Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Infra - Engineering - General Stocks in India

Infra - Engineering - General: Ircon International Ltd owns the largest revenue base; Artson Ltd has the fastest current growth.

Nifty Infra - Engineering - General Index — Constituents & Performance

The Infra - Engineering - General companies below are the listed Indian Infra - Engineering - General universe this page tracks — the same constituent set people search for as the Nifty Infra - Engineering - General index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Infra - Engineering - General moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 0% behind NIFTY 500. Earnings across its companies fell 9% on average over the last four reported quarters.

FADING · −3 in 4w⚠Moving with the index1 of 6 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 2/6 >200d (−1) · 1/6 lead (−3) · EPS 1/5↑

2005001000202620252024202320222021 948335 TRAILING 12-MONTH EPS · 100 AT THE START0100203Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 172, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 203, against 100 at the start · up 102.9% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 183, against 100 at the start · up 82.0% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 187, against 100 at the start · up 74.7% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 180, against 100 at the start · up 24.1% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 174, against 100 at the start · up 12.7% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 163, against 100 at the start · up 8.1% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 165, against 100 at the start · down 11.2% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 181, against 100 at the start · up 13.9% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 175, against 100 at the start · up 4.8% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 147, against 100 at the start · down 16.8% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 161, against 100 at the start · down 8.2% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 152, against 100 at the start · down 14.6% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two152 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
2005001000202620252024202320222021 948335 TRAILING 12-MONTH EPS · 100 AT THE START0100203Mar 23Mar 24Mar 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 172, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 203, against 100 at the start · up 102.9% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 183, against 100 at the start · up 82.0% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 187, against 100 at the start · up 74.7% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 180, against 100 at the start · up 24.1% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 174, against 100 at the start · up 12.7% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 163, against 100 at the start · up 8.1% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 165, against 100 at the start · down 11.2% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 181, against 100 at the start · up 13.9% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 175, against 100 at the start · up 4.8% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 147, against 100 at the start · down 16.8% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 161, against 100 at the start · down 8.2% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 152, against 100 at the start · down 14.6% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two152No earnings on file this far back — the price series reaches further than the filings do
Infra - Engineering - General, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy NarrowHow much of the sector is participating, how recently, and whether the movers score well.
Together1 of 6 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score −15 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 0/2−1
Mid 0/2−1
Small 1/2−1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Infra - Engineering - General outperforming NIFTY 500?

The 52-week comparison of Infra - Engineering - General against NIFTY 500 is not available from the current market series. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. BGR Energy Systems Ltd is the strongest against the sector itself at +28.2%.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
2/8Stocks leading NIFTY 500
3/8Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Ircon International Ltd leads with revenue of ₹9,071 crore, based on 7 of 8 comparable companies through Mar 2026. Artson Ltd has the fastest current revenue growth at 100%, across 7 of 8 comparable companies.

Is the Infra - Engineering - General sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Infra - Engineering - General company is largest by revenue?

Ircon International Ltd leads with revenue of ₹9,071 crore, based on 7 of 8 comparable companies through Mar 2026.

Which Infra - Engineering - General company is growing fastest?

Artson Ltd has the fastest current revenue growth at 100%, across 7 of 8 comparable companies.

Which Infra - Engineering - General company has the strongest 4-Factor Sector Score?

Engineers India Ltd ranks first at 78.5/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Infra - Engineering - General company reports the most CAPEX?

EMS Ltd reports the largest latest CAPEX at ₹2 crore, with 1 of 8 companies comparable.

Which Infra - Engineering - General company has the least gross debt?

Axtel Industries Ltd has the lowest comparable gross debt at ₹0 crore. Ircon International Ltd has the highest at ₹5,726 crore.

Which Infra - Engineering - General company has the lowest comparable PEG?

Engineers India Ltd has the lowest comparable Guarded PEG at 0.51, among 4 of 8 companies that pass the metric’s comparability rules.

How much history does this Infra - Engineering - General 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.

Companies
8
complete canonical membership
Combined market value
₹39.8K Cr
Engineers India Ltd
Revenue growing
3/7
positive TTM year-on-year growth
Beating NIFTY 500
2/8
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Engineers India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.
Ircon International Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
BGR Energy Systems Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Engineers India Ltd · ENGINERSIN

78.5/100 · Favorable setup · 100% evidence

Exact sum: 24 + 21.4 + 17.5 + 15.6 = 78.5

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

24.0/35Growth & earnings

Revenue 27.2% · PAT 18.9% · OPM change -14 pp

100% evidence

21.4/25Capital efficiency

ROCE 30.6% · debt/equity 0.01×

100% evidence

17.5/20Valuation

P/E 18.3× · PEG 0.51

100% evidence

15.6/20Relative strength

RS sector 8.4% · RS bench 7.2% · 1Y -3.2%

100% evidence

2. Axtel Industries Ltd · AXTEL

61.9/100 · Mixed-positive evidence · 73% evidence

Exact sum: 20.8 + 18.9 + 8.1 + 14.1 = 61.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.8/35Growth & earnings

Revenue -1.2% · PAT 33.3% · OPM change 6.2 pp

83% evidence

18.9/25Capital efficiency

ROCE 19.8% · debt/equity 0×

80% evidence

8.1/20Valuation

P/E 29.9× · PEG —

50% evidence

14.1/20Relative strength

RS sector 4.3% · RS bench 1.9% · 1Y -2.2%

70% evidence

3. Bondada Engineering Ltd · 543971

51.8/100 · Mixed-positive evidence · 61% evidence

Exact sum: 18.3 + 17.9 + 14.8 + 0.8 = 51.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.3/35Growth & earnings

Revenue — · PAT — · OPM change 0 pp

32% evidence

17.9/25Capital efficiency

ROCE 38.7% · debt/equity 0.42×

80% evidence

14.8/20Valuation

P/E 16.8× · PEG —

50% evidence

0.8/20Relative strength

RS sector -18.9% · RS bench -19.8% · 1Y -33.9%

100% evidence

4. ISGEC Heavy Engineering Ltd · ISGEC

47.7/100 · Mixed-negative evidence · 100% evidence

Exact sum: 18.8 + 12.6 + 8.9 + 7.4 = 47.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.8/35Growth & earnings

Revenue 6.2% · PAT 0% · OPM change -1 pp

100% evidence

12.6/25Capital efficiency

ROCE 10.8% · debt/equity 0.35×

100% evidence

8.9/20Valuation

P/E 54.8× · PEG 0.94

100% evidence

7.4/20Relative strength

RS sector -2.8% · RS bench -3.7% · 1Y -22.4%

100% evidence

5. Artson Ltd · ARTSON

43.7/100 · Mixed-negative evidence · 63% evidence

Exact sum: 16.7 + 10.6 + 10 + 6.4 = 43.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

16.7/35Growth & earnings

Revenue 100% · PAT -80% · OPM change -4 pp

83% evidence

10.6/25Capital efficiency

ROCE 24.6% · debt/equity 16.33×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

6.4/20Relative strength

RS sector -7.5% · RS bench -10% · 1Y -20.1%

70% evidence

6. Ircon International Ltd · IRCON

41.2/100 · Mixed-negative evidence · 94% evidence

Exact sum: 14.7 + 8.3 + 13.1 + 5.1 = 41.2

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

14.7/35Growth & earnings

Revenue -15.7% · PAT -18.7% · OPM change 1 pp

100% evidence

8.3/25Capital efficiency

ROCE 9.7% · debt/equity 0.86×

100% evidence

13.1/20Valuation

P/E 19.9× · PEG 1.13

100% evidence

5.1/20Relative strength

RS sector -14.9% · RS bench -17.1% · 1Y -30.8%

70% evidence

7. EMS Ltd · EMSLIMITED

31.9/100 · Adverse evidence · 94% evidence

Exact sum: 7.2 + 13 + 5.9 + 5.8 = 31.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

