# Electrical Equipments/HVDC — company-by-company sector analysis

> Electrical Equipments/HVDC: Siemens Energy India Ltd owns the largest revenue base; Quality Power Electrical Equipments 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. 5 of 5 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Siemens Energy India Ltd leads with revenue of ₹8,736 crore, based on 6 of 6 comparable companies through Mar 2026. Quality Power Electrical Equipments Ltd has the fastest current revenue growth at 100%, across 6 of 6 comparable companies.

### Is the Electrical Equipments/HVDC sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 5 of 5 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Electrical Equipments/HVDC company is largest by revenue?

Siemens Energy India Ltd leads with revenue of ₹8,736 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Electrical Equipments/HVDC company is growing fastest?

Quality Power Electrical Equipments Ltd has the fastest current revenue growth at 100%, across 6 of 6 comparable companies.

### Which Electrical Equipments/HVDC company has the strongest 4-Factor Sector Score?

GE Vernova T&D India Ltd ranks first at 72.1/100 with 82.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Electrical Equipments/HVDC company reports the most CAPEX?

KSH International Ltd reports the largest latest CAPEX at ₹31 crore, with 2 of 6 companies comparable.

### Which Electrical Equipments/HVDC company has the least gross debt?

GE Vernova T&D India Ltd has the lowest comparable gross debt at ₹24 crore. Skipper Ltd has the highest at ₹948 crore.

### Which Electrical Equipments/HVDC company has the lowest comparable PEG?

Skipper Ltd has the lowest comparable Guarded PEG at 0.41, among 4 of 6 companies that pass the metric’s comparability rules.

### How much history does this Electrical Equipments/HVDC comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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 Electrical Equipments/HVDC against NIFTY 500 is not available from the current market series. 5 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. GE Vernova T&D India Ltd is the strongest against the sector itself at +20.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 5/5
Stocks leading sector: 1/5

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

Companies: 6
Combined market value: ₹3.8 L Cr

## 4-Factor Sector Score

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

1. GE Vernova T&D India Ltd (GVT&D): 72/100 — Favorable setup; evidence 83%
   - Growth & earnings 27.3/35 | Capital efficiency 21.7/25 | Valuation 6.1/20 | Relative strength 17.0/20
   - Exact sum: 27.3 + 21.7 + 6.1 + 17 = 72.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Hitachi Energy India Ltd (POWERINDIA): 60/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 25.6/35 | Capital efficiency 16.7/25 | Valuation 8.5/20 | Relative strength 9.3/20
   - Exact sum: 25.6 + 16.7 + 8.5 + 9.3 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Quality Power Electrical Equipments Ltd (QPOWER): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.0/35 | Capital efficiency 15.9/25 | Valuation 10.3/20 | Relative strength 6.3/20
   - Exact sum: 21 + 15.9 + 10.3 + 6.3 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Skipper Ltd (SKIPPER): 52/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 13.7/35 | Capital efficiency 11.4/25 | Valuation 17.0/20 | Relative strength 10.0/20
   - Exact sum: 13.7 + 11.4 + 17 + 10 = 52.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Siemens Energy India Ltd (ENRIN): 52/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 19.9/35 | Capital efficiency 17.6/25 | Valuation 9.2/20 | Relative strength 4.8/20
   - Exact sum: 19.9 + 17.6 + 9.2 + 4.8 = 51.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. KSH International Ltd (KSHINTL): 49/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 15.0/35 | Capital efficiency 8.4/25 | Valuation 15.9/20 | Relative strength 10.0/20
   - Exact sum: 15 + 8.4 + 15.9 + 10 = 49.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Siemens Energy India Ltd is the scale leader at ₹8,736 crore, 7.2% ahead of Hitachi Energy India Ltd. Quality Power Electrical Equipments Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 182.1% from a ₹948 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: Siemens Energy India Ltd is the scale benchmark; Quality Power Electrical Equipments Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Siemens Energy India Ltd's growth falls below Quality Power Electrical Equipments Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Siemens Energy India Ltd · ₹8,736 crore | 7.2% versus #2 · Hitachi Energy India Ltd | 3/4 recent comparable periods | 6/6 companies · 84 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. Siemens Energy India Ltd (ENRIN): ₹8.7K Cr
2. Hitachi Energy India Ltd (POWERINDIA): ₹8.1K Cr
3. GE Vernova T&D India Ltd (GVT&D): ₹6.2K Cr
4. Skipper Ltd (SKIPPER): ₹5.6K Cr
5. KSH International Ltd (KSHINTL): ₹3.1K Cr

### Revenue growth — fastest growers
1. Quality Power Electrical Equipments Ltd (QPOWER): 100%
2. Siemens Energy India Ltd (ENRIN): 79%
3. KSH International Ltd (KSHINTL): 60%
4. GE Vernova T&D India Ltd (GVT&D): 45%
5. Hitachi Energy India Ltd (POWERINDIA): 28%

