# EPC — company-by-company sector analysis

> EPC: Dilip Buildcon Ltd owns the largest revenue base; Viviana Power Tech 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. 1 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Dilip Buildcon Ltd leads with revenue of ₹8,984 crore, based on 6 of 6 comparable companies through Mar 2026. Viviana Power Tech Ltd has the fastest current revenue growth at 100%, across 6 of 6 comparable companies.

### Is the EPC sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 1 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which EPC company is largest by revenue?

Dilip Buildcon Ltd leads with revenue of ₹8,984 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which EPC company is growing fastest?

Viviana Power Tech Ltd has the fastest current revenue growth at 100%, across 6 of 6 comparable companies.

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

Advait Energy Transitions Limited ranks first at 71.8/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which EPC company reports the most CAPEX?

Transrail Lighting Ltd reports the largest latest CAPEX at ₹20 crore, with 3 of 6 companies comparable.

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

Ahluwalia Contracts (India) Ltd has the lowest comparable gross debt at ₹73 crore. Dilip Buildcon Ltd has the highest at ₹8,041 crore.

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

Ahluwalia Contracts (India) Ltd has the lowest comparable Guarded PEG at 0.33, among 4 of 6 companies that pass the metric’s comparability rules.

### How much history does this EPC 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 EPC against NIFTY 500 is not available from the current market series. 1 of 6 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Advait Energy Transitions Limited is the strongest against the sector itself at +23.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 1/6
Stocks leading sector: 2/6

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

Companies: 6
Combined market value: ₹25.7K 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. Advait Energy Transitions Limited (ADVAIT): 72/100 — Favorable setup; evidence 100%
   - Growth & earnings 32.1/35 | Capital efficiency 15.0/25 | Valuation 6.4/20 | Relative strength 18.3/20
   - Exact sum: 32.1 + 15 + 6.4 + 18.3 = 71.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Ahluwalia Contracts (India) Ltd (AHLUCONT): 58/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 19.7/35 | Capital efficiency 16.1/25 | Valuation 15.3/20 | Relative strength 6.9/20
   - Exact sum: 19.7 + 16.1 + 15.3 + 6.9 = 58
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Viviana Power Tech Ltd (VIVIANA): 57/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 20.4/35 | Capital efficiency 14.6/25 | Valuation 10.3/20 | Relative strength 11.6/20
   - Exact sum: 20.4 + 14.6 + 10.3 + 11.6 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Transrail Lighting Ltd (TRANSRAILL): 50/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 17.8/35 | Capital efficiency 18.1/25 | Valuation 8.7/20 | Relative strength 5.3/20
   - Exact sum: 17.8 + 18.1 + 8.7 + 5.3 = 49.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. J Kumar Infraprojects Ltd (JKIL): 42/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 9.0/35 | Capital efficiency 14.2/25 | Valuation 15.0/20 | Relative strength 3.6/20
   - Exact sum: 9 + 14.2 + 15 + 3.6 = 41.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Dilip Buildcon Ltd (DBL): 38/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 10.7/35 | Capital efficiency 8.0/25 | Valuation 10.9/20 | Relative strength 8.2/20
   - Exact sum: 10.7 + 8 + 10.9 + 8.2 = 37.8
   - 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: Dilip Buildcon Ltd is the scale leader at ₹8,984 crore, 30.6% ahead of Transrail Lighting Ltd. Viviana Power Tech Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 160.8% from a ₹682 crore base, with 12 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Dilip Buildcon Ltd is the scale benchmark; Viviana Power Tech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Dilip Buildcon Ltd's growth falls below Viviana Power Tech Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Dilip Buildcon Ltd · ₹8,984 crore | 30.6% versus #2 · Transrail Lighting Ltd | 1/8 recent comparable periods | 6/6 companies · 98 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. Dilip Buildcon Ltd (DBL): ₹9.0K Cr
2. Transrail Lighting Ltd (TRANSRAILL): ₹6.9K Cr
3. J Kumar Infraprojects Ltd (JKIL): ₹5.7K Cr
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): ₹4.6K Cr
5. Advait Energy Transitions Limited (ADVAIT): ₹714 Cr

### Revenue growth — fastest growers
1. Viviana Power Tech Ltd (VIVIANA): 100%
2. Advait Energy Transitions Limited (ADVAIT): 80%
3. Transrail Lighting Ltd (TRANSRAILL): 30%
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): 11%
5. J Kumar Infraprojects Ltd (JKIL): 0.5%

### 20-quarter Revenue history
- DBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹877 Cr | Sep 2023 ₹977 Cr | Dec 2023 ₹852 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹916 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr
- AHLUCONT: Jun 2021 ₹580 Cr | Sep 2021 ₹698 Cr | Dec 2021 ₹684 Cr | Mar 2022 ₹731 Cr | Jun 2022 ₹609 Cr | Sep 2022 ₹623 Cr | Dec 2022 ₹743 Cr | Mar 2023 ₹863 Cr | Jun 2023 ₹764 Cr | Sep 2023 ₹902 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹919 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr
- JKIL: Jun 2021 ₹675 Cr | Sep 2021 ₹772 Cr | Dec 2021 ₹966 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹994 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr
- ADVAIT: Jun 2021 ₹17 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹228 Cr
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹14 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹441 Cr

