# Engines — company-by-company sector analysis

> Engines: Kirloskar Industries Ltd owns the largest revenue base; Swaraj Engines Ltd has the fastest current growth.

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

## Bottom line

Engines has underperformed NIFTY 500 by 2.6% over 52 weeks and 17.6% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Kirloskar Industries Ltd leads with revenue of ₹6,938 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Engines sector outperforming NIFTY 500?

Engines has underperformed NIFTY 500 by 2.6% over 52 weeks and 17.6% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Engines company is largest by revenue?

Kirloskar Industries Ltd leads with revenue of ₹6,938 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Engines company is growing fastest?

Swaraj Engines Ltd has the fastest current revenue growth at 20.8%, across 4 of 4 comparable companies.

### Which Engines company has the strongest 4-Factor Sector Score?

Greaves Cotton Ltd ranks first at 67.6/100 with 75.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Engines company has the least gross debt?

Federal-Mogul Goetze (India) Ltd has the lowest comparable gross debt at ₹1 crore. Kirloskar Industries Ltd has the highest at ₹1,113 crore.

### Which Engines company has the lowest comparable PEG?

Kirloskar Industries Ltd has the lowest comparable Guarded PEG at 0.55, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this Engines comparison include?

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

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

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

## Sector relative strength

Engines has underperformed NIFTY 500 by 2.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 17.6%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Greaves Cotton Ltd is the strongest against the sector itself at +17.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 18%
52-week sector return versus NIFTY 500: -2.6%
Stocks leading NIFTY: 3/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹16.7K 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. Greaves Cotton Ltd (GREAVESCOT): 68/100 — Favorable setup; evidence 76%
   - Growth & earnings 27.8/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 27.8 + 9.8 + 10 + 20 = 67.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 60/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 11.3/35 | Capital efficiency 19.8/25 | Valuation 12.9/20 | Relative strength 16.0/20
   - Exact sum: 11.3 + 19.8 + 12.9 + 16 = 60
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Swaraj Engines Ltd (SWARAJENG): 53/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 21.7/35 | Capital efficiency 19.6/25 | Valuation 11.8/20 | Relative strength 0.0/20
   - Exact sum: 21.7 + 19.6 + 11.8 + 0 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Kirloskar Industries Ltd (KIRLOSIND): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 16.6/35 | Capital efficiency 11.9/25 | Valuation 12.1/20 | Relative strength 8.0/20
   - Exact sum: 16.6 + 11.9 + 12.1 + 8 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Kirloskar Industries Ltd is the scale leader at ₹6,938 crore, 101.9% ahead of Greaves Cotton Ltd. Swaraj Engines Ltd's growth is 20.8% from a ₹2,111 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Kirloskar Industries Ltd is the scale benchmark; Swaraj Engines Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Kirloskar Industries Ltd's growth falls below Swaraj Engines Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Kirloskar Industries Ltd · ₹6,938 crore | 101.9% versus #2 · Greaves Cotton Ltd | 8/8 recent comparable periods | 4/4 companies · 72 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. Kirloskar Industries Ltd (KIRLOSIND): ₹6.9K Cr
2. Greaves Cotton Ltd (GREAVESCOT): ₹3.4K Cr
3. Swaraj Engines Ltd (SWARAJENG): ₹2.1K Cr
4. Federal-Mogul Goetze (India) Ltd (FMGOETZE): ₹2.0K Cr

### Revenue growth — fastest growers
1. Swaraj Engines Ltd (SWARAJENG): 21%
2. Greaves Cotton Ltd (GREAVESCOT): 18%
3. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 8.8%
4. Kirloskar Industries Ltd (KIRLOSIND): 5.0%

