# Construction & Contracting — company-by-company sector analysis

> Construction & Contracting: NCC Ltd owns the largest revenue base; Garuda Construction and Engineering Ltd has the fastest current growth.

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

## Bottom line

Construction & Contracting has underperformed NIFTY 500 by 14.3% over 52 weeks and 5.3% over 13 weeks. 3 of 12 covered companies beat NIFTY on Mansfield relative strength, while 4 of 12 beat the sector itself. NCC Ltd leads with revenue of ₹20,823 crore, based on 12 of 12 comparable companies through Mar 2026.

### Is the Construction & Contracting sector outperforming NIFTY 500?

Construction & Contracting has underperformed NIFTY 500 by 14.3% over 52 weeks and 5.3% over 13 weeks. 3 of 12 covered companies beat NIFTY on Mansfield relative strength, while 4 of 12 beat the sector itself.

### Which Construction & Contracting company is largest by revenue?

NCC Ltd leads with revenue of ₹20,823 crore, based on 12 of 12 comparable companies through Mar 2026.

### Which Construction & Contracting company is growing fastest?

Garuda Construction and Engineering Ltd has the fastest current revenue growth at 100%, across 11 of 12 comparable companies.

### Which Construction & Contracting company has the strongest 4-Factor Sector Score?

Garuda Construction and Engineering Ltd ranks first at 73.2/100 with 75.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Construction & Contracting company reports the most CAPEX?

PSP Projects Ltd reports the largest latest CAPEX at ₹17 crore, with 2 of 12 companies comparable.

### Which Construction & Contracting company has the least gross debt?

BEML Land Assets Ltd has the lowest comparable gross debt at ₹0 crore. Jaiprakash Associates Ltd has the highest at ₹17,467 crore.

### Which Construction & Contracting company has the lowest comparable PEG?

PSP Projects Ltd has the lowest comparable Guarded PEG at 0.65, among 2 of 12 companies that pass the metric’s comparability rules.

### How much history does this Construction & Contracting 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

Construction & Contracting has underperformed NIFTY 500 by 14.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.3%. 3 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. PSP Projects Ltd is the strongest against the sector itself at +41%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -5.3%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 3/12
Stocks leading sector: 4/12

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

Companies: 12
Combined market value: ₹33.6K 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. Garuda Construction and Engineering Ltd (GARUDA): 73/100 — Favorable setup; evidence 76%
   - Growth & earnings 29.8/35 | Capital efficiency 21.9/25 | Valuation 10.6/20 | Relative strength 10.9/20
   - Exact sum: 29.8 + 21.9 + 10.6 + 10.9 = 73.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Modis Navnirman Ltd (MODIS): 70/100 — Favorable setup; evidence 79%
   - Growth & earnings 22.1/35 | Capital efficiency 17.1/25 | Valuation 13.2/20 | Relative strength 17.3/20
   - Exact sum: 22.1 + 17.1 + 13.2 + 17.3 = 69.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. PSP Projects Ltd (PSPPROJECT): 62/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 17.1/35 | Capital efficiency 11.4/25 | Valuation 13.8/20 | Relative strength 20.0/20
   - Exact sum: 17.1 + 11.4 + 13.8 + 20 = 62.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 28.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Mahindra Lifespace Developers Ltd (MAHLIFE): 60/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 30.0/35 | Capital efficiency 9.5/25 | Valuation 5.0/20 | Relative strength 15.2/20
   - Exact sum: 30 + 9.5 + 5 + 15.2 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Consolidated Construction Consortium Ltd (CCCL): 49/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 19.6/35 | Capital efficiency 9.5/25 | Valuation 11.2/20 | Relative strength 8.5/20
   - Exact sum: 19.6 + 9.5 + 11.2 + 8.5 = 48.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. BEML Land Assets Ltd (BLAL): 48/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 19.6/35 | Capital efficiency 10.8/25 | Valuation 8.5/20 | Relative strength 9.3/20
   - Exact sum: 19.6 + 10.8 + 8.5 + 9.3 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Ashoka Buildcon Ltd (ASHOKA): 48/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 11.3/35 | Capital efficiency 17.2/25 | Valuation 11.5/20 | Relative strength 7.8/20
   - Exact sum: 11.3 + 17.2 + 11.5 + 7.8 = 47.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. NCC Ltd (NCC): 44/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 11.8/35 | Capital efficiency 13.9/25 | Valuation 11.6/20 | Relative strength 7.1/20
   - Exact sum: 11.8 + 13.9 + 11.6 + 7.1 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. RDB Infrastructure and Power Ltd (533285): 43/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 22.9/35 | Capital efficiency 10.8/25 | Valuation 9.1/20 | Relative strength 0.0/20
   - Exact sum: 22.9 + 10.8 + 9.1 + 0 = 42.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -47.5% and the one-year return is -55%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Man Infraconstruction Ltd (MANINFRA): 39/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 6.4/35 | Capital efficiency 16.4/25 | Valuation 11.4/20 | Relative strength 4.4/20
   - Exact sum: 6.4 + 16.4 + 11.4 + 4.4 = 38.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Vascon Engineers Ltd (VASCONEQ): 32/100 — Adverse evidence; evidence 70%
   - Growth & earnings 9.5/35 | Capital efficiency 8.5/25 | Valuation 9.4/20 | Relative strength 4.4/20
   - Exact sum: 9.5 + 8.5 + 9.4 + 4.4 = 31.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Jaiprakash Associates Ltd (JPASSOCIAT): 32/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 12.0/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 5.7/20
   - Exact sum: 12 + 4.2 + 10 + 5.7 = 31.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: NCC Ltd is the scale leader at ₹20,823 crore, 176.9% ahead of Ashoka Buildcon Ltd. Garuda Construction and Engineering Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 134.5% from a ₹530 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: NCC Ltd is the scale benchmark; Garuda Construction and Engineering Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NCC Ltd's growth falls below Garuda Construction and Engineering Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: NCC Ltd · ₹20,823 crore | 176.9% versus #2 · Ashoka Buildcon Ltd | 4/8 recent comparable periods | 12/12 companies · 171 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. NCC Ltd (NCC): ₹20.8K Cr
2. Ashoka Buildcon Ltd (ASHOKA): ₹7.5K Cr
3. Jaiprakash Associates Ltd (JPASSOCIAT): ₹3.2K Cr — older report
4. PSP Projects Ltd (PSPPROJECT): ₹3.1K Cr
5. Mahindra Lifespace Developers Ltd (MAHLIFE): ₹2.1K Cr

### Revenue growth — fastest growers
1. Garuda Construction and Engineering Ltd (GARUDA): 100%
2. Mahindra Lifespace Developers Ltd (MAHLIFE): 100%
3. Consolidated Construction Consortium Ltd (CCCL): 62%
4. Modis Navnirman Ltd (MODIS): 31%
5. PSP Projects Ltd (PSPPROJECT): 25%

