# Services - Others — company-by-company sector analysis

> Services - Others: PDS Ltd owns the largest revenue base; BLS International Services 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 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. PDS Ltd leads with revenue of ₹13,109 crore, based on 8 of 8 comparable companies through Mar 2026. BLS International Services Ltd has the fastest current revenue growth at 36.7%, across 8 of 8 comparable companies.

### Is the Services - Others sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Services - Others company is largest by revenue?

PDS Ltd leads with revenue of ₹13,109 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Services - Others company is growing fastest?

BLS International Services Ltd has the fastest current revenue growth at 36.7%, across 8 of 8 comparable companies.

### Which Services - Others company has the strongest 4-Factor Sector Score?

Kapston Services Ltd ranks first at 62/100 with 80% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Services - Others company reports the most CAPEX?

eMudhra Ltd reports the largest latest CAPEX at ₹30 crore, with 2 of 8 companies comparable.

### Which Services - Others company has the least gross debt?

Ecos (India) Mobility & Hospitality Ltd has the lowest comparable gross debt at ₹8 crore. PDS Ltd has the highest at ₹1,264 crore.

### Which Services - Others company has the lowest comparable PEG?

eMudhra Ltd has the lowest comparable Guarded PEG at 1.21, among 3 of 8 companies that pass the metric’s comparability rules.

### How much history does this Services - Others 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 Services - Others against NIFTY 500 is not available from the current market series. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kapston Services Ltd is the strongest against the sector itself at +70.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/8
Stocks leading sector: 3/8

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

Companies: 8
Combined market value: ₹39.1K 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. Kapston Services Ltd (KAPSTON): 62/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 29.9/35 | Capital efficiency 8.8/25 | Valuation 8.5/20 | Relative strength 14.8/20
   - Exact sum: 29.9 + 8.8 + 8.5 + 14.8 = 62
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Team Lease Services Ltd (TEAMLEASE): 59/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.8/35 | Capital efficiency 11.1/25 | Valuation 13.6/20 | Relative strength 11.5/20
   - Exact sum: 22.8 + 11.1 + 13.6 + 11.5 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. eMudhra Ltd (EMUDHRA): 56/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 21.0/35 | Capital efficiency 15.9/25 | Valuation 14.9/20 | Relative strength 4.2/20
   - Exact sum: 21 + 15.9 + 14.9 + 4.2 = 56
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. BLS International Services Ltd (BLS): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.3/35 | Capital efficiency 17.8/25 | Valuation 13.4/20 | Relative strength 1.3/20
   - Exact sum: 22.3 + 17.8 + 13.4 + 1.3 = 54.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indegene Ltd (INDGN): 50/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 13.9/35 | Capital efficiency 15.6/25 | Valuation 8.3/20 | Relative strength 11.8/20
   - Exact sum: 13.9 + 15.6 + 8.3 + 11.8 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 45/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 9.8/35 | Capital efficiency 20.7/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 9.8 + 20.7 + 11.5 + 3 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. PDS Ltd (PDSL): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 8.9/35 | Capital efficiency 7.5/25 | Valuation 8.9/20 | Relative strength 18.7/20
   - Exact sum: 8.9 + 7.5 + 8.9 + 18.7 = 44
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. CMS Info Systems Ltd (CMSINFO): 40/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 7.6/35 | Capital efficiency 16.1/25 | Valuation 9.8/20 | Relative strength 6.9/20
   - Exact sum: 7.6 + 16.1 + 9.8 + 6.9 = 40.4
   - 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: PDS Ltd is the scale leader at ₹13,109 crore, 10.7% ahead of Team Lease Services Ltd. BLS International Services Ltd's growth is 36.7% from a ₹2,999 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: PDS Ltd is the scale benchmark; BLS International Services Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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

Evidence: PDS Ltd · ₹13,109 crore | 10.7% versus #2 · Team Lease Services Ltd | 7/8 recent comparable periods | 8/8 companies · 122 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. PDS Ltd (PDSL): ₹13.1K Cr
2. Team Lease Services Ltd (TEAMLEASE): ₹11.8K Cr
3. Indegene Ltd (INDGN): ₹3.5K Cr
4. BLS International Services Ltd (BLS): ₹3.0K Cr
5. CMS Info Systems Ltd (CMSINFO): ₹2.5K Cr

### Revenue growth — fastest growers
1. BLS International Services Ltd (BLS): 37%
2. eMudhra Ltd (EMUDHRA): 35%
3. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 24%
4. Indegene Ltd (INDGN): 24%
5. Kapston Services Ltd (KAPSTON): 20%

### 20-quarter Revenue history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹521 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹632 Cr | Jun 2023 ₹608 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹673 Cr | Mar 2024 ₹673 Cr | Jun 2024 ₹676 Cr | Sep 2024 ₹687 Cr | Dec 2024 ₹720 Cr | Mar 2025 ₹756 Cr | Jun 2025 ₹761 Cr | Sep 2025 ₹804 Cr | Dec 2025 ₹942 Cr | Mar 2026 ₹1.0K Cr
- BLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹438 Cr | Mar 2023 ₹449 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹408 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹448 Cr | Jun 2024 ₹493 Cr | Sep 2024 ₹495 Cr | Dec 2024 ₹513 Cr | Mar 2025 ₹693 Cr | Jun 2025 ₹711 Cr | Sep 2025 ₹737 Cr | Dec 2025 ₹736 Cr | Mar 2026 ₹815 Cr
- PDSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.5K Cr
- CMSINFO: Jun 2021 ₹370 Cr | Sep 2021 ₹372 Cr | Dec 2021 ₹404 Cr | Mar 2022 ₹444 Cr | Jun 2022 ₹453 Cr | Sep 2022 ₹472 Cr | Dec 2022 ₹488 Cr | Mar 2023 ₹501 Cr | Jun 2023 ₹512 Cr | Sep 2023 ₹544 Cr | Dec 2023 ₹582 Cr | Mar 2024 ₹627 Cr | Jun 2024 ₹599 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹581 Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹627 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹618 Cr | Mar 2026 ₹633 Cr
- EMUDHRA: Jun 2021 ₹43 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹193 Cr
- TEAMLEASE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr
- KAPSTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹216 Cr
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹131 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹207 Cr