### 20-quarter Revenue history
- GREAVESCOT: Sep 2021 ₹374 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹621 Cr | Jun 2022 ₹660 Cr | Sep 2022 ₹699 Cr | Dec 2022 ₹514 Cr | Mar 2023 ₹827 Cr | Jun 2023 ₹569 Cr | Sep 2023 ₹727 Cr | Dec 2023 ₹665 Cr | Mar 2024 ₹673 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹705 Cr | Dec 2024 ₹751 Cr | Mar 2025 ₹823 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹815 Cr | Dec 2025 ₹875 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SWARAJENG: Sep 2021 ₹344 Cr | Dec 2021 ₹238 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹398 Cr | Sep 2022 ₹385 Cr | Dec 2022 ₹279 Cr | Mar 2023 ₹360 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹351 Cr | Jun 2024 ₹418 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹346 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹484 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹546 Cr | Jun 2026 ₹588 Cr
- KIRLOSIND: Sep 2021 ₹992 Cr | Dec 2021 ₹943 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- FMGOETZE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹393 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹442 Cr | Dec 2023 ₹415 Cr | Mar 2024 ₹428 Cr | Jun 2024 ₹445 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹433 Cr | Mar 2025 ₹459 Cr | Jun 2025 ₹484 Cr | Sep 2025 ₹490 Cr | Dec 2025 ₹496 Cr | Mar 2026 ₹489 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- GREAVESCOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 188% | Sep 2022 87% | Dec 2022 5.7% | Mar 2023 33% | Jun 2023 -14% | Sep 2023 4.0% | Dec 2023 30% | Mar 2024 -19% | Jun 2024 13% | Sep 2024 -2.9% | Dec 2024 13% | Mar 2025 22% | Jun 2025 17% | Sep 2025 16% | Dec 2025 17% | Mar 2026 22% | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 17% | Mar 2023 49% | Jun 2023 0.5% | Sep 2023 1.0% | Dec 2023 0.4% | Mar 2024 -2.5% | Jun 2024 4.5% | Sep 2024 19% | Dec 2024 24% | Mar 2025 29% | Jun 2025 16% | Sep 2025 8.6% | Dec 2025 37% | Mar 2026 20% | Jun 2026 21%
- KIRLOSIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 82% | Sep 2022 83% | Dec 2022 70% | Mar 2023 51% | Jun 2023 -0.5% | Sep 2023 -13% | Dec 2023 -3.2% | Mar 2024 9.9% | Jun 2024 3.4% | Sep 2024 7.0% | Dec 2024 3.9% | Mar 2025 1.1% | Jun 2025 9.4% | Sep 2025 5.6% | Dec 2025 0.6% | Mar 2026 4.5% | Jun 2026 —
- FMGOETZE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.6% | Mar 2024 4.4% | Jun 2024 8.3% | Sep 2024 5.0% | Dec 2024 4.3% | Mar 2025 7.2% | Jun 2025 8.8% | Sep 2025 5.6% | Dec 2025 15% | Mar 2026 6.5% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Federal-Mogul Goetze (India) Ltd leads opm at 17%; Greaves Cotton Ltd leads margin change at +1.3 percentage points.

Investor read: Federal-Mogul Goetze (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Federal-Mogul Goetze (India) Ltd · 17% | 30.8% versus #2 · Swaraj Engines Ltd | 6/8 recent comparable periods | 4/4 companies · 77 observations

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

### OPM — highest
1. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 17%
2. Swaraj Engines Ltd (SWARAJENG): 13%
3. Kirloskar Industries Ltd (KIRLOSIND): 12%
4. Greaves Cotton Ltd (GREAVESCOT): 6.8%

### Margin change — fastest expanders
1. Greaves Cotton Ltd (GREAVESCOT): +1.3 pp
2. Kirloskar Industries Ltd (KIRLOSIND): 0.0 pp
3. Swaraj Engines Ltd (SWARAJENG): −1.0 pp
4. Federal-Mogul Goetze (India) Ltd (FMGOETZE): −4.0 pp