### 20-quarter Revenue growth history
- DBL: 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 18% | Jun 2024 7.3% | Sep 2024 -12% | Dec 2024 -10.0% | Mar 2025 -8.0% | Jun 2025 -16% | Sep 2025 -23% | Dec 2025 -17% | Mar 2026 -26%
- TRANSRAILL: 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 4.5% | Sep 2024 11% | Dec 2024 59% | Mar 2025 40% | Jun 2025 81% | Sep 2025 43% | Dec 2025 32% | Mar 2026 -4.3%
- AHLUCONT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 -11% | Dec 2022 8.6% | Mar 2023 18% | Jun 2023 25% | Sep 2023 45% | Dec 2023 38% | Mar 2024 35% | Jun 2024 20% | Sep 2024 12% | Dec 2024 -7.2% | Mar 2025 4.5% | Jun 2025 9.4% | Sep 2025 16% | Dec 2025 11% | Mar 2026 8.7%
- JKIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 31% | Dec 2022 9.9% | Mar 2023 1.8% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 15% | Mar 2024 26% | Jun 2024 13% | Sep 2024 17% | Dec 2024 22% | Mar 2025 15% | Jun 2025 16% | Sep 2025 4.0% | Dec 2025 -12% | Mar 2026 -2.9%
- ADVAIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 18% | Mar 2023 86% | Jun 2023 42% | Sep 2023 158% | Dec 2023 181% | Mar 2024 46% | Jun 2024 122% | Sep 2024 -6.1% | Dec 2024 34% | Mar 2025 222% | Jun 2025 97% | Sep 2025 241% | Dec 2025 115% | Mar 2026 18%
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -11% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 147% | Jun 2024 — | Sep 2024 — | Dec 2024 156% | Mar 2025 307% | Jun 2025 409% | Sep 2025 90% | Dec 2025 226% | Mar 2026 158%

## Operating Economics & Margin Trend

What the numbers say: Dilip Buildcon Ltd leads opm at 17%; Advait Energy Transitions Limited leads margin change at +3 percentage points.

Investor read: Dilip Buildcon 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: Dilip Buildcon Ltd · 17% | 21.4% versus #2 · J Kumar Infraprojects Ltd | 6/8 recent comparable periods | 6/6 companies · 105 observations

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

### OPM — highest
1. Dilip Buildcon Ltd (DBL): 17%
2. J Kumar Infraprojects Ltd (JKIL): 14%
3. Advait Energy Transitions Limited (ADVAIT): 13%
4. Viviana Power Tech Ltd (VIVIANA): 13%
5. Transrail Lighting Ltd (TRANSRAILL): 11%

### Margin change — fastest expanders
1. Advait Energy Transitions Limited (ADVAIT): +3.0 pp
2. J Kumar Infraprojects Ltd (JKIL): 0.0 pp
3. Ahluwalia Contracts (India) Ltd (AHLUCONT): −1.0 pp
4. Transrail Lighting Ltd (TRANSRAILL): −1.0 pp
5. Viviana Power Tech Ltd (VIVIANA): −1.0 pp

### 20-quarter OPM history
- DBL: Jun 2021 19% | Sep 2021 2.4% | Dec 2021 2.0% | Mar 2022 8.2% | Jun 2022 9.6% | Sep 2022 14% | Dec 2022 7.0% | Mar 2023 6.0% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 10% | Jun 2024 15% | Sep 2024 21% | Dec 2024 18% | Mar 2025 21% | Jun 2025 20% | Sep 2025 24% | Dec 2025 18% | Mar 2026 17%
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 12% | Dec 2023 10% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 13% | Mar 2026 11%
- AHLUCONT: Jun 2021 10% | Sep 2021 9.1% | Dec 2021 10% | Mar 2022 8.7% | Jun 2022 9.9% | Sep 2022 9.9% | Dec 2022 10% | Mar 2023 13% | Jun 2023 11% | Sep 2023 10% | Dec 2023 11% | Mar 2024 9.0% | Jun 2024 7.0% | Sep 2024 7.0% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 9.0% | Mar 2026 9.0%
- JKIL: Jun 2021 14% | Sep 2021 14% | Dec 2021 14% | Mar 2022 14% | Jun 2022 14% | Sep 2022 14% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 15% | Dec 2024 15% | Mar 2025 14% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14%
- ADVAIT: Jun 2021 13% | Sep 2021 15% | Dec 2021 11% | Mar 2022 12% | Jun 2022 9.8% | Sep 2022 13% | Dec 2022 20% | Mar 2023 15% | Jun 2023 13% | Sep 2023 18% | Dec 2023 17% | Mar 2024 19% | Jun 2024 13% | Sep 2024 18% | Dec 2024 16% | Mar 2025 10% | Jun 2025 12% | Sep 2025 11% | Dec 2025 11% | Mar 2026 13%
- VIVIANA: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 17% | Jun 2024 21% | Sep 2024 16% | Dec 2024 16% | Mar 2025 14% | Jun 2025 20% | Sep 2025 20% | Dec 2025 12% | Mar 2026 13%

