# Electric Equipment - General — company-by-company sector analysis

> Electric Equipment - General: ABB India Ltd owns the largest revenue base; Saatvik Green Energy Ltd has the fastest current growth.

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

## Bottom line

Electric Equipment - General has outperformed NIFTY 500 by 76.4% over 52 weeks and 17.6% over 13 weeks. 4 of 7 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. ABB India Ltd leads with revenue of ₹13,093 crore, based on 8 of 14 comparable companies through Mar 2026.

### Is the Electric Equipment - General sector outperforming NIFTY 500?

Electric Equipment - General has outperformed NIFTY 500 by 76.4% over 52 weeks and 17.6% over 13 weeks. 4 of 7 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Electric Equipment - General company is largest by revenue?

ABB India Ltd leads with revenue of ₹13,093 crore, based on 8 of 14 comparable companies through Mar 2026.

### Which Electric Equipment - General company is growing fastest?

Saatvik Green Energy Ltd has the fastest current revenue growth at 100%, across 6 of 14 comparable companies.

### Which Electric Equipment - General company has the strongest 4-Factor Sector Score?

Emmvee Photovoltaic Power Ltd ranks first at 71.7/100 with 73% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Electric Equipment - General company reports the most CAPEX?

Emmvee Photovoltaic Power Ltd reports the largest latest CAPEX at ₹232 crore, with 6 of 14 companies comparable.

### Which Electric Equipment - General company has the least gross debt?

Indosolar Ltd has the lowest comparable gross debt at ₹3 crore. Saatvik Green Energy Ltd has the highest at ₹939 crore.

### Which Electric Equipment - General company has the lowest comparable PEG?

Saatvik Green Energy Ltd has the lowest comparable Guarded PEG at 0.65, among 3 of 14 companies that pass the metric’s comparability rules.

### How much history does this Electric Equipment - General 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

Electric Equipment - General has outperformed NIFTY 500 by 76.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 17.6%. 4 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Yash Highvoltage Ltd is the strongest against the sector itself at +21.7%.

13-week sector return versus NIFTY 500: 18%
52-week sector return versus NIFTY 500: 76%
Stocks leading NIFTY: 4/7
Stocks leading sector: 1/4

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

Companies: 14
Combined market value: ₹2.1 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. Emmvee Photovoltaic Power Ltd (EMMVEE): 72/100 — Favorable setup; evidence 73%
   - Growth & earnings 28.2/35 | Capital efficiency 18.9/25 | Valuation 14.6/20 | Relative strength 10.0/20
   - Exact sum: 28.2 + 18.9 + 14.6 + 10 = 71.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Fujiyama Power Systems Ltd (UTLSOLAR): 59/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 23.2/35 | Capital efficiency 15.8/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 23.2 + 15.8 + 9.5 + 10 = 58.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Saatvik Green Energy Ltd (SAATVIKGL): 53/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 14.2/35 | Capital efficiency 12.5/25 | Valuation 16.0/20 | Relative strength 10.0/20
   - Exact sum: 14.2 + 12.5 + 16 + 10 = 52.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4. Indosolar Ltd (WAAREEINDO): 49/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 13.6/35 | Capital efficiency 20.8/25 | Valuation 11.5/20 | Relative strength 3.5/20
   - Exact sum: 13.6 + 20.8 + 11.5 + 3.5 = 49.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. ABB India Ltd (ABB): 47/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.9/35 | Capital efficiency 15.2/25 | Valuation 8.3/20 | Relative strength 7.2/20
   - Exact sum: 15.9 + 15.2 + 8.3 + 7.2 = 46.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Yash Highvoltage Ltd (544310): 63/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 18.6/35 | Capital efficiency 16.4/25 | Valuation 8.7/20 | Relative strength 19.5/20
   - Exact sum: 18.6 + 16.4 + 8.7 + 19.5 = 63.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Vivid Electromech Ltd (VIVIDEL): 56/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 17.3/35 | Capital efficiency 18.6/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Exact sum: 17.3 + 18.6 + 9.8 + 10 = 55.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Saakshi Medtech & Panels Ltd (SAAKSHI): 55/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 21.0/35 | Capital efficiency 13.5/25 | Valuation 9.3/20 | Relative strength 11.4/20
   - Exact sum: 21 + 13.5 + 9.3 + 11.4 = 55.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. GP Eco Solutions India Ltd (GPECO): 54/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 21.1/35 | Capital efficiency 13.3/25 | Valuation 11.3/20 | Relative strength 8.7/20
   - Exact sum: 21.1 + 13.3 + 11.3 + 8.7 = 54.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Indo SMC Ltd (544681): 54/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 17.7/35 | Capital efficiency 16.0/25 | Valuation 10.2/20 | Relative strength 10.0/20
   - Exact sum: 17.7 + 16 + 10.2 + 10 = 53.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Parth Electricals & Engineering Ltd (PARTH): 49/100 — Thin evidence · provisional; evidence 36%
   - Growth & earnings 16.8/35 | Capital efficiency 13.1/25 | Valuation 9.0/20 | Relative strength 10.0/20
   - Exact sum: 16.8 + 13.1 + 9 + 10 = 48.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Vidya Wires Ltd (VIDYAWIRES): 48/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 14.6/35 | Capital efficiency 13.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 14.6 + 13.5 + 10 + 10 = 48.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Prostarm Info Systems Ltd (PROSTARM): 42/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 12.4/35 | Capital efficiency 11.2/25 | Valuation 10.5/20 | Relative strength 7.5/20
   - Exact sum: 12.4 + 11.2 + 10.5 + 7.5 = 41.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Hindusthan Insulators & Industries Ltd (539984): 35/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 14.6/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 5.0/20
   - Exact sum: 14.6 + 5.5 + 10 + 5 = 35.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: ABB India Ltd is the scale leader at ₹13,093 crore, 134.7% ahead of Emmvee Photovoltaic Power Ltd. Saatvik Green Energy Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 110.8% from a ₹4,549 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ABB India Ltd is the scale benchmark; Saatvik Green Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ABB India Ltd's growth falls below Saatvik Green Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: ABB India Ltd · ₹13,093 crore | 134.7% versus #2 · Emmvee Photovoltaic Power Ltd | 7/8 recent comparable periods | 8/14 companies · 115 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. ABB India Ltd (ABB): ₹13.1K Cr
2. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹5.6K Cr
3. Saatvik Green Energy Ltd (SAATVIKGL): ₹4.5K Cr
4. Fujiyama Power Systems Ltd (UTLSOLAR): ₹2.7K Cr
5. Vidya Wires Ltd (VIDYAWIRES): ₹1.8K Cr

