# Rubber Processing/Rubber Products — company-by-company sector analysis

> Rubber Processing/Rubber Products: Apcotex Industries Ltd owns the largest revenue base; Tinna Rubber & Infrastructure Ltd has the fastest current growth.

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

## Bottom line

Rubber Processing/Rubber Products has outperformed NIFTY 500 by 20.2% over 52 weeks and 29.9% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Apcotex Industries Ltd leads with revenue of ₹1,442 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Rubber Processing/Rubber Products sector outperforming NIFTY 500?

Rubber Processing/Rubber Products has outperformed NIFTY 500 by 20.2% over 52 weeks and 29.9% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Rubber Processing/Rubber Products company is largest by revenue?

Apcotex Industries Ltd leads with revenue of ₹1,442 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Rubber Processing/Rubber Products company is growing fastest?

Tinna Rubber & Infrastructure Ltd has the fastest current revenue growth at 14.4%, across 4 of 4 comparable companies.

### Which Rubber Processing/Rubber Products company has the strongest 4-Factor Sector Score?

Tinna Rubber & Infrastructure Ltd ranks first at 75/100 with 84% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Rubber Processing/Rubber Products company has the least gross debt?

Pix Transmission Ltd has the lowest comparable gross debt at ₹24 crore. GRP Ltd has the highest at ₹208 crore.

### Which Rubber Processing/Rubber Products company has the lowest comparable PEG?

Pix Transmission Ltd has the lowest comparable Guarded PEG at 0.34, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Rubber Processing/Rubber Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 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

Rubber Processing/Rubber Products has outperformed NIFTY 500 by 20.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 29.9%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Apcotex Industries Ltd is the strongest against the sector itself at +7.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 30%
52-week sector return versus NIFTY 500: 20%
Stocks leading NIFTY: 4/4
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: ₹8.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 75/100 — Favorable setup; evidence 84%
   - Growth & earnings 26.6/35 | Capital efficiency 19.4/25 | Valuation 9.0/20 | Relative strength 20.0/20
   - Exact sum: 26.6 + 19.4 + 9 + 20 = 75
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Apcotex Industries Ltd (APCOTEXIND): 72/100 — Favorable setup; evidence 80%
   - Growth & earnings 26.9/35 | Capital efficiency 20.9/25 | Valuation 7.0/20 | Relative strength 17.5/20
   - Exact sum: 26.9 + 20.9 + 7 + 17.5 = 72.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Pix Transmission Ltd (PIXTRANS): 46/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 4.8/35 | Capital efficiency 23.5/25 | Valuation 12.8/20 | Relative strength 5.0/20
   - Exact sum: 4.8 + 23.5 + 12.8 + 5 = 46.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. GRP Ltd (GRPLTD): 39/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 10.9/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 9.7/20
   - Exact sum: 10.9 + 8.1 + 10 + 9.7 = 38.7
   - 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: Apcotex Industries Ltd is the scale leader at ₹1,442 crore, 147.3% ahead of Pix Transmission Ltd. Tinna Rubber & Infrastructure Ltd's growth is 14.4% from a ₹572 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Apcotex Industries Ltd is the scale benchmark; Tinna Rubber & Infrastructure Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Apcotex Industries Ltd's growth falls below Tinna Rubber & Infrastructure Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Apcotex Industries Ltd · ₹1,442 crore | 147.3% versus #2 · Pix Transmission Ltd | 6/8 recent comparable periods | 4/4 companies · 68 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. Apcotex Industries Ltd (APCOTEXIND): ₹1.4K Cr
2. Pix Transmission Ltd (PIXTRANS): ₹583 Cr
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): ₹572 Cr
4. GRP Ltd (GRPLTD): ₹568 Cr

### Revenue growth — fastest growers
1. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 14%
2. GRP Ltd (GRPLTD): 3.7%
3. Apcotex Industries Ltd (APCOTEXIND): 3.6%
4. Pix Transmission Ltd (PIXTRANS): -1.7%