### 20-quarter Margin change history
- DBL: Jun 2021 −3.3 pp | Sep 2021 −18.3 pp | Dec 2021 −20.9 pp | Mar 2022 −10.4 pp | Jun 2022 −9.1 pp | Sep 2022 +11.2 pp | Dec 2022 +5.0 pp | Mar 2023 −2.2 pp | Jun 2023 +3.4 pp | Sep 2023 −1.6 pp | Dec 2023 +5.0 pp | Mar 2024 +4.0 pp | Jun 2024 +2.0 pp | Sep 2024 +9.0 pp | Dec 2024 +6.0 pp | Mar 2025 +11.0 pp | Jun 2025 +5.0 pp | Sep 2025 +3.0 pp | Dec 2025 0.0 pp | Mar 2026 −4.0 pp
- TRANSRAILL: 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 +2.5 pp | Sep 2024 +1.0 pp | Dec 2024 +2.8 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- AHLUCONT: Jun 2021 +3.0 pp | Sep 2021 +1.2 pp | Dec 2021 +4.3 pp | Mar 2022 −0.5 pp | Jun 2022 −0.5 pp | Sep 2022 +0.9 pp | Dec 2022 −0.2 pp | Mar 2023 +4.3 pp | Jun 2023 +1.1 pp | Sep 2023 +0.1 pp | Dec 2023 +1.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +4.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- JKIL: Jun 2021 +4.4 pp | Sep 2021 +1.0 pp | Dec 2021 +0.2 pp | Mar 2022 +3.8 pp | Jun 2022 −0.2 pp | Sep 2022 +0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 +0.7 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- ADVAIT: Jun 2021 — | Sep 2021 +8.4 pp | Dec 2021 — | Mar 2022 +4.7 pp | Jun 2022 −2.9 pp | Sep 2022 −2.7 pp | Dec 2022 +9.4 pp | Mar 2023 +3.1 pp | Jun 2023 +3.2 pp | Sep 2023 +5.5 pp | Dec 2023 −3.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −9.0 pp | Jun 2025 −1.0 pp | Sep 2025 −7.0 pp | Dec 2025 −5.0 pp | Mar 2026 +3.0 pp
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 −2.6 pp | Mar 2025 −3.0 pp | Jun 2025 −0.2 pp | Sep 2025 +4.0 pp | Dec 2025 −4.5 pp | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Dilip Buildcon Ltd leads with ₹1,398 crore of TTM profit, 246.9% above Transrail Lighting Ltd. Viviana Power Tech Ltd shows ≥100% on the scoring scale (180.4% uncapped) growth from a ₹64 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Dilip Buildcon 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: Dilip Buildcon Ltd · ₹1,398 crore | 246.9% versus #2 · Transrail Lighting Ltd | 6/8 recent comparable periods | 6/6 companies · 98 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. Dilip Buildcon Ltd (DBL): ₹1.4K Cr
2. Transrail Lighting Ltd (TRANSRAILL): ₹403 Cr
3. J Kumar Infraprojects Ltd (JKIL): ₹387 Cr
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): ₹266 Cr
5. Viviana Power Tech Ltd (VIVIANA): ₹64 Cr

### Profit growth — fastest growers
1. Viviana Power Tech Ltd (VIVIANA): 100%
2. Advait Energy Transitions Limited (ADVAIT): 72%
3. Dilip Buildcon Ltd (DBL): 66%
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): 32%
5. Transrail Lighting Ltd (TRANSRAILL): 23%

### 20-quarter Net profit history
- DBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹110 Cr | Mar 2023 ₹-70 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹277 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹124 Cr
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹39 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹96 Cr
- AHLUCONT: Jun 2021 ₹35 Cr | Sep 2021 ₹36 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹82 Cr
- JKIL: Jun 2021 ₹32 Cr | Sep 2021 ₹41 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹110 Cr
- ADVAIT: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹19 Cr
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹44 Cr

### 20-quarter Profit growth history
- DBL: 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 — | Jun 2024 1,067% | Sep 2024 264% | Dec 2024 40% | Mar 2025 9,133% | Jun 2025 94% | Sep 2025 -20% | Dec 2025 399% | Mar 2026 -55%
- TRANSRAILL: 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 33% | Sep 2024 20% | Dec 2024 90% | Mar 2025 27% | Jun 2025 104% | Sep 2025 65% | Dec 2025 18% | Mar 2026 -24%
- AHLUCONT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.6% | Sep 2022 8.3% | Dec 2022 7.1% | Mar 2023 71% | Jun 2023 32% | Sep 2023 41% | Dec 2023 58% | Mar 2024 178% | Jun 2024 -38% | Sep 2024 -31% | Dec 2024 -30% | Mar 2025 -59% | Jun 2025 65% | Sep 2025 108% | Dec 2025 8.0% | Mar 2026 -1.2%
- JKIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94% | Sep 2022 66% | Dec 2022 20% | Mar 2023 0.0% | Jun 2023 18% | Sep 2023 7.4% | Dec 2023 17% | Mar 2024 38% | Jun 2024 19% | Sep 2024 23% | Dec 2024 20% | Mar 2025 12% | Jun 2025 18% | Sep 2025 1.1% | Dec 2025 -17% | Mar 2026 -3.5%
- ADVAIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 200% | Mar 2023 300% | Jun 2023 0.0% | Sep 2023 500% | Dec 2023 167% | Mar 2024 75% | Jun 2024 400% | Sep 2024 -33% | Dec 2024 25% | Mar 2025 86% | Jun 2025 80% | Sep 2025 150% | Dec 2025 70% | Mar 2026 46%
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 100% | Jun 2024 — | Sep 2024 — | Dec 2024 136% | Mar 2025 275% | Jun 2025 627% | Sep 2025 125% | Dec 2025 130% | Mar 2026 193%

