# Electronics - Equipment/Components — company-by-company sector analysis

> Electronics - Equipment/Components: Genus Power Infrastructures Ltd owns the largest revenue base; MIC Electronics Ltd has the fastest current growth.

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

## Bottom line

Electronics - Equipment/Components has outperformed NIFTY 500 by 7.5% over 52 weeks and 9.5% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself. Genus Power Infrastructures Ltd leads with revenue of ₹4,750 crore, based on 7 of 7 comparable companies through Mar 2026.

### Is the Electronics - Equipment/Components sector outperforming NIFTY 500?

Electronics - Equipment/Components has outperformed NIFTY 500 by 7.5% over 52 weeks and 9.5% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself.

### Which Electronics - Equipment/Components company is largest by revenue?

Genus Power Infrastructures Ltd leads with revenue of ₹4,750 crore, based on 7 of 7 comparable companies through Mar 2026.

### Which Electronics - Equipment/Components company is growing fastest?

MIC Electronics Ltd has the fastest current revenue growth at 100%, across 7 of 7 comparable companies.

### Which Electronics - Equipment/Components company has the strongest 4-Factor Sector Score?

Genus Power Infrastructures Ltd ranks first at 65.3/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Electronics - Equipment/Components company reports the most CAPEX?

MIC Electronics Ltd reports the largest latest CAPEX at ₹0 crore, with 1 of 7 companies comparable.

### Which Electronics - Equipment/Components company has the least gross debt?

RIR Power Electronics Ltd has the lowest comparable gross debt at ₹14 crore. Genus Power Infrastructures Ltd has the highest at ₹2,302 crore.

### Which Electronics - Equipment/Components company has the lowest comparable PEG?

Hind Rectifiers Ltd has the lowest comparable Guarded PEG at 0.97, among 2 of 7 companies that pass the metric’s comparability rules.

### How much history does this Electronics - Equipment/Components 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

Electronics - Equipment/Components has outperformed NIFTY 500 by 7.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.5%. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Elpro International Ltd is the strongest against the sector itself at +58.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 9.5%
52-week sector return versus NIFTY 500: 7.5%
Stocks leading NIFTY: 3/7
Stocks leading sector: 3/7

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

Companies: 7
Combined market value: ₹20.5K 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. Genus Power Infrastructures Ltd (GENUSPOWER): 65/100 — Favorable setup; evidence 87%
   - Growth & earnings 29.0/35 | Capital efficiency 15.5/25 | Valuation 11.0/20 | Relative strength 9.8/20
   - Exact sum: 29 + 15.5 + 11 + 9.8 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Elpro International Ltd (ELPROINTL): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.5/35 | Capital efficiency 7.9/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 19.5 + 7.9 + 10 + 20 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Hind Rectifiers Ltd (HIRECT): 55/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 11.3/35 | Capital efficiency 12.7/25 | Valuation 12.9/20 | Relative strength 18.5/20
   - Exact sum: 11.3 + 12.7 + 12.9 + 18.5 = 55.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 52.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. MIC Electronics Ltd (MICEL): 53/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 22.3/35 | Capital efficiency 15.1/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 22.3 + 15.1 + 10 + 6 = 53.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Elin Electronics Ltd (ELIN): 37/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 11.7/35 | Capital efficiency 12.7/25 | Valuation 12.9/20 | Relative strength 0.0/20
   - Exact sum: 11.7 + 12.7 + 12.9 + 0 = 37.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. RIR Power Electronics Ltd (517035): 37/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.3/35 | Capital efficiency 14.6/25 | Valuation 8.5/20 | Relative strength 1.5/20
   - Exact sum: 12.3 + 14.6 + 8.5 + 1.5 = 36.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Spel Semiconductor Ltd (SPELS): 43/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 16.0/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 11.9/20
   - Exact sum: 16 + 5 + 10 + 11.9 = 42.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Genus Power Infrastructures Ltd is the scale leader at ₹4,750 crore, 268.9% ahead of Elin Electronics Ltd. MIC Electronics Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 101% from a ₹191 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Genus Power Infrastructures Ltd is the scale benchmark; MIC Electronics Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Genus Power Infrastructures Ltd's growth falls below MIC Electronics Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Genus Power Infrastructures Ltd · ₹4,750 crore | 268.9% versus #2 · Elin Electronics Ltd | 8/8 recent comparable periods | 7/7 companies · 110 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. Genus Power Infrastructures Ltd (GENUSPOWER): ₹4.8K Cr
2. Elin Electronics Ltd (ELIN): ₹1.3K Cr
3. Hind Rectifiers Ltd (HIRECT): ₹999 Cr
4. Elpro International Ltd (ELPROINTL): ₹528 Cr
5. MIC Electronics Ltd (MICEL): ₹191 Cr

### Revenue growth — fastest growers
1. MIC Electronics Ltd (MICEL): 100%
2. Genus Power Infrastructures Ltd (GENUSPOWER): 95%
3. Hind Rectifiers Ltd (HIRECT): 53%
4. Elpro International Ltd (ELPROINTL): 29%
5. Spel Semiconductor Ltd (SPELS): 14% — older report

### 20-quarter Revenue history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹15 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹24 Cr
- GENUSPOWER: Jun 2021 ₹130 Cr | Sep 2021 ₹178 Cr | Dec 2021 ₹196 Cr | Mar 2022 ₹181 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹259 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹420 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹487 Cr | Dec 2024 ₹604 Cr | Mar 2025 ₹937 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr
- HIRECT: Jun 2021 ₹73 Cr | Sep 2021 ₹102 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹280 Cr
- ELPROINTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹32 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹185 Cr
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹51 Cr
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹202 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹266 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹295 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹324 Cr

