# Steel Products — company-by-company sector analysis

> Steel Products: Jindal Steel Ltd owns the largest revenue base; Banganga Paper Industries Ltd has the fastest current growth.

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

## Bottom line

Steel Products has outperformed NIFTY 500 by 10.3% over 52 weeks and 10.7% over 13 weeks. 10 of 17 covered companies beat NIFTY on Mansfield relative strength, while 7 of 17 beat the sector itself. Jindal Steel Ltd leads with revenue of ₹56,413 crore, based on 17 of 17 comparable companies through Jun 2026.

### Is the Steel Products sector outperforming NIFTY 500?

Steel Products has outperformed NIFTY 500 by 10.3% over 52 weeks and 10.7% over 13 weeks. 10 of 17 covered companies beat NIFTY on Mansfield relative strength, while 7 of 17 beat the sector itself.

### Which Steel Products company is largest by revenue?

Jindal Steel Ltd leads with revenue of ₹56,413 crore, based on 17 of 17 comparable companies through Jun 2026.

### Which Steel Products company is growing fastest?

Banganga Paper Industries Ltd has the fastest current revenue growth at 100%, across 17 of 17 comparable companies.

### Which Steel Products company has the strongest 4-Factor Sector Score?

Shyam Metalics & Energy Ltd ranks first at 70.6/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Steel Products company reports the most CAPEX?

Rhetan TMT Ltd reports the largest latest CAPEX at ₹0 crore, with 1 of 17 companies comparable.

### Which Steel Products company has the least gross debt?

Raghav Productivity Enhancers Ltd has the lowest comparable gross debt at ₹5 crore. Jindal Steel Ltd has the highest at ₹22,610 crore.

### Which Steel Products company has the lowest comparable PEG?

Vardhman Special Steels Ltd has the lowest comparable Guarded PEG at 0.42, among 8 of 17 companies that pass the metric’s comparability rules.

### How much history does this Steel Products comparison include?

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

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

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

## Sector relative strength

Steel Products has outperformed NIFTY 500 by 10.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.7%. 10 of 17 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kamdhenu Ltd is the strongest against the sector itself at +26.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 11%
52-week sector return versus NIFTY 500: 10%
Stocks leading NIFTY: 10/17
Stocks leading sector: 7/17

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

Companies: 17
Combined market value: ₹1.8 L 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. Shyam Metalics & Energy Ltd (SHYAMMETL): 71/100 — Favorable setup; evidence 97%
   - Growth & earnings 26.3/35 | Capital efficiency 15.2/25 | Valuation 12.6/20 | Relative strength 16.5/20
   - Exact sum: 26.3 + 15.2 + 12.6 + 16.5 = 70.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Raghav Productivity Enhancers Ltd (RPEL): 69/100 — Favorable setup; evidence 94%
   - Growth & earnings 31.8/35 | Capital efficiency 20.4/25 | Valuation 4.6/20 | Relative strength 11.7/20
   - Exact sum: 31.8 + 20.4 + 4.6 + 11.7 = 68.5
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Kamdhenu Ltd (KAMDHENU): 68/100 — Favorable setup; evidence 66%
   - Growth & earnings 19.9/35 | Capital efficiency 18.1/25 | Valuation 10.5/20 | Relative strength 19.8/20
   - Exact sum: 19.9 + 18.1 + 10.5 + 19.8 = 68.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. BMW Industries Ltd (542669): 66/100 — Favorable setup; evidence 79%
   - Growth & earnings 20.1/35 | Capital efficiency 13.9/25 | Valuation 13.5/20 | Relative strength 18.8/20
   - Exact sum: 20.1 + 13.9 + 13.5 + 18.8 = 66.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sunflag Iron & Steel Company Ltd (SUNFLAG): 65/100 — Favorable setup; evidence 93%
   - Growth & earnings 23.1/35 | Capital efficiency 13.3/25 | Valuation 11.5/20 | Relative strength 17.5/20
   - Exact sum: 23.1 + 13.3 + 11.5 + 17.5 = 65.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Vardhman Special Steels Ltd (VSSL): 57/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 15.2/35 | Capital efficiency 15.8/25 | Valuation 15.0/20 | Relative strength 11.0/20
   - Exact sum: 15.2 + 15.8 + 15 + 11 = 57
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Kalyani Steels Ltd (KSL): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 12.0/35 | Capital efficiency 17.0/25 | Valuation 12.8/20 | Relative strength 13.2/20
   - Exact sum: 12 + 17 + 12.8 + 13.2 = 55
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Rhetan TMT Ltd (RHETAN): 51/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 23.1/35 | Capital efficiency 12.4/25 | Valuation 3.7/20 | Relative strength 11.4/20
   - Exact sum: 23.1 + 12.4 + 3.7 + 11.4 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Prakash Industries Ltd (PRAKASH): 46/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 12.1/35 | Capital efficiency 13.8/25 | Valuation 13.5/20 | Relative strength 6.2/20
   - Exact sum: 12.1 + 13.8 + 13.5 + 6.2 = 45.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Steel Exchange India Ltd (STEELXIND): 45/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 11.8/35 | Capital efficiency 8.7/25 | Valuation 9.4/20 | Relative strength 14.7/20
   - Exact sum: 11.8 + 8.7 + 9.4 + 14.7 = 44.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Gallantt Ispat Ltd. (GALLANTT): 42/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 13.8/35 | Capital efficiency 16.7/25 | Valuation 10.3/20 | Relative strength 1.1/20
   - Exact sum: 13.8 + 16.7 + 10.3 + 1.1 = 41.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Panchmahal Steel Ltd (PANCHMSTEL): 35/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 15.2/35 | Capital efficiency 7.1/25 | Valuation 10.0/20 | Relative strength 2.7/20
   - Exact sum: 15.2 + 7.1 + 10 + 2.7 = 35
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Salasar Techno Engineering Ltd (SALASAR): 34/100 — Adverse evidence; evidence 69%
   - Growth & earnings 13.1/35 | Capital efficiency 8.3/25 | Valuation 8.3/20 | Relative strength 4.7/20
   - Exact sum: 13.1 + 8.3 + 8.3 + 4.7 = 34.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Jindal Steel Ltd (JINDALSTEL): 33/100 — Adverse evidence; evidence 100%
   - Growth & earnings 13.5/35 | Capital efficiency 9.9/25 | Valuation 5.8/20 | Relative strength 3.5/20
   - Exact sum: 13.5 + 9.9 + 5.8 + 3.5 = 32.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Beekay Steel Industries Ltd (BEEKAY): 33/100 — Adverse evidence; evidence 77%
   - Growth & earnings 9.4/35 | Capital efficiency 9.2/25 | Valuation 7.7/20 | Relative strength 6.2/20
   - Exact sum: 9.4 + 9.2 + 7.7 + 6.2 = 32.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Electrotherm (India) Ltd (ELECTHERM): 27/100 — Adverse evidence; evidence 61%
   - Growth & earnings 4.8/35 | Capital efficiency 4.6/25 | Valuation 10.0/20 | Relative strength 7.1/20
   - Exact sum: 4.8 + 4.6 + 10 + 7.1 = 26.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Banganga Paper Industries Ltd (BANGANGA): 44/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 19.6/35 | Capital efficiency 13.1/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 19.6 + 13.1 + 8.5 + 3 = 44.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Jindal Steel Ltd is the scale leader at ₹56,413 crore, 188.1% ahead of Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 126.6% from a ₹85 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Jindal Steel Ltd is the scale benchmark; Banganga Paper Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Jindal Steel Ltd's growth falls below Banganga Paper Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Jindal Steel Ltd · ₹56,413 crore | 188.1% versus #2 · Shyam Metalics & Energy Ltd | 5/8 recent comparable periods | 17/17 companies · 268 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. Jindal Steel Ltd (JINDALSTEL): ₹56.4K Cr
2. Shyam Metalics & Energy Ltd (SHYAMMETL): ₹19.6K Cr
3. Gallantt Ispat Ltd. (GALLANTT): ₹4.4K Cr
4. Sunflag Iron & Steel Company Ltd (SUNFLAG): ₹3.9K Cr
5. Electrotherm (India) Ltd (ELECTHERM): ₹3.7K Cr

### Revenue growth — fastest growers
1. Banganga Paper Industries Ltd (BANGANGA): 100% — older report
2. Kamdhenu Ltd (KAMDHENU): 35%
3. Raghav Productivity Enhancers Ltd (RPEL): 34%
4. Shyam Metalics & Energy Ltd (SHYAMMETL): 23%
5. Jindal Steel Ltd (JINDALSTEL): 17%

