# Data Centre — company-by-company sector analysis

> Data Centre: Black Box Ltd owns the largest revenue base; E2E Networks Ltd has the fastest current growth.

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

## Bottom line

Data Centre has outperformed NIFTY 500 by 27.8% over 52 weeks and 26.4% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. Black Box Ltd leads with revenue of ₹6,323 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Data Centre sector outperforming NIFTY 500?

Data Centre has outperformed NIFTY 500 by 27.8% over 52 weeks and 26.4% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Data Centre company is largest by revenue?

Black Box Ltd leads with revenue of ₹6,323 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Data Centre company is growing fastest?

E2E Networks Ltd has the fastest current revenue growth at 100%, across 5 of 5 comparable companies.

### Which Data Centre company has the strongest 4-Factor Sector Score?

Netweb Technologies India Ltd ranks first at 57/100 with 88.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Data Centre company has the least gross debt?

Techno Electric & Engineering Company Ltd has the lowest comparable gross debt at ₹72 crore. Black Box Ltd has the highest at ₹1,153 crore.

### Which Data Centre company has the lowest comparable PEG?

Techno Electric & Engineering Company Ltd has the lowest comparable Guarded PEG at 0.62, among 5 of 5 companies that pass the metric’s comparability rules.

### How much history does this Data Centre 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

Data Centre has outperformed NIFTY 500 by 27.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 26.4%. 4 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Black Box Ltd is the strongest against the sector itself at +16.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 26%
52-week sector return versus NIFTY 500: 28%
Stocks leading NIFTY: 4/5
Stocks leading sector: 2/5

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

Companies: 5
Combined market value: ₹80.8K 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. Netweb Technologies India Ltd (NETWEB): 57/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 26.3/35 | Capital efficiency 15.5/25 | Valuation 4.3/20 | Relative strength 10.9/20
   - Exact sum: 26.3 + 15.5 + 4.3 + 10.9 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Anant Raj Ltd (ANANTRAJ): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.3/35 | Capital efficiency 14.2/25 | Valuation 11.9/20 | Relative strength 7.0/20
   - Exact sum: 22.3 + 14.2 + 11.9 + 7 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Techno Electric & Engineering Company Ltd (TECHNOE): 55/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 17.3/35 | Capital efficiency 14.7/25 | Valuation 16.6/20 | Relative strength 5.9/20
   - Exact sum: 17.3 + 14.7 + 16.6 + 5.9 = 54.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. E2E Networks Ltd (E2E): 53/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 20.9/35 | Capital efficiency 10.3/25 | Valuation 11.1/20 | Relative strength 11.0/20
   - Exact sum: 20.9 + 10.3 + 11.1 + 11 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Black Box Ltd (BBOX): 42/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 9.2/35 | Capital efficiency 13.2/25 | Valuation 4.5/20 | Relative strength 14.6/20
   - Exact sum: 9.2 + 13.2 + 4.5 + 14.6 = 41.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Revenue Scale & Growth Durability

What the numbers say: Black Box Ltd is the scale leader at ₹6,323 crore, 94.5% ahead of Techno Electric & Engineering Company Ltd. E2E Networks Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 131.2% from a ₹367 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Black Box Ltd is the scale benchmark; E2E Networks Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Black Box Ltd's growth falls below E2E Networks Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Black Box Ltd · ₹6,323 crore | 94.5% versus #2 · Techno Electric & Engineering Company Ltd | 4/8 recent comparable periods | 5/5 companies · 92 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. Black Box Ltd (BBOX): ₹6.3K Cr
2. Techno Electric & Engineering Company Ltd (TECHNOE): ₹3.3K Cr
3. Anant Raj Ltd (ANANTRAJ): ₹2.5K Cr
4. Netweb Technologies India Ltd (NETWEB): ₹2.2K Cr
5. E2E Networks Ltd (E2E): ₹367 Cr

### Revenue growth — fastest growers
1. E2E Networks Ltd (E2E): 100%
2. Netweb Technologies India Ltd (NETWEB): 90%
3. Techno Electric & Engineering Company Ltd (TECHNOE): 43%
4. Anant Raj Ltd (ANANTRAJ): 22%
5. Black Box Ltd (BBOX): 6.0%

### 20-quarter Revenue history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹69 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹253 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹334 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹304 Cr | Dec 2025 ₹805 Cr | Mar 2026 ₹774 Cr | Jun 2026 —
- ANANTRAJ: Sep 2021 ₹86 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹266 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹316 Cr | Sep 2023 ₹332 Cr | Dec 2023 ₹392 Cr | Mar 2024 ₹443 Cr | Jun 2024 ₹472 Cr | Sep 2024 ₹513 Cr | Dec 2024 ₹535 Cr | Mar 2025 ₹541 Cr | Jun 2025 ₹592 Cr | Sep 2025 ₹631 Cr | Dec 2025 ₹642 Cr | Mar 2026 ₹647 Cr | Jun 2026 —
- BBOX: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- TECHNOE: Sep 2021 ₹274 Cr | Dec 2021 ₹303 Cr | Mar 2022 — | Jun 2022 ₹173 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹462 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹440 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹441 Cr | Dec 2024 ₹636 Cr | Mar 2025 ₹816 Cr | Jun 2025 ₹526 Cr | Sep 2025 ₹843 Cr | Dec 2025 ₹872 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- E2E: Sep 2021 ₹13 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹157 Cr

