Is the Stainless Steel sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Stainless Steel Stocks in India
Stainless Steel: Jindal Stainless Ltd owns the largest revenue base; Ratnaveer Precision Engineering Ltd has the fastest current growth.
Nifty Stainless Steel Index — Constituents & Performance
The Stainless Steel companies below are the listed Indian Stainless Steel universe this page tracks — the same constituent set people search for as the Nifty Stainless Steel index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
The sector itself · before any single company
How has Stainless Steel moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 25% ahead of NIFTY 500. Earnings across its companies grew 11% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 26 weeks running.
LEADER · ahead 26w✓Price and the fundamentals both up2 of 4 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑26w · 2/4 >200d (−1) · 2/4 lead (−1) · EPS 3/4↑
Stainless Steel, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.
Together2 of 4 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +6 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
0/10
Mid
1/2−1
Small
1/10
Participation is not spreading downward this month; the larger companies are still carrying most of it.
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Stainless Steel outperforming NIFTY 500?
The 52-week comparison of Stainless Steel against NIFTY 500 is not available from the current market series. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aeroflex Industries Ltd is the strongest against the sector itself at +36.8%. Readings are as of 2026-07-19.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
3/4Stocks leading NIFTY 500
1/4Stocks leading sector
Sector metric: 13.8 as of 2026-07-19 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Jindal Stainless Ltd leads with revenue of ₹42,955 crore, based on 4 of 4 comparable companies through Mar 2026. Ratnaveer Precision Engineering Ltd has the fastest current revenue growth at 17.4%, across 4 of 4 comparable companies.
Which Stainless Steel company is largest by revenue?
Jindal Stainless Ltd leads with revenue of ₹42,955 crore, based on 4 of 4 comparable companies through Mar 2026.
Which Stainless Steel company is growing fastest?
Ratnaveer Precision Engineering Ltd has the fastest current revenue growth at 17.4%, across 4 of 4 comparable companies.
Which Stainless Steel company has the strongest 4-Factor Sector Score?
Aeroflex Industries Ltd ranks first at 58.8/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Stainless Steel company reports the most CAPEX?
Aeroflex Industries Ltd reports the largest latest CAPEX at ₹2 crore, with 1 of 4 companies comparable.
Which Stainless Steel company has the least gross debt?
Aeroflex Industries Ltd has the lowest comparable gross debt at ₹9 crore. Jindal Stainless Ltd has the highest at ₹7,460 crore.
Which Stainless Steel company has the lowest comparable PEG?
Jindal Stainless Ltd has the lowest comparable Guarded PEG at 0.89, among 2 of 4 companies that pass the metric’s comparability rules.
How much history does this Stainless Steel 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.
Companies
4
complete canonical membership
Combined market value
₹82.5K Cr
Jindal Stainless Ltd
Revenue growing
3/4
positive TTM year-on-year growth
Beating NIFTY 500
3/4
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Aeroflex Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 92.6% evidence confidence.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. Aeroflex Industries Ltd · AEROFLEX
58.8/100 · Mixed-positive evidence · 93% evidence
Exact sum: 17.7 + 18.9 + 2.2 + 20 = 58.8
Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
17.7/35Growth & earnings
Revenue 17.2% · PAT 5.8% · OPM change 3 pp
88% evidence
18.9/25Capital efficiency
ROCE 18.9% · debt/equity 0.02×
100% evidence
2.2/20Valuation
P/E 100× · PEG 2.97
85% evidence
20.0/20Relative strength
RS sector 36.8% · RS bench 61.7% · 1Y 91.6%
100% evidence
2. Jindal Stainless Ltd · JSL
58.6/100 · Mixed-positive evidence · 86% evidence
Exact sum: 25.8 + 17.5 + 14.2 + 1.1 = 58.6
Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22% and the one-year return is 9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
25.8/35Growth & earnings
Revenue 9.3% · PAT 27.4% · OPM change 3 pp