### 20-quarter Revenue history
- POWERINDIA: Sep 2021 ₹849 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹986 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Feb 2025 — | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.8K Cr
- ENRIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹1.5K Cr | Feb 2025 — | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.4K Cr
- GVT&D: Sep 2021 ₹852 Cr | Dec 2021 ₹914 Cr | Mar 2022 ₹662 Cr | Jun 2022 ₹593 Cr | Sep 2022 ₹701 Cr | Dec 2022 ₹777 Cr | Mar 2023 ₹703 Cr | Jun 2023 ₹718 Cr | Sep 2023 ₹698 Cr | Dec 2023 ₹839 Cr | Mar 2024 ₹914 Cr | Jun 2024 ₹958 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Feb 2025 — | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr
- QPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹142 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹73 Cr | Feb 2025 — | Mar 2025 ₹108 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹281 Cr
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹452 Cr | Sep 2024 ₹472 Cr | Dec 2024 ₹516 Cr | Feb 2025 — | Mar 2025 ₹508 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹712 Cr | Dec 2025 ₹818 Cr | Mar 2026 ₹1.0K Cr
- SKIPPER: Sep 2021 ₹479 Cr | Dec 2021 ₹400 Cr | Mar 2022 ₹553 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹462 Cr | Dec 2022 ₹445 Cr | Mar 2023 ₹657 Cr | Jun 2023 ₹555 Cr | Sep 2023 ₹772 Cr | Dec 2023 ₹802 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Feb 2025 — | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.7K Cr

### 20-quarter Revenue growth history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 31% | Dec 2022 -7.9% | Mar 2023 20% | Jun 2023 5.5% | Sep 2023 10% | Dec 2023 23% | Mar 2024 27% | Jun 2024 28% | Sep 2024 27% | Dec 2024 27% | Feb 2025 — | Mar 2025 11% | Jun 2025 11% | Sep 2025 18% | Dec 2025 29% | Mar 2026 46%
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 20% | Sep 2025 -41% | Dec 2025 26% | Mar 2026 27%
- GVT&D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.1% | Sep 2022 -18% | Dec 2022 -15% | Mar 2023 6.2% | Jun 2023 21% | Sep 2023 -0.4% | Dec 2023 8.0% | Mar 2024 30% | Jun 2024 33% | Sep 2024 59% | Dec 2024 28% | Feb 2025 — | Mar 2025 26% | Jun 2025 39% | Sep 2025 39% | Dec 2025 58% | Mar 2026 42%
- QPOWER: 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 -49% | Feb 2025 — | Mar 2025 177% | Jun 2025 190% | Sep 2025 119% | Dec 2025 289% | Mar 2026 160%
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 24% | Sep 2025 51% | Dec 2025 59% | Mar 2026 100%
- SKIPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 -3.6% | Dec 2022 11% | Mar 2023 19% | Jun 2023 33% | Sep 2023 67% | Dec 2023 80% | Mar 2024 76% | Jun 2024 97% | Sep 2024 44% | Dec 2024 42% | Feb 2025 — | Mar 2025 12% | Jun 2025 15% | Sep 2025 14% | Dec 2025 21% | Mar 2026 29%

## Operating Economics & Margin Trend

What the numbers say: GE Vernova T&D India Ltd leads both opm at 27% and margin change at +5 percentage points.

Investor read: GE Vernova T&D 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 margin change signal.

Evidence: GE Vernova T&D India Ltd · 27% | 28.6% versus #2 · Siemens Energy India Ltd | 8/8 recent comparable periods | 6/6 companies · 84 observations

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

### OPM — highest
1. GE Vernova T&D India Ltd (GVT&D): 27%
2. Siemens Energy India Ltd (ENRIN): 21%
3. Hitachi Energy India Ltd (POWERINDIA): 15%
4. Quality Power Electrical Equipments Ltd (QPOWER): 11%
5. Skipper Ltd (SKIPPER): 10%

### Margin change — fastest expanders
1. GE Vernova T&D India Ltd (GVT&D): +5.0 pp
2. Siemens Energy India Ltd (ENRIN): +2.0 pp
3. Hitachi Energy India Ltd (POWERINDIA): +2.0 pp
4. Skipper Ltd (SKIPPER): 0.0 pp
5. KSH International Ltd (KSHINTL): −1.0 pp

