# Infra - Construction & Contracting — company-by-company sector analysis

> Infra - Construction & Contracting: Larsen & Toubro Ltd owns the largest revenue base; Giriraj Civil Developers 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. 4 of 17 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Larsen & Toubro Ltd leads with revenue of ₹2,85,875 crore, based on 17 of 17 comparable companies through Mar 2026. Giriraj Civil Developers Ltd has the fastest current revenue growth at 100%, across 17 of 17 comparable companies.

### Is the Infra - Construction & Contracting sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 17 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Infra - Construction & Contracting company is largest by revenue?

Larsen & Toubro Ltd leads with revenue of ₹2,85,875 crore, based on 17 of 17 comparable companies through Mar 2026.

### Which Infra - Construction & Contracting company is growing fastest?

Giriraj Civil Developers Ltd has the fastest current revenue growth at 100%, across 17 of 17 comparable companies.

### Which Infra - Construction & Contracting company has the strongest 4-Factor Sector Score?

Cemindia Projects Ltd ranks first at 65.8/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Infra - Construction & Contracting company reports the most CAPEX?

Patel Engineering Ltd reports the largest latest CAPEX at ₹55 crore, with 1 of 17 companies comparable.

### Which Infra - Construction & Contracting company has the least gross debt?

Likhitha Infrastructure Ltd has the lowest comparable gross debt at ₹0 crore. Larsen & Toubro Ltd has the highest at ₹1,25,497 crore.

### Which Infra - Construction & Contracting company has the lowest comparable PEG?

PNC Infratech Ltd has the lowest comparable Guarded PEG at 0.17, among 6 of 17 companies that pass the metric’s comparability rules.

### How much history does this Infra - Construction & Contracting 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 Infra - Construction & Contracting against NIFTY 500 is not available from the current market series. 4 of 17 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Cemindia Projects Ltd is the strongest against the sector itself at +105%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/17
Stocks leading sector: 7/17

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

Companies: 17
Combined market value: ₹6.7 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. Cemindia Projects Ltd (CEMPRO): 66/100 — Favorable setup; evidence 100%
   - Growth & earnings 27.0/35 | Capital efficiency 17.0/25 | Valuation 1.8/20 | Relative strength 20.0/20
   - Exact sum: 27 + 17 + 1.8 + 20 = 65.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. NBCC (India) Ltd (NBCC): 61/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 19.9/35 | Capital efficiency 19.2/25 | Valuation 9.7/20 | Relative strength 12.2/20
   - Exact sum: 19.9 + 19.2 + 9.7 + 12.2 = 61
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Patel Engineering Ltd (PATELENG): 57/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 16.4/35 | Capital efficiency 15.2/25 | Valuation 17.8/20 | Relative strength 7.8/20
   - Exact sum: 16.4 + 15.2 + 17.8 + 7.8 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. SPML Infra Ltd (SPMLINFRA): 57/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 25.9/35 | Capital efficiency 8.5/25 | Valuation 10.2/20 | Relative strength 12.4/20
   - Exact sum: 25.9 + 8.5 + 10.2 + 12.4 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Ramky Infrastructure Ltd (RAMKY): 52/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 11.6/35 | Capital efficiency 13.5/25 | Valuation 14.3/20 | Relative strength 12.2/20
   - Exact sum: 11.6 + 13.5 + 14.3 + 12.2 = 51.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Larsen & Toubro Ltd (LT): 50/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 20.5/35 | Capital efficiency 13.3/25 | Valuation 8.0/20 | Relative strength 8.1/20
   - Exact sum: 20.5 + 13.3 + 8 + 8.1 = 49.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Hindustan Construction Company Ltd (HCC): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 10.3/35 | Capital efficiency 18.1/25 | Valuation 10.8/20 | Relative strength 10.2/20
   - Exact sum: 10.3 + 18.1 + 10.8 + 10.2 = 49.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. PNC Infratech Ltd (PNCINFRA): 45/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 8.1/35 | Capital efficiency 11.5/25 | Valuation 16.8/20 | Relative strength 8.3/20
   - Exact sum: 8.1 + 11.5 + 16.8 + 8.3 = 44.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Simplex Infrastructures Ltd (SIMPLEXINF): 44/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 24.7/35 | Capital efficiency 5.7/25 | Valuation 5.5/20 | Relative strength 8.3/20
   - Exact sum: 24.7 + 5.7 + 5.5 + 8.3 = 44.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Likhitha Infrastructure Ltd (LIKHITHA): 44/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 6.4/35 | Capital efficiency 14.4/25 | Valuation 7.1/20 | Relative strength 15.7/20
   - Exact sum: 6.4 + 14.4 + 7.1 + 15.7 = 43.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. IRB Infrastructure Developers Ltd (IRB): 42/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 16.9/35 | Capital efficiency 10.0/25 | Valuation 9.5/20 | Relative strength 5.4/20
   - Exact sum: 16.9 + 10 + 9.5 + 5.4 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Hazoor Multi Projects Ltd (532467): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.6/35 | Capital efficiency 13.1/25 | Valuation 10.6/20 | Relative strength 0.9/20
   - Exact sum: 16.6 + 13.1 + 10.6 + 0.9 = 41.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. KNR Constructions Ltd (KNRCON): 40/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 7.9/35 | Capital efficiency 12.6/25 | Valuation 14.0/20 | Relative strength 5.8/20
   - Exact sum: 7.9 + 12.6 + 14 + 5.8 = 40.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14. Rail Vikas Nigam Ltd (RVNL): 37/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 11.1/35 | Capital efficiency 9.2/25 | Valuation 4.5/20 | Relative strength 11.7/20
   - Exact sum: 11.1 + 9.2 + 4.5 + 11.7 = 36.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. H.G. Infra Engineering Ltd (HGINFRA): 36/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 14.1/35 | Capital efficiency 10.0/25 | Valuation 6.6/20 | Relative strength 4.9/20
   - Exact sum: 14.1 + 10 + 6.6 + 4.9 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Vishnu Prakash R Punglia Ltd (VPRPL): 24/100 — Adverse evidence; evidence 70%
   - Growth & earnings 4.9/35 | Capital efficiency 7.6/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 4.9 + 7.6 + 8.5 + 3 = 24
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Giriraj Civil Developers Ltd (GIRIRAJ): 52/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 21.5/35 | Capital efficiency 15.7/25 | Valuation 10.4/20 | Relative strength 4.6/20
   - Exact sum: 21.5 + 15.7 + 10.4 + 4.6 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Larsen & Toubro Ltd is the scale leader at ₹2,85,875 crore, 14× the revenue of Rail Vikas Nigam Ltd. Giriraj Civil Developers Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 174% from a ₹548 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Larsen & Toubro Ltd is the scale benchmark; Giriraj Civil Developers Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Larsen & Toubro Ltd's growth falls below Giriraj Civil Developers Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Larsen & Toubro Ltd · ₹2,85,875 crore | 14× versus #2 · Rail Vikas Nigam Ltd | 8/8 recent comparable periods | 17/17 companies · 267 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. Larsen & Toubro Ltd (LT): ₹2.9 L Cr
2. Rail Vikas Nigam Ltd (RVNL): ₹20.4K Cr
3. NBCC (India) Ltd (NBCC): ₹12.9K Cr
4. Cemindia Projects Ltd (CEMPRO): ₹10.0K Cr
5. IRB Infrastructure Developers Ltd (IRB): ₹7.6K Cr

### Revenue growth — fastest growers
1. Giriraj Civil Developers Ltd (GIRIRAJ): 100% — older report
2. SPML Infra Ltd (SPMLINFRA): 12%
3. Larsen & Toubro Ltd (LT): 12%
4. Cemindia Projects Ltd (CEMPRO): 9.3%
5. NBCC (India) Ltd (NBCC): 7.0%

