Is the Railways - Kavach/Springs sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 2 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Railways - Kavach/Springs Stocks in India
Railways - Kavach/Springs: HBL Engineering Ltd owns the largest revenue base; Kernex Microsystems (India) Ltd has the fastest current growth.
Nifty Railways - Kavach/Springs Index — Constituents & Performance
The Railways - Kavach/Springs companies below are the listed Indian Railways - Kavach/Springs universe this page tracks — the same constituent set people search for as the Nifty Railways - Kavach/Springs index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
The sector itself · before any single company
How has Railways - Kavach/Springs moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 67% ahead of NIFTY 500. Earnings across its companies grew 104% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 15 weeks running.
LEADER · ahead 15w✓Price and the fundamentals both up2 of 3 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑15w · 2/3 >200d (−1) · 2/3 lead (−1) · EPS 2/3↑
Railways - Kavach/Springs, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
Broadening down the ladderHow much of the sector is participating, how recently, and whether the movers score well.
Together2 of 3 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score −6 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
0/1−1
Mid
1/10
Small
1/10
Participation is spreading downward — the mid and small companies added more this month than the large ones did.
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Railways - Kavach/Springs outperforming NIFTY 500?
The 52-week comparison of Railways - Kavach/Springs against NIFTY 500 is not available from the current market series. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kernex Microsystems (India) Ltd is the strongest against the sector itself at +35.1%. Readings are as of 2026-07-19.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
2/4Stocks leading NIFTY 500
2/4Stocks leading sector
Sector metric: 71.8 as of 2026-07-19 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
The 52-week sector comparison is unavailable. 2 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. HBL Engineering Ltd leads with revenue of ₹3,303 crore, based on 4 of 4 comparable companies through Mar 2026. Kernex Microsystems (India) Ltd has the fastest current revenue growth at 100%, across 4 of 4 comparable companies.
Which Railways - Kavach/Springs company is largest by revenue?
HBL Engineering Ltd leads with revenue of ₹3,303 crore, based on 4 of 4 comparable companies through Mar 2026.
Which Railways - Kavach/Springs company is growing fastest?
Kernex Microsystems (India) Ltd has the fastest current revenue growth at 100%, across 4 of 4 comparable companies.
Which Railways - Kavach/Springs company has the strongest 4-Factor Sector Score?
Kernex Microsystems (India) Ltd ranks first at 78.9/100 with 80% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Railways - Kavach/Springs company reports the most CAPEX?
Quadrant Future Tek Ltd reports the largest latest CAPEX at ₹13 crore, with 1 of 4 companies comparable.
Which Railways - Kavach/Springs company has the least gross debt?
Frontier Springs Ltd has the lowest comparable gross debt at ₹11 crore. Kernex Microsystems (India) Ltd has the highest at ₹162 crore.
Which Railways - Kavach/Springs company has the lowest comparable PEG?
HBL Engineering Ltd has the lowest comparable Guarded PEG at 1.01, among 1 of 4 companies that pass the metric’s comparability rules.
How much history does this Railways - Kavach/Springs comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
4
complete canonical membership
Combined market value
₹26.1K Cr
HBL Engineering Ltd
Revenue growing
4/4
positive TTM year-on-year growth
Beating NIFTY 500
2/4
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Kernex Microsystems (India) Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80% evidence confidence.
Quadrant Future Tek Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. Kernex Microsystems (India) Ltd · KERNEX
78.9/100 · Favorable setup · 80% evidence
Exact sum: 32 + 16.9 + 10 + 20 = 78.9
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
32.0/35Growth & earnings
Revenue 100% · PAT 72.5% · OPM change 20 pp
100% evidence
16.9/25Capital efficiency
ROCE 47.8% · debt/equity 0.65×
100% evidence
10.0/20Valuation
P/E 42× · PEG —
0% evidence
20.0/20Relative strength
RS sector 35.1% · RS bench 56% · 1Y 79.9%
100% evidence
2. Frontier Springs Ltd · FRONTSP
77.5/100 · Favorable setup · 67% evidence
Exact sum: 32.1 + 23.4 + 10 + 12 = 77.5
