# Realty - Commercial — company-by-company sector analysis

> Realty - Commercial: Phoenix Mills Ltd owns the largest revenue base; NESCO Ltd has the fastest current growth.

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

## Bottom line

The 52-week sector comparison is unavailable. 2 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Phoenix Mills Ltd leads with revenue of ₹4,422 crore, based on 3 of 3 comparable companies through Mar 2026. NESCO Ltd has the fastest current revenue growth at 27.3%, across 3 of 3 comparable companies.

### Is the Realty - Commercial sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Realty - Commercial company is largest by revenue?

Phoenix Mills Ltd leads with revenue of ₹4,422 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Realty - Commercial company is growing fastest?

NESCO Ltd has the fastest current revenue growth at 27.3%, across 3 of 3 comparable companies.

### Which Realty - Commercial company has the strongest 4-Factor Sector Score?

Nirlon Ltd ranks first at 75.9/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Realty - Commercial company has the least gross debt?

NESCO Ltd has the lowest comparable gross debt at ₹272 crore. Phoenix Mills Ltd has the highest at ₹5,323 crore.

### Which Realty - Commercial company has the lowest comparable PEG?

Nirlon Ltd has the lowest comparable Guarded PEG at 0.43, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Realty - Commercial comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Realty - Commercial against NIFTY 500 is not available from the current market series. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Phoenix Mills Ltd is the strongest against the sector itself at +11.3%. Readings are as of 2026-07-19.

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

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

Companies: 3
Combined market value: ₹84.9K 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. Nirlon Ltd (NIRLON): 76/100 — Favorable setup; evidence 97%
   - Growth & earnings 20.4/35 | Capital efficiency 17.4/25 | Valuation 18.1/20 | Relative strength 20.0/20
   - Exact sum: 20.4 + 17.4 + 18.1 + 20 = 75.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Phoenix Mills Ltd (PHOENIXLTD): 71/100 — Favorable setup; evidence 80%
   - Growth & earnings 27.2/35 | Capital efficiency 15.5/25 | Valuation 7.8/20 | Relative strength 20.0/20
   - Exact sum: 27.2 + 15.5 + 7.8 + 20 = 70.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. NESCO Ltd (NESCO): 46/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 14.4/35 | Capital efficiency 20.1/25 | Valuation 11.4/20 | Relative strength 0.0/20
   - Exact sum: 14.4 + 20.1 + 11.4 + 0 = 45.9
   - 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: Phoenix Mills Ltd is the scale leader at ₹4,422 crore, 374.5% ahead of NESCO Ltd. NESCO Ltd's growth is 27.3% from a ₹932 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Phoenix Mills Ltd is the scale benchmark; NESCO Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Phoenix Mills Ltd's growth falls below NESCO Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Phoenix Mills Ltd · ₹4,422 crore | 374.5% versus #2 · NESCO Ltd | 6/8 recent comparable periods | 3/3 companies · 48 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. Phoenix Mills Ltd (PHOENIXLTD): ₹4.4K Cr
2. NESCO Ltd (NESCO): ₹932 Cr
3. Nirlon Ltd (NIRLON): ₹669 Cr

### Revenue growth — fastest growers
1. NESCO Ltd (NESCO): 27%
2. Phoenix Mills Ltd (PHOENIXLTD): 16%
3. Nirlon Ltd (NIRLON): 5.2%

### 20-quarter Revenue history
- PHOENIXLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹684 Cr | Mar 2023 ₹729 Cr | Jun 2023 ₹811 Cr | Sep 2023 ₹875 Cr | Dec 2023 ₹986 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹904 Cr | Sep 2024 ₹918 Cr | Dec 2024 ₹975 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹953 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr
- NESCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹143 Cr | Mar 2023 ₹157 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹192 Cr | Dec 2024 ₹207 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹252 Cr
- NIRLON: Jun 2021 ₹76 Cr | Sep 2021 ₹80 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹171 Cr