### 20-quarter Revenue history
- APCOTEXIND: Sep 2021 ₹243 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹277 Cr | Jun 2022 ₹306 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹257 Cr | Mar 2024 ₹311 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹351 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹349 Cr | Jun 2025 ₹376 Cr | Sep 2025 ₹337 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹398 Cr | Jun 2026 —
- PIXTRANS: Sep 2021 ₹122 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹120 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹171 Cr | Jun 2026 —
- TINNARUBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹75 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹157 Cr | Jun 2026 ₹156 Cr
- GRPLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹114 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹145 Cr | Jun 2026 ₹157 Cr

### 20-quarter Revenue growth history
- APCOTEXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 16% | Dec 2022 -6.8% | Mar 2023 -7.6% | Jun 2023 -9.2% | Sep 2023 -1.4% | Dec 2023 9.8% | Mar 2024 21% | Jun 2024 21% | Sep 2024 26% | Dec 2024 38% | Mar 2025 12% | Jun 2025 12% | Sep 2025 -4.0% | Dec 2025 -6.8% | Mar 2026 14% | Jun 2026 —
- PIXTRANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 -2.5% | Dec 2022 -1.8% | Mar 2023 22% | Jun 2023 -6.7% | Sep 2023 4.2% | Dec 2023 14% | Mar 2024 -3.7% | Jun 2024 16% | Sep 2024 29% | Dec 2024 9.4% | Mar 2025 26% | Jun 2025 -6.2% | Sep 2025 -13% | Dec 2025 7.9% | Mar 2026 4.9% | Jun 2026 —
- TINNARUBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 51% | Jun 2024 70% | Sep 2024 48% | Dec 2024 32% | Mar 2025 17% | Jun 2025 -4.4% | Sep 2025 1.7% | Dec 2025 13% | Mar 2026 22% | Jun 2026 20%
- GRPLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.0% | Mar 2024 44% | Jun 2024 27% | Sep 2024 15% | Dec 2024 21% | Mar 2025 16% | Jun 2025 -1.9% | Sep 2025 0.5% | Dec 2025 1.9% | Mar 2026 -9.9% | Jun 2026 27%

## Operating Economics & Margin Trend

What the numbers say: Tinna Rubber & Infrastructure Ltd leads both opm at 22% and margin change at +6 percentage points.

Investor read: Tinna Rubber & Infrastructure Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Tinna Rubber & Infrastructure Ltd · 22% | 22.2% versus #2 · Pix Transmission Ltd | 4/8 recent comparable periods | 4/4 companies · 78 observations

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

### OPM — highest
1. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 22%
2. Pix Transmission Ltd (PIXTRANS): 18%
3. Apcotex Industries Ltd (APCOTEXIND): 11%
4. GRP Ltd (GRPLTD): 11%

### Margin change — fastest expanders
1. Tinna Rubber & Infrastructure Ltd (TINNARUBR): +6.0 pp
2. GRP Ltd (GRPLTD): +2.8 pp
3. Apcotex Industries Ltd (APCOTEXIND): +2.7 pp
4. Pix Transmission Ltd (PIXTRANS): −3.0 pp