### 20-quarter Revenue history
- 532467: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹189 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹464 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹158 Cr
- LT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹46.4K Cr | Mar 2023 ₹58.3K Cr | Jun 2023 ₹47.9K Cr | Sep 2023 ₹51.0K Cr | Dec 2023 ₹55.1K Cr | Mar 2024 ₹67.1K Cr | Jun 2024 ₹55.1K Cr | Sep 2024 ₹61.6K Cr | Dec 2024 ₹64.7K Cr | Mar 2025 ₹74.4K Cr | Jun 2025 ₹63.7K Cr | Sep 2025 ₹68.0K Cr | Dec 2025 ₹71.5K Cr | Mar 2026 ₹82.8K Cr
- RVNL: Jun 2021 ₹3.9K Cr | Sep 2021 ₹4.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹6.7K Cr
- NBCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹4.6K Cr
- CEMPRO: Jun 2021 ₹826 Cr | Sep 2021 ₹811 Cr | Dec 2021 ₹998 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹3.0K Cr
- IRB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr
- PNCINFRA: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.6K Cr
- HCC: Jun 2021 ₹2.5K Cr | Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 — | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹925 Cr | Mar 2026 ₹992 Cr
- HGINFRA: Jun 2021 ₹945 Cr | Sep 2021 ₹785 Cr | Dec 2021 ₹951 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹796 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹955 Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹902 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹904 Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr
- KNRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹875 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹981 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹996 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹985 Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹848 Cr | Mar 2025 ₹975 Cr | Jun 2025 ₹613 Cr | Sep 2025 ₹646 Cr | Dec 2025 ₹743 Cr | Mar 2026 ₹696 Cr
- PATELENG: Jun 2021 ₹666 Cr | Sep 2021 ₹724 Cr | Dec 2021 ₹878 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹974 Cr | Sep 2022 ₹893 Cr | Dec 2022 ₹955 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr
- RAMKY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹417 Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹557 Cr | Sep 2023 ₹582 Cr | Dec 2023 ₹441 Cr | Mar 2024 ₹581 Cr | Jun 2024 ₹569 Cr | Sep 2024 ₹527 Cr | Dec 2024 ₹459 Cr | Mar 2025 ₹489 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹472 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹507 Cr
- SIMPLEXINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹421 Cr | Mar 2023 ₹473 Cr | Jun 2023 ₹399 Cr | Sep 2023 ₹312 Cr | Dec 2023 ₹316 Cr | Mar 2024 ₹361 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹283 Cr
- SPMLINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹153 Cr | Mar 2023 ₹464 Cr | Jun 2023 ₹352 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹461 Cr | Jun 2024 ₹207 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹291 Cr
- LIKHITHA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹83 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹121 Cr
- GIRIRAJ: Jun 2021 — | Sep 2021 ₹42 Cr | Dec 2021 — | Mar 2022 ₹41 Cr | Jun 2022 — | Sep 2022 ₹33 Cr | Dec 2022 — | Mar 2023 ₹84 Cr | Jun 2023 — | Sep 2023 ₹42 Cr | Dec 2023 — | Mar 2024 ₹93 Cr | Jun 2024 — | Sep 2024 ₹80 Cr | Dec 2024 — | Mar 2025 ₹234 Cr | Jun 2025 — | Sep 2025 ₹141 Cr | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹281 Cr | Mar 2023 ₹456 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹657 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹335 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹276 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹177 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- 532467: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 138% | Jun 2024 -57% | Sep 2024 36% | Dec 2024 104% | Mar 2025 -46% | Jun 2025 157% | Sep 2025 -33% | Dec 2025 -16% | Mar 2026 -37%
- LT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 15% | Jun 2024 15% | Sep 2024 21% | Dec 2024 17% | Mar 2025 11% | Jun 2025 16% | Sep 2025 10% | Dec 2025 10% | Mar 2026 11%
- RVNL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 22% | Dec 2022 -0.7% | Mar 2023 -11% | Jun 2023 20% | Sep 2023 0.1% | Dec 2023 -6.4% | Mar 2024 17% | Jun 2024 -27% | Sep 2024 -1.2% | Dec 2024 -2.6% | Mar 2025 -4.3% | Jun 2025 -4.1% | Sep 2025 5.5% | Dec 2025 2.6% | Mar 2026 4.2%
- NBCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 42% | Jun 2024 12% | Sep 2024 19% | Dec 2024 16% | Mar 2025 16% | Jun 2025 12% | Sep 2025 19% | Dec 2025 7.6% | Mar 2026 -1.8%
- CEMPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 28% | Dec 2022 33% | Mar 2023 39% | Jun 2023 67% | Sep 2023 56% | Dec 2023 52% | Mar 2024 38% | Jun 2024 30% | Sep 2024 24% | Dec 2024 13% | Mar 2025 12% | Jun 2025 6.8% | Sep 2025 10% | Dec 2025 2.0% | Mar 2026 17%
- IRB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 27% | Jun 2024 13% | Sep 2024 -9.1% | Dec 2024 2.8% | Mar 2025 4.3% | Jun 2025 13% | Sep 2025 10% | Dec 2025 -7.6% | Mar 2026 -10%
- PNCINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 -13% | Dec 2022 4.7% | Mar 2023 3.6% | Jun 2023 1.9% | Sep 2023 22% | Dec 2023 14% | Mar 2024 13% | Jun 2024 3.6% | Sep 2024 -25% | Dec 2024 -28% | Mar 2025 -34% | Jun 2025 -34% | Sep 2025 -21% | Dec 2025 -18% | Mar 2026 -5.1%
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.2% | Sep 2022 -19% | Dec 2022 -49% | Mar 2023 — | Jun 2023 -14% | Sep 2023 -19% | Dec 2023 8.6% | Mar 2024 -43% | Jun 2024 -5.8% | Sep 2024 -23% | Dec 2024 -32% | Mar 2025 -23% | Jun 2025 -40% | Sep 2025 -32% | Dec 2025 -8.1% | Mar 2026 -28%
- HGINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 1.4% | Dec 2022 25% | Mar 2023 43% | Jun 2023 22% | Sep 2023 20% | Dec 2023 15% | Mar 2024 11% | Jun 2024 13% | Sep 2024 -5.6% | Dec 2024 -7.3% | Mar 2025 -20% | Jun 2025 -3.0% | Sep 2025 0.2% | Dec 2025 12% | Mar 2026 4.9%
- KNRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 14% | Jun 2024 0.4% | Sep 2024 87% | Dec 2024 -15% | Mar 2025 -31% | Jun 2025 -38% | Sep 2025 -67% | Dec 2025 -12% | Mar 2026 -29%
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 23% | Dec 2022 8.8% | Mar 2023 8.4% | Jun 2023 15% | Sep 2023 14% | Dec 2023 11% | Mar 2024 11% | Jun 2024 -1.5% | Sep 2024 15% | Dec 2024 14% | Mar 2025 20% | Jun 2025 12% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 -12%
- RAMKY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.8% | Mar 2024 0.9% | Jun 2024 2.2% | Sep 2024 -9.5% | Dec 2024 4.1% | Mar 2025 -16% | Jun 2025 -33% | Sep 2025 -10% | Dec 2025 6.5% | Mar 2026 3.7%
- SIMPLEXINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 -24% | Jun 2024 -26% | Sep 2024 -14% | Dec 2024 -27% | Mar 2025 -22% | Jun 2025 -18% | Sep 2025 -7.5% | Dec 2025 7.8% | Mar 2026 0.4%
- SPMLINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 65% | Mar 2024 -0.7% | Jun 2024 -41% | Sep 2024 -26% | Dec 2024 -25% | Mar 2025 -59% | Jun 2025 -25% | Sep 2025 0.5% | Dec 2025 22% | Mar 2026 54%
- LIKHITHA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 4.3% | Jun 2024 39% | Sep 2024 23% | Dec 2024 24% | Mar 2025 11% | Jun 2025 -2.1% | Sep 2025 -23% | Dec 2025 -11% | Mar 2026 -11%
- GIRIRAJ: Jun 2021 — | Sep 2021 180% | Dec 2021 — | Mar 2022 -16% | Jun 2022 — | Sep 2022 -21% | Dec 2022 — | Mar 2023 105% | Jun 2023 — | Sep 2023 27% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 90% | Dec 2024 — | Mar 2025 152% | Jun 2025 — | Sep 2025 76% | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 44% | Jun 2024 -7.6% | Sep 2024 13% | Dec 2024 -0.4% | Mar 2025 -38% | Jun 2025 7.4% | Sep 2025 -12% | Dec 2025 -27% | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Hazoor Multi Projects Ltd leads both opm at 80% and margin change at +62 percentage points.

Investor read: Hazoor Multi Projects 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: Hazoor Multi Projects Ltd · 80% | 42.9% versus #2 · IRB Infrastructure Developers Ltd | 4/8 recent comparable periods | 17/17 companies · 323 observations

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

### OPM — highest
1. Hazoor Multi Projects Ltd (532467): 80%
2. IRB Infrastructure Developers Ltd (IRB): 56%
3. KNR Constructions Ltd (KNRCON): 24%
4. Hindustan Construction Company Ltd (HCC): 17%
5. H.G. Infra Engineering Ltd (HGINFRA): 17%

### Margin change — fastest expanders
1. Hazoor Multi Projects Ltd (532467): +62.0 pp
2. IRB Infrastructure Developers Ltd (IRB): +10.0 pp
3. Simplex Infrastructures Ltd (SIMPLEXINF): +3.0 pp
4. Cemindia Projects Ltd (CEMPRO): +2.0 pp
5. Giriraj Civil Developers Ltd (GIRIRAJ): +2.0 pp — older report

### 20-quarter OPM history
- 532467: Jun 2021 -4.3% | Sep 2021 8.4% | Dec 2021 4.9% | Mar 2022 4.0% | Jun 2022 4.0% | Sep 2022 6.8% | Dec 2022 9.5% | Mar 2023 12% | Jun 2023 17% | Sep 2023 17% | Dec 2023 15% | Mar 2024 15% | Jun 2024 22% | Sep 2024 12% | Dec 2024 6.0% | Mar 2025 18% | Jun 2025 14% | Sep 2025 -4.0% | Dec 2025 21% | Mar 2026 80%
- LT: Jun 2021 11% | Sep 2021 11% | Dec 2021 15% | Mar 2022 15% | Jun 2022 15% | Sep 2022 15% | Dec 2022 14% | Mar 2023 14% | Jun 2023 13% | Sep 2023 14% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13%
- RVNL: Jun 2021 5.9% | Sep 2021 5.6% | Dec 2021 6.3% | Mar 2022 6.3% | Jun 2022 6.1% | Sep 2022 6.4% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 5.0% | Mar 2024 7.0% | Jun 2024 4.0% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 7.0% | Jun 2025 1.0% | Sep 2025 4.0% | Dec 2025 5.0% | Mar 2026 4.0%
- NBCC: Jun 2021 0.7% | Sep 2021 2.7% | Dec 2021 3.6% | Mar 2022 3.0% | Jun 2022 2.9% | Sep 2022 4.4% | Dec 2022 4.0% | Mar 2023 4.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 6.0% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 5.0% | Sep 2025 4.0% | Dec 2025 4.0% | Mar 2026 6.0%
- CEMPRO: Jun 2021 9.5% | Sep 2021 6.2% | Dec 2021 8.1% | Mar 2022 7.1% | Jun 2022 8.2% | Sep 2022 5.8% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 12%
- IRB: Jun 2021 41% | Sep 2021 47% | Dec 2021 50% | Mar 2022 41% | Jun 2022 53% | Sep 2022 48% | Dec 2022 48% | Mar 2023 45% | Jun 2023 44% | Sep 2023 41% | Dec 2023 42% | Mar 2024 37% | Jun 2024 43% | Sep 2024 43% | Dec 2024 49% | Mar 2025 46% | Jun 2025 45% | Sep 2025 53% | Dec 2025 55% | Mar 2026 56%
- PNCINFRA: Jun 2021 25% | Sep 2021 20% | Dec 2021 19% | Mar 2022 22% | Jun 2022 25% | Sep 2022 13% | Dec 2022 19% | Mar 2023 18% | Jun 2023 21% | Sep 2023 21% | Dec 2023 21% | Mar 2024 28% | Jun 2024 45% | Sep 2024 25% | Dec 2024 26% | Mar 2025 21% | Jun 2025 26% | Sep 2025 22% | Dec 2025 20% | Mar 2026 17%
- HCC: Jun 2021 6.5% | Sep 2021 12% | Dec 2021 14% | Mar 2022 13% | Jun 2022 1.2% | Sep 2022 15% | Dec 2022 -11% | Mar 2023 10% | Jun 2023 15% | Sep 2023 14% | Dec 2023 16% | Mar 2024 -7.0% | Jun 2024 8.0% | Sep 2024 17% | Dec 2024 -8.0% | Mar 2025 21% | Jun 2025 16% | Sep 2025 15% | Dec 2025 7.0% | Mar 2026 17%
- HGINFRA: Jun 2021 19% | Sep 2021 20% | Dec 2021 19% | Mar 2022 18% | Jun 2022 18% | Sep 2022 20% | Dec 2022 20% | Mar 2023 19% | Jun 2023 21% | Sep 2023 23% | Dec 2023 17% | Mar 2024 19% | Jun 2024 20% | Sep 2024 24% | Dec 2024 23% | Mar 2025 18% | Jun 2025 18% | Sep 2025 23% | Dec 2025 22% | Mar 2026 17%
- KNRCON: Jun 2021 25% | Sep 2021 21% | Dec 2021 16% | Mar 2022 25% | Jun 2022 22% | Sep 2022 27% | Dec 2022 22% | Mar 2023 20% | Jun 2023 22% | Sep 2023 22% | Dec 2023 23% | Mar 2024 26% | Jun 2024 28% | Sep 2024 45% | Dec 2024 30% | Mar 2025 23% | Jun 2025 30% | Sep 2025 30% | Dec 2025 22% | Mar 2026 24%
- PATELENG: Jun 2021 16% | Sep 2021 17% | Dec 2021 17% | Mar 2022 14% | Jun 2022 15% | Sep 2022 14% | Dec 2022 15% | Mar 2023 14% | Jun 2023 15% | Sep 2023 14% | Dec 2023 13% | Mar 2024 18% | Jun 2024 15% | Sep 2024 14% | Dec 2024 15% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 15%
- RAMKY: Jun 2021 30% | Sep 2021 -34% | Dec 2021 27% | Mar 2022 20% | Jun 2022 24% | Sep 2022 19% | Dec 2022 21% | Mar 2023 17% | Jun 2023 28% | Sep 2023 31% | Dec 2023 17% | Mar 2024 16% | Jun 2024 20% | Sep 2024 24% | Dec 2024 20% | Mar 2025 0.0% | Jun 2025 20% | Sep 2025 18% | Dec 2025 16% | Mar 2026 -1.0%
- SIMPLEXINF: Jun 2021 4.1% | Sep 2021 4.2% | Dec 2021 -2.7% | Mar 2022 -2.9% | Jun 2022 -1.9% | Sep 2022 0.7% | Dec 2022 0.9% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 2.0% | Dec 2023 3.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 1.0% | Dec 2024 2.0% | Mar 2025 5.0% | Jun 2025 3.0% | Sep 2025 6.0% | Dec 2025 4.0% | Mar 2026 8.0%
- SPMLINFRA: Jun 2021 -7.6% | Sep 2021 2.9% | Dec 2021 2.4% | Mar 2022 -0.2% | Jun 2022 5.1% | Sep 2022 -12% | Dec 2022 -1.0% | Mar 2023 9.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 -1.0% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 7.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 11% | Mar 2026 7.0%
- LIKHITHA: Jun 2021 25% | Sep 2021 23% | Dec 2021 23% | Mar 2022 25% | Jun 2022 23% | Sep 2022 24% | Dec 2022 25% | Mar 2023 20% | Jun 2023 23% | Sep 2023 20% | Dec 2023 24% | Mar 2024 22% | Jun 2024 19% | Sep 2024 18% | Dec 2024 19% | Mar 2025 18% | Jun 2025 16% | Sep 2025 16% | Dec 2025 12% | Mar 2026 6.0%
- GIRIRAJ: Jun 2021 — | Sep 2021 7.0% | Dec 2021 — | Mar 2022 8.0% | Jun 2022 — | Sep 2022 9.0% | Dec 2022 — | Mar 2023 6.0% | Jun 2023 — | Sep 2023 8.0% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 6.0% | Dec 2024 — | Mar 2025 9.0% | Jun 2025 — | Sep 2025 8.0% | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 14% | Mar 2023 14% | Jun 2023 12% | Sep 2023 13% | Dec 2023 14% | Mar 2024 16% | Jun 2024 13% | Sep 2024 15% | Dec 2024 11% | Mar 2025 11% | Jun 2025 12% | Sep 2025 8.0% | Dec 2025 -7.0% | Mar 2026 —

