# Diversified — company-by-company sector analysis

> Diversified: Grasim Industries Ltd owns the largest revenue base; Arunis Abode Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-30. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 12 of 20 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Grasim Industries Ltd leads with revenue of ₹1,75,431 crore, based on 20 of 20 comparable companies through Mar 2026. Arunis Abode Ltd has the fastest current revenue growth at 100%, across 18 of 20 comparable companies.

### Is the Diversified sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 12 of 20 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Diversified company is largest by revenue?

Grasim Industries Ltd leads with revenue of ₹1,75,431 crore, based on 20 of 20 comparable companies through Mar 2026.

### Which Diversified company is growing fastest?

Arunis Abode Ltd has the fastest current revenue growth at 100%, across 18 of 20 comparable companies.

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

Integrated Industries Ltd ranks first at 64.4/100 with 50.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Diversified company has the least gross debt?

Arunis Abode Ltd has the lowest comparable gross debt at ₹0 crore. Grasim Industries Ltd has the highest at ₹2,27,853 crore.

### Which Diversified company has the lowest comparable PEG?

Nava Ltd has the lowest comparable Guarded PEG at 1.16, among 3 of 20 companies that pass the metric’s comparability rules.

### How much history does this Diversified comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Diversified against NIFTY 500 is not available from the current market series. 12 of 20 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Bharat Global Developers Ltd is the strongest against the sector itself at +165.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 12/20
Stocks leading sector: 6/19

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

Companies: 20
Combined market value: ₹3.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Integrated Industries Ltd (IIL): 64/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 20.4/35 | Capital efficiency 17.4/25 | Valuation 10.9/20 | Relative strength 15.7/20
   - Exact sum: 20.4 + 17.4 + 10.9 + 15.7 = 64.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Indiabulls Limited (IBULLSLTD): 63/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 18.3/35 | Capital efficiency 14.5/25 | Valuation 10.6/20 | Relative strength 19.2/20
   - Exact sum: 18.3 + 14.5 + 10.6 + 19.2 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Texmaco Infrastructure & Holdings Ltd (TEXINFRA): 60/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 24.5/35 | Capital efficiency 9.8/25 | Valuation 8.7/20 | Relative strength 17.4/20
   - Exact sum: 24.5 + 9.8 + 8.7 + 17.4 = 60.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. 3M India Ltd (3MINDIA): 60/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 17.8/35 | Capital efficiency 19.9/25 | Valuation 11.6/20 | Relative strength 10.9/20
   - Exact sum: 17.8 + 19.9 + 11.6 + 10.9 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. BCL Industries Ltd (BCLIND): 56/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 19.1/35 | Capital efficiency 13.1/25 | Valuation 12.9/20 | Relative strength 11.1/20
   - Exact sum: 19.1 + 13.1 + 12.9 + 11.1 = 56.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Kalind Ltd (526935): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.8/35 | Capital efficiency 18.9/25 | Valuation 10.0/20 | Relative strength 4.3/20
   - Exact sum: 22.8 + 18.9 + 10 + 4.3 = 56
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Grasim Industries Ltd (GRASIM): 54/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 22.7/35 | Capital efficiency 10.1/25 | Valuation 6.4/20 | Relative strength 15.1/20
   - Exact sum: 22.7 + 10.1 + 6.4 + 15.1 = 54.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sobhagya Mercantile Ltd (512014): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 18.5/35 | Capital efficiency 18.1/25 | Valuation 9.8/20 | Relative strength 7.8/20
   - Exact sum: 18.5 + 18.1 + 9.8 + 7.8 = 54.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Balmer Lawrie & Company Ltd (BALMLAWRIE): 53/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 15.2/35 | Capital efficiency 15.8/25 | Valuation 14.5/20 | Relative strength 7.9/20
   - Exact sum: 15.2 + 15.8 + 14.5 + 7.9 = 53.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Tube Investments of India Ltd (TIINDIA): 46/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 18.2/35 | Capital efficiency 18.1/25 | Valuation 2.0/20 | Relative strength 8.1/20
   - Exact sum: 18.2 + 18.1 + 2 + 8.1 = 46.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
11. Nurture Well Industries Ltd (531889): 46/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 15.6/35 | Capital efficiency 16.0/25 | Valuation 11.5/20 | Relative strength 2.4/20
   - Exact sum: 15.6 + 16 + 11.5 + 2.4 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Nava Ltd (NAVA): 41/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 9.8/35 | Capital efficiency 14.1/25 | Valuation 13.1/20 | Relative strength 4.0/20
   - Exact sum: 9.8 + 14.1 + 13.1 + 4 = 41
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Swan Corp Ltd (503310): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.4/35 | Capital efficiency 8.3/25 | Valuation 10.2/20 | Relative strength 5.0/20
   - Exact sum: 15.4 + 8.3 + 10.2 + 5 = 38.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Andrew Yule & Company Ltd (ANDREWYU): 36/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.2/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 7.3/20
   - Exact sum: 13.2 + 5.5 + 10 + 7.3 = 36
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Arunis Abode Ltd (ARUNIS): 54/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 15.2/35 | Capital efficiency 12.3/25 | Valuation 9.3/20 | Relative strength 16.7/20
   - Exact sum: 15.2 + 12.3 + 9.3 + 16.7 = 53.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Bluspring Enterprises Ltd (BLUSPRING): 48/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 19.6/35 | Capital efficiency 6.3/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Exact sum: 19.6 + 6.3 + 10 + 12 = 47.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Bharat Global Developers Ltd (BGDL): 47/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 15.6/35 | Capital efficiency 10.9/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Exact sum: 15.6 + 10.9 + 8.5 + 12 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Piramal Enterprises Ltd(Merged) (PEL): 46/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 19.0/35 | Capital efficiency 9.8/25 | Valuation 9.4/20 | Relative strength 7.4/20
   - Exact sum: 19 + 9.8 + 9.4 + 7.4 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Rossell India Ltd (ROSSELLIND): 40/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 14.5/35 | Capital efficiency 10.6/25 | Valuation 10.8/20 | Relative strength 4.5/20
   - Exact sum: 14.5 + 10.6 + 10.8 + 4.5 = 40.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Kesar Enterprises Ltd (KESAR): 36/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 14.2/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - Exact sum: 14.2 + 8.7 + 10 + 3.5 = 36.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Grasim Industries Ltd is the scale leader at ₹1,75,431 crore, 667.8% ahead of Tube Investments of India Ltd. Arunis Abode Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 17181.5% from a ₹47 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Grasim Industries Ltd is the scale benchmark; Arunis Abode Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Grasim Industries Ltd's growth falls below Arunis Abode Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Grasim Industries Ltd · ₹1,75,431 crore | 667.8% versus #2 · Tube Investments of India Ltd | 8/8 recent comparable periods | 20/20 companies · 285 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. Grasim Industries Ltd (GRASIM): ₹1.8 L Cr
2. Tube Investments of India Ltd (TIINDIA): ₹22.8K Cr
3. Piramal Enterprises Ltd(Merged) (PEL): ₹10.6K Cr — older report
4. 3M India Ltd (3MINDIA): ₹4.8K Cr
5. Swan Corp Ltd (503310): ₹4.4K Cr

### Revenue growth — fastest growers
1. Arunis Abode Ltd (ARUNIS): 100% — older report
2. Indiabulls Limited (IBULLSLTD): 100%
3. Integrated Industries Ltd (IIL): 61% — older report
4. Sobhagya Mercantile Ltd (512014): 49%
5. Nurture Well Industries Ltd (531889): 34%