88% evidence
17.5/25Capital efficiency
ROCE 19.3% · debt/equity 0.38×
100% evidence
14.2/20Valuation
P/E 18.2× · PEG 0.89
50% evidence
1.1/20Relative strength
RS sector -22% · RS bench -2.9% · 1Y 9%
100% evidence
3. Ratnaveer Precision Engineering Ltd · RATNAVEER
58.2/100 · Mixed-positive evidence · 77% evidence
Exact sum: 21.6 + 15.6 + 10 + 11 = 58.2
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.6/35Growth & earnings
Revenue 17.4% · PAT 36.7% · OPM change 0 pp
95% evidence
15.6/25Capital efficiency
ROCE 18% · debt/equity 0.5×
95% evidence
10.0/20Valuation
P/E 18.9× · PEG —
0% evidence
11.0/20Relative strength
RS sector -6.4% · RS bench 15.3% · 1Y 20.7%
100% evidence
4. Ratnamani Metals & Tubes Ltd · RATNAMANI
37.4/100 · Mixed-negative evidence · 76% evidence
Exact sum: 5.5 + 18.6 + 8.3 + 5 = 37.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5.5/35Growth & earnings
Revenue -13.3% · PAT -1.3% · OPM change -4 pp
83% evidence
18.6/25Capital efficiency
ROCE 17.9% · debt/equity 0.08×
80% evidence
8.3/20Valuation
P/E 34.3× · PEG —
35% evidence
5.0/20Relative strength
RS sector -14.6% · RS bench 5.3% · 1Y -8.1%
100% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Jindal Stainless Ltd has the highest Revenue among the 4 Stainless Steel companies compared here, at ₹42,955 crore. Ratnamani Metals & Tubes Ltd is next at ₹4,495 crore. Ratnaveer Precision Engineering Ltd has the highest Revenue growth at 17.4%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Jindal Stainless Ltd is the scale leader at ₹42,955 crore, 855.6% ahead of Ratnamani Metals & Tubes Ltd. Ratnaveer Precision Engineering Ltd's growth is 17.4% from a ₹1,119 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderJindal Stainless Ltd · ₹42,955 crore
Gap855.6% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 64 observations
Investor read: Jindal Stainless Ltd is the scale benchmark; Ratnaveer Precision Engineering Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Jindal Stainless Ltd's growth falls below Ratnaveer Precision Engineering Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Jindal Stainless Ltd JSL₹43.0K Cr
2Ratnamani Metals & Tubes Ltd RATNAMANI₹4.5K Cr
3Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified₹1.1K Cr
4Aeroflex Industries Ltd AEROFLEX₹442 Cr
Revenue growthfastest growers
1Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified17%
2Aeroflex Industries Ltd AEROFLEX17%
3Jindal Stainless Ltd JSL9.3%
4Ratnamani Metals & Tubes Ltd RATNAMANI-13%
Revenue · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹11.3K Cr | 11% | Mar 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | ₹1.1K Cr | -37% | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | ₹315 Cr | 19% | Jun 2026 |
| Aeroflex Industries Ltd AEROFLEX | ₹126 Cr | 37% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹69 Cr
₹68 Cr
₹66 Cr
₹70 Cr
₹83 Cr
₹84 Cr
₹73 Cr
₹78 Cr
₹90 Cr
₹95 Cr
₹100 Cr
₹92 Cr
₹84 Cr
₹111 Cr
₹121 Cr
₹126 Cr
—
Jindal Stainless Ltd · JSL
₹5.0K Cr
₹5.7K Cr
₹18.0K Cr
₹5.5K Cr
₹5.6K Cr
₹9.1K Cr
₹9.8K Cr
₹10.2K Cr
₹9.8K Cr
₹9.1K Cr
₹9.5K Cr
₹9.4K Cr
₹9.8K Cr
₹9.9K Cr
₹10.2K Cr
₹10.2K Cr
₹10.9K Cr
₹10.5K Cr
₹11.3K Cr
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
₹1.1K Cr
₹1.5K Cr
₹1.2K Cr
₹1.1K Cr
₹1.3K Cr
₹1.5K Cr
₹1.2K Cr
₹971 Cr
₹1.3K Cr
₹1.7K Cr
₹1.2K Cr
₹1.2K Cr
₹1.1K Cr
₹1.1K Cr
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
₹107 Cr
₹151 Cr
₹118 Cr
₹142 Cr
₹193 Cr
₹142 Cr
₹204 Cr
₹230 Cr
₹255 Cr
₹203 Cr
₹265 Cr
₹286 Cr
₹269 Cr
₹249 Cr
₹315 Cr
Revenue growth · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
20%
24%
11%
11%
8.4%
13%
37%
18%
-6.7%
17%
21%
37%
—
Jindal Stainless Ltd · JSL
—
—
—
36%
12%
60%
-46%
86%
75%
0.7%
-3.2%
-7.4%
-0.2%
8.6%
7.9%
8.2%
11%
6.2%
11%
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
—
—
—
—
14%
-0.2%
0.8%
-14%
4.7%
15%
-2.7%
23%
-19%
-37%
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
80%
-6.0%
73%
62%
32%
43%
30%
24%
5.5%
23%
19%
02 · compare level, then change
Operating Economics & Margin Trend
Aeroflex Industries Ltd has the highest OPM among the 4 Stainless Steel companies compared here, at 24%. Ratnamani Metals & Tubes Ltd is next at 14%. The same company also holds the highest Margin change, at +3 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Aeroflex Industries Ltd leads both opm at 24% and margin change at +3 percentage points.
