# E-Commerce - Platform - Utility — company-by-company sector analysis

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

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

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 7/11
Stocks leading sector: 5/11

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

Companies: 13
Combined market value: ₹2.4 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. Creative Newtech Ltd (CNL): 68/100 — Favorable setup; evidence 83%
   - Growth & earnings 24.6/35 | Capital efficiency 11.1/25 | Valuation 12.7/20 | Relative strength 19.7/20
   - 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.
2. Indiamart Intermesh Ltd (INDIAMART): 65/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 15.5/35 | Capital efficiency 20.7/25 | Valuation 18.2/20 | Relative strength 10.2/20
   - 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.
3. Macfos Ltd (543787): 61/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.3/35 | Capital efficiency 17.1/25 | Valuation 9.7/20 | Relative strength 15.0/20
   - 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.
4. MPS Ltd (MPSLTD): 61/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 18.9/35 | Capital efficiency 20.6/25 | Valuation 13.6/20 | Relative strength 7.6/20
   - 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.
5. One 97 Communications Ltd (PAYTM): 57/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 25.4/35 | Capital efficiency 8.8/25 | Valuation 8.6/20 | Relative strength 14.5/20
   - 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.
6. RNFI Services Ltd (RNFI): 57/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 21.7/35 | Capital efficiency 15.7/25 | Valuation 10.6/20 | Relative strength 8.9/20
   - 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.
7. MSTC Ltd (MSTCLTD): 55/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 16.8/35 | Capital efficiency 18.8/25 | Valuation 9.6/20 | Relative strength 9.7/20
   - 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.
8. Info Edge (India) Ltd (NAUKRI): 53/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 22.5/35 | Capital efficiency 14.4/25 | Valuation 9.4/20 | Relative strength 6.3/20
   - 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.
9. Pine Labs Ltd (PINELABS): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 23.4/35 | Capital efficiency 10.1/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - 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.
10. Just Dial Ltd (JUSTDIAL): 44/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 19.9/35 | Capital efficiency 11.7/25 | Valuation 5.0/20 | Relative strength 7.0/20
   - 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.
11. TBO Tek Ltd (TBOTEK): 40/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 13.2/35 | Capital efficiency 12.4/25 | Valuation 5.1/20 | Relative strength 9.1/20
   - 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.
12. One Mobikwik Systems Ltd (MOBIKWIK): 34/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.6/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 4.4/20
   - 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.
13. Urban Company Ltd (URBANCO): 38/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 12.5/35 | Capital efficiency 5.1/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: One 97 Communications Ltd · ₹8,967 crore | 173.1% versus #2 · Info Edge (India) Ltd | 5/8 recent comparable periods | 13/13 companies · 186 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. One 97 Communications Ltd (PAYTM): ₹9.0K Cr
2. Info Edge (India) Ltd (NAUKRI): ₹3.3K Cr
3. Pine Labs Ltd (PINELABS): ₹2.7K Cr
4. Creative Newtech Ltd (CNL): ₹2.7K Cr
5. TBO Tek Ltd (TBOTEK): ₹2.7K Cr

### Revenue growth — fastest growers
1. TBO Tek Ltd (TBOTEK): 54%
2. Creative Newtech Ltd (CNL): 52%
3. Urban Company Ltd (URBANCO): 36%
4. Just Dial Ltd (JUSTDIAL): 23%
5. One 97 Communications Ltd (PAYTM): 23%

### 20-quarter Revenue history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹27 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- PAYTM: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.4K Cr
- NAUKRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹604 Cr | Dec 2022 ₹590 Cr | Mar 2023 ₹605 Cr | Jun 2023 ₹626 Cr | Sep 2023 ₹626 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹657 Cr | Jun 2024 ₹677 Cr | Sep 2024 ₹701 Cr | Dec 2024 ₹722 Cr | Mar 2025 ₹750 Cr | Jun 2025 ₹791 Cr | Sep 2025 ₹805 Cr | Dec 2025 ₹819 Cr | Mar 2026 ₹869 Cr | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹227 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹288 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹380 Cr | Dec 2025 ₹383 Cr | Mar 2026 ₹426 Cr | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹787 Cr | Jun 2024 ₹522 Cr | Sep 2024 ₹552 Cr | Dec 2024 ₹602 Cr | Mar 2025 ₹599 Cr | Jun 2025 ₹616 Cr | Sep 2025 ₹650 Cr | Dec 2025 ₹744 Cr | Mar 2026 ₹701 Cr | Jun 2026 —
- TBOTEK: Sep 2021 ₹86 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹156 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹281 Cr | Jun 2023 ₹345 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹369 Cr | Jun 2024 ₹418 Cr | Sep 2024 ₹451 Cr | Dec 2024 ₹422 Cr | Mar 2025 ₹446 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹784 Cr | Mar 2026 ₹814 Cr | Jun 2026 —
- INDIAMART: Sep 2021 ₹182 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹331 Cr | Sep 2024 ₹348 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹404 Cr | Jun 2026 ₹414 Cr
- JUSTDIAL: Sep 2021 ₹156 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹205 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹261 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹298 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹307 Cr | Jun 2026 ₹327 Cr
- MPSLTD: Sep 2021 ₹110 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹130 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹178 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹205 Cr | Jun 2026 ₹224 Cr
- MSTCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹169 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹119 Cr | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹203 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹265 Cr | Jun 2024 ₹342 Cr | Sep 2024 ₹291 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹268 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹289 Cr | Jun 2026 —
- CNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹421 Cr | Mar 2023 ₹397 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹430 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹411 Cr | Dec 2024 ₹659 Cr | Mar 2025 ₹404 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹656 Cr | Dec 2025 ₹914 Cr | Mar 2026 ₹741 Cr | Jun 2026 —
- RNFI: 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 ₹220 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹239 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 543787: 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 232% | Dec 2024 47% | Mar 2025 53% | Jun 2025 4.3% | Sep 2025 -24% | Dec 2025 72% | Mar 2026 63% | Jun 2026 —
- PAYTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 76% | Dec 2022 42% | Mar 2023 51% | Jun 2023 39% | Sep 2023 32% | Dec 2023 38% | Mar 2024 -2.9% | Jun 2024 -36% | Sep 2024 -34% | Dec 2024 -36% | Mar 2025 -16% | Jun 2025 28% | Sep 2025 24% | Dec 2025 20% | Mar 2026 18% | Jun 2026 28%
- NAUKRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.6% | Dec 2023 6.3% | Mar 2024 8.6% | Jun 2024 8.2% | Sep 2024 12% | Dec 2024 15% | Mar 2025 14% | Jun 2025 17% | Sep 2025 15% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- URBANCO: 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 31% | Jun 2025 31% | Sep 2025 37% | Dec 2025 33% | Mar 2026 43% | Jun 2026 —
- PINELABS: 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 -24% | Jun 2025 18% | Sep 2025 18% | Dec 2025 24% | Mar 2026 17% | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 80% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 31% | Jun 2024 21% | Sep 2024 28% | Dec 2024 29% | Mar 2025 21% | Jun 2025 22% | Sep 2025 26% | Dec 2025 86% | Mar 2026 83% | Jun 2026 —
- INDIAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 34% | Mar 2023 34% | Jun 2023 25% | Sep 2023 22% | Dec 2023 22% | Mar 2024 17% | Jun 2024 17% | Sep 2024 18% | Dec 2024 16% | Mar 2025 13% | Jun 2025 12% | Sep 2025 12% | Dec 2025 14% | Mar 2026 14% | Jun 2026 11%
- JUSTDIAL: Sep 2021 — | Dec 2021 — | Mar 2022 -5.1% | Jun 2022 13% | Sep 2022 31% | Dec 2022 39% | Mar 2023 40% | Jun 2023 33% | Sep 2023 27% | Dec 2023 20% | Mar 2024 16% | Jun 2024 14% | Sep 2024 9.2% | Dec 2024 8.3% | Mar 2025 7.0% | Jun 2025 6.1% | Sep 2025 6.3% | Dec 2025 6.6% | Mar 2026 6.2% | Jun 2026 9.7%
- MPSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 18% | Mar 2023 17% | Jun 2023 16% | Sep 2023 2.4% | Dec 2023 1.5% | Mar 2024 17% | Jun 2024 36% | Sep 2024 37% | Dec 2024 39% | Mar 2025 22% | Jun 2025 2.8% | Sep 2025 9.0% | Dec 2025 -2.2% | Mar 2026 13% | Jun 2026 20%
- MSTCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.5% | Mar 2024 1.0% | Jun 2024 -61% | Sep 2024 -11% | Dec 2024 -56% | Mar 2025 -55% | Jun 2025 12% | Sep 2025 18% | Dec 2025 8.6% | Mar 2026 34% | Jun 2026 —
- MOBIKWIK: 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 43% | Dec 2024 18% | Mar 2025 1.1% | Jun 2025 -21% | Sep 2025 -7.0% | Dec 2025 7.2% | Mar 2026 7.8% | Jun 2026 —
- CNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 -23% | Jun 2024 -36% | Sep 2024 -4.4% | Dec 2024 29% | Mar 2025 33% | Jun 2025 31% | Sep 2025 60% | Dec 2025 39% | Mar 2026 83% | Jun 2026 —
- RNFI: 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 0.7% | Dec 2025 5.6% | Mar 2026 12% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: MSTC Ltd · 64% | 68.4% versus #2 · Info Edge (India) Ltd | 5/8 recent comparable periods | 13/13 companies · 205 observations