### 20-quarter OPM history
- GREAVESCOT: Sep 2021 -2.7% | Dec 2021 2.6% | Mar 2022 6.3% | Jun 2022 5.5% | Sep 2022 6.0% | Dec 2022 0.3% | Mar 2023 5.7% | Jun 2023 -2.5% | Sep 2023 6.3% | Dec 2023 5.3% | Mar 2024 3.5% | Jun 2024 4.3% | Sep 2024 3.3% | Dec 2024 5.3% | Mar 2025 5.6% | Jun 2025 7.6% | Sep 2025 6.4% | Dec 2025 7.1% | Mar 2026 6.8% | Jun 2026 —
- SWARAJENG: Sep 2021 14% | Dec 2021 12% | Mar 2022 13% | Jun 2022 14% | Sep 2022 13% | Dec 2022 12% | Mar 2023 13% | Jun 2023 14% | Sep 2023 13% | Dec 2023 12% | Mar 2024 14% | Jun 2024 14% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 14% | Sep 2025 14% | Dec 2025 13% | Mar 2026 14% | Jun 2026 13%
- KIRLOSIND: Sep 2021 21% | Dec 2021 14% | Mar 2022 10% | Jun 2022 12% | Sep 2022 13% | Dec 2022 15% | Mar 2023 14% | Jun 2023 14% | Sep 2023 17% | Dec 2023 15% | Mar 2024 14% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 12% | Jun 2025 13% | Sep 2025 13% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- FMGOETZE: Sep 2021 12% | Dec 2021 11% | Mar 2022 14% | Jun 2022 12% | Sep 2022 13% | Dec 2022 14% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 11% | Mar 2024 17% | Jun 2024 14% | Sep 2024 15% | Dec 2024 13% | Mar 2025 21% | Jun 2025 15% | Sep 2025 17% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —

### 20-quarter Margin change history
- GREAVESCOT: Sep 2021 −7.5 pp | Dec 2021 −7.4 pp | Mar 2022 −1.7 pp | Jun 2022 +12.9 pp | Sep 2022 +8.7 pp | Dec 2022 −2.3 pp | Mar 2023 −0.6 pp | Jun 2023 −8.0 pp | Sep 2023 +0.4 pp | Dec 2023 +5.0 pp | Mar 2024 −2.2 pp | Jun 2024 +6.8 pp | Sep 2024 −3.1 pp | Dec 2024 −0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +3.4 pp | Sep 2025 +3.1 pp | Dec 2025 +1.8 pp | Mar 2026 +1.3 pp | Jun 2026 —
- SWARAJENG: Sep 2021 +0.2 pp | Dec 2021 −1.1 pp | Mar 2022 −2.3 pp | Jun 2022 −1.3 pp | Sep 2022 −0.8 pp | Dec 2022 −0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp
- KIRLOSIND: Sep 2021 −2.3 pp | Dec 2021 −9.4 pp | Mar 2022 −15.2 pp | Jun 2022 −13.8 pp | Sep 2022 −8.6 pp | Dec 2022 +0.6 pp | Mar 2023 +3.9 pp | Jun 2023 +2.5 pp | Sep 2023 +4.5 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- FMGOETZE: Sep 2021 −1.4 pp | Dec 2021 −7.4 pp | Mar 2022 −3.1 pp | Jun 2022 +0.3 pp | Sep 2022 +0.3 pp | Dec 2022 +3.0 pp | Mar 2023 −0.8 pp | Jun 2023 +2.3 pp | Sep 2023 +1.5 pp | Dec 2023 −3.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −4.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Kirloskar Industries Ltd leads with ₹352 crore of TTM profit, 73.4% above Swaraj Engines Ltd. Greaves Cotton Ltd shows ≥100% on the scoring scale growth from a ₹35 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Kirloskar Industries 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: Kirloskar Industries Ltd · ₹352 crore | 73.4% versus #2 · Swaraj Engines Ltd | 5/8 recent comparable periods | 4/4 companies · 72 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. Kirloskar Industries Ltd (KIRLOSIND): ₹352 Cr
2. Swaraj Engines Ltd (SWARAJENG): ₹203 Cr
3. Federal-Mogul Goetze (India) Ltd (FMGOETZE): ₹178 Cr
4. Greaves Cotton Ltd (GREAVESCOT): ₹35 Cr