## Capacity Spending & Returns On It

What the numbers say: Transrail Lighting Ltd reports ₹20 crore of CAPEX; Advait Energy Transitions Limited has the highest covered intensity at 10.5%. Coverage is only 3 of 6 companies and 17 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: Transrail Lighting Ltd · ₹20 crore | 10× versus #2 · Advait Energy Transitions Limited | 4/4 recent comparable periods | 3/6 companies · 17 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. Transrail Lighting Ltd (TRANSRAILL): ₹20 Cr
2. Advait Energy Transitions Limited (ADVAIT): ₹2 Cr
3. Viviana Power Tech Ltd (VIVIANA): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Advait Energy Transitions Limited (ADVAIT): 11%
2. Transrail Lighting Ltd (TRANSRAILL): 1.8%
3. Viviana Power Tech Ltd (VIVIANA): 0.2%

### 20-quarter CAPEX history
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹23 Cr | Sep 2024 ₹20 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ADVAIT: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | 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 —
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr

### 20-quarter CAPEX intensity history
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6% | Sep 2023 0.6% | Dec 2023 — | Mar 2024 — | Jun 2024 2.5% | Sep 2024 1.8% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ADVAIT: Jun 2021 5.9% | Sep 2021 5.9% | Dec 2021 — | Mar 2022 27% | Jun 2022 11% | Sep 2022 11% | 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 —
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.8% | Mar 2026 0.2%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Ahluwalia Contracts (India) Ltd has the clearest covered balance-sheet capacity with ₹744 crore net cash and gross debt of ₹73 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: Ahluwalia Contracts (India) Ltd · ₹73 crore | 23.2% versus #2 · Advait Energy Transitions Limited | 8/8 recent comparable periods | 6/6 companies · 94 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. Ahluwalia Contracts (India) Ltd (AHLUCONT): ₹73 Cr
2. Advait Energy Transitions Limited (ADVAIT): ₹95 Cr
3. Viviana Power Tech Ltd (VIVIANA): ₹100 Cr
4. J Kumar Infraprojects Ltd (JKIL): ₹621 Cr
5. Transrail Lighting Ltd (TRANSRAILL): ₹678 Cr

### Net debt — lowest net debt
1. Ahluwalia Contracts (India) Ltd (AHLUCONT): ₹-744 Cr
2. Transrail Lighting Ltd (TRANSRAILL): ₹-86 Cr
3. J Kumar Infraprojects Ltd (JKIL): ₹-72 Cr
4. Advait Energy Transitions Limited (ADVAIT): ₹6 Cr
5. Viviana Power Tech Ltd (VIVIANA): ₹98 Cr

### 20-quarter Gross debt history
- DBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹8.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.5K Cr | Jun 2025 — | Sep 2025 ₹10.4K Cr | Dec 2025 — | Mar 2026 ₹8.0K Cr
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹469 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹621 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹636 Cr | Dec 2023 — | Mar 2024 ₹667 Cr | Jun 2024 ₹626 Cr | Sep 2024 ₹704 Cr | Dec 2024 ₹704 Cr | Mar 2025 ₹661 Cr | Jun 2025 ₹661 Cr | Sep 2025 ₹810 Cr | Dec 2025 ₹810 Cr | Mar 2026 ₹678 Cr
- AHLUCONT: Jun 2021 ₹67 Cr | Sep 2021 ₹78 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹73 Cr
- JKIL: Jun 2021 ₹501 Cr | Sep 2021 ₹545 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹486 Cr | Jun 2022 ₹472 Cr | Sep 2022 ₹477 Cr | Dec 2022 ₹477 Cr | Mar 2023 ₹547 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹669 Cr | Dec 2023 ₹669 Cr | Mar 2024 ₹593 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹781 Cr | Dec 2024 ₹781 Cr | Mar 2025 ₹704 Cr | Jun 2025 ₹704 Cr | Sep 2025 ₹780 Cr | Dec 2025 ₹780 Cr | Mar 2026 ₹621 Cr
- ADVAIT: Jun 2021 ₹2 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹95 Cr
- VIVIANA: Jun 2021 ₹7 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹100 Cr

