# Finance - Holding Company — company-by-company sector analysis

> Finance - Holding Company: Bajaj Finserv Ltd owns the largest revenue base; Jindal Poly Investment & Finance Company 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. 6 of 18 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Bajaj Finserv Ltd leads with income of ₹1,51,044 crore, based on 18 of 18 comparable companies through Mar 2026. Jindal Poly Investment & Finance Company Ltd has the fastest current income growth at 100%, across 18 of 18 comparable companies.

### Is the Finance - Holding Company sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 6 of 18 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Finance - Holding Company company is largest by income?

Bajaj Finserv Ltd leads with income of ₹1,51,044 crore, based on 18 of 18 comparable companies through Mar 2026.

### Which Finance - Holding Company company is growing fastest?

Jindal Poly Investment & Finance Company Ltd has the fastest current income growth at 100%, across 18 of 18 comparable companies.

### Which Finance - Holding Company company has the strongest 4-Factor Sector Score?

Jindal Poly Investment & Finance Company Ltd ranks first at 80.6/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance - Holding Company company has the lowest comparable P/BV-to-ROE?

Jindal Poly Investment & Finance Company Ltd has the lowest comparable P/BV ÷ ROE at 0.01, among 17 of 18 companies that pass the metric’s comparability rules.

### How much history does this Finance - Holding Company 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

The 52-week comparison of Finance - Holding Company against NIFTY 500 is not available from the current market series. 6 of 18 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Jindal Poly Investment & Finance Company Ltd is the strongest against the sector itself at +31.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 6/18
Stocks leading sector: 7/18

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

Companies: 18
Combined market value: ₹6.6 L 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. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 81/100 — Sector-leading setup; evidence 76%
   - Growth & earnings 30.0/35 | Capital efficiency 20.7/25 | Valuation 14.5/20 | Relative strength 15.4/20
   - Exact sum: 30 + 20.7 + 14.5 + 15.4 = 80.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. TVS Holdings Ltd (TVSHLTD): 72/100 — Favorable setup; evidence 86%
   - Growth & earnings 28.9/35 | Capital efficiency 19.4/25 | Valuation 10.5/20 | Relative strength 13.5/20
   - Exact sum: 28.9 + 19.4 + 10.5 + 13.5 = 72.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Kama Holdings Ltd (532468): 62/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 19.9/35 | Capital efficiency 14.2/25 | Valuation 15.2/20 | Relative strength 12.5/20
   - Exact sum: 19.9 + 14.2 + 15.2 + 12.5 = 61.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Godrej Industries Ltd (GODREJIND): 60/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 20.2/35 | Capital efficiency 14.2/25 | Valuation 5.4/20 | Relative strength 19.7/20
   - Exact sum: 20.2 + 14.2 + 5.4 + 19.7 = 59.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.2/35 | Capital efficiency 18.1/25 | Valuation 15.6/20 | Relative strength 4.6/20
   - Exact sum: 18.2 + 18.1 + 15.6 + 4.6 = 56.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Bajaj Holdings & Investment Ltd (BAJAJHLDNG): 56/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 24.0/35 | Capital efficiency 12.1/25 | Valuation 12.6/20 | Relative strength 7.2/20
   - Exact sum: 24 + 12.1 + 12.6 + 7.2 = 55.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Bajaj Finserv Ltd (BAJAJFINSV): 56/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 17.4/35 | Capital efficiency 17.6/25 | Valuation 9.1/20 | Relative strength 11.4/20
   - Exact sum: 17.4 + 17.6 + 9.1 + 11.4 = 55.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Alembic Ltd (ALEMBICLTD): 53/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 11.8/35 | Capital efficiency 18.2/25 | Valuation 16.9/20 | Relative strength 5.9/20
   - Exact sum: 11.8 + 18.2 + 16.9 + 5.9 = 52.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Tata Investment Corporation Ltd (TATAINVEST): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 23.9/35 | Capital efficiency 11.5/25 | Valuation 3.9/20 | Relative strength 7.5/20
   - Exact sum: 23.9 + 11.5 + 3.9 + 7.5 = 46.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Rane Holdings Ltd (RANEHOLDIN): 44/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 16.3/35 | Capital efficiency 13.9/25 | Valuation 4.9/20 | Relative strength 9.2/20
   - Exact sum: 16.3 + 13.9 + 4.9 + 9.2 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Maharashtra Scooters Ltd (MAHSCOOTER): 43/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 23.4/35 | Capital efficiency 8.5/25 | Valuation 3.1/20 | Relative strength 8.4/20
   - Exact sum: 23.4 + 8.5 + 3.1 + 8.4 = 43.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Max India Ltd (MAXIND): 43/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 23.2/35 | Capital efficiency 4.0/25 | Valuation 8.6/20 | Relative strength 7.1/20
   - Exact sum: 23.2 + 4 + 8.6 + 7.1 = 42.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Vardhman Holdings Ltd (VHL): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 7.4/35 | Capital efficiency 15.4/25 | Valuation 8.0/20 | Relative strength 10.6/20
   - Exact sum: 7.4 + 15.4 + 8 + 10.6 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Elcid Investments Ltd (ELCIDIN): 36/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 14.8/35 | Capital efficiency 9.9/25 | Valuation 8.6/20 | Relative strength 2.8/20
   - Exact sum: 14.8 + 9.9 + 8.6 + 2.8 = 36.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Kalyani Investment Company Ltd (KICL): 33/100 — Adverse evidence; evidence 72%
   - Growth & earnings 8.0/35 | Capital efficiency 6.0/25 | Valuation 5.0/20 | Relative strength 14.4/20
   - Exact sum: 8 + 6 + 5 + 14.4 = 33.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. Max Financial Services Ltd (MFSL): 29/100 — Adverse evidence; evidence 78%
   - Growth & earnings 9.6/35 | Capital efficiency 6.6/25 | Valuation 0.4/20 | Relative strength 12.6/20
   - Exact sum: 9.6 + 6.6 + 0.4 + 12.6 = 29.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. JSW Holdings Ltd (JSWHL): 24/100 — Adverse evidence; evidence 78%
   - Growth & earnings 9.8/35 | Capital efficiency 7.4/25 | Valuation 4.4/20 | Relative strength 2.8/20
   - Exact sum: 9.8 + 7.4 + 4.4 + 2.8 = 24.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Pilani Investment & Industries Corporation Ltd (PILANIINVS): 23/100 — Adverse evidence; evidence 69%
   - Growth & earnings 12.0/35 | Capital efficiency 5.1/25 | Valuation 4.1/20 | Relative strength 2.2/20
   - Exact sum: 12 + 5.1 + 4.1 + 2.2 = 23.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: Bajaj Finserv Ltd is the scale leader at ₹1,51,044 crore, 141.7% ahead of TVS Holdings Ltd. Jindal Poly Investment & Finance Company Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 3137.5% from a ₹1,036 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bajaj Finserv Ltd is the scale benchmark; Jindal Poly Investment & Finance Company Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bajaj Finserv Ltd's growth falls below Jindal Poly Investment & Finance Company Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bajaj Finserv Ltd · ₹1,51,044 crore | 141.7% versus #2 · TVS Holdings Ltd | 8/8 recent comparable periods | 18/18 companies · 294 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Bajaj Finserv Ltd (BAJAJFINSV): ₹1.5 L Cr
2. TVS Holdings Ltd (TVSHLTD): ₹62.5K Cr
3. Max Financial Services Ltd (MFSL): ₹47.7K Cr
4. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): ₹39.1K Cr
5. Godrej Industries Ltd (GODREJIND): ₹22.2K Cr

