Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

E-Commerce - Platform - Utility Stocks in India

E-Commerce - Platform - Utility: One 97 Communications Ltd owns the largest revenue base; TBO Tek Ltd has the fastest current growth.

Nifty E-Commerce - Platform - Utility Index — Constituents & Performance

The E-Commerce - Platform - Utility companies below are the listed Indian E-Commerce - Platform - Utility universe this page tracks — the same constituent set people search for as the Nifty E-Commerce - Platform - Utility index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has E-Commerce - Platform - Utility moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 7% ahead of NIFTY 500. Earnings across its companies grew 18% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 10 weeks running.

BREAKING OUT · ahead 10w✓Moving with the index8 of 13 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑10w · 9/13 >200d (+5) · 8/13 lead (+2) · EPS 9/12↑

200500202620252024202320222021 452335 TRAILING 12-MONTH EPS · 100 AT THE START0100162Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 110, against 100 at the start · up 8.1% on a year ago · 3 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 122, against 100 at the start · up 131.6% on a year ago · 3 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 132, against 100 at the start · up 200.0% on a year ago · 3 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 133, against 100 at the start · up 35.8% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 115, against 100 at the start · up 23.9% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 19.3% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 122, against 100 at the start · up 6.2% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 17.1% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 155, against 100 at the start · up 63.3% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 45.5% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 149, against 100 at the start · up 38.5% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 152, against 100 at the start · up 24.8% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 140, against 100 at the start · up 15.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 162, against 100 at the start · up 11.3% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two162 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 452335 TRAILING 12-MONTH EPS · 100 AT THE START0100162Mar 23Mar 24Mar 25Mar 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 110, against 100 at the start · up 8.1% on a year ago · 3 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 122, against 100 at the start · up 131.6% on a year ago · 3 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 132, against 100 at the start · up 200.0% on a year ago · 3 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 133, against 100 at the start · up 35.8% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 115, against 100 at the start · up 23.9% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 19.3% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 122, against 100 at the start · up 6.2% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 17.1% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 155, against 100 at the start · up 63.3% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 45.5% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 149, against 100 at the start · up 38.5% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 152, against 100 at the start · up 24.8% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 140, against 100 at the start · up 15.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 162, against 100 at the start · up 11.3% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two162No earnings on file this far back — the price series reaches further than the filings do
E-Commerce - Platform - Utility, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together8 of 13 stocks moving
Fresh3 crossed in the last 4 weeks
Backed by scoresmovers score +2 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 2/3+2
Mid 3/5+1
Small 3/5−1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 13 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is E-Commerce - Platform - Utility outperforming NIFTY 500?

The 52-week comparison of E-Commerce - Platform - Utility against NIFTY 500 is not available from the current market series. 7 of 11 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Creative Newtech Ltd is the strongest against the sector itself at +34.6%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
7/11Stocks leading NIFTY 500
5/11Stocks leading sector

Sector metric: 29.8 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 7 of 11 covered companies currently have positive Mansfield relative strength versus NIFTY 500. One 97 Communications Ltd leads with revenue of ₹8,967 crore, based on 13 of 13 comparable companies through Jun 2026. TBO Tek Ltd has the fastest current revenue growth at 54.1%, across 12 of 13 comparable companies.

Is the E-Commerce - Platform - Utility sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 7 of 11 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which E-Commerce - Platform - Utility company is largest by revenue?

One 97 Communications Ltd leads with revenue of ₹8,967 crore, based on 13 of 13 comparable companies through Jun 2026.

Which E-Commerce - Platform - Utility company is growing fastest?

TBO Tek Ltd has the fastest current revenue growth at 54.1%, across 12 of 13 comparable companies.

Which E-Commerce - Platform - Utility company has the strongest 4-Factor Sector Score?

Creative Newtech Ltd ranks first at 68.1/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which E-Commerce - Platform - Utility company reports the most CAPEX?

One 97 Communications Ltd reports the largest latest CAPEX at ₹113 crore, with 7 of 13 companies comparable.

Which E-Commerce - Platform - Utility company has the least gross debt?

Indiamart Intermesh Ltd has the lowest comparable gross debt at ₹23 crore. TBO Tek Ltd has the highest at ₹756 crore.

Which E-Commerce - Platform - Utility company has the lowest comparable PEG?

MPS Ltd has the lowest comparable Guarded PEG at 0.43, among 5 of 13 companies that pass the metric’s comparability rules.

How much history does this E-Commerce - Platform - Utility 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.

Companies
13
complete canonical membership
Combined market value
₹2.4 L Cr
One 97 Communications Ltd
Revenue growing
11/12
positive TTM year-on-year growth
Beating NIFTY 500
7/11
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Creative Newtech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.8% evidence confidence.
Indiamart Intermesh Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Creative Newtech Ltd · CNL

68.1/100 · Favorable setup · 83% evidence

Exact sum: 24.6 + 11.1 + 12.7 + 19.7 = 68.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

24.6/35Growth & earnings

Revenue 52.3% · PAT 32.1% · OPM change 0 pp

83% evidence

11.1/25Capital efficiency

ROCE 18.8% · debt/equity 0.89×

95% evidence

12.7/20Valuation

P/E 21.1× · PEG —

50% evidence

19.7/20Relative strength

RS sector 34.6% · RS bench 35.4% · 1Y 38%

100% evidence

2. Indiamart Intermesh Ltd · INDIAMART

64.6/100 · Mixed-positive evidence · 94% evidence

Exact sum: 15.5 + 20.7 + 18.2 + 10.2 = 64.6

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

15.5/35Growth & earnings

Revenue 12.7% · PAT -16.6% · OPM change 0 pp

100% evidence

20.7/25Capital efficiency

ROCE 28% · debt/equity 0.01×

100% evidence

18.2/20Valuation

P/E 21.4× · PEG 0.68

100% evidence

10.2/20Relative strength

RS sector 3.9% · RS bench -15.5% · 1Y -28%

70% evidence

3. Macfos Ltd · 543787

61.1/100 · Mixed-positive evidence · 72% evidence

Exact sum: 19.3 + 17.1 + 9.7 + 15 = 61.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.3/35Growth & earnings

Revenue 21.1% · PAT 43.1% · OPM change 3.3 pp

83% evidence

17.1/25Capital efficiency

ROCE 33.8% · debt/equity 0.38×

80% evidence

9.7/20Valuation

P/E 47.3× · PEG —

15% evidence

15.0/20Relative strength

RS sector 34% · RS bench 36.5% · 1Y 80.6%

100% evidence

4. MPS Ltd · MPSLTD

60.7/100 · Mixed-positive evidence · 94% evidence

Exact sum: 18.9 + 20.6 + 13.6 + 7.6 = 60.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.9/35Growth & earnings

Revenue 10% · PAT 19% · OPM change 7 pp

100% evidence

20.6/25Capital efficiency

ROCE 39.3% · debt/equity 0.1×

100% evidence

13.6/20Valuation

P/E 25.9× · PEG 0.43

100% evidence

7.6/20Relative strength

RS sector -13.2% · RS bench 7.1% · 1Y -14.2%

70% evidence

5. One 97 Communications Ltd · PAYTM

57.3/100 · Mixed-positive evidence · 87% evidence

Exact sum: 25.4 + 8.8 + 8.6 + 14.5 = 57.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.4/35Growth & earnings

Revenue 22.6% · PAT 100% · OPM change 4 pp

100% evidence

8.8/25Capital efficiency

ROCE 5% · debt/equity 0.01×

100% evidence

8.6/20Valuation

P/E 101× · PEG 1.76

65% evidence

14.5/20Relative strength

RS sector 12.8% · RS bench 12.5% · 1Y 34.6%

70% evidence

6. RNFI Services Ltd · RNFI

56.9/100 · Thin evidence · provisional · 57% evidence

Exact sum: 21.7 + 15.7 + 10.6 + 8.9 = 56.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.7/35Growth & earnings

Revenue — · PAT — · OPM change 2.4 pp

45% evidence

15.7/25Capital efficiency

ROCE 27.3% · debt/equity 0.17×

95% evidence

10.6/20Valuation

P/E 23.5× · PEG —

15% evidence

8.9/20Relative strength

RS sector 2.6% · RS bench -17.7% · 1Y -7.2%

70% evidence

7. MSTC Ltd · MSTCLTD

54.9/100 · Mixed-positive evidence · 73% evidence

Exact sum: 16.8 + 18.8 + 9.6 + 9.7 = 54.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

16.8/35Growth & earnings

Revenue 18.6% · PAT -46.4% · OPM change 5 pp

83% evidence

18.8/25Capital efficiency

ROCE 30.3% · debt/equity 0.16×

80% evidence

9.6/20Valuation

P/E 19.6× · PEG —

50% evidence

9.7/20Relative strength

RS sector -5.3% · RS bench 19.2% · 1Y 11.3%

70% evidence

8. Info Edge (India) Ltd · NAUKRI

52.6/100 · Mixed-positive evidence · 66% evidence

Exact sum: 22.5 + 14.4 + 9.4 + 6.3 = 52.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.5/35Growth & earnings

Revenue 15.2% · PAT 34.7% · OPM change 7 pp

83% evidence

14.4/25Capital efficiency

ROCE 5.4% · debt/equity 0.01×

80% evidence

9.4/20Valuation

P/E 53.1× · PEG —

15% evidence

6.3/20Relative strength

RS sector -7.2% · RS bench -1.8% · 1Y -13%

70% evidence

9. Pine Labs Ltd · PINELABS

52.0/100 · Thin evidence · provisional · 51% evidence

Exact sum: 23.4 + 10.1 + 8.5 + 10 = 52

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

23.4/35Growth & earnings

Revenue 19.2% · PAT — · OPM change 6 pp

65% evidence

10.1/25Capital efficiency

ROCE 4.2% · debt/equity 0.07×

100% evidence

8.5/20Valuation

P/E 146× · PEG —

15% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

10. Just Dial Ltd · JUSTDIAL

43.6/100 · Mixed-negative evidence · 87% evidence

Exact sum: 19.9 + 11.7 + 5 + 7 = 43.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.9/35Growth & earnings

Revenue 23.4% · PAT 100% · OPM change -1.6 pp

100% evidence

11.7/25Capital efficiency

ROCE 4.8% · debt/equity 0.02×

100% evidence

5.0/20Valuation

P/E 44.4× · PEG 7.47

65% evidence

7.0/20Relative strength

RS sector -20.6% · RS bench 12.9% · 1Y -13.3%

70% evidence

11. TBO Tek Ltd · TBOTEK

39.8/100 · Mixed-negative evidence · 83% evidence

Exact sum: 13.2 + 12.4 + 5.1 + 9.1 = 39.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

