# Engineering - Turnkey Services — company-by-company sector analysis

> Engineering - Turnkey Services: Bajel Projects Ltd owns the largest revenue base; K.P. Energy Ltd has the fastest current growth.

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

## Bottom line

The 52-week sector comparison is unavailable. 3 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Bajel Projects Ltd leads with revenue of ₹2,792 crore, based on 7 of 9 comparable companies through Mar 2026. K.P. Energy Ltd has the fastest current revenue growth at 59.4%, across 6 of 9 comparable companies.

### Is the Engineering - Turnkey Services sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Engineering - Turnkey Services company is largest by revenue?

Bajel Projects Ltd leads with revenue of ₹2,792 crore, based on 7 of 9 comparable companies through Mar 2026.

### Which Engineering - Turnkey Services company is growing fastest?

K.P. Energy Ltd has the fastest current revenue growth at 59.4%, across 6 of 9 comparable companies.

### Which Engineering - Turnkey Services company has the strongest 4-Factor Sector Score?

ACME Solar Holdings Ltd ranks first at 63.9/100 with 93% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Engineering - Turnkey Services company reports the most CAPEX?

ACME Solar Holdings Ltd reports the largest latest CAPEX at ₹1,749 crore, with 3 of 9 companies comparable.

### Which Engineering - Turnkey Services company has the least gross debt?

EMA India Ltd has the lowest comparable gross debt at ₹0 crore. ACME Solar Holdings Ltd has the highest at ₹19,896 crore.

### Which Engineering - Turnkey Services company has the lowest comparable PEG?

ACME Solar Holdings Ltd has the lowest comparable Guarded PEG at 1.07, among 1 of 9 companies that pass the metric’s comparability rules.

### How much history does this Engineering - Turnkey Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Engineering - Turnkey Services against NIFTY 500 is not available from the current market series. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. EMA India Ltd is the strongest against the sector itself at +80.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/7
Stocks leading sector: 2/7

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

Companies: 9
Combined market value: ₹40.2K 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. ACME Solar Holdings Ltd (ACMESOLAR): 64/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 23.6/35 | Capital efficiency 9.7/25 | Valuation 12.1/20 | Relative strength 18.5/20
   - Exact sum: 23.6 + 9.7 + 12.1 + 18.5 = 63.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. K.P. Energy Ltd (KPEL): 61/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 30.2/35 | Capital efficiency 17.0/25 | Valuation 10.6/20 | Relative strength 3.5/20
   - Exact sum: 30.2 + 17 + 10.6 + 3.5 = 61.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.4% and the one-year return is -37.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Pace Digitek Ltd (PACEDIGITK): 52/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.9/35 | Capital efficiency 16.3/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Exact sum: 15.9 + 16.3 + 9.8 + 10 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Ganesh Green Bharat Ltd (GGBL): 48/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.4/35 | Capital efficiency 18.2/25 | Valuation 11.1/20 | Relative strength 0.0/20
   - Exact sum: 18.4 + 18.2 + 11.1 + 0 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Bajel Projects Ltd (BAJEL): 48/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 19.4/35 | Capital efficiency 11.0/25 | Valuation 8.5/20 | Relative strength 8.6/20
   - Exact sum: 19.4 + 11 + 8.5 + 8.6 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Enviro Infra Engineers Ltd (EIEL): 43/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 8.5/35 | Capital efficiency 16.4/25 | Valuation 9.4/20 | Relative strength 8.7/20
   - Exact sum: 8.5 + 16.4 + 9.4 + 8.7 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Supreme Infrastructure India Ltd (SUPREMEINF): 33/100 — Adverse evidence; evidence 66%
   - Growth & earnings 14.7/35 | Capital efficiency 1.4/25 | Valuation 11.5/20 | Relative strength 5.1/20
   - Exact sum: 14.7 + 1.4 + 11.5 + 5.1 = 32.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Goel Construction Company Ltd (544504): 56/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 17.1/35 | Capital efficiency 18.4/25 | Valuation 10.2/20 | Relative strength 10.0/20
   - Exact sum: 17.1 + 18.4 + 10.2 + 10 = 55.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. EMA India Ltd (522027): 49/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 12.6/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 12.6 + 9.8 + 10 + 17 = 49.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Bajel Projects Ltd is the scale leader at ₹2,792 crore, 5.7% ahead of Pace Digitek Ltd. K.P. Energy Ltd's growth is 59.4% from a ₹1,497 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: Bajel Projects Ltd is the scale benchmark; K.P. Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bajel Projects Ltd's growth falls below K.P. Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bajel Projects Ltd · ₹2,792 crore | 5.7% versus #2 · Pace Digitek Ltd | 3/5 recent comparable periods | 7/9 companies · 92 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. Bajel Projects Ltd (BAJEL): ₹2.8K Cr
2. Pace Digitek Ltd (PACEDIGITK): ₹2.6K Cr
3. ACME Solar Holdings Ltd (ACMESOLAR): ₹2.0K Cr
4. K.P. Energy Ltd (KPEL): ₹1.5K Cr
5. Enviro Infra Engineers Ltd (EIEL): ₹1.1K Cr

