# Railways - Kavach/Springs — company-by-company sector analysis

> Railways - Kavach/Springs: HBL Engineering Ltd owns the largest revenue base; Kernex Microsystems (India) Ltd has the fastest current growth.

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

## Bottom line

Railways - Kavach/Springs has outperformed NIFTY 500 by 23.9% over 52 weeks and 13.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. HBL Engineering Ltd leads with revenue of ₹3,303 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Railways - Kavach/Springs sector outperforming NIFTY 500?

Railways - Kavach/Springs has outperformed NIFTY 500 by 23.9% over 52 weeks and 13.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### 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.

## Sector relative strength

Railways - Kavach/Springs has outperformed NIFTY 500 by 23.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.1%. 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 +49.5%.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: 24%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹26.1K 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. Kernex Microsystems (India) Ltd (KERNEX): 79/100 — Favorable setup; evidence 80%
   - Growth & earnings 32.0/35 | Capital efficiency 16.9/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - 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.
2. Frontier Springs Ltd (FRONTSP): 78/100 — Favorable setup; evidence 67%
   - Growth & earnings 32.1/35 | Capital efficiency 23.4/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - 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.
3. HBL Engineering Ltd (HBLENGINE): 73/100 — Favorable setup; evidence 91%
   - Growth & earnings 28.0/35 | Capital efficiency 22.5/25 | Valuation 15.3/20 | Relative strength 7.5/20
   - 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.
4. Quadrant Future Tek Ltd (QUADFUTURE): 29/100 — Adverse evidence; evidence 77%
   - Growth & earnings 1.4/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 11.0/20
   - Exact sum: 1.4 + 6.1 + 10 + 11 = 28.5
   - 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: 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.

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.

Evidence: HBL Engineering Ltd · ₹3,303 crore | 666.4% versus #2 · Kernex Microsystems (India) Ltd | 5/8 recent comparable periods | 4/4 companies · 63 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. HBL Engineering Ltd (HBLENGINE): ₹3.3K Cr
2. Kernex Microsystems (India) Ltd (KERNEX): ₹431 Cr
3. Frontier Springs Ltd (FRONTSP): ₹309 Cr
4. Quadrant Future Tek Ltd (QUADFUTURE): ₹153 Cr

### Revenue growth — fastest growers
1. Kernex Microsystems (India) Ltd (KERNEX): 100%
2. HBL Engineering Ltd (HBLENGINE): 68%
3. Frontier Springs Ltd (FRONTSP): 51%
4. Quadrant Future Tek Ltd (QUADFUTURE): 1.6%

### 20-quarter Revenue history
- HBLENGINE: Jun 2021 ₹231 Cr | Sep 2021 ₹283 Cr | Dec 2021 ₹349 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹314 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹557 Cr | Dec 2023 ₹599 Cr | Mar 2024 ₹610 Cr | Jun 2024 ₹520 Cr | Sep 2024 ₹521 Cr | Dec 2024 ₹451 Cr | Mar 2025 ₹476 Cr | Jun 2025 ₹602 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹874 Cr | Mar 2026 ₹604 Cr
- KERNEX: Jun 2021 ₹2 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹255 Cr
- FRONTSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹81 Cr | Mar 2026 —
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹39 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹57 Cr

### 20-quarter Revenue growth history
- HBLENGINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 11% | Dec 2022 -4.9% | Mar 2023 7.8% | Jun 2023 46% | Sep 2023 77% | Dec 2023 80% | Mar 2024 51% | Jun 2024 11% | Sep 2024 -6.5% | Dec 2024 -25% | Mar 2025 -22% | Jun 2025 16% | Sep 2025 135% | Dec 2025 94% | Mar 2026 27%
- KERNEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -100% | Dec 2022 111% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 279% | Mar 2024 800% | Jun 2024 2,800% | Sep 2024 4,000% | Dec 2024 363% | Mar 2025 822% | Jun 2025 93% | Sep 2025 15% | Dec 2025 97% | Mar 2026 207%
- FRONTSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 52% | Jun 2024 104% | Sep 2024 58% | Dec 2024 76% | Mar 2025 59% | Jun 2025 47% | Sep 2025 60% | Dec 2025 40% | Mar 2026 —
- QUADFUTURE: 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 -31% | Mar 2025 14% | Jun 2025 13% | Sep 2025 -13% | Dec 2025 23% | Mar 2026 -3.3%

## Operating Economics & Margin Trend

What the numbers say: Kernex Microsystems (India) Ltd leads both opm at 41% and margin change at +20 percentage points.