### Income growth — fastest growers
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 100%
2. Maharashtra Scooters Ltd (MAHSCOOTER): 71%
3. Bajaj Holdings & Investment Ltd (BAJAJHLDNG): 57%
4. Rane Holdings Ltd (RANEHOLDIN): 35%
5. TVS Holdings Ltd (TVSHLTD): 32%

### 20-quarter Income history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹21.8K Cr | Mar 2023 ₹23.6K Cr | Jun 2023 ₹23.3K Cr | Sep 2023 ₹26.0K Cr | Dec 2023 ₹29.0K Cr | Mar 2024 ₹32.0K Cr | Jun 2024 ₹31.5K Cr | Sep 2024 ₹33.7K Cr | Dec 2024 ₹32.0K Cr | Mar 2025 ₹36.6K Cr | Jun 2025 ₹35.4K Cr | Sep 2025 ₹37.4K Cr | Dec 2025 ₹39.7K Cr | Mar 2026 ₹38.5K Cr | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹98 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹225 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹325 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- MFSL: Sep 2021 ₹9.3K Cr | Dec 2021 ₹7.0K Cr | Mar 2022 ₹9.0K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹9.3K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹9.9K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹13.4K Cr | Dec 2024 ₹8.9K Cr | Mar 2025 ₹12.4K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹10.8K Cr | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 —
- TATAINVEST: Sep 2021 ₹89 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- TVSHLTD: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.9K Cr | Mar 2022 ₹6.9K Cr | Jun 2022 ₹7.7K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹10.6K Cr | Dec 2023 ₹10.0K Cr | Mar 2024 ₹10.0K Cr | Jun 2024 ₹10.4K Cr | Sep 2024 ₹11.6K Cr | Dec 2024 ₹11.4K Cr | Mar 2025 ₹11.8K Cr | Jun 2025 ₹12.7K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹15.3K Cr | Mar 2026 ₹15.6K Cr | Jun 2026 ₹17.1K Cr
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹206 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- JSWHL: Sep 2021 ₹134 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹337 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- PILANIINVS: Sep 2021 ₹98 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹874 Cr | Mar 2023 ₹938 Cr | Jun 2023 ₹894 Cr | Sep 2023 ₹928 Cr | Dec 2023 ₹837 Cr | Mar 2024 ₹870 Cr | Jun 2024 ₹831 Cr | Sep 2024 ₹916 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- KICL: Sep 2021 ₹15 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- ALEMBICLTD: Sep 2021 ₹20 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- ELCIDIN: Sep 2021 ₹21 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹-64 Cr | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹813 Cr | Mar 2023 ₹905 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹66 Cr | Jun 2026 —

### 20-quarter Income growth history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 0.7% | Jun 2024 4.1% | Sep 2024 7.7% | Dec 2024 15% | Mar 2025 15% | Jun 2025 10% | Sep 2025 6.4% | Dec 2025 6.2% | Mar 2026 7.1% | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 36% | Jun 2024 35% | Sep 2024 30% | Dec 2024 10% | Mar 2025 14% | Jun 2025 13% | Sep 2025 11% | Dec 2025 24% | Mar 2026 5.2% | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 10% | Mar 2024 1,293% | Jun 2024 29% | Sep 2024 24% | Dec 2024 17% | Mar 2025 -88% | Jun 2025 143% | Sep 2025 42% | Dec 2025 129% | Mar 2026 -58% | Jun 2026 —
- MFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -0.0% | Dec 2022 28% | Mar 2023 11% | Jun 2023 180% | Sep 2023 9.0% | Dec 2023 39% | Mar 2024 50% | Jun 2024 29% | Sep 2024 32% | Dec 2024 -28% | Mar 2025 -17% | Jun 2025 8.7% | Sep 2025 -27% | Dec 2025 60% | Mar 2026 -13% | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.6% | Mar 2024 -5.9% | Jun 2024 -5.7% | Sep 2024 22% | Dec 2024 34% | Mar 2025 27% | Jun 2025 5.0% | Sep 2025 4.7% | Dec 2025 4.7% | Mar 2026 33% | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 20% | Dec 2022 -25% | Mar 2023 -40% | Jun 2023 49% | Sep 2023 16% | Dec 2023 34% | Mar 2024 84% | Jun 2024 -6.6% | Sep 2024 15% | Dec 2024 -92% | Mar 2025 -72% | Jun 2025 2.1% | Sep 2025 8.5% | Dec 2025 1,350% | Mar 2026 150% | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 22% | Mar 2023 23% | Jun 2023 24% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 8.3% | Sep 2024 8.9% | Dec 2024 13% | Mar 2025 18% | Jun 2025 23% | Sep 2025 26% | Dec 2025 34% | Mar 2026 32% | Jun 2026 34%
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 36% | Jun 2024 36% | Sep 2024 28% | Dec 2024 25% | Mar 2025 26% | Jun 2025 22% | Sep 2025 17% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 -44% | Jun 2024 47% | Sep 2024 -21% | Dec 2024 -9.1% | Mar 2025 28% | Jun 2025 279% | Sep 2025 66% | Dec 2025 11% | Mar 2026 -9.3% | Jun 2026 —
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 151% | Dec 2022 53% | Mar 2023 26% | Jun 2023 37% | Sep 2023 -74% | Dec 2023 3.9% | Mar 2024 13% | Jun 2024 3.9% | Sep 2024 82% | Dec 2024 7.4% | Mar 2025 7.4% | Jun 2025 11% | Sep 2025 -48% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- PILANIINVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 14% | Dec 2022 0.0% | Mar 2023 2.1% | Jun 2023 -8.8% | Sep 2023 -4.8% | Dec 2023 19% | Mar 2024 17% | Jun 2024 13% | Sep 2024 15% | Dec 2024 -1.2% | Mar 2025 -10% | Jun 2025 -20% | Sep 2025 5.4% | Dec 2025 -2.2% | Mar 2026 -22% | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.2% | Mar 2024 -7.3% | Jun 2024 -7.1% | Sep 2024 -1.3% | Dec 2024 48% | Mar 2025 58% | Jun 2025 61% | Sep 2025 53% | Dec 2025 24% | Mar 2026 17% | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 147% | Dec 2022 4.8% | Mar 2023 50% | Jun 2023 50% | Sep 2023 5.4% | Dec 2023 -68% | Mar 2024 567% | Jun 2024 67% | Sep 2024 18% | Dec 2024 50% | Mar 2025 5.0% | Jun 2025 20% | Sep 2025 -4.4% | Dec 2025 17% | Mar 2026 4.8% | Jun 2026 —
- ALEMBICLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.8% | Sep 2022 85% | Dec 2022 63% | Mar 2023 106% | Jun 2023 68% | Sep 2023 -14% | Dec 2023 26% | Mar 2024 32% | Jun 2024 38% | Sep 2024 66% | Dec 2024 49% | Mar 2025 22% | Jun 2025 -2.0% | Sep 2025 5.7% | Dec 2025 28% | Mar 2026 0.0% | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 52% | Dec 2022 17% | Mar 2023 0.0% | Jun 2023 100% | Sep 2023 -28% | Dec 2023 114% | Mar 2024 667% | Jun 2024 39% | Sep 2024 143% | Dec 2024 -108% | Mar 2025 -174% | Jun 2025 -48% | Sep 2025 -21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 — | Jun 2024 17% | Sep 2024 -77% | Dec 2024 -13% | Mar 2025 — | Jun 2025 -57% | Sep 2025 -57% | Dec 2025 -14% | Mar 2026 -100% | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -99% | Mar 2024 -98% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 -43% | Jun 2025 0.0% | Sep 2025 138% | Dec 2025 11,925% | Mar 2026 488% | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 498% | Dec 2023 -4.7% | Mar 2024 -20% | Jun 2024 -37% | Sep 2024 -12% | Dec 2024 -15% | Mar 2025 -6.7% | Jun 2025 42% | Sep 2025 4.7% | Dec 2025 23% | Mar 2026 57% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Bajaj Finserv Ltd leads with ₹19,669 crore of TTM profit, 100.9% above Bajaj Holdings & Investment Ltd. Jindal Poly Investment & Finance Company Ltd shows ≥100% on the scoring scale (189.9% uncapped) growth from a ₹858 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Bajaj Finserv 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: Bajaj Finserv Ltd · ₹19,669 crore | 100.9% versus #2 · Bajaj Holdings & Investment Ltd | 7/8 recent comparable periods | 18/18 companies · 294 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Bajaj Finserv Ltd (BAJAJFINSV): ₹19.7K Cr
2. Bajaj Holdings & Investment Ltd (BAJAJHLDNG): ₹9.8K Cr
3. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): ₹5.5K Cr
4. TVS Holdings Ltd (TVSHLTD): ₹3.9K Cr
5. Godrej Industries Ltd (GODREJIND): ₹2.4K Cr