### 20-quarter OPM history
- APCOTEXIND: Sep 2021 12% | Dec 2021 12% | Mar 2022 15% | Jun 2022 15% | Sep 2022 15% | Dec 2022 12% | Mar 2023 12% | Jun 2023 6.5% | Sep 2023 8.5% | Dec 2023 6.7% | Mar 2024 7.6% | Jun 2024 6.5% | Sep 2024 4.8% | Dec 2024 4.6% | Mar 2025 8.1% | Jun 2025 7.3% | Sep 2025 8.5% | Dec 2025 9.4% | Mar 2026 11% | Jun 2026 —
- PIXTRANS: Sep 2021 27% | Dec 2021 26% | Mar 2022 22% | Jun 2022 21% | Sep 2022 20% | Dec 2022 20% | Mar 2023 24% | Jun 2023 23% | Sep 2023 25% | Dec 2023 25% | Mar 2024 24% | Jun 2024 27% | Sep 2024 32% | Dec 2024 24% | Mar 2025 21% | Jun 2025 23% | Sep 2025 25% | Dec 2025 29% | Mar 2026 18% | Jun 2026 —
- TINNARUBR: Sep 2021 18% | Dec 2021 13% | Mar 2022 15% | Jun 2022 14% | Sep 2022 14% | Dec 2022 11% | Mar 2023 10% | Jun 2023 15% | Sep 2023 16% | Dec 2023 17% | Mar 2024 20% | Jun 2024 18% | Sep 2024 16% | Dec 2024 12% | Mar 2025 14% | Jun 2025 16% | Sep 2025 18% | Dec 2025 16% | Mar 2026 18% | Jun 2026 22%
- GRPLTD: Sep 2021 5.4% | Dec 2021 6.0% | Mar 2022 7.2% | Jun 2022 4.9% | Sep 2022 5.1% | Dec 2022 6.0% | Mar 2023 6.1% | Jun 2023 6.6% | Sep 2023 9.7% | Dec 2023 9.5% | Mar 2024 16% | Jun 2024 10% | Sep 2024 7.4% | Dec 2024 9.6% | Mar 2025 20% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 6.2% | Jun 2026 11%

### 20-quarter Margin change history
- APCOTEXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +3.1 pp | Dec 2022 −0.6 pp | Mar 2023 −3.6 pp | Jun 2023 −8.1 pp | Sep 2023 −6.1 pp | Dec 2023 −4.8 pp | Mar 2024 −4.2 pp | Jun 2024 0.0 pp | Sep 2024 −3.7 pp | Dec 2024 −2.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +3.7 pp | Dec 2025 +4.8 pp | Mar 2026 +2.7 pp | Jun 2026 —
- PIXTRANS: Sep 2021 −4.8 pp | Dec 2021 −1.4 pp | Mar 2022 −6.6 pp | Jun 2022 −5.7 pp | Sep 2022 −7.1 pp | Dec 2022 −5.8 pp | Mar 2023 +1.5 pp | Jun 2023 +2.1 pp | Sep 2023 +4.9 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +7.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 +5.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- TINNARUBR: Sep 2021 +4.0 pp | Dec 2021 −0.3 pp | Mar 2022 +0.9 pp | Jun 2022 −3.9 pp | Sep 2022 −3.6 pp | Dec 2022 −2.5 pp | Mar 2023 −5.0 pp | Jun 2023 +1.1 pp | Sep 2023 +1.8 pp | Dec 2023 +6.0 pp | Mar 2024 +10.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −5.0 pp | Mar 2025 −6.0 pp | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.0 pp | Jun 2026 +6.0 pp
- GRPLTD: Sep 2021 −1.6 pp | Dec 2021 −1.8 pp | Mar 2022 −1.3 pp | Jun 2022 −0.1 pp | Sep 2022 −0.3 pp | Dec 2022 −0.0 pp | Mar 2023 −1.1 pp | Jun 2023 +1.6 pp | Sep 2023 +4.6 pp | Dec 2023 +3.5 pp | Mar 2024 +10.4 pp | Jun 2024 +3.6 pp | Sep 2024 −2.2 pp | Dec 2024 +0.1 pp | Mar 2025 +4.0 pp | Jun 2025 −2.1 pp | Sep 2025 +0.6 pp | Dec 2025 −1.6 pp | Mar 2026 −14.3 pp | Jun 2026 +2.8 pp

## Profit Scale & Acceleration

What the numbers say: Pix Transmission Ltd leads with ₹107 crore of TTM profit, 5.9% above Apcotex Industries Ltd. Apcotex Industries Ltd shows 83.6% growth from a ₹101 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Pix Transmission 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: Pix Transmission Ltd · ₹107 crore | 5.9% versus #2 · Apcotex Industries Ltd | 4/8 recent comparable periods | 4/4 companies · 68 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. Pix Transmission Ltd (PIXTRANS): ₹107 Cr
2. Apcotex Industries Ltd (APCOTEXIND): ₹101 Cr
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): ₹63 Cr
4. GRP Ltd (GRPLTD): ₹6 Cr