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

### OPM — highest
1. MSTC Ltd (MSTCLTD): 64%
2. Info Edge (India) Ltd (NAUKRI): 38%
3. MPS Ltd (MPSLTD): 34%
4. Indiamart Intermesh Ltd (INDIAMART): 32%
5. Just Dial Ltd (JUSTDIAL): 24%

### Margin change — fastest expanders
1. One Mobikwik Systems Ltd (MOBIKWIK): +24.6 pp
2. MPS Ltd (MPSLTD): +7.0 pp
3. Info Edge (India) Ltd (NAUKRI): +7.0 pp
4. Pine Labs Ltd (PINELABS): +6.0 pp
5. MSTC Ltd (MSTCLTD): +5.0 pp

### 20-quarter OPM history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 14% | Jun 2023 9.7% | Sep 2023 11% | Dec 2023 12% | Mar 2024 15% | Jun 2024 9.4% | Sep 2024 9.9% | Dec 2024 8.2% | Mar 2025 10% | Jun 2025 12% | Sep 2025 11% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- PAYTM: Sep 2021 -42% | Dec 2021 -54% | Mar 2022 -50% | Jun 2022 -38% | Sep 2022 -29% | Dec 2022 -16% | Mar 2023 -6.0% | Jun 2023 -13% | Sep 2023 -9.0% | Dec 2023 -6.0% | Mar 2024 -21% | Jun 2024 -53% | Sep 2024 -24% | Dec 2024 -12% | Mar 2025 -5.0% | Jun 2025 4.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 6.0% | Jun 2026 8.0%
- NAUKRI: Sep 2021 9.6% | Dec 2021 28% | Mar 2022 15% | Jun 2022 5.2% | Sep 2022 8.0% | Dec 2022 26% | Mar 2023 18% | Jun 2023 29% | Sep 2023 21% | Dec 2023 29% | Mar 2024 31% | Jun 2024 31% | Sep 2024 22% | Dec 2024 37% | Mar 2025 31% | Jun 2025 33% | Sep 2025 35% | Dec 2025 36% | Mar 2026 38% | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -26% | Jun 2024 -3.4% | Sep 2024 -6.0% | Dec 2024 -1.0% | Mar 2025 -6.0% | Jun 2025 -4.0% | Sep 2025 -21% | Dec 2025 -11% | Mar 2026 -28% | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -25% | Jun 2024 -3.0% | Sep 2024 6.0% | Dec 2024 13% | Mar 2025 9.0% | Jun 2025 7.0% | Sep 2025 12% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- TBOTEK: Sep 2021 5.7% | Dec 2021 3.8% | Mar 2022 3.8% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13% | Jun 2023 19% | Sep 2023 20% | Dec 2023 17% | Mar 2024 18% | Jun 2024 19% | Sep 2024 17% | Dec 2024 13% | Mar 2025 15% | Jun 2025 14% | Sep 2025 16% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- INDIAMART: Sep 2021 45% | Dec 2021 40% | Mar 2022 26% | Jun 2022 25% | Sep 2022 23% | Dec 2022 24% | Mar 2023 21% | Jun 2023 24% | Sep 2023 23% | Dec 2023 26% | Mar 2024 24% | Jun 2024 33% | Sep 2024 35% | Dec 2024 35% | Mar 2025 34% | Jun 2025 32% | Sep 2025 30% | Dec 2025 30% | Mar 2026 30% | Jun 2026 32%
- JUSTDIAL: Sep 2021 10% | Dec 2021 3.0% | Mar 2022 -4.0% | Jun 2022 5.0% | Sep 2022 8.0% | Dec 2022 12% | Mar 2023 14% | Jun 2023 15% | Sep 2023 19% | Dec 2023 23% | Mar 2024 26% | Jun 2024 25% | Sep 2024 25% | Dec 2024 26% | Mar 2025 26% | Jun 2025 25% | Sep 2025 25% | Dec 2025 28% | Mar 2026 25% | Jun 2026 24%
- MPSLTD: Sep 2021 28% | Dec 2021 29% | Mar 2022 29% | Jun 2022 26% | Sep 2022 32% | Dec 2022 31% | Mar 2023 36% | Jun 2023 32% | Sep 2023 31% | Dec 2023 33% | Mar 2024 29% | Jun 2024 23% | Sep 2024 30% | Dec 2024 32% | Mar 2025 31% | Jun 2025 27% | Sep 2025 31% | Dec 2025 32% | Mar 2026 33% | Jun 2026 34%
- MSTCLTD: Sep 2021 20% | Dec 2021 34% | Mar 2022 -80% | Jun 2022 40% | Sep 2022 -8.3% | Dec 2022 32% | Mar 2023 41% | Jun 2023 36% | Sep 2023 60% | Dec 2023 34% | Mar 2024 -17% | Jun 2024 56% | Sep 2024 54% | Dec 2024 58% | Mar 2025 59% | Jun 2025 56% | Sep 2025 59% | Dec 2025 56% | Mar 2026 64% | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.7% | Dec 2023 3.7% | Mar 2024 -0.3% | Jun 2024 -0.4% | Sep 2024 1.3% | Dec 2024 -18% | Mar 2025 -21% | Jun 2025 -15% | Sep 2025 -5.7% | Dec 2025 2.3% | Mar 2026 3.5% | Jun 2026 —
- CNL: Sep 2021 2.5% | Dec 2021 2.4% | Mar 2022 1.3% | Jun 2022 1.0% | Sep 2022 1.9% | Dec 2022 1.0% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 3.0% | Dec 2023 2.0% | Mar 2024 4.0% | Jun 2024 3.0% | Sep 2024 3.0% | Dec 2024 2.0% | Mar 2025 4.0% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 4.0% | Jun 2026 —
- RNFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.5% | Dec 2023 — | Mar 2024 1.0% | Jun 2024 — | Sep 2024 5.4% | Dec 2024 4.6% | Mar 2025 4.3% | Jun 2025 4.7% | Sep 2025 6.0% | Dec 2025 6.5% | Mar 2026 6.7% | Jun 2026 —

