# Trading — company-by-company sector analysis

> Trading: Adani Enterprises Ltd owns the largest revenue base; Yogi Ltd has the fastest current growth.

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

## Bottom line

The 52-week sector comparison is unavailable. 24 of 41 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Adani Enterprises Ltd leads with revenue of ₹1,00,469 crore, based on 37 of 48 comparable companies through Mar 2026. Yogi Ltd has the fastest current revenue growth at 100%, across 34 of 48 comparable companies.

### Is the Trading sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 24 of 41 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Trading company is largest by revenue?

Adani Enterprises Ltd leads with revenue of ₹1,00,469 crore, based on 37 of 48 comparable companies through Mar 2026.

### Which Trading company is growing fastest?

Yogi Ltd has the fastest current revenue growth at 100%, across 34 of 48 comparable companies.

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

Rashi Peripherals Ltd ranks first at 66.4/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Trading company reports the most CAPEX?

Vision Infra Equipment Solutions Ltd reports the largest latest CAPEX at ₹93 crore, with 7 of 48 companies comparable.

### Which Trading company has the least gross debt?

Satani Bearings Ltd has the lowest comparable gross debt at ₹0 crore. Adani Enterprises Ltd has the highest at ₹1,06,622 crore.

### Which Trading company has the lowest comparable PEG?

Euro Pratik Sales Ltd has the lowest comparable Guarded PEG at 0.62, among 4 of 48 companies that pass the metric’s comparability rules.

### How much history does this Trading 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

The 52-week comparison of Trading against NIFTY 500 is not available from the current market series. 24 of 41 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. RRP Semiconductor Ltd is the strongest against the sector itself at +61.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 24/41
Stocks leading sector: 9/31

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

Companies: 48
Combined market value: ₹5.0 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. Rashi Peripherals Ltd (RPTECH): 66/100 — Favorable setup; evidence 72%
   - Growth & earnings 21.6/35 | Capital efficiency 14.3/25 | Valuation 10.9/20 | Relative strength 19.6/20
   - Exact sum: 21.6 + 14.3 + 10.9 + 19.6 = 66.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Magnus Steel & Infra Ltd (517320): 65/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 27.2/35 | Capital efficiency 16.7/25 | Valuation 9.0/20 | Relative strength 11.9/20
   - Exact sum: 27.2 + 16.7 + 9 + 11.9 = 64.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Shankara Buildpro Ltd (BUILDPRO): 63/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 24.7/35 | Capital efficiency 17.4/25 | Valuation 10.6/20 | Relative strength 10.0/20
   - Exact sum: 24.7 + 17.4 + 10.6 + 10 = 62.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Euro Pratik Sales Ltd (EUROPRATIK): 60/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 14.7/35 | Capital efficiency 20.7/25 | Valuation 15.0/20 | Relative strength 10.0/20
   - Exact sum: 14.7 + 20.7 + 15 + 10 = 60.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Mangalam Global Enterprise Ltd (MGEL): 60/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 23.6/35 | Capital efficiency 14.4/25 | Valuation 11.0/20 | Relative strength 10.8/20
   - Exact sum: 23.6 + 14.4 + 11 + 10.8 = 59.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Vision Infra Equipment Solutions Ltd (VIESL): 59/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.8/35 | Capital efficiency 15.2/25 | Valuation 10.5/20 | Relative strength 14.3/20
   - Exact sum: 18.8 + 15.2 + 10.5 + 14.3 = 58.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Sudarshan Pharma Industries Ltd (543828): 57/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 18.6/35 | Capital efficiency 11.2/25 | Valuation 9.5/20 | Relative strength 17.9/20
   - Exact sum: 18.6 + 11.2 + 9.5 + 17.9 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Onix Solar Energy Ltd (513119): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.2/35 | Capital efficiency 14.0/25 | Valuation 8.4/20 | Relative strength 10.7/20
   - Exact sum: 22.2 + 14 + 8.4 + 10.7 = 55.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Lloyds Enterprises Ltd (LLOYDSENT): 55/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.6/35 | Capital efficiency 11.4/25 | Valuation 8.7/20 | Relative strength 13.3/20
   - Exact sum: 21.6 + 11.4 + 8.7 + 13.3 = 55
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Aayush Art and Bullion Ltd (540718): 54/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 21.0/35 | Capital efficiency 15.9/25 | Valuation 9.0/20 | Relative strength 8.0/20
   - Exact sum: 21 + 15.9 + 9 + 8 = 53.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Nupur Recyclers Ltd (NRL): 54/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 16.0/35 | Capital efficiency 15.9/25 | Valuation 9.8/20 | Relative strength 12.1/20
   - Exact sum: 16 + 15.9 + 9.8 + 12.1 = 53.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Yogi Ltd (511702): 54/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 24.3/35 | Capital efficiency 9.1/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - Exact sum: 24.3 + 9.1 + 10.1 + 10 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Arisinfra Solutions Ltd (ARIS): 53/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 18.1/35 | Capital efficiency 16.2/25 | Valuation 10.9/20 | Relative strength 8.1/20
   - Exact sum: 18.1 + 16.2 + 10.9 + 8.1 = 53.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Tembo Global Industries Ltd (TEMBO): 53/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 20.0/35 | Capital efficiency 15.3/25 | Valuation 11.3/20 | Relative strength 6.1/20
   - Exact sum: 20 + 15.3 + 11.3 + 6.1 = 52.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Fabtech Technologies Ltd (FABTECH): 53/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 17.5/35 | Capital efficiency 13.9/25 | Valuation 11.1/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 13.9 + 11.1 + 10 = 52.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. SG Mart Ltd (SGMART): 51/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 14.3/35 | Capital efficiency 11.1/25 | Valuation 8.3/20 | Relative strength 17.6/20
   - Exact sum: 14.3 + 11.1 + 8.3 + 17.6 = 51.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 43.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Bizotic Commercial Ltd (543926): 51/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 19.7/35 | Capital efficiency 19.3/25 | Valuation 10.4/20 | Relative strength 1.6/20
   - Exact sum: 19.7 + 19.3 + 10.4 + 1.6 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Patel Retail Ltd (PATELRMART): 50/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.8/35 | Capital efficiency 13.8/25 | Valuation 10.8/20 | Relative strength 10.0/20
   - Exact sum: 15.8 + 13.8 + 10.8 + 10 = 50.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. BN Agrochem Ltd (BNAGROCHEM): 50/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 24.2/35 | Capital efficiency 10.0/25 | Valuation 9.3/20 | Relative strength 6.8/20
   - Exact sum: 24.2 + 10 + 9.3 + 6.8 = 50.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -19.2% and the one-year return is 5.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
20. Hardwyn India Ltd (HARDWYN): 49/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 20.4/35 | Capital efficiency 14.5/25 | Valuation 11.7/20 | Relative strength 2.8/20
   - Exact sum: 20.4 + 14.5 + 11.7 + 2.8 = 49.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. MMTC Ltd (MMTC): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 15.2/35 | Capital efficiency 12.9/25 | Valuation 13.7/20 | Relative strength 7.4/20
   - Exact sum: 15.2 + 12.9 + 13.7 + 7.4 = 49.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
22. Adani Enterprises Ltd (ADANIENT): 47/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 12.2/35 | Capital efficiency 8.8/25 | Valuation 8.4/20 | Relative strength 17.7/20
   - Exact sum: 12.2 + 8.8 + 8.4 + 17.7 = 47.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 31.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
23. Shiv Aum Steels Ltd (SHIVAUM): 47/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 16.7/35 | Capital efficiency 10.8/25 | Valuation 8.1/20 | Relative strength 11.4/20
   - Exact sum: 16.7 + 10.8 + 8.1 + 11.4 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. State Trading Corporation of India Ltd (STCINDIA): 46/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 18.7/35 | Capital efficiency 8.7/25 | Valuation 12.2/20 | Relative strength 6.3/20
   - Exact sum: 18.7 + 8.7 + 12.2 + 6.3 = 45.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. RRP Semiconductor Ltd (RRP): 46/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.2/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 16.7/20
   - Exact sum: 12.2 + 6.7 + 10 + 16.7 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Riddhi Siddhi Gluco Biols Ltd (524480): 45/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 12.3/35 | Capital efficiency 8.9/25 | Valuation 7.0/20 | Relative strength 16.4/20
   - Exact sum: 12.3 + 8.9 + 7 + 16.4 = 44.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
27. Neueon Corporation Ltd (NEUEON): 44/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 12.4/35 | Capital efficiency 6.6/25 | Valuation 10.0/20 | Relative strength 15.4/20
   - Exact sum: 12.4 + 6.6 + 10 + 15.4 = 44.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Cropster Agro Ltd (523105): 43/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 15.9/35 | Capital efficiency 14.4/25 | Valuation 9.9/20 | Relative strength 3.0/20
   - Exact sum: 15.9 + 14.4 + 9.9 + 3 = 43.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29. PTC India Ltd (PTC): 43/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 13.6/35 | Capital efficiency 13.3/25 | Valuation 10.8/20 | Relative strength 5.0/20
   - Exact sum: 13.6 + 13.3 + 10.8 + 5 = 42.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30. A-1 Ltd (A1L): 42/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 16.2/35 | Capital efficiency 11.5/25 | Valuation 8.8/20 | Relative strength 5.6/20
   - Exact sum: 16.2 + 11.5 + 8.8 + 5.6 = 42.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
31. Hexa Tradex Ltd (HEXATRADEX): 42/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 16.8/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 6.2/20
   - Exact sum: 16.8 + 8.6 + 10 + 6.2 = 41.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
32. Blue Pearl Agriventures Ltd (BPAGRI): 41/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 17.1/35 | Capital efficiency 10.8/25 | Valuation 8.6/20 | Relative strength 4.7/20
   - Exact sum: 17.1 + 10.8 + 8.6 + 4.7 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
33. Kothari Industrial Corporation Ltd (KOTIC): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.9/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - Exact sum: 19.9 + 4.9 + 10 + 3.5 = 38.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
34. Shanti Overseas (India) Ltd (SHANTI): 34/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 11.3/35 | Capital efficiency 6.4/25 | Valuation 13.3/20 | Relative strength 3.3/20
   - Exact sum: 11.3 + 6.4 + 13.3 + 3.3 = 34.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
35. Uniphos Enterprises Ltd (UNIENTER): 34/100 — Adverse evidence; evidence 69%
   - Growth & earnings 13.1/35 | Capital efficiency 7.7/25 | Valuation 8.5/20 | Relative strength 4.5/20
   - Exact sum: 13.1 + 7.7 + 8.5 + 4.5 = 33.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
36. Dhunseri Ventures Ltd (DVL): 33/100 — Adverse evidence; evidence 69%
   - Growth & earnings 11.9/35 | Capital efficiency 7.7/25 | Valuation 9.0/20 | Relative strength 4.5/20
   - Exact sum: 11.9 + 7.7 + 9 + 4.5 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37. Oswal Agro Mills Ltd (OSWALAGRO): 30/100 — Adverse evidence; evidence 64%
   - Growth & earnings 4.6/35 | Capital efficiency 11.1/25 | Valuation 10.0/20 | Relative strength 3.8/20
   - Exact sum: 4.6 + 11.1 + 10 + 3.8 = 29.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
38. Proventus Agrocom Ltd (PROV): 58/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 19.4/35 | Capital efficiency 13.9/25 | Valuation 13.3/20 | Relative strength 11.6/20
   - Exact sum: 19.4 + 13.9 + 13.3 + 11.6 = 58.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
39. Mardia Samyoung Capillary Tubes Company Ltd (MSCTC): 58/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 20.5/35 | Capital efficiency 16.7/25 | Valuation 8.7/20 | Relative strength 12.3/20
   - Exact sum: 20.5 + 16.7 + 8.7 + 12.3 = 58.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
40. Monika Alcobev Ltd (MONIKA): 53/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 16.3/35 | Capital efficiency 15.7/25 | Valuation 10.7/20 | Relative strength 10.0/20
   - Exact sum: 16.3 + 15.7 + 10.7 + 10 = 52.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
41. SK Minerals & Additives Ltd (544584): 52/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 16.2/35 | Capital efficiency 15.9/25 | Valuation 10.3/20 | Relative strength 10.0/20
   - Exact sum: 16.2 + 15.9 + 10.3 + 10 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
42. Pramara Promotions Ltd (PRAMARA): 52/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 16.7/35 | Capital efficiency 14.3/25 | Valuation 6.8/20 | Relative strength 14.5/20
   - Exact sum: 16.7 + 14.3 + 6.8 + 14.5 = 52.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
43. Manbro Industries Ltd (512595): 52/100 — Thin evidence · provisional; evidence 20%
   - Growth & earnings 18.3/35 | Capital efficiency 13.2/25 | Valuation 10.0/20 | Relative strength 10.3/20
   - Exact sum: 18.3 + 13.2 + 10 + 10.3 = 51.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
44. Shah Foods Ltd (519031): 51/100 — Thin evidence · provisional; evidence 21%
   - Growth & earnings 17.3/35 | Capital efficiency 12.6/25 | Valuation 8.9/20 | Relative strength 12.4/20
   - Exact sum: 17.3 + 12.6 + 8.9 + 12.4 = 51.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
45. BMW Ventures Ltd (BMW): 51/100 — Thin evidence · provisional; evidence 26%
   - Growth & earnings 18.0/35 | Capital efficiency 11.9/25 | Valuation 11.2/20 | Relative strength 10.0/20
   - Exact sum: 18 + 11.9 + 11.2 + 10 = 51.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
46. Keto Motors Ltd (537392): 50/100 — Thin evidence · provisional; evidence 22%
   - Growth & earnings 17.0/35 | Capital efficiency 10.4/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 17 + 10.4 + 10 + 12.5 = 49.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
47. Satani Bearings Ltd (505703): 49/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 20.1/35 | Capital efficiency 9.2/25 | Valuation 8.5/20 | Relative strength 11.3/20
   - Exact sum: 20.1 + 9.2 + 8.5 + 11.3 = 49.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
48. Le Merite Exports Ltd (LEMERITE): 47/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 18.8/35 | Capital efficiency 9.4/25 | Valuation 9.2/20 | Relative strength 9.4/20
   - Exact sum: 18.8 + 9.4 + 9.2 + 9.4 = 46.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Adani Enterprises Ltd is the scale leader at ₹1,00,469 crore, 499.1% ahead of PTC India Ltd. Yogi Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 295.6% from a ₹439 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Adani Enterprises Ltd is the scale benchmark; Yogi Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Adani Enterprises Ltd's growth falls below Yogi Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Adani Enterprises Ltd · ₹1,00,469 crore | 499.1% versus #2 · PTC India Ltd | 4/8 recent comparable periods | 37/48 companies · 524 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. Adani Enterprises Ltd (ADANIENT): ₹1.0 L Cr
2. PTC India Ltd (PTC): ₹16.8K Cr
3. Rashi Peripherals Ltd (RPTECH): ₹15.8K Cr
4. Shankara Buildpro Ltd (BUILDPRO): ₹6.8K Cr
5. SG Mart Ltd (SGMART): ₹6.5K Cr

### Revenue growth — fastest growers
1. Yogi Ltd (511702): 100%
2. Onix Solar Energy Ltd (513119): 100%
3. Magnus Steel & Infra Ltd (517320): 100%
4. Aayush Art and Bullion Ltd (540718): 100%
5. BN Agrochem Ltd (BNAGROCHEM): 100%