### 20-quarter Revenue history
- 533285: Dec 2021 ₹15 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹61 Cr | Apr 2024 — | Jun 2024 ₹31 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- NCC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹6.5K Cr | Apr 2024 — | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.1K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- MAHLIFE: Dec 2021 ₹24 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹255 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹14 Cr | Apr 2024 — | Jun 2024 ₹188 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹459 Cr | Mar 2026 ₹670 Cr | Jun 2026 ₹962 Cr
- PSPPROJECT: Dec 2021 ₹486 Cr | Mar 2022 ₹555 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹360 Cr | Dec 2022 ₹500 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹514 Cr | Sep 2023 ₹620 Cr | Dec 2023 ₹705 Cr | Mar 2024 ₹668 Cr | Apr 2024 — | Jun 2024 ₹623 Cr | Sep 2024 ₹586 Cr | Dec 2024 ₹630 Cr | Mar 2025 ₹673 Cr | Jun 2025 ₹518 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹813 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- MANINFRA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹457 Cr | Mar 2023 ₹680 Cr | Jun 2023 ₹510 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹297 Cr | Apr 2024 — | Jun 2024 ₹342 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹146 Cr | Jun 2026 —
- ASHOKA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.1K Cr | Apr 2024 — | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 ₹35 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 ₹19 Cr | Dec 2022 — | Mar 2023 ₹23 Cr | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 — | Mar 2024 ₹33 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹37 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹20 Cr | Jun 2025 — | Sep 2025 ₹38 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹254 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹234 Cr | Apr 2024 — | Jun 2024 ₹196 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹253 Cr | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Apr 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹30 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹30 Cr | Apr 2024 — | Jun 2024 ₹28 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- JPASSOCIAT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.0K Cr | Apr 2024 — | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹672 Cr | Sep 2025 ₹685 Cr | Dec 2025 ₹726 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- 533285: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 70% | Dec 2022 111% | Mar 2023 69% | Jun 2023 -19% | Sep 2023 41% | Dec 2023 -50% | Mar 2024 -9.5% | Apr 2024 — | Jun 2024 192% | Sep 2024 43% | Dec 2024 49% | Mar 2025 -67% | Jun 2025 120% | Sep 2025 -43% | Dec 2025 -18% | Mar 2026 7.7% | Jun 2026 —
- NCC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 31% | Apr 2024 — | Jun 2024 26% | Sep 2024 10% | Dec 2024 1.6% | Mar 2025 -5.5% | Jun 2025 -6.3% | Sep 2025 -13% | Dec 2025 -8.9% | Mar 2026 1.7% | Jun 2026 —
- MAHLIFE: Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 19% | Dec 2022 679% | Mar 2023 57% | Jun 2023 3.2% | Sep 2023 -74% | Dec 2023 -56% | Mar 2024 -95% | Apr 2024 — | Jun 2024 92% | Sep 2024 -56% | Dec 2024 104% | Mar 2025 -36% | Jun 2025 -83% | Sep 2025 125% | Dec 2025 175% | Mar 2026 7,344% | Jun 2026 2,906%
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 9.8% | Sep 2022 -7.7% | Dec 2022 2.9% | Mar 2023 32% | Jun 2023 48% | Sep 2023 72% | Dec 2023 41% | Mar 2024 -8.5% | Apr 2024 — | Jun 2024 21% | Sep 2024 -5.5% | Dec 2024 -11% | Mar 2025 0.8% | Jun 2025 -17% | Sep 2025 20% | Dec 2025 29% | Mar 2026 66% | Jun 2026 —
- MANINFRA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -47% | Mar 2024 -56% | Apr 2024 — | Jun 2024 -33% | Sep 2024 7.0% | Dec 2024 0.0% | Mar 2025 -1.0% | Jun 2025 -46% | Sep 2025 -35% | Dec 2025 -37% | Mar 2026 -50% | Jun 2026 —
- ASHOKA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 36% | Mar 2024 25% | Apr 2024 — | Jun 2024 27% | Sep 2024 16% | Dec 2024 -10% | Mar 2025 -12% | Jun 2025 -23% | Sep 2025 -26% | Dec 2025 -23% | Mar 2026 -27% | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 257% | Sep 2025 147% | Dec 2025 126% | Mar 2026 82% | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 238% | Dec 2022 — | Mar 2023 565% | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 43% | Apr 2024 — | Jun 2024 — | Sep 2024 51% | Dec 2024 — | Mar 2025 -39% | Jun 2025 — | Sep 2025 3.8% | Dec 2025 70% | Mar 2026 158% | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -19% | Mar 2024 -29% | Apr 2024 — | Jun 2024 -4.0% | Sep 2024 25% | Dec 2024 43% | Mar 2025 66% | Jun 2025 13% | Sep 2025 13% | Dec 2025 -15% | Mar 2026 -35% | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 46% | Mar 2024 -16% | Apr 2024 — | Jun 2024 27% | Sep 2024 62% | Dec 2024 20% | Mar 2025 51% | Jun 2025 82% | Sep 2025 17% | Dec 2025 42% | Mar 2026 130% | Jun 2026 —
- JPASSOCIAT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 3.4% | Apr 2024 — | Jun 2024 17% | Sep 2024 -28% | Dec 2024 -11% | Mar 2025 -42% | Jun 2025 -60% | Sep 2025 -50% | Dec 2025 -51% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: BEML Land Assets Ltd leads opm at 82.7%; Mahindra Lifespace Developers Ltd leads margin change at +182 percentage points.

Investor read: BEML Land Assets 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: BEML Land Assets Ltd · 82.7% | 158.4% versus #2 · Garuda Construction and Engineering Ltd | Not enough history | 12/12 companies · 184 observations

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

### OPM — highest
1. BEML Land Assets Ltd (BLAL): 83%
2. Garuda Construction and Engineering Ltd (GARUDA): 32%
3. Ashoka Buildcon Ltd (ASHOKA): 13%
4. Man Infraconstruction Ltd (MANINFRA): 13%
5. Mahindra Lifespace Developers Ltd (MAHLIFE): 10%

### Margin change — fastest expanders
1. Mahindra Lifespace Developers Ltd (MAHLIFE): +182.0 pp
2. Consolidated Construction Consortium Ltd (CCCL): +8.8 pp
3. Garuda Construction and Engineering Ltd (GARUDA): +2.0 pp
4. NCC Ltd (NCC): 0.0 pp
5. PSP Projects Ltd (PSPPROJECT): 0.0 pp