### 20-quarter Revenue growth history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 4.6% | Mar 2024 33% | Jun 2024 52% | Sep 2024 13% | Dec 2024 35% | Mar 2025 23% | Jun 2025 -0.2% | Sep 2025 36% | Dec 2025 2.0% | Mar 2026 -9.5%
- GENUSPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 23% | Dec 2022 2.0% | Mar 2023 12% | Jun 2023 40% | Sep 2023 18% | Dec 2023 30% | Mar 2024 108% | Jun 2024 59% | Sep 2024 88% | Dec 2024 132% | Mar 2025 123% | Jun 2025 128% | Sep 2025 136% | Dec 2025 86% | Mar 2026 64%
- HIRECT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -24% | Dec 2022 3.2% | Mar 2023 9.8% | Jun 2023 34% | Sep 2023 69% | Dec 2023 41% | Mar 2024 35% | Jun 2024 38% | Sep 2024 26% | Dec 2024 24% | Mar 2025 22% | Jun 2025 58% | Sep 2025 37% | Dec 2025 64% | Mar 2026 51%
- ELPROINTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 63% | Mar 2024 170% | Jun 2024 167% | Sep 2024 491% | Dec 2024 -113% | Mar 2025 -40% | Jun 2025 -28% | Sep 2025 -74% | Dec 2025 — | Mar 2026 164%
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 130% | Mar 2024 109% | Jun 2024 38% | Sep 2024 170% | Dec 2024 -29% | Mar 2025 96% | Jun 2025 9.1% | Sep 2025 41% | Dec 2025 650% | Mar 2026 13%
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 -60% | Sep 2024 -50% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 100% | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 3.4% | Jun 2024 16% | Sep 2024 11% | Dec 2024 13% | Mar 2025 14% | Jun 2025 0.7% | Sep 2025 23% | Dec 2025 10% | Mar 2026 2.7%

## Operating Economics & Margin Trend

What the numbers say: MIC Electronics Ltd leads opm at 26%; Spel Semiconductor Ltd leads margin change at +55 percentage points.

Investor read: MIC Electronics 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: MIC Electronics Ltd · 26% | 52.9% versus #2 · Genus Power Infrastructures Ltd | 3/8 recent comparable periods | 7/7 companies · 137 observations

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

### OPM — highest
1. MIC Electronics Ltd (MICEL): 26%
2. Genus Power Infrastructures Ltd (GENUSPOWER): 17%
3. RIR Power Electronics Ltd (517035): 8.7%
4. Hind Rectifiers Ltd (HIRECT): 3.0%
5. Elin Electronics Ltd (ELIN): 1.8%

### Margin change — fastest expanders
1. Spel Semiconductor Ltd (SPELS): +55.0 pp — older report
2. MIC Electronics Ltd (MICEL): +7.0 pp
3. Genus Power Infrastructures Ltd (GENUSPOWER): −4.0 pp
4. RIR Power Electronics Ltd (517035): −4.3 pp
5. Elin Electronics Ltd (ELIN): −4.6 pp

### 20-quarter OPM history
- 517035: Jun 2021 11% | Sep 2021 15% | Dec 2021 7.9% | Mar 2022 12% | Jun 2022 13% | Sep 2022 17% | Dec 2022 16% | Mar 2023 10% | Jun 2023 13% | Sep 2023 16% | Dec 2023 11% | Mar 2024 18% | Jun 2024 16% | Sep 2024 12% | Dec 2024 11% | Mar 2025 13% | Jun 2025 14% | Sep 2025 17% | Dec 2025 4.2% | Mar 2026 8.7%
- GENUSPOWER: Jun 2021 3.9% | Sep 2021 8.2% | Dec 2021 11% | Mar 2022 11% | Jun 2022 7.7% | Sep 2022 8.0% | Dec 2022 10% | Mar 2023 13% | Jun 2023 11% | Sep 2023 10% | Dec 2023 5.0% | Mar 2024 13% | Jun 2024 15% | Sep 2024 17% | Dec 2024 15% | Mar 2025 21% | Jun 2025 21% | Sep 2025 20% | Dec 2025 19% | Mar 2026 17%
- HIRECT: Jun 2021 6.9% | Sep 2021 7.3% | Dec 2021 5.0% | Mar 2022 4.9% | Jun 2022 -0.4% | Sep 2022 -2.8% | Dec 2022 6.7% | Mar 2023 9.9% | Jun 2023 6.8% | Sep 2023 8.0% | Dec 2023 9.9% | Mar 2024 8.9% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.2% | Mar 2026 3.0%
- ELPROINTL: Jun 2021 -56% | Sep 2021 64% | Dec 2021 47% | Mar 2022 25% | Jun 2022 41% | Sep 2022 47% | Dec 2022 44% | Mar 2023 23% | Jun 2023 67% | Sep 2023 54% | Dec 2023 66% | Mar 2024 15% | Jun 2024 49% | Sep 2024 14% | Dec 2024 32% | Mar 2025 45% | Jun 2025 71% | Sep 2025 42% | Dec 2025 71% | Mar 2026 -38%
- MICEL: Jun 2021 -327% | Sep 2021 -7.9% | Dec 2021 29% | Mar 2022 -1.8% | Jun 2022 -31% | Sep 2022 -25% | Dec 2022 4.5% | Mar 2023 22% | Jun 2023 25% | Sep 2023 29% | Dec 2023 15% | Mar 2024 24% | Jun 2024 24% | Sep 2024 13% | Dec 2024 29% | Mar 2025 19% | Jun 2025 35% | Sep 2025 10% | Dec 2025 4.0% | Mar 2026 26%
- SPELS: Jun 2021 -279% | Sep 2021 -31% | Dec 2021 -11% | Mar 2022 42% | Jun 2022 23% | Sep 2022 102% | Dec 2022 -80% | Mar 2023 59% | Jun 2023 -2.0% | Sep 2023 -52% | Dec 2023 -41% | Mar 2024 -17% | Jun 2024 -42% | Sep 2024 -97% | Dec 2024 -37% | Mar 2025 -112% | Jun 2025 -28% | Sep 2025 -42% | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 7.3% | Dec 2021 6.2% | Mar 2022 7.9% | Jun 2022 3.8% | Sep 2022 10% | Dec 2022 6.5% | Mar 2023 3.3% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 3.6% | Mar 2024 4.5% | Jun 2024 4.5% | Sep 2024 3.7% | Dec 2024 2.8% | Mar 2025 6.4% | Jun 2025 5.9% | Sep 2025 5.4% | Dec 2025 4.0% | Mar 2026 1.8%