### 20-quarter Revenue history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹93 Cr | Mar 2023 ₹933 Cr | Jun 2023 ₹804 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹856 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹870 Cr | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹32 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- 526935: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- GRASIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28.6K Cr | Mar 2023 ₹33.5K Cr | Jun 2023 ₹31.1K Cr | Sep 2023 ₹30.2K Cr | Dec 2023 ₹32.0K Cr | Mar 2024 ₹37.7K Cr | Jun 2024 ₹34.6K Cr | Sep 2024 ₹34.2K Cr | Dec 2024 ₹35.4K Cr | Mar 2025 ₹44.3K Cr | Jun 2025 ₹40.1K Cr | Sep 2025 ₹39.9K Cr | Dec 2025 ₹44.3K Cr | Mar 2026 ₹51.1K Cr | Jun 2026 —
- TIINDIA: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- 3MINDIA: Sep 2021 ₹840 Cr | Dec 2021 ₹826 Cr | Mar 2022 ₹926 Cr | Jun 2022 ₹944 Cr | Sep 2022 ₹977 Cr | Dec 2022 ₹993 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- PEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2.2K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 ₹823 Cr | Dec 2021 ₹950 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹742 Cr | Dec 2022 ₹880 Cr | Mar 2023 ₹881 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹922 Cr | Dec 2023 ₹930 Cr | Mar 2024 ₹924 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹900 Cr | Dec 2024 ₹842 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹964 Cr | Dec 2025 ₹991 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- IBULLSLTD: Sep 2021 — | 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 | Jun 2024 ₹0 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹409 Cr | Jun 2026 ₹359 Cr
- BALMLAWRIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹514 Cr | Mar 2023 ₹608 Cr | Jun 2023 ₹592 Cr | Sep 2023 ₹586 Cr | Dec 2023 ₹585 Cr | Mar 2024 ₹577 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹639 Cr | Dec 2024 ₹630 Cr | Mar 2025 ₹608 Cr | Jun 2025 ₹681 Cr | Sep 2025 ₹635 Cr | Dec 2025 ₹657 Cr | Mar 2026 ₹744 Cr | Jun 2026 —
- BLUSPRING: 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 ₹770 Cr | Dec 2024 ₹791 Cr | Mar 2025 ₹802 Cr | Jun 2025 ₹797 Cr | Sep 2025 ₹857 Cr | Dec 2025 ₹863 Cr | Mar 2026 ₹865 Cr | Jun 2026 —
- TEXINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ANDREWYU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹120 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹534 Cr | Mar 2023 ₹457 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹481 Cr | Dec 2023 ₹622 Cr | Mar 2024 ₹598 Cr | Jun 2024 ₹636 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹735 Cr | Mar 2025 ₹723 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹691 Cr | Dec 2025 ₹726 Cr | Mar 2026 ₹582 Cr | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹19 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹290 Cr | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 — | 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 ₹1 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 ₹95 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹75 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹147 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹104 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,619% | Mar 2024 50% | Jun 2024 42% | Sep 2024 -16% | Dec 2024 20% | Mar 2025 -39% | Jun 2025 6.2% | Sep 2025 10% | Dec 2025 -40% | Mar 2026 1.6% | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -28% | Jun 2024 -27% | Sep 2024 17% | Dec 2024 65% | Mar 2025 73% | Jun 2025 98% | Sep 2025 86% | Dec 2025 5.1% | Mar 2026 44% | Jun 2026 —
- 526935: Sep 2021 -3.5% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 45% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 620% | Sep 2024 299% | Dec 2024 58% | Mar 2025 73% | Jun 2025 78% | Sep 2025 54% | Dec 2025 46% | Mar 2026 -17% | Jun 2026 —
- GRASIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 13% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 17% | Jun 2025 16% | Sep 2025 17% | Dec 2025 25% | Mar 2026 15% | Jun 2026 —
- TIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 16% | Dec 2022 6.0% | Mar 2023 12% | Jun 2023 2.0% | Sep 2023 13% | Dec 2023 15% | Mar 2024 19% | Jun 2024 17% | Sep 2024 14% | Dec 2024 15% | Mar 2025 15% | Jun 2025 16% | Sep 2025 12% | Dec 2025 21% | Mar 2026 21% | Jun 2026 —
- 3MINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 16% | Dec 2022 20% | Mar 2023 13% | Jun 2023 11% | Sep 2023 6.5% | Dec 2023 1.3% | Mar 2024 4.7% | Jun 2024 -0.3% | Sep 2024 6.8% | Dec 2024 8.4% | Mar 2025 9.4% | Jun 2025 14% | Sep 2025 14% | Dec 2025 13% | Mar 2026 17% | Jun 2026 —
- PEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 33% | Sep 2023 16% | Dec 2023 -12% | Mar 2024 16% | Jun 2024 -23% | Sep 2024 4.3% | Dec 2024 14% | Mar 2025 15% | Jun 2025 19% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 -9.8% | Dec 2022 -7.4% | Mar 2023 -13% | Jun 2023 1.7% | Sep 2023 24% | Dec 2023 5.7% | Mar 2024 4.9% | Jun 2024 17% | Sep 2024 -2.4% | Dec 2024 -9.5% | Mar 2025 10% | Jun 2025 -2.4% | Sep 2025 7.1% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- IBULLSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 105% | Dec 2025 -8.5% | Mar 2026 301% | Jun 2026 290%
- BALMLAWRIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -5.1% | Jun 2024 7.8% | Sep 2024 9.0% | Dec 2024 7.7% | Mar 2025 5.4% | Jun 2025 6.7% | Sep 2025 -0.6% | Dec 2025 4.3% | Mar 2026 22% | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 11% | Dec 2025 9.1% | Mar 2026 7.9% | Jun 2026 —
- TEXINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.0% | Mar 2024 -19% | Jun 2024 6.8% | Sep 2024 -8.4% | Dec 2024 2.6% | Mar 2025 -2.9% | Jun 2025 6.9% | Sep 2025 9.2% | Dec 2025 -4.0% | Mar 2026 31% | Jun 2026 —
- ANDREWYU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 -4.9% | Jun 2024 -5.1% | Sep 2024 1.1% | Dec 2024 -22% | Mar 2025 27% | Jun 2025 0.0% | Sep 2025 -19% | Dec 2025 10% | Mar 2026 -5.1% | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -67% | Mar 2024 -84% | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 -100% | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 31% | Jun 2024 48% | Sep 2024 50% | Dec 2024 18% | Mar 2025 21% | Jun 2025 25% | Sep 2025 -4.2% | Dec 2025 -1.2% | Mar 2026 -20% | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 637% | Sep 2024 298% | Dec 2024 58% | Mar 2025 73% | Jun 2025 79% | Sep 2025 53% | Dec 2025 46% | Mar 2026 — | Jun 2026 —
- BGDL: 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 394% | Jun 2025 -63% | Sep 2025 -97% | Dec 2025 -100% | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.8% | Sep 2022 26% | Dec 2022 15% | Mar 2023 23% | Jun 2023 1.0% | Sep 2023 -1.0% | Dec 2023 14% | Mar 2024 0.4% | Jun 2024 6.5% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -8.7% | Jun 2024 -48% | Sep 2024 -31% | Dec 2024 -0.2% | Mar 2025 -65% | Jun 2025 -71% | Sep 2025 -64% | Dec 2025 -36% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Piramal Enterprises Ltd(Merged) leads opm at 65.1%; Texmaco Infrastructure & Holdings Ltd leads margin change at +78.8 percentage points.

Investor read: Piramal Enterprises Ltd(Merged) 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: Piramal Enterprises Ltd(Merged) · 65.1% | 20.6% versus #2 · Kalind Ltd | 6/8 recent comparable periods | 19/20 companies · 318 observations

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

### OPM — highest
1. Piramal Enterprises Ltd(Merged) (PEL): 65% — older report
2. Kalind Ltd (526935): 54%
3. Indiabulls Limited (IBULLSLTD): 43%
4. Nava Ltd (NAVA): 32%
5. Arunis Abode Ltd (ARUNIS): 29% — older report

### Margin change — fastest expanders
1. Texmaco Infrastructure & Holdings Ltd (TEXINFRA): +78.8 pp
2. Indiabulls Limited (IBULLSLTD): +28.0 pp
3. Kalind Ltd (526935): +15.7 pp
4. Kesar Enterprises Ltd (KESAR): +7.4 pp — older report
5. Bharat Global Developers Ltd (BGDL): +4.2 pp — older report