### 20-quarter Revenue growth history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17% | Sep 2023 — | Dec 2023 — | Mar 2024 6.5% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 12% | Jun 2025 13% | Sep 2025 17% | Dec 2025 31% | Mar 2026 33%
- BLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -0.2% | Jun 2024 29% | Sep 2024 21% | Dec 2024 17% | Mar 2025 55% | Jun 2025 44% | Sep 2025 49% | Dec 2025 43% | Mar 2026 18%
- PDSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2% | Mar 2024 17% | Jun 2024 24% | Sep 2024 34% | Dec 2024 21% | Mar 2025 9.7% | Jun 2025 14% | Sep 2025 3.4% | Dec 2025 1.5% | Mar 2026 -0.2%
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 27% | Dec 2022 21% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 19% | Mar 2024 25% | Jun 2024 17% | Sep 2024 15% | Dec 2024 -0.2% | Mar 2025 -1.3% | Jun 2025 4.7% | Sep 2025 -2.6% | Dec 2025 6.4% | Mar 2026 2.3%
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 18% | Dec 2022 36% | Mar 2023 71% | Jun 2023 54% | Sep 2023 66% | Dec 2023 59% | Mar 2024 30% | Jun 2024 15% | Sep 2024 47% | Dec 2024 43% | Mar 2025 47% | Jun 2025 60% | Sep 2025 23% | Dec 2025 35% | Mar 2026 31%
- TEAMLEASE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 20% | Jun 2024 19% | Sep 2024 23% | Dec 2024 19% | Mar 2025 18% | Jun 2025 12% | Sep 2025 8.4% | Dec 2025 2.4% | Mar 2026 2.3%
- KAPSTON: 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 33% | Jun 2024 36% | Sep 2024 31% | Dec 2024 33% | Mar 2025 31% | Jun 2025 24% | Sep 2025 25% | Dec 2025 16% | Mar 2026 17%
- ECOSMOBLTY: 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 14% | Sep 2024 16% | Dec 2024 23% | Mar 2025 19% | Jun 2025 21% | Sep 2025 34% | Dec 2025 23% | Mar 2026 17%

## Operating Economics & Margin Trend

What the numbers say: BLS International Services Ltd leads opm at 25%; Kapston Services Ltd leads margin change at +1.2 percentage points.

Investor read: BLS International Services 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: BLS International Services Ltd · 25% | 0% versus #2 · CMS Info Systems Ltd | 5/8 recent comparable periods | 8/8 companies · 146 observations

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

### OPM — highest
1. BLS International Services Ltd (BLS): 25%
2. CMS Info Systems Ltd (CMSINFO): 25%
3. eMudhra Ltd (EMUDHRA): 22%
4. Indegene Ltd (INDGN): 16%
5. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 12%

### Margin change — fastest expanders
1. Kapston Services Ltd (KAPSTON): +1.2 pp
2. BLS International Services Ltd (BLS): 0.0 pp
3. Team Lease Services Ltd (TEAMLEASE): 0.0 pp
4. CMS Info Systems Ltd (CMSINFO): −1.0 pp
5. PDS Ltd (PDSL): −1.0 pp

### 20-quarter OPM history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 16% | Sep 2023 19% | Dec 2023 22% | Mar 2024 21% | Jun 2024 19% | Sep 2024 18% | Dec 2024 18% | Mar 2025 20% | Jun 2025 20% | Sep 2025 17% | Dec 2025 17% | Mar 2026 16%
- BLS: Jun 2021 11% | Sep 2021 14% | Dec 2021 11% | Mar 2022 14% | Jun 2022 11% | Sep 2022 16% | Dec 2022 15% | Mar 2023 15% | Jun 2023 21% | Sep 2023 21% | Dec 2023 20% | Mar 2024 20% | Jun 2024 27% | Sep 2024 33% | Dec 2024 31% | Mar 2025 25% | Jun 2025 29% | Sep 2025 29% | Dec 2025 27% | Mar 2026 25%
- PDSL: Jun 2021 2.1% | Sep 2021 3.8% | Dec 2021 4.5% | Mar 2022 3.7% | Jun 2022 3.1% | Sep 2022 4.1% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 3.0% | Sep 2023 6.0% | Dec 2023 3.0% | Mar 2024 4.0% | Jun 2024 3.0% | Sep 2024 4.0% | Dec 2024 3.0% | Mar 2025 4.0% | Jun 2025 2.0% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 3.0%
- CMSINFO: Jun 2021 23% | Sep 2021 25% | Dec 2021 26% | Mar 2022 26% | Jun 2022 27% | Sep 2022 28% | Dec 2022 28% | Mar 2023 29% | Jun 2023 29% | Sep 2023 27% | Dec 2023 26% | Mar 2024 25% | Jun 2024 25% | Sep 2024 24% | Dec 2024 27% | Mar 2025 26% | Jun 2025 25% | Sep 2025 23% | Dec 2025 23% | Mar 2026 25%
- EMUDHRA: Jun 2021 34% | Sep 2021 34% | Dec 2021 40% | Mar 2022 41% | Jun 2022 39% | Sep 2022 37% | Dec 2022 35% | Mar 2023 31% | Jun 2023 30% | Sep 2023 29% | Dec 2023 25% | Mar 2024 33% | Jun 2024 29% | Sep 2024 23% | Dec 2024 22% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 22% | Mar 2026 22%
- TEAMLEASE: Jun 2021 2.1% | Sep 2021 2.2% | Dec 2021 2.1% | Mar 2022 2.3% | Jun 2022 1.4% | Sep 2022 1.6% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 2.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 2.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 2.0%
- KAPSTON: Jun 2021 5.7% | Sep 2021 4.0% | Dec 2021 4.1% | Mar 2022 4.8% | Jun 2022 3.5% | Sep 2022 3.8% | Dec 2022 3.6% | Mar 2023 2.9% | Jun 2023 4.7% | Sep 2023 3.8% | Dec 2023 4.0% | Mar 2024 5.1% | Jun 2024 4.2% | Sep 2024 4.3% | Dec 2024 4.4% | Mar 2025 5.1% | Jun 2025 4.8% | Sep 2025 4.7% | Dec 2025 5.3% | Mar 2026 6.2%
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17% | Sep 2023 18% | Dec 2023 15% | Mar 2024 15% | Jun 2024 14% | Sep 2024 15% | Dec 2024 13% | Mar 2025 15% | Jun 2025 12% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12%

