# Infra - Engineering - General — company-by-company sector analysis

> Infra - Engineering - General: Ircon International Ltd owns the largest revenue base; Artson 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. 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/8
Stocks leading sector: 3/8

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

Companies: 8
Combined market value: ₹39.8K 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. Engineers India Ltd (ENGINERSIN): 79/100 — Favorable setup; evidence 100%
   - Growth & earnings 24.0/35 | Capital efficiency 21.4/25 | Valuation 17.5/20 | Relative strength 15.6/20
   - 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.
2. Axtel Industries Ltd (AXTEL): 62/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 20.8/35 | Capital efficiency 18.9/25 | Valuation 8.1/20 | Relative strength 14.1/20
   - 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.
3. Bondada Engineering Ltd (543971): 52/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 18.3/35 | Capital efficiency 17.9/25 | Valuation 14.8/20 | Relative strength 0.8/20
   - 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.
4. ISGEC Heavy Engineering  Ltd (ISGEC): 48/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 18.8/35 | Capital efficiency 12.6/25 | Valuation 8.9/20 | Relative strength 7.4/20
   - 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.
5. Artson Ltd (ARTSON): 44/100 — Mixed-negative evidence; evidence 63%
   - Growth & earnings 16.7/35 | Capital efficiency 10.6/25 | Valuation 10.0/20 | Relative strength 6.4/20
   - 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.
6. Ircon International Ltd (IRCON): 41/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 14.7/35 | Capital efficiency 8.3/25 | Valuation 13.1/20 | Relative strength 5.1/20
   - 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.
7. EMS Ltd (EMSLIMITED): 32/100 — Adverse evidence; evidence 94%
   - Growth & earnings 7.2/35 | Capital efficiency 13.0/25 | Valuation 5.9/20 | Relative strength 5.8/20
   - 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.
8. BGR Energy Systems Ltd (BGRENERGY): 30/100 — Adverse evidence; evidence 63%
   - Growth & earnings 5.1/35 | Capital efficiency 0.9/25 | Valuation 10.0/20 | Relative strength 13.6/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Ircon International Ltd · ₹9,071 crore | 33% versus #2 · ISGEC Heavy Engineering  Ltd | 0/8 recent comparable periods | 7/8 companies · 121 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. Ircon International Ltd (IRCON): ₹9.1K Cr
2. ISGEC Heavy Engineering  Ltd (ISGEC): ₹6.8K Cr
3. Engineers India Ltd (ENGINERSIN): ₹3.9K Cr
4. EMS Ltd (EMSLIMITED): ₹733 Cr
5. BGR Energy Systems Ltd (BGRENERGY): ₹300 Cr

### Revenue growth — fastest growers
1. Artson Ltd (ARTSON): 100%
2. Engineers India Ltd (ENGINERSIN): 27%
3. ISGEC Heavy Engineering  Ltd (ISGEC): 6.2%
4. Axtel Industries Ltd (AXTEL): -1.2%
5. Ircon International Ltd (IRCON): -16%

### 20-quarter Revenue history
- 543971: 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 ₹376 Cr | Mar 2025 ₹714 Cr | Jun 2025 — | Sep 2025 ₹659 Cr | Dec 2025 ₹712 Cr | Mar 2026 ₹914 Cr
- ENGINERSIN: Jun 2021 ₹746 Cr | Sep 2021 ₹657 Cr | Dec 2021 ₹692 Cr | Mar 2022 ₹818 Cr | Jun 2022 ₹815 Cr | Sep 2022 ₹793 Cr | Dec 2022 ₹842 Cr | Mar 2023 ₹880 Cr | Jun 2023 ₹818 Cr | Sep 2023 ₹790 Cr | Dec 2023 ₹868 Cr | Mar 2024 ₹805 Cr | Jun 2024 ₹624 Cr | Sep 2024 ₹689 Cr | Dec 2024 ₹765 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹870 Cr | Sep 2025 ₹921 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹926 Cr
- IRCON: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹3.2K Cr
- ISGEC: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹93 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹239 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹121 Cr
- BGRENERGY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹246 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹462 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹50 Cr
- AXTEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹40 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹59 Cr | Mar 2026 —
- ARTSON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹32 Cr | Mar 2026 —