### 20-quarter Revenue growth history
- PHOENIXLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 79% | Jun 2024 11% | Sep 2024 4.9% | Dec 2024 -1.1% | Mar 2025 -22% | Jun 2025 5.4% | Sep 2025 21% | Dec 2025 15% | Mar 2026 21%
- NESCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 20% | Jun 2024 2.9% | Sep 2024 9.7% | Dec 2024 16% | Mar 2025 1.6% | Jun 2025 37% | Sep 2025 24% | Dec 2025 20% | Mar 2026 31%
- NIRLON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 80% | Dec 2022 55% | Mar 2023 7.3% | Jun 2023 6.5% | Sep 2023 3.5% | Dec 2023 5.6% | Mar 2024 3.4% | Jun 2024 6.1% | Sep 2024 7.4% | Dec 2024 5.9% | Mar 2025 3.3% | Jun 2025 3.8% | Sep 2025 3.1% | Dec 2025 5.6% | Mar 2026 8.2%

## Operating Economics & Margin Trend

What the numbers say: Nirlon Ltd leads opm at 77%; Phoenix Mills Ltd leads margin change at +6 percentage points.

Investor read: Nirlon 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: Nirlon Ltd · 77% | 26.2% versus #2 · Phoenix Mills Ltd | 2/8 recent comparable periods | 3/3 companies · 60 observations

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

### OPM — highest
1. Nirlon Ltd (NIRLON): 77%
2. Phoenix Mills Ltd (PHOENIXLTD): 61%
3. NESCO Ltd (NESCO): 47%

### Margin change — fastest expanders
1. Phoenix Mills Ltd (PHOENIXLTD): +6.0 pp
2. Nirlon Ltd (NIRLON): −1.0 pp
3. NESCO Ltd (NESCO): −9.0 pp

### 20-quarter OPM history
- PHOENIXLTD: Jun 2021 37% | Sep 2021 51% | Dec 2021 54% | Mar 2022 49% | Jun 2022 56% | Sep 2022 59% | Dec 2022 56% | Mar 2023 59% | Jun 2023 61% | Sep 2023 58% | Dec 2023 56% | Mar 2024 48% | Jun 2024 59% | Sep 2024 56% | Dec 2024 57% | Mar 2025 55% | Jun 2025 59% | Sep 2025 60% | Dec 2025 59% | Mar 2026 61%
- NESCO: Jun 2021 63% | Sep 2021 62% | Dec 2021 65% | Mar 2022 69% | Jun 2022 65% | Sep 2022 71% | Dec 2022 57% | Mar 2023 63% | Jun 2023 63% | Sep 2023 62% | Dec 2023 64% | Mar 2024 62% | Jun 2024 61% | Sep 2024 62% | Dec 2024 61% | Mar 2025 56% | Jun 2025 57% | Sep 2025 57% | Dec 2025 51% | Mar 2026 47%
- NIRLON: Jun 2021 68% | Sep 2021 75% | Dec 2021 80% | Mar 2022 82% | Jun 2022 77% | Sep 2022 82% | Dec 2022 82% | Mar 2023 79% | Jun 2023 78% | Sep 2023 80% | Dec 2023 79% | Mar 2024 79% | Jun 2024 77% | Sep 2024 80% | Dec 2024 81% | Mar 2025 78% | Jun 2025 78% | Sep 2025 78% | Dec 2025 78% | Mar 2026 77%