### 20-quarter Margin change history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 — | Dec 2023 — | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp
- BLS: Jun 2021 +4.5 pp | Sep 2021 +4.4 pp | Dec 2021 +2.4 pp | Mar 2022 +6.8 pp | Jun 2022 +1.0 pp | Sep 2022 +1.4 pp | Dec 2022 +3.8 pp | Mar 2023 +1.2 pp | Jun 2023 +9.5 pp | Sep 2023 +5.1 pp | Dec 2023 +5.0 pp | Mar 2024 +5.0 pp | Jun 2024 +6.0 pp | Sep 2024 +12.0 pp | Dec 2024 +11.0 pp | Mar 2025 +5.0 pp | Jun 2025 +2.0 pp | Sep 2025 −4.0 pp | Dec 2025 −4.0 pp | Mar 2026 0.0 pp
- PDSL: Jun 2021 +0.7 pp | Sep 2021 +2.0 pp | Dec 2021 −0.2 pp | Mar 2022 −1.8 pp | Jun 2022 +1.0 pp | Sep 2022 +0.3 pp | Dec 2022 +0.5 pp | Mar 2023 +1.3 pp | Jun 2023 −0.1 pp | Sep 2023 +1.9 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 +3.4 pp | Mar 2022 +4.6 pp | Jun 2022 +4.5 pp | Sep 2022 +3.2 pp | Dec 2022 +2.0 pp | Mar 2023 +2.9 pp | Jun 2023 +1.7 pp | Sep 2023 −1.5 pp | Dec 2023 −2.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −1.0 pp
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +9.0 pp | Jun 2022 +5.8 pp | Sep 2022 +3.1 pp | Dec 2022 −5.0 pp | Mar 2023 −9.6 pp | Jun 2023 −9.4 pp | Sep 2023 −8.2 pp | Dec 2023 −10.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −6.0 pp | Dec 2024 −3.0 pp | Mar 2025 −9.0 pp | Jun 2025 −5.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp
- TEAMLEASE: Jun 2021 0.0 pp | Sep 2021 +0.2 pp | Dec 2021 +0.2 pp | Mar 2022 +0.3 pp | Jun 2022 −0.8 pp | Sep 2022 −0.6 pp | Dec 2022 −0.1 pp | Mar 2023 −0.3 pp | Jun 2023 −0.4 pp | Sep 2023 −0.6 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp
- KAPSTON: Jun 2021 −2.7 pp | Sep 2021 −3.4 pp | Dec 2021 −6.0 pp | Mar 2022 −0.5 pp | Jun 2022 −2.1 pp | Sep 2022 −0.3 pp | Dec 2022 −0.6 pp | Mar 2023 −1.9 pp | Jun 2023 +1.2 pp | Sep 2023 +0.0 pp | Dec 2023 +0.4 pp | Mar 2024 +2.2 pp | Jun 2024 −0.5 pp | Sep 2024 +0.5 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +1.2 pp
- ECOSMOBLTY: 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 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp

## Profit Scale & Acceleration

What the numbers say: BLS International Services Ltd leads with ₹724 crore of TTM profit, 80.5% above Indegene Ltd. Kapston Services Ltd shows 57.8% growth from a ₹28 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: BLS International Services 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: BLS International Services Ltd · ₹724 crore | 80.5% versus #2 · Indegene Ltd | 8/8 recent comparable periods | 8/8 companies · 122 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. BLS International Services Ltd (BLS): ₹724 Cr
2. Indegene Ltd (INDGN): ₹401 Cr
3. CMS Info Systems Ltd (CMSINFO): ₹303 Cr
4. PDS Ltd (PDSL): ₹177 Cr
5. Team Lease Services Ltd (TEAMLEASE): ₹141 Cr

### Profit growth — fastest growers
1. Kapston Services Ltd (KAPSTON): 58%
2. BLS International Services Ltd (BLS): 34%
3. Team Lease Services Ltd (TEAMLEASE): 28%
4. eMudhra Ltd (EMUDHRA): 28%
5. Indegene Ltd (INDGN): -1.7%

### 20-quarter Net profit history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹86 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹80 Cr
- BLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹46 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹187 Cr
- PDSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹93 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹72 Cr
- CMSINFO: Jun 2021 ₹47 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹79 Cr
- EMUDHRA: Jun 2021 ₹10 Cr | Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr
- TEAMLEASE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹46 Cr
- KAPSTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹16 Cr