### 20-quarter Net debt history
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹493 Cr | Sep 2023 ₹498 Cr | Dec 2023 — | Mar 2024 ₹552 Cr | Jun 2024 ₹533 Cr | Sep 2024 ₹472 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹326 Cr | Dec 2025 ₹326 Cr | Mar 2026 ₹-86 Cr
- AHLUCONT: Jun 2021 ₹-351 Cr | Sep 2021 ₹-271 Cr | Dec 2021 ₹-271 Cr | Mar 2022 ₹-379 Cr | Jun 2022 ₹-379 Cr | Sep 2022 ₹-333 Cr | Dec 2022 ₹-333 Cr | Mar 2023 ₹-530 Cr | Jun 2023 ₹-530 Cr | Sep 2023 ₹-434 Cr | Dec 2023 ₹-434 Cr | Mar 2024 ₹-675 Cr | Jun 2024 ₹-675 Cr | Sep 2024 ₹-691 Cr | Dec 2024 ₹-691 Cr | Mar 2025 ₹-888 Cr | Jun 2025 ₹-888 Cr | Sep 2025 ₹-954 Cr | Dec 2025 ₹-954 Cr | Mar 2026 ₹-744 Cr
- JKIL: Jun 2021 ₹-98 Cr | Sep 2021 ₹86 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹260 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-137 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-72 Cr
- ADVAIT: Jun 2021 ₹-5 Cr | Sep 2021 ₹-5 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-109 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹6 Cr
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 ₹19 Cr | Dec 2024 — | Mar 2025 ₹50 Cr | Jun 2025 — | Sep 2025 ₹71 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹98 Cr

## Return On Capital Employed

What the numbers say: Viviana Power Tech Ltd leads ROCE at 49%, 19.8 percentage points above Transrail Lighting Ltd. Advait Energy Transitions Limited has the strongest latest improvement at +5.7 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: Viviana Power Tech 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: Viviana Power Tech Ltd · 49% | 67.8% versus #2 · Transrail Lighting Ltd | 5/8 recent comparable periods | 6/6 companies · 72 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. Viviana Power Tech Ltd (VIVIANA): 49%
2. Transrail Lighting Ltd (TRANSRAILL): 29%
3. Advait Energy Transitions Limited (ADVAIT): 28%
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): 20%
5. J Kumar Infraprojects Ltd (JKIL): 18%

### ROCE change — fastest improvers
1. Advait Energy Transitions Limited (ADVAIT): +5.7 pp
2. Ahluwalia Contracts (India) Ltd (AHLUCONT): +1.0 pp
3. Transrail Lighting Ltd (TRANSRAILL): −0.8 pp
4. Dilip Buildcon Ltd (DBL): −2.0 pp
5. J Kumar Infraprojects Ltd (JKIL): −3.2 pp

### 20-quarter ROCE history
- TRANSRAILL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 36% | Jun 2024 35% | Sep 2024 35% | Dec 2024 47% | Mar 2025 32% | Jun 2025 44% | Sep 2025 34% | Dec 2025 45% | Mar 2026 31%
- AHLUCONT: Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 20% | Dec 2023 27% | Mar 2024 17% | Jun 2024 32% | Sep 2024 14% | Dec 2024 27% | Mar 2025 12% | Jun 2025 17% | Sep 2025 14% | Dec 2025 18% | Mar 2026 13%
- JKIL: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 18% | Jun 2024 22% | Sep 2024 19% | Dec 2024 23% | Mar 2025 19% | Jun 2025 23% | Sep 2025 19% | Dec 2025 21% | Mar 2026 16%
- ADVAIT: Jun 2021 12% | Sep 2021 16% | Dec 2021 17% | Mar 2022 20% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 26% | Dec 2023 46% | Mar 2024 36% | Jun 2024 52% | Sep 2024 18% | Dec 2024 32% | Mar 2025 19% | Jun 2025 36% | Sep 2025 21% | Dec 2025 34% | Mar 2026 24%
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 61% | Jun 2022 24% | Sep 2022 25% | Dec 2022 26% | Mar 2023 26% | Jun 2023 26% | Sep 2023 30% | Dec 2023 — | Mar 2024 50% | Jun 2024 — | Sep 2024 33% | Dec 2024 61% | Mar 2025 45% | Jun 2025 91% | Sep 2025 39% | Dec 2025 45% | Mar 2026 36%

### 20-quarter ROCE change history
- TRANSRAILL: 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 +18.0 pp | Dec 2024 — | Mar 2025 −4.7 pp | Jun 2025 +8.8 pp | Sep 2025 −0.6 pp | Dec 2025 −1.7 pp | Mar 2026 −0.8 pp
- AHLUCONT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −5.6 pp | Dec 2024 −0.2 pp | Mar 2025 −5.0 pp | Jun 2025 −14.8 pp | Sep 2025 −0.1 pp | Dec 2025 −8.7 pp | Mar 2026 +1.0 pp
- JKIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 — | Mar 2023 +1.4 pp | Jun 2023 — | Sep 2023 −2.2 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 +1.9 pp | Mar 2025 +1.1 pp | Jun 2025 +1.2 pp | Sep 2025 −0.6 pp | Dec 2025 −2.0 pp | Mar 2026 −3.2 pp
- ADVAIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +7.5 pp | Dec 2023 — | Mar 2024 +15.4 pp | Jun 2024 — | Sep 2024 −7.6 pp | Dec 2024 −14.7 pp | Mar 2025 −17.4 pp | Jun 2025 −16.4 pp | Sep 2025 +2.9 pp | Dec 2025 +1.9 pp | Mar 2026 +5.7 pp
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −35.0 pp | Jun 2023 +2.5 pp | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 +24.4 pp | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 — | Mar 2025 −5.0 pp | Jun 2025 — | Sep 2025 +5.8 pp | Dec 2025 −16.0 pp | Mar 2026 −9.1 pp