### Profit growth — fastest growers
1. Greaves Cotton Ltd (GREAVESCOT): 100%
2. Swaraj Engines Ltd (SWARAJENG): 18%
3. Kirloskar Industries Ltd (KIRLOSIND): 14%
4. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 4.7%

### 20-quarter Net profit history
- GREAVESCOT: Sep 2021 ₹-23 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-375 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SWARAJENG: Sep 2021 ₹34 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹56 Cr
- KIRLOSIND: Sep 2021 ₹135 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- FMGOETZE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹51 Cr | Jun 2026 —

### 20-quarter Profit growth history
- GREAVESCOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 60% | Jun 2023 -256% | Sep 2023 -1,271% | Dec 2023 — | Mar 2024 -149% | Jun 2024 — | Sep 2024 — | Dec 2024 -85% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -11% | Mar 2026 44% | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 15% | Mar 2023 59% | Jun 2023 2.5% | Sep 2023 5.6% | Dec 2023 4.4% | Mar 2024 0.0% | Jun 2024 4.9% | Sep 2024 18% | Dec 2024 33% | Mar 2025 29% | Jun 2025 16% | Sep 2025 11% | Dec 2025 31% | Mar 2026 22% | Jun 2026 12%
- KIRLOSIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 -3.0% | Dec 2022 56% | Mar 2023 — | Jun 2023 -8.7% | Sep 2023 -31% | Dec 2023 -21% | Mar 2024 -24% | Jun 2024 -30% | Sep 2024 1.1% | Dec 2024 -50% | Mar 2025 37% | Jun 2025 44% | Sep 2025 6.5% | Dec 2025 -7.6% | Mar 2026 13% | Jun 2026 —
- FMGOETZE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 26% | Jun 2024 19% | Sep 2024 24% | Dec 2024 19% | Mar 2025 42% | Jun 2025 22% | Sep 2025 24% | Dec 2025 0.0% | Mar 2026 -16% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Greaves Cotton Ltd has the clearest covered balance-sheet capacity with ₹229 crore net cash and gross debt of ₹394 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: Federal-Mogul Goetze (India) Ltd · ₹1 crore | 50% versus #2 · Swaraj Engines Ltd | Not enough history | 4/4 companies · 59 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. Federal-Mogul Goetze (India) Ltd (FMGOETZE): ₹1 Cr
2. Swaraj Engines Ltd (SWARAJENG): ₹2 Cr
3. Greaves Cotton Ltd (GREAVESCOT): ₹394 Cr
4. Kirloskar Industries Ltd (KIRLOSIND): ₹1.1K Cr

### Net debt — lowest net debt
1. Greaves Cotton Ltd (GREAVESCOT): ₹-229 Cr
2. Swaraj Engines Ltd (SWARAJENG): ₹-112 Cr
3. Kirloskar Industries Ltd (KIRLOSIND): ₹867 Cr