### Revenue growth — fastest growers
1. Saatvik Green Energy Ltd (SAATVIKGL): 100%
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 84%
3. Fujiyama Power Systems Ltd (UTLSOLAR): 76%
4. ABB India Ltd (ABB): 15%
5. Indosolar Ltd (WAAREEINDO): 7.0%

### 20-quarter Revenue history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹149 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹115 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 ₹57 Cr | Dec 2024 — | Mar 2025 ₹93 Cr | Jun 2025 — | Sep 2025 ₹100 Cr | Dec 2025 — | Mar 2026 ₹136 Cr | Jun 2026 —
- 544681: 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 ₹69 Cr | Jun 2025 — | Sep 2025 ₹75 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- ABB: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹333 Cr | Sep 2024 ₹402 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.6K Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹361 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹588 Cr | Mar 2026 ₹901 Cr | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹234 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹453 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹919 Cr | Jun 2025 ₹916 Cr | Sep 2025 ₹768 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- VIDYAWIRES: 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 ₹364 Cr | Dec 2024 ₹347 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹412 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹599 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹83 Cr | Jun 2026 ₹68 Cr
- VIVIDEL: 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 ₹101 Cr | Jun 2025 — | Sep 2025 ₹71 Cr | Dec 2025 — | Mar 2026 ₹130 Cr | Jun 2026 —
- PROSTARM: 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 ₹98 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- PARTH: 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 ₹70 Cr | Dec 2024 — | Mar 2025 ₹105 Cr | Jun 2025 — | Sep 2025 ₹80 Cr | Dec 2025 — | Mar 2026 ₹118 Cr | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹69 Cr | Jun 2023 — | Sep 2023 ₹61 Cr | Dec 2023 — | Mar 2024 ₹61 Cr | Jun 2024 — | Sep 2024 ₹44 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 — | Sep 2025 ₹58 Cr | Dec 2025 — | Mar 2026 ₹57 Cr | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹44 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹83 Cr | Dec 2024 — | Mar 2025 ₹163 Cr | Jun 2025 — | Sep 2025 ₹121 Cr | Dec 2025 — | Mar 2026 ₹293 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -33% | Sep 2023 -9.2% | Dec 2023 -3.7% | Mar 2024 7.3% | Jun 2024 46% | Sep 2024 -10% | Dec 2024 5.4% | Mar 2025 -13% | Jun 2025 -21% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 75% | Dec 2025 — | Mar 2026 46% | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 186% | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 19% | Dec 2022 15% | Mar 2023 22% | Jun 2023 20% | Sep 2023 31% | Dec 2023 14% | Mar 2024 28% | Jun 2024 13% | Sep 2024 5.2% | Dec 2024 22% | Mar 2025 -2.3% | Jun 2025 12% | Sep 2025 14% | Dec 2025 1.7% | Mar 2026 5.8% | Jun 2026 —
- EMMVEE: 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 209% | Sep 2025 181% | Dec 2025 118% | Mar 2026 62% | Jun 2026 51%
- UTLSOLAR: 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 65% | Sep 2025 73% | Dec 2025 73% | Mar 2026 88% | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.1% | Sep 2024 — | Dec 2024 — | Mar 2025 103% | Jun 2025 272% | Sep 2025 62% | Dec 2025 143% | Mar 2026 75% | Jun 2026 —
- VIDYAWIRES: 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 4.7% | Dec 2025 29% | Mar 2026 58% | Jun 2026 —
- WAAREEINDO: 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 625% | Dec 2025 94% | Mar 2026 -57% | Jun 2026 -65%
- VIVIDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 29% | Jun 2026 —
- PROSTARM: 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 -33% | Dec 2025 110% | Mar 2026 27% | Jun 2026 —
- PARTH: 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 14% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- SAAKSHI: 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 — | Sep 2024 -28% | Dec 2024 — | Mar 2025 -21% | Jun 2025 — | Sep 2025 32% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- GPECO: 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 89% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 46% | Dec 2025 — | Mar 2026 80% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Indosolar Ltd leads both opm at 71% and margin change at +38 percentage points.