### 20-quarter OPM history
- 503310: Sep 2021 41% | Dec 2021 18% | Mar 2022 7.7% | Jun 2022 2.1% | Sep 2022 0.9% | Dec 2022 7.6% | Mar 2023 20% | Jun 2023 30% | Sep 2023 21% | Dec 2023 16% | Mar 2024 8.0% | Jun 2024 33% | Sep 2024 12% | Dec 2024 -34% | Mar 2025 1.6% | Jun 2025 2.2% | Sep 2025 0.4% | Dec 2025 2.2% | Mar 2026 -30% | Jun 2026 —
- 512014: Sep 2021 17% | Dec 2021 21% | Mar 2022 21% | Jun 2022 17% | Sep 2022 12% | Dec 2022 13% | Mar 2023 14% | Jun 2023 14% | Sep 2023 13% | Dec 2023 15% | Mar 2024 18% | Jun 2024 13% | Sep 2024 9.8% | Dec 2024 14% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 19% | Mar 2026 11% | Jun 2026 —
- 526935: Sep 2021 51% | Dec 2021 28% | Mar 2022 -170% | Jun 2022 -533% | Sep 2022 -174% | Dec 2022 80% | Mar 2023 47% | Jun 2023 -23% | Sep 2023 72% | Dec 2023 64% | Mar 2024 30% | Jun 2024 — | Sep 2024 48% | Dec 2024 — | Mar 2025 — | Jun 2025 42% | Sep 2025 64% | Dec 2025 28% | Mar 2026 54% | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 8.3% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 25% | Jun 2023 10% | Sep 2023 6.0% | Dec 2023 8.2% | Mar 2024 10% | Jun 2024 10% | Sep 2024 7.9% | Dec 2024 8.7% | Mar 2025 9.3% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 0.2% | Jun 2026 —
- GRASIM: Sep 2021 22% | Dec 2021 20% | Mar 2022 19% | Jun 2022 21% | Sep 2022 17% | Dec 2022 17% | Mar 2023 18% | Jun 2023 20% | Sep 2023 20% | Dec 2023 22% | Mar 2024 21% | Jun 2024 19% | Sep 2024 18% | Dec 2024 19% | Mar 2025 20% | Jun 2025 22% | Sep 2025 19% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- TIINDIA: Sep 2021 12% | Dec 2021 13% | Mar 2022 10% | Jun 2022 11% | Sep 2022 14% | Dec 2022 13% | Mar 2023 13% | Jun 2023 12% | Sep 2023 13% | Dec 2023 11% | Mar 2024 10% | Jun 2024 12% | Sep 2024 10% | Dec 2024 10% | Mar 2025 7.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 —
- 3MINDIA: Sep 2021 11% | Dec 2021 12% | Mar 2022 17% | Jun 2022 12% | Sep 2022 13% | Dec 2022 17% | Mar 2023 19% | Jun 2023 16% | Sep 2023 18% | Dec 2023 18% | Mar 2024 20% | Jun 2024 20% | Sep 2024 16% | Dec 2024 14% | Mar 2025 19% | Jun 2025 20% | Sep 2025 20% | Dec 2025 18% | Mar 2026 17% | Jun 2026 —
- PEL: Sep 2021 92% | Dec 2021 57% | Mar 2022 28% | Jun 2022 73% | Sep 2022 -100% | Dec 2022 35% | Mar 2023 38% | Jun 2023 60% | Sep 2023 51% | Dec 2023 49% | Mar 2024 -15% | Jun 2024 66% | Sep 2024 59% | Dec 2024 51% | Mar 2025 46% | Jun 2025 65% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 41% | Dec 2021 43% | Mar 2022 40% | Jun 2022 45% | Sep 2022 37% | Dec 2022 45% | Mar 2023 39% | Jun 2023 51% | Sep 2023 39% | Dec 2023 44% | Mar 2024 41% | Jun 2024 48% | Sep 2024 46% | Dec 2024 53% | Mar 2025 37% | Jun 2025 49% | Sep 2025 33% | Dec 2025 45% | Mar 2026 32% | Jun 2026 —
- IBULLSLTD: Sep 2021 — | Dec 2021 -100% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -408% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 11% | Dec 2024 23% | Mar 2025 -180% | Jun 2025 15% | Sep 2025 45% | Dec 2025 -15% | Mar 2026 42% | Jun 2026 43%
- BALMLAWRIE: Sep 2021 6.5% | Dec 2021 7.1% | Mar 2022 11% | Jun 2022 9.5% | Sep 2022 7.0% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 13% | Dec 2023 13% | Mar 2024 16% | Jun 2024 10% | Sep 2024 11% | Dec 2024 13% | Mar 2025 16% | Jun 2025 12% | Sep 2025 11% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- BLUSPRING: 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 2.9% | Dec 2024 2.6% | Mar 2025 0.6% | Jun 2025 1.5% | Sep 2025 2.0% | Dec 2025 2.8% | Mar 2026 2.9% | Jun 2026 —
- TEXINFRA: Sep 2021 -37% | Dec 2021 -124% | Mar 2022 -11% | Jun 2022 -12% | Sep 2022 5.8% | Dec 2022 -6.0% | Mar 2023 -24% | Jun 2023 -15% | Sep 2023 -1.2% | Dec 2023 -5.7% | Mar 2024 -41% | Jun 2024 -11% | Sep 2024 -57% | Dec 2024 1.3% | Mar 2025 -121% | Jun 2025 -11% | Sep 2025 -5.2% | Dec 2025 -51% | Mar 2026 -42% | Jun 2026 —
- ANDREWYU: Sep 2021 9.6% | Dec 2021 -2.0% | Mar 2022 -18% | Jun 2022 -31% | Sep 2022 19% | Dec 2022 4.8% | Mar 2023 -20% | Jun 2023 -36% | Sep 2023 -14% | Dec 2023 -25% | Mar 2024 -46% | Jun 2024 -21% | Sep 2024 11% | Dec 2024 -29% | Mar 2025 -43% | Jun 2025 -49% | Sep 2025 -6.0% | Dec 2025 -18% | Mar 2026 -52% | Jun 2026 —
- ARUNIS: Sep 2021 40% | Dec 2021 28% | Mar 2022 -170% | Jun 2022 -533% | Sep 2022 42% | Dec 2022 80% | Mar 2023 47% | Jun 2023 -23% | Sep 2023 72% | Dec 2023 64% | Mar 2024 30% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 42% | Sep 2025 64% | Dec 2025 29% | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 6.7% | Dec 2021 6.1% | Mar 2022 7.6% | Jun 2022 8.0% | Sep 2022 1.3% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 8.3% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 25% | Jun 2023 10% | Sep 2023 6.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 61% | Mar 2024 16% | Jun 2024 6.4% | Sep 2024 0.1% | Dec 2024 0.6% | Mar 2025 0.3% | Jun 2025 4.4% | Sep 2025 4.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 35% | Dec 2021 14% | Mar 2022 -21% | Jun 2022 18% | Sep 2022 40% | Dec 2022 5.9% | Mar 2023 -18% | Jun 2023 11% | Sep 2023 30% | Dec 2023 7.3% | Mar 2024 -19% | Jun 2024 11% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 -27% | Dec 2021 4.0% | Mar 2022 8.4% | Jun 2022 1.8% | Sep 2022 -25% | Dec 2022 -7.7% | Mar 2023 13% | Jun 2023 3.7% | Sep 2023 -28% | Dec 2023 1.1% | Mar 2024 18% | Jun 2024 -14% | Sep 2024 -39% | Dec 2024 -4.6% | Mar 2025 -13% | Jun 2025 -43% | Sep 2025 -81% | Dec 2025 2.8% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- 503310: Sep 2021 +27.3 pp | Dec 2021 +3.8 pp | Mar 2022 −26.5 pp | Jun 2022 −14.8 pp | Sep 2022 −39.8 pp | Dec 2022 −10.2 pp | Mar 2023 +12.3 pp | Jun 2023 +27.9 pp | Sep 2023 +20.1 pp | Dec 2023 +8.4 pp | Mar 2024 −12.0 pp | Jun 2024 +3.0 pp | Sep 2024 −9.0 pp | Dec 2024 −50.0 pp | Mar 2025 −6.4 pp | Jun 2025 −30.8 pp | Sep 2025 −11.6 pp | Dec 2025 +36.2 pp | Mar 2026 −31.6 pp | Jun 2026 —
- 512014: Sep 2021 −26.2 pp | Dec 2021 −0.8 pp | Mar 2022 +10.5 pp | Jun 2022 −3.5 pp | Sep 2022 −4.8 pp | Dec 2022 −7.5 pp | Mar 2023 −6.8 pp | Jun 2023 −2.7 pp | Sep 2023 +1.4 pp | Dec 2023 +1.2 pp | Mar 2024 +3.3 pp | Jun 2024 −1.4 pp | Sep 2024 −3.4 pp | Dec 2024 −0.7 pp | Mar 2025 −3.0 pp | Jun 2025 +2.2 pp | Sep 2025 +3.7 pp | Dec 2025 +5.2 pp | Mar 2026 −3.7 pp | Jun 2026 —
- 526935: Sep 2021 −17.5 pp | Dec 2021 −58.5 pp | Mar 2022 −136.7 pp | Jun 2022 −593.3 pp | Sep 2022 −224.7 pp | Dec 2022 +51.9 pp | Mar 2023 +217.0 pp | Jun 2023 +510.3 pp | Sep 2023 +245.8 pp | Dec 2023 −15.9 pp | Mar 2024 −17.0 pp | Jun 2024 — | Sep 2024 −23.7 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +15.7 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +16.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −14.7 pp | Jun 2024 +0.3 pp | Sep 2024 +1.8 pp | Dec 2024 +0.5 pp | Mar 2025 −1.0 pp | Jun 2025 −0.2 pp | Sep 2025 +2.8 pp | Dec 2025 +2.8 pp | Mar 2026 −9.1 pp | Jun 2026 —
- GRASIM: Sep 2021 −2.9 pp | Dec 2021 −4.2 pp | Mar 2022 −5.6 pp | Jun 2022 −5.4 pp | Sep 2022 −5.0 pp | Dec 2022 −3.0 pp | Mar 2023 −0.5 pp | Jun 2023 −1.3 pp | Sep 2023 +3.3 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TIINDIA: Sep 2021 −3.0 pp | Dec 2021 −0.1 pp | Mar 2022 +0.2 pp | Jun 2022 −1.0 pp | Sep 2022 +1.9 pp | Dec 2022 +0.1 pp | Mar 2023 +2.7 pp | Jun 2023 +1.5 pp | Sep 2023 −0.6 pp | Dec 2023 −2.0 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- 3MINDIA: Sep 2021 −5.4 pp | Dec 2021 −0.4 pp | Mar 2022 +4.6 pp | Jun 2022 +6.0 pp | Sep 2022 +2.0 pp | Dec 2022 +5.0 pp | Mar 2023 +2.0 pp | Jun 2023 +4.0 pp | Sep 2023 +5.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 −2.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.5 pp | Mar 2026 −1.8 pp | Jun 2026 —
- PEL: Sep 2021 +31.2 pp | Dec 2021 −2.8 pp | Mar 2022 −24.0 pp | Jun 2022 +19.9 pp | Sep 2022 −191.5 pp | Dec 2022 −21.5 pp | Mar 2023 +9.9 pp | Jun 2023 −13.5 pp | Sep 2023 +150.7 pp | Dec 2023 +13.4 pp | Mar 2024 −53.4 pp | Jun 2024 +6.0 pp | Sep 2024 +8.1 pp | Dec 2024 +2.7 pp | Mar 2025 +61.4 pp | Jun 2025 −0.7 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 +0.9 pp | Dec 2021 +1.6 pp | Mar 2022 +2.5 pp | Jun 2022 +13.3 pp | Sep 2022 −4.5 pp | Dec 2022 +2.0 pp | Mar 2023 −0.6 pp | Jun 2023 +5.9 pp | Sep 2023 +2.5 pp | Dec 2023 −1.0 pp | Mar 2024 +2.0 pp | Jun 2024 −3.0 pp | Sep 2024 +7.0 pp | Dec 2024 +9.0 pp | Mar 2025 −4.0 pp | Jun 2025 +1.0 pp | Sep 2025 −13.0 pp | Dec 2025 −8.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- IBULLSLTD: Sep 2021 −22,164.8 pp | Dec 2021 −101.0 pp | Mar 2022 −3,794.3 pp | Jun 2022 −3,005.7 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2,613.4 pp | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +34.0 pp | Dec 2025 −38.0 pp | Mar 2026 +222.0 pp | Jun 2026 +28.0 pp
- BALMLAWRIE: Sep 2021 −1.3 pp | Dec 2021 +1.0 pp | Mar 2022 −6.9 pp | Jun 2022 +1.9 pp | Sep 2022 +0.5 pp | Dec 2022 +2.9 pp | Mar 2023 −2.2 pp | Jun 2023 +1.5 pp | Sep 2023 +6.0 pp | Dec 2023 +3.0 pp | Mar 2024 +7.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 +0.2 pp | Mar 2026 +2.3 pp | Jun 2026 —
- TEXINFRA: Sep 2021 −54.2 pp | Dec 2021 −156.9 pp | Mar 2022 +78.2 pp | Jun 2022 +6.1 pp | Sep 2022 +43.1 pp | Dec 2022 +118.3 pp | Mar 2023 −13.3 pp | Jun 2023 −3.0 pp | Sep 2023 −6.9 pp | Dec 2023 +0.3 pp | Mar 2024 −16.1 pp | Jun 2024 +3.9 pp | Sep 2024 −55.8 pp | Dec 2024 +6.9 pp | Mar 2025 −80.2 pp | Jun 2025 +0.2 pp | Sep 2025 +51.7 pp | Dec 2025 −52.3 pp | Mar 2026 +78.8 pp | Jun 2026 —
- ANDREWYU: Sep 2021 −17.4 pp | Dec 2021 −1.4 pp | Mar 2022 +34.2 pp | Jun 2022 −19.2 pp | Sep 2022 +9.3 pp | Dec 2022 +6.9 pp | Mar 2023 −2.0 pp | Jun 2023 −4.9 pp | Sep 2023 −32.9 pp | Dec 2023 −29.8 pp | Mar 2024 −26.0 pp | Jun 2024 +15.0 pp | Sep 2024 +25.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 −28.0 pp | Sep 2025 −17.0 pp | Dec 2025 +11.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- ARUNIS: Sep 2021 −52.3 pp | Dec 2021 −58.5 pp | Mar 2022 −136.7 pp | Jun 2022 −593.3 pp | Sep 2022 +2.0 pp | Dec 2022 +51.9 pp | Mar 2023 +217.3 pp | Jun 2023 +509.9 pp | Sep 2023 +30.1 pp | Dec 2023 −16.2 pp | Mar 2024 −17.7 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 +0.5 pp | Dec 2021 +1.2 pp | Mar 2022 +1.5 pp | Jun 2022 +2.3 pp | Sep 2022 −5.4 pp | Dec 2022 +1.9 pp | Mar 2023 +2.4 pp | Jun 2023 +1.0 pp | Sep 2023 +8.7 pp | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +16.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −15.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 — | Jun 2026 —
- BGDL: 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 −60.3 pp | Mar 2025 −16.0 pp | Jun 2025 −1.9 pp | Sep 2025 +4.2 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 −14.9 pp | Dec 2021 −1.4 pp | Mar 2022 +2.5 pp | Jun 2022 +0.4 pp | Sep 2022 +4.4 pp | Dec 2022 −8.4 pp | Mar 2023 +3.0 pp | Jun 2023 −6.9 pp | Sep 2023 −10.0 pp | Dec 2023 +1.5 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 −16.7 pp | Dec 2021 +4.3 pp | Mar 2022 −5.3 pp | Jun 2022 −2.5 pp | Sep 2022 +2.4 pp | Dec 2022 −11.7 pp | Mar 2023 +4.2 pp | Jun 2023 +1.8 pp | Sep 2023 −2.9 pp | Dec 2023 +8.8 pp | Mar 2024 +5.3 pp | Jun 2024 −17.9 pp | Sep 2024 −11.2 pp | Dec 2024 −5.7 pp | Mar 2025 −30.9 pp | Jun 2025 −28.6 pp | Sep 2025 −42.2 pp | Dec 2025 +7.4 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Grasim Industries Ltd leads with ₹10,300 crore of TTM profit, 821.3% above Tube Investments of India Ltd. Piramal Enterprises Ltd(Merged) shows ≥100% on the scoring scale growth from a ₹580 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Grasim Industries 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: Grasim Industries Ltd · ₹10,300 crore | 821.3% versus #2 · Tube Investments of India Ltd | 5/8 recent comparable periods | 20/20 companies · 285 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. Grasim Industries Ltd (GRASIM): ₹10.3K Cr
2. Tube Investments of India Ltd (TIINDIA): ₹1.1K Cr
3. Nava Ltd (NAVA): ₹1.0K Cr
4. Piramal Enterprises Ltd(Merged) (PEL): ₹580 Cr — older report
5. 3M India Ltd (3MINDIA): ₹554 Cr