### 20-quarter OPM history
- 533285: Dec 2021 6.6% | Mar 2022 9.7% | Jun 2022 22% | Sep 2022 18% | Dec 2022 17% | Mar 2023 12% | Jun 2023 73% | Sep 2023 27% | Dec 2023 47% | Mar 2024 28% | Apr 2024 — | Jun 2024 4.0% | Sep 2024 8.9% | Dec 2024 5.5% | Mar 2025 4.5% | Jun 2025 3.7% | Sep 2025 4.1% | Dec 2025 -2.0% | Mar 2026 3.1% | Jun 2026 —
- NCC: Dec 2021 9.2% | Mar 2022 7.7% | Jun 2022 9.3% | Sep 2022 9.2% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 6.0% | Dec 2023 10% | Mar 2024 8.0% | Apr 2024 — | Jun 2024 9.0% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- MAHLIFE: Dec 2021 -159% | Mar 2022 -22% | Jun 2022 -34% | Sep 2022 -56% | Dec 2022 -6.0% | Mar 2023 -11% | Jun 2023 -44% | Sep 2023 -196% | Dec 2023 -48% | Mar 2024 -379% | Apr 2024 — | Jun 2024 -22% | Sep 2024 -627% | Dec 2024 -15% | Mar 2025 -597% | Jun 2025 -172% | Sep 2025 -299% | Dec 2025 6.0% | Mar 2026 -7.0% | Jun 2026 10%
- PSPPROJECT: Dec 2021 16% | Mar 2022 16% | Jun 2022 14% | Sep 2022 11% | Dec 2022 12% | Mar 2023 11% | Jun 2023 13% | Sep 2023 12% | Dec 2023 10% | Mar 2024 8.0% | Apr 2024 — | Jun 2024 12% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 5.0% | Jun 2026 —
- MANINFRA: Dec 2021 15% | Mar 2022 21% | Jun 2022 19% | Sep 2022 23% | Dec 2022 28% | Mar 2023 18% | Jun 2023 21% | Sep 2023 30% | Dec 2023 42% | Mar 2024 17% | Apr 2024 — | Jun 2024 24% | Sep 2024 12% | Dec 2024 25% | Mar 2025 36% | Jun 2025 22% | Sep 2025 25% | Dec 2025 21% | Mar 2026 13% | Jun 2026 —
- ASHOKA: Dec 2021 28% | Mar 2022 28% | Jun 2022 26% | Sep 2022 24% | Dec 2022 25% | Mar 2023 23% | Jun 2023 24% | Sep 2023 25% | Dec 2023 22% | Mar 2024 21% | Apr 2024 — | Jun 2024 24% | Sep 2024 36% | Dec 2024 27% | Mar 2025 29% | Jun 2025 32% | Sep 2025 32% | Dec 2025 24% | Mar 2026 13% | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 33% | Dec 2023 32% | Mar 2024 32% | Apr 2024 — | Jun 2024 33% | Sep 2024 29% | Dec 2024 28% | Mar 2025 30% | Jun 2025 29% | Sep 2025 30% | Dec 2025 32% | Mar 2026 32% | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 93% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 14% | Dec 2023 — | Mar 2024 15% | Apr 2024 — | Jun 2024 — | Sep 2024 14% | Dec 2024 24% | Mar 2025 16% | Jun 2025 — | Sep 2025 15% | Dec 2025 27% | Mar 2026 9.3% | Jun 2026 —
- VASCONEQ: Dec 2021 -3.5% | Mar 2022 8.4% | Jun 2022 7.9% | Sep 2022 5.1% | Dec 2022 8.3% | Mar 2023 15% | Jun 2023 7.1% | Sep 2023 4.6% | Dec 2023 9.8% | Mar 2024 8.6% | Apr 2024 — | Jun 2024 8.0% | Sep 2024 7.2% | Dec 2024 6.7% | Mar 2025 9.7% | Jun 2025 5.8% | Sep 2025 6.9% | Dec 2025 5.2% | Mar 2026 4.2% | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 83% | Jun 2026 —
- CCCL: Dec 2021 -21% | Mar 2022 -163% | Jun 2022 -34% | Sep 2022 -13% | Dec 2022 -51% | Mar 2023 -2.8% | Jun 2023 -21% | Sep 2023 -1.7% | Dec 2023 — | Mar 2024 -160% | Apr 2024 — | Jun 2024 -15% | Sep 2024 -24% | Dec 2024 -55% | Mar 2025 -17% | Jun 2025 -42% | Sep 2025 -5.9% | Dec 2025 1.3% | Mar 2026 -8.0% | Jun 2026 —
- JPASSOCIAT: Dec 2021 2.7% | Mar 2022 -16% | Jun 2022 4.4% | Sep 2022 1.9% | Dec 2022 7.0% | Mar 2023 13% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 2.0% | Mar 2024 4.0% | Apr 2024 — | Jun 2024 8.0% | Sep 2024 -3.0% | Dec 2024 0.0% | Mar 2025 -17% | Jun 2025 -3.0% | Sep 2025 -6.0% | Dec 2025 -11% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- 533285: Dec 2021 −5.7 pp | Mar 2022 +0.9 pp | Jun 2022 +5.6 pp | Sep 2022 −8.9 pp | Dec 2022 +10.6 pp | Mar 2023 +2.6 pp | Jun 2023 +50.4 pp | Sep 2023 +8.2 pp | Dec 2023 +30.0 pp | Mar 2024 +15.8 pp | Apr 2024 — | Jun 2024 −69.0 pp | Sep 2024 −17.6 pp | Dec 2024 −41.6 pp | Mar 2025 −23.5 pp | Jun 2025 −0.3 pp | Sep 2025 −4.9 pp | Dec 2025 −7.5 pp | Mar 2026 −1.4 pp | Jun 2026 —
- NCC: Dec 2021 −2.9 pp | Mar 2022 −3.1 pp | Jun 2022 −1.0 pp | Sep 2022 −1.1 pp | Dec 2022 +0.8 pp | Mar 2023 +1.3 pp | Jun 2023 −0.3 pp | Sep 2023 −3.2 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Apr 2024 — | Jun 2024 0.0 pp | Sep 2024 +3.0 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MAHLIFE: Dec 2021 −131.1 pp | Mar 2022 +44.2 pp | Jun 2022 −17.5 pp | Sep 2022 −71.9 pp | Dec 2022 +153.4 pp | Mar 2023 +11.1 pp | Jun 2023 −10.2 pp | Sep 2023 −139.6 pp | Dec 2023 −42.0 pp | Mar 2024 −368.0 pp | Apr 2024 — | Jun 2024 +22.0 pp | Sep 2024 −431.0 pp | Dec 2024 +33.0 pp | Mar 2025 −218.0 pp | Jun 2025 −150.0 pp | Sep 2025 +328.0 pp | Dec 2025 +21.0 pp | Mar 2026 +590.0 pp | Jun 2026 +182.0 pp
- PSPPROJECT: Dec 2021 +4.2 pp | Mar 2022 +3.3 pp | Jun 2022 +1.3 pp | Sep 2022 −3.0 pp | Dec 2022 −3.7 pp | Mar 2023 −4.9 pp | Jun 2023 −0.8 pp | Sep 2023 +1.0 pp | Dec 2023 −2.0 pp | Mar 2024 −3.0 pp | Apr 2024 — | Jun 2024 −1.0 pp | Sep 2024 −6.0 pp | Dec 2024 −4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −7.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MANINFRA: Dec 2021 −4.4 pp | Mar 2022 +2.0 pp | Jun 2022 −26.2 pp | Sep 2022 −7.5 pp | Dec 2022 +13.0 pp | Mar 2023 −3.0 pp | Jun 2023 +2.0 pp | Sep 2023 +6.6 pp | Dec 2023 +14.0 pp | Mar 2024 −1.0 pp | Apr 2024 — | Jun 2024 +3.0 pp | Sep 2024 −18.0 pp | Dec 2024 −17.0 pp | Mar 2025 +19.0 pp | Jun 2025 −2.0 pp | Sep 2025 +13.0 pp | Dec 2025 −4.0 pp | Mar 2026 −23.0 pp | Jun 2026 —
- ASHOKA: Dec 2021 −4.2 pp | Mar 2022 +0.8 pp | Jun 2022 −5.2 pp | Sep 2022 −8.6 pp | Dec 2022 −2.7 pp | Mar 2023 −5.5 pp | Jun 2023 −1.8 pp | Sep 2023 +1.5 pp | Dec 2023 −3.0 pp | Mar 2024 −2.0 pp | Apr 2024 — | Jun 2024 0.0 pp | Sep 2024 +11.0 pp | Dec 2024 +5.0 pp | Mar 2025 +8.0 pp | Jun 2025 +8.0 pp | Sep 2025 −4.0 pp | Dec 2025 −3.0 pp | Mar 2026 −16.0 pp | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 −4.1 pp | Dec 2024 −4.3 pp | Mar 2025 −1.9 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +66.1 pp | Dec 2022 — | Mar 2023 −81.9 pp | Jun 2023 — | Sep 2023 −10.3 pp | Dec 2023 — | Mar 2024 +3.4 pp | Apr 2024 — | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 — | Mar 2025 +1.2 pp | Jun 2025 — | Sep 2025 +0.8 pp | Dec 2025 +3.0 pp | Mar 2026 −6.4 pp | Jun 2026 —
- VASCONEQ: Dec 2021 −11.5 pp | Mar 2022 +3.8 pp | Jun 2022 +9.1 pp | Sep 2022 +1.8 pp | Dec 2022 +11.8 pp | Mar 2023 +6.8 pp | Jun 2023 −0.7 pp | Sep 2023 −0.5 pp | Dec 2023 +1.5 pp | Mar 2024 −6.6 pp | Apr 2024 — | Jun 2024 +0.9 pp | Sep 2024 +2.6 pp | Dec 2024 −3.1 pp | Mar 2025 +1.1 pp | Jun 2025 −2.3 pp | Sep 2025 −0.3 pp | Dec 2025 −1.5 pp | Mar 2026 −5.5 pp | Jun 2026 —
- CCCL: Dec 2021 −15.5 pp | Mar 2022 −120.1 pp | Jun 2022 −19.8 pp | Sep 2022 −5.1 pp | Dec 2022 −29.9 pp | Mar 2023 +160.5 pp | Jun 2023 +12.3 pp | Sep 2023 +11.7 pp | Dec 2023 −1,321.0 pp | Mar 2024 −156.9 pp | Apr 2024 — | Jun 2024 +6.5 pp | Sep 2024 −22.3 pp | Dec 2024 +1,317.6 pp | Mar 2025 +142.9 pp | Jun 2025 −27.5 pp | Sep 2025 +18.1 pp | Dec 2025 +55.9 pp | Mar 2026 +8.8 pp | Jun 2026 —
- JPASSOCIAT: Dec 2021 −2.4 pp | Mar 2022 −43.8 pp | Jun 2022 −0.0 pp | Sep 2022 +3.0 pp | Dec 2022 +4.3 pp | Mar 2023 +29.3 pp | Jun 2023 +0.6 pp | Sep 2023 +3.1 pp | Dec 2023 −5.0 pp | Mar 2024 −9.0 pp | Apr 2024 — | Jun 2024 +3.0 pp | Sep 2024 −8.0 pp | Dec 2024 −2.0 pp | Mar 2025 −21.0 pp | Jun 2025 −11.0 pp | Sep 2025 −3.0 pp | Dec 2025 −11.0 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Ashoka Buildcon Ltd leads with ₹2,576 crore of TTM profit, 255.8% above NCC Ltd. RDB Infrastructure and Power Ltd shows ≥100% on the scoring scale (124.9% uncapped) growth from a ₹12 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ashoka Buildcon 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: Ashoka Buildcon Ltd · ₹2,576 crore | 255.8% versus #2 · NCC Ltd | 6/8 recent comparable periods | 12/12 companies · 171 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. Ashoka Buildcon Ltd (ASHOKA): ₹2.6K Cr
2. NCC Ltd (NCC): ₹724 Cr
3. Mahindra Lifespace Developers Ltd (MAHLIFE): ₹333 Cr
4. Man Infraconstruction Ltd (MANINFRA): ₹211 Cr
5. Garuda Construction and Engineering Ltd (GARUDA): ₹122 Cr