### 20-quarter Revenue growth history
- 543971: 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 — | Jun 2025 — | Sep 2025 — | Dec 2025 89% | Mar 2026 28%
- ENGINERSIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 21% | Dec 2022 22% | Mar 2023 7.6% | Jun 2023 0.4% | Sep 2023 -0.4% | Dec 2023 3.1% | Mar 2024 -8.5% | Jun 2024 -24% | Sep 2024 -13% | Dec 2024 -12% | Mar 2025 25% | Jun 2025 39% | Sep 2025 34% | Dec 2025 58% | Mar 2026 -8.3%
- IRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 47% | Dec 2022 33% | Mar 2023 28% | Jun 2023 38% | Sep 2023 33% | Dec 2023 25% | Mar 2024 0.2% | Jun 2024 -17% | Sep 2024 -18% | Dec 2024 -11% | Mar 2025 -9.9% | Jun 2025 -22% | Sep 2025 -19% | Dec 2025 -19% | Mar 2026 -6.5%
- ISGEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 10.0% | Dec 2022 14% | Mar 2023 28% | Jun 2023 11% | Sep 2023 -2.6% | Dec 2023 -6.5% | Mar 2024 -8.6% | Jun 2024 11% | Sep 2024 12% | Dec 2024 0.1% | Mar 2025 -6.6% | Jun 2025 -13% | Sep 2025 2.9% | Dec 2025 16% | Mar 2026 17%
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 48% | Sep 2023 126% | Dec 2023 32% | Mar 2024 29% | Jun 2024 50% | Sep 2024 11% | Dec 2024 23% | Mar 2025 10% | Jun 2025 16% | Sep 2025 -26% | Dec 2025 -18% | Mar 2026 -55%
- BGRENERGY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 88% | Mar 2024 59% | Jun 2024 20% | Sep 2024 -65% | Dec 2024 -86% | Mar 2025 -24% | Jun 2025 -49% | Sep 2025 0.0% | Dec 2025 18% | Mar 2026 -62%
- AXTEL: 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 -23% | Jun 2024 -6.7% | Sep 2024 -20% | Dec 2024 -25% | Mar 2025 -28% | Jun 2025 -39% | Sep 2025 21% | Dec 2025 45% | Mar 2026 —
- ARTSON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -14% | Jun 2024 -40% | Sep 2024 -33% | Dec 2024 -42% | Mar 2025 104% | Jun 2025 80% | Sep 2025 140% | Dec 2025 78% | Mar 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Axtel Industries Ltd · 18.4% | 15% versus #2 · Engineers India Ltd | 2/8 recent comparable periods | 8/8 companies · 144 observations

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

### OPM — highest
1. Axtel Industries Ltd (AXTEL): 18%
2. Engineers India Ltd (ENGINERSIN): 16%
3. EMS Ltd (EMSLIMITED): 15%
4. Bondada Engineering Ltd (543971): 11%
5. Ircon International Ltd (IRCON): 8.0%

### Margin change — fastest expanders
1. Axtel Industries Ltd (AXTEL): +6.2 pp
2. Ircon International Ltd (IRCON): +1.0 pp
3. Bondada Engineering Ltd (543971): 0.0 pp
4. ISGEC Heavy Engineering  Ltd (ISGEC): −1.0 pp
5. Artson Ltd (ARTSON): −4.0 pp

### 20-quarter OPM history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.3% | Dec 2022 — | Mar 2023 7.7% | Jun 2023 — | Sep 2023 6.9% | Dec 2023 — | Mar 2024 9.5% | Jun 2024 — | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 — | Sep 2025 12% | Dec 2025 12% | Mar 2026 11%
- ENGINERSIN: Jun 2021 14% | Sep 2021 9.4% | Dec 2021 9.6% | Mar 2022 13% | Jun 2022 5.8% | Sep 2022 5.7% | Dec 2022 6.0% | Mar 2023 19% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 6.0% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 9.0% | Dec 2024 13% | Mar 2025 30% | Jun 2025 8.0% | Sep 2025 13% | Dec 2025 29% | Mar 2026 16%
- IRCON: Jun 2021 9.6% | Sep 2021 9.1% | Dec 2021 8.7% | Mar 2022 6.2% | Jun 2022 8.0% | Sep 2022 8.9% | Dec 2022 7.0% | Mar 2023 5.0% | Jun 2023 9.0% | Sep 2023 7.0% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 5.0% | Mar 2025 7.0% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 8.0%
- ISGEC: Jun 2021 4.5% | Sep 2021 3.4% | Dec 2021 7.7% | Mar 2022 6.7% | Jun 2022 5.8% | Sep 2022 6.0% | Dec 2022 8.0% | Mar 2023 8.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 8.0%
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 36% | Dec 2022 28% | Mar 2023 25% | Jun 2023 23% | Sep 2023 27% | Dec 2023 23% | Mar 2024 28% | Jun 2024 24% | Sep 2024 29% | Dec 2024 29% | Mar 2025 24% | Jun 2025 23% | Sep 2025 21% | Dec 2025 15% | Mar 2026 15%
- BGRENERGY: Jun 2021 -2.4% | Sep 2021 20% | Dec 2021 1.0% | Mar 2022 2.1% | Jun 2022 -6.1% | Sep 2022 -38% | Dec 2022 7.0% | Mar 2023 -197% | Jun 2023 -17% | Sep 2023 -12% | Dec 2023 -97% | Mar 2024 95% | Jun 2024 -2.0% | Sep 2024 -83% | Dec 2024 -291% | Mar 2025 -232% | Jun 2025 -119% | Sep 2025 -68% | Dec 2025 -241% | Mar 2026 -467%
- AXTEL: Jun 2021 8.6% | Sep 2021 7.9% | Dec 2021 8.8% | Mar 2022 17% | Jun 2022 -1.4% | Sep 2022 15% | Dec 2022 9.0% | Mar 2023 20% | Jun 2023 15% | Sep 2023 24% | Dec 2023 24% | Mar 2024 15% | Jun 2024 12% | Sep 2024 16% | Dec 2024 12% | Mar 2025 12% | Jun 2025 5.6% | Sep 2025 20% | Dec 2025 18% | Mar 2026 —
- ARTSON: Jun 2021 8.1% | Sep 2021 8.8% | Dec 2021 -2.5% | Mar 2022 1.4% | Jun 2022 -4.6% | Sep 2022 -8.0% | Dec 2022 3.0% | Mar 2023 -24% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 11% | Mar 2024 12% | Jun 2024 10% | Sep 2024 -8.0% | Dec 2024 -41% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 0.0% | Dec 2025 -45% | Mar 2026 —