### Profit growth — fastest growers
1. Piramal Enterprises Ltd(Merged) (PEL): 100% — older report
2. Texmaco Infrastructure & Holdings Ltd (TEXINFRA): 100%
3. Integrated Industries Ltd (IIL): 95% — older report
4. Sobhagya Mercantile Ltd (512014): 42%
5. Grasim Industries Ltd (GRASIM): 33%

### 20-quarter Net profit history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹562 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹251 Cr | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- 526935: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- GRASIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹983 Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- TIINDIA: Sep 2021 ₹202 Cr | Dec 2021 ₹390 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹477 Cr | Jun 2023 ₹284 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹828 Cr | Mar 2024 ₹274 Cr | Jun 2024 ₹317 Cr | Sep 2024 ₹299 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹303 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹234 Cr | Jun 2026 —
- 3MINDIA: Sep 2021 ₹64 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹-62 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- PEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8.2K Cr | Sep 2022 ₹-1.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹-196 Cr | Jun 2023 ₹509 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹-2.4K Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹276 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 ₹-16 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹360 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹465 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹446 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹399 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹326 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- IBULLSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-7 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-164 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹194 Cr | Jun 2026 ₹141 Cr
- BALMLAWRIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- BLUSPRING: 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 ₹2 Cr | Dec 2024 ₹-158 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TEXINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- ANDREWYU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹31 Cr | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 — | 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 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-0 Cr | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 ₹25 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-24 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-6 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -9.7% | Jun 2024 85% | Sep 2024 -60% | Dec 2024 155% | Mar 2025 -139% | Jun 2025 -90% | Sep 2025 -109% | Dec 2025 -100% | Mar 2026 — | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 -13% | Jun 2024 -35% | Sep 2024 1.0% | Dec 2024 69% | Mar 2025 92% | Jun 2025 155% | Sep 2025 123% | Dec 2025 66% | Mar 2026 -25% | Jun 2026 —
- 526935: Sep 2021 8.2% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -255% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -74% | Dec 2023 — | Mar 2024 — | Jun 2024 1,009% | Sep 2024 1,008% | Dec 2024 80% | Mar 2025 72% | Jun 2025 91% | Sep 2025 108% | Dec 2025 88% | Mar 2026 -105% | Jun 2026 —
- GRASIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 16% | Jun 2024 -20% | Sep 2024 -51% | Dec 2024 -33% | Mar 2025 9.2% | Jun 2025 34% | Sep 2025 52% | Dec 2025 29% | Mar 2026 28% | Jun 2026 —
- TIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 37% | Dec 2022 -17% | Mar 2023 112% | Jun 2023 15% | Sep 2023 25% | Dec 2023 156% | Mar 2024 -43% | Jun 2024 12% | Sep 2024 -14% | Dec 2024 -66% | Mar 2025 -42% | Jun 2025 -4.4% | Sep 2025 1.0% | Dec 2025 -0.4% | Mar 2026 48% | Jun 2026 —
- 3MINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 66% | Dec 2022 87% | Mar 2023 23% | Jun 2023 54% | Sep 2023 38% | Dec 2023 8.0% | Mar 2024 27% | Jun 2024 22% | Sep 2024 -8.2% | Dec 2024 -16% | Mar 2025 -59% | Jun 2025 13% | Sep 2025 43% | Dec 2025 -154% | Mar 2026 204% | Jun 2026 —
- PEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -94% | Sep 2023 — | Dec 2023 -167% | Mar 2024 — | Jun 2024 -64% | Sep 2024 240% | Dec 2024 — | Mar 2025 -26% | Jun 2025 52% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 792% | Sep 2022 — | Dec 2022 90% | Mar 2023 -5.3% | Jun 2023 1.2% | Sep 2023 8.4% | Dec 2023 28% | Mar 2024 -25% | Jun 2024 30% | Sep 2024 72% | Dec 2024 -24% | Mar 2025 19% | Jun 2025 -11% | Sep 2025 -46% | Dec 2025 -7.7% | Mar 2026 -55% | Jun 2026 —
- BALMLAWRIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 89% | Mar 2024 70% | Jun 2024 13% | Sep 2024 -3.2% | Dec 2024 -6.1% | Mar 2025 1.4% | Jun 2025 6.4% | Sep 2025 -9.8% | Dec 2025 4.8% | Mar 2026 12% | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 98% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TEXINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 860% | Mar 2024 2,410% | Jun 2024 5.9% | Sep 2024 28% | Dec 2024 -2,456% | Mar 2025 -46% | Jun 2025 844% | Sep 2025 128% | Dec 2025 — | Mar 2026 -49% | Jun 2026 —
- ANDREWYU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -272% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -100% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -80% | Mar 2024 88% | Jun 2024 — | Sep 2024 -142% | Dec 2024 -211% | Mar 2025 47% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 -4.0% | Jun 2024 25% | Sep 2024 50% | Dec 2024 -36% | Mar 2025 17% | Jun 2025 32% | Sep 2025 6.7% | Dec 2025 67% | Mar 2026 -7.1% | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,200% | Sep 2024 1,300% | Dec 2024 78% | Mar 2025 77% | Jun 2025 92% | Sep 2025 114% | Dec 2025 94% | Mar 2026 — | Jun 2026 —
- BGDL: 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 190% | Mar 2025 -26% | Jun 2025 -44% | Sep 2025 -98% | Dec 2025 -127% | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -53% | Sep 2022 44% | Dec 2022 -96% | Mar 2023 — | Jun 2023 -76% | Sep 2023 -33% | Dec 2023 684% | Mar 2024 — | Jun 2024 88% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 764% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -113% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | 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 | 0/20 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: Tube Investments of India Ltd has the clearest covered balance-sheet capacity with ₹3,224 crore net cash and gross debt of ₹754 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: Arunis Abode Ltd · ₹0 crore | 100% versus #2 · Kesar Enterprises Ltd | Not enough history | 20/20 companies · 176 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. Arunis Abode Ltd (ARUNIS): ₹0 Cr — older report
2. Kesar Enterprises Ltd (KESAR): ₹9 Cr — older report
3. Kalind Ltd (526935): ₹10 Cr
4. Integrated Industries Ltd (IIL): ₹11 Cr — older report
5. Sobhagya Mercantile Ltd (512014): ₹22 Cr