### Profit growth — fastest growers
1. RDB Infrastructure and Power Ltd (533285): 100%
2. Garuda Construction and Engineering Ltd (GARUDA): 100%
3. Mahindra Lifespace Developers Ltd (MAHLIFE): 100%
4. Ashoka Buildcon Ltd (ASHOKA): 49%
5. Modis Navnirman Ltd (MODIS): 30%

### 20-quarter Net profit history
- 533285: Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹12 Cr | Apr 2024 — | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- NCC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹168 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹239 Cr | Apr 2024 — | Jun 2024 ₹223 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹217 Cr | Jun 2026 —
- MAHLIFE: Dec 2021 ₹25 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹71 Cr | Apr 2024 — | Jun 2024 ₹13 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹90 Cr | Jun 2026 ₹86 Cr
- PSPPROJECT: Dec 2021 ₹50 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹16 Cr | Apr 2024 — | Jun 2024 ₹35 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- MANINFRA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹91 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹65 Cr | Apr 2024 — | Jun 2024 ₹84 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- ASHOKA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹138 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹254 Cr | Apr 2024 — | Jun 2024 ₹158 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹452 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹147 Cr | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹17 Cr | Apr 2024 — | Jun 2024 ₹10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Apr 2024 — | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-35 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-20 Cr | Dec 2023 ₹-618 Cr | Mar 2024 ₹1.3K Cr | Apr 2024 — | Jun 2024 ₹-3 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- JPASSOCIAT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-315 Cr | Mar 2023 ₹-316 Cr | Jun 2023 ₹-183 Cr | Sep 2023 ₹-248 Cr | Dec 2023 ₹-476 Cr | Mar 2024 ₹-431 Cr | Apr 2024 — | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-298 Cr | Dec 2024 ₹-768 Cr | Mar 2025 ₹-731 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹-75 Cr | Dec 2025 ₹-693 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- 533285: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 114% | Dec 2022 89% | Mar 2023 5,877% | Jun 2023 113% | Sep 2023 -13% | Dec 2023 -42% | Mar 2024 54% | Apr 2024 — | Jun 2024 -70% | Sep 2024 -46% | Dec 2024 -26% | Mar 2025 -90% | Jun 2025 186% | Sep 2025 79% | Dec 2025 36% | Mar 2026 273% | Jun 2026 —
- NCC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 18% | Apr 2024 — | Jun 2024 21% | Sep 2024 103% | Dec 2024 -11% | Mar 2025 11% | Jun 2025 -8.1% | Sep 2025 -4.6% | Dec 2025 -34% | Mar 2026 -18% | Jun 2026 —
- MAHLIFE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -214% | Dec 2022 36% | Mar 2023 -99% | Jun 2023 -105% | Sep 2023 — | Dec 2023 47% | Mar 2024 7,000% | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -144% | Mar 2025 20% | Jun 2025 292% | Sep 2025 — | Dec 2025 — | Mar 2026 5.9% | Jun 2026 69%
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -39% | Dec 2022 -30% | Mar 2023 -16% | Jun 2023 31% | Sep 2023 77% | Dec 2023 -11% | Mar 2024 -65% | Apr 2024 — | Jun 2024 -7.9% | Sep 2024 -74% | Dec 2024 -84% | Mar 2025 -63% | Jun 2025 -100% | Sep 2025 60% | Dec 2025 260% | Mar 2026 250% | Jun 2026 —
- MANINFRA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.4% | Mar 2024 -29% | Apr 2024 — | Jun 2024 -3.5% | Sep 2024 -28% | Dec 2024 -3.5% | Mar 2025 49% | Jun 2025 -31% | Sep 2025 28% | Dec 2025 -38% | Mar 2026 -58% | Jun 2026 —
- ASHOKA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 — | Apr 2024 — | Jun 2024 119% | Sep 2024 288% | Dec 2024 569% | Mar 2025 78% | Jun 2025 44% | Sep 2025 -80% | Dec 2025 219% | Mar 2026 -67% | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 211% | Sep 2025 170% | Dec 2025 154% | Mar 2026 89% | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 -2.1% | Dec 2023 — | Mar 2024 34% | Apr 2024 — | Jun 2024 — | Sep 2024 60% | Dec 2024 — | Mar 2025 -61% | Jun 2025 — | Sep 2025 10% | Dec 2025 82% | Mar 2026 192% | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -66% | Apr 2024 — | Jun 2024 -19% | Sep 2024 -50% | Dec 2024 307% | Mar 2025 107% | Jun 2025 134% | Sep 2025 11% | Dec 2025 -88% | Mar 2026 -84% | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -96% | Jun 2025 — | Sep 2025 -101% | Dec 2025 — | Mar 2026 -104% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: PSP Projects Ltd reports ₹17 crore of CAPEX; PSP Projects Ltd has the highest covered intensity at 2.5%. Coverage is only 2 of 12 companies and 9 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: PSP Projects Ltd · ₹17 crore | null versus #2 · Modis Navnirman Ltd | 4/4 recent comparable periods | 2/12 companies · 9 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. PSP Projects Ltd (PSPPROJECT): ₹17 Cr
2. Modis Navnirman Ltd (MODIS): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. PSP Projects Ltd (PSPPROJECT): 2.5%
2. Modis Navnirman Ltd (MODIS): 0.0%

### 20-quarter CAPEX history
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26 Cr | Mar 2023 ₹46 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹46 Cr | Mar 2024 ₹17 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Apr 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.2% | Mar 2023 6.3% | Jun 2023 — | Sep 2023 — | Dec 2023 6.5% | Mar 2024 2.5% | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Apr 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: PSP Projects Ltd has the clearest covered balance-sheet capacity with ₹86 crore net cash and gross debt of ₹330 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: BEML Land Assets Ltd · ₹0 crore | null versus #2 · Consolidated Construction Consortium Ltd | 0/8 recent comparable periods | 12/12 companies · 136 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. BEML Land Assets Ltd (BLAL): ₹0 Cr
2. Consolidated Construction Consortium Ltd (CCCL): ₹0 Cr
3. Modis Navnirman Ltd (MODIS): ₹6 Cr
4. Garuda Construction and Engineering Ltd (GARUDA): ₹12 Cr
5. RDB Infrastructure and Power Ltd (533285): ₹57 Cr

### Net debt — lowest net debt
1. PSP Projects Ltd (PSPPROJECT): ₹-86 Cr
2. Consolidated Construction Consortium Ltd (CCCL): ₹-43 Cr
3. Garuda Construction and Engineering Ltd (GARUDA): ₹-11 Cr
4. Modis Navnirman Ltd (MODIS): ₹1 Cr
5. BEML Land Assets Ltd (BLAL): ₹12 Cr