### 20-quarter Gross debt history
- GREAVESCOT: Sep 2021 ₹42 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹394 Cr | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹2 Cr
- KIRLOSIND: Sep 2021 ₹209 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹979 Cr | Jun 2023 ₹972 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- FMGOETZE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Net debt history
- GREAVESCOT: Sep 2021 ₹-241 Cr | Dec 2021 ₹-241 Cr | Mar 2022 ₹161 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹-1.2K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-622 Cr | Sep 2023 ₹-756 Cr | Dec 2023 ₹-756 Cr | Mar 2024 ₹-397 Cr | Jun 2024 ₹-397 Cr | Sep 2024 ₹-276 Cr | Dec 2024 ₹-276 Cr | Mar 2025 ₹-465 Cr | Jun 2025 ₹-465 Cr | Sep 2025 ₹-45 Cr | Dec 2025 ₹-45 Cr | Mar 2026 ₹-229 Cr | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-123 Cr | Jun 2023 ₹-123 Cr | Sep 2023 ₹-175 Cr | Dec 2023 ₹-175 Cr | Mar 2024 ₹-153 Cr | Jun 2024 ₹-153 Cr | Sep 2024 ₹-182 Cr | Dec 2024 ₹-182 Cr | Mar 2025 ₹-185 Cr | Jun 2025 ₹-185 Cr | Sep 2025 ₹-176 Cr | Dec 2025 ₹-176 Cr | Mar 2026 ₹-112 Cr | Jun 2026 ₹-112 Cr
- KIRLOSIND: Sep 2021 ₹145 Cr | Dec 2021 ₹145 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹866 Cr | Dec 2022 ₹866 Cr | Mar 2023 ₹776 Cr | Jun 2023 ₹776 Cr | Sep 2023 ₹949 Cr | Dec 2023 ₹949 Cr | Mar 2024 ₹971 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹993 Cr | Jun 2025 ₹993 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹867 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Swaraj Engines Ltd leads ROCE at 58.4%, 39.9 percentage points above Federal-Mogul Goetze (India) Ltd. Greaves Cotton Ltd has the strongest latest improvement at +4.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Swaraj Engines 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: Swaraj Engines Ltd · 58.4% | 215.7% versus #2 · Federal-Mogul Goetze (India) Ltd | 7/8 recent comparable periods | 4/4 companies · 45 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. Swaraj Engines Ltd (SWARAJENG): 58%
2. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 19%
3. Greaves Cotton Ltd (GREAVESCOT): 10%
4. Kirloskar Industries Ltd (KIRLOSIND): 7.0%

### ROCE change — fastest improvers
1. Greaves Cotton Ltd (GREAVESCOT): +4.8 pp
2. Kirloskar Industries Ltd (KIRLOSIND): +0.8 pp
3. Swaraj Engines Ltd (SWARAJENG): +0.8 pp
4. Federal-Mogul Goetze (India) Ltd (FMGOETZE): −1.0 pp

### 20-quarter ROCE history
- GREAVESCOT: Sep 2021 0.6% | Dec 2021 — | Mar 2022 -3.2% | Jun 2022 — | Sep 2022 3.9% | Dec 2022 — | Mar 2023 3.9% | Jun 2023 — | Sep 2023 1.3% | Dec 2023 -12% | Mar 2024 0.4% | Jun 2024 -13% | Sep 2024 0.5% | Dec 2024 3.7% | Mar 2025 1.9% | Jun 2025 6.8% | Sep 2025 5.2% | Dec 2025 7.9% | Mar 2026 6.7% | Jun 2026 —
- SWARAJENG: Sep 2021 59% | Dec 2021 — | Mar 2022 44% | Jun 2022 — | Sep 2022 51% | Dec 2022 — | Mar 2023 48% | Jun 2023 — | Sep 2023 54% | Dec 2023 61% | Mar 2024 45% | Jun 2024 52% | Sep 2024 53% | Dec 2024 63% | Mar 2025 48% | Jun 2025 58% | Sep 2025 55% | Dec 2025 67% | Mar 2026 50% | Jun 2026 58%
- KIRLOSIND: Sep 2021 20% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 9.1% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.5% | Dec 2023 10% | Mar 2024 8.5% | Jun 2024 8.4% | Sep 2024 5.8% | Dec 2024 5.9% | Mar 2025 5.5% | Jun 2025 6.6% | Sep 2025 5.5% | Dec 2025 5.6% | Mar 2026 6.3% | Jun 2026 —

### 20-quarter ROCE change history
- GREAVESCOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 — | Mar 2023 +7.1 pp | Jun 2023 — | Sep 2023 −2.6 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 +15.8 pp | Mar 2025 +1.5 pp | Jun 2025 +19.3 pp | Sep 2025 +4.7 pp | Dec 2025 +4.2 pp | Mar 2026 +4.8 pp | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 — | Sep 2023 +2.8 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 +1.7 pp | Mar 2025 +3.0 pp | Jun 2025 +5.9 pp | Sep 2025 +2.2 pp | Dec 2025 +4.1 pp | Mar 2026 +1.6 pp | Jun 2026 +0.8 pp
- KIRLOSIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 −4.3 pp | Mar 2025 −3.0 pp | Jun 2025 −1.8 pp | Sep 2025 −0.3 pp | Dec 2025 −0.3 pp | Mar 2026 +0.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Kirloskar Industries Ltd has the lowest comparable Guarded PEG at 0.55×, 56.3% below Swaraj Engines Ltd. Only 2 of 4 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: Kirloskar Industries Ltd · 0.55× | 56.3% versus #2 · Swaraj Engines Ltd | 0/8 recent comparable periods | 2/4 companies · 18 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. Kirloskar Industries Ltd (KIRLOSIND): 0.6
2. Swaraj Engines Ltd (SWARAJENG): 1.3