### 20-quarter Revenue history
- 505703: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- 511702: 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 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- 512595: 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 ₹14 Cr | Dec 2025 ₹46 Cr | Mar 2026 — | Jun 2026 —
- 513119: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹77 Cr | Jun 2026 ₹95 Cr
- 517320: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- 519031: 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 — | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- 537392: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 540718: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹13 Cr | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹27 Cr | Dec 2024 — | Mar 2025 ₹47 Cr | Jun 2025 — | Sep 2025 ₹48 Cr | Dec 2025 — | Mar 2026 ₹169 Cr | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹99 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹26 Cr | Dec 2023 — | Mar 2024 ₹46 Cr | Jun 2024 — | Sep 2024 ₹53 Cr | Dec 2024 — | Mar 2025 ₹59 Cr | Jun 2025 — | Sep 2025 ₹74 Cr | Dec 2025 — | Mar 2026 ₹177 Cr | Jun 2026 —
- 544584: 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 ₹101 Cr | Dec 2024 — | Mar 2025 ₹111 Cr | Jun 2025 — | Sep 2025 ₹110 Cr | Dec 2025 — | Mar 2026 ₹208 Cr | Jun 2026 —
- ADANIENT: Sep 2021 ₹13.2K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹24.9K Cr | Jun 2022 ₹40.8K Cr | Sep 2022 ₹38.2K Cr | Dec 2022 ₹26.6K Cr | Mar 2023 ₹28.9K Cr | Jun 2023 ₹22.6K Cr | Sep 2023 ₹19.5K Cr | Dec 2023 ₹25.1K Cr | Mar 2024 ₹29.2K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹22.6K Cr | Dec 2024 ₹22.8K Cr | Mar 2025 ₹27.0K Cr | Jun 2025 ₹22.0K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹24.8K Cr | Mar 2026 ₹32.4K Cr | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹58 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹334 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹385 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹489 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹299 Cr | Mar 2026 ₹720 Cr | Jun 2026 —
- RRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MMTC: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹545 Cr | Dec 2022 ₹763 Cr | Mar 2023 ₹708 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹-210 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 ₹151 Cr | Sep 2023 ₹506 Cr | Dec 2023 ₹748 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.3K Cr
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4.9K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- EUROPRATIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹48 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹261 Cr | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- LEMERITE: 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 ₹96 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹98 Cr | Dec 2025 ₹73 Cr | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹206 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹212 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹343 Cr | Jun 2026 —
- TEMBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹56 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹164 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹346 Cr | Jun 2026 —
- A1L: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹79 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹70 Cr | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-7 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹36 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹264 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- VIESL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹69 Cr | Jun 2024 — | Sep 2024 ₹194 Cr | Dec 2024 — | Mar 2025 ₹249 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹177 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹334 Cr | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- MSCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹12 Cr | Mar 2026 — | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- FABTECH: 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 ₹59 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹159 Cr | Jun 2026 ₹75 Cr
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹201 Cr | Dec 2023 — | Mar 2024 ₹293 Cr | Jun 2024 — | Sep 2024 ₹293 Cr | Dec 2024 — | Mar 2025 ₹288 Cr | Jun 2025 — | Sep 2025 ₹390 Cr | Dec 2025 — | Mar 2026 ₹535 Cr | Jun 2026 —
- MONIKA: 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 ₹84 Cr | Dec 2024 — | Mar 2025 ₹152 Cr | Jun 2025 — | Sep 2025 ₹117 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹333 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹532 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹680 Cr | Sep 2024 ₹563 Cr | Dec 2024 ₹502 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹859 Cr | Sep 2025 ₹706 Cr | Dec 2025 ₹756 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SHIVAUM: 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 ₹151 Cr | Mar 2025 ₹153 Cr | Jun 2025 — | Sep 2025 ₹114 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹17 Cr | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 ₹21 Cr | Dec 2023 — | Mar 2024 ₹43 Cr | Jun 2024 — | Sep 2024 ₹31 Cr | Dec 2024 — | Mar 2025 ₹56 Cr | Jun 2025 — | Sep 2025 ₹53 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BMW: 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 ₹473 Cr | Dec 2024 ₹485 Cr | Mar 2025 — | Jun 2025 ₹485 Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹563 Cr | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- 505703: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 511702: 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 — | Dec 2025 — | Mar 2026 42% | Jun 2026 —
- 513119: 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 — | Dec 2025 -72% | Mar 2026 235% | Jun 2026 -7.8%
- 517320: 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 119% | Jun 2025 13% | Sep 2025 — | Dec 2025 260% | Mar 2026 386% | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2,228% | Sep 2024 242% | Dec 2024 187% | Mar 2025 103% | Jun 2025 26% | Sep 2025 10% | Dec 2025 6.8% | Mar 2026 -68% | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 520% | Mar 2024 -27% | Jun 2024 -78% | Sep 2024 172% | Dec 2024 -68% | Mar 2025 -45% | Jun 2025 1,007% | Sep 2025 -35% | Dec 2025 -9.1% | Mar 2026 -68% | Jun 2026 —
- 540718: Sep 2021 0.0% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 -100% | Dec 2022 — | Mar 2023 550% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -100% | Jun 2024 — | Sep 2024 286% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 78% | Dec 2025 — | Mar 2026 260% | Jun 2026 —
- 543828: 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 46% | Sep 2025 31% | Dec 2025 45% | Mar 2026 36% | Jun 2026 —
- 543926: 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 104% | Dec 2024 — | Mar 2025 28% | Jun 2025 — | Sep 2025 40% | Dec 2025 — | Mar 2026 200% | Jun 2026 —
- 544584: 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 8.9% | Dec 2025 — | Mar 2026 87% | Jun 2026 —
- ADANIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 225% | Sep 2022 189% | Dec 2022 42% | Mar 2023 16% | Jun 2023 -45% | Sep 2023 -49% | Dec 2023 -5.9% | Mar 2024 0.8% | Jun 2024 12% | Sep 2024 16% | Dec 2024 -8.8% | Mar 2025 -7.6% | Jun 2025 -14% | Sep 2025 -6.0% | Dec 2025 8.6% | Mar 2026 20% | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 459% | Mar 2024 38% | Jun 2024 114% | Sep 2024 158% | Dec 2024 -10% | Mar 2025 46% | Jun 2025 2.5% | Sep 2025 5.7% | Dec 2025 3.1% | Mar 2026 47% | Jun 2026 —
- RRP: 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 1,479% | Jun 2025 -100% | Sep 2025 -220% | Dec 2025 -100% | Mar 2026 -100% | Jun 2026 —
- MMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -69% | Sep 2022 -76% | Dec 2022 -67% | Mar 2023 -69% | Jun 2023 -86% | Sep 2023 -139% | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 -100% | Sep 2024 — | Dec 2024 -100% | Mar 2025 -100% | Jun 2025 0.0% | Sep 2025 -50% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 651% | Sep 2024 254% | Dec 2024 78% | Mar 2025 25% | Jun 2025 0.9% | Sep 2025 -5.0% | Dec 2025 23% | Mar 2026 14% | Jun 2026 14%
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 33% | Jun 2024 74% | Sep 2024 23% | Dec 2024 7.7% | Mar 2025 -1.0% | Jun 2025 -26% | Sep 2025 12% | Dec 2025 43% | Mar 2026 51% | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.5% | Dec 2023 9.2% | Mar 2024 -1.9% | Jun 2024 -4.3% | Sep 2024 1.1% | Dec 2024 -0.2% | Mar 2025 -17% | Jun 2025 -12% | Sep 2025 6.5% | Dec 2025 -0.5% | Mar 2026 33% | Jun 2026 —
- EUROPRATIK: 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 35% | Sep 2025 10% | Dec 2025 6.7% | Mar 2026 27% | Jun 2026 —
- BUILDPRO: 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 30% | Sep 2025 29% | Dec 2025 29% | Mar 2026 28% | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -20% | Jun 2024 6,744% | Sep 2024 7,360% | Dec 2024 — | Mar 2025 — | Jun 2025 91% | Sep 2025 67% | Dec 2025 33% | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: 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 2,921% | Jun 2025 — | Sep 2025 — | Dec 2025 125% | Mar 2026 22% | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 200% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 550% | Sep 2024 267% | Dec 2024 1,150% | Mar 2025 550% | Jun 2025 200% | Sep 2025 123% | Dec 2025 104% | Mar 2026 73% | Jun 2026 —
- LEMERITE: 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 — | Dec 2025 -23% | Mar 2026 — | Jun 2026 —
- ARIS: 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 7.3% | Jun 2025 12% | Sep 2025 39% | Dec 2025 49% | Mar 2026 55% | Jun 2026 —
- TEMBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 105% | Mar 2024 40% | Jun 2024 58% | Sep 2024 44% | Dec 2024 46% | Mar 2025 125% | Jun 2025 94% | Sep 2025 49% | Dec 2025 49% | Mar 2026 26% | Jun 2026 —
- A1L: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -47% | Mar 2024 -15% | Jun 2024 20% | Sep 2024 65% | Dec 2024 78% | Mar 2025 80% | Jun 2025 -8.5% | Sep 2025 -19% | Dec 2025 -6.1% | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -1,031% | Jun 2024 -100% | Sep 2024 -21% | Dec 2024 -100% | Mar 2025 — | Jun 2025 — | Sep 2025 1.6% | Dec 2025 — | Mar 2026 -3.3% | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 58% | Mar 2024 89% | Jun 2024 303% | Sep 2024 244% | Dec 2024 98% | Mar 2025 -49% | Jun 2025 7.5% | Sep 2025 -53% | Dec 2025 -36% | Mar 2026 -47% | Jun 2026 —
- VIESL: 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 261% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -8.4% | Dec 2023 15% | Mar 2024 48% | Jun 2024 11% | Sep 2024 62% | Dec 2024 16% | Mar 2025 3.4% | Jun 2025 4.9% | Sep 2025 -1.9% | Dec 2025 5.8% | Mar 2026 25% | Jun 2026 —
- PATELRMART: 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 2.9% | Sep 2025 14% | Dec 2025 35% | Mar 2026 52% | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -12% | Jun 2024 -24% | Sep 2024 -32% | Dec 2024 -54% | Mar 2025 -15% | Jun 2025 43% | Sep 2025 -4.7% | Dec 2025 72% | Mar 2026 54% | Jun 2026 —
- MSCTC: 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 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIENTER: 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 44% | Jun 2025 93% | Sep 2025 -100% | Dec 2025 -100% | Mar 2026 -64% | Jun 2026 —
- FABTECH: 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 107% | Dec 2025 -40% | Mar 2026 18% | Jun 2026 10%
- PROV: 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 46% | Dec 2024 — | Mar 2025 -1.7% | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 86% | Jun 2026 —
- MONIKA: 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 39% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 63% | Jun 2024 110% | Sep 2024 28% | Dec 2024 -5.6% | Mar 2025 -0.9% | Jun 2025 26% | Sep 2025 25% | Dec 2025 51% | Mar 2026 98% | Jun 2026 —
- SHIVAUM: 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 — | Dec 2025 20% | Mar 2026 6.6% | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 30% | Jun 2024 — | Sep 2024 48% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 71% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 -96% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9,700% | Jun 2025 — | Sep 2025 — | Dec 2025 -100% | Mar 2026 -100% | Jun 2026 —
- BMW: 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 6.1% | Dec 2025 16% | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 -74% | Mar 2024 -75% | Jun 2024 -66% | Sep 2024 — | Dec 2024 738% | Mar 2025 15% | Jun 2025 41% | Sep 2025 29% | Dec 2025 -94% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Onix Solar Energy Ltd leads opm at 30%; Manbro Industries Ltd leads margin change at +32.8 percentage points.

Investor read: Onix Solar Energy 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: Onix Solar Energy Ltd · 30% | 11.1% versus #2 · Euro Pratik Sales Ltd | 6/8 recent comparable periods | 42/48 companies · 510 observations

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

### OPM — highest
1. Onix Solar Energy Ltd (513119): 30%
2. Euro Pratik Sales Ltd (EUROPRATIK): 27%
3. Vision Infra Equipment Solutions Ltd (VIESL): 27%
4. Magnus Steel & Infra Ltd (517320): 21%
5. Mardia Samyoung Capillary Tubes Company Ltd (MSCTC): 15% — older report

### Margin change — fastest expanders
1. Manbro Industries Ltd (512595): +32.8 pp — older report
2. Onix Solar Energy Ltd (513119): +23.0 pp
3. BN Agrochem Ltd (BNAGROCHEM): +20.5 pp
4. Fabtech Technologies Ltd (FABTECH): +14.8 pp
5. Hexa Tradex Ltd (HEXATRADEX): +13.6 pp

