# Engineering - Light - General — company-by-company sector analysis

> Engineering - Light - General: Omnitech Engineering Ltd owns the largest revenue base; Axis Solutions Ltd has the fastest current growth.

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

## Bottom line

Engineering - Light - General has outperformed NIFTY 500 by 235.2% over 52 weeks and 29.5% over 13 weeks. 5 of 6 covered companies beat NIFTY on Mansfield relative strength, while 0 of 3 beat the sector itself. Omnitech Engineering Ltd leads with revenue of ₹522 crore, based on 2 of 8 comparable companies through Mar 2026.

### Is the Engineering - Light - General sector outperforming NIFTY 500?

Engineering - Light - General has outperformed NIFTY 500 by 235.2% over 52 weeks and 29.5% over 13 weeks. 5 of 6 covered companies beat NIFTY on Mansfield relative strength, while 0 of 3 beat the sector itself.

### Which Engineering - Light - General company is largest by revenue?

Omnitech Engineering Ltd leads with revenue of ₹522 crore, based on 2 of 8 comparable companies through Mar 2026.

### Which Engineering - Light - General company is growing fastest?

Axis Solutions Ltd has the fastest current revenue growth at 18.9%, across 1 of 8 comparable companies.

### Which Engineering - Light - General company has the strongest 4-Factor Sector Score?

Axis Solutions Ltd ranks first at 57.3/100 with 70.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Engineering - Light - General company reports the most CAPEX?

Omnitech Engineering Ltd reports the largest latest CAPEX at ₹21 crore, with 2 of 8 companies comparable.

### Which Engineering - Light - General company has the least gross debt?

Filtron Engineers Ltd has the lowest comparable gross debt at ₹16 crore. Omnitech Engineering Ltd has the highest at ₹435 crore.

### Which Engineering - Light - General company has the lowest comparable PEG?

Omnitech Engineering Ltd has the lowest comparable Guarded PEG at 1.64, among 1 of 8 companies that pass the metric’s comparability rules.

### How much history does this Engineering - Light - General 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

Engineering - Light - General has outperformed NIFTY 500 by 235.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 29.5%. 5 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Axis Solutions Ltd is the strongest against the sector itself at 0%.

13-week sector return versus NIFTY 500: 30%
52-week sector return versus NIFTY 500: 235%
Stocks leading NIFTY: 5/6
Stocks leading sector: 0/3

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

Companies: 8
Combined market value: ₹12.6K 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. Axis Solutions Ltd (511144): 57/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 16.6/35 | Capital efficiency 17.6/25 | Valuation 10.6/20 | Relative strength 12.5/20
   - Exact sum: 16.6 + 17.6 + 10.6 + 12.5 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Omnitech Engineering Ltd (OMNI): 54/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 19.6/35 | Capital efficiency 14.3/25 | Valuation 9.7/20 | Relative strength 10.0/20
   - Exact sum: 19.6 + 14.3 + 9.7 + 10 = 53.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Shree Refrigerations Ltd (544458): 56/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 18.2/35 | Capital efficiency 16.5/25 | Valuation 10.2/20 | Relative strength 11.2/20
   - Exact sum: 18.2 + 16.5 + 10.2 + 11.2 = 56.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP): 52/100 — Thin evidence · provisional; evidence 13%
   - Growth & earnings 17.5/35 | Capital efficiency 13.3/25 | Valuation 11.1/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 13.3 + 11.1 + 10 = 51.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Tankup Engineers Ltd (TANKUP): 51/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 18.3/35 | Capital efficiency 12.7/25 | Valuation 8.5/20 | Relative strength 11.9/20
   - Exact sum: 18.3 + 12.7 + 8.5 + 11.9 = 51.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Filtron Engineers Ltd (531191): 47/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 18.7/35 | Capital efficiency 8.3/25 | Valuation 8.9/20 | Relative strength 10.6/20
   - Exact sum: 18.7 + 8.3 + 8.9 + 10.6 = 46.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Sunita Tools Ltd (544001): 40/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 15.1/35 | Capital efficiency 9.4/25 | Valuation 9.8/20 | Relative strength 5.4/20
   - Exact sum: 15.1 + 9.4 + 9.8 + 5.4 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. C2C Advanced Systems Ltd (C2C): 37/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 13.4/35 | Capital efficiency 8.9/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 13.4 + 8.9 + 11.5 + 3 = 36.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Omnitech Engineering Ltd is the scale leader at ₹522 crore, 118.4% ahead of Axis Solutions Ltd. Axis Solutions Ltd's growth is 18.9% from a ₹239 crore base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Omnitech Engineering Ltd is the scale benchmark; Axis Solutions Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Omnitech Engineering Ltd's growth falls below Axis Solutions Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Omnitech Engineering Ltd · ₹522 crore | 118.4% versus #2 · Axis Solutions Ltd | 2/2 recent comparable periods | 2/8 companies · 47 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. Omnitech Engineering Ltd (OMNI): ₹522 Cr
2. Axis Solutions Ltd (511144): ₹239 Cr