### 20-quarter Margin change history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +3.7 pp | Dec 2024 — | Mar 2025 +1.5 pp | Jun 2025 — | Sep 2025 +1.5 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp
- ENGINERSIN: Jun 2021 +9.5 pp | Sep 2021 −2.1 pp | Dec 2021 +0.5 pp | Mar 2022 −1.7 pp | Jun 2022 −8.5 pp | Sep 2022 −3.7 pp | Dec 2022 −3.6 pp | Mar 2023 +5.6 pp | Jun 2023 +3.3 pp | Sep 2023 +6.4 pp | Dec 2023 0.0 pp | Mar 2024 −9.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +7.0 pp | Mar 2025 +20.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +16.0 pp | Mar 2026 −14.0 pp
- IRCON: Jun 2021 −1.7 pp | Sep 2021 −0.8 pp | Dec 2021 −0.9 pp | Mar 2022 −2.0 pp | Jun 2022 −1.6 pp | Sep 2022 −0.2 pp | Dec 2022 −1.7 pp | Mar 2023 −1.2 pp | Jun 2023 +1.0 pp | Sep 2023 −1.9 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp
- ISGEC: Jun 2021 −4.1 pp | Sep 2021 −7.1 pp | Dec 2021 +0.4 pp | Mar 2022 −0.9 pp | Jun 2022 +1.2 pp | Sep 2022 +2.6 pp | Dec 2022 +0.3 pp | Mar 2023 +1.3 pp | Jun 2023 +1.2 pp | Sep 2023 +3.0 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −6.7 pp | Sep 2023 −8.5 pp | Dec 2023 −4.5 pp | Mar 2024 +2.5 pp | Jun 2024 +0.9 pp | Sep 2024 +2.3 pp | Dec 2024 +5.5 pp | Mar 2025 −3.5 pp | Jun 2025 −1.7 pp | Sep 2025 −7.9 pp | Dec 2025 −13.6 pp | Mar 2026 −8.8 pp
- BGRENERGY: Jun 2021 +20.8 pp | Sep 2021 +67.5 pp | Dec 2021 +10.6 pp | Mar 2022 +3.7 pp | Jun 2022 −3.7 pp | Sep 2022 −58.2 pp | Dec 2022 +6.0 pp | Mar 2023 −199.1 pp | Jun 2023 −10.9 pp | Sep 2023 +26.1 pp | Dec 2023 −104.0 pp | Mar 2024 +292.0 pp | Jun 2024 +15.0 pp | Sep 2024 −71.0 pp | Dec 2024 −194.0 pp | Mar 2025 −327.0 pp | Jun 2025 −117.0 pp | Sep 2025 +15.0 pp | Dec 2025 +50.0 pp | Mar 2026 −235.0 pp
- AXTEL: Jun 2021 −19.6 pp | Sep 2021 −12.2 pp | Dec 2021 −10.8 pp | Mar 2022 +8.0 pp | Jun 2022 −10.0 pp | Sep 2022 +7.4 pp | Dec 2022 +0.2 pp | Mar 2023 +2.4 pp | Jun 2023 +16.1 pp | Sep 2023 +8.7 pp | Dec 2023 +14.5 pp | Mar 2024 −4.8 pp | Jun 2024 −2.4 pp | Sep 2024 −8.0 pp | Dec 2024 −11.3 pp | Mar 2025 −2.8 pp | Jun 2025 −6.7 pp | Sep 2025 +3.7 pp | Dec 2025 +6.2 pp | Mar 2026 —
- ARTSON: Jun 2021 +18.0 pp | Sep 2021 +5.2 pp | Dec 2021 −6.5 pp | Mar 2022 −4.4 pp | Jun 2022 −12.7 pp | Sep 2022 −16.8 pp | Dec 2022 +5.5 pp | Mar 2023 −25.4 pp | Jun 2023 +13.6 pp | Sep 2023 +20.0 pp | Dec 2023 +8.0 pp | Mar 2024 +36.0 pp | Jun 2024 +1.0 pp | Sep 2024 −20.0 pp | Dec 2024 −52.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 +8.0 pp | Dec 2025 −4.0 pp | Mar 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Engineers India Ltd · ₹691 crore | 16.7% versus #2 · Ircon International Ltd | 3/8 recent comparable periods | 7/8 companies · 121 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. Engineers India Ltd (ENGINERSIN): ₹691 Cr
2. Ircon International Ltd (IRCON): ₹592 Cr
3. ISGEC Heavy Engineering  Ltd (ISGEC): ₹284 Cr
4. EMS Ltd (EMSLIMITED): ₹91 Cr
5. Axtel Industries Ltd (AXTEL): ₹25 Cr