### 20-quarter Profit growth history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -21% | Sep 2023 — | Dec 2023 — | Mar 2024 94% | Jun 2024 29% | Sep 2024 23% | Dec 2024 11% | Mar 2025 24% | Jun 2025 32% | Sep 2025 11% | Dec 2025 -6.4% | Mar 2026 -32%
- BLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 89% | Mar 2024 10% | Jun 2024 70% | Sep 2024 78% | Dec 2024 47% | Mar 2025 71% | Jun 2025 50% | Sep 2025 27% | Dec 2025 33% | Mar 2026 29%
- PDSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -72% | Mar 2024 -16% | Jun 2024 35% | Sep 2024 1.1% | Dec 2024 73% | Mar 2025 15% | Jun 2025 -35% | Sep 2025 -46% | Dec 2025 -18% | Mar 2026 -4.0%
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 38% | Dec 2022 27% | Mar 2023 25% | Jun 2023 22% | Sep 2023 15% | Dec 2023 14% | Mar 2024 14% | Jun 2024 8.3% | Sep 2024 8.3% | Dec 2024 6.9% | Mar 2025 7.7% | Jun 2025 3.3% | Sep 2025 -20% | Dec 2025 -39% | Mar 2026 -19%
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 55% | Dec 2022 36% | Mar 2023 45% | Jun 2023 14% | Sep 2023 12% | Dec 2023 33% | Mar 2024 31% | Jun 2024 13% | Sep 2024 16% | Dec 2024 10% | Mar 2025 14% | Jun 2025 39% | Sep 2025 18% | Dec 2025 32% | Mar 2026 25%
- TEAMLEASE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.9% | Mar 2024 17% | Jun 2024 -27% | Sep 2024 -11% | Dec 2024 -9.7% | Mar 2025 36% | Jun 2025 32% | Sep 2025 12% | Dec 2025 50% | Mar 2026 21%
- KAPSTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 71% | Mar 2024 203% | Jun 2024 19% | Sep 2024 -9.2% | Dec 2024 68% | Mar 2025 119% | Jun 2025 85% | Sep 2025 80% | Dec 2025 64% | Mar 2026 24%
- ECOSMOBLTY: 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 0.0% | Sep 2024 0.0% | Dec 2024 -7.1% | Mar 2025 0.0% | Jun 2025 -7.1% | Sep 2025 -6.3% | Dec 2025 7.7% | Mar 2026 -11%

## Capacity Spending & Returns On It

What the numbers say: eMudhra Ltd reports ₹30 crore of CAPEX; eMudhra Ltd has the highest covered intensity at 66.7%. Coverage is only 2 of 8 companies and 6 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: eMudhra Ltd · ₹30 crore | 15× versus #2 · Indegene Ltd | 2/2 recent comparable periods | 2/8 companies · 6 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. eMudhra Ltd (EMUDHRA): ₹30 Cr
2. Indegene Ltd (INDGN): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. eMudhra Ltd (EMUDHRA): 67%
2. Indegene Ltd (INDGN): 0.3%

### 20-quarter CAPEX history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 ₹6 Cr | Mar 2022 ₹30 Cr | 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 — | Dec 2022 — | Mar 2023 2.2% | Jun 2023 — | Sep 2023 — | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 13% | Mar 2022 67% | 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 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Indegene Ltd has the clearest covered balance-sheet capacity with ₹1,323 crore net cash and gross debt of ₹144 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: Ecos (India) Mobility & Hospitality Ltd · ₹8 crore | 72.4% versus #2 · eMudhra Ltd | 8/8 recent comparable periods | 8/8 companies · 98 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. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): ₹8 Cr
2. eMudhra Ltd (EMUDHRA): ₹29 Cr
3. Team Lease Services Ltd (TEAMLEASE): ₹116 Cr
4. Indegene Ltd (INDGN): ₹144 Cr
5. Kapston Services Ltd (KAPSTON): ₹184 Cr

### Net debt — lowest net debt
1. Indegene Ltd (INDGN): ₹-1.3K Cr
2. CMS Info Systems Ltd (CMSINFO): ₹-225 Cr
3. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): ₹-129 Cr
4. eMudhra Ltd (EMUDHRA): ₹-80 Cr
5. Kapston Services Ltd (KAPSTON): ₹169 Cr

### 20-quarter Gross debt history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹66 Cr | Jun 2022 ₹62 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹502 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹491 Cr | Mar 2024 ₹490 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹144 Cr
- BLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹31 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹359 Cr | Jun 2025 — | Sep 2025 ₹404 Cr | Dec 2025 — | Mar 2026 ₹431 Cr
- PDSL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹740 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹719 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.3K Cr
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹193 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹221 Cr
- EMUDHRA: Jun 2021 ₹51 Cr | Sep 2021 ₹60 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹29 Cr
- TEAMLEASE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹60 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹100 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹105 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹118 Cr | Jun 2025 — | Sep 2025 ₹128 Cr | Dec 2025 — | Mar 2026 ₹116 Cr
- KAPSTON: Jun 2021 ₹44 Cr | Sep 2021 ₹73 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹184 Cr
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹30 Cr | Dec 2023 — | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr

### 20-quarter Net debt history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-545 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-193 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-459 Cr | Mar 2024 ₹-498 Cr | Jun 2024 ₹-498 Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.3K Cr
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹-62 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-175 Cr | Jun 2023 ₹-199 Cr | Sep 2023 ₹-255 Cr | Dec 2023 ₹-255 Cr | Mar 2024 ₹-444 Cr | Jun 2024 ₹-444 Cr | Sep 2024 ₹-460 Cr | Dec 2024 ₹-460 Cr | Mar 2025 ₹-566 Cr | Jun 2025 ₹-596 Cr | Sep 2025 ₹-223 Cr | Dec 2025 ₹-223 Cr | Mar 2026 ₹-225 Cr
- EMUDHRA: Jun 2021 ₹43 Cr | Sep 2021 ₹48 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹-108 Cr | Dec 2022 ₹-108 Cr | Mar 2023 ₹-94 Cr | Jun 2023 ₹-94 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹-241 Cr | Jun 2024 ₹-241 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-86 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-80 Cr
- KAPSTON: Jun 2021 ₹38 Cr | Sep 2021 ₹61 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹169 Cr
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-7 Cr | Sep 2023 ₹-27 Cr | Dec 2023 — | Mar 2024 ₹-64 Cr | Jun 2024 ₹-64 Cr | Sep 2024 ₹-98 Cr | Dec 2024 ₹-98 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹-97 Cr | Sep 2025 ₹-92 Cr | Dec 2025 ₹-92 Cr | Mar 2026 ₹-129 Cr