LeaderAeroflex Industries Ltd · 24%
Gap71.4% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 71 observations
Investor read: Aeroflex Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Aeroflex Industries Ltd AEROFLEX24%
2Ratnamani Metals & Tubes Ltd RATNAMANI14%
3Jindal Stainless Ltd JSL13%
4Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified10%
Margin changefastest expanders
1Aeroflex Industries Ltd AEROFLEX+3.0 pp
2Jindal Stainless Ltd JSL+3.0 pp
3Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified0.0 pp
4Ratnamani Metals & Tubes Ltd RATNAMANI−4.0 pp
Operating margin · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | 24% | +3.0 pp | Mar 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | 14% | −4.0 pp | Mar 2026 |
| Jindal Stainless Ltd JSL | 13% | +3.0 pp | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | 10% | 0.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
17%
18%
14%
27%
19%
21%
19%
19%
20%
21%
22%
21%
18%
23%
23%
24%
—
Jindal Stainless Ltd · JSL
15%
14%
15%
11%
7.8%
10%
12%
12%
13%
14%
11%
13%
12%
12%
10%
13%
13%
13%
13%
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
16%
14%
17%
13%
16%
18%
20%
18%
22%
16%
16%
14%
16%
15%
18%
16%
18%
19%
14%
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
11%
9.8%
9.0%
9.0%
12%
9.0%
9.0%
3.0%
12%
11%
8.0%
8.0%
10%
10%
11%
11%
10%
Margin change · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
+2.5 pp
+3.2 pp
+5.0 pp
−8.0 pp
+1.0 pp
0.0 pp
+3.0 pp
+2.0 pp
−2.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
—
Jindal Stainless Ltd · JSL
+4.5 pp
+0.9 pp
+0.7 pp
−4.0 pp
−7.1 pp
−4.1 pp
−2.5 pp
+1.1 pp
+5.2 pp
+4.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
−1.0 pp
0.0 pp
+1.0 pp
+1.0 pp
+3.0 pp
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
+1.5 pp
−4.3 pp
−5.5 pp
−2.7 pp
+0.5 pp
+3.9 pp
+2.7 pp
+4.6 pp
+5.9 pp
−2.0 pp
−4.0 pp
−4.0 pp
−6.0 pp
−1.0 pp
+2.0 pp
+2.0 pp
+2.0 pp
+4.0 pp
−4.0 pp
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
+1.5 pp
−0.8 pp
0.0 pp
−6.0 pp
0.0 pp
+2.0 pp
−1.0 pp
+5.0 pp
−2.0 pp
−1.0 pp
+3.0 pp
+3.0 pp
0.0 pp
03 · compare level, then change
Profit Scale & Acceleration
Jindal Stainless Ltd has the highest Net profit among the 4 Stainless Steel companies compared here, at ₹3,185 crore. Ratnamani Metals & Tubes Ltd is next at ₹534 crore. Ratnaveer Precision Engineering Ltd has the highest Profit growth at 36.7%, so level and change sit with different companies. Its Net profit series carries 19 reported observations across the 20-quarter window.