13.2/35Growth & earnings

Revenue 54.1% · PAT 6.5% · OPM change -2 pp

88% evidence

12.4/25Capital efficiency

ROCE 18% · debt/equity 0.49×

100% evidence

5.1/20Valuation

P/E 64× · PEG 6.39

65% evidence

9.1/20Relative strength

RS sector -2.5% · RS bench 1.4% · 1Y 2.8%

70% evidence

12. One Mobikwik Systems Ltd · MOBIKWIK

33.6/100 · Thin evidence · provisional · 59% evidence

Exact sum: 15.6 + 3.6 + 10 + 4.4 = 33.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.6/35Growth & earnings

Revenue -4.3% · PAT 48.9% · OPM change 24.6 pp

62% evidence

3.6/25Capital efficiency

ROCE -2.2% · debt/equity 0.51×

95% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

4.4/20Relative strength

RS sector -13.8% · RS bench -4.3% · 1Y -17.1%

70% evidence

13. Urban Company Ltd · URBANCO

37.6/100 · Thin evidence · provisional · 48% evidence

Exact sum: 12.5 + 5.1 + 10 + 10 = 37.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

12.5/35Growth & earnings

Revenue 36% · PAT -197.5% · OPM change -22 pp

65% evidence

5.1/25Capital efficiency

ROCE -7.8% · debt/equity 0.06×

100% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

One 97 Communications Ltd has the highest Revenue among the 13 E-Commerce - Platform - Utility companies compared here, at ₹8,967 crore. Info Edge (India) Ltd is next at ₹3,284 crore. TBO Tek Ltd has the highest Revenue growth at 54.1%, so level and change sit with different companies. Its Revenue series carries 20 reported observations across the 20-quarter window.

What the numbers say: One 97 Communications Ltd is the scale leader at ₹8,967 crore, 173.1% ahead of Info Edge (India) Ltd. TBO Tek Ltd's growth is 54.1% from a ₹2,677 crore base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderOne 97 Communications Ltd · ₹8,967 crore
Gap173.1% versus #2 · Info Edge (India) Ltd
Persistence5/8 recent comparable periods
Coverage13/13 companies · 186 observations

Investor read: One 97 Communications Ltd is the scale benchmark; TBO Tek Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: One 97 Communications Ltd's growth falls below TBO Tek Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1One 97 Communications Ltd PAYTM₹9.0K Cr
2Info Edge (India) Ltd NAUKRI₹3.3K Cr
3Pine Labs Ltd PINELABS₹2.7K Cr
4Creative Newtech Ltd CNL⚠ unverified₹2.7K Cr
5TBO Tek Ltd TBOTEK₹2.7K Cr
Revenue growthfastest growers
1TBO Tek Ltd TBOTEK54%
2Creative Newtech Ltd CNL⚠ unverified52%
3Urban Company Ltd URBANCO36%
4Just Dial Ltd JUSTDIAL23%
5One 97 Communications Ltd PAYTM23%
Revenue · company comparison
13/13 level · 12/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
One 97 Communications Ltd PAYTM₹2.4K Cr28%Jun 2026
Info Edge (India) Ltd NAUKRI₹869 Cr16%Mar 2026
TBO Tek Ltd TBOTEK₹814 Cr83%Mar 2026
Creative Newtech Ltd CNL⚠ unverified₹741 Cr83%Mar 2026
Pine Labs Ltd PINELABS₹701 Cr17%Mar 2026
Urban Company Ltd URBANCO₹426 Cr43%Mar 2026
Indiamart Intermesh Ltd INDIAMART₹414 Cr11%Jun 2026
Just Dial Ltd JUSTDIAL₹327 Cr9.7%Jun 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹289 Cr7.8%Mar 2026
RNFI Services Ltd RNFI⚠ unverified₹239 Cr12%Mar 2026
MPS Ltd MPSLTD₹224 Cr20%Jun 2026
MSTC Ltd MSTCLTD₹119 Cr34%Mar 2026
Macfos Ltd 543787₹102 Cr63%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

—
—
—
—
—
₹421 Cr
₹397 Cr
₹468 Cr
₹430 Cr
₹511 Cr
₹304 Cr
₹301 Cr
₹411 Cr
₹659 Cr
₹404 Cr
₹393 Cr
₹656 Cr
₹914 Cr
₹741 Cr
—

Indiamart Intermesh Ltd · INDIAMART

₹182 Cr
₹188 Cr
₹201 Cr
₹225 Cr
₹241 Cr
₹251 Cr
₹269 Cr
₹282 Cr
₹295 Cr
₹305 Cr
₹315 Cr
₹331 Cr
₹348 Cr
₹354 Cr
₹355 Cr
₹372 Cr
₹391 Cr
₹402 Cr
₹404 Cr
₹414 Cr

Info Edge (India) Ltd · NAUKRI

—
—
—
—
₹604 Cr
₹590 Cr
₹605 Cr
₹626 Cr
₹626 Cr
₹627 Cr
₹657 Cr
₹677 Cr
₹701 Cr
₹722 Cr
₹750 Cr
₹791 Cr
₹805 Cr
₹819 Cr
₹869 Cr
—

Just Dial Ltd · JUSTDIAL

₹156 Cr
₹159 Cr
₹167 Cr
₹186 Cr
₹205 Cr
₹221 Cr
₹233 Cr
₹247 Cr
₹261 Cr
₹265 Cr
₹270 Cr
₹281 Cr
₹285 Cr
₹287 Cr
₹289 Cr
₹298 Cr
₹303 Cr
₹306 Cr
₹307 Cr
₹327 Cr

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
₹27 Cr
₹31 Cr
₹41 Cr
₹57 Cr
₹90 Cr
₹46 Cr
₹63 Cr
₹59 Cr
₹68 Cr
₹79 Cr
₹102 Cr
—

MPS Ltd · MPSLTD

₹110 Cr
₹112 Cr
₹109 Cr
₹115 Cr
₹127 Cr
₹132 Cr
₹127 Cr
₹133 Cr
₹130 Cr
₹134 Cr
₹149 Cr
₹181 Cr
₹178 Cr
₹186 Cr
₹182 Cr
₹186 Cr
₹194 Cr
₹182 Cr
₹205 Cr
₹224 Cr

MSTC Ltd · MSTCLTD

—
—
—
—
—
₹169 Cr
₹197 Cr
₹179 Cr
₹81 Cr
₹185 Cr
₹199 Cr
₹69 Cr
₹72 Cr
₹81 Cr
₹89 Cr
₹77 Cr
₹85 Cr
₹88 Cr
₹119 Cr
—

One 97 Communications Ltd · PAYTM

₹1.1K Cr
₹1.5K Cr
₹1.5K Cr
₹1.7K Cr
₹1.9K Cr
₹2.1K Cr
₹2.3K Cr
₹2.3K Cr
₹2.5K Cr
₹2.9K Cr
₹2.3K Cr
₹1.5K Cr
₹1.7K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹2.1K Cr
₹2.2K Cr
₹2.3K Cr
₹2.4K Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
₹203 Cr
₹229 Cr
₹265 Cr
₹342 Cr
₹291 Cr
₹269 Cr
₹268 Cr
₹271 Cr
₹270 Cr
₹289 Cr
₹289 Cr
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
₹787 Cr
₹522 Cr
₹552 Cr
₹602 Cr
₹599 Cr
₹616 Cr
₹650 Cr
₹744 Cr
₹701 Cr
—

TBO Tek Ltd · TBOTEK

₹86 Cr
₹156 Cr
₹156 Cr
—
—
—
₹281 Cr
₹345 Cr
₹352 Cr
₹327 Cr
₹369 Cr
₹418 Cr
₹451 Cr
₹422 Cr
₹446 Cr
₹511 Cr
₹568 Cr
₹784 Cr
₹814 Cr
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
₹227 Cr
₹281 Cr
₹277 Cr
₹288 Cr
₹298 Cr
₹367 Cr
₹380 Cr
₹383 Cr
₹426 Cr
—

Revenue growth · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

—
—
—
—
—
—
—
—
—
21%
-23%
-36%
-4.4%
29%
33%
31%
60%
39%
83%
—

Indiamart Intermesh Ltd · INDIAMART

—
—
—
—
32%
34%
34%
25%
22%
22%
17%
17%
18%
16%
13%
12%
12%
14%
14%
11%

Info Edge (India) Ltd · NAUKRI

—
—
—
—
—
—
—
—
3.6%
6.3%
8.6%
8.2%
12%
15%
14%
17%
15%
13%
16%
—

Just Dial Ltd · JUSTDIAL

—
—
-5.1%
13%
31%
39%
40%
33%
27%
20%
16%
14%
9.2%
8.3%
7.0%
6.1%
6.3%
6.6%
6.2%
9.7%

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
—
—
232%
47%
53%
4.3%
-24%
72%
63%
—

MPS Ltd · MPSLTD

—
—
—
—
15%
18%
17%
16%
2.4%
1.5%
17%
36%
37%
39%
22%
2.8%
9.0%
-2.2%
13%
20%

MSTC Ltd · MSTCLTD

—
—
—
—
—
—
—
—
—
9.5%
1.0%
-61%
-11%
-56%
-55%
12%
18%
8.6%
34%
—

One 97 Communications Ltd · PAYTM

—
—
—
—
76%
42%
51%
39%
32%
38%
-2.9%
-36%
-34%
-36%
-16%
28%
24%
20%
18%
28%

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
43%
18%
1.1%
-21%
-7.0%
7.2%
7.8%
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
-24%
18%
18%
24%
17%
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
80%
—
—
—
31%
21%
28%
29%
21%
22%
26%
86%
83%
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
31%
31%
37%
33%
43%
—
02 · compare level, then change

Operating Economics & Margin Trend

MSTC Ltd has the highest OPM among the 13 E-Commerce - Platform - Utility companies compared here, at 64%. Info Edge (India) Ltd is next at 38%. One Mobikwik Systems Ltd has the highest Margin change at +24.6 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: MSTC Ltd leads opm at 64%; One Mobikwik Systems Ltd leads margin change at +24.6 percentage points.