### 20-quarter Margin change history
- 532467: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +0.2 pp | Jun 2022 +8.3 pp | Sep 2022 −1.6 pp | Dec 2022 +4.7 pp | Mar 2023 +8.1 pp | Jun 2023 +12.8 pp | Sep 2023 +9.7 pp | Dec 2023 +5.5 pp | Mar 2024 +2.9 pp | Jun 2024 +5.1 pp | Sep 2024 −4.5 pp | Dec 2024 −9.0 pp | Mar 2025 +3.0 pp | Jun 2025 −8.0 pp | Sep 2025 −16.0 pp | Dec 2025 +15.0 pp | Mar 2026 +62.0 pp
- LT: Jun 2021 −6.7 pp | Sep 2021 −5.7 pp | Dec 2021 −1.9 pp | Mar 2022 −1.7 pp | Jun 2022 +4.3 pp | Sep 2022 +3.4 pp | Dec 2022 −1.1 pp | Mar 2023 −1.1 pp | Jun 2023 −2.1 pp | Sep 2023 −0.9 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp
- RVNL: Jun 2021 +1.1 pp | Sep 2021 +0.5 pp | Dec 2021 +0.4 pp | Mar 2022 −0.0 pp | Jun 2022 +0.2 pp | Sep 2022 +0.8 pp | Dec 2022 −0.3 pp | Mar 2023 +0.7 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp
- NBCC: Jun 2021 +5.9 pp | Sep 2021 +1.6 pp | Dec 2021 +0.6 pp | Mar 2022 +0.1 pp | Jun 2022 +2.3 pp | Sep 2022 +1.7 pp | Dec 2022 +0.4 pp | Mar 2023 +1.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.7 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- CEMPRO: Jun 2021 +2.1 pp | Sep 2021 +6.5 pp | Dec 2021 −0.9 pp | Mar 2022 −4.4 pp | Jun 2022 −1.3 pp | Sep 2022 −0.4 pp | Dec 2022 −0.1 pp | Mar 2023 +1.9 pp | Jun 2023 +0.9 pp | Sep 2023 +4.2 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp
- IRB: Jun 2021 +1.7 pp | Sep 2021 +0.9 pp | Dec 2021 +4.9 pp | Mar 2022 −5.0 pp | Jun 2022 +12.4 pp | Sep 2022 +1.2 pp | Dec 2022 −2.2 pp | Mar 2023 +4.5 pp | Jun 2023 −9.4 pp | Sep 2023 −6.7 pp | Dec 2023 −6.0 pp | Mar 2024 −8.0 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +7.0 pp | Mar 2025 +9.0 pp | Jun 2025 +2.0 pp | Sep 2025 +10.0 pp | Dec 2025 +6.0 pp | Mar 2026 +10.0 pp
- PNCINFRA: Jun 2021 −1.5 pp | Sep 2021 −4.0 pp | Dec 2021 −6.8 pp | Mar 2022 −0.9 pp | Jun 2022 +0.5 pp | Sep 2022 −7.4 pp | Dec 2022 +0.1 pp | Mar 2023 −3.6 pp | Jun 2023 −4.3 pp | Sep 2023 +8.0 pp | Dec 2023 +2.0 pp | Mar 2024 +10.0 pp | Jun 2024 +24.0 pp | Sep 2024 +4.0 pp | Dec 2024 +5.0 pp | Mar 2025 −7.0 pp | Jun 2025 −19.0 pp | Sep 2025 −3.0 pp | Dec 2025 −6.0 pp | Mar 2026 −4.0 pp
- HCC: Jun 2021 +11.0 pp | Sep 2021 +25.1 pp | Dec 2021 −1.6 pp | Mar 2022 +8.9 pp | Jun 2022 −5.3 pp | Sep 2022 +3.5 pp | Dec 2022 −24.9 pp | Mar 2023 −3.1 pp | Jun 2023 +13.8 pp | Sep 2023 −1.1 pp | Dec 2023 +26.6 pp | Mar 2024 −17.0 pp | Jun 2024 −7.0 pp | Sep 2024 +3.0 pp | Dec 2024 −24.0 pp | Mar 2025 +28.0 pp | Jun 2025 +8.0 pp | Sep 2025 −2.0 pp | Dec 2025 +15.0 pp | Mar 2026 −4.0 pp
- HGINFRA: Jun 2021 −0.9 pp | Sep 2021 +1.0 pp | Dec 2021 +1.8 pp | Mar 2022 −0.4 pp | Jun 2022 −0.7 pp | Sep 2022 +0.5 pp | Dec 2022 +0.7 pp | Mar 2023 +0.9 pp | Jun 2023 +3.0 pp | Sep 2023 +2.8 pp | Dec 2023 −3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +6.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- KNRCON: Jun 2021 +0.2 pp | Sep 2021 −5.0 pp | Dec 2021 −7.7 pp | Mar 2022 +2.9 pp | Jun 2022 −3.6 pp | Sep 2022 +6.3 pp | Dec 2022 +5.7 pp | Mar 2023 −5.3 pp | Jun 2023 +0.5 pp | Sep 2023 −5.4 pp | Dec 2023 +1.0 pp | Mar 2024 +6.0 pp | Jun 2024 +6.0 pp | Sep 2024 +23.0 pp | Dec 2024 +7.0 pp | Mar 2025 −3.0 pp | Jun 2025 +2.0 pp | Sep 2025 −15.0 pp | Dec 2025 −8.0 pp | Mar 2026 +1.0 pp
- PATELENG: Jun 2021 +1.2 pp | Sep 2021 +6.4 pp | Dec 2021 +3.7 pp | Mar 2022 +3.3 pp | Jun 2022 −0.8 pp | Sep 2022 −2.6 pp | Dec 2022 −1.7 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −2.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp
- RAMKY: Jun 2021 +28.3 pp | Sep 2021 −40.2 pp | Dec 2021 +6.8 pp | Mar 2022 +15.1 pp | Jun 2022 −6.5 pp | Sep 2022 +53.3 pp | Dec 2022 −5.7 pp | Mar 2023 −3.0 pp | Jun 2023 +4.2 pp | Sep 2023 +11.9 pp | Dec 2023 −4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −8.0 pp | Sep 2024 −7.0 pp | Dec 2024 +3.0 pp | Mar 2025 −16.0 pp | Jun 2025 0.0 pp | Sep 2025 −6.0 pp | Dec 2025 −4.0 pp | Mar 2026 −1.0 pp
- SIMPLEXINF: Jun 2021 +1.2 pp | Sep 2021 +15.1 pp | Dec 2021 −6.2 pp | Mar 2022 −7.6 pp | Jun 2022 −5.9 pp | Sep 2022 −3.5 pp | Dec 2022 +3.6 pp | Mar 2023 +5.9 pp | Jun 2023 +4.9 pp | Sep 2023 +1.3 pp | Dec 2023 +2.1 pp | Mar 2024 −3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +5.0 pp | Jun 2025 +3.0 pp | Sep 2025 +5.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp
- SPMLINFRA: Jun 2021 −14.7 pp | Sep 2021 −22.0 pp | Dec 2021 +22.6 pp | Mar 2022 +33.6 pp | Jun 2022 +12.7 pp | Sep 2022 −14.9 pp | Dec 2022 −3.4 pp | Mar 2023 +9.2 pp | Jun 2023 −5.1 pp | Sep 2023 +12.0 pp | Dec 2023 0.0 pp | Mar 2024 −5.0 pp | Jun 2024 +6.0 pp | Sep 2024 +7.0 pp | Dec 2024 +6.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp
- LIKHITHA: Jun 2021 +11.2 pp | Sep 2021 +4.6 pp | Dec 2021 +2.1 pp | Mar 2022 +3.3 pp | Jun 2022 −1.8 pp | Sep 2022 +0.6 pp | Dec 2022 +1.7 pp | Mar 2023 −4.8 pp | Jun 2023 −0.1 pp | Sep 2023 −4.0 pp | Dec 2023 −1.6 pp | Mar 2024 +2.5 pp | Jun 2024 −3.8 pp | Sep 2024 −1.7 pp | Dec 2024 −4.1 pp | Mar 2025 −4.7 pp | Jun 2025 −3.8 pp | Sep 2025 −1.9 pp | Dec 2025 −7.1 pp | Mar 2026 −11.7 pp
- GIRIRAJ: Jun 2021 — | Sep 2021 −5.0 pp | Dec 2021 — | Mar 2022 +1.0 pp | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 −2.0 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 +6.0 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 — | Mar 2025 −3.0 pp | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 — | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −5.0 pp | Jun 2025 −1.0 pp | Sep 2025 −7.0 pp | Dec 2025 −18.0 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Larsen & Toubro Ltd leads with ₹18,954 crore of TTM profit, 21.8× the profit of Rail Vikas Nigam Ltd. Giriraj Civil Developers Ltd shows ≥100% on the scoring scale (277.8% uncapped) growth from a ₹34 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Larsen & Toubro 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: Larsen & Toubro Ltd · ₹18,954 crore | 21.8× versus #2 · Rail Vikas Nigam Ltd | 6/8 recent comparable periods | 17/17 companies · 267 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. Larsen & Toubro Ltd (LT): ₹19.0K Cr
2. Rail Vikas Nigam Ltd (RVNL): ₹871 Cr
3. IRB Infrastructure Developers Ltd (IRB): ₹850 Cr
4. PNC Infratech Ltd (PNCINFRA): ₹832 Cr
5. NBCC (India) Ltd (NBCC): ₹743 Cr