## Return On Capital Employed

What the numbers say: Ecos (India) Mobility & Hospitality Ltd leads ROCE at 30.3%, 1 percentage points above BLS International Services Ltd. Kapston Services Ltd has the strongest latest improvement at +5.2 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: Ecos (India) Mobility & Hospitality 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: Ecos (India) Mobility & Hospitality Ltd · 30.3% | 3.4% versus #2 · BLS International Services Ltd | 1/6 recent comparable periods | 8/8 companies · 67 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. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 30%
2. BLS International Services Ltd (BLS): 29%
3. Indegene Ltd (INDGN): 19%
4. CMS Info Systems Ltd (CMSINFO): 18%
5. eMudhra Ltd (EMUDHRA): 16%

### ROCE change — fastest improvers
1. Kapston Services Ltd (KAPSTON): +5.2 pp
2. Team Lease Services Ltd (TEAMLEASE): +2.0 pp
3. eMudhra Ltd (EMUDHRA): −1.1 pp
4. Indegene Ltd (INDGN): −2.3 pp
5. PDS Ltd (PDSL): −4.0 pp

### 20-quarter ROCE history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.9% | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 22% | Jun 2024 29% | Sep 2024 19% | Dec 2024 25% | Mar 2025 16% | Jun 2025 25% | Sep 2025 16% | Dec 2025 21% | Mar 2026 14%
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 23% | Dec 2023 27% | Mar 2024 21% | Jun 2024 26% | Sep 2024 20% | Dec 2024 25% | Mar 2025 19% | Jun 2025 23% | Sep 2025 18% | Dec 2025 19% | Mar 2026 15%
- EMUDHRA: Jun 2021 — | Sep 2021 21% | Dec 2021 27% | Mar 2022 28% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 13% | Jun 2024 18% | Sep 2024 13% | Dec 2024 19% | Mar 2025 13% | Jun 2025 16% | Sep 2025 12% | Dec 2025 16% | Mar 2026 12%
- KAPSTON: Jun 2021 — | Sep 2021 15% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 20% | Dec 2023 24% | Mar 2024 24% | Jun 2024 28% | Sep 2024 23% | Dec 2024 30% | Mar 2025 20% | Jun 2025 29% | Sep 2025 22% | Dec 2025 31% | Mar 2026 25%
- ECOSMOBLTY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 37% | Jun 2024 44% | Sep 2024 34% | Dec 2024 45% | Mar 2025 31% | Jun 2025 38% | Sep 2025 29% | Dec 2025 35% | Mar 2026 24%

### 20-quarter ROCE change history
- INDGN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +12.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +4.7 pp | Mar 2025 −5.9 pp | Jun 2025 −4.4 pp | Sep 2025 −2.5 pp | Dec 2025 −4.2 pp | Mar 2026 −2.3 pp
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 −2.1 pp | Jun 2024 — | Sep 2024 −3.2 pp | Dec 2024 −2.7 pp | Mar 2025 −2.1 pp | Jun 2025 −2.5 pp | Sep 2025 −2.5 pp | Dec 2025 −6.0 pp | Mar 2026 −4.4 pp
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 — | Mar 2023 −10.5 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 −4.4 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −2.5 pp | Mar 2025 −0.3 pp | Jun 2025 −2.3 pp | Sep 2025 −1.2 pp | Dec 2025 −2.6 pp | Mar 2026 −1.1 pp
- KAPSTON: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 +4.2 pp | Jun 2023 — | Sep 2023 +7.1 pp | Dec 2023 — | Mar 2024 +9.0 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +5.6 pp | Mar 2025 −4.0 pp | Jun 2025 +0.2 pp | Sep 2025 −0.6 pp | Dec 2025 +1.3 pp | Mar 2026 +5.2 pp
- ECOSMOBLTY: 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 +10.1 pp | Dec 2024 — | Mar 2025 −6.0 pp | Jun 2025 −6.4 pp | Sep 2025 −4.7 pp | Dec 2025 −10.0 pp | Mar 2026 −7.4 pp

## Valuation Against Growth & Quality

What the numbers say: eMudhra Ltd has the lowest comparable Guarded PEG at 1.21×, 39.2% below Indegene Ltd. Only 3 of 8 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: eMudhra Ltd · 1.21× | 39.2% versus #2 · Indegene Ltd | 0/8 recent comparable periods | 3/8 companies · 33 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. eMudhra Ltd (EMUDHRA): 1.2
2. Indegene Ltd (INDGN): 2.0
3. CMS Info Systems Ltd (CMSINFO): 2.8

### P/E — lowest P/E
1. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 13.2
2. BLS International Services Ltd (BLS): 14.0
3. CMS Info Systems Ltd (CMSINFO): 14.6
4. Team Lease Services Ltd (TEAMLEASE): 15.2
5. Indegene Ltd (INDGN): 28.6

### 20-quarter Guarded PEG history
- INDGN: 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 1.6 | Sep 2024 3.3 | Dec 2024 — | Mar 2025 2.4 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 2.0
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 0.4 | Mar 2022 2.2 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 2.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.2 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 7.9 | Dec 2023 2.7 | Mar 2024 4.1 | Jun 2024 6.2 | Sep 2024 7.1 | Dec 2024 5.0 | Mar 2025 8.4 | Jun 2025 6.0 | Sep 2025 3.8 | Dec 2025 3.4 | Mar 2026 1.2