### Profit growth — fastest growers
1. Apcotex Industries Ltd (APCOTEXIND): 84%
2. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 43%
3. Pix Transmission Ltd (PIXTRANS): -5.3%
4. GRP Ltd (GRPLTD): -80%

### 20-quarter Net profit history
- APCOTEXIND: Sep 2021 ₹22 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- PIXTRANS: Sep 2021 ₹20 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- TINNARUBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹21 Cr
- GRPLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹4 Cr

### 20-quarter Profit growth history
- APCOTEXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 41% | Dec 2022 -17% | Mar 2023 -26% | Jun 2023 -65% | Sep 2023 -52% | Dec 2023 -45% | Mar 2024 -35% | Jun 2024 25% | Sep 2024 -27% | Dec 2024 9.1% | Mar 2025 13% | Jun 2025 27% | Sep 2025 127% | Dec 2025 83% | Mar 2026 106% | Jun 2026 —
- PIXTRANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -20% | Dec 2022 -29% | Mar 2023 27% | Jun 2023 -11% | Sep 2023 31% | Dec 2023 83% | Mar 2024 26% | Jun 2024 69% | Sep 2024 95% | Dec 2024 0.0% | Mar 2025 -4.2% | Jun 2025 3.7% | Sep 2025 -41% | Dec 2025 59% | Mar 2026 -13% | Jun 2026 —
- TINNARUBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 129% | Jun 2024 129% | Sep 2024 50% | Dec 2024 -20% | Mar 2025 -25% | Jun 2025 -25% | Sep 2025 0.0% | Dec 2025 63% | Mar 2026 42% | Jun 2026 75%
- GRPLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.1% | Mar 2024 324% | Jun 2024 122% | Sep 2024 -46% | Dec 2024 1.6% | Mar 2025 67% | Jun 2025 -60% | Sep 2025 -22% | Dec 2025 -81% | Mar 2026 -107% | Jun 2026 140%

## 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 | 0/4 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: Pix Transmission Ltd has the clearest covered balance-sheet capacity with ₹281 crore net cash and gross debt of ₹24 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: Pix Transmission Ltd · ₹24 crore | 75% versus #2 · Apcotex Industries Ltd | 8/8 recent comparable periods | 4/4 companies · 78 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. Pix Transmission Ltd (PIXTRANS): ₹24 Cr
2. Apcotex Industries Ltd (APCOTEXIND): ₹96 Cr
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): ₹129 Cr
4. GRP Ltd (GRPLTD): ₹208 Cr

### Net debt — lowest net debt
1. Pix Transmission Ltd (PIXTRANS): ₹-281 Cr
2. Apcotex Industries Ltd (APCOTEXIND): ₹42 Cr
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): ₹125 Cr
4. GRP Ltd (GRPLTD): ₹194 Cr

### 20-quarter Gross debt history
- APCOTEXIND: Sep 2021 ₹36 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹190 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹96 Cr | Jun 2026 —
- PIXTRANS: Sep 2021 ₹105 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- TINNARUBR: Sep 2021 ₹54 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹129 Cr | Jun 2026 ₹129 Cr
- GRPLTD: Sep 2021 ₹80 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹208 Cr | Jun 2026 ₹208 Cr

### 20-quarter Net debt history
- APCOTEXIND: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- PIXTRANS: Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-45 Cr | Mar 2024 ₹-81 Cr | Jun 2024 ₹-81 Cr | Sep 2024 ₹-138 Cr | Dec 2024 ₹-138 Cr | Mar 2025 ₹-159 Cr | Jun 2025 ₹-159 Cr | Sep 2025 ₹-227 Cr | Dec 2025 ₹-227 Cr | Mar 2026 ₹-281 Cr | Jun 2026 —
- TINNARUBR: Sep 2021 ₹53 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹125 Cr | Jun 2026 ₹125 Cr
- GRPLTD: Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹194 Cr | Jun 2026 ₹194 Cr