### P/E — lowest P/E
1. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 14.6
2. Kirloskar Industries Ltd (KIRLOSIND): 16.8
3. Swaraj Engines Ltd (SWARAJENG): 21.2
4. Greaves Cotton Ltd (GREAVESCOT): 49.9

### 20-quarter Guarded PEG history
- GREAVESCOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 25.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SWARAJENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 — | Jun 2024 — | Sep 2024 5.3 | Dec 2024 3.0 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.1 | Jun 2026 1.3
- KIRLOSIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 — | Dec 2022 0.3 | Mar 2023 — | Jun 2023 1.0 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- GREAVESCOT: Sep 2021 168.9 | Dec 2021 163.6 | Mar 2022 -125.2 | Jun 2022 1,058.8 | Sep 2022 62.6 | Dec 2022 58.9 | Mar 2023 41.2 | Jun 2023 37.0 | Sep 2023 50.5 | Dec 2023 185.3 | Mar 2024 67.3 | Jun 2024 75.9 | Sep 2024 250.9 | Dec 2024 306.3 | Mar 2025 447.5 | Jun 2025 108.5 | Sep 2025 75.5 | Dec 2025 42.4 | Mar 2026 27.2 | Jun 2026 —
- SWARAJENG: Sep 2021 16.6 | Dec 2021 15.7 | Mar 2022 13.2 | Jun 2022 17.8 | Sep 2022 16.8 | Dec 2022 16.1 | Mar 2023 15.5 | Jun 2023 19.4 | Sep 2023 17.9 | Dec 2023 21.5 | Mar 2024 20.1 | Jun 2024 25.6 | Sep 2024 27.9 | Dec 2024 24.3 | Mar 2025 30.4 | Jun 2025 30.1 | Sep 2025 28.8 | Dec 2025 24.7 | Mar 2026 22.0 | Jun 2026 24.3
- KIRLOSIND: Sep 2021 6.4 | Dec 2021 5.3 | Mar 2022 5.7 | Jun 2022 6.5 | Sep 2022 9.9 | Dec 2022 11.7 | Mar 2023 13.2 | Jun 2023 14.5 | Sep 2023 14.8 | Dec 2023 17.1 | Mar 2024 21.2 | Jun 2024 26.7 | Sep 2024 25.3 | Dec 2024 22.0 | Mar 2025 17.9 | Jun 2025 29.9 | Sep 2025 26.1 | Dec 2025 21.4 | Mar 2026 16.9 | Jun 2026 —
- FMGOETZE: Sep 2021 19.4 | Dec 2021 15.1 | Mar 2022 27.2 | Jun 2022 28.3 | Sep 2022 28.9 | Dec 2022 23.2 | Mar 2023 18.9 | Jun 2023 20.5 | Sep 2023 18.1 | Dec 2023 17.0 | Mar 2024 15.2 | Jun 2024 19.4 | Sep 2024 18.5 | Dec 2024 15.2 | Mar 2025 12.6 | Jun 2025 18.0 | Sep 2025 17.1 | Dec 2025 13.8 | Mar 2026 11.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Federal-Mogul Goetze (India) Ltd leads ev/ebitda at 4×; Kirloskar Industries Ltd leads p/bv at 0.64×.