7.2/35Growth & earnings

Revenue -23.2% · PAT -50.5% · OPM change -8.8 pp

100% evidence

13.0/25Capital efficiency

ROCE 12.5% · debt/equity 0.15×

100% evidence

5.9/20Valuation

P/E 24.7× · PEG 2.09

100% evidence

5.8/20Relative strength

RS sector -35.9% · RS bench -2.1% · 1Y -34.2%

70% evidence

8. BGR Energy Systems Ltd · BGRENERGY

29.6/100 · Adverse evidence · 63% evidence

Exact sum: 5.1 + 0.9 + 10 + 13.6 = 29.6

Decision use: Price leads the evidence: RS versus the benchmark is -4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

5.1/35Growth & earnings

Revenue -33.8% · PAT -32.9% · OPM change -235 pp

71% evidence

0.9/25Capital efficiency

ROCE -26.9% · debt/equity 37.65×

95% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

13.6/20Relative strength

RS sector 28.2% · RS bench -4% · 1Y 188.1%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Ircon International Ltd has the highest Revenue among the 8 Infra - Engineering - General companies compared here, at ₹9,071 crore. ISGEC Heavy Engineering Ltd is next at ₹6,819 crore. Artson Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Ircon International Ltd is the scale leader at ₹9,071 crore, 33% ahead of ISGEC Heavy Engineering Ltd. Artson Ltd's growth is stored at the ≥100% scoring cap from a ₹176 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderIrcon International Ltd · ₹9,071 crore
Gap33% versus #2 · ISGEC Heavy Engineering Ltd
Persistence0/8 recent comparable periods
Coverage7/8 companies · 121 observations

Investor read: Ircon International Ltd is the scale benchmark; Artson Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Ircon International Ltd's growth falls below Artson Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Ircon International Ltd IRCON₹9.1K Cr
2ISGEC Heavy Engineering Ltd ISGEC₹6.8K Cr
3Engineers India Ltd ENGINERSIN₹3.9K Cr
4EMS Ltd EMSLIMITED₹733 Cr
5BGR Energy Systems Ltd BGRENERGY⚠ unverified₹300 Cr
Revenue growthfastest growers
1Artson Ltd ARTSON100%
2Engineers India Ltd ENGINERSIN27%
3ISGEC Heavy Engineering Ltd ISGEC6.2%
4Axtel Industries Ltd AXTEL-1.2%
5Ircon International Ltd IRCON-16%
Revenue · company comparison
7/8 level · 7/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Ircon International Ltd IRCON₹3.2K Cr-6.5%Mar 2026
ISGEC Heavy Engineering Ltd ISGEC₹2.0K Cr17%Mar 2026
Engineers India Ltd ENGINERSIN₹926 Cr-8.3%Mar 2026
Bondada Engineering Ltd 543971₹914 Cr28%Mar 2026
EMS Ltd EMSLIMITED₹121 Cr-55%Mar 2026
Axtel Industries Ltd AXTEL₹59 Cr45%Dec 2025
BGR Energy Systems Ltd BGRENERGY⚠ unverified₹50 Cr-62%Mar 2026
Artson Ltd ARTSON₹32 Cr78%Dec 2025
Full 20-quarter history · every available company

Revenue · reported quarter history

Artson Ltd · ARTSON

—
—
—
—
—
—
₹31 Cr
₹29 Cr
₹42 Cr
₹30 Cr
₹31 Cr
₹25 Cr
₹25 Cr
₹20 Cr
₹18 Cr
₹51 Cr
₹45 Cr
₹48 Cr
₹32 Cr
—

Axtel Industries Ltd · AXTEL

—
—
—
—
—
—
₹40 Cr
₹67 Cr
₹48 Cr
₹69 Cr
₹54 Cr
₹52 Cr
₹45 Cr
₹56 Cr
₹40 Cr
₹38 Cr
₹27 Cr
₹67 Cr
₹59 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
—
—
—
—
₹246 Cr
₹107 Cr
₹145 Cr
₹235 Cr
₹462 Cr
₹170 Cr
₹174 Cr
₹83 Cr
₹66 Cr
₹130 Cr
₹89 Cr
₹83 Cr
₹78 Cr
₹50 Cr

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
—
—
—
—
—
₹376 Cr
₹714 Cr
—
₹659 Cr
₹712 Cr
₹914 Cr

EMS Ltd · EMSLIMITED

—
—
—
—
₹93 Cr
₹93 Cr
₹151 Cr
₹190 Cr
₹138 Cr
₹211 Cr
₹200 Cr
₹245 Cr
₹206 Cr
₹233 Cr
₹245 Cr
₹270 Cr
₹239 Cr
₹173 Cr
₹200 Cr
₹121 Cr

Engineers India Ltd · ENGINERSIN

₹746 Cr
₹657 Cr
₹692 Cr
₹818 Cr
₹815 Cr
₹793 Cr
₹842 Cr
₹880 Cr
₹818 Cr
₹790 Cr
₹868 Cr
₹805 Cr
₹624 Cr
₹689 Cr
₹765 Cr
₹1.0K Cr
₹870 Cr
₹921 Cr
₹1.2K Cr
₹926 Cr

Ircon International Ltd · IRCON

₹1.1K Cr
₹1.5K Cr
₹1.8K Cr
₹3.0K Cr
₹2.0K Cr
₹2.2K Cr
₹2.3K Cr
₹3.8K Cr
₹2.8K Cr
₹3.0K Cr
₹2.9K Cr
₹3.8K Cr
₹2.3K Cr
₹2.4K Cr
₹2.6K Cr
₹3.4K Cr
₹1.8K Cr
₹2.0K Cr
₹2.1K Cr
₹3.2K Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹1.1K Cr
₹1.4K Cr
₹1.4K Cr
₹1.6K Cr
₹1.2K Cr
₹1.5K Cr
₹1.6K Cr
₹2.0K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.9K Cr
₹1.5K Cr
₹1.6K Cr
₹1.5K Cr
₹1.7K Cr
₹1.3K Cr
₹1.7K Cr
₹1.7K Cr
₹2.0K Cr

Revenue growth · reported quarter history

Artson Ltd · ARTSON

—
—
—
—
—
—
—
—
—
—
0.0%
-14%
-40%
-33%
-42%
104%
80%
140%
78%
—

Axtel Industries Ltd · AXTEL

—
—
—
—
—
—
—
—
—
—
33%
-23%
-6.7%
-20%
-25%
-28%
-39%
21%
45%
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
—
—
—
—
—
—
—
—
88%
59%
20%
-65%
-86%
-24%
-49%
0.0%
18%
-62%

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
89%
28%

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
48%
126%
32%
29%
50%
11%
23%
10%
16%
-26%
-18%
-55%

Engineers India Ltd · ENGINERSIN

—
—
—
—
9.3%
21%
22%
7.6%
0.4%
-0.4%
3.1%
-8.5%
-24%
-13%
-12%
25%
39%
34%
58%
-8.3%

Ircon International Ltd · IRCON

—
—
—
—
76%
47%
33%
28%
38%
33%
25%
0.2%
-17%
-18%
-11%
-9.9%
-22%
-19%
-19%
-6.5%

ISGEC Heavy Engineering Ltd · ISGEC

—
—
—
—
11%
10.0%
14%
28%
11%
-2.6%
-6.5%
-8.6%
11%
12%
0.1%
-6.6%
-13%
2.9%
16%
17%
02 · compare level, then change

Operating Economics & Margin Trend

Axtel Industries Ltd has the highest OPM among the 8 Infra - Engineering - General companies compared here, at 18.4%. Engineers India Ltd is next at 16%. The same company also holds the highest Margin change, at +6.2 percentage points. 8 of 8 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: Axtel Industries Ltd leads both opm at 18.4% and margin change at +6.2 percentage points.