### 20-quarter Revenue history
- 542669: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹135 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹210 Cr | Jun 2026 —
- JINDALSTEL: Sep 2021 ₹13.6K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹14.3K Cr | Jun 2022 ₹13.0K Cr | Sep 2022 ₹13.5K Cr | Dec 2022 ₹12.5K Cr | Mar 2023 ₹13.7K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹12.3K Cr | Dec 2023 ₹11.7K Cr | Mar 2024 ₹13.5K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹11.2K Cr | Dec 2024 ₹11.8K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 ₹11.7K Cr | Dec 2025 ₹13.0K Cr | Mar 2026 ₹16.2K Cr | Jun 2026 ₹15.5K Cr
- SHYAMMETL: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹5.5K Cr
- GALLANTT: Sep 2021 ₹391 Cr | Dec 2021 ₹455 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹931 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹950 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹943 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SUNFLAG: Sep 2021 ₹686 Cr | Dec 2021 ₹696 Cr | Mar 2022 ₹649 Cr | Jun 2022 ₹897 Cr | Sep 2022 ₹886 Cr | Dec 2022 ₹869 Cr | Mar 2023 ₹837 Cr | Jun 2023 ₹784 Cr | Sep 2023 ₹858 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹919 Cr | Jun 2024 ₹895 Cr | Sep 2024 ₹866 Cr | Dec 2024 ₹892 Cr | Mar 2025 ₹883 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹973 Cr | Dec 2025 ₹942 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- RPEL: Sep 2021 ₹24 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹71 Cr | Jun 2026 ₹87 Cr
- KSL: Sep 2021 ₹461 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹449 Cr | Jun 2022 ₹493 Cr | Sep 2022 ₹500 Cr | Dec 2022 ₹447 Cr | Mar 2023 ₹460 Cr | Jun 2023 ₹497 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹480 Cr | Mar 2024 ₹503 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹492 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹544 Cr | Jun 2025 ₹443 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- VSSL: Sep 2021 ₹336 Cr | Dec 2021 ₹359 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹469 Cr | Sep 2022 ₹443 Cr | Dec 2022 ₹401 Cr | Mar 2023 ₹422 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹397 Cr | Mar 2024 ₹439 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹495 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹434 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹431 Cr | Mar 2026 ₹458 Cr | Jun 2026 ₹496 Cr
- RHETAN: Sep 2021 ₹16 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PRAKASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹761 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹889 Cr | Dec 2023 ₹885 Cr | Mar 2024 ₹890 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹926 Cr | Mar 2025 ₹845 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹723 Cr | Dec 2025 ₹799 Cr | Mar 2026 ₹920 Cr | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹304 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹269 Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹312 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹328 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹232 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹287 Cr | Jun 2026 ₹270 Cr
- ELECTHERM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹615 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹931 Cr | Sep 2023 ₹985 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹814 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹834 Cr | Sep 2025 ₹814 Cr | Dec 2025 ₹904 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SALASAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹259 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹262 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹304 Cr | Mar 2024 ₹367 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹375 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹427 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹445 Cr | Jun 2026 —
- KAMDHENU: Sep 2021 ₹216 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹253 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 — | Jun 2026 —
- BEEKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹249 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹269 Cr | Sep 2023 ₹248 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹339 Cr | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹20 Cr | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹116 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹106 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 542669: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5% | Jun 2024 10% | Sep 2024 -5.7% | Dec 2024 2.8% | Mar 2025 15% | Jun 2025 -14% | Sep 2025 -3.3% | Dec 2025 9.5% | Mar 2026 34% | Jun 2026 —
- JINDALSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -0.7% | Dec 2022 -0.6% | Mar 2023 -4.5% | Jun 2023 -3.5% | Sep 2023 -9.4% | Dec 2023 -6.0% | Mar 2024 -1.5% | Jun 2024 8.2% | Sep 2024 -8.5% | Dec 2024 0.4% | Mar 2025 -2.3% | Jun 2025 -9.7% | Sep 2025 4.2% | Dec 2025 11% | Mar 2026 23% | Jun 2026 26%
- SHYAMMETL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 24% | Dec 2022 13% | Mar 2023 20% | Jun 2023 3.4% | Sep 2023 -4.7% | Dec 2023 13% | Mar 2024 5.2% | Jun 2024 8.4% | Sep 2024 24% | Dec 2024 13% | Mar 2025 15% | Jun 2025 22% | Sep 2025 23% | Dec 2025 18% | Mar 2026 27% | Jun 2026 23%
- GALLANTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 196% | Sep 2022 138% | Dec 2022 121% | Mar 2023 -40% | Jun 2023 1.5% | Sep 2023 2.0% | Dec 2023 5.7% | Mar 2024 7.6% | Jun 2024 12% | Sep 2024 -0.7% | Dec 2024 5.2% | Mar 2025 -8.9% | Jun 2025 -2.8% | Sep 2025 7.4% | Dec 2025 -3.9% | Mar 2026 12% | Jun 2026 —
- SUNFLAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 29% | Dec 2022 25% | Mar 2023 29% | Jun 2023 -13% | Sep 2023 -3.2% | Dec 2023 -1.7% | Mar 2024 9.8% | Jun 2024 14% | Sep 2024 0.9% | Dec 2024 4.5% | Mar 2025 -3.9% | Jun 2025 14% | Sep 2025 12% | Dec 2025 5.6% | Mar 2026 13% | Jun 2026 —
- RPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 50% | Dec 2022 48% | Mar 2023 6.3% | Jun 2023 -9.1% | Sep 2023 -11% | Dec 2023 -5.9% | Mar 2024 15% | Jun 2024 50% | Sep 2024 53% | Dec 2024 72% | Mar 2025 31% | Jun 2025 29% | Sep 2025 31% | Dec 2025 16% | Mar 2026 39% | Jun 2026 50%
- KSL: Sep 2021 — | Dec 2021 11% | Mar 2022 19% | Jun 2022 26% | Sep 2022 8.5% | Dec 2022 9.8% | Mar 2023 2.5% | Jun 2023 0.8% | Sep 2023 -4.0% | Dec 2023 7.4% | Mar 2024 9.4% | Jun 2024 -7.2% | Sep 2024 2.5% | Dec 2024 0.8% | Mar 2025 8.2% | Jun 2025 -3.9% | Sep 2025 -7.3% | Dec 2025 -4.6% | Mar 2026 -11% | Jun 2026 —
- VSSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 12% | Mar 2023 23% | Jun 2023 -13% | Sep 2023 -6.3% | Dec 2023 -1.0% | Mar 2024 4.0% | Jun 2024 1.5% | Sep 2024 19% | Dec 2024 7.6% | Mar 2025 -2.5% | Jun 2025 4.6% | Sep 2025 -13% | Dec 2025 0.9% | Mar 2026 7.0% | Jun 2026 14%
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 6.3% | Dec 2022 44% | Mar 2023 44% | Jun 2023 43% | Sep 2023 -38% | Dec 2023 -53% | Mar 2024 -31% | Jun 2024 -20% | Sep 2024 -53% | Dec 2024 -47% | Mar 2025 -64% | Jun 2025 -74% | Sep 2025 -3.8% | Dec 2025 -3.6% | Mar 2026 31% | Jun 2026 —
- PRAKASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 -12% | Jun 2024 15% | Sep 2024 21% | Dec 2024 4.6% | Mar 2025 -5.1% | Jun 2025 -11% | Sep 2025 -33% | Dec 2025 -14% | Mar 2026 8.9% | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -22% | Jun 2024 5.2% | Sep 2024 -3.0% | Dec 2024 28% | Mar 2025 -6.7% | Jun 2025 14% | Sep 2025 -11% | Dec 2025 -27% | Mar 2026 -1.4% | Jun 2026 -10%
- ELECTHERM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 85% | Mar 2024 18% | Jun 2024 14% | Sep 2024 -17% | Dec 2024 -4.9% | Mar 2025 -4.7% | Jun 2025 -21% | Sep 2025 0.0% | Dec 2025 -16% | Mar 2026 -1.8% | Jun 2026 —
- SALASAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.2% | Dec 2023 26% | Mar 2024 24% | Jun 2024 12% | Sep 2024 2.2% | Dec 2024 23% | Mar 2025 32% | Jun 2025 2.0% | Sep 2025 52% | Dec 2025 -12% | Mar 2026 -7.9% | Jun 2026 —
- KAMDHENU: Sep 2021 58% | Dec 2021 24% | Mar 2022 14% | 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 — | Jun 2026 —
- BEEKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.6% | Mar 2024 -12% | Jun 2024 -8.6% | Sep 2024 -7.7% | Dec 2024 18% | Mar 2025 30% | Jun 2025 15% | Sep 2025 16% | Dec 2025 6.3% | Mar 2026 2.7% | Jun 2026 —
- BANGANGA: 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 16,780% | Dec 2024 — | Mar 2025 18,527% | Jun 2025 — | Sep 2025 43% | Dec 2025 -5.0% | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 -24% | Jun 2024 -8.6% | Sep 2024 -17% | Dec 2024 -7.7% | Mar 2025 -7.4% | Jun 2025 -11% | Sep 2025 -6.5% | Dec 2025 3.6% | Mar 2026 16% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Raghav Productivity Enhancers Ltd leads opm at 30%; Rhetan TMT Ltd leads margin change at +76.5 percentage points.

Investor read: Raghav Productivity Enhancers 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: Raghav Productivity Enhancers Ltd · 30% | 0.3% versus #2 · Rhetan TMT Ltd | 4/8 recent comparable periods | 17/17 companies · 310 observations

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

### OPM — highest
1. Raghav Productivity Enhancers Ltd (RPEL): 30%
2. Rhetan TMT Ltd (RHETAN): 30%
3. BMW Industries Ltd (542669): 28%
4. Kalyani Steels Ltd (KSL): 20%
5. Jindal Steel Ltd (JINDALSTEL): 17%

### Margin change — fastest expanders
1. Rhetan TMT Ltd (RHETAN): +76.5 pp
2. BMW Industries Ltd (542669): +7.0 pp
3. Vardhman Special Steels Ltd (VSSL): +4.8 pp
4. Panchmahal Steel Ltd (PANCHMSTEL): +3.5 pp
5. Raghav Productivity Enhancers Ltd (RPEL): +3.0 pp

### 20-quarter OPM history
- 542669: Sep 2021 26% | Dec 2021 22% | Mar 2022 19% | Jun 2022 20% | Sep 2022 22% | Dec 2022 29% | Mar 2023 21% | Jun 2023 23% | Sep 2023 24% | Dec 2023 22% | Mar 2024 28% | Jun 2024 24% | Sep 2024 23% | Dec 2024 24% | Mar 2025 21% | Jun 2025 21% | Sep 2025 25% | Dec 2025 24% | Mar 2026 28% | Jun 2026 —
- JINDALSTEL: Sep 2021 34% | Dec 2021 26% | Mar 2022 21% | Jun 2022 26% | Sep 2022 14% | Dec 2022 19% | Mar 2023 16% | Jun 2023 21% | Sep 2023 19% | Dec 2023 24% | Mar 2024 18% | Jun 2024 21% | Sep 2024 20% | Dec 2024 19% | Mar 2025 17% | Jun 2025 24% | Sep 2025 18% | Dec 2025 13% | Mar 2026 18% | Jun 2026 17%
- SHYAMMETL: Sep 2021 25% | Dec 2021 24% | Mar 2022 23% | Jun 2022 19% | Sep 2022 7.9% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 12% | Sep 2023 10% | Dec 2023 12% | Mar 2024 12% | Jun 2024 14% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 14% | Jun 2026 14%
- GALLANTT: Sep 2021 4.6% | Dec 2021 7.1% | Mar 2022 13% | Jun 2022 7.1% | Sep 2022 8.4% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 16% | Jun 2024 19% | Sep 2024 10% | Dec 2024 18% | Mar 2025 17% | Jun 2025 22% | Sep 2025 13% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- SUNFLAG: Sep 2021 17% | Dec 2021 13% | Mar 2022 12% | Jun 2022 7.8% | Sep 2022 18% | Dec 2022 13% | Mar 2023 12% | Jun 2023 10% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 10% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- RPEL: Sep 2021 24% | Dec 2021 26% | Mar 2022 21% | Jun 2022 23% | Sep 2022 25% | Dec 2022 28% | Mar 2023 29% | Jun 2023 28% | Sep 2023 30% | Dec 2023 31% | Mar 2024 31% | Jun 2024 27% | Sep 2024 26% | Dec 2024 26% | Mar 2025 28% | Jun 2025 27% | Sep 2025 29% | Dec 2025 30% | Mar 2026 30% | Jun 2026 30%
- KSL: Sep 2021 19% | Dec 2021 15% | Mar 2022 22% | Jun 2022 4.9% | Sep 2022 7.9% | Dec 2022 9.9% | Mar 2023 27% | Jun 2023 15% | Sep 2023 16% | Dec 2023 17% | Mar 2024 15% | Jun 2024 17% | Sep 2024 20% | Dec 2024 17% | Mar 2025 21% | Jun 2025 19% | Sep 2025 19% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- VSSL: Sep 2021 14% | Dec 2021 11% | Mar 2022 11% | Jun 2022 9.7% | Sep 2022 7.9% | Dec 2022 9.1% | Mar 2023 5.8% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 12%
- RHETAN: Sep 2021 5.5% | Dec 2021 7.4% | Mar 2022 8.1% | Jun 2022 3.8% | Sep 2022 4.5% | Dec 2022 12% | Mar 2023 13% | Jun 2023 6.3% | Sep 2023 10% | Dec 2023 15% | Mar 2024 7.4% | Jun 2024 8.5% | Sep 2024 63% | Dec 2024 35% | Mar 2025 -47% | Jun 2025 12% | Sep 2025 23% | Dec 2025 39% | Mar 2026 30% | Jun 2026 —
- PRAKASH: Sep 2021 11% | Dec 2021 10% | Mar 2022 9.3% | Jun 2022 11% | Sep 2022 13% | Dec 2022 13% | Mar 2023 11% | Jun 2023 12% | Sep 2023 14% | Dec 2023 14% | Mar 2024 14% | Jun 2024 11% | Sep 2024 12% | Dec 2024 13% | Mar 2025 16% | Jun 2025 13% | Sep 2025 15% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- STEELXIND: Sep 2021 -2.7% | Dec 2021 20% | Mar 2022 7.8% | Jun 2022 9.3% | Sep 2022 8.6% | Dec 2022 0.2% | Mar 2023 9.0% | Jun 2023 8.0% | Sep 2023 7.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 12% | Mar 2025 11% | Jun 2025 10% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 17% | Jun 2026 13%
- ELECTHERM: Sep 2021 0.6% | Dec 2021 2.5% | Mar 2022 1.3% | Jun 2022 -3.4% | Sep 2022 1.7% | Dec 2022 6.0% | Mar 2023 10% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 8.0% | Dec 2024 10% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 -1.0% | Dec 2025 -3.0% | Mar 2026 2.0% | Jun 2026 —
- SALASAR: Sep 2021 11% | Dec 2021 9.6% | Mar 2022 7.6% | Jun 2022 8.0% | Sep 2022 8.0% | Dec 2022 10.0% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 12% | Mar 2024 10% | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 6.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 8.0% | Mar 2026 3.0% | Jun 2026 —
- KAMDHENU: Sep 2021 6.5% | Dec 2021 6.4% | Mar 2022 7.2% | 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 — | Jun 2026 —
- BEEKAY: Sep 2021 16% | Dec 2021 18% | Mar 2022 12% | Jun 2022 21% | Sep 2022 10% | Dec 2022 11% | Mar 2023 14% | Jun 2023 15% | Sep 2023 11% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 9.0% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 11% | Mar 2026 7.0% | Jun 2026 —
- BANGANGA: Sep 2021 13% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 -50% | Sep 2022 -11% | Dec 2022 -17% | Mar 2023 0.0% | Jun 2023 11% | Sep 2023 0.0% | Dec 2023 -20% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 6.6% | Dec 2024 7.8% | Mar 2025 9.8% | Jun 2025 7.4% | Sep 2025 3.7% | Dec 2025 5.7% | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 13% | Dec 2021 12% | Mar 2022 16% | Jun 2022 12% | Sep 2022 -1.5% | Dec 2022 -4.2% | Mar 2023 4.4% | Jun 2023 4.0% | Sep 2023 3.3% | Dec 2023 1.8% | Mar 2024 5.7% | Jun 2024 5.4% | Sep 2024 5.0% | Dec 2024 5.5% | Mar 2025 0.1% | Jun 2025 -0.2% | Sep 2025 3.4% | Dec 2025 4.5% | Mar 2026 3.6% | Jun 2026 —

