Ltd · ₹337 crore | 87.1× versus #2 · Lokesh Machines Ltd | 7/8 recent comparable periods | 2/3 companies · 29 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. Jyoti CNC Automation Ltd (JYOTICNC): ₹337 Cr
2. Lokesh Machines Ltd (LOKESHMACH): ₹4 Cr

### Profit growth — fastest growers
1. Lokesh Machines Ltd (LOKESHMACH): 100%
2. Jyoti CNC Automation Ltd (JYOTICNC): 6.7%

### 20-quarter Net profit history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-25 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹91 Cr
- MACPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 ₹-1.2K Cr | 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 —
- LOKESHMACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr

### 20-quarter Profit growth history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 45% | Jun 2024 — | Sep 2024 347% | Dec 2024 67% | Mar 2025 9.0% | Jun 2025 39% | Sep 2025 13% | Dec 2025 11% | Mar 2026 -17%
- LOKESHMACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 42% | Mar 2024 58% | Jun 2024 36% | Sep 2024 4.9% | Dec 2024 -180% | Mar 2025 -97% | Jun 2025 -55% | Sep 2025 -82% | Dec 2025 — | Mar 2026 1,554%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Macpower CNC Machines Ltd has the clearest covered balance-sheet capacity with ₹6 crore net cash and gross debt of ₹1 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: Macpower CNC Machines Ltd · ₹1 crore | 99.4% versus #2 · Lokesh Machines Ltd | 8/8 recent comparable periods | 3/3 companies · 50 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. Macpower CNC Machines Ltd (MACPOWER): ₹1 Cr
2. Lokesh Machines Ltd (LOKESHMACH): ₹169 Cr
3. Jyoti CNC Automation Ltd (JYOTICNC): ₹853 Cr

### Net debt — lowest net debt
1. Macpower CNC Machines Ltd (MACPOWER): ₹-6 Cr
2. Lokesh Machines Ltd (LOKESHMACH): ₹159 Cr
3. Jyoti CNC Automation Ltd (JYOTICNC): ₹716 Cr

### 20-quarter Gross debt history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹792 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹835 Cr | Jun 2023 — | Sep 2023 ₹821 Cr | Dec 2023 — | Mar 2024 ₹304 Cr | Jun 2024 ₹304 Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹497 Cr | Jun 2025 ₹497 Cr | Sep 2025 ₹724 Cr | Dec 2025 ₹724 Cr | Mar 2026 ₹853 Cr
- MACPOWER: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr
- LOKESHMACH: Jun 2021 ₹80 Cr | Sep 2021 ₹79 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹169 Cr

### 20-quarter Net debt history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹819 Cr | Jun 2023 — | Sep 2023 ₹812 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹-82 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹484 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹523 Cr | Dec 2025 ₹523 Cr | Mar 2026 ₹716 Cr
- MACPOWER: Jun 2021 ₹-25 Cr | Sep 2021 ₹-10 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-10 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-15 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-6 Cr
- LOKESHMACH: Jun 2021 ₹74 Cr | Sep 2021 ₹73 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹159 Cr

## Return On Capital Employed

What the numbers say: Macpower CNC Machines Ltd leads ROCE at 26%, 4.7 percentage points above Jyoti CNC Automation Ltd. Macpower CNC Machines Ltd has the strongest latest improvement at +2 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: Macpower CNC Machines 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: Macpower CNC Machines Ltd · 26% | 22.1% versus #2 · Jyoti CNC Automation Ltd | 3/6 recent comparable periods | 3/3 companies · 36 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. Macpower CNC Machines Ltd (MACPOWER): 26%
2. Jyoti CNC Automation Ltd (JYOTICNC): 21%
3. Lokesh Machines Ltd (LOKESHMACH): 6.4%

### ROCE change — fastest improvers
1. Macpower CNC Machines Ltd (MACPOWER): +2.0 pp
2. Lokesh Machines Ltd (LOKESHMACH): +1.9 pp
3. Jyoti CNC Automation Ltd (JYOTICNC): −5.5 pp

### 20-quarter ROCE history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 31% | Dec 2023 67% | Mar 2024 18% | Jun 2024 41% | Sep 2024 25% | Dec 2024 43% | Mar 2025 25% | Jun 2025 30% | Sep 2025 22% | Dec 2025 29% | Mar 2026 20%
- MACPOWER: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 26% | Jun 2024 — | Sep 2024 27% | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 24% | Dec 2025 — | Mar 2026 26%
- LOKESHMACH: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 9.5% | Dec 2023 15% | Mar 2024 12% | Jun 2024 15% | Sep 2024 13% | Dec 2024 9.1% | Mar 2025 5.2% | Jun 2025 5.9% | Sep 2025 3.7% | Dec 2025 7.2% | Mar 2026 7.1%