### 20-quarter Gross debt history
- 533285: Dec 2021 — | Mar 2022 ₹466 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹496 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹669 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹77 Cr | Jun 2025 — | Sep 2025 ₹62 Cr | Dec 2025 — | Mar 2026 ₹57 Cr | Jun 2026 —
- NCC: Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹974 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹980 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹2.9K Cr | Dec 2025 — | Mar 2026 ₹3.5K Cr | Jun 2026 —
- MAHLIFE: Dec 2021 ₹258 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹268 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹297 Cr | Mar 2024 ₹877 Cr | Apr 2024 — | Jun 2024 ₹877 Cr | Sep 2024 ₹933 Cr | Dec 2024 ₹933 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹662 Cr | Jun 2026 —
- PSPPROJECT: Dec 2021 ₹189 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹158 Cr | Dec 2022 — | Mar 2023 ₹145 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹477 Cr | Mar 2024 ₹455 Cr | Apr 2024 — | Jun 2024 ₹455 Cr | Sep 2024 ₹274 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹272 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- MANINFRA: Dec 2021 — | Mar 2022 ₹557 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹206 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹131 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹36 Cr | Jun 2025 — | Sep 2025 ₹31 Cr | Dec 2025 — | Mar 2026 ₹64 Cr | Jun 2026 —
- ASHOKA: Dec 2021 — | Mar 2022 ₹3.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.5K Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.0K Cr | Jun 2025 — | Sep 2025 ₹2.0K Cr | Dec 2025 — | Mar 2026 ₹1.6K Cr | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- MODIS: Dec 2021 ₹20 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Apr 2024 — | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- VASCONEQ: Dec 2021 ₹221 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹152 Cr | Apr 2024 — | Jun 2024 ₹194 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹275 Cr | Mar 2026 ₹300 Cr | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Apr 2024 — | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- CCCL: Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹141 Cr | Apr 2024 — | Jun 2024 ₹141 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- JPASSOCIAT: Dec 2021 — | Mar 2022 ₹19.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15.4K Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18.5K Cr | Jun 2025 — | Sep 2025 ₹17.5K Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- MAHLIFE: Dec 2021 ₹7 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹698 Cr | Apr 2024 — | Jun 2024 ₹698 Cr | Sep 2024 ₹597 Cr | Dec 2024 ₹597 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹-122 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- PSPPROJECT: Dec 2021 ₹-6 Cr | Mar 2022 ₹-96 Cr | Jun 2022 ₹-96 Cr | Sep 2022 ₹-79 Cr | Dec 2022 — | Mar 2023 ₹-97 Cr | Jun 2023 ₹-97 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹228 Cr | Apr 2024 — | Jun 2024 ₹228 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹-86 Cr | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-44 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- MODIS: Dec 2021 ₹19 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Apr 2024 — | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- VASCONEQ: Dec 2021 ₹148 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹132 Cr | Apr 2024 — | Jun 2024 ₹108 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Apr 2024 — | Jun 2024 ₹4 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- CCCL: Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹132 Cr | Apr 2024 — | Jun 2024 ₹132 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹-71 Cr | Jun 2025 ₹-71 Cr | Sep 2025 ₹-159 Cr | Dec 2025 ₹-159 Cr | Mar 2026 ₹-43 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Garuda Construction and Engineering Ltd leads ROCE at 41.8%, 15.3 percentage points above Ashoka Buildcon Ltd. Garuda Construction and Engineering Ltd has the strongest latest improvement at +15.9 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: Garuda Construction and Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Garuda Construction and Engineering Ltd · 41.8% | 57.7% versus #2 · Ashoka Buildcon Ltd | 3/3 recent comparable periods | 12/12 companies · 89 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. Garuda Construction and Engineering Ltd (GARUDA): 42%
2. Ashoka Buildcon Ltd (ASHOKA): 27%
3. Modis Navnirman Ltd (MODIS): 26%
4. NCC Ltd (NCC): 17%
5. Man Infraconstruction Ltd (MANINFRA): 13%

### ROCE change — fastest improvers
1. Garuda Construction and Engineering Ltd (GARUDA): +15.9 pp
2. BEML Land Assets Ltd (BLAL): +14.2 pp
3. Modis Navnirman Ltd (MODIS): +5.6 pp
4. Mahindra Lifespace Developers Ltd (MAHLIFE): +2.8 pp
5. RDB Infrastructure and Power Ltd (533285): +2.0 pp

### 20-quarter ROCE history
- MAHLIFE: Dec 2021 — | Mar 2022 -4.1% | Jun 2022 — | Sep 2022 -7.2% | Dec 2022 — | Mar 2023 -6.1% | Jun 2023 — | Sep 2023 -6.7% | Dec 2023 0.3% | Mar 2024 -7.3% | Apr 2024 — | Jun 2024 3.7% | Sep 2024 -8.0% | Dec 2024 3.0% | Mar 2025 -6.8% | Jun 2025 4.7% | Sep 2025 -6.3% | Dec 2025 11% | Mar 2026 -4.0% | Jun 2026 —
- PSPPROJECT: Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 26% | Dec 2023 25% | Mar 2024 21% | Apr 2024 — | Jun 2024 25% | Sep 2024 13% | Dec 2024 13% | Mar 2025 9.0% | Jun 2025 6.9% | Sep 2025 5.7% | Dec 2025 8.0% | Mar 2026 7.9% | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 3.8% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 20% | Jun 2025 40% | Sep 2025 29% | Dec 2025 55% | Mar 2026 36% | Jun 2026 —
- MODIS: Dec 2021 -2.6% | Mar 2022 4.8% | Jun 2022 14% | Sep 2022 25% | Dec 2022 22% | Mar 2023 23% | Jun 2023 19% | Sep 2023 18% | Dec 2023 9.6% | Mar 2024 9.9% | Apr 2024 — | Jun 2024 9.7% | Sep 2024 11% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 26% | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 2.9% | Jun 2022 — | Sep 2022 5.1% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 10% | Dec 2023 12% | Mar 2024 8.6% | Apr 2024 — | Jun 2024 8.7% | Sep 2024 4.5% | Dec 2024 15% | Mar 2025 6.9% | Jun 2025 16% | Sep 2025 6.5% | Dec 2025 9.1% | Mar 2026 3.6% | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -2.8% | Mar 2023 -4.6% | Jun 2023 — | Sep 2023 -29% | Dec 2023 -40% | Mar 2024 -35% | Apr 2024 — | Jun 2024 -33% | Sep 2024 -36% | Dec 2024 -30% | Mar 2025 -31% | Jun 2025 -35% | Sep 2025 -32% | Dec 2025 -32% | Mar 2026 -16% | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 6.6% | Jun 2023 — | Sep 2023 4.1% | Dec 2023 — | Mar 2024 -664% | Apr 2024 — | Jun 2024 747% | Sep 2024 -446% | Dec 2024 984% | Mar 2025 -8.8% | Jun 2025 124% | Sep 2025 -12% | Dec 2025 69% | Mar 2026 -7.6% | Jun 2026 —