### 20-quarter OPM history
- POWERINDIA: Sep 2021 8.6% | Dec 2021 5.5% | Mar 2022 6.0% | Jun 2022 2.6% | Sep 2022 6.8% | Dec 2022 4.0% | Mar 2023 7.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 11% | Jun 2024 4.0% | Sep 2024 7.0% | Dec 2024 10% | Feb 2025 — | Mar 2025 13% | Jun 2025 10% | Sep 2025 16% | Dec 2025 17% | Mar 2026 15%
- ENRIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 22% | Jun 2024 14% | Sep 2024 18% | Dec 2024 22% | Feb 2025 — | Mar 2025 19% | Jun 2025 19% | Sep 2025 18% | Dec 2025 24% | Mar 2026 21%
- GVT&D: Sep 2021 2.3% | Dec 2021 3.2% | Mar 2022 -24% | Jun 2022 3.8% | Sep 2022 0.8% | Dec 2022 6.0% | Mar 2023 4.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 12% | Mar 2024 12% | Jun 2024 19% | Sep 2024 18% | Dec 2024 17% | Feb 2025 — | Mar 2025 22% | Jun 2025 29% | Sep 2025 26% | Dec 2025 27% | Mar 2026 27%
- QPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.0% | Mar 2024 34% | Jun 2024 38% | Sep 2024 9.0% | Dec 2024 24% | Feb 2025 — | Mar 2025 15% | Jun 2025 18% | Sep 2025 18% | Dec 2025 28% | Mar 2026 11%
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.6% | Sep 2024 6.0% | Dec 2024 8.0% | Feb 2025 — | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 6.0%
- SKIPPER: Sep 2021 8.5% | Dec 2021 12% | Mar 2022 11% | Jun 2022 8.4% | Sep 2022 8.3% | Dec 2022 10% | Mar 2023 11% | Jun 2023 11% | Sep 2023 10% | Dec 2023 10% | Mar 2024 9.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Feb 2025 — | Mar 2025 10% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 10%

### 20-quarter Margin change history
- POWERINDIA: Sep 2021 −0.4 pp | Dec 2021 −1.4 pp | Mar 2022 −1.3 pp | Jun 2022 −2.0 pp | Sep 2022 −1.8 pp | Dec 2022 −1.5 pp | Mar 2023 +1.1 pp | Jun 2023 +0.4 pp | Sep 2023 −1.8 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +5.0 pp | Feb 2025 — | Mar 2025 +2.0 pp | Jun 2025 +6.0 pp | Sep 2025 +9.0 pp | Dec 2025 +7.0 pp | Mar 2026 +2.0 pp
- ENRIN: 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 — | Feb 2025 — | Mar 2025 −2.7 pp | Jun 2025 +5.0 pp | Sep 2025 +0.4 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp
- GVT&D: Sep 2021 −2.6 pp | Dec 2021 −2.4 pp | Mar 2022 −29.0 pp | Jun 2022 +3.6 pp | Sep 2022 −1.6 pp | Dec 2022 +2.8 pp | Mar 2023 +28.1 pp | Jun 2023 +3.2 pp | Sep 2023 +8.2 pp | Dec 2023 +6.0 pp | Mar 2024 +8.0 pp | Jun 2024 +12.0 pp | Sep 2024 +9.0 pp | Dec 2024 +5.0 pp | Feb 2025 — | Mar 2025 +10.0 pp | Jun 2025 +10.0 pp | Sep 2025 +8.0 pp | Dec 2025 +10.0 pp | Mar 2026 +5.0 pp
- QPOWER: 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 +16.0 pp | Feb 2025 — | Mar 2025 −19.0 pp | Jun 2025 −20.0 pp | Sep 2025 +9.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 +2.4 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp
- SKIPPER: Sep 2021 −3.3 pp | Dec 2021 +2.0 pp | Mar 2022 +2.5 pp | Jun 2022 +2.6 pp | Sep 2022 −0.2 pp | Dec 2022 −1.6 pp | Mar 2023 −0.1 pp | Jun 2023 +2.6 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Feb 2025 — | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Siemens Energy India Ltd leads with ₹1,311 crore of TTM profit, 6.3% above GE Vernova T&D India Ltd. Siemens Energy India Ltd shows ≥100% on the scoring scale (110.1% uncapped) growth from a ₹1,311 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Siemens Energy 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: Siemens Energy India Ltd · ₹1,311 crore | 6.3% versus #2 · GE Vernova T&D India Ltd | 3/4 recent comparable periods | 6/6 companies · 84 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. Siemens Energy India Ltd (ENRIN): ₹1.3K Cr
2. GE Vernova T&D India Ltd (GVT&D): ₹1.2K Cr
3. Hitachi Energy India Ltd (POWERINDIA): ₹987 Cr
4. Skipper Ltd (SKIPPER): ₹213 Cr
5. Quality Power Electrical Equipments Ltd (QPOWER): ₹186 Cr

### Profit growth — fastest growers
1. Siemens Energy India Ltd (ENRIN): 100%
2. GE Vernova T&D India Ltd (GVT&D): 100%
3. Hitachi Energy India Ltd (POWERINDIA): 100%
4. Quality Power Electrical Equipments Ltd (QPOWER): 94%
5. KSH International Ltd (KSHINTL): 61%

### 20-quarter Net profit history
- POWERINDIA: Sep 2021 ₹34 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹137 Cr | Feb 2025 — | Mar 2025 ₹184 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹330 Cr
- ENRIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹574 Cr | Dec 2024 ₹232 Cr | Feb 2025 — | Mar 2025 ₹246 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹313 Cr | Mar 2026 ₹375 Cr
- GVT&D: Sep 2021 ₹-8 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹143 Cr | Feb 2025 — | Mar 2025 ₹186 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹352 Cr
- QPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹20 Cr | Feb 2025 — | Mar 2025 ₹30 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹51 Cr
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹26 Cr | Feb 2025 — | Mar 2025 ₹18 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹35 Cr
- SKIPPER: Sep 2021 ₹3 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹36 Cr | Feb 2025 — | Mar 2025 ₹48 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹78 Cr