### 20-quarter Revenue growth history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -13% | Sep 2023 96% | Dec 2023 41% | Mar 2024 116% | Jun 2024 148% | Sep 2024 73% | Dec 2024 32% | Mar 2025 56% | Jun 2025 102% | Sep 2025 21% | Dec 2025 141% | Mar 2026 87% | Jun 2026 —
- ANANTRAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 156% | Sep 2022 193% | Dec 2022 174% | Mar 2023 30% | Jun 2023 99% | Sep 2023 32% | Dec 2023 47% | Mar 2024 58% | Jun 2024 49% | Sep 2024 55% | Dec 2024 36% | Mar 2025 22% | Jun 2025 25% | Sep 2025 23% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- BBOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 16% | Dec 2022 21% | Mar 2023 17% | Jun 2023 15% | Sep 2023 0.8% | Dec 2023 -1.0% | Mar 2024 -12% | Jun 2024 -9.4% | Sep 2024 -4.9% | Dec 2024 -9.2% | Mar 2025 4.4% | Jun 2025 -2.5% | Sep 2025 5.9% | Dec 2025 11% | Mar 2026 9.5% | Jun 2026 —
- TECHNOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.5% | Sep 2022 -17% | Dec 2022 -39% | Mar 2023 — | Jun 2023 58% | Sep 2023 103% | Dec 2023 77% | Mar 2024 41% | Jun 2024 37% | Sep 2024 -4.6% | Dec 2024 95% | Mar 2025 85% | Jun 2025 40% | Sep 2025 91% | Dec 2025 37% | Mar 2026 24% | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 21% | Mar 2023 26% | Jun 2023 30% | Sep 2023 27% | Dec 2023 42% | Mar 2024 67% | Jun 2024 112% | Sep 2024 120% | Dec 2024 74% | Mar 2025 14% | Jun 2025 -13% | Sep 2025 -7.9% | Dec 2025 68% | Mar 2026 187% | Jun 2026 336%

## Operating Economics & Margin Trend

What the numbers say: E2E Networks Ltd leads both opm at 75% and margin change at +46 percentage points.

Investor read: E2E Networks 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: E2E Networks Ltd · 75% | 188.5% versus #2 · Anant Raj Ltd | 4/8 recent comparable periods | 5/5 companies · 93 observations

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

### OPM — highest
1. E2E Networks Ltd (E2E): 75%
2. Anant Raj Ltd (ANANTRAJ): 26%
3. Techno Electric & Engineering Company Ltd (TECHNOE): 13%
4. Netweb Technologies India Ltd (NETWEB): 12%
5. Black Box Ltd (BBOX): 9.0%

### Margin change — fastest expanders
1. E2E Networks Ltd (E2E): +46.0 pp
2. Anant Raj Ltd (ANANTRAJ): 0.0 pp
3. Black Box Ltd (BBOX): 0.0 pp
4. Netweb Technologies India Ltd (NETWEB): −2.0 pp
5. Techno Electric & Engineering Company Ltd (TECHNOE): −3.0 pp

### 20-quarter OPM history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 18% | Dec 2022 17% | Mar 2023 12% | Jun 2023 14% | Sep 2023 13% | Dec 2023 14% | Mar 2024 15% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 15% | Sep 2025 15% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- ANANTRAJ: Sep 2021 23% | Dec 2021 23% | Mar 2022 12% | Jun 2022 20% | Sep 2022 15% | Dec 2022 20% | Mar 2023 26% | Jun 2023 19% | Sep 2023 24% | Dec 2023 23% | Mar 2024 24% | Jun 2024 22% | Sep 2024 22% | Dec 2024 25% | Mar 2025 26% | Jun 2025 25% | Sep 2025 27% | Dec 2025 26% | Mar 2026 26% | Jun 2026 —
- BBOX: Sep 2021 4.1% | Dec 2021 4.9% | Mar 2022 5.5% | Jun 2022 3.8% | Sep 2022 3.0% | Dec 2022 4.0% | Mar 2023 6.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 7.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- TECHNOE: Sep 2021 31% | Dec 2021 14% | Mar 2022 12% | Jun 2022 15% | Sep 2022 17% | Dec 2022 13% | Mar 2023 2.0% | Jun 2023 8.0% | Sep 2023 17% | Dec 2023 17% | Mar 2024 12% | Jun 2024 14% | Sep 2024 16% | Dec 2024 14% | Mar 2025 16% | Jun 2025 18% | Sep 2025 13% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- E2E: Sep 2021 42% | Dec 2021 49% | Mar 2022 45% | Jun 2022 48% | Sep 2022 50% | Dec 2022 50% | Mar 2023 51% | Jun 2023 53% | Sep 2023 52% | Dec 2023 47% | Mar 2024 52% | Jun 2024 66% | Sep 2024 66% | Dec 2024 59% | Mar 2025 40% | Jun 2025 29% | Sep 2025 41% | Dec 2025 57% | Mar 2026 61% | Jun 2026 75%