What the numbers say: Jindal Stainless Ltd leads with ₹3,185 crore of TTM profit, 496.4% above Ratnamani Metals & Tubes Ltd. Ratnaveer Precision Engineering Ltd shows 36.7% growth from a ₹67 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderJindal Stainless Ltd · ₹3,185 crore
Gap496.4% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence5/8 recent comparable periods
Coverage4/4 companies · 64 observations
Investor read: Jindal Stainless Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Jindal Stainless Ltd JSL₹3.2K Cr
2Ratnamani Metals & Tubes Ltd RATNAMANI₹534 Cr
3Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified₹67 Cr
4Aeroflex Industries Ltd AEROFLEX₹55 Cr
Profit growthfastest growers
1Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified37%
2Jindal Stainless Ltd JSL27%
3Aeroflex Industries Ltd AEROFLEX5.8%
4Ratnamani Metals & Tubes Ltd RATNAMANI-1.3%
Net profit · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹834 Cr | 41% | Mar 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | ₹116 Cr | -43% | Mar 2026 |
| Aeroflex Industries Ltd AEROFLEX | ₹18 Cr | 64% | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | ₹18 Cr | 20% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹8 Cr
₹8 Cr
₹5 Cr
₹13 Cr
₹11 Cr
₹12 Cr
₹9 Cr
₹10 Cr
₹12 Cr
₹14 Cr
₹15 Cr
₹11 Cr
₹7 Cr
₹14 Cr
₹16 Cr
₹18 Cr
—
Jindal Stainless Ltd · JSL
₹412 Cr
₹442 Cr
₹2.0K Cr
₹329 Cr
₹152 Cr
₹513 Cr
₹716 Cr
₹738 Cr
₹764 Cr
₹691 Cr
₹501 Cr
₹646 Cr
₹609 Cr
₹654 Cr
₹590 Cr
₹715 Cr
₹808 Cr
₹828 Cr
₹834 Cr
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
₹134 Cr
₹193 Cr
₹135 Cr
₹164 Cr
₹133 Cr
₹193 Cr
₹106 Cr
₹99 Cr
₹133 Cr
₹203 Cr
₹127 Cr
₹156 Cr
₹135 Cr
₹116 Cr
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
₹4 Cr
₹9 Cr
₹8 Cr
₹8 Cr
₹9 Cr
₹6 Cr
₹13 Cr
₹12 Cr
₹11 Cr
₹11 Cr
₹15 Cr
₹15 Cr
₹17 Cr
₹17 Cr
₹18 Cr
Profit growth · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
38%
50%
80%
-23%
9.1%
17%
67%
10%
-42%
0.0%
6.7%
64%
—
Jindal Stainless Ltd · JSL
—
—
—
7.5%
-63%
16%
-63%
124%
403%
35%
-30%
-12%
-20%
-5.4%
18%
11%
33%
27%
41%
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
—
—
—
—
-0.8%
0.0%
-21%
-40%
0.0%
5.2%
20%
58%
1.5%
-43%
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
125%
-33%
63%
50%
22%
83%
15%
25%
55%
55%
20%
04 · compare level, then change
Capacity Spending & Returns On It
Aeroflex Industries Ltd has the highest CAPEX among the 4 Stainless Steel companies compared here, at ₹2 crore. The same company also holds the highest CAPEX intensity, at 2.9%. 1 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Aeroflex Industries Ltd reports ₹2 crore of CAPEX; Aeroflex Industries Ltd has the highest covered intensity at 2.9%. Coverage is only 1 of 4 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.
LeaderAeroflex Industries Ltd · ₹2 crore
GapNot enough peers
Persistence2/2 recent comparable periods
Coverage1/4 companies · 2 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Aeroflex Industries Ltd AEROFLEX₹2 Cr
CAPEX intensityhighest reinvestment intensity
1Aeroflex Industries Ltd AEROFLEX2.9%
Capital expenditure · company comparison
1/4 level · 1/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: Ratnamani Metals & Tubes Ltd (RATNAMANI) — its two data sources disagree by up to 18% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | ₹2 Cr | 2.9% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹2 Cr
₹2 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
CAPEX intensity · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
2.9%
2.9%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