### Profit growth — fastest growers
1. Axtel Industries Ltd (AXTEL): 33%
2. Engineers India Ltd (ENGINERSIN): 19%
3. ISGEC Heavy Engineering  Ltd (ISGEC): 0.0%
4. Ircon International Ltd (IRCON): -19%
5. EMS Ltd (EMSLIMITED): -51%

### 20-quarter Net profit history
- 543971: 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 ₹25 Cr | Mar 2025 ₹56 Cr | Jun 2025 — | Sep 2025 ₹52 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹63 Cr
- ENGINERSIN: Jun 2021 ₹3 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹196 Cr
- IRCON: Jun 2021 ₹89 Cr | Sep 2021 ₹126 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹247 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹191 Cr
- ISGEC: Jun 2021 ₹14 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹85 Cr
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹6 Cr
- BGRENERGY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-59 Cr | Mar 2023 ₹-218 Cr | Jun 2023 ₹-92 Cr | Sep 2023 ₹-107 Cr | Dec 2023 ₹-691 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹-112 Cr | Sep 2024 ₹-193 Cr | Dec 2024 ₹-336 Cr | Mar 2025 ₹-332 Cr | Jun 2025 ₹-266 Cr | Sep 2025 ₹-63 Cr | Dec 2025 ₹-193 Cr | Mar 2026 ₹-771 Cr
- AXTEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 —
- ARTSON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-2 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-12 Cr | Mar 2026 —

### 20-quarter Profit growth history
- 543971: 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 — | Jun 2025 — | Sep 2025 — | Dec 2025 116% | Mar 2026 13%
- ENGINERSIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2,067% | Sep 2022 341% | Dec 2022 -61% | Mar 2023 141% | Jun 2023 114% | Sep 2023 69% | Dec 2023 294% | Mar 2024 -39% | Jun 2024 -34% | Sep 2024 -21% | Dec 2024 73% | Mar 2025 141% | Jun 2025 -29% | Sep 2025 -17% | Dec 2025 218% | Mar 2026 -30%
- IRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 38% | Dec 2022 40% | Mar 2023 5.8% | Jun 2023 29% | Sep 2023 44% | Dec 2023 29% | Mar 2024 -3.5% | Jun 2024 20% | Sep 2024 -18% | Dec 2024 -65% | Mar 2025 -14% | Jun 2025 -27% | Sep 2025 -34% | Dec 2025 16% | Mar 2026 -9.9%
- ISGEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 180% | Dec 2022 27% | Mar 2023 138% | Jun 2023 194% | Sep 2023 129% | Dec 2023 1.5% | Mar 2024 -23% | Jun 2024 26% | Sep 2024 50% | Dec 2024 -66% | Mar 2025 36% | Jun 2025 -12% | Sep 2025 -42% | Dec 2025 265% | Mar 2026 -13%
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.5% | Sep 2023 116% | Dec 2023 25% | Mar 2024 32% | Jun 2024 63% | Sep 2024 9.5% | Dec 2024 35% | Mar 2025 -1.0% | Jun 2025 2.4% | Sep 2025 -43% | Dec 2025 -62% | Mar 2026 -88%
- BGRENERGY: 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 -357% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AXTEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 333% | Mar 2024 -52% | Jun 2024 -23% | Sep 2024 -51% | Dec 2024 -66% | Mar 2025 -10% | Jun 2025 -54% | Sep 2025 72% | Dec 2025 145% | Mar 2026 —
- ARTSON: 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 -100% | Sep 2024 -200% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 -300% | Mar 2026 —

## Capacity Spending & Returns On It

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.

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: EMS Ltd · ₹2 crore | Not enough peers | 2/2 recent comparable periods | 1/8 companies · 2 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. EMS Ltd (EMSLIMITED): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. EMS Ltd (EMSLIMITED): 2.2%

### 20-quarter CAPEX history
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 2.2% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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: Axtel Industries Ltd · ₹0 crore | 100% versus #2 · Engineers India Ltd | Not enough history | 8/8 companies · 111 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. Axtel Industries Ltd (AXTEL): ₹0 Cr
2. Engineers India Ltd (ENGINERSIN): ₹17 Cr
3. Artson Ltd (ARTSON): ₹49 Cr
4. EMS Ltd (EMSLIMITED): ₹154 Cr
5. Bondada Engineering Ltd (543971): ₹292 Cr

### Net debt — lowest net debt
1. Engineers India Ltd (ENGINERSIN): ₹-1.4K Cr
2. EMS Ltd (EMSLIMITED): ₹95 Cr
3. ISGEC Heavy Engineering  Ltd (ISGEC): ₹509 Cr
4. Ircon International Ltd (IRCON): ₹550 Cr
5. BGR Energy Systems Ltd (BGRENERGY): ₹4.5K Cr