### Profit growth — fastest growers
1. Giriraj Civil Developers Ltd (GIRIRAJ): 100% — older report
2. Simplex Infrastructures Ltd (SIMPLEXINF): 100%
3. Cemindia Projects Ltd (CEMPRO): 61%
4. SPML Infra Ltd (SPMLINFRA): 54%
5. Hindustan Construction Company Ltd (HCC): 47%

### 20-quarter Net profit history
- 532467: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹32 Cr
- LT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.1K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹6.1K Cr
- RVNL: Jun 2021 ₹232 Cr | Sep 2021 ₹279 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹306 Cr | Jun 2022 ₹298 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹394 Cr | Dec 2023 ₹359 Cr | Mar 2024 ₹478 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹455 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹182 Cr
- NBCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹71 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹254 Cr
- CEMPRO: Jun 2021 ₹18 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹242 Cr
- IRB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹141 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹296 Cr
- PNCINFRA: Jun 2021 ₹118 Cr | Sep 2021 ₹132 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹247 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹396 Cr | Jun 2024 ₹575 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹431 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹108 Cr
- HCC: Jun 2021 ₹180 Cr | Sep 2021 ₹139 Cr | Dec 2021 ₹64 Cr | Mar 2022 — | Jun 2022 ₹-279 Cr | Sep 2022 ₹319 Cr | Dec 2022 ₹-258 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹59 Cr
- HGINFRA: Jun 2021 ₹101 Cr | Sep 2021 ₹75 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹109 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹85 Cr
- KNRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹580 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹106 Cr
- PATELENG: Jun 2021 ₹0 Cr | Sep 2021 ₹7 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹44 Cr
- RAMKY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹52 Cr
- SIMPLEXINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-137 Cr | Mar 2023 ₹-97 Cr | Jun 2023 ₹-150 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-79 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹19 Cr
- SPMLINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-5 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹27 Cr
- LIKHITHA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹4 Cr
- GIRIRAJ: Jun 2021 — | Sep 2021 ₹2 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-30 Cr | Mar 2026 —

### 20-quarter Profit growth history
- 532467: 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 215% | Jun 2024 -56% | Sep 2024 -20% | Dec 2024 -70% | Mar 2025 -69% | Jun 2025 56% | Sep 2025 -191% | Dec 2025 100% | Mar 2026 88%
- LT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 12% | Jun 2024 11% | Sep 2024 6.6% | Dec 2024 11% | Mar 2025 23% | Jun 2025 25% | Sep 2025 14% | Dec 2025 -3.8% | Mar 2026 -0.4%
- RVNL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 37% | Dec 2022 30% | Mar 2023 17% | Jun 2023 15% | Sep 2023 3.4% | Dec 2023 -6.0% | Mar 2024 33% | Jun 2024 -35% | Sep 2024 -27% | Dec 2024 -13% | Mar 2025 -4.8% | Jun 2025 -40% | Sep 2025 -20% | Dec 2025 3.9% | Mar 2026 -60%
- NBCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 61% | Mar 2024 24% | Jun 2024 39% | Sep 2024 52% | Dec 2024 25% | Mar 2025 30% | Jun 2025 26% | Sep 2025 26% | Dec 2025 39% | Mar 2026 39%
- CEMPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 33% | Dec 2022 85% | Mar 2023 138% | Jun 2023 73% | Sep 2023 170% | Dec 2023 114% | Mar 2024 137% | Jun 2024 92% | Sep 2024 33% | Dec 2024 10% | Mar 2025 26% | Jun 2025 37% | Sep 2025 50% | Dec 2025 28% | Mar 2026 114%
- IRB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 45% | Jun 2024 4.5% | Sep 2024 4.2% | Dec 2024 3,122% | Mar 2025 14% | Jun 2025 44% | Sep 2025 41% | Dec 2025 -97% | Mar 2026 38%
- PNCINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 104% | Sep 2022 -0.8% | Dec 2022 69% | Mar 2023 -41% | Jun 2023 -25% | Sep 2023 13% | Dec 2023 32% | Mar 2024 171% | Jun 2024 218% | Sep 2024 -44% | Dec 2024 -56% | Mar 2025 -81% | Jun 2025 -25% | Sep 2025 160% | Dec 2025 -4.9% | Mar 2026 44%
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -255% | Sep 2022 130% | Dec 2022 -503% | Mar 2023 — | Jun 2023 — | Sep 2023 -101% | Dec 2023 — | Mar 2024 29% | Jun 2024 -104% | Sep 2024 — | Dec 2024 -121% | Mar 2025 -63% | Jun 2025 — | Sep 2025 -25% | Dec 2025 — | Mar 2026 -34%
- HGINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.9% | Sep 2022 9.3% | Dec 2022 30% | Mar 2023 64% | Jun 2023 38% | Sep 2023 17% | Dec 2023 -22% | Mar 2024 11% | Jun 2024 8.7% | Sep 2024 -16% | Dec 2024 13% | Mar 2025 -23% | Jun 2025 -39% | Sep 2025 -36% | Dec 2025 -18% | Mar 2026 -42%
- KNRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 140% | Jun 2024 25% | Sep 2024 306% | Dec 2024 82% | Mar 2025 -98% | Jun 2025 -26% | Sep 2025 -82% | Dec 2025 -58% | Mar 2026 1,225%
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 271% | Dec 2022 -11% | Mar 2023 116% | Jun 2023 4.9% | Sep 2023 46% | Dec 2023 188% | Mar 2024 71% | Jun 2024 28% | Sep 2024 92% | Dec 2024 19% | Mar 2025 -73% | Jun 2025 47% | Sep 2025 0.0% | Dec 2025 -12% | Mar 2026 16%
- RAMKY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 245% | Mar 2024 -95% | Jun 2024 -32% | Sep 2024 -31% | Dec 2024 58% | Mar 2025 -121% | Jun 2025 8.5% | Sep 2025 -8.4% | Dec 2025 30% | Mar 2026 —
- SIMPLEXINF: 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 -74% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -56%
- SPMLINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -129% | Jun 2024 — | Sep 2024 — | Dec 2024 900% | Mar 2025 — | Jun 2025 -7.7% | Sep 2025 15% | Dec 2025 100% | Mar 2026 125%
- LIKHITHA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.0% | Mar 2024 5.7% | Jun 2024 7.2% | Sep 2024 12% | Dec 2024 6.4% | Mar 2025 -0.7% | Jun 2025 -19% | Sep 2025 -34% | Dec 2025 -46% | Mar 2026 -77%
- GIRIRAJ: Jun 2021 — | Sep 2021 100% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 200% | Jun 2024 — | Sep 2024 50% | Dec 2024 — | Mar 2025 67% | Jun 2025 — | Sep 2025 133% | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -26% | Mar 2024 68% | Jun 2024 -6.3% | Sep 2024 14% | Dec 2024 -76% | Mar 2025 -76% | Jun 2025 -53% | Sep 2025 -83% | Dec 2025 -850% | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Patel Engineering Ltd reports ₹55 crore of CAPEX; Patel Engineering Ltd has the highest covered intensity at 4.1%. Coverage is only 1 of 17 companies and 3 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: Patel Engineering Ltd · ₹55 crore | Not enough peers | 3/3 recent comparable periods | 1/17 companies · 3 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. Patel Engineering Ltd (PATELENG): ₹55 Cr

### CAPEX intensity — highest reinvestment intensity
1. Patel Engineering Ltd (PATELENG): 4.1%

### 20-quarter CAPEX history
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹12 Cr | Mar 2024 ₹55 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.8% | Jun 2023 — | Sep 2023 — | Dec 2023 1.1% | Mar 2024 4.1% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Likhitha Infrastructure Ltd has the clearest covered balance-sheet capacity with ₹77 crore net cash and gross debt of ₹0 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: Likhitha Infrastructure Ltd · ₹0 crore | null versus #2 · NBCC (India) Ltd | 8/8 recent comparable periods | 17/17 companies · 215 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. Likhitha Infrastructure Ltd (LIKHITHA): ₹0 Cr
2. NBCC (India) Ltd (NBCC): ₹0 Cr
3. Giriraj Civil Developers Ltd (GIRIRAJ): ₹11 Cr — older report
4. SPML Infra Ltd (SPMLINFRA): ₹358 Cr
5. Hazoor Multi Projects Ltd (532467): ₹455 Cr

### Net debt — lowest net debt
1. Likhitha Infrastructure Ltd (LIKHITHA): ₹-77 Cr
2. SPML Infra Ltd (SPMLINFRA): ₹191 Cr
3. Cemindia Projects Ltd (CEMPRO): ₹271 Cr
4. Hindustan Construction Company Ltd (HCC): ₹420 Cr
5. Patel Engineering Ltd (PATELENG): ₹666 Cr

### 20-quarter Gross debt history
- 532467: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹110 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹195 Cr | Jun 2025 — | Sep 2025 ₹381 Cr | Dec 2025 — | Mar 2026 ₹455 Cr
- LT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.3 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.2 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.3 L Cr | Jun 2025 — | Sep 2025 ₹1.3 L Cr | Dec 2025 — | Mar 2026 ₹1.3 L Cr
- RVNL: Jun 2021 ₹5.7K Cr | Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.4K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.8K Cr
- NBCC: Jun 2021 — | 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 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr
- CEMPRO: Jun 2021 ₹410 Cr | Sep 2021 ₹583 Cr | Dec 2021 ₹583 Cr | Mar 2022 ₹560 Cr | Jun 2022 ₹560 Cr | Sep 2022 ₹604 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹766 Cr | Jun 2023 ₹766 Cr | Sep 2023 ₹783 Cr | Dec 2023 ₹783 Cr | Mar 2024 ₹889 Cr | Jun 2024 ₹889 Cr | Sep 2024 ₹972 Cr | Dec 2024 ₹972 Cr | Mar 2025 ₹993 Cr | Jun 2025 ₹961 Cr | Sep 2025 ₹982 Cr | Dec 2025 ₹982 Cr | Mar 2026 ₹1.0K Cr
- IRB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹16.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹20.6K Cr | Jun 2025 — | Sep 2025 ₹20.9K Cr | Dec 2025 — | Mar 2026 ₹20.0K Cr
- PNCINFRA: Jun 2021 ₹3.8K Cr | Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.8K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.4K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.2K Cr
- HCC: Jun 2021 ₹3.7K Cr | Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.0K Cr
- HGINFRA: Jun 2021 ₹792 Cr | Sep 2021 ₹918 Cr | Dec 2021 ₹918 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.0K Cr
- KNRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹652 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.8K Cr | Jun 2025 — | Sep 2025 ₹2.3K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr
- PATELENG: Jun 2021 ₹2.2K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 — | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.2K Cr
- RAMKY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹834 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹570 Cr | Jun 2025 — | Sep 2025 ₹613 Cr | Dec 2025 — | Mar 2026 ₹591 Cr
- SIMPLEXINF: Jun 2021 ₹4.1K Cr | Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.6K Cr
- SPMLINFRA: Jun 2021 ₹1.8K Cr | Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹549 Cr | Jun 2024 — | Sep 2024 ₹400 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹369 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹351 Cr | Dec 2025 ₹351 Cr | Mar 2026 ₹358 Cr
- LIKHITHA: Jun 2021 ₹0 Cr | 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 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr
- GIRIRAJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹18 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹177 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹250 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹396 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹707 Cr | Jun 2025 — | Sep 2025 ₹717 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- RVNL: Jun 2021 ₹3.6K Cr | Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹912 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.9K Cr
- CEMPRO: Jun 2021 ₹203 Cr | Sep 2021 ₹422 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹292 Cr | Jun 2023 ₹292 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹285 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹524 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹557 Cr | Sep 2025 ₹233 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹271 Cr
- PNCINFRA: Jun 2021 ₹2.3K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr
- HCC: Jun 2021 ₹2.4K Cr | Sep 2021 ₹698 Cr | Dec 2021 ₹698 Cr | Mar 2022 ₹475 Cr | Jun 2022 ₹475 Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹927 Cr | Jun 2025 ₹927 Cr | Sep 2025 ₹953 Cr | Dec 2025 ₹953 Cr | Mar 2026 ₹420 Cr
- HGINFRA: Jun 2021 ₹198 Cr | Sep 2021 ₹799 Cr | Dec 2021 ₹799 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹4.8K Cr
- PATELENG: Jun 2021 ₹2.0K Cr | Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 — | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹956 Cr | Dec 2024 ₹956 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹911 Cr | Mar 2026 ₹666 Cr
- SIMPLEXINF: Jun 2021 ₹4.0K Cr | Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr
- SPMLINFRA: Jun 2021 ₹1.8K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹321 Cr | Jun 2024 — | Sep 2024 ₹328 Cr | Dec 2024 ₹328 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹191 Cr
- LIKHITHA: Jun 2021 ₹-73 Cr | 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 ₹-74 Cr | Dec 2024 ₹-74 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-73 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-77 Cr