### 20-quarter Margin change history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 −0.4 pp | Sep 2024 −1.0 pp | Dec 2024 −3.9 pp | Mar 2025 −5.0 pp | Jun 2025 +2.4 pp | Sep 2025 +0.6 pp | Dec 2025 +2.0 pp | Mar 2026 +3.3 pp | Jun 2026 —
- PAYTM: Sep 2021 +27.8 pp | Dec 2021 +17.6 pp | Mar 2022 +10.9 pp | Jun 2022 +4.9 pp | Sep 2022 +13.7 pp | Dec 2022 +38.1 pp | Mar 2023 +43.8 pp | Jun 2023 +25.1 pp | Sep 2023 +19.6 pp | Dec 2023 +10.0 pp | Mar 2024 −15.0 pp | Jun 2024 −40.0 pp | Sep 2024 −15.0 pp | Dec 2024 −6.0 pp | Mar 2025 +16.0 pp | Jun 2025 +57.0 pp | Sep 2025 +31.0 pp | Dec 2025 +19.0 pp | Mar 2026 +11.0 pp | Jun 2026 +4.0 pp
- NAUKRI: Sep 2021 +27.4 pp | Dec 2021 +37.4 pp | Mar 2022 +4.6 pp | Jun 2022 +4.4 pp | Sep 2022 −1.6 pp | Dec 2022 −1.7 pp | Mar 2023 +2.9 pp | Jun 2023 +23.8 pp | Sep 2023 +13.0 pp | Dec 2023 +3.0 pp | Mar 2024 +13.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +8.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 +13.0 pp | Dec 2025 −1.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- URBANCO: 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 +19.7 pp | Jun 2025 −0.6 pp | Sep 2025 −15.0 pp | Dec 2025 −10.0 pp | Mar 2026 −22.0 pp | Jun 2026 —
- PINELABS: 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 +33.9 pp | Jun 2025 +10.0 pp | Sep 2025 +6.0 pp | Dec 2025 +5.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +9.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −5.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- INDIAMART: Sep 2021 −5.3 pp | Dec 2021 −10.1 pp | Mar 2022 −21.1 pp | Jun 2022 −22.5 pp | Sep 2022 −21.2 pp | Dec 2022 −16.2 pp | Mar 2023 −4.5 pp | Jun 2023 −1.5 pp | Sep 2023 −0.4 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +9.0 pp | Sep 2024 +12.0 pp | Dec 2024 +9.0 pp | Mar 2025 +10.0 pp | Jun 2025 −1.0 pp | Sep 2025 −5.0 pp | Dec 2025 −5.0 pp | Mar 2026 −4.0 pp | Jun 2026 0.0 pp
- JUSTDIAL: Sep 2021 −16.7 pp | Dec 2021 −19.5 pp | Mar 2022 −24.0 pp | Jun 2022 +15.0 pp | Sep 2022 −2.0 pp | Dec 2022 +9.0 pp | Mar 2023 +18.0 pp | Jun 2023 +10.0 pp | Sep 2023 +11.0 pp | Dec 2023 +11.0 pp | Mar 2024 +12.0 pp | Jun 2024 +9.6 pp | Sep 2024 +5.7 pp | Dec 2024 +3.0 pp | Mar 2025 −0.3 pp | Jun 2025 +0.5 pp | Sep 2025 +0.3 pp | Dec 2025 +1.5 pp | Mar 2026 −0.3 pp | Jun 2026 −1.6 pp
- MPSLTD: Sep 2021 +5.3 pp | Dec 2021 +0.8 pp | Mar 2022 +3.9 pp | Jun 2022 −1.1 pp | Sep 2022 +4.0 pp | Dec 2022 +2.0 pp | Mar 2023 +7.1 pp | Jun 2023 +6.2 pp | Sep 2023 −0.7 pp | Dec 2023 +2.0 pp | Mar 2024 −7.0 pp | Jun 2024 −9.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +4.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 +7.0 pp
- MSTCLTD: Sep 2021 −2.6 pp | Dec 2021 +15.6 pp | Mar 2022 −36.9 pp | Jun 2022 +18.8 pp | Sep 2022 −28.5 pp | Dec 2022 −2.3 pp | Mar 2023 +121.3 pp | Jun 2023 −3.7 pp | Sep 2023 +68.3 pp | Dec 2023 +2.0 pp | Mar 2024 −58.0 pp | Jun 2024 +20.0 pp | Sep 2024 −6.0 pp | Dec 2024 +24.0 pp | Mar 2025 +76.0 pp | Jun 2025 0.0 pp | Sep 2025 +5.0 pp | Dec 2025 −2.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- MOBIKWIK: 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 −2.4 pp | Dec 2024 −21.4 pp | Mar 2025 −20.8 pp | Jun 2025 −14.9 pp | Sep 2025 −7.0 pp | Dec 2025 +20.0 pp | Mar 2026 +24.6 pp | Jun 2026 —
- CNL: Sep 2021 −0.5 pp | Dec 2021 +1.5 pp | Mar 2022 −2.1 pp | Jun 2022 −0.6 pp | Sep 2022 −0.6 pp | Dec 2022 −1.4 pp | Mar 2023 −0.3 pp | Jun 2023 +0.0 pp | Sep 2023 +1.1 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- RNFI: 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 +3.9 pp | Dec 2024 — | Mar 2025 +3.2 pp | Jun 2025 — | Sep 2025 +0.7 pp | Dec 2025 +1.9 pp | Mar 2026 +2.4 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Info Edge (India) Ltd · ₹1,764 crore | 171.8% versus #2 · One 97 Communications Ltd | 7/8 recent comparable periods | 13/13 companies · 186 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. Info Edge (India) Ltd (NAUKRI): ₹1.8K Cr
2. One 97 Communications Ltd (PAYTM): ₹649 Cr
3. Indiamart Intermesh Ltd (INDIAMART): ₹493 Cr
4. Just Dial Ltd (JUSTDIAL): ₹363 Cr
5. TBO Tek Ltd (TBOTEK): ₹245 Cr

### Profit growth — fastest growers
1. Just Dial Ltd (JUSTDIAL): 100%
2. One 97 Communications Ltd (PAYTM): 100%
3. Macfos Ltd (543787): 43%
4. Info Edge (India) Ltd (NAUKRI): 35%
5. Creative Newtech Ltd (CNL): 32%