### Revenue growth — fastest growers
1. K.P. Energy Ltd (KPEL): 59%
2. ACME Solar Holdings Ltd (ACMESOLAR): 44%
3. Pace Digitek Ltd (PACEDIGITK): 8.3%
4. Enviro Infra Engineers Ltd (EIEL): 8.2%
5. Bajel Projects Ltd (BAJEL): 7.5%

### 20-quarter Revenue history
- 522027: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —
- 544504: 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 ₹272 Cr | Dec 2024 — | Mar 2025 ₹318 Cr | Jun 2025 — | Sep 2025 ₹245 Cr | Dec 2025 — | Mar 2026 ₹412 Cr
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹369 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹487 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹497 Cr | Mar 2026 ₹548 Cr
- PACEDIGITK: 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 ₹342 Cr | Sep 2024 ₹846 Cr | Dec 2024 ₹567 Cr | Mar 2025 ₹683 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹533 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹1.1K Cr
- EIEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹120 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹427 Cr
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹489 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹662 Cr | Dec 2024 ₹622 Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹614 Cr | Dec 2025 ₹562 Cr | Mar 2026 ₹1.0K Cr
- KPEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹401 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹632 Cr
- SUPREMEINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹14 Cr
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹59 Cr | Dec 2023 — | Mar 2024 ₹111 Cr | Jun 2024 — | Sep 2024 ₹138 Cr | Dec 2024 — | Mar 2025 ₹182 Cr | Jun 2025 — | Sep 2025 ₹341 Cr | Dec 2025 — | Mar 2026 ₹725 Cr

### 20-quarter Revenue growth history
- 544504: 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 -9.9% | Dec 2025 — | Mar 2026 30%
- ACMESOLAR: 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 -16% | Sep 2024 -20% | Dec 2024 5.1% | Mar 2025 65% | Jun 2025 65% | Sep 2025 80% | Dec 2025 42% | Mar 2026 13%
- PACEDIGITK: 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 7.3% | Sep 2025 -37% | Dec 2025 14% | Mar 2026 61%
- EIEL: 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 78% | Dec 2024 65% | Mar 2025 31% | Jun 2025 18% | Sep 2025 6.6% | Dec 2025 1.2% | Mar 2026 8.7%
- BAJEL: 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 64% | Jun 2025 19% | Sep 2025 -7.3% | Dec 2025 -9.7% | Mar 2026 26%
- KPEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 40% | Jun 2024 12% | Sep 2024 184% | Dec 2024 159% | Mar 2025 94% | Jun 2025 72% | Sep 2025 51% | Dec 2025 63% | Mar 2026 58%
- SUPREMEINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -61% | Mar 2024 26% | Jun 2024 238% | Sep 2024 -41% | Dec 2024 -22% | Mar 2025 -24% | Jun 2025 -70% | Sep 2025 40% | Dec 2025 329% | Mar 2026 -36%
- GGBL: 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 134% | Dec 2024 — | Mar 2025 64% | Jun 2025 — | Sep 2025 147% | Dec 2025 — | Mar 2026 298%

## Operating Economics & Margin Trend

What the numbers say: ACME Solar Holdings Ltd leads opm at 87%; Supreme Infrastructure India Ltd leads margin change at +36 percentage points.

Investor read: ACME Solar Holdings 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: ACME Solar Holdings Ltd · 87% | 314.3% versus #2 · K.P. Energy Ltd | 6/8 recent comparable periods | 8/9 companies · 96 observations

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

### OPM — highest
1. ACME Solar Holdings Ltd (ACMESOLAR): 87%
2. K.P. Energy Ltd (KPEL): 21%
3. Enviro Infra Engineers Ltd (EIEL): 19%
4. Pace Digitek Ltd (PACEDIGITK): 15%
5. Goel Construction Company Ltd (544504): 11%

### Margin change — fastest expanders
1. Supreme Infrastructure India Ltd (SUPREMEINF): +36.0 pp
2. Pace Digitek Ltd (PACEDIGITK): +4.0 pp
3. K.P. Energy Ltd (KPEL): +3.0 pp
4. Goel Construction Company Ltd (544504): +1.0 pp
5. Bajel Projects Ltd (BAJEL): 0.0 pp