### 20-quarter Margin change history
- 542669: Sep 2021 +2.6 pp | Dec 2021 +3.2 pp | Mar 2022 −6.4 pp | Jun 2022 −7.9 pp | Sep 2022 −3.9 pp | Dec 2022 +6.9 pp | Mar 2023 +2.0 pp | Jun 2023 +3.3 pp | Sep 2023 +1.9 pp | Dec 2023 −7.0 pp | Mar 2024 +7.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +2.0 pp | Mar 2025 −7.0 pp | Jun 2025 −3.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- JINDALSTEL: Sep 2021 +4.4 pp | Dec 2021 −15.9 pp | Mar 2022 −18.6 pp | Jun 2022 +7.2 pp | Sep 2022 −19.5 pp | Dec 2022 −7.4 pp | Mar 2023 −5.4 pp | Jun 2023 −5.4 pp | Sep 2023 +4.7 pp | Dec 2023 +5.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 −5.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 −2.0 pp | Dec 2025 −6.0 pp | Mar 2026 +1.0 pp | Jun 2026 −7.0 pp
- SHYAMMETL: Sep 2021 +5.5 pp | Dec 2021 +3.5 pp | Mar 2022 −3.5 pp | Jun 2022 −9.1 pp | Sep 2022 −17.1 pp | Dec 2022 −16.2 pp | Mar 2023 −11.2 pp | Jun 2023 −6.8 pp | Sep 2023 +2.1 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +1.0 pp
- GALLANTT: Sep 2021 −1.9 pp | Dec 2021 −6.2 pp | Mar 2022 −1.7 pp | Jun 2022 −5.5 pp | Sep 2022 +3.9 pp | Dec 2022 +0.9 pp | Mar 2023 −1.7 pp | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +2.0 pp | Mar 2024 +5.0 pp | Jun 2024 +12.0 pp | Sep 2024 +1.0 pp | Dec 2024 +8.0 pp | Mar 2025 +1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SUNFLAG: Sep 2021 +4.4 pp | Dec 2021 +0.2 pp | Mar 2022 −6.8 pp | Jun 2022 −9.4 pp | Sep 2022 +1.2 pp | Dec 2022 +0.4 pp | Mar 2023 −0.1 pp | Jun 2023 +2.2 pp | Sep 2023 −6.3 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 +3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RPEL: Sep 2021 +1.1 pp | Dec 2021 +3.7 pp | Mar 2022 −5.9 pp | Jun 2022 −6.1 pp | Sep 2022 +0.8 pp | Dec 2022 +2.2 pp | Mar 2023 +7.8 pp | Jun 2023 +5.0 pp | Sep 2023 +5.5 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 +3.0 pp
- KSL: Sep 2021 −0.1 pp | Dec 2021 −8.0 pp | Mar 2022 −5.0 pp | Jun 2022 −20.1 pp | Sep 2022 −11.1 pp | Dec 2022 −5.1 pp | Mar 2023 +4.7 pp | Jun 2023 +10.5 pp | Sep 2023 +8.4 pp | Dec 2023 +6.9 pp | Mar 2024 −11.9 pp | Jun 2024 +1.6 pp | Sep 2024 +3.7 pp | Dec 2024 +0.2 pp | Mar 2025 +6.2 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VSSL: Sep 2021 +5.1 pp | Dec 2021 −2.9 pp | Mar 2022 −4.6 pp | Jun 2022 −5.7 pp | Sep 2022 −5.8 pp | Dec 2022 −1.7 pp | Mar 2023 −5.3 pp | Jun 2023 −2.7 pp | Sep 2023 +0.1 pp | Dec 2023 −1.1 pp | Mar 2024 +5.2 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 +3.2 pp | Dec 2025 +3.3 pp | Mar 2026 +3.6 pp | Jun 2026 +4.8 pp
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.0 pp | Sep 2022 −1.0 pp | Dec 2022 +4.6 pp | Mar 2023 +4.6 pp | Jun 2023 +2.5 pp | Sep 2023 +5.6 pp | Dec 2023 +3.0 pp | Mar 2024 −5.3 pp | Jun 2024 +2.3 pp | Sep 2024 +53.2 pp | Dec 2024 +19.9 pp | Mar 2025 −53.9 pp | Jun 2025 +3.6 pp | Sep 2025 −40.1 pp | Dec 2025 +3.9 pp | Mar 2026 +76.5 pp | Jun 2026 —
- PRAKASH: Sep 2021 +2.8 pp | Dec 2021 +0.5 pp | Mar 2022 −0.7 pp | Jun 2022 +1.9 pp | Sep 2022 +2.1 pp | Dec 2022 +2.7 pp | Mar 2023 +1.7 pp | Jun 2023 +0.8 pp | Sep 2023 +0.8 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- STEELXIND: Sep 2021 −13.2 pp | Dec 2021 +1.3 pp | Mar 2022 −5.6 pp | Jun 2022 −2.3 pp | Sep 2022 +11.3 pp | Dec 2022 −19.9 pp | Mar 2023 +1.2 pp | Jun 2023 −1.3 pp | Sep 2023 −1.6 pp | Dec 2023 +8.8 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 −3.0 pp | Mar 2026 +6.0 pp | Jun 2026 +3.0 pp
- ELECTHERM: Sep 2021 −5.5 pp | Dec 2021 −10.0 pp | Mar 2022 −10.5 pp | Jun 2022 −11.3 pp | Sep 2022 +1.1 pp | Dec 2022 +3.5 pp | Mar 2023 +8.7 pp | Jun 2023 +11.4 pp | Sep 2023 +7.3 pp | Dec 2023 +5.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −5.0 pp | Jun 2025 −6.0 pp | Sep 2025 −9.0 pp | Dec 2025 −13.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- SALASAR: Sep 2021 +0.6 pp | Dec 2021 −0.7 pp | Mar 2022 −1.5 pp | Jun 2022 −3.1 pp | Sep 2022 −2.7 pp | Dec 2022 +0.4 pp | Mar 2023 +2.4 pp | Jun 2023 +1.0 pp | Sep 2023 +1.0 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −4.0 pp | Mar 2025 −4.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- KAMDHENU: Sep 2021 +0.1 pp | Dec 2021 −1.1 pp | Mar 2022 −2.0 pp | 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 — | Jun 2026 —
- BEEKAY: Sep 2021 +0.5 pp | Dec 2021 −0.1 pp | Mar 2022 −3.9 pp | Jun 2022 −4.2 pp | Sep 2022 −6.0 pp | Dec 2022 −6.6 pp | Mar 2023 +2.3 pp | Jun 2023 −6.4 pp | Sep 2023 +0.6 pp | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −7.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- BANGANGA: Sep 2021 +4.2 pp | Dec 2021 −10.0 pp | Mar 2022 −25.0 pp | Jun 2022 −7.1 pp | Sep 2022 −23.6 pp | Dec 2022 −16.7 pp | Mar 2023 0.0 pp | Jun 2023 +61.1 pp | Sep 2023 +11.1 pp | Dec 2023 −3.3 pp | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +6.6 pp | Dec 2024 +27.8 pp | Mar 2025 +9.8 pp | Jun 2025 — | Sep 2025 −2.9 pp | Dec 2025 −2.0 pp | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 +8.9 pp | Dec 2021 +4.9 pp | Mar 2022 +4.4 pp | Jun 2022 +1.6 pp | Sep 2022 −14.7 pp | Dec 2022 −16.7 pp | Mar 2023 −11.5 pp | Jun 2023 −8.1 pp | Sep 2023 +4.8 pp | Dec 2023 +6.0 pp | Mar 2024 +1.3 pp | Jun 2024 +1.4 pp | Sep 2024 +1.6 pp | Dec 2024 +3.7 pp | Mar 2025 −5.6 pp | Jun 2025 −5.6 pp | Sep 2025 −1.5 pp | Dec 2025 −1.0 pp | Mar 2026 +3.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Jindal Steel Ltd leads with ₹2,709 crore of TTM profit, 141.7% above Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd shows ≥100% on the scoring scale (114.8% uncapped) growth from a ₹2 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Jindal Steel 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: Jindal Steel Ltd · ₹2,709 crore | 141.7% versus #2 · Shyam Metalics & Energy Ltd | 1/8 recent comparable periods | 17/17 companies · 268 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. Jindal Steel Ltd (JINDALSTEL): ₹2.7K Cr
2. Shyam Metalics & Energy Ltd (SHYAMMETL): ₹1.1K Cr
3. Gallantt Ispat Ltd. (GALLANTT): ₹486 Cr
4. Prakash Industries Ltd (PRAKASH): ₹333 Cr
5. Kalyani Steels Ltd (KSL): ₹259 Cr

### Profit growth — fastest growers
1. Banganga Paper Industries Ltd (BANGANGA): 100% — older report
2. Rhetan TMT Ltd (RHETAN): 100%
3. Raghav Productivity Enhancers Ltd (RPEL): 54%
4. Sunflag Iron & Steel Company Ltd (SUNFLAG): 25%
5. Shyam Metalics & Energy Ltd (SHYAMMETL): 21%