### 20-quarter Margin change history
- PHOENIXLTD: Jun 2021 −14.9 pp | Sep 2021 +8.6 pp | Dec 2021 +5.8 pp | Mar 2022 +3.7 pp | Jun 2022 +19.0 pp | Sep 2022 +7.3 pp | Dec 2022 +1.8 pp | Mar 2023 +10.3 pp | Jun 2023 +4.8 pp | Sep 2023 −0.5 pp | Dec 2023 0.0 pp | Mar 2024 −11.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +7.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +6.0 pp
- NESCO: Jun 2021 −8.7 pp | Sep 2021 +6.8 pp | Dec 2021 +1.2 pp | Mar 2022 +5.3 pp | Jun 2022 +1.6 pp | Sep 2022 +8.5 pp | Dec 2022 −8.3 pp | Mar 2023 −5.6 pp | Jun 2023 −1.5 pp | Sep 2023 −8.7 pp | Dec 2023 +7.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −6.0 pp | Jun 2025 −4.0 pp | Sep 2025 −5.0 pp | Dec 2025 −10.0 pp | Mar 2026 −9.0 pp
- NIRLON: Jun 2021 −7.9 pp | Sep 2021 −1.1 pp | Dec 2021 +3.8 pp | Mar 2022 +11.2 pp | Jun 2022 +9.6 pp | Sep 2022 +6.6 pp | Dec 2022 +1.9 pp | Mar 2023 −3.3 pp | Jun 2023 +0.7 pp | Sep 2023 −1.7 pp | Dec 2023 −3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Phoenix Mills Ltd leads with ₹1,556 crore of TTM profit, 276.8% above NESCO Ltd. Nirlon Ltd shows 58.7% growth from a ₹346 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Phoenix Mills 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: Phoenix Mills Ltd · ₹1,556 crore | 276.8% versus #2 · NESCO Ltd | 6/8 recent comparable periods | 3/3 companies · 48 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. Phoenix Mills Ltd (PHOENIXLTD): ₹1.6K Cr
2. NESCO Ltd (NESCO): ₹413 Cr
3. Nirlon Ltd (NIRLON): ₹346 Cr

### Profit growth — fastest growers
1. Nirlon Ltd (NIRLON): 59%
2. Phoenix Mills Ltd (PHOENIXLTD): 19%
3. NESCO Ltd (NESCO): 9.8%

### 20-quarter Net profit history
- PHOENIXLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹211 Cr | Mar 2023 ₹292 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹345 Cr | Mar 2024 ₹392 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹348 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹485 Cr
- NESCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹70 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹93 Cr
- NIRLON: Jun 2021 ₹27 Cr | Sep 2021 ₹34 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹71 Cr

### 20-quarter Profit growth history
- PHOENIXLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 64% | Mar 2024 34% | Jun 2024 8.3% | Sep 2024 -4.3% | Dec 2024 2.3% | Mar 2025 -11% | Jun 2025 1.9% | Sep 2025 32% | Dec 2025 3.7% | Mar 2026 39%
- NESCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 34% | Mar 2024 24% | Jun 2024 -7.9% | Sep 2024 22% | Dec 2024 17% | Mar 2025 -15% | Jun 2025 37% | Sep 2025 11% | Dec 2025 -4.6% | Mar 2026 4.5%
- NIRLON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 18% | Dec 2022 315% | Mar 2023 35% | Jun 2023 257% | Sep 2023 30% | Dec 2023 -3.7% | Mar 2024 2.0% | Jun 2024 0.0% | Sep 2024 7.7% | Dec 2024 12% | Mar 2025 5.9% | Jun 2025 16% | Sep 2025 164% | Dec 2025 19% | Mar 2026 31%

## Capacity Spending & Returns On It

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

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

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

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Nirlon Ltd has the clearest covered balance-sheet capacity with ₹849 crore and gross debt of ₹1,147 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: NESCO Ltd · ₹272 crore | 76.3% versus #2 · Nirlon Ltd | Not enough history | 3/3 companies · 32 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. NESCO Ltd (NESCO): ₹272 Cr
2. Nirlon Ltd (NIRLON): ₹1.1K Cr
3. Phoenix Mills Ltd (PHOENIXLTD): ₹5.3K Cr

### Net debt — lowest net debt
1. Nirlon Ltd (NIRLON): ₹849 Cr

### 20-quarter Gross debt history
- PHOENIXLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.7K Cr | Jun 2025 — | Sep 2025 ₹4.9K Cr | Dec 2025 — | Mar 2026 ₹5.3K Cr
- NESCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹110 Cr | Dec 2025 — | Mar 2026 ₹272 Cr
- NIRLON: Jun 2021 ₹978 Cr | Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr

### 20-quarter Net debt history
- NIRLON: Jun 2021 — | Sep 2021 ₹938 Cr | Dec 2021 — | Mar 2022 ₹1.1K Cr | Jun 2022 — | Sep 2022 ₹1.1K Cr | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹1.1K Cr | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 ₹917 Cr | Dec 2024 — | Mar 2025 ₹982 Cr | Jun 2025 — | Sep 2025 ₹850 Cr | Dec 2025 — | Mar 2026 ₹849 Cr

## Return On Capital Employed

What the numbers say: Nirlon Ltd leads ROCE at 30.8%, 12.3 percentage points above NESCO Ltd. Phoenix Mills Ltd has the strongest latest improvement at +2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Nirlon 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: Nirlon Ltd · 30.8% | 66.5% versus #2 · NESCO Ltd | Not enough history | 3/3 companies · 0 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. Nirlon Ltd (NIRLON): 31%
2. NESCO Ltd (NESCO): 19%
3. Phoenix Mills Ltd (PHOENIXLTD): 13%

### ROCE change — fastest improvers
1. Phoenix Mills Ltd (PHOENIXLTD): +2.0 pp
2. Nirlon Ltd (NIRLON): +1.0 pp
3. NESCO Ltd (NESCO): −2.0 pp

### 20-quarter ROCE history

### 20-quarter ROCE change history

## Valuation Against Growth & Quality

What the numbers say: Nirlon Ltd has the lowest comparable Guarded PEG at 0.43×. Only 1 of 3 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: Nirlon Ltd · 0.43× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 8 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. Nirlon Ltd (NIRLON): 0.4

### P/E — lowest P/E
1. Nirlon Ltd (NIRLON): 16.2
2. NESCO Ltd (NESCO): 17.8
3. Phoenix Mills Ltd (PHOENIXLTD): 57.9

### 20-quarter Guarded PEG history
- NIRLON: Jun 2021 1.3 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 2.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.4 | Dec 2025 1.1 | Mar 2026 0.4

### 20-quarter P/E history
- PHOENIXLTD: Jun 2021 — | Sep 2021 193.6 | Dec 2021 102.2 | Mar 2022 91.1 | Jun 2022 83.7 | Sep 2022 52.3 | Dec 2022 42.1 | Mar 2023 34.3 | Jun 2023 35.3 | Sep 2023 39.5 | Dec 2023 45.2 | Mar 2024 50.2 | Jun 2024 58.3 | Sep 2024 60.9 | Dec 2024 57.4 | Mar 2025 56.9 | Jun 2025 57.5 | Sep 2025 56.0 | Dec 2025 61.8 | Mar 2026 48.6
- NESCO: Jun 2021 24.6 | Sep 2021 26.3 | Dec 2021 23.5 | Mar 2022 21.2 | Jun 2022 20.1 | Sep 2022 19.9 | Dec 2022 18.0 | Mar 2023 14.1 | Jun 2023 15.3 | Sep 2023 15.5 | Dec 2023 19.5 | Mar 2024 17.1 | Jun 2024 17.9 | Sep 2024 18.7 | Dec 2024 18.8 | Mar 2025 21.0 | Jun 2025 25.7 | Sep 2025 24.8 | Dec 2025 20.8 | Mar 2026 17.6
- NIRLON: Jun 2021 21.9 | Sep 2021 23.2 | Dec 2021 30.9 | Mar 2022 33.9 | Jun 2022 29.7 | Sep 2022 33.2 | Dec 2022 26.6 | Mar 2023 23.3 | Jun 2023 22.8 | Sep 2023 18.9 | Dec 2023 18.1 | Mar 2024 18.8 | Jun 2024 18.8 | Sep 2024 18.3 | Dec 2024 19.4 | Mar 2025 22.0 | Jun 2025 22.1 | Sep 2025 21.4 | Dec 2025 20.8 | Mar 2026 13.7

## Enterprise Value & Book Value

What the numbers say: Nirlon Ltd leads ev/ebitda at 10.2×; NESCO Ltd leads p/bv at 2.48×.