Investor read: Indosolar 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: Indosolar Ltd · 71% | 102.9% versus #2 · Emmvee Photovoltaic Power Ltd | 3/4 recent comparable periods | 14/14 companies · 114 observations

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

### OPM — highest
1. Indosolar Ltd (WAAREEINDO): 71%
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 35%
3. Yash Highvoltage Ltd (544310): 26%
4. Vivid Electromech Ltd (VIVIDEL): 24%
5. Saakshi Medtech & Panels Ltd (SAAKSHI): 20%

### Margin change — fastest expanders
1. Indosolar Ltd (WAAREEINDO): +38.0 pp
2. Saakshi Medtech & Panels Ltd (SAAKSHI): +12.0 pp
3. GP Eco Solutions India Ltd (GPECO): +10.0 pp
4. Indo SMC Ltd (544681): +4.0 pp
5. Vivid Electromech Ltd (VIVIDEL): +4.0 pp

### 20-quarter OPM history
- 539984: Sep 2021 8.3% | Dec 2021 8.0% | Mar 2022 -0.3% | Jun 2022 0.0% | Sep 2022 -12% | Dec 2022 -3.0% | Mar 2023 2.0% | Jun 2023 4.0% | Sep 2023 2.0% | Dec 2023 3.0% | Mar 2024 -1.0% | Jun 2024 4.0% | Sep 2024 1.0% | Dec 2024 -3.0% | Mar 2025 -19% | Jun 2025 1.0% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 17% | Jun 2024 19% | Sep 2024 20% | Dec 2024 — | Mar 2025 23% | Jun 2025 — | Sep 2025 21% | Dec 2025 — | Mar 2026 26% | Jun 2026 —
- 544681: 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 11% | Jun 2025 — | Sep 2025 18% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- ABB: Sep 2021 8.0% | Dec 2021 6.7% | Mar 2022 10% | Jun 2022 10% | Sep 2022 8.7% | Dec 2022 16% | Mar 2023 11% | Jun 2023 13% | Sep 2023 15% | Dec 2023 16% | Mar 2024 17% | Jun 2024 18% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 13% | Sep 2025 15% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16% | Sep 2024 23% | Dec 2024 38% | Mar 2025 34% | Jun 2025 34% | Sep 2025 35% | Dec 2025 36% | Mar 2026 33% | Jun 2026 35%
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 16% | Jun 2025 18% | Sep 2025 18% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.0% | Sep 2023 — | Dec 2023 — | Mar 2024 19% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 17% | Jun 2025 19% | Sep 2025 14% | Dec 2025 12% | Mar 2026 7.0% | Jun 2026 —
- VIDYAWIRES: 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 4.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 4.0% | Dec 2025 5.0% | Mar 2026 5.0% | Jun 2026 —
- WAAREEINDO: 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 77% | Dec 2024 23% | Mar 2025 26% | Jun 2025 33% | Sep 2025 35% | Dec 2025 36% | Mar 2026 77% | Jun 2026 71%
- VIVIDEL: 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 20% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 24% | Jun 2026 —
- PROSTARM: 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 21% | Dec 2024 15% | Mar 2025 14% | Jun 2025 7.1% | Sep 2025 17% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- PARTH: 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 11% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 9.0% | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 9.0% | Dec 2024 — | Mar 2025 5.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 15% | Jun 2026 —

### 20-quarter Margin change history
- 539984: Sep 2021 +4.5 pp | Dec 2021 −5.4 pp | Mar 2022 −18.4 pp | Jun 2022 −14.4 pp | Sep 2022 −20.3 pp | Dec 2022 −11.0 pp | Mar 2023 +2.3 pp | Jun 2023 +4.0 pp | Sep 2023 +14.0 pp | Dec 2023 +6.0 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −6.0 pp | Mar 2025 −18.0 pp | Jun 2025 −3.0 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 pp | Dec 2024 — | Mar 2025 +5.9 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +3.0 pp | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +4.0 pp | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 +0.7 pp | Dec 2022 +9.4 pp | Mar 2023 +0.7 pp | Jun 2023 +2.7 pp | Sep 2023 +6.0 pp | Dec 2023 −0.6 pp | Mar 2024 +6.6 pp | Jun 2024 +5.4 pp | Sep 2024 +4.3 pp | Dec 2024 +4.5 pp | Mar 2025 +1.7 pp | Jun 2025 −5.1 pp | Sep 2025 −4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- EMMVEE: 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 +17.8 pp | Sep 2025 +12.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 +1.0 pp
- UTLSOLAR: 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 +2.8 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.0 pp | Sep 2024 — | Dec 2024 — | Mar 2025 −1.7 pp | Jun 2025 +6.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −10.0 pp | Jun 2026 —
- VIDYAWIRES: 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 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WAAREEINDO: 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 −42.0 pp | Dec 2025 +13.0 pp | Mar 2026 +51.0 pp | Jun 2026 +38.0 pp
- VIVIDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +4.0 pp | Jun 2026 —
- PROSTARM: 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 −3.9 pp | Dec 2025 −2.0 pp | Mar 2026 −3.3 pp | Jun 2026 —
- PARTH: 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 +1.0 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 −9.0 pp | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +12.0 pp | Jun 2026 —
- GPECO: 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 +4.0 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +10.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: ABB India Ltd leads with ₹2,978 crore of TTM profit, 133.8% above Emmvee Photovoltaic Power Ltd. Fujiyama Power Systems Ltd shows ≥100% on the scoring scale (101.3% uncapped) growth from a ₹304 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ABB 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: ABB India Ltd · ₹2,978 crore | 133.8% versus #2 · Emmvee Photovoltaic Power Ltd | 5/8 recent comparable periods | 8/14 companies · 115 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. ABB India Ltd (ABB): ₹3.0K Cr
2. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹1.3K Cr
3. Saatvik Green Energy Ltd (SAATVIKGL): ₹359 Cr
4. Fujiyama Power Systems Ltd (UTLSOLAR): ₹304 Cr
5. Indosolar Ltd (WAAREEINDO): ₹166 Cr

