# Infra - Power - Generation/Distribution — company-by-company sector analysis

> Infra - Power - Generation/Distribution: Kalpataru Projects International Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Infra - Power - Generation/Distribution has underperformed NIFTY 500 by 39.9% over 52 weeks and 9.4% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself. Kalpataru Projects International Ltd leads with revenue of ₹27,143 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Infra - Power - Generation/Distribution sector outperforming NIFTY 500?

Infra - Power - Generation/Distribution has underperformed NIFTY 500 by 39.9% over 52 weeks and 9.4% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself.

### Which Infra - Power - Generation/Distribution company is largest by revenue?

Kalpataru Projects International Ltd leads with revenue of ₹27,143 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Infra - Power - Generation/Distribution company is growing fastest?

Kalpataru Projects International Ltd has the fastest current revenue growth at 21.6%, across 3 of 3 comparable companies.

### Which Infra - Power - Generation/Distribution company has the strongest 4-Factor Sector Score?

Kalpataru Projects International Ltd ranks first at 70/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Infra - Power - Generation/Distribution company has the least gross debt?

Kalpataru Projects International Ltd has the lowest comparable gross debt at ₹3,543 crore. GMR Power & Urban Infra Ltd has the highest at ₹11,594 crore.

### How much history does this Infra - Power - Generation/Distribution 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

Infra - Power - Generation/Distribution has underperformed NIFTY 500 by 39.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 9.4%. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Kalpataru Projects International Ltd is the strongest against the sector itself at +33.1%.

13-week sector return versus NIFTY 500: -9.4%
52-week sector return versus NIFTY 500: -40%
Stocks leading NIFTY: 1/3
Stocks leading sector: 2/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹32.4K 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. Kalpataru Projects International Ltd (KPIL): 70/100 — Favorable setup; evidence 80%
   - Growth & earnings 27.7/35 | Capital efficiency 16.6/25 | Valuation 9.9/20 | Relative strength 15.8/20
   - Exact sum: 27.7 + 16.6 + 9.9 + 15.8 = 70
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. GMR Power & Urban Infra Ltd (GMRP&UI): 40/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 12.5/35 | Capital efficiency 8.0/25 | Valuation 10.0/20 | Relative strength 9.0/20
   - Exact sum: 12.5 + 8 + 10 + 9 = 39.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Reliance Infrastructure Ltd (RELINFRA): 23/100 — Adverse evidence; evidence 74%
   - Growth & earnings 0.0/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 0 + 9.8 + 10 + 3 = 22.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Kalpataru Projects International Ltd is the scale leader at ₹27,143 crore, 32.8% ahead of Reliance Infrastructure Ltd. Kalpataru Projects International Ltd's growth is 21.6% from a ₹27,143 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

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

Evidence: Kalpataru Projects International Ltd · ₹27,143 crore | 32.8% versus #2 · Reliance Infrastructure Ltd | 8/8 recent comparable periods | 3/3 companies · 54 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. Kalpataru Projects International Ltd (KPIL): ₹27.1K Cr
2. Reliance Infrastructure Ltd (RELINFRA): ₹20.4K Cr
3. GMR Power & Urban Infra Ltd (GMRP&UI): ₹7.3K Cr

### Revenue growth — fastest growers
1. Kalpataru Projects International Ltd (KPIL): 22%
2. GMR Power & Urban Infra Ltd (GMRP&UI): 16%
3. Reliance Infrastructure Ltd (RELINFRA): -13%

### 20-quarter Revenue history
- KPIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹7.8K Cr
- GMRP&UI: Jun 2021 ₹876 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹964 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹627 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr
- RELINFRA: Jun 2021 ₹4.3K Cr | Sep 2021 ₹5.7K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.3K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.0K Cr

### 20-quarter Revenue growth history
- KPIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 22% | Jun 2024 8.2% | Sep 2024 9.1% | Dec 2024 17% | Mar 2025 18% | Jun 2025 35% | Sep 2025 32% | Dec 2025 16% | Mar 2026 10%
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 50% | Dec 2022 50% | Mar 2023 18% | Jun 2023 5.1% | Sep 2023 -60% | Dec 2023 -24% | Mar 2024 15% | Jun 2024 43% | Sep 2024 121% | Dec 2024 46% | Mar 2025 6.3% | Jun 2025 2.2% | Sep 2025 31% | Dec 2025 16% | Mar 2026 15%
- RELINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 9.0% | Dec 2022 -2.2% | Mar 2023 0.6% | Jun 2023 -9.8% | Sep 2023 15% | Dec 2023 13% | Mar 2024 12% | Jun 2024 29% | Sep 2024 1.5% | Dec 2024 8.5% | Mar 2025 -12% | Jun 2025 -18% | Sep 2025 -14% | Dec 2025 -15% | Mar 2026 -2.6%