### 20-quarter Margin change history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +0.5 pp | Sep 2023 −5.1 pp | Dec 2023 −3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- ANANTRAJ: Sep 2021 +5.0 pp | Dec 2021 +10.1 pp | Mar 2022 −6.3 pp | Jun 2022 +6.4 pp | Sep 2022 −7.6 pp | Dec 2022 −3.2 pp | Mar 2023 +14.4 pp | Jun 2023 −1.1 pp | Sep 2023 +8.7 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 +3.0 pp | Sep 2024 −2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +3.0 pp | Sep 2025 +5.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- BBOX: Sep 2021 −3.8 pp | Dec 2021 −2.0 pp | Mar 2022 −0.2 pp | Jun 2022 −0.7 pp | Sep 2022 −1.1 pp | Dec 2022 −0.9 pp | Mar 2023 +0.5 pp | Jun 2023 +2.2 pp | Sep 2023 +3.0 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 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 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- TECHNOE: Sep 2021 +1.9 pp | Dec 2021 −17.7 pp | Mar 2022 +3.3 pp | Jun 2022 −13.7 pp | Sep 2022 −13.8 pp | Dec 2022 −0.6 pp | Mar 2023 −10.2 pp | Jun 2023 −7.5 pp | Sep 2023 −0.4 pp | Dec 2023 +4.0 pp | Mar 2024 +10.0 pp | Jun 2024 +6.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 +4.0 pp | Jun 2025 +4.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- E2E: Sep 2021 +18.5 pp | Dec 2021 — | Mar 2022 +9.3 pp | Jun 2022 +8.0 pp | Sep 2022 +8.4 pp | Dec 2022 +0.7 pp | Mar 2023 +6.4 pp | Jun 2023 +4.8 pp | Sep 2023 +1.5 pp | Dec 2023 −3.0 pp | Mar 2024 +0.6 pp | Jun 2024 +13.1 pp | Sep 2024 +14.5 pp | Dec 2024 +12.2 pp | Mar 2025 −12.0 pp | Jun 2025 −37.0 pp | Sep 2025 −25.0 pp | Dec 2025 −2.5 pp | Mar 2026 +21.2 pp | Jun 2026 +46.0 pp

## Profit Scale & Acceleration

What the numbers say: Anant Raj Ltd leads with ₹557 crore of TTM profit, 17.5% above Techno Electric & Engineering Company Ltd. Netweb Technologies India Ltd shows 79.8% growth from a ₹205 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Anant Raj 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: Anant Raj Ltd · ₹557 crore | 17.5% versus #2 · Techno Electric & Engineering Company Ltd | 8/8 recent comparable periods | 5/5 companies · 92 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. Anant Raj Ltd (ANANTRAJ): ₹557 Cr
2. Techno Electric & Engineering Company Ltd (TECHNOE): ₹474 Cr
3. Black Box Ltd (BBOX): ₹218 Cr
4. Netweb Technologies India Ltd (NETWEB): ₹205 Cr
5. E2E Networks Ltd (E2E): ₹31 Cr

### Profit growth — fastest growers
1. Netweb Technologies India Ltd (NETWEB): 80%
2. Anant Raj Ltd (ANANTRAJ): 31%
3. Techno Electric & Engineering Company Ltd (TECHNOE): 12%
4. Black Box Ltd (BBOX): 6.9%

### 20-quarter Net profit history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- ANANTRAJ: Sep 2021 ₹14 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- BBOX: Sep 2021 ₹11 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- TECHNOE: Sep 2021 ₹65 Cr | Dec 2021 ₹115 Cr | Mar 2022 — | Jun 2022 ₹36 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- E2E: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹44 Cr