### Revenue growth — fastest growers
1. Axis Solutions Ltd (511144): 19%

### 20-quarter Revenue history
- 511144: Jun 2021 ₹10 Cr | Sep 2021 ₹36 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹39 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹117 Cr
- 531191: 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 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹65 Cr
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹9 Cr | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 ₹15 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹32 Cr
- 544458: 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 ₹51 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 — | Sep 2025 ₹50 Cr | Dec 2025 — | Mar 2026 ₹103 Cr
- OMNI: 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 ₹74 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹149 Cr
- TANKUP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 — | Sep 2025 ₹22 Cr | Dec 2025 — | Mar 2026 ₹36 Cr
- C2C: 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 ₹43 Cr | Dec 2024 — | Mar 2025 ₹72 Cr | Jun 2025 — | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹80 Cr

### 20-quarter Revenue growth history
- 511144: Jun 2021 — | Sep 2021 — | Dec 2021 -88% | Mar 2022 -99% | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.5% | Dec 2024 42% | Mar 2025 77% | Jun 2025 17% | Sep 2025 17% | Dec 2025 24% | Mar 2026 18%
- 531191: 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 — | Sep 2025 — | Dec 2025 10,850% | Mar 2026 —
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 69% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 79% | Dec 2024 — | Mar 2025 -16% | Jun 2025 — | Sep 2025 2.4% | Dec 2025 — | Mar 2026 114%
- 544458: 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 — | Sep 2025 -2.0% | Dec 2025 — | Mar 2026 115%
- OMNI: 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 — | Sep 2025 — | Dec 2025 81% | Mar 2026 39%
- TANKUP: 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 18% | Jun 2025 — | Sep 2025 221% | Dec 2025 — | Mar 2026 163%
- C2C: 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 — | Sep 2025 53% | Dec 2025 — | Mar 2026 11%

## Operating Economics & Margin Trend

What the numbers say: Omnitech Engineering Ltd leads opm at 33%; Filtron Engineers Ltd leads margin change at +243.4 percentage points.

Investor read: Omnitech Engineering 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: Omnitech Engineering Ltd · 33% | 26.9% versus #2 · Shree Refrigerations Ltd | 1/2 recent comparable periods | 7/8 companies · 47 observations

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

### OPM — highest
1. Omnitech Engineering Ltd (OMNI): 33%
2. Shree Refrigerations Ltd (544458): 26%
3. Axis Solutions Ltd (511144): 25%
4. Sunita Tools Ltd (544001): 15%
5. Tankup Engineers Ltd (TANKUP): 13%

### Margin change — fastest expanders
1. Filtron Engineers Ltd (531191): +243.4 pp
2. Axis Solutions Ltd (511144): +12.0 pp
3. Shree Refrigerations Ltd (544458): +2.0 pp
4. Tankup Engineers Ltd (TANKUP): +0.9 pp
5. Omnitech Engineering Ltd (OMNI): −7.0 pp