### 20-quarter OPM history
- 544504: 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 9.0% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 11%
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 87% | Sep 2023 90% | Dec 2023 84% | Mar 2024 68% | Jun 2024 88% | Sep 2024 85% | Dec 2024 88% | Mar 2025 90% | Jun 2025 90% | Sep 2025 86% | Dec 2025 89% | Mar 2026 87%
- PACEDIGITK: 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 28% | Sep 2024 22% | Dec 2024 21% | Mar 2025 11% | Jun 2025 22% | Sep 2025 18% | Dec 2025 18% | Mar 2026 15%
- EIEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 18% | Mar 2024 29% | Jun 2024 25% | Sep 2024 26% | Dec 2024 22% | Mar 2025 25% | Jun 2025 27% | Sep 2025 29% | Dec 2025 27% | Mar 2026 19%
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7.8% | Dec 2022 -2.8% | Mar 2023 -3.4% | Jun 2023 -1.2% | Sep 2023 -2.0% | Dec 2023 3.3% | Mar 2024 2.0% | Jun 2024 1.0% | Sep 2024 3.0% | Dec 2024 2.0% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 4.0% | Mar 2026 3.0%
- KPEL: Jun 2021 22% | Sep 2021 18% | Dec 2021 19% | Mar 2022 6.7% | Jun 2022 14% | Sep 2022 20% | Dec 2022 18% | Mar 2023 15% | Jun 2023 19% | Sep 2023 23% | Dec 2023 21% | Mar 2024 15% | Jun 2024 18% | Sep 2024 20% | Dec 2024 20% | Mar 2025 18% | Jun 2025 22% | Sep 2025 22% | Dec 2025 22% | Mar 2026 21%
- SUPREMEINF: Jun 2021 6.8% | Sep 2021 5.7% | Dec 2021 -12% | Mar 2022 -16% | Jun 2022 -3.2% | Sep 2022 -3.9% | Dec 2022 -15% | Mar 2023 -46% | Jun 2023 -150% | Sep 2023 -111% | Dec 2023 -61% | Mar 2024 -75% | Jun 2024 -114% | Sep 2024 -41% | Dec 2024 -59% | Mar 2025 -54% | Jun 2025 -35% | Sep 2025 -27% | Dec 2025 25% | Mar 2026 -18%
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 — | Mar 2024 20% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 9.0%

### 20-quarter Margin change history
- 544504: 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 pp | Dec 2025 — | Mar 2026 +1.0 pp
- ACMESOLAR: 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 +1.0 pp | Sep 2024 −5.0 pp | Dec 2024 +4.0 pp | Mar 2025 +22.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −3.0 pp
- PACEDIGITK: 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 −6.0 pp | Sep 2025 −4.0 pp | Dec 2025 −3.0 pp | Mar 2026 +4.0 pp
- EIEL: 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 +7.0 pp | Dec 2024 +4.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 −6.0 pp
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 +6.1 pp | Mar 2024 +5.4 pp | Jun 2024 +2.2 pp | Sep 2024 +5.0 pp | Dec 2024 −1.3 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp
- KPEL: Jun 2021 −19.1 pp | Sep 2021 −4.4 pp | Dec 2021 −12.8 pp | Mar 2022 −13.4 pp | Jun 2022 −8.5 pp | Sep 2022 +2.1 pp | Dec 2022 −0.5 pp | Mar 2023 +8.3 pp | Jun 2023 +5.2 pp | Sep 2023 +3.3 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp
- SUPREMEINF: Jun 2021 +79.8 pp | Sep 2021 +24.6 pp | Dec 2021 +138.9 pp | Mar 2022 −33.8 pp | Jun 2022 −9.9 pp | Sep 2022 −9.6 pp | Dec 2022 −3.0 pp | Mar 2023 −30.0 pp | Jun 2023 −146.8 pp | Sep 2023 −107.1 pp | Dec 2023 −46.0 pp | Mar 2024 −29.0 pp | Jun 2024 +36.0 pp | Sep 2024 +70.0 pp | Dec 2024 +2.0 pp | Mar 2025 +21.0 pp | Jun 2025 +79.0 pp | Sep 2025 +14.0 pp | Dec 2025 +84.0 pp | Mar 2026 +36.0 pp
- GGBL: 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 −6.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −7.0 pp

## Profit Scale & Acceleration

What the numbers say: Supreme Infrastructure India Ltd leads with ₹5,797 crore of TTM profit, 11.6× the profit of ACME Solar Holdings Ltd. ACME Solar Holdings Ltd shows 99.2% growth from a ₹498 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Supreme Infrastructure India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Supreme Infrastructure India Ltd · ₹5,797 crore | 11.6× versus #2 · ACME Solar Holdings Ltd | Not enough history | 7/9 companies · 92 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. Supreme Infrastructure India Ltd (SUPREMEINF): ₹5.8K Cr
2. ACME Solar Holdings Ltd (ACMESOLAR): ₹498 Cr
3. Pace Digitek Ltd (PACEDIGITK): ₹308 Cr
4. Enviro Infra Engineers Ltd (EIEL): ₹188 Cr
5. K.P. Energy Ltd (KPEL): ₹181 Cr