### 20-quarter Net profit history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- PAYTM: Sep 2021 ₹-473 Cr | Dec 2021 ₹-778 Cr | Mar 2022 ₹-761 Cr | Jun 2022 ₹-644 Cr | Sep 2022 ₹-571 Cr | Dec 2022 ₹-392 Cr | Mar 2023 ₹-168 Cr | Jun 2023 ₹-358 Cr | Sep 2023 ₹-292 Cr | Dec 2023 ₹-222 Cr | Mar 2024 ₹-550 Cr | Jun 2024 ₹-840 Cr | Sep 2024 ₹930 Cr | Dec 2024 ₹-208 Cr | Mar 2025 ₹-545 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹183 Cr | Jun 2026 ₹220 Cr
- NAUKRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹94 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹-503 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹240 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹288 Cr | Mar 2025 ₹678 Cr | Jun 2025 ₹343 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹756 Cr | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-35 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-161 Cr | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-190 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-57 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- TBOTEK: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹28 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- INDIAMART: Sep 2021 ₹82 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹181 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹50 Cr | Jun 2026 ₹172 Cr
- JUSTDIAL: Sep 2021 ₹33 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹-48 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹100 Cr | Jun 2026 ₹166 Cr
- MPSLTD: Sep 2021 ₹22 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹47 Cr | Jun 2026 ₹50 Cr
- MSTCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹47 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- RNFI: 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 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 543787: 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 214% | Dec 2024 10% | Mar 2025 8.2% | Jun 2025 26% | Sep 2025 -19% | Dec 2025 104% | Mar 2026 103% | Jun 2026 —
- PAYTM: 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 79%
- NAUKRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 155% | Dec 2023 159% | Mar 2024 — | Jun 2024 76% | Sep 2024 -65% | Dec 2024 142% | Mar 2025 670% | Jun 2025 32% | Sep 2025 309% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- URBANCO: 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 -46% | Sep 2025 — | Dec 2025 -109% | Mar 2026 — | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 250% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 64% | Jun 2024 30% | Sep 2024 7.1% | Dec 2024 -2.0% | Mar 2025 28% | Jun 2025 3.3% | Sep 2025 13% | Dec 2025 8.0% | Mar 2026 1.7% | Jun 2026 —
- INDIAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -17% | Dec 2022 61% | Mar 2023 -1.8% | Jun 2023 77% | Sep 2023 1.5% | Dec 2023 -27% | Mar 2024 79% | Jun 2024 37% | Sep 2024 96% | Dec 2024 48% | Mar 2025 81% | Jun 2025 35% | Sep 2025 -39% | Dec 2025 55% | Mar 2026 -72% | Jun 2026 12%
- JUSTDIAL: Sep 2021 — | Dec 2021 — | Mar 2022 -35% | Jun 2022 — | Sep 2022 58% | Dec 2022 295% | Mar 2023 282% | Jun 2023 — | Sep 2023 38% | Dec 2023 23% | Mar 2024 38% | Jun 2024 70% | Sep 2024 114% | Dec 2024 42% | Mar 2025 36% | Jun 2025 13% | Sep 2025 -23% | Dec 2025 -9.9% | Mar 2026 -37% | Jun 2026 3.8%
- MPSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 36% | Mar 2023 45% | Jun 2023 43% | Sep 2023 11% | Dec 2023 0.0% | Mar 2024 -9.4% | Jun 2024 -13% | Sep 2024 17% | Dec 2024 37% | Mar 2025 62% | Jun 2025 35% | Sep 2025 57% | Dec 2025 -12% | Mar 2026 0.0% | Jun 2026 43%
- MSTCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.4% | Mar 2024 -38% | Jun 2024 -24% | Sep 2024 -25% | Dec 2024 402% | Mar 2025 58% | Jun 2025 7.7% | Sep 2025 17% | Dec 2025 -80% | Mar 2026 1.3% | Jun 2026 —
- MOBIKWIK: 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 -169% | Dec 2024 -1,149% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 233% | Jun 2024 50% | Sep 2024 30% | Dec 2024 42% | Mar 2025 -30% | Jun 2025 11% | Sep 2025 46% | Dec 2025 35% | Mar 2026 29% | Jun 2026 —
- RNFI: 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 34% | Dec 2025 59% | Mar 2026 56% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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: One 97 Communications Ltd · ₹113 crore | 135.4% versus #2 · Pine Labs Ltd | 1/1 recent comparable periods | 7/13 companies · 49 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. One 97 Communications Ltd (PAYTM): ₹113 Cr
2. Pine Labs Ltd (PINELABS): ₹48 Cr
3. Urban Company Ltd (URBANCO): ₹12 Cr
4. RNFI Services Ltd (RNFI): ₹5 Cr
5. One Mobikwik Systems Ltd (MOBIKWIK): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. One 97 Communications Ltd (PAYTM): 10%
2. Pine Labs Ltd (PINELABS): 7.4%
3. Urban Company Ltd (URBANCO): 3.2%
4. RNFI Services Ltd (RNFI): 2.3%
5. One Mobikwik Systems Ltd (MOBIKWIK): 0.7%

### 20-quarter CAPEX history
- PAYTM: Sep 2021 ₹113 Cr | 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 — | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹93 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹48 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBOTEK: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDIAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹3 Cr | Sep 2023 — | Dec 2023 ₹8 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹6 Cr | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RNFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- PAYTM: Sep 2021 10% | 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 — | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9% | Jun 2024 0.7% | Sep 2024 1.8% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 1.4% | Sep 2025 3.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 12% | Jun 2024 6.3% | Sep 2024 5.8% | Dec 2024 1.3% | Mar 2025 13% | Jun 2025 6.2% | Sep 2025 7.4% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBOTEK: Sep 2021 1.2% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 1.5% | Mar 2024 0.5% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDIAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.4% | Mar 2023 0.4% | Jun 2023 1.1% | Sep 2023 — | Dec 2023 2.6% | Mar 2024 0.6% | Jun 2024 0.3% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.0% | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 1.8% | Sep 2024 0.7% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RNFI: 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 3.2% | Dec 2024 — | Mar 2025 — | Jun 2025 2.0% | Sep 2025 2.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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: Indiamart Intermesh Ltd · ₹23 crore | 20.7% versus #2 · RNFI Services Ltd | 8/8 recent comparable periods | 13/13 companies · 174 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. Indiamart Intermesh Ltd (INDIAMART): ₹23 Cr
2. RNFI Services Ltd (RNFI): ₹29 Cr
3. Macfos Ltd (543787): ₹36 Cr
4. MPS Ltd (MPSLTD): ₹61 Cr
5. Just Dial Ltd (JUSTDIAL): ₹85 Cr

### Net debt — lowest net debt
1. One 97 Communications Ltd (PAYTM): ₹-14.4K Cr
2. Pine Labs Ltd (PINELABS): ₹-7.8K Cr
3. Just Dial Ltd (JUSTDIAL): ₹-5.8K Cr
4. Indiamart Intermesh Ltd (INDIAMART): ₹-3.1K Cr
5. Urban Company Ltd (URBANCO): ₹-1.6K Cr

### 20-quarter Gross debt history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹20 Cr | Jun 2025 — | Sep 2025 ₹41 Cr | Dec 2025 — | Mar 2026 ₹36 Cr | Jun 2026 —
- PAYTM: Sep 2021 ₹657 Cr | Dec 2021 ₹657 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹235 Cr | Dec 2022 ₹235 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹223 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹194 Cr | Jun 2026 ₹172 Cr
- NAUKRI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹64 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹108 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹246 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹267 Cr | Jun 2025 — | Sep 2025 ₹276 Cr | Dec 2025 — | Mar 2026 ₹259 Cr | Jun 2026 —
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹102 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹104 Cr | Jun 2024 ₹104 Cr | Sep 2024 — | Dec 2024 ₹123 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹236 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹514 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹730 Cr | Jun 2024 ₹575 Cr | Sep 2024 — | Dec 2024 ₹734 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹858 Cr | Dec 2025 ₹858 Cr | Mar 2026 ₹441 Cr | Jun 2026 —
- TBOTEK: Sep 2021 ₹15 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹63 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹71 Cr | Jun 2023 ₹69 Cr | Sep 2023 — | Dec 2023 ₹80 Cr | Mar 2024 ₹210 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹719 Cr | Mar 2026 ₹756 Cr | Jun 2026 —
- INDIAMART: Sep 2021 ₹60 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹52 Cr | Dec 2022 — | Mar 2023 ₹46 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹38 Cr | Dec 2024 — | Mar 2025 ₹33 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹23 Cr | Jun 2026 ₹23 Cr
- JUSTDIAL: Sep 2021 ₹56 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹85 Cr | Jun 2026 ₹85 Cr
- MPSLTD: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹61 Cr | Jun 2026 ₹61 Cr
- MSTCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹150 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹145 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹145 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹145 Cr | Jun 2025 — | Sep 2025 ₹145 Cr | Dec 2025 — | Mar 2026 ₹145 Cr | Jun 2026 —
- MOBIKWIK: Sep 2021 — | Dec 2021 ₹102 Cr | Mar 2022 ₹158 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹206 Cr | Jun 2023 ₹206 Cr | Sep 2023 ₹164 Cr | Dec 2023 — | Mar 2024 ₹223 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹292 Cr | Jun 2025 ₹292 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹276 Cr | Jun 2026 —
- CNL: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹72 Cr | Jun 2025 — | Sep 2025 ₹126 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹324 Cr | Jun 2026 —
- RNFI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹23 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹29 Cr | Jun 2026 —