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: Nirlon Ltd · 10.2× | 19% versus #2 · NESCO Ltd | 0/8 recent comparable periods | 3/3 companies · 60 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. Nirlon Ltd (NIRLON): 10.2
2. NESCO Ltd (NESCO): 12.6
3. Phoenix Mills Ltd (PHOENIXLTD): 22.2

### P/BV — lowest P/BV
1. NESCO Ltd (NESCO): 2.5
2. Phoenix Mills Ltd (PHOENIXLTD): 6.6
3. Nirlon Ltd (NIRLON): 11.9

### 20-quarter EV/EBITDA history
- PHOENIXLTD: Jun 2021 31.0 | Sep 2021 33.5 | Dec 2021 29.9 | Mar 2022 28.9 | Jun 2022 29.3 | Sep 2022 26.6 | Dec 2022 22.5 | Mar 2023 18.4 | Jun 2023 19.1 | Sep 2023 19.9 | Dec 2023 22.8 | Mar 2024 25.6 | Jun 2024 29.4 | Sep 2024 29.9 | Dec 2024 27.3 | Mar 2025 26.6 | Jun 2025 26.0 | Sep 2025 25.3 | Dec 2025 28.3 | Mar 2026 22.2
- NESCO: Jun 2021 16.9 | Sep 2021 18.1 | Dec 2021 16.5 | Mar 2022 15.0 | Jun 2022 14.4 | Sep 2022 14.3 | Dec 2022 12.8 | Mar 2023 9.9 | Jun 2023 10.8 | Sep 2023 10.8 | Dec 2023 13.4 | Mar 2024 11.6 | Jun 2024 12.2 | Sep 2024 12.4 | Dec 2024 12.5 | Mar 2025 15.5 | Jun 2025 18.2 | Sep 2025 16.9 | Dec 2025 15.0 | Mar 2026 12.6
- NIRLON: Jun 2021 15.7 | Sep 2021 16.4 | Dec 2021 20.5 | Mar 2022 18.2 | Jun 2022 14.2 | Sep 2022 12.3 | Dec 2022 9.5 | Mar 2023 9.8 | Jun 2023 10.2 | Sep 2023 10.2 | Dec 2023 10.2 | Mar 2024 10.4 | Jun 2024 10.4 | Sep 2024 10.0 | Dec 2024 10.0 | Mar 2025 11.1 | Jun 2025 11.7 | Sep 2025 11.0 | Dec 2025 10.5 | Mar 2026 10.2

### 20-quarter P/BV history
- PHOENIXLTD: Jun 2021 3.4 | Sep 2021 3.2 | Dec 2021 3.0 | Mar 2022 3.2 | Jun 2022 3.8 | Sep 2022 3.2 | Dec 2022 3.3 | Mar 2023 3.5 | Jun 2023 4.2 | Sep 2023 3.9 | Dec 2023 4.5 | Mar 2024 5.6 | Jun 2024 7.7 | Sep 2024 7.0 | Dec 2024 6.1 | Mar 2025 5.9 | Jun 2025 5.9 | Sep 2025 5.3 | Dec 2025 6.1 | Mar 2026 5.0
- NESCO: Jun 2021 3.1 | Sep 2021 2.8 | Dec 2021 2.6 | Mar 2022 2.3 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.1 | Jun 2023 2.6 | Sep 2023 2.5 | Dec 2023 3.0 | Mar 2024 2.8 | Jun 2024 3.3 | Sep 2024 3.4 | Dec 2024 3.4 | Mar 2025 3.3 | Jun 2025 4.0 | Sep 2025 3.7 | Dec 2025 3.1 | Mar 2026 2.6
- NIRLON: Jun 2021 6.1 | Sep 2021 4.9 | Dec 2021 6.7 | Mar 2022 6.2 | Jun 2022 5.7 | Sep 2022 7.5 | Dec 2022 6.5 | Mar 2023 7.1 | Jun 2023 7.5 | Sep 2023 9.1 | Dec 2023 9.2 | Mar 2024 9.5 | Jun 2024 9.6 | Sep 2024 10.1 | Dec 2024 10.7 | Mar 2025 12.1 | Jun 2025 12.2 | Sep 2025 13.1 | Dec 2025 9.8 | Mar 2026 9.7