### Profit growth — fastest growers
1. ACME Solar Holdings Ltd (ACMESOLAR): 99%
2. K.P. Energy Ltd (KPEL): 57%
3. Bajel Projects Ltd (BAJEL): 31%
4. Pace Digitek Ltd (PACEDIGITK): 10%
5. Enviro Infra Engineers Ltd (EIEL): 6.2%

### 20-quarter Net profit history
- 522027: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-0 Cr | Mar 2026 —
- 544504: 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 ₹17 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 ₹29 Cr
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹82 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹138 Cr
- PACEDIGITK: 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 ₹50 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹106 Cr
- EIEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹12 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹54 Cr
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹14 Cr
- KPEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹79 Cr
- SUPREMEINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-291 Cr | Mar 2023 ₹-400 Cr | Jun 2023 ₹-292 Cr | Sep 2023 ₹-309 Cr | Dec 2023 ₹-307 Cr | Mar 2024 ₹-326 Cr | Jun 2024 ₹-351 Cr | Sep 2024 ₹-341 Cr | Dec 2024 ₹-362 Cr | Mar 2025 ₹-373 Cr | Jun 2025 ₹-400 Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹-49 Cr | Mar 2026 ₹-60 Cr
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 ₹13 Cr | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹42 Cr

### 20-quarter Profit growth history
- 544504: 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 0.0% | Dec 2025 — | Mar 2026 32%
- ACMESOLAR: 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 -99% | Sep 2024 -62% | Dec 2024 155% | Mar 2025 -77% | Jun 2025 13,000% | Sep 2025 667% | Dec 2025 1.8% | Mar 2026 13%
- PACEDIGITK: 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 10% | Sep 2025 -33% | Dec 2025 11% | Mar 2026 89%
- EIEL: 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 200% | Dec 2024 118% | Mar 2025 30% | Jun 2025 40% | Sep 2025 39% | Dec 2025 14% | Mar 2026 -27%
- BAJEL: 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 -29% | Jun 2025 -50% | Sep 2025 0.0% | Dec 2025 -100% | Mar 2026 180%
- KPEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 67% | Jun 2024 20% | Sep 2024 213% | Dec 2024 189% | Mar 2025 84% | Jun 2025 39% | Sep 2025 44% | Dec 2025 58% | Mar 2026 72%
- GGBL: 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 86% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 154% | Dec 2025 — | Mar 2026 147%

## Capacity Spending & Returns On It

What the numbers say: ACME Solar Holdings Ltd reports ₹1,749 crore of CAPEX; ACME Solar Holdings Ltd has the highest covered intensity at 672.7%. Coverage is only 3 of 9 companies and 12 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: ACME Solar Holdings Ltd · ₹1,749 crore | 135× versus #2 · Ganesh Green Bharat Ltd | 4/4 recent comparable periods | 3/9 companies · 12 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. ACME Solar Holdings Ltd (ACMESOLAR): ₹1.7K Cr
2. Ganesh Green Bharat Ltd (GGBL): ₹13 Cr
3. Bajel Projects Ltd (BAJEL): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. ACME Solar Holdings Ltd (ACMESOLAR): 673%
2. Ganesh Green Bharat Ltd (GGBL): 1.8%

### 20-quarter CAPEX history
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹251 Cr | Sep 2023 ₹118 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹808 Cr | Sep 2024 ₹1.7K Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 ₹4 Cr | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹13 Cr

### 20-quarter CAPEX intensity history
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 68% | Sep 2023 37% | Dec 2023 — | Mar 2024 — | Jun 2024 261% | Sep 2024 673% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7% | Dec 2023 — | Mar 2024 9.0% | Jun 2024 — | Sep 2024 2.9% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 0.6% | Dec 2025 — | Mar 2026 1.8%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Ganesh Green Bharat Ltd has the clearest covered balance-sheet capacity with ₹21 crore and gross debt of ₹52 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: EMA India Ltd · ₹0 crore | 100% versus #2 · Goel Construction Company Ltd | Not enough history | 9/9 companies · 96 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. EMA India Ltd (522027): ₹0 Cr
2. Goel Construction Company Ltd (544504): ₹8 Cr
3. Ganesh Green Bharat Ltd (GGBL): ₹52 Cr
4. Bajel Projects Ltd (BAJEL): ₹367 Cr
5. Enviro Infra Engineers Ltd (EIEL): ₹422 Cr

### Net debt — lowest net debt
1. Ganesh Green Bharat Ltd (GGBL): ₹21 Cr
2. Bajel Projects Ltd (BAJEL): ₹284 Cr
3. K.P. Energy Ltd (KPEL): ₹447 Cr
4. Supreme Infrastructure India Ltd (SUPREMEINF): ₹1.5K Cr
5. ACME Solar Holdings Ltd (ACMESOLAR): ₹13.7K Cr