### 20-quarter Profit growth history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -94% | Sep 2022 8.8% | Dec 2022 -92% | Mar 2023 -1.9% | Jun 2023 100% | Sep 2023 -32% | Dec 2023 360% | Mar 2024 124% | Jun 2024 400% | Sep 2024 108% | Dec 2024 496% | Feb 2025 — | Mar 2025 61% | Jun 2025 1,220% | Sep 2025 408% | Dec 2025 91% | Mar 2026 79%
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 80% | Sep 2025 -37% | Dec 2025 35% | Mar 2026 52%
- GVT&D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 367% | Sep 2023 1,133% | Dec 2023 880% | Mar 2024 — | Jun 2024 382% | Sep 2024 292% | Dec 2024 192% | Feb 2025 — | Mar 2025 182% | Jun 2025 116% | Sep 2025 106% | Dec 2025 104% | Mar 2026 89%
- QPOWER: 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 43% | Feb 2025 — | Mar 2025 67% | Jun 2025 12% | Sep 2025 169% | Dec 2025 215% | Mar 2026 70%
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 92% | Sep 2025 131% | Dec 2025 -12% | Mar 2026 94%
- SKIPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 43% | Mar 2023 -4.0% | Jun 2023 — | Sep 2023 567% | Dec 2023 100% | Mar 2024 4.2% | Jun 2024 100% | Sep 2024 65% | Dec 2024 80% | Feb 2025 — | Mar 2025 92% | Jun 2025 41% | Sep 2025 12% | Dec 2025 47% | Mar 2026 63%

## Capacity Spending & Returns On It

What the numbers say: KSH International Ltd reports ₹31 crore of CAPEX; KSH International Ltd has the highest covered intensity at 4.4%. Coverage is only 2 of 6 companies and 7 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: KSH International Ltd · ₹31 crore | 10.3× versus #2 · Siemens Energy India Ltd | 6/6 recent comparable periods | 2/6 companies · 7 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. KSH International Ltd (KSHINTL): ₹31 Cr
2. Siemens Energy India Ltd (ENRIN): ₹3 Cr

### CAPEX intensity — highest reinvestment intensity
1. KSH International Ltd (KSHINTL): 4.4%

### 20-quarter CAPEX history
- ENRIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- KSHINTL: 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 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹46 Cr | Feb 2025 — | Mar 2025 ₹41 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹31 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.5% | Sep 2024 3.4% | Dec 2024 8.9% | Feb 2025 — | Mar 2025 8.1% | Jun 2025 5.5% | Sep 2025 4.4% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Hitachi Energy India Ltd has the clearest covered balance-sheet capacity with ₹4,603 crore net cash and gross debt of ₹86 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: GE Vernova T&D India Ltd · ₹24 crore | 40% versus #2 · Quality Power Electrical Equipments Ltd | 8/8 recent comparable periods | 6/6 companies · 79 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. GE Vernova T&D India Ltd (GVT&D): ₹24 Cr
2. Quality Power Electrical Equipments Ltd (QPOWER): ₹40 Cr
3. Hitachi Energy India Ltd (POWERINDIA): ₹86 Cr
4. Siemens Energy India Ltd (ENRIN): ₹216 Cr
5. KSH International Ltd (KSHINTL): ₹321 Cr

### Net debt — lowest net debt
1. Hitachi Energy India Ltd (POWERINDIA): ₹-4.6K Cr
2. Siemens Energy India Ltd (ENRIN): ₹-3.1K Cr
3. GE Vernova T&D India Ltd (GVT&D): ₹-1.5K Cr
4. KSH International Ltd (KSHINTL): ₹237 Cr
5. Skipper Ltd (SKIPPER): ₹916 Cr

### 20-quarter Gross debt history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹190 Cr | Jun 2022 ₹190 Cr | Sep 2022 ₹376 Cr | Dec 2022 ₹376 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹334 Cr | Sep 2023 ₹338 Cr | Dec 2023 ₹338 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹214 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹347 Cr | Feb 2025 — | Mar 2025 ₹88 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹86 Cr
- ENRIN: 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 Cr | Dec 2024 ₹124 Cr | Feb 2025 ₹127 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹216 Cr
- GVT&D: Sep 2021 ₹367 Cr | Dec 2021 ₹367 Cr | Mar 2022 ₹226 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹458 Cr | Dec 2022 ₹458 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹38 Cr | Feb 2025 — | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹24 Cr
- QPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹38 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Feb 2025 — | Mar 2025 ₹9 Cr | Jun 2025 — | Sep 2025 ₹36 Cr | Dec 2025 — | Mar 2026 ₹40 Cr
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹146 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹129 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹214 Cr | Jun 2024 ₹214 Cr | Sep 2024 — | Dec 2024 ₹288 Cr | Feb 2025 — | Mar 2025 ₹366 Cr | Jun 2025 ₹366 Cr | Sep 2025 ₹489 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹321 Cr
- SKIPPER: Sep 2021 ₹637 Cr | Dec 2021 ₹637 Cr | Mar 2022 ₹575 Cr | Jun 2022 ₹575 Cr | Sep 2022 ₹593 Cr | Dec 2022 ₹593 Cr | Mar 2023 ₹494 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹730 Cr | Dec 2023 ₹730 Cr | Mar 2024 ₹592 Cr | Jun 2024 ₹592 Cr | Sep 2024 ₹763 Cr | Dec 2024 ₹763 Cr | Feb 2025 — | Mar 2025 ₹740 Cr | Jun 2025 ₹740 Cr | Sep 2025 ₹801 Cr | Dec 2025 ₹801 Cr | Mar 2026 ₹948 Cr