LeaderMSTC Ltd · 64%
Gap68.4% versus #2 · Info Edge (India) Ltd
Persistence5/8 recent comparable periods
Coverage13/13 companies · 205 observations

Investor read: MSTC Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1MSTC Ltd MSTCLTD64%
2Info Edge (India) Ltd NAUKRI38%
3MPS Ltd MPSLTD34%
4Indiamart Intermesh Ltd INDIAMART32%
5Just Dial Ltd JUSTDIAL24%
Margin changefastest expanders
1One Mobikwik Systems Ltd MOBIKWIK⚠ unverified+24.6 pp
2MPS Ltd MPSLTD+7.0 pp
3Info Edge (India) Ltd NAUKRI+7.0 pp
4Pine Labs Ltd PINELABS+6.0 pp
5MSTC Ltd MSTCLTD+5.0 pp
Operating margin · company comparison
13/13 level · 13/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
MSTC Ltd MSTCLTD64%+5.0 ppMar 2026
Info Edge (India) Ltd NAUKRI38%+7.0 ppMar 2026
MPS Ltd MPSLTD34%+7.0 ppJun 2026
Indiamart Intermesh Ltd INDIAMART32%0.0 ppJun 2026
Just Dial Ltd JUSTDIAL24%−1.6 ppJun 2026
Pine Labs Ltd PINELABS15%+6.0 ppMar 2026
Macfos Ltd 54378714%+3.3 ppMar 2026
TBO Tek Ltd TBOTEK13%−2.0 ppMar 2026
One 97 Communications Ltd PAYTM8.0%+4.0 ppJun 2026
RNFI Services Ltd RNFI⚠ unverified6.7%+2.4 ppMar 2026
Creative Newtech Ltd CNL⚠ unverified4.0%0.0 ppMar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified3.5%+24.6 ppMar 2026
Urban Company Ltd URBANCO-28%−22.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

2.5%
2.4%
1.3%
1.0%
1.9%
1.0%
1.0%
1.0%
3.0%
2.0%
4.0%
3.0%
3.0%
2.0%
4.0%
3.0%
3.0%
3.0%
4.0%
—

Indiamart Intermesh Ltd · INDIAMART

45%
40%
26%
25%
23%
24%
21%
24%
23%
26%
24%
33%
35%
35%
34%
32%
30%
30%
30%
32%

Info Edge (India) Ltd · NAUKRI

9.6%
28%
15%
5.2%
8.0%
26%
18%
29%
21%
29%
31%
31%
22%
37%
31%
33%
35%
36%
38%
—

Just Dial Ltd · JUSTDIAL

10%
3.0%
-4.0%
5.0%
8.0%
12%
14%
15%
19%
23%
26%
25%
25%
26%
26%
25%
25%
28%
25%
24%

Macfos Ltd · 543787

—
—
—
—
12%
—
14%
9.7%
11%
12%
15%
9.4%
9.9%
8.2%
10%
12%
11%
10%
14%
—

MPS Ltd · MPSLTD

28%
29%
29%
26%
32%
31%
36%
32%
31%
33%
29%
23%
30%
32%
31%
27%
31%
32%
33%
34%

MSTC Ltd · MSTCLTD

20%
34%
-80%
40%
-8.3%
32%
41%
36%
60%
34%
-17%
56%
54%
58%
59%
56%
59%
56%
64%
—

One 97 Communications Ltd · PAYTM

-42%
-54%
-50%
-38%
-29%
-16%
-6.0%
-13%
-9.0%
-6.0%
-21%
-53%
-24%
-12%
-5.0%
4.0%
7.0%
7.0%
6.0%
8.0%

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
3.7%
3.7%
-0.3%
-0.4%
1.3%
-18%
-21%
-15%
-5.7%
2.3%
3.5%
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
-25%
-3.0%
6.0%
13%
9.0%
7.0%
12%
18%
15%
—

TBO Tek Ltd · TBOTEK

5.7%
3.8%
3.8%
—
—
—
13%
19%
20%
17%
18%
19%
17%
13%
15%
14%
16%
13%
13%
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
-26%
-3.4%
-6.0%
-1.0%
-6.0%
-4.0%
-21%
-11%
-28%
—

Margin change · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

−0.5 pp
+1.5 pp
−2.1 pp
−0.6 pp
−0.6 pp
−1.4 pp
−0.3 pp
+0.0 pp
+1.1 pp
+1.0 pp
+3.0 pp
+2.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
0.0 pp
—

Indiamart Intermesh Ltd · INDIAMART

−5.3 pp
−10.1 pp
−21.1 pp
−22.5 pp
−21.2 pp
−16.2 pp
−4.5 pp
−1.5 pp
−0.4 pp
+2.0 pp
+3.0 pp
+9.0 pp
+12.0 pp
+9.0 pp
+10.0 pp
−1.0 pp
−5.0 pp
−5.0 pp
−4.0 pp
0.0 pp

Info Edge (India) Ltd · NAUKRI

+27.4 pp
+37.4 pp
+4.6 pp
+4.4 pp
−1.6 pp
−1.7 pp
+2.9 pp
+23.8 pp
+13.0 pp
+3.0 pp
+13.0 pp
+2.0 pp
+1.0 pp
+8.0 pp
0.0 pp
+2.0 pp
+13.0 pp
−1.0 pp
+7.0 pp
—

Just Dial Ltd · JUSTDIAL

−16.7 pp
−19.5 pp
−24.0 pp
+15.0 pp
−2.0 pp
+9.0 pp
+18.0 pp
+10.0 pp
+11.0 pp
+11.0 pp
+12.0 pp
+9.6 pp
+5.7 pp
+3.0 pp
−0.3 pp
+0.5 pp
+0.3 pp
+1.5 pp
−0.3 pp
−1.6 pp

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
−1.4 pp
—
+1.0 pp
−0.4 pp
−1.0 pp
−3.9 pp
−5.0 pp
+2.4 pp
+0.6 pp
+2.0 pp
+3.3 pp
—

MPS Ltd · MPSLTD

+5.3 pp
+0.8 pp
+3.9 pp
−1.1 pp
+4.0 pp
+2.0 pp
+7.1 pp
+6.2 pp
−0.7 pp
+2.0 pp
−7.0 pp
−9.0 pp
−1.0 pp
−1.0 pp
+2.0 pp
+4.0 pp
+1.0 pp
0.0 pp
+2.0 pp
+7.0 pp

MSTC Ltd · MSTCLTD

−2.6 pp
+15.6 pp
−36.9 pp
+18.8 pp
−28.5 pp
−2.3 pp
+121.3 pp
−3.7 pp
+68.3 pp
+2.0 pp
−58.0 pp
+20.0 pp
−6.0 pp
+24.0 pp
+76.0 pp
0.0 pp
+5.0 pp
−2.0 pp
+5.0 pp
—

One 97 Communications Ltd · PAYTM

+27.8 pp
+17.6 pp
+10.9 pp
+4.9 pp
+13.7 pp
+38.1 pp
+43.8 pp
+25.1 pp
+19.6 pp
+10.0 pp
−15.0 pp
−40.0 pp
−15.0 pp
−6.0 pp
+16.0 pp
+57.0 pp
+31.0 pp
+19.0 pp
+11.0 pp
+4.0 pp

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
−2.4 pp
−21.4 pp
−20.8 pp
−14.9 pp
−7.0 pp
+20.0 pp
+24.6 pp
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
+33.9 pp
+10.0 pp
+6.0 pp
+5.0 pp
+6.0 pp
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
+9.2 pp
—
—
—
+5.0 pp
0.0 pp
−3.0 pp
−4.0 pp
−3.0 pp
−5.0 pp
−1.0 pp
0.0 pp
−2.0 pp
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
+19.7 pp
−0.6 pp
−15.0 pp
−10.0 pp
−22.0 pp
—
03 · compare level, then change

Profit Scale & Acceleration

Info Edge (India) Ltd has the highest Net profit among the 13 E-Commerce - Platform - Utility companies compared here, at ₹1,764 crore. One 97 Communications Ltd is next at ₹649 crore. Just Dial Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Info Edge (India) Ltd leads with ₹1,764 crore of TTM profit, 171.8% above One 97 Communications Ltd. Just Dial Ltd shows ≥100% on the scoring scale (122.7% uncapped) growth from a ₹363 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderInfo Edge (India) Ltd · ₹1,764 crore
Gap171.8% versus #2 · One 97 Communications Ltd
Persistence7/8 recent comparable periods
Coverage13/13 companies · 186 observations

Investor read: Info Edge (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 profit growth signal.

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 profitlargest
1Info Edge (India) Ltd NAUKRI₹1.8K Cr
2One 97 Communications Ltd PAYTM₹649 Cr
3Indiamart Intermesh Ltd INDIAMART₹493 Cr
4Just Dial Ltd JUSTDIAL₹363 Cr
5TBO Tek Ltd TBOTEK₹245 Cr
Profit growthfastest growers
1Just Dial Ltd JUSTDIAL100%
2One 97 Communications Ltd PAYTM100%
3Macfos Ltd 54378743%
4Info Edge (India) Ltd NAUKRI35%
5Creative Newtech Ltd CNL⚠ unverified32%
Net profit · company comparison
13/13 level · 9/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Info Edge (India) Ltd NAUKRI₹756 Cr12%Mar 2026
One 97 Communications Ltd PAYTM₹220 Cr79%Jun 2026
Indiamart Intermesh Ltd INDIAMART₹172 Cr12%Jun 2026
Just Dial Ltd JUSTDIAL₹166 Cr3.8%Jun 2026
MSTC Ltd MSTCLTD₹77 Cr1.3%Mar 2026
TBO Tek Ltd TBOTEK₹60 Cr1.7%Mar 2026
Pine Labs Ltd PINELABS₹59 Cr—Mar 2026
MPS Ltd MPSLTD₹50 Cr43%Jun 2026
Creative Newtech Ltd CNL⚠ unverified₹18 Cr29%Mar 2026
Macfos Ltd 543787₹10 Cr103%Mar 2026
RNFI Services Ltd RNFI⚠ unverified₹8 Cr56%Mar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹4 Cr-1,149%Mar 2026
Urban Company Ltd URBANCO₹-161 Cr-109%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

—
—
—
—
—
₹8 Cr
₹6 Cr
₹6 Cr
₹10 Cr
₹12 Cr
₹20 Cr
₹9 Cr
₹13 Cr
₹17 Cr
₹14 Cr
₹10 Cr
₹19 Cr
₹23 Cr
₹18 Cr
—

Indiamart Intermesh Ltd · INDIAMART

₹82 Cr
₹70 Cr
₹57 Cr
₹47 Cr
₹68 Cr
₹113 Cr
₹56 Cr
₹83 Cr
₹69 Cr
₹82 Cr
₹100 Cr
₹114 Cr
₹135 Cr
₹121 Cr
₹181 Cr
₹154 Cr
₹83 Cr
₹188 Cr
₹50 Cr
₹172 Cr