## Return On Capital Employed

What the numbers say: Tinna Rubber & Infrastructure Ltd leads ROCE at 22.3%, 0.6 percentage points above Pix Transmission Ltd. Apcotex Industries Ltd has the strongest latest improvement at +6 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: Tinna Rubber & Infrastructure Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Tinna Rubber & Infrastructure Ltd · 22.3% | 2.8% versus #2 · Pix Transmission Ltd | 2/8 recent comparable periods | 4/4 companies · 57 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. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 22%
2. Pix Transmission Ltd (PIXTRANS): 22%
3. Apcotex Industries Ltd (APCOTEXIND): 20%
4. GRP Ltd (GRPLTD): 6.9%

### ROCE change — fastest improvers
1. Apcotex Industries Ltd (APCOTEXIND): +6.0 pp
2. Tinna Rubber & Infrastructure Ltd (TINNARUBR): −0.6 pp
3. Pix Transmission Ltd (PIXTRANS): −4.2 pp
4. GRP Ltd (GRPLTD): −11.6 pp

### 20-quarter ROCE history
- APCOTEXIND: Sep 2021 27% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 12% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- PIXTRANS: Sep 2021 25% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 22% | Mar 2024 19% | Jun 2024 24% | Sep 2024 21% | Dec 2024 27% | Mar 2025 21% | Jun 2025 25% | Sep 2025 17% | Dec 2025 22% | Mar 2026 17% | Jun 2026 —
- TINNARUBR: Sep 2021 20% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 25% | Dec 2023 38% | Mar 2024 31% | Jun 2024 47% | Sep 2024 36% | Dec 2024 46% | Mar 2025 26% | Jun 2025 32% | Sep 2025 20% | Dec 2025 28% | Mar 2026 23% | Jun 2026 31%
- GRPLTD: Sep 2021 5.6% | Dec 2021 — | Mar 2022 2.8% | Jun 2022 — | Sep 2022 3.4% | Dec 2022 — | Mar 2023 4.5% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 14% | Mar 2024 17% | Jun 2024 22% | Sep 2024 18% | Dec 2024 21% | Mar 2025 19% | Jun 2025 22% | Sep 2025 16% | Dec 2025 19% | Mar 2026 9.1% | Jun 2026 11%

### 20-quarter ROCE change history
- APCOTEXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 −5.8 pp | Jun 2023 — | Sep 2023 −12.8 pp | Dec 2023 — | Mar 2024 −10.3 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 +3.1 pp | Dec 2025 — | Mar 2026 +6.0 pp | Jun 2026 —
- PIXTRANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 — | Mar 2023 −6.6 pp | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 +4.5 pp | Jun 2024 — | Sep 2024 +6.1 pp | Dec 2024 +4.9 pp | Mar 2025 +2.5 pp | Jun 2025 +0.9 pp | Sep 2025 −4.5 pp | Dec 2025 −5.0 pp | Mar 2026 −4.2 pp | Jun 2026 —
- TINNARUBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 — | Mar 2023 −1.7 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 +8.1 pp | Jun 2024 — | Sep 2024 +11.1 pp | Dec 2024 +8.1 pp | Mar 2025 −4.8 pp | Jun 2025 −15.1 pp | Sep 2025 −16.5 pp | Dec 2025 −18.0 pp | Mar 2026 −3.5 pp | Jun 2026 −0.6 pp
- GRPLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 — | Mar 2024 +12.2 pp | Jun 2024 — | Sep 2024 +10.1 pp | Dec 2024 +7.7 pp | Mar 2025 +2.7 pp | Jun 2025 +0.6 pp | Sep 2025 −2.2 pp | Dec 2025 −2.0 pp | Mar 2026 −10.3 pp | Jun 2026 −11.6 pp

## Valuation Against Growth & Quality

What the numbers say: Pix Transmission Ltd has the lowest comparable Guarded PEG at 0.34×. 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: Pix Transmission Ltd · 0.34× | 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. Pix Transmission Ltd (PIXTRANS): 0.3

### P/E — lowest P/E
1. Pix Transmission Ltd (PIXTRANS): 22.6
2. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 32.1
3. Apcotex Industries Ltd (APCOTEXIND): 77.6
4. GRP Ltd (GRPLTD): 156.0