## Operating Economics & Margin Trend

What the numbers say: GMR Power & Urban Infra Ltd leads both opm at 23% and margin change at +6 percentage points.

Investor read: GMR Power & Urban Infra 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: GMR Power & Urban Infra Ltd · 23% | 187.5% versus #2 · Kalpataru Projects International Ltd | 4/8 recent comparable periods | 3/3 companies · 60 observations

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

### OPM — highest
1. GMR Power & Urban Infra Ltd (GMRP&UI): 23%
2. Kalpataru Projects International Ltd (KPIL): 8.0%
3. Reliance Infrastructure Ltd (RELINFRA): -18%

### Margin change — fastest expanders
1. GMR Power & Urban Infra Ltd (GMRP&UI): +6.0 pp
2. Kalpataru Projects International Ltd (KPIL): 0.0 pp
3. Reliance Infrastructure Ltd (RELINFRA): −18.0 pp

### 20-quarter OPM history
- KPIL: Jun 2021 9.3% | Sep 2021 7.2% | Dec 2021 8.1% | Mar 2022 7.3% | Jun 2022 8.6% | Sep 2022 9.2% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 8.0%
- GMRP&UI: Jun 2021 9.6% | Sep 2021 16% | Dec 2021 12% | Mar 2022 6.8% | Jun 2022 14% | Sep 2022 3.6% | Dec 2022 5.0% | Mar 2023 -6.0% | Jun 2023 17% | Sep 2023 17% | Dec 2023 20% | Mar 2024 22% | Jun 2024 32% | Sep 2024 30% | Dec 2024 17% | Mar 2025 17% | Jun 2025 24% | Sep 2025 19% | Dec 2025 20% | Mar 2026 23%
- RELINFRA: Jun 2021 -1.0% | Sep 2021 9.6% | Dec 2021 4.9% | Mar 2022 2.6% | Jun 2022 5.4% | Sep 2022 12% | Dec 2022 7.0% | Mar 2023 -4.0% | Jun 2023 2.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 12% | Mar 2025 0.0% | Jun 2025 4.0% | Sep 2025 17% | Dec 2025 10% | Mar 2026 -18%

### 20-quarter Margin change history
- KPIL: Jun 2021 −2.3 pp | Sep 2021 −5.4 pp | Dec 2021 −2.8 pp | Mar 2022 −3.6 pp | Jun 2022 −0.7 pp | Sep 2022 +2.0 pp | Dec 2022 +0.9 pp | Mar 2023 −0.3 pp | Jun 2023 +0.4 pp | Sep 2023 −1.2 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 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +14.7 pp | Jun 2022 +4.0 pp | Sep 2022 −12.1 pp | Dec 2022 −7.2 pp | Mar 2023 −12.8 pp | Jun 2023 +3.4 pp | Sep 2023 +13.4 pp | Dec 2023 +15.0 pp | Mar 2024 +28.0 pp | Jun 2024 +15.0 pp | Sep 2024 +13.0 pp | Dec 2024 −3.0 pp | Mar 2025 −5.0 pp | Jun 2025 −8.0 pp | Sep 2025 −11.0 pp | Dec 2025 +3.0 pp | Mar 2026 +6.0 pp
- RELINFRA: Jun 2021 +5.3 pp | Sep 2021 −0.4 pp | Dec 2021 +5.4 pp | Mar 2022 +3.5 pp | Jun 2022 +6.4 pp | Sep 2022 +2.7 pp | Dec 2022 +2.1 pp | Mar 2023 −6.6 pp | Jun 2023 −3.4 pp | Sep 2023 −3.3 pp | Dec 2023 +4.0 pp | Mar 2024 +11.0 pp | Jun 2024 +7.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −7.0 pp | Jun 2025 −5.0 pp | Sep 2025 +9.0 pp | Dec 2025 −2.0 pp | Mar 2026 −18.0 pp