## Valuation Against Growth & Quality

What the numbers say: Ahluwalia Contracts (India) Ltd has the lowest comparable Guarded PEG at 0.33×, 77.6% below J Kumar Infraprojects Ltd. Only 4 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Ahluwalia Contracts (India) Ltd · 0.33× | 77.6% versus #2 · J Kumar Infraprojects Ltd | 0/8 recent comparable periods | 4/6 companies · 31 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. Ahluwalia Contracts (India) Ltd (AHLUCONT): 0.3
2. J Kumar Infraprojects Ltd (JKIL): 1.5
3. Transrail Lighting Ltd (TRANSRAILL): 1.9
4. Advait Energy Transitions Limited (ADVAIT): 2.4

### P/E — lowest P/E
1. J Kumar Infraprojects Ltd (JKIL): 9.3
2. Dilip Buildcon Ltd (DBL): 11.2
3. Viviana Power Tech Ltd (VIVIANA): 13.4
4. Transrail Lighting Ltd (TRANSRAILL): 15.6
5. Ahluwalia Contracts (India) Ltd (AHLUCONT): 20.9

### 20-quarter Guarded PEG history
- TRANSRAILL: 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 | Jun 2025 — | Sep 2025 0.5 | Dec 2025 1.9 | Mar 2026 —
- AHLUCONT: Jun 2021 1.5 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 2.5 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 1.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.8 | Mar 2026 0.3
- JKIL: Jun 2021 — | Sep 2021 — | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.9 | Mar 2023 — | Jun 2023 1.2 | Sep 2023 3.6 | Dec 2023 2.6 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 1.5
- ADVAIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.0 | Mar 2025 1.0 | Jun 2025 1.9 | Sep 2025 2.4 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- DBL: Jun 2021 29.7 | Sep 2021 35.9 | Dec 2021 39.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 119.6 | Jun 2024 117.6 | Sep 2024 45.0 | Dec 2024 23.8 | Mar 2025 22.2 | Jun 2025 16.2 | Sep 2025 16.6 | Dec 2025 16.9 | Mar 2026 9.4
- TRANSRAILL: 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 29.1 | Mar 2025 24.9 | Jun 2025 26.0 | Sep 2025 25.8 | Dec 2025 17.9 | Mar 2026 14.4
- AHLUCONT: Jun 2021 48.0 | Sep 2021 24.2 | Dec 2021 22.0 | Mar 2022 19.8 | Jun 2022 17.1 | Sep 2022 17.7 | Dec 2022 19.7 | Mar 2023 23.5 | Jun 2023 21.0 | Sep 2023 22.9 | Dec 2023 23.4 | Mar 2024 27.6 | Jun 2024 35.8 | Sep 2024 35.5 | Dec 2024 34.9 | Mar 2025 31.1 | Jun 2025 32.8 | Sep 2025 29.3 | Dec 2025 25.7 | Mar 2026 17.1
- JKIL: Jun 2021 13.6 | Sep 2021 13.5 | Dec 2021 11.7 | Mar 2022 12.1 | Jun 2022 20.9 | Sep 2022 21.7 | Dec 2022 19.6 | Mar 2023 18.3 | Jun 2023 21.7 | Sep 2023 31.1 | Dec 2023 41.6 | Mar 2024 45.5 | Jun 2024 19.0 | Sep 2024 17.1 | Dec 2024 15.9 | Mar 2025 12.7 | Jun 2025 14.0 | Sep 2025 11.6 | Dec 2025 10.7 | Mar 2026 8.4
- ADVAIT: Jun 2021 6.5 | Sep 2021 9.9 | Dec 2021 9.7 | Mar 2022 9.4 | Jun 2022 17.4 | Sep 2022 45.2 | Dec 2022 67.9 | Mar 2023 51.8 | Jun 2023 40.1 | Sep 2023 50.3 | Dec 2023 48.9 | Mar 2024 74.3 | Jun 2024 80.5 | Sep 2024 73.0 | Dec 2024 64.8 | Mar 2025 42.2 | Jun 2025 64.5 | Sep 2025 56.4 | Dec 2025 40.6 | Mar 2026 41.7
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20.5 | Dec 2022 17.4 | Mar 2023 13.1 | Jun 2023 27.2 | Sep 2023 28.0 | Dec 2023 34.5 | Mar 2024 54.0 | Jun 2024 170.6 | Sep 2024 159.3 | Dec 2024 199.2 | Mar 2025 56.4 | Jun 2025 37.9 | Sep 2025 43.5 | Dec 2025 30.0 | Mar 2026 22.6

## Enterprise Value & Book Value

What the numbers say: J Kumar Infraprojects Ltd leads ev/ebitda at 3.8×; Dilip Buildcon Ltd leads p/bv at 1×.