### 20-quarter Gross debt history
- 522027: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —
- 544504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹35 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹29 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹31 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹8 Cr
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹7.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.5K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹10.7K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹13.0K Cr | Dec 2025 ₹13.0K Cr | Mar 2026 ₹19.9K Cr
- PACEDIGITK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹133 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹192 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹494 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹162 Cr | Jun 2025 — | Sep 2025 ₹151 Cr | Dec 2025 — | Mar 2026 ₹981 Cr
- EIEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹17 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹234 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹234 Cr | Jun 2025 — | Sep 2025 ₹295 Cr | Dec 2025 — | Mar 2026 ₹422 Cr
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹367 Cr
- KPEL: Jun 2021 ₹36 Cr | Sep 2021 ₹36 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹313 Cr | Mar 2025 ₹252 Cr | Jun 2025 ₹371 Cr | Sep 2025 ₹300 Cr | Dec 2025 ₹459 Cr | Mar 2026 ₹442 Cr
- SUPREMEINF: Jun 2021 ₹3.1K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹27 Cr | Jun 2023 — | Sep 2023 ₹43 Cr | Dec 2023 — | Mar 2024 ₹54 Cr | Jun 2024 — | Sep 2024 ₹32 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 — | Sep 2025 ₹35 Cr | Dec 2025 — | Mar 2026 ₹52 Cr

### 20-quarter Net debt history
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.2K Cr | Jun 2024 ₹8.6K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 — | Mar 2025 ₹9.7K Cr | Jun 2025 — | Sep 2025 ₹9.6K Cr | Dec 2025 — | Mar 2026 ₹13.7K Cr
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹-57 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹-91 Cr | Dec 2025 ₹-91 Cr | Mar 2026 ₹284 Cr
- KPEL: Jun 2021 ₹26 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹326 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹400 Cr | Mar 2026 ₹447 Cr
- SUPREMEINF: Jun 2021 ₹3.1K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹43 Cr | Dec 2023 — | Mar 2024 ₹53 Cr | Jun 2024 — | Sep 2024 ₹32 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹-14 Cr | Dec 2025 — | Mar 2026 ₹21 Cr

## Return On Capital Employed

What the numbers say: K.P. Energy Ltd leads ROCE at 39.2%, 3.8 percentage points above Ganesh Green Bharat Ltd. Ganesh Green Bharat Ltd has the strongest latest improvement at +15.5 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: K.P. Energy 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: K.P. Energy Ltd · 39.2% | 10.7% versus #2 · Ganesh Green Bharat Ltd | 6/8 recent comparable periods | 9/9 companies · 57 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. K.P. Energy Ltd (KPEL): 39%
2. Ganesh Green Bharat Ltd (GGBL): 35%
3. Goel Construction Company Ltd (544504): 34%
4. Pace Digitek Ltd (PACEDIGITK): 21%
5. Enviro Infra Engineers Ltd (EIEL): 20%

### ROCE change — fastest improvers
1. Ganesh Green Bharat Ltd (GGBL): +15.5 pp
2. K.P. Energy Ltd (KPEL): +6.2 pp
3. Bajel Projects Ltd (BAJEL): +3.5 pp
4. ACME Solar Holdings Ltd (ACMESOLAR): −0.5 pp
5. Supreme Infrastructure India Ltd (SUPREMEINF): −3.1 pp

### 20-quarter ROCE history
- ACMESOLAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.1% | Jun 2024 6.4% | Sep 2024 5.5% | Dec 2024 11% | Mar 2025 6.0% | Jun 2025 8.4% | Sep 2025 7.5% | Dec 2025 10% | Mar 2026 5.5%
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2,018% | Dec 2022 — | Mar 2023 1.3% | Jun 2023 0.6% | Sep 2023 1.0% | Dec 2023 — | Mar 2024 0.8% | Jun 2024 — | Sep 2024 5.3% | Dec 2024 12% | Mar 2025 6.7% | Jun 2025 12% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 10%
- KPEL: Jun 2021 6.8% | Sep 2021 8.9% | Dec 2021 12% | Mar 2022 15% | Jun 2022 23% | Sep 2022 23% | Dec 2022 26% | Mar 2023 32% | Jun 2023 — | Sep 2023 29% | Dec 2023 33% | Mar 2024 25% | Jun 2024 36% | Sep 2024 22% | Dec 2024 40% | Mar 2025 26% | Jun 2025 42% | Sep 2025 32% | Dec 2025 43% | Mar 2026 32%
- SUPREMEINF: Jun 2021 — | Sep 2021 1.0% | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 0.4% | Dec 2022 — | Mar 2023 1.0% | Jun 2023 — | Sep 2023 1.7% | Dec 2023 — | Mar 2024 1.3% | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.9% | Jun 2025 — | Sep 2025 -6.9% | Dec 2025 1,589% | Mar 2026 -2.2%
- GGBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 38% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 26% | Dec 2025 — | Mar 2026 35%