### 20-quarter Profit growth history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -17% | Sep 2023 67% | Dec 2023 18% | Mar 2024 173% | Jun 2024 200% | Sep 2024 73% | Dec 2024 15% | Mar 2025 43% | Jun 2025 100% | Sep 2025 19% | Dec 2025 143% | Mar 2026 65% | Jun 2026 —
- ANANTRAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 243% | Sep 2022 143% | Dec 2022 309% | Mar 2023 129% | Jun 2023 108% | Sep 2023 76% | Dec 2023 58% | Mar 2024 75% | Jun 2024 82% | Sep 2024 77% | Dec 2024 55% | Mar 2025 42% | Jun 2025 38% | Sep 2025 30% | Dec 2025 31% | Mar 2026 25% | Jun 2026 —
- BBOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -52% | Sep 2022 -309% | Dec 2022 -47% | Mar 2023 44% | Jun 2023 60% | Sep 2023 — | Dec 2023 413% | Mar 2024 78% | Jun 2024 54% | Sep 2024 59% | Dec 2024 37% | Mar 2025 46% | Jun 2025 27% | Sep 2025 9.8% | Dec 2025 -11% | Mar 2026 8.3% | Jun 2026 —
- TECHNOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -9.2% | Dec 2022 -73% | Mar 2023 — | Jun 2023 -31% | Sep 2023 25% | Dec 2023 197% | Mar 2024 28% | Jun 2024 292% | Sep 2024 27% | Dec 2024 4.4% | Mar 2025 73% | Jun 2025 39% | Sep 2025 11% | Dec 2025 24% | Mar 2026 -15% | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 9.5% | Mar 2023 27% | Jun 2023 132% | Sep 2023 93% | Dec 2023 155% | Mar 2024 40% | Jun 2024 45% | Sep 2024 110% | Dec 2024 108% | Mar 2025 286% | Jun 2025 -130% | Sep 2025 -211% | Dec 2025 -149% | Mar 2026 -56% | Jun 2026 —

## 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 | 0/5 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: Techno Electric & Engineering Company Ltd has the clearest covered balance-sheet capacity with ₹2,259 crore net cash and gross debt of ₹72 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: Techno Electric & Engineering Company Ltd · ₹72 crore | 54.7% versus #2 · E2E Networks Ltd | 8/8 recent comparable periods | 5/5 companies · 83 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. Techno Electric & Engineering Company Ltd (TECHNOE): ₹72 Cr
2. E2E Networks Ltd (E2E): ₹159 Cr
3. Netweb Technologies India Ltd (NETWEB): ₹282 Cr
4. Anant Raj Ltd (ANANTRAJ): ₹681 Cr
5. Black Box Ltd (BBOX): ₹1.2K Cr

### Net debt — lowest net debt
1. Techno Electric & Engineering Company Ltd (TECHNOE): ₹-2.3K Cr
2. Netweb Technologies India Ltd (NETWEB): ₹-307 Cr
3. Anant Raj Ltd (ANANTRAJ): ₹-220 Cr
4. E2E Networks Ltd (E2E): ₹-207 Cr
5. Black Box Ltd (BBOX): ₹613 Cr

### 20-quarter Gross debt history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- ANANTRAJ: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹897 Cr | Dec 2022 ₹897 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹848 Cr | Dec 2023 ₹848 Cr | Mar 2024 ₹627 Cr | Jun 2024 ₹627 Cr | Sep 2024 ₹386 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹482 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹563 Cr | Dec 2025 ₹563 Cr | Mar 2026 ₹681 Cr | Jun 2026 —
- BBOX: Sep 2021 ₹331 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹481 Cr | Jun 2022 ₹481 Cr | Sep 2022 ₹632 Cr | Dec 2022 ₹632 Cr | Mar 2023 ₹628 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹666 Cr | Dec 2023 ₹666 Cr | Mar 2024 ₹712 Cr | Jun 2024 ₹712 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- TECHNOE: Sep 2021 ₹40 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹159 Cr | Jun 2026 ₹159 Cr

### 20-quarter Net debt history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹32 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹-182 Cr | Dec 2023 ₹-182 Cr | Mar 2024 ₹-101 Cr | Jun 2024 ₹-212 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-107 Cr | Mar 2025 ₹-162 Cr | Jun 2025 ₹-172 Cr | Sep 2025 ₹-249 Cr | Dec 2025 ₹-249 Cr | Mar 2026 ₹-307 Cr | Jun 2026 —
- ANANTRAJ: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹844 Cr | Dec 2022 ₹844 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹770 Cr | Dec 2023 ₹770 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹-220 Cr | Jun 2026 —
- BBOX: Sep 2021 ₹110 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹466 Cr | Dec 2023 ₹466 Cr | Mar 2024 ₹498 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹430 Cr | Dec 2024 ₹430 Cr | Mar 2025 ₹728 Cr | Jun 2025 ₹713 Cr | Sep 2025 ₹752 Cr | Dec 2025 ₹752 Cr | Mar 2026 ₹613 Cr | Jun 2026 —
- TECHNOE: Sep 2021 ₹-799 Cr | Dec 2021 ₹-799 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-2.9K Cr | Sep 2025 ₹-2.6K Cr | Dec 2025 ₹-2.6K Cr | Mar 2026 ₹-2.3K Cr | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-5 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹-237 Cr | Dec 2024 ₹-237 Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-260 Cr | Dec 2025 ₹-260 Cr | Mar 2026 ₹-207 Cr | Jun 2026 ₹-207 Cr