### 20-quarter OPM history
- 505703: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -600% | Dec 2022 -600% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5% | Mar 2026 1.5% | Jun 2026 —
- 511702: Sep 2021 120% | Dec 2021 1.1% | Mar 2022 -300% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9% | Jun 2025 8.5% | Sep 2025 9.5% | Dec 2025 5.8% | Mar 2026 4.4% | Jun 2026 —
- 512595: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 72% | Jun 2023 — | Sep 2023 1.8% | Dec 2023 1.7% | Mar 2024 1.1% | Jun 2024 -11% | Sep 2024 -11% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 21% | Dec 2025 6.6% | Mar 2026 — | Jun 2026 —
- 513119: Sep 2021 -25% | Dec 2021 -1,000% | Mar 2022 — | Jun 2022 -400% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -23% | Sep 2024 38% | Dec 2024 9.0% | Mar 2025 3.0% | Jun 2025 7.0% | Sep 2025 -1.0% | Dec 2025 88% | Mar 2026 39% | Jun 2026 30%
- 517320: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -4.5% | Jun 2024 -3.5% | Sep 2024 — | Dec 2024 -5.8% | Mar 2025 20% | Jun 2025 25% | Sep 2025 22% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- 519031: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -88% | Sep 2024 3.4% | Dec 2024 -3.9% | Mar 2025 7.4% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -3.3% | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -2.3% | Sep 2023 6.6% | Dec 2023 29% | Mar 2024 19% | Jun 2024 7.4% | Sep 2024 6.5% | Dec 2024 6.2% | Mar 2025 6.6% | Jun 2025 8.1% | Sep 2025 8.1% | Dec 2025 8.1% | Mar 2026 8.7% | Jun 2026 —
- 524480: Sep 2021 7.0% | Dec 2021 -6.7% | Mar 2022 -4.5% | Jun 2022 8.1% | Sep 2022 12% | Dec 2022 -4.2% | Mar 2023 -5.0% | Jun 2023 0.0% | Sep 2023 21% | Dec 2023 2.0% | Mar 2024 -6.0% | Jun 2024 -2.0% | Sep 2024 13% | Dec 2024 -2.0% | Mar 2025 -12% | Jun 2025 0.0% | Sep 2025 5.0% | Dec 2025 -14% | Mar 2026 -89% | Jun 2026 —
- 540718: Sep 2021 7.0% | Dec 2021 — | Mar 2022 -23% | Jun 2022 — | Sep 2022 -23% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 2.0% | Dec 2023 — | Mar 2024 -165% | Jun 2024 — | Sep 2024 1.0% | Dec 2024 — | Mar 2025 4.0% | Jun 2025 — | Sep 2025 1.0% | Dec 2025 — | Mar 2026 6.0% | Jun 2026 —
- 543828: Sep 2021 3.5% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.6% | Dec 2022 — | Mar 2023 2.9% | Jun 2023 — | Sep 2023 3.6% | Dec 2023 — | Mar 2024 6.2% | Jun 2024 2.0% | Sep 2024 10% | Dec 2024 7.0% | Mar 2025 10% | Jun 2025 8.0% | Sep 2025 5.0% | Dec 2025 6.0% | Mar 2026 9.0% | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.0% | Dec 2023 — | Mar 2024 -2.0% | Jun 2024 — | Sep 2024 4.0% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 8.0% | Jun 2026 —
- 544584: 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 8.0% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 10% | Jun 2026 —
- ADANIENT: Sep 2021 6.7% | Dec 2021 4.1% | Mar 2022 5.1% | Jun 2022 4.3% | Sep 2022 4.9% | Dec 2022 6.0% | Mar 2023 12% | Jun 2023 11% | Sep 2023 12% | Dec 2023 13% | Mar 2024 11% | Jun 2024 15% | Sep 2024 17% | Dec 2024 13% | Mar 2025 14% | Jun 2025 15% | Sep 2025 16% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- LLOYDSENT: Sep 2021 5.0% | Dec 2021 13% | Mar 2022 19% | Jun 2022 12% | Sep 2022 21% | Dec 2022 33% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 17% | Dec 2023 12% | Mar 2024 5.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 14% | Mar 2025 5.0% | Jun 2025 7.0% | Sep 2025 6.0% | Dec 2025 8.0% | Mar 2026 6.0% | Jun 2026 —
- RRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 21% | Jun 2024 36% | Sep 2024 29% | Dec 2024 43% | Mar 2025 24% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MMTC: Sep 2021 -1.3% | Dec 2021 -0.8% | Mar 2022 23% | Jun 2022 -1.4% | Sep 2022 -6.6% | Dec 2022 -4.0% | Mar 2023 -3.0% | Jun 2023 -29% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 -708% | Mar 2022 — | Jun 2022 86% | Sep 2022 — | Dec 2022 -8.3% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 1.0% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 2.0% | Dec 2025 1.0% | Mar 2026 3.0% | Jun 2026 4.0%
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.6% | Dec 2022 3.0% | Mar 2023 3.0% | Jun 2023 4.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 1.0% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 2.0% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 —
- PTC: Sep 2021 8.6% | Dec 2021 8.3% | Mar 2022 13% | Jun 2022 8.5% | Sep 2022 7.0% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 5.0% | Sep 2024 6.0% | Dec 2024 9.0% | Mar 2025 5.0% | Jun 2025 7.0% | Sep 2025 5.0% | Dec 2025 5.0% | Mar 2026 4.0% | Jun 2026 —
- EUROPRATIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 29% | Sep 2024 45% | Dec 2024 37% | Mar 2025 26% | Jun 2025 34% | Sep 2025 32% | Dec 2025 43% | Mar 2026 27% | Jun 2026 —
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.7% | Sep 2024 3.0% | Dec 2024 3.0% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 —
- BPAGRI: Sep 2021 -14% | Dec 2021 0.0% | Mar 2022 -60% | Jun 2022 -50% | Sep 2022 14% | Dec 2022 0.0% | Mar 2023 40% | Jun 2023 -22% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -150% | Jun 2024 5.5% | Sep 2024 6.6% | Dec 2024 5.3% | Mar 2025 -5.1% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 2.8% | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -13% | Jun 2024 — | Sep 2024 — | Dec 2024 9.2% | Mar 2025 -19% | Jun 2025 12% | Sep 2025 0.6% | Dec 2025 -8.4% | Mar 2026 1.6% | Jun 2026 —
- KOTIC: Sep 2021 -21% | Dec 2021 -40% | Mar 2022 -104% | Jun 2022 -56% | Sep 2022 -71% | Dec 2022 -101% | Mar 2023 -64% | Jun 2023 -79% | Sep 2023 -21% | Dec 2023 -204% | Mar 2024 -361% | Jun 2024 3.0% | Sep 2024 2.0% | Dec 2024 -3.0% | Mar 2025 -53% | Jun 2025 -1.0% | Sep 2025 -10% | Dec 2025 -32% | Mar 2026 -54% | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 4.7% | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 0.7% | Jun 2023 — | Sep 2023 1.6% | Dec 2023 — | Mar 2024 1.2% | Jun 2024 — | Sep 2024 1.4% | Dec 2024 1.9% | Mar 2025 3.2% | Jun 2025 — | Sep 2025 5.7% | Dec 2025 2.8% | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -5.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 5.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 —
- TEMBO: Sep 2021 -4.6% | Dec 2021 9.7% | Mar 2022 5.8% | Jun 2022 1.1% | Sep 2022 10% | Dec 2022 8.0% | Mar 2023 4.0% | Jun 2023 5.0% | Sep 2023 7.0% | Dec 2023 4.0% | Mar 2024 1.0% | Jun 2024 7.0% | Sep 2024 9.0% | Dec 2024 18% | Mar 2025 10% | Jun 2025 11% | Sep 2025 13% | Dec 2025 17% | Mar 2026 11% | Jun 2026 —
- A1L: Sep 2021 2.6% | Dec 2021 4.1% | Mar 2022 2.0% | Jun 2022 2.7% | Sep 2022 1.2% | Dec 2022 1.4% | Mar 2023 -0.5% | Jun 2023 -0.4% | Sep 2023 -0.2% | Dec 2023 2.8% | Mar 2024 3.7% | Jun 2024 2.9% | Sep 2024 3.2% | Dec 2024 3.8% | Mar 2025 2.2% | Jun 2025 2.9% | Sep 2025 1.9% | Dec 2025 2.9% | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -967% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -875% | Sep 2024 — | Dec 2024 — | Mar 2025 -26% | Jun 2025 -11% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -30% | Dec 2022 — | Mar 2023 90% | Jun 2023 99% | Sep 2023 78% | Dec 2023 98% | Mar 2024 — | Jun 2024 — | Sep 2024 77% | Dec 2024 — | Mar 2025 -205% | Jun 2025 — | Sep 2025 3.9% | Dec 2025 — | Mar 2026 -192% | Jun 2026 —
- DVL: Sep 2021 62% | Dec 2021 34% | Mar 2022 -7.2% | Jun 2022 -45% | Sep 2022 55% | Dec 2022 -40% | Mar 2023 3.0% | Jun 2023 38% | Sep 2023 39% | Dec 2023 22% | Mar 2024 3.0% | Jun 2024 25% | Sep 2024 32% | Dec 2024 30% | Mar 2025 -81% | Jun 2025 48% | Sep 2025 -59% | Dec 2025 -59% | Mar 2026 -85% | Jun 2026 —
- VIESL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25% | Jun 2024 — | Sep 2024 27% | Dec 2024 — | Mar 2025 27% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 4.4% | Dec 2021 6.5% | Mar 2022 7.2% | Jun 2022 5.6% | Sep 2022 5.7% | Dec 2022 14% | Mar 2023 17% | Jun 2023 4.3% | Sep 2023 7.1% | Dec 2023 17% | Mar 2024 14% | Jun 2024 6.0% | Sep 2024 12% | Dec 2024 14% | Mar 2025 6.5% | Jun 2025 13% | Sep 2025 13% | Dec 2025 6.2% | Mar 2026 10% | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.6% | Sep 2024 7.2% | Dec 2024 6.1% | Mar 2025 7.1% | Jun 2025 8.3% | Sep 2025 7.4% | Dec 2025 7.5% | Mar 2026 5.2% | Jun 2026 —
- NRL: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 9.5% | Sep 2022 7.0% | Dec 2022 6.3% | Mar 2023 5.3% | Jun 2023 4.3% | Sep 2023 3.1% | Dec 2023 2.4% | Mar 2024 2.2% | Jun 2024 14% | Sep 2024 12% | Dec 2024 8.5% | Mar 2025 5.4% | Jun 2025 7.9% | Sep 2025 7.0% | Dec 2025 10% | Mar 2026 6.4% | Jun 2026 —
- MSCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -142% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.9% | Dec 2025 15% | Mar 2026 — | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 -120% | 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 -48% | Mar 2022 — | Jun 2022 — | Sep 2022 -53% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -1.7% | Jun 2024 -25% | Sep 2024 -1.6% | Dec 2024 -20% | Mar 2025 -2.2% | Jun 2025 -14% | Sep 2025 — | Dec 2025 — | Mar 2026 -3.1% | Jun 2026 —
- FABTECH: 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 7.8% | Dec 2024 22% | Mar 2025 14% | Jun 2025 -9.1% | Sep 2025 25% | Dec 2025 -18% | Mar 2026 14% | Jun 2026 5.7%
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0% | Dec 2023 — | Mar 2024 2.0% | Jun 2024 — | Sep 2024 2.0% | Dec 2024 — | Mar 2025 2.0% | Jun 2025 — | Sep 2025 2.0% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 —
- MONIKA: 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 17% | Dec 2024 — | Mar 2025 21% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 -0.4% | Dec 2021 1.5% | Mar 2022 1.0% | Jun 2022 -2.1% | Sep 2022 -0.5% | Dec 2022 1.6% | Mar 2023 4.0% | Jun 2023 3.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 3.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 2.0% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 2.0% | Jun 2026 —
- SHIVAUM: Sep 2021 6.7% | Dec 2021 — | Mar 2022 3.7% | Jun 2022 — | Sep 2022 6.8% | Dec 2022 — | Mar 2023 3.0% | Jun 2023 — | Sep 2023 4.1% | Dec 2023 — | Mar 2024 3.0% | Jun 2024 — | Sep 2024 3.6% | Dec 2024 1.0% | Mar 2025 3.3% | Jun 2025 — | Sep 2025 2.3% | Dec 2025 1.6% | Mar 2026 3.8% | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 16% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 -25% | Jun 2022 — | Sep 2022 — | Dec 2022 -50% | Mar 2023 -10% | Jun 2023 -300% | Sep 2023 -446% | Dec 2023 -455% | Mar 2024 -211% | Jun 2024 -215% | Sep 2024 -536% | Dec 2024 90% | Mar 2025 82% | Jun 2025 77% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BMW: 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 4.0% | Dec 2024 4.0% | Mar 2025 — | Jun 2025 4.0% | Sep 2025 4.0% | Dec 2025 4.0% | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 -27% | Dec 2021 -3.2% | Mar 2022 9.1% | Jun 2022 -1.2% | Sep 2022 -33% | Dec 2022 -51% | Mar 2023 -223% | Jun 2023 -5.5% | Sep 2023 -3.9% | Dec 2023 -49% | Mar 2024 -44% | Jun 2024 -33% | Sep 2024 -57% | Dec 2024 -16% | Mar 2025 13% | Jun 2025 8.0% | Sep 2025 -83% | Dec 2025 -217% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- 511702: Sep 2021 +70.0 pp | Dec 2021 −138.9 pp | Mar 2022 −375.0 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 +3.6 pp | Jun 2026 —
- 512595: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −70.7 pp | Jun 2024 — | Sep 2024 −13.2 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +32.8 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 513119: Sep 2021 — | Dec 2021 −300.0 pp | Mar 2022 −9,980.5 pp | Jun 2022 −378.3 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +1,609.0 pp | Mar 2025 +1,603.0 pp | Jun 2025 +30.0 pp | Sep 2025 −39.0 pp | Dec 2025 +79.0 pp | Mar 2026 +36.0 pp | Jun 2026 +23.0 pp
- 517320: 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 +24.2 pp | Jun 2025 +28.1 pp | Sep 2025 — | Dec 2025 +23.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- 519031: 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 — | Dec 2025 — | Mar 2026 −10.7 pp | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +9.7 pp | Sep 2024 −0.2 pp | Dec 2024 −22.4 pp | Mar 2025 −12.1 pp | Jun 2025 +0.7 pp | Sep 2025 +1.6 pp | Dec 2025 +1.9 pp | Mar 2026 +2.1 pp | Jun 2026 —
- 524480: Sep 2021 +13.9 pp | Dec 2021 +2.1 pp | Mar 2022 −8.6 pp | Jun 2022 +7.0 pp | Sep 2022 +5.2 pp | Dec 2022 +2.4 pp | Mar 2023 −0.5 pp | Jun 2023 −8.1 pp | Sep 2023 +8.8 pp | Dec 2023 +6.2 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −8.0 pp | Dec 2024 −4.0 pp | Mar 2025 −6.0 pp | Jun 2025 +2.0 pp | Sep 2025 −8.0 pp | Dec 2025 −12.0 pp | Mar 2026 −77.0 pp | Jun 2026 —
- 540718: Sep 2021 −43.0 pp | Dec 2021 — | Mar 2022 −3.0 pp | Jun 2022 — | Sep 2022 −29.9 pp | Dec 2022 — | Mar 2023 +23.0 pp | Jun 2023 — | Sep 2023 +24.9 pp | Dec 2023 — | Mar 2024 −165.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 +169.0 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +2.0 pp | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 +6.4 pp | Dec 2024 — | Mar 2025 +3.8 pp | Jun 2025 +6.0 pp | Sep 2025 −5.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- 543926: 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 −2.0 pp | Dec 2024 — | Mar 2025 +10.0 pp | Jun 2025 — | Sep 2025 +12.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- 544584: 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 +3.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- ADANIENT: Sep 2021 −1.7 pp | Dec 2021 −2.5 pp | Mar 2022 −1.6 pp | Jun 2022 −2.1 pp | Sep 2022 −1.8 pp | Dec 2022 +1.9 pp | Mar 2023 +6.9 pp | Jun 2023 +6.7 pp | Sep 2023 +7.1 pp | Dec 2023 +7.0 pp | Mar 2024 −1.0 pp | Jun 2024 +4.0 pp | Sep 2024 +5.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 +83.1 pp | Jun 2022 +149.0 pp | Sep 2022 +16.2 pp | Dec 2022 +20.1 pp | Mar 2023 −11.3 pp | Jun 2023 −4.1 pp | Sep 2023 −4.3 pp | Dec 2023 −21.0 pp | Mar 2024 −3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −9.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −6.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RRP: 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 +3.3 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MMTC: Sep 2021 −1.1 pp | Dec 2021 −0.9 pp | Mar 2022 +23.1 pp | Jun 2022 −0.8 pp | Sep 2022 −5.3 pp | Dec 2022 −3.2 pp | Mar 2023 −25.7 pp | Jun 2023 −27.6 pp | Sep 2023 — | Dec 2023 −4,978.0 pp | Mar 2024 −5,120.0 pp | Jun 2024 −7,759.0 pp | Sep 2024 — | Dec 2024 −7,242.0 pp | Mar 2025 −7,848.4 pp | Jun 2025 +6,089.0 pp | Sep 2025 −67.0 pp | Dec 2025 +5,456.0 pp | Mar 2026 −5,633.5 pp | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +699.4 pp | Mar 2023 — | Jun 2023 −84.5 pp | Sep 2023 — | Dec 2023 +10.3 pp | Mar 2024 — | Jun 2024 +1.0 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 +1.0 pp | Jun 2026 +1.0 pp
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- PTC: Sep 2021 0.0 pp | Dec 2021 −2.4 pp | Mar 2022 +4.2 pp | Jun 2022 +0.2 pp | Sep 2022 −1.6 pp | Dec 2022 +1.7 pp | Mar 2023 −5.5 pp | Jun 2023 −2.5 pp | Sep 2023 −1.0 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 −2.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- EUROPRATIK: 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 +5.0 pp | Sep 2025 −13.0 pp | Dec 2025 +6.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- BUILDPRO: 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 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- BPAGRI: Sep 2021 −14.3 pp | Dec 2021 +33.3 pp | Mar 2022 −74.3 pp | Jun 2022 −66.7 pp | Sep 2022 +28.6 pp | Dec 2022 0.0 pp | Mar 2023 +100.0 pp | Jun 2023 +27.8 pp | Sep 2023 −14.3 pp | Dec 2023 0.0 pp | Mar 2024 −190.0 pp | Jun 2024 +27.7 pp | Sep 2024 +6.6 pp | Dec 2024 +5.3 pp | Mar 2025 +145.0 pp | Jun 2025 −2.6 pp | Sep 2025 −3.6 pp | Dec 2025 −2.5 pp | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: 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 −6.2 pp | Jun 2025 — | Sep 2025 — | Dec 2025 −17.6 pp | Mar 2026 +20.5 pp | Jun 2026 —
- KOTIC: Sep 2021 −22.5 pp | Dec 2021 −37.6 pp | Mar 2022 −58.4 pp | Jun 2022 −40.1 pp | Sep 2022 −50.0 pp | Dec 2022 −61.0 pp | Mar 2023 +40.2 pp | Jun 2023 −22.7 pp | Sep 2023 +50.0 pp | Dec 2023 −103.0 pp | Mar 2024 −297.0 pp | Jun 2024 +82.0 pp | Sep 2024 +23.0 pp | Dec 2024 +201.0 pp | Mar 2025 +308.0 pp | Jun 2025 −4.0 pp | Sep 2025 −12.0 pp | Dec 2025 −29.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 +3.4 pp | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 +2.1 pp | Jun 2025 — | Sep 2025 +4.3 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 —
- ARIS: 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 +10.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- TEMBO: Sep 2021 −8.6 pp | Dec 2021 −7.5 pp | Mar 2022 −2.5 pp | Jun 2022 −4.0 pp | Sep 2022 +14.7 pp | Dec 2022 −1.7 pp | Mar 2023 −1.8 pp | Jun 2023 +4.0 pp | Sep 2023 −3.1 pp | Dec 2023 −4.0 pp | Mar 2024 −3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 +14.0 pp | Mar 2025 +9.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- A1L: Sep 2021 +0.8 pp | Dec 2021 — | Mar 2022 −1.0 pp | Jun 2022 +1.6 pp | Sep 2022 −1.4 pp | Dec 2022 −2.7 pp | Mar 2023 −2.6 pp | Jun 2023 −3.1 pp | Sep 2023 −1.4 pp | Dec 2023 +1.4 pp | Mar 2024 +4.2 pp | Jun 2024 +3.2 pp | Sep 2024 +3.5 pp | Dec 2024 +1.0 pp | Mar 2025 −1.5 pp | Jun 2025 +0.0 pp | Sep 2025 −1.3 pp | Dec 2025 −1.0 pp | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 +3,000.0 pp | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2,100.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −200.0 pp | Dec 2023 −1,900.0 pp | Mar 2024 −2,833.0 pp | Jun 2024 +1,225.0 pp | Sep 2024 — | Dec 2024 −13,000.0 pp | Mar 2025 +3,774.0 pp | Jun 2025 +864.0 pp | Sep 2025 — | Dec 2025 +22,184.0 pp | Mar 2026 −3,110.0 pp | Jun 2026 —
- HEXATRADEX: Sep 2021 −25,510.0 pp | Dec 2021 — | Mar 2022 −3,292.1 pp | Jun 2022 +4,482.5 pp | Sep 2022 +25,969.7 pp | Dec 2022 — | Mar 2023 +2,121.9 pp | Jun 2023 −5,518.8 pp | Sep 2023 +108.0 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −73.3 pp | Dec 2025 — | Mar 2026 +13.6 pp | Jun 2026 —
- DVL: Sep 2021 +25.7 pp | Dec 2021 −34.2 pp | Mar 2022 −74.7 pp | Jun 2022 −110.9 pp | Sep 2022 −6.8 pp | Dec 2022 −73.7 pp | Mar 2023 +10.2 pp | Jun 2023 +82.6 pp | Sep 2023 −15.8 pp | Dec 2023 +61.9 pp | Mar 2024 0.0 pp | Jun 2024 −13.0 pp | Sep 2024 −7.0 pp | Dec 2024 +8.0 pp | Mar 2025 −84.0 pp | Jun 2025 +23.0 pp | Sep 2025 −91.0 pp | Dec 2025 −89.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- VIESL: 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 +2.0 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 +2.2 pp | Dec 2021 — | Mar 2022 +7.9 pp | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +7.3 pp | Mar 2023 +9.5 pp | Jun 2023 −1.3 pp | Sep 2023 +1.4 pp | Dec 2023 +2.9 pp | Mar 2024 −3.2 pp | Jun 2024 +1.7 pp | Sep 2024 +4.9 pp | Dec 2024 −2.9 pp | Mar 2025 −7.0 pp | Jun 2025 +7.3 pp | Sep 2025 +1.3 pp | Dec 2025 −7.7 pp | Mar 2026 +3.5 pp | Jun 2026 —
- PATELRMART: 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 +0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +1.4 pp | Mar 2026 −1.9 pp | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 −3.2 pp | Mar 2022 −1.9 pp | Jun 2022 −12.4 pp | Sep 2022 −4.9 pp | Dec 2022 −5.4 pp | Mar 2023 −7.3 pp | Jun 2023 −5.2 pp | Sep 2023 −3.9 pp | Dec 2023 −3.9 pp | Mar 2024 −3.1 pp | Jun 2024 +9.2 pp | Sep 2024 +8.5 pp | Dec 2024 +6.1 pp | Mar 2025 +3.2 pp | Jun 2025 −5.6 pp | Sep 2025 −4.5 pp | Dec 2025 +1.6 pp | Mar 2026 +1.1 pp | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 −14.6 pp | 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIENTER: 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 −0.5 pp | Jun 2025 +10.4 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 —
- FABTECH: 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 +17.3 pp | Dec 2025 −40.4 pp | Mar 2026 +0.4 pp | Jun 2026 +14.8 pp
- PROV: 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 0.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- MONIKA: 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 −2.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 −1.6 pp | Dec 2021 +0.5 pp | Mar 2022 +0.1 pp | Jun 2022 −2.5 pp | Sep 2022 −0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +3.0 pp | Jun 2023 +5.1 pp | Sep 2023 +1.5 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SHIVAUM: Sep 2021 +3.7 pp | Dec 2021 — | Mar 2022 +1.2 pp | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 −0.7 pp | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 −1.2 pp | Dec 2025 +0.5 pp | Mar 2026 +0.5 pp | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +14.0 pp | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 −965.9 pp | Dec 2021 — | Mar 2022 −15.2 pp | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +14.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 −404.7 pp | Mar 2024 −201.0 pp | Jun 2024 +85.0 pp | Sep 2024 −90.0 pp | Dec 2024 +545.0 pp | Mar 2025 +293.0 pp | Jun 2025 +292.0 pp | Sep 2025 — | Dec 2025 −43,590.0 pp | Mar 2026 −21,782.0 pp | Jun 2026 —
- BMW: 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 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 −29.8 pp | Dec 2021 −5.2 pp | Mar 2022 +4.3 pp | Jun 2022 −5.9 pp | Sep 2022 −6.1 pp | Dec 2022 −47.8 pp | Mar 2023 −232.6 pp | Jun 2023 −4.3 pp | Sep 2023 +28.7 pp | Dec 2023 +2.3 pp | Mar 2024 +179.7 pp | Jun 2024 −27.8 pp | Sep 2024 −53.0 pp | Dec 2024 +32.8 pp | Mar 2025 +56.7 pp | Jun 2025 +41.3 pp | Sep 2025 −26.1 pp | Dec 2025 −200.5 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Adani Enterprises Ltd leads with ₹9,950 crore of TTM profit, 13.9× the profit of PTC India Ltd. Yogi Ltd shows ≥100% on the scoring scale (1152.1% uncapped) growth from a ₹21 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Adani Enterprises 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: Adani Enterprises Ltd · ₹9,950 crore | 13.9× versus #2 · PTC India Ltd | 5/8 recent comparable periods | 37/48 companies · 532 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. Adani Enterprises Ltd (ADANIENT): ₹10.0K Cr
2. PTC India Ltd (PTC): ₹717 Cr
3. State Trading Corporation of India Ltd (STCINDIA): ₹642 Cr — older report
4. Lloyds Enterprises Ltd (LLOYDSENT): ₹418 Cr
5. MMTC Ltd (MMTC): ₹387 Cr