## Profit Scale & Acceleration

What the numbers say: Reliance Infrastructure Ltd leads with ₹4,837 crore of TTM profit, 369.2% above Kalpataru Projects International Ltd. Kalpataru Projects International Ltd shows 81.5% growth from a ₹1,031 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Reliance Infrastructure 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: Reliance Infrastructure Ltd · ₹4,837 crore | 369.2% versus #2 · Kalpataru Projects International Ltd | 0/4 recent comparable periods | 3/3 companies · 54 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. Reliance Infrastructure Ltd (RELINFRA): ₹4.8K Cr
2. Kalpataru Projects International Ltd (KPIL): ₹1.0K Cr
3. GMR Power & Urban Infra Ltd (GMRP&UI): ₹614 Cr

### Profit growth — fastest growers
1. Kalpataru Projects International Ltd (KPIL): 82%
2. Reliance Infrastructure Ltd (RELINFRA): -47%
3. GMR Power & Urban Infra Ltd (GMRP&UI): -61%

### 20-quarter Net profit history
- KPIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹109 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹431 Cr
- GMRP&UI: Jun 2021 ₹-138 Cr | Sep 2021 ₹332 Cr | Dec 2021 ₹-574 Cr | Mar 2022 ₹-272 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹339 Cr | Mar 2023 ₹-471 Cr | Jun 2023 ₹-218 Cr | Sep 2023 ₹-123 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹-108 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹895 Cr | Dec 2025 ₹-160 Cr | Mar 2026 ₹-114 Cr
- RELINFRA: Jun 2021 ₹-85 Cr | Sep 2021 ₹-248 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹-626 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹-2.5K Cr | Jun 2023 ₹-567 Cr | Sep 2023 ₹-182 Cr | Dec 2023 ₹-301 Cr | Mar 2024 ₹-98 Cr | Jun 2024 ₹-93 Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹-3.2K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹1.6K Cr

### 20-quarter Profit growth history
- KPIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 21% | Jun 2024 -26% | Sep 2024 40% | Dec 2024 -2.8% | Mar 2025 29% | Jun 2025 155% | Sep 2025 88% | Dec 2025 6.4% | Mar 2026 98%
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 222% | Dec 2022 — | Mar 2023 — | Jun 2023 -208% | Sep 2023 -112% | Dec 2023 -87% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -351% | Mar 2025 -71% | Jun 2025 -101% | Sep 2025 258% | Dec 2025 — | Mar 2026 -333%
- RELINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -240% | Mar 2023 — | Jun 2023 -716% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -39% | Dec 2025 — | Mar 2026 -80%

## Capacity Spending & Returns On It

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

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: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Reliance Infrastructure Ltd has the clearest covered balance-sheet capacity with ₹2,733 crore and gross debt of ₹4,937 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: Kalpataru Projects International Ltd · ₹3,543 crore | 28.2% versus #2 · Reliance Infrastructure Ltd | Not enough history | 3/3 companies · 44 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. Kalpataru Projects International Ltd (KPIL): ₹3.5K Cr
2. Reliance Infrastructure Ltd (RELINFRA): ₹4.9K Cr
3. GMR Power & Urban Infra Ltd (GMRP&UI): ₹11.6K Cr

### Net debt — lowest net debt
1. Reliance Infrastructure Ltd (RELINFRA): ₹2.7K Cr
2. GMR Power & Urban Infra Ltd (GMRP&UI): ₹9.8K Cr

### 20-quarter Gross debt history
- KPIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.3K Cr | Jun 2025 — | Sep 2025 ₹4.8K Cr | Dec 2025 — | Mar 2026 ₹3.5K Cr
- GMRP&UI: Jun 2021 — | Sep 2021 ₹11.1K Cr | Dec 2021 — | Mar 2022 ₹10.4K Cr | Jun 2022 ₹10.4K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.2K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹13.9K Cr | Jun 2024 ₹13.9K Cr | Sep 2024 ₹10.1K Cr | Dec 2024 ₹10.1K Cr | Mar 2025 ₹10.3K Cr | Jun 2025 ₹10.3K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹11.6K Cr | Mar 2026 ₹11.6K Cr
- RELINFRA: Jun 2021 ₹8.8K Cr | Sep 2021 ₹13.9K Cr | Dec 2021 ₹13.9K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹12.7K Cr | Sep 2022 ₹12.3K Cr | Dec 2022 ₹12.3K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹11.5K Cr | Sep 2023 ₹10.8K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹9.9K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹4.9K Cr