### Net debt — lowest net debt
1. Tube Investments of India Ltd (TIINDIA): ₹-3.2K Cr
2. 3M India Ltd (3MINDIA): ₹-648 Cr
3. Texmaco Infrastructure & Holdings Ltd (TEXINFRA): ₹25 Cr
4. Bluspring Enterprises Ltd (BLUSPRING): ₹81 Cr
5. Nava Ltd (NAVA): ₹111 Cr

### 20-quarter Gross debt history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.0K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.8K Cr | Jun 2025 — | Sep 2025 ₹373 Cr | Dec 2025 — | Mar 2026 ₹2.1K Cr | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —
- 526935: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹10 Cr | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹35 Cr | Jun 2026 —
- GRASIM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹74.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.0 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.9 L Cr | Jun 2025 — | Sep 2025 ₹2.1 L Cr | Dec 2025 — | Mar 2026 ₹2.3 L Cr | Jun 2026 —
- TIINDIA: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹871 Cr | Jun 2022 ₹871 Cr | Sep 2022 ₹912 Cr | Dec 2022 ₹912 Cr | Mar 2023 ₹726 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹703 Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹705 Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹754 Cr | Jun 2026 —
- 3MINDIA: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹170 Cr | Jun 2026 —
- PEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹55.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹53.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹65.6K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹414 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹684 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹893 Cr | Jun 2025 ₹893 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- IBULLSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹502 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹214 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹244 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹263 Cr | Jun 2025 — | Sep 2025 ₹495 Cr | Dec 2025 — | Mar 2026 ₹459 Cr | Jun 2026 —
- BALMLAWRIE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹122 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹121 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹113 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹106 Cr | Jun 2025 — | Sep 2025 ₹237 Cr | Dec 2025 — | Mar 2026 ₹220 Cr | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹160 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹160 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹243 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- TEXINFRA: Sep 2021 ₹28 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- ANDREWYU: Sep 2021 — | Dec 2021 — | Mar 2022 ₹67 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹100 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹114 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹105 Cr | Jun 2025 — | Sep 2025 ₹120 Cr | Dec 2025 — | Mar 2026 ₹121 Cr | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 ₹165 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹260 Cr | Jun 2022 ₹260 Cr | Sep 2022 ₹379 Cr | Dec 2022 ₹379 Cr | Mar 2023 ₹438 Cr | Jun 2023 ₹438 Cr | Sep 2023 ₹509 Cr | Dec 2023 ₹509 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹477 Cr | Sep 2024 ₹377 Cr | Dec 2024 ₹377 Cr | Mar 2025 ₹536 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹662 Cr | Dec 2025 ₹662 Cr | Mar 2026 ₹569 Cr | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹88 Cr | Jun 2025 — | Sep 2025 ₹81 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹153 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹162 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹194 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹97 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹93 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹73 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- TIINDIA: Sep 2021 ₹506 Cr | Dec 2021 ₹506 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹-416 Cr | Dec 2022 ₹-416 Cr | Mar 2023 ₹-407 Cr | Jun 2023 ₹-407 Cr | Sep 2023 ₹-402 Cr | Dec 2023 ₹-402 Cr | Mar 2024 ₹-444 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹-138 Cr | Dec 2024 ₹-138 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹747 Cr | Dec 2025 ₹747 Cr | Mar 2026 ₹-3.2K Cr | Jun 2026 —
- 3MINDIA: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.3K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-771 Cr | Jun 2023 ₹-771 Cr | Sep 2023 ₹-981 Cr | Dec 2023 ₹-981 Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-524 Cr | Dec 2024 ₹-524 Cr | Mar 2025 ₹-833 Cr | Jun 2025 ₹-833 Cr | Sep 2025 ₹-516 Cr | Dec 2025 ₹-516 Cr | Mar 2026 ₹-648 Cr | Jun 2026 —
- NAVA: Sep 2021 ₹3.0K Cr | Dec 2021 — | Mar 2022 ₹3.3K Cr | Jun 2022 — | Sep 2022 ₹3.3K Cr | Dec 2022 — | Mar 2023 ₹2.7K Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 — | Mar 2024 ₹148 Cr | Jun 2024 — | Sep 2024 ₹-205 Cr | Dec 2024 — | Mar 2025 ₹-96 Cr | Jun 2025 — | Sep 2025 ₹-190 Cr | Dec 2025 — | Mar 2026 ₹111 Cr | Jun 2026 —
- BLUSPRING: 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 ₹72 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- TEXINFRA: Sep 2021 ₹27 Cr | Dec 2021 — | Mar 2022 ₹27 Cr | Jun 2022 — | Sep 2022 ₹28 Cr | Dec 2022 — | Mar 2023 ₹28 Cr | Jun 2023 — | Sep 2023 ₹30 Cr | Dec 2023 — | Mar 2024 ₹30 Cr | Jun 2024 — | Sep 2024 ₹29 Cr | Dec 2024 — | Mar 2025 ₹27 Cr | Jun 2025 — | Sep 2025 ₹25 Cr | Dec 2025 — | Mar 2026 ₹25 Cr | Jun 2026 —
- BCLIND: Sep 2021 ₹125 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹365 Cr | Dec 2022 ₹365 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹430 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹483 Cr | Mar 2024 ₹475 Cr | Jun 2024 ₹471 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹359 Cr | Mar 2025 ₹516 Cr | Jun 2025 ₹508 Cr | Sep 2025 ₹520 Cr | Dec 2025 ₹520 Cr | Mar 2026 ₹371 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: 3M India Ltd leads ROCE at 40.5%, 8.5 percentage points above Kalind Ltd. Kalind Ltd has the strongest latest improvement at +37 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: 3M 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: 3M India Ltd · 40.5% | 26.6% versus #2 · Kalind Ltd | 6/8 recent comparable periods | 20/20 companies · 67 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. 3M India Ltd (3MINDIA): 41%
2. Kalind Ltd (526935): 32%
3. Integrated Industries Ltd (IIL): 31% — older report
4. Sobhagya Mercantile Ltd (512014): 23%
5. Nurture Well Industries Ltd (531889): 23%

### ROCE change — fastest improvers
1. Kalind Ltd (526935): +37.0 pp
2. 3M India Ltd (3MINDIA): +10.1 pp
3. Swan Corp Ltd (503310): +5.0 pp
4. Bharat Global Developers Ltd (BGDL): +2.0 pp — older report
5. Andrew Yule & Company Ltd (ANDREWYU): +1.0 pp

### 20-quarter ROCE history
- TIINDIA: Sep 2021 14% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 21% | Dec 2023 40% | Mar 2024 19% | Jun 2024 34% | Sep 2024 15% | Dec 2024 21% | Mar 2025 14% | Jun 2025 18% | Sep 2025 11% | Dec 2025 14% | Mar 2026 11% | Jun 2026 —
- 3MINDIA: Sep 2021 14% | Dec 2021 — | Mar 2022 16% | Jun 2022 20% | Sep 2022 18% | Dec 2022 26% | Mar 2023 33% | Jun 2023 34% | Sep 2023 37% | Dec 2023 34% | Mar 2024 33% | Jun 2024 42% | Sep 2024 41% | Dec 2024 43% | Mar 2025 37% | Jun 2025 39% | Sep 2025 48% | Dec 2025 — | Mar 2026 47% | Jun 2026 —
- NAVA: Sep 2021 9.5% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 15% | Jun 2024 19% | Sep 2024 15% | Dec 2024 17% | Mar 2025 14% | Jun 2025 17% | Sep 2025 12% | Dec 2025 14% | Mar 2026 9.7% | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.3% | Jun 2025 -15% | Sep 2025 0.7% | Dec 2025 -2.0% | Mar 2026 3.3% | Jun 2026 —
- BCLIND: Sep 2021 27% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 18% | Dec 2023 24% | Mar 2024 17% | Jun 2024 21% | Sep 2024 17% | Dec 2024 18% | Mar 2025 15% | Jun 2025 16% | Sep 2025 15% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —

### 20-quarter ROCE change history
- TIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.3 pp | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 −8.4 pp | Dec 2023 — | Mar 2024 −8.6 pp | Jun 2024 — | Sep 2024 −6.1 pp | Dec 2024 −19.8 pp | Mar 2025 −4.5 pp | Jun 2025 −16.5 pp | Sep 2025 −4.7 pp | Dec 2025 −6.2 pp | Mar 2026 −3.3 pp | Jun 2026 —
- 3MINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 +17.6 pp | Jun 2023 +14.1 pp | Sep 2023 +18.6 pp | Dec 2023 +8.6 pp | Mar 2024 −0.6 pp | Jun 2024 +8.2 pp | Sep 2024 +4.0 pp | Dec 2024 +8.5 pp | Mar 2025 +4.1 pp | Jun 2025 −3.1 pp | Sep 2025 +6.5 pp | Dec 2025 — | Mar 2026 +10.1 pp | Jun 2026 —
- NAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 −1.1 pp | Mar 2025 −1.5 pp | Jun 2025 −2.0 pp | Sep 2025 −3.5 pp | Dec 2025 −2.9 pp | Mar 2026 −4.2 pp | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 —
- BCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.8 pp | Dec 2022 — | Mar 2023 −11.6 pp | Jun 2023 — | Sep 2023 −4.8 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 −6.7 pp | Mar 2025 −2.4 pp | Jun 2025 −4.5 pp | Sep 2025 −2.0 pp | Dec 2025 −0.2 pp | Mar 2026 +0.9 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Nava Ltd has the lowest comparable Guarded PEG at 1.16×, 7.2% below 3M India Ltd. Only 3 of 20 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: Nava Ltd · 1.16× | 7.2% versus #2 · 3M India Ltd | 0/8 recent comparable periods | 3/20 companies · 20 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. Nava Ltd (NAVA): 1.2
2. 3M India Ltd (3MINDIA): 1.3
3. Tube Investments of India Ltd (TIINDIA): 9.6