LeaderAxtel Industries Ltd · 18.4%
Gap15% versus #2 · Engineers India Ltd
Persistence2/8 recent comparable periods
Coverage8/8 companies · 144 observations

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

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

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Axtel Industries Ltd AXTEL18%
2Engineers India Ltd ENGINERSIN16%
3EMS Ltd EMSLIMITED15%
4Bondada Engineering Ltd 54397111%
5Ircon International Ltd IRCON8.0%
Margin changefastest expanders
1Axtel Industries Ltd AXTEL+6.2 pp
2Ircon International Ltd IRCON+1.0 pp
3Bondada Engineering Ltd 5439710.0 pp
4ISGEC Heavy Engineering Ltd ISGEC−1.0 pp
5Artson Ltd ARTSON−4.0 pp
Operating margin · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Axtel Industries Ltd AXTEL18%+6.2 ppDec 2025
Engineers India Ltd ENGINERSIN16%−14.0 ppMar 2026
EMS Ltd EMSLIMITED15%−8.8 ppMar 2026
Bondada Engineering Ltd 54397111%0.0 ppMar 2026
Ircon International Ltd IRCON8.0%+1.0 ppMar 2026
ISGEC Heavy Engineering Ltd ISGEC8.0%−1.0 ppMar 2026
Artson Ltd ARTSON-45%−4.0 ppDec 2025
BGR Energy Systems Ltd BGRENERGY⚠ unverified-467%−235.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Artson Ltd · ARTSON

8.1%
8.8%
-2.5%
1.4%
-4.6%
-8.0%
3.0%
-24%
9.0%
12%
11%
12%
10%
-8.0%
-41%
8.0%
7.0%
0.0%
-45%
—

Axtel Industries Ltd · AXTEL

8.6%
7.9%
8.8%
17%
-1.4%
15%
9.0%
20%
15%
24%
24%
15%
12%
16%
12%
12%
5.6%
20%
18%
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

-2.4%
20%
1.0%
2.1%
-6.1%
-38%
7.0%
-197%
-17%
-12%
-97%
95%
-2.0%
-83%
-291%
-232%
-119%
-68%
-241%
-467%

Bondada Engineering Ltd · 543971

—
—
—
—
—
7.3%
—
7.7%
—
6.9%
—
9.5%
—
11%
10%
11%
—
12%
12%
11%

EMS Ltd · EMSLIMITED

—
—
—
—
30%
36%
28%
25%
23%
27%
23%
28%
24%
29%
29%
24%
23%
21%
15%
15%

Engineers India Ltd · ENGINERSIN

14%
9.4%
9.6%
13%
5.8%
5.7%
6.0%
19%
9.0%
12%
6.0%
10%
8.0%
9.0%
13%
30%
8.0%
13%
29%
16%

Ircon International Ltd · IRCON

9.6%
9.1%
8.7%
6.2%
8.0%
8.9%
7.0%
5.0%
9.0%
7.0%
9.0%
8.0%
11%
8.0%
5.0%
7.0%
11%
7.0%
7.0%
8.0%

ISGEC Heavy Engineering Ltd · ISGEC

4.5%
3.4%
7.7%
6.7%
5.8%
6.0%
8.0%
8.0%
7.0%
9.0%
8.0%
7.0%
8.0%
8.0%
9.0%
9.0%
9.0%
9.0%
11%
8.0%

Margin change · reported quarter history

Artson Ltd · ARTSON

+18.0 pp
+5.2 pp
−6.5 pp
−4.4 pp
−12.7 pp
−16.8 pp
+5.5 pp
−25.4 pp
+13.6 pp
+20.0 pp
+8.0 pp
+36.0 pp
+1.0 pp
−20.0 pp
−52.0 pp
−4.0 pp
−3.0 pp
+8.0 pp
−4.0 pp
—

Axtel Industries Ltd · AXTEL

−19.6 pp
−12.2 pp
−10.8 pp
+8.0 pp
−10.0 pp
+7.4 pp
+0.2 pp
+2.4 pp
+16.1 pp
+8.7 pp
+14.5 pp
−4.8 pp
−2.4 pp
−8.0 pp
−11.3 pp
−2.8 pp
−6.7 pp
+3.7 pp
+6.2 pp
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

+20.8 pp
+67.5 pp
+10.6 pp
+3.7 pp
−3.7 pp
−58.2 pp
+6.0 pp
−199.1 pp
−10.9 pp
+26.1 pp
−104.0 pp
+292.0 pp
+15.0 pp
−71.0 pp
−194.0 pp
−327.0 pp
−117.0 pp
+15.0 pp
+50.0 pp
−235.0 pp

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
−0.5 pp
—
+1.9 pp
—
+3.7 pp
—
+1.5 pp
—
+1.5 pp
+2.0 pp
0.0 pp

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
−6.7 pp
−8.5 pp
−4.5 pp
+2.5 pp
+0.9 pp
+2.3 pp
+5.5 pp
−3.5 pp
−1.7 pp
−7.9 pp
−13.6 pp
−8.8 pp

Engineers India Ltd · ENGINERSIN

+9.5 pp
−2.1 pp
+0.5 pp
−1.7 pp
−8.5 pp
−3.7 pp
−3.6 pp
+5.6 pp
+3.3 pp
+6.4 pp
0.0 pp
−9.0 pp
−1.0 pp
−3.0 pp
+7.0 pp
+20.0 pp
0.0 pp
+4.0 pp
+16.0 pp
−14.0 pp

Ircon International Ltd · IRCON

−1.7 pp
−0.8 pp
−0.9 pp
−2.0 pp
−1.6 pp
−0.2 pp
−1.7 pp
−1.2 pp
+1.0 pp
−1.9 pp
+2.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
−4.0 pp
−1.0 pp
0.0 pp
−1.0 pp
+2.0 pp
+1.0 pp

ISGEC Heavy Engineering Ltd · ISGEC

−4.1 pp
−7.1 pp
+0.4 pp
−0.9 pp
+1.2 pp
+2.6 pp
+0.3 pp
+1.3 pp
+1.2 pp
+3.0 pp
0.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
−1.0 pp
03 · compare level, then change

Profit Scale & Acceleration

Engineers India Ltd has the highest Net profit among the 8 Infra - Engineering - General companies compared here, at ₹691 crore. Ircon International Ltd is next at ₹592 crore. Axtel Industries Ltd has the highest Profit growth at 33.3%, so level and change sit with different companies. Its Net profit series carries 20 reported observations across the 20-quarter window.