### 20-quarter Net debt history
- PAYTM: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-4.4K Cr | Jun 2022 ₹-4.4K Cr | Sep 2022 ₹-6.9K Cr | Dec 2022 ₹-6.9K Cr | Mar 2023 ₹-7.9K Cr | Jun 2023 ₹-7.9K Cr | Sep 2023 ₹-6.0K Cr | Dec 2023 ₹-6.0K Cr | Mar 2024 ₹-7.4K Cr | Jun 2024 ₹-7.4K Cr | Sep 2024 ₹-8.5K Cr | Dec 2024 ₹-8.5K Cr | Mar 2025 ₹-10.5K Cr | Jun 2025 ₹-13.0K Cr | Sep 2025 ₹-12.8K Cr | Dec 2025 ₹-12.8K Cr | Mar 2026 ₹-14.4K Cr | Jun 2026 ₹-14.4K Cr
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 — | Dec 2024 ₹-1.2K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.6K Cr | Dec 2025 ₹-1.6K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-289 Cr | Jun 2024 ₹-31 Cr | Sep 2024 — | Dec 2024 ₹54 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹-5.2K Cr | Dec 2025 ₹-5.2K Cr | Mar 2026 ₹-7.8K Cr | Jun 2026 —
- TBOTEK: Sep 2021 ₹-365 Cr | Dec 2021 ₹-374 Cr | Mar 2022 ₹-374 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-507 Cr | Jun 2023 ₹-488 Cr | Sep 2023 — | Dec 2023 ₹-386 Cr | Mar 2024 ₹-541 Cr | Jun 2024 ₹-541 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.2K Cr | Mar 2025 ₹-918 Cr | Jun 2025 ₹-918 Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-783 Cr | Jun 2026 —
- INDIAMART: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.3K Cr | Jun 2022 ₹-2.3K Cr | Sep 2022 ₹-1.9K Cr | Dec 2022 — | Mar 2023 ₹-2.3K Cr | Jun 2023 ₹-2.3K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹-2.3K Cr | Jun 2024 ₹-2.3K Cr | Sep 2024 ₹-2.4K Cr | Dec 2024 — | Mar 2025 ₹-2.8K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.7K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-3.1K Cr | Jun 2026 ₹-3.1K Cr
- JUSTDIAL: Sep 2021 ₹-3.4K Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-3.4K Cr | Jun 2022 ₹-3.4K Cr | Sep 2022 ₹-3.5K Cr | Dec 2022 ₹-3.5K Cr | Mar 2023 ₹-4.0K Cr | Jun 2023 ₹-4.0K Cr | Sep 2023 ₹-4.2K Cr | Dec 2023 ₹-4.2K Cr | Mar 2024 ₹-4.5K Cr | Jun 2024 ₹-4.5K Cr | Sep 2024 ₹-4.9K Cr | Dec 2024 ₹-4.9K Cr | Mar 2025 ₹-5.2K Cr | Jun 2025 ₹-5.2K Cr | Sep 2025 ₹-5.5K Cr | Dec 2025 ₹-5.5K Cr | Mar 2026 ₹-5.8K Cr | Jun 2026 ₹-5.8K Cr
- MPSLTD: Sep 2021 ₹-137 Cr | Dec 2021 ₹-137 Cr | Mar 2022 ₹-124 Cr | Jun 2022 ₹-126 Cr | Sep 2022 ₹-104 Cr | Dec 2022 ₹-104 Cr | Mar 2023 ₹-175 Cr | Jun 2023 ₹-175 Cr | Sep 2023 ₹-162 Cr | Dec 2023 ₹-162 Cr | Mar 2024 ₹-138 Cr | Jun 2024 ₹-138 Cr | Sep 2024 ₹-93 Cr | Dec 2024 ₹-93 Cr | Mar 2025 ₹-96 Cr | Jun 2025 ₹-102 Cr | Sep 2025 ₹-109 Cr | Dec 2025 ₹-109 Cr | Mar 2026 ₹-58 Cr | Jun 2026 ₹-58 Cr
- MOBIKWIK: Sep 2021 — | Dec 2021 ₹-36 Cr | Mar 2022 ₹64 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹107 Cr | Sep 2023 ₹68 Cr | Dec 2023 — | Mar 2024 ₹125 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹-155 Cr | Dec 2024 ₹-155 Cr | Mar 2025 ₹-273 Cr | Jun 2025 ₹-677 Cr | Sep 2025 ₹-518 Cr | Dec 2025 ₹-518 Cr | Mar 2026 ₹-617 Cr | Jun 2026 —
- CNL: Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹28 Cr | Jun 2025 — | Sep 2025 ₹113 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹302 Cr | Jun 2026 —
- RNFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-5 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-49 Cr | Dec 2024 — | Mar 2025 ₹-109 Cr | Jun 2025 ₹-109 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-70 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: MPS Ltd · 39.3% | 16.3% versus #2 · Macfos Ltd | 6/8 recent comparable periods | 13/13 companies · 129 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. MPS Ltd (MPSLTD): 39%
2. Macfos Ltd (543787): 34%
3. MSTC Ltd (MSTCLTD): 30%
4. Indiamart Intermesh Ltd (INDIAMART): 28%
5. RNFI Services Ltd (RNFI): 27%

### ROCE change — fastest improvers
1. Pine Labs Ltd (PINELABS): +6.6 pp
2. Creative Newtech Ltd (CNL): +5.9 pp
3. RNFI Services Ltd (RNFI): +4.5 pp
4. Indiamart Intermesh Ltd (INDIAMART): +4.4 pp
5. One 97 Communications Ltd (PAYTM): +2.3 pp

### 20-quarter ROCE history
- PAYTM: Sep 2021 -32% | Dec 2021 — | Mar 2022 -18% | Jun 2022 — | Sep 2022 -22% | Dec 2022 — | Mar 2023 -16% | Jun 2023 — | Sep 2023 -12% | Dec 2023 -7.2% | Mar 2024 -11% | Jun 2024 -14% | Sep 2024 -15% | Dec 2024 -4.4% | Mar 2025 -12% | Jun 2025 2.3% | Sep 2025 -2.3% | Dec 2025 -0.9% | Mar 2026 3.8% | Jun 2026 4.6%
- URBANCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -4.2% | Jun 2024 — | Sep 2024 — | Dec 2024 -5.5% | Mar 2025 -3.4% | Jun 2025 -3.1% | Sep 2025 -4.7% | Dec 2025 -2.8% | Mar 2026 -10% | Jun 2026 —
- PINELABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -5.1% | Jun 2024 — | Sep 2024 — | Dec 2024 -11% | Mar 2025 -5.1% | Jun 2025 -5.1% | Sep 2025 -3.6% | Dec 2025 4.3% | Mar 2026 1.5% | Jun 2026 —
- TBOTEK: Sep 2021 4.0% | Dec 2021 5.2% | Mar 2022 7.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 23% | Sep 2023 — | Dec 2023 32% | Mar 2024 29% | Jun 2024 42% | Sep 2024 19% | Dec 2024 29% | Mar 2025 20% | Jun 2025 27% | Sep 2025 13% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- INDIAMART: Sep 2021 16% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 9.3% | Jun 2023 — | Sep 2023 13% | Dec 2023 13% | Mar 2024 12% | Jun 2024 14% | Sep 2024 15% | Dec 2024 27% | Mar 2025 17% | Jun 2025 18% | Sep 2025 17% | Dec 2025 16% | Mar 2026 15% | Jun 2026 22%
- JUSTDIAL: Sep 2021 1.1% | Dec 2021 3.1% | Mar 2022 -0.8% | Jun 2022 0.9% | Sep 2022 -0.1% | Dec 2022 3.3% | Mar 2023 1.4% | Jun 2023 9.8% | Sep 2023 2.6% | Dec 2023 11% | Mar 2024 4.0% | Jun 2024 — | Sep 2024 5.4% | Dec 2024 — | Mar 2025 5.9% | Jun 2025 — | Sep 2025 5.8% | Dec 2025 — | Mar 2026 5.8% | Jun 2026 —
- MPSLTD: Sep 2021 23% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 30% | Dec 2023 37% | Mar 2024 29% | Jun 2024 32% | Sep 2024 31% | Dec 2024 35% | Mar 2025 35% | Jun 2025 40% | Sep 2025 38% | Dec 2025 43% | Mar 2026 30% | Jun 2026 41%
- MOBIKWIK: Sep 2021 — | Dec 2021 -61% | Mar 2022 -40% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 88% | Dec 2023 — | Mar 2024 148% | Jun 2024 168% | Sep 2024 153% | Dec 2024 -21% | Mar 2025 17% | Jun 2025 -31% | Sep 2025 1.3% | Dec 2025 -26% | Mar 2026 17% | Jun 2026 —
- CNL: Sep 2021 30% | Dec 2021 — | Mar 2022 31% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 19% | Dec 2023 31% | Mar 2024 21% | Jun 2024 37% | Sep 2024 19% | Dec 2024 35% | Mar 2025 17% | Jun 2025 28% | Sep 2025 19% | Dec 2025 31% | Mar 2026 23% | Jun 2026 —
- RNFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.4% | Sep 2023 15% | Dec 2023 20% | Mar 2024 25% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 17% | Jun 2025 37% | Sep 2025 20% | Dec 2025 30% | Mar 2026 22% | Jun 2026 —