### P/E — lowest P/E
1. Nurture Well Industries Ltd (531889): 8.4
2. BCL Industries Ltd (BCLIND): 9.2
3. Balmer Lawrie & Company Ltd (BALMLAWRIE): 10.8
4. Integrated Industries Ltd (IIL): 11.6 — older report
5. Rossell India Ltd (ROSSELLIND): 11.8 — older report

### 20-quarter Guarded PEG history
- TIINDIA: Sep 2021 1.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.4 | Sep 2023 9.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 3MINDIA: Sep 2021 5.0 | Dec 2021 10.3 | Mar 2022 1.9 | Jun 2022 — | Sep 2022 2.2 | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.7 | Dec 2024 — | Mar 2025 — | Jun 2025 4.0 | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2 | Sep 2022 — | Dec 2022 0.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 — | Sep 2025 1.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 503310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 118.0 | Dec 2023 74.5 | Mar 2024 63.3 | Jun 2024 52.3 | Sep 2024 45.3 | Dec 2024 65.3 | Mar 2025 16.9 | Jun 2025 18.6 | Sep 2025 23.1 | Dec 2025 25.2 | Mar 2026 21.9 | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 0.2 | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 0.5 | Dec 2023 — | Mar 2024 1.3 | Jun 2024 2.1 | Sep 2024 7.5 | Dec 2024 24.4 | Mar 2025 24.1 | Jun 2025 26.9 | Sep 2025 40.3 | Dec 2025 33.6 | Mar 2026 29.3 | Jun 2026 —
- 526935: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.5 | Dec 2023 19.0 | Mar 2024 25.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 81.5 | Dec 2025 107.3 | Mar 2026 65.7 | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 54.1 | Sep 2023 123.5 | Dec 2023 160.7 | Mar 2024 187.2 | Jun 2024 17.2 | Sep 2024 21.1 | Dec 2024 10.4 | Mar 2025 8.2 | Jun 2025 8.8 | Sep 2025 10.0 | Dec 2025 9.2 | Mar 2026 10.2 | Jun 2026 —
- GRASIM: Sep 2021 19.1 | Dec 2021 17.9 | Mar 2022 16.6 | Jun 2022 12.3 | Sep 2022 15.1 | Dec 2022 16.1 | Mar 2023 13.8 | Jun 2023 17.1 | Sep 2023 20.2 | Dec 2023 21.8 | Mar 2024 27.7 | Jun 2024 30.9 | Sep 2024 34.8 | Dec 2024 36.5 | Mar 2025 44.9 | Jun 2025 50.5 | Sep 2025 45.1 | Dec 2025 44.0 | Mar 2026 38.8 | Jun 2026 —
- TIINDIA: Sep 2021 58.7 | Dec 2021 59.4 | Mar 2022 42.6 | Jun 2022 40.9 | Sep 2022 64.6 | Dec 2022 62.6 | Mar 2023 61.3 | Jun 2023 72.1 | Sep 2023 65.8 | Dec 2023 74.6 | Mar 2024 81.7 | Jun 2024 96.5 | Sep 2024 92.7 | Dec 2024 86.0 | Mar 2025 65.2 | Jun 2025 88.1 | Sep 2025 93.6 | Dec 2025 80.2 | Mar 2026 80.4 | Jun 2026 —
- 3MINDIA: Sep 2021 118.9 | Dec 2021 127.4 | Mar 2022 96.6 | Jun 2022 84.7 | Sep 2022 85.0 | Dec 2022 67.1 | Mar 2023 60.7 | Jun 2023 67.5 | Sep 2023 72.2 | Dec 2023 78.4 | Mar 2024 64.3 | Jun 2024 71.1 | Sep 2024 63.6 | Dec 2024 56.1 | Mar 2025 53.2 | Jun 2025 52.8 | Sep 2025 53.7 | Dec 2025 63.7 | Mar 2026 56.9 | Jun 2026 —
- PEL: Sep 2021 27.1 | Dec 2021 28.4 | Mar 2022 22.9 | Jun 2022 11.1 | Sep 2022 9.6 | Dec 2022 9.9 | Mar 2023 6.8 | Jun 2023 11.3 | Sep 2023 13.1 | Dec 2023 5.7 | Mar 2024 12.8 | Jun 2024 57.8 | Sep 2024 60.5 | Dec 2024 — | Mar 2025 — | Jun 2025 59.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 4.8 | Dec 2021 5.7 | Mar 2022 5.5 | Jun 2022 5.4 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 3.4 | Jun 2023 4.8 | Sep 2023 7.4 | Dec 2023 7.1 | Mar 2024 7.7 | Jun 2024 12.5 | Sep 2024 17.8 | Dec 2024 13.6 | Mar 2025 14.1 | Jun 2025 16.0 | Sep 2025 18.7 | Dec 2025 17.1 | Mar 2026 17.4 | Jun 2026 —
- IBULLSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 99.0 | Dec 2022 2.7 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 18.4
- BALMLAWRIE: Sep 2021 13.5 | Dec 2021 13.2 | Mar 2022 12.0 | Jun 2022 13.3 | Sep 2022 12.2 | Dec 2022 12.9 | Mar 2023 10.9 | Jun 2023 13.6 | Sep 2023 15.2 | Dec 2023 18.6 | Mar 2024 17.5 | Jun 2024 17.7 | Sep 2024 17.5 | Dec 2024 13.6 | Mar 2025 11.9 | Jun 2025 13.8 | Sep 2025 12.9 | Dec 2025 11.9 | Mar 2026 10.1 | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -6.4 | Dec 2025 — | Mar 2026 -49.5 | Jun 2026 —
- TEXINFRA: Sep 2021 37.9 | Dec 2021 43.2 | Mar 2022 66.7 | Jun 2022 296.5 | Sep 2022 1,980.0 | Dec 2022 861.4 | Mar 2023 224.1 | Jun 2023 239.6 | Sep 2023 289.0 | Dec 2023 523.0 | Mar 2024 412.6 | Jun 2024 330.3 | Sep 2024 302.3 | Dec 2024 270.4 | Mar 2025 263.1 | Jun 2025 -312.5 | Sep 2025 -1,371.6 | Dec 2025 111.5 | Mar 2026 107.9 | Jun 2026 —
- ANDREWYU: Sep 2021 30.1 | Dec 2021 90.5 | Mar 2022 68.2 | Jun 2022 90.7 | Sep 2022 93.7 | Dec 2022 397.9 | Mar 2023 334.3 | Jun 2023 90.8 | Sep 2023 113.8 | Dec 2023 105.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 63.9 | Dec 2025 235.0 | Mar 2026 79.3 | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 110.0 | Sep 2022 105.0 | Dec 2022 — | Mar 2023 — | Jun 2023 96.0 | Sep 2023 6.5 | Dec 2023 18.0 | Mar 2024 62.0 | Jun 2024 58.3 | Sep 2024 32.2 | Dec 2024 351.0 | Mar 2025 521.0 | Jun 2025 — | Sep 2025 85.2 | Dec 2025 112.3 | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 11.5 | Dec 2021 12.7 | Mar 2022 16.2 | Jun 2022 10.8 | Sep 2022 9.4 | Dec 2022 11.7 | Mar 2023 14.7 | Jun 2023 18.4 | Sep 2023 19.2 | Dec 2023 19.1 | Mar 2024 15.4 | Jun 2024 15.2 | Sep 2024 16.8 | Dec 2024 13.7 | Mar 2025 11.2 | Jun 2025 13.2 | Sep 2025 11.7 | Dec 2025 9.1 | Mar 2026 6.8 | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 54.1 | Sep 2023 123.5 | Dec 2023 160.7 | Mar 2024 187.2 | Jun 2024 17.2 | Sep 2024 21.1 | Dec 2024 10.4 | Mar 2025 8.2 | Jun 2025 8.8 | Sep 2025 10.0 | Dec 2025 9.2 | Mar 2026 — | Jun 2026 —
- BGDL: 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 122.3 | Mar 2025 — | Jun 2025 106.3 | Sep 2025 209.5 | Dec 2025 312.8 | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 4.8 | Dec 2021 4.2 | Mar 2022 14.1 | Jun 2022 7.7 | Sep 2022 11.8 | Dec 2022 9.3 | Mar 2023 8.4 | Jun 2023 13.5 | Sep 2023 22.2 | Dec 2023 41.8 | Mar 2024 27.5 | Jun 2024 45.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: BCL Industries Ltd leads ev/ebitda at 5.3×; Kesar Enterprises Ltd leads p/bv at 0.54×.

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: BCL Industries Ltd · 5.3× | 24.3% versus #2 · Balmer Lawrie & Company Ltd | 0/8 recent comparable periods | 19/20 companies · 297 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. BCL Industries Ltd (BCLIND): 5.3
2. Balmer Lawrie & Company Ltd (BALMLAWRIE): 7.0
3. Integrated Industries Ltd (IIL): 7.0 — older report
4. Nurture Well Industries Ltd (531889): 7.7
5. Nava Ltd (NAVA): 8.1

### P/BV — lowest P/BV
1. Kesar Enterprises Ltd (KESAR): 0.5 — older report
2. Rossell India Ltd (ROSSELLIND): 0.6 — older report
3. Piramal Enterprises Ltd(Merged) (PEL): 0.9 — older report
4. BCL Industries Ltd (BCLIND): 1.2
5. Swan Corp Ltd (503310): 1.3