## Return On Capital Employed

What the numbers say: Netweb Technologies India Ltd leads ROCE at 37.5%, 15.3 percentage points above Black Box Ltd. Netweb Technologies India Ltd has the strongest latest improvement at +9.3 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: Netweb Technologies India 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: Netweb Technologies India Ltd · 37.5% | 68.9% versus #2 · Black Box Ltd | 6/8 recent comparable periods | 5/5 companies · 72 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. Netweb Technologies India Ltd (NETWEB): 38%
2. Black Box Ltd (BBOX): 22%
3. Techno Electric & Engineering Company Ltd (TECHNOE): 15%
4. Anant Raj Ltd (ANANTRAJ): 12%
5. E2E Networks Ltd (E2E): 3.6%

### ROCE change — fastest improvers
1. Netweb Technologies India Ltd (NETWEB): +9.3 pp
2. Techno Electric & Engineering Company Ltd (TECHNOE): +1.5 pp
3. Anant Raj Ltd (ANANTRAJ): −0.4 pp
4. E2E Networks Ltd (E2E): −2.5 pp
5. Black Box Ltd (BBOX): −7.4 pp

### 20-quarter ROCE history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 61% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 22% | Jun 2024 45% | Sep 2024 26% | Dec 2024 33% | Mar 2025 27% | Jun 2025 37% | Sep 2025 31% | Dec 2025 46% | Mar 2026 37% | Jun 2026 —
- ANANTRAJ: Sep 2021 1.0% | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 2.7% | Dec 2022 — | Mar 2023 4.5% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 8.2% | Mar 2024 7.2% | Jun 2024 9.4% | Sep 2024 8.7% | Dec 2024 11% | Mar 2025 9.7% | Jun 2025 12% | Sep 2025 11% | Dec 2025 14% | Mar 2026 9.3% | Jun 2026 —
- BBOX: Sep 2021 30% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 24% | Dec 2023 27% | Mar 2024 26% | Jun 2024 29% | Sep 2024 28% | Dec 2024 28% | Mar 2025 25% | Jun 2025 25% | Sep 2025 20% | Dec 2025 22% | Mar 2026 17% | Jun 2026 —
- TECHNOE: Sep 2021 10% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.7% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 5.5% | Dec 2023 15% | Mar 2024 8.9% | Jun 2024 18% | Sep 2024 5.9% | Dec 2024 15% | Mar 2025 8.1% | Jun 2025 18% | Sep 2025 9.3% | Dec 2025 16% | Mar 2026 9.6% | Jun 2026 —
- E2E: Sep 2021 3.9% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 28% | Dec 2023 45% | Mar 2024 16% | Jun 2024 33% | Sep 2024 7.9% | Dec 2024 18% | Mar 2025 2.2% | Jun 2025 6.1% | Sep 2025 -2.3% | Dec 2025 -0.1% | Mar 2026 -2.4% | Jun 2026 3.6%

### 20-quarter ROCE change history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −38.9 pp | Jun 2024 — | Sep 2024 +7.9 pp | Dec 2024 +12.1 pp | Mar 2025 +5.2 pp | Jun 2025 −8.4 pp | Sep 2025 +4.3 pp | Dec 2025 +13.1 pp | Mar 2026 +9.3 pp | Jun 2026 —
- ANANTRAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 +2.7 pp | Jun 2024 — | Sep 2024 +2.5 pp | Dec 2024 +2.9 pp | Mar 2025 +2.5 pp | Jun 2025 +2.6 pp | Sep 2025 +2.7 pp | Dec 2025 +2.5 pp | Mar 2026 −0.4 pp | Jun 2026 —
- BBOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.6 pp | Dec 2022 — | Mar 2023 −4.4 pp | Jun 2023 — | Sep 2023 +8.3 pp | Dec 2023 — | Mar 2024 +8.2 pp | Jun 2024 — | Sep 2024 +3.8 pp | Dec 2024 +1.1 pp | Mar 2025 −0.7 pp | Jun 2025 −4.2 pp | Sep 2025 −7.6 pp | Dec 2025 −5.9 pp | Mar 2026 −7.4 pp | Jun 2026 —
- TECHNOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.7 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.8 pp | Jun 2025 0.0 pp | Sep 2025 +3.4 pp | Dec 2025 +1.0 pp | Mar 2026 +1.5 pp | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.5 pp | Dec 2022 — | Mar 2023 +9.7 pp | Jun 2023 — | Sep 2023 +6.6 pp | Dec 2023 — | Mar 2024 −7.6 pp | Jun 2024 — | Sep 2024 −20.1 pp | Dec 2024 −27.6 pp | Mar 2025 −14.1 pp | Jun 2025 −27.2 pp | Sep 2025 −10.2 pp | Dec 2025 −17.8 pp | Mar 2026 −4.6 pp | Jun 2026 −2.5 pp