### 20-quarter Net debt history
- GMRP&UI: Jun 2021 — | Sep 2021 ₹10.7K Cr | Dec 2021 — | Mar 2022 ₹9.8K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹13.0K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 ₹9.1K Cr | Mar 2025 ₹9.1K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹9.8K Cr
- RELINFRA: Jun 2021 — | Sep 2021 ₹13.1K Cr | Dec 2021 — | Mar 2022 ₹11.7K Cr | Jun 2022 — | Sep 2022 ₹10.4K Cr | Dec 2022 — | Mar 2023 ₹10.7K Cr | Jun 2023 — | Sep 2023 ₹8.9K Cr | Dec 2023 — | Mar 2024 ₹8.2K Cr | Jun 2024 — | Sep 2024 ₹3.7K Cr | Dec 2024 — | Mar 2025 ₹4.0K Cr | Jun 2025 — | Sep 2025 ₹2.8K Cr | Dec 2025 — | Mar 2026 ₹2.7K Cr

## Return On Capital Employed

What the numbers say: Kalpataru Projects International Ltd leads ROCE at 18.3%, 3 percentage points above Reliance Infrastructure Ltd. Kalpataru Projects International Ltd has the strongest latest improvement at +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: Kalpataru Projects International 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: Kalpataru Projects International Ltd · 18.3% | 19.6% versus #2 · Reliance Infrastructure Ltd | Not enough history | 3/3 companies · 30 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. Kalpataru Projects International Ltd (KPIL): 18%
2. Reliance Infrastructure Ltd (RELINFRA): 15%
3. GMR Power & Urban Infra Ltd (GMRP&UI): 12%

### ROCE change — fastest improvers
1. Kalpataru Projects International Ltd (KPIL): +2.0 pp
2. GMR Power & Urban Infra Ltd (GMRP&UI): −3.3 pp
3. Reliance Infrastructure Ltd (RELINFRA): −8.9 pp

### 20-quarter ROCE history
- GMRP&UI: Jun 2021 — | Sep 2021 3.6% | Dec 2021 — | Mar 2022 7.5% | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 7.9% | Jun 2023 — | Sep 2023 13% | Dec 2023 14% | Mar 2024 8.2% | Jun 2024 45% | Sep 2024 11% | Dec 2024 48% | Mar 2025 11% | Jun 2025 17% | Sep 2025 8.1% | Dec 2025 22% | Mar 2026 7.4%
- RELINFRA: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 6.3% | Dec 2022 — | Mar 2023 6.7% | Jun 2023 — | Sep 2023 6.8% | Dec 2023 -2.9% | Mar 2024 9.1% | Jun 2024 8.0% | Sep 2024 16% | Dec 2024 8.5% | Mar 2025 12% | Jun 2025 36% | Sep 2025 6.2% | Dec 2025 41% | Mar 2026 3.0%

### 20-quarter ROCE change history
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 +34.3 pp | Mar 2025 +2.5 pp | Jun 2025 −27.6 pp | Sep 2025 −3.1 pp | Dec 2025 −26.5 pp | Mar 2026 −3.3 pp
- RELINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.2 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +2.4 pp | Jun 2024 — | Sep 2024 +8.7 pp | Dec 2024 +11.4 pp | Mar 2025 +2.8 pp | Jun 2025 +27.8 pp | Sep 2025 −9.3 pp | Dec 2025 +32.1 pp | Mar 2026 −8.9 pp

## Valuation Against Growth & Quality

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

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: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 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

### P/E — lowest P/E
1. Reliance Infrastructure Ltd (RELINFRA): 1.1
2. GMR Power & Urban Infra Ltd (GMRP&UI): 12.3
3. Kalpataru Projects International Ltd (KPIL): 22.7