### 20-quarter Net profit history
- 542669: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- JINDALSTEL: Sep 2021 ₹2.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹518 Cr | Mar 2023 ₹466 Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹933 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹860 Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹-304 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹635 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹844 Cr
- SHYAMMETL: Sep 2021 ₹414 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹482 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹220 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹312 Cr | Jun 2026 ₹351 Cr
- GALLANTT: Sep 2021 ₹7 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- SUNFLAG: Sep 2021 ₹65 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹921 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- RPEL: Sep 2021 ₹7 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹20 Cr
- KSL: Sep 2021 ₹62 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- VSSL: Sep 2021 ₹24 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹34 Cr | Jun 2026 ₹41 Cr
- RHETAN: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- PRAKASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹45 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-25 Cr | Mar 2023 ₹-43 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹15 Cr
- ELECTHERM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-35 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- SALASAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- KAMDHENU: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹5 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 — | Jun 2026 —
- BEEKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-6 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 542669: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 19% | Jun 2024 38% | Sep 2024 0.0% | Dec 2024 42% | Mar 2025 -5.3% | Jun 2025 -32% | Sep 2025 -17% | Dec 2025 5.9% | Mar 2026 83% | Jun 2026 —
- JINDALSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14,279% | Sep 2022 -92% | Dec 2022 -68% | Mar 2023 -69% | Jun 2023 -16% | Sep 2023 535% | Dec 2023 272% | Mar 2024 100% | Jun 2024 -21% | Sep 2024 -38% | Dec 2024 -51% | Mar 2025 -133% | Jun 2025 12% | Sep 2025 -26% | Dec 2025 -80% | Mar 2026 — | Jun 2026 -44%
- SHYAMMETL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -72% | Dec 2022 -85% | Mar 2023 -41% | Jun 2023 -51% | Sep 2023 323% | Dec 2023 94% | Mar 2024 -13% | Jun 2024 37% | Sep 2024 -55% | Dec 2024 56% | Mar 2025 0.0% | Jun 2025 5.4% | Sep 2025 20% | Dec 2025 0.5% | Mar 2026 42% | Jun 2026 21%
- GALLANTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.4% | Sep 2022 300% | Dec 2022 -4.6% | Mar 2023 -43% | Jun 2023 24% | Sep 2023 68% | Dec 2023 148% | Mar 2024 40% | Jun 2024 294% | Sep 2024 4.3% | Dec 2024 119% | Mar 2025 22% | Jun 2025 43% | Sep 2025 82% | Dec 2025 -12% | Mar 2026 6.0% | Jun 2026 —
- SUNFLAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,254% | Sep 2022 46% | Dec 2022 40% | Mar 2023 -2.4% | Jun 2023 -97% | Sep 2023 -59% | Dec 2023 -40% | Mar 2024 7.5% | Jun 2024 7.7% | Sep 2024 5.1% | Dec 2024 39% | Mar 2025 0.0% | Jun 2025 125% | Sep 2025 12% | Dec 2025 20% | Mar 2026 -21% | Jun 2026 —
- RPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -14% | Dec 2022 75% | Mar 2023 17% | Jun 2023 20% | Sep 2023 0.0% | Dec 2023 -14% | Mar 2024 14% | Jun 2024 33% | Sep 2024 50% | Dec 2024 67% | Mar 2025 25% | Jun 2025 50% | Sep 2025 56% | Dec 2025 40% | Mar 2026 50% | Jun 2026 67%
- KSL: Sep 2021 — | Dec 2021 -28% | Mar 2022 -4.0% | Jun 2022 -66% | Sep 2022 -44% | Dec 2022 -9.3% | Mar 2023 -4.1% | Jun 2023 154% | Sep 2023 66% | Dec 2023 67% | Mar 2024 -8.6% | Jun 2024 -15% | Sep 2024 16% | Dec 2024 -14% | Mar 2025 25% | Jun 2025 19% | Sep 2025 -6.0% | Dec 2025 11% | Mar 2026 -10% | Jun 2026 —
- VSSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 47% | Mar 2023 -52% | Jun 2023 -37% | Sep 2023 -36% | Dec 2023 -21% | Mar 2024 136% | Jun 2024 37% | Sep 2024 44% | Dec 2024 -4.6% | Mar 2025 -39% | Jun 2025 -23% | Sep 2025 35% | Dec 2025 62% | Mar 2026 70% | Jun 2026 105%
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 100% | Mar 2023 100% | Jun 2023 -24% | Sep 2023 -32% | Dec 2023 -49% | Mar 2024 -52% | Jun 2024 6.6% | Sep 2024 234% | Dec 2024 35% | Mar 2025 -50% | Jun 2025 -6.2% | Sep 2025 26% | Dec 2025 220% | Mar 2026 363% | Jun 2026 —
- PRAKASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 80% | Mar 2024 53% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 3.7% | Mar 2025 2.3% | Jun 2025 1.1% | Sep 2025 -31% | Dec 2025 3.6% | Mar 2026 2.2% | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -75% | Jun 2025 233% | Sep 2025 -33% | Dec 2025 -88% | Mar 2026 140% | Jun 2026 50%
- ELECTHERM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,429% | Mar 2024 148% | Jun 2024 179% | Sep 2024 -13% | Dec 2024 -18% | Mar 2025 79% | Jun 2025 -74% | Sep 2025 -137% | Dec 2025 -140% | Mar 2026 -92% | Jun 2026 —
- SALASAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 59% | Mar 2024 13% | Jun 2024 0.0% | Sep 2024 11% | Dec 2024 -29% | Mar 2025 -129% | Jun 2025 -10% | Sep 2025 60% | Dec 2025 -42% | Mar 2026 — | Jun 2026 —
- KAMDHENU: Sep 2021 205% | Dec 2021 7.0% | Mar 2022 37% | 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 — | Jun 2026 —
- BEEKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59% | Mar 2024 85% | Jun 2024 -23% | Sep 2024 22% | Dec 2024 -22% | Mar 2025 -86% | Jun 2025 0.0% | Sep 2025 -64% | Dec 2025 -33% | Mar 2026 -500% | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 31% | Dec 2025 -91% | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 126% | Jun 2024 1,369% | Sep 2024 151% | Dec 2024 — | Mar 2025 -183% | Jun 2025 -201% | Sep 2025 -69% | Dec 2025 -26% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Rhetan TMT Ltd reports ₹0 crore of CAPEX; Rhetan TMT Ltd has the highest covered intensity at 0%. Coverage is only 1 of 17 companies and 3 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: Rhetan TMT Ltd · ₹0 crore | Not enough peers | 0/3 recent comparable periods | 1/17 companies · 3 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. Rhetan TMT Ltd (RHETAN): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Rhetan TMT Ltd (RHETAN): 0.0%

### 20-quarter CAPEX history
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Kalyani Steels Ltd has the clearest covered balance-sheet capacity with ₹350 crore net cash and gross debt of ₹475 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: Raghav Productivity Enhancers Ltd · ₹5 crore | 36.5% versus #2 · Banganga Paper Industries Ltd | 8/8 recent comparable periods | 17/17 companies · 274 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. Raghav Productivity Enhancers Ltd (RPEL): ₹5 Cr
2. Banganga Paper Industries Ltd (BANGANGA): ₹8 Cr — older report
3. Kamdhenu Ltd (KAMDHENU): ₹9 Cr
4. Panchmahal Steel Ltd (PANCHMSTEL): ₹35 Cr
5. Rhetan TMT Ltd (RHETAN): ₹42 Cr

### Net debt — lowest net debt
1. Kalyani Steels Ltd (KSL): ₹-350 Cr
2. Kamdhenu Ltd (KAMDHENU): ₹-249 Cr
3. Vardhman Special Steels Ltd (VSSL): ₹-120 Cr
4. Raghav Productivity Enhancers Ltd (RPEL): ₹-44 Cr
5. Gallantt Ispat Ltd. (GALLANTT): ₹22 Cr

### 20-quarter Gross debt history
- 542669: Sep 2021 — | Dec 2021 — | Mar 2022 ₹256 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹238 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹106 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹162 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹368 Cr | Jun 2026 —
- JINDALSTEL: Sep 2021 ₹16.6K Cr | Dec 2021 ₹16.6K Cr | Mar 2022 ₹13.5K Cr | Jun 2022 ₹13.5K Cr | Sep 2022 ₹14.4K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹13.0K Cr | Jun 2023 ₹13.0K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹13.5K Cr | Mar 2024 ₹16.5K Cr | Jun 2024 ₹16.5K Cr | Sep 2024 ₹17.3K Cr | Dec 2024 ₹17.3K Cr | Mar 2025 ₹18.4K Cr | Jun 2025 ₹18.7K Cr | Sep 2025 ₹19.2K Cr | Dec 2025 ₹19.2K Cr | Mar 2026 ₹22.6K Cr | Jun 2026 —
- SHYAMMETL: Sep 2021 ₹330 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹850 Cr | Dec 2022 ₹850 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹789 Cr | Jun 2025 ₹789 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.0K Cr
- GALLANTT: Sep 2021 ₹52 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹387 Cr | Jun 2022 — | Sep 2022 ₹440 Cr | Dec 2022 ₹440 Cr | Mar 2023 ₹538 Cr | Jun 2023 ₹538 Cr | Sep 2023 ₹490 Cr | Dec 2023 ₹490 Cr | Mar 2024 ₹462 Cr | Jun 2024 ₹462 Cr | Sep 2024 ₹407 Cr | Dec 2024 ₹407 Cr | Mar 2025 ₹378 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹657 Cr | Dec 2025 ₹657 Cr | Mar 2026 ₹548 Cr | Jun 2026 —
- SUNFLAG: Sep 2021 ₹575 Cr | Dec 2021 ₹575 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹578 Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹609 Cr | Sep 2023 ₹830 Cr | Dec 2023 ₹830 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹727 Cr | Sep 2024 ₹603 Cr | Dec 2024 ₹603 Cr | Mar 2025 ₹624 Cr | Jun 2025 ₹624 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹580 Cr | Mar 2026 ₹524 Cr | Jun 2026 —
- RPEL: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹5 Cr
- KSL: Sep 2021 ₹229 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹340 Cr | Jun 2022 ₹340 Cr | Sep 2022 ₹681 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹506 Cr | Jun 2023 ₹506 Cr | Sep 2023 ₹260 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹560 Cr | Dec 2024 ₹560 Cr | Mar 2025 ₹438 Cr | Jun 2025 ₹438 Cr | Sep 2025 ₹428 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹475 Cr | Jun 2026 —
- VSSL: Sep 2021 ₹306 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹93 Cr | Jun 2026 ₹93 Cr
- RHETAN: Sep 2021 — | Dec 2021 ₹26 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 ₹15 Cr | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- PRAKASH: Sep 2021 ₹518 Cr | Dec 2021 ₹518 Cr | Mar 2022 ₹548 Cr | Jun 2022 ₹548 Cr | Sep 2022 ₹661 Cr | Dec 2022 ₹661 Cr | Mar 2023 ₹599 Cr | Jun 2023 ₹599 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹362 Cr | Jun 2024 ₹362 Cr | Sep 2024 ₹378 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹423 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹515 Cr | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹458 Cr | Jun 2022 ₹458 Cr | Sep 2022 ₹472 Cr | Dec 2022 ₹472 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹322 Cr | Dec 2023 ₹322 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹439 Cr | Sep 2024 ₹381 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹376 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹418 Cr | Jun 2026 ₹418 Cr
- ELECTHERM: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SALASAR: Sep 2021 ₹221 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹256 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹346 Cr | Mar 2024 ₹350 Cr | Jun 2024 ₹350 Cr | Sep 2024 ₹371 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹422 Cr | Jun 2026 —
- KAMDHENU: Sep 2021 ₹94 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹94 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- BEEKAY: Sep 2021 ₹140 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹276 Cr | Jun 2022 ₹276 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹246 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹253 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹298 Cr | Dec 2025 ₹298 Cr | Mar 2026 ₹332 Cr | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹28 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹76 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹40 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹50 Cr | Jun 2025 — | Sep 2025 ₹48 Cr | Dec 2025 — | Mar 2026 ₹35 Cr | Jun 2026 —