What the numbers say: Engineers India Ltd leads with ₹691 crore of TTM profit, 16.7% above Ircon International Ltd. Axtel Industries Ltd shows 33.3% growth from a ₹25 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderEngineers India Ltd · ₹691 crore
Gap16.7% versus #2 · Ircon International Ltd
Persistence3/8 recent comparable periods
Coverage7/8 companies · 121 observations

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

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

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 profitlargest
1Engineers India Ltd ENGINERSIN₹691 Cr
2Ircon International Ltd IRCON₹592 Cr
3ISGEC Heavy Engineering Ltd ISGEC₹284 Cr
4EMS Ltd EMSLIMITED₹91 Cr
5Axtel Industries Ltd AXTEL₹25 Cr
Profit growthfastest growers
1Axtel Industries Ltd AXTEL33%
2Engineers India Ltd ENGINERSIN19%
3ISGEC Heavy Engineering Ltd ISGEC0.0%
4Ircon International Ltd IRCON-19%
5EMS Ltd EMSLIMITED-51%
Net profit · company comparison
7/8 level · 6/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Engineers India Ltd ENGINERSIN₹196 Cr-30%Mar 2026
Ircon International Ltd IRCON₹191 Cr-9.9%Mar 2026
ISGEC Heavy Engineering Ltd ISGEC₹85 Cr-13%Mar 2026
Bondada Engineering Ltd 543971₹63 Cr13%Mar 2026
Axtel Industries Ltd AXTEL₹8 Cr145%Dec 2025
EMS Ltd EMSLIMITED₹6 Cr-88%Mar 2026
Artson Ltd ARTSON₹-12 Cr-300%Dec 2025
BGR Energy Systems Ltd BGRENERGY⚠ unverified₹-771 Cr-357%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Artson Ltd · ARTSON

—
—
—
—
—
—
₹-2 Cr
₹-10 Cr
₹1 Cr
₹3 Cr
₹0 Cr
₹1 Cr
₹0 Cr
₹-3 Cr
₹6 Cr
₹1 Cr
₹0 Cr
₹-2 Cr
₹-12 Cr
—

Axtel Industries Ltd · AXTEL

—
—
—
—
—
—
₹2 Cr
₹11 Cr
₹5 Cr
₹12 Cr
₹10 Cr
₹5 Cr
₹4 Cr
₹6 Cr
₹3 Cr
₹5 Cr
₹2 Cr
₹10 Cr
₹8 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
—
—
—
—
₹-59 Cr
₹-218 Cr
₹-92 Cr
₹-107 Cr
₹-691 Cr
₹129 Cr
₹-112 Cr
₹-193 Cr
₹-336 Cr
₹-332 Cr
₹-266 Cr
₹-63 Cr
₹-193 Cr
₹-771 Cr

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
—
—
—
—
—
₹25 Cr
₹56 Cr
—
₹52 Cr
₹54 Cr
₹63 Cr

EMS Ltd · EMSLIMITED

—
—
—
—
₹21 Cr
₹21 Cr
₹30 Cr
₹36 Cr
₹23 Cr
₹45 Cr
₹37 Cr
₹47 Cr
₹37 Cr
₹50 Cr
₹51 Cr
₹47 Cr
₹38 Cr
₹28 Cr
₹19 Cr
₹6 Cr

Engineers India Ltd · ENGINERSIN

₹3 Cr
₹17 Cr
₹41 Cr
₹79 Cr
₹65 Cr
₹75 Cr
₹16 Cr
₹190 Cr
₹139 Cr
₹127 Cr
₹63 Cr
₹116 Cr
₹92 Cr
₹100 Cr
₹109 Cr
₹280 Cr
₹65 Cr
₹83 Cr
₹347 Cr
₹196 Cr

Ircon International Ltd · IRCON

₹89 Cr
₹126 Cr
₹136 Cr
₹242 Cr
₹145 Cr
₹174 Cr
₹190 Cr
₹256 Cr
₹187 Cr
₹251 Cr
₹245 Cr
₹247 Cr
₹224 Cr
₹206 Cr
₹86 Cr
₹212 Cr
₹164 Cr
₹137 Cr
₹100 Cr
₹191 Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹14 Cr
₹10 Cr
₹52 Cr
₹39 Cr
₹18 Cr
₹28 Cr
₹66 Cr
₹93 Cr
₹53 Cr
₹64 Cr
₹67 Cr
₹72 Cr
₹67 Cr
₹96 Cr
₹23 Cr
₹98 Cr
₹59 Cr
₹56 Cr
₹84 Cr
₹85 Cr

Profit growth · reported quarter history

Artson Ltd · ARTSON

—
—
—
—
—
—
—
—
—
—
—
—
-100%
-200%
—
0.0%
—
—
-300%
—

Axtel Industries Ltd · AXTEL

—
—
—
—
—
—
—
—
—
—
333%
-52%
-23%
-51%
-66%
-10%
-54%
72%
145%
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-357%
—
—
—
—

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
116%
13%

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
8.5%
116%
25%
32%
63%
9.5%
35%
-1.0%
2.4%
-43%
-62%
-88%

Engineers India Ltd · ENGINERSIN

—
—
—
—
2,067%
341%
-61%
141%
114%
69%
294%
-39%
-34%
-21%
73%
141%
-29%
-17%
218%
-30%

Ircon International Ltd · IRCON

—
—
—
—
63%
38%
40%
5.8%
29%
44%
29%
-3.5%
20%
-18%
-65%
-14%
-27%
-34%
16%
-9.9%

ISGEC Heavy Engineering Ltd · ISGEC

—
—
—
—
29%
180%
27%
138%
194%
129%
1.5%
-23%
26%
50%
-66%
36%
-12%
-42%
265%
-13%
04 · compare level, then change

Capacity Spending & Returns On It

EMS Ltd has the highest CAPEX among the 8 Infra - Engineering - General companies compared here, at ₹2 crore. The same company also holds the highest CAPEX intensity, at 2.2%. 1 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: EMS Ltd reports ₹2 crore of CAPEX; EMS Ltd has the highest covered intensity at 2.2%. Coverage is only 1 of 8 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.

LeaderEMS Ltd · ₹2 crore
GapNot enough peers
Persistence2/2 recent comparable periods
Coverage1/8 companies · 2 observations

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.

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.
CAPEXlargest spenders
1EMS Ltd EMSLIMITED₹2 Cr
CAPEX intensityhighest reinvestment intensity
1EMS Ltd EMSLIMITED2.2%
Capital expenditure · company comparison
1/8 level · 1/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
EMS Ltd EMSLIMITED₹2 Cr2.2%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

EMS Ltd · EMSLIMITED

—
—
—
—
₹2 Cr
₹2 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—

CAPEX intensity · reported quarter history

EMS Ltd · EMSLIMITED

—
—
—
—
2.2%
2.2%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
8/8 capacity base · 8/8 OCF · 8/8 CAPEX · 8/8 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Artson Ltd · ARTSON

₹4 Cr
₹5 Cr
₹5 Cr
₹10 Cr
₹10 Cr
₹11 Cr
₹12 Cr
₹17 Cr
₹14 Cr
—

Axtel Industries Ltd · AXTEL

₹17 Cr
₹17 Cr
₹16 Cr
₹17 Cr
₹16 Cr
₹14 Cr
₹18 Cr
₹25 Cr
₹29 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹488 Cr
₹493 Cr
₹493 Cr
₹403 Cr
₹370 Cr
₹336 Cr
₹324 Cr
₹300 Cr
₹285 Cr
₹258 Cr