### 20-quarter ROCE change history
- MAHLIFE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.0 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 −1.2 pp | Apr 2024 — | Jun 2024 +10.4 pp | Sep 2024 −8.3 pp | Dec 2024 +10.3 pp | Mar 2025 — | Jun 2025 +1.0 pp | Sep 2025 +1.7 pp | Dec 2025 +7.7 pp | Mar 2026 +2.8 pp | Jun 2026 —
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −9.6 pp | Jun 2023 — | Sep 2023 −2.9 pp | Dec 2023 — | Mar 2024 −2.1 pp | Apr 2024 — | Jun 2024 −1.5 pp | Sep 2024 −11.9 pp | Dec 2024 −7.1 pp | Mar 2025 — | Jun 2025 −17.7 pp | Sep 2025 −7.4 pp | Dec 2025 −5.4 pp | Mar 2026 −1.1 pp | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +16.3 pp | Jun 2025 — | Sep 2025 +7.6 pp | Dec 2025 — | Mar 2026 +15.9 pp | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +24.2 pp | Mar 2023 +18.3 pp | Jun 2023 +4.8 pp | Sep 2023 −6.7 pp | Dec 2023 −12.0 pp | Mar 2024 −13.2 pp | Apr 2024 — | Jun 2024 −8.6 pp | Sep 2024 +1.2 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +5.6 pp | Jun 2026 —
- VASCONEQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +7.9 pp | Jun 2023 — | Sep 2023 +5.1 pp | Dec 2023 — | Mar 2024 −2.2 pp | Apr 2024 — | Jun 2024 −1.5 pp | Sep 2024 −7.4 pp | Dec 2024 +5.9 pp | Mar 2025 — | Jun 2025 +7.7 pp | Sep 2025 +2.0 pp | Dec 2025 −5.4 pp | Mar 2026 −3.3 pp | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −37.3 pp | Mar 2024 −29.9 pp | Apr 2024 — | Jun 2024 −3.8 pp | Sep 2024 +3.7 pp | Dec 2024 +4.7 pp | Mar 2025 — | Jun 2025 −2.2 pp | Sep 2025 +4.5 pp | Dec 2025 −1.7 pp | Mar 2026 +14.2 pp | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −8.7 pp | Jun 2023 — | Sep 2023 −10.5 pp | Dec 2023 — | Mar 2024 −670.6 pp | Apr 2024 — | Jun 2024 +742.8 pp | Sep 2024 — | Dec 2024 +1,648.0 pp | Mar 2025 — | Jun 2025 −623.3 pp | Sep 2025 +434.0 pp | Dec 2025 −915.2 pp | Mar 2026 +1.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: PSP Projects Ltd has the lowest comparable Guarded PEG at 0.65×, 90% below Mahindra Lifespace Developers Ltd. Only 2 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

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

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

Evidence: PSP Projects Ltd · 0.65× | 90% versus #2 · Mahindra Lifespace Developers Ltd | 0/8 recent comparable periods | 2/12 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. PSP Projects Ltd (PSPPROJECT): 0.7
2. Mahindra Lifespace Developers Ltd (MAHLIFE): 6.5

### P/E — lowest P/E
1. Ashoka Buildcon Ltd (ASHOKA): 4.2
2. Consolidated Construction Consortium Ltd (CCCL): 11.6
3. NCC Ltd (NCC): 12.3
4. Garuda Construction and Engineering Ltd (GARUDA): 13.3
5. Man Infraconstruction Ltd (MANINFRA): 21.1

### 20-quarter Guarded PEG history
- MAHLIFE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSPPROJECT: Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.2 | Dec 2022 0.9 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 533285: Dec 2021 10.9 | Mar 2022 12.5 | Jun 2022 9.2 | Sep 2022 11.2 | Dec 2022 9.7 | Mar 2023 7.1 | Jun 2023 5.9 | Sep 2023 5.0 | Dec 2023 8.1 | Mar 2024 12.3 | Apr 2024 — | Jun 2024 13.2 | Sep 2024 33.1 | Dec 2024 47.0 | Mar 2025 52.2 | Jun 2025 44.7 | Sep 2025 41.3 | Dec 2025 53.6 | Mar 2026 30.3 | Jun 2026 —
- NCC: Dec 2021 12.7 | Mar 2022 10.7 | Jun 2022 10.4 | Sep 2022 11.1 | Dec 2022 11.9 | Mar 2023 12.8 | Jun 2023 12.4 | Sep 2023 14.7 | Dec 2023 17.2 | Mar 2024 21.7 | Apr 2024 — | Jun 2024 27.2 | Sep 2024 24.7 | Dec 2024 20.5 | Mar 2025 15.9 | Jun 2025 17.6 | Sep 2025 15.8 | Dec 2025 12.5 | Mar 2026 11.5 | Jun 2026 —
- MAHLIFE: Dec 2021 -391.8 | Mar 2022 39.7 | Jun 2022 122.8 | Sep 2022 75.3 | Dec 2022 65.7 | Mar 2023 81.5 | Jun 2023 233.8 | Sep 2023 303.6 | Dec 2023 309.0 | Mar 2024 421.3 | Apr 2024 — | Jun 2024 118.9 | Sep 2024 92.2 | Dec 2024 76.9 | Mar 2025 122.7 | Jun 2025 122.9 | Sep 2025 76.9 | Dec 2025 51.7 | Mar 2026 24.4 | Jun 2026 27.9
- PSPPROJECT: Dec 2021 13.2 | Mar 2022 12.5 | Jun 2022 11.5 | Sep 2022 13.5 | Dec 2022 16.2 | Mar 2023 17.1 | Jun 2023 19.5 | Sep 2023 20.4 | Dec 2023 17.5 | Mar 2024 16.1 | Apr 2024 — | Jun 2024 20.1 | Sep 2024 20.1 | Dec 2024 27.7 | Mar 2025 37.4 | Jun 2025 53.1 | Sep 2025 126.3 | Dec 2025 121.9 | Mar 2026 59.1 | Jun 2026 —
- MANINFRA: Dec 2021 21.9 | Mar 2022 19.9 | Jun 2022 13.1 | Sep 2022 14.9 | Dec 2022 16.8 | Mar 2023 11.8 | Jun 2023 16.4 | Sep 2023 18.7 | Dec 2023 25.3 | Mar 2024 24.0 | Apr 2024 — | Jun 2024 24.2 | Sep 2024 24.9 | Dec 2024 35.1 | Mar 2025 20.5 | Jun 2025 24.4 | Sep 2025 21.5 | Dec 2025 18.2 | Mar 2026 14.4 | Jun 2026 —
- ASHOKA: Dec 2021 7.2 | Mar 2022 6.3 | Jun 2022 4.2 | Sep 2022 4.1 | Dec 2022 4.8 | Mar 2023 3.7 | Jun 2023 8.3 | Sep 2023 16.9 | Dec 2023 15.5 | Mar 2024 20.7 | Apr 2024 — | Jun 2024 13.7 | Sep 2024 11.9 | Dec 2024 9.3 | Mar 2025 3.7 | Jun 2025 3.5 | Sep 2025 3.0 | Dec 2025 3.2 | Mar 2026 2.9 | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 35.2 | Mar 2025 19.3 | Jun 2025 23.4 | Sep 2025 24.3 | Dec 2025 21.3 | Mar 2026 12.6 | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 107.2 | Dec 2022 35.2 | Mar 2023 40.7 | Jun 2023 54.2 | Sep 2023 50.3 | Dec 2023 48.5 | Mar 2024 73.4 | Apr 2024 — | Jun 2024 69.7 | Sep 2024 203.7 | Dec 2024 188.7 | Mar 2025 207.2 | Jun 2025 — | Sep 2025 28.4 | Dec 2025 28.8 | Mar 2026 25.6 | Jun 2026 —
- VASCONEQ: Dec 2021 117.7 | Mar 2022 19.4 | Jun 2022 12.4 | Sep 2022 11.2 | Dec 2022 10.0 | Mar 2023 8.9 | Jun 2023 9.6 | Sep 2023 12.7 | Dec 2023 15.7 | Mar 2024 13.7 | Apr 2024 — | Jun 2024 25.5 | Sep 2024 23.6 | Dec 2024 24.3 | Mar 2025 18.0 | Jun 2025 18.5 | Sep 2025 16.7 | Dec 2025 12.7 | Mar 2026 8.8 | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -200.0 | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.1 | Apr 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 — | Mar 2025 7.3 | Jun 2025 5.2 | Sep 2025 — | Dec 2025 5.7 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Ashoka Buildcon Ltd leads both ev/ebitda at 1.4× and p/bv at 0.52×.