### 20-quarter Net debt history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹104 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹261 Cr | Dec 2022 ₹261 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹269 Cr | Feb 2025 — | Mar 2025 ₹-3.7K Cr | Jun 2025 ₹-3.7K Cr | Sep 2025 ₹-4.6K Cr | Dec 2025 ₹-4.6K Cr | Mar 2026 ₹-4.6K Cr
- ENRIN: 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 — | Feb 2025 — | Mar 2025 ₹66 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹-3.3K Cr | Dec 2025 ₹-3.3K Cr | Mar 2026 ₹-3.1K Cr
- GVT&D: Sep 2021 ₹286 Cr | Dec 2021 ₹286 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹421 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹-91 Cr | Jun 2024 ₹-92 Cr | Sep 2024 ₹-49 Cr | Dec 2024 ₹-49 Cr | Feb 2025 — | Mar 2025 ₹-437 Cr | Jun 2025 ₹-438 Cr | Sep 2025 ₹-859 Cr | Dec 2025 ₹-859 Cr | Mar 2026 ₹-1.5K Cr
- KSHINTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹198 Cr | Sep 2024 — | Dec 2024 ₹285 Cr | Feb 2025 — | Mar 2025 ₹356 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹237 Cr
- SKIPPER: Sep 2021 ₹600 Cr | Dec 2021 ₹600 Cr | Mar 2022 ₹574 Cr | Jun 2022 ₹574 Cr | Sep 2022 ₹548 Cr | Dec 2022 ₹548 Cr | Mar 2023 ₹492 Cr | Jun 2023 ₹463 Cr | Sep 2023 ₹676 Cr | Dec 2023 ₹676 Cr | Mar 2024 ₹590 Cr | Jun 2024 ₹457 Cr | Sep 2024 ₹627 Cr | Dec 2024 ₹627 Cr | Feb 2025 — | Mar 2025 ₹734 Cr | Jun 2025 ₹619 Cr | Sep 2025 ₹745 Cr | Dec 2025 ₹745 Cr | Mar 2026 ₹916 Cr

## Return On Capital Employed

What the numbers say: GE Vernova T&D India Ltd leads ROCE at 76.4%, 8.6 percentage points above Siemens Energy India Ltd. GE Vernova T&D India Ltd has the strongest latest improvement at +15.8 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: GE Vernova T&D India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: GE Vernova T&D India Ltd · 76.4% | 12.7% versus #2 · Siemens Energy India Ltd | 8/8 recent comparable periods | 6/6 companies · 55 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. GE Vernova T&D India Ltd (GVT&D): 76%
2. Siemens Energy India Ltd (ENRIN): 68%
3. Quality Power Electrical Equipments Ltd (QPOWER): 32%
4. Hitachi Energy India Ltd (POWERINDIA): 29%
5. Skipper Ltd (SKIPPER): 23%

### ROCE change — fastest improvers
1. GE Vernova T&D India Ltd (GVT&D): +15.8 pp
2. Hitachi Energy India Ltd (POWERINDIA): +10.8 pp
3. Quality Power Electrical Equipments Ltd (QPOWER): +5.0 pp
4. Skipper Ltd (SKIPPER): −2.0 pp
5. KSH International Ltd (KSHINTL): −5.6 pp

### 20-quarter ROCE history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 14% | Dec 2023 15% | Mar 2024 18% | Jun 2024 21% | Sep 2024 21% | Dec 2024 34% | Feb 2025 — | Mar 2025 11% | Jun 2025 25% | Sep 2025 17% | Dec 2025 37% | Mar 2026 22%
- ENRIN: 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 33% | Dec 2024 — | Feb 2025 — | Mar 2025 36% | Jun 2025 — | Sep 2025 28% | Dec 2025 36% | Mar 2026 29%
- GVT&D: Sep 2021 6.7% | Dec 2021 — | Mar 2022 -13% | Jun 2022 — | Sep 2022 -8.9% | Dec 2022 — | Mar 2023 8.2% | Jun 2023 — | Sep 2023 13% | Dec 2023 16% | Mar 2024 21% | Jun 2024 33% | Sep 2024 37% | Dec 2024 49% | Feb 2025 — | Mar 2025 42% | Jun 2025 65% | Sep 2025 54% | Dec 2025 79% | Mar 2026 58%
- KSHINTL: 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 21% | Feb 2025 — | Mar 2025 26% | Jun 2025 33% | Sep 2025 30% | Dec 2025 38% | Mar 2026 20%
- SKIPPER: Sep 2021 9.4% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 19% | Jun 2024 26% | Sep 2024 24% | Dec 2024 31% | Feb 2025 — | Mar 2025 24% | Jun 2025 29% | Sep 2025 22% | Dec 2025 28% | Mar 2026 22%