Info Edge (India) Ltd · NAUKRI

—
—
—
—
₹94 Cr
₹46 Cr
₹-503 Cr
₹147 Cr
₹240 Cr
₹119 Cr
₹88 Cr
₹259 Cr
₹85 Cr
₹288 Cr
₹678 Cr
₹343 Cr
₹348 Cr
₹317 Cr
₹756 Cr
—

Just Dial Ltd · JUSTDIAL

₹33 Cr
₹19 Cr
₹22 Cr
₹-48 Cr
₹52 Cr
₹75 Cr
₹84 Cr
₹83 Cr
₹72 Cr
₹92 Cr
₹116 Cr
₹141 Cr
₹154 Cr
₹131 Cr
₹158 Cr
₹160 Cr
₹119 Cr
₹118 Cr
₹100 Cr
₹166 Cr

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
₹2 Cr
₹3 Cr
₹5 Cr
₹4 Cr
₹6 Cr
₹3 Cr
₹5 Cr
₹5 Cr
₹5 Cr
₹6 Cr
₹10 Cr
—

MPS Ltd · MPSLTD

₹22 Cr
₹22 Cr
₹22 Cr
₹21 Cr
₹27 Cr
₹30 Cr
₹32 Cr
₹30 Cr
₹30 Cr
₹30 Cr
₹29 Cr
₹26 Cr
₹35 Cr
₹41 Cr
₹47 Cr
₹35 Cr
₹55 Cr
₹36 Cr
₹47 Cr
₹50 Cr

MSTC Ltd · MSTCLTD

—
—
—
—
—
₹47 Cr
₹77 Cr
₹51 Cr
₹55 Cr
₹50 Cr
₹48 Cr
₹39 Cr
₹41 Cr
₹251 Cr
₹76 Cr
₹42 Cr
₹48 Cr
₹51 Cr
₹77 Cr
—

One 97 Communications Ltd · PAYTM

₹-473 Cr
₹-778 Cr
₹-761 Cr
₹-644 Cr
₹-571 Cr
₹-392 Cr
₹-168 Cr
₹-358 Cr
₹-292 Cr
₹-222 Cr
₹-550 Cr
₹-840 Cr
₹930 Cr
₹-208 Cr
₹-545 Cr
₹123 Cr
₹21 Cr
₹225 Cr
₹183 Cr
₹220 Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
₹5 Cr
₹5 Cr
₹-1 Cr
₹-7 Cr
₹-4 Cr
₹-55 Cr
₹-56 Cr
₹-42 Cr
₹-29 Cr
₹4 Cr
₹4 Cr
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
₹-190 Cr
₹-28 Cr
₹-32 Cr
₹-57 Cr
₹-29 Cr
₹5 Cr
₹6 Cr
₹42 Cr
₹59 Cr
—

TBO Tek Ltd · TBOTEK

₹9 Cr
₹8 Cr
₹8 Cr
—
—
—
₹28 Cr
₹47 Cr
₹56 Cr
₹51 Cr
₹46 Cr
₹61 Cr
₹60 Cr
₹50 Cr
₹59 Cr
₹63 Cr
₹68 Cr
₹54 Cr
₹60 Cr
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
₹-35 Cr
₹13 Cr
₹-2 Cr
₹232 Cr
₹-3 Cr
₹7 Cr
₹-59 Cr
₹-21 Cr
₹-161 Cr
—

Profit growth · reported quarter history

Creative Newtech Ltd · CNL⚠ unverified

—
—
—
—
—
—
—
—
—
50%
233%
50%
30%
42%
-30%
11%
46%
35%
29%
—

Indiamart Intermesh Ltd · INDIAMART

—
—
—
—
-17%
61%
-1.8%
77%
1.5%
-27%
79%
37%
96%
48%
81%
35%
-39%
55%
-72%
12%

Info Edge (India) Ltd · NAUKRI

—
—
—
—
—
—
—
—
155%
159%
—
76%
-65%
142%
670%
32%
309%
10%
12%
—

Just Dial Ltd · JUSTDIAL

—
—
-35%
—
58%
295%
282%
—
38%
23%
38%
70%
114%
42%
36%
13%
-23%
-9.9%
-37%
3.8%

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
—
—
214%
10%
8.2%
26%
-19%
104%
103%
—

MPS Ltd · MPSLTD

—
—
—
—
23%
36%
45%
43%
11%
0.0%
-9.4%
-13%
17%
37%
62%
35%
57%
-12%
0.0%
43%

MSTC Ltd · MSTCLTD

—
—
—
—
—
—
—
—
—
6.4%
-38%
-24%
-25%
402%
58%
7.7%
17%
-80%
1.3%
—

One 97 Communications Ltd · PAYTM

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-98%
—
—
79%

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
-169%
-1,149%
—
—
—
—
—
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
34%
59%
56%
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
250%
—
—
—
64%
30%
7.1%
-2.0%
28%
3.3%
13%
8.0%
1.7%
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-46%
—
-109%
—
—
04 · compare level, then change

Capacity Spending & Returns On It

One 97 Communications Ltd has the highest CAPEX among the 13 E-Commerce - Platform - Utility companies compared here, at ₹113 crore. Pine Labs Ltd is next at ₹48 crore. The same company also holds the highest CAPEX intensity, at 10.4%. 7 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: One 97 Communications Ltd reports ₹113 crore of CAPEX; One 97 Communications Ltd has the highest covered intensity at 10.4%. Coverage is only 7 of 13 companies and 49 reported observations, so this is partial evidence—not a complete sector rank.

LeaderOne 97 Communications Ltd · ₹113 crore
Gap135.4% versus #2 · Pine Labs Ltd
Persistence1/1 recent comparable periods
Coverage7/13 companies · 49 observations

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.

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.
CAPEXlargest spenders
1One 97 Communications Ltd PAYTM₹113 Cr
2Pine Labs Ltd PINELABS₹48 Cr
3Urban Company Ltd URBANCO₹12 Cr
4RNFI Services Ltd RNFI⚠ unverified₹5 Cr
5One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹2 Cr
CAPEX intensityhighest reinvestment intensity
1One 97 Communications Ltd PAYTM10%
2Pine Labs Ltd PINELABS7.4%
3Urban Company Ltd URBANCO3.2%
4RNFI Services Ltd RNFI⚠ unverified2.3%
5One Mobikwik Systems Ltd MOBIKWIK⚠ unverified0.7%
Capital expenditure · company comparison
7/13 level · 7/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Info Edge (India) Ltd (NAUKRI) — its two data sources disagree by up to 352% on reported income across 15 comparable periods, so its derived ratios are withheld; MSTC Ltd (MSTCLTD) — its two data sources disagree by up to 218% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
One 97 Communications Ltd PAYTM₹113 Cr10%Jun 2026
Pine Labs Ltd PINELABS₹48 Cr7.4%Mar 2026
Urban Company Ltd URBANCO₹12 Cr3.2%Mar 2026
RNFI Services Ltd RNFI⚠ unverified₹5 Cr2.3%Mar 2026
TBO Tek Ltd TBOTEK₹2 Cr0.5%Mar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹2 Cr0.7%Mar 2026
Indiamart Intermesh Ltd INDIAMART₹0 Cr0.0%Jun 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Indiamart Intermesh Ltd · INDIAMART

—
—
—
—
—
₹1 Cr
₹1 Cr
₹3 Cr
—
₹8 Cr
₹2 Cr
₹1 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹2 Cr
₹2 Cr
₹0 Cr
—

One 97 Communications Ltd · PAYTM

₹113 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
₹1 Cr
—
—
—
—
₹0 Cr
₹0 Cr
—
—
₹6 Cr
₹2 Cr
—
—
—
—
—
—
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
₹93 Cr
₹33 Cr
₹32 Cr
₹8 Cr
₹77 Cr
₹38 Cr
₹48 Cr
—
—
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
₹6 Cr
₹6 Cr
₹8 Cr
₹8 Cr
₹7 Cr
₹7 Cr
—
—
₹5 Cr
₹5 Cr
—
—
—

TBO Tek Ltd · TBOTEK

₹1 Cr
₹2 Cr
₹2 Cr
—
—
—
₹1 Cr
₹1 Cr
₹1 Cr
₹5 Cr
₹2 Cr
—
—
—
—
—
—
—
—
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
₹2 Cr
₹2 Cr
₹5 Cr
₹3 Cr
₹2 Cr
₹5 Cr
₹12 Cr
—
—
—

CAPEX intensity · reported quarter history

Indiamart Intermesh Ltd · INDIAMART

—
—
—
—
—
0.4%
0.4%
1.1%
—
2.6%
0.6%
0.3%
0.6%
0.6%
0.8%
0.8%
0.5%
0.5%
0.0%
—

One 97 Communications Ltd · PAYTM

10%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
0.0%
—
—
1.8%
0.7%
—
—
—
—
—
—
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
12%
6.3%
5.8%
1.3%
13%
6.2%
7.4%
—
—
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
3.2%
—
—
2.0%
2.3%
—
—
—

TBO Tek Ltd · TBOTEK

1.2%
1.3%
1.3%
—
—
—
0.4%
0.3%
0.3%
1.5%
0.5%
—
—
—
—
—
—
—
—
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
0.9%
0.7%
1.8%
1.0%
0.7%
1.4%
3.2%
—
—
—
Annual capital allocation · 10-year view
13/13 capacity base · 13/13 OCF · 13/13 CAPEX · 13/13 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

₹0 Cr
₹8 Cr
₹9 Cr
₹9 Cr
₹10 Cr
₹11 Cr
₹10 Cr
₹9 Cr
₹10 Cr
₹12 Cr

Indiamart Intermesh Ltd · INDIAMART

₹9 Cr
₹8 Cr
₹9 Cr
₹86 Cr
₹65 Cr
₹56 Cr
₹553 Cr
₹536 Cr
₹515 Cr
₹494 Cr

Info Edge (India) Ltd · NAUKRI

₹158 Cr
₹88 Cr
₹90 Cr
₹242 Cr
₹134 Cr
₹1.0K Cr
₹805 Cr
₹810 Cr
₹788 Cr
₹768 Cr

Just Dial Ltd · JUSTDIAL

₹165 Cr
₹149 Cr
₹132 Cr
₹172 Cr
₹138 Cr
₹134 Cr
₹182 Cr
₹147 Cr
—
—

Macfos Ltd · 543787

—
—
—
—
—
—
—
₹6 Cr
₹10 Cr
₹12 Cr

MPS Ltd · MPSLTD

₹49 Cr
₹49 Cr
₹103 Cr
₹115 Cr
₹154 Cr
₹144 Cr
₹173 Cr
₹389 Cr
₹346 Cr
₹540 Cr

MSTC Ltd · MSTCLTD

₹68 Cr
₹79 Cr
₹106 Cr
₹125 Cr
₹141 Cr
₹142 Cr
₹141 Cr
₹68 Cr
₹65 Cr
₹206 Cr

One 97 Communications Ltd · PAYTM

—
—
₹897 Cr
₹609 Cr
₹515 Cr
₹926 Cr
₹1.2K Cr
₹1.3K Cr
₹906 Cr
₹917 Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
₹1 Cr
₹9 Cr
₹15 Cr
₹16 Cr
₹25 Cr
₹23 Cr