### Profit growth — fastest growers
1. Fujiyama Power Systems Ltd (UTLSOLAR): 101%
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 100%
3. ABB India Ltd (ABB): 87%
4. Saatvik Green Energy Ltd (SAATVIKGL): 65%
5. Indosolar Ltd (WAAREEINDO): -5.7%

### 20-quarter Net profit history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-9 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹-27 Cr | Jun 2025 ₹-23 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 ₹6 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹24 Cr | Jun 2026 —
- 544681: 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 ₹5 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- ABB: Sep 2021 ₹120 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹198 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹363 Cr | Dec 2023 ₹339 Cr | Mar 2024 ₹459 Cr | Jun 2024 ₹443 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹475 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹433 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹28 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹392 Cr | Jun 2026 ₹380 Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹38 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹64 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- VIDYAWIRES: 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 ₹8 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹42 Cr | Jun 2026 ₹37 Cr
- VIVIDEL: 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 ₹16 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —
- PROSTARM: 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 ₹14 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PARTH: 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 ₹4 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹33 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 544310: 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 133% | Dec 2025 — | Mar 2026 60% | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 320% | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 65% | Dec 2022 62% | Mar 2023 206% | Jun 2023 103% | Sep 2023 83% | Dec 2023 11% | Mar 2024 87% | Jun 2024 50% | Sep 2024 21% | Dec 2024 56% | Mar 2025 3.5% | Jun 2025 -21% | Sep 2025 -7.1% | Dec 2025 -18% | Mar 2026 276% | Jun 2026 —
- EMMVEE: 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 571% | Sep 2025 580% | Dec 2025 167% | Mar 2026 89% | Jun 2026 102%
- UTLSOLAR: 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 79% | Sep 2025 97% | Dec 2025 123% | Mar 2026 108% | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 50% | Sep 2024 — | Dec 2024 — | Mar 2025 48% | Jun 2025 467% | Sep 2025 36% | Dec 2025 143% | Mar 2026 -37% | Jun 2026 —
- VIDYAWIRES: 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 25% | Dec 2025 36% | Mar 2026 54% | Jun 2026 —
- WAAREEINDO: 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 411% | Dec 2025 310% | Mar 2026 5.0% | Jun 2026 -68%
- VIVIDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 38% | Jun 2026 —
- PROSTARM: 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 -41% | Dec 2025 100% | Mar 2026 17% | Jun 2026 —
- PARTH: 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 50% | Dec 2025 — | Mar 2026 33% | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -14% | Jun 2024 — | Sep 2024 -50% | Dec 2024 — | Mar 2025 -83% | Jun 2025 — | Sep 2025 133% | Dec 2025 — | Mar 2026 500% | Jun 2026 —
- GPECO: 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 400% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 450% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Emmvee Photovoltaic Power Ltd reports ₹232 crore of CAPEX; Emmvee Photovoltaic Power Ltd has the highest covered intensity at 20.5%. Coverage is only 6 of 14 companies and 23 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: Emmvee Photovoltaic Power Ltd · ₹232 crore | 197.4% versus #2 · Fujiyama Power Systems Ltd | 4/4 recent comparable periods | 6/14 companies · 23 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. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹232 Cr
2. Fujiyama Power Systems Ltd (UTLSOLAR): ₹78 Cr
3. Saatvik Green Energy Ltd (SAATVIKGL): ₹31 Cr
4. Vidya Wires Ltd (VIDYAWIRES): ₹16 Cr
5. Vivid Electromech Ltd (VIVIDEL): ₹8 Cr

### CAPEX intensity — highest reinvestment intensity
1. Emmvee Photovoltaic Power Ltd (EMMVEE): 21%
2. Fujiyama Power Systems Ltd (UTLSOLAR): 14%
3. Vivid Electromech Ltd (VIVIDEL): 6.2%
4. Vidya Wires Ltd (VIDYAWIRES): 4.2%
5. Saatvik Green Energy Ltd (SAATVIKGL): 3.4%

### 20-quarter CAPEX history
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹340 Cr | Sep 2024 ₹489 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹103 Cr | Sep 2025 ₹232 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹84 Cr | Sep 2025 ₹78 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹58 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIDYAWIRES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹10 Cr | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIVIDEL: 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 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PROSTARM: 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 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 102% | Sep 2024 122% | Dec 2024 — | Mar 2025 — | Jun 2025 10% | Sep 2025 21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 — | Mar 2025 — | Jun 2025 14% | Sep 2025 14% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 9.3% | Sep 2024 4.0% | Dec 2024 19% | Mar 2025 3.4% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIDYAWIRES: 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 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 2.4% | Sep 2025 4.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIVIDEL: 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 13% | Dec 2025 — | Mar 2026 6.2% | Jun 2026 —
- PROSTARM: 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% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: ABB India Ltd has the clearest covered balance-sheet capacity with ₹5,743 crore net cash and gross debt of ₹85 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: Indosolar Ltd · ₹3 crore | 82.4% versus #2 · Parth Electricals & Engineering Ltd | 4/8 recent comparable periods | 14/14 companies · 121 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. Indosolar Ltd (WAAREEINDO): ₹3 Cr
2. Parth Electricals & Engineering Ltd (PARTH): ₹17 Cr
3. Saakshi Medtech & Panels Ltd (SAAKSHI): ₹25 Cr
4. Vivid Electromech Ltd (VIVIDEL): ₹33 Cr
5. Yash Highvoltage Ltd (544310): ₹38 Cr