## Valuation Against Growth & Quality

What the numbers say: Techno Electric & Engineering Company Ltd has the lowest comparable Guarded PEG at 0.62×, 46.1% below E2E Networks Ltd. Only 5 of 5 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: Techno Electric & Engineering Company Ltd · 0.62× | 46.1% versus #2 · E2E Networks Ltd | 0/8 recent comparable periods | 5/5 companies · 30 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. Techno Electric & Engineering Company Ltd (TECHNOE): 0.6
2. E2E Networks Ltd (E2E): 1.2
3. Anant Raj Ltd (ANANTRAJ): 1.3
4. Black Box Ltd (BBOX): 2.3
5. Netweb Technologies India Ltd (NETWEB): 9.4

### P/E — lowest P/E
1. Techno Electric & Engineering Company Ltd (TECHNOE): 25.7
2. Anant Raj Ltd (ANANTRAJ): 38.0
3. Black Box Ltd (BBOX): 50.4
4. Netweb Technologies India Ltd (NETWEB): 115.0
5. E2E Networks Ltd (E2E): 341.0

### 20-quarter Guarded PEG history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 2.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.1 | Sep 2025 5.8 | Dec 2025 9.4 | Mar 2026 — | Jun 2026 —
- ANANTRAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.3 | Jun 2026 —
- BBOX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 1.5 | Mar 2026 2.3 | Jun 2026 —
- TECHNOE: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 — | Jun 2022 0.2 | Sep 2022 0.4 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.6 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 —
- E2E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.4 | Sep 2024 — | Dec 2024 — | Mar 2025 1.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14.4 | Dec 2023 26.9 | Mar 2024 154.7 | Jun 2024 191.1 | Sep 2024 166.4 | Dec 2024 158.8 | Mar 2025 84.7 | Jun 2025 101.2 | Sep 2025 183.6 | Dec 2025 156.4 | Mar 2026 158.0 | Jun 2026 —
- ANANTRAJ: Sep 2021 77.2 | Dec 2021 60.4 | Mar 2022 44.8 | Jun 2022 27.5 | Sep 2022 38.8 | Dec 2022 36.9 | Mar 2023 30.2 | Jun 2023 37.6 | Sep 2023 39.7 | Dec 2023 46.5 | Mar 2024 43.5 | Jun 2024 54.3 | Sep 2024 80.0 | Dec 2024 80.3 | Mar 2025 43.6 | Jun 2025 44.6 | Sep 2025 50.6 | Dec 2025 38.6 | Mar 2026 28.9 | Jun 2026 —
- BBOX: Sep 2021 26.0 | Dec 2021 28.4 | Mar 2022 33.6 | Jun 2022 25.0 | Sep 2022 30.5 | Dec 2022 42.2 | Mar 2023 36.5 | Jun 2023 35.0 | Sep 2023 40.9 | Dec 2023 37.4 | Mar 2024 22.8 | Jun 2024 34.2 | Sep 2024 44.6 | Dec 2024 49.5 | Mar 2025 25.4 | Jun 2025 31.7 | Sep 2025 30.6 | Dec 2025 34.4 | Mar 2026 28.9 | Jun 2026 —
- TECHNOE: Sep 2021 15.3 | Dec 2021 14.9 | Mar 2022 10.8 | Jun 2022 11.1 | Sep 2022 11.5 | Dec 2022 16.2 | Mar 2023 27.7 | Jun 2023 42.2 | Sep 2023 54.5 | Dec 2023 62.3 | Mar 2024 41.8 | Jun 2024 61.7 | Sep 2024 59.2 | Dec 2024 54.2 | Mar 2025 35.2 | Jun 2025 48.4 | Sep 2025 34.1 | Dec 2025 28.3 | Mar 2026 25.6 | Jun 2026 —
- E2E: Sep 2021 38.1 | Dec 2021 30.1 | Mar 2022 26.8 | Jun 2022 24.7 | Sep 2022 30.5 | Dec 2022 29.4 | Mar 2023 25.8 | Jun 2023 16.9 | Sep 2023 33.2 | Dec 2023 45.6 | Mar 2024 59.3 | Jun 2024 99.9 | Sep 2024 143.7 | Dec 2024 156.6 | Mar 2025 64.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -265.5 | Jun 2026 255.9

## Enterprise Value & Book Value

What the numbers say: Black Box Ltd leads ev/ebitda at 16×; Techno Electric & Engineering Company Ltd leads p/bv at 2.78×.