4/4 capacity base · 4/4 OCF · 4/4 CAPEX · 4/4 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹44 Cr
₹43 Cr
₹53 Cr
₹57 Cr
₹88 Cr
₹182 Cr
₹236 Cr
Jindal Stainless Ltd · JSL
₹6.6K Cr
₹6.5K Cr
₹6.4K Cr
₹6.2K Cr
₹5.9K Cr
₹9.2K Cr
₹10.7K Cr
₹14.4K Cr
₹16.6K Cr
₹20.0K Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
₹486 Cr
₹492 Cr
₹619 Cr
₹871 Cr
₹941 Cr
₹982 Cr
₹1.2K Cr
₹1.3K Cr
₹1.5K Cr
₹1.9K Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
₹26 Cr
₹35 Cr
₹45 Cr
₹59 Cr
₹119 Cr
₹240 Cr
₹324 Cr
Operating cash flow · fiscal-year history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹13 Cr
₹12 Cr
₹32 Cr
₹7 Cr
₹44 Cr
₹27 Cr
₹66 Cr
Jindal Stainless Ltd · JSL
₹5.1K Cr
₹1.5K Cr
₹1.4K Cr
₹1.2K Cr
₹1.3K Cr
₹1.0K Cr
₹3.1K Cr
₹4.8K Cr
₹4.7K Cr
₹3.4K Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
₹134 Cr
₹-73 Cr
₹554 Cr
₹215 Cr
₹546 Cr
₹-283 Cr
₹310 Cr
₹511 Cr
₹536 Cr
₹936 Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
₹7 Cr
₹14 Cr
₹-16 Cr
₹0 Cr
₹12 Cr
₹95 Cr
₹-48 Cr
CAPEX · reported cash flow · fiscal-year history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
₹3 Cr
₹14 Cr
₹9 Cr
₹37 Cr
₹105 Cr
₹80 Cr
Jindal Stainless Ltd · JSL
₹30 Cr
₹168 Cr
₹240 Cr
₹247 Cr
₹120 Cr
₹4.0K Cr
₹2.3K Cr
₹4.5K Cr
₹3.2K Cr
₹4.5K Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
₹52 Cr
₹67 Cr
₹189 Cr
₹311 Cr
₹127 Cr
₹121 Cr
₹324 Cr
₹206 Cr
₹315 Cr
₹507 Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
₹12 Cr
₹14 Cr
₹18 Cr
₹66 Cr
₹138 Cr
₹109 Cr
Free cash flow · fiscal-year history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
₹9 Cr
₹18 Cr
₹-2 Cr
₹7 Cr
₹-78 Cr
₹-14 Cr
Jindal Stainless Ltd · JSL
₹5.1K Cr
₹1.3K Cr
₹1.2K Cr
₹933 Cr
₹1.2K Cr
₹-3.0K Cr
₹809 Cr
₹307 Cr
₹1.5K Cr
₹-1.1K Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
₹82 Cr
₹-140 Cr
₹365 Cr
₹-96 Cr
₹419 Cr
₹-404 Cr
₹-14 Cr
₹305 Cr
₹221 Cr
₹429 Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
₹2 Cr
₹-30 Cr
₹-18 Cr
₹-54 Cr
₹-43 Cr
₹-157 Cr
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Aeroflex Industries Ltd has the lowest Gross debt among the 4 Stainless Steel companies compared here, at ₹9 crore. Ratnamani Metals & Tubes Ltd is next at ₹318 crore. The same company also holds the lowest Net debt, at ₹61 crore net cash. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Aeroflex Industries Ltd has the clearest covered balance-sheet capacity with ₹61 crore net cash and gross debt of ₹9 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderAeroflex Industries Ltd · ₹9 crore
Gap97.2% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence8/8 recent comparable periods
Coverage4/4 companies · 56 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Aeroflex Industries Ltd AEROFLEX₹9 Cr
2Ratnamani Metals & Tubes Ltd RATNAMANI₹318 Cr
3Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified₹335 Cr
4Jindal Stainless Ltd JSL₹7.5K Cr
Net debtlowest net debt
1Aeroflex Industries Ltd AEROFLEX₹-61 Cr
2Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified₹243 Cr
3Jindal Stainless Ltd JSL₹4.5K Cr
Debt and balance-sheet capacity · company comparison
4/4 level · 3/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹7.5K Cr | ₹4.5K Cr | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | ₹335 Cr | ₹243 Cr | Jun 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | ₹318 Cr | — | Mar 2026 |
| Aeroflex Industries Ltd AEROFLEX | ₹9 Cr | ₹-61 Cr | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
₹39 Cr
₹39 Cr
—
—
₹45 Cr
₹45 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹9 Cr
₹9 Cr
₹9 Cr
—
Jindal Stainless Ltd · JSL
₹3.1K Cr
₹3.1K Cr
₹4.0K Cr
₹3.2K Cr
₹3.7K Cr
₹3.7K Cr
₹4.0K Cr
₹4.0K Cr
₹5.7K Cr
₹5.7K Cr
₹6.1K Cr
₹6.1K Cr
₹6.5K Cr
₹6.5K Cr