### Net debt — lowest net debt
1. ABB India Ltd (ABB): ₹-5.7K Cr
2. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹-24 Cr
3. Indosolar Ltd (WAAREEINDO): ₹-3 Cr
4. Vidya Wires Ltd (VIDYAWIRES): ₹12 Cr
5. Vivid Electromech Ltd (VIVIDEL): ₹31 Cr

### 20-quarter Gross debt history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 ₹390 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹377 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹410 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹386 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 Cr | Jun 2025 — | Sep 2025 ₹28 Cr | Dec 2025 — | Mar 2026 ₹38 Cr | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹36 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹47 Cr | Jun 2026 —
- ABB: Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹482 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹524 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹360 Cr | Jun 2026 ₹360 Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹141 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹215 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹205 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹157 Cr | Dec 2024 — | Mar 2025 ₹395 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹730 Cr | Dec 2025 ₹730 Cr | Mar 2026 ₹520 Cr | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹153 Cr | Jun 2023 ₹153 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹280 Cr | Jun 2024 ₹289 Cr | Sep 2024 — | Dec 2024 ₹373 Cr | Mar 2025 ₹503 Cr | Jun 2025 ₹503 Cr | Sep 2025 ₹628 Cr | Dec 2025 ₹568 Cr | Mar 2026 ₹939 Cr | Jun 2026 —
- VIDYAWIRES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹121 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹97 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹110 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹162 Cr | Dec 2024 — | Mar 2025 ₹146 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹829 Cr | Jun 2022 ₹829 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹3 Cr
- VIVIDEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- PROSTARM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹43 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹60 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- PARTH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹16 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹33 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹17 Cr | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹16 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹25 Cr | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹13 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹33 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹109 Cr | Jun 2026 —

### 20-quarter Net debt history
- ABB: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-2.6K Cr | Mar 2022 ₹-2.6K Cr | Jun 2022 ₹-2.8K Cr | Sep 2022 ₹-2.8K Cr | Dec 2022 ₹-3.6K Cr | Mar 2023 ₹-3.6K Cr | Jun 2023 ₹-4.1K Cr | Sep 2023 ₹-4.1K Cr | Dec 2023 ₹-4.8K Cr | Mar 2024 ₹-4.8K Cr | Jun 2024 ₹-5.0K Cr | Sep 2024 ₹-5.0K Cr | Dec 2024 ₹-5.5K Cr | Mar 2025 ₹-5.5K Cr | Jun 2025 ₹-5.2K Cr | Sep 2025 ₹-5.2K Cr | Dec 2025 ₹-5.7K Cr | Mar 2026 ₹-5.7K Cr | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.3K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹-24 Cr | Jun 2026 ₹-24 Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹201 Cr | Sep 2024 ₹153 Cr | Dec 2024 — | Mar 2025 ₹387 Cr | Jun 2025 ₹489 Cr | Sep 2025 ₹710 Cr | Dec 2025 ₹710 Cr | Mar 2026 ₹359 Cr | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹140 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹258 Cr | Jun 2024 ₹278 Cr | Sep 2024 — | Dec 2024 ₹370 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹-116 Cr | Dec 2025 ₹-116 Cr | Mar 2026 ₹857 Cr | Jun 2026 —
- VIDYAWIRES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹110 Cr | Sep 2024 ₹162 Cr | Dec 2024 — | Mar 2025 ₹146 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹824 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-3 Cr | Jun 2026 ₹-3 Cr
- VIVIDEL: 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 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- PROSTARM: 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 ₹54 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹91 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Indosolar Ltd leads ROCE at 124%, 65.4 percentage points above Vivid Electromech Ltd. Emmvee Photovoltaic Power Ltd has the strongest latest improvement at +19.1 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: Indosolar 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: Indosolar Ltd · 124% | 111.6% versus #2 · Vivid Electromech Ltd | 6/8 recent comparable periods | 14/14 companies · 61 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. Indosolar Ltd (WAAREEINDO): 124%
2. Vivid Electromech Ltd (VIVIDEL): 59%
3. Emmvee Photovoltaic Power Ltd (EMMVEE): 45%
4. GP Eco Solutions India Ltd (GPECO): 38%
5. Fujiyama Power Systems Ltd (UTLSOLAR): 35%

### ROCE change — fastest improvers
1. Emmvee Photovoltaic Power Ltd (EMMVEE): +19.1 pp
2. GP Eco Solutions India Ltd (GPECO): +13.0 pp
3. Saakshi Medtech & Panels Ltd (SAAKSHI): +8.0 pp
4. Indosolar Ltd (WAAREEINDO): −3.5 pp
5. Hindusthan Insulators & Industries Ltd (539984): −5.0 pp — older report