### 20-quarter ROCE change history
- POWERINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 +0.9 pp | Dec 2023 — | Mar 2024 +3.8 pp | Jun 2024 — | Sep 2024 +7.4 pp | Dec 2024 +19.4 pp | Feb 2025 — | Mar 2025 −9.9 pp | Jun 2025 +4.0 pp | Sep 2025 −17.3 pp | Dec 2025 — | Mar 2026 +10.8 pp
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −7.3 pp
- GVT&D: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.6 pp | Dec 2022 — | Mar 2023 +21.0 pp | Jun 2023 — | Sep 2023 +22.2 pp | Dec 2023 — | Mar 2024 +13.2 pp | Jun 2024 — | Sep 2024 +23.4 pp | Dec 2024 +33.3 pp | Feb 2025 — | Mar 2025 +8.5 pp | Jun 2025 +28.6 pp | Sep 2025 +4.8 pp | Dec 2025 — | Mar 2026 +15.8 pp
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 +8.8 pp | Dec 2025 — | Mar 2026 −5.6 pp
- SKIPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +5.3 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +6.9 pp | Dec 2024 +8.3 pp | Feb 2025 — | Mar 2025 −1.7 pp | Jun 2025 +4.8 pp | Sep 2025 −9.0 pp | Dec 2025 — | Mar 2026 −2.0 pp

## Valuation Against Growth & Quality

What the numbers say: Skipper Ltd has the lowest comparable Guarded PEG at 0.41×, 14.6% below KSH International Ltd. Only 4 of 6 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: Skipper Ltd · 0.41× | 14.6% versus #2 · KSH International Ltd | 0/8 recent comparable periods | 4/6 companies · 13 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. Skipper Ltd (SKIPPER): 0.4
2. KSH International Ltd (KSHINTL): 0.5
3. Siemens Energy India Ltd (ENRIN): 1.7
4. GE Vernova T&D India Ltd (GVT&D): 2.6

### P/E — lowest P/E
1. Skipper Ltd (SKIPPER): 27.0
2. KSH International Ltd (KSHINTL): 54.0
3. Quality Power Electrical Equipments Ltd (QPOWER): 70.6
4. GE Vernova T&D India Ltd (GVT&D): 83.2
5. Siemens Energy India Ltd (ENRIN): 85.6

### 20-quarter Guarded PEG history
- POWERINDIA: Sep 2021 — | Dec 2021 7.0 | Mar 2022 3.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 45.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 1.7
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5
- SKIPPER: Sep 2021 6.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Feb 2025 — | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 0.7 | Mar 2026 0.4

### 20-quarter P/E history
- POWERINDIA: Sep 2021 71.3 | Dec 2021 85.3 | Mar 2022 113.3 | Jun 2022 97.0 | Sep 2022 120.7 | Dec 2022 113.2 | Mar 2023 149.5 | Jun 2023 187.6 | Sep 2023 183.0 | Dec 2023 270.2 | Mar 2024 292.8 | Jun 2024 334.1 | Sep 2024 336.7 | Dec 2024 312.3 | Feb 2025 — | Mar 2025 170.9 | Jun 2025 225.4 | Sep 2025 165.4 | Dec 2025 112.9 | Mar 2026 124.7
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 80.6 | Sep 2025 111.1 | Dec 2025 77.2 | Mar 2026 88.0
- GVT&D: Sep 2021 60.2 | Dec 2021 87.3 | Mar 2022 80.8 | Jun 2022 -104.1 | Sep 2022 -236.4 | Dec 2022 -341.8 | Mar 2023 — | Jun 2023 273.7 | Sep 2023 675.5 | Dec 2023 289.3 | Mar 2024 245.2 | Jun 2024 211.0 | Sep 2024 151.8 | Dec 2024 132.8 | Feb 2025 — | Mar 2025 81.8 | Jun 2025 98.3 | Sep 2025 97.3 | Dec 2025 85.5 | Mar 2026 85.8
- QPOWER: 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 — | Feb 2025 — | Mar 2025 61.6 | Jun 2025 132.4 | Sep 2025 113.6 | Dec 2025 67.7 | Mar 2026 58.3
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 29.9 | Mar 2026 27.3
- SKIPPER: Sep 2021 39.0 | Dec 2021 63.1 | Mar 2022 68.9 | Jun 2022 23.3 | Sep 2022 23.3 | Dec 2022 40.8 | Mar 2023 29.2 | Jun 2023 52.2 | Sep 2023 46.6 | Dec 2023 36.4 | Mar 2024 45.5 | Jun 2024 48.5 | Sep 2024 53.9 | Dec 2024 55.8 | Feb 2025 — | Mar 2025 38.9 | Jun 2025 37.7 | Sep 2025 35.6 | Dec 2025 27.4 | Mar 2026 20.6

## Enterprise Value & Book Value

What the numbers say: Skipper Ltd leads both ev/ebitda at 8.5× and p/bv at 4.01×.