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
32.1/35Growth & earnings
Revenue 50.7% · PAT 100% · OPM change 4.5 pp
83% evidence
23.4/25Capital efficiency
ROCE 43% · debt/equity 0.06×
95% evidence
10.0/20Valuation
P/E 26.1× · PEG —
0% evidence
12.0/20Relative strength
RS sector 16% · RS bench -5.9% · 1Y -72.9%
70% evidence
3. HBL Engineering Ltd · HBLENGINE
73.3/100 · Favorable setup · 91% evidence
Exact sum: 28 + 22.5 + 15.3 + 7.5 = 73.3
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28.0/35Growth & earnings
Revenue 67.8% · PAT 100% · OPM change -5 pp
100% evidence
22.5/25Capital efficiency
ROCE 58.4% · debt/equity 0.03×
100% evidence
15.3/20Valuation
P/E 23.1× · PEG 1.01
85% evidence
7.5/20Relative strength
RS sector 0% · RS bench -8% · 1Y 23.2%
70% evidence
4. Quadrant Future Tek Ltd · QUADFUTURE
32.6/100 · Adverse evidence · 77% evidence
Exact sum: 1.4 + 6.1 + 10 + 15.1 = 32.6
Decision use: Price leads the evidence: RS versus the benchmark is 16.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
1.4/35Growth & earnings
Revenue 1.6% · PAT -80% · OPM change -12.3 pp
95% evidence
6.1/25Capital efficiency
ROCE -15.8% · debt/equity 0.09×
95% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
15.1/20Relative strength
RS sector -0.4% · RS bench 16.4% · 1Y -21.8%
100% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
HBL Engineering Ltd has the highest Revenue among the 4 Railways - Kavach/Springs companies compared here, at ₹3,303 crore. Kernex Microsystems (India) Ltd is next at ₹431 crore. Kernex Microsystems (India) Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: HBL Engineering Ltd is the scale leader at ₹3,303 crore, 666.4% ahead of Kernex Microsystems (India) Ltd. Kernex Microsystems (India) Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 126.8% from a ₹431 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderHBL Engineering Ltd · ₹3,303 crore
Gap666.4% versus #2 · Kernex Microsystems (India) Ltd
Persistence5/8 recent comparable periods
Coverage4/4 companies · 63 observations
Investor read: HBL Engineering Ltd is the scale benchmark; Kernex Microsystems (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: HBL Engineering Ltd's growth falls below Kernex Microsystems (India) Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1HBL Engineering Ltd HBLENGINE₹3.3K Cr
2Kernex Microsystems (India) Ltd KERNEX₹431 Cr
3Frontier Springs Ltd FRONTSP⚠ unverified₹309 Cr
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified₹153 Cr
Revenue growthfastest growers
1Kernex Microsystems (India) Ltd KERNEX100%
2HBL Engineering Ltd HBLENGINE68%
3Frontier Springs Ltd FRONTSP⚠ unverified51%
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified1.6%
Revenue · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| HBL Engineering Ltd HBLENGINE | ₹604 Cr | 27% | Mar 2026 |
| Kernex Microsystems (India) Ltd KERNEX | ₹255 Cr | 207% | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | ₹81 Cr | 40% | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | ₹57 Cr | -3.3% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
—
—
—
—
—
—
₹28 Cr
₹29 Cr
₹25 Cr
₹33 Cr
₹33 Cr
₹44 Cr
₹51 Cr
₹52 Cr
₹58 Cr
₹70 Cr
₹75 Cr
₹83 Cr
₹81 Cr
—
HBL Engineering Ltd · HBLENGINE
₹231 Cr
₹283 Cr
₹349 Cr
₹374 Cr
₹320 Cr
₹314 Cr
₹332 Cr
₹403 Cr
₹467 Cr
₹557 Cr
₹599 Cr
₹610 Cr
₹520 Cr
₹521 Cr
₹451 Cr
₹476 Cr
₹602 Cr
₹1.2K Cr
₹874 Cr
₹604 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹2 Cr
₹3 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹0 Cr
₹2 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹8 Cr
₹9 Cr
₹29 Cr
₹41 Cr
₹37 Cr
₹83 Cr
₹56 Cr
₹47 Cr
₹73 Cr
₹255 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
₹39 Cr
₹51 Cr
₹26 Cr
₹40 Cr
₹27 Cr
₹58 Cr
₹29 Cr
₹34 Cr
₹33 Cr
₹57 Cr
Revenue growth · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
—
—
—
—
—
—
—
—
—
—
18%
52%
104%
58%
76%
59%
47%
60%
40%
—
HBL Engineering Ltd · HBLENGINE
—
—
—
—
39%
11%
-4.9%
7.8%
46%
77%
80%
51%
11%
-6.5%
-25%
-22%
16%
135%
94%
27%
Kernex Microsystems (India) Ltd · KERNEX
—
—
—
—
-50%
-100%
111%
0.0%
0.0%
—
279%
800%
2,800%
4,000%
363%
822%
93%
15%
97%
207%
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-31%
14%
13%
-13%
23%
-3.3%
02 · compare level, then change
Operating Economics & Margin Trend
Kernex Microsystems (India) Ltd has the highest OPM among the 4 Railways - Kavach/Springs companies compared here, at 41%. Frontier Springs Ltd is next at 28.5%. The same company also holds the highest Margin change, at +20 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Kernex Microsystems (India) Ltd leads both opm at 41% and margin change at +20 percentage points.