### Profit growth — fastest growers
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 100%
2. TVS Holdings Ltd (TVSHLTD): 49%
3. Bajaj Holdings & Investment Ltd (BAJAJHLDNG): 48%
4. Kama Holdings Ltd (532468): 47%
5. Maharashtra Scooters Ltd (MAHSCOOTER): 45%

### 20-quarter Net profit history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹524 Cr | Mar 2023 ₹566 Cr | Jun 2023 ₹362 Cr | Sep 2023 ₹300 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹623 Cr | Jun 2024 ₹251 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹272 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹390 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹584 Cr | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- MFSL: Sep 2021 ₹48 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹-50 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹382 Cr | Mar 2023 ₹562 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹641 Cr | Sep 2024 ₹489 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹416 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹493 Cr | Dec 2025 ₹353 Cr | Mar 2026 ₹841 Cr | Jun 2026 —
- TATAINVEST: Sep 2021 ₹100 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- TVSHLTD: Sep 2021 ₹148 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹289 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹457 Cr | Dec 2023 ₹532 Cr | Mar 2024 ₹464 Cr | Jun 2024 ₹481 Cr | Sep 2024 ₹599 Cr | Dec 2024 ₹685 Cr | Mar 2025 ₹644 Cr | Jun 2025 ₹675 Cr | Sep 2025 ₹880 Cr | Dec 2025 ₹969 Cr | Mar 2026 ₹865 Cr | Jun 2026 ₹1.2K Cr
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹720 Cr | Mar 2023 ₹901 Cr | Jun 2023 ₹792 Cr | Sep 2023 ₹888 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- JSWHL: Sep 2021 ₹104 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹255 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- PILANIINVS: Sep 2021 ₹79 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- KICL: Sep 2021 ₹20 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- ALEMBICLTD: Sep 2021 ₹120 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-19 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- ELCIDIN: Sep 2021 ₹16 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹-41 Cr | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹104 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹702 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-45 Cr | Mar 2025 ₹-46 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-19 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -51% | Mar 2024 10% | Jun 2024 -31% | Sep 2024 -32% | Dec 2024 6.7% | Mar 2025 -15% | Jun 2025 74% | Sep 2025 91% | Dec 2025 60% | Mar 2026 11% | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 22% | Jun 2024 13% | Sep 2024 11% | Dec 2024 9.1% | Mar 2025 16% | Jun 2025 27% | Sep 2025 14% | Dec 2025 -1.0% | Mar 2026 9.9% | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 101% | Jun 2024 14% | Sep 2024 -4.9% | Dec 2024 6.4% | Mar 2025 -36% | Jun 2025 117% | Sep 2025 12% | Dec 2025 15% | Mar 2026 47% | Jun 2026 —
- MFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 89% | Sep 2022 29% | Dec 2022 196% | Mar 2023 -64% | Jun 2023 49% | Sep 2023 174% | Dec 2023 -36% | Mar 2024 -196% | Jun 2024 54% | Sep 2024 -18% | Dec 2024 -59% | Mar 2025 — | Jun 2025 -45% | Sep 2025 -96% | Dec 2025 -36% | Mar 2026 -184% | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 -104% | Jun 2024 120% | Sep 2024 198% | Dec 2024 89% | Mar 2025 — | Jun 2025 13% | Sep 2025 0.8% | Dec 2025 13% | Mar 2026 102% | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 7.0% | Dec 2022 -13% | Mar 2023 0.0% | Jun 2023 64% | Sep 2023 16% | Dec 2023 51% | Mar 2024 200% | Jun 2024 -11% | Sep 2024 0.0% | Dec 2024 -62% | Mar 2025 -37% | Jun 2025 11% | Sep 2025 19% | Dec 2025 275% | Mar 2026 68% | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 128% | Mar 2023 98% | Jun 2023 156% | Sep 2023 116% | Dec 2023 84% | Mar 2024 43% | Jun 2024 18% | Sep 2024 31% | Dec 2024 29% | Mar 2025 39% | Jun 2025 40% | Sep 2025 47% | Dec 2025 41% | Mar 2026 34% | Jun 2026 74%
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 27% | Jun 2024 46% | Sep 2024 27% | Dec 2024 6.4% | Mar 2025 19% | Jun 2025 8.6% | Sep 2025 7.9% | Dec 2025 27% | Mar 2026 19% | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -67% | Mar 2024 -88% | Jun 2024 1,621% | Sep 2024 -24% | Dec 2024 230% | Mar 2025 — | Jun 2025 328% | Sep 2025 77% | Dec 2025 25% | Mar 2026 -92% | Jun 2026 —
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 145% | Dec 2022 76% | Mar 2023 156% | Jun 2023 300% | Sep 2023 -75% | Dec 2023 17% | Mar 2024 -20% | Jun 2024 121% | Sep 2024 90% | Dec 2024 -60% | Mar 2025 -70% | Jun 2025 -36% | Sep 2025 -44% | Dec 2025 129% | Mar 2026 40% | Jun 2026 —
- PILANIINVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 13% | Dec 2022 9.1% | Mar 2023 39% | Jun 2023 -44% | Sep 2023 -39% | Dec 2023 54% | Mar 2024 -58% | Jun 2024 29% | Sep 2024 43% | Dec 2024 -76% | Mar 2025 -180% | Jun 2025 -112% | Sep 2025 -42% | Dec 2025 -208% | Mar 2026 — | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.9% | Mar 2024 — | Jun 2024 67% | Sep 2024 263% | Dec 2024 -92% | Mar 2025 -68% | Jun 2025 185% | Sep 2025 -83% | Dec 2025 -1,100% | Mar 2026 633% | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -108% | Sep 2022 65% | Dec 2022 -17% | Mar 2023 67% | Jun 2023 — | Sep 2023 -6.1% | Dec 2023 -62% | Mar 2024 190% | Jun 2024 0.0% | Sep 2024 23% | Dec 2024 -50% | Mar 2025 -10% | Jun 2025 -175% | Sep 2025 -50% | Dec 2025 -33% | Mar 2026 -27% | Jun 2026 —
- ALEMBICLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -139% | Sep 2022 -4.2% | Dec 2022 -12% | Mar 2023 4,700% | Jun 2023 — | Sep 2023 -21% | Dec 2023 33% | Mar 2024 50% | Jun 2024 27% | Sep 2024 33% | Dec 2024 6.6% | Mar 2025 -5.6% | Jun 2025 11% | Sep 2025 5.8% | Dec 2025 -7.7% | Mar 2026 -1.5% | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -51% | Sep 2022 38% | Dec 2022 12% | Mar 2023 -100% | Jun 2023 203% | Sep 2023 -27% | Dec 2023 142% | Mar 2024 — | Jun 2024 40% | Sep 2024 169% | Dec 2024 -115% | Mar 2025 -225% | Jun 2025 -48% | Sep 2025 -26% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 64% | Mar 2024 -37% | Jun 2024 66% | Sep 2024 -21% | Dec 2024 22% | Mar 2025 169% | Jun 2025 -14% | Sep 2025 -6.1% | Dec 2025 -18% | Mar 2026 -23% | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.9% | Mar 2024 -57% | Jun 2024 33% | Sep 2024 159% | Dec 2024 -67% | Mar 2025 -32% | Jun 2025 13% | Sep 2025 -59% | Dec 2025 2,027% | Mar 2026 -48% | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -436% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Funding Base & Its Composition