## Return On Capital Employed

What the numbers say: Cemindia Projects Ltd leads ROCE at 32.8%, 1.8 percentage points above NBCC (India) Ltd. Giriraj Civil Developers Ltd has the strongest latest improvement at +4 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: Cemindia Projects 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: Cemindia Projects Ltd · 32.8% | 5.8% versus #2 · NBCC (India) Ltd | 5/8 recent comparable periods | 17/17 companies · 135 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. Cemindia Projects Ltd (CEMPRO): 33%
2. NBCC (India) Ltd (NBCC): 31%
3. Hindustan Construction Company Ltd (HCC): 23%
4. Giriraj Civil Developers Ltd (GIRIRAJ): 20% — older report
5. Larsen & Toubro Ltd (LT): 15%

### ROCE change — fastest improvers
1. Giriraj Civil Developers Ltd (GIRIRAJ): +4.0 pp — older report
2. Simplex Infrastructures Ltd (SIMPLEXINF): +2.4 pp
3. SPML Infra Ltd (SPMLINFRA): +0.7 pp
4. Cemindia Projects Ltd (CEMPRO): +0.1 pp
5. Larsen & Toubro Ltd (LT): 0.0 pp

### 20-quarter ROCE history
- RVNL: Jun 2021 — | Sep 2021 7.9% | Dec 2021 — | Mar 2022 9.0% | Jun 2022 — | Sep 2022 9.7% | Dec 2022 — | Mar 2023 8.8% | Jun 2023 — | Sep 2023 9.1% | Dec 2023 18% | Mar 2024 9.1% | Jun 2024 17% | Sep 2024 8.4% | Dec 2024 17% | Mar 2025 7.6% | Jun 2025 14% | Sep 2025 6.5% | Dec 2025 14% | Mar 2026 5.0%
- CEMPRO: Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 27% | Dec 2023 37% | Mar 2024 32% | Jun 2024 41% | Sep 2024 34% | Dec 2024 42% | Mar 2025 33% | Jun 2025 41% | Sep 2025 32% | Dec 2025 41% | Mar 2026 33%
- PNCINFRA: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 13% | Jun 2023 13% | Sep 2023 12% | Dec 2023 15% | Mar 2024 14% | Jun 2024 20% | Sep 2024 16% | Dec 2024 18% | Mar 2025 12% | Jun 2025 12% | Sep 2025 10% | Dec 2025 13% | Mar 2026 8.3%
- HCC: Jun 2021 — | Sep 2021 29% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 6.6% | Jun 2023 — | Sep 2023 19% | Dec 2023 30% | Mar 2024 18% | Jun 2024 30% | Sep 2024 12% | Dec 2024 42% | Mar 2025 20% | Jun 2025 36% | Sep 2025 18% | Dec 2025 22% | Mar 2026 14%
- HGINFRA: Jun 2021 — | Sep 2021 30% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 29% | Dec 2023 31% | Mar 2024 25% | Jun 2024 28% | Sep 2024 21% | Dec 2024 26% | Mar 2025 14% | Jun 2025 18% | Sep 2025 11% | Dec 2025 15% | Mar 2026 13%
- PATELENG: Jun 2021 — | Sep 2021 6.5% | Dec 2021 — | Mar 2022 9.5% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 11% | Mar 2024 12% | Jun 2024 15% | Sep 2024 11% | Dec 2024 16% | Mar 2025 12% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10%
- SIMPLEXINF: Jun 2021 — | Sep 2021 -0.8% | Dec 2021 — | Mar 2022 -7.5% | Jun 2022 — | Sep 2022 -15% | Dec 2022 — | Mar 2023 -17% | Jun 2023 — | Sep 2023 -18% | Dec 2023 -4.4% | Mar 2024 -11% | Jun 2024 -5.8% | Sep 2024 -15% | Dec 2024 -10% | Mar 2025 -1.4% | Jun 2025 4.0% | Sep 2025 0.2% | Dec 2025 7.5% | Mar 2026 1.0%
- SPMLINFRA: Jun 2021 — | Sep 2021 -6.8% | Dec 2021 — | Mar 2022 -0.3% | Jun 2022 — | Sep 2022 -0.5% | Dec 2022 — | Mar 2023 2.4% | Jun 2023 — | Sep 2023 3.2% | Dec 2023 5.3% | Mar 2024 5.1% | Jun 2024 6.8% | Sep 2024 7.1% | Dec 2024 9.0% | Mar 2025 3.2% | Jun 2025 6.6% | Sep 2025 2.4% | Dec 2025 6.8% | Mar 2026 3.9%
- LIKHITHA: Jun 2021 — | Sep 2021 32% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 29% | Dec 2023 36% | Mar 2024 28% | Jun 2024 33% | Sep 2024 27% | Dec 2024 31% | Mar 2025 24% | Jun 2025 26% | Sep 2025 19% | Dec 2025 19% | Mar 2026 12%

### 20-quarter ROCE change history
- RVNL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −1.6 pp | Mar 2025 −1.5 pp | Jun 2025 −3.2 pp | Sep 2025 −1.9 pp | Dec 2025 −3.0 pp | Mar 2026 −2.6 pp
- CEMPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 +11.1 pp | Dec 2023 — | Mar 2024 +12.1 pp | Jun 2024 — | Sep 2024 +6.7 pp | Dec 2024 +4.8 pp | Mar 2025 +1.7 pp | Jun 2025 −0.5 pp | Sep 2025 −1.5 pp | Dec 2025 −0.8 pp | Mar 2026 +0.1 pp
- PNCINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −1.5 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 +7.2 pp | Sep 2024 +3.6 pp | Dec 2024 +3.4 pp | Mar 2025 −1.8 pp | Jun 2025 −8.2 pp | Sep 2025 −5.6 pp | Dec 2025 −4.9 pp | Mar 2026 −3.6 pp
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +8.3 pp | Dec 2023 — | Mar 2024 +11.3 pp | Jun 2024 — | Sep 2024 −7.1 pp | Dec 2024 +11.8 pp | Mar 2025 +1.6 pp | Jun 2025 +5.9 pp | Sep 2025 +5.9 pp | Dec 2025 −19.7 pp | Mar 2026 −6.0 pp
- HGINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.0 pp | Dec 2022 — | Mar 2023 −3.0 pp | Jun 2023 — | Sep 2023 +5.3 pp | Dec 2023 — | Mar 2024 +2.1 pp | Jun 2024 — | Sep 2024 −8.2 pp | Dec 2024 −5.0 pp | Mar 2025 −10.8 pp | Jun 2025 −9.7 pp | Sep 2025 −9.2 pp | Dec 2025 −11.4 pp | Mar 2026 −1.2 pp
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.9 pp | Dec 2022 — | Mar 2023 +1.1 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 +4.5 pp | Mar 2025 0.0 pp | Jun 2025 −2.8 pp | Sep 2025 +0.4 pp | Dec 2025 −5.0 pp | Mar 2026 −1.8 pp
- SIMPLEXINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.0 pp | Dec 2022 — | Mar 2023 −9.7 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 +5.8 pp | Jun 2024 — | Sep 2024 +3.1 pp | Dec 2024 −5.6 pp | Mar 2025 +10.0 pp | Jun 2025 +9.8 pp | Sep 2025 +15.0 pp | Dec 2025 +17.5 pp | Mar 2026 +2.4 pp
- SPMLINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.3 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 — | Sep 2023 +3.7 pp | Dec 2023 — | Mar 2024 +2.7 pp | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 +3.7 pp | Mar 2025 −1.9 pp | Jun 2025 −0.2 pp | Sep 2025 −4.7 pp | Dec 2025 −2.2 pp | Mar 2026 +0.7 pp
- LIKHITHA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 −2.4 pp | Dec 2023 — | Mar 2024 −3.4 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 −4.3 pp | Mar 2025 −3.8 pp | Jun 2025 −7.0 pp | Sep 2025 −7.5 pp | Dec 2025 −12.1 pp | Mar 2026 −11.9 pp

## Valuation Against Growth & Quality

What the numbers say: PNC Infratech Ltd has the lowest comparable Guarded PEG at 0.17×, 19% below Patel Engineering Ltd. Only 6 of 17 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: PNC Infratech Ltd · 0.17× | 19% versus #2 · Patel Engineering Ltd | 0/8 recent comparable periods | 6/17 companies · 38 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. PNC Infratech Ltd (PNCINFRA): 0.2
2. Patel Engineering Ltd (PATELENG): 0.2
3. Hindustan Construction Company Ltd (HCC): 1.3
4. H.G. Infra Engineering Ltd (HGINFRA): 3.2
5. Rail Vikas Nigam Ltd (RVNL): 5.1

### P/E — lowest P/E
1. Patel Engineering Ltd (PATELENG): 7.0
2. KNR Constructions Ltd (KNRCON): 7.8
3. Ramky Infrastructure Ltd (RAMKY): 11.3
4. H.G. Infra Engineering Ltd (HGINFRA): 11.8
5. PNC Infratech Ltd (PNCINFRA): 13.6

### 20-quarter Guarded PEG history
- RVNL: Jun 2021 — | Sep 2021 0.1 | Dec 2021 — | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 1.4 | Dec 2023 2.7 | Mar 2024 — | Jun 2024 5.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CEMPRO: Jun 2021 — | Sep 2021 4.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 — | Sep 2025 3.0 | Dec 2025 5.8 | Mar 2026 —
- PNCINFRA: Jun 2021 0.5 | Sep 2021 — | Dec 2021 — | Mar 2022 1.2 | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HCC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- HGINFRA: Jun 2021 0.3 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.4 | Dec 2022 0.9 | Mar 2023 1.2 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 1.0 | Jun 2024 3.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- PATELENG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 0.3 | Sep 2023 1.2 | Dec 2023 — | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 3.1 | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 —