### Profit growth — fastest growers
1. Yogi Ltd (511702): 100%
2. Onix Solar Energy Ltd (513119): 100%
3. Magnus Steel & Infra Ltd (517320): 100%
4. Lloyds Enterprises Ltd (LLOYDSENT): 100%
5. MMTC Ltd (MMTC): 100%

### 20-quarter Net profit history
- 505703: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- 511702: 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 ₹-0 Cr | Sep 2024 — | Dec 2024 ₹-0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- 512595: 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 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —
- 513119: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹21 Cr
- 517320: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- 519031: 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 — | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹-92 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹-54 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-33 Cr | Jun 2026 —
- 537392: Sep 2021 ₹-0 Cr | Dec 2021 ₹-0 Cr | Mar 2022 ₹-0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 540718: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-1 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹10 Cr | Jun 2026 —
- 544584: 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 ₹5 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 —
- ADANIENT: Sep 2021 ₹195 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹326 Cr | Jun 2022 ₹469 Cr | Sep 2022 ₹432 Cr | Dec 2022 ₹740 Cr | Mar 2023 ₹781 Cr | Jun 2023 ₹677 Cr | Sep 2023 ₹333 Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹352 Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹976 Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹-167 Cr | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- RRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹-0 Cr | Jun 2026 —
- MMTC: Sep 2021 ₹-211 Cr | Dec 2021 ₹-74 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹-122 Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- SGMART: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹46 Cr
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹32 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹138 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹372 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- EUROPRATIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-4 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —
- LEMERITE: 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 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-18 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- TEMBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- A1L: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-23 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-43 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-206 Cr | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-46 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹85 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹-87 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- VIESL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹15 Cr | Dec 2024 — | Mar 2025 ₹20 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- MSCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- FABTECH: 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 ₹5 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹4 Cr
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- MONIKA: 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 ₹5 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- SHIVAUM: 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 ₹0 Cr | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-46 Cr | Jun 2026 —
- BMW: 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 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹12 Cr | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-2 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- 511702: 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 1,243% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 96% | Jun 2026 —
- 513119: 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 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 133% | Mar 2026 2,700% | Jun 2026 200%
- 517320: 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 — | Dec 2025 — | Mar 2026 591% | Jun 2026 —
- 523105: 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 299% | Dec 2024 -27% | Mar 2025 -38% | Jun 2025 37% | Sep 2025 32% | Dec 2025 23% | Mar 2026 -54% | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 115% | Mar 2024 — | Jun 2024 300% | Sep 2024 30% | Dec 2024 -1,000% | Mar 2025 -76% | Jun 2025 -67% | Sep 2025 7.7% | Dec 2025 — | Mar 2026 -760% | Jun 2026 —
- 540718: 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 — | Dec 2025 — | Mar 2026 300% | Jun 2026 —
- 543828: 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 -33% | Dec 2025 33% | Mar 2026 57% | Jun 2026 —
- 543926: 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 0.0% | Dec 2024 — | Mar 2025 100% | Jun 2025 — | Sep 2025 700% | Dec 2025 — | Mar 2026 150% | Jun 2026 —
- 544584: 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 40% | Dec 2025 — | Mar 2026 83% | Jun 2026 —
- ADANIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 122% | Dec 2022 — | Mar 2023 140% | Jun 2023 44% | Sep 2023 -23% | Dec 2023 167% | Mar 2024 -55% | Jun 2024 162% | Sep 2024 497% | Dec 2024 -88% | Mar 2025 1,041% | Jun 2025 -45% | Sep 2025 72% | Dec 2025 2,401% | Mar 2026 -104% | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 436% | Mar 2024 35% | Jun 2024 13% | Sep 2024 2.6% | Dec 2024 -45% | Mar 2025 -46% | Jun 2025 1,365% | Sep 2025 55% | Dec 2025 -7.3% | Mar 2026 176% | Jun 2026 —
- RRP: 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 -2,088% | Jun 2025 -117% | Sep 2025 -493% | Dec 2025 -102% | Mar 2026 — | Jun 2026 —
- MMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -92% | Jun 2023 — | Sep 2023 -97% | Dec 2023 -43% | Mar 2024 600% | Jun 2024 120% | Sep 2024 -7.7% | Dec 2024 -93% | Mar 2025 -97% | Jun 2025 33% | Sep 2025 256% | Dec 2025 1,050% | Mar 2026 6,200% | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2,500% | Sep 2024 78% | Dec 2024 65% | Mar 2025 -2.9% | Jun 2025 23% | Sep 2025 69% | Dec 2025 -61% | Mar 2026 24% | Jun 2026 44%
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 96% | Jun 2024 10% | Sep 2024 218% | Dec 2024 28% | Mar 2025 13% | Jun 2025 13% | Sep 2025 -16% | Dec 2025 134% | Mar 2026 64% | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 46% | Dec 2023 -6.7% | Mar 2024 -35% | Jun 2024 51% | Sep 2024 16% | Dec 2024 87% | Mar 2025 309% | Jun 2025 29% | Sep 2025 -5.1% | Dec 2025 -28% | Mar 2026 -67% | Jun 2026 —
- EUROPRATIK: 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 -40% | Sep 2025 -12% | Dec 2025 20% | Mar 2026 57% | Jun 2026 —
- BUILDPRO: 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 113% | Sep 2025 107% | Dec 2025 39% | Mar 2026 45% | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -400% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 8.0% | Sep 2025 -22% | Dec 2025 -24% | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: 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 — | Dec 2025 -167% | Mar 2026 -85% | Jun 2026 —
- KOTIC: 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 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEMERITE: 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 — | Dec 2025 720% | Mar 2026 — | Jun 2026 —
- ARIS: 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 -17% | Sep 2025 — | Dec 2025 800% | Mar 2026 — | Jun 2026 —
- TEMBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 200% | Jun 2024 150% | Sep 2024 200% | Dec 2024 375% | Mar 2025 433% | Jun 2025 300% | Sep 2025 47% | Dec 2025 37% | Mar 2026 88% | Jun 2026 —
- A1L: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 -30% | Jun 2024 367% | Sep 2024 — | Dec 2024 376% | Mar 2025 12% | Jun 2025 -29% | Sep 2025 -93% | Dec 2025 -4.0% | Mar 2026 — | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -103% | Sep 2024 -3,021% | Dec 2024 -11% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -117% | Mar 2026 — | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -86% | Mar 2024 -64% | Jun 2024 75% | Sep 2024 -11% | Dec 2024 675% | Mar 2025 -463% | Jun 2025 1.4% | Sep 2025 -119% | Dec 2025 -94% | Mar 2026 — | Jun 2026 —
- VIESL: 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 233% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28% | Dec 2023 32% | Mar 2024 -11% | Jun 2024 21% | Sep 2024 173% | Dec 2024 -7.4% | Mar 2025 -44% | Jun 2025 171% | Sep 2025 7.7% | Dec 2025 -55% | Mar 2026 84% | Jun 2026 —
- PATELRMART: 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 13% | Sep 2025 73% | Dec 2025 96% | Mar 2026 39% | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -50% | Jun 2024 74% | Sep 2024 76% | Dec 2024 290% | Mar 2025 34% | Jun 2025 -20% | Sep 2025 -20% | Dec 2025 37% | Mar 2026 45% | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 56% | Mar 2024 100% | Jun 2024 440% | Sep 2024 -139% | Dec 2024 -86% | Mar 2025 -79% | Jun 2025 -63% | Sep 2025 — | Dec 2025 750% | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -234% | Jun 2024 — | Sep 2024 -90% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 500% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FABTECH: 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 449% | Dec 2025 -128% | Mar 2026 46% | Jun 2026 —
- PROV: 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 150% | Dec 2024 — | Mar 2025 -40% | Jun 2025 — | Sep 2025 40% | Dec 2025 — | Mar 2026 167% | Jun 2026 —
- MONIKA: 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 100% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 50% | Jun 2024 20% | Sep 2024 500% | Dec 2024 100% | Mar 2025 -58% | Jun 2025 0.0% | Sep 2025 200% | Dec 2025 50% | Mar 2026 140% | Jun 2026 —
- SHIVAUM: 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 — | Dec 2025 1,700% | Mar 2026 109% | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 50% | Jun 2024 — | Sep 2024 100% | Dec 2024 — | Mar 2025 33% | Jun 2025 — | Sep 2025 200% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 6,200% | Jun 2025 325% | Sep 2025 0.0% | Dec 2025 -91% | Mar 2026 -173% | Jun 2026 —
- BMW: 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 17% | Dec 2025 50% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Vision Infra Equipment Solutions Ltd reports ₹93 crore of CAPEX; Vision Infra Equipment Solutions Ltd has the highest covered intensity at 37.3%. Coverage is only 7 of 48 companies and 37 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: Vision Infra Equipment Solutions Ltd · ₹93 crore | 31× versus #2 · Shankara Buildpro Ltd | 2/2 recent comparable periods | 7/48 companies · 37 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. Vision Infra Equipment Solutions Ltd (VIESL): ₹93 Cr
2. Shankara Buildpro Ltd (BUILDPRO): ₹3 Cr
3. Le Merite Exports Ltd (LEMERITE): ₹3 Cr — older report
4. Patel Retail Ltd (PATELRMART): ₹3 Cr
5. Arisinfra Solutions Ltd (ARIS): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Vision Infra Equipment Solutions Ltd (VIESL): 37%
2. Le Merite Exports Ltd (LEMERITE): 3.1% — older report
3. Patel Retail Ltd (PATELRMART): 1.3%
4. Shankara Buildpro Ltd (BUILDPRO): 0.2%
5. Arisinfra Solutions Ltd (ARIS): 0.0%