### 20-quarter Margin change history
- 517035: Jun 2021 +24.8 pp | Sep 2021 +1.3 pp | Dec 2021 −5.3 pp | Mar 2022 +2.6 pp | Jun 2022 +2.0 pp | Sep 2022 +1.5 pp | Dec 2022 +8.2 pp | Mar 2023 −1.4 pp | Jun 2023 −0.3 pp | Sep 2023 −1.1 pp | Dec 2023 −5.5 pp | Mar 2024 +7.8 pp | Jun 2024 +2.8 pp | Sep 2024 −3.4 pp | Dec 2024 +0.1 pp | Mar 2025 −5.2 pp | Jun 2025 −2.0 pp | Sep 2025 +4.7 pp | Dec 2025 −6.4 pp | Mar 2026 −4.3 pp
- GENUSPOWER: Jun 2021 +5.9 pp | Sep 2021 −12.6 pp | Dec 2021 −7.0 pp | Mar 2022 −10.1 pp | Jun 2022 +3.8 pp | Sep 2022 −0.2 pp | Dec 2022 −0.7 pp | Mar 2023 +2.4 pp | Jun 2023 +3.4 pp | Sep 2023 +2.0 pp | Dec 2023 −5.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +7.0 pp | Dec 2024 +10.0 pp | Mar 2025 +8.0 pp | Jun 2025 +6.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp
- HIRECT: Jun 2021 +0.1 pp | Sep 2021 +0.1 pp | Dec 2021 −1.0 pp | Mar 2022 −0.7 pp | Jun 2022 −7.3 pp | Sep 2022 −10.1 pp | Dec 2022 +1.8 pp | Mar 2023 +5.0 pp | Jun 2023 +7.2 pp | Sep 2023 +10.9 pp | Dec 2023 +3.1 pp | Mar 2024 −1.0 pp | Jun 2024 +3.9 pp | Sep 2024 +3.0 pp | Dec 2024 +0.6 pp | Mar 2025 +1.8 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 −1.2 pp | Mar 2026 −7.7 pp
- ELPROINTL: Jun 2021 −121.3 pp | Sep 2021 +20.1 pp | Dec 2021 −6.6 pp | Mar 2022 −7.5 pp | Jun 2022 +97.3 pp | Sep 2022 −17.3 pp | Dec 2022 −2.9 pp | Mar 2023 −1.6 pp | Jun 2023 +25.9 pp | Sep 2023 +7.0 pp | Dec 2023 +22.0 pp | Mar 2024 −8.0 pp | Jun 2024 −18.0 pp | Sep 2024 −40.0 pp | Dec 2024 −34.0 pp | Mar 2025 +30.0 pp | Jun 2025 +22.0 pp | Sep 2025 +28.0 pp | Dec 2025 +39.0 pp | Mar 2026 −83.0 pp
- MICEL: Jun 2021 — | Sep 2021 +246.0 pp | Dec 2021 +928.8 pp | Mar 2022 −16,801.8 pp | Jun 2022 +296.3 pp | Sep 2022 −17.1 pp | Dec 2022 −24.3 pp | Mar 2023 +23.8 pp | Jun 2023 +55.6 pp | Sep 2023 +54.0 pp | Dec 2023 +10.5 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −16.0 pp | Dec 2024 +14.0 pp | Mar 2025 −5.0 pp | Jun 2025 +11.0 pp | Sep 2025 −3.0 pp | Dec 2025 −25.0 pp | Mar 2026 +7.0 pp
- SPELS: Jun 2021 −280.8 pp | Sep 2021 −31.7 pp | Dec 2021 −10.0 pp | Mar 2022 +286.0 pp | Jun 2022 +301.9 pp | Sep 2022 +133.3 pp | Dec 2022 −69.1 pp | Mar 2023 +17.5 pp | Jun 2023 −24.8 pp | Sep 2023 −154.0 pp | Dec 2023 +39.0 pp | Mar 2024 −76.0 pp | Jun 2024 −40.0 pp | Sep 2024 −45.0 pp | Dec 2024 +4.0 pp | Mar 2025 −95.0 pp | Jun 2025 +14.0 pp | Sep 2025 +55.0 pp | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +0.3 pp | Mar 2023 −4.6 pp | Jun 2023 +0.1 pp | Sep 2023 −6.5 pp | Dec 2023 −2.9 pp | Mar 2024 +1.2 pp | Jun 2024 +0.7 pp | Sep 2024 +0.1 pp | Dec 2024 −0.8 pp | Mar 2025 +2.0 pp | Jun 2025 +1.4 pp | Sep 2025 +1.7 pp | Dec 2025 +1.1 pp | Mar 2026 −4.6 pp