### 20-quarter OPM history
- 511144: Jun 2021 3.0% | Sep 2021 1.0% | Dec 2021 -0.8% | Mar 2022 93% | Jun 2022 93% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 43% | Dec 2023 16% | Mar 2024 4.0% | Jun 2024 47% | Sep 2024 23% | Dec 2024 6.0% | Mar 2025 13% | Jun 2025 10% | Sep 2025 12% | Dec 2025 16% | Mar 2026 25%
- 531191: 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 0.0% | Dec 2024 -230% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 13% | Mar 2026 3.6%
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 34% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 31% | Dec 2023 26% | Mar 2024 29% | Jun 2024 — | Sep 2024 28% | Dec 2024 — | Mar 2025 25% | Jun 2025 — | Sep 2025 28% | Dec 2025 — | Mar 2026 15%
- 544458: 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 30% | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 26%
- OMNI: 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 33% | Mar 2025 40% | Jun 2025 21% | Sep 2025 35% | Dec 2025 38% | Mar 2026 33%
- TANKUP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 13%
- C2C: 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 32% | Dec 2024 — | Mar 2025 39% | Jun 2025 — | Sep 2025 45% | Dec 2025 — | Mar 2026 -8.0%

### 20-quarter Margin change history
- 511144: Jun 2021 +1.7 pp | Sep 2021 −1.4 pp | Dec 2021 −2.0 pp | Mar 2022 +87.3 pp | Jun 2022 +90.3 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −20.5 pp | Dec 2024 −10.0 pp | Mar 2025 +9.0 pp | Jun 2025 −37.0 pp | Sep 2025 −11.0 pp | Dec 2025 +10.0 pp | Mar 2026 +12.0 pp
- 531191: 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 — | Sep 2025 — | Dec 2025 +243.4 pp | Mar 2026 —
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 — | Mar 2025 −3.7 pp | Jun 2025 — | Sep 2025 −0.0 pp | Dec 2025 — | Mar 2026 −9.7 pp
- 544458: 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 — | Sep 2025 −19.0 pp | Dec 2025 — | Mar 2026 +2.0 pp
- OMNI: 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 — | Sep 2025 — | Dec 2025 +5.0 pp | Mar 2026 −7.0 pp
- TANKUP: 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 −5.6 pp | Jun 2025 — | Sep 2025 −0.7 pp | Dec 2025 — | Mar 2026 +0.9 pp
- C2C: 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 — | Sep 2025 +13.0 pp | Dec 2025 — | Mar 2026 −47.0 pp

## Profit Scale & Acceleration

What the numbers say: Omnitech Engineering Ltd leads with ₹88 crore of TTM profit, 203.4% above Axis Solutions Ltd. Axis Solutions Ltd shows -14.7% growth from a ₹29 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Omnitech Engineering 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: Omnitech Engineering Ltd · ₹88 crore | 203.4% versus #2 · Axis Solutions Ltd | 2/2 recent comparable periods | 2/8 companies · 47 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. Omnitech Engineering Ltd (OMNI): ₹88 Cr
2. Axis Solutions Ltd (511144): ₹29 Cr

### Profit growth — fastest growers
1. Axis Solutions Ltd (511144): -15%

### 20-quarter Net profit history
- 511144: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹-0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹16 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹17 Cr
- 531191: 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 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 — | Sep 2025 ₹-0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹3 Cr
- 544458: 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 ₹8 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹20 Cr
- OMNI: 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 ₹8 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹29 Cr
- TANKUP: 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 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹3 Cr
- C2C: 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 ₹10 Cr | Dec 2024 — | Mar 2025 ₹19 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹-5 Cr

### 20-quarter Profit growth history
- 511144: Jun 2021 — | Sep 2021 — | Dec 2021 -124% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -44% | Dec 2024 -33% | Mar 2025 8.3% | Jun 2025 -80% | Sep 2025 -56% | Dec 2025 200% | Mar 2026 31%
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 74% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 113% | Dec 2024 — | Mar 2025 -47% | Jun 2025 — | Sep 2025 -16% | Dec 2025 — | Mar 2026 91%
- 544458: 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 — | Sep 2025 -75% | Dec 2025 — | Mar 2026 400%
- OMNI: 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 — | Sep 2025 — | Dec 2025 175% | Mar 2026 45%
- TANKUP: 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 -34% | Jun 2025 — | Sep 2025 292% | Dec 2025 — | Mar 2026 174%
- C2C: 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 — | Sep 2025 140% | Dec 2025 — | Mar 2026 -126%

## Capacity Spending & Returns On It

What the numbers say: Omnitech Engineering Ltd reports ₹21 crore of CAPEX; Omnitech Engineering Ltd has the highest covered intensity at 16.8%. Coverage is only 2 of 8 companies and 6 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: Omnitech Engineering Ltd · ₹21 crore | 21× versus #2 · C2C Advanced Systems Ltd | 2/2 recent comparable periods | 2/8 companies · 6 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. Omnitech Engineering Ltd (OMNI): ₹21 Cr
2. C2C Advanced Systems Ltd (C2C): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Omnitech Engineering Ltd (OMNI): 17%
2. C2C Advanced Systems Ltd (C2C): 1.3%