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: Skipper Ltd · 8.5× | 54.5% versus #2 · KSH International Ltd | 0/8 recent comparable periods | 6/6 companies · 64 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. Skipper Ltd (SKIPPER): 8.5
2. KSH International Ltd (KSHINTL): 18.7
3. Quality Power Electrical Equipments Ltd (QPOWER): 28.3
4. Siemens Energy India Ltd (ENRIN): 49.1
5. GE Vernova T&D India Ltd (GVT&D): 60.7

### P/BV — lowest P/BV
1. Skipper Ltd (SKIPPER): 4.0
2. KSH International Ltd (KSHINTL): 7.5
3. Quality Power Electrical Equipments Ltd (QPOWER): 15.8
4. Siemens Energy India Ltd (ENRIN): 24.0
5. Hitachi Energy India Ltd (POWERINDIA): 26.8

### 20-quarter EV/EBITDA history
- POWERINDIA: Sep 2021 32.5 | Dec 2021 37.6 | Mar 2022 49.7 | Jun 2022 44.2 | Sep 2022 54.2 | Dec 2022 51.8 | Mar 2023 57.4 | Jun 2023 70.6 | Sep 2023 68.4 | Dec 2023 91.5 | Mar 2024 110.3 | Jun 2024 153.3 | Sep 2024 156.8 | Dec 2024 151.1 | Feb 2025 — | Mar 2025 100.8 | Jun 2025 136.3 | Sep 2025 100.5 | Dec 2025 71.4 | Mar 2026 81.5
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 173.4 | Sep 2025 204.1 | Dec 2025 152.3 | Mar 2026 49.1
- GVT&D: Sep 2021 17.6 | Dec 2021 21.0 | Mar 2022 20.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 42.5 | Sep 2023 69.1 | Dec 2023 63.7 | Mar 2024 84.9 | Jun 2024 112.5 | Sep 2024 92.0 | Dec 2024 85.6 | Feb 2025 — | Mar 2025 55.0 | Jun 2025 67.8 | Sep 2025 67.8 | Dec 2025 60.0 | Mar 2026 60.7
- QPOWER: 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 — | Feb 2025 — | Mar 2025 35.8 | Jun 2025 81.7 | Sep 2025 62.5 | Dec 2025 34.4 | Mar 2026 28.3
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 21.8 | Mar 2026 18.7
- SKIPPER: Sep 2021 8.5 | Dec 2021 9.9 | Mar 2022 8.3 | Jun 2022 6.0 | Sep 2022 7.2 | Dec 2022 10.5 | Mar 2023 8.6 | Jun 2023 11.9 | Sep 2023 12.7 | Dec 2023 12.1 | Mar 2024 14.5 | Jun 2024 13.2 | Sep 2024 15.1 | Dec 2024 16.2 | Feb 2025 — | Mar 2025 12.3 | Jun 2025 12.8 | Sep 2025 12.9 | Dec 2025 10.7 | Mar 2026 8.5

### 20-quarter P/BV history
- POWERINDIA: Sep 2021 10.0 | Dec 2021 11.5 | Mar 2022 15.4 | Jun 2022 14.3 | Sep 2022 12.8 | Dec 2022 12.2 | Mar 2023 12.5 | Jun 2023 15.6 | Sep 2023 14.3 | Dec 2023 18.2 | Mar 2024 24.1 | Jun 2024 45.0 | Sep 2024 42.5 | Dec 2024 44.4 | Feb 2025 — | Mar 2025 38.2 | Jun 2025 62.1 | Sep 2025 20.2 | Dec 2025 17.9 | Mar 2026 24.0
- ENRIN: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 27.5 | Sep 2025 28.5 | Dec 2025 20.8 | Mar 2026 20.9
- GVT&D: Sep 2021 3.0 | Dec 2021 3.1 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 2.9 | Dec 2022 2.7 | Mar 2023 2.8 | Jun 2023 5.2 | Sep 2023 10.6 | Dec 2023 11.3 | Mar 2024 19.1 | Jun 2024 35.6 | Sep 2024 35.1 | Dec 2024 38.1 | Feb 2025 — | Mar 2025 29.0 | Jun 2025 48.1 | Sep 2025 42.0 | Dec 2025 37.7 | Mar 2026 46.0
- QPOWER: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 12.5 | Sep 2025 19.3 | Dec 2025 12.1 | Mar 2026 13.3
- KSHINTL: 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 — | Feb 2025 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.9 | Mar 2026 8.5
- SKIPPER: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 1.1 | Dec 2022 1.9 | Mar 2023 1.4 | Jun 2023 2.5 | Sep 2023 3.2 | Dec 2023 3.1 | Mar 2024 4.5 | Jun 2024 5.2 | Sep 2024 5.9 | Dec 2024 6.5 | Feb 2025 — | Mar 2025 5.1 | Jun 2025 6.3 | Sep 2025 4.8 | Dec 2025 3.7 | Mar 2026 3.1