## Profit Scale & Acceleration

What the numbers say: Genus Power Infrastructures Ltd leads with ₹592 crore of TTM profit, 580.5% above Elpro International Ltd. Genus Power Infrastructures Ltd shows 90.3% growth from a ₹592 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Genus Power Infrastructures 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: Genus Power Infrastructures Ltd · ₹592 crore | 580.5% versus #2 · Elpro International Ltd | 7/8 recent comparable periods | 7/7 companies · 110 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. Genus Power Infrastructures Ltd (GENUSPOWER): ₹592 Cr
2. Elpro International Ltd (ELPROINTL): ₹87 Cr
3. Hind Rectifiers Ltd (HIRECT): ₹39 Cr
4. Elin Electronics Ltd (ELIN): ₹23 Cr
5. RIR Power Electronics Ltd (517035): ₹8 Cr

### Profit growth — fastest growers
1. Genus Power Infrastructures Ltd (GENUSPOWER): 90%
2. Elpro International Ltd (ELPROINTL): 32%
3. RIR Power Electronics Ltd (517035): 4.1%
4. Hind Rectifiers Ltd (HIRECT): 4.0%
5. Elin Electronics Ltd (ELIN): -23%

### 20-quarter Net profit history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr
- GENUSPOWER: Jun 2021 ₹24 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹172 Cr
- HIRECT: Jun 2021 ₹2 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹-2 Cr
- ELPROINTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹-92 Cr
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-18 Cr
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-12 Cr | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-1 Cr

### 20-quarter Profit growth history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -19% | Dec 2023 -40% | Mar 2024 132% | Jun 2024 68% | Sep 2024 -8.9% | Dec 2024 32% | Mar 2025 -13% | Jun 2025 -18% | Sep 2025 196% | Dec 2025 -70% | Mar 2026 -43%
- GENUSPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 — | Dec 2022 47% | Mar 2023 -152% | Jun 2023 92% | Sep 2023 390% | Dec 2023 -145% | Mar 2024 — | Jun 2024 109% | Sep 2024 69% | Dec 2024 — | Mar 2025 413% | Jun 2025 185% | Sep 2025 72% | Dec 2025 146% | Mar 2026 40%
- HIRECT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -200% | Sep 2022 -233% | Dec 2022 100% | Mar 2023 -200% | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 — | Jun 2024 247% | Sep 2024 155% | Dec 2024 559% | Mar 2025 95% | Jun 2025 84% | Sep 2025 44% | Dec 2025 27% | Mar 2026 -116%
- ELPROINTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 71% | Mar 2024 — | Jun 2024 140% | Sep 2024 78% | Dec 2024 -188% | Mar 2025 -71% | Jun 2025 54% | Sep 2025 -66% | Dec 2025 — | Mar 2026 -1,414%
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2,400% | Jun 2024 100% | Sep 2024 -78% | Dec 2024 -33% | Mar 2025 -92% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -550%
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -500% | Dec 2023 — | Mar 2024 -225% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 121% | Jun 2024 57% | Sep 2024 22% | Dec 2024 -47% | Mar 2025 386% | Jun 2025 59% | Sep 2025 115% | Dec 2025 161% | Mar 2026 -104%

## Capacity Spending & Returns On It

What the numbers say: MIC Electronics Ltd reports ₹0 crore of CAPEX; MIC Electronics Ltd has the highest covered intensity at 0%. Coverage is only 1 of 7 companies and 2 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: MIC Electronics Ltd · ₹0 crore | Not enough peers | 0/2 recent comparable periods | 1/7 companies · 2 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. MIC Electronics Ltd (MICEL): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. MIC Electronics Ltd (MICEL): 0.0%

### 20-quarter CAPEX history
- MICEL: Jun 2021 — | 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 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- MICEL: Jun 2021 — | 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 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: MIC Electronics Ltd has the clearest covered balance-sheet capacity with ₹33 crore and gross debt of ₹44 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: RIR Power Electronics Ltd · ₹14 crore | 18.2% versus #2 · Elin Electronics Ltd | Not enough history | 7/7 companies · 82 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. RIR Power Electronics Ltd (517035): ₹14 Cr
2. Elin Electronics Ltd (ELIN): ₹17 Cr
3. Spel Semiconductor Ltd (SPELS): ₹27 Cr — older report
4. MIC Electronics Ltd (MICEL): ₹44 Cr
5. Hind Rectifiers Ltd (HIRECT): ₹245 Cr

### Net debt — lowest net debt
1. MIC Electronics Ltd (MICEL): ₹33 Cr
2. Hind Rectifiers Ltd (HIRECT): ₹241 Cr
3. Genus Power Infrastructures Ltd (GENUSPOWER): ₹1.5K Cr