### 20-quarter CAPEX history
- OMNI: 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 ₹21 Cr | Sep 2025 ₹21 Cr | Dec 2025 — | Mar 2026 —
- C2C: 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 ₹0 Cr | Dec 2024 — | Mar 2025 ₹28 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹1 Cr

### 20-quarter CAPEX intensity history
- OMNI: 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 18% | Sep 2025 17% | Dec 2025 — | Mar 2026 —
- C2C: 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 0.0% | Dec 2024 — | Mar 2025 39% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 1.3%

## Debt Load & Balance-Sheet Headroom

What the numbers say: C2C Advanced Systems Ltd has the clearest covered balance-sheet capacity with ₹53 crore and gross debt of ₹55 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: Filtron Engineers Ltd · ₹16 crore | 55.4% versus #2 · Tankup Engineers Ltd | Not enough history | 7/8 companies · 39 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. Filtron Engineers Ltd (531191): ₹16 Cr
2. Tankup Engineers Ltd (TANKUP): ₹36 Cr
3. Shree Refrigerations Ltd (544458): ₹37 Cr
4. Sunita Tools Ltd (544001): ₹43 Cr
5. C2C Advanced Systems Ltd (C2C): ₹55 Cr

### Net debt — lowest net debt
1. C2C Advanced Systems Ltd (C2C): ₹53 Cr
2. Omnitech Engineering Ltd (OMNI): ₹269 Cr

### 20-quarter Gross debt history
- 511144: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹61 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹35 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹38 Cr | Jun 2025 — | Sep 2025 ₹49 Cr | Dec 2025 — | Mar 2026 ₹81 Cr
- 531191: 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 ₹4 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹16 Cr
- 544001: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹43 Cr
- 544458: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹54 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹53 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹38 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹42 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹37 Cr
- OMNI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹103 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹262 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹361 Cr | Jun 2025 ₹420 Cr | Sep 2025 ₹420 Cr | Dec 2025 ₹420 Cr | Mar 2026 ₹435 Cr
- TANKUP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹36 Cr
- C2C: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹46 Cr | Jun 2025 — | Sep 2025 ₹48 Cr | Dec 2025 — | Mar 2026 ₹55 Cr

### 20-quarter Net debt history
- OMNI: 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 ₹353 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹416 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹269 Cr
- C2C: 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 ₹12 Cr | Dec 2024 — | Mar 2025 ₹44 Cr | Jun 2025 — | Sep 2025 ₹47 Cr | Dec 2025 — | Mar 2026 ₹53 Cr

## Return On Capital Employed

What the numbers say: Axis Solutions Ltd leads ROCE at 23.3%, 4.3 percentage points above Tankup Engineers Ltd. Omnitech Engineering Ltd has the strongest latest improvement at +2.5 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: Axis Solutions 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: Axis Solutions Ltd · 23.3% | 22.6% versus #2 · Tankup Engineers Ltd | Not enough history | 7/8 companies · 8 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. Axis Solutions Ltd (511144): 23%
2. Tankup Engineers Ltd (TANKUP): 19%
3. Omnitech Engineering Ltd (OMNI): 18%
4. Shree Refrigerations Ltd (544458): 14%
5. C2C Advanced Systems Ltd (C2C): 14%

### ROCE change — fastest improvers
1. Omnitech Engineering Ltd (OMNI): +2.5 pp
2. Tankup Engineers Ltd (TANKUP): −2.3 pp
3. Shree Refrigerations Ltd (544458): −4.0 pp
4. Axis Solutions Ltd (511144): −6.0 pp
5. Sunita Tools Ltd (544001): −6.5 pp

### 20-quarter ROCE history
- OMNI: 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 15% | Jun 2025 19% | Sep 2025 25% | Dec 2025 — | Mar 2026 17%
- C2C: 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 15% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 24% | Dec 2025 — | Mar 2026 8.2%