LeaderKernex Microsystems (India) Ltd · 41%
Gap43.9% versus #2 · Frontier Springs Ltd
Persistence7/8 recent comparable periods
Coverage4/4 companies · 70 observations
Investor read: Kernex Microsystems (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 margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Kernex Microsystems (India) Ltd KERNEX41%
2Frontier Springs Ltd FRONTSP⚠ unverified29%
3HBL Engineering Ltd HBLENGINE12%
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified-10%
Margin changefastest expanders
1Kernex Microsystems (India) Ltd KERNEX+20.0 pp
2Frontier Springs Ltd FRONTSP⚠ unverified+4.5 pp
3HBL Engineering Ltd HBLENGINE−5.0 pp
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified−12.3 pp
Operating margin · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Kernex Microsystems (India) Ltd KERNEX | 41% | +20.0 pp | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | 29% | +4.5 pp | Mar 2026 |
| HBL Engineering Ltd HBLENGINE | 12% | −5.0 pp | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | -10% | −12.4 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
18%
12%
13%
15%
14%
11%
10%
13%
14%
14%
16%
17%
19%
20%
21%
24%
27%
27%
25%
29%
HBL Engineering Ltd · HBLENGINE
6.6%
8.8%
13%
14%
11%
11%
12%
11%
17%
18%
19%
22%
21%
21%
21%
17%
32%
44%
35%
12%
Kernex Microsystems (India) Ltd · KERNEX
-156%
-55%
-166%
-405%
-252%
-893%
-202%
—
-52%
-242%
-54%
-139%
17%
25%
23%
21%
22%
30%
23%
41%
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
40%
11%
14%
-9.3%
8.0%
-6.6%
2.1%
-35%
-37%
-32%
-10%
Margin change · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
+0.5 pp
−5.3 pp
−0.3 pp
−2.9 pp
−3.7 pp
−1.1 pp
−3.4 pp
−1.8 pp
−0.4 pp
+3.4 pp
+6.0 pp
+4.0 pp
+5.0 pp
+6.0 pp
+5.0 pp
+7.0 pp
+8.0 pp
+7.0 pp
+4.0 pp
+4.5 pp
HBL Engineering Ltd · HBLENGINE
+8.6 pp
−0.8 pp
+4.2 pp
+6.1 pp
+4.3 pp
+1.8 pp
−1.0 pp
−3.3 pp
+6.1 pp
+7.4 pp
+7.0 pp
+11.0 pp
+4.0 pp
+3.0 pp
+2.0 pp
−5.0 pp
+11.0 pp
+23.0 pp
+14.0 pp
−5.0 pp
Kernex Microsystems (India) Ltd · KERNEX
+97.9 pp
−134.4 pp
−215.5 pp
−426.6 pp
−95.7 pp
−838.2 pp
−36.0 pp
−864.2 pp
+199.5 pp
+650.9 pp
+148.4 pp
+1,130.0 pp
+69.0 pp
+267.0 pp
+77.0 pp
+160.0 pp
+5.0 pp
+5.0 pp
0.0 pp
+20.0 pp
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
−31.9 pp
−18.0 pp
−12.3 pp
−25.9 pp
−45.5 pp
−25.2 pp
−12.4 pp
03 · compare level, then change
Profit Scale & Acceleration
HBL Engineering Ltd has the highest Net profit among the 4 Railways - Kavach/Springs companies compared here, at ₹814 crore. Kernex Microsystems (India) Ltd is next at ₹88 crore. Frontier Springs Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: HBL Engineering Ltd leads with ₹814 crore of TTM profit, 825% above Kernex Microsystems (India) Ltd. Frontier Springs Ltd shows ≥100% on the scoring scale (103.6% uncapped) growth from a ₹57 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderHBL Engineering Ltd · ₹814 crore
Gap825% versus #2 · Kernex Microsystems (India) Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 63 observations
Investor read: HBL 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 profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1HBL Engineering Ltd HBLENGINE₹814 Cr
2Kernex Microsystems (India) Ltd KERNEX₹88 Cr
3Frontier Springs Ltd FRONTSP⚠ unverified₹57 Cr
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified₹-43 Cr
Profit growthfastest growers
1Frontier Springs Ltd FRONTSP⚠ unverified100%
2HBL Engineering Ltd HBLENGINE100%