### 20-quarter ROCE change history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −9.5 pp | Jun 2024 — | Sep 2024 −6.6 pp | Dec 2024 −24.7 pp | Mar 2025 +6.8 pp | Jun 2025 −11.1 pp | Sep 2025 −2.4 pp | Dec 2025 −13.1 pp | Mar 2026 −5.5 pp
- MACPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 — | Mar 2023 −2.9 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +8.1 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −1.6 pp | Jun 2025 — | Sep 2025 −3.6 pp | Dec 2025 — | Mar 2026 +2.0 pp
- LOKESHMACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 — | Sep 2023 −2.6 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 — | Sep 2024 +3.1 pp | Dec 2024 −5.5 pp | Mar 2025 −6.6 pp | Jun 2025 −9.0 pp | Sep 2025 −8.9 pp | Dec 2025 −1.9 pp | Mar 2026 +1.9 pp

## Valuation Against Growth & Quality

What the numbers say: Jyoti CNC Automation Ltd has the lowest comparable Guarded PEG at 3.1×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

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

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

Evidence: Jyoti CNC Automation Ltd · 3.1× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 6 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. Jyoti CNC Automation Ltd (JYOTICNC): 3.1

### P/E — lowest P/E
1. Macpower CNC Machines Ltd (MACPOWER): 40.5
2. Jyoti CNC Automation Ltd (JYOTICNC): 53.8
3. Lokesh Machines Ltd (LOKESHMACH): 191.0

### 20-quarter Guarded PEG history
- JYOTICNC: Jun 2021 — | 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 2.5 | Mar 2025 10.2 | Jun 2025 2.0 | Sep 2025 1.2 | Dec 2025 6.3 | Mar 2026 3.1

### 20-quarter P/E history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 123.8 | Jun 2024 379.4 | Sep 2024 119.7 | Dec 2024 110.5 | Mar 2025 78.5 | Jun 2025 81.0 | Sep 2025 58.7 | Dec 2025 64.6 | Mar 2026 48.3
- MACPOWER: Jun 2021 22.9 | Sep 2021 16.3 | Dec 2021 15.5 | Mar 2022 17.7 | Jun 2022 13.9 | Sep 2022 26.6 | Dec 2022 24.9 | Mar 2023 21.4 | Jun 2023 25.5 | Sep 2023 19.7 | Dec 2023 32.8 | Mar 2024 46.0 | Jun 2024 53.2 | Sep 2024 46.3 | Dec 2024 58.7 | Mar 2025 29.3 | Jun 2025 39.0 | Sep 2025 30.6 | Dec 2025 31.8 | Mar 2026 23.4
- LOKESHMACH: Jun 2021 19.8 | Sep 2021 15.3 | Dec 2021 25.7 | Mar 2022 23.7 | Jun 2022 20.9 | Sep 2022 27.0 | Dec 2022 24.4 | Mar 2023 23.7 | Jun 2023 40.4 | Sep 2023 41.8 | Dec 2023 68.6 | Mar 2024 54.8 | Jun 2024 55.5 | Sep 2024 47.8 | Dec 2024 41.8 | Mar 2025 57.9 | Jun 2025 66.1 | Sep 2025 -130.3 | Dec 2025 177.6 | Mar 2026 220.4

## Enterprise Value & Book Value

What the numbers say: Macpower CNC Machines Ltd leads ev/ebitda at 15×; Lokesh Machines Ltd leads p/bv at 2.97×.

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: Macpower CNC Machines Ltd · 15× | 3.2% versus #2 · Lokesh Machines Ltd | 0/8 recent comparable periods | 3/3 companies · 49 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. Macpower CNC Machines Ltd (MACPOWER): 15.0
2. Lokesh Machines Ltd (LOKESHMACH): 15.5
3. Jyoti CNC Automation Ltd (JYOTICNC): 29.8

### P/BV — lowest P/BV
1. Lokesh Machines Ltd (LOKESHMACH): 3.0
2. Macpower CNC Machines Ltd (MACPOWER): 4.5
3. Jyoti CNC Automation Ltd (JYOTICNC): 9.0

### 20-quarter EV/EBITDA history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 194.8 | Jun 2024 102.8 | Sep 2024 70.6 | Dec 2024 70.6 | Mar 2025 53.1 | Jun 2025 51.4 | Sep 2025 38.1 | Dec 2025 42.1 | Mar 2026 29.8
- MACPOWER: Jun 2021 11.2 | Sep 2021 8.9 | Dec 2021 9.8 | Mar 2022 10.7 | Jun 2022 8.7 | Sep 2022 16.8 | Dec 2022 16.1 | Mar 2023 13.4 | Jun 2023 15.7 | Sep 2023 12.4 | Dec 2023 21.8 | Mar 2024 31.6 | Jun 2024 36.4 | Sep 2024 31.1 | Dec 2024 38.9 | Mar 2025 18.3 | Jun 2025 24.1 | Sep 2025 19.1 | Dec 2025 20.1 | Mar 2026 15.0
- LOKESHMACH: Jun 2021 5.9 | Sep 2021 5.8 | Dec 2021 7.6 | Mar 2022 7.3 | Jun 2022 7.0 | Sep 2022 8.5 | Dec 2022 8.2 | Mar 2023 8.4 | Jun 2023 13.1 | Sep 2023 13.4 | Dec 2023 22.0 | Mar 2024 20.1 | Jun 2024 20.6 | Sep 2024 18.0 | Dec 2024 16.0 | Mar 2025 12.7 | Jun 2025 15.7 | Sep 2025 16.8 | Dec 2025 17.4 | Mar 2026 15.5