### 20-quarter ROCE change history
- OMNI: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 +2.5 pp
- C2C: 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 — | Sep 2025 +8.6 pp | Dec 2025 — | Mar 2026 −10.9 pp

## Valuation Against Growth & Quality

What the numbers say: Omnitech Engineering Ltd has the lowest comparable Guarded PEG at 1.64×. Only 1 of 8 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: Omnitech Engineering Ltd · 1.64× | Not enough peers | 0/1 recent comparable periods | 1/8 companies · 1 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. Omnitech Engineering Ltd (OMNI): 1.6

### P/E — lowest P/E
1. C2C Advanced Systems Ltd (C2C): 26.3
2. Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP): 34.6
3. Axis Solutions Ltd (511144): 55.1
4. Shree Refrigerations Ltd (544458): 56.4
5. Sunita Tools Ltd (544001): 95.0

### 20-quarter Guarded PEG history
- OMNI: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6

### 20-quarter P/E history
- 511144: Jun 2021 — | Sep 2021 — | Dec 2021 17.2 | Mar 2022 10.6 | Jun 2022 8.0 | 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 5.4 | Dec 2025 19.8 | Mar 2026 35.7
- 544001: 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 67.5 | Dec 2024 — | Mar 2025 85.7 | Jun 2025 — | Sep 2025 99.8 | Dec 2025 — | Mar 2026 123.5
- 544458: 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 — | Sep 2025 51.7 | Dec 2025 — | Mar 2026 84.7
- OMNI: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 58.8
- TANKUP: 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 — | Sep 2025 126.9 | Dec 2025 — | Mar 2026 62.1
- C2C: 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 31.5 | Jun 2025 — | Sep 2025 43.3 | Dec 2025 — | Mar 2026 15.1

## Enterprise Value & Book Value

What the numbers say: C2C Advanced Systems Ltd leads both ev/ebitda at 11.6× and p/bv at 2.04×.

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: C2C Advanced Systems Ltd · 11.6× | 57.4% versus #2 · Omnitech Engineering Ltd | 0/3 recent comparable periods | 7/8 companies · 20 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. C2C Advanced Systems Ltd (C2C): 11.6
2. Omnitech Engineering Ltd (OMNI): 27.2
3. Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP): 29.5
4. Axis Solutions Ltd (511144): 31.8
5. Shree Refrigerations Ltd (544458): 35.2

### P/BV — lowest P/BV
1. C2C Advanced Systems Ltd (C2C): 2.0
2. Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP): 4.6
3. Shree Refrigerations Ltd (544458): 5.6
4. Filtron Engineers Ltd (531191): 8.4
5. Sunita Tools Ltd (544001): 8.6

### 20-quarter EV/EBITDA history
- 511144: Jun 2021 6.8 | Sep 2021 7.8 | Dec 2021 4.4 | Mar 2022 3.2 | Jun 2022 2.7 | 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 5.8 | Dec 2025 18.1 | Mar 2026 31.8
- 544001: 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 45.7 | Dec 2024 — | Mar 2025 60.2 | Jun 2025 — | Sep 2025 59.0 | Dec 2025 — | Mar 2026 73.3
- 544458: 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 — | Sep 2025 33.9 | Dec 2025 — | Mar 2026 35.2
- OMNI: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 27.2
- TANKUP: 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 — | Sep 2025 96.6 | Dec 2025 — | Mar 2026 43.3
- C2C: 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 27.4 | Jun 2025 — | Sep 2025 29.4 | Dec 2025 — | Mar 2026 11.6

### 20-quarter P/BV history
- 511144: Jun 2021 0.3 | Sep 2021 0.4 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 3.6 | Mar 2026 7.8
- 531191: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 -6.2
- 544001: 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 12.8 | Dec 2024 — | Mar 2025 21.4 | Jun 2025 — | Sep 2025 10.3 | Dec 2025 — | Mar 2026 11.4
- 544458: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.1
- OMNI: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.5
- TANKUP: 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 7.8
- C2C: 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 2.7 | Jun 2025 — | Sep 2025 6.3 | Dec 2025 — | Mar 2026 2.9

## Market action

Axis Solutions Ltd has the strongest one-year price move in Engineering - Light - General at +1838%. It also leads on Mansfield relative strength against NIFTY at +129.9%. 5 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Axis Solutions Ltd (511144): 1,838%
2. Filtron Engineers Ltd (531191): 1,039%
3. Shree Refrigerations Ltd (544458): 93%
4. Sunita Tools Ltd (544001): 20%
5. Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP): -54%