3Kernex Microsystems (India) Ltd KERNEX73%
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified-80%
Net profit · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Kernex Microsystems (India) Ltd KERNEX | ₹68 Cr | 106% | Mar 2026 |
| HBL Engineering Ltd HBLENGINE | ₹64 Cr | 42% | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | ₹14 Cr | 56% | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | ₹1 Cr | -28% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
—
—
—
—
—
—
₹2 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹5 Cr
₹7 Cr
₹7 Cr
₹9 Cr
₹12 Cr
₹15 Cr
₹16 Cr
₹14 Cr
—
HBL Engineering Ltd · HBLENGINE
₹21 Cr
₹15 Cr
₹25 Cr
₹33 Cr
₹20 Cr
₹20 Cr
₹24 Cr
₹35 Cr
₹52 Cr
₹68 Cr
₹79 Cr
₹81 Cr
₹80 Cr
₹87 Cr
₹65 Cr
₹45 Cr
₹143 Cr
₹387 Cr
₹220 Cr
₹64 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹-3 Cr
₹-3 Cr
₹-2 Cr
₹-9 Cr
₹-3 Cr
₹-5 Cr
₹-4 Cr
₹-8 Cr
₹-1 Cr
₹-5 Cr
₹-9 Cr
₹-13 Cr
₹4 Cr
₹7 Cr
₹7 Cr
₹33 Cr
₹7 Cr
₹7 Cr
₹6 Cr
₹68 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
₹-1 Cr
₹0 Cr
₹-9 Cr
₹-4 Cr
₹-8 Cr
₹2 Cr
₹-14 Cr
₹-16 Cr
₹-15 Cr
₹1 Cr
Profit growth · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
—
—
—
—
—
—
—
—
—
—
50%
150%
250%
133%
200%
140%
114%
129%
56%
—
HBL Engineering Ltd · HBLENGINE
—
—
—
—
-4.8%
33%
-4.0%
6.1%
160%
240%
229%
131%
54%
28%
-18%
-44%
79%
345%
238%
42%
Kernex Microsystems (India) Ltd · KERNEX
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
75%
0.0%
-14%
106%
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
558%
—
—
—
-28%
04 · compare level, then change
Capacity Spending & Returns On It
Quadrant Future Tek Ltd has the highest CAPEX among the 4 Railways - Kavach/Springs companies compared here, at ₹13 crore. The same company also holds the highest CAPEX intensity, at 25.3%. 1 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Quadrant Future Tek Ltd reports ₹13 crore of CAPEX; Quadrant Future Tek Ltd has the highest covered intensity at 25.3%. Coverage is only 1 of 4 companies and 1 reported observations, so this is partial evidence—not a complete sector rank.
LeaderQuadrant Future Tek Ltd · ₹13 crore
GapNot enough peers
Persistence1/1 recent comparable periods
Coverage1/4 companies · 1 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Quadrant Future Tek Ltd QUADFUTURE⚠ unverified₹13 Cr
CAPEX intensityhighest reinvestment intensity
1Quadrant Future Tek Ltd QUADFUTURE⚠ unverified25%
Capital expenditure · company comparison
1/4 level · 1/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | ₹13 Cr | 25% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
₹13 Cr
—
—
—
—
—
—
—
—
CAPEX intensity · reported quarter history
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
25%
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
4/4 capacity base · 4/4 OCF · 4/4 CAPEX · 4/4 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹28 Cr
₹29 Cr
₹30 Cr
₹34 Cr
₹34 Cr
₹38 Cr
₹43 Cr
₹47 Cr
₹57 Cr
—
HBL Engineering Ltd · HBLENGINE
₹450 Cr
₹389 Cr
₹358 Cr
₹331 Cr
₹322 Cr
₹346 Cr
₹370 Cr
₹374 Cr
₹465 Cr
₹568 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹55 Cr
₹54 Cr
₹43 Cr
₹33 Cr
₹32 Cr
₹25 Cr
₹27 Cr
₹26 Cr
₹32 Cr
₹34 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
₹24 Cr
₹53 Cr
₹69 Cr
₹83 Cr
₹72 Cr
₹62 Cr
Operating cash flow · fiscal-year history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹6 Cr
₹7 Cr
₹9 Cr
₹10 Cr
₹11 Cr
₹10 Cr
₹10 Cr
₹12 Cr
₹22 Cr
₹31 Cr
HBL Engineering Ltd · HBLENGINE
₹43 Cr
₹159 Cr
₹167 Cr
₹149 Cr
₹121 Cr
₹62 Cr
₹122 Cr
₹270 Cr
₹239 Cr