### 20-quarter ROCE change history
- ACMESOLAR: 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 −1.1 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 −0.8 pp | Mar 2026 −0.5 pp
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2,019.3 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 — | Mar 2025 +5.9 pp | Jun 2025 — | Sep 2025 +2.6 pp | Dec 2025 +0.5 pp | Mar 2026 +3.5 pp
- KPEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.2 pp | Sep 2022 +14.4 pp | Dec 2022 +13.3 pp | Mar 2023 +16.8 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 +7.5 pp | Mar 2024 −6.6 pp | Jun 2024 — | Sep 2024 −7.6 pp | Dec 2024 +7.2 pp | Mar 2025 +0.8 pp | Jun 2025 +5.4 pp | Sep 2025 +10.0 pp | Dec 2025 +3.1 pp | Mar 2026 +6.2 pp
- SUPREMEINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −7.7 pp | Dec 2025 — | Mar 2026 −3.1 pp
- GGBL: 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 +3.9 pp | Dec 2024 — | Mar 2025 −19.0 pp | Jun 2025 — | Sep 2025 +5.9 pp | Dec 2025 — | Mar 2026 +15.5 pp

## Valuation Against Growth & Quality

What the numbers say: ACME Solar Holdings Ltd has the lowest comparable Guarded PEG at 1.07×. Only 1 of 9 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: ACME Solar Holdings Ltd · 1.07× | Not enough peers | 0/6 recent comparable periods | 1/9 companies · 0 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. ACME Solar Holdings Ltd (ACMESOLAR): 1.1

### P/E — lowest P/E
1. Supreme Infrastructure India Ltd (SUPREMEINF): 0.1
2. Ganesh Green Bharat Ltd (GGBL): 8.7
3. K.P. Energy Ltd (KPEL): 11.3
4. Goel Construction Company Ltd (544504): 13.7
5. Pace Digitek Ltd (PACEDIGITK): 14.2

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- 544504: 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 9.3 | Dec 2025 — | Mar 2026 9.0
- ACMESOLAR: 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 82.3 | Mar 2025 228.6 | Jun 2025 55.7 | Sep 2025 39.2 | Dec 2025 27.6 | Mar 2026 32.5
- PACEDIGITK: 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 5.6 | Mar 2026 10.6
- EIEL: 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 40.4 | Mar 2025 28.0 | Jun 2025 21.4 | Sep 2025 21.6 | Dec 2025 17.6 | Mar 2026 11.5
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -255.5 | Mar 2024 578.8 | Jun 2024 297.8 | Sep 2024 159.7 | Dec 2024 178.2 | Mar 2025 122.6 | Jun 2025 179.0 | Sep 2025 120.6 | Dec 2025 159.9 | Mar 2026 105.4
- KPEL: Jun 2021 12.9 | Sep 2021 17.4 | Dec 2021 24.9 | Mar 2022 18.4 | Jun 2022 9.5 | Sep 2022 16.5 | Dec 2022 13.7 | Mar 2023 9.9 | Jun 2023 17.4 | Sep 2023 25.5 | Dec 2023 29.6 | Mar 2024 50.1 | Jun 2024 47.7 | Sep 2024 50.6 | Dec 2024 45.4 | Mar 2025 26.2 | Jun 2025 29.2 | Sep 2025 22.0 | Dec 2025 17.2 | Mar 2026 11.7
- SUPREMEINF: 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 0.2 | Dec 2025 — | Mar 2026 —
- GGBL: 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 39.4 | Dec 2024 — | Mar 2025 25.0 | Jun 2025 — | Sep 2025 32.1 | Dec 2025 — | Mar 2026 11.5

## Enterprise Value & Book Value

What the numbers say: Goel Construction Company Ltd leads ev/ebitda at 4.4×; Pace Digitek Ltd leads p/bv at 1.91×.

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: Goel Construction Company Ltd · 4.4× | 36.2% versus #2 · Enviro Infra Engineers Ltd | 0/1 recent comparable periods | 8/9 companies · 53 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. Goel Construction Company Ltd (544504): 4.4
2. Enviro Infra Engineers Ltd (EIEL): 6.9
3. Ganesh Green Bharat Ltd (GGBL): 7.1
4. K.P. Energy Ltd (KPEL): 7.3
5. Pace Digitek Ltd (PACEDIGITK): 7.6

### P/BV — lowest P/BV
1. Pace Digitek Ltd (PACEDIGITK): 1.9
2. Ganesh Green Bharat Ltd (GGBL): 2.3
3. Goel Construction Company Ltd (544504): 2.5
4. Bajel Projects Ltd (BAJEL): 2.8
5. Enviro Infra Engineers Ltd (EIEL): 3.1