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: J Kumar Infraprojects Ltd · 3.8× | 39.7% versus #2 · Dilip Buildcon Ltd | 0/8 recent comparable periods | 6/6 companies · 101 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. J Kumar Infraprojects Ltd (JKIL): 3.8
2. Dilip Buildcon Ltd (DBL): 6.3
3. Ahluwalia Contracts (India) Ltd (AHLUCONT): 7.3
4. Transrail Lighting Ltd (TRANSRAILL): 7.5
5. Viviana Power Tech Ltd (VIVIANA): 13.8

### P/BV — lowest P/BV
1. Dilip Buildcon Ltd (DBL): 1.0
2. J Kumar Infraprojects Ltd (JKIL): 1.1
3. Ahluwalia Contracts (India) Ltd (AHLUCONT): 2.7
4. Transrail Lighting Ltd (TRANSRAILL): 2.8
5. Viviana Power Tech Ltd (VIVIANA): 6.1

### 20-quarter EV/EBITDA history
- DBL: Jun 2021 7.6 | Sep 2021 8.3 | Dec 2021 7.7 | Mar 2022 9.1 | Jun 2022 15.5 | Sep 2022 19.4 | Dec 2022 13.1 | Mar 2023 10.0 | Jun 2023 11.4 | Sep 2023 9.4 | Dec 2023 10.2 | Mar 2024 9.5 | Jun 2024 8.9 | Sep 2024 8.7 | Dec 2024 8.2 | Mar 2025 7.8 | Jun 2025 6.5 | Sep 2025 6.6 | Dec 2025 7.0 | Mar 2026 6.3
- TRANSRAILL: 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 12.7 | Mar 2025 11.0 | Jun 2025 12.7 | Sep 2025 12.5 | Dec 2025 9.2 | Mar 2026 7.5
- AHLUCONT: Jun 2021 16.0 | Sep 2021 10.0 | Dec 2021 9.8 | Mar 2022 9.5 | Jun 2022 8.1 | Sep 2022 8.6 | Dec 2022 10.0 | Mar 2023 12.0 | Jun 2023 11.1 | Sep 2023 11.8 | Dec 2023 12.4 | Mar 2024 15.0 | Jun 2024 18.4 | Sep 2024 17.1 | Dec 2024 15.8 | Mar 2025 12.9 | Jun 2025 14.9 | Sep 2025 13.1 | Dec 2025 11.9 | Mar 2026 7.3
- JKIL: Jun 2021 4.8 | Sep 2021 4.8 | Dec 2021 4.1 | Mar 2022 4.3 | Jun 2022 7.6 | Sep 2022 7.9 | Dec 2022 7.1 | Mar 2023 6.6 | Jun 2023 7.9 | Sep 2023 11.4 | Dec 2023 15.3 | Mar 2024 16.8 | Jun 2024 8.5 | Sep 2024 7.9 | Dec 2024 7.6 | Mar 2025 6.1 | Jun 2025 6.5 | Sep 2025 5.1 | Dec 2025 4.8 | Mar 2026 3.8
- ADVAIT: Jun 2021 4.7 | Sep 2021 6.0 | Dec 2021 6.4 | Mar 2022 6.2 | Jun 2022 7.7 | Sep 2022 20.1 | Dec 2022 28.9 | Mar 2023 22.0 | Jun 2023 18.7 | Sep 2023 23.0 | Dec 2023 24.7 | Mar 2024 41.0 | Jun 2024 45.1 | Sep 2024 45.9 | Dec 2024 37.2 | Mar 2025 23.3 | Jun 2025 34.9 | Sep 2025 28.9 | Dec 2025 20.2 | Mar 2026 21.3
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12.9 | Dec 2022 11.1 | Mar 2023 8.6 | Jun 2023 17.5 | Sep 2023 17.7 | Dec 2023 21.4 | Mar 2024 32.5 | Jun 2024 100.5 | Sep 2024 97.8 | Dec 2024 123.6 | Mar 2025 33.4 | Jun 2025 23.1 | Sep 2025 27.1 | Dec 2025 18.4 | Mar 2026 13.8