₹738 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹-26 Cr
₹3 Cr
₹-23 Cr
₹-11 Cr
₹3 Cr
₹-5 Cr
₹-36 Cr
₹-71 Cr
₹15 Cr
₹-100 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
₹6 Cr
₹-5 Cr
₹30 Cr
₹22 Cr
₹-72 Cr
₹-86 Cr
CAPEX · reported cash flow · fiscal-year history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹6 Cr
₹3 Cr
₹3 Cr
₹6 Cr
₹3 Cr
₹7 Cr
₹8 Cr
₹8 Cr
₹14 Cr
—
HBL Engineering Ltd · HBLENGINE
₹35 Cr
₹-15 Cr
₹13 Cr
₹14 Cr
₹30 Cr
₹59 Cr
₹59 Cr
₹45 Cr
₹135 Cr
₹154 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹-2 Cr
₹1 Cr
₹-9 Cr
₹-8 Cr
₹1 Cr
₹-6 Cr
₹4 Cr
₹1 Cr
₹9 Cr
₹8 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
₹32 Cr
₹20 Cr
₹26 Cr
₹10 Cr
₹9 Cr
Free cash flow · fiscal-year history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹0 Cr
₹4 Cr
₹6 Cr
₹4 Cr
₹8 Cr
₹3 Cr
₹2 Cr
₹4 Cr
₹8 Cr
—
HBL Engineering Ltd · HBLENGINE
₹8 Cr
₹174 Cr
₹154 Cr
₹135 Cr
₹91 Cr
₹3 Cr
₹63 Cr
₹225 Cr
₹104 Cr
₹584 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹-24 Cr
₹2 Cr
₹-14 Cr
₹-3 Cr
₹2 Cr
₹1 Cr
₹-40 Cr
₹-72 Cr
₹6 Cr
₹-108 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
₹-37 Cr
₹10 Cr
₹-4 Cr
₹-82 Cr
₹-95 Cr
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Frontier Springs Ltd has the lowest Gross debt among the 4 Railways - Kavach/Springs companies compared here, at ₹11 crore. Quadrant Future Tek Ltd is next at ₹24 crore. HBL Engineering Ltd has the lowest Net debt at ₹625 crore net cash, so level and change sit with different companies.
What the numbers say: HBL Engineering Ltd has the clearest covered balance-sheet capacity with ₹625 crore net cash and gross debt of ₹67 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderFrontier Springs Ltd · ₹11 crore
Gap54.2% versus #2 · Quadrant Future Tek Ltd
Persistence4/8 recent comparable periods
Coverage4/4 companies · 71 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Frontier Springs Ltd FRONTSP⚠ unverified₹11 Cr
2Quadrant Future Tek Ltd QUADFUTURE⚠ unverified₹24 Cr
3HBL Engineering Ltd HBLENGINE₹67 Cr
4Kernex Microsystems (India) Ltd KERNEX₹162 Cr
Net debtlowest net debt
1HBL Engineering Ltd HBLENGINE₹-625 Cr
2Quadrant Future Tek Ltd QUADFUTURE⚠ unverified₹-6 Cr
3Frontier Springs Ltd FRONTSP⚠ unverified₹7 Cr
4Kernex Microsystems (India) Ltd KERNEX₹135 Cr
Debt and balance-sheet capacity · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Kernex Microsystems (India) Ltd KERNEX | ₹162 Cr | ₹135 Cr | Mar 2026 |
| HBL Engineering Ltd HBLENGINE | ₹67 Cr | ₹-625 Cr | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | ₹24 Cr | ₹-6 Cr | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | ₹11 Cr | ₹7 Cr | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹3 Cr
₹3 Cr
₹3 Cr
₹3 Cr
₹3 Cr
₹2 Cr
₹2 Cr
₹5 Cr
₹5 Cr
₹2 Cr
₹2 Cr
₹4 Cr
₹4 Cr
₹3 Cr
₹3 Cr
₹6 Cr
₹6 Cr
₹7 Cr
₹7 Cr
₹11 Cr
HBL Engineering Ltd · HBLENGINE
₹69 Cr
₹64 Cr
₹64 Cr
₹63 Cr
₹63 Cr
₹73 Cr
₹73 Cr
₹86 Cr
₹86 Cr
₹107 Cr
₹107 Cr
₹67 Cr
₹67 Cr
₹63 Cr
₹63 Cr
₹74 Cr
₹74 Cr
₹87 Cr
₹87 Cr
₹67 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹20 Cr
₹18 Cr
₹18 Cr
₹18 Cr
₹18 Cr
₹27 Cr
₹27 Cr
₹11 Cr
₹11 Cr
₹21 Cr
₹21 Cr
₹28 Cr
₹28 Cr
₹32 Cr
₹32 Cr
₹40 Cr
₹40 Cr
₹89 Cr
₹89 Cr
₹162 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
₹81 Cr
—
—
—
₹74 Cr
₹74 Cr
—
₹76 Cr
₹82 Cr
—
₹99 Cr
—
₹85 Cr
₹85 Cr
₹25 Cr
₹28 Cr
₹24 Cr
Net debt · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
₹-5 Cr
₹-1 Cr
₹-1 Cr
₹1 Cr
₹1 Cr
₹-2 Cr
₹-2 Cr
₹3 Cr
₹3 Cr
₹-2 Cr
₹-2 Cr
₹2 Cr
₹2 Cr
₹-9 Cr
₹-9 Cr
₹1 Cr
₹1 Cr