### 20-quarter ROCE change history
- PAYTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.3 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +9.6 pp | Dec 2023 — | Mar 2024 +4.5 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 +2.8 pp | Mar 2025 −0.9 pp | Jun 2025 +16.0 pp | Sep 2025 +12.6 pp | Dec 2025 +3.5 pp | Mar 2026 +15.9 pp | Jun 2026 +2.3 pp
- URBANCO: 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 +0.8 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +2.7 pp | Mar 2026 −7.0 pp | Jun 2026 —
- PINELABS: 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 0.0 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +15.3 pp | Mar 2026 +6.6 pp | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +17.4 pp | Jun 2024 +19.1 pp | Sep 2024 — | Dec 2024 −3.8 pp | Mar 2025 −9.0 pp | Jun 2025 −14.5 pp | Sep 2025 −5.9 pp | Dec 2025 −9.8 pp | Mar 2026 −7.1 pp | Jun 2026 —
- INDIAMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 −3.6 pp | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 +14.0 pp | Mar 2025 +4.5 pp | Jun 2025 +3.9 pp | Sep 2025 +1.9 pp | Dec 2025 −10.8 pp | Mar 2026 −1.5 pp | Jun 2026 +4.4 pp
- JUSTDIAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +0.2 pp | Mar 2023 +2.2 pp | Jun 2023 +8.9 pp | Sep 2023 +2.7 pp | Dec 2023 +7.8 pp | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +2.8 pp | Dec 2024 — | Mar 2025 +1.9 pp | Jun 2025 — | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- MPSLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 −2.0 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 −2.3 pp | Mar 2025 +6.0 pp | Jun 2025 +8.4 pp | Sep 2025 +7.4 pp | Dec 2025 +8.7 pp | Mar 2026 −4.4 pp | Jun 2026 +0.7 pp
- MOBIKWIK: 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 +65.3 pp | Dec 2024 — | Mar 2025 −131.6 pp | Jun 2025 −199.1 pp | Sep 2025 −151.9 pp | Dec 2025 −5.0 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 — | Mar 2023 −5.6 pp | Jun 2023 — | Sep 2023 −12.9 pp | Dec 2023 — | Mar 2024 −5.2 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 +3.4 pp | Mar 2025 −3.4 pp | Jun 2025 −9.5 pp | Sep 2025 0.0 pp | Dec 2025 −4.2 pp | Mar 2026 +5.9 pp | Jun 2026 —
- RNFI: 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 −1.4 pp | Dec 2024 — | Mar 2025 −8.2 pp | Jun 2025 — | Sep 2025 +6.4 pp | Dec 2025 — | Mar 2026 +4.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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: MPS Ltd · 0.43× | 36.8% versus #2 · Indiamart Intermesh Ltd | 0/8 recent comparable periods | 5/13 companies · 38 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. MPS Ltd (MPSLTD): 0.4
2. Indiamart Intermesh Ltd (INDIAMART): 0.7
3. One 97 Communications Ltd (PAYTM): 1.8
4. TBO Tek Ltd (TBOTEK): 6.4
5. Just Dial Ltd (JUSTDIAL): 7.5

### P/E — lowest P/E
1. MSTC Ltd (MSTCLTD): 19.6
2. Creative Newtech Ltd (CNL): 21.1
3. Indiamart Intermesh Ltd (INDIAMART): 21.4
4. RNFI Services Ltd (RNFI): 23.5
5. MPS Ltd (MPSLTD): 25.9

### 20-quarter Guarded PEG history
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.8 | Sep 2024 — | Dec 2024 — | Mar 2025 2.9 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 6.4 | Jun 2026 —
- INDIAMART: Sep 2021 1.7 | Dec 2021 3.6 | Mar 2022 9.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.2 | Dec 2023 — | Mar 2024 — | Jun 2024 2.3 | Sep 2024 3.0 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 0.7 | Jun 2026 —
- JUSTDIAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.4 | Jun 2025 4.3 | Sep 2025 — | Dec 2025 7.5 | Mar 2026 — | Jun 2026 —
- MPSLTD: Sep 2021 1.2 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.3 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 0.9 | Jun 2024 3.2 | Sep 2024 — | Dec 2024 0.8 | Mar 2025 5.5 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 0.4