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- KPIL: Jun 2021 12.1 | Sep 2021 10.9 | Dec 2021 11.2 | Mar 2022 12.2 | Jun 2022 13.7 | Sep 2022 15.4 | Dec 2022 20.6 | Mar 2023 19.8 | Jun 2023 22.3 | Sep 2023 22.9 | Dec 2023 26.1 | Mar 2024 38.4 | Jun 2024 37.4 | Sep 2024 47.0 | Dec 2024 40.8 | Mar 2025 30.6 | Jun 2025 36.5 | Sep 2025 29.7 | Dec 2025 24.9 | Mar 2026 21.6
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.8 | Sep 2022 3.1 | Dec 2022 1.0 | Mar 2023 5.4 | Jun 2023 35.4 | Sep 2023 39.9 | Dec 2023 -4.6 | Mar 2024 -25.1 | Jun 2024 3.8 | Sep 2024 6.8 | Dec 2024 — | Mar 2025 5.8 | Jun 2025 — | Sep 2025 9.9 | Dec 2025 — | Mar 2026 —
- RELINFRA: Jun 2021 2.0 | Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 2.7 | Jun 2022 2.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.2 | Dec 2024 — | Mar 2025 2.1 | Jun 2025 3.9 | Sep 2025 2.2 | Dec 2025 1.4 | Mar 2026 0.6

## Enterprise Value & Book Value

What the numbers say: Reliance Infrastructure Ltd leads both ev/ebitda at 0.5× and p/bv at 0.14×.

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: Reliance Infrastructure Ltd · 0.5× | 94.6% versus #2 · GMR Power & Urban Infra Ltd | 0/8 recent comparable periods | 3/3 companies · 57 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. Reliance Infrastructure Ltd (RELINFRA): 0.5
2. GMR Power & Urban Infra Ltd (GMRP&UI): 9.2
3. Kalpataru Projects International Ltd (KPIL): 10.0

### P/BV — lowest P/BV
1. Reliance Infrastructure Ltd (RELINFRA): 0.1
2. Kalpataru Projects International Ltd (KPIL): 2.9
3. GMR Power & Urban Infra Ltd (GMRP&UI): 4.0

### 20-quarter EV/EBITDA history
- KPIL: Jun 2021 5.5 | Sep 2021 5.5 | Dec 2021 6.1 | Mar 2022 6.4 | Jun 2022 6.5 | Sep 2022 7.8 | Dec 2022 8.7 | Mar 2023 8.1 | Jun 2023 7.3 | Sep 2023 8.8 | Dec 2023 9.9 | Mar 2024 13.2 | Jun 2024 11.7 | Sep 2024 15.2 | Dec 2024 15.0 | Mar 2025 11.4 | Jun 2025 11.3 | Sep 2025 11.7 | Dec 2025 11.2 | Mar 2026 10.0
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 24.2 | Jun 2022 12.2 | Sep 2022 9.9 | Dec 2022 5.0 | Mar 2023 6.3 | Jun 2023 7.3 | Sep 2023 7.8 | Dec 2023 16.7 | Mar 2024 11.7 | Jun 2024 9.7 | Sep 2024 14.9 | Dec 2024 8.4 | Mar 2025 8.2 | Jun 2025 10.4 | Sep 2025 9.1 | Dec 2025 10.3 | Mar 2026 9.2
- RELINFRA: Jun 2021 2.6 | Sep 2021 2.3 | Dec 2021 2.3 | Mar 2022 2.5 | Jun 2022 5.1 | Sep 2022 4.8 | Dec 2022 4.3 | Mar 2023 4.9 | Jun 2023 4.3 | Sep 2023 4.7 | Dec 2023 5.0 | Mar 2024 5.9 | Jun 2024 5.6 | Sep 2024 6.5 | Dec 2024 5.2 | Mar 2025 4.9 | Jun 2025 2.3 | Sep 2025 1.2 | Dec 2025 0.8 | Mar 2026 0.5

### 20-quarter P/BV history
- KPIL: Jun 2021 1.7 | Sep 2021 1.6 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 3.6 | Jun 2024 3.7 | Sep 2024 4.5 | Dec 2024 4.1 | Mar 2025 3.2 | Jun 2025 3.2 | Sep 2025 3.2 | Dec 2025 2.9 | Mar 2026 2.6
- GMRP&UI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 -0.9 | Jun 2022 -0.6 | Sep 2022 -0.6 | Dec 2022 -0.5 | Mar 2023 -0.4 | Jun 2023 -0.5 | Sep 2023 -0.8 | Dec 2023 -1.1 | Mar 2024 -0.8 | Jun 2024 -1.9 | Sep 2024 -3.3 | Dec 2024 9.9 | Mar 2025 10.3 | Jun 2025 -2.4 | Sep 2025 13.8 | Dec 2025 5.6 | Mar 2026 4.9
- RELINFRA: Jun 2021 0.2 | Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 1.5 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 1.9 | Sep 2025 0.7 | Dec 2025 0.4 | Mar 2026 0.2