### 20-quarter P/BV history
- JYOTICNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13.7 | Jun 2024 22.6 | Sep 2024 19.8 | Dec 2024 20.8 | Mar 2025 16.1 | Jun 2025 18.8 | Sep 2025 11.7 | Dec 2025 12.2 | Mar 2026 9.3
- MACPOWER: Jun 2021 2.2 | Sep 2021 2.2 | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 2.3 | Sep 2022 3.9 | Dec 2022 3.7 | Mar 2023 2.9 | Jun 2023 3.3 | Sep 2023 — | Dec 2023 — | Mar 2024 9.3 | Jun 2024 11.7 | Sep 2024 9.9 | Dec 2024 11.5 | Mar 2025 5.2 | Jun 2025 7.1 | Sep 2025 5.3 | Dec 2025 6.6 | Mar 2026 4.5
- LOKESHMACH: Jun 2021 0.6 | Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 4.0 | Mar 2024 4.1 | Jun 2024 4.8 | Sep 2024 3.5 | Dec 2024 3.0 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.8

## Market action

Lokesh Machines Ltd has the strongest one-year price move in CNC - Machines at +58.7%. It also leads on Mansfield relative strength against NIFTY at +58.9%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Lokesh Machines Ltd (LOKESHMACH): 59%
2. Macpower CNC Machines Ltd (MACPOWER): 25%
3. Jyoti CNC Automation Ltd (JYOTICNC): -22%

### Strongest relative strength versus NIFTY 500
1. Lokesh Machines Ltd (LOKESHMACH): 59%
2. Macpower CNC Machines Ltd (MACPOWER): 39%
3. Jyoti CNC Automation Ltd (JYOTICNC): -5.0%

## 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.
- 2 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.
- Thin comparisons: Revenue, Operating margin, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Jyoti CNC Automation Ltd (JYOTICNC) — market value ₹18.1K Cr; latest fundamentals Mar 2026
- Macpower CNC Machines Ltd (MACPOWER) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Lokesh Machines Ltd (LOKESHMACH) — market value ₹739 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 2. Withheld: 0. Graded companies: 3.

2 of 3 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.

- UNVERIFIED | MACPOWER | Macpower CNC Machines Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LOKESHMACH | Lokesh Machines Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 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 CNC - Machines index?

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

### Which are the best CNC - Machines stocks in India?

Ranked by this page's four-factor score, Lokesh Machines Ltd places first among 3 listed CNC - Machines companies, followed by Jyoti CNC Automation Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many CNC - Machines stocks are listed in India?

This comparison covers 3 listed CNC - Machines 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 Mar 2026.

### Which CNC - Machines company is the biggest?

Jyoti CNC Automation Ltd is the largest, with trailing-twelve-month revenue of ₹2,093 crore, ahead of Lokesh Machines Ltd at ₹209 crore. That covers 2 of 3 companies with comparable reporting through Mar 2026.

### Which CNC - Machines company is growing fastest?

Jyoti CNC Automation Ltd has the fastest revenue growth at 15.1% year on year, across 2 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which CNC - Machines company has the best profit margins?

Jyoti CNC Automation Ltd has the highest operating margin at 25%, from 2 of 3 comparable companies. Lokesh Machines Ltd shows the biggest recent improvement, at -1.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which CNC - Machines company makes the most profit?

Jyoti CNC Automation Ltd earns the most, at ₹337 crore of trailing-twelve-month net profit, from 2 of 3 comparable companies. Lokesh Machines Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which CNC - Machines company earns the highest return on capital?

Macpower CNC Machines Ltd leads on return on capital employed at 26%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which CNC - Machines stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Jyoti CNC Automation Ltd screens cheapest at 3.1×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which CNC - Machines company has the strongest balance sheet?

Macpower CNC Machines Ltd carries the lowest comparable gross debt at ₹1 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the CNC - Machines sector beating the market?

CNC - Machines has outperformed NIFTY 500 by 39.1% over the last 52 weeks and 19.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which CNC - Machines stock has the strongest price momentum?

Lokesh Machines 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 CNC - Machines company scores highest for research priority?

Lokesh Machines Ltd scores 55.7 out of 100 with 77% evidence confidence, from 18.9 points on growth and earnings, 9.1 on capital efficiency, 10 on valuation and 17.7 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 CNC - Machines companies does this comparison cover, and over what period?

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

The 3 CNC - Machines companies on this page carry ₹20,165 crore of combined market value. Jyoti CNC Automation Ltd is the largest at ₹18,081 crore, about 90% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the CNC - Machines sector performing?

2 of the 3 covered CNC - Machines companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 39.1% 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/cnc-machines