### 20-quarter Guarded PEG history
- PIXTRANS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- APCOTEXIND: Sep 2021 55.8 | Dec 2021 49.6 | Mar 2022 51.1 | Jun 2022 83.1 | Sep 2022 77.9 | Dec 2022 64.4 | Mar 2023 67.3 | Jun 2023 73.4 | Sep 2023 70.4 | Dec 2023 70.4 | Mar 2024 60.5 | Jun 2024 60.1 | Sep 2024 59.7 | Dec 2024 51.4 | Mar 2025 46.1 | Jun 2025 54.4 | Sep 2025 54.3 | Dec 2025 51.5 | Mar 2026 45.8 | Jun 2026 —
- PIXTRANS: Sep 2021 14.2 | Dec 2021 15.1 | Mar 2022 15.1 | Jun 2022 16.2 | Sep 2022 17.1 | Dec 2022 17.6 | Mar 2023 16.9 | Jun 2023 19.4 | Sep 2023 25.7 | Dec 2023 26.2 | Mar 2024 23.5 | Jun 2024 22.7 | Sep 2024 22.5 | Dec 2024 28.9 | Mar 2025 19.4 | Jun 2025 19.2 | Sep 2025 17.3 | Dec 2025 20.1 | Mar 2026 18.1 | Jun 2026 —
- TINNARUBR: Sep 2021 11.7 | Dec 2021 14.4 | Mar 2022 18.2 | Jun 2022 15.9 | Sep 2022 23.2 | Dec 2022 21.1 | Mar 2023 14.8 | Jun 2023 20.7 | Sep 2023 33.6 | Dec 2023 37.2 | Mar 2024 38.1 | Jun 2024 83.8 | Sep 2024 52.2 | Dec 2024 43.6 | Mar 2025 30.5 | Jun 2025 32.9 | Sep 2025 36.1 | Dec 2025 31.7 | Mar 2026 20.9 | Jun 2026 31.5
- GRPLTD: Sep 2021 19.1 | Dec 2021 14.9 | Mar 2022 22.0 | Jun 2022 30.1 | Sep 2022 31.8 | Dec 2022 26.3 | Mar 2023 26.2 | Jun 2023 34.9 | Sep 2023 35.3 | Dec 2023 47.6 | Mar 2024 62.9 | Jun 2024 69.7 | Sep 2024 64.5 | Dec 2024 67.7 | Mar 2025 60.0 | Jun 2025 48.8 | Sep 2025 41.0 | Dec 2025 32.8 | Mar 2026 38.5 | Jun 2026 40.1

## Enterprise Value & Book Value

What the numbers say: Pix Transmission Ltd leads both ev/ebitda at 11.2× and p/bv at 3.46×.

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: Pix Transmission Ltd · 11.2× | 40.4% versus #2 · Tinna Rubber & Infrastructure Ltd | 0/8 recent comparable periods | 4/4 companies · 78 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. Pix Transmission Ltd (PIXTRANS): 11.2
2. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 18.8
3. GRP Ltd (GRPLTD): 26.9
4. Apcotex Industries Ltd (APCOTEXIND): 36.6

### P/BV — lowest P/BV
1. Pix Transmission Ltd (PIXTRANS): 3.5
2. GRP Ltd (GRPLTD): 6.0
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 6.6
4. Apcotex Industries Ltd (APCOTEXIND): 14.7