### 20-quarter Net debt history
- JINDALSTEL: Sep 2021 ₹11.8K Cr | Dec 2021 ₹11.8K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹7.7K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹7.9K Cr | Sep 2023 ₹7.9K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹12.1K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹13.0K Cr | Dec 2024 ₹13.0K Cr | Mar 2025 ₹13.0K Cr | Jun 2025 ₹13.0K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹16.4K Cr | Jun 2026 —
- SHYAMMETL: Sep 2021 ₹-747 Cr | Dec 2021 ₹-747 Cr | Mar 2022 ₹-430 Cr | Jun 2022 ₹-469 Cr | Sep 2022 ₹-444 Cr | Dec 2022 ₹-444 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹-701 Cr | Jun 2024 ₹-704 Cr | Sep 2024 ₹-144 Cr | Dec 2024 ₹-144 Cr | Mar 2025 ₹-100 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹473 Cr | Jun 2026 ₹473 Cr
- GALLANTT: Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹374 Cr | Jun 2022 — | Sep 2022 ₹433 Cr | Dec 2022 ₹433 Cr | Mar 2023 ₹527 Cr | Jun 2023 ₹527 Cr | Sep 2023 ₹473 Cr | Dec 2023 ₹473 Cr | Mar 2024 ₹407 Cr | Jun 2024 ₹407 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- SUNFLAG: Sep 2021 ₹444 Cr | Dec 2021 ₹444 Cr | Mar 2022 ₹571 Cr | Jun 2022 ₹519 Cr | Sep 2022 ₹519 Cr | Dec 2022 ₹519 Cr | Mar 2023 ₹598 Cr | Jun 2023 ₹491 Cr | Sep 2023 ₹750 Cr | Dec 2023 ₹750 Cr | Mar 2024 ₹533 Cr | Jun 2024 ₹474 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹490 Cr | Mar 2025 ₹523 Cr | Jun 2025 ₹466 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹396 Cr | Mar 2026 ₹294 Cr | Jun 2026 —
- RPEL: Sep 2021 ₹-33 Cr | Dec 2021 ₹-33 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹-44 Cr | Jun 2026 ₹-44 Cr
- KSL: Sep 2021 ₹-551 Cr | Dec 2021 ₹-551 Cr | Mar 2022 ₹-633 Cr | Jun 2022 ₹-633 Cr | Sep 2022 ₹-447 Cr | Dec 2022 ₹-447 Cr | Mar 2023 ₹-242 Cr | Jun 2023 ₹-242 Cr | Sep 2023 ₹-331 Cr | Dec 2023 ₹-331 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-104 Cr | Dec 2024 ₹-104 Cr | Mar 2025 ₹-309 Cr | Jun 2025 ₹-309 Cr | Sep 2025 ₹-109 Cr | Dec 2025 ₹-109 Cr | Mar 2026 ₹-350 Cr | Jun 2026 —
- VSSL: Sep 2021 ₹252 Cr | Dec 2021 ₹252 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹-189 Cr | Dec 2025 ₹-189 Cr | Mar 2026 ₹-120 Cr | Jun 2026 ₹-120 Cr
- RHETAN: Sep 2021 — | Dec 2021 ₹26 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 ₹15 Cr | Dec 2023 — | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- PRAKASH: Sep 2021 ₹446 Cr | Dec 2021 ₹446 Cr | Mar 2022 ₹529 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹392 Cr | Dec 2022 ₹392 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹444 Cr | Jun 2022 ₹444 Cr | Sep 2022 ₹467 Cr | Dec 2022 ₹467 Cr | Mar 2023 ₹348 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹392 Cr | Jun 2024 ₹419 Cr | Sep 2024 ₹372 Cr | Dec 2024 ₹372 Cr | Mar 2025 ₹363 Cr | Jun 2025 ₹355 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹360 Cr | Mar 2026 ₹420 Cr | Jun 2026 ₹402 Cr
- ELECTHERM: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹973 Cr | Jun 2026 —
- SALASAR: Sep 2021 ₹193 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹308 Cr | Dec 2023 ₹308 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹346 Cr | Dec 2024 ₹346 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹346 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹378 Cr | Jun 2026 —
- KAMDHENU: Sep 2021 ₹81 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-18 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-130 Cr | Jun 2024 ₹-130 Cr | Sep 2024 ₹-154 Cr | Dec 2024 ₹-154 Cr | Mar 2025 ₹-205 Cr | Jun 2025 ₹-205 Cr | Sep 2025 ₹-240 Cr | Dec 2025 ₹-240 Cr | Mar 2026 ₹-249 Cr | Jun 2026 —
- BEEKAY: Sep 2021 ₹27 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹184 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹259 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Raghav Productivity Enhancers Ltd leads ROCE at 30.3%, 3.3 percentage points above Banganga Paper Industries Ltd. Raghav Productivity Enhancers Ltd has the strongest latest improvement at +6.5 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: Raghav Productivity Enhancers 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: Raghav Productivity Enhancers Ltd · 30.3% | 12.2% versus #2 · Banganga Paper Industries Ltd | 7/8 recent comparable periods | 17/17 companies · 201 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. Raghav Productivity Enhancers Ltd (RPEL): 30%
2. Banganga Paper Industries Ltd (BANGANGA): 27% — older report
3. Gallantt Ispat Ltd. (GALLANTT): 18%
4. Kamdhenu Ltd (KAMDHENU): 17%
5. Vardhman Special Steels Ltd (VSSL): 17%

### ROCE change — fastest improvers
1. Raghav Productivity Enhancers Ltd (RPEL): +6.5 pp
2. Shyam Metalics & Energy Ltd (SHYAMMETL): +1.9 pp
3. Kamdhenu Ltd (KAMDHENU): +1.6 pp
4. Rhetan TMT Ltd (RHETAN): +1.0 pp
5. Sunflag Iron & Steel Company Ltd (SUNFLAG): +0.6 pp

### 20-quarter ROCE history
- JINDALSTEL: Sep 2021 30% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 12% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 11% | Mar 2025 7.9% | Jun 2025 8.8% | Sep 2025 7.5% | Dec 2025 6.9% | Mar 2026 8.1% | Jun 2026 —
- SHYAMMETL: Sep 2021 36% | Dec 2021 — | Mar 2022 37% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 12% | Mar 2024 8.9% | Jun 2024 13% | Sep 2024 10% | Dec 2024 14% | Mar 2025 9.9% | Jun 2025 13% | Sep 2025 10% | Dec 2025 13% | Mar 2026 11% | Jun 2026 15%
- GALLANTT: Sep 2021 15% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 11% | Dec 2023 12% | Mar 2024 13% | Jun 2024 19% | Sep 2024 17% | Dec 2024 22% | Mar 2025 19% | Jun 2025 22% | Sep 2025 19% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- SUNFLAG: Sep 2021 16% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 9.3% | Jun 2023 — | Sep 2023 5.5% | Dec 2023 6.4% | Mar 2024 4.5% | Jun 2024 5.5% | Sep 2024 3.4% | Dec 2024 4.4% | Mar 2025 2.9% | Jun 2025 4.3% | Sep 2025 3.3% | Dec 2025 3.9% | Mar 2026 3.5% | Jun 2026 —
- RPEL: Sep 2021 18% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 22% | Dec 2023 25% | Mar 2024 21% | Jun 2024 24% | Sep 2024 22% | Dec 2024 26% | Mar 2025 23% | Jun 2025 28% | Sep 2025 25% | Dec 2025 31% | Mar 2026 27% | Jun 2026 35%
- KSL: Sep 2021 24% | Dec 2021 26% | Mar 2022 18% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 19% | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 16% | Dec 2024 — | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- VSSL: Sep 2021 28% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 18% | Jun 2024 21% | Sep 2024 20% | Dec 2024 22% | Mar 2025 17% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 14% | Jun 2026 —
- RHETAN: Sep 2021 — | Dec 2021 7.4% | Mar 2022 11% | Jun 2022 4.2% | Sep 2022 4.0% | Dec 2022 6.3% | Mar 2023 8.3% | Jun 2023 — | Sep 2023 9.5% | Dec 2023 — | Mar 2024 6.9% | Jun 2024 6.1% | Sep 2024 8.7% | Dec 2024 8.4% | Mar 2025 3.5% | Jun 2025 6.8% | Sep 2025 0.5% | Dec 2025 9.6% | Mar 2026 4.5% | Jun 2026 —
- PRAKASH: Sep 2021 6.6% | Dec 2021 — | Mar 2022 7.0% | Jun 2022 — | Sep 2022 7.1% | Dec 2022 — | Mar 2023 7.7% | Jun 2023 — | Sep 2023 8.7% | Dec 2023 11% | Mar 2024 10% | Jun 2024 12% | Sep 2024 10% | Dec 2024 12% | Mar 2025 10% | Jun 2025 12% | Sep 2025 9.3% | Dec 2025 10% | Mar 2026 8.5% | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 9.9% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 9.7% | Jun 2023 — | Sep 2023 6.5% | Dec 2023 10% | Mar 2024 7.5% | Jun 2024 9.5% | Sep 2024 9.1% | Dec 2024 12% | Mar 2025 10% | Jun 2025 13% | Sep 2025 11% | Dec 2025 11% | Mar 2026 9.7% | Jun 2026 11%
- ELECTHERM: Sep 2021 -126% | Dec 2021 — | Mar 2022 0.1% | Jun 2022 — | Sep 2022 9.6% | Dec 2022 — | Mar 2023 -10% | Jun 2023 — | Sep 2023 -380% | Dec 2023 — | Mar 2024 -249% | Jun 2024 — | Sep 2024 145% | Dec 2024 146% | Mar 2025 145% | Jun 2025 166% | Sep 2025 84% | Dec 2025 58% | Mar 2026 8.6% | Jun 2026 —
- SALASAR: Sep 2021 21% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 19% | Jun 2023 24% | Sep 2023 20% | Dec 2023 24% | Mar 2024 22% | Jun 2024 25% | Sep 2024 16% | Dec 2024 19% | Mar 2025 12% | Jun 2025 15% | Sep 2025 13% | Dec 2025 13% | Mar 2026 9.9% | Jun 2026 —
- KAMDHENU: Sep 2021 21% | Dec 2021 18% | Mar 2022 19% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 23% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 21% | Jun 2025 — | Sep 2025 22% | Dec 2025 — | Mar 2026 23% | Jun 2026 —
- BEEKAY: Sep 2021 28% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 10% | Dec 2023 16% | Mar 2024 11% | Jun 2024 15% | Sep 2024 9.1% | Dec 2024 14% | Mar 2025 8.1% | Jun 2025 12% | Sep 2025 5.6% | Dec 2025 8.1% | Mar 2026 4.5% | Jun 2026 —