### 20-quarter P/BV history
- DBL: Jun 2021 2.4 | Sep 2021 2.3 | Dec 2021 1.8 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 1.8 | Dec 2024 1.4 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.3 | Mar 2026 1.1
- TRANSRAILL: 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 5.6 | Mar 2025 4.8 | Jun 2025 4.6 | Sep 2025 5.3 | Dec 2025 3.6 | Mar 2026 3.1
- AHLUCONT: Jun 2021 2.8 | Sep 2021 2.9 | Dec 2021 2.8 | Mar 2022 3.1 | Jun 2022 3.0 | Sep 2022 2.5 | Dec 2022 2.9 | Mar 2023 3.7 | Jun 2023 3.9 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 5.1 | Jun 2024 6.8 | Sep 2024 4.8 | Dec 2024 4.1 | Mar 2025 3.3 | Jun 2025 4.1 | Sep 2025 3.6 | Dec 2025 3.5 | Mar 2026 2.4
- JKIL: Jun 2021 1.0 | Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 2.4 | Dec 2023 3.1 | Mar 2024 3.4 | Jun 2024 4.5 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 2.1 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.1
- ADVAIT: Jun 2021 0.9 | Sep 2021 1.3 | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 2.6 | Sep 2022 6.1 | Dec 2022 9.5 | Mar 2023 7.1 | Jun 2023 8.5 | Sep 2023 9.3 | Dec 2023 11.5 | Mar 2024 25.6 | Jun 2024 38.4 | Sep 2024 25.7 | Dec 2024 9.4 | Mar 2025 6.5 | Jun 2025 25.7 | Sep 2025 9.4 | Dec 2025 7.0 | Mar 2026 8.4
- VIVIANA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9 | Dec 2022 3.0 | Mar 2023 2.3 | Jun 2023 4.7 | Sep 2023 4.8 | Dec 2023 6.0 | Mar 2024 9.3 | Jun 2024 29.4 | Sep 2024 27.5 | Dec 2024 13.2 | Mar 2025 9.9 | Jun 2025 39.1 | Sep 2025 16.2 | Dec 2025 10.4 | Mar 2026 8.6

## Market action

Advait Energy Transitions Limited has the strongest one-year price move in EPC at -0.4%. It also leads on Mansfield relative strength against NIFTY at +13.1%. 1 of 6 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Advait Energy Transitions Limited (ADVAIT): -0.4%
2. Viviana Power Tech Ltd (VIVIANA): -3.3%
3. Dilip Buildcon Ltd (DBL): -16%
4. Ahluwalia Contracts (India) Ltd (AHLUCONT): -22%
5. J Kumar Infraprojects Ltd (JKIL): -32%

### Strongest relative strength versus NIFTY 500
1. Advait Energy Transitions Limited (ADVAIT): 13%
2. Ahluwalia Contracts (India) Ltd (AHLUCONT): -4.4%
3. Viviana Power Tech Ltd (VIVIANA): -10%
4. Dilip Buildcon Ltd (DBL): -12%
5. J Kumar Infraprojects Ltd (JKIL): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 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.

## Every company
- Dilip Buildcon Ltd (DBL) — market value ₹6.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Transrail Lighting Ltd (TRANSRAILL) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Ahluwalia Contracts (India) Ltd (AHLUCONT) — market value ₹5.5K Cr; latest fundamentals Mar 2026
- J Kumar Infraprojects Ltd (JKIL) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Advait Energy Transitions Limited (ADVAIT) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Viviana Power Tech Ltd (VIVIANA) — market value ₹706 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 4. Unverified: 1. Withheld: 1. Graded companies: 6.

1 of 6 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Dilip Buildcon Ltd (DBL) — its two data sources disagree by up to 61% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | DBL | Dilip Buildcon Ltd | diff_gt_2pct | disagreement up to 61.37% over 14 comparable periods

- UNVERIFIED | VIVIANA | Viviana Power Tech 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 EPC index?

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

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

Ranked by this page's four-factor score, Advait Energy Transitions Limited places first among 6 listed EPC companies, followed by Ahluwalia Contracts (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

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

This comparison covers 6 listed EPC 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 EPC company is the biggest?

Dilip Buildcon Ltd is the largest, with trailing-twelve-month revenue of ₹8,984 crore, ahead of Transrail Lighting Ltd at ₹6,880 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which EPC company is growing fastest?

Viviana Power Tech Ltd has the fastest revenue growth at 100% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which EPC company has the best profit margins?

Dilip Buildcon Ltd has the highest operating margin at 17%, from 6 of 6 comparable companies. Advait Energy Transitions Limited shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which EPC company makes the most profit?

Dilip Buildcon Ltd earns the most, at ₹1,398 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Viviana Power Tech Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Viviana Power Tech Ltd leads on return on capital employed at 49%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which EPC stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ahluwalia Contracts (India) Ltd screens cheapest at 0.33×. Only 4 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which EPC company has the strongest balance sheet?

Ahluwalia Contracts (India) Ltd carries the lowest comparable gross debt at ₹73 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which EPC company is investing most in new capacity?

Transrail Lighting Ltd reports the largest capital spending at ₹20 crore, across 3 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

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

Advait Energy Transitions Limited 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 EPC company scores highest for research priority?

Advait Energy Transitions Limited scores 71.8 out of 100 with 100% evidence confidence, from 32.1 points on growth and earnings, 15 on capital efficiency, 6.4 on valuation and 18.3 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 EPC companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

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

The 6 EPC companies on this page carry ₹25,699 crore of combined market value. Dilip Buildcon Ltd is the largest at ₹6,827 crore, about 27% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the EPC sector's P/E ratio?

The median price-to-earnings ratio across the 6 EPC companies on this page is 15.6×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the EPC sector performing?

1 of the 6 covered EPC 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/epc