## Market action

GE Vernova T&D India Ltd has the strongest one-year price move in Electrical Equipments/HVDC at +115.3%. It also leads on Mansfield relative strength against NIFTY at +59.1%. 5 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. GE Vernova T&D India Ltd (GVT&D): 115%
2. Hitachi Energy India Ltd (POWERINDIA): 68%
3. Quality Power Electrical Equipments Ltd (QPOWER): 32%
4. Siemens Energy India Ltd (ENRIN): 12%
5. Skipper Ltd (SKIPPER): 9.7%

### Strongest relative strength versus NIFTY 500
1. GE Vernova T&D India Ltd (GVT&D): 59%
2. Hitachi Energy India Ltd (POWERINDIA): 31%
3. Quality Power Electrical Equipments Ltd (QPOWER): 23%
4. Skipper Ltd (SKIPPER): 15%
5. Siemens Energy India Ltd (ENRIN): 8.1%

## 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 is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Hitachi Energy India Ltd (POWERINDIA) — market value ₹1.4 L Cr; latest fundamentals Mar 2026
- Siemens Energy India Ltd (ENRIN) — market value ₹1.2 L Cr; latest fundamentals Mar 2026
- GE Vernova T&D India Ltd (GVT&D) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Quality Power Electrical Equipments Ltd (QPOWER) — market value ₹8.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- KSH International Ltd (KSHINTL) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Skipper Ltd (SKIPPER) — market value ₹6.0K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 5. Unverified: 0. Withheld: 1. Graded companies: 6.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Quality Power Electrical Equipments Ltd (QPOWER) — its two data sources disagree by up to 37% on reported income across 10 comparable periods, so its derived ratios are withheld.

- WITHHELD | QPOWER | Quality Power Electrical Equipments Ltd | diff_gt_2pct | disagreement up to 37.42% over 10 comparable periods

## Methodology and freshness

Fundamentals through Mar 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 Electrical Equipments/HVDC index?

The Nifty Electrical Equipments/HVDC index tracks India's listed Electrical Equipments/HVDC companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Electrical Equipments/HVDC sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Electrical Equipments/HVDC stocks in India?

Ranked by this page's four-factor score, GE Vernova T&D India Ltd places first among 6 listed Electrical Equipments/HVDC companies, followed by Hitachi Energy India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Electrical Equipments/HVDC stocks are listed in India?

This comparison covers 6 listed Electrical Equipments/HVDC 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 Mar 2026.

### Which Electrical Equipments/HVDC company is the biggest?

Siemens Energy India Ltd is the largest, with trailing-twelve-month revenue of ₹8,736 crore, ahead of Hitachi Energy India Ltd at ₹8,148 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Electrical Equipments/HVDC company is growing fastest?

Quality Power Electrical Equipments Ltd has the fastest revenue growth at 100% year on year, across 6 of 6 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 Electrical Equipments/HVDC company has the best profit margins?

GE Vernova T&D India Ltd has the highest operating margin at 27%, from 6 of 6 comparable companies. GE Vernova T&D India Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Electrical Equipments/HVDC company makes the most profit?

Siemens Energy India Ltd earns the most, at ₹1,311 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Siemens Energy India Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Electrical Equipments/HVDC company earns the highest return on capital?

GE Vernova T&D India Ltd leads on return on capital employed at 76.4%, across 6 of 6 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 Electrical Equipments/HVDC stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Skipper Ltd screens cheapest at 0.41×. Only 4 of 6 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 Electrical Equipments/HVDC company has the strongest balance sheet?

GE Vernova T&D India Ltd carries the lowest comparable gross debt at ₹24 crore, from 6 of 6 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 Electrical Equipments/HVDC stock has the strongest price momentum?

GE Vernova T&D India 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 Electrical Equipments/HVDC company scores highest for research priority?

GE Vernova T&D India Ltd scores 72.1 out of 100 with 82.6% evidence confidence, from 27.3 points on growth and earnings, 21.7 on capital efficiency, 6.1 on valuation and 17 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 Electrical Equipments/HVDC companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 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 Electrical Equipments/HVDC sector?

The 6 Electrical Equipments/HVDC companies on this page carry ₹3,80,877 crore of combined market value. Hitachi Energy India Ltd is the largest at ₹1,38,486 crore, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Electrical Equipments/HVDC sector's P/E ratio?

The median price-to-earnings ratio across the 6 Electrical Equipments/HVDC companies on this page is 83.2×, measured on the 6 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 Electrical Equipments/HVDC sector performing?

5 of the 5 covered Electrical Equipments/HVDC 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/electrical-equipments-hvdc