### 20-quarter ROCE history
- ABB: Sep 2021 — | Dec 2021 11% | Mar 2022 — | Jun 2022 15% | Sep 2022 — | Dec 2022 18% | Mar 2023 — | Jun 2023 21% | Sep 2023 — | Dec 2023 24% | Mar 2024 — | Jun 2024 30% | Sep 2024 — | Dec 2024 30% | Mar 2025 — | Jun 2025 29% | Sep 2025 35% | Dec 2025 25% | Mar 2026 47% | Jun 2026 —
- EMMVEE: 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 22% | Jun 2025 28% | Sep 2025 35% | Dec 2025 43% | Mar 2026 34% | Jun 2026 47%
- UTLSOLAR: 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 27% | Dec 2024 — | Mar 2025 41% | Jun 2025 42% | Sep 2025 41% | Dec 2025 64% | Mar 2026 29% | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 47% | Jun 2024 54% | Sep 2024 — | Dec 2024 62% | Mar 2025 62% | Jun 2025 115% | Sep 2025 38% | Dec 2025 68% | Mar 2026 31% | Jun 2026 —
- VIDYAWIRES: 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 17% | Dec 2024 — | Mar 2025 33% | Jun 2025 32% | Sep 2025 28% | Dec 2025 42% | Mar 2026 17% | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -52% | Dec 2022 — | Mar 2023 -45% | Jun 2023 — | Sep 2023 339% | Dec 2023 -114% | Mar 2024 -4.9% | Jun 2024 -12% | Sep 2024 4.1% | Dec 2024 24% | Mar 2025 70% | Jun 2025 115% | Sep 2025 77% | Dec 2025 106% | Mar 2026 75% | Jun 2026 112%
- VIVIDEL: 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 11% | Sep 2025 21% | Dec 2025 31% | Mar 2026 48% | Jun 2026 —
- PROSTARM: 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% | Mar 2025 39% | Jun 2025 43% | Sep 2025 13% | Dec 2025 25% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +7.2 pp | Mar 2023 — | Jun 2023 +6.5 pp | Sep 2023 — | Dec 2023 +5.2 pp | Mar 2024 — | Jun 2024 +8.1 pp | Sep 2024 — | Dec 2024 +6.7 pp | Mar 2025 — | Jun 2025 −0.7 pp | Sep 2025 — | Dec 2025 −5.3 pp | Mar 2026 — | Jun 2026 —
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +11.6 pp | Jun 2026 +19.1 pp
- UTLSOLAR: 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 +14.3 pp | Dec 2025 — | Mar 2026 −11.7 pp | Jun 2026 —
- SAATVIKGL: 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 +14.7 pp | Jun 2025 +61.3 pp | Sep 2025 — | Dec 2025 +5.6 pp | Mar 2026 −30.2 pp | Jun 2026 —
- VIDYAWIRES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +11.2 pp | Dec 2025 — | Mar 2026 −16.0 pp | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +390.7 pp | Dec 2023 — | Mar 2024 +40.2 pp | Jun 2024 — | Sep 2024 −334.4 pp | Dec 2024 +137.9 pp | Mar 2025 +75.0 pp | Jun 2025 +127.1 pp | Sep 2025 +72.7 pp | Dec 2025 +82.4 pp | Mar 2026 +5.3 pp | Jun 2026 −3.5 pp
- PROSTARM: 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 −3.3 pp | Mar 2026 −24.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Saatvik Green Energy Ltd has the lowest comparable Guarded PEG at 0.65×, 31.6% below Emmvee Photovoltaic Power Ltd. Only 3 of 14 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: Saatvik Green Energy Ltd · 0.65× | 31.6% versus #2 · Emmvee Photovoltaic Power Ltd | 0/3 recent comparable periods | 3/14 companies · 6 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Saatvik Green Energy Ltd (SAATVIKGL): 0.7
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 1.0
3. ABB India Ltd (ABB): 1.4

### P/E — lowest P/E
1. Indosolar Ltd (WAAREEINDO): 8.8
2. GP Eco Solutions India Ltd (GPECO): 12.4
3. Saatvik Green Energy Ltd (SAATVIKGL): 15.5
4. Emmvee Photovoltaic Power Ltd (EMMVEE): 18.0
5. Prostarm Info Systems Ltd (PROSTARM): 22.1

### 20-quarter Guarded PEG history
- ABB: Sep 2021 2.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.3 | Mar 2024 — | Jun 2024 2.2 | Sep 2024 4.8 | Dec 2024 1.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAATVIKGL: 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 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539984: Sep 2021 62.0 | Dec 2021 48.5 | Mar 2022 43.7 | Jun 2022 36.9 | 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 —
- 544310: 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 62.7 | Dec 2025 — | Mar 2026 42.6 | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 15.9 | Jun 2026 —
- ABB: Sep 2021 101.8 | Dec 2021 91.1 | Mar 2022 99.7 | Jun 2022 91.2 | Sep 2022 107.2 | Dec 2022 78.1 | Mar 2023 79.8 | Jun 2023 89.8 | Sep 2023 71.9 | Dec 2023 79.7 | Mar 2024 92.6 | Jun 2024 112.2 | Sep 2024 101.6 | Dec 2024 78.3 | Mar 2025 62.2 | Jun 2025 71.7 | Sep 2025 62.3 | Dec 2025 62.8 | Mar 2026 79.9 | Jun 2026 —
- EMMVEE: 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 2.8 | Mar 2026 3.2 | Jun 2026 22.0
- UTLSOLAR: 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 39.9 | Mar 2026 35.4 | Jun 2026 —
- SAATVIKGL: 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 22.8 | Dec 2025 12.9 | Mar 2026 11.3 | Jun 2026 —
- VIDYAWIRES: 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 19.6 | Mar 2026 17.1 | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -0.2 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 17.6 | Sep 2025 11.9 | Dec 2025 10.1 | Mar 2026 6.6 | Jun 2026 6.8
- PROSTARM: 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 26.2 | Sep 2025 27.8 | Dec 2025 35.0 | Mar 2026 19.8 | Jun 2026 —
- SAAKSHI: 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 37.1 | Dec 2024 — | Mar 2025 24.0 | Jun 2025 — | Sep 2025 67.1 | Dec 2025 — | Mar 2026 42.4 | Jun 2026 —
- GPECO: 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 30.6 | Dec 2024 — | Mar 2025 30.8 | Jun 2025 — | Sep 2025 63.2 | Dec 2025 — | Mar 2026 21.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Indosolar Ltd leads ev/ebitda at 6.2×; Prostarm Info Systems Ltd leads p/bv at 2.55×.