### Strongest relative strength versus NIFTY 500
1. Axis Solutions Ltd (511144): 130%
2. Tankup Engineers Ltd (TANKUP): 83%
3. Shree Refrigerations Ltd (544458): 50%
4. Filtron Engineers Ltd (531191): 27%
5. Sunita Tools Ltd (544001): 22%

## 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 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.
- Thin comparisons: Revenue, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Omnitech Engineering Ltd (OMNI) — market value ₹7.6K Cr; latest fundamentals Mar 2026
- Axis Solutions Ltd (511144) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Shree Refrigerations Ltd (544458) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Tankup Engineers Ltd (TANKUP) — market value ₹606 Cr; latest fundamentals Mar 2026
- Sunita Tools Ltd (544001) — market value ₹601 Cr; latest fundamentals Mar 2026
- Filtron Engineers Ltd (531191) — market value ₹506 Cr; latest fundamentals Mar 2026
- C2C Advanced Systems Ltd (C2C) — market value ₹482 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Lloyds Engineering Works Ltd Partly Paidup (LLOYDSENPP) — market value —; latest fundamentals unavailable

## Source standing of each company

Cross-checked: 1. Unverified: 7. Withheld: 0. Graded companies: 8.

1 of 8 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.

- UNVERIFIED | C2C | C2C Advanced Systems 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 Engineering - Light - General index?

The Nifty Engineering - Light - General index tracks India's listed Engineering - Light - General companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Engineering - Light - General sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Engineering - Light - General stocks in India?

Ranked by this page's four-factor score, Axis Solutions Ltd places first among 8 listed Engineering - Light - General companies, followed by Omnitech Engineering 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 Engineering - Light - General stocks are listed in India?

This comparison covers 8 listed Engineering - Light - General companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Engineering - Light - General company is the biggest?

Omnitech Engineering Ltd is the largest, with trailing-twelve-month revenue of ₹522 crore, ahead of Axis Solutions Ltd at ₹239 crore. That covers 2 of 8 companies with comparable reporting through Mar 2026.

### Which Engineering - Light - General company is growing fastest?

Axis Solutions Ltd has the fastest revenue growth at 18.9% year on year, across 1 of 8 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 Engineering - Light - General company has the best profit margins?

Omnitech Engineering Ltd has the highest operating margin at 33%, from 7 of 8 comparable companies. Filtron Engineers Ltd shows the biggest recent improvement, at +243.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Engineering - Light - General company makes the most profit?

Omnitech Engineering Ltd earns the most, at ₹88 crore of trailing-twelve-month net profit, from 2 of 8 comparable companies. Axis Solutions Ltd has the fastest profit growth at -14.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Engineering - Light - General company earns the highest return on capital?

Axis Solutions Ltd leads on return on capital employed at 23.3%, across 7 of 8 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 Engineering - Light - General stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Omnitech Engineering Ltd screens cheapest at 1.64×. Only 1 of 8 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 Engineering - Light - General company has the strongest balance sheet?

Filtron Engineers Ltd carries the lowest comparable gross debt at ₹16 crore, from 7 of 8 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 Engineering - Light - General sector beating the market?

Engineering - Light - General has outperformed NIFTY 500 by 235.2% over the last 52 weeks and 29.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Engineering - Light - General stock has the strongest price momentum?

Axis Solutions 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 Engineering - Light - General company scores highest for research priority?

Axis Solutions Ltd scores 57.3 out of 100 with 70.2% evidence confidence, from 16.6 points on growth and earnings, 17.6 on capital efficiency, 10.6 on valuation and 12.5 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 Engineering - Light - General companies does this comparison cover, and over what period?

It compares 8 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 Engineering - Light - General sector?

The 8 Engineering - Light - General companies on this page carry ₹12,566 crore of combined market value. Omnitech Engineering Ltd is the largest at ₹7,568 crore, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Engineering - Light - General sector's P/E ratio?

The median price-to-earnings ratio across the 8 Engineering - Light - General companies on this page is 95×, measured on the 8 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 Engineering - Light - General sector performing?

5 of the 6 covered Engineering - Light - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 235.2% 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/engineering-light-general