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.

Evidence: Kernex Microsystems (India) Ltd · 41% | 43.9% versus #2 · Frontier Springs Ltd | 7/8 recent comparable periods | 4/4 companies · 70 observations

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

### OPM — highest
1. Kernex Microsystems (India) Ltd (KERNEX): 41%
2. Frontier Springs Ltd (FRONTSP): 29%
3. HBL Engineering Ltd (HBLENGINE): 12%
4. Quadrant Future Tek Ltd (QUADFUTURE): -10%

### Margin change — fastest expanders
1. Kernex Microsystems (India) Ltd (KERNEX): +20.0 pp
2. Frontier Springs Ltd (FRONTSP): +4.5 pp
3. HBL Engineering Ltd (HBLENGINE): −5.0 pp
4. Quadrant Future Tek Ltd (QUADFUTURE): −12.3 pp

### 20-quarter OPM history
- HBLENGINE: Jun 2021 6.6% | Sep 2021 8.8% | Dec 2021 13% | Mar 2022 14% | Jun 2022 11% | Sep 2022 11% | Dec 2022 12% | Mar 2023 11% | Jun 2023 17% | Sep 2023 18% | Dec 2023 19% | Mar 2024 22% | Jun 2024 21% | Sep 2024 21% | Dec 2024 21% | Mar 2025 17% | Jun 2025 32% | Sep 2025 44% | Dec 2025 35% | Mar 2026 12%
- KERNEX: Jun 2021 -156% | Sep 2021 -55% | Dec 2021 -166% | Mar 2022 -405% | Jun 2022 -252% | Sep 2022 -893% | Dec 2022 -202% | Mar 2023 — | Jun 2023 -52% | Sep 2023 -242% | Dec 2023 -54% | Mar 2024 -139% | Jun 2024 17% | Sep 2024 25% | Dec 2024 23% | Mar 2025 21% | Jun 2025 22% | Sep 2025 30% | Dec 2025 23% | Mar 2026 41%
- FRONTSP: Jun 2021 18% | Sep 2021 12% | Dec 2021 13% | Mar 2022 15% | Jun 2022 14% | Sep 2022 11% | Dec 2022 10% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 16% | Mar 2024 17% | Jun 2024 19% | Sep 2024 20% | Dec 2024 21% | Mar 2025 24% | Jun 2025 27% | Sep 2025 27% | Dec 2025 25% | Mar 2026 29%
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 40% | Dec 2023 11% | Mar 2024 14% | Jun 2024 -9.3% | Sep 2024 8.0% | Dec 2024 -6.6% | Mar 2025 2.1% | Jun 2025 -35% | Sep 2025 -37% | Dec 2025 -32% | Mar 2026 -10%

### 20-quarter Margin change history
- HBLENGINE: Jun 2021 +8.6 pp | Sep 2021 −0.8 pp | Dec 2021 +4.2 pp | Mar 2022 +6.1 pp | Jun 2022 +4.3 pp | Sep 2022 +1.8 pp | Dec 2022 −1.0 pp | Mar 2023 −3.3 pp | Jun 2023 +6.1 pp | Sep 2023 +7.4 pp | Dec 2023 +7.0 pp | Mar 2024 +11.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 −5.0 pp | Jun 2025 +11.0 pp | Sep 2025 +23.0 pp | Dec 2025 +14.0 pp | Mar 2026 −5.0 pp
- KERNEX: Jun 2021 +97.9 pp | Sep 2021 −134.4 pp | Dec 2021 −215.5 pp | Mar 2022 −426.6 pp | Jun 2022 −95.7 pp | Sep 2022 −838.2 pp | Dec 2022 −36.0 pp | Mar 2023 −864.2 pp | Jun 2023 +199.5 pp | Sep 2023 +650.9 pp | Dec 2023 +148.4 pp | Mar 2024 +1,130.0 pp | Jun 2024 +69.0 pp | Sep 2024 +267.0 pp | Dec 2024 +77.0 pp | Mar 2025 +160.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 0.0 pp | Mar 2026 +20.0 pp
- FRONTSP: Jun 2021 +0.5 pp | Sep 2021 −5.3 pp | Dec 2021 −0.3 pp | Mar 2022 −2.9 pp | Jun 2022 −3.7 pp | Sep 2022 −1.1 pp | Dec 2022 −3.4 pp | Mar 2023 −1.8 pp | Jun 2023 −0.4 pp | Sep 2023 +3.4 pp | Dec 2023 +6.0 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +6.0 pp | Dec 2024 +5.0 pp | Mar 2025 +7.0 pp | Jun 2025 +8.0 pp | Sep 2025 +7.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.5 pp
- QUADFUTURE: 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 −31.9 pp | Dec 2024 −18.0 pp | Mar 2025 −12.3 pp | Jun 2025 −25.9 pp | Sep 2025 −45.5 pp | Dec 2025 −25.2 pp | Mar 2026 −12.4 pp