### 20-quarter Gross debt history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹32 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹34 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹14 Cr
- GENUSPOWER: Jun 2021 ₹208 Cr | Sep 2021 ₹240 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹347 Cr | Jun 2023 ₹347 Cr | Sep 2023 ₹341 Cr | Dec 2023 ₹341 Cr | Mar 2024 ₹588 Cr | Jun 2024 ₹588 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.3K Cr
- HIRECT: Jun 2021 ₹84 Cr | Sep 2021 ₹63 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹245 Cr
- ELPROINTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹56 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹128 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹365 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.0K Cr | Jun 2025 — | Sep 2025 ₹1.0K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr
- MICEL: Jun 2021 ₹28 Cr | Sep 2021 ₹65 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹13 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹44 Cr
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 ₹27 Cr | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹103 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹78 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 — | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹17 Cr

### 20-quarter Net debt history
- GENUSPOWER: Jun 2021 ₹-75 Cr | Sep 2021 ₹-50 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-106 Cr | Dec 2022 ₹-106 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-84 Cr | Sep 2023 ₹-148 Cr | Dec 2023 ₹-148 Cr | Mar 2024 ₹-93 Cr | Jun 2024 ₹-269 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹642 Cr | Jun 2025 ₹434 Cr | Sep 2025 ₹993 Cr | Dec 2025 ₹993 Cr | Mar 2026 ₹1.5K Cr
- HIRECT: Jun 2021 ₹84 Cr | Sep 2021 ₹61 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹241 Cr
- MICEL: Jun 2021 ₹27 Cr | Sep 2021 ₹63 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹33 Cr

## Return On Capital Employed

What the numbers say: Genus Power Infrastructures Ltd leads ROCE at 23.9%, 5.1 percentage points above Hind Rectifiers Ltd. Genus Power Infrastructures Ltd has the strongest latest improvement at +9.9 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: Genus Power Infrastructures 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: Genus Power Infrastructures Ltd · 23.9% | 27.1% versus #2 · Hind Rectifiers Ltd | 7/8 recent comparable periods | 7/7 companies · 44 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. Genus Power Infrastructures Ltd (GENUSPOWER): 24%
2. Hind Rectifiers Ltd (HIRECT): 19%
3. MIC Electronics Ltd (MICEL): 8.6%
4. RIR Power Electronics Ltd (517035): 7.9%
5. Elin Electronics Ltd (ELIN): 6.9%

### ROCE change — fastest improvers
1. Genus Power Infrastructures Ltd (GENUSPOWER): +9.9 pp
2. MIC Electronics Ltd (MICEL): +2.3 pp
3. Elpro International Ltd (ELPROINTL): +2.0 pp
4. Elin Electronics Ltd (ELIN): 0.0 pp
5. RIR Power Electronics Ltd (517035): −2.6 pp

### 20-quarter ROCE history
- GENUSPOWER: Jun 2021 — | Sep 2021 7.1% | Dec 2021 — | Mar 2022 3.9% | Jun 2022 — | Sep 2022 5.1% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 9.6% | Sep 2023 7.0% | Dec 2023 12% | Mar 2024 14% | Jun 2024 17% | Sep 2024 6.6% | Dec 2024 22% | Mar 2025 15% | Jun 2025 30% | Sep 2025 24% | Dec 2025 34% | Mar 2026 25%
- HIRECT: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 2.0% | Dec 2022 — | Mar 2023 7.3% | Jun 2023 — | Sep 2023 20% | Dec 2023 — | Mar 2024 25% | Jun 2024 — | Sep 2024 32% | Dec 2024 36% | Mar 2025 31% | Jun 2025 40% | Sep 2025 31% | Dec 2025 40% | Mar 2026 26%
- MICEL: Jun 2021 — | Sep 2021 -9.1% | Dec 2021 — | Mar 2022 6.3% | Jun 2022 — | Sep 2022 6.3% | Dec 2022 — | Mar 2023 -1.2% | Jun 2023 — | Sep 2023 7.6% | Dec 2023 23% | Mar 2024 9.5% | Jun 2024 20% | Sep 2024 5.7% | Dec 2024 8.6% | Mar 2025 7.1% | Jun 2025 10% | Sep 2025 7.1% | Dec 2025 7.7% | Mar 2026 9.4%

### 20-quarter ROCE change history
- GENUSPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 +8.1 pp | Jun 2024 +7.1 pp | Sep 2024 −0.4 pp | Dec 2024 +9.9 pp | Mar 2025 +1.6 pp | Jun 2025 +13.0 pp | Sep 2025 +17.5 pp | Dec 2025 +11.7 pp | Mar 2026 +9.9 pp
- HIRECT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 — | Mar 2023 −6.2 pp | Jun 2023 — | Sep 2023 +17.5 pp | Dec 2023 — | Mar 2024 +17.4 pp | Jun 2024 — | Sep 2024 +12.2 pp | Dec 2024 — | Mar 2025 +6.4 pp | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 +4.0 pp | Mar 2026 −4.7 pp
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.4 pp | Dec 2022 — | Mar 2023 −7.5 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 +10.7 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 −13.9 pp | Mar 2025 −2.4 pp | Jun 2025 −10.1 pp | Sep 2025 +1.4 pp | Dec 2025 −0.9 pp | Mar 2026 +2.3 pp

## Valuation Against Growth & Quality

What the numbers say: Hind Rectifiers Ltd has the lowest comparable Guarded PEG at 0.97×, 46.1% below Genus Power Infrastructures Ltd. Only 2 of 7 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: Hind Rectifiers Ltd · 0.97× | 46.1% versus #2 · Genus Power Infrastructures Ltd | 0/8 recent comparable periods | 2/7 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. Hind Rectifiers Ltd (HIRECT): 1.0
2. Genus Power Infrastructures Ltd (GENUSPOWER): 1.8