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

Investor read: The current leader 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 borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/18 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Bajaj Finserv Ltd (BAJAJFINSV): ₹4.3 L Cr
2. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): ₹2.1 L Cr
3. Godrej Industries Ltd (GODREJIND): ₹51.6K Cr
4. TVS Holdings Ltd (TVSHLTD): ₹37.4K Cr
5. Kama Holdings Ltd (532468): ₹5.1K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.7K Cr | Jun 2025 — | Sep 2025 ₹4.6K Cr | Dec 2025 — | Mar 2026 ₹5.1K Cr | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.6 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.1 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.9 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.6 L Cr | Jun 2025 — | Sep 2025 ₹3.9 L Cr | Dec 2025 — | Mar 2026 ₹4.3 L Cr | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹114 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹93 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹63 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹10 Cr | Jun 2026 —
- MFSL: Sep 2021 ₹756 Cr | Dec 2021 ₹756 Cr | Mar 2022 ₹522 Cr | Jun 2022 ₹768 Cr | Sep 2022 ₹801 Cr | Dec 2022 ₹801 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹821 Cr | Sep 2023 ₹809 Cr | Dec 2023 ₹809 Cr | Mar 2024 ₹523 Cr | Jun 2024 ₹836 Cr | Sep 2024 ₹860 Cr | Dec 2024 ₹860 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹14.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹29.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹38.1K Cr | Jun 2025 — | Sep 2025 ₹46.6K Cr | Dec 2025 — | Mar 2026 ₹51.6K Cr | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹2 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹240 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- TVSHLTD: Sep 2021 ₹14.4K Cr | Dec 2021 ₹14.4K Cr | Mar 2022 ₹16.6K Cr | Jun 2022 ₹16.6K Cr | Sep 2022 ₹19.7K Cr | Dec 2022 ₹19.7K Cr | Mar 2023 ₹25.0K Cr | Jun 2023 ₹25.8K Cr | Sep 2023 ₹26.4K Cr | Dec 2023 ₹26.4K Cr | Mar 2024 ₹26.2K Cr | Jun 2024 ₹27.0K Cr | Sep 2024 ₹27.3K Cr | Dec 2024 ₹27.3K Cr | Mar 2025 ₹32.5K Cr | Jun 2025 ₹33.5K Cr | Sep 2025 ₹34.5K Cr | Dec 2025 ₹34.5K Cr | Mar 2026 ₹36.2K Cr | Jun 2026 ₹37.4K Cr
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹69.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹97.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.3 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.7 L Cr | Jun 2025 — | Sep 2025 ₹1.9 L Cr | Dec 2025 — | Mar 2026 ₹2.1 L Cr | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- PILANIINVS: Sep 2021 ₹778 Cr | Dec 2021 ₹778 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹995 Cr | Dec 2022 ₹995 Cr | Mar 2023 ₹736 Cr | Jun 2023 ₹736 Cr | Sep 2023 ₹776 Cr | Dec 2023 ₹776 Cr | Mar 2024 ₹949 Cr | Jun 2024 ₹949 Cr | Sep 2024 ₹975 Cr | Dec 2024 ₹975 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹788 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹866 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹853 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹1.0K Cr | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- ALEMBICLTD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- JPOLYINVST: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- MAXIND: Sep 2021 ₹91 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹97 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Jindal Poly Investment & Finance Company Ltd leads both roa at 47.9% and roa change at +29 percentage points.

Investor read: Jindal Poly Investment & Finance Company 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 roa change signal.

Evidence: Jindal Poly Investment & Finance Company Ltd · 47.9% | 292.6% versus #2 · Alembic Ltd | 2/4 recent comparable periods | 17/18 companies · 90 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 48%
2. Alembic Ltd (ALEMBICLTD): 12%
3. Vardhman Holdings Ltd (VHL): 5.8%
4. TVS Holdings Ltd (TVSHLTD): 5.3%
5. Bajaj Finserv Ltd (BAJAJFINSV): 4.9%

### ROA change — fastest improvers
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): +29.0 pp
2. Max India Ltd (MAXIND): +4.1 pp
3. TVS Holdings Ltd (TVSHLTD): +0.9 pp
4. Tata Investment Corporation Ltd (TATAINVEST): +0.4 pp
5. Elcid Investments Ltd (ELCIDIN): −0.1 pp