### 20-quarter Gross debt history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹38 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹84 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹182 Cr | Jun 2025 — | Sep 2025 ₹234 Cr | Dec 2025 — | Mar 2026 ₹292 Cr
- ENGINERSIN: Jun 2021 ₹4 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹17 Cr
- IRCON: Jun 2021 ₹312 Cr | Sep 2021 ₹943 Cr | Dec 2021 ₹943 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.7K Cr
- ISGEC: Jun 2021 ₹913 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹959 Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹814 Cr | Jun 2024 ₹814 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹861 Cr | Jun 2025 ₹861 Cr | Sep 2025 ₹925 Cr | Dec 2025 ₹925 Cr | Mar 2026 ₹951 Cr
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹45 Cr | Jun 2023 — | Sep 2023 ₹49 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹154 Cr
- BGRENERGY: Jun 2021 ₹1.9K Cr | Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.5K Cr
- AXTEL: 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 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —
- ARTSON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹53 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹59 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹64 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹49 Cr | Jun 2025 — | Sep 2025 ₹49 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- ENGINERSIN: Jun 2021 ₹-1.5K Cr | Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-1.5K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-1.4K Cr
- IRCON: Jun 2021 ₹-4.4K Cr | Sep 2021 ₹-3.1K Cr | Dec 2021 ₹-3.1K Cr | Mar 2022 ₹-4.2K Cr | Jun 2022 ₹-4.2K Cr | Sep 2022 ₹-4.3K Cr | Dec 2022 ₹-4.3K Cr | Mar 2023 ₹-3.7K Cr | Jun 2023 ₹-3.7K Cr | Sep 2023 ₹-4.2K Cr | Dec 2023 ₹-4.2K Cr | Mar 2024 ₹-3.0K Cr | Jun 2024 ₹-3.0K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-892 Cr | Jun 2025 ₹-893 Cr | Sep 2025 ₹-363 Cr | Dec 2025 ₹-363 Cr | Mar 2026 ₹550 Cr
- ISGEC: Jun 2021 ₹690 Cr | Sep 2021 ₹849 Cr | Dec 2021 ₹849 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹995 Cr | Dec 2022 ₹995 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹572 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹446 Cr | Dec 2024 ₹446 Cr | Mar 2025 ₹653 Cr | Jun 2025 ₹631 Cr | Sep 2025 ₹676 Cr | Dec 2025 ₹676 Cr | Mar 2026 ₹509 Cr
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-86 Cr | Sep 2022 ₹-101 Cr | Dec 2022 — | Mar 2023 ₹-40 Cr | Jun 2023 — | Sep 2023 ₹-162 Cr | Dec 2023 ₹-162 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹-65 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-76 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹95 Cr
- BGRENERGY: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.5K Cr

## Return On Capital Employed

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.

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.

Evidence: Bondada Engineering Ltd · 38.7% | 26.5% versus #2 · Engineers India Ltd | Not enough history | 8/8 companies · 73 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. Bondada Engineering Ltd (543971): 39%
2. Engineers India Ltd (ENGINERSIN): 31%
3. Artson Ltd (ARTSON): 25%
4. Axtel Industries Ltd (AXTEL): 20%
5. EMS Ltd (EMSLIMITED): 13%

### ROCE change — fastest improvers
1. Engineers India Ltd (ENGINERSIN): +2.2 pp
2. Artson Ltd (ARTSON): +2.0 pp
3. ISGEC Heavy Engineering  Ltd (ISGEC): +1.2 pp
4. Bondada Engineering Ltd (543971): −1.0 pp
5. Ircon International Ltd (IRCON): −1.6 pp

### 20-quarter ROCE history
- ENGINERSIN: Jun 2021 — | Sep 2021 24% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 17% | Dec 2023 28% | Mar 2024 12% | Jun 2024 19% | Sep 2024 9.2% | Dec 2024 18% | Mar 2025 18% | Jun 2025 28% | Sep 2025 21% | Dec 2025 41% | Mar 2026 21%
- IRCON: Jun 2021 — | Sep 2021 8.2% | Dec 2021 — | Mar 2022 7.0% | Jun 2022 — | Sep 2022 8.6% | Dec 2022 — | Mar 2023 7.2% | Jun 2023 — | Sep 2023 7.4% | Dec 2023 17% | Mar 2024 9.9% | Jun 2024 15% | Sep 2024 9.3% | Dec 2024 12% | Mar 2025 5.9% | Jun 2025 9.8% | Sep 2025 4.5% | Dec 2025 8.9% | Mar 2026 4.3%
- ISGEC: Jun 2021 — | Sep 2021 7.4% | Dec 2021 — | Mar 2022 7.1% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 12% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 14% | Mar 2026 13%
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 21% | Dec 2023 31% | Mar 2024 22% | Jun 2024 32% | Sep 2024 23% | Dec 2024 28% | Mar 2025 23% | Jun 2025 26% | Sep 2025 18% | Dec 2025 17% | Mar 2026 11%
- BGRENERGY: Jun 2021 — | Sep 2021 0.8% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 -6.4% | Dec 2022 — | Mar 2023 -52% | Jun 2023 — | Sep 2023 -50% | Dec 2023 -125% | Mar 2024 597% | Jun 2024 -41% | Sep 2024 68% | Dec 2024 0.2% | Mar 2025 48% | Jun 2025 -96% | Sep 2025 -28% | Dec 2025 -32% | Mar 2026 -33%