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: Black Box Ltd · 16× | 15.8% versus #2 · Techno Electric & Engineering Company Ltd | 0/8 recent comparable periods | 5/5 companies · 87 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. Black Box Ltd (BBOX): 16.0
2. Techno Electric & Engineering Company Ltd (TECHNOE): 19.0
3. Anant Raj Ltd (ANANTRAJ): 23.4
4. E2E Networks Ltd (E2E): 52.4
5. Netweb Technologies India Ltd (NETWEB): 105.7

### P/BV — lowest P/BV
1. Techno Electric & Engineering Company Ltd (TECHNOE): 2.8
2. Anant Raj Ltd (ANANTRAJ): 3.7
3. E2E Networks Ltd (E2E): 5.1
4. Black Box Ltd (BBOX): 10.7
5. Netweb Technologies India Ltd (NETWEB): 32.7

### 20-quarter EV/EBITDA history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 66.4 | Dec 2023 82.1 | Mar 2024 102.8 | Jun 2024 128.1 | Sep 2024 109.8 | Dec 2024 105.8 | Mar 2025 56.1 | Jun 2025 66.5 | Sep 2025 123.1 | Dec 2025 104.2 | Mar 2026 105.7 | Jun 2026 —
- ANANTRAJ: Sep 2021 52.4 | Dec 2021 42.7 | Mar 2022 33.0 | Jun 2022 24.0 | Sep 2022 28.8 | Dec 2022 27.5 | Mar 2023 25.9 | Jun 2023 27.6 | Sep 2023 29.8 | Dec 2023 33.5 | Mar 2024 33.6 | Jun 2024 42.3 | Sep 2024 60.2 | Dec 2024 62.9 | Mar 2025 34.4 | Jun 2025 36.3 | Sep 2025 40.5 | Dec 2025 31.8 | Mar 2026 23.4 | Jun 2026 —
- BBOX: Sep 2021 10.9 | Dec 2021 9.6 | Mar 2022 9.5 | Jun 2022 8.0 | Sep 2022 9.8 | Dec 2022 9.7 | Mar 2023 6.4 | Jun 2023 8.1 | Sep 2023 11.0 | Dec 2023 14.1 | Mar 2024 9.8 | Jun 2024 14.0 | Sep 2024 19.2 | Dec 2024 22.5 | Mar 2025 12.7 | Jun 2025 16.7 | Sep 2025 17.0 | Dec 2025 18.6 | Mar 2026 16.0 | Jun 2026 —
- TECHNOE: Sep 2021 9.8 | Dec 2021 9.1 | Mar 2022 7.2 | Jun 2022 8.2 | Sep 2022 8.3 | Dec 2022 11.8 | Mar 2023 20.5 | Jun 2023 24.0 | Sep 2023 29.9 | Dec 2023 36.2 | Mar 2024 27.9 | Jun 2024 48.0 | Sep 2024 51.0 | Dec 2024 48.2 | Mar 2025 28.3 | Jun 2025 36.8 | Sep 2025 26.2 | Dec 2025 20.8 | Mar 2026 19.0 | Jun 2026 —
- E2E: Sep 2021 3.7 | Dec 2021 6.4 | Mar 2022 8.4 | Jun 2022 7.7 | Sep 2022 10.1 | Dec 2022 9.3 | Mar 2023 8.1 | Jun 2023 6.3 | Sep 2023 14.9 | Dec 2023 21.9 | Mar 2024 28.2 | Jun 2024 51.1 | Sep 2024 67.7 | Dec 2024 85.4 | Mar 2025 46.6 | Jun 2025 — | Sep 2025 379.3 | Dec 2025 558.2 | Mar 2026 85.5 | Jun 2026 52.4

### 20-quarter P/BV history
- NETWEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12.5 | Dec 2023 17.9 | Mar 2024 24.2 | Jun 2024 34.6 | Sep 2024 34.0 | Dec 2024 33.9 | Mar 2025 18.7 | Jun 2025 24.1 | Sep 2025 39.5 | Dec 2025 30.8 | Mar 2026 31.1 | Jun 2026 —
- ANANTRAJ: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 2.0 | Sep 2023 2.5 | Dec 2023 3.3 | Mar 2024 3.5 | Jun 2024 4.9 | Sep 2024 6.8 | Dec 2024 7.4 | Mar 2025 4.4 | Jun 2025 5.2 | Sep 2025 5.6 | Dec 2025 4.3 | Mar 2026 3.6 | Jun 2026 —
- BBOX: Sep 2021 -18.1 | Dec 2021 11.2 | Mar 2022 10.3 | Jun 2022 10.9 | Sep 2022 9.1 | Dec 2022 8.7 | Mar 2023 5.9 | Jun 2023 8.4 | Sep 2023 10.5 | Dec 2023 13.9 | Mar 2024 10.8 | Jun 2024 19.9 | Sep 2024 17.9 | Dec 2024 17.0 | Mar 2025 9.6 | Jun 2025 17.4 | Sep 2025 11.1 | Dec 2025 10.3 | Mar 2026 8.7 | Jun 2026 —
- TECHNOE: Sep 2021 1.8 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 2.8 | Dec 2023 4.3 | Mar 2024 4.2 | Jun 2024 8.7 | Sep 2024 8.1 | Dec 2024 5.2 | Mar 2025 3.3 | Jun 2025 7.9 | Sep 2025 4.0 | Dec 2025 3.2 | Mar 2026 3.1 | Jun 2026 —
- E2E: Sep 2021 2.3 | Dec 2021 — | Mar 2022 4.5 | Jun 2022 4.8 | Sep 2022 6.2 | Dec 2022 6.3 | Mar 2023 5.2 | Jun 2023 4.9 | Sep 2023 9.3 | Dec 2023 15.2 | Mar 2024 18.3 | Jun 2024 35.3 | Sep 2024 9.3 | Dec 2024 12.0 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 4.1 | Dec 2025 2.5 | Mar 2026 2.5 | Jun 2026 5.1