### 20-quarter P/E history
- INDGN: 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 36.9 | Sep 2024 43.2 | Dec 2024 37.3 | Mar 2025 35.6 | Jun 2025 32.8 | Sep 2025 31.7 | Dec 2025 28.0 | Mar 2026 24.7
- BLS: Jun 2021 26.5 | Sep 2021 33.1 | Dec 2021 22.8 | Mar 2022 24.6 | Jun 2022 35.7 | Sep 2022 47.6 | Dec 2022 47.0 | Mar 2023 36.0 | Jun 2023 41.6 | Sep 2023 42.2 | Dec 2023 48.3 | Mar 2024 45.5 | Jun 2024 46.1 | Sep 2024 42.9 | Dec 2024 47.2 | Mar 2025 36.0 | Jun 2025 30.8 | Sep 2025 24.4 | Dec 2025 21.9 | Mar 2026 16.0
- PDSL: Jun 2021 30.3 | Sep 2021 22.4 | Dec 2021 21.9 | Mar 2022 19.2 | Jun 2022 17.2 | Sep 2022 16.9 | Dec 2022 16.5 | Mar 2023 15.2 | Jun 2023 16.7 | Sep 2023 23.9 | Dec 2023 33.1 | Mar 2024 40.1 | Jun 2024 50.2 | Sep 2024 46.4 | Dec 2024 51.6 | Mar 2025 37.1 | Jun 2025 36.1 | Sep 2025 30.8 | Dec 2025 46.6 | Mar 2026 36.3
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 21.0 | Mar 2022 22.5 | Jun 2022 19.6 | Sep 2022 16.6 | Dec 2022 17.9 | Mar 2023 15.1 | Jun 2023 19.1 | Sep 2023 17.3 | Dec 2023 18.3 | Mar 2024 18.1 | Jun 2024 22.4 | Sep 2024 26.4 | Dec 2024 22.1 | Mar 2025 20.6 | Jun 2025 21.8 | Sep 2025 16.6 | Dec 2025 15.8 | Mar 2026 13.5
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 96.2 | Sep 2022 55.1 | Dec 2022 45.6 | Mar 2023 29.0 | Jun 2023 54.4 | Sep 2023 57.6 | Dec 2023 54.1 | Mar 2024 84.6 | Jun 2024 94.1 | Sep 2024 91.1 | Dec 2024 94.0 | Mar 2025 86.4 | Jun 2025 73.8 | Sep 2025 57.1 | Dec 2025 52.4 | Mar 2026 31.0
- TEAMLEASE: Jun 2021 75.8 | Sep 2021 87.5 | Dec 2021 78.7 | Mar 2022 67.5 | Jun 2022 47.8 | Sep 2022 46.3 | Dec 2022 36.3 | Mar 2023 32.5 | Jun 2023 37.6 | Sep 2023 39.1 | Dec 2023 49.9 | Mar 2024 43.0 | Jun 2024 45.5 | Sep 2024 50.1 | Dec 2024 48.0 | Mar 2025 30.0 | Jun 2025 31.3 | Sep 2025 26.2 | Dec 2025 22.3 | Mar 2026 14.3
- KAPSTON: Jun 2021 21.1 | Sep 2021 38.6 | Dec 2021 68.4 | Mar 2022 42.2 | Jun 2022 39.9 | Sep 2022 28.6 | Dec 2022 24.9 | Mar 2023 27.3 | Jun 2023 22.0 | Sep 2023 18.9 | Dec 2023 23.7 | Mar 2024 19.6 | Jun 2024 29.1 | Sep 2024 33.4 | Dec 2024 42.9 | Mar 2025 35.8 | Jun 2025 27.3 | Sep 2025 24.5 | Dec 2025 25.2 | Mar 2026 32.0
- ECOSMOBLTY: 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 48.8 | Dec 2024 27.9 | Mar 2025 19.1 | Jun 2025 30.6 | Sep 2025 25.7 | Dec 2025 20.3 | Mar 2026 11.4

## Enterprise Value & Book Value

What the numbers say: Ecos (India) Mobility & Hospitality Ltd leads ev/ebitda at 6.2×; CMS Info Systems Ltd leads p/bv at 1.85×.

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: Ecos (India) Mobility & Hospitality Ltd · 6.2× | 10.1% versus #2 · CMS Info Systems Ltd | 0/7 recent comparable periods | 8/8 companies · 129 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. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 6.2
2. CMS Info Systems Ltd (CMSINFO): 6.9
3. PDS Ltd (PDSL): 8.2
4. Team Lease Services Ltd (TEAMLEASE): 8.2
5. BLS International Services Ltd (BLS): 10.8

### P/BV — lowest P/BV
1. CMS Info Systems Ltd (CMSINFO): 1.9
2. Team Lease Services Ltd (TEAMLEASE): 2.1
3. PDS Ltd (PDSL): 2.8
4. Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY): 2.9
5. Indegene Ltd (INDGN): 3.8