### P/E — lowest P/E
1. Genus Power Infrastructures Ltd (GENUSPOWER): 16.2
2. Elin Electronics Ltd (ELIN): 21.6
3. Elpro International Ltd (ELPROINTL): 34.2
4. Hind Rectifiers Ltd (HIRECT): 99.4
5. RIR Power Electronics Ltd (517035): 176.0

### 20-quarter Guarded PEG history
- GENUSPOWER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.8 | Mar 2023 — | Jun 2023 — | Sep 2023 9.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HIRECT: Jun 2021 — | Sep 2021 2.7 | Dec 2021 10.5 | 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 1.0 | Mar 2026 —

### 20-quarter P/E history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40.0 | Sep 2022 40.4 | Dec 2022 74.5 | Mar 2023 35.0 | Jun 2023 54.1 | Sep 2023 66.9 | Dec 2023 87.1 | Mar 2024 116.4 | Jun 2024 192.4 | Sep 2024 377.8 | Dec 2024 241.5 | Mar 2025 211.2 | Jun 2025 264.1 | Sep 2025 376.6 | Dec 2025 178.8 | Mar 2026 122.2
- GENUSPOWER: Jun 2021 19.7 | Sep 2021 21.0 | Dec 2021 22.3 | Mar 2022 25.4 | Jun 2022 33.1 | Sep 2022 44.6 | Dec 2022 39.1 | Mar 2023 34.8 | Jun 2023 110.8 | Sep 2023 160.8 | Dec 2023 71.0 | Mar 2024 114.2 | Jun 2024 94.5 | Sep 2024 104.2 | Dec 2024 80.3 | Mar 2025 37.3 | Jun 2025 36.4 | Sep 2025 23.0 | Dec 2025 19.6 | Mar 2026 12.6
- HIRECT: Jun 2021 39.7 | Sep 2021 45.8 | Dec 2021 55.8 | Mar 2022 39.4 | Jun 2022 — | Sep 2022 — | Dec 2022 -157.8 | Mar 2023 — | Jun 2023 -243.9 | Sep 2023 98.5 | Dec 2023 187.3 | Mar 2024 82.5 | Jun 2024 66.1 | Sep 2024 85.3 | Dec 2024 77.9 | Mar 2025 50.5 | Jun 2025 58.3 | Sep 2025 67.6 | Dec 2025 54.7 | Mar 2026 48.1
- ELPROINTL: Jun 2021 52.2 | Sep 2021 47.2 | Dec 2021 114.5 | Mar 2022 90.9 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 23.6 | Sep 2023 26.1 | Dec 2023 28.9 | Mar 2024 22.6 | Jun 2024 19.9 | Sep 2024 19.6 | Dec 2024 15.3 | Mar 2025 14.4 | Jun 2025 22.6 | Sep 2025 25.8 | Dec 2025 25.4 | Mar 2026 26.2
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 20.0 | Mar 2022 — | Jun 2022 — | Sep 2022 90.0 | Dec 2022 11.5 | Mar 2023 10.4 | Jun 2023 187.7 | Sep 2023 215.8 | Dec 2023 153.6 | Mar 2024 104.0 | Jun 2024 216.4 | Sep 2024 263.1 | Dec 2024 238.6 | Mar 2025 130.0 | Jun 2025 131.3 | Sep 2025 142.0 | Dec 2025 112.3 | Mar 2026 80.9
- SPELS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 297.6 | Mar 2023 264.1 | Jun 2023 38.5 | Sep 2023 65.7 | Dec 2023 588.5 | Mar 2024 270.2 | Jun 2024 466.9 | Sep 2024 429.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 24.8 | Mar 2023 13.1 | Jun 2023 18.6 | Sep 2023 28.5 | Dec 2023 52.8 | Mar 2024 55.5 | Jun 2024 74.4 | Sep 2024 72.5 | Dec 2024 60.8 | Mar 2025 37.7 | Jun 2025 30.9 | Sep 2025 30.7 | Dec 2025 21.7 | Mar 2026 12.0

## Enterprise Value & Book Value

What the numbers say: Elin Electronics Ltd leads both ev/ebitda at 5.7× and p/bv at 0.9×.

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: Elin Electronics Ltd · 5.7× | 35.2% versus #2 · Genus Power Infrastructures Ltd | 0/8 recent comparable periods | 6/7 companies · 113 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. Elin Electronics Ltd (ELIN): 5.7
2. Genus Power Infrastructures Ltd (GENUSPOWER): 8.8
3. Elpro International Ltd (ELPROINTL): 17.8
4. Hind Rectifiers Ltd (HIRECT): 27.5
5. MIC Electronics Ltd (MICEL): 37.3

### P/BV — lowest P/BV
1. Elin Electronics Ltd (ELIN): 0.9
2. Elpro International Ltd (ELPROINTL): 1.5
3. MIC Electronics Ltd (MICEL): 4.0
4. Genus Power Infrastructures Ltd (GENUSPOWER): 4.3
5. RIR Power Electronics Ltd (517035): 9.0