### 20-quarter ROA history
- MFSL: Sep 2021 — | Dec 2021 — | Mar 2022 0.3% | Jun 2022 — | Sep 2022 0.3% | Dec 2022 — | Mar 2023 0.3% | Jun 2023 — | Sep 2023 0.4% | Dec 2023 — | Mar 2024 0.2% | Jun 2024 — | Sep 2024 0.2% | Dec 2024 — | Mar 2025 0.2% | Jun 2025 — | Sep 2025 0.1% | Dec 2025 — | Mar 2026 0.1% | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 1.2% | Dec 2022 — | Mar 2023 1.2% | Jun 2023 — | Sep 2023 1.3% | Dec 2023 — | Mar 2024 1.2% | Jun 2024 — | Sep 2024 0.9% | Dec 2024 — | Mar 2025 0.9% | Jun 2025 — | Sep 2025 1.0% | Dec 2025 — | Mar 2026 1.3% | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.9% | Dec 2022 — | Mar 2023 2.5% | Jun 2023 — | Sep 2023 3.4% | Dec 2023 — | Mar 2024 4.2% | Jun 2024 — | Sep 2024 4.4% | Dec 2024 — | Mar 2025 4.4% | Jun 2025 — | Sep 2025 4.9% | Dec 2025 — | Mar 2026 5.3% | Jun 2026 —
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 0.7% | Jun 2022 — | Sep 2022 1.4% | Dec 2022 — | Mar 2023 1.5% | Jun 2023 — | Sep 2023 0.6% | Dec 2023 — | Mar 2024 0.5% | Jun 2024 — | Sep 2024 0.6% | Dec 2024 — | Mar 2025 0.6% | Jun 2025 — | Sep 2025 0.3% | Dec 2025 — | Mar 2026 0.4% | Jun 2026 —
- PILANIINVS: Sep 2021 — | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 1.8% | Dec 2022 — | Mar 2023 2.0% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 — | Mar 2024 1.0% | Jun 2024 — | Sep 2024 1.0% | Dec 2024 — | Mar 2025 0.5% | Jun 2025 — | Sep 2025 0.1% | Dec 2025 — | Mar 2026 0.2% | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 1.0% | Dec 2022 — | Mar 2023 1.0% | Jun 2023 — | Sep 2023 0.7% | Dec 2023 — | Mar 2024 0.8% | Jun 2024 — | Sep 2024 0.7% | Dec 2024 — | Mar 2025 0.8% | Jun 2025 — | Sep 2025 0.5% | Dec 2025 — | Mar 2026 0.3% | Jun 2026 —
- ALEMBICLTD: Sep 2021 — | Dec 2021 — | Mar 2022 8.4% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 8.6% | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 0.8% | Jun 2022 — | Sep 2022 0.5% | Dec 2022 — | Mar 2023 0.6% | Jun 2023 — | Sep 2023 1.0% | Dec 2023 — | Mar 2024 1.4% | Jun 2024 — | Sep 2024 1.6% | Dec 2024 — | Mar 2025 1.4% | Jun 2025 — | Sep 2025 0.7% | Dec 2025 1.0% | Mar 2026 1.3% | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.6% | Dec 2023 — | Mar 2024 5.6% | Jun 2024 — | Sep 2024 5.7% | Dec 2024 — | Mar 2025 7.3% | Jun 2025 — | Sep 2025 6.5% | Dec 2025 — | Mar 2026 5.8% | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 14% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 48% | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -2.9% | Dec 2023 — | Mar 2024 -8.3% | Jun 2024 — | Sep 2024 -14% | Dec 2024 — | Mar 2025 -22% | Jun 2025 — | Sep 2025 -18% | Dec 2025 — | Mar 2026 -18% | Jun 2026 —

### 20-quarter ROA change history
- MFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 — | Sep 2025 +0.1 pp | Dec 2025 — | Mar 2026 +0.4 pp | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 +0.5 pp | Dec 2025 — | Mar 2026 +0.9 pp | Jun 2026 —
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 −0.8 pp | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 —
- PILANIINVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.5 pp | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 −0.5 pp | Jun 2026 —
- ALEMBICLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 — | Mar 2025 +0.9 pp | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 +1.7 pp | Jun 2025 — | Sep 2025 +0.8 pp | Dec 2025 — | Mar 2026 −1.5 pp | Jun 2026 —
- JPOLYINVST: 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 −2.9 pp | Dec 2024 — | Mar 2025 +8.1 pp | Jun 2025 — | Sep 2025 −0.8 pp | Dec 2025 — | Mar 2026 +29.0 pp | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −10.8 pp | Dec 2024 — | Mar 2025 −14.0 pp | Jun 2025 — | Sep 2025 −4.3 pp | Dec 2025 — | Mar 2026 +4.1 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Jindal Poly Investment & Finance Company Ltd leads both roe at 54.8% and roe change at +166.7 percentage points.

Investor read: Jindal Poly Investment & Finance Company 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 roe change signal.

Evidence: Jindal Poly Investment & Finance Company Ltd · 54.8% | 79.1% versus #2 · TVS Holdings Ltd | 4/8 recent comparable periods | 18/18 companies · 207 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 55%
2. TVS Holdings Ltd (TVSHLTD): 31%
3. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): 18%
4. Bajaj Finserv Ltd (BAJAJFINSV): 13%
5. Alembic Ltd (ALEMBICLTD): 13%

### ROE change — fastest improvers
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): +166.7 pp
2. TVS Holdings Ltd (TVSHLTD): +3.5 pp
3. Max India Ltd (MAXIND): +3.4 pp
4. Elcid Investments Ltd (ELCIDIN): +2.1 pp
5. Tata Investment Corporation Ltd (TATAINVEST): +0.7 pp