₹6.4K Cr
₹6.4K Cr
₹6.9K Cr
₹6.9K Cr
₹7.5K Cr
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
₹157 Cr
—
—
—
₹237 Cr
—
—
—
₹153 Cr
—
—
—
₹157 Cr
—
₹241 Cr
—
₹318 Cr
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
₹191 Cr
₹191 Cr
—
—
₹230 Cr
₹230 Cr
₹185 Cr
₹185 Cr
₹207 Cr
₹207 Cr
₹106 Cr
₹106 Cr
₹195 Cr
₹195 Cr
₹214 Cr
₹214 Cr
₹335 Cr
₹335 Cr
Net debt · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹31 Cr
—
—
₹39 Cr
₹39 Cr
₹-92 Cr
₹-92 Cr
₹-106 Cr
₹-106 Cr
₹-59 Cr
₹-59 Cr
₹-26 Cr
₹-26 Cr
₹-20 Cr
₹-20 Cr
₹-61 Cr
—
Jindal Stainless Ltd · JSL
₹3.0K Cr
₹3.0K Cr
₹3.7K Cr
₹2.9K Cr
₹3.2K Cr
₹3.2K Cr
₹3.0K Cr
₹2.7K Cr
₹4.2K Cr
₹4.2K Cr
₹4.2K Cr
₹3.7K Cr
₹4.4K Cr
₹4.4K Cr
₹4.9K Cr
₹4.1K Cr
₹4.3K Cr
₹4.3K Cr
₹4.5K Cr
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
₹191 Cr
—
—
₹230 Cr
₹230 Cr
₹110 Cr
₹110 Cr
₹204 Cr
₹147 Cr
₹41 Cr
₹41 Cr
₹152 Cr
₹129 Cr
₹144 Cr
₹144 Cr
₹243 Cr
₹243 Cr
06 · compare level, then change
Return On Capital Employed
Jindal Stainless Ltd has the highest ROCE among the 4 Stainless Steel companies compared here, at 19.3%. Aeroflex Industries Ltd is next at 18.9%. The same company also holds the highest ROCE change, at +1.3 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Jindal Stainless Ltd leads ROCE at 19.3%, 0.4 percentage points above Aeroflex Industries Ltd. Jindal Stainless Ltd has the strongest latest improvement at +1.3 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.
LeaderJindal Stainless Ltd · 19.3%
Gap2.1% versus #2 · Aeroflex Industries Ltd
Persistence3/8 recent comparable periods
Coverage4/4 companies · 40 observations
Investor read: Jindal Stainless Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Jindal Stainless Ltd JSL19%
2Aeroflex Industries Ltd AEROFLEX19%
3Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified18%
4Ratnamani Metals & Tubes Ltd RATNAMANI18%
ROCE changefastest improvers
1Jindal Stainless Ltd JSL+1.3 pp
2Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified−2.3 pp
3Aeroflex Industries Ltd AEROFLEX−3.5 pp
4Ratnamani Metals & Tubes Ltd RATNAMANI−4.0 pp
Return on capital · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: Ratnamani Metals & Tubes Ltd (RATNAMANI) — its two data sources disagree by up to 18% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | 18% | −2.3 pp | Jun 2026 |
| Jindal Stainless Ltd JSL | 17% | +1.3 pp | Mar 2026 |
| Aeroflex Industries Ltd AEROFLEX | 16% | −3.5 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
35%
—
20%
23%
19%
28%
19%
24%
20%
20%
17%
20%
16%
—
Jindal Stainless Ltd · JSL
27%
—
33%
—
49%
—
17%
—
21%
31%
18%
22%
16%
19%
16%
19%
16%
19%
17%
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
29%
—
17%
20%
16%
27%
16%
20%
17%
20%
14%
17%
12%
18%
ROCE change · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
—
—
−15.8 pp
—
−1.7 pp
+1.1 pp
+0.5 pp
−8.0 pp
−1.4 pp
−4.2 pp
−3.5 pp
—
Jindal Stainless Ltd · JSL
—
—
—
—
+21.9 pp
—
−15.8 pp
—
−28.2 pp
—
+0.3 pp
—
−4.5 pp
−11.8 pp
−2.0 pp
−3.7 pp
−0.4 pp
+0.4 pp
+1.3 pp
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
—
−12.7 pp
—
−0.9 pp
+0.1 pp
+0.4 pp
−6.2 pp
−2.1 pp
−2.8 pp
−4.8 pp
−2.3 pp
07 · compare level, then change
Valuation Against Growth & Quality
Jindal Stainless Ltd has the lowest Guarded PEG among the 4 Stainless Steel companies compared here, at 0.89×. Aeroflex Industries Ltd is next at 2.97×. The same company also holds the lowest P/E, at 18.2×. 2 of 4 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Jindal Stainless Ltd has the lowest comparable Guarded PEG at 0.89×, 70% below Aeroflex Industries Ltd. Only 2 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.