### 20-quarter EV/EBITDA history
- INDGN: 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 23.6 | Sep 2024 27.1 | Dec 2024 22.4 | Mar 2025 21.3 | Jun 2025 20.4 | Sep 2025 20.3 | Dec 2025 17.9 | Mar 2026 15.3
- BLS: Jun 2021 18.8 | Sep 2021 27.9 | Dec 2021 18.6 | Mar 2022 21.4 | Jun 2022 30.4 | Sep 2022 40.7 | Dec 2022 39.3 | Mar 2023 31.1 | Jun 2023 34.0 | Sep 2023 33.4 | Dec 2023 38.1 | Mar 2024 34.9 | Jun 2024 36.2 | Sep 2024 32.1 | Dec 2024 35.3 | Mar 2025 25.5 | Jun 2025 20.7 | Sep 2025 17.0 | Dec 2025 14.8 | Mar 2026 10.8
- PDSL: Jun 2021 10.6 | Sep 2021 10.5 | Dec 2021 12.7 | Mar 2022 12.1 | Jun 2022 10.8 | Sep 2022 10.3 | Dec 2022 10.2 | Mar 2023 8.9 | Jun 2023 8.9 | Sep 2023 11.7 | Dec 2023 15.3 | Mar 2024 14.7 | Jun 2024 16.8 | Sep 2024 16.8 | Dec 2024 17.7 | Mar 2025 13.3 | Jun 2025 12.0 | Sep 2025 10.1 | Dec 2025 11.3 | Mar 2026 8.2
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 10.8 | Mar 2022 12.0 | Jun 2022 10.5 | Sep 2022 9.5 | Dec 2022 10.0 | Mar 2023 7.9 | Jun 2023 10.0 | Sep 2023 9.2 | Dec 2023 10.1 | Mar 2024 10.4 | Jun 2024 12.4 | Sep 2024 14.4 | Dec 2024 12.3 | Mar 2025 11.3 | Jun 2025 11.6 | Sep 2025 8.7 | Dec 2025 8.5 | Mar 2026 6.9
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46.9 | Sep 2022 35.7 | Dec 2022 29.4 | Mar 2023 20.4 | Jun 2023 35.5 | Sep 2023 37.2 | Dec 2023 34.5 | Mar 2024 58.9 | Jun 2024 58.7 | Sep 2024 57.9 | Dec 2024 60.2 | Mar 2025 52.8 | Jun 2025 46.4 | Sep 2025 36.4 | Dec 2025 32.8 | Mar 2026 19.3
- TEAMLEASE: Jun 2021 46.2 | Sep 2021 53.7 | Dec 2021 47.7 | Mar 2022 41.6 | Jun 2022 30.5 | Sep 2022 29.9 | Dec 2022 24.3 | Mar 2023 21.4 | Jun 2023 23.8 | Sep 2023 24.9 | Dec 2023 30.3 | Mar 2024 25.1 | Jun 2024 27.2 | Sep 2024 28.7 | Dec 2024 26.1 | Mar 2025 15.8 | Jun 2025 17.4 | Sep 2025 15.5 | Dec 2025 12.6 | Mar 2026 8.2
- KAPSTON: Jun 2021 8.6 | Sep 2021 9.2 | Dec 2021 16.3 | Mar 2022 15.0 | Jun 2022 19.7 | Sep 2022 17.0 | Dec 2022 14.4 | Mar 2023 15.6 | Jun 2023 13.8 | Sep 2023 14.6 | Dec 2023 17.4 | Mar 2024 15.4 | Jun 2024 20.7 | Sep 2024 20.9 | Dec 2024 27.3 | Mar 2025 23.6 | Jun 2025 20.4 | Sep 2025 19.0 | Dec 2025 20.0 | Mar 2026 24.6
- ECOSMOBLTY: 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 29.0 | Dec 2024 16.4 | Mar 2025 10.9 | Jun 2025 18.2 | Sep 2025 14.7 | Dec 2025 11.3 | Mar 2026 6.2

### 20-quarter P/BV history
- INDGN: 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 9.3 | Sep 2024 7.0 | Dec 2024 6.1 | Mar 2025 5.9 | Jun 2025 5.2 | Sep 2025 5.3 | Dec 2025 4.4 | Mar 2026 3.8
- BLS: Jun 2021 3.1 | Sep 2021 5.1 | Dec 2021 3.8 | Mar 2022 4.8 | Jun 2022 8.7 | Sep 2022 8.8 | Dec 2022 10.3 | Mar 2023 11.3 | Jun 2023 14.2 | Sep 2023 12.8 | Dec 2023 13.8 | Mar 2024 13.6 | Jun 2024 17.9 | Sep 2024 12.7 | Dec 2024 13.8 | Mar 2025 11.4 | Jun 2025 12.9 | Sep 2025 8.0 | Dec 2025 6.2 | Mar 2026 4.8
- PDSL: Jun 2021 4.6 | Sep 2021 5.0 | Dec 2021 6.3 | Mar 2022 6.4 | Jun 2022 6.6 | Sep 2022 4.1 | Dec 2022 4.8 | Mar 2023 5.0 | Jun 2023 5.0 | Sep 2023 5.6 | Dec 2023 6.6 | Mar 2024 5.7 | Jun 2024 6.8 | Sep 2024 5.8 | Dec 2024 4.9 | Mar 2025 3.9 | Jun 2025 4.5 | Sep 2025 2.8 | Dec 2025 3.0 | Mar 2026 2.2
- CMSINFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 3.2 | Jun 2022 2.7 | Sep 2022 3.0 | Dec 2022 3.5 | Mar 2023 3.4 | Jun 2023 4.5 | Sep 2023 3.5 | Dec 2023 3.5 | Mar 2024 3.6 | Jun 2024 4.8 | Sep 2024 4.9 | Dec 2024 3.8 | Mar 2025 3.6 | Jun 2025 4.1 | Sep 2025 2.8 | Dec 2025 2.4 | Mar 2026 1.9
- EMUDHRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12.9 | Sep 2022 7.0 | Dec 2022 6.8 | Mar 2023 4.7 | Jun 2023 8.6 | Sep 2023 9.3 | Dec 2023 8.4 | Mar 2024 14.1 | Jun 2024 10.8 | Sep 2024 11.1 | Dec 2024 11.2 | Mar 2025 10.2 | Jun 2025 8.4 | Sep 2025 7.0 | Dec 2025 6.1 | Mar 2026 3.9
- TEAMLEASE: Jun 2021 10.6 | Sep 2021 11.8 | Dec 2021 11.3 | Mar 2022 10.5 | Jun 2022 8.0 | Sep 2022 6.8 | Dec 2022 5.7 | Mar 2023 5.5 | Jun 2023 6.2 | Sep 2023 5.5 | Dec 2023 7.2 | Mar 2024 6.2 | Jun 2024 6.3 | Sep 2024 6.5 | Dec 2024 5.7 | Mar 2025 3.6 | Jun 2025 4.3 | Sep 2025 3.3 | Dec 2025 2.7 | Mar 2026 2.0
- KAPSTON: Jun 2021 1.8 | Sep 2021 1.7 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 2.7 | Sep 2022 2.5 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 2.8 | Dec 2023 3.9 | Mar 2024 3.4 | Jun 2024 5.3 | Sep 2024 5.4 | Dec 2024 6.8 | Mar 2025 5.7 | Jun 2025 5.5 | Sep 2025 5.7 | Dec 2025 5.9 | Mar 2026 8.4
- ECOSMOBLTY: 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 14.2 | Dec 2024 9.0 | Mar 2025 6.0 | Jun 2025 8.3 | Sep 2025 6.9 | Dec 2025 5.1 | Mar 2026 2.9