### 20-quarter ROE history
- MFSL: Sep 2021 4.0% | Dec 2021 4.9% | Mar 2022 8.6% | Jun 2022 13% | Sep 2022 6.1% | Dec 2022 5.5% | Mar 2023 24% | Jun 2023 5.0% | Sep 2023 10% | Dec 2023 17% | Mar 2024 16% | Jun 2024 10% | Sep 2024 14% | Dec 2024 11% | Mar 2025 4.5% | Jun 2025 2.5% | Sep 2025 5.4% | Dec 2025 0.4% | Mar 2026 2.8% | Jun 2026 —
- TATAINVEST: Sep 2021 1.5% | Dec 2021 2.5% | Mar 2022 0.9% | Jun 2022 0.4% | Sep 2022 1.8% | Dec 2022 2.1% | Mar 2023 0.7% | Jun 2023 0.4% | Sep 2023 3.0% | Dec 2023 2.3% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 1.8% | Dec 2024 1.5% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 1.9% | Dec 2025 1.9% | Mar 2026 0.9% | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 20% | Mar 2022 16% | Jun 2022 18% | Sep 2022 18% | Dec 2022 21% | Mar 2023 14% | Jun 2023 19% | Sep 2023 27% | Dec 2023 29% | Mar 2024 33% | Jun 2024 28% | Sep 2024 28% | Dec 2024 32% | Mar 2025 34% | Jun 2025 26% | Sep 2025 27% | Dec 2025 33% | Mar 2026 36% | Jun 2026 29%
- JSWHL: Sep 2021 0.5% | Dec 2021 — | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.1% | Dec 2022 5.4% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 0.5% | Dec 2023 1.2% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.8% | Dec 2024 1.6% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.4% | Dec 2025 0.8% | Mar 2026 0.4% | Jun 2026 —
- PILANIINVS: Sep 2021 1.4% | Dec 2021 3.0% | Mar 2022 1.2% | Jun 2022 2.0% | Sep 2022 1.6% | Dec 2022 3.3% | Mar 2023 1.4% | Jun 2023 2.8% | Sep 2023 0.9% | Dec 2023 1.8% | Mar 2024 1.8% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 2.0% | Mar 2025 0.3% | Jun 2025 -0.6% | Sep 2025 -0.1% | Dec 2025 1.1% | Mar 2026 -0.3% | Jun 2026 —
- KICL: Sep 2021 1.1% | Dec 2021 1.6% | Mar 2022 1.3% | Jun 2022 0.4% | Sep 2022 0.0% | Dec 2022 2.5% | Mar 2023 1.2% | Jun 2023 0.7% | Sep 2023 0.3% | Dec 2023 1.8% | Mar 2024 0.3% | Jun 2024 1.4% | Sep 2024 0.2% | Dec 2024 1.6% | Mar 2025 0.1% | Jun 2025 1.1% | Sep 2025 -0.1% | Dec 2025 0.9% | Mar 2026 0.1% | Jun 2026 —
- ALEMBICLTD: Sep 2021 8.5% | Dec 2021 20% | Mar 2022 8.4% | Jun 2022 0.1% | Sep 2022 -3.0% | Dec 2022 19% | Mar 2023 7.6% | Jun 2023 8.6% | Sep 2023 8.5% | Dec 2023 17% | Mar 2024 12% | Jun 2024 13% | Sep 2024 10% | Dec 2024 22% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 21% | Mar 2026 9.5% | Jun 2026 —
- ELCIDIN: Sep 2021 2.6% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 0.1% | Sep 2022 1.0% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.0% | Sep 2023 3.5% | Dec 2023 1.2% | Mar 2024 1.4% | Jun 2024 0.5% | Sep 2024 4.7% | Dec 2024 1.4% | Mar 2025 -0.2% | Jun 2025 -0.7% | Sep 2025 3.1% | Dec 2025 1.4% | Mar 2026 1.9% | Jun 2026 —
- VHL: Sep 2021 16% | Dec 2021 23% | Mar 2022 17% | Jun 2022 14% | Sep 2022 14% | Dec 2022 8.5% | Mar 2023 4.5% | Jun 2023 5.4% | Sep 2023 5.7% | Dec 2023 7.9% | Mar 2024 6.7% | Jun 2024 3.1% | Sep 2024 8.9% | Dec 2024 5.8% | Mar 2025 7.5% | Jun 2025 7.9% | Sep 2025 7.1% | Dec 2025 5.1% | Mar 2026 5.8% | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 123% | Mar 2022 1.7% | Jun 2022 19% | Sep 2022 11% | Dec 2022 4.9% | Mar 2023 9.4% | Jun 2023 27% | Sep 2023 7.0% | Dec 2023 9.1% | Mar 2024 17% | Jun 2024 15% | Sep 2024 8.4% | Dec 2024 21% | Mar 2025 4.9% | Jun 2025 13% | Sep 2025 17% | Dec 2025 15% | Mar 2026 172% | Jun 2026 —
- MAXIND: Sep 2021 -6.3% | Dec 2021 -0.3% | Mar 2022 -3.5% | Jun 2022 0.2% | Sep 2022 -2.9% | Dec 2022 -1.5% | Mar 2023 -0.6% | Jun 2023 -2.0% | Sep 2023 -9.0% | Dec 2023 -3.5% | Mar 2024 -14% | Jun 2024 -17% | Sep 2024 -22% | Dec 2024 -19% | Mar 2025 -40% | Jun 2025 -46% | Sep 2025 -29% | Dec 2025 -33% | Mar 2026 -37% | Jun 2026 —

### 20-quarter ROE change history
- MFSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +0.6 pp | Mar 2023 +15.4 pp | Jun 2023 −8.2 pp | Sep 2023 +4.1 pp | Dec 2023 +11.1 pp | Mar 2024 −7.8 pp | Jun 2024 +5.2 pp | Sep 2024 +4.1 pp | Dec 2024 −6.1 pp | Mar 2025 −11.7 pp | Jun 2025 −7.7 pp | Sep 2025 −8.9 pp | Dec 2025 −10.1 pp | Mar 2026 −1.7 pp | Jun 2026 —
- TATAINVEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 0.0 pp | Sep 2023 +1.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.5 pp | Sep 2024 −1.2 pp | Dec 2024 −0.8 pp | Mar 2025 −0.7 pp | Jun 2025 −0.5 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.9 pp | Mar 2023 −1.6 pp | Jun 2023 +0.4 pp | Sep 2023 +9.2 pp | Dec 2023 +8.7 pp | Mar 2024 +18.6 pp | Jun 2024 +9.2 pp | Sep 2024 +0.4 pp | Dec 2024 +2.6 pp | Mar 2025 +1.2 pp | Jun 2025 −2.1 pp | Sep 2025 −0.9 pp | Dec 2025 +1.5 pp | Mar 2026 +1.3 pp | Jun 2026 +3.5 pp
- JSWHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.4 pp | Dec 2023 −4.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −0.4 pp | Dec 2025 −0.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- PILANIINVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.8 pp | Sep 2023 −0.7 pp | Dec 2023 −1.5 pp | Mar 2024 +0.4 pp | Jun 2024 −1.9 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 −1.5 pp | Jun 2025 −1.5 pp | Sep 2025 −1.0 pp | Dec 2025 −0.9 pp | Mar 2026 −0.6 pp | Jun 2026 —
- KICL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 +0.9 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 −0.7 pp | Mar 2024 −0.9 pp | Jun 2024 +0.7 pp | Sep 2024 −0.1 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.3 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 0.0 pp | Jun 2026 —
- ALEMBICLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.5 pp | Dec 2022 −1.3 pp | Mar 2023 −0.8 pp | Jun 2023 +8.5 pp | Sep 2023 +11.5 pp | Dec 2023 −1.5 pp | Mar 2024 +4.0 pp | Jun 2024 +4.8 pp | Sep 2024 +1.7 pp | Dec 2024 +4.5 pp | Mar 2025 0.0 pp | Jun 2025 −1.5 pp | Sep 2025 +0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −2.1 pp | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +2.5 pp | Dec 2023 +0.5 pp | Mar 2024 +0.8 pp | Jun 2024 +0.5 pp | Sep 2024 +1.2 pp | Dec 2024 +0.2 pp | Mar 2025 −1.6 pp | Jun 2025 −1.2 pp | Sep 2025 −1.6 pp | Dec 2025 0.0 pp | Mar 2026 +2.1 pp | Jun 2026 —
- VHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −14.0 pp | Mar 2023 −12.4 pp | Jun 2023 −8.6 pp | Sep 2023 −7.8 pp | Dec 2023 −0.6 pp | Mar 2024 +2.2 pp | Jun 2024 −2.3 pp | Sep 2024 +3.2 pp | Dec 2024 −2.1 pp | Mar 2025 +0.8 pp | Jun 2025 +4.8 pp | Sep 2025 −1.8 pp | Dec 2025 −0.7 pp | Mar 2026 −1.7 pp | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −117.6 pp | Mar 2023 +7.7 pp | Jun 2023 +7.3 pp | Sep 2023 −3.6 pp | Dec 2023 +4.2 pp | Mar 2024 +7.1 pp | Jun 2024 −11.2 pp | Sep 2024 +1.4 pp | Dec 2024 +11.6 pp | Mar 2025 −11.6 pp | Jun 2025 −2.9 pp | Sep 2025 +8.1 pp | Dec 2025 −6.1 pp | Mar 2026 +166.7 pp | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −1.2 pp | Mar 2023 +2.9 pp | Jun 2023 −2.2 pp | Sep 2023 −6.1 pp | Dec 2023 −2.0 pp | Mar 2024 −12.9 pp | Jun 2024 −14.9 pp | Sep 2024 −12.9 pp | Dec 2024 −15.9 pp | Mar 2025 −26.6 pp | Jun 2025 −29.0 pp | Sep 2025 −6.7 pp | Dec 2025 −13.6 pp | Mar 2026 +3.4 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

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

Investor read: The current leader 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 gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/18 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Jindal Poly Investment & Finance Company Ltd has the lowest comparable P/BV ÷ ROE at 0.01×, 80% below Vardhman Holdings Ltd. Only 17 of 18 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/bv signal.