### 20-quarter EV/EBITDA history
- APCOTEXIND: Sep 2021 44.7 | Dec 2021 39.8 | Mar 2022 40.9 | Jun 2022 66.4 | Sep 2022 62.2 | Dec 2022 51.5 | Mar 2023 53.9 | Jun 2023 58.7 | Sep 2023 56.3 | Dec 2023 56.3 | Mar 2024 48.4 | Jun 2024 48.1 | Sep 2024 47.8 | Dec 2024 41.1 | Mar 2025 36.9 | Jun 2025 43.5 | Sep 2025 43.5 | Dec 2025 41.3 | Mar 2026 36.6 | Jun 2026 —
- PIXTRANS: Sep 2021 8.8 | Dec 2021 9.5 | Mar 2022 9.4 | Jun 2022 9.6 | Sep 2022 10.0 | Dec 2022 10.0 | Mar 2023 9.7 | Jun 2023 10.8 | Sep 2023 14.3 | Dec 2023 14.7 | Mar 2024 13.6 | Jun 2024 13.7 | Sep 2024 13.8 | Dec 2024 18.3 | Mar 2025 12.1 | Jun 2025 12.0 | Sep 2025 10.8 | Dec 2025 12.0 | Mar 2026 11.2 | Jun 2026 —
- TINNARUBR: Sep 2021 5.3 | Dec 2021 6.3 | Mar 2022 7.9 | Jun 2022 8.3 | Sep 2022 11.8 | Dec 2022 10.9 | Mar 2023 8.6 | Jun 2023 11.9 | Sep 2023 18.6 | Dec 2023 21.7 | Mar 2024 23.3 | Jun 2024 51.9 | Sep 2024 33.5 | Dec 2024 28.4 | Mar 2025 19.6 | Jun 2025 21.0 | Sep 2025 22.4 | Dec 2025 18.8 | Mar 2026 12.9 | Jun 2026 18.8
- GRPLTD: Sep 2021 7.1 | Dec 2021 7.8 | Mar 2022 10.0 | Jun 2022 9.5 | Sep 2022 12.3 | Dec 2022 10.8 | Mar 2023 12.7 | Jun 2023 17.1 | Sep 2023 17.4 | Dec 2023 21.4 | Mar 2024 26.3 | Jun 2024 34.3 | Sep 2024 31.5 | Dec 2024 31.3 | Mar 2025 27.0 | Jun 2025 23.1 | Sep 2025 19.2 | Dec 2025 16.1 | Mar 2026 17.5 | Jun 2026 26.9

### 20-quarter P/BV history
- APCOTEXIND: Sep 2021 10.6 | Dec 2021 9.4 | Mar 2022 9.7 | Jun 2022 15.8 | Sep 2022 14.8 | Dec 2022 12.2 | Mar 2023 12.8 | Jun 2023 13.9 | Sep 2023 13.4 | Dec 2023 13.4 | Mar 2024 11.5 | Jun 2024 11.4 | Sep 2024 11.3 | Dec 2024 9.8 | Mar 2025 8.8 | Jun 2025 10.3 | Sep 2025 10.3 | Dec 2025 9.8 | Mar 2026 8.7 | Jun 2026 —
- PIXTRANS: Sep 2021 3.6 | Dec 2021 3.5 | Mar 2022 3.4 | Jun 2022 3.7 | Sep 2022 3.1 | Dec 2022 3.0 | Mar 2023 2.8 | Jun 2023 3.0 | Sep 2023 3.9 | Dec 2023 4.0 | Mar 2024 4.1 | Jun 2024 4.5 | Sep 2024 4.3 | Dec 2024 6.0 | Mar 2025 4.0 | Jun 2025 4.4 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 3.1 | Jun 2026 —
- TINNARUBR: Sep 2021 1.1 | Dec 2021 2.0 | Mar 2022 3.1 | Jun 2022 3.5 | Sep 2022 5.3 | Dec 2022 4.8 | Mar 2023 3.8 | Jun 2023 5.8 | Sep 2023 8.0 | Dec 2023 9.2 | Mar 2024 11.3 | Jun 2024 32.2 | Sep 2024 20.3 | Dec 2024 15.4 | Mar 2025 10.4 | Jun 2025 12.7 | Sep 2025 8.9 | Dec 2025 5.3 | Mar 2026 3.8 | Jun 2026 5.5
- GRPLTD: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.3 | Jun 2022 1.3 | Sep 2022 1.7 | Dec 2022 1.9 | Mar 2023 2.6 | Jun 2023 3.6 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 5.7 | Jun 2024 11.6 | Sep 2024 10.4 | Dec 2024 10.1 | Mar 2025 8.9 | Jun 2025 8.7 | Sep 2025 6.0 | Dec 2025 5.0 | Mar 2026 5.3 | Jun 2026 5.3