### 20-quarter ROCE change history
- JINDALSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 — | Mar 2023 −11.5 pp | Jun 2023 — | Sep 2023 −6.0 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −2.3 pp | Mar 2025 −3.8 pp | Jun 2025 −4.3 pp | Sep 2025 −3.2 pp | Dec 2025 −3.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SHYAMMETL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.0 pp | Dec 2022 — | Mar 2023 −23.1 pp | Jun 2023 — | Sep 2023 −13.3 pp | Dec 2023 — | Mar 2024 −4.8 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +1.3 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.1 pp | Mar 2026 +1.5 pp | Jun 2026 +1.9 pp
- GALLANTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +5.8 pp | Dec 2024 +9.5 pp | Mar 2025 +6.0 pp | Jun 2025 +2.8 pp | Sep 2025 +2.3 pp | Dec 2025 −1.3 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SUNFLAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 — | Mar 2023 −5.6 pp | Jun 2023 — | Sep 2023 −4.5 pp | Dec 2023 — | Mar 2024 −4.8 pp | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 −2.0 pp | Mar 2025 −1.6 pp | Jun 2025 −1.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.5 pp | Mar 2026 +0.6 pp | Jun 2026 —
- RPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 −2.1 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +1.9 pp | Mar 2025 +2.3 pp | Jun 2025 +3.7 pp | Sep 2025 +3.3 pp | Dec 2025 +4.3 pp | Mar 2026 +3.7 pp | Jun 2026 +6.5 pp
- KSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.7 pp | Dec 2022 — | Mar 2023 −4.8 pp | Jun 2023 — | Sep 2023 +6.6 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 — | Mar 2025 −1.4 pp | Jun 2025 — | Sep 2025 −1.3 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 —
- VSSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 — | Mar 2023 −4.7 pp | Jun 2023 — | Sep 2023 −8.3 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 +3.7 pp | Dec 2024 — | Mar 2025 −1.2 pp | Jun 2025 — | Sep 2025 −9.0 pp | Dec 2025 — | Mar 2026 −3.6 pp | Jun 2026 —
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.1 pp | Mar 2023 −2.5 pp | Jun 2023 — | Sep 2023 +5.5 pp | Dec 2023 — | Mar 2024 −1.4 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 — | Mar 2025 −3.4 pp | Jun 2025 +0.7 pp | Sep 2025 −8.2 pp | Dec 2025 +1.2 pp | Mar 2026 +1.0 pp | Jun 2026 —
- PRAKASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 −0.3 pp | Sep 2025 −1.0 pp | Dec 2025 −1.2 pp | Mar 2026 −1.9 pp | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 −9.0 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 +1.9 pp | Mar 2025 +2.8 pp | Jun 2025 +3.3 pp | Sep 2025 +1.4 pp | Dec 2025 −0.9 pp | Mar 2026 −0.6 pp | Jun 2026 −1.9 pp
- ELECTHERM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +135.9 pp | Dec 2022 — | Mar 2023 −10.4 pp | Jun 2023 — | Sep 2023 −389.2 pp | Dec 2023 — | Mar 2024 −238.3 pp | Jun 2024 — | Sep 2024 +524.1 pp | Dec 2024 — | Mar 2025 +393.3 pp | Jun 2025 — | Sep 2025 −60.1 pp | Dec 2025 −87.7 pp | Mar 2026 −136.1 pp | Jun 2026 —
- SALASAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 +4.7 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 +1.7 pp | Sep 2024 −4.1 pp | Dec 2024 −5.2 pp | Mar 2025 −10.5 pp | Jun 2025 −10.5 pp | Sep 2025 −2.8 pp | Dec 2025 −5.8 pp | Mar 2026 −1.9 pp | Jun 2026 —
- KAMDHENU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +11.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −7.5 pp | Jun 2024 — | Sep 2024 −8.4 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 +1.9 pp | Dec 2025 — | Mar 2026 +1.6 pp | Jun 2026 —
- BEEKAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −8.4 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.9 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −2.2 pp | Mar 2025 −2.5 pp | Jun 2025 −3.3 pp | Sep 2025 −3.5 pp | Dec 2025 −5.9 pp | Mar 2026 −3.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Vardhman Special Steels Ltd has the lowest comparable Guarded PEG at 0.42×, 35.4% below Sunflag Iron & Steel Company Ltd. Only 8 of 17 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: Vardhman Special Steels Ltd · 0.42× | 35.4% versus #2 · Sunflag Iron & Steel Company Ltd | 0/8 recent comparable periods | 8/17 companies · 55 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. Vardhman Special Steels Ltd (VSSL): 0.4
2. Sunflag Iron & Steel Company Ltd (SUNFLAG): 0.7
3. Kalyani Steels Ltd (KSL): 1.0
4. Gallantt Ispat Ltd. (GALLANTT): 1.0
5. Shyam Metalics & Energy Ltd (SHYAMMETL): 1.2

### P/E — lowest P/E
1. Prakash Industries Ltd (PRAKASH): 6.7
2. Kalyani Steels Ltd (KSL): 14.8
3. BMW Industries Ltd (542669): 15.3
4. Beekay Steel Industries Ltd (BEEKAY): 20.8
5. Shyam Metalics & Energy Ltd (SHYAMMETL): 25.5

### 20-quarter Guarded PEG history
- JINDALSTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 0.5 | Dec 2024 1.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.7
- SHYAMMETL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.0 | Sep 2025 — | Dec 2025 — | Mar 2026 3.1 | Jun 2026 1.2
- GALLANTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.4 | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 0.5 | Mar 2026 1.0 | Jun 2026 —
- SUNFLAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 2.9 | Jun 2024 3.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 —
- RPEL: Sep 2021 7.8 | Dec 2021 7.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 3.4 | Mar 2024 4.8 | Jun 2024 — | Sep 2024 10.2 | Dec 2024 — | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 3.1 | Dec 2025 2.8 | Mar 2026 — | Jun 2026 2.3
- KSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 — | Mar 2025 0.5 | Jun 2025 1.0 | Sep 2025 1.7 | Dec 2025 2.2 | Mar 2026 1.0 | Jun 2026 —
- VSSL: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.6 | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8 | Mar 2026 0.4 | Jun 2026 —
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17.1 | Sep 2023 — | Dec 2023 3.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.5 | Sep 2025 7.1 | Dec 2025 20.9 | Mar 2026 3.9 | Jun 2026 —

### 20-quarter P/E history
- 542669: Sep 2021 11.9 | Dec 2021 11.4 | Mar 2022 6.8 | Jun 2022 16.2 | Sep 2022 19.8 | Dec 2022 22.7 | Mar 2023 18.6 | Jun 2023 11.8 | Sep 2023 16.5 | Dec 2023 17.7 | Mar 2024 20.4 | Jun 2024 20.9 | Sep 2024 21.9 | Dec 2024 17.4 | Mar 2025 13.9 | Jun 2025 16.7 | Sep 2025 14.6 | Dec 2025 13.5 | Mar 2026 9.8 | Jun 2026 —
- JINDALSTEL: Sep 2021 7.0 | Dec 2021 5.6 | Mar 2022 9.1 | Jun 2022 6.1 | Sep 2022 6.5 | Dec 2022 11.6 | Mar 2023 12.7 | Jun 2023 16.6 | Sep 2023 18.6 | Dec 2023 17.6 | Mar 2024 15.6 | Jun 2024 17.9 | Sep 2024 18.8 | Dec 2024 18.6 | Mar 2025 22.8 | Jun 2025 26.1 | Sep 2025 27.5 | Dec 2025 28.0 | Mar 2026 40.5 | Jun 2026 26.8
- SHYAMMETL: Sep 2021 10.4 | Dec 2021 5.7 | Mar 2022 5.5 | Jun 2022 4.2 | Sep 2022 4.3 | Dec 2022 5.8 | Mar 2023 6.5 | Jun 2023 10.7 | Sep 2023 17.5 | Dec 2023 15.8 | Mar 2024 14.1 | Jun 2024 16.9 | Sep 2024 21.6 | Dec 2024 24.6 | Mar 2025 26.3 | Jun 2025 26.3 | Sep 2025 27.4 | Dec 2025 23.5 | Mar 2026 22.2 | Jun 2026 24.7
- GALLANTT: Sep 2021 5.0 | Dec 2021 5.2 | Mar 2022 4.8 | Jun 2022 5.2 | Sep 2022 3.8 | Dec 2022 3.9 | Mar 2023 4.0 | Jun 2023 4.2 | Sep 2023 14.6 | Dec 2023 26.0 | Mar 2024 23.4 | Jun 2024 38.3 | Sep 2024 27.9 | Dec 2024 26.6 | Mar 2025 24.2 | Jun 2025 31.7 | Sep 2025 35.0 | Dec 2025 25.4 | Mar 2026 27.3 | Jun 2026 —
- SUNFLAG: Sep 2021 6.3 | Dec 2021 4.8 | Mar 2022 4.7 | Jun 2022 6.6 | Sep 2022 8.2 | Dec 2022 9.7 | Mar 2023 11.8 | Jun 2023 12.9 | Sep 2023 16.3 | Dec 2023 23.0 | Mar 2024 23.9 | Jun 2024 26.8 | Sep 2024 30.0 | Dec 2024 31.4 | Mar 2025 26.1 | Jun 2025 33.3 | Sep 2025 23.5 | Dec 2025 23.7 | Mar 2026 16.8 | Jun 2026 —
- RPEL: Sep 2021 90.8 | Dec 2021 88.8 | Mar 2022 36.7 | Jun 2022 30.0 | Sep 2022 31.1 | Dec 2022 46.9 | Mar 2023 38.7 | Jun 2023 45.6 | Sep 2023 43.2 | Dec 2023 65.2 | Mar 2024 53.7 | Jun 2024 67.5 | Sep 2024 87.6 | Dec 2024 104.2 | Mar 2025 69.3 | Jun 2025 86.2 | Sep 2025 82.4 | Dec 2025 121.1 | Mar 2026 76.2 | Jun 2026 101.0
- KSL: Sep 2021 6.7 | Dec 2021 5.2 | Mar 2022 5.5 | Jun 2022 4.9 | Sep 2022 5.4 | Dec 2022 6.5 | Mar 2023 5.3 | Jun 2023 6.4 | Sep 2023 9.6 | Dec 2023 8.7 | Mar 2024 15.3 | Jun 2024 16.7 | Sep 2024 15.2 | Dec 2024 20.3 | Mar 2025 13.5 | Jun 2025 15.9 | Sep 2025 12.8 | Dec 2025 12.2 | Mar 2026 9.9 | Jun 2026 —
- VSSL: Sep 2021 9.7 | Dec 2021 10.5 | Mar 2022 9.2 | Jun 2022 9.0 | Sep 2022 9.2 | Dec 2022 10.7 | Mar 2023 16.1 | Jun 2023 17.3 | Sep 2023 21.1 | Dec 2023 24.5 | Mar 2024 18.9 | Jun 2024 27.8 | Sep 2024 26.4 | Dec 2024 20.6 | Mar 2025 15.3 | Jun 2025 23.1 | Sep 2025 23.9 | Dec 2025 24.9 | Mar 2026 19.4 | Jun 2026 25.1
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49.6 | Dec 2022 237.8 | Mar 2023 296.0 | Jun 2023 200.0 | Sep 2023 137.9 | Dec 2023 142.9 | Mar 2024 119.3 | Jun 2024 373.8 | Sep 2024 377.5 | Dec 2024 386.8 | Mar 2025 243.4 | Jun 2025 324.5 | Sep 2025 354.8 | Dec 2025 347.9 | Mar 2026 225.0 | Jun 2026 —
- PRAKASH: Sep 2021 8.9 | Dec 2021 5.8 | Mar 2022 7.4 | Jun 2022 5.3 | Sep 2022 5.4 | Dec 2022 5.7 | Mar 2023 4.9 | Jun 2023 7.2 | Sep 2023 10.8 | Dec 2023 10.6 | Mar 2024 9.4 | Jun 2024 9.5 | Sep 2024 9.2 | Dec 2024 8.1 | Mar 2025 8.1 | Jun 2025 8.2 | Sep 2025 8.5 | Dec 2025 7.5 | Mar 2026 6.3 | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 46.1 | Mar 2022 18.1 | Jun 2022 12.2 | Sep 2022 8.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24.2 | Mar 2024 152.0 | Jun 2024 92.4 | Sep 2024 60.9 | Dec 2024 29.9 | Mar 2025 35.9 | Jun 2025 36.2 | Sep 2025 36.2 | Dec 2025 61.7 | Mar 2026 32.7 | Jun 2026 57.4
- ELECTHERM: Sep 2021 — | Dec 2021 1.4 | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 — | Dec 2022 -1.2 | Mar 2023 -6.0 | Jun 2023 4.4 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 2.4 | Jun 2024 3.2 | Sep 2024 3.1 | Dec 2024 4.2 | Mar 2025 3.1 | Jun 2025 4.8 | Sep 2025 5.4 | Dec 2025 6.5 | Mar 2026 14.6 | Jun 2026 —
- SALASAR: Sep 2021 22.0 | Dec 2021 17.1 | Mar 2022 18.7 | Jun 2022 23.9 | Sep 2022 27.6 | Dec 2022 51.7 | Mar 2023 36.2 | Jun 2023 39.1 | Sep 2023 37.0 | Dec 2023 45.3 | Mar 2024 62.5 | Jun 2024 53.6 | Sep 2024 59.3 | Dec 2024 41.8 | Mar 2025 28.1 | Jun 2025 59.0 | Sep 2025 75.0 | Dec 2025 57.2 | Mar 2026 49.8 | Jun 2026 —
- KAMDHENU: Sep 2021 10.5 | Dec 2021 9.4 | Mar 2022 9.7 | Jun 2022 8.4 | Sep 2022 12.7 | Dec 2022 31.6 | Mar 2023 27.7 | Jun 2023 28.2 | Sep 2023 25.7 | Dec 2023 32.4 | Mar 2024 45.7 | Jun 2024 45.9 | Sep 2024 51.8 | Dec 2024 43.6 | Mar 2025 26.1 | Jun 2025 27.6 | Sep 2025 23.4 | Dec 2025 20.5 | Mar 2026 16.5 | Jun 2026 —
- BEEKAY: Sep 2021 5.6 | Dec 2021 4.9 | Mar 2022 5.0 | Jun 2022 4.6 | Sep 2022 5.6 | Dec 2022 5.4 | Mar 2023 6.3 | Jun 2023 7.8 | Sep 2023 13.9 | Dec 2023 11.8 | Mar 2024 9.5 | Jun 2024 11.0 | Sep 2024 11.3 | Dec 2024 10.0 | Mar 2025 7.3 | Jun 2025 11.1 | Sep 2025 10.1 | Dec 2025 12.0 | Mar 2026 10.9 | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 503.6 | Sep 2025 232.5 | Dec 2025 250.7 | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 8.0 | Dec 2021 5.7 | Mar 2022 5.4 | Jun 2022 4.5 | Sep 2022 4.8 | Dec 2022 6.7 | Mar 2023 17.3 | Jun 2023 175.7 | Sep 2023 164.2 | Dec 2023 — | Mar 2024 172.7 | Jun 2024 142.7 | Sep 2024 82.7 | Dec 2024 85.7 | Mar 2025 33.3 | Jun 2025 121.3 | Sep 2025 150.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Prakash Industries Ltd leads both ev/ebitda at 4.1× and p/bv at 0.62×.