Pine Labs Ltd · PINELABS

—
—
—
₹1.1K Cr
₹1.0K Cr
₹1.1K Cr
₹2.4K Cr
₹2.1K Cr
₹2.0K Cr
₹2.0K Cr

TBO Tek Ltd · TBOTEK

—
₹2 Cr
₹44 Cr
₹39 Cr
₹32 Cr
₹92 Cr
₹136 Cr
₹363 Cr
₹384 Cr
₹1.6K Cr

Urban Company Ltd · URBANCO

—
—
—
₹126 Cr
₹92 Cr
₹87 Cr
₹121 Cr
₹117 Cr
₹127 Cr
₹158 Cr

Operating cash flow · fiscal-year history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

₹-4 Cr
₹-4 Cr
₹-4 Cr
₹-2 Cr
₹-4 Cr
₹-19 Cr
₹-21 Cr
₹-28 Cr
₹22 Cr
₹-273 Cr

Indiamart Intermesh Ltd · INDIAMART

₹-1 Cr
₹179 Cr
₹255 Cr
₹261 Cr
₹322 Cr
₹402 Cr
₹476 Cr
₹559 Cr
₹623 Cr
₹694 Cr

Info Edge (India) Ltd · NAUKRI

₹213 Cr
₹253 Cr
₹276 Cr
₹350 Cr
₹276 Cr
₹707 Cr
₹512 Cr
₹702 Cr
₹876 Cr
₹1.1K Cr

Just Dial Ltd · JUSTDIAL

₹136 Cr
₹226 Cr
₹276 Cr
₹153 Cr
₹139 Cr
₹39 Cr
₹179 Cr
₹259 Cr
₹311 Cr
₹269 Cr

Macfos Ltd · 543787

—
—
—
—
—
—
—
₹4 Cr
₹-25 Cr
₹-8 Cr

MPS Ltd · MPSLTD

₹45 Cr
₹78 Cr
₹54 Cr
₹53 Cr
₹99 Cr
₹115 Cr
₹113 Cr
₹118 Cr
₹101 Cr
₹197 Cr

MSTC Ltd · MSTCLTD

₹-519 Cr
₹21 Cr
₹101 Cr
₹222 Cr
₹681 Cr
₹170 Cr
₹844 Cr
₹-283 Cr
₹260 Cr
₹-28 Cr

One 97 Communications Ltd · PAYTM

—
—
₹-4.5K Cr
₹-2.4K Cr
₹-2.1K Cr
₹-1.2K Cr
₹416 Cr
₹651 Cr
₹-121 Cr
₹-743 Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
₹-35 Cr
₹-321 Cr
₹27 Cr
₹-22 Cr
₹-68 Cr
₹-78 Cr

Pine Labs Ltd · PINELABS

—
—
—
₹11 Cr
₹111 Cr
₹-79 Cr
₹-152 Cr
₹-229 Cr
₹50 Cr
₹395 Cr

TBO Tek Ltd · TBOTEK

—
₹6 Cr
₹93 Cr
₹-3 Cr
₹51 Cr
₹198 Cr
₹237 Cr
₹226 Cr
₹289 Cr
₹-21 Cr

Urban Company Ltd · URBANCO

—
—
—
₹-139 Cr
₹-141 Cr
₹-315 Cr
₹-238 Cr
₹-86 Cr
₹55 Cr
₹-99 Cr

CAPEX · reported cash flow · fiscal-year history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

₹0 Cr
₹8 Cr
₹2 Cr
₹1 Cr
₹2 Cr
₹2 Cr
₹1 Cr
₹0 Cr
₹2 Cr
₹4 Cr

Indiamart Intermesh Ltd · INDIAMART

₹4 Cr
₹2 Cr
₹5 Cr
₹98 Cr
₹-5 Cr
₹3 Cr
₹528 Cr
₹19 Cr
₹12 Cr
₹7 Cr

Info Edge (India) Ltd · NAUKRI

₹109 Cr
₹-40 Cr
₹24 Cr
₹200 Cr
₹-63 Cr
₹944 Cr
₹-155 Cr
₹106 Cr
₹91 Cr
₹103 Cr

Just Dial Ltd · JUSTDIAL

₹57 Cr
₹20 Cr
₹17 Cr
₹92 Cr
₹8 Cr
₹26 Cr
₹80 Cr
₹11 Cr
—
—

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
₹5 Cr
₹4 Cr

MPS Ltd · MPSLTD

₹19 Cr
₹8 Cr
₹65 Cr
₹27 Cr
₹60 Cr
₹11 Cr
₹48 Cr
₹236 Cr
₹-16 Cr
₹222 Cr

MSTC Ltd · MSTCLTD

₹14 Cr
₹23 Cr
₹42 Cr
₹36 Cr
₹35 Cr
₹22 Cr
₹21 Cr
₹-66 Cr
₹6 Cr
₹151 Cr

One 97 Communications Ltd · PAYTM

—
—
—
₹-114 Cr
₹84 Cr
₹658 Cr
₹779 Cr
₹777 Cr
₹318 Cr
₹579 Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
₹10 Cr
₹10 Cr
₹5 Cr
₹22 Cr
₹12 Cr

Pine Labs Ltd · PINELABS

—
—
—
—
₹134 Cr
₹302 Cr
₹1.5K Cr
₹133 Cr
₹135 Cr
₹289 Cr

TBO Tek Ltd · TBOTEK

—
—
₹47 Cr
₹7 Cr
₹4 Cr
₹76 Cr
₹69 Cr
₹263 Cr
₹73 Cr
₹1.3K Cr

Urban Company Ltd · URBANCO

—
—
—
—
₹-8 Cr
₹23 Cr
₹65 Cr
₹33 Cr
₹47 Cr
₹76 Cr

Free cash flow · fiscal-year history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

₹-4 Cr
₹-12 Cr
₹-6 Cr
₹-3 Cr
₹-6 Cr
₹-21 Cr
₹-22 Cr
₹-28 Cr
₹20 Cr
₹-277 Cr

Indiamart Intermesh Ltd · INDIAMART

₹-5 Cr
₹177 Cr
₹250 Cr
₹163 Cr
₹327 Cr
₹399 Cr
₹-52 Cr
₹540 Cr
₹611 Cr
₹687 Cr

Info Edge (India) Ltd · NAUKRI

₹104 Cr
₹293 Cr
₹252 Cr
₹150 Cr
₹339 Cr
₹-237 Cr
₹667 Cr
₹596 Cr
₹785 Cr
₹973 Cr

Just Dial Ltd · JUSTDIAL

₹79 Cr
₹206 Cr
₹259 Cr
₹61 Cr
₹131 Cr
₹13 Cr
₹99 Cr
₹248 Cr
—
—

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
₹-30 Cr
₹-12 Cr

MPS Ltd · MPSLTD

₹26 Cr
₹70 Cr
₹-11 Cr
₹26 Cr
₹39 Cr
₹104 Cr
₹65 Cr
₹-118 Cr
₹117 Cr
₹-25 Cr

MSTC Ltd · MSTCLTD

₹-533 Cr
₹-2 Cr
₹59 Cr
₹186 Cr
₹646 Cr
₹148 Cr
₹823 Cr
₹-217 Cr
₹254 Cr
₹-179 Cr

One 97 Communications Ltd · PAYTM

—
—
—
₹-2.3K Cr
₹-2.2K Cr
₹-1.9K Cr
₹-363 Cr
₹-126 Cr
₹-439 Cr
₹-1.3K Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
₹-331 Cr
₹17 Cr
₹-27 Cr
₹-90 Cr
₹-90 Cr

Pine Labs Ltd · PINELABS

—
—
—
—
₹-23 Cr
₹-381 Cr
₹-1.7K Cr
₹-362 Cr
₹-85 Cr
₹106 Cr

TBO Tek Ltd · TBOTEK

—
—
₹46 Cr
₹-10 Cr
₹47 Cr
₹122 Cr
₹168 Cr
₹-37 Cr
₹216 Cr
₹-1.4K Cr

Urban Company Ltd · URBANCO

—
—
—
—
₹-133 Cr
₹-338 Cr
₹-303 Cr
₹-119 Cr
₹8 Cr
₹-175 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Indiamart Intermesh Ltd has the lowest Gross debt among the 13 E-Commerce - Platform - Utility companies compared here, at ₹23 crore. RNFI Services Ltd is next at ₹29 crore. One 97 Communications Ltd has the lowest Net debt at ₹14,419 crore net cash, so level and change sit with different companies.

What the numbers say: One 97 Communications Ltd has the clearest covered balance-sheet capacity with ₹14,419 crore net cash and gross debt of ₹172 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderIndiamart Intermesh Ltd · ₹23 crore
Gap20.7% versus #2 · RNFI Services Ltd
Persistence8/8 recent comparable periods
Coverage13/13 companies · 174 observations

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.