### 20-quarter ROCE change history
- ENGINERSIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.9 pp | Dec 2022 — | Mar 2023 −3.9 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 −2.8 pp | Jun 2024 — | Sep 2024 −7.8 pp | Dec 2024 −9.3 pp | Mar 2025 +6.0 pp | Jun 2025 +8.7 pp | Sep 2025 +11.7 pp | Dec 2025 +22.4 pp | Mar 2026 +2.2 pp
- IRCON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 −1.2 pp | Dec 2023 — | Mar 2024 +2.7 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 −4.6 pp | Mar 2025 −4.0 pp | Jun 2025 −5.6 pp | Sep 2025 −4.8 pp | Dec 2025 −3.2 pp | Mar 2026 −1.6 pp
- ISGEC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 — | Mar 2023 +4.9 pp | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −1.9 pp | Mar 2025 −1.4 pp | Jun 2025 −0.6 pp | Sep 2025 +2.6 pp | Dec 2025 +1.9 pp | Mar 2026 +1.2 pp
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +8.7 pp | Dec 2023 — | Mar 2024 −3.4 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 −2.4 pp | Mar 2025 +0.4 pp | Jun 2025 −5.7 pp | Sep 2025 −5.2 pp | Dec 2025 −11.1 pp | Mar 2026 −11.8 pp
- BGRENERGY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 — | Mar 2023 −64.3 pp | Jun 2023 — | Sep 2023 −43.4 pp | Dec 2023 — | Mar 2024 +649.6 pp | Jun 2024 — | Sep 2024 +117.7 pp | Dec 2024 +125.4 pp | Mar 2025 −549.5 pp | Jun 2025 −54.6 pp | Sep 2025 −95.5 pp | Dec 2025 −32.1 pp | Mar 2026 −81.2 pp

## Valuation Against Growth & Quality

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.

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: Engineers India Ltd · 0.51× | 45.7% versus #2 · ISGEC Heavy Engineering  Ltd | 0/8 recent comparable periods | 4/8 companies · 29 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. Engineers India Ltd (ENGINERSIN): 0.5
2. ISGEC Heavy Engineering  Ltd (ISGEC): 0.9
3. Ircon International Ltd (IRCON): 1.1
4. EMS Ltd (EMSLIMITED): 2.1

### P/E — lowest P/E
1. Bondada Engineering Ltd (543971): 16.8
2. Engineers India Ltd (ENGINERSIN): 18.3
3. Ircon International Ltd (IRCON): 19.9
4. EMS Ltd (EMSLIMITED): 24.7
5. Axtel Industries Ltd (AXTEL): 29.9

### 20-quarter Guarded PEG history
- ENGINERSIN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.8 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 —
- IRCON: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.3 | Mar 2022 0.1 | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.4 | Sep 2023 0.7 | Dec 2023 0.6 | Mar 2024 0.9 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ISGEC: Jun 2021 — | Sep 2021 0.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.8 | Mar 2023 2.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.6 | Sep 2024 1.2 | Dec 2024 4.8 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 — | Dec 2025 — | Mar 2026 0.9
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 0.6 | Sep 2024 — | Dec 2024 0.8 | Mar 2025 — | Jun 2025 1.1 | Sep 2025 2.1 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15.8 | Dec 2023 — | Mar 2024 76.1 | Jun 2024 — | Sep 2024 147.7 | Dec 2024 101.2 | Mar 2025 61.1 | Jun 2025 — | Sep 2025 37.7 | Dec 2025 25.2 | Mar 2026 16.5
- ENGINERSIN: Jun 2021 23.0 | Sep 2021 26.1 | Dec 2021 40.9 | Mar 2022 62.1 | Jun 2022 23.3 | Sep 2022 17.8 | Dec 2022 17.1 | Mar 2023 17.8 | Jun 2023 18.7 | Sep 2023 19.7 | Dec 2023 20.4 | Mar 2024 21.8 | Jun 2024 31.7 | Sep 2024 29.9 | Dec 2024 28.6 | Mar 2025 21.7 | Jun 2025 23.1 | Sep 2025 19.9 | Dec 2025 21.5 | Mar 2026 13.8
- IRCON: Jun 2021 13.4 | Sep 2021 9.7 | Dec 2021 8.7 | Mar 2022 7.4 | Jun 2022 5.8 | Sep 2022 5.7 | Dec 2022 8.1 | Mar 2023 7.0 | Jun 2023 10.3 | Sep 2023 16.9 | Dec 2023 18.2 | Mar 2024 22.0 | Jun 2024 27.3 | Sep 2024 22.1 | Dec 2024 21.4 | Mar 2025 19.3 | Jun 2025 26.4 | Sep 2025 23.9 | Dec 2025 28.0 | Mar 2026 18.5
- ISGEC: Jun 2021 22.9 | Sep 2021 24.9 | Dec 2021 29.1 | Mar 2022 29.3 | Jun 2022 32.8 | Sep 2022 32.9 | Dec 2022 26.7 | Mar 2023 21.6 | Jun 2023 26.0 | Sep 2023 23.3 | Dec 2023 27.8 | Mar 2024 25.5 | Jun 2024 37.5 | Sep 2024 39.4 | Dec 2024 39.1 | Mar 2025 28.6 | Jun 2025 30.8 | Sep 2025 23.5 | Dec 2025 24.2 | Mar 2026 20.0
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.6 | Dec 2023 18.5 | Mar 2024 17.6 | Jun 2024 22.8 | Sep 2024 25.7 | Dec 2024 28.3 | Mar 2025 18.6 | Jun 2025 18.9 | Sep 2025 20.5 | Dec 2025 13.0 | Mar 2026 8.4
- BGRENERGY: Jun 2021 — | Sep 2021 -2.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AXTEL: Jun 2021 26.5 | Sep 2021 34.4 | Dec 2021 44.5 | Mar 2022 53.9 | Jun 2022 30.7 | Sep 2022 33.8 | Dec 2022 28.5 | Mar 2023 29.8 | Jun 2023 30.5 | Sep 2023 34.6 | Dec 2023 30.1 | Mar 2024 27.1 | Jun 2024 29.5 | Sep 2024 23.6 | Dec 2024 32.2 | Mar 2025 40.4 | Jun 2025 40.8 | Sep 2025 47.4 | Dec 2025 33.0 | Mar 2026 —
- ARTSON: Jun 2021 — | Sep 2021 — | Dec 2021 688.9 | Mar 2022 621.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 106.4 | Sep 2024 154.1 | Dec 2024 145.7 | Mar 2025 118.4 | Jun 2025 185.0 | Sep 2025 180.8 | Dec 2025 111.9 | Mar 2026 —