## Profit Scale & Acceleration

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.

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.

Evidence: HBL Engineering Ltd · ₹814 crore | 825% versus #2 · Kernex Microsystems (India) Ltd | 6/8 recent comparable periods | 4/4 companies · 63 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. HBL Engineering Ltd (HBLENGINE): ₹814 Cr
2. Kernex Microsystems (India) Ltd (KERNEX): ₹88 Cr
3. Frontier Springs Ltd (FRONTSP): ₹57 Cr
4. Quadrant Future Tek Ltd (QUADFUTURE): ₹-43 Cr

### Profit growth — fastest growers
1. Frontier Springs Ltd (FRONTSP): 100%
2. HBL Engineering Ltd (HBLENGINE): 100%
3. Kernex Microsystems (India) Ltd (KERNEX): 73%
4. Quadrant Future Tek Ltd (QUADFUTURE): -80%

### 20-quarter Net profit history
- HBLENGINE: Jun 2021 ₹21 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹387 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹64 Cr
- KERNEX: Jun 2021 ₹-3 Cr | Sep 2021 ₹-3 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹68 Cr
- FRONTSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹14 Cr | Mar 2026 —
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹1 Cr

### 20-quarter Profit growth history
- HBLENGINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.8% | Sep 2022 33% | Dec 2022 -4.0% | Mar 2023 6.1% | Jun 2023 160% | Sep 2023 240% | Dec 2023 229% | Mar 2024 131% | Jun 2024 54% | Sep 2024 28% | Dec 2024 -18% | Mar 2025 -44% | Jun 2025 79% | Sep 2025 345% | Dec 2025 238% | Mar 2026 42%
- KERNEX: 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 75% | Sep 2025 0.0% | Dec 2025 -14% | Mar 2026 106%
- FRONTSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 150% | Jun 2024 250% | Sep 2024 133% | Dec 2024 200% | Mar 2025 140% | Jun 2025 114% | Sep 2025 129% | Dec 2025 56% | Mar 2026 —
- QUADFUTURE: 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 558% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -28%

## Capacity Spending & Returns On It

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.

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: Quadrant Future Tek Ltd · ₹13 crore | Not enough peers | 1/1 recent comparable periods | 1/4 companies · 1 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. Quadrant Future Tek Ltd (QUADFUTURE): ₹13 Cr

### CAPEX intensity — highest reinvestment intensity
1. Quadrant Future Tek Ltd (QUADFUTURE): 25%

### 20-quarter CAPEX history
- QUADFUTURE: 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 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25% | 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: 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.

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: Frontier Springs Ltd · ₹11 crore | 54.2% versus #2 · Quadrant Future Tek Ltd | 4/8 recent comparable periods | 4/4 companies · 71 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. Frontier Springs Ltd (FRONTSP): ₹11 Cr
2. Quadrant Future Tek Ltd (QUADFUTURE): ₹24 Cr
3. HBL Engineering Ltd (HBLENGINE): ₹67 Cr
4. Kernex Microsystems (India) Ltd (KERNEX): ₹162 Cr

### Net debt — lowest net debt
1. HBL Engineering Ltd (HBLENGINE): ₹-625 Cr
2. Quadrant Future Tek Ltd (QUADFUTURE): ₹-6 Cr
3. Frontier Springs Ltd (FRONTSP): ₹7 Cr
4. Kernex Microsystems (India) Ltd (KERNEX): ₹135 Cr