Evidence: Jindal Poly Investment & Finance Company Ltd · 0.01× | 80% versus #2 · Vardhman Holdings Ltd | 0/8 recent comparable periods | 17/18 companies · 167 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 0.0
2. Vardhman Holdings Ltd (VHL): 0.1
3. Alembic Ltd (ALEMBICLTD): 0.1
4. Kama Holdings Ltd (532468): 0.1
5. Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): 0.1

### P/BV — lowest P/BV
1. Kalyani Investment Company Ltd (KICL): 0.2
2. Elcid Investments Ltd (ELCIDIN): 0.3
3. Pilani Investment & Industries Corporation Ltd (PILANIINVS): 0.3
4. Vardhman Holdings Ltd (VHL): 0.3
5. JSW Holdings Ltd (JSWHL): 0.4

### 20-quarter P/BV ÷ ROE history
- MFSL: Sep 2021 2.7 | Dec 2021 1.8 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 0.2 | Jun 2023 1.4 | Sep 2023 0.9 | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 1.7 | Jun 2025 5.9 | Sep 2025 1.9 | Dec 2025 27.3 | Mar 2026 3.6 | Jun 2026 —
- TATAINVEST: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.4 | Jun 2022 0.8 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.7 | Jun 2023 1.5 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 4.5 | Jun 2025 2.8 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 1.0 | Jun 2026 —
- TVSHLTD: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 0.2
- JSWHL: Sep 2021 0.8 | Dec 2021 — | Mar 2022 0.3 | Jun 2022 0.4 | Sep 2022 3.0 | Dec 2022 0.1 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 0.2 | Mar 2024 0.5 | Jun 2024 0.8 | Sep 2024 0.5 | Dec 2024 0.3 | Mar 2025 4.0 | Jun 2025 10.0 | Sep 2025 1.5 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 —
- PILANIINVS: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.6 | Sep 2024 0.4 | Dec 2024 0.2 | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —
- KICL: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.3 | Sep 2022 — | Dec 2022 0.0 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.7 | Dec 2023 0.1 | Mar 2024 0.7 | Jun 2024 0.4 | Sep 2024 1.5 | Dec 2024 0.1 | Mar 2025 2.0 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.2 | Mar 2026 2.0 | Jun 2026 —
- ALEMBICLTD: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 7.0 | Sep 2022 — | Dec 2022 0.0 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- ELCIDIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- VHL: Sep 2021 0.0 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.0 | Mar 2024 0.0 | Jun 2024 0.1 | Sep 2024 0.0 | Dec 2024 0.1 | Mar 2025 0.0 | Jun 2025 0.1 | Sep 2025 0.0 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- JPOLYINVST: Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.1 | Jun 2022 — | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.0 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.1 | Jun 2025 0.0 | Sep 2025 0.0 | Dec 2025 0.1 | Mar 2026 0.0 | Jun 2026 —
- MAXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 532468: Sep 2021 — | Dec 2021 — | Mar 2022 1.6 | Jun 2022 — | Sep 2022 — | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 —
- BAJAJFINSV: Sep 2021 — | Dec 2021 — | Mar 2022 6.9 | Jun 2022 — | Sep 2022 — | Dec 2022 5.8 | Mar 2023 5.0 | Jun 2023 6.0 | Sep 2023 5.3 | Dec 2023 5.3 | Mar 2024 5.2 | Jun 2024 4.2 | Sep 2024 5.3 | Dec 2024 3.7 | Mar 2025 4.7 | Jun 2025 5.4 | Sep 2025 4.4 | Dec 2025 4.2 | Mar 2026 3.5 | Jun 2026 —
- BAJAJHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 1.3 | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 2.3 | Jun 2025 2.9 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —
- MFSL: Sep 2021 10.8 | Dec 2021 9.0 | Mar 2022 6.8 | Jun 2022 8.4 | Sep 2022 6.7 | Dec 2022 6.0 | Mar 2023 5.6 | Jun 2023 7.1 | Sep 2023 8.9 | Dec 2023 8.8 | Mar 2024 9.2 | Jun 2024 9.5 | Sep 2024 10.6 | Dec 2024 7.4 | Mar 2025 7.7 | Jun 2025 14.7 | Sep 2025 10.1 | Dec 2025 10.9 | Mar 2026 10.1 | Jun 2026 —
- GODREJIND: Sep 2021 — | Dec 2021 — | Mar 2022 2.4 | Jun 2022 — | Sep 2022 — | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 2.4 | Dec 2023 3.0 | Mar 2024 3.2 | Jun 2024 3.6 | Sep 2024 5.2 | Dec 2024 4.5 | Mar 2025 4.5 | Jun 2025 5.2 | Sep 2025 4.0 | Dec 2025 3.3 | Mar 2026 2.5 | Jun 2026 —
- TATAINVEST: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.3 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- TVSHLTD: Sep 2021 2.0 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 3.4 | Dec 2023 6.5 | Mar 2024 6.9 | Jun 2024 8.2 | Sep 2024 9.9 | Dec 2024 6.6 | Mar 2025 5.2 | Jun 2025 7.8 | Sep 2025 5.5 | Dec 2025 5.2 | Mar 2026 5.1 | Jun 2026 5.8
- CHOLAHLDNG: Sep 2021 — | Dec 2021 — | Mar 2022 2.0 | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 1.6 | Jun 2023 2.6 | Sep 2023 2.8 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 3.6 | Sep 2024 3.7 | Dec 2024 2.3 | Mar 2025 2.9 | Jun 2025 3.8 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 1.9 | Jun 2026 —
- MAHSCOOTER: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.5 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —
- JSWHL: Sep 2021 0.4 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —
- PILANIINVS: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- RANEHOLDIN: Sep 2021 — | Dec 2021 — | Mar 2022 1.1 | Jun 2022 — | Sep 2022 — | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 2.1 | Sep 2023 2.1 | Dec 2023 2.2 | Mar 2024 1.8 | Jun 2024 2.4 | Sep 2024 3.2 | Dec 2024 2.4 | Mar 2025 1.7 | Jun 2025 2.5 | Sep 2025 2.1 | Dec 2025 1.7 | Mar 2026 1.3 | Jun 2026 —
- KICL: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- ALEMBICLTD: Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- ELCIDIN: Sep 2021 0.0 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.0 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- VHL: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- JPOLYINVST: Sep 2021 -0.3 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 -1.4 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- MAXIND: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.9 | Jun 2024 2.6 | Sep 2024 2.5 | Dec 2024 3.0 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 3.1 | Dec 2025 2.1 | Mar 2026 1.5 | Jun 2026 —

## Market action

Jindal Poly Investment & Finance Company Ltd has the strongest one-year price move in Finance - Holding Company at +29.1%. Godrej Industries Ltd leads on Mansfield relative strength against NIFTY at +25.3%. 6 of 18 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-27.