### 20-quarter CAPEX history
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEMERITE: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARIS: 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 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIESL: 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 ₹60 Cr | Dec 2024 — | Mar 2025 ₹93 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARDWYN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 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 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | 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 —

### 20-quarter CAPEX intensity history
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 — | Mar 2025 — | Jun 2025 0.1% | Sep 2025 0.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEMERITE: 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 3.1% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VIESL: 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 31% | Dec 2024 — | Mar 2025 37% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.7% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 — | Jun 2025 1.6% | Sep 2025 1.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: MMTC Ltd has the clearest covered balance-sheet capacity with ₹1,787 crore net cash and gross debt of ₹0 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: Satani Bearings Ltd · ₹0 crore | null versus #2 · Onix Solar Energy Ltd | Not enough history | 47/48 companies · 412 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. Satani Bearings Ltd (505703): ₹0 Cr
2. Onix Solar Energy Ltd (513119): ₹0 Cr
3. Cropster Agro Ltd (523105): ₹0 Cr
4. Keto Motors Ltd (537392): ₹0 Cr — older report
5. Aayush Art and Bullion Ltd (540718): ₹0 Cr

### Net debt — lowest net debt
1. MMTC Ltd (MMTC): ₹-1.8K Cr
2. SG Mart Ltd (SGMART): ₹-716 Cr
3. Fabtech Technologies Ltd (FABTECH): ₹-185 Cr
4. Arisinfra Solutions Ltd (ARIS): ₹-50 Cr
5. Uniphos Enterprises Ltd (UNIENTER): ₹-14 Cr

### 20-quarter Gross debt history
- 505703: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 511702: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 — | Sep 2025 ₹154 Cr | Dec 2025 — | Mar 2026 ₹253 Cr | Jun 2026 —
- 513119: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 517320: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 —
- 519031: 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 — | Dec 2025 — | Mar 2026 ₹58 Cr | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 ₹155 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹81 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹101 Cr | Jun 2025 — | Sep 2025 ₹227 Cr | Dec 2025 — | Mar 2026 ₹283 Cr | Jun 2026 —
- 537392: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | 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 —
- 540718: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹105 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹171 Cr | Jun 2025 — | Sep 2025 ₹219 Cr | Dec 2025 — | Mar 2026 ₹285 Cr | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- 544584: Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹24 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹35 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹45 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹100 Cr | Jun 2026 —
- ADANIENT: Sep 2021 ₹32.4K Cr | Dec 2021 ₹32.4K Cr | Mar 2022 ₹41.6K Cr | Jun 2022 ₹42.4K Cr | Sep 2022 ₹41.2K Cr | Dec 2022 ₹41.2K Cr | Mar 2023 ₹53.2K Cr | Jun 2023 ₹53.2K Cr | Sep 2023 ₹57.1K Cr | Dec 2023 — | Mar 2024 ₹65.3K Cr | Jun 2024 ₹65.3K Cr | Sep 2024 ₹80.4K Cr | Dec 2024 ₹80.4K Cr | Mar 2025 ₹91.5K Cr | Jun 2025 ₹91.8K Cr | Sep 2025 ₹1.1 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹23 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹125 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹596 Cr | Jun 2025 — | Sep 2025 ₹671 Cr | Dec 2025 — | Mar 2026 ₹798 Cr | Jun 2026 —
- RRP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- MMTC: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹722 Cr | Jun 2025 ₹722 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹268 Cr | Jun 2026 ₹268 Cr
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹882 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹700 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹910 Cr | Jun 2025 — | Sep 2025 ₹970 Cr | Dec 2025 — | Mar 2026 ₹991 Cr | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.0K Cr | Jun 2025 — | Sep 2025 ₹2.3K Cr | Dec 2025 — | Mar 2026 ₹1.8K Cr | Jun 2026 —
- EUROPRATIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹49 Cr | Dec 2024 — | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- BUILDPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹88 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹87 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹57 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹63 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹73 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹33 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- LEMERITE: Sep 2021 ₹88 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹103 Cr | Dec 2024 — | Mar 2025 ₹103 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹84 Cr | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹156 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹224 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹276 Cr | Jun 2024 ₹276 Cr | Sep 2024 — | Dec 2024 ₹327 Cr | Mar 2025 ₹343 Cr | Jun 2025 ₹343 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- TEMBO: Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹386 Cr | Jun 2026 —
- A1L: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 ₹2.5K Cr | Dec 2021 — | Mar 2022 ₹2.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.2K Cr | Jun 2023 — | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹53 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- HEXATRADEX: Sep 2021 ₹471 Cr | Dec 2021 ₹471 Cr | Mar 2022 ₹503 Cr | Jun 2022 ₹503 Cr | Sep 2022 ₹539 Cr | Dec 2022 ₹539 Cr | Mar 2023 ₹586 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹115 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹365 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹373 Cr | Dec 2023 ₹373 Cr | Mar 2024 ₹377 Cr | Jun 2024 ₹377 Cr | Sep 2024 ₹386 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹388 Cr | Jun 2025 ₹388 Cr | Sep 2025 ₹535 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹952 Cr | Jun 2026 —
- VIESL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹261 Cr | Jun 2024 — | Sep 2024 ₹273 Cr | Dec 2024 — | Mar 2025 ₹279 Cr | Jun 2025 — | Sep 2025 ₹299 Cr | Dec 2025 — | Mar 2026 ₹377 Cr | Jun 2026 —
- HARDWYN: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 ₹171 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹184 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹188 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹183 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- MSCTC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STCINDIA: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹40 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- FABTECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹21 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹84 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹70 Cr | Jun 2026 ₹70 Cr
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹34 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹24 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹27 Cr | Jun 2026 —
- MONIKA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹70 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹72 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹123 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹174 Cr | Jun 2025 — | Sep 2025 ₹156 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹137 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹237 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹201 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹224 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹215 Cr | Jun 2026 —
- SHIVAUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹59 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹69 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹94 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹97 Cr | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹33 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹34 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹34 Cr | Jun 2025 — | Sep 2025 ₹30 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- BMW: Sep 2021 — | Dec 2021 — | Mar 2022 ₹164 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹288 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹395 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹428 Cr | Jun 2025 — | Sep 2025 ₹461 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- ADANIENT: Sep 2021 ₹29.0K Cr | Dec 2021 ₹29.0K Cr | Mar 2022 ₹39.9K Cr | Jun 2022 ₹40.6K Cr | Sep 2022 ₹37.1K Cr | Dec 2022 ₹37.1K Cr | Mar 2023 ₹50.5K Cr | Jun 2023 ₹50.5K Cr | Sep 2023 ₹48.7K Cr | Dec 2023 — | Mar 2024 ₹60.9K Cr | Jun 2024 ₹60.9K Cr | Sep 2024 ₹73.7K Cr | Dec 2024 ₹73.7K Cr | Mar 2025 ₹84.9K Cr | Jun 2025 ₹85.2K Cr | Sep 2025 ₹97.4K Cr | Dec 2025 ₹97.4K Cr | Mar 2026 ₹96.8K Cr | Jun 2026 —
- MMTC: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-62 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹-944 Cr | Sep 2024 ₹-89 Cr | Dec 2024 ₹-89 Cr | Mar 2025 ₹598 Cr | Jun 2025 ₹-423 Cr | Sep 2025 ₹-818 Cr | Dec 2025 ₹-818 Cr | Mar 2026 ₹-716 Cr | Jun 2026 ₹-716 Cr
- EUROPRATIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-39 Cr | Sep 2024 ₹22 Cr | Dec 2024 — | Mar 2025 ₹-3 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- BUILDPRO: 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 ₹35 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- BNAGROCHEM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹-12 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- KOTIC: 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 ₹-18 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-25 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- LEMERITE: Sep 2021 ₹76 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹91 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 — | Jun 2026 —
- ARIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹206 Cr | Sep 2024 — | Dec 2024 ₹256 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹-189 Cr | Dec 2025 ₹-189 Cr | Mar 2026 ₹-50 Cr | Jun 2026 —
- TEMBO: Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹226 Cr | Dec 2024 ₹226 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹236 Cr | Jun 2026 —
- NEUEON: Sep 2021 ₹2.5K Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.5K Cr | Jun 2023 — | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹50 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- HEXATRADEX: Sep 2021 ₹471 Cr | Dec 2021 ₹471 Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹502 Cr | Sep 2022 ₹539 Cr | Dec 2022 ₹539 Cr | Mar 2023 ₹586 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-215 Cr | Jun 2022 ₹-215 Cr | Sep 2022 ₹-207 Cr | Dec 2022 ₹-207 Cr | Mar 2023 ₹-102 Cr | Jun 2023 ₹-102 Cr | Sep 2023 ₹-91 Cr | Dec 2023 ₹-91 Cr | Mar 2024 ₹-146 Cr | Jun 2024 ₹-146 Cr | Sep 2024 ₹-406 Cr | Dec 2024 ₹-406 Cr | Mar 2025 ₹-434 Cr | Jun 2025 ₹-434 Cr | Sep 2025 ₹-461 Cr | Dec 2025 ₹-461 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- VIESL: 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 ₹235 Cr | Dec 2024 — | Mar 2025 ₹271 Cr | Jun 2025 — | Sep 2025 ₹288 Cr | Dec 2025 — | Mar 2026 ₹357 Cr | Jun 2026 —
- HARDWYN: Sep 2021 ₹6 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹160 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹185 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹171 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-30 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- STCINDIA: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-14 Cr | Dec 2024 ₹-14 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FABTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-47 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹47 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-185 Cr | Jun 2026 ₹-185 Cr

## Return On Capital Employed

What the numbers say: Magnus Steel & Infra Ltd leads ROCE at 171%, 132 percentage points above Shankara Buildpro Ltd. Satani Bearings Ltd has the strongest latest improvement at +127.7 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: Magnus Steel & Infra 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: Magnus Steel & Infra Ltd · 171% | 338.5% versus #2 · Shankara Buildpro Ltd | Not enough history | 46/48 companies · 228 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. Magnus Steel & Infra Ltd (517320): 171%
2. Shankara Buildpro Ltd (BUILDPRO): 39%
3. Euro Pratik Sales Ltd (EUROPRATIK): 38%
4. Bizotic Commercial Ltd (543926): 27%
5. SK Minerals & Additives Ltd (544584): 26%

### ROCE change — fastest improvers
1. Satani Bearings Ltd (505703): +127.7 pp
2. Magnus Steel & Infra Ltd (517320): +65.1 pp
3. Blue Pearl Agriventures Ltd (BPAGRI): +35.1 pp — older report
4. Mardia Samyoung Capillary Tubes Company Ltd (MSCTC): +32.6 pp — older report
5. Bizotic Commercial Ltd (543926): +15.0 pp