₹-6 Cr
₹-6 Cr
₹7 Cr
HBL Engineering Ltd · HBLENGINE
₹-7 Cr
₹-63 Cr
₹-63 Cr
₹-27 Cr
₹-42 Cr
₹-112 Cr
₹-112 Cr
₹-47 Cr
₹-60 Cr
₹46 Cr
₹46 Cr
₹-162 Cr
₹-168 Cr
₹-147 Cr
₹-147 Cr
₹-129 Cr
₹-149 Cr
₹-218 Cr
₹-218 Cr
₹-625 Cr
Kernex Microsystems (India) Ltd · KERNEX
₹2 Cr
₹5 Cr
₹5 Cr
₹11 Cr
₹-1 Cr
₹1 Cr
₹1 Cr
₹-4 Cr
₹-22 Cr
₹2 Cr
₹2 Cr
₹24 Cr
₹9 Cr
₹8 Cr
₹8 Cr
₹25 Cr
₹6 Cr
₹57 Cr
₹57 Cr
₹135 Cr
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
₹73 Cr
—
₹75 Cr
₹81 Cr
—
₹98 Cr
—
₹-98 Cr
₹-102 Cr
₹-46 Cr
₹-46 Cr
₹-6 Cr
06 · compare level, then change
Return On Capital Employed
HBL Engineering Ltd has the highest ROCE among the 4 Railways - Kavach/Springs companies compared here, at 58.4%. Kernex Microsystems (India) Ltd is next at 47.8%. Kernex Microsystems (India) Ltd has the highest ROCE change at +30.1 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: HBL Engineering Ltd leads ROCE at 58.4%, 10.6 percentage points above Kernex Microsystems (India) Ltd. Kernex Microsystems (India) Ltd has the strongest latest improvement at +30.1 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.
LeaderHBL Engineering Ltd · 58.4%
Gap22.2% versus #2 · Kernex Microsystems (India) Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 55 observations
Investor read: HBL Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1HBL Engineering Ltd HBLENGINE58%
2Kernex Microsystems (India) Ltd KERNEX48%
3Frontier Springs Ltd FRONTSP⚠ unverified43%
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified-16%
ROCE changefastest improvers
1Kernex Microsystems (India) Ltd KERNEX+30.1 pp
2HBL Engineering Ltd HBLENGINE+22.3 pp
3Frontier Springs Ltd FRONTSP⚠ unverified+7.7 pp
4Quadrant Future Tek Ltd QUADFUTURE⚠ unverified−14.5 pp
Return on capital · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Kernex Microsystems (India) Ltd KERNEX | 54% | +30.1 pp | Mar 2026 |
| HBL Engineering Ltd HBLENGINE | 45% | +22.3 pp | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | 43% | +7.7 pp | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | -21% | −14.5 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
17%
15%
—
14%
—
13%
—
13%
—
13%
17%
18%
28%
26%
38%
35%
51%
41%
56%
43%
HBL Engineering Ltd · HBLENGINE
—
5.6%
—
11%
—
14%
—
12%
—
20%
30%
30%
35%
30%
32%
22%
33%
42%
63%
45%
Kernex Microsystems (India) Ltd · KERNEX
—
-1.9%
—
-22%
—
-25%
—
-22%
—
-21%
-34%
-20%
-21%
-2.3%
10%
24%
36%
27%
40%
54%
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
27%
26%
—
-10%
-17%
-6.2%
-11%
-14%
-23%
-21%
ROCE change · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
—
—
—
—
—
−2.3 pp
—
−1.5 pp
—
+0.8 pp
—
+5.7 pp
—
+13.0 pp
+20.4 pp
+17.0 pp
+23.5 pp
+15.1 pp
+17.7 pp
+7.7 pp
HBL Engineering Ltd · HBLENGINE
—
—
—
—
—
+8.3 pp
—
+0.2 pp
—
+6.0 pp
—
+18.2 pp
—
+10.0 pp
+2.0 pp
−7.3 pp
−2.6 pp
+11.6 pp
+31.2 pp
+22.3 pp
Kernex Microsystems (India) Ltd · KERNEX
—
—
—
—
—
−22.9 pp
—
0.0 pp
—
+4.0 pp
—
+1.7 pp
—
+18.5 pp
+44.0 pp
+43.6 pp
+56.4 pp
+29.7 pp
+29.5 pp
+30.1 pp
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−43.6 pp
−31.8 pp
—
−4.3 pp
−6.4 pp
−14.5 pp
07 · compare level, then change
Valuation Against Growth & Quality
HBL Engineering Ltd has the lowest Guarded PEG among the 4 Railways - Kavach/Springs companies compared here, at 1.01×. The same company also holds the lowest P/E, at 23.1×. 1 of 4 companies report a comparable reading, the latest through Mar 2026. Its Guarded PEG series carries 4 reported observations across the 20-quarter window.