## Market action

Kapston Services Ltd has the strongest one-year price move in Services - Others at +156%. It also leads on Mansfield relative strength against NIFTY at +66.3%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Kapston Services Ltd (KAPSTON): 156%
2. PDS Ltd (PDSL): -6.7%
3. Indegene Ltd (INDGN): -11%
4. Team Lease Services Ltd (TEAMLEASE): -27%
5. BLS International Services Ltd (BLS): -39%

### Strongest relative strength versus NIFTY 500
1. Kapston Services Ltd (KAPSTON): 66%
2. PDS Ltd (PDSL): 9.4%
3. Indegene Ltd (INDGN): -2.6%
4. Team Lease Services Ltd (TEAMLEASE): -6.7%
5. CMS Info Systems Ltd (CMSINFO): -20%

## 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.
- 3 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 have fewer than three usable current readings.

## Every company
- Indegene Ltd (INDGN) — market value ₹11.9K Cr; latest fundamentals Mar 2026
- BLS International Services Ltd (BLS) — market value ₹9.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- PDS Ltd (PDSL) — market value ₹5.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- CMS Info Systems Ltd (CMSINFO) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- eMudhra Ltd (EMUDHRA) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Team Lease Services Ltd (TEAMLEASE) — market value ₹2.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Kapston Services Ltd (KAPSTON) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ecos (India) Mobility & Hospitality Ltd (ECOSMOBLTY) — market value ₹761 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 2. Withheld: 3. Graded companies: 8.

2 of 8 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.

3 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: BLS International Services Ltd (BLS) — its two data sources disagree by up to 9.5% on reported income across 14 comparable periods, so its derived ratios are withheld; PDS Ltd (PDSL) — its two data sources disagree by up to 46% on reported income across 14 comparable periods, so its derived ratios are withheld; Team Lease Services Ltd (TEAMLEASE) — its two data sources disagree by up to 6.8% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | BLS | BLS International Services Ltd | diff_gt_2pct | disagreement up to 9.46% over 14 comparable periods
- WITHHELD | PDSL | PDS Ltd | diff_gt_2pct | disagreement up to 45.61% over 14 comparable periods
- WITHHELD | TEAMLEASE | Team Lease Services Ltd | diff_gt_2pct | disagreement up to 6.79% over 14 comparable periods

- UNVERIFIED | KAPSTON | Kapston Services Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ECOSMOBLTY | Ecos (India) Mobility & Hospitality 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 Services - Others index?

The Nifty Services - Others index tracks India's listed Services - Others companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Services - Others sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Services - Others stocks in India?

Ranked by this page's four-factor score, Kapston Services Ltd places first among 8 listed Services - Others companies, followed by Team Lease Services 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 Services - Others stocks are listed in India?

This comparison covers 8 listed Services - Others 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 Services - Others company is the biggest?

PDS Ltd is the largest, with trailing-twelve-month revenue of ₹13,109 crore, ahead of Team Lease Services Ltd at ₹11,838 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Services - Others company is growing fastest?

BLS International Services Ltd has the fastest revenue growth at 36.7% year on year, across 8 of 8 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 Services - Others company has the best profit margins?

BLS International Services Ltd has the highest operating margin at 25%, from 8 of 8 comparable companies. Kapston Services Ltd shows the biggest recent improvement, at +1.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Services - Others company makes the most profit?

BLS International Services Ltd earns the most, at ₹724 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Kapston Services Ltd has the fastest profit growth at 57.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Services - Others company earns the highest return on capital?

Ecos (India) Mobility & Hospitality Ltd leads on return on capital employed at 30.3%, across 8 of 8 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 Services - Others stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — eMudhra Ltd screens cheapest at 1.21×. Only 3 of 8 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 Services - Others company has the strongest balance sheet?

Ecos (India) Mobility & Hospitality Ltd carries the lowest comparable gross debt at ₹8 crore, from 8 of 8 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 Services - Others stock has the strongest price momentum?

Kapston Services 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 Services - Others company scores highest for research priority?

Kapston Services Ltd scores 62 out of 100 with 80% evidence confidence, from 29.9 points on growth and earnings, 8.8 on capital efficiency, 8.5 on valuation and 14.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Services - Others companies does this comparison cover, and over what period?

It compares 8 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 Services - Others sector?

The 8 Services - Others companies on this page carry ₹39,125 crore of combined market value. Indegene Ltd is the largest at ₹11,869 crore, about 30% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Services - Others sector's P/E ratio?

The median price-to-earnings ratio across the 8 Services - Others companies on this page is 28.6×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Services - Others sector performing?

2 of the 8 covered Services - Others 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/services-others