### 20-quarter ROCE history
- ADANIENT: Sep 2021 5.6% | Dec 2021 — | Mar 2022 4.3% | Jun 2022 — | Sep 2022 6.0% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.6% | Dec 2023 11% | Mar 2024 7.2% | Jun 2024 10% | Sep 2024 7.8% | Dec 2024 10% | Mar 2025 6.9% | Jun 2025 12% | Sep 2025 5.1% | Dec 2025 16% | Mar 2026 4.0% | Jun 2026 —
- MMTC: Sep 2021 58% | Dec 2021 — | Mar 2022 -413% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 -7.7% | Jun 2023 — | Sep 2023 -10% | Dec 2023 11% | Mar 2024 -10% | Jun 2024 15% | Sep 2024 -8.8% | Dec 2024 10% | Mar 2025 -8.3% | Jun 2025 7.7% | Sep 2025 -5.5% | Dec 2025 30% | Mar 2026 -8.7% | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 -1.4% | Jun 2022 — | Sep 2022 0.9% | Dec 2022 — | Mar 2023 -3.6% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 — | Mar 2024 5.6% | Jun 2024 24% | Sep 2024 7.7% | Dec 2024 27% | Mar 2025 8.5% | Jun 2025 17% | Sep 2025 8.0% | Dec 2025 14% | Mar 2026 7.7% | Jun 2026 14%
- EUROPRATIK: 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 21% | Dec 2024 — | Mar 2025 38% | Jun 2025 40% | Sep 2025 33% | Dec 2025 37% | Mar 2026 32% | Jun 2026 —
- BUILDPRO: 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 30% | Jun 2025 34% | Sep 2025 37% | Dec 2025 41% | Mar 2026 40% | Jun 2026 —
- BNAGROCHEM: Sep 2021 -96% | Dec 2021 — | Mar 2022 -158% | Jun 2022 — | Sep 2022 -157% | Dec 2022 — | Mar 2023 -11,729% | Jun 2023 — | Sep 2023 -3.2% | Dec 2023 -7.1% | Mar 2024 -4.3% | Jun 2024 -5.2% | Sep 2024 -1.9% | Dec 2024 4.4% | Mar 2025 2.4% | Jun 2025 22% | Sep 2025 8.1% | Dec 2025 8.9% | Mar 2026 2.4% | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -42% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 247% | Sep 2024 -90% | Dec 2024 -79% | Mar 2025 -7.8% | Jun 2025 -17% | Sep 2025 -8.0% | Dec 2025 -28% | Mar 2026 -4.3% | Jun 2026 —
- LEMERITE: Sep 2021 48% | Dec 2021 58% | Mar 2022 65% | Jun 2022 25% | Sep 2022 19% | Dec 2022 13% | Mar 2023 5.6% | Jun 2023 5.2% | Sep 2023 4.9% | Dec 2023 5.5% | Mar 2024 6.1% | Jun 2024 6.3% | Sep 2024 6.4% | Dec 2024 — | Mar 2025 6.8% | Jun 2025 9.9% | Sep 2025 13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARIS: 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 29% | Mar 2025 22% | Jun 2025 22% | Sep 2025 9.6% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- TEMBO: Sep 2021 15% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 27% | Dec 2023 35% | Mar 2024 31% | Jun 2024 48% | Sep 2024 39% | Dec 2024 74% | Mar 2025 36% | Jun 2025 70% | Sep 2025 36% | Dec 2025 59% | Mar 2026 21% | Jun 2026 —
- NEUEON: Sep 2021 10% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.7% | Jun 2023 — | Sep 2023 8.4% | Dec 2023 — | Mar 2024 8.2% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -8.2% | Jun 2025 -10% | Sep 2025 -15% | Dec 2025 -16% | Mar 2026 -116% | Jun 2026 —
- HEXATRADEX: Sep 2021 -0.1% | Dec 2021 — | Mar 2022 0.3% | Jun 2022 — | Sep 2022 0.3% | Dec 2022 — | Mar 2023 -0.1% | Jun 2023 — | Sep 2023 2.4% | Dec 2023 4.0% | Mar 2024 2.7% | Jun 2024 0.9% | Sep 2024 0.6% | Dec 2024 0.0% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.2% | Dec 2025 -0.1% | Mar 2026 0.0% | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 4.0% | Jun 2022 — | Sep 2022 1.9% | Dec 2022 — | Mar 2023 1.6% | Jun 2023 — | Sep 2023 2.0% | Dec 2023 7.7% | Mar 2024 2.0% | Jun 2024 6.9% | Sep 2024 3.1% | Dec 2024 9.4% | Mar 2025 1.4% | Jun 2025 6.6% | Sep 2025 0.2% | Dec 2025 1.1% | Mar 2026 -0.2% | Jun 2026 —
- VIESL: 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 9.3% | Dec 2024 — | Mar 2025 18% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- HARDWYN: Sep 2021 23% | Dec 2021 26% | Mar 2022 33% | Jun 2022 — | Sep 2022 41% | Dec 2022 — | Mar 2023 4.1% | Jun 2023 7.1% | Sep 2023 4.2% | Dec 2023 8.2% | Mar 2024 3.9% | Jun 2024 4.2% | Sep 2024 4.9% | Dec 2024 5.0% | Mar 2025 4.1% | Jun 2025 5.2% | Sep 2025 4.9% | Dec 2025 4.3% | Mar 2026 4.7% | Jun 2026 —
- PATELRMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.2% | Sep 2023 17% | Dec 2023 26% | Mar 2024 35% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 29% | Jun 2025 37% | Sep 2025 13% | Dec 2025 24% | Mar 2026 13% | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 11% | Dec 2023 17% | Mar 2024 6.9% | Jun 2024 18% | Sep 2024 10% | Dec 2024 21% | Mar 2025 11% | Jun 2025 19% | Sep 2025 7.6% | Dec 2025 17% | Mar 2026 7.7% | Jun 2026 —
- STCINDIA: Sep 2021 0.9% | Dec 2021 — | Mar 2022 -0.4% | Jun 2022 — | Sep 2022 -0.7% | Dec 2022 — | Mar 2023 -0.6% | Jun 2023 — | Sep 2023 -0.7% | Dec 2023 -0.8% | Mar 2024 -0.7% | Jun 2024 — | Sep 2024 -1.3% | Dec 2024 — | Mar 2025 -1.3% | Jun 2025 — | Sep 2025 -0.9% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 -0.1% | Dec 2021 — | Mar 2022 -0.1% | Jun 2022 — | Sep 2022 -0.1% | Dec 2022 — | Mar 2023 -0.1% | Jun 2023 — | Sep 2023 -0.1% | Dec 2023 1.4% | Mar 2024 -0.2% | Jun 2024 1.5% | Sep 2024 -0.1% | Dec 2024 0.1% | Mar 2025 -0.2% | Jun 2025 0.0% | Sep 2025 -0.2% | Dec 2025 0.7% | Mar 2026 -0.2% | Jun 2026 —
- FABTECH: 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 17% | Jun 2025 23% | Sep 2025 28% | Dec 2025 19% | Mar 2026 6.6% | Jun 2026 20%

### 20-quarter ROCE change history
- ADANIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 −1.3 pp | Mar 2025 −0.3 pp | Jun 2025 +1.7 pp | Sep 2025 −2.7 pp | Dec 2025 +6.0 pp | Mar 2026 −2.9 pp | Jun 2026 —
- MMTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.5 pp | Dec 2022 — | Mar 2023 +405.5 pp | Jun 2023 — | Sep 2023 −42.5 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 −0.4 pp | Mar 2025 +2.0 pp | Jun 2025 −6.9 pp | Sep 2025 +3.3 pp | Dec 2025 +19.2 pp | Mar 2026 −0.4 pp | Jun 2026 —
- SGMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.2 pp | Jun 2023 — | Sep 2023 +7.0 pp | Dec 2023 — | Mar 2024 +9.2 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 +2.9 pp | Jun 2025 −7.8 pp | Sep 2025 +0.3 pp | Dec 2025 −13.6 pp | Mar 2026 −0.8 pp | Jun 2026 −2.4 pp
- EUROPRATIK: 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 +11.5 pp | Dec 2025 — | Mar 2026 −5.8 pp | Jun 2026 —
- BUILDPRO: 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 — | Dec 2025 — | Mar 2026 +9.9 pp | Jun 2026 —
- BNAGROCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −60.4 pp | Dec 2022 — | Mar 2023 −11,571.0 pp | Jun 2023 — | Sep 2023 +153.6 pp | Dec 2023 — | Mar 2024 +11,725.1 pp | Jun 2024 — | Sep 2024 +1.3 pp | Dec 2024 +11.5 pp | Mar 2025 +6.7 pp | Jun 2025 +26.9 pp | Sep 2025 +10.0 pp | Dec 2025 +4.5 pp | Mar 2026 0.0 pp | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +289.5 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −264.1 pp | Sep 2025 +81.5 pp | Dec 2025 +51.1 pp | Mar 2026 +3.5 pp | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −28.8 pp | Dec 2022 −45.3 pp | Mar 2023 −59.0 pp | Jun 2023 −19.8 pp | Sep 2023 −14.1 pp | Dec 2023 −7.4 pp | Mar 2024 +0.5 pp | Jun 2024 +1.1 pp | Sep 2024 +1.5 pp | Dec 2024 — | Mar 2025 +0.7 pp | Jun 2025 +3.6 pp | Sep 2025 +6.9 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARIS: 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 — | Dec 2025 −9.8 pp | Mar 2026 −9.7 pp | Jun 2026 —
- TEMBO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +16.0 pp | Jun 2023 — | Sep 2023 +7.2 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 +11.8 pp | Dec 2024 +38.9 pp | Mar 2025 +5.6 pp | Jun 2025 +22.2 pp | Sep 2025 −2.8 pp | Dec 2025 −15.0 pp | Mar 2026 −15.7 pp | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −16.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −107.7 pp | Jun 2026 —
- HEXATRADEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +2.1 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −4.0 pp | Mar 2025 −2.5 pp | Jun 2025 −0.8 pp | Sep 2025 −0.4 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- DVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.4 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 +1.7 pp | Mar 2025 −0.6 pp | Jun 2025 −0.3 pp | Sep 2025 −2.9 pp | Dec 2025 −8.3 pp | Mar 2026 −1.6 pp | Jun 2026 —
- VIESL: 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 +9.4 pp | Dec 2025 — | Mar 2026 +2.5 pp | Jun 2026 —
- HARDWYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.5 pp | Dec 2022 — | Mar 2023 −28.7 pp | Jun 2023 — | Sep 2023 −36.6 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 −2.9 pp | Sep 2024 +0.7 pp | Dec 2024 −3.2 pp | Mar 2025 +0.2 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PATELRMART: 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 −5.8 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −15.9 pp | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −19.6 pp | Jun 2023 — | Sep 2023 −9.1 pp | Dec 2023 — | Mar 2024 −8.3 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 +3.4 pp | Mar 2025 +3.7 pp | Jun 2025 +1.1 pp | Sep 2025 −2.5 pp | Dec 2025 −3.7 pp | Mar 2026 −2.9 pp | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 — | Mar 2025 −0.6 pp | Jun 2025 — | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 −1.3 pp | Mar 2025 0.0 pp | Jun 2025 −1.5 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 0.0 pp | Jun 2026 —
- FABTECH: 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 — | Dec 2025 — | Mar 2026 −10.8 pp | Jun 2026 −3.4 pp

## Valuation Against Growth & Quality

What the numbers say: Euro Pratik Sales Ltd has the lowest comparable Guarded PEG at 0.62×, 32.6% below MMTC Ltd. Only 4 of 48 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: Euro Pratik Sales Ltd · 0.62× | 32.6% versus #2 · MMTC Ltd | 0/3 recent comparable periods | 4/48 companies · 12 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. Euro Pratik Sales Ltd (EUROPRATIK): 0.6
2. MMTC Ltd (MMTC): 0.9
3. SG Mart Ltd (SGMART): 1.9
4. Adani Enterprises Ltd (ADANIENT): 2.0

### P/E — lowest P/E
1. Shanti Overseas (India) Ltd (SHANTI): 3.0 — older report
2. PTC India Ltd (PTC): 8.0
3. Dhunseri Ventures Ltd (DVL): 9.4
4. Tembo Global Industries Ltd (TEMBO): 10.8
5. BMW Ventures Ltd (BMW): 13.4 — older report