### 20-quarter Gross debt history
- HBLENGINE: Jun 2021 ₹69 Cr | Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹67 Cr
- KERNEX: Jun 2021 ₹20 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹162 Cr
- FRONTSP: Jun 2021 ₹3 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹11 Cr
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹81 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹74 Cr | Jun 2023 ₹74 Cr | Sep 2023 — | Dec 2023 ₹76 Cr | Mar 2024 ₹82 Cr | Jun 2024 — | Sep 2024 ₹99 Cr | Dec 2024 — | Mar 2025 ₹85 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹24 Cr

### 20-quarter Net debt history
- HBLENGINE: Jun 2021 ₹-7 Cr | Sep 2021 ₹-63 Cr | Dec 2021 ₹-63 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-42 Cr | Sep 2022 ₹-112 Cr | Dec 2022 ₹-112 Cr | Mar 2023 ₹-47 Cr | Jun 2023 ₹-60 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹-162 Cr | Jun 2024 ₹-168 Cr | Sep 2024 ₹-147 Cr | Dec 2024 ₹-147 Cr | Mar 2025 ₹-129 Cr | Jun 2025 ₹-149 Cr | Sep 2025 ₹-218 Cr | Dec 2025 ₹-218 Cr | Mar 2026 ₹-625 Cr
- KERNEX: Jun 2021 ₹2 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹135 Cr
- FRONTSP: Jun 2021 ₹-5 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹7 Cr
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹73 Cr | Sep 2023 — | Dec 2023 ₹75 Cr | Mar 2024 ₹81 Cr | Jun 2024 — | Sep 2024 ₹98 Cr | Dec 2024 — | Mar 2025 ₹-98 Cr | Jun 2025 ₹-102 Cr | Sep 2025 ₹-46 Cr | Dec 2025 ₹-46 Cr | Mar 2026 ₹-6 Cr

## Return On Capital Employed

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.

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.

Evidence: HBL Engineering Ltd · 58.4% | 22.2% versus #2 · Kernex Microsystems (India) Ltd | 6/8 recent comparable periods | 4/4 companies · 55 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. HBL Engineering Ltd (HBLENGINE): 58%
2. Kernex Microsystems (India) Ltd (KERNEX): 48%
3. Frontier Springs Ltd (FRONTSP): 43%
4. Quadrant Future Tek Ltd (QUADFUTURE): -16%

### ROCE change — fastest improvers
1. Kernex Microsystems (India) Ltd (KERNEX): +30.1 pp
2. HBL Engineering Ltd (HBLENGINE): +22.3 pp
3. Frontier Springs Ltd (FRONTSP): +7.7 pp
4. Quadrant Future Tek Ltd (QUADFUTURE): −14.5 pp

### 20-quarter ROCE history
- HBLENGINE: Jun 2021 — | Sep 2021 5.6% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 20% | Dec 2023 30% | Mar 2024 30% | Jun 2024 35% | Sep 2024 30% | Dec 2024 32% | Mar 2025 22% | Jun 2025 33% | Sep 2025 42% | Dec 2025 63% | Mar 2026 45%
- KERNEX: Jun 2021 — | Sep 2021 -1.9% | Dec 2021 — | Mar 2022 -22% | Jun 2022 — | Sep 2022 -25% | Dec 2022 — | Mar 2023 -22% | Jun 2023 — | Sep 2023 -21% | Dec 2023 -34% | Mar 2024 -20% | Jun 2024 -21% | Sep 2024 -2.3% | Dec 2024 10% | Mar 2025 24% | Jun 2025 36% | Sep 2025 27% | Dec 2025 40% | Mar 2026 54%
- FRONTSP: Jun 2021 17% | Sep 2021 15% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 18% | Jun 2024 28% | Sep 2024 26% | Dec 2024 38% | Mar 2025 35% | Jun 2025 51% | Sep 2025 41% | Dec 2025 56% | Mar 2026 43%
- QUADFUTURE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 26% | Jun 2024 — | Sep 2024 -10% | Dec 2024 -17% | Mar 2025 -6.2% | Jun 2025 -11% | Sep 2025 -14% | Dec 2025 -23% | Mar 2026 -21%