### 20-quarter P/E history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 63.1 | Sep 2024 54.2 | Dec 2024 71.4 | Mar 2025 41.7 | Jun 2025 41.1 | Sep 2025 36.2 | Dec 2025 43.0 | Mar 2026 41.4 | Jun 2026 —
- PAYTM: 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 -64.4 | Dec 2024 — | Mar 2025 — | Jun 2025 194.8 | Sep 2025 -118.7 | Dec 2025 773.7 | Mar 2026 119.0 | Jun 2026 98.7
- NAUKRI: Sep 2021 545.6 | Dec 2021 484.9 | Mar 2022 22.1 | Jun 2022 18.1 | Sep 2022 16.9 | Dec 2022 17.0 | Mar 2023 63.4 | Jun 2023 198.4 | Sep 2023 198.3 | Dec 2023 194.0 | Mar 2024 284.6 | Jun 2024 145.8 | Sep 2024 156.7 | Dec 2024 216.8 | Mar 2025 145.4 | Jun 2025 101.0 | Sep 2025 82.4 | Dec 2025 67.2 | Mar 2026 47.5 | Jun 2026 —
- URBANCO: 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 34.2 | Dec 2025 32.3 | Mar 2026 — | Jun 2026 —
- PINELABS: 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 -231.9 | Mar 2026 159.4 | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 139.8 | Sep 2024 93.8 | Dec 2024 82.9 | Mar 2025 60.5 | Jun 2025 69.0 | Sep 2025 75.5 | Dec 2025 83.0 | Mar 2026 51.3 | Jun 2026 —
- INDIAMART: Sep 2021 86.1 | Dec 2021 63.7 | Mar 2022 45.8 | Jun 2022 42.4 | Sep 2022 53.1 | Dec 2022 54.4 | Mar 2023 53.8 | Jun 2023 60.8 | Sep 2023 54.8 | Dec 2023 51.4 | Mar 2024 55.0 | Jun 2024 48.0 | Sep 2024 48.0 | Dec 2024 31.4 | Mar 2025 26.4 | Jun 2025 29.7 | Sep 2025 24.1 | Dec 2025 24.7 | Mar 2026 19.6 | Jun 2026 24.8
- JUSTDIAL: Sep 2021 54.7 | Dec 2021 68.7 | Mar 2022 180.8 | Jun 2022 217.5 | Sep 2022 171.9 | Dec 2022 166.0 | Mar 2023 105.3 | Jun 2023 81.3 | Sep 2023 74.3 | Dec 2023 68.5 | Mar 2024 57.0 | Jun 2024 62.7 | Sep 2024 71.0 | Dec 2024 60.9 | Mar 2025 49.7 | Jun 2025 55.8 | Sep 2025 49.9 | Dec 2025 44.1 | Mar 2026 30.5 | Jun 2026 32.8
- MPSLTD: Sep 2021 18.8 | Dec 2021 15.4 | Mar 2022 14.2 | Jun 2022 13.7 | Sep 2022 12.9 | Dec 2022 15.6 | Mar 2023 18.3 | Jun 2023 16.5 | Sep 2023 21.9 | Dec 2023 23.8 | Mar 2024 21.5 | Jun 2024 28.2 | Sep 2024 31.9 | Dec 2024 29.1 | Mar 2025 37.3 | Jun 2025 31.4 | Sep 2025 24.3 | Dec 2025 20.8 | Mar 2026 15.7 | Jun 2026 18.5
- MSTCLTD: Sep 2021 14.5 | Dec 2021 15.6 | Mar 2022 12.0 | Jun 2022 8.8 | Sep 2022 8.1 | Dec 2022 8.1 | Mar 2023 6.8 | Jun 2023 10.1 | Sep 2023 12.7 | Dec 2023 21.3 | Mar 2024 26.1 | Jun 2024 30.8 | Sep 2024 25.9 | Dec 2024 26.3 | Mar 2025 20.5 | Jun 2025 18.2 | Sep 2025 15.8 | Dec 2025 16.3 | Mar 2026 11.8 | Jun 2026 —
- MOBIKWIK: 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 1,121.1 | Mar 2025 1,072.0 | Jun 2025 — | Sep 2025 — | Dec 2025 -14.9 | Mar 2026 -19.7 | Jun 2026 —
- CNL: Sep 2021 25.4 | Dec 2021 38.6 | Mar 2022 45.9 | Jun 2022 34.3 | Sep 2022 25.4 | Dec 2022 27.1 | Mar 2023 20.3 | Jun 2023 22.7 | Sep 2023 22.8 | Dec 2023 32.4 | Mar 2024 28.0 | Jun 2024 21.6 | Sep 2024 23.4 | Dec 2024 24.4 | Mar 2025 17.9 | Jun 2025 18.8 | Sep 2025 17.4 | Dec 2025 18.4 | Mar 2026 12.7 | Jun 2026 —
- RNFI: 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 23.2 | Dec 2024 24.9 | Mar 2025 36.4 | Jun 2025 34.7 | Sep 2025 48.8 | Dec 2025 34.0 | Mar 2026 26.5 | Jun 2026 —

## Enterprise Value & Book Value

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

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: MSTC Ltd · 6× | 33.1% versus #2 · One Mobikwik Systems Ltd | 0/8 recent comparable periods | 12/13 companies · 147 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. MSTC Ltd (MSTCLTD): 6.0
2. One Mobikwik Systems Ltd (MOBIKWIK): 9.0
3. Creative Newtech Ltd (CNL): 10.2
4. RNFI Services Ltd (RNFI): 10.6
5. MPS Ltd (MPSLTD): 12.2

### P/BV — lowest P/BV
1. Just Dial Ltd (JUSTDIAL): 1.5
2. Info Edge (India) Ltd (NAUKRI): 2.0
3. Pine Labs Ltd (PINELABS): 2.9
4. One Mobikwik Systems Ltd (MOBIKWIK): 2.9
5. RNFI Services Ltd (RNFI): 4.0

### 20-quarter EV/EBITDA history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 44.1 | Sep 2024 37.9 | Dec 2024 50.6 | Mar 2025 29.7 | Jun 2025 27.4 | Sep 2025 24.4 | Dec 2025 29.3 | Mar 2026 28.2 | Jun 2026 —
- PAYTM: 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 94.2 | Mar 2026 45.5 | Jun 2026 43.7
- NAUKRI: Sep 2021 567.3 | Dec 2021 301.9 | Mar 2022 20.1 | Jun 2022 16.3 | Sep 2022 14.6 | Dec 2022 14.5 | Mar 2023 35.2 | Jun 2023 78.9 | Sep 2023 86.3 | Dec 2023 88.9 | Mar 2024 168.3 | Jun 2024 78.5 | Sep 2024 85.4 | Dec 2024 85.9 | Mar 2025 60.4 | Jun 2025 50.0 | Sep 2025 41.7 | Dec 2025 41.8 | Mar 2026 29.9 | Jun 2026 —
- URBANCO: 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 305.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PINELABS: 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 82.3 | Mar 2026 47.0 | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 92.7 | Sep 2024 67.9 | Dec 2024 53.5 | Mar 2025 36.3 | Jun 2025 43.0 | Sep 2025 46.0 | Dec 2025 50.3 | Mar 2026 28.1 | Jun 2026 —
- INDIAMART: Sep 2021 61.5 | Dec 2021 45.5 | Mar 2022 32.3 | Jun 2022 31.0 | Sep 2022 39.1 | Dec 2022 39.0 | Mar 2023 37.9 | Jun 2023 42.0 | Sep 2023 36.2 | Dec 2023 34.2 | Mar 2024 36.6 | Jun 2024 32.0 | Sep 2024 32.4 | Dec 2024 21.7 | Mar 2025 18.5 | Jun 2025 21.8 | Sep 2025 17.8 | Dec 2025 18.1 | Mar 2026 14.4 | Jun 2026 17.2
- JUSTDIAL: Sep 2021 45.9 | Dec 2021 51.3 | Mar 2022 81.3 | Jun 2022 167.4 | Sep 2022 91.4 | Dec 2022 100.2 | Mar 2023 69.6 | Jun 2023 57.3 | Sep 2023 45.0 | Dec 2023 40.5 | Mar 2024 33.9 | Jun 2024 37.5 | Sep 2024 42.5 | Dec 2024 36.5 | Mar 2025 29.8 | Jun 2025 33.4 | Sep 2025 29.9 | Dec 2025 26.5 | Mar 2026 18.4 | Jun 2026 19.8
- MPSLTD: Sep 2021 9.0 | Dec 2021 7.3 | Mar 2022 6.8 | Jun 2022 7.6 | Sep 2022 7.1 | Dec 2022 9.0 | Mar 2023 10.9 | Jun 2023 10.0 | Sep 2023 13.7 | Dec 2023 15.1 | Mar 2024 13.4 | Jun 2024 17.6 | Sep 2024 19.7 | Dec 2024 17.9 | Mar 2025 23.3 | Jun 2025 19.8 | Sep 2025 15.4 | Dec 2025 13.6 | Mar 2026 10.3 | Jun 2026 12.2
- MSTCLTD: Sep 2021 7.3 | Dec 2021 7.5 | Mar 2022 5.8 | Jun 2022 4.5 | Sep 2022 3.0 | Dec 2022 3.7 | Mar 2023 3.6 | Jun 2023 5.0 | Sep 2023 4.5 | Dec 2023 10.3 | Mar 2024 13.2 | Jun 2024 13.1 | Sep 2024 12.2 | Dec 2024 12.4 | Mar 2025 9.3 | Jun 2025 11.8 | Sep 2025 8.5 | Dec 2025 9.6 | Mar 2026 6.0 | Jun 2026 —
- MOBIKWIK: 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 158.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNL: Sep 2021 15.2 | Dec 2021 22.4 | Mar 2022 28.1 | Jun 2022 21.1 | Sep 2022 17.4 | Dec 2022 18.9 | Mar 2023 13.8 | Jun 2023 15.1 | Sep 2023 17.4 | Dec 2023 22.6 | Mar 2024 19.9 | Jun 2024 16.4 | Sep 2024 17.7 | Dec 2024 18.7 | Mar 2025 14.5 | Jun 2025 15.0 | Sep 2025 13.6 | Dec 2025 14.6 | Mar 2026 10.2 | Jun 2026 —
- RNFI: 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 15.9 | Dec 2024 11.7 | Mar 2025 17.8 | Jun 2025 13.8 | Sep 2025 19.8 | Dec 2025 13.9 | Mar 2026 10.6 | Jun 2026 —