### 20-quarter P/E history
- 532467: Jun 2021 85.0 | Sep 2021 164.0 | Dec 2021 241.0 | Mar 2022 242.0 | Jun 2022 302.0 | Sep 2022 645.0 | Dec 2022 714.0 | Mar 2023 918.0 | Jun 2023 1,380.0 | Sep 2023 1,242.0 | Dec 2023 2,022.0 | Mar 2024 — | Jun 2024 — | Sep 2024 17.2 | Dec 2024 10.4 | Mar 2025 10.3 | Jun 2025 20.2 | Sep 2025 19.4 | Dec 2025 35.0 | Mar 2026 20.5
- LT: Jun 2021 15.0 | Sep 2021 16.4 | Dec 2021 30.6 | Mar 2022 29.7 | Jun 2022 24.4 | Sep 2022 28.4 | Dec 2022 30.5 | Mar 2023 30.3 | Jun 2023 33.4 | Sep 2023 38.0 | Dec 2023 40.4 | Mar 2024 41.4 | Jun 2024 40.0 | Sep 2024 38.3 | Dec 2024 36.8 | Mar 2025 34.6 | Jun 2025 32.9 | Sep 2025 33.0 | Dec 2025 34.6 | Mar 2026 28.8
- RVNL: Jun 2021 8.0 | Sep 2021 5.8 | Dec 2021 6.2 | Mar 2022 6.0 | Jun 2022 5.3 | Sep 2022 5.6 | Dec 2022 10.5 | Mar 2023 9.9 | Jun 2023 17.9 | Sep 2023 24.1 | Dec 2023 25.6 | Mar 2024 36.2 | Jun 2024 55.2 | Sep 2024 75.4 | Dec 2024 65.9 | Mar 2025 56.4 | Jun 2025 64.5 | Sep 2025 59.3 | Dec 2025 71.5 | Mar 2026 48.2
- NBCC: Jun 2021 44.7 | Sep 2021 32.9 | Dec 2021 29.2 | Mar 2022 25.2 | Jun 2022 18.8 | Sep 2022 17.4 | Dec 2022 20.4 | Mar 2023 17.5 | Jun 2023 18.1 | Sep 2023 27.3 | Dec 2023 35.5 | Mar 2024 48.9 | Jun 2024 53.7 | Sep 2024 57.4 | Dec 2024 45.6 | Mar 2025 39.0 | Jun 2025 54.5 | Sep 2025 44.6 | Dec 2025 49.4 | Mar 2026 32.7
- CEMPRO: Jun 2021 90.0 | Sep 2021 26.4 | Dec 2021 12.0 | Mar 2022 10.8 | Jun 2022 16.0 | Sep 2022 24.2 | Dec 2022 23.8 | Mar 2023 17.4 | Jun 2023 22.6 | Sep 2023 25.4 | Dec 2023 27.2 | Mar 2024 25.9 | Jun 2024 33.0 | Sep 2024 29.0 | Dec 2024 26.9 | Mar 2025 28.1 | Jun 2025 56.6 | Sep 2025 38.0 | Dec 2025 37.9 | Mar 2026 19.3
- IRB: Jun 2021 47.8 | Sep 2021 28.1 | Dec 2021 28.4 | Mar 2022 32.8 | Jun 2022 28.3 | Sep 2022 18.3 | Dec 2022 25.1 | Mar 2023 20.0 | Jun 2023 22.4 | Sep 2023 38.5 | Dec 2023 50.7 | Mar 2024 65.1 | Jun 2024 64.9 | Sep 2024 61.7 | Dec 2024 54.2 | Mar 2025 36.4 | Jun 2025 38.8 | Sep 2025 29.7 | Dec 2025 29.3 | Mar 2026 31.0
- PNCINFRA: Jun 2021 12.9 | Sep 2021 18.1 | Dec 2021 11.7 | Mar 2022 13.0 | Jun 2022 10.2 | Sep 2022 9.7 | Dec 2022 10.5 | Mar 2023 9.7 | Jun 2023 12.8 | Sep 2023 15.7 | Dec 2023 14.7 | Mar 2024 17.0 | Jun 2024 13.6 | Sep 2024 8.5 | Dec 2024 6.8 | Mar 2025 5.7 | Jun 2025 9.5 | Sep 2025 18.9 | Dec 2025 15.6 | Mar 2026 10.6
- HCC: Jun 2021 -98.0 | Sep 2021 194.8 | Dec 2021 6.8 | Mar 2022 7.6 | Jun 2022 7.0 | Sep 2022 7.4 | Dec 2022 — | Mar 2023 -74.4 | Jun 2023 10.0 | Sep 2023 — | Dec 2023 10.2 | Mar 2024 38.0 | Jun 2024 45.6 | Sep 2024 14.4 | Dec 2024 — | Mar 2025 38.6 | Jun 2025 30.9 | Sep 2025 32.9 | Dec 2025 25.2 | Mar 2026 23.1
- HGINFRA: Jun 2021 10.6 | Sep 2021 13.0 | Dec 2021 10.5 | Mar 2022 9.5 | Jun 2022 9.2 | Sep 2022 9.9 | Dec 2022 10.2 | Mar 2023 12.0 | Jun 2023 11.3 | Sep 2023 11.5 | Dec 2023 10.1 | Mar 2024 11.7 | Jun 2024 21.8 | Sep 2024 18.7 | Dec 2024 18.6 | Mar 2025 13.2 | Jun 2025 13.0 | Sep 2025 12.4 | Dec 2025 10.3 | Mar 2026 7.9
- KNRCON: Jun 2021 18.5 | Sep 2021 20.5 | Dec 2021 21.3 | Mar 2022 23.4 | Jun 2022 17.1 | Sep 2022 18.4 | Dec 2022 18.7 | Mar 2023 17.1 | Jun 2023 16.0 | Sep 2023 16.9 | Dec 2023 14.3 | Mar 2024 12.1 | Jun 2024 12.6 | Sep 2024 11.7 | Dec 2024 7.9 | Mar 2025 5.2 | Jun 2025 5.8 | Sep 2025 5.4 | Dec 2025 7.3 | Mar 2026 5.7
- PATELENG: Jun 2021 — | Sep 2021 -5.8 | Dec 2021 65.2 | Mar 2022 16.2 | Jun 2022 18.3 | Sep 2022 12.4 | Dec 2022 10.1 | Mar 2023 9.6 | Jun 2023 18.6 | Sep 2023 27.3 | Dec 2023 28.9 | Mar 2024 25.4 | Jun 2024 26.3 | Sep 2024 22.5 | Dec 2024 17.4 | Mar 2025 10.3 | Jun 2025 11.2 | Sep 2025 9.5 | Dec 2025 7.5 | Mar 2026 6.2
- RAMKY: Jun 2021 52.6 | Sep 2021 9.8 | Dec 2021 7.1 | Mar 2022 8.0 | Jun 2022 42.3 | Sep 2022 49.9 | Dec 2022 — | Mar 2023 — | Jun 2023 33.2 | Sep 2023 23.5 | Dec 2023 23.1 | Mar 2024 12.6 | Jun 2024 13.0 | Sep 2024 16.9 | Dec 2024 17.9 | Mar 2025 11.9 | Jun 2025 19.8 | Sep 2025 20.3 | Dec 2025 20.8 | Mar 2026 14.4
- SIMPLEXINF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -8.1 | Jun 2024 — | Sep 2024 19.6 | Dec 2024 26.6 | Mar 2025 13.9 | Jun 2025 11.8 | Sep 2025 12.2 | Dec 2025 30.4 | Mar 2026 27.5
- SPMLINFRA: Jun 2021 — | Sep 2021 -1.8 | Dec 2021 15.8 | Mar 2022 — | Jun 2022 157.1 | Sep 2022 41.1 | Dec 2022 37.7 | Mar 2023 196.4 | Jun 2023 520.2 | Sep 2023 27.3 | Dec 2023 48.5 | Mar 2024 38.1 | Jun 2024 39.8 | Sep 2024 73.6 | Dec 2024 100.8 | Mar 2025 43.6 | Jun 2025 33.7 | Sep 2025 35.2 | Dec 2025 25.3 | Mar 2026 19.7
- LIKHITHA: Jun 2021 21.1 | Sep 2021 17.2 | Dec 2021 15.2 | Mar 2022 12.4 | Jun 2022 10.5 | Sep 2022 16.2 | Dec 2022 16.6 | Mar 2023 16.1 | Jun 2023 17.0 | Sep 2023 21.3 | Dec 2023 17.4 | Mar 2024 14.3 | Jun 2024 27.5 | Sep 2024 22.9 | Dec 2024 20.4 | Mar 2025 15.3 | Jun 2025 16.5 | Sep 2025 14.1 | Dec 2025 12.9 | Mar 2026 13.1
- GIRIRAJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 138.1 | Dec 2023 — | Mar 2024 242.5 | Jun 2024 — | Sep 2024 92.0 | Dec 2024 — | Mar 2025 62.8 | Jun 2025 — | Sep 2025 88.7 | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17.8 | Dec 2023 22.3 | Mar 2024 16.4 | Jun 2024 19.5 | Sep 2024 24.8 | Dec 2024 29.2 | Mar 2025 18.6 | Jun 2025 36.2 | Sep 2025 22.8 | Dec 2025 23.8 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Patel Engineering Ltd leads ev/ebitda at 3.9×; Vishnu Prakash R Punglia Ltd leads p/bv at 0.52×.