### 20-quarter EV/EBITDA history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25.8 | Sep 2022 26.2 | Dec 2022 44.5 | Mar 2023 25.1 | Jun 2023 36.1 | Sep 2023 44.0 | Dec 2023 52.6 | Mar 2024 65.3 | Jun 2024 115.5 | Sep 2024 240.2 | Dec 2024 153.2 | Mar 2025 129.1 | Jun 2025 158.4 | Sep 2025 222.6 | Dec 2025 110.1 | Mar 2026 74.6
- GENUSPOWER: Jun 2021 10.2 | Sep 2021 11.3 | Dec 2021 13.7 | Mar 2022 14.7 | Jun 2022 16.8 | Sep 2022 19.8 | Dec 2022 19.4 | Mar 2023 18.4 | Jun 2023 36.6 | Sep 2023 57.2 | Dec 2023 34.9 | Mar 2024 45.1 | Jun 2024 43.0 | Sep 2024 46.9 | Dec 2024 36.1 | Mar 2025 20.3 | Jun 2025 20.0 | Sep 2025 14.2 | Dec 2025 12.8 | Mar 2026 8.8
- HIRECT: Jun 2021 16.0 | Sep 2021 19.2 | Dec 2021 21.9 | Mar 2022 17.3 | Jun 2022 — | Sep 2022 — | Dec 2022 59.2 | Mar 2023 31.4 | Jun 2023 30.9 | Sep 2023 20.4 | Dec 2023 26.1 | Mar 2024 26.1 | Jun 2024 28.7 | Sep 2024 36.2 | Dec 2024 41.1 | Mar 2025 26.9 | Jun 2025 32.4 | Sep 2025 37.8 | Dec 2025 31.3 | Mar 2026 27.5
- ELPROINTL: Jun 2021 21.4 | Sep 2021 45.9 | Dec 2021 35.7 | Mar 2022 33.0 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 15.2 | Sep 2023 16.1 | Dec 2023 18.6 | Mar 2024 14.4 | Jun 2024 13.3 | Sep 2024 14.8 | Dec 2024 12.7 | Mar 2025 11.6 | Jun 2025 13.8 | Sep 2025 17.5 | Dec 2025 17.5 | Mar 2026 17.8
- MICEL: Jun 2021 — | Sep 2021 — | Dec 2021 104.6 | Mar 2022 305.4 | Jun 2022 241.9 | Sep 2022 35.8 | Dec 2022 34.6 | Mar 2023 277.6 | Jun 2023 152.5 | Sep 2023 94.4 | Dec 2023 87.9 | Mar 2024 73.8 | Jun 2024 166.3 | Sep 2024 201.9 | Dec 2024 — | Mar 2025 — | Jun 2025 68.1 | Sep 2025 67.7 | Dec 2025 52.8 | Mar 2026 37.3
- SPELS: Jun 2021 36.9 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 68.4 | Dec 2022 39.2 | Mar 2023 33.6 | Jun 2023 24.3 | Sep 2023 30.2 | Dec 2023 58.1 | Mar 2024 81.2 | Jun 2024 137.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.4 | Mar 2023 8.8 | Jun 2023 11.9 | Sep 2023 12.3 | Dec 2023 13.9 | Mar 2024 13.2 | Jun 2024 20.4 | Sep 2024 22.3 | Dec 2024 18.2 | Mar 2025 10.3 | Jun 2025 13.0 | Sep 2025 13.2 | Dec 2025 10.0 | Mar 2026 5.7

### 20-quarter P/BV history
- 517035: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3 | Sep 2022 4.6 | Dec 2022 8.4 | Mar 2023 8.0 | Jun 2023 12.9 | Sep 2023 13.0 | Dec 2023 13.5 | Mar 2024 15.7 | Jun 2024 39.7 | Sep 2024 46.4 | Dec 2024 20.9 | Mar 2025 19.6 | Jun 2025 29.8 | Sep 2025 24.0 | Dec 2025 12.0 | Mar 2026 8.2
- GENUSPOWER: Jun 2021 1.6 | Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 2.1 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.2 | Jun 2023 3.3 | Sep 2023 6.6 | Dec 2023 5.0 | Mar 2024 5.0 | Jun 2024 8.0 | Sep 2024 7.8 | Dec 2024 6.7 | Mar 2025 4.6 | Jun 2025 7.1 | Sep 2025 4.9 | Dec 2025 4.7 | Mar 2026 3.6
- HIRECT: Jun 2021 2.6 | Sep 2021 3.1 | Dec 2021 3.8 | Mar 2022 2.9 | Jun 2022 2.8 | Sep 2022 3.8 | Dec 2022 3.7 | Mar 2023 3.0 | Jun 2023 4.8 | Sep 2023 4.9 | Dec 2023 7.9 | Mar 2024 8.3 | Jun 2024 9.3 | Sep 2024 12.0 | Dec 2024 19.0 | Mar 2025 13.1 | Jun 2025 13.5 | Sep 2025 18.1 | Dec 2025 13.7 | Mar 2026 13.0
- ELPROINTL: Jun 2021 5.6 | Sep 2021 5.9 | Dec 2021 6.2 | Mar 2022 6.0 | Jun 2022 6.1 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.6 | Jun 2025 1.2 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.7
- MICEL: Jun 2021 -0.2 | Sep 2021 -1.3 | Dec 2021 -23.0 | Mar 2022 1.5 | Jun 2022 62.3 | Sep 2022 4.5 | Dec 2022 4.9 | Mar 2023 4.2 | Jun 2023 8.2 | Sep 2023 9.1 | Dec 2023 10.3 | Mar 2024 12.0 | Jun 2024 28.9 | Sep 2024 35.1 | Dec 2024 9.8 | Mar 2025 5.9 | Jun 2025 17.8 | Sep 2025 6.2 | Dec 2025 4.7 | Mar 2026 3.3
- SPELS: Jun 2021 0.8 | Sep 2021 0.9 | Dec 2021 3.1 | Mar 2022 4.5 | Jun 2022 2.5 | Sep 2022 4.0 | Dec 2022 3.6 | Mar 2023 3.0 | Jun 2023 5.0 | Sep 2023 5.4 | Dec 2023 8.5 | Mar 2024 13.8 | Jun 2024 20.0 | Sep 2024 28.4 | Dec 2024 34.0 | Mar 2025 22.8 | Jun 2025 18.0 | Sep 2025 31.7 | Dec 2025 — | Mar 2026 —
- ELIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.0 | Mar 2025 1.1 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 0.9