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: Indosolar Ltd · 6.2× | 17.3% versus #2 · Saatvik Green Energy Ltd | 3/8 recent comparable periods | 13/14 companies · 67 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. Indosolar Ltd (WAAREEINDO): 6.2
2. Saatvik Green Energy Ltd (SAATVIKGL): 7.5
3. Emmvee Photovoltaic Power Ltd (EMMVEE): 13.3
4. Prostarm Info Systems Ltd (PROSTARM): 13.5
5. Vidya Wires Ltd (VIDYAWIRES): 15.0

### P/BV — lowest P/BV
1. Prostarm Info Systems Ltd (PROSTARM): 2.6
2. Hindusthan Insulators & Industries Ltd (539984): 3.3 — older report
3. Vidya Wires Ltd (VIDYAWIRES): 3.9
4. Saatvik Green Energy Ltd (SAATVIKGL): 4.1
5. GP Eco Solutions India Ltd (GPECO): 4.5

### 20-quarter EV/EBITDA history
- 539984: Sep 2021 11.8 | Dec 2021 8.2 | Mar 2022 7.6 | Jun 2022 11.4 | Sep 2022 17.5 | Dec 2022 16.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 47.0 | Mar 2024 30.7 | Jun 2024 50.1 | Sep 2024 46.8 | Dec 2024 46.4 | Mar 2025 123.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 37.6 | Dec 2025 — | Mar 2026 26.0 | Jun 2026 —
- 544681: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 15.7 | Jun 2026 —
- ABB: Sep 2021 75.2 | Dec 2021 81.9 | Mar 2022 71.5 | Jun 2022 64.4 | Sep 2022 83.3 | Dec 2022 53.9 | Mar 2023 61.5 | Jun 2023 72.5 | Sep 2023 56.4 | Dec 2023 63.0 | Mar 2024 72.8 | Jun 2024 88.4 | Sep 2024 79.7 | Dec 2024 62.7 | Mar 2025 49.3 | Jun 2025 56.0 | Sep 2025 48.5 | Dec 2025 41.9 | Mar 2026 53.1 | Jun 2026 —
- EMMVEE: 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 20.4 | Mar 2026 22.7 | Jun 2026 13.3
- UTLSOLAR: 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 29.1 | Mar 2026 26.2 | Jun 2026 —
- SAATVIKGL: 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 15.5 | Dec 2025 8.8 | Mar 2026 7.5 | Jun 2026 —
- VIDYAWIRES: 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 18.0 | Mar 2026 15.0 | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 6.3 | Dec 2024 5.1 | Mar 2025 — | Jun 2025 11.1 | Sep 2025 13.2 | Dec 2025 10.2 | Mar 2026 6.2 | Jun 2026 6.2
- PROSTARM: 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 24.0 | Sep 2025 23.8 | Dec 2025 25.6 | Mar 2026 13.5 | Jun 2026 —
- PARTH: 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 17.4 | Dec 2025 — | Mar 2026 15.5 | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17.8 | Jun 2024 — | Sep 2024 21.6 | Dec 2024 — | Mar 2025 13.2 | Jun 2025 — | Sep 2025 29.3 | Dec 2025 — | Mar 2026 23.7 | Jun 2026 —
- GPECO: 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 26.3 | Dec 2024 — | Mar 2025 27.0 | Jun 2025 — | Sep 2025 38.1 | Dec 2025 — | Mar 2026 16.7 | Jun 2026 —

### 20-quarter P/BV history
- 539984: Sep 2021 2.0 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 9.1 | Dec 2025 — | Mar 2026 7.8 | Jun 2026 —
- ABB: Sep 2021 9.6 | Dec 2021 11.4 | Mar 2022 10.2 | Jun 2022 11.7 | Sep 2022 15.7 | Dec 2022 13.6 | Mar 2023 17.1 | Jun 2023 22.5 | Sep 2023 20.8 | Dec 2023 23.8 | Mar 2024 32.3 | Jun 2024 43.1 | Sep 2024 41.3 | Dec 2024 34.8 | Mar 2025 16.6 | Jun 2025 17.9 | Sep 2025 15.3 | Dec 2025 15.5 | Mar 2026 16.5 | Jun 2026 —
- EMMVEE: 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 13.9 | Mar 2026 15.7 | Jun 2026 6.4
- UTLSOLAR: 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 12.9 | Mar 2026 11.5 | Jun 2026 —
- SAATVIKGL: 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 4.6 | Dec 2025 4.0 | Mar 2026 4.0 | Jun 2026 —
- VIDYAWIRES: 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 5.6 | Mar 2026 5.7 | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 -0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 -0.3 | Dec 2023 -0.3 | Mar 2024 -0.1 | Jun 2024 -0.1 | Sep 2024 -0.1 | Dec 2024 -0.1 | Mar 2025 — | Jun 2025 23.9 | Sep 2025 10.9 | Dec 2025 11.1 | Mar 2026 5.3 | Jun 2026 5.7
- PROSTARM: 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 8.1 | Sep 2025 4.3 | Dec 2025 4.0 | Mar 2026 2.6 | Jun 2026 —
- PARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.6 | Jun 2026 —
- SAAKSHI: 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 4.6 | Dec 2024 — | Mar 2025 2.3 | Jun 2025 — | Sep 2025 3.4 | Dec 2025 — | Mar 2026 3.2 | Jun 2026 —
- GPECO: 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 10.1 | Dec 2025 — | Mar 2026 4.4 | Jun 2026 —