## Market action

Netweb Technologies India Ltd has the strongest one-year price move in Data Centre at +115.2%. E2E Networks Ltd leads on Mansfield relative strength against NIFTY at +80.8%. 4 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Netweb Technologies India Ltd (NETWEB): 115%
2. Black Box Ltd (BBOX): 48%
3. Anant Raj Ltd (ANANTRAJ): -0.4%
4. Techno Electric & Engineering Company Ltd (TECHNOE): -35%
5. E2E Networks Ltd (E2E): -79%

### Strongest relative strength versus NIFTY 500
1. E2E Networks Ltd (E2E): 81%
2. Black Box Ltd (BBOX): 28%
3. Netweb Technologies India Ltd (NETWEB): 18%
4. Anant Raj Ltd (ANANTRAJ): 7.4%
5. Techno Electric & Engineering Company Ltd (TECHNOE): -16%

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

## Every company
- Netweb Technologies India Ltd (NETWEB) — market value ₹23.7K Cr; latest fundamentals Mar 2026
- Anant Raj Ltd (ANANTRAJ) — market value ₹21.1K Cr; latest fundamentals Mar 2026
- Black Box Ltd (BBOX) — market value ₹13.8K Cr; latest fundamentals Mar 2026
- Techno Electric & Engineering Company Ltd (TECHNOE) — market value ₹11.5K Cr; latest fundamentals Mar 2026
- E2E Networks Ltd (E2E) — market value ₹10.6K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 5. Unverified: 0. Withheld: 0. Graded companies: 5.

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Data Centre index?

The Nifty Data Centre index tracks India's listed Data Centre companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Data Centre sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Data Centre stocks in India?

Ranked by this page's four-factor score, Netweb Technologies India Ltd places first among 5 listed Data Centre companies, followed by Anant Raj 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 Data Centre stocks are listed in India?

This comparison covers 5 listed Data Centre 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 Data Centre company is the biggest?

Black Box Ltd is the largest, with trailing-twelve-month revenue of ₹6,323 crore, ahead of Techno Electric & Engineering Company Ltd at ₹3,251 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Data Centre company is growing fastest?

E2E Networks Ltd has the fastest revenue growth at 100% year on year, across 5 of 5 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 Data Centre company has the best profit margins?

E2E Networks Ltd has the highest operating margin at 75%, from 5 of 5 comparable companies. E2E Networks Ltd shows the biggest recent improvement, at +46 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Data Centre company makes the most profit?

Anant Raj Ltd earns the most, at ₹557 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Netweb Technologies India Ltd has the fastest profit growth at 79.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Data Centre company earns the highest return on capital?

Netweb Technologies India Ltd leads on return on capital employed at 37.5%, across 5 of 5 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 Data Centre stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Techno Electric & Engineering Company Ltd screens cheapest at 0.62×. Only 5 of 5 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 Data Centre company has the strongest balance sheet?

Techno Electric & Engineering Company Ltd carries the lowest comparable gross debt at ₹72 crore, from 5 of 5 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 Data Centre sector beating the market?

Data Centre has outperformed NIFTY 500 by 27.8% over the last 52 weeks and 26.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Data Centre stock has the strongest price momentum?

E2E Networks 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 Data Centre company scores highest for research priority?

Netweb Technologies India Ltd scores 57 out of 100 with 88.6% evidence confidence, from 26.3 points on growth and earnings, 15.5 on capital efficiency, 4.3 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 Data Centre companies does this comparison cover, and over what period?

It compares 5 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 Data Centre sector?

The 5 Data Centre companies on this page carry ₹80,756 crore of combined market value. Netweb Technologies India Ltd is the largest at ₹23,665 crore, about 29% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Data Centre sector's P/E ratio?

The median price-to-earnings ratio across the 5 Data Centre companies on this page is 50.4×, measured on the 5 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 Data Centre sector performing?

4 of the 5 covered Data Centre companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 27.8% 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/data-centre