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: Prakash Industries Ltd · 4.1× | 24.1% versus #2 · BMW Industries Ltd | 0/8 recent comparable periods | 17/17 companies · 307 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. Prakash Industries Ltd (PRAKASH): 4.1
2. BMW Industries Ltd (542669): 5.4
3. Kalyani Steels Ltd (KSL): 5.9
4. Beekay Steel Industries Ltd (BEEKAY): 7.3
5. Sunflag Iron & Steel Company Ltd (SUNFLAG): 8.6

### P/BV — lowest P/BV
1. Prakash Industries Ltd (PRAKASH): 0.6
2. Sunflag Iron & Steel Company Ltd (SUNFLAG): 0.7
3. Beekay Steel Industries Ltd (BEEKAY): 0.7
4. Salasar Techno Engineering Ltd (SALASAR): 1.3
5. BMW Industries Ltd (542669): 1.5

### 20-quarter EV/EBITDA history
- 542669: Sep 2021 9.7 | Dec 2021 9.8 | Mar 2022 6.7 | Jun 2022 6.9 | Sep 2022 7.6 | Dec 2022 8.4 | Mar 2023 7.9 | Jun 2023 6.4 | Sep 2023 8.4 | Dec 2023 8.9 | Mar 2024 9.9 | Jun 2024 10.3 | Sep 2024 10.4 | Dec 2024 9.2 | Mar 2025 7.8 | Jun 2025 8.6 | Sep 2025 7.7 | Dec 2025 7.1 | Mar 2026 5.4 | Jun 2026 —
- JINDALSTEL: Sep 2021 4.5 | Dec 2021 3.3 | Mar 2022 4.7 | Jun 2022 4.3 | Sep 2022 3.7 | Dec 2022 5.8 | Mar 2023 6.0 | Jun 2023 6.9 | Sep 2023 8.7 | Dec 2023 9.0 | Mar 2024 9.6 | Jun 2024 11.1 | Sep 2024 11.1 | Dec 2024 10.3 | Mar 2025 10.9 | Jun 2025 11.2 | Sep 2025 12.2 | Dec 2025 12.0 | Mar 2026 14.4 | Jun 2026 12.7
- SHYAMMETL: Sep 2021 7.1 | Dec 2021 3.7 | Mar 2022 3.6 | Jun 2022 2.9 | Sep 2022 3.0 | Dec 2022 3.9 | Mar 2023 3.8 | Jun 2023 5.8 | Sep 2023 8.6 | Dec 2023 12.0 | Mar 2024 10.9 | Jun 2024 11.4 | Sep 2024 14.1 | Dec 2024 11.2 | Mar 2025 12.3 | Jun 2025 11.7 | Sep 2025 11.9 | Dec 2025 10.3 | Mar 2026 9.6 | Jun 2026 10.8
- GALLANTT: Sep 2021 3.5 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 9.6 | Sep 2022 6.2 | Dec 2022 5.6 | Mar 2023 4.7 | Jun 2023 4.9 | Sep 2023 7.3 | Dec 2023 12.9 | Mar 2024 13.0 | Jun 2024 20.0 | Sep 2024 15.5 | Dec 2024 14.5 | Mar 2025 13.7 | Jun 2025 18.5 | Sep 2025 21.3 | Dec 2025 16.3 | Mar 2026 17.7 | Jun 2026 —
- SUNFLAG: Sep 2021 4.3 | Dec 2021 4.0 | Mar 2022 3.8 | Jun 2022 4.0 | Sep 2022 5.5 | Dec 2022 6.3 | Mar 2023 7.3 | Jun 2023 7.5 | Sep 2023 8.8 | Dec 2023 11.3 | Mar 2024 10.8 | Jun 2024 11.4 | Sep 2024 12.7 | Dec 2024 13.2 | Mar 2025 11.7 | Jun 2025 14.4 | Sep 2025 11.2 | Dec 2025 11.5 | Mar 2026 8.6 | Jun 2026 —
- RPEL: Sep 2021 54.6 | Dec 2021 52.8 | Mar 2022 23.8 | Jun 2022 19.9 | Sep 2022 21.5 | Dec 2022 32.5 | Mar 2023 28.4 | Jun 2023 32.7 | Sep 2023 30.9 | Dec 2023 45.0 | Mar 2024 35.3 | Jun 2024 43.6 | Sep 2024 56.1 | Dec 2024 67.7 | Mar 2025 46.0 | Jun 2025 58.0 | Sep 2025 55.1 | Dec 2025 81.0 | Mar 2026 51.0 | Jun 2026 71.3
- KSL: Sep 2021 3.2 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 2.4 | Mar 2023 1.7 | Jun 2023 2.4 | Sep 2023 4.4 | Dec 2023 3.8 | Mar 2024 8.0 | Jun 2024 8.9 | Sep 2024 9.1 | Dec 2024 11.8 | Mar 2025 7.8 | Jun 2025 9.6 | Sep 2025 7.1 | Dec 2025 7.2 | Mar 2026 5.9 | Jun 2026 —
- VSSL: Sep 2021 5.5 | Dec 2021 6.5 | Mar 2022 6.0 | Jun 2022 5.4 | Sep 2022 5.6 | Dec 2022 6.7 | Mar 2023 10.0 | Jun 2023 10.4 | Sep 2023 12.2 | Dec 2023 13.7 | Mar 2024 11.0 | Jun 2024 15.2 | Sep 2024 14.5 | Dec 2024 11.8 | Mar 2025 9.0 | Jun 2025 12.8 | Sep 2025 15.4 | Dec 2025 16.0 | Mar 2026 12.7 | Jun 2026 16.2
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 48.6 | Dec 2022 208.8 | Mar 2023 261.6 | Jun 2023 155.6 | Sep 2023 86.3 | Dec 2023 89.1 | Mar 2024 74.7 | Jun 2024 196.6 | Sep 2024 194.1 | Dec 2024 223.2 | Mar 2025 156.5 | Jun 2025 211.2 | Sep 2025 243.5 | Dec 2025 264.8 | Mar 2026 186.4 | Jun 2026 —
- PRAKASH: Sep 2021 4.8 | Dec 2021 3.6 | Mar 2022 4.3 | Jun 2022 3.5 | Sep 2022 3.3 | Dec 2022 3.4 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 6.1 | Dec 2023 6.2 | Mar 2024 5.9 | Jun 2024 6.5 | Sep 2024 6.0 | Dec 2024 5.5 | Mar 2025 5.5 | Jun 2025 5.5 | Sep 2025 5.8 | Dec 2025 4.8 | Mar 2026 4.1 | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 16.5 | Mar 2022 24.2 | Jun 2022 17.0 | Sep 2022 10.8 | Dec 2022 18.7 | Mar 2023 19.5 | Jun 2023 25.4 | Sep 2023 19.8 | Dec 2023 15.5 | Mar 2024 19.5 | Jun 2024 20.9 | Sep 2024 17.7 | Dec 2024 12.7 | Mar 2025 10.7 | Jun 2025 12.3 | Sep 2025 11.9 | Dec 2025 13.9 | Mar 2026 9.7 | Jun 2026 14.6
- ELECTHERM: Sep 2021 22.6 | Dec 2021 8.0 | Mar 2022 12.1 | Jun 2022 24.4 | Sep 2022 120.9 | Dec 2022 79.7 | Mar 2023 47.2 | Jun 2023 15.1 | Sep 2023 8.8 | Dec 2023 6.9 | Mar 2024 6.3 | Jun 2024 6.9 | Sep 2024 6.0 | Dec 2024 6.8 | Mar 2025 5.9 | Jun 2025 8.5 | Sep 2025 8.4 | Dec 2025 10.1 | Mar 2026 23.1 | Jun 2026 —
- SALASAR: Sep 2021 13.2 | Dec 2021 10.8 | Mar 2022 10.8 | Jun 2022 13.3 | Sep 2022 16.6 | Dec 2022 25.9 | Mar 2023 18.9 | Jun 2023 19.6 | Sep 2023 18.7 | Dec 2023 22.7 | Mar 2024 29.2 | Jun 2024 27.0 | Sep 2024 28.2 | Dec 2024 20.5 | Mar 2025 13.8 | Jun 2025 13.8 | Sep 2025 15.0 | Dec 2025 13.9 | Mar 2026 10.1 | Jun 2026 —
- KAMDHENU: Sep 2021 6.5 | Dec 2021 6.1 | Mar 2022 6.4 | Jun 2022 5.8 | Sep 2022 7.7 | Dec 2022 17.2 | Mar 2023 15.2 | Jun 2023 15.5 | Sep 2023 14.2 | Dec 2023 17.6 | Mar 2024 24.3 | Jun 2024 25.1 | Sep 2024 28.1 | Dec 2024 23.9 | Mar 2025 14.8 | Jun 2025 15.8 | Sep 2025 13.6 | Dec 2025 12.1 | Mar 2026 10.0 | Jun 2026 —
- BEEKAY: Sep 2021 4.2 | Dec 2021 3.8 | Mar 2022 3.9 | Jun 2022 3.5 | Sep 2022 4.8 | Dec 2022 4.7 | Mar 2023 5.4 | Jun 2023 6.0 | Sep 2023 9.6 | Dec 2023 8.6 | Mar 2024 7.3 | Jun 2024 9.1 | Sep 2024 9.1 | Dec 2024 8.2 | Mar 2025 6.1 | Jun 2025 7.7 | Sep 2025 7.2 | Dec 2025 7.9 | Mar 2026 7.3 | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 198.9 | Sep 2025 91.9 | Dec 2025 106.9 | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 5.7 | Dec 2021 4.9 | Mar 2022 4.7 | Jun 2022 3.9 | Sep 2022 4.3 | Dec 2022 5.5 | Mar 2023 8.2 | Jun 2023 15.5 | Sep 2023 69.0 | Dec 2023 29.9 | Mar 2024 17.2 | Jun 2024 24.6 | Sep 2024 20.2 | Dec 2024 24.1 | Mar 2025 12.0 | Jun 2025 24.2 | Sep 2025 44.5 | Dec 2025 57.0 | Mar 2026 59.8 | Jun 2026 —