## Market action

Kalpataru Projects International Ltd has the strongest one-year price move in Infra - Power - Generation/Distribution at +8.7%. It also leads on Mansfield relative strength against NIFTY at +7%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Kalpataru Projects International Ltd (KPIL): 8.7%
2. GMR Power & Urban Infra Ltd (GMRP&UI): -16%
3. Reliance Infrastructure Ltd (RELINFRA): -84%

### Strongest relative strength versus NIFTY 500
1. Kalpataru Projects International Ltd (KPIL): 7.0%
2. GMR Power & Urban Infra Ltd (GMRP&UI): -10%
3. Reliance Infrastructure Ltd (RELINFRA): -58%

## 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 is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Kalpataru Projects International Ltd (KPIL) — market value ₹22.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- GMR Power & Urban Infra Ltd (GMRP&UI) — market value ₹7.6K Cr; latest fundamentals Mar 2026
- Reliance Infrastructure Ltd (RELINFRA) — market value ₹2.6K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 1. Graded companies: 3.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Kalpataru Projects International Ltd (KPIL) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | KPIL | Kalpataru Projects International Ltd | diff_gt_2pct | disagreement up to 10.89% over 14 comparable periods

## 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 - Power - Generation/Distribution index?

The Nifty Infra - Power - Generation/Distribution index tracks India's listed Infra - Power - Generation/Distribution companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Infra - Power - Generation/Distribution sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Infra - Power - Generation/Distribution stocks in India?

Ranked by this page's four-factor score, Kalpataru Projects International Ltd places first among 3 listed Infra - Power - Generation/Distribution companies, followed by GMR Power & Urban Infra 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 - Power - Generation/Distribution stocks are listed in India?

This comparison covers 3 listed Infra - Power - Generation/Distribution 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 - Power - Generation/Distribution company is the biggest?

Kalpataru Projects International Ltd is the largest, with trailing-twelve-month revenue of ₹27,143 crore, ahead of Reliance Infrastructure Ltd at ₹20,441 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Infra - Power - Generation/Distribution company is growing fastest?

Kalpataru Projects International Ltd has the fastest revenue growth at 21.6% year on year, across 3 of 3 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 - Power - Generation/Distribution company has the best profit margins?

GMR Power & Urban Infra Ltd has the highest operating margin at 23%, from 3 of 3 comparable companies. GMR Power & Urban Infra Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Infra - Power - Generation/Distribution company makes the most profit?

Reliance Infrastructure Ltd earns the most, at ₹4,837 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Kalpataru Projects International Ltd has the fastest profit growth at 81.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Infra - Power - Generation/Distribution company earns the highest return on capital?

Kalpataru Projects International Ltd leads on return on capital employed at 18.3%, across 3 of 3 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 - Power - Generation/Distribution company has the strongest balance sheet?

Kalpataru Projects International Ltd carries the lowest comparable gross debt at ₹3,543 crore, from 3 of 3 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.

### Is the Infra - Power - Generation/Distribution sector beating the market?

Infra - Power - Generation/Distribution has underperformed NIFTY 500 by 39.9% over the last 52 weeks and 9.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Infra - Power - Generation/Distribution stock has the strongest price momentum?

Kalpataru Projects International 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 - Power - Generation/Distribution company scores highest for research priority?

Kalpataru Projects International Ltd scores 70 out of 100 with 80.2% evidence confidence, from 27.7 points on growth and earnings, 16.6 on capital efficiency, 9.9 on valuation and 15.8 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 - Power - Generation/Distribution companies does this comparison cover, and over what period?

It compares 3 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 - Power - Generation/Distribution sector?

The 3 Infra - Power - Generation/Distribution companies on this page carry ₹32,403 crore of combined market value. Kalpataru Projects International Ltd is the largest at ₹22,199 crore, about 69% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Infra - Power - Generation/Distribution sector performing?

1 of the 3 covered Infra - Power - Generation/Distribution companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 39.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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-power-generation-distribution