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: Patel Engineering Ltd · 3.9× | 37.1% versus #2 · Hindustan Construction Company Ltd | 0/8 recent comparable periods | 17/17 companies · 308 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. Patel Engineering Ltd (PATELENG): 3.9
2. Hindustan Construction Company Ltd (HCC): 6.2
3. KNR Constructions Ltd (KNRCON): 6.2
4. PNC Infratech Ltd (PNCINFRA): 6.4
5. Ramky Infrastructure Ltd (RAMKY): 7.2

### P/BV — lowest P/BV
1. Vishnu Prakash R Punglia Ltd (VPRPL): 0.5
2. Patel Engineering Ltd (PATELENG): 0.6
3. KNR Constructions Ltd (KNRCON): 0.7
4. PNC Infratech Ltd (PNCINFRA): 0.9
5. Hazoor Multi Projects Ltd (532467): 1.0

### 20-quarter EV/EBITDA history
- 532467: Jun 2021 255.7 | Sep 2021 496.3 | Dec 2021 730.9 | Mar 2022 733.9 | Jun 2022 916.7 | Sep 2022 1,961.5 | Dec 2022 2,171.6 | Mar 2023 2,793.0 | Jun 2023 4,200.3 | Sep 2023 3,712.9 | Dec 2023 4,102.1 | Mar 2024 — | Jun 2024 — | Sep 2024 13.6 | Dec 2024 9.2 | Mar 2025 8.7 | Jun 2025 9.8 | Sep 2025 10.7 | Dec 2025 16.0 | Mar 2026 10.1
- LT: Jun 2021 9.8 | Sep 2021 10.7 | Dec 2021 15.2 | Mar 2022 14.8 | Jun 2022 14.0 | Sep 2022 14.5 | Dec 2022 14.3 | Mar 2023 14.1 | Jun 2023 15.3 | Sep 2023 16.5 | Dec 2023 18.3 | Mar 2024 19.0 | Jun 2024 18.2 | Sep 2024 18.0 | Dec 2024 17.4 | Mar 2025 16.6 | Jun 2025 16.1 | Sep 2025 16.3 | Dec 2025 17.2 | Mar 2026 14.8
- RVNL: Jun 2021 9.1 | Sep 2021 5.3 | Dec 2021 6.3 | Mar 2022 5.7 | Jun 2022 5.2 | Sep 2022 5.2 | Dec 2022 7.7 | Mar 2023 5.9 | Jun 2023 10.5 | Sep 2023 15.9 | Dec 2023 15.7 | Mar 2024 21.6 | Jun 2024 34.6 | Sep 2024 46.0 | Dec 2024 37.9 | Mar 2025 32.0 | Jun 2025 38.5 | Sep 2025 34.9 | Dec 2025 42.5 | Mar 2026 30.0
- NBCC: Jun 2021 16.4 | Sep 2021 7.7 | Dec 2021 9.2 | Mar 2022 5.4 | Jun 2022 — | Sep 2022 1.1 | Dec 2022 4.0 | Mar 2023 1.4 | Jun 2023 2.7 | Sep 2023 10.3 | Dec 2023 17.2 | Mar 2024 27.6 | Jun 2024 31.2 | Sep 2024 34.2 | Dec 2024 26.0 | Mar 2025 21.5 | Jun 2025 33.0 | Sep 2025 25.3 | Dec 2025 29.9 | Mar 2026 18.2
- CEMPRO: Jun 2021 6.5 | Sep 2021 5.2 | Dec 2021 4.7 | Mar 2022 4.1 | Jun 2022 4.0 | Sep 2022 6.2 | Dec 2022 6.0 | Mar 2023 4.5 | Jun 2023 6.2 | Sep 2023 7.2 | Dec 2023 8.4 | Mar 2024 8.4 | Jun 2024 11.3 | Sep 2024 10.7 | Dec 2024 10.7 | Mar 2025 11.2 | Jun 2025 19.2 | Sep 2025 15.1 | Dec 2025 15.1 | Mar 2026 9.2
- IRB: Jun 2021 5.0 | Sep 2021 8.2 | Dec 2021 10.5 | Mar 2022 10.3 | Jun 2022 9.4 | Sep 2022 7.7 | Dec 2022 9.1 | Mar 2023 8.7 | Jun 2023 9.1 | Sep 2023 10.6 | Dec 2023 12.7 | Mar 2024 15.1 | Jun 2024 14.1 | Sep 2024 14.1 | Dec 2024 13.0 | Mar 2025 11.1 | Jun 2025 12.1 | Sep 2025 10.5 | Dec 2025 10.8 | Mar 2026 10.6
- PNCINFRA: Jun 2021 5.9 | Sep 2021 8.0 | Dec 2021 6.4 | Mar 2022 6.5 | Jun 2022 5.6 | Sep 2022 6.6 | Dec 2022 7.1 | Mar 2023 6.5 | Jun 2023 7.4 | Sep 2023 9.3 | Dec 2023 9.2 | Mar 2024 10.0 | Jun 2024 8.6 | Sep 2024 6.8 | Dec 2024 6.2 | Mar 2025 5.5 | Jun 2025 6.4 | Sep 2025 9.4 | Dec 2025 7.2 | Mar 2026 6.4
- HCC: Jun 2021 10.8 | Sep 2021 5.2 | Dec 2021 2.4 | Mar 2022 2.4 | Jun 2022 3.7 | Sep 2022 5.8 | Dec 2022 7.0 | Mar 2023 4.6 | Jun 2023 7.3 | Sep 2023 11.1 | Dec 2023 9.3 | Mar 2024 6.8 | Jun 2024 16.6 | Sep 2024 14.6 | Dec 2024 14.3 | Mar 2025 18.6 | Jun 2025 11.1 | Sep 2025 9.1 | Dec 2025 9.1 | Mar 2026 6.2
- HGINFRA: Jun 2021 5.9 | Sep 2021 7.7 | Dec 2021 6.7 | Mar 2022 6.2 | Jun 2022 5.6 | Sep 2022 6.9 | Dec 2022 7.1 | Mar 2023 7.7 | Jun 2023 7.3 | Sep 2023 7.8 | Dec 2023 6.5 | Mar 2024 6.9 | Jun 2024 12.1 | Sep 2024 10.2 | Dec 2024 10.9 | Mar 2025 8.3 | Jun 2025 7.5 | Sep 2025 9.4 | Dec 2025 9.8 | Mar 2026 8.2
- KNRCON: Jun 2021 9.3 | Sep 2021 10.8 | Dec 2021 11.7 | Mar 2022 11.8 | Jun 2022 8.3 | Sep 2022 9.4 | Dec 2022 9.4 | Mar 2023 8.4 | Jun 2023 8.4 | Sep 2023 8.8 | Dec 2023 8.6 | Mar 2024 8.0 | Jun 2024 8.6 | Sep 2024 8.1 | Dec 2024 4.8 | Mar 2025 3.4 | Jun 2025 3.7 | Sep 2025 3.8 | Dec 2025 6.9 | Mar 2026 6.2
- PATELENG: Jun 2021 10.3 | Sep 2021 8.1 | Dec 2021 9.3 | Mar 2022 7.1 | Jun 2022 5.9 | Sep 2022 5.4 | Dec 2022 5.1 | Mar 2023 4.9 | Jun 2023 7.4 | Sep 2023 8.8 | Dec 2023 9.8 | Mar 2024 9.6 | Jun 2024 10.1 | Sep 2024 9.1 | Dec 2024 7.4 | Mar 2025 5.4 | Jun 2025 6.1 | Sep 2025 5.3 | Dec 2025 4.2 | Mar 2026 3.9
- RAMKY: Jun 2021 11.3 | Sep 2021 8.3 | Dec 2021 4.4 | Mar 2022 3.9 | Jun 2022 5.8 | Sep 2022 6.0 | Dec 2022 6.7 | Mar 2023 6.8 | Jun 2023 8.9 | Sep 2023 8.7 | Dec 2023 9.3 | Mar 2024 6.4 | Jun 2024 7.2 | Sep 2024 8.5 | Dec 2024 8.4 | Mar 2025 6.2 | Jun 2025 8.8 | Sep 2025 9.0 | Dec 2025 9.3 | Mar 2026 7.2
- SIMPLEXINF: Jun 2021 — | Sep 2021 59.4 | Dec 2021 29.1 | Mar 2022 36.2 | Jun 2022 84.3 | Sep 2022 75.6 | Dec 2022 90.3 | Mar 2023 74.7 | Jun 2023 55.1 | Sep 2023 106.7 | Dec 2023 130.1 | Mar 2024 126.3 | Jun 2024 145.2 | Sep 2024 185.2 | Dec 2024 214.6 | Mar 2025 263.4 | Jun 2025 262.4 | Sep 2025 82.7 | Dec 2025 71.7 | Mar 2026 55.0
- SPMLINFRA: Jun 2021 34.0 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64.9 | Sep 2022 41.9 | Dec 2022 64.4 | Mar 2023 91.5 | Jun 2023 33.5 | Sep 2023 38.5 | Dec 2023 36.7 | Mar 2024 36.9 | Jun 2024 46.8 | Sep 2024 24.5 | Dec 2024 20.6 | Mar 2025 13.3 | Jun 2025 24.1 | Sep 2025 22.4 | Dec 2025 18.7 | Mar 2026 15.6
- LIKHITHA: Jun 2021 14.0 | Sep 2021 11.8 | Dec 2021 10.2 | Mar 2022 7.9 | Jun 2022 7.0 | Sep 2022 11.0 | Dec 2022 11.2 | Mar 2023 10.9 | Jun 2023 11.5 | Sep 2023 14.0 | Dec 2023 11.1 | Mar 2024 8.8 | Jun 2024 17.5 | Sep 2024 14.1 | Dec 2024 12.7 | Mar 2025 9.4 | Jun 2025 10.3 | Sep 2025 8.7 | Dec 2025 7.9 | Mar 2026 7.8
- GIRIRAJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 69.7 | Dec 2023 — | Mar 2024 144.4 | Jun 2024 — | Sep 2024 53.6 | Dec 2024 — | Mar 2025 36.6 | Jun 2025 — | Sep 2025 51.6 | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14.6 | Dec 2023 17.8 | Mar 2024 11.5 | Jun 2024 12.2 | Sep 2024 14.9 | Dec 2024 17.6 | Mar 2025 11.2 | Jun 2025 14.8 | Sep 2025 11.2 | Dec 2025 10.2 | Mar 2026 —