Bondada Engineering Ltd · 543971

—
—
₹14 Cr
₹13 Cr
₹13 Cr
₹13 Cr
₹15 Cr
₹43 Cr
₹97 Cr
₹169 Cr

EMS Ltd · EMSLIMITED

—
—
—
₹31 Cr
₹39 Cr
₹51 Cr
₹58 Cr
₹94 Cr
₹96 Cr
₹160 Cr

Engineers India Ltd · ENGINERSIN

₹328 Cr
₹309 Cr
₹300 Cr
₹277 Cr
₹264 Cr
₹270 Cr
₹305 Cr
₹334 Cr
₹341 Cr
₹369 Cr

Ircon International Ltd · IRCON

₹1.1K Cr
₹1.5K Cr
₹1.9K Cr
₹2.0K Cr
₹1.9K Cr
₹1.9K Cr
₹1.8K Cr
₹2.3K Cr
₹3.4K Cr
₹4.1K Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹642 Cr
₹661 Cr
₹768 Cr
₹1.5K Cr
₹1.7K Cr
₹1.7K Cr
₹1.8K Cr
₹1.9K Cr
₹1.0K Cr
₹1.9K Cr

Operating cash flow · fiscal-year history

Artson Ltd · ARTSON

₹1 Cr
₹0 Cr
₹3 Cr
₹-13 Cr
₹16 Cr
₹14 Cr
₹-4 Cr
₹-4 Cr
₹20 Cr
—

Axtel Industries Ltd · AXTEL

₹15 Cr
₹12 Cr
₹9 Cr
₹12 Cr
₹25 Cr
₹-11 Cr
₹30 Cr
₹39 Cr
₹31 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹545 Cr
₹24 Cr
₹250 Cr
₹370 Cr
₹469 Cr
₹327 Cr
₹304 Cr
₹150 Cr
₹-1.9K Cr
₹-23 Cr

Bondada Engineering Ltd · 543971

—
—
₹4 Cr
₹-18 Cr
₹3 Cr
₹11 Cr
₹-32 Cr
₹44 Cr
₹-158 Cr
₹125 Cr

EMS Ltd · EMSLIMITED

—
—
—
₹47 Cr
₹36 Cr
₹23 Cr
₹4 Cr
₹-116 Cr
₹34 Cr
₹-15 Cr

Engineers India Ltd · ENGINERSIN

₹236 Cr
₹599 Cr
₹549 Cr
₹376 Cr
₹171 Cr
₹48 Cr
₹-113 Cr
₹222 Cr
₹109 Cr
₹319 Cr

Ircon International Ltd · IRCON

₹919 Cr
₹-2.6K Cr
₹-1.2K Cr
₹-136 Cr
₹518 Cr
₹1.4K Cr
₹-278 Cr
₹-79 Cr
₹-1.1K Cr
₹-618 Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹236 Cr
₹101 Cr
₹-238 Cr
₹104 Cr
₹228 Cr
₹-70 Cr
₹208 Cr
₹735 Cr
₹116 Cr
₹765 Cr

CAPEX · reported cash flow · fiscal-year history

Artson Ltd · ARTSON

₹1 Cr
₹2 Cr
₹1 Cr
₹7 Cr
₹1 Cr
₹2 Cr
₹2 Cr
₹7 Cr
₹-1 Cr
—

Axtel Industries Ltd · AXTEL

₹1 Cr
₹2 Cr
₹2 Cr
₹4 Cr
₹2 Cr
₹1 Cr
₹6 Cr
₹10 Cr
₹8 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹18 Cr
₹30 Cr
₹28 Cr
₹-55 Cr
₹-2 Cr
₹-7 Cr
₹5 Cr
₹-11 Cr
₹-2 Cr
₹-16 Cr

Bondada Engineering Ltd · 543971

—
—
—
₹1 Cr
₹2 Cr
₹2 Cr
₹4 Cr
₹29 Cr
₹58 Cr
₹82 Cr

EMS Ltd · EMSLIMITED

—
—
—
—
₹10 Cr
₹15 Cr
₹10 Cr
₹43 Cr
₹12 Cr
₹74 Cr

Engineers India Ltd · ENGINERSIN

₹85 Cr
₹5 Cr
₹13 Cr
₹1 Cr
₹11 Cr
₹30 Cr
₹61 Cr
₹64 Cr
₹47 Cr
₹70 Cr

Ircon International Ltd · IRCON

₹519 Cr
₹475 Cr
₹465 Cr
₹150 Cr
₹15 Cr
₹41 Cr
₹70 Cr
₹541 Cr
₹1.3K Cr
₹853 Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹92 Cr
₹100 Cr
₹189 Cr
₹872 Cr
₹258 Cr
₹84 Cr
₹177 Cr
₹264 Cr
₹-774 Cr
₹1.2K Cr

Free cash flow · fiscal-year history

Artson Ltd · ARTSON

₹0 Cr
₹-2 Cr
₹2 Cr
₹-20 Cr
₹15 Cr
₹12 Cr
₹-6 Cr
₹-11 Cr
₹21 Cr
—

Axtel Industries Ltd · AXTEL

₹14 Cr
₹10 Cr
₹7 Cr
₹8 Cr
₹23 Cr
₹-12 Cr
₹24 Cr
₹29 Cr
₹23 Cr
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹527 Cr
₹-6 Cr
₹222 Cr
₹425 Cr
₹471 Cr
₹334 Cr
₹299 Cr
₹161 Cr
₹-1.9K Cr
₹-7 Cr

Bondada Engineering Ltd · 543971

—
—
—
₹-19 Cr
₹1 Cr
₹9 Cr
₹-36 Cr
₹15 Cr
₹-216 Cr
₹43 Cr

EMS Ltd · EMSLIMITED

—
—
—
—
₹26 Cr
₹8 Cr
₹-6 Cr
₹-159 Cr
₹22 Cr
₹-89 Cr

Engineers India Ltd · ENGINERSIN

₹151 Cr
₹594 Cr
₹536 Cr
₹375 Cr
₹160 Cr
₹18 Cr
₹-174 Cr
₹158 Cr
₹62 Cr
₹249 Cr

Ircon International Ltd · IRCON

₹400 Cr
₹-3.1K Cr
₹-1.7K Cr
₹-286 Cr
₹503 Cr
₹1.4K Cr
₹-348 Cr
₹-620 Cr
₹-2.4K Cr
₹-1.5K Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹144 Cr
₹1 Cr
₹-427 Cr
₹-768 Cr
₹-30 Cr
₹-154 Cr
₹31 Cr
₹471 Cr
₹890 Cr
₹-402 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Axtel Industries Ltd has the lowest Gross debt among the 8 Infra - Engineering - General companies compared here, at ₹0 crore. Engineers India Ltd is next at ₹17 crore. Engineers India Ltd has the lowest Net debt at ₹1,430 crore net cash, so level and change sit with different companies.

What the numbers say: Engineers India Ltd has the clearest covered balance-sheet capacity with ₹1,430 crore net cash and gross debt of ₹17 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderAxtel Industries Ltd · ₹0 crore
Gap100% versus #2 · Engineers India Ltd
PersistenceNot enough history
Coverage8/8 companies · 111 observations

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.