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 debtlowest gross debt
1Indiamart Intermesh Ltd INDIAMART₹23 Cr
2RNFI Services Ltd RNFI⚠ unverified₹29 Cr
3Macfos Ltd 543787₹36 Cr
4MPS Ltd MPSLTD₹61 Cr
5Just Dial Ltd JUSTDIAL₹85 Cr
Net debtlowest net debt
1One 97 Communications Ltd PAYTM₹-14.4K Cr
2Pine Labs Ltd PINELABS₹-7.8K Cr
3Just Dial Ltd JUSTDIAL₹-5.8K Cr
4Indiamart Intermesh Ltd INDIAMART₹-3.1K Cr
5Urban Company Ltd URBANCO₹-1.6K Cr
Debt and balance-sheet capacity · company comparison
13/13 level · 10/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
TBO Tek Ltd TBOTEK₹756 Cr₹-783 CrMar 2026
Pine Labs Ltd PINELABS₹441 Cr₹-7.8K CrMar 2026
Creative Newtech Ltd CNL⚠ unverified₹324 Cr₹302 CrMar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹276 Cr₹-617 CrMar 2026
Info Edge (India) Ltd NAUKRI₹259 Cr—Mar 2026
One 97 Communications Ltd PAYTM₹172 Cr₹-14.4K CrJun 2026
MSTC Ltd MSTCLTD₹145 Cr—Mar 2026
Urban Company Ltd URBANCO₹136 Cr₹-1.6K CrMar 2026
Just Dial Ltd JUSTDIAL₹85 Cr₹-5.8K CrJun 2026
MPS Ltd MPSLTD₹61 Cr₹-58 CrJun 2026
Macfos Ltd 543787₹36 Cr—Mar 2026
RNFI Services Ltd RNFI⚠ unverified₹29 Cr₹-70 CrMar 2026
Indiamart Intermesh Ltd INDIAMART₹23 Cr₹-3.1K CrJun 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

₹39 Cr
₹39 Cr
₹64 Cr
₹64 Cr
₹73 Cr
₹73 Cr
₹89 Cr
₹89 Cr
₹70 Cr
₹70 Cr
₹74 Cr
₹74 Cr
₹75 Cr
₹75 Cr
₹72 Cr
—
₹126 Cr
₹126 Cr
₹324 Cr
—

Indiamart Intermesh Ltd · INDIAMART

₹60 Cr
₹60 Cr
₹56 Cr
₹56 Cr
₹52 Cr
—
₹46 Cr
₹46 Cr
₹48 Cr
₹43 Cr
₹41 Cr
₹42 Cr
₹38 Cr
—
₹33 Cr
₹30 Cr
₹28 Cr
₹26 Cr
₹23 Cr
₹23 Cr

Info Edge (India) Ltd · NAUKRI

—
—
₹64 Cr
—
—
—
₹108 Cr
—
—
—
₹246 Cr
—
—
—
₹267 Cr
—
₹276 Cr
—
₹259 Cr
—

Just Dial Ltd · JUSTDIAL

₹56 Cr
₹56 Cr
₹55 Cr
₹55 Cr
₹54 Cr
₹54 Cr
₹68 Cr
₹68 Cr
₹87 Cr
₹87 Cr
₹85 Cr
₹85 Cr
₹93 Cr
₹93 Cr
₹100 Cr
₹100 Cr
₹95 Cr
₹95 Cr
₹85 Cr
₹85 Cr

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
₹8 Cr
—
—
—
₹20 Cr
—
₹41 Cr
—
₹36 Cr
—

MPS Ltd · MPSLTD

₹14 Cr
₹14 Cr
₹12 Cr
₹12 Cr
₹10 Cr
₹10 Cr
₹8 Cr
₹8 Cr
₹5 Cr
₹5 Cr
₹5 Cr
₹5 Cr
₹6 Cr
₹6 Cr
₹4 Cr
₹4 Cr
₹10 Cr
₹10 Cr
₹61 Cr
₹61 Cr

MSTC Ltd · MSTCLTD

—
—
₹150 Cr
—
—
—
₹145 Cr
—
—
—
₹145 Cr
—
—
—
₹145 Cr
—
₹145 Cr
—
₹145 Cr
—

One 97 Communications Ltd · PAYTM

₹657 Cr
₹657 Cr
₹222 Cr
₹222 Cr
₹235 Cr
₹235 Cr
₹223 Cr
₹223 Cr
₹203 Cr
₹203 Cr
₹177 Cr
₹177 Cr
₹166 Cr
₹166 Cr
₹160 Cr
₹160 Cr
₹160 Cr
₹160 Cr
₹194 Cr
₹172 Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
₹102 Cr
₹158 Cr
—
—
—
₹206 Cr
₹206 Cr
₹164 Cr
—
₹223 Cr
₹219 Cr
₹237 Cr
₹237 Cr
₹292 Cr
₹292 Cr
₹341 Cr
₹341 Cr
₹276 Cr
—

Pine Labs Ltd · PINELABS

—
—
₹236 Cr
—
—
—
₹514 Cr
—
—
—
₹730 Cr
₹575 Cr
—
₹734 Cr
₹1.0K Cr
₹1.0K Cr
₹858 Cr
₹858 Cr
₹441 Cr
—

TBO Tek Ltd · TBOTEK

₹15 Cr
₹63 Cr
₹63 Cr
—
—
—
₹71 Cr
₹69 Cr
—
₹80 Cr
₹210 Cr
₹210 Cr
₹210 Cr
₹210 Cr
₹214 Cr
₹214 Cr
₹719 Cr
₹719 Cr
₹756 Cr
—

Urban Company Ltd · URBANCO

—
—
₹0 Cr
—
—
—
₹102 Cr
—
—
—
₹104 Cr
₹104 Cr
—
₹123 Cr
₹120 Cr
₹119 Cr
₹136 Cr
₹136 Cr
₹136 Cr
—

Net debt · reported quarter history

Creative Newtech Ltd · CNL⚠ unverified

₹32 Cr
₹32 Cr
₹61 Cr
₹61 Cr
₹64 Cr
₹64 Cr
₹86 Cr
₹80 Cr
₹46 Cr
₹46 Cr
₹67 Cr
₹57 Cr
₹57 Cr
₹57 Cr
₹28 Cr
—
₹113 Cr
₹113 Cr
₹302 Cr
—

Indiamart Intermesh Ltd · INDIAMART

₹-2.3K Cr
₹-2.3K Cr
₹-2.3K Cr
₹-2.3K Cr
₹-1.9K Cr
—
₹-2.3K Cr
₹-2.3K Cr
₹-1.8K Cr
₹-2.0K Cr
₹-2.3K Cr
₹-2.3K Cr
₹-2.4K Cr
—
₹-2.8K Cr
₹-2.6K Cr
₹-2.7K Cr
₹-2.9K Cr
₹-3.1K Cr
₹-3.1K Cr

Just Dial Ltd · JUSTDIAL

₹-3.4K Cr
₹-3.4K Cr
₹-3.4K Cr
₹-3.4K Cr
₹-3.5K Cr
₹-3.5K Cr
₹-4.0K Cr
₹-4.0K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-4.5K Cr
₹-4.5K Cr
₹-4.9K Cr
₹-4.9K Cr
₹-5.2K Cr
₹-5.2K Cr
₹-5.5K Cr
₹-5.5K Cr
₹-5.8K Cr
₹-5.8K Cr

MPS Ltd · MPSLTD

₹-137 Cr
₹-137 Cr
₹-124 Cr
₹-126 Cr
₹-104 Cr
₹-104 Cr
₹-175 Cr
₹-175 Cr
₹-162 Cr
₹-162 Cr
₹-138 Cr
₹-138 Cr
₹-93 Cr
₹-93 Cr
₹-96 Cr
₹-102 Cr
₹-109 Cr
₹-109 Cr
₹-58 Cr
₹-58 Cr

One 97 Communications Ltd · PAYTM

₹-1.9K Cr
₹-1.9K Cr
₹-4.4K Cr
₹-4.4K Cr
₹-6.9K Cr
₹-6.9K Cr
₹-7.9K Cr
₹-7.9K Cr
₹-6.0K Cr
₹-6.0K Cr
₹-7.4K Cr
₹-7.4K Cr
₹-8.5K Cr
₹-8.5K Cr
₹-10.5K Cr
₹-13.0K Cr
₹-12.8K Cr
₹-12.8K Cr
₹-14.4K Cr
₹-14.4K Cr

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
₹-36 Cr
₹64 Cr
—
—
—
—
₹107 Cr
₹68 Cr
—
₹125 Cr
₹29 Cr
₹-155 Cr
₹-155 Cr
₹-273 Cr
₹-677 Cr
₹-518 Cr
₹-518 Cr
₹-617 Cr
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
₹-289 Cr
₹-31 Cr
—
₹54 Cr
₹-36 Cr
₹301 Cr
₹-5.2K Cr
₹-5.2K Cr
₹-7.8K Cr
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
₹-5 Cr
₹-5 Cr
₹-34 Cr
₹-34 Cr
₹-34 Cr
₹-49 Cr
—
₹-109 Cr
₹-109 Cr
₹-50 Cr
₹-50 Cr
₹-70 Cr
—

TBO Tek Ltd · TBOTEK

₹-365 Cr
₹-374 Cr
₹-374 Cr
—
—
—
₹-507 Cr
₹-488 Cr
—
₹-386 Cr
₹-541 Cr
₹-541 Cr
₹-1.2K Cr
₹-1.2K Cr
₹-918 Cr
₹-918 Cr
₹-1.2K Cr
₹-1.2K Cr
₹-783 Cr
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
₹-1.1K Cr
₹-1.1K Cr
—
₹-1.2K Cr
₹-1.4K Cr
₹-1.4K Cr
₹-1.6K Cr
₹-1.6K Cr
₹-1.6K Cr
—
06 · compare level, then change

Return On Capital Employed

MPS Ltd has the highest ROCE among the 13 E-Commerce - Platform - Utility companies compared here, at 39.3%. Macfos Ltd is next at 33.8%. Pine Labs Ltd has the highest ROCE change at +6.6 percentage points, so level and change sit with different companies. 13 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: MPS Ltd leads ROCE at 39.3%, 5.5 percentage points above Macfos Ltd. Pine Labs Ltd has the strongest latest improvement at +6.6 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.

LeaderMPS Ltd · 39.3%
Gap16.3% versus #2 · Macfos Ltd
Persistence6/8 recent comparable periods
Coverage13/13 companies · 129 observations

Investor read: MPS 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.