## Market action

Hind Rectifiers Ltd has the strongest one-year price move in Electronics - Equipment/Components at +95.6%. Elpro International Ltd leads on Mansfield relative strength against NIFTY at +66.5%. 3 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. Hind Rectifiers Ltd (HIRECT): 96%
2. Elpro International Ltd (ELPROINTL): 74%
3. Spel Semiconductor Ltd (SPELS): 15%
4. Genus Power Infrastructures Ltd (GENUSPOWER): -12%
5. MIC Electronics Ltd (MICEL): -34%

### Strongest relative strength versus NIFTY 500
1. Elpro International Ltd (ELPROINTL): 67%
2. Hind Rectifiers Ltd (HIRECT): 53%
3. Genus Power Infrastructures Ltd (GENUSPOWER): 5.6%
4. Spel Semiconductor Ltd (SPELS): -3.4%
5. MIC Electronics Ltd (MICEL): -19%

## 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.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 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, Valuation have fewer than three usable current readings.

## Every company
- Genus Power Infrastructures Ltd (GENUSPOWER) — market value ₹9.6K Cr; latest fundamentals Mar 2026
- Hind Rectifiers Ltd (HIRECT) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Elpro International Ltd (ELPROINTL) — market value ₹3.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- RIR Power Electronics Ltd (517035) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- MIC Electronics Ltd (MICEL) — market value ₹872 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Spel Semiconductor Ltd (SPELS) — market value ₹656 Cr; latest fundamentals Sep 2025
- Elin Electronics Ltd (ELIN) — market value ₹503 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 4. Withheld: 1. Graded companies: 7.

1 of 7 companies draws 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.

1 of 7 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Elpro International Ltd (ELPROINTL) — its two data sources disagree by up to 326% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ELPROINTL | Elpro International Ltd | diff_gt_2pct | disagreement up to 326.46% over 14 comparable periods

- UNVERIFIED | MICEL | MIC Electronics Ltd | too little overlapping reported history to cross-check the second feed

## 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 Electronics - Equipment/Components index?

The Nifty Electronics - Equipment/Components index tracks India's listed Electronics - Equipment/Components companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Electronics - Equipment/Components sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Electronics - Equipment/Components stocks in India?

Ranked by this page's four-factor score, Genus Power Infrastructures Ltd places first among 7 listed Electronics - Equipment/Components companies, followed by Elpro International 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 Electronics - Equipment/Components stocks are listed in India?

This comparison covers 7 listed Electronics - Equipment/Components 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 Electronics - Equipment/Components company is the biggest?

Genus Power Infrastructures Ltd is the largest, with trailing-twelve-month revenue of ₹4,750 crore, ahead of Elin Electronics Ltd at ₹1,288 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

### Which Electronics - Equipment/Components company is growing fastest?

MIC Electronics Ltd has the fastest revenue growth at 100% year on year, across 7 of 7 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 Electronics - Equipment/Components company has the best profit margins?

MIC Electronics Ltd has the highest operating margin at 26%, from 7 of 7 comparable companies. Spel Semiconductor Ltd shows the biggest recent improvement, at +55 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Electronics - Equipment/Components company makes the most profit?

Genus Power Infrastructures Ltd earns the most, at ₹592 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Genus Power Infrastructures Ltd has the fastest profit growth at 90.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Electronics - Equipment/Components company earns the highest return on capital?

Genus Power Infrastructures Ltd leads on return on capital employed at 23.9%, across 7 of 7 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 Electronics - Equipment/Components stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hind Rectifiers Ltd screens cheapest at 0.97×. Only 2 of 7 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 Electronics - Equipment/Components company has the strongest balance sheet?

RIR Power Electronics Ltd carries the lowest comparable gross debt at ₹14 crore, from 7 of 7 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 Electronics - Equipment/Components sector beating the market?

Electronics - Equipment/Components has outperformed NIFTY 500 by 7.5% over the last 52 weeks and 9.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Electronics - Equipment/Components stock has the strongest price momentum?

Elpro International 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 Electronics - Equipment/Components company scores highest for research priority?

Genus Power Infrastructures Ltd scores 65.3 out of 100 with 87% evidence confidence, from 29 points on growth and earnings, 15.5 on capital efficiency, 11 on valuation and 9.8 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 Electronics - Equipment/Components companies does this comparison cover, and over what period?

It compares 7 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 Electronics - Equipment/Components sector?

The 7 Electronics - Equipment/Components companies on this page carry ₹20,494 crore of combined market value. Genus Power Infrastructures Ltd is the largest at ₹9,602 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Electronics - Equipment/Components sector's P/E ratio?

The median price-to-earnings ratio across the 7 Electronics - Equipment/Components companies on this page is 34.2×, measured on the 5 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 Electronics - Equipment/Components sector performing?

3 of the 7 covered Electronics - Equipment/Components companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.5% 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/electronics-equipment-components