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: Ashoka Buildcon Ltd · 1.4× | 74.1% versus #2 · NCC Ltd | 0/8 recent comparable periods | 11/12 companies · 164 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. Ashoka Buildcon Ltd (ASHOKA): 1.4
2. NCC Ltd (NCC): 5.4
3. Vascon Engineers Ltd (VASCONEQ): 6.6
4. Man Infraconstruction Ltd (MANINFRA): 7.9
5. Garuda Construction and Engineering Ltd (GARUDA): 9.1

### P/BV — lowest P/BV
1. Ashoka Buildcon Ltd (ASHOKA): 0.5
2. Vascon Engineers Ltd (VASCONEQ): 0.7
3. NCC Ltd (NCC): 1.1
4. RDB Infrastructure and Power Ltd (533285): 1.7
5. Man Infraconstruction Ltd (MANINFRA): 1.7

### 20-quarter EV/EBITDA history
- 533285: Dec 2021 36.4 | Mar 2022 44.9 | Jun 2022 37.0 | Sep 2022 45.0 | Dec 2022 30.4 | Mar 2023 23.6 | Jun 2023 16.8 | Sep 2023 14.1 | Dec 2023 17.7 | Mar 2024 18.7 | Apr 2024 — | Jun 2024 19.6 | Sep 2024 28.0 | Dec 2024 33.9 | Mar 2025 36.0 | Jun 2025 35.7 | Sep 2025 34.5 | Dec 2025 28.0 | Mar 2026 16.8 | Jun 2026 —
- NCC: Dec 2021 5.4 | Mar 2022 4.8 | Jun 2022 4.5 | Sep 2022 4.8 | Dec 2022 5.2 | Mar 2023 5.3 | Jun 2023 5.2 | Sep 2023 5.8 | Dec 2023 6.5 | Mar 2024 8.4 | Apr 2024 — | Jun 2024 10.6 | Sep 2024 9.5 | Dec 2024 8.7 | Mar 2025 6.8 | Jun 2025 6.8 | Sep 2025 6.2 | Dec 2025 6.0 | Mar 2026 5.4 | Jun 2026 —
- MAHLIFE: Dec 2021 — | Mar 2022 — | Jun 2022 513.5 | Sep 2022 110.1 | Dec 2022 147.0 | Mar 2023 195.6 | Jun 2023 150.4 | Sep 2023 175.2 | Dec 2023 — | Mar 2024 564.6 | Apr 2024 — | Jun 2024 157.5 | Sep 2024 119.6 | Dec 2024 84.3 | Mar 2025 84.4 | Jun 2025 77.0 | Sep 2025 60.7 | Dec 2025 40.1 | Mar 2026 20.9 | Jun 2026 28.2
- PSPPROJECT: Dec 2021 8.0 | Mar 2022 7.5 | Jun 2022 6.3 | Sep 2022 7.7 | Dec 2022 8.8 | Mar 2023 8.9 | Jun 2023 9.7 | Sep 2023 10.2 | Dec 2023 9.5 | Mar 2024 8.4 | Apr 2024 — | Jun 2024 9.2 | Sep 2024 9.7 | Dec 2024 10.4 | Mar 2025 11.5 | Jun 2025 16.4 | Sep 2025 21.1 | Dec 2025 22.5 | Mar 2026 14.4 | Jun 2026 —
- MANINFRA: Dec 2021 9.5 | Mar 2022 9.3 | Jun 2022 6.9 | Sep 2022 7.5 | Dec 2022 9.3 | Mar 2023 6.9 | Jun 2023 9.5 | Sep 2023 10.7 | Dec 2023 15.7 | Mar 2024 15.1 | Apr 2024 — | Jun 2024 16.3 | Sep 2024 16.0 | Dec 2024 22.2 | Mar 2025 13.8 | Jun 2025 15.8 | Sep 2025 14.4 | Dec 2025 11.8 | Mar 2026 7.9 | Jun 2026 —
- ASHOKA: Dec 2021 5.0 | Mar 2022 4.9 | Jun 2022 4.2 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 4.0 | Dec 2023 2.6 | Mar 2024 2.7 | Apr 2024 — | Jun 2024 4.6 | Sep 2024 4.4 | Dec 2024 4.6 | Mar 2025 3.6 | Jun 2025 3.4 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 1.4 | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 26.3 | Mar 2025 14.3 | Jun 2025 16.4 | Sep 2025 18.0 | Dec 2025 15.5 | Mar 2026 9.1 | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 223.0 | Dec 2022 27.9 | Mar 2023 32.5 | Jun 2023 43.2 | Sep 2023 31.2 | Dec 2023 30.9 | Mar 2024 52.0 | Apr 2024 — | Jun 2024 64.9 | Sep 2024 183.0 | Dec 2024 170.9 | Mar 2025 187.6 | Jun 2025 — | Sep 2025 23.1 | Dec 2025 23.4 | Mar 2026 20.8 | Jun 2026 —
- VASCONEQ: Dec 2021 17.0 | Mar 2022 9.9 | Jun 2022 7.5 | Sep 2022 7.2 | Dec 2022 7.3 | Mar 2023 6.5 | Jun 2023 7.9 | Sep 2023 10.4 | Dec 2023 13.2 | Mar 2024 11.7 | Apr 2024 — | Jun 2024 18.2 | Sep 2024 16.8 | Dec 2024 16.8 | Mar 2025 12.3 | Jun 2025 12.9 | Sep 2025 11.1 | Dec 2025 9.3 | Mar 2026 6.6 | Jun 2026 —
- CCCL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 189.3 | Sep 2025 — | Dec 2025 288.0 | Mar 2026 257.7 | Jun 2026 —
- JPASSOCIAT: Dec 2021 19.3 | Mar 2022 19.1 | Jun 2022 77.8 | Sep 2022 59.4 | Dec 2022 58.3 | Mar 2023 43.1 | Jun 2023 26.9 | Sep 2023 23.8 | Dec 2023 24.4 | Mar 2024 25.1 | Apr 2024 — | Jun 2024 26.0 | Sep 2024 19.5 | Dec 2024 19.8 | Mar 2025 21.2 | Jun 2025 35.1 | Sep 2025 87.4 | Dec 2025 99.7 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 533285: Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.9 | Mar 2024 1.2 | Apr 2024 — | Jun 2024 1.4 | Sep 2024 3.6 | Dec 2024 4.6 | Mar 2025 — | Jun 2025 — | Sep 2025 4.5 | Dec 2025 4.7 | Mar 2026 3.0 | Jun 2026 —
- NCC: Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 2.3 | Apr 2024 — | Jun 2024 3.2 | Sep 2024 2.9 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 1.7 | Dec 2025 1.3 | Mar 2026 1.1 | Jun 2026 —
- MAHLIFE: Dec 2021 2.9 | Mar 2022 3.9 | Jun 2022 4.5 | Sep 2022 5.0 | Dec 2022 3.9 | Mar 2023 3.8 | Jun 2023 5.1 | Sep 2023 6.0 | Dec 2023 6.1 | Mar 2024 6.6 | Apr 2024 — | Jun 2024 6.5 | Sep 2024 5.7 | Dec 2024 5.0 | Mar 2025 3.2 | Jun 2025 4.0 | Sep 2025 4.0 | Dec 2025 2.4 | Mar 2026 1.9 | Jun 2026 3.9
- PSPPROJECT: Dec 2021 3.0 | Mar 2022 3.3 | Jun 2022 3.6 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 3.5 | Jun 2023 3.7 | Sep 2023 3.6 | Dec 2023 3.2 | Mar 2024 2.9 | Apr 2024 — | Jun 2024 3.1 | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 3.0 | Sep 2025 2.5 | Dec 2025 2.8 | Mar 2026 2.0 | Jun 2026 —
- MANINFRA: Dec 2021 4.6 | Mar 2022 4.7 | Jun 2022 4.1 | Sep 2022 3.5 | Dec 2022 2.9 | Mar 2023 3.0 | Jun 2023 4.9 | Sep 2023 5.2 | Dec 2023 6.6 | Mar 2024 6.2 | Apr 2024 — | Jun 2024 6.7 | Sep 2024 5.0 | Dec 2024 6.0 | Mar 2025 3.5 | Jun 2025 4.7 | Sep 2025 3.2 | Dec 2025 2.4 | Mar 2026 1.6 | Jun 2026 —
- ASHOKA: Dec 2021 3.7 | Mar 2022 3.3 | Jun 2022 3.3 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 2.0 | Dec 2023 2.0 | Mar 2024 2.3 | Apr 2024 — | Jun 2024 3.8 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.7 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 —
- GARUDA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 9.0 | Mar 2025 7.0 | Jun 2025 3.5 | Sep 2025 5.2 | Dec 2025 4.7 | Mar 2026 3.5 | Jun 2026 —
- MODIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.4 | Dec 2022 7.5 | Mar 2023 8.6 | Jun 2023 10.5 | Sep 2023 9.0 | Dec 2023 8.4 | Mar 2024 12.7 | Apr 2024 — | Jun 2024 11.6 | Sep 2024 7.0 | Dec 2024 5.1 | Mar 2025 5.6 | Jun 2025 — | Sep 2025 5.2 | Dec 2025 5.2 | Mar 2026 4.6 | Jun 2026 —
- VASCONEQ: Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 1.2 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.4 | Apr 2024 — | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 0.8 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 —
- BLAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 142.9 | Mar 2024 162.1 | Apr 2024 — | Jun 2024 253.6 | Sep 2024 212.6 | Dec 2024 499.9 | Mar 2025 431.3 | Jun 2025 185.5 | Sep 2025 788.3 | Dec 2025 -406.0 | Mar 2026 -308.7 | Jun 2026 —
- CCCL: Dec 2021 -0.1 | Mar 2022 -0.2 | Jun 2022 -0.2 | Sep 2022 -0.1 | Dec 2022 -0.1 | Mar 2023 -0.1 | Jun 2023 -0.1 | Sep 2023 -0.1 | Dec 2023 -0.1 | Mar 2024 2.2 | Apr 2024 — | Jun 2024 2.2 | Sep 2024 24.4 | Dec 2024 8.7 | Mar 2025 8.4 | Jun 2025 20.4 | Sep 2025 5.2 | Dec 2025 2.9 | Mar 2026 2.2 | Jun 2026 —
- JPASSOCIAT: Dec 2021 2.5 | Mar 2022 2.3 | Jun 2022 1.2 | Sep 2022 -3.3 | Dec 2022 -3.9 | Mar 2023 -2.8 | Jun 2023 — | Sep 2023 -2.3 | Dec 2023 -2.9 | Mar 2024 -2.6 | Apr 2024 — | Jun 2024 -2.0 | Sep 2024 -0.6 | Dec 2024 -0.4 | Mar 2025 -0.2 | Jun 2025 -0.3 | Sep 2025 -0.1 | Dec 2025 -0.2 | Mar 2026 — | Jun 2026 —