LeaderJindal Stainless Ltd · 0.89×
Gap70% versus #2 · Aeroflex Industries Ltd
Persistence0/8 recent comparable periods
Coverage2/4 companies · 9 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Jindal Stainless Ltd JSL0.9
2Aeroflex Industries Ltd AEROFLEX3.0
P/Elowest P/E
1Jindal Stainless Ltd JSL18.2
2Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified18.9
3Ratnamani Metals & Tubes Ltd RATNAMANI34.3
4Aeroflex Industries Ltd AEROFLEX100.0
Valuation · company comparison
2/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | 3.0 | 59.1 | Mar 2026 |
| Jindal Stainless Ltd JSL | 0.9 | 19.8 | Mar 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | — | 26.0 | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | — | 19.1 | Jun 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
1.3
1.0
—
—
4.2
—
3.7
2.1
—
3.0
—
—
Jindal Stainless Ltd · JSL
—
—
—
—
—
—
0.1
—
—
—
—
—
—
—
—
—
—
1.9
0.9
—
P/E · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
53.8
54.6
33.2
49.5
54.2
59.3
42.9
52.8
44.2
49.4
59.1
—
Jindal Stainless Ltd · JSL
9.9
8.7
6.7
2.5
2.9
5.8
6.8
9.4
13.8
15.8
19.7
25.7
25.3
24.7
19.8
22.6
25.2
23.6
19.8
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
36.9
31.2
34.1
35.5
36.9
35.5
32.3
31.2
32.7
37.9
31.5
40.6
43.0
43.6
34.3
36.7
29.6
26.7
26.0
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
19.3
16.4
18.0
23.1
25.0
23.9
15.5
18.3
18.5
17.1
15.5
19.1
08 · compare level, then change
Enterprise Value & Book Value
Ratnaveer Precision Engineering Ltd has the lowest EV/EBITDA among the 4 Stainless Steel companies compared here, at 11.1×. Jindal Stainless Ltd is next at 11.5×. The same company also holds the lowest P/BV, at 1.82×. 4 of 4 companies report a comparable reading, the latest through Jun 2026. Its EV/EBITDA series carries 12 reported observations across the 20-quarter window.
What the numbers say: Ratnaveer Precision Engineering Ltd leads both ev/ebitda at 11.1× and p/bv at 1.82×.
LeaderRatnaveer Precision Engineering Ltd · 11.1×
Gap3.5% versus #2 · Jindal Stainless Ltd
Persistence0/8 recent comparable periods
Coverage4/4 companies · 61 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified11.1
2Jindal Stainless Ltd JSL11.5
3Ratnamani Metals & Tubes Ltd RATNAMANI15.6
4Aeroflex Industries Ltd AEROFLEX38.4
P/BVlowest P/BV
1Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified1.8
2Jindal Stainless Ltd JSL3.0
3Ratnamani Metals & Tubes Ltd RATNAMANI4.1
4Aeroflex Industries Ltd AEROFLEX12.5
Enterprise and book valuation · company comparison
4/4 level · 4/4 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | 38.4 | 8.6 | Mar 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | 15.6 | 4.0 | Mar 2026 |
| Jindal Stainless Ltd JSL | 11.5 | 3.2 | Mar 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | 11.1 | 1.8 | Jun 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
37.8
35.9
21.5
29.7
32.9
36.8
27.3
33.2
27.9
31.3
38.4
—
Jindal Stainless Ltd · JSL
5.5
5.2
4.4
2.2
2.4
4.0
6.8
8.1
10.2
10.9
12.2
14.4
13.9
13.3
10.7
12.4
13.8
13.3
11.5
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
23.1
19.5
21.2
21.8
22.9
22.4
20.6
19.9
20.9
24.0
19.8
26.3
27.4
27.5
21.4
22.5
18.2
16.6
15.6
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
15.7
11.6
13.0
16.0
16.0
14.4
9.6
11.9
11.3
12.5
9.6
11.1
P/BV · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
7.2
7.3
5.7
7.1
8.0
8.5
7.0
9.2
6.8
7.2
8.6
—
Jindal Stainless Ltd · JSL
2.4
2.5
2.4
1.5
1.2
2.2
1.5
1.8
3.3
3.6
4.3
5.7
4.5
3.9
3.1
4.0
3.9
3.6
3.2
—
Ratnamani Metals & Tubes Ltd · RATNAMANI
5.1
4.4
5.3
5.8
5.6
5.8
6.2
7.1
7.0
8.4
7.0
9.7
8.1
7.0
5.5
6.4
4.7
4.2
4.0
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
2.3
2.4
2.2
3.2
2.8
2.9
2.0
2.3
2.0
2.5
2.5
1.8
09 · let price answer last
Market action
Aeroflex Industries Ltd has the strongest one-year price move in Stainless Steel at +91.6%. It also leads on Mansfield relative strength against NIFTY at +61.7%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Stainless Steel comparison names 7 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set
Which companies are included?