## Market action

Phoenix Mills Ltd has the strongest one-year price move in Realty - Commercial at +39.7%. It also leads on Mansfield relative strength against NIFTY at +20.1%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Phoenix Mills Ltd (PHOENIXLTD): 40%
2. Nirlon Ltd (NIRLON): 19%
3. NESCO Ltd (NESCO): -15%

### Strongest relative strength versus NIFTY 500
1. Phoenix Mills Ltd (PHOENIXLTD): 20%
2. Nirlon Ltd (NIRLON): 15%
3. NESCO Ltd (NESCO): -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 are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Phoenix Mills Ltd (PHOENIXLTD) — market value ₹71.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- NESCO Ltd (NESCO) — market value ₹7.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Nirlon Ltd (NIRLON) — market value ₹5.6K Cr; latest fundamentals Mar 2026

## Source standing of each company

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

2 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Phoenix Mills Ltd (PHOENIXLTD) — its two data sources disagree by up to 26% on reported income across 14 comparable periods, so its derived ratios are withheld; NESCO Ltd (NESCO) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | PHOENIXLTD | Phoenix Mills Ltd | diff_gt_2pct | disagreement up to 26.02% over 14 comparable periods
- WITHHELD | NESCO | NESCO Ltd | diff_gt_2pct | disagreement up to 20.86% over 14 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Realty - Commercial index?

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

### Which are the best Realty - Commercial stocks in India?

Ranked by this page's four-factor score, Nirlon Ltd places first among 3 listed Realty - Commercial companies, followed by Phoenix Mills 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 Realty - Commercial stocks are listed in India?

This comparison covers 3 listed Realty - Commercial 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 Realty - Commercial company is the biggest?

Phoenix Mills Ltd is the largest, with trailing-twelve-month revenue of ₹4,422 crore, ahead of NESCO Ltd at ₹932 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Realty - Commercial company is growing fastest?

NESCO Ltd has the fastest revenue growth at 27.3% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Realty - Commercial company has the best profit margins?

Nirlon Ltd has the highest operating margin at 77%, from 3 of 3 comparable companies. Phoenix Mills Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Realty - Commercial company makes the most profit?

Phoenix Mills Ltd earns the most, at ₹1,556 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Nirlon Ltd has the fastest profit growth at 58.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Realty - Commercial company earns the highest return on capital?

Nirlon Ltd leads on return on capital employed at 30.8%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Realty - Commercial stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Nirlon Ltd screens cheapest at 0.43×. Only 1 of 3 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 Realty - Commercial company has the strongest balance sheet?

NESCO Ltd carries the lowest comparable gross debt at ₹272 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Realty - Commercial stock has the strongest price momentum?

Phoenix Mills 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 Realty - Commercial company scores highest for research priority?

Nirlon Ltd scores 75.9 out of 100 with 97% evidence confidence, from 20.4 points on growth and earnings, 17.4 on capital efficiency, 18.1 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 Realty - Commercial companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Realty - Commercial sector?

The 3 Realty - Commercial companies on this page carry ₹84,947 crore of combined market value. Phoenix Mills Ltd is the largest at ₹71,914 crore, about 85% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Realty - Commercial sector performing?

2 of the 3 covered Realty - Commercial companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/realty-commercial