### 20-quarter P/BV history
- 542669: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 2.2 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 1.4 | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 —
- JINDALSTEL: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.6 | Jun 2022 1.0 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 2.1 | Jun 2024 2.8 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 2.0 | Mar 2026 2.3 | Jun 2026 2.1
- SHYAMMETL: Sep 2021 1.9 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 2.3 | Jun 2025 2.5 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.9 | Jun 2026 2.3
- GALLANTT: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.3 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 1.0 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 3.5 | Jun 2025 5.2 | Sep 2025 5.6 | Dec 2025 4.0 | Mar 2026 4.2 | Jun 2026 —
- SUNFLAG: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.1 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 1.1 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 1.0 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —
- RPEL: Sep 2021 12.8 | Dec 2021 8.3 | Mar 2022 6.3 | Jun 2022 8.2 | Sep 2022 5.0 | Dec 2022 8.2 | Mar 2023 8.2 | Jun 2023 10.4 | Sep 2023 8.5 | Dec 2023 11.8 | Mar 2024 9.4 | Jun 2024 12.2 | Sep 2024 15.8 | Dec 2024 18.6 | Mar 2025 13.9 | Jun 2025 17.6 | Sep 2025 15.3 | Dec 2025 20.3 | Mar 2026 12.8 | Jun 2026 22.0
- KSL: Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 2.2 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 —
- VSSL: Sep 2021 1.9 | Dec 2021 2.0 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 2.1 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.4 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 2.5 | Mar 2025 2.2 | Jun 2025 2.7 | Sep 2025 2.8 | Dec 2025 2.9 | Mar 2026 2.2 | Jun 2026 2.9
- RHETAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.4 | Dec 2022 11.7 | Mar 2023 14.2 | Jun 2023 9.3 | Sep 2023 9.0 | Dec 2023 9.2 | Mar 2024 7.7 | Jun 2024 14.0 | Sep 2024 13.5 | Dec 2024 20.0 | Mar 2025 14.7 | Jun 2025 17.4 | Sep 2025 18.0 | Dec 2025 19.8 | Mar 2026 20.1 | Jun 2026 —
- PRAKASH: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —
- STEELXIND: Sep 2021 — | Dec 2021 — | Mar 2022 4.3 | Jun 2022 2.9 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.7 | Jun 2023 3.4 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.5 | Jun 2024 2.6 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.3 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 2.0
- ELECTHERM: Sep 2021 -0.1 | Dec 2021 -0.2 | Mar 2022 -0.1 | Jun 2022 -0.1 | Sep 2022 -0.1 | Dec 2022 -0.1 | Mar 2023 -0.1 | Jun 2023 -0.1 | Sep 2023 -0.1 | Dec 2023 -0.3 | Mar 2024 -0.7 | Jun 2024 -0.9 | Sep 2024 -1.5 | Dec 2024 -2.5 | Mar 2025 -1.8 | Jun 2025 -2.0 | Sep 2025 -1.3 | Dec 2025 -7.3 | Mar 2026 -4.6 | Jun 2026 —
- SALASAR: Sep 2021 3.4 | Dec 2021 2.6 | Mar 2022 2.4 | Jun 2022 2.8 | Sep 2022 2.3 | Dec 2022 4.3 | Mar 2023 4.0 | Jun 2023 5.1 | Sep 2023 4.1 | Dec 2023 5.0 | Mar 2024 7.6 | Jun 2024 5.5 | Sep 2024 6.9 | Dec 2024 3.4 | Mar 2025 2.0 | Jun 2025 2.6 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 1.3 | Jun 2026 —
- KAMDHENU: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.8 | Dec 2022 4.4 | Mar 2023 3.9 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 4.5 | Mar 2024 6.4 | Jun 2024 6.4 | Sep 2024 7.2 | Dec 2024 6.1 | Mar 2025 3.6 | Jun 2025 3.9 | Sep 2025 3.3 | Dec 2025 2.9 | Mar 2026 2.3 | Jun 2026 —
- BEEKAY: Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.8 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- BANGANGA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 65.8 | Mar 2025 73.1 | Jun 2025 62.0 | Sep 2025 37.6 | Dec 2025 40.3 | Mar 2026 — | Jun 2026 —
- PANCHMSTEL: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 2.6 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.8 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 2.7 | Sep 2024 2.5 | Dec 2024 3.1 | Mar 2025 1.6 | Jun 2025 2.6 | Sep 2025 3.3 | Dec 2025 3.8 | Mar 2026 3.8 | Jun 2026 —

## Market action

Raghav Productivity Enhancers Ltd has the strongest one-year price move in Steel Products at +87.8%. It also leads on Mansfield relative strength against NIFTY at +57.4%. 10 of 17 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Raghav Productivity Enhancers Ltd (RPEL): 88%
2. Rhetan TMT Ltd (RHETAN): 62%
3. Kamdhenu Ltd (KAMDHENU): 20%
4. Sunflag Iron & Steel Company Ltd (SUNFLAG): 18%
5. Vardhman Special Steels Ltd (VSSL): 15%

### Strongest relative strength versus NIFTY 500
1. Raghav Productivity Enhancers Ltd (RPEL): 57%
2. Kamdhenu Ltd (KAMDHENU): 41%
3. BMW Industries Ltd (542669): 26%
4. Sunflag Iron & Steel Company Ltd (SUNFLAG): 25%
5. Steel Exchange India Ltd (STEELXIND): 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Jindal Steel Ltd (JINDALSTEL) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Shyam Metalics & Energy Ltd (SHYAMMETL) — market value ₹28.7K Cr; latest fundamentals Jun 2026
- Gallantt Ispat Ltd. (GALLANTT) — market value ₹12.6K Cr; latest fundamentals Mar 2026
- Sunflag Iron & Steel Company Ltd (SUNFLAG) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- Raghav Productivity Enhancers Ltd (RPEL) — market value ₹6.0K Cr; latest fundamentals Jun 2026
- Kalyani Steels Ltd (KSL) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Vardhman Special Steels Ltd (VSSL) — market value ₹2.9K Cr; latest fundamentals Jun 2026
- Rhetan TMT Ltd (RHETAN) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Prakash Industries Ltd (PRAKASH) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Steel Exchange India Ltd (STEELXIND) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Electrotherm (India) Ltd (ELECTHERM) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- BMW Industries Ltd (542669) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Salasar Techno Engineering Ltd (SALASAR) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kamdhenu Ltd (KAMDHENU) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Beekay Steel Industries Ltd (BEEKAY) — market value ₹764 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Banganga Paper Industries Ltd (BANGANGA) — market value ₹657 Cr; latest fundamentals Dec 2025
- Panchmahal Steel Ltd (PANCHMSTEL) — market value ₹517 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 8. Unverified: 9. Withheld: 0. Graded companies: 17.

6 of 17 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | PRAKASH | Prakash Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | STEELXIND | Steel Exchange India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ELECTHERM | Electrotherm (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SALASAR | Salasar Techno Engineering Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KAMDHENU | Kamdhenu Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BEEKAY | Beekay Steel Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

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

## Frequently asked questions

### What is the Nifty Steel Products index?

The Nifty Steel Products index tracks India's listed Steel Products companies as a single basket. This page follows the same 17 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Steel Products sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Steel Products stocks in India?

Ranked by this page's four-factor score, Shyam Metalics & Energy Ltd places first among 17 listed Steel Products companies, followed by Raghav Productivity Enhancers 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 Steel Products stocks are listed in India?

This comparison covers 17 listed Steel Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Steel Products company is the biggest?

Jindal Steel Ltd is the largest, with trailing-twelve-month revenue of ₹56,413 crore, ahead of Shyam Metalics & Energy Ltd at ₹19,583 crore. That covers 17 of 17 companies with comparable reporting through Jun 2026.

### Which Steel Products company is growing fastest?

Banganga Paper Industries Ltd has the fastest revenue growth at 100% year on year, across 17 of 17 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 Steel Products company has the best profit margins?

Raghav Productivity Enhancers Ltd has the highest operating margin at 30%, from 17 of 17 comparable companies. Rhetan TMT Ltd shows the biggest recent improvement, at +76.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Steel Products company makes the most profit?

Jindal Steel Ltd earns the most, at ₹2,709 crore of trailing-twelve-month net profit, from 17 of 17 comparable companies. Banganga Paper Industries Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Steel Products company earns the highest return on capital?

Raghav Productivity Enhancers Ltd leads on return on capital employed at 30.3%, across 17 of 17 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 Steel Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Vardhman Special Steels Ltd screens cheapest at 0.42×. Only 8 of 17 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 Steel Products company has the strongest balance sheet?

Raghav Productivity Enhancers Ltd carries the lowest comparable gross debt at ₹5 crore, from 17 of 17 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Steel Products sector beating the market?

Steel Products has outperformed NIFTY 500 by 10.3% over the last 52 weeks and 10.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Steel Products stock has the strongest price momentum?

Raghav Productivity Enhancers 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 Steel Products company scores highest for research priority?

Shyam Metalics & Energy Ltd scores 70.6 out of 100 with 97% evidence confidence, from 26.3 points on growth and earnings, 15.2 on capital efficiency, 12.6 on valuation and 16.5 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 Steel Products companies does this comparison cover, and over what period?

It compares 17 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 Steel Products sector?

The 17 Steel Products companies on this page carry ₹1,78,426 crore of combined market value. Jindal Steel Ltd is the largest at ₹1,05,661 crore, about 59% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Steel Products sector's P/E ratio?

The median price-to-earnings ratio across the 17 Steel Products companies on this page is 31.1×, measured on the 15 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 Steel Products sector performing?

10 of the 17 covered Steel Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

Narrative sector analysis: https://www.sectoralpha.in/sectors/steel-products