### 20-quarter ROCE change history
- HBLENGINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.3 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +6.0 pp | Dec 2023 — | Mar 2024 +18.2 pp | Jun 2024 — | Sep 2024 +10.0 pp | Dec 2024 +2.0 pp | Mar 2025 −7.3 pp | Jun 2025 −2.6 pp | Sep 2025 +11.6 pp | Dec 2025 +31.2 pp | Mar 2026 +22.3 pp
- KERNEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −22.9 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +18.5 pp | Dec 2024 +44.0 pp | Mar 2025 +43.6 pp | Jun 2025 +56.4 pp | Sep 2025 +29.7 pp | Dec 2025 +29.5 pp | Mar 2026 +30.1 pp
- FRONTSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 −1.5 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 — | Sep 2024 +13.0 pp | Dec 2024 +20.4 pp | Mar 2025 +17.0 pp | Jun 2025 +23.5 pp | Sep 2025 +15.1 pp | Dec 2025 +17.7 pp | Mar 2026 +7.7 pp
- QUADFUTURE: 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 −43.6 pp | Mar 2025 −31.8 pp | Jun 2025 — | Sep 2025 −4.3 pp | Dec 2025 −6.4 pp | Mar 2026 −14.5 pp

## Valuation Against Growth & Quality

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.

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: HBL Engineering Ltd · 1.01× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 4 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. HBL Engineering Ltd (HBLENGINE): 1.0

### P/E — lowest P/E
1. HBL Engineering Ltd (HBLENGINE): 23.1
2. Frontier Springs Ltd (FRONTSP): 26.1
3. Kernex Microsystems (India) Ltd (KERNEX): 42.0

### 20-quarter Guarded PEG history
- HBLENGINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 2.5 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- HBLENGINE: Jun 2021 66.8 | Sep 2021 34.8 | Dec 2021 38.9 | Mar 2022 28.6 | Jun 2022 29.0 | Sep 2022 26.8 | Dec 2022 29.6 | Mar 2023 27.3 | Jun 2023 43.9 | Sep 2023 57.1 | Dec 2023 67.5 | Mar 2024 53.0 | Jun 2024 46.2 | Sep 2024 51.5 | Dec 2024 50.5 | Mar 2025 39.7 | Jun 2025 59.0 | Sep 2025 67.5 | Dec 2025 37.6 | Mar 2026 21.8
- KERNEX: Jun 2021 43.5 | Sep 2021 134.3 | Dec 2021 178.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -30.3 | Sep 2024 -117.9 | Dec 2024 448.4 | Mar 2025 258.7 | Jun 2025 40.4 | Sep 2025 33.6 | Dec 2025 38.8 | Mar 2026 28.9
- FRONTSP: Jun 2021 12.2 | Sep 2021 15.0 | Dec 2021 13.8 | Mar 2022 14.3 | Jun 2022 16.3 | Sep 2022 24.2 | Dec 2022 26.6 | Mar 2023 19.5 | Jun 2023 24.4 | Sep 2023 31.3 | Dec 2023 41.3 | Mar 2024 35.5 | Jun 2024 34.0 | Sep 2024 35.8 | Dec 2024 31.8 | Mar 2025 22.4 | Jun 2025 43.5 | Sep 2025 34.8 | Dec 2025 28.4 | Mar 2026 23.7
- QUADFUTURE: 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 49.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -25.0

## Enterprise Value & Book Value

What the numbers say: HBL Engineering Ltd leads ev/ebitda at 15.1×; Quadrant Future Tek Ltd leads p/bv at 5.6×.

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: HBL Engineering Ltd · 15.1× | 10.1% versus #2 · Frontier Springs Ltd | 0/8 recent comparable periods | 3/4 companies · 50 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. HBL Engineering Ltd (HBLENGINE): 15.1
2. Frontier Springs Ltd (FRONTSP): 16.8
3. Kernex Microsystems (India) Ltd (KERNEX): 25.2

### P/BV — lowest P/BV
1. Quadrant Future Tek Ltd (QUADFUTURE): 5.6
2. HBL Engineering Ltd (HBLENGINE): 8.8
3. Kernex Microsystems (India) Ltd (KERNEX): 14.9
4. Frontier Springs Ltd (FRONTSP): 66.8