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.
ROCEhighest
1MPS Ltd MPSLTD39%
2Macfos Ltd 54378734%
3MSTC Ltd MSTCLTD30%
4Indiamart Intermesh Ltd INDIAMART28%
5RNFI Services Ltd RNFI⚠ unverified27%
ROCE changefastest improvers
1Pine Labs Ltd PINELABS+6.6 pp
2Creative Newtech Ltd CNL⚠ unverified+5.9 pp
3RNFI Services Ltd RNFI⚠ unverified+4.5 pp
4Indiamart Intermesh Ltd INDIAMART+4.4 pp
5One 97 Communications Ltd PAYTM+2.3 pp
Return on capital · company comparison
13/13 level · 13/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Info Edge (India) Ltd (NAUKRI) — its two data sources disagree by up to 352% on reported income across 15 comparable periods, so its derived ratios are withheld; MSTC Ltd (MSTCLTD) — its two data sources disagree by up to 218% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
MPS Ltd MPSLTD41%+0.7 ppJun 2026
Creative Newtech Ltd CNL⚠ unverified23%+5.9 ppMar 2026
Indiamart Intermesh Ltd INDIAMART22%+4.4 ppJun 2026
RNFI Services Ltd RNFI⚠ unverified22%+4.5 ppMar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified17%+0.2 ppMar 2026
TBO Tek Ltd TBOTEK13%−7.1 ppMar 2026
Just Dial Ltd JUSTDIAL5.8%−0.1 ppJun 2026
One 97 Communications Ltd PAYTM4.6%+2.3 ppJun 2026
Pine Labs Ltd PINELABS1.5%+6.6 ppMar 2026
Urban Company Ltd URBANCO-10%−7.0 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Creative Newtech Ltd · CNL⚠ unverified

30%
—
31%
—
32%
—
26%
—
19%
31%
21%
37%
19%
35%
17%
28%
19%
31%
23%
—

Indiamart Intermesh Ltd · INDIAMART

16%
—
13%
—
11%
—
9.3%
—
13%
13%
12%
14%
15%
27%
17%
18%
17%
16%
15%
22%

Just Dial Ltd · JUSTDIAL

1.1%
3.1%
-0.8%
0.9%
-0.1%
3.3%
1.4%
9.8%
2.6%
11%
4.0%
—
5.4%
—
5.9%
—
5.8%
—
5.8%
—

MPS Ltd · MPSLTD

23%
—
27%
—
29%
—
31%
—
30%
37%
29%
32%
31%
35%
35%
40%
38%
43%
30%
41%

One 97 Communications Ltd · PAYTM

-32%
—
-18%
—
-22%
—
-16%
—
-12%
-7.2%
-11%
-14%
-15%
-4.4%
-12%
2.3%
-2.3%
-0.9%
3.8%
4.6%

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
-61%
-40%
—
—
—
—
—
88%
—
148%
168%
153%
-21%
17%
-31%
1.3%
-26%
17%
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
-5.1%
—
—
-11%
-5.1%
-5.1%
-3.6%
4.3%
1.5%
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
7.4%
15%
20%
25%
—
13%
—
17%
37%
20%
30%
22%
—

TBO Tek Ltd · TBOTEK

4.0%
5.2%
7.2%
—
—
—
12%
23%
—
32%
29%
42%
19%
29%
20%
27%
13%
19%
13%
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
-4.2%
—
—
-5.5%
-3.4%
-3.1%
-4.7%
-2.8%
-10%
—

ROCE change · reported quarter history

Creative Newtech Ltd · CNL⚠ unverified

—
—
—
—
+1.4 pp
—
−5.6 pp
—
−12.9 pp
—
−5.2 pp
—
−0.1 pp
+3.4 pp
−3.4 pp
−9.5 pp
0.0 pp
−4.2 pp
+5.9 pp
—

Indiamart Intermesh Ltd · INDIAMART

—
—
—
—
−5.2 pp
—
−3.6 pp
—
+2.0 pp
—
+3.1 pp
—
+2.9 pp
+14.0 pp
+4.5 pp
+3.9 pp
+1.9 pp
−10.8 pp
−1.5 pp
+4.4 pp

Just Dial Ltd · JUSTDIAL

—
—
—
—
−1.2 pp
+0.2 pp
+2.2 pp
+8.9 pp
+2.7 pp
+7.8 pp
+2.6 pp
—
+2.8 pp
—
+1.9 pp
—
+0.4 pp
—
−0.1 pp
—

MPS Ltd · MPSLTD

—
—
—
—
+6.2 pp
—
+3.3 pp
—
+0.3 pp
—
−2.0 pp
—
+0.9 pp
−2.3 pp
+6.0 pp
+8.4 pp
+7.4 pp
+8.7 pp
−4.4 pp
+0.7 pp

One 97 Communications Ltd · PAYTM

—
—
—
—
+10.3 pp
—
+1.9 pp
—
+9.6 pp
—
+4.5 pp
—
−3.0 pp
+2.8 pp
−0.9 pp
+16.0 pp
+12.6 pp
+3.5 pp
+15.9 pp
+2.3 pp

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
+65.3 pp
—
−131.6 pp
−199.1 pp
−151.9 pp
−5.0 pp
+0.2 pp
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.0 pp
—
—
+15.3 pp
+6.6 pp
—

RNFI Services Ltd · RNFI⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
−1.4 pp
—
−8.2 pp
—
+6.4 pp
—
+4.5 pp
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
+4.5 pp
—
—
—
+17.4 pp
+19.1 pp
—
−3.8 pp
−9.0 pp
−14.5 pp
−5.9 pp
−9.8 pp
−7.1 pp
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
+0.8 pp
—
—
+2.7 pp
−7.0 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

MPS Ltd has the lowest Guarded PEG among the 13 E-Commerce - Platform - Utility companies compared here, at 0.43×. Indiamart Intermesh Ltd is next at 0.68×. MSTC Ltd has the lowest P/E at 19.6×, so level and change sit with different companies. 5 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: MPS Ltd has the lowest comparable Guarded PEG at 0.43×, 36.8% below Indiamart Intermesh Ltd. Only 5 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderMPS Ltd · 0.43×
Gap36.8% versus #2 · Indiamart Intermesh Ltd
Persistence0/8 recent comparable periods
Coverage5/13 companies · 38 observations

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.

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 PEGlowest PEG
1MPS Ltd MPSLTD0.4
2Indiamart Intermesh Ltd INDIAMART0.7
3One 97 Communications Ltd PAYTM1.8
4TBO Tek Ltd TBOTEK6.4
5Just Dial Ltd JUSTDIAL7.5
P/Elowest P/E
1MSTC Ltd MSTCLTD19.6
2Creative Newtech Ltd CNL⚠ unverified21.1
3Indiamart Intermesh Ltd INDIAMART21.4
4RNFI Services Ltd RNFI⚠ unverified23.5
5MPS Ltd MPSLTD25.9
Valuation · company comparison
5/13 level · 11/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Just Dial Ltd JUSTDIAL7.532.8Jun 2026
TBO Tek Ltd TBOTEK6.451.3Mar 2026
Indiamart Intermesh Ltd INDIAMART0.724.8Jun 2026
MPS Ltd MPSLTD0.418.5Jun 2026
Macfos Ltd 543787—41.4Mar 2026
One 97 Communications Ltd PAYTM—98.7Jun 2026
Info Edge (India) Ltd NAUKRI—47.5Mar 2026
Urban Company Ltd URBANCO—32.3Mar 2026
Pine Labs Ltd PINELABS—159.4Mar 2026
MSTC Ltd MSTCLTD—11.8Mar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified—-19.7Mar 2026
Creative Newtech Ltd CNL⚠ unverified—12.7Mar 2026
RNFI Services Ltd RNFI⚠ unverified—26.5Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Indiamart Intermesh Ltd · INDIAMART

1.7
3.6
9.1
—
—
—
—
—
2.2
—
—
2.3
3.0
0.7
—
—
—
0.5
0.7
—

Just Dial Ltd · JUSTDIAL

—
—
—
—
5.3
—
—
—
2.0
—
1.5
—
—
1.4
1.4
4.3
—
7.5
—
—

MPS Ltd · MPSLTD

1.2
0.3
0.3
0.5
0.4
0.5
0.5
0.3
0.5
—
0.9
3.2
—
0.8
5.5
0.9
0.7
0.6
0.6
0.4

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
—
—
—
—
—
5.8
—
—
2.9
1.4
—
—
6.4
—

P/E · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

25.4
38.6
45.9
34.3
25.4
27.1
20.3
22.7
22.8
32.4
28.0
21.6
23.4
24.4
17.9
18.8
17.4
18.4
12.7
—

Indiamart Intermesh Ltd · INDIAMART

86.1
63.7
45.8
42.4
53.1
54.4
53.8
60.8
54.8
51.4
55.0
48.0
48.0
31.4
26.4
29.7
24.1
24.7
19.6
24.8

Info Edge (India) Ltd · NAUKRI

545.6
484.9
22.1
18.1
16.9
17.0
63.4
198.4
198.3
194.0
284.6
145.8
156.7
216.8
145.4
101.0
82.4
67.2
47.5
—

Just Dial Ltd · JUSTDIAL

54.7
68.7
180.8
217.5
171.9
166.0
105.3
81.3
74.3
68.5
57.0
62.7
71.0
60.9
49.7
55.8
49.9
44.1
30.5
32.8

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
—
63.1
54.2
71.4
41.7
41.1
36.2
43.0
41.4
—

MPS Ltd · MPSLTD

18.8
15.4
14.2
13.7
12.9
15.6
18.3
16.5
21.9
23.8
21.5
28.2
31.9
29.1
37.3
31.4
24.3
20.8
15.7
18.5

MSTC Ltd · MSTCLTD

14.5
15.6
12.0
8.8
8.1
8.1
6.8
10.1
12.7
21.3
26.1
30.8
25.9
26.3
20.5
18.2
15.8
16.3
11.8
—

One 97 Communications Ltd · PAYTM

—
—
—
—
—
—
—
—
—
—
—
—
-64.4
—
—
194.8
-118.7
773.7
119.0
98.7

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
1,121.1
1,072.0
—
—
-14.9
-19.7
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-231.9
159.4
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
—
—
—
—
—
139.8
93.8
82.9
60.5
69.0
75.5
83.0
51.3
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
34.2
32.3
—
—
08 · compare level, then change

Enterprise Value & Book Value

MSTC Ltd has the lowest EV/EBITDA among the 13 E-Commerce - Platform - Utility companies compared here, at 6×. One Mobikwik Systems Ltd is next at 8.97×. Just Dial Ltd has the lowest P/BV at 1.54×, so level and change sit with different companies. 12 of 13 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: MSTC Ltd leads ev/ebitda at 6×; Just Dial Ltd leads p/bv at 1.54×.

LeaderMSTC Ltd · 6×
Gap33.1% versus #2 · One Mobikwik Systems Ltd
Persistence0/8 recent comparable periods
Coverage12/13 companies · 147 observations

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.