## Market action

Parth Electricals & Engineering Ltd has the strongest one-year price move in Electric Equipment - General at +122.7%. Hindusthan Insulators & Industries Ltd leads on Mansfield relative strength against NIFTY at +99.6%. 4 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Parth Electricals & Engineering Ltd (PARTH): 123%
2. Yash Highvoltage Ltd (544310): 59%
3. Indosolar Ltd (WAAREEINDO): 38%
4. ABB India Ltd (ABB): 31%
5. Hindusthan Insulators & Industries Ltd (539984): 3.8%

### Strongest relative strength versus NIFTY 500
1. Hindusthan Insulators & Industries Ltd (539984): 100%
2. Yash Highvoltage Ltd (544310): 68%
3. Saakshi Medtech & Panels Ltd (SAAKSHI): 49%
4. ABB India Ltd (ABB): 26%
5. GP Eco Solutions India Ltd (GPECO): -4.4%

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

## Every company
- ABB India Ltd (ABB) — market value ₹1.6 L Cr; latest fundamentals Mar 2026
- Emmvee Photovoltaic Power Ltd (EMMVEE) — market value ₹22.9K Cr; latest fundamentals Jun 2026
- Fujiyama Power Systems Ltd (UTLSOLAR) — market value ₹11.8K Cr; latest fundamentals Mar 2026
- Saatvik Green Energy Ltd (SAATVIKGL) — market value ₹5.6K Cr; latest fundamentals Mar 2026
- Yash Highvoltage Ltd (544310) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Vidya Wires Ltd (VIDYAWIRES) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indosolar Ltd (WAAREEINDO) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Vivid Electromech Ltd (VIVIDEL) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indo SMC Ltd (544681) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Hindusthan Insulators & Industries Ltd (539984) — market value ₹945 Cr; latest fundamentals Jun 2025
- Prostarm Info Systems Ltd (PROSTARM) — market value ₹728 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Parth Electricals & Engineering Ltd (PARTH) — market value ₹643 Cr; latest fundamentals Mar 2026
- Saakshi Medtech & Panels Ltd (SAAKSHI) — market value ₹530 Cr; latest fundamentals Mar 2026
- GP Eco Solutions India Ltd (GPECO) — market value ₹498 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 10. Withheld: 0. Graded companies: 14.

4 of 14 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.

- UNVERIFIED | VIDYAWIRES | Vidya Wires Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WAAREEINDO | Indosolar Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VIVIDEL | Vivid Electromech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PROSTARM | Prostarm Info Systems 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 Electric Equipment - General index?

The Nifty Electric Equipment - General index tracks India's listed Electric Equipment - General companies as a single basket. This page follows the same 14 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Electric Equipment - General sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Electric Equipment - General stocks in India?

Ranked by this page's four-factor score, Emmvee Photovoltaic Power Ltd places first among 14 listed Electric Equipment - General companies, followed by Fujiyama Power Systems 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 Electric Equipment - General stocks are listed in India?

This comparison covers 14 listed Electric Equipment - General 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 Electric Equipment - General company is the biggest?

ABB India Ltd is the largest, with trailing-twelve-month revenue of ₹13,093 crore, ahead of Emmvee Photovoltaic Power Ltd at ₹5,578 crore. That covers 8 of 14 companies with comparable reporting through Mar 2026.

### Which Electric Equipment - General company is growing fastest?

Saatvik Green Energy Ltd has the fastest revenue growth at 100% year on year, across 6 of 14 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 Electric Equipment - General company has the best profit margins?

Indosolar Ltd has the highest operating margin at 71%, from 14 of 14 comparable companies. Indosolar Ltd shows the biggest recent improvement, at +38 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Electric Equipment - General company makes the most profit?

ABB India Ltd earns the most, at ₹2,978 crore of trailing-twelve-month net profit, from 8 of 14 comparable companies. Fujiyama Power Systems Ltd has the fastest profit growth at 101.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Electric Equipment - General company earns the highest return on capital?

Indosolar Ltd leads on return on capital employed at 124%, across 14 of 14 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 Electric Equipment - General stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Saatvik Green Energy Ltd screens cheapest at 0.65×. Only 3 of 14 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 Electric Equipment - General company has the strongest balance sheet?

Indosolar Ltd carries the lowest comparable gross debt at ₹3 crore, from 14 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Electric Equipment - General sector beating the market?

Electric Equipment - General has outperformed NIFTY 500 by 76.4% over the last 52 weeks and 17.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Electric Equipment - General stock has the strongest price momentum?

Hindusthan Insulators & Industries 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 Electric Equipment - General company scores highest for research priority?

Emmvee Photovoltaic Power Ltd scores 71.7 out of 100 with 73% evidence confidence, from 28.2 points on growth and earnings, 18.9 on capital efficiency, 14.6 on valuation and 10 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 Electric Equipment - General companies does this comparison cover, and over what period?

It compares 14 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 Electric Equipment - General sector?

The 14 Electric Equipment - General companies on this page carry ₹2,08,141 crore of combined market value. ABB India Ltd is the largest at ₹1,56,293 crore, about 75% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Electric Equipment - General sector's P/E ratio?

The median price-to-earnings ratio across the 14 Electric Equipment - General companies on this page is 32.7×, measured on the 13 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 Electric Equipment - General sector performing?

4 of the 7 covered Electric Equipment - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 76.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

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

### Is this investment advice?

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

Narrative sector analysis: https://www.sectoralpha.in/sectors/electric-equipment-general