What the numbers say: HBL Engineering Ltd has the lowest comparable Guarded PEG at 1.01×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderHBL Engineering Ltd · 1.01×
GapNot enough peers
Persistence0/8 recent comparable periods
Coverage1/4 companies · 4 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1HBL Engineering Ltd HBLENGINE1.0
P/Elowest P/E
1HBL Engineering Ltd HBLENGINE23.1
2Frontier Springs Ltd FRONTSP⚠ unverified26.1
3Kernex Microsystems (India) Ltd KERNEX42.0
Valuation · company comparison
1/4 level · 3/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| HBL Engineering Ltd HBLENGINE | 1.0 | 21.8 | Mar 2026 |
| Kernex Microsystems (India) Ltd KERNEX | — | 28.9 | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | — | 23.7 | Mar 2026 |
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | — | -25.0 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
HBL Engineering Ltd · HBLENGINE
—
—
—
—
—
—
—
0.5
2.5
1.7
—
—
—
—
—
1.0
—
—
—
—
P/E · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
12.2
15.0
13.8
14.3
16.3
24.2
26.6
19.5
24.4
31.3
41.3
35.5
34.0
35.8
31.8
22.4
43.5
34.8
28.4
23.7
HBL Engineering Ltd · HBLENGINE
66.8
34.8
38.9
28.6
29.0
26.8
29.6
27.3
43.9
57.1
67.5
53.0
46.2
51.5
50.5
39.7
59.0
67.5
37.6
21.8
Kernex Microsystems (India) Ltd · KERNEX
43.5
134.3
178.8
—
—
—
—
—
—
—
—
—
-30.3
-117.9
448.4
258.7
40.4
33.6
38.8
28.9
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
49.0
—
—
—
-25.0
08 · compare level, then change
Enterprise Value & Book Value
HBL Engineering Ltd has the lowest EV/EBITDA among the 4 Railways - Kavach/Springs companies compared here, at 15.1×. Frontier Springs Ltd is next at 16.8×. Quadrant Future Tek Ltd has the lowest P/BV at 5.6×, so level and change sit with different companies. 3 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: HBL Engineering Ltd leads ev/ebitda at 15.1×; Quadrant Future Tek Ltd leads p/bv at 5.6×.
LeaderHBL Engineering Ltd · 15.1×
Gap10.1% versus #2 · Frontier Springs Ltd
Persistence0/8 recent comparable periods
Coverage3/4 companies · 50 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1HBL Engineering Ltd HBLENGINE15.1
2Frontier Springs Ltd FRONTSP⚠ unverified16.8
3Kernex Microsystems (India) Ltd KERNEX25.2
P/BVlowest P/BV
1Quadrant Future Tek Ltd QUADFUTURE⚠ unverified5.6
2HBL Engineering Ltd HBLENGINE8.8
3Kernex Microsystems (India) Ltd KERNEX14.9
4Frontier Springs Ltd FRONTSP⚠ unverified66.8
Enterprise and book valuation · company comparison
3/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Quadrant Future Tek Ltd QUADFUTURE⚠ unverified | 768.3 | 4.2 | Mar 2026 |
| Kernex Microsystems (India) Ltd KERNEX | 25.2 | 8.8 | Mar 2026 |
| Frontier Springs Ltd FRONTSP⚠ unverified | 16.8 | 64.5 | Mar 2026 |
| HBL Engineering Ltd HBLENGINE | 15.1 | 9.0 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
7.6
8.8
8.6
8.4
9.5
14.1
14.9
10.7
13.8
18.2
24.6
22.3
23.0
24.7
22.1
15.5
30.7
24.7
20.1
16.8
HBL Engineering Ltd · HBLENGINE
16.8
14.0
17.4
13.9
15.8
14.3
15.5
14.7
25.2
34.7
43.7
35.8
31.3
35.1
35.2
27.6
38.8
45.0
26.0
15.1
Kernex Microsystems (India) Ltd · KERNEX
16.5
25.0
120.2
—
—
—
—
—
—
—
—
—
—
—
—
107.2
48.3
36.5
39.5
25.2
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
337.9
768.3
—
—
—
P/BV · reported quarter history
Frontier Springs Ltd · FRONTSP⚠ unverified
4.7
5.3
4.8
4.6
4.7
7.3
7.9
6.0
7.4
11.2
17.7
19.6
26.2
34.6
39.1
32.9
76.9
76.6
72.2
64.5
HBL Engineering Ltd · HBLENGINE
1.6
1.7
2.2
2.2
3.1
2.9
3.3
3.0
5.0
7.8
11.4
11.9
14.6
13.8
12.8
9.5
13.4
15.6
12.5
9.0
Kernex Microsystems (India) Ltd · KERNEX
1.5
1.5
2.9
3.4
3.5
7.8
7.8
6.0
8.7
8.4
11.5
12.2
7.4
12.3
18.9
11.1
19.0
11.5
12.0
8.8
Quadrant Future Tek Ltd · QUADFUTURE⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.1
6.4
5.4
5.0
4.2
09 · let price answer last
Market action
Kernex Microsystems (India) Ltd has the strongest one-year price move in Railways - Kavach/Springs at +79.9%. It also leads on Mansfield relative strength against NIFTY at +56%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Railways - Kavach/Springs comparison names 6 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 2 draw at least one figure from a second feed with too little overlap to cross-check. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set
Which companies are included?