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/EBITDAlowest EV/EBITDA
1MSTC Ltd MSTCLTD6.0
2One Mobikwik Systems Ltd MOBIKWIK⚠ unverified9.0
3Creative Newtech Ltd CNL⚠ unverified10.2
4RNFI Services Ltd RNFI⚠ unverified10.6
5MPS Ltd MPSLTD12.2
P/BVlowest P/BV
1Just Dial Ltd JUSTDIAL1.5
2Info Edge (India) Ltd NAUKRI2.0
3Pine Labs Ltd PINELABS2.9
4One Mobikwik Systems Ltd MOBIKWIK⚠ unverified2.9
5RNFI Services Ltd RNFI⚠ unverified4.0
Enterprise and book valuation · company comparison
12/13 level · 13/13 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Urban Company Ltd URBANCO305.77.5Mar 2026
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified158.92.5Mar 2026
Pine Labs Ltd PINELABS47.04.8Mar 2026
One 97 Communications Ltd PAYTM43.74.5Jun 2026
Info Edge (India) Ltd NAUKRI29.91.3Mar 2026
Macfos Ltd 54378728.210.6Mar 2026
TBO Tek Ltd TBOTEK28.18.7Mar 2026
Just Dial Ltd JUSTDIAL19.81.1Jun 2026
Indiamart Intermesh Ltd INDIAMART17.24.9Jun 2026
MPS Ltd MPSLTD12.25.2Jun 2026
RNFI Services Ltd RNFI⚠ unverified10.64.5Mar 2026
Creative Newtech Ltd CNL⚠ unverified10.22.6Mar 2026
MSTC Ltd MSTCLTD6.03.2Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

15.2
22.4
28.1
21.1
17.4
18.9
13.8
15.1
17.4
22.6
19.9
16.4
17.7
18.7
14.5
15.0
13.6
14.6
10.2
—

Indiamart Intermesh Ltd · INDIAMART

61.5
45.5
32.3
31.0
39.1
39.0
37.9
42.0
36.2
34.2
36.6
32.0
32.4
21.7
18.5
21.8
17.8
18.1
14.4
17.2

Info Edge (India) Ltd · NAUKRI

567.3
301.9
20.1
16.3
14.6
14.5
35.2
78.9
86.3
88.9
168.3
78.5
85.4
85.9
60.4
50.0
41.7
41.8
29.9
—

Just Dial Ltd · JUSTDIAL

45.9
51.3
81.3
167.4
91.4
100.2
69.6
57.3
45.0
40.5
33.9
37.5
42.5
36.5
29.8
33.4
29.9
26.5
18.4
19.8

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
—
44.1
37.9
50.6
29.7
27.4
24.4
29.3
28.2
—

MPS Ltd · MPSLTD

9.0
7.3
6.8
7.6
7.1
9.0
10.9
10.0
13.7
15.1
13.4
17.6
19.7
17.9
23.3
19.8
15.4
13.6
10.3
12.2

MSTC Ltd · MSTCLTD

7.3
7.5
5.8
4.5
3.0
3.7
3.6
5.0
4.5
10.3
13.2
13.1
12.2
12.4
9.3
11.8
8.5
9.6
6.0
—

One 97 Communications Ltd · PAYTM

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
94.2
45.5
43.7

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
158.9
—
—
—
—
—
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
82.3
47.0
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
—
—
—
—
—
92.7
67.9
53.5
36.3
43.0
46.0
50.3
28.1
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
305.7
—
—
—

P/BV · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Creative Newtech Ltd · CNL⚠ unverified

4.7
7.4
11.5
10.7
5.4
7.1
6.2
7.2
5.7
5.8
5.5
7.9
5.6
5.5
4.5
4.5
4.2
3.5
2.6
—

Indiamart Intermesh Ltd · INDIAMART

16.0
11.4
7.8
7.8
7.3
7.0
8.2
8.4
8.6
10.6
10.3
9.3
10.1
7.2
6.6
7.2
6.5
6.2
5.5
4.9

Info Edge (India) Ltd · NAUKRI

15.9
3.7
3.0
9.3
3.5
3.6
2.8
3.4
4.0
3.4
3.7
6.5
3.5
2.7
2.2
3.2
2.4
1.8
1.3
—

Just Dial Ltd · JUSTDIAL

4.8
2.0
1.8
2.7
1.4
1.4
1.4
1.8
1.8
1.8
1.8
2.2
2.5
2.1
1.7
1.9
1.7
1.5
1.1
1.1

Macfos Ltd · 543787

—
—
—
—
—
—
—
—
—
—
—
25.0
25.3
20.3
11.9
24.6
9.8
9.5
10.6
—

MPS Ltd · MPSLTD

3.2
2.7
2.6
3.2
2.9
3.8
5.0
4.9
6.2
6.4
5.8
7.9
7.9
7.8
10.9
9.9
7.8
7.0
5.3
5.2

MSTC Ltd · MSTCLTD

3.9
4.0
3.8
3.1
2.3
2.6
2.7
3.7
3.9
5.3
6.5
7.7
7.4
4.9
3.7
6.0
4.6
4.3
3.2
—

One 97 Communications Ltd · PAYTM

—
14.9
6.1
3.0
3.0
2.5
2.9
4.0
4.2
3.1
2.0
2.0
3.2
4.4
3.4
4.4
4.8
5.5
4.2
4.5

One Mobikwik Systems Ltd · MOBIKWIK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
28.9
4.0
3.4
3.4
3.5
2.5
—

Pine Labs Ltd · PINELABS

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.4
4.8
—

TBO Tek Ltd · TBOTEK

—
—
—
—
—
—
—
—
—
—
—
37.1
17.7
17.2
12.2
12.7
13.6
13.3
8.7
—

Urban Company Ltd · URBANCO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10.6
8.5
7.5
—
09 · let price answer last

Market action

Macfos Ltd has the strongest one-year price move in E-Commerce - Platform - Utility at +80.6%. It also leads on Mansfield relative strength against NIFTY at +36.5%. 7 of 11 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This E-Commerce - Platform - Utility comparison names 6 specific ways its own evidence can mislead, all listed below. All 13 companies here report on comparable dates, so no rank carries a stale marker. 3 draw at least one figure from a second feed with too little overlap to cross-check. 2 have second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • 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.
  • 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.
  • 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
10 · the complete set

Which companies are included?

All 13 companies in the canonical E-Commerce - Platform - Utility membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
One 97 Communications Ltd PAYTMAHEAD₹82.2K Cr₹1,2832026-07-19Jun 2026Cross-checked
Info Edge (India) Ltd NAUKRIAHEAD₹75.6K Cr₹1,1662026-07-19Mar 2026Second feed withheld
Urban Company Ltd URBANCO₹20.0K Cr₹1302026-07-19Mar 2026Cross-checked
Pine Labs Ltd PINELABS₹16.8K Cr₹1462026-07-19Mar 2026Cross-checked
TBO Tek Ltd TBOTEKAHEAD₹15.5K Cr₹1,4292026-07-19Mar 2026Cross-checked
Indiamart Intermesh Ltd INDIAMART₹10.6K Cr₹1,7602026-07-19Jun 2026Cross-checked
Just Dial Ltd JUSTDIALAHEAD₹6.2K Cr₹7292026-07-19Jun 2026Cross-checked
MPS Ltd MPSLTDAHEAD₹4.7K Cr₹2,7702026-07-19Jun 2026Cross-checked
MSTC Ltd MSTCLTDAHEAD₹4.3K Cr₹6072026-07-19Mar 2026Second feed withheld
One Mobikwik Systems Ltd MOBIKWIK⚠ unverified₹1.6K Cr₹2012026-07-19Mar 2026Includes unverified figures
Creative Newtech Ltd CNLAHEAD⚠ unverified₹1.5K Cr₹9872026-07-19Mar 2026Includes unverified figures
Macfos Ltd 543787AHEAD25/26 WEEKS₹1.2K Cr₹1,1722026-07-19Mar 2026Primary source only
RNFI Services Ltd RNFI⚠ unverified₹681 Cr₹2692026-07-19Mar 2026Includes unverified figures
How each company's sources stand: 3 of 13 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 2 of 13 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Info Edge (India) Ltd (NAUKRI) — its two data sources disagree by up to 352% on reported income across 15 comparable periods, so its derived ratios are withheld; MSTC Ltd (MSTCLTD) — its two data sources disagree by up to 218% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 13 E-Commerce - Platform - Utility companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing7 cross-checked · 4 unverified · 2 withheld, of 13 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

E-Commerce - Platform - Utility company comparison FAQs

These 19 answers restate the E-Commerce - Platform - Utility comparison above in question form. Every one is computed from the same 13 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty E-Commerce - Platform - Utility index?

The Nifty E-Commerce - Platform - Utility index tracks India's listed E-Commerce - Platform - Utility companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the E-Commerce - Platform - Utility sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best E-Commerce - Platform - Utility stocks in India?

Ranked by this page's four-factor score, Creative Newtech Ltd places first among 13 listed E-Commerce - Platform - Utility companies, followed by Indiamart Intermesh Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many E-Commerce - Platform - Utility stocks are listed in India?

This comparison covers 13 listed E-Commerce - Platform - Utility 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 E-Commerce - Platform - Utility company is the biggest?

One 97 Communications Ltd is the largest, with trailing-twelve-month revenue of ₹8,967 crore, ahead of Info Edge (India) Ltd at ₹3,284 crore. That covers 13 of 13 companies with comparable reporting through Jun 2026.

Which E-Commerce - Platform - Utility company is growing fastest?

TBO Tek Ltd has the fastest revenue growth at 54.1% year on year, across 12 of 13 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 E-Commerce - Platform - Utility company has the best profit margins?

MSTC Ltd has the highest operating margin at 64%, from 13 of 13 comparable companies. One Mobikwik Systems Ltd shows the biggest recent improvement, at +24.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which E-Commerce - Platform - Utility company makes the most profit?

Info Edge (India) Ltd earns the most, at ₹1,764 crore of trailing-twelve-month net profit, from 13 of 13 comparable companies. Just Dial Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which E-Commerce - Platform - Utility company earns the highest return on capital?

MPS Ltd leads on return on capital employed at 39.3%, across 13 of 13 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 E-Commerce - Platform - Utility stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — MPS Ltd screens cheapest at 0.43×. Only 5 of 13 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 E-Commerce - Platform - Utility company has the strongest balance sheet?

Indiamart Intermesh Ltd carries the lowest comparable gross debt at ₹23 crore, from 13 of 13 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 E-Commerce - Platform - Utility company is investing most in new capacity?

One 97 Communications Ltd reports the largest capital spending at ₹113 crore, across 7 of 13 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Which E-Commerce - Platform - Utility stock has the strongest price momentum?

Macfos 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 E-Commerce - Platform - Utility company scores highest for research priority?

Creative Newtech Ltd scores 68.1 out of 100 with 82.8% evidence confidence, from 24.6 points on growth and earnings, 11.1 on capital efficiency, 12.7 on valuation and 19.7 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 E-Commerce - Platform - Utility companies does this comparison cover, and over what period?

It compares 13 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 E-Commerce - Platform - Utility sector?

The 13 E-Commerce - Platform - Utility companies on this page carry ₹2,40,880 crore of combined market value. One 97 Communications Ltd is the largest at ₹82,213 crore, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the E-Commerce - Platform - Utility sector's P/E ratio?

The median price-to-earnings ratio across the 13 E-Commerce - Platform - Utility companies on this page is 44.4×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the E-Commerce - Platform - Utility sector performing?

7 of the 11 covered E-Commerce - Platform - Utility 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 2026-07-29.

Why are some values on this page blank?

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

Is this investment advice?

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

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