### 20-quarter P/BV history
- 532467: Jun 2021 0.7 | Sep 2021 1.3 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 2.4 | Sep 2022 5.2 | Dec 2022 5.8 | Mar 2023 7.4 | Jun 2023 11.1 | Sep 2023 10.0 | Dec 2023 25.1 | Mar 2024 23.2 | Jun 2024 19.2 | Sep 2024 4.6 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 3.0 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.4
- LT: Jun 2021 3.2 | Sep 2021 3.3 | Dec 2021 3.5 | Mar 2022 3.2 | Jun 2022 2.8 | Sep 2022 3.2 | Dec 2022 3.6 | Mar 2023 3.7 | Jun 2023 4.2 | Sep 2023 4.8 | Dec 2023 6.2 | Mar 2024 6.6 | Jun 2024 5.7 | Sep 2024 5.9 | Dec 2024 5.6 | Mar 2025 5.4 | Jun 2025 5.2 | Sep 2025 5.2 | Dec 2025 5.5 | Mar 2026 4.8
- RVNL: Jun 2021 1.3 | Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 4.0 | Sep 2023 4.9 | Dec 2023 4.8 | Mar 2024 6.7 | Jun 2024 12.0 | Sep 2024 12.6 | Dec 2024 10.1 | Mar 2025 8.3 | Jun 2025 9.4 | Sep 2025 7.4 | Dec 2025 8.5 | Mar 2026 5.8
- NBCC: Jun 2021 6.8 | Sep 2021 5.1 | Dec 2021 5.0 | Mar 2022 4.2 | Jun 2022 3.1 | Sep 2022 3.1 | Dec 2022 4.0 | Mar 2023 3.6 | Jun 2023 4.0 | Sep 2023 5.4 | Dec 2023 7.3 | Mar 2024 10.7 | Jun 2024 14.5 | Sep 2024 14.3 | Dec 2024 10.8 | Mar 2025 9.5 | Jun 2025 14.4 | Sep 2025 11.5 | Dec 2025 12.3 | Mar 2026 8.1
- CEMPRO: Jun 2021 1.4 | Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 1.6 | Jun 2023 2.5 | Sep 2023 3.0 | Dec 2023 3.7 | Mar 2024 4.3 | Jun 2024 7.3 | Sep 2024 6.2 | Dec 2024 5.6 | Mar 2025 5.9 | Jun 2025 10.2 | Sep 2025 7.5 | Dec 2025 6.7 | Mar 2026 4.4
- IRB: Jun 2021 0.8 | Sep 2021 0.9 | Dec 2021 1.1 | Mar 2022 2.0 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.9 | Mar 2024 2.6 | Jun 2024 2.9 | Sep 2024 2.8 | Dec 2024 2.4 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.2
- PNCINFRA: Jun 2021 2.5 | Sep 2021 3.1 | Dec 2021 2.0 | Mar 2022 1.9 | Jun 2022 1.9 | Sep 2022 1.7 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 1.9 | Mar 2024 2.4 | Jun 2024 2.9 | Sep 2024 2.1 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 0.7
- HCC: Jun 2021 -3.2 | Sep 2021 -1.4 | Dec 2021 -3.4 | Mar 2022 -3.4 | Jun 2022 -1.9 | Sep 2022 -3.6 | Dec 2022 -5.3 | Mar 2023 -4.0 | Jun 2023 -5.9 | Sep 2023 -7.6 | Dec 2023 -8.5 | Mar 2024 -9.8 | Jun 2024 -13.6 | Sep 2024 -51.3 | Dec 2024 29.8 | Mar 2025 21.5 | Jun 2025 -44.9 | Sep 2025 6.7 | Dec 2025 4.5 | Mar 2026 3.5
- HGINFRA: Jun 2021 3.0 | Sep 2021 3.9 | Dec 2021 3.0 | Mar 2022 3.0 | Jun 2022 3.3 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 3.5 | Jun 2023 3.9 | Sep 2023 3.2 | Dec 2023 2.6 | Mar 2024 2.7 | Jun 2024 6.0 | Sep 2024 4.1 | Dec 2024 3.6 | Mar 2025 2.6 | Jun 2025 2.8 | Sep 2025 2.1 | Dec 2025 1.6 | Mar 2026 1.0
- KNRCON: Jun 2021 3.9 | Sep 2021 4.2 | Dec 2021 3.9 | Mar 2022 3.7 | Jun 2022 3.2 | Sep 2022 2.5 | Dec 2022 2.8 | Mar 2023 3.1 | Jun 2023 2.9 | Sep 2023 2.9 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 3.5 | Sep 2024 2.7 | Dec 2024 2.1 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 0.7
- PATELENG: Jun 2021 0.5 | Sep 2021 0.5 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 1.1 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.7 | Jun 2024 2.0 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.6
- RAMKY: Jun 2021 3.2 | Sep 2021 2.9 | Dec 2021 3.2 | Mar 2022 3.0 | Jun 2022 2.9 | Sep 2022 4.4 | Dec 2022 6.0 | Mar 2023 7.3 | Jun 2023 9.7 | Sep 2023 3.0 | Dec 2023 3.4 | Mar 2024 2.1 | Jun 2024 2.8 | Sep 2024 2.7 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.5
- SIMPLEXINF: Jun 2021 0.2 | Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 1.2 | Dec 2023 3.1 | Mar 2024 4.0 | Jun 2024 2.4 | Sep 2024 5.8 | Dec 2024 8.8 | Mar 2025 9.4 | Jun 2025 6.7 | Sep 2025 3.6 | Dec 2025 2.2 | Mar 2026 1.3
- SPMLINFRA: Jun 2021 0.1 | Sep 2021 0.1 | Dec 2021 0.4 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.2 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 1.4 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 3.0 | Dec 2024 2.6 | Mar 2025 2.0 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 1.6 | Mar 2026 1.5
- LIKHITHA: Jun 2021 5.2 | Sep 2021 4.4 | Dec 2021 4.0 | Mar 2022 3.0 | Jun 2022 2.5 | Sep 2022 3.4 | Dec 2022 4.1 | Mar 2023 4.8 | Jun 2023 5.3 | Sep 2023 5.3 | Dec 2023 4.0 | Mar 2024 3.3 | Jun 2024 7.2 | Sep 2024 4.9 | Dec 2024 4.2 | Mar 2025 3.1 | Jun 2025 3.7 | Sep 2025 2.5 | Dec 2025 1.9 | Mar 2026 1.7
- GIRIRAJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.3 | Dec 2023 — | Mar 2024 18.1 | Jun 2024 — | Sep 2024 8.2 | Dec 2024 — | Mar 2025 5.6 | Jun 2025 — | Sep 2025 7.9 | Dec 2025 — | Mar 2026 —
- VPRPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2 | Mar 2024 2.9 | Jun 2024 3.4 | Sep 2024 4.2 | Dec 2024 4.7 | Mar 2025 2.7 | Jun 2025 2.9 | Sep 2025 1.5 | Dec 2025 0.9 | Mar 2026 —

## Market action

Cemindia Projects Ltd has the strongest one-year price move in Infra - Construction & Contracting at +99.9%. It also leads on Mansfield relative strength against NIFTY at +95.3%. 4 of 17 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Cemindia Projects Ltd (CEMPRO): 100%
2. Larsen & Toubro Ltd (LT): 10%
3. Hindustan Construction Company Ltd (HCC): -6.3%
4. NBCC (India) Ltd (NBCC): -14%
5. Likhitha Infrastructure Ltd (LIKHITHA): -16%

### Strongest relative strength versus NIFTY 500
1. Cemindia Projects Ltd (CEMPRO): 95%
2. Likhitha Infrastructure Ltd (LIKHITHA): 13%
3. Hindustan Construction Company Ltd (HCC): 5.2%
4. Simplex Infrastructures Ltd (SIMPLEXINF): 1.7%
5. PNC Infratech Ltd (PNCINFRA): -1.4%

## 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 has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 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.
- 5 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: Capital expenditure have fewer than three usable current readings.

## Every company
- Larsen & Toubro Ltd (LT) — market value ₹5.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Rail Vikas Nigam Ltd (RVNL) — market value ₹46.8K Cr; latest fundamentals Mar 2026
- NBCC (India) Ltd (NBCC) — market value ₹25.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Cemindia Projects Ltd (CEMPRO) — market value ₹24.8K Cr; latest fundamentals Mar 2026
- IRB Infrastructure Developers Ltd (IRB) — market value ₹23.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- PNC Infratech Ltd (PNCINFRA) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Hindustan Construction Company Ltd (HCC) — market value ₹5.6K Cr; latest fundamentals Mar 2026
- H.G. Infra Engineering Ltd (HGINFRA) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- KNR Constructions Ltd (KNRCON) — market value ₹3.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Patel Engineering Ltd (PATELENG) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Ramky Infrastructure Ltd (RAMKY) — market value ₹2.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Simplex Infrastructures Ltd (SIMPLEXINF) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SPML Infra Ltd (SPMLINFRA) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Likhitha Infrastructure Ltd (LIKHITHA) — market value ₹894 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hazoor Multi Projects Ltd (532467) — market value ₹595 Cr; latest fundamentals Mar 2026
- Giriraj Civil Developers Ltd (GIRIRAJ) — market value ₹454 Cr; latest fundamentals Sep 2025
- Vishnu Prakash R Punglia Ltd (VPRPL) — market value ₹412 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 6. Unverified: 6. Withheld: 5. Graded companies: 17.

3 of 17 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.

5 of 17 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Larsen & Toubro Ltd (LT) — its two data sources disagree by up to 2.4% on reported income across 14 comparable periods, so its derived ratios are withheld; NBCC (India) Ltd (NBCC) — its two data sources disagree by up to 4.8% on reported income across 14 comparable periods, so its derived ratios are withheld; IRB Infrastructure Developers Ltd (IRB) — its two data sources disagree by up to 3.2% on reported income across 14 comparable periods, so its derived ratios are withheld; KNR Constructions Ltd (KNRCON) — its two data sources disagree by up to 1,634% on reported income across 14 comparable periods, so its derived ratios are withheld; Ramky Infrastructure Ltd (RAMKY) — its two data sources disagree by up to 57% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | LT | Larsen & Toubro Ltd | diff_gt_2pct | disagreement up to 2.39% over 14 comparable periods
- WITHHELD | NBCC | NBCC (India) Ltd | diff_gt_2pct | disagreement up to 4.77% over 14 comparable periods
- WITHHELD | IRB | IRB Infrastructure Developers Ltd | diff_gt_2pct | disagreement up to 3.2% over 14 comparable periods
- WITHHELD | KNRCON | KNR Constructions Ltd | diff_gt_2pct | disagreement up to 1634.2% over 14 comparable periods
- WITHHELD | RAMKY | Ramky Infrastructure Ltd | diff_gt_2pct | disagreement up to 57.1% over 14 comparable periods

- UNVERIFIED | SIMPLEXINF | Simplex Infrastructures Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SPMLINFRA | SPML Infra Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LIKHITHA | Likhitha Infrastructure 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 Infra - Construction & Contracting index?

The Nifty Infra - Construction & Contracting index tracks India's listed Infra - Construction & Contracting companies as a single basket. This page follows the same 17 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Infra - Construction & Contracting sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Infra - Construction & Contracting stocks in India?

Ranked by this page's four-factor score, Cemindia Projects Ltd places first among 17 listed Infra - Construction & Contracting companies, followed by NBCC (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 Infra - Construction & Contracting stocks are listed in India?

This comparison covers 17 listed Infra - Construction & Contracting 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 Infra - Construction & Contracting company is the biggest?

Larsen & Toubro Ltd is the largest, with trailing-twelve-month revenue of ₹2,85,875 crore, ahead of Rail Vikas Nigam Ltd at ₹20,412 crore. That covers 17 of 17 companies with comparable reporting through Mar 2026.

### Which Infra - Construction & Contracting company is growing fastest?

Giriraj Civil Developers Ltd has the fastest revenue growth at 100% year on year, across 17 of 17 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 Infra - Construction & Contracting company has the best profit margins?

Hazoor Multi Projects Ltd has the highest operating margin at 80%, from 17 of 17 comparable companies. Hazoor Multi Projects Ltd shows the biggest recent improvement, at +62 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Infra - Construction & Contracting company makes the most profit?

Larsen & Toubro Ltd earns the most, at ₹18,954 crore of trailing-twelve-month net profit, from 17 of 17 comparable companies. Giriraj Civil Developers Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Infra - Construction & Contracting company earns the highest return on capital?

Cemindia Projects Ltd leads on return on capital employed at 32.8%, across 17 of 17 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 Infra - Construction & Contracting stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — PNC Infratech Ltd screens cheapest at 0.17×. Only 6 of 17 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 Infra - Construction & Contracting company has the strongest balance sheet?

Likhitha Infrastructure Ltd carries the lowest comparable gross debt at ₹0 crore, from 17 of 17 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 Infra - Construction & Contracting stock has the strongest price momentum?

Cemindia Projects 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 Infra - Construction & Contracting company scores highest for research priority?

Cemindia Projects Ltd scores 65.8 out of 100 with 100% evidence confidence, from 27 points on growth and earnings, 17 on capital efficiency, 1.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Infra - Construction & Contracting companies does this comparison cover, and over what period?

It compares 17 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 Infra - Construction & Contracting sector?

The 17 Infra - Construction & Contracting companies on this page carry ₹6,71,308 crore of combined market value. Larsen & Toubro Ltd is the largest at ₹5,20,796 crore, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Infra - Construction & Contracting sector's P/E ratio?

The median price-to-earnings ratio across the 17 Infra - Construction & Contracting companies on this page is 22.8×, measured on the 17 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 Infra - Construction & Contracting sector performing?

4 of the 17 covered Infra - Construction & Contracting 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/infra-construction-contracting