### 20-quarter Guarded PEG history
- ADANIENT: Sep 2021 — | Dec 2021 5.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.0 | Sep 2024 2.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MMTC: 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 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SGMART: 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 4.0 | Dec 2024 1.5 | Mar 2025 — | Jun 2025 1.9 | Sep 2025 — | Dec 2025 1.7 | Mar 2026 4.0 | Jun 2026 1.9
- EUROPRATIK: 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 — | Dec 2025 2.5 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- 511702: 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 450.3 | Sep 2025 477.8 | Dec 2025 39.8 | Mar 2026 36.7 | Jun 2026 —
- 513119: 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 60.2
- 517320: 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 80.1 | Dec 2025 88.4 | Mar 2026 126.8 | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 338.5 | Sep 2024 95.2 | Dec 2024 116.7 | Mar 2025 108.5 | Jun 2025 123.3 | Sep 2025 131.5 | Dec 2025 109.7 | Mar 2026 30.6 | Jun 2026 —
- 524480: Sep 2021 — | Dec 2021 — | Mar 2022 21.6 | Jun 2022 12.5 | Sep 2022 12.2 | Dec 2022 26.1 | Mar 2023 8.0 | Jun 2023 7.0 | Sep 2023 8.0 | Dec 2023 8.4 | Mar 2024 9.8 | Jun 2024 7.0 | Sep 2024 6.2 | Dec 2024 5.6 | Mar 2025 4.4 | Jun 2025 7.4 | Sep 2025 10.0 | Dec 2025 8.2 | Mar 2026 10.8 | Jun 2026 —
- 540718: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 47.6 | Dec 2023 — | Mar 2024 117.2 | Jun 2024 — | Sep 2024 957.1 | Dec 2024 — | Mar 2025 2,456.2 | Jun 2025 — | Sep 2025 838.6 | Dec 2025 — | Mar 2026 894.2 | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10.2 | Jun 2023 — | Sep 2023 28.0 | Dec 2023 — | Mar 2024 24.7 | Jun 2024 23.2 | Sep 2024 87.2 | Dec 2024 86.4 | Mar 2025 63.6 | Jun 2025 40.3 | Sep 2025 28.8 | Dec 2025 31.4 | Mar 2026 27.6 | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12.9 | Dec 2023 — | Mar 2024 9.6 | Jun 2024 — | Sep 2024 19.5 | Dec 2024 — | Mar 2025 18.7 | Jun 2025 — | Sep 2025 101.8 | Dec 2025 — | Mar 2026 57.9 | Jun 2026 —
- 544584: 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 — | Dec 2025 — | Mar 2026 8.3 | Jun 2026 —
- ADANIENT: Sep 2021 134.1 | Dec 2021 177.1 | Mar 2022 280.2 | Jun 2022 332.6 | Sep 2022 430.6 | Dec 2022 387.2 | Mar 2023 104.9 | Jun 2023 109.2 | Sep 2023 103.0 | Dec 2023 130.7 | Mar 2024 105.1 | Jun 2024 112.0 | Sep 2024 91.1 | Dec 2024 51.9 | Mar 2025 73.2 | Jun 2025 148.4 | Sep 2025 88.4 | Dec 2025 115.9 | Mar 2026 63.9 | Jun 2026 —
- LLOYDSENT: Sep 2021 819.0 | Dec 2021 763.0 | Mar 2022 243.5 | Jun 2022 6.8 | Sep 2022 3.9 | Dec 2022 6.1 | Mar 2023 5.8 | Jun 2023 40.8 | Sep 2023 83.5 | Dec 2023 71.1 | Mar 2024 30.5 | Jun 2024 72.0 | Sep 2024 58.4 | Dec 2024 60.5 | Mar 2025 90.2 | Jun 2025 219.8 | Sep 2025 34.3 | Dec 2025 33.8 | Mar 2026 25.5 | Jun 2026 —
- RRP: 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 8.1 | Dec 2024 18.3 | Mar 2025 40.1 | Jun 2025 318.9 | Sep 2025 1,447.5 | Dec 2025 2,445.8 | Mar 2026 — | Jun 2026 —
- MMTC: Sep 2021 — | Dec 2021 76.3 | Mar 2022 54.6 | Jun 2022 166.0 | Sep 2022 164.6 | Dec 2022 18.9 | Mar 2023 9.1 | Jun 2023 13.3 | Sep 2023 19.2 | Dec 2023 66.4 | Mar 2024 105.5 | Jun 2024 78.2 | Sep 2024 55.7 | Dec 2024 51.9 | Mar 2025 49.2 | Jun 2025 113.9 | Sep 2025 139.4 | Dec 2025 136.7 | Mar 2026 72.6 | Jun 2026 —
- SGMART: Sep 2021 83.1 | Dec 2021 98.0 | Mar 2022 111.9 | Jun 2022 106.9 | Sep 2022 124.8 | Dec 2022 100.1 | Mar 2023 123.2 | Jun 2023 480.3 | Sep 2023 540.9 | Dec 2023 190.9 | Mar 2024 90.5 | Jun 2024 58.4 | Sep 2024 50.5 | Dec 2024 44.3 | Mar 2025 34.8 | Jun 2025 40.0 | Sep 2025 38.5 | Dec 2025 36.9 | Mar 2026 58.9 | Jun 2026 66.3
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.2 | Sep 2024 19.4 | Dec 2024 — | Mar 2025 9.9 | Jun 2025 9.5 | Sep 2025 9.8 | Dec 2025 11.7 | Mar 2026 9.4 | Jun 2026 —
- PTC: Sep 2021 6.0 | Dec 2021 6.7 | Mar 2022 5.0 | Jun 2022 5.0 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 5.3 | Jun 2023 7.5 | Sep 2023 8.7 | Dec 2023 12.1 | Mar 2024 11.8 | Jun 2024 13.8 | Sep 2024 13.1 | Dec 2024 9.1 | Mar 2025 8.9 | Jun 2025 9.4 | Sep 2025 8.0 | Dec 2025 7.2 | Mar 2026 7.8 | Jun 2026 —
- EUROPRATIK: 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 33.1 | Dec 2025 41.0 | Mar 2026 28.4 | Jun 2026 —
- BUILDPRO: 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 — | Dec 2025 — | Mar 2026 0.0 | Jun 2026 —
- BPAGRI: 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 5.6 | Jun 2025 13.3 | Sep 2025 34.7 | Dec 2025 58.4 | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: 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 97.7 | Mar 2025 110.2 | Jun 2025 57.6 | Sep 2025 47.4 | Dec 2025 24.6 | Mar 2026 42.2 | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.8 | Dec 2024 2.5 | Mar 2025 5.3 | Jun 2025 10.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6 | Sep 2022 5.9 | Dec 2022 8.7 | Mar 2023 6.2 | Jun 2023 6.7 | Sep 2023 25.9 | Dec 2023 23.1 | Mar 2024 33.9 | Jun 2024 186.9 | Sep 2024 278.9 | Dec 2024 207.8 | Mar 2025 220.2 | Jun 2025 117.5 | Sep 2025 174.7 | Dec 2025 94.3 | Mar 2026 — | Jun 2026 —
- ARIS: 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 -2,035.5 | Sep 2025 317.7 | Dec 2025 59.0 | Mar 2026 24.6 | Jun 2026 —
- TEMBO: Sep 2021 136.5 | Dec 2021 197.1 | Mar 2022 141.4 | Jun 2022 47.4 | Sep 2022 43.3 | Dec 2022 23.8 | Mar 2023 32.8 | Jun 2023 48.5 | Sep 2023 38.2 | Dec 2023 29.1 | Mar 2024 21.7 | Jun 2024 18.3 | Sep 2024 33.3 | Dec 2024 35.2 | Mar 2025 14.7 | Jun 2025 12.4 | Sep 2025 11.4 | Dec 2025 14.3 | Mar 2026 9.7 | Jun 2026 —
- A1L: Sep 2021 79.2 | Dec 2021 54.3 | Mar 2022 68.7 | Jun 2022 52.0 | Sep 2022 55.4 | Dec 2022 49.2 | Mar 2023 77.2 | Jun 2023 114.0 | Sep 2023 303.0 | Dec 2023 306.7 | Mar 2024 287.0 | Jun 2024 435.0 | Sep 2024 201.5 | Dec 2024 167.0 | Mar 2025 146.2 | Jun 2025 207.4 | Sep 2025 333.0 | Dec 2025 876.6 | Mar 2026 — | Jun 2026 —
- HEXATRADEX: Sep 2021 135.9 | Dec 2021 137.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18.9 | Sep 2023 19.2 | Dec 2023 15.4 | Mar 2024 9.4 | Jun 2024 11.9 | Sep 2024 56.8 | Dec 2024 52.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 41.3 | Mar 2026 40.5 | Jun 2026 —
- DVL: Sep 2021 3.0 | Dec 2021 2.4 | Mar 2022 2.3 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.8 | Sep 2023 2.3 | Dec 2023 4.2 | Mar 2024 5.8 | Jun 2024 8.3 | Sep 2024 9.3 | Dec 2024 7.3 | Mar 2025 4.7 | Jun 2025 9.4 | Sep 2025 9.8 | Dec 2025 18.4 | Mar 2026 16.4 | Jun 2026 —
- VIESL: 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 76.1 | Dec 2024 — | Mar 2025 53.2 | Jun 2025 — | Sep 2025 17.4 | Dec 2025 — | Mar 2026 19.4 | Jun 2026 —
- HARDWYN: Sep 2021 38.3 | Dec 2021 31.0 | Mar 2022 29.3 | Jun 2022 59.5 | Sep 2022 88.9 | Dec 2022 79.9 | Mar 2023 57.8 | Jun 2023 117.3 | Sep 2023 142.1 | Dec 2023 152.7 | Mar 2024 125.5 | Jun 2024 104.8 | Sep 2024 139.7 | Dec 2024 72.3 | Mar 2025 43.5 | Jun 2025 61.3 | Sep 2025 45.1 | Dec 2025 64.0 | Mar 2026 84.2 | Jun 2026 —
- PATELRMART: 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 22.6 | Dec 2025 17.8 | Mar 2026 12.3 | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 11.4 | Mar 2022 19.3 | Jun 2022 23.2 | Sep 2022 41.4 | Dec 2022 50.5 | Mar 2023 39.9 | Jun 2023 41.6 | Sep 2023 43.2 | Dec 2023 42.5 | Mar 2024 76.2 | Jun 2024 81.6 | Sep 2024 83.4 | Dec 2024 59.9 | Mar 2025 29.2 | Jun 2025 38.4 | Sep 2025 36.8 | Dec 2025 31.3 | Mar 2026 24.3 | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 -6.3 | Mar 2022 43.5 | Jun 2022 25.9 | Sep 2022 14.3 | Dec 2022 15.4 | Mar 2023 12.9 | Jun 2023 14.8 | Sep 2023 26.3 | Dec 2023 23.9 | Mar 2024 18.6 | Jun 2024 20.2 | Sep 2024 15.2 | Dec 2024 12.5 | Mar 2025 12.4 | Jun 2025 14.2 | Sep 2025 23.5 | Dec 2025 22.8 | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 27.7 | Dec 2021 16.4 | Mar 2022 17.4 | Jun 2022 15.7 | Sep 2022 19.7 | Dec 2022 23.4 | Mar 2023 27.8 | Jun 2023 29.1 | Sep 2023 29.2 | Dec 2023 28.3 | Mar 2024 23.4 | Jun 2024 30.3 | Sep 2024 32.3 | Dec 2024 27.3 | Mar 2025 — | Jun 2025 — | Sep 2025 54.9 | Dec 2025 52.4 | Mar 2026 31.5 | Jun 2026 —
- FABTECH: 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 — | Dec 2025 20.1 | Mar 2026 14.2 | Jun 2026 16.0
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 67.8 | Dec 2023 — | Mar 2024 72.6 | Jun 2024 — | Sep 2024 163.5 | Dec 2024 — | Mar 2025 125.9 | Jun 2025 — | Sep 2025 74.5 | Dec 2025 — | Mar 2026 45.5 | Jun 2026 —
- MONIKA: 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 22.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 35.9 | Dec 2021 68.3 | Mar 2022 — | Jun 2022 — | Sep 2022 174.0 | Dec 2022 77.5 | Mar 2023 25.6 | Jun 2023 23.3 | Sep 2023 9.9 | Dec 2023 15.7 | Mar 2024 20.2 | Jun 2024 18.9 | Sep 2024 19.9 | Dec 2024 15.5 | Mar 2025 15.6 | Jun 2025 20.0 | Sep 2025 22.4 | Dec 2025 18.4 | Mar 2026 13.9 | Jun 2026 —
- SHIVAUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 30.9 | Dec 2023 — | Mar 2024 39.0 | Jun 2024 — | Sep 2024 38.2 | Dec 2024 32.5 | Mar 2025 32.5 | Jun 2025 — | Sep 2025 41.4 | Dec 2025 80.4 | Mar 2026 94.9 | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28.8 | Dec 2023 — | Mar 2024 24.1 | Jun 2024 — | Sep 2024 34.5 | Dec 2024 — | Mar 2025 22.0 | Jun 2025 — | Sep 2025 51.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 11.4 | Dec 2021 26.9 | Mar 2022 17.0 | Jun 2022 22.4 | Sep 2022 30.4 | Dec 2022 19.5 | Mar 2023 11.3 | Jun 2023 16.8 | Sep 2023 19.8 | Dec 2023 57.7 | Mar 2024 83.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 18.7 | Jun 2025 10.5 | Sep 2025 7.6 | Dec 2025 6.1 | Mar 2026 6.1 | Jun 2026 —
- BMW: 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 — | Dec 2025 10.9 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: PTC India Ltd leads ev/ebitda at 2.5×; Hexa Tradex Ltd leads p/bv at 0.19×.

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: PTC India Ltd · 2.5× | 26.5% versus #2 · Oswal Agro Mills Ltd | 0/8 recent comparable periods | 38/48 companies · 434 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. PTC India Ltd (PTC): 2.5
2. Oswal Agro Mills Ltd (OSWALAGRO): 3.4
3. Riddhi Siddhi Gluco Biols Ltd (524480): 6.8
4. Vision Infra Equipment Solutions Ltd (VIESL): 6.9
5. Patel Retail Ltd (PATELRMART): 7.2

### P/BV — lowest P/BV
1. Hexa Tradex Ltd (HEXATRADEX): 0.2
2. Dhunseri Ventures Ltd (DVL): 0.3
3. Uniphos Enterprises Ltd (UNIENTER): 0.3
4. Riddhi Siddhi Gluco Biols Ltd (524480): 0.3
5. Shanti Overseas (India) Ltd (SHANTI): 0.5 — older report