### 20-quarter EV/EBITDA history
- 503310: Sep 2021 81.4 | Dec 2021 75.5 | Mar 2022 85.0 | Jun 2022 109.0 | Sep 2022 129.7 | Dec 2022 237.9 | Mar 2023 113.6 | Jun 2023 41.5 | Sep 2023 26.0 | Dec 2023 24.6 | Mar 2024 25.3 | Jun 2024 24.4 | Sep 2024 18.4 | Dec 2024 24.4 | Mar 2025 7.8 | Jun 2025 9.0 | Sep 2025 10.7 | Dec 2025 11.5 | Mar 2026 47.5 | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 0.6 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 1.0 | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 1.3 | Jun 2024 1.6 | Sep 2024 5.5 | Dec 2024 15.0 | Mar 2025 14.9 | Jun 2025 17.0 | Sep 2025 26.0 | Dec 2025 22.5 | Mar 2026 23.4 | Jun 2026 —
- 526935: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 15.3 | Sep 2023 5.9 | Dec 2023 11.2 | Mar 2024 24.0 | Jun 2024 23.3 | Sep 2024 16.1 | Dec 2024 75.5 | Mar 2025 124.4 | Jun 2025 — | Sep 2025 74.1 | Dec 2025 97.4 | Mar 2026 49.8 | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14.7 | Sep 2023 56.4 | Dec 2023 70.4 | Mar 2024 38.7 | Jun 2024 14.3 | Sep 2024 20.5 | Dec 2024 11.0 | Mar 2025 7.7 | Jun 2025 7.3 | Sep 2025 7.6 | Dec 2025 7.0 | Mar 2026 7.7 | Jun 2026 —
- GRASIM: Sep 2021 8.3 | Dec 2021 7.8 | Mar 2022 7.9 | Jun 2022 7.5 | Sep 2022 8.9 | Dec 2022 9.2 | Mar 2023 7.4 | Jun 2023 7.4 | Sep 2023 8.9 | Dec 2023 9.6 | Mar 2024 10.1 | Jun 2024 9.6 | Sep 2024 10.9 | Dec 2024 10.8 | Mar 2025 11.3 | Jun 2025 10.9 | Sep 2025 11.3 | Dec 2025 11.5 | Mar 2026 10.5 | Jun 2026 —
- TIINDIA: Sep 2021 28.7 | Dec 2021 27.7 | Mar 2022 21.4 | Jun 2022 20.5 | Sep 2022 31.4 | Dec 2022 29.5 | Mar 2023 26.6 | Jun 2023 30.6 | Sep 2023 27.3 | Dec 2023 31.2 | Mar 2024 32.8 | Jun 2024 37.4 | Sep 2024 35.0 | Dec 2024 30.9 | Mar 2025 23.4 | Jun 2025 26.7 | Sep 2025 26.4 | Dec 2025 21.6 | Mar 2026 20.2 | Jun 2026 —
- 3MINDIA: Sep 2021 70.6 | Dec 2021 75.7 | Mar 2022 57.6 | Jun 2022 51.8 | Sep 2022 53.0 | Dec 2022 42.1 | Mar 2023 38.8 | Jun 2023 43.5 | Sep 2023 48.0 | Dec 2023 52.5 | Mar 2024 43.0 | Jun 2024 48.7 | Sep 2024 43.0 | Dec 2024 37.7 | Mar 2025 35.7 | Jun 2025 35.4 | Sep 2025 36.0 | Dec 2025 43.0 | Mar 2026 38.3 | Jun 2026 —
- PEL: Sep 2021 8.7 | Dec 2021 11.8 | Mar 2022 10.4 | Jun 2022 7.2 | Sep 2022 8.5 | Dec 2022 14.6 | Mar 2023 23.0 | Jun 2023 33.1 | Sep 2023 33.5 | Dec 2023 13.6 | Mar 2024 12.6 | Jun 2024 17.6 | Sep 2024 19.8 | Dec 2024 19.9 | Mar 2025 18.4 | Jun 2025 14.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 3.8 | Dec 2021 3.5 | Mar 2022 3.5 | Jun 2022 3.5 | Sep 2022 3.1 | Dec 2022 3.5 | Mar 2023 3.2 | Jun 2023 3.9 | Sep 2023 4.6 | Dec 2023 3.7 | Mar 2024 4.2 | Jun 2024 7.3 | Sep 2024 9.0 | Dec 2024 7.2 | Mar 2025 7.3 | Jun 2025 8.7 | Sep 2025 9.7 | Dec 2025 8.3 | Mar 2026 8.1 | Jun 2026 —
- IBULLSLTD: Sep 2021 17.9 | Dec 2021 34.0 | Mar 2022 33.3 | Jun 2022 — | Sep 2022 9.4 | Dec 2022 4.6 | Mar 2023 3.5 | Jun 2023 3.3 | Sep 2023 15.8 | Dec 2023 64.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 17.1 | Mar 2025 6.5 | Jun 2025 — | Sep 2025 — | Dec 2025 66.5 | Mar 2026 215.1 | Jun 2026 17.5
- BALMLAWRIE: Sep 2021 7.7 | Dec 2021 7.8 | Mar 2022 7.2 | Jun 2022 6.9 | Sep 2022 7.8 | Dec 2022 8.5 | Mar 2023 6.4 | Jun 2023 8.5 | Sep 2023 9.4 | Dec 2023 12.3 | Mar 2024 12.2 | Jun 2024 12.1 | Sep 2024 12.0 | Dec 2024 9.7 | Mar 2025 8.2 | Jun 2025 8.9 | Sep 2025 8.3 | Dec 2025 8.2 | Mar 2026 7.0 | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 14.0 | Sep 2025 21.1 | Dec 2025 19.5 | Mar 2026 14.8 | Jun 2026 —
- TEXINFRA: Sep 2021 50.7 | Dec 2021 75.8 | Mar 2022 87.6 | Jun 2022 187.0 | Sep 2022 224.6 | Dec 2022 127.5 | Mar 2023 88.8 | Jun 2023 102.2 | Sep 2023 121.7 | Dec 2023 175.3 | Mar 2024 153.4 | Jun 2024 236.9 | Sep 2024 216.2 | Dec 2024 200.0 | Mar 2025 153.9 | Jun 2025 123.0 | Sep 2025 83.0 | Dec 2025 65.7 | Mar 2026 61.6 | Jun 2026 —
- ANDREWYU: Sep 2021 40.0 | Dec 2021 90.1 | Mar 2022 49.1 | Jun 2022 21.2 | Sep 2022 29.2 | Dec 2022 40.7 | Mar 2023 33.0 | Jun 2023 46.8 | Sep 2023 59.6 | Dec 2023 55.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 35.1 | Dec 2025 52.0 | Mar 2026 31.1 | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 15.2 | Sep 2023 6.0 | Dec 2023 11.4 | Mar 2024 23.9 | Jun 2024 23.6 | Sep 2024 16.3 | Dec 2024 75.4 | Mar 2025 125.0 | Jun 2025 — | Sep 2025 74.1 | Dec 2025 97.3 | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 7.8 | Dec 2021 8.4 | Mar 2022 10.7 | Jun 2022 7.7 | Sep 2022 8.1 | Dec 2022 9.3 | Mar 2023 9.7 | Jun 2023 11.2 | Sep 2023 12.8 | Dec 2023 12.6 | Mar 2024 10.3 | Jun 2024 10.0 | Sep 2024 10.2 | Dec 2024 8.3 | Mar 2025 6.6 | Jun 2025 8.1 | Sep 2025 8.0 | Dec 2025 6.5 | Mar 2026 5.3 | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14.7 | Sep 2023 56.4 | Dec 2023 70.4 | Mar 2024 38.7 | Jun 2024 14.3 | Sep 2024 20.5 | Dec 2024 11.0 | Mar 2025 7.7 | Jun 2025 7.3 | Sep 2025 7.6 | Dec 2025 7.0 | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 488.0 | Dec 2021 487.0 | Mar 2022 482.6 | Jun 2022 490.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2,371.7 | Jun 2024 435.4 | Sep 2024 866.2 | Dec 2024 578.4 | Mar 2025 — | Jun 2025 78.8 | Sep 2025 158.1 | Dec 2025 237.0 | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 4.8 | Dec 2021 4.1 | Mar 2022 7.5 | Jun 2022 7.2 | Sep 2022 8.7 | Dec 2022 7.6 | Mar 2023 7.0 | Jun 2023 9.5 | Sep 2023 13.4 | Dec 2023 17.1 | Mar 2024 13.0 | Jun 2024 17.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 1.3 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.3 | Sep 2022 7.1 | Dec 2022 9.3 | Mar 2023 — | Jun 2023 65.2 | Sep 2023 40.6 | Dec 2023 28.4 | Mar 2024 7.5 | Jun 2024 10.7 | Sep 2024 22.4 | Dec 2024 13.5 | Mar 2025 44.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 503310: Sep 2021 3.6 | Dec 2021 4.3 | Mar 2022 5.3 | Jun 2022 5.5 | Sep 2022 5.0 | Dec 2022 6.8 | Mar 2023 4.5 | Jun 2023 5.5 | Sep 2023 3.3 | Dec 2023 5.3 | Mar 2024 7.0 | Jun 2024 6.8 | Sep 2024 2.9 | Dec 2024 3.6 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 1.3 | Jun 2026 —
- 512014: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.7 | Sep 2024 1.6 | Dec 2024 3.7 | Mar 2025 4.0 | Jun 2025 7.6 | Sep 2025 8.9 | Dec 2025 8.0 | Mar 2026 7.3 | Jun 2026 —
- 526935: Sep 2021 — | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 1.6 | Dec 2023 2.7 | Mar 2024 3.6 | Jun 2024 3.3 | Sep 2024 2.4 | Dec 2024 6.7 | Mar 2025 18.7 | Jun 2025 22.9 | Sep 2025 30.7 | Dec 2025 6.5 | Mar 2026 9.2 | Jun 2026 —
- 531889: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.2 | Mar 2024 7.4 | Jun 2024 2.9 | Sep 2024 5.4 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.7 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 2.9 | Jun 2026 —
- GRASIM: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 2.3 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 2.1 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 —
- TIINDIA: Sep 2021 12.3 | Dec 2021 12.1 | Mar 2022 11.1 | Jun 2022 13.2 | Sep 2022 15.4 | Dec 2022 15.5 | Mar 2023 16.0 | Jun 2023 19.9 | Sep 2023 14.6 | Dec 2023 15.5 | Mar 2024 16.3 | Jun 2024 20.8 | Sep 2024 15.7 | Dec 2024 13.0 | Mar 2025 10.1 | Jun 2025 11.7 | Sep 2025 10.9 | Dec 2025 6.7 | Mar 2026 6.6 | Jun 2026 —
- 3MINDIA: Sep 2021 14.6 | Dec 2021 14.3 | Mar 2022 11.2 | Jun 2022 12.1 | Sep 2022 11.7 | Dec 2022 10.4 | Mar 2023 11.8 | Jun 2023 13.9 | Sep 2023 21.4 | Dec 2023 22.8 | Mar 2024 19.1 | Jun 2024 24.7 | Sep 2024 18.1 | Dec 2024 16.0 | Mar 2025 15.2 | Jun 2025 15.0 | Sep 2025 15.3 | Dec 2025 18.1 | Mar 2026 16.2 | Jun 2026 —
- PEL: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NAVA: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.8 | Sep 2024 2.5 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.5 | Sep 2025 2.5 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 —
- IBULLSLTD: Sep 2021 2.0 | Dec 2021 1.7 | Mar 2022 1.2 | Jun 2022 0.6 | Sep 2022 -3.0 | Dec 2022 -1.8 | Mar 2023 -0.3 | Jun 2023 -0.4 | Sep 2023 -0.3 | Dec 2023 -0.5 | Mar 2024 -0.4 | Jun 2024 -0.5 | Sep 2024 -0.5 | Dec 2024 -0.7 | Mar 2025 -0.6 | Jun 2025 -0.8 | Sep 2025 -0.6 | Dec 2025 0.1 | Mar 2026 0.8 | Jun 2026 1.9
- BALMLAWRIE: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.8 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 —
- BLUSPRING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —
- TEXINFRA: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 2.8 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- ANDREWYU: Sep 2021 3.2 | Dec 2021 3.2 | Mar 2022 2.5 | Jun 2022 2.7 | Sep 2022 2.6 | Dec 2022 3.5 | Mar 2023 2.6 | Jun 2023 3.1 | Sep 2023 4.5 | Dec 2023 5.3 | Mar 2024 4.6 | Jun 2024 5.6 | Sep 2024 5.9 | Dec 2024 5.2 | Mar 2025 3.5 | Jun 2025 4.6 | Sep 2025 3.8 | Dec 2025 3.2 | Mar 2026 2.2 | Jun 2026 —
- ARUNIS: Sep 2021 — | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.6 | Mar 2023 2.1 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 2.9 | Mar 2024 3.7 | Jun 2024 3.5 | Sep 2024 2.4 | Dec 2024 6.9 | Mar 2025 19.2 | Jun 2025 22.7 | Sep 2025 36.3 | Dec 2025 6.5 | Mar 2026 — | Jun 2026 —
- BCLIND: Sep 2021 2.1 | Dec 2021 2.4 | Mar 2022 3.8 | Jun 2022 3.2 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 2.6 | Jun 2023 3.3 | Sep 2023 2.7 | Dec 2023 3.0 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 1.8 | Sep 2025 1.5 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- IIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.2 | Mar 2024 7.4 | Jun 2024 2.9 | Sep 2024 5.4 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.7 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 — | Jun 2026 —
- BGDL: Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 5.9 | Mar 2024 16.7 | Jun 2024 0.1 | Sep 2024 65.4 | Dec 2024 66.9 | Mar 2025 — | Jun 2025 15.8 | Sep 2025 16.4 | Dec 2025 8.1 | Mar 2026 — | Jun 2026 —
- ROSSELLIND: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.5 | Sep 2023 1.9 | Dec 2023 1.6 | Mar 2024 1.2 | Jun 2024 2.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KESAR: Sep 2021 0.6 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 1.6 | Dec 2023 3.4 | Mar 2024 3.6 | Jun 2024 3.0 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 —