### 20-quarter P/BV history
- 543787: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 25.0 | Sep 2024 25.3 | Dec 2024 20.3 | Mar 2025 11.9 | Jun 2025 24.6 | Sep 2025 9.8 | Dec 2025 9.5 | Mar 2026 10.6 | Jun 2026 —
- PAYTM: Sep 2021 — | Dec 2021 14.9 | Mar 2022 6.1 | Jun 2022 3.0 | Sep 2022 3.0 | Dec 2022 2.5 | Mar 2023 2.9 | Jun 2023 4.0 | Sep 2023 4.2 | Dec 2023 3.1 | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 3.2 | Dec 2024 4.4 | Mar 2025 3.4 | Jun 2025 4.4 | Sep 2025 4.8 | Dec 2025 5.5 | Mar 2026 4.2 | Jun 2026 4.5
- NAUKRI: Sep 2021 15.9 | Dec 2021 3.7 | Mar 2022 3.0 | Jun 2022 9.3 | Sep 2022 3.5 | Dec 2022 3.6 | Mar 2023 2.8 | Jun 2023 3.4 | Sep 2023 4.0 | Dec 2023 3.4 | Mar 2024 3.7 | Jun 2024 6.5 | Sep 2024 3.5 | Dec 2024 2.7 | Mar 2025 2.2 | Jun 2025 3.2 | Sep 2025 2.4 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 —
- URBANCO: 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 10.6 | Dec 2025 8.5 | Mar 2026 7.5 | Jun 2026 —
- PINELABS: 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 7.4 | Mar 2026 4.8 | Jun 2026 —
- TBOTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 37.1 | Sep 2024 17.7 | Dec 2024 17.2 | Mar 2025 12.2 | Jun 2025 12.7 | Sep 2025 13.6 | Dec 2025 13.3 | Mar 2026 8.7 | Jun 2026 —
- INDIAMART: Sep 2021 16.0 | Dec 2021 11.4 | Mar 2022 7.8 | Jun 2022 7.8 | Sep 2022 7.3 | Dec 2022 7.0 | Mar 2023 8.2 | Jun 2023 8.4 | Sep 2023 8.6 | Dec 2023 10.6 | Mar 2024 10.3 | Jun 2024 9.3 | Sep 2024 10.1 | Dec 2024 7.2 | Mar 2025 6.6 | Jun 2025 7.2 | Sep 2025 6.5 | Dec 2025 6.2 | Mar 2026 5.5 | Jun 2026 4.9
- JUSTDIAL: Sep 2021 4.8 | Dec 2021 2.0 | Mar 2022 1.8 | Jun 2022 2.7 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 2.2 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 1.1
- MPSLTD: Sep 2021 3.2 | Dec 2021 2.7 | Mar 2022 2.6 | Jun 2022 3.2 | Sep 2022 2.9 | Dec 2022 3.8 | Mar 2023 5.0 | Jun 2023 4.9 | Sep 2023 6.2 | Dec 2023 6.4 | Mar 2024 5.8 | Jun 2024 7.9 | Sep 2024 7.9 | Dec 2024 7.8 | Mar 2025 10.9 | Jun 2025 9.9 | Sep 2025 7.8 | Dec 2025 7.0 | Mar 2026 5.3 | Jun 2026 5.2
- MSTCLTD: Sep 2021 3.9 | Dec 2021 4.0 | Mar 2022 3.8 | Jun 2022 3.1 | Sep 2022 2.3 | Dec 2022 2.6 | Mar 2023 2.7 | Jun 2023 3.7 | Sep 2023 3.9 | Dec 2023 5.3 | Mar 2024 6.5 | Jun 2024 7.7 | Sep 2024 7.4 | Dec 2024 4.9 | Mar 2025 3.7 | Jun 2025 6.0 | Sep 2025 4.6 | Dec 2025 4.3 | Mar 2026 3.2 | Jun 2026 —
- MOBIKWIK: 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 28.9 | Mar 2025 4.0 | Jun 2025 3.4 | Sep 2025 3.4 | Dec 2025 3.5 | Mar 2026 2.5 | Jun 2026 —
- CNL: Sep 2021 4.7 | Dec 2021 7.4 | Mar 2022 11.5 | Jun 2022 10.7 | Sep 2022 5.4 | Dec 2022 7.1 | Mar 2023 6.2 | Jun 2023 7.2 | Sep 2023 5.7 | Dec 2023 5.8 | Mar 2024 5.5 | Jun 2024 7.9 | Sep 2024 5.6 | Dec 2024 5.5 | Mar 2025 4.5 | Jun 2025 4.5 | Sep 2025 4.2 | Dec 2025 3.5 | Mar 2026 2.6 | Jun 2026 —
- RNFI: 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 3.3 | Dec 2024 3.6 | Mar 2025 5.3 | Jun 2025 5.6 | Sep 2025 7.9 | Dec 2025 5.7 | Mar 2026 4.5 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Macfos Ltd (543787): 81%
2. Creative Newtech Ltd (CNL): 38%
3. One 97 Communications Ltd (PAYTM): 35%
4. MSTC Ltd (MSTCLTD): 11%
5. TBO Tek Ltd (TBOTEK): 2.8%

### Strongest relative strength versus NIFTY 500
1. Macfos Ltd (543787): 37%
2. Creative Newtech Ltd (CNL): 35%
3. MSTC Ltd (MSTCLTD): 19%
4. Just Dial Ltd (JUSTDIAL): 13%
5. One 97 Communications Ltd (PAYTM): 13%

## 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.
- 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.

## Every company
- One 97 Communications Ltd (PAYTM) — market value ₹82.2K Cr; latest fundamentals Jun 2026
- Info Edge (India) Ltd (NAUKRI) — market value ₹75.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Urban Company Ltd (URBANCO) — market value ₹20.0K Cr; latest fundamentals Mar 2026
- Pine Labs Ltd (PINELABS) — market value ₹16.8K Cr; latest fundamentals Mar 2026
- TBO Tek Ltd (TBOTEK) — market value ₹15.5K Cr; latest fundamentals Mar 2026
- Indiamart Intermesh Ltd (INDIAMART) — market value ₹10.6K Cr; latest fundamentals Jun 2026
- Just Dial Ltd (JUSTDIAL) — market value ₹6.2K Cr; latest fundamentals Jun 2026
- MPS Ltd (MPSLTD) — market value ₹4.7K Cr; latest fundamentals Jun 2026
- MSTC Ltd (MSTCLTD) — market value ₹4.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- One Mobikwik Systems Ltd (MOBIKWIK) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Creative Newtech Ltd (CNL) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Macfos Ltd (543787) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- RNFI Services Ltd (RNFI) — market value ₹681 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 7. Unverified: 4. Withheld: 2. Graded companies: 13.

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.

- WITHHELD | NAUKRI | Info Edge (India) Ltd | diff_gt_2pct | disagreement up to 352.24% over 15 comparable periods
- WITHHELD | MSTCLTD | MSTC Ltd | diff_gt_2pct | disagreement up to 218.09% over 14 comparable periods

- UNVERIFIED | MOBIKWIK | One Mobikwik Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | CNL | Creative Newtech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RNFI | RNFI Services Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/e-commerce-platform-utility