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 debtlowest gross debt
1Axtel Industries Ltd AXTEL₹0 Cr
2Engineers India Ltd ENGINERSIN₹17 Cr
3Artson Ltd ARTSON₹49 Cr
4EMS Ltd EMSLIMITED₹154 Cr
5Bondada Engineering Ltd 543971₹292 Cr
Net debtlowest net debt
1Engineers India Ltd ENGINERSIN₹-1.4K Cr
2EMS Ltd EMSLIMITED₹95 Cr
3ISGEC Heavy Engineering Ltd ISGEC₹509 Cr
4Ircon International Ltd IRCON₹550 Cr
5BGR Energy Systems Ltd BGRENERGY⚠ unverified₹4.5K Cr
Debt and balance-sheet capacity · company comparison
8/8 level · 5/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Ircon International Ltd IRCON₹5.7K Cr₹550 CrMar 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified₹4.5K Cr₹4.5K CrMar 2026
ISGEC Heavy Engineering Ltd ISGEC₹951 Cr₹509 CrMar 2026
Bondada Engineering Ltd 543971₹292 Cr—Mar 2026
EMS Ltd EMSLIMITED₹154 Cr₹95 CrMar 2026
Artson Ltd ARTSON₹49 Cr—Dec 2025
Engineers India Ltd ENGINERSIN₹17 Cr₹-1.4K CrMar 2026
Axtel Industries Ltd AXTEL₹0 Cr—Dec 2025
Full 20-quarter history · every available company

Gross debt · reported quarter history

Artson Ltd · ARTSON

—
—
—
₹53 Cr
—
—
—
₹59 Cr
—
—
—
₹64 Cr
—
—
—
₹49 Cr
—
₹49 Cr
—
—

Axtel Industries Ltd · AXTEL

—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.8K Cr
₹1.8K Cr
₹2.0K Cr
₹2.0K Cr
₹1.8K Cr
₹1.8K Cr
₹3.2K Cr
₹3.2K Cr
₹3.5K Cr
₹3.5K Cr
₹4.0K Cr
₹4.0K Cr
₹4.5K Cr

Bondada Engineering Ltd · 543971

—
—
—
₹38 Cr
—
—
—
₹84 Cr
—
—
—
₹73 Cr
—
—
—
₹182 Cr
—
₹234 Cr
—
₹292 Cr

EMS Ltd · EMSLIMITED

—
—
—
₹4 Cr
₹4 Cr
₹3 Cr
—
₹45 Cr
—
₹49 Cr
₹49 Cr
₹71 Cr
₹71 Cr
₹79 Cr
₹79 Cr
₹86 Cr
₹86 Cr
₹165 Cr
₹165 Cr
₹154 Cr

Engineers India Ltd · ENGINERSIN

₹4 Cr
₹3 Cr
₹3 Cr
₹4 Cr
₹4 Cr
₹22 Cr
₹22 Cr
₹19 Cr
₹19 Cr
₹23 Cr
₹23 Cr
₹33 Cr
₹33 Cr
₹29 Cr
₹29 Cr
₹22 Cr
₹22 Cr
₹20 Cr
₹20 Cr
₹17 Cr

Ircon International Ltd · IRCON

₹312 Cr
₹943 Cr
₹943 Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.7K Cr
₹1.7K Cr
₹2.6K Cr
₹2.6K Cr
₹3.4K Cr
₹3.4K Cr
₹4.3K Cr
₹4.3K Cr
₹5.1K Cr
₹5.1K Cr
₹5.7K Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹913 Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹959 Cr
₹959 Cr
₹814 Cr
₹814 Cr
₹721 Cr
₹721 Cr
₹861 Cr
₹861 Cr
₹925 Cr
₹925 Cr
₹951 Cr

Net debt · reported quarter history

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

₹1.6K Cr
₹1.5K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.5K Cr
₹1.5K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹3.2K Cr
₹3.2K Cr
₹3.4K Cr
₹3.4K Cr
₹3.9K Cr
₹3.9K Cr
₹4.5K Cr

EMS Ltd · EMSLIMITED

—
—
—
—
₹-86 Cr
₹-101 Cr
—
₹-40 Cr
—
₹-162 Cr
₹-162 Cr
₹-23 Cr
₹-49 Cr
₹-65 Cr
₹-65 Cr
₹-22 Cr
₹-76 Cr
₹27 Cr
₹27 Cr
₹95 Cr

Engineers India Ltd · ENGINERSIN

₹-1.5K Cr
₹-1.5K Cr
₹-1.5K Cr
₹-1.4K Cr
₹-1.5K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.2K Cr
₹-1.2K Cr
₹-1.2K Cr
₹-1.2K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.4K Cr

Ircon International Ltd · IRCON

₹-4.4K Cr
₹-3.1K Cr
₹-3.1K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-4.3K Cr
₹-4.3K Cr
₹-3.7K Cr
₹-3.7K Cr
₹-4.2K Cr
₹-4.2K Cr
₹-3.0K Cr
₹-3.0K Cr
₹-1.5K Cr
₹-1.5K Cr
₹-892 Cr
₹-893 Cr
₹-363 Cr
₹-363 Cr
₹550 Cr

ISGEC Heavy Engineering Ltd · ISGEC

₹690 Cr
₹849 Cr
₹849 Cr
₹1.0K Cr
₹1.0K Cr
₹995 Cr
₹995 Cr
₹1.0K Cr
₹1.0K Cr
₹572 Cr
₹572 Cr
₹638 Cr
₹638 Cr
₹446 Cr
₹446 Cr
₹653 Cr
₹631 Cr
₹676 Cr
₹676 Cr
₹509 Cr
06 · compare level, then change

Return On Capital Employed

Bondada Engineering Ltd has the highest ROCE among the 8 Infra - Engineering - General companies compared here, at 38.7%. Engineers India Ltd is next at 30.6%. Engineers India Ltd has the highest ROCE change at +2.2 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Bondada Engineering Ltd leads ROCE at 38.7%, 8.1 percentage points above Engineers India Ltd. Engineers India Ltd has the strongest latest improvement at +2.2 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.

LeaderBondada Engineering Ltd · 38.7%
Gap26.5% versus #2 · Engineers India Ltd
PersistenceNot enough history
Coverage8/8 companies · 73 observations

Investor read: Bondada Engineering 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.

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.
ROCEhighest
1Bondada Engineering Ltd 54397139%
2Engineers India Ltd ENGINERSIN31%
3Artson Ltd ARTSON25%
4Axtel Industries Ltd AXTEL20%
5EMS Ltd EMSLIMITED13%
ROCE changefastest improvers
1Engineers India Ltd ENGINERSIN+2.2 pp
2Artson Ltd ARTSON+2.0 pp
3ISGEC Heavy Engineering Ltd ISGEC+1.2 pp
4Bondada Engineering Ltd 543971−1.0 pp
5Ircon International Ltd IRCON−1.6 pp
Return on capital · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Engineers India Ltd ENGINERSIN21%+2.2 ppMar 2026
ISGEC Heavy Engineering Ltd ISGEC13%+1.2 ppMar 2026
EMS Ltd EMSLIMITED11%−11.8 ppMar 2026
Ircon International Ltd IRCON4.3%−1.6 ppMar 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified-33%−81.2 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
0.8%
—
12%
—
-6.4%
—
-52%
—
-50%
-125%
597%
-41%
68%
0.2%
48%
-96%
-28%
-32%
-33%

EMS Ltd · EMSLIMITED

—
—
—
—
—
13%
—
26%
—
21%
31%
22%
32%
23%
28%
23%
26%
18%
17%
11%

Engineers India Ltd · ENGINERSIN

—
24%
—
19%
—
14%
—
15%
—
17%
28%
12%
19%
9.2%
18%
18%
28%
21%
41%
21%

Ircon International Ltd · IRCON

—
8.2%
—
7.0%
—
8.6%
—
7.2%
—
7.4%
17%
9.9%
15%
9.3%
12%
5.9%
9.8%
4.5%
8.9%
4.3%