## Market action

Apcotex Industries Ltd has the strongest one-year price move in Rubber Processing/Rubber Products at +42.6%. It also leads on Mansfield relative strength against NIFTY at +37.2%. 4 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. Apcotex Industries Ltd (APCOTEXIND): 43%
2. Pix Transmission Ltd (PIXTRANS): 15%
3. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 11%
4. GRP Ltd (GRPLTD): -19%

### Strongest relative strength versus NIFTY 500
1. Apcotex Industries Ltd (APCOTEXIND): 37%
2. Tinna Rubber & Infrastructure Ltd (TINNARUBR): 37%
3. Pix Transmission Ltd (PIXTRANS): 19%
4. GRP Ltd (GRPLTD): 5.2%

## 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.
- 3 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
- Apcotex Industries Ltd (APCOTEXIND) — market value ₹2.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Pix Transmission Ltd (PIXTRANS) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Tinna Rubber & Infrastructure Ltd (TINNARUBR) — market value ₹2.0K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- GRP Ltd (GRPLTD) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 3. Withheld: 0. Graded companies: 4.

3 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 | APCOTEXIND | Apcotex Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TINNARUBR | Tinna Rubber & Infrastructure Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GRPLTD | GRP Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 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 Rubber Processing/Rubber Products index?

The Nifty Rubber Processing/Rubber Products index tracks India's listed Rubber Processing/Rubber Products 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 Rubber Processing/Rubber Products sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Rubber Processing/Rubber Products stocks in India?

Ranked by this page's four-factor score, Tinna Rubber & Infrastructure Ltd places first among 4 listed Rubber Processing/Rubber Products companies, followed by Apcotex Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Rubber Processing/Rubber Products stocks are listed in India?

This comparison covers 4 listed Rubber Processing/Rubber Products 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 Jun 2026.

### Which Rubber Processing/Rubber Products company is the biggest?

Apcotex Industries Ltd is the largest, with trailing-twelve-month revenue of ₹1,442 crore, ahead of Pix Transmission Ltd at ₹583 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Rubber Processing/Rubber Products company is growing fastest?

Tinna Rubber & Infrastructure Ltd has the fastest revenue growth at 14.4% 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 Rubber Processing/Rubber Products company has the best profit margins?

Tinna Rubber & Infrastructure Ltd has the highest operating margin at 22%, from 4 of 4 comparable companies. Tinna Rubber & Infrastructure 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 Rubber Processing/Rubber Products company makes the most profit?

Pix Transmission Ltd earns the most, at ₹107 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Apcotex Industries Ltd has the fastest profit growth at 83.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Rubber Processing/Rubber Products company earns the highest return on capital?

Tinna Rubber & Infrastructure Ltd leads on return on capital employed at 22.3%, 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 Rubber Processing/Rubber Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Pix Transmission Ltd screens cheapest at 0.34×. 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 Rubber Processing/Rubber Products company has the strongest balance sheet?

Pix Transmission Ltd carries the lowest comparable gross debt at ₹24 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 Rubber Processing/Rubber Products sector beating the market?

Rubber Processing/Rubber Products has outperformed NIFTY 500 by 20.2% over the last 52 weeks and 29.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Rubber Processing/Rubber Products stock has the strongest price momentum?

Apcotex Industries 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 Rubber Processing/Rubber Products company scores highest for research priority?

Tinna Rubber & Infrastructure Ltd scores 75 out of 100 with 84% evidence confidence, from 26.6 points on growth and earnings, 19.4 on capital efficiency, 9 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 Rubber Processing/Rubber Products 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 Jun 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 Rubber Processing/Rubber Products sector?

The 4 Rubber Processing/Rubber Products companies on this page carry ₹8,367 crore of combined market value. Apcotex Industries Ltd is the largest at ₹2,909 crore, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Rubber Processing/Rubber Products sector performing?

4 of the 4 covered Rubber Processing/Rubber Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.2% 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/rubber-processing-rubber-products