### 20-quarter EV/EBITDA history
- 544504: 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 5.6 | Dec 2025 — | Mar 2026 4.4
- ACMESOLAR: 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 21.6 | Mar 2025 18.2 | Jun 2025 15.9 | Sep 2025 14.8 | Dec 2025 12.3 | Mar 2026 12.2
- PACEDIGITK: 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 10.3 | Mar 2026 7.6
- EIEL: 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 33.4 | Mar 2025 23.6 | Jun 2025 14.8 | Sep 2025 13.1 | Dec 2025 11.1 | Mar 2026 6.9
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59.0 | Mar 2024 242.5 | Jun 2024 175.3 | Sep 2024 79.6 | Dec 2024 74.8 | Mar 2025 34.9 | Jun 2025 31.9 | Sep 2025 23.1 | Dec 2025 19.4 | Mar 2026 14.5
- KPEL: Jun 2021 5.3 | Sep 2021 6.7 | Dec 2021 10.4 | Mar 2022 8.5 | Jun 2022 5.1 | Sep 2022 9.2 | Dec 2022 7.7 | Mar 2023 5.7 | Jun 2023 10.2 | Sep 2023 15.9 | Dec 2023 18.4 | Mar 2024 29.9 | Jun 2024 28.7 | Sep 2024 29.3 | Dec 2024 27.8 | Mar 2025 16.7 | Jun 2025 17.7 | Sep 2025 13.5 | Dec 2025 10.6 | Mar 2026 7.3
- SUPREMEINF: Jun 2021 — | Sep 2021 — | Dec 2021 630.9 | Mar 2022 626.1 | 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 369.7
- GGBL: 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 30.2 | Dec 2024 — | Mar 2025 17.2 | Jun 2025 — | Sep 2025 18.8 | Dec 2025 — | Mar 2026 7.1

### 20-quarter P/BV history
- 522027: Jun 2021 1.4 | Sep 2021 3.7 | Dec 2021 26.7 | Mar 2022 34.9 | Jun 2022 5.3 | Sep 2022 -36.7 | Dec 2022 -7.5 | Mar 2023 -47.5 | Jun 2023 -37.7 | Sep 2023 -3.3 | Dec 2023 -2.3 | Mar 2024 -3.4 | Jun 2024 -6.9 | Sep 2024 -2.9 | Dec 2024 -10.2 | Mar 2025 -9.4 | Jun 2025 -9.0 | Sep 2025 -13.7 | Dec 2025 8.6 | Mar 2026 —
- 544504: 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 1.8
- ACMESOLAR: 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 7.3 | Mar 2025 5.9 | Jun 2025 3.3 | Sep 2025 3.6 | Dec 2025 2.9 | Mar 2026 3.4
- PACEDIGITK: 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 2.4
- EIEL: 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 10.9 | Jun 2025 4.2 | Sep 2025 4.4 | Dec 2025 3.2 | Mar 2026 2.1
- BAJEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.7 | Mar 2024 4.4 | Jun 2024 6.1 | Sep 2024 5.4 | Dec 2024 5.4 | Mar 2025 2.8 | Jun 2025 4.2 | Sep 2025 3.5 | Dec 2025 2.9 | Mar 2026 2.4
- KPEL: Jun 2021 1.3 | Sep 2021 1.7 | Dec 2021 3.3 | Mar 2022 3.6 | Jun 2022 2.6 | Sep 2022 4.3 | Dec 2022 3.8 | Mar 2023 3.9 | Jun 2023 8.7 | Sep 2023 14.4 | Dec 2023 9.9 | Mar 2024 15.9 | Jun 2024 18.2 | Sep 2024 20.3 | Dec 2024 14.6 | Mar 2025 10.3 | Jun 2025 18.1 | Sep 2025 8.6 | Dec 2025 6.1 | Mar 2026 4.6
- SUPREMEINF: Jun 2021 0.0 | Sep 2021 0.0 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.0 | Mar 2024 0.0 | Jun 2024 -0.1 | Sep 2024 -0.1 | Dec 2024 -0.1 | Mar 2025 -0.1 | Jun 2025 -0.1 | Sep 2025 -0.1 | Dec 2025 2.5 | Mar 2026 1.7
- GGBL: 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 5.5 | Dec 2024 — | Mar 2025 4.1 | Jun 2025 — | Sep 2025 4.7 | Dec 2025 — | Mar 2026 2.4

## Market action

EMA India Ltd has the strongest one-year price move in Engineering - Turnkey Services at +359.6%. It also leads on Mansfield relative strength against NIFTY at +66.3%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. EMA India Ltd (522027): 360%
2. ACME Solar Holdings Ltd (ACMESOLAR): 40%
3. Enviro Infra Engineers Ltd (EIEL): -23%
4. Bajel Projects Ltd (BAJEL): -31%
5. Supreme Infrastructure India Ltd (SUPREMEINF): -33%