ISGEC Heavy Engineering Ltd · ISGEC

—
7.4%
—
7.1%
—
9.5%
—
12%
—
14%
14%
13%
13%
9.0%
12%
11%
13%
12%
14%
13%

ROCE change · reported quarter history

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
—
—
—
−7.2 pp
—
−64.3 pp
—
−43.4 pp
—
+649.6 pp
—
+117.7 pp
+125.4 pp
−549.5 pp
−54.6 pp
−95.5 pp
−32.1 pp
−81.2 pp

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
—
+8.7 pp
—
−3.4 pp
—
+1.8 pp
−2.4 pp
+0.4 pp
−5.7 pp
−5.2 pp
−11.1 pp
−11.8 pp

Engineers India Ltd · ENGINERSIN

—
—
—
—
—
−9.9 pp
—
−3.9 pp
—
+3.1 pp
—
−2.8 pp
—
−7.8 pp
−9.3 pp
+6.0 pp
+8.7 pp
+11.7 pp
+22.4 pp
+2.2 pp

Ircon International Ltd · IRCON

—
—
—
—
—
+0.4 pp
—
+0.2 pp
—
−1.2 pp
—
+2.7 pp
—
+1.9 pp
−4.6 pp
−4.0 pp
−5.6 pp
−4.8 pp
−3.2 pp
−1.6 pp

ISGEC Heavy Engineering Ltd · ISGEC

—
—
—
—
—
+2.1 pp
—
+4.9 pp
—
+4.0 pp
—
+0.8 pp
—
−4.5 pp
−1.9 pp
−1.4 pp
−0.6 pp
+2.6 pp
+1.9 pp
+1.2 pp
07 · compare level, then change

Valuation Against Growth & Quality

Engineers India Ltd has the lowest Guarded PEG among the 8 Infra - Engineering - General companies compared here, at 0.51×. ISGEC Heavy Engineering Ltd is next at 0.94×. Bondada Engineering Ltd has the lowest P/E at 16.8×, so level and change sit with different companies. 4 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Engineers India Ltd has the lowest comparable Guarded PEG at 0.51×, 45.7% below ISGEC Heavy Engineering Ltd. Only 4 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEngineers India Ltd · 0.51×
Gap45.7% versus #2 · ISGEC Heavy Engineering Ltd
Persistence0/8 recent comparable periods
Coverage4/8 companies · 29 observations

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.

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 PEGlowest PEG
1Engineers India Ltd ENGINERSIN0.5
2ISGEC Heavy Engineering Ltd ISGEC0.9
3Ircon International Ltd IRCON1.1
4EMS Ltd EMSLIMITED2.1
P/Elowest P/E
1Bondada Engineering Ltd 54397116.8
2Engineers India Ltd ENGINERSIN18.3
3Ircon International Ltd IRCON19.9
4EMS Ltd EMSLIMITED24.7
5Axtel Industries Ltd AXTEL29.9
Valuation · company comparison
4/8 level · 6/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
EMS Ltd EMSLIMITED2.18.4Mar 2026
Ircon International Ltd IRCON1.118.5Mar 2026
ISGEC Heavy Engineering Ltd ISGEC0.920.0Mar 2026
Engineers India Ltd ENGINERSIN0.513.8Mar 2026
Bondada Engineering Ltd 543971—16.5Mar 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified—-0.3Mar 2026
Axtel Industries Ltd AXTEL—33.0Dec 2025
Artson Ltd ARTSON—111.9Dec 2025
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
—
—
1.1
0.9
0.6
—
0.8
—
1.1
2.1
—
—

Engineers India Ltd · ENGINERSIN

—
—
—
—
—
0.6
—
—
—
—
—
—
—
—
—
—
0.8
0.5
—
—

Ircon International Ltd · IRCON

—
0.5
0.3
0.1
—
0.1
0.2
0.2
0.4
0.7
0.6
0.9
1.3
1.1
—
—
—
—
—
—

ISGEC Heavy Engineering Ltd · ISGEC

—
0.6
—
—
—
—
0.8
2.2
—
—
—
—
1.6
1.2
4.8
—
1.6
—
—
0.9

P/E · reported quarter history

Artson Ltd · ARTSON

—
—
688.9
621.9
—
—
—
—
—
—
—
—
106.4
154.1
145.7
118.4
185.0
180.8
111.9
—

Axtel Industries Ltd · AXTEL

26.5
34.4
44.5
53.9
30.7
33.8
28.5
29.8
30.5
34.6
30.1
27.1
29.5
23.6
32.2
40.4
40.8
47.4
33.0
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
-2.5
—
—
—
—
—
—
—
—
—
-0.3
—
—
—
—
—
—
—
—

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
15.8
—
76.1
—
147.7
101.2
61.1
—
37.7
25.2
16.5

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
—
11.6
18.5
17.6
22.8
25.7
28.3
18.6
18.9
20.5
13.0
8.4

Engineers India Ltd · ENGINERSIN

23.0
26.1
40.9
62.1
23.3
17.8
17.1
17.8
18.7
19.7
20.4
21.8
31.7
29.9
28.6
21.7
23.1
19.9
21.5
13.8

Ircon International Ltd · IRCON

13.4
9.7
8.7
7.4
5.8
5.7
8.1
7.0
10.3
16.9
18.2
22.0
27.3
22.1
21.4
19.3
26.4
23.9
28.0
18.5

ISGEC Heavy Engineering Ltd · ISGEC

22.9
24.9
29.1
29.3
32.8
32.9
26.7
21.6
26.0
23.3
27.8
25.5
37.5
39.4
39.1
28.6
30.8
23.5
24.2
20.0
08 · compare level, then change

Enterprise Value & Book Value

EMS Ltd has the lowest EV/EBITDA among the 8 Infra - Engineering - General companies compared here, at 5.8×. Engineers India Ltd is next at 8.6×. Ircon International Ltd has the lowest P/BV at 1.78×, so level and change sit with different companies. 7 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: EMS Ltd leads ev/ebitda at 5.8×; Ircon International Ltd leads p/bv at 1.78×.

LeaderEMS Ltd · 5.8×
Gap32.6% versus #2 · Engineers India Ltd
Persistence0/8 recent comparable periods
Coverage7/8 companies · 115 observations

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.

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/EBITDAlowest EV/EBITDA
1EMS Ltd EMSLIMITED5.8
2Engineers India Ltd ENGINERSIN8.6
3Ircon International Ltd IRCON9.6
4Bondada Engineering Ltd 54397110.6
5ISGEC Heavy Engineering Ltd ISGEC10.6
P/BVlowest P/BV
1Ircon International Ltd IRCON1.8
2EMS Ltd EMSLIMITED2.1
3ISGEC Heavy Engineering Ltd ISGEC2.3
4Engineers India Ltd ENGINERSIN4.0
5Bondada Engineering Ltd 5439714.9
Enterprise and book valuation · company comparison
7/8 level · 7/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Artson Ltd ARTSON31.3211.1Dec 2025
Axtel Industries Ltd AXTEL21.55.3Dec 2025
BGR Energy Systems Ltd BGRENERGY⚠ unverified20.6-1.0Mar 2026
Bondada Engineering Ltd 54397110.64.7Mar 2026
ISGEC Heavy Engineering Ltd ISGEC10.62.4Mar 2026
Ircon International Ltd IRCON9.61.8Mar 2026
Engineers India Ltd ENGINERSIN8.63.9Mar 2026
EMS Ltd EMSLIMITED5.81.5Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Artson Ltd · ARTSON

37.6
21.6
38.4
36.9
44.4
182.2
—
—
—
—
—
119.5
47.8
57.3
91.6
33.7
42.0
45.1
31.3
—