## Enterprise Value & Book Value

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

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: EMS Ltd · 5.8× | 32.6% versus #2 · Engineers India Ltd | 0/8 recent comparable periods | 7/8 companies · 115 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. EMS Ltd (EMSLIMITED): 5.8
2. Engineers India Ltd (ENGINERSIN): 8.6
3. Ircon International Ltd (IRCON): 9.6
4. Bondada Engineering Ltd (543971): 10.6
5. ISGEC Heavy Engineering  Ltd (ISGEC): 10.6

### P/BV — lowest P/BV
1. Ircon International Ltd (IRCON): 1.8
2. EMS Ltd (EMSLIMITED): 2.1
3. ISGEC Heavy Engineering  Ltd (ISGEC): 2.3
4. Engineers India Ltd (ENGINERSIN): 4.0
5. Bondada Engineering Ltd (543971): 4.9

### 20-quarter EV/EBITDA history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14.6 | Dec 2023 — | Mar 2024 59.7 | Jun 2024 — | Sep 2024 92.8 | Dec 2024 63.2 | Mar 2025 39.0 | Jun 2025 — | Sep 2025 23.6 | Dec 2025 15.9 | Mar 2026 10.6
- ENGINERSIN: Jun 2021 3.3 | Sep 2021 4.7 | Dec 2021 4.7 | Mar 2022 4.2 | Jun 2022 4.1 | Sep 2022 5.7 | Dec 2022 7.3 | Mar 2023 6.8 | Jun 2023 10.8 | Sep 2023 12.8 | Dec 2023 14.4 | Mar 2024 17.1 | Jun 2024 25.2 | Sep 2024 24.3 | Dec 2024 23.2 | Mar 2025 17.1 | Jun 2025 17.2 | Sep 2025 13.3 | Dec 2025 13.3 | Mar 2026 8.6
- IRCON: Jun 2021 3.2 | Sep 2021 1.6 | Dec 2021 1.4 | Mar 2022 0.8 | Jun 2022 0.3 | Sep 2022 — | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 3.3 | Sep 2023 8.3 | Dec 2023 9.3 | Mar 2024 11.5 | Jun 2024 14.4 | Sep 2024 12.2 | Dec 2024 12.8 | Mar 2025 10.7 | Jun 2025 13.2 | Sep 2025 12.5 | Dec 2025 14.5 | Mar 2026 9.6
- ISGEC: Jun 2021 11.9 | Sep 2021 13.6 | Dec 2021 14.7 | Mar 2022 13.9 | Jun 2022 13.4 | Sep 2022 13.7 | Dec 2022 11.6 | Mar 2023 10.6 | Jun 2023 13.3 | Sep 2023 12.5 | Dec 2023 14.3 | Mar 2024 13.2 | Jun 2024 19.4 | Sep 2024 20.0 | Dec 2024 20.8 | Mar 2025 14.7 | Jun 2025 16.6 | Sep 2025 12.6 | Dec 2025 12.1 | Mar 2026 10.6
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.0 | Dec 2023 14.1 | Mar 2024 13.4 | Jun 2024 15.9 | Sep 2024 17.8 | Dec 2024 19.6 | Mar 2025 12.7 | Jun 2025 13.0 | Sep 2025 13.6 | Dec 2025 8.9 | Mar 2026 5.8
- BGRENERGY: Jun 2021 — | Sep 2021 — | Dec 2021 34.4 | Mar 2022 22.1 | Jun 2022 18.3 | Sep 2022 20.6 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AXTEL: Jun 2021 17.7 | Sep 2021 21.8 | Dec 2021 26.5 | Mar 2022 28.1 | Jun 2022 18.5 | Sep 2022 19.2 | Dec 2022 17.4 | Mar 2023 18.4 | Jun 2023 19.4 | Sep 2023 23.2 | Dec 2023 20.2 | Mar 2024 18.7 | Jun 2024 19.9 | Sep 2024 15.4 | Dec 2024 20.7 | Mar 2025 24.0 | Jun 2025 25.1 | Sep 2025 28.7 | Dec 2025 21.5 | Mar 2026 —
- ARTSON: Jun 2021 37.6 | Sep 2021 21.6 | Dec 2021 38.4 | Mar 2022 36.9 | Jun 2022 44.4 | Sep 2022 182.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 119.5 | Jun 2024 47.8 | Sep 2024 57.3 | Dec 2024 91.6 | Mar 2025 33.7 | Jun 2025 42.0 | Sep 2025 45.1 | Dec 2025 31.3 | Mar 2026 —