### Strongest relative strength versus NIFTY 500
1. EMA India Ltd (522027): 66%
2. ACME Solar Holdings Ltd (ACMESOLAR): 38%
3. Enviro Infra Engineers Ltd (EIEL): 3.9%
4. Bajel Projects Ltd (BAJEL): -4.7%
5. Supreme Infrastructure India Ltd (SUPREMEINF): -11%

## 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.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- ACME Solar Holdings Ltd (ACMESOLAR) — market value ₹25.9K Cr; latest fundamentals Mar 2026
- Pace Digitek Ltd (PACEDIGITK) — market value ₹4.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Enviro Infra Engineers Ltd (EIEL) — market value ₹3.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Bajel Projects Ltd (BAJEL) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- K.P. Energy Ltd (KPEL) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Supreme Infrastructure India Ltd (SUPREMEINF) — market value ₹805 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ganesh Green Bharat Ltd (GGBL) — market value ₹652 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Goel Construction Company Ltd (544504) — market value ₹636 Cr; latest fundamentals Mar 2026
- EMA India Ltd (522027) — market value ₹43 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 1. Unverified: 6. Withheld: 2. Graded companies: 9.

4 of 9 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 9 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Pace Digitek Ltd (PACEDIGITK) — its two data sources disagree by up to 9.1% on reported income across 8 comparable periods, so its derived ratios are withheld; Enviro Infra Engineers Ltd (EIEL) — its two data sources disagree by up to 2.9% on reported income across 11 comparable periods, so its derived ratios are withheld.

- WITHHELD | PACEDIGITK | Pace Digitek Ltd | diff_gt_2pct | disagreement up to 9.06% over 8 comparable periods
- WITHHELD | EIEL | Enviro Infra Engineers Ltd | diff_gt_2pct | disagreement up to 2.92% over 11 comparable periods

- UNVERIFIED | BAJEL | Bajel Projects Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KPEL | K.P. Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUPREMEINF | Supreme Infrastructure India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GGBL | Ganesh Green Bharat 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 - Turnkey Services index?

The Nifty Engineering - Turnkey Services index tracks India's listed Engineering - Turnkey Services companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Engineering - Turnkey Services sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Engineering - Turnkey Services stocks in India?

Ranked by this page's four-factor score, ACME Solar Holdings Ltd places first among 9 listed Engineering - Turnkey Services companies, followed by K.P. Energy 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 - Turnkey Services stocks are listed in India?

This comparison covers 9 listed Engineering - Turnkey Services 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 - Turnkey Services company is the biggest?

Bajel Projects Ltd is the largest, with trailing-twelve-month revenue of ₹2,792 crore, ahead of Pace Digitek Ltd at ₹2,641 crore. That covers 7 of 9 companies with comparable reporting through Mar 2026.

### Which Engineering - Turnkey Services company is growing fastest?

K.P. Energy Ltd has the fastest revenue growth at 59.4% year on year, across 6 of 9 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 - Turnkey Services company has the best profit margins?

ACME Solar Holdings Ltd has the highest operating margin at 87%, from 8 of 9 comparable companies. Supreme Infrastructure India Ltd shows the biggest recent improvement, at +36 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Engineering - Turnkey Services company makes the most profit?

Supreme Infrastructure India Ltd earns the most, at ₹5,797 crore of trailing-twelve-month net profit, from 7 of 9 comparable companies. ACME Solar Holdings Ltd has the fastest profit growth at 99.2%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Engineering - Turnkey Services company earns the highest return on capital?

K.P. Energy Ltd leads on return on capital employed at 39.2%, across 9 of 9 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 - Turnkey Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — ACME Solar Holdings Ltd screens cheapest at 1.07×. Only 1 of 9 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 - Turnkey Services company has the strongest balance sheet?

EMA India Ltd carries the lowest comparable gross debt at ₹0 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Engineering - Turnkey Services stock has the strongest price momentum?

EMA India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Engineering - Turnkey Services company scores highest for research priority?

ACME Solar Holdings Ltd scores 63.9 out of 100 with 93% evidence confidence, from 23.6 points on growth and earnings, 9.7 on capital efficiency, 12.1 on valuation and 18.5 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 - Turnkey Services companies does this comparison cover, and over what period?

It compares 9 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 - Turnkey Services sector?

The 9 Engineering - Turnkey Services companies on this page carry ₹40,198 crore of combined market value. ACME Solar Holdings Ltd is the largest at ₹25,861 crore, about 64% 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 - Turnkey Services sector's P/E ratio?

The median price-to-earnings ratio across the 9 Engineering - Turnkey Services companies on this page is 14.2×, 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 - Turnkey Services sector performing?

3 of the 7 covered Engineering - Turnkey Services companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

Narrative sector analysis: https://www.sectoralpha.in/sectors/engineering-turnkey-services