Axtel Industries Ltd · AXTEL

17.7
21.8
26.5
28.1
18.5
19.2
17.4
18.4
19.4
23.2
20.2
18.7
19.9
15.4
20.7
24.0
25.1
28.7
21.5
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

—
—
34.4
22.1
18.3
20.6
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
14.6
—
59.7
—
92.8
63.2
39.0
—
23.6
15.9
10.6

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
—
9.0
14.1
13.4
15.9
17.8
19.6
12.7
13.0
13.6
8.9
5.8

Engineers India Ltd · ENGINERSIN

3.3
4.7
4.7
4.2
4.1
5.7
7.3
6.8
10.8
12.8
14.4
17.1
25.2
24.3
23.2
17.1
17.2
13.3
13.3
8.6

Ircon International Ltd · IRCON

3.2
1.6
1.4
0.8
0.3
—
1.4
1.1
3.3
8.3
9.3
11.5
14.4
12.2
12.8
10.7
13.2
12.5
14.5
9.6

ISGEC Heavy Engineering Ltd · ISGEC

11.9
13.6
14.7
13.9
13.4
13.7
11.6
10.6
13.3
12.5
14.3
13.2
19.4
20.0
20.8
14.7
16.6
12.6
12.1
10.6

P/BV · reported quarter history

Artson Ltd · ARTSON

33.8
40.0
71.7
56.3
592.7
-33.9
-26.4
519.1
590.5
-40.8
-525.3
-483.3
-42.5
-300.9
-297.4
-214.3
583.8
162.2
211.1
—

Axtel Industries Ltd · AXTEL

10.2
7.8
8.0
5.8
5.3
4.2
4.5
4.8
5.3
8.4
8.5
9.5
9.9
6.5
6.5
6.1
6.5
6.1
5.3
—

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

0.4
0.5
0.9
0.9
0.6
1.4
1.2
0.6
0.8
5.6
-6.6
-2.4
3.0
-0.6
-0.8
-0.6
-1.1
-1.0
-1.2
-1.0

Bondada Engineering Ltd · 543971

—
—
—
—
—
—
—
—
—
—
—
13.6
—
40.7
31.5
19.0
—
25.1
7.2
4.7

EMS Ltd · EMSLIMITED

—
—
—
—
—
—
—
—
—
2.0
3.2
3.1
4.5
5.4
5.5
3.9
4.4
3.8
2.3
1.5

Engineers India Ltd · ENGINERSIN

2.1
2.4
2.3
2.1
1.9
1.9
2.4
2.4
3.6
4.2
4.5
5.2
7.2
5.3
4.5
3.8
6.0
4.1
4.3
3.9

Ircon International Ltd · IRCON

1.1
1.0
0.9
0.8
0.8
0.8
1.1
1.1
1.7
2.6
2.9
3.7
4.9
3.6
3.2
2.4
3.3
2.5
2.6
1.8

ISGEC Heavy Engineering Ltd · ISGEC

2.5
2.7
2.2
1.9
1.8
1.7
1.6
1.5
2.4
2.3
3.0
2.8
4.0
4.0
4.2
2.9
3.5
2.4
2.4
2.4
09 · let price answer last

Market action

BGR Energy Systems Ltd has the strongest one-year price move in Infra - Engineering - General at +188.1%. Engineers India Ltd leads on Mansfield relative strength against NIFTY at +7.2%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Infra - Engineering - General comparison names 6 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. A high growth rate can still be a low-base artefact.

Keep these limits visible

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

Which companies are included?

All 8 companies in the canonical Infra - Engineering - General membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 2 of these are no longer being priced, so their price and relative strength are frozen at the last traded week shown.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Engineers India Ltd ENGINERSIN22/26 WEEKS₹12.7K Cr₹2252026-07-19Mar 2026Cross-checked
Ircon International Ltd IRCON₹11.9K Cr₹1262026-07-19Mar 2026Cross-checked
ISGEC Heavy Engineering Ltd ISGEC₹6.3K Cr₹8562026-07-19Mar 2026Cross-checked
Bondada Engineering Ltd 543971₹3.4K Cr₹3062026-07-19Mar 2026Primary source only
EMS Ltd EMSLIMITEDAHEAD₹2.2K Cr₹4032026-07-19Mar 2026Cross-checked
BGR Energy Systems Ltd BGRENERGY⚠ unverified₹2.1K Cr₹2912026-07-19Mar 2026Includes unverified figures
Axtel Industries Ltd AXTEL₹739 Cr₹4582026-03-08 · not currently pricedDec 2025Primary source only
Artson Ltd ARTSON₹529 Cr₹1432026-03-08 · not currently pricedDec 2025Primary source only
How each company's sources stand: 1 of 8 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 Infra - Engineering - General companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24.

FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing4 cross-checked · 4 unverified · 0 withheld, of 8 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Infra - Engineering - General company comparison FAQs

These 18 answers restate the Infra - Engineering - General comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Infra - Engineering - General index?

The Nifty Infra - Engineering - General index tracks India's listed Infra - Engineering - General companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Infra - Engineering - General sector rather than to its largest constituent. Figures are as of Mar 2026.

Which are the best Infra - Engineering - General stocks in India?

Ranked by this page's four-factor score, Engineers India Ltd places first among 8 listed Infra - Engineering - General companies, followed by Axtel Industries 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 - Engineering - General stocks are listed in India?

This comparison covers 8 listed Infra - Engineering - General 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 - Engineering - General company is the biggest?

Ircon International Ltd is the largest, with trailing-twelve-month revenue of ₹9,071 crore, ahead of ISGEC Heavy Engineering Ltd at ₹6,819 crore. That covers 7 of 8 companies with comparable reporting through Mar 2026.

Which Infra - Engineering - General company is growing fastest?

Artson Ltd has the fastest revenue growth at 100% year on year, across 7 of 8 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 - Engineering - General company has the best profit margins?

Axtel Industries Ltd has the highest operating margin at 18.4%, from 8 of 8 comparable companies. Axtel Industries Ltd shows the biggest recent improvement, at +6.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Infra - Engineering - General company makes the most profit?

Engineers India Ltd earns the most, at ₹691 crore of trailing-twelve-month net profit, from 7 of 8 comparable companies. Axtel Industries Ltd has the fastest profit growth at 33.3%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Infra - Engineering - General company earns the highest return on capital?

Bondada Engineering Ltd leads on return on capital employed at 38.7%, across 8 of 8 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 - Engineering - General stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Engineers India Ltd screens cheapest at 0.51×. Only 4 of 8 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 - Engineering - General company has the strongest balance sheet?

Axtel Industries Ltd carries the lowest comparable gross debt at ₹0 crore, from 8 of 8 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 - Engineering - General stock has the strongest price momentum?

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

Which Infra - Engineering - General company scores highest for research priority?

Engineers India Ltd scores 78.5 out of 100 with 100% evidence confidence, from 24 points on growth and earnings, 21.4 on capital efficiency, 17.5 on valuation and 15.6 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 - Engineering - General companies does this comparison cover, and over what period?

It compares 8 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 - Engineering - General sector?

The 8 Infra - Engineering - General companies on this page carry ₹39,836 crore of combined market value. Engineers India Ltd is the largest at ₹12,658 crore, about 32% 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 - Engineering - General sector's P/E ratio?

The median price-to-earnings ratio across the 8 Infra - Engineering - General companies on this page is 24.7×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Infra - Engineering - General sector performing?

2 of the 8 covered Infra - Engineering - General 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.

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