All 4 companies in the canonical Railways - Kavach/Springs membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| HBL Engineering Ltd HBLENGINE | ₹19.4K Cr | ₹699 | 2026-07-19 | Mar 2026 | Cross-checked |
| Kernex Microsystems (India) Ltd KERNEXAHEAD | ₹3.7K Cr | ₹2,205 | 2026-07-19 | Mar 2026 | Cross-checked |
| Frontier Springs Ltd FRONTSP⚠ unverified | ₹1.6K Cr | ₹1,329 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Quadrant Future Tek Ltd QUADFUTUREAHEAD18/26 WEEKS⚠ unverified | ₹1.4K Cr | ₹361 | 2026-07-19 | Mar 2026 | Includes unverified figures |
How each company's sources stand: 2 of 4 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 4 Railways - Kavach/Springs companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 2 unverified · 0 withheld, of 4 graded companies.
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.
Questions investors ask · short, speakable answers
Railways - Kavach/Springs company comparison FAQs
These 17 answers restate the Railways - Kavach/Springs comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.
What is the Nifty Railways - Kavach/Springs index?
The Nifty Railways - Kavach/Springs index tracks India's listed Railways - Kavach/Springs companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Railways - Kavach/Springs sector rather than to its largest constituent. Figures are as of Mar 2026.
Which are the best Railways - Kavach/Springs stocks in India?
Ranked by this page's four-factor score, Kernex Microsystems (India) Ltd places first among 4 listed Railways - Kavach/Springs companies, followed by Frontier Springs 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 Railways - Kavach/Springs stocks are listed in India?
This comparison covers 4 listed Railways - Kavach/Springs 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 Railways - Kavach/Springs company is the biggest?
HBL Engineering Ltd is the largest, with trailing-twelve-month revenue of ₹3,303 crore, ahead of Kernex Microsystems (India) Ltd at ₹431 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.
Which Railways - Kavach/Springs company is growing fastest?
Kernex Microsystems (India) Ltd has the fastest revenue growth at 100% year on year, across 4 of 4 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 Railways - Kavach/Springs company has the best profit margins?
Kernex Microsystems (India) Ltd has the highest operating margin at 41%, from 4 of 4 comparable companies. Kernex Microsystems (India) Ltd shows the biggest recent improvement, at +20 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Railways - Kavach/Springs company makes the most profit?
HBL Engineering Ltd earns the most, at ₹814 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Frontier Springs Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Railways - Kavach/Springs company earns the highest return on capital?
HBL Engineering Ltd leads on return on capital employed at 58.4%, across 4 of 4 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 Railways - Kavach/Springs stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — HBL Engineering Ltd screens cheapest at 1.01×. Only 1 of 4 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 Railways - Kavach/Springs company has the strongest balance sheet?
Frontier Springs Ltd carries the lowest comparable gross debt at ₹11 crore, from 4 of 4 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 Railways - Kavach/Springs stock has the strongest price momentum?
Kernex Microsystems (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 Railways - Kavach/Springs company scores highest for research priority?
Kernex Microsystems (India) Ltd scores 78.9 out of 100 with 80% evidence confidence, from 32 points on growth and earnings, 16.9 on capital efficiency, 10 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Railways - Kavach/Springs companies does this comparison cover, and over what period?
It compares 4 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 Railways - Kavach/Springs sector?
The 4 Railways - Kavach/Springs companies on this page carry ₹26,085 crore of combined market value. HBL Engineering Ltd is the largest at ₹19,365 crore, about 74% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
How is the Railways - Kavach/Springs sector performing?
2 of the 4 covered Railways - Kavach/Springs 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.