## Market action

Arunis Abode Ltd has the strongest one-year price move in Diversified at +395.6%. It also leads on Mansfield relative strength against NIFTY at +136.7%. 12 of 20 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-27.

### Strongest one-year price performers
1. Arunis Abode Ltd (ARUNIS): 396%
2. Integrated Industries Ltd (IIL): 114%
3. Indiabulls Limited (IBULLSLTD): 105%
4. Sobhagya Mercantile Ltd (512014): 57%
5. Nurture Well Industries Ltd (531889): 21%

### Strongest relative strength versus NIFTY 500
1. Arunis Abode Ltd (ARUNIS): 137%
2. Indiabulls Limited (IBULLSLTD): 76%
3. Integrated Industries Ltd (IIL): 64%
4. Bluspring Enterprises Ltd (BLUSPRING): 46%
5. Kalind Ltd (526935): 21%

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

## Every company
- Grasim Industries Ltd (GRASIM) — market value ₹2.1 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Tube Investments of India Ltd (TIINDIA) — market value ₹53.6K Cr; latest fundamentals Mar 2026
- 3M India Ltd (3MINDIA) — market value ₹40.0K Cr; latest fundamentals Mar 2026
- Piramal Enterprises Ltd(Merged) (PEL) — market value ₹25.5K Cr; latest fundamentals Jun 2025
- Nava Ltd (NAVA) — market value ₹15.7K Cr; latest fundamentals Mar 2026
- Swan Corp Ltd (503310) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Indiabulls Limited (IBULLSLTD) — market value ₹7.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Balmer Lawrie & Company Ltd (BALMLAWRIE) — market value ₹3.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Bluspring Enterprises Ltd (BLUSPRING) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Texmaco Infrastructure & Holdings Ltd (TEXINFRA) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Andrew Yule & Company Ltd (ANDREWYU) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Arunis Abode Ltd (ARUNIS) — market value ₹1.1K Cr; latest fundamentals Dec 2025
- BCL Industries Ltd (BCLIND) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kalind Ltd (526935) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Integrated Industries Ltd (IIL) — market value ₹1.0K Cr; latest fundamentals Dec 2025
- Bharat Global Developers Ltd (BGDL) — market value ₹933 Cr; latest fundamentals Dec 2025
- Sobhagya Mercantile Ltd (512014) — market value ₹920 Cr; latest fundamentals Mar 2026
- Nurture Well Industries Ltd (531889) — market value ₹564 Cr; latest fundamentals Mar 2026
- Rossell India Ltd (ROSSELLIND) — market value ₹168 Cr; latest fundamentals Jun 2024
- Kesar Enterprises Ltd (KESAR) — market value ₹47 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 3. Unverified: 14. Withheld: 3. Graded companies: 20.

3 of 20 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 20 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Grasim Industries Ltd (GRASIM) — its two data sources disagree by up to 14% on reported income across 14 comparable periods, so its derived ratios are withheld; Indiabulls Limited (IBULLSLTD) — its two data sources disagree by up to 100% on reported income across 14 comparable periods, so its derived ratios are withheld; Balmer Lawrie & Company Ltd (BALMLAWRIE) — its two data sources disagree by up to 28% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | GRASIM | Grasim Industries Ltd | diff_gt_2pct | disagreement up to 14.41% over 14 comparable periods
- WITHHELD | IBULLSLTD | Indiabulls Limited | diff_gt_2pct | disagreement up to 99.5% over 14 comparable periods
- WITHHELD | BALMLAWRIE | Balmer Lawrie & Company Ltd | diff_gt_2pct | disagreement up to 28.11% over 14 comparable periods

- UNVERIFIED | BLUSPRING | Bluspring Enterprises Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TEXINFRA | Texmaco Infrastructure & Holdings Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BCLIND | BCL Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-27.
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 Diversified index?

The Nifty Diversified index tracks India's listed Diversified companies as a single basket. This page follows the same 20 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Diversified sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Diversified stocks in India?

Ranked by this page's four-factor score, Integrated Industries Ltd places first among 20 listed Diversified companies, followed by Indiabulls Limited. 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 Diversified stocks are listed in India?

This comparison covers 20 listed Diversified 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 Diversified company is the biggest?

Grasim Industries Ltd is the largest, with trailing-twelve-month revenue of ₹1,75,431 crore, ahead of Tube Investments of India Ltd at ₹22,848 crore. That covers 20 of 20 companies with comparable reporting through Mar 2026.

### Which Diversified company is growing fastest?

Arunis Abode Ltd has the fastest revenue growth at 100% year on year, across 18 of 20 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 Diversified company has the best profit margins?

Piramal Enterprises Ltd(Merged) has the highest operating margin at 65.1%, from 19 of 20 comparable companies. Texmaco Infrastructure & Holdings Ltd shows the biggest recent improvement, at +78.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Diversified company makes the most profit?

Grasim Industries Ltd earns the most, at ₹10,300 crore of trailing-twelve-month net profit, from 20 of 20 comparable companies. Piramal Enterprises Ltd(Merged) has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Diversified company earns the highest return on capital?

3M India Ltd leads on return on capital employed at 40.5%, across 20 of 20 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 Diversified stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Nava Ltd screens cheapest at 1.16×. Only 3 of 20 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 Diversified company has the strongest balance sheet?

Arunis Abode Ltd carries the lowest comparable gross debt at ₹0 crore, from 20 of 20 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Diversified stock has the strongest price momentum?

Arunis Abode 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 Diversified company scores highest for research priority?

Integrated Industries Ltd scores 64.4 out of 100 with 50.6% evidence confidence, from 20.4 points on growth and earnings, 17.4 on capital efficiency, 10.9 on valuation and 15.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Diversified companies does this comparison cover, and over what period?

It compares 20 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 Diversified sector?

The 20 Diversified companies on this page carry ₹3,75,997 crore of combined market value. Grasim Industries Ltd is the largest at ₹2,10,243 crore, about 56% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-30.

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

The median price-to-earnings ratio across the 20 Diversified companies on this page is 37.9×, measured on the 17 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 2026-07-30.

### How is the Diversified sector performing?

12 of the 20 covered Diversified companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-30.

### 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/diversified