## Market action

Modis Navnirman Ltd has the strongest one-year price move in Construction & Contracting at +42.1%. PSP Projects Ltd leads on Mansfield relative strength against NIFTY at +28.5%. 3 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Modis Navnirman Ltd (MODIS): 42%
2. PSP Projects Ltd (PSPPROJECT): 26%
3. Garuda Construction and Engineering Ltd (GARUDA): 3.6%
4. Mahindra Lifespace Developers Ltd (MAHLIFE): -2.2%
5. Consolidated Construction Consortium Ltd (CCCL): -11%

### Strongest relative strength versus NIFTY 500
1. PSP Projects Ltd (PSPPROJECT): 29%
2. Modis Navnirman Ltd (MODIS): 20%
3. Mahindra Lifespace Developers Ltd (MAHLIFE): 4.2%
4. Garuda Construction and Engineering Ltd (GARUDA): -4.8%
5. BEML Land Assets Ltd (BLAL): -9.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 5 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.
- 3 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.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- NCC Ltd (NCC) — market value ₹8.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Mahindra Lifespace Developers Ltd (MAHLIFE) — market value ₹8.0K Cr; latest fundamentals Jun 2026
- PSP Projects Ltd (PSPPROJECT) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Man Infraconstruction Ltd (MANINFRA) — market value ₹3.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Ashoka Buildcon Ltd (ASHOKA) — market value ₹3.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Garuda Construction and Engineering Ltd (GARUDA) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Modis Navnirman Ltd (MODIS) — market value ₹768 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vascon Engineers Ltd (VASCONEQ) — market value ₹749 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- BEML Land Assets Ltd (BLAL) — market value ₹733 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Consolidated Construction Consortium Ltd (CCCL) — market value ₹709 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jaiprakash Associates Ltd (JPASSOCIAT) — market value ₹594 Cr; latest fundamentals Dec 2025
- RDB Infrastructure and Power Ltd (533285) — market value ₹485 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 7. Withheld: 3. Graded companies: 12.

5 of 12 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 12 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: NCC Ltd (NCC) — its two data sources disagree by up to 9.5% on reported income across 14 comparable periods, so its derived ratios are withheld; Man Infraconstruction Ltd (MANINFRA) — its two data sources disagree by up to 20% on reported income across 14 comparable periods, so its derived ratios are withheld; Ashoka Buildcon Ltd (ASHOKA) — its two data sources disagree by up to 15% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | NCC | NCC Ltd | diff_gt_2pct | disagreement up to 9.49% over 14 comparable periods
- WITHHELD | MANINFRA | Man Infraconstruction Ltd | diff_gt_2pct | disagreement up to 20.18% over 14 comparable periods
- WITHHELD | ASHOKA | Ashoka Buildcon Ltd | diff_gt_2pct | disagreement up to 14.86% over 14 comparable periods

- UNVERIFIED | GARUDA | Garuda Construction and Engineering Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MODIS | Modis Navnirman Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VASCONEQ | Vascon Engineers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BLAL | BEML Land Assets Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | CCCL | Consolidated Construction Consortium 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 Construction & Contracting index?

The Nifty Construction & Contracting index tracks India's listed Construction & Contracting companies as a single basket. This page follows the same 12 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Construction & Contracting sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Construction & Contracting stocks in India?

Ranked by this page's four-factor score, Garuda Construction and Engineering Ltd places first among 12 listed Construction & Contracting companies, followed by Modis Navnirman 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 Construction & Contracting stocks are listed in India?

This comparison covers 12 listed Construction & Contracting 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 Construction & Contracting company is the biggest?

NCC Ltd is the largest, with trailing-twelve-month revenue of ₹20,823 crore, ahead of Ashoka Buildcon Ltd at ₹7,519 crore. That covers 12 of 12 companies with comparable reporting through Mar 2026.

### Which Construction & Contracting company is growing fastest?

Garuda Construction and Engineering Ltd has the fastest revenue growth at 100% year on year, across 11 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Construction & Contracting company has the best profit margins?

BEML Land Assets Ltd has the highest operating margin at 82.7%, from 12 of 12 comparable companies. Mahindra Lifespace Developers Ltd shows the biggest recent improvement, at +182 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Construction & Contracting company makes the most profit?

Ashoka Buildcon Ltd earns the most, at ₹2,576 crore of trailing-twelve-month net profit, from 12 of 12 comparable companies. RDB Infrastructure and Power Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Construction & Contracting company earns the highest return on capital?

Garuda Construction and Engineering Ltd leads on return on capital employed at 41.8%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Construction & Contracting stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — PSP Projects Ltd screens cheapest at 0.65×. Only 2 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Construction & Contracting company has the strongest balance sheet?

BEML Land Assets Ltd carries the lowest comparable gross debt at ₹0 crore, from 12 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Construction & Contracting sector beating the market?

Construction & Contracting has underperformed NIFTY 500 by 14.3% over the last 52 weeks and 5.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Construction & Contracting stock has the strongest price momentum?

PSP Projects 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 Construction & Contracting company scores highest for research priority?

Garuda Construction and Engineering Ltd scores 73.2 out of 100 with 75.8% evidence confidence, from 29.8 points on growth and earnings, 21.9 on capital efficiency, 10.6 on valuation and 10.9 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 Construction & Contracting companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Construction & Contracting sector?

The 12 Construction & Contracting companies on this page carry ₹33,647 crore of combined market value. NCC Ltd is the largest at ₹8,607 crore, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Construction & Contracting sector's P/E ratio?

The median price-to-earnings ratio across the 12 Construction & Contracting companies on this page is 25.7×, measured on the 11 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 Construction & Contracting sector performing?

3 of the 12 covered Construction & Contracting companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 14.3% behind 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/construction-contracting