All 4 companies in the canonical Stainless Steel membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹58.9K Cr | ₹714 | 2026-07-19 | Mar 2026 | Cross-checked |
| Ratnamani Metals & Tubes Ltd RATNAMANI22/26 WEEKS | ₹16.8K Cr | ₹2,394 | 2026-07-19 | Mar 2026 | Second feed withheld |
| Aeroflex Industries Ltd AEROFLEXAHEAD25/26 WEEKS | ₹5.6K Cr | ₹421 | 2026-07-19 | Mar 2026 | Cross-checked |
| Ratnaveer Precision Engineering Ltd RATNAVEERAHEAD21/26 WEEKS⚠ unverified | ₹1.3K Cr | ₹179 | 2026-07-19 | Jun 2026 | Includes unverified figures |
How each company's sources stand: 1 of 4 companies draws 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. 1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Ratnamani Metals & Tubes Ltd (RATNAMANI) — its two data sources disagree by up to 18% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 4 Stainless Steel companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 1 unverified · 1 withheld, of 4 graded companies.
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.
Questions investors ask · short, speakable answers
Stainless Steel company comparison FAQs
These 17 answers restate the Stainless Steel comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.
What is the Nifty Stainless Steel index?
The Nifty Stainless Steel index tracks India's listed Stainless Steel 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 Stainless Steel sector rather than to its largest constituent. Figures are as of Jun 2026.
Which are the best Stainless Steel stocks in India?
Ranked by this page's four-factor score, Aeroflex Industries Ltd places first among 4 listed Stainless Steel companies, followed by Jindal Stainless 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 Stainless Steel stocks are listed in India?
This comparison covers 4 listed Stainless Steel 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 Stainless Steel company is the biggest?
Jindal Stainless Ltd is the largest, with trailing-twelve-month revenue of ₹42,955 crore, ahead of Ratnamani Metals & Tubes Ltd at ₹4,495 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.
Which Stainless Steel company is growing fastest?
Ratnaveer Precision Engineering Ltd has the fastest revenue growth at 17.4% 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 Stainless Steel company has the best profit margins?
Aeroflex Industries Ltd has the highest operating margin at 24%, from 4 of 4 comparable companies. Aeroflex Industries Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Stainless Steel company makes the most profit?
Jindal Stainless Ltd earns the most, at ₹3,185 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Ratnaveer Precision Engineering Ltd has the fastest profit growth at 36.7%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Stainless Steel company earns the highest return on capital?
Jindal Stainless Ltd leads on return on capital employed at 19.3%, 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 Stainless Steel stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — Jindal Stainless Ltd screens cheapest at 0.89×. Only 2 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 Stainless Steel company has the strongest balance sheet?
Aeroflex Industries Ltd carries the lowest comparable gross debt at ₹9 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Stainless Steel stock has the strongest price momentum?
Aeroflex 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 Stainless Steel company scores highest for research priority?
Aeroflex Industries Ltd scores 58.8 out of 100 with 92.6% evidence confidence, from 17.7 points on growth and earnings, 18.9 on capital efficiency, 2.2 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 Stainless Steel 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 Stainless Steel sector?
The 4 Stainless Steel companies on this page carry ₹82,513 crore of combined market value. Jindal Stainless Ltd is the largest at ₹58,884 crore, about 71% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
How is the Stainless Steel sector performing?
3 of the 4 covered Stainless Steel 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.