### Strongest one-year price performers
1. Jindal Poly Investment & Finance Company Ltd (JPOLYINVST): 29%
2. TVS Holdings Ltd (TVSHLTD): 22%
3. Godrej Industries Ltd (GODREJIND): 17%
4. Rane Holdings Ltd (RANEHOLDIN): 11%
5. Kalyani Investment Company Ltd (KICL): 7.1%

### Strongest relative strength versus NIFTY 500
1. Godrej Industries Ltd (GODREJIND): 25%
2. Rane Holdings Ltd (RANEHOLDIN): 25%
3. Kalyani Investment Company Ltd (KICL): 7.6%
4. TVS Holdings Ltd (TVSHLTD): 6.1%
5. Max India Ltd (MAXIND): 2.1%

## 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 ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- 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.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 6 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Bajaj Finserv Ltd (BAJAJFINSV) — market value ₹3.0 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Bajaj Holdings & Investment Ltd (BAJAJHLDNG) — market value ₹1.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Max Financial Services Ltd (MFSL) — market value ₹52.3K Cr; latest fundamentals Mar 2026
- Godrej Industries Ltd (GODREJIND) — market value ₹44.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Tata Investment Corporation Ltd (TATAINVEST) — market value ₹31.9K Cr; latest fundamentals Mar 2026
- TVS Holdings Ltd (TVSHLTD) — market value ₹29.6K Cr; latest fundamentals Jun 2026
- Cholamandalam Financial Holdings Ltd (CHOLAHLDNG) — market value ₹28.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Maharashtra Scooters Ltd (MAHSCOOTER) — market value ₹14.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- JSW Holdings Ltd (JSWHL) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Kama Holdings Ltd (532468) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Pilani Investment & Industries Corporation Ltd (PILANIINVS) — market value ₹4.8K Cr; latest fundamentals Mar 2026
- Rane Holdings Ltd (RANEHOLDIN) — market value ₹2.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Kalyani Investment Company Ltd (KICL) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Alembic Ltd (ALEMBICLTD) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Elcid Investments Ltd (ELCIDIN) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Vardhman Holdings Ltd (VHL) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jindal Poly Investment & Finance Company Ltd (JPOLYINVST) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Max India Ltd (MAXIND) — market value ₹958 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 8. Unverified: 4. Withheld: 6. Graded companies: 18.

3 of 18 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

6 of 18 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bajaj Finserv Ltd (BAJAJFINSV) — its two data sources disagree by up to 53% on reported income across 14 comparable periods, so its derived ratios are withheld; Bajaj Holdings & Investment Ltd (BAJAJHLDNG) — its two data sources disagree by up to 25% on reported income across 14 comparable periods, so its derived ratios are withheld; Godrej Industries Ltd (GODREJIND) — its two data sources disagree by up to 28% on reported income across 14 comparable periods, so its derived ratios are withheld; Cholamandalam Financial Holdings Ltd (CHOLAHLDNG) — its two data sources disagree by up to 58% on reported income across 14 comparable periods, so its derived ratios are withheld; Maharashtra Scooters Ltd (MAHSCOOTER) — its two data sources disagree by up to 9.9% on reported income across 14 comparable periods, so its derived ratios are withheld; Rane Holdings Ltd (RANEHOLDIN) — its two data sources disagree by up to 129% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | BAJAJFINSV | Bajaj Finserv Ltd | diff_gt_2pct | disagreement up to 52.7% over 14 comparable periods
- WITHHELD | BAJAJHLDNG | Bajaj Holdings & Investment Ltd | diff_gt_2pct | disagreement up to 25.18% over 14 comparable periods
- WITHHELD | GODREJIND | Godrej Industries Ltd | diff_gt_2pct | disagreement up to 28.22% over 14 comparable periods
- WITHHELD | CHOLAHLDNG | Cholamandalam Financial Holdings Ltd | diff_gt_2pct | disagreement up to 57.71% over 14 comparable periods
- WITHHELD | MAHSCOOTER | Maharashtra Scooters Ltd | diff_gt_2pct | disagreement up to 9.91% over 14 comparable periods
- WITHHELD | RANEHOLDIN | Rane Holdings Ltd | diff_gt_2pct | disagreement up to 129.38% over 14 comparable periods

- UNVERIFIED | VHL | Vardhman Holdings Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JPOLYINVST | Jindal Poly Investment & Finance Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MAXIND | Max India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-27.
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 Finance - Holding Company index?

The Nifty Finance - Holding Company index tracks India's listed Finance - Holding Company companies as a single basket. This page follows the same 18 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - Holding Company sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance - Holding Company stocks in India?

Ranked by this page's four-factor score, Jindal Poly Investment & Finance Company Ltd places first among 18 listed Finance - Holding Company companies, followed by TVS Holdings 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 Finance - Holding Company stocks are listed in India?

This comparison covers 18 listed Finance - Holding Company 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 Finance - Holding Company company is the biggest?

Bajaj Finserv Ltd is the largest, with trailing-twelve-month income of ₹1,51,044 crore, ahead of TVS Holdings Ltd at ₹62,489 crore. That covers 18 of 18 companies with comparable reporting through Mar 2026.

### Which Finance - Holding Company company is growing fastest?

Jindal Poly Investment & Finance Company Ltd has the fastest income growth at 100% year on year, across 18 of 18 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 Finance - Holding Company company makes the most profit?

Bajaj Finserv Ltd earns the most, at ₹19,669 crore of trailing-twelve-month net profit, from 18 of 18 comparable companies. Jindal Poly Investment & Finance Company Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance - Holding Company company earns the highest return on capital?

Jindal Poly Investment & Finance Company Ltd leads on return on assets at 47.9%, across 17 of 18 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 Finance - Holding Company stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Jindal Poly Investment & Finance Company Ltd screens cheapest at 0.01×. Only 17 of 18 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 Finance - Holding Company stock has the strongest price momentum?

Godrej Industries 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 Finance - Holding Company company scores highest for research priority?

Jindal Poly Investment & Finance Company Ltd scores 80.6 out of 100 with 76% evidence confidence, from 30 points on growth and earnings, 20.7 on capital efficiency, 14.5 on valuation and 15.4 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 Finance - Holding Company companies does this comparison cover, and over what period?

It compares 18 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 Finance - Holding Company sector?

The 18 Finance - Holding Company companies on this page carry ₹6,58,272 crore of combined market value. Bajaj Finserv Ltd is the largest at ₹3,00,375 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance - Holding Company sector's P/B ratio?

The median price-to-book ratio across the 18 Finance - Holding Company companies on this page is 1.1×, measured on the 18 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 Finance - Holding Company sector performing?

6 of the 18 covered Finance - Holding Company 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/finance-holding-company