### 20-quarter P/BV history
- 543971: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13.6 | Jun 2024 — | Sep 2024 40.7 | Dec 2024 31.5 | Mar 2025 19.0 | Jun 2025 — | Sep 2025 25.1 | Dec 2025 7.2 | Mar 2026 4.7
- ENGINERSIN: Jun 2021 2.1 | Sep 2021 2.4 | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.9 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 3.6 | Sep 2023 4.2 | Dec 2023 4.5 | Mar 2024 5.2 | Jun 2024 7.2 | Sep 2024 5.3 | Dec 2024 4.5 | Mar 2025 3.8 | Jun 2025 6.0 | Sep 2025 4.1 | Dec 2025 4.3 | Mar 2026 3.9
- IRCON: Jun 2021 1.1 | Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.7 | Sep 2023 2.6 | Dec 2023 2.9 | Mar 2024 3.7 | Jun 2024 4.9 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 2.4 | Jun 2025 3.3 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 1.8
- ISGEC: Jun 2021 2.5 | Sep 2021 2.7 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 2.4 | Sep 2023 2.3 | Dec 2023 3.0 | Mar 2024 2.8 | Jun 2024 4.0 | Sep 2024 4.0 | Dec 2024 4.2 | Mar 2025 2.9 | Jun 2025 3.5 | Sep 2025 2.4 | Dec 2025 2.4 | Mar 2026 2.4
- EMSLIMITED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0 | Dec 2023 3.2 | Mar 2024 3.1 | Jun 2024 4.5 | Sep 2024 5.4 | Dec 2024 5.5 | Mar 2025 3.9 | Jun 2025 4.4 | Sep 2025 3.8 | Dec 2025 2.3 | Mar 2026 1.5
- BGRENERGY: Jun 2021 0.4 | Sep 2021 0.5 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 5.6 | Dec 2023 -6.6 | Mar 2024 -2.4 | Jun 2024 3.0 | Sep 2024 -0.6 | Dec 2024 -0.8 | Mar 2025 -0.6 | Jun 2025 -1.1 | Sep 2025 -1.0 | Dec 2025 -1.2 | Mar 2026 -1.0
- AXTEL: Jun 2021 10.2 | Sep 2021 7.8 | Dec 2021 8.0 | Mar 2022 5.8 | Jun 2022 5.3 | Sep 2022 4.2 | Dec 2022 4.5 | Mar 2023 4.8 | Jun 2023 5.3 | Sep 2023 8.4 | Dec 2023 8.5 | Mar 2024 9.5 | Jun 2024 9.9 | Sep 2024 6.5 | Dec 2024 6.5 | Mar 2025 6.1 | Jun 2025 6.5 | Sep 2025 6.1 | Dec 2025 5.3 | Mar 2026 —
- ARTSON: Jun 2021 33.8 | Sep 2021 40.0 | Dec 2021 71.7 | Mar 2022 56.3 | Jun 2022 592.7 | Sep 2022 -33.9 | Dec 2022 -26.4 | Mar 2023 519.1 | Jun 2023 590.5 | Sep 2023 -40.8 | Dec 2023 -525.3 | Mar 2024 -483.3 | Jun 2024 -42.5 | Sep 2024 -300.9 | Dec 2024 -297.4 | Mar 2025 -214.3 | Jun 2025 583.8 | Sep 2025 162.2 | Dec 2025 211.1 | Mar 2026 —

## 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.

### Strongest one-year price performers
1. BGR Energy Systems Ltd (BGRENERGY): 188%
2. Axtel Industries Ltd (AXTEL): -2.2%
3. Engineers India Ltd (ENGINERSIN): -3.2%
4. Artson Ltd (ARTSON): -20%
5. ISGEC Heavy Engineering  Ltd (ISGEC): -22%

### Strongest relative strength versus NIFTY 500
1. Engineers India Ltd (ENGINERSIN): 7.2%
2. Axtel Industries Ltd (AXTEL): 1.9%
3. EMS Ltd (EMSLIMITED): -2.1%
4. ISGEC Heavy Engineering  Ltd (ISGEC): -3.7%
5. BGR Energy Systems Ltd (BGRENERGY): -4.0%

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

## Every company
- Engineers India Ltd (ENGINERSIN) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- Ircon International Ltd (IRCON) — market value ₹11.9K Cr; latest fundamentals Mar 2026
- ISGEC Heavy Engineering  Ltd (ISGEC) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- Bondada Engineering Ltd (543971) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- EMS Ltd (EMSLIMITED) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- BGR Energy Systems Ltd (BGRENERGY) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Axtel Industries Ltd (AXTEL) — market value ₹739 Cr; latest fundamentals Dec 2025
- Artson Ltd (ARTSON) — market value ₹529 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 4. Unverified: 4. Withheld: 0. Graded companies: 8.

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.

- UNVERIFIED | BGRENERGY | BGR Energy Systems 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 - 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/infra-engineering-general