### 20-quarter EV/EBITDA history
- HBLENGINE: Jun 2021 16.8 | Sep 2021 14.0 | Dec 2021 17.4 | Mar 2022 13.9 | Jun 2022 15.8 | Sep 2022 14.3 | Dec 2022 15.5 | Mar 2023 14.7 | Jun 2023 25.2 | Sep 2023 34.7 | Dec 2023 43.7 | Mar 2024 35.8 | Jun 2024 31.3 | Sep 2024 35.1 | Dec 2024 35.2 | Mar 2025 27.6 | Jun 2025 38.8 | Sep 2025 45.0 | Dec 2025 26.0 | Mar 2026 15.1
- KERNEX: Jun 2021 16.5 | Sep 2021 25.0 | Dec 2021 120.2 | 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 107.2 | Jun 2025 48.3 | Sep 2025 36.5 | Dec 2025 39.5 | Mar 2026 25.2
- FRONTSP: Jun 2021 7.6 | Sep 2021 8.8 | Dec 2021 8.6 | Mar 2022 8.4 | Jun 2022 9.5 | Sep 2022 14.1 | Dec 2022 14.9 | Mar 2023 10.7 | Jun 2023 13.8 | Sep 2023 18.2 | Dec 2023 24.6 | Mar 2024 22.3 | Jun 2024 23.0 | Sep 2024 24.7 | Dec 2024 22.1 | Mar 2025 15.5 | Jun 2025 30.7 | Sep 2025 24.7 | Dec 2025 20.1 | Mar 2026 16.8
- QUADFUTURE: 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 337.9 | Jun 2025 768.3 | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- HBLENGINE: Jun 2021 1.6 | Sep 2021 1.7 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 5.0 | Sep 2023 7.8 | Dec 2023 11.4 | Mar 2024 11.9 | Jun 2024 14.6 | Sep 2024 13.8 | Dec 2024 12.8 | Mar 2025 9.5 | Jun 2025 13.4 | Sep 2025 15.6 | Dec 2025 12.5 | Mar 2026 9.0
- KERNEX: Jun 2021 1.5 | Sep 2021 1.5 | Dec 2021 2.9 | Mar 2022 3.4 | Jun 2022 3.5 | Sep 2022 7.8 | Dec 2022 7.8 | Mar 2023 6.0 | Jun 2023 8.7 | Sep 2023 8.4 | Dec 2023 11.5 | Mar 2024 12.2 | Jun 2024 7.4 | Sep 2024 12.3 | Dec 2024 18.9 | Mar 2025 11.1 | Jun 2025 19.0 | Sep 2025 11.5 | Dec 2025 12.0 | Mar 2026 8.8
- FRONTSP: Jun 2021 4.7 | Sep 2021 5.3 | Dec 2021 4.8 | Mar 2022 4.6 | Jun 2022 4.7 | Sep 2022 7.3 | Dec 2022 7.9 | Mar 2023 6.0 | Jun 2023 7.4 | Sep 2023 11.2 | Dec 2023 17.7 | Mar 2024 19.6 | Jun 2024 26.2 | Sep 2024 34.6 | Dec 2024 39.1 | Mar 2025 32.9 | Jun 2025 76.9 | Sep 2025 76.6 | Dec 2025 72.2 | Mar 2026 64.5
- QUADFUTURE: 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 7.1 | Jun 2025 6.4 | Sep 2025 5.4 | Dec 2025 5.0 | Mar 2026 4.2

## Market action

Kernex Microsystems (India) Ltd has the strongest one-year price move in Railways - Kavach/Springs at +94.4%. It also leads on Mansfield relative strength against NIFTY at +68.7%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Kernex Microsystems (India) Ltd (KERNEX): 94%
2. HBL Engineering Ltd (HBLENGINE): 16%
3. Quadrant Future Tek Ltd (QUADFUTURE): -30%
4. Frontier Springs Ltd (FRONTSP): -74%

### Strongest relative strength versus NIFTY 500
1. Kernex Microsystems (India) Ltd (KERNEX): 69%
2. Quadrant Future Tek Ltd (QUADFUTURE): 6.3%
3. Frontier Springs Ltd (FRONTSP): -9.1%
4. HBL Engineering Ltd (HBLENGINE): -12%

## 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.
- 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.

## Every company
- HBL Engineering Ltd (HBLENGINE) — market value ₹19.4K Cr; latest fundamentals Mar 2026
- Kernex Microsystems (India) Ltd (KERNEX) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- Frontier Springs Ltd (FRONTSP) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Quadrant Future Tek Ltd (QUADFUTURE) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 2. Withheld: 0. Graded companies: 4.

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.

- UNVERIFIED | FRONTSP | Frontier Springs Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | QUADFUTURE | Quadrant Future Tek 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 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.

### Is the Railways - Kavach/Springs sector beating the market?

Railways - Kavach/Springs has outperformed NIFTY 500 by 23.9% over the last 52 weeks and 13.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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. The sector itself is 23.9% ahead of 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/railways-kavach-springs