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: Federal-Mogul Goetze (India) Ltd · 4× | 7% versus #2 · Kirloskar Industries Ltd | 0/8 recent comparable periods | 4/4 companies · 77 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. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 4.0
2. Kirloskar Industries Ltd (KIRLOSIND): 4.3
3. Greaves Cotton Ltd (GREAVESCOT): 11.3
4. Swaraj Engines Ltd (SWARAJENG): 16.2

### P/BV — lowest P/BV
1. Kirloskar Industries Ltd (KIRLOSIND): 0.6
2. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 1.9
3. Greaves Cotton Ltd (GREAVESCOT): 4.0
4. Swaraj Engines Ltd (SWARAJENG): 8.9

### 20-quarter EV/EBITDA history
- GREAVESCOT: Sep 2021 29.4 | Dec 2021 38.1 | Mar 2022 95.5 | Jun 2022 68.4 | Sep 2022 20.6 | Dec 2022 11.9 | Mar 2023 17.9 | Jun 2023 16.9 | Sep 2023 17.5 | Dec 2023 19.3 | Mar 2024 13.1 | Jun 2024 16.4 | Sep 2024 19.7 | Dec 2024 38.8 | Mar 2025 29.2 | Jun 2025 23.7 | Sep 2025 21.2 | Dec 2025 18.0 | Mar 2026 11.3 | Jun 2026 —
- SWARAJENG: Sep 2021 10.3 | Dec 2021 10.0 | Mar 2022 8.3 | Jun 2022 11.1 | Sep 2022 10.8 | Dec 2022 10.3 | Mar 2023 9.8 | Jun 2023 12.5 | Sep 2023 11.5 | Dec 2023 13.8 | Mar 2024 12.9 | Jun 2024 16.5 | Sep 2024 18.1 | Dec 2024 15.7 | Mar 2025 19.9 | Jun 2025 19.7 | Sep 2025 18.8 | Dec 2025 16.2 | Mar 2026 14.4 | Jun 2026 16.2
- KIRLOSIND: Sep 2021 2.6 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 3.8 | Dec 2022 4.0 | Mar 2023 4.0 | Jun 2023 4.5 | Sep 2023 4.2 | Dec 2023 4.5 | Mar 2024 5.2 | Jun 2024 6.8 | Sep 2024 7.0 | Dec 2024 6.4 | Mar 2025 5.2 | Jun 2025 6.5 | Sep 2025 6.0 | Dec 2025 5.2 | Mar 2026 4.3 | Jun 2026 —
- FMGOETZE: Sep 2021 6.1 | Dec 2021 4.4 | Mar 2022 6.6 | Jun 2022 7.7 | Sep 2022 8.5 | Dec 2022 7.5 | Mar 2023 7.0 | Jun 2023 8.3 | Sep 2023 7.0 | Dec 2023 6.5 | Mar 2024 5.7 | Jun 2024 7.9 | Sep 2024 7.2 | Dec 2024 5.3 | Mar 2025 4.2 | Jun 2025 7.6 | Sep 2025 6.8 | Dec 2025 5.2 | Mar 2026 4.0 | Jun 2026 —

### 20-quarter P/BV history
- GREAVESCOT: Sep 2021 4.0 | Dec 2021 4.3 | Mar 2022 5.8 | Jun 2022 4.4 | Sep 2022 2.3 | Dec 2022 2.1 | Mar 2023 3.9 | Jun 2023 4.2 | Sep 2023 2.0 | Dec 2023 2.6 | Mar 2024 2.1 | Jun 2024 1.9 | Sep 2024 2.8 | Dec 2024 4.8 | Mar 2025 3.7 | Jun 2025 3.3 | Sep 2025 3.6 | Dec 2025 3.2 | Mar 2026 2.1 | Jun 2026 —
- SWARAJENG: Sep 2021 7.0 | Dec 2021 7.4 | Mar 2022 6.0 | Jun 2022 7.0 | Sep 2022 6.8 | Dec 2022 6.7 | Mar 2023 6.1 | Jun 2023 8.5 | Sep 2023 7.1 | Dec 2023 9.5 | Mar 2024 9.0 | Jun 2024 9.5 | Sep 2024 10.6 | Dec 2024 10.5 | Mar 2025 13.9 | Jun 2025 11.9 | Sep 2025 11.8 | Dec 2025 11.2 | Mar 2026 10.6 | Jun 2026 9.8
- KIRLOSIND: Sep 2021 0.9 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 1.0 | Jun 2023 1.4 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.8 | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —
- FMGOETZE: Sep 2021 1.8 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 2.4 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 2.5 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —

## Market action

Greaves Cotton Ltd has the strongest one-year price move in Engines at +19%. It also leads on Mansfield relative strength against NIFTY at +31.4%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Greaves Cotton Ltd (GREAVESCOT): 19%
2. Kirloskar Industries Ltd (KIRLOSIND): -15%
3. Federal-Mogul Goetze (India) Ltd (FMGOETZE): -17%
4. Swaraj Engines Ltd (SWARAJENG): -18%

### Strongest relative strength versus NIFTY 500
1. Greaves Cotton Ltd (GREAVESCOT): 31%
2. Kirloskar Industries Ltd (KIRLOSIND): 11%
3. Federal-Mogul Goetze (India) Ltd (FMGOETZE): 3.4%
4. Swaraj Engines Ltd (SWARAJENG): -5.9%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Greaves Cotton Ltd (GREAVESCOT) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- Swaraj Engines Ltd (SWARAJENG) — market value ₹4.3K Cr; latest fundamentals Jun 2026
- Kirloskar Industries Ltd (KIRLOSIND) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Federal-Mogul Goetze (India) Ltd (FMGOETZE) — market value ₹2.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 1. Graded companies: 4.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Federal-Mogul Goetze (India) Ltd (FMGOETZE) — its two data sources disagree by up to 5.5% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | FMGOETZE | Federal-Mogul Goetze (India) Ltd | diff_gt_2pct | disagreement up to 5.51% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Engines index?

The Nifty Engines index tracks India's listed Engines companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Engines sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Engines stocks in India?

Ranked by this page's four-factor score, Greaves Cotton Ltd places first among 4 listed Engines companies, followed by Federal-Mogul Goetze (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Engines stocks are listed in India?

This comparison covers 4 listed Engines companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Engines company is the biggest?

Kirloskar Industries Ltd is the largest, with trailing-twelve-month revenue of ₹6,938 crore, ahead of Greaves Cotton Ltd at ₹3,437 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Engines company is growing fastest?

Swaraj Engines Ltd has the fastest revenue growth at 20.8% year on year, across 4 of 4 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 Engines company has the best profit margins?

Federal-Mogul Goetze (India) Ltd has the highest operating margin at 17%, from 4 of 4 comparable companies. Greaves Cotton Ltd shows the biggest recent improvement, at +1.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Engines company makes the most profit?

Kirloskar Industries Ltd earns the most, at ₹352 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Greaves Cotton Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Engines company earns the highest return on capital?

Swaraj Engines Ltd leads on return on capital employed at 58.4%, across 4 of 4 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 Engines stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Kirloskar Industries Ltd screens cheapest at 0.55×. Only 2 of 4 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 Engines company has the strongest balance sheet?

Federal-Mogul Goetze (India) Ltd carries the lowest comparable gross debt at ₹1 crore, from 4 of 4 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 Engines sector beating the market?

Engines has underperformed NIFTY 500 by 2.6% over the last 52 weeks and 17.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Engines stock has the strongest price momentum?

Greaves Cotton 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 Engines company scores highest for research priority?

Greaves Cotton Ltd scores 67.6 out of 100 with 75.6% evidence confidence, from 27.8 points on growth and earnings, 9.8 on capital efficiency, 10 on valuation and 20 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 Engines companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Engines sector?

The 4 Engines companies on this page carry ₹16,719 crore of combined market value. Greaves Cotton Ltd is the largest at ₹5,738 crore, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Engines sector performing?

3 of the 4 covered Engines companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 2.6% behind 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/engines