### 20-quarter EV/EBITDA history
- 511702: 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 333.7 | Sep 2025 375.9 | Dec 2025 33.9 | Mar 2026 28.3 | Jun 2026 —
- 513119: 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 60.0
- 517320: 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 247.9 | Sep 2025 60.6 | Dec 2025 79.2 | Mar 2026 118.7 | Jun 2026 —
- 523105: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 639.3 | Mar 2024 195.2 | Jun 2024 91.5 | Sep 2024 101.8 | Dec 2024 124.9 | Mar 2025 115.8 | Jun 2025 115.8 | Sep 2025 121.4 | Dec 2025 106.2 | Mar 2026 27.9 | Jun 2026 —
- 524480: Sep 2021 8.8 | Dec 2021 6.0 | Mar 2022 5.4 | Jun 2022 6.2 | Sep 2022 5.2 | Dec 2022 6.3 | Mar 2023 5.2 | Jun 2023 5.3 | Sep 2023 6.5 | Dec 2023 5.7 | Mar 2024 5.6 | Jun 2024 5.8 | Sep 2024 6.6 | Dec 2024 6.8 | Mar 2025 6.0 | Jun 2025 5.5 | Sep 2025 5.5 | Dec 2025 6.3 | Mar 2026 6.8 | Jun 2026 —
- 540718: Sep 2021 731.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 29.1 | Dec 2023 — | Mar 2024 304.0 | Jun 2024 — | Sep 2024 1,069.2 | Dec 2024 — | Mar 2025 2,403.8 | Jun 2025 — | Sep 2025 615.1 | Dec 2025 — | Mar 2026 655.2 | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 14.2 | Jun 2023 — | Sep 2023 14.0 | Dec 2023 — | Mar 2024 14.7 | Jun 2024 11.6 | Sep 2024 43.8 | Dec 2024 43.4 | Mar 2025 33.0 | Jun 2025 18.9 | Sep 2025 15.9 | Dec 2025 17.3 | Mar 2026 15.3 | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.8 | Dec 2023 — | Mar 2024 8.5 | Jun 2024 — | Sep 2024 11.9 | Dec 2024 — | Mar 2025 10.8 | Jun 2025 — | Sep 2025 57.3 | Dec 2025 — | Mar 2026 50.9 | Jun 2026 —
- 544584: 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 — | Dec 2025 — | Mar 2026 9.8 | Jun 2026 —
- ADANIENT: Sep 2021 48.4 | Dec 2021 55.3 | Mar 2022 59.2 | Jun 2022 59.7 | Sep 2022 81.0 | Dec 2022 77.8 | Mar 2023 33.4 | Jun 2023 34.3 | Sep 2023 31.6 | Dec 2023 34.1 | Mar 2024 32.9 | Jun 2024 34.9 | Sep 2024 30.4 | Dec 2024 23.6 | Mar 2025 22.8 | Jun 2025 25.4 | Sep 2025 24.9 | Dec 2025 24.7 | Mar 2026 20.6 | Jun 2026 —
- LLOYDSENT: Sep 2021 — | Dec 2021 1,186.1 | Mar 2022 176.6 | Jun 2022 6.3 | Sep 2022 2.2 | Dec 2022 4.2 | Mar 2023 4.8 | Jun 2023 30.9 | Sep 2023 61.2 | Dec 2023 52.9 | Mar 2024 21.5 | Jun 2024 36.7 | Sep 2024 29.1 | Dec 2024 27.9 | Mar 2025 31.9 | Jun 2025 61.6 | Sep 2025 21.0 | Dec 2025 19.9 | Mar 2026 13.3 | Jun 2026 —
- RRP: 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 41.3 | Dec 2024 65.2 | Mar 2025 82.1 | Jun 2025 231.3 | Sep 2025 964.2 | Dec 2025 1,628.6 | Mar 2026 — | Jun 2026 —
- MMTC: Sep 2021 13.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.0 | Dec 2022 4.6 | Mar 2023 6.8 | Jun 2023 15.1 | Sep 2023 24.2 | Dec 2023 109.9 | Mar 2024 76.7 | Jun 2024 66.7 | Sep 2024 45.3 | Dec 2024 40.6 | Mar 2025 34.7 | Jun 2025 68.0 | Sep 2025 81.1 | Dec 2025 58.4 | Mar 2026 37.5 | Jun 2026 —
- SGMART: Sep 2021 48.2 | Dec 2021 59.8 | Mar 2022 70.6 | Jun 2022 66.7 | Sep 2022 80.6 | Dec 2022 61.5 | Mar 2023 79.4 | Jun 2023 357.2 | Sep 2023 546.8 | Dec 2023 174.9 | Mar 2024 88.7 | Jun 2024 48.4 | Sep 2024 42.6 | Dec 2024 25.6 | Mar 2025 19.8 | Jun 2025 20.3 | Sep 2025 21.2 | Dec 2025 18.7 | Mar 2026 28.1 | Jun 2026 32.3
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 12.8 | Jun 2024 12.3 | Sep 2024 10.2 | Dec 2024 10.1 | Mar 2025 7.7 | Jun 2025 7.0 | Sep 2025 7.8 | Dec 2025 8.5 | Mar 2026 7.2 | Jun 2026 —
- PTC: Sep 2021 7.6 | Dec 2021 6.8 | Mar 2022 6.3 | Jun 2022 7.9 | Sep 2022 5.9 | Dec 2022 6.4 | Mar 2023 7.0 | Jun 2023 8.4 | Sep 2023 6.8 | Dec 2023 8.3 | Mar 2024 8.6 | Jun 2024 9.7 | Sep 2024 6.9 | Dec 2024 5.2 | Mar 2025 5.3 | Jun 2025 5.9 | Sep 2025 3.6 | Dec 2025 2.3 | Mar 2026 2.5 | Jun 2026 —
- EUROPRATIK: 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 23.2 | Dec 2025 28.7 | Mar 2026 19.5 | Jun 2026 —
- BUILDPRO: 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 — | Dec 2025 — | Mar 2026 11.7 | Jun 2026 —
- BPAGRI: Sep 2021 — | Dec 2021 — | Mar 2022 64.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 117.4 | Dec 2023 113.5 | Mar 2024 — | Jun 2024 — | Sep 2024 6.4 | Dec 2024 4.2 | Mar 2025 910.7 | Jun 2025 3,816.2 | Sep 2025 7,343.8 | Dec 2025 7,401.8 | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: 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 155.8 | Jun 2025 71.9 | Sep 2025 66.1 | Dec 2025 63.2 | Mar 2026 57.3 | Jun 2026 —
- KOTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 3.3 | Dec 2024 8.1 | Mar 2025 36.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0 | Sep 2022 5.0 | Dec 2022 6.0 | Mar 2023 8.8 | Jun 2023 9.1 | Sep 2023 16.9 | Dec 2023 17.3 | Mar 2024 22.3 | Jun 2024 36.8 | Sep 2024 48.6 | Dec 2024 52.1 | Mar 2025 56.7 | Jun 2025 41.2 | Sep 2025 57.9 | Dec 2025 46.2 | Mar 2026 — | Jun 2026 —
- ARIS: 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 65.3 | Sep 2025 16.8 | Dec 2025 12.3 | Mar 2026 7.4 | Jun 2026 —
- TEMBO: Sep 2021 52.2 | Dec 2021 53.1 | Mar 2022 34.9 | Jun 2022 18.2 | Sep 2022 16.4 | Dec 2022 11.9 | Mar 2023 17.0 | Jun 2023 22.7 | Sep 2023 18.7 | Dec 2023 17.3 | Mar 2024 13.7 | Jun 2024 11.2 | Sep 2024 19.5 | Dec 2024 24.5 | Mar 2025 14.3 | Jun 2025 8.9 | Sep 2025 7.8 | Dec 2025 12.2 | Mar 2026 8.0 | Jun 2026 —
- A1L: Sep 2021 31.0 | Dec 2021 24.8 | Mar 2022 31.0 | Jun 2022 27.2 | Sep 2022 28.7 | Dec 2022 25.1 | Mar 2023 33.3 | Jun 2023 42.1 | Sep 2023 58.9 | Dec 2023 61.6 | Mar 2024 60.4 | Jun 2024 67.8 | Sep 2024 54.2 | Dec 2024 56.6 | Mar 2025 56.5 | Jun 2025 74.8 | Sep 2025 109.8 | Dec 2025 235.6 | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3,039.4 | Jun 2023 — | Sep 2023 4,604.3 | Dec 2023 — | Mar 2024 14,262.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1,246.3 | Jun 2025 36.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HEXATRADEX: Sep 2021 103.7 | Dec 2021 198.8 | Mar 2022 734.5 | Jun 2022 81.4 | Sep 2022 90.5 | Dec 2022 77.2 | Mar 2023 340.1 | Jun 2023 — | Sep 2023 17.6 | Dec 2023 10.8 | Mar 2024 6.5 | Jun 2024 13.0 | Sep 2024 47.3 | Dec 2024 43.8 | Mar 2025 394.6 | Jun 2025 232.9 | Sep 2025 169.1 | Dec 2025 257.8 | Mar 2026 — | Jun 2026 —
- DVL: Sep 2021 2.4 | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.4 | Sep 2023 1.9 | Dec 2023 3.3 | Mar 2024 4.5 | Jun 2024 5.7 | Sep 2024 6.4 | Dec 2024 4.6 | Mar 2025 3.5 | Jun 2025 5.4 | Sep 2025 5.2 | Dec 2025 9.4 | Mar 2026 14.5 | Jun 2026 —
- VIESL: 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 38.0 | Dec 2024 — | Mar 2025 29.8 | Jun 2025 — | Sep 2025 6.4 | Dec 2025 — | Mar 2026 6.9 | Jun 2026 —
- HARDWYN: Sep 2021 27.4 | Dec 2021 22.1 | Mar 2022 20.5 | Jun 2022 40.2 | Sep 2022 58.2 | Dec 2022 53.2 | Mar 2023 42.9 | Jun 2023 87.4 | Sep 2023 92.7 | Dec 2023 99.6 | Mar 2024 81.9 | Jun 2024 63.5 | Sep 2024 81.3 | Dec 2024 44.4 | Mar 2025 25.9 | Jun 2025 37.0 | Sep 2025 28.2 | Dec 2025 38.9 | Mar 2026 51.9 | Jun 2026 —
- PATELRMART: 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 13.4 | Dec 2025 10.5 | Mar 2026 7.2 | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 9.1 | Mar 2022 16.0 | Jun 2022 19.1 | Sep 2022 38.1 | Dec 2022 48.7 | Mar 2023 39.1 | Jun 2023 26.1 | Sep 2023 26.0 | Dec 2023 25.4 | Mar 2024 42.5 | Jun 2024 44.5 | Sep 2024 47.2 | Dec 2024 33.9 | Mar 2025 17.8 | Jun 2025 22.4 | Sep 2025 21.2 | Dec 2025 18.7 | Mar 2026 13.8 | Jun 2026 —
- STCINDIA: Sep 2021 — | Dec 2021 272.6 | Mar 2022 108.8 | Jun 2022 77.4 | Sep 2022 59.3 | Dec 2022 59.9 | Mar 2023 62.0 | Jun 2023 64.4 | Sep 2023 78.1 | Dec 2023 68.7 | Mar 2024 59.0 | Jun 2024 59.5 | Sep 2024 39.6 | Dec 2024 37.6 | Mar 2025 35.2 | Jun 2025 34.1 | Sep 2025 43.5 | Dec 2025 32.9 | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 31.4 | Dec 2021 16.8 | Mar 2022 18.0 | Jun 2022 15.8 | Sep 2022 18.7 | Dec 2022 23.1 | Mar 2023 26.7 | Jun 2023 28.2 | Sep 2023 27.5 | Dec 2023 26.6 | Mar 2024 22.2 | Jun 2024 28.6 | Sep 2024 30.1 | Dec 2024 26.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 47.1 | Mar 2026 29.8 | Jun 2026 —
- FABTECH: 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 — | Dec 2025 18.7 | Mar 2026 13.3 | Jun 2026 11.8
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 39.9 | Dec 2023 — | Mar 2024 42.9 | Jun 2024 — | Sep 2024 74.3 | Dec 2024 — | Mar 2025 60.9 | Jun 2025 — | Sep 2025 36.3 | Dec 2025 — | Mar 2026 31.9 | Jun 2026 —
- MONIKA: 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 15.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGEL: Sep 2021 12.2 | Dec 2021 40.7 | Mar 2022 53.6 | Jun 2022 35.6 | Sep 2022 54.8 | Dec 2022 31.6 | Mar 2023 13.4 | Jun 2023 13.2 | Sep 2023 9.6 | Dec 2023 11.0 | Mar 2024 12.0 | Jun 2024 12.0 | Sep 2024 11.4 | Dec 2024 9.8 | Mar 2025 9.8 | Jun 2025 10.4 | Sep 2025 11.6 | Dec 2025 10.6 | Mar 2026 9.1 | Jun 2026 —
- SHIVAUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20.0 | Dec 2023 — | Mar 2024 23.3 | Jun 2024 — | Sep 2024 21.8 | Dec 2024 19.0 | Mar 2025 19.0 | Jun 2025 — | Sep 2025 21.9 | Dec 2025 30.1 | Mar 2026 34.7 | Jun 2026 —
- PRAMARA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15.3 | Dec 2023 — | Mar 2024 13.1 | Jun 2024 — | Sep 2024 18.4 | Dec 2024 — | Mar 2025 14.0 | Jun 2025 — | Sep 2025 30.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 12.5 | Dec 2021 37.0 | Mar 2022 26.4 | Jun 2022 89.3 | Sep 2022 110.7 | Dec 2022 18.9 | Mar 2023 9.8 | Jun 2023 13.0 | Sep 2023 19.1 | Dec 2023 95.7 | Mar 2024 114.3 | Jun 2024 98.5 | Sep 2024 120.7 | Dec 2024 — | Mar 2025 14.5 | Jun 2025 7.6 | Sep 2025 5.3 | Dec 2025 3.7 | Mar 2026 3.4 | Jun 2026 —
- BMW: 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 — | Dec 2025 8.1 | Mar 2026 — | Jun 2026 —
- SHANTI: Sep 2021 6.9 | Dec 2021 8.3 | Mar 2022 8.2 | Jun 2022 8.7 | Sep 2022 5.7 | Dec 2022 5.4 | Mar 2023 8.1 | 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 P/BV history
- 505703: Sep 2021 1.0 | Dec 2021 1.4 | Mar 2022 3.7 | Jun 2022 12.7 | Sep 2022 9.2 | Dec 2022 8.9 | Mar 2023 10.4 | Jun 2023 25.6 | Sep 2023 21.2 | Dec 2023 24.6 | Mar 2024 42.7 | Jun 2024 33.6 | Sep 2024 107.2 | Dec 2024 118.2 | Mar 2025 115.4 | Jun 2025 98.6 | Sep 2025 103.3 | Dec 2025 23.0 | Mar 2026 33.3 | Jun 2026 —
- 511702: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 — | Dec 2024 2.1 | Mar 2025 4.6 | Jun 2025 5.9 | Sep 2025 6.3 | Dec 2025 5.2 | Mar 2026 5.2 | Jun 2026 —
- 512595: 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 — | Dec 2025 5.4 | Mar 2026 — | Jun 2026 —
- 513119: 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 3.1
- 517320: Sep 2021 -12.9 | Dec 2021 -11.4 | Mar 2022 -12.2 | Jun 2022 -7.2 | Sep 2022 -9.9 | Dec 2022 -9.8 | Mar 2023 -10.8 | Jun 2023 -12.5 | Sep 2023 -11.5 | Dec 2023 -10.7 | Mar 2024 -11.8 | Jun 2024 -14.5 | Sep 2024 -12.4 | Dec 2024 -13.0 | Mar 2025 -14.3 | Jun 2025 -16.3 | Sep 2025 -24.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 523105: Sep 2021 -2.2 | Dec 2021 -4.9 | Mar 2022 -4.5 | Jun 2022 -5.2 | Sep 2022 -5.5 | Dec 2022 -4.2 | Mar 2023 -4.8 | Jun 2023 -4.0 | Sep 2023 -3.7 | Dec 2023 21.7 | Mar 2024 46.5 | Jun 2024 0.2 | Sep 2024 22.0 | Dec 2024 20.4 | Mar 2025 17.2 | Jun 2025 11.8 | Sep 2025 16.4 | Dec 2025 14.3 | Mar 2026 4.0 | Jun 2026 —
- 524480: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- 537392: Sep 2021 2.5 | Dec 2021 1.3 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.8 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 540718: Sep 2021 1.0 | Dec 2021 — | Mar 2022 1.1 | Jun 2022 — | Sep 2022 1.4 | Dec 2022 — | Mar 2023 2.5 | Jun 2023 — | Sep 2023 1.2 | Dec 2023 — | Mar 2024 3.0 | Jun 2024 — | Sep 2024 10.1 | Dec 2024 — | Mar 2025 21.3 | Jun 2025 — | Sep 2025 28.7 | Dec 2025 — | Mar 2026 32.4 | Jun 2026 —
- 543828: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0 | Dec 2023 — | Mar 2024 1.7 | Jun 2024 1.9 | Sep 2024 9.0 | Dec 2024 8.9 | Mar 2025 6.6 | Jun 2025 6.0 | Sep 2025 4.8 | Dec 2025 4.4 | Mar 2026 4.2 | Jun 2026 —
- 543926: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 1.2 | Jun 2025 — | Sep 2025 7.5 | Dec 2025 — | Mar 2026 10.7 | Jun 2026 —
- ADANIENT: Sep 2021 10.2 | Dec 2021 11.0 | Mar 2022 12.0 | Jun 2022 15.0 | Sep 2022 13.6 | Dec 2022 15.1 | Mar 2023 9.4 | Jun 2023 8.9 | Sep 2023 9.0 | Dec 2023 9.6 | Mar 2024 10.8 | Jun 2024 10.1 | Sep 2024 9.9 | Dec 2024 7.1 | Mar 2025 6.9 | Jun 2025 6.6 | Sep 2025 6.3 | Dec 2025 5.3 | Mar 2026 4.4 | Jun 2026 —
- LLOYDSENT: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.2 | Jun 2022 2.7 | Sep 2022 0.8 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 2.0 | Sep 2023 4.6 | Dec 2023 3.7 | Mar 2024 2.7 | Jun 2024 2.8 | Sep 2024 4.4 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 8.0 | Sep 2025 3.7 | Dec 2025 2.9 | Mar 2026 2.0 | Jun 2026 —
- RRP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0 | Sep 2024 -0.1 | Dec 2024 20.0 | Mar 2025 70.5 | Jun 2025 3.8 | Sep 2025 573.5 | Dec 2025 1,585.2 | Mar 2026 1,419.3 | Jun 2026 —
- MMTC: Sep 2021 7.3 | Dec 2021 -32.6 | Mar 2022 -44.7 | Jun 2022 -39.8 | Sep 2022 4.0 | Dec 2022 4.3 | Mar 2023 3.3 | Jun 2023 3.4 | Sep 2023 6.1 | Dec 2023 6.2 | Mar 2024 6.9 | Jun 2024 8.4 | Sep 2024 8.3 | Dec 2024 6.4 | Mar 2025 4.5 | Jun 2025 6.5 | Sep 2025 5.8 | Dec 2025 5.0 | Mar 2026 4.3 | Jun 2026 —
- SGMART: Sep 2021 2.8 | Dec 2021 3.3 | Mar 2022 3.8 | Jun 2022 3.6 | Sep 2022 4.2 | Dec 2022 3.4 | Mar 2023 4.2 | Jun 2023 16.4 | Sep 2023 26.8 | Dec 2023 33.1 | Mar 2024 5.1 | Jun 2024 4.6 | Sep 2024 4.1 | Dec 2024 3.6 | Mar 2025 3.2 | Jun 2025 3.8 | Sep 2025 3.4 | Dec 2025 3.1 | Mar 2026 4.1 | Jun 2026 4.6
- RPTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.1 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- PTC: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- EUROPRATIK: 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 9.5 | Dec 2025 11.8 | Mar 2026 8.0 | Jun 2026 —
- BUILDPRO: 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 — | Dec 2025 — | Mar 2026 4.3 | Jun 2026 —
- BPAGRI: Sep 2021 -3.9 | Dec 2021 -5.6 | Mar 2022 -8.7 | Jun 2022 -8.6 | Sep 2022 -7.0 | Dec 2022 -6.5 | Mar 2023 -7.1 | Jun 2023 -8.8 | Sep 2023 -8.7 | Dec 2023 -8.0 | Mar 2024 -8.8 | Jun 2024 -6.7 | Sep 2024 -9.9 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNAGROCHEM: Sep 2021 -196.5 | Dec 2021 -262.3 | Mar 2022 -99.0 | Jun 2022 -53.9 | Sep 2022 -34.8 | Dec 2022 -148.4 | Mar 2023 -83.0 | Jun 2023 — | Sep 2023 1.8 | Dec 2023 3.7 | Mar 2024 2.5 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 2.3 | Dec 2025 8.4 | Mar 2026 4.8 | Jun 2026 —
- KOTIC: 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 7.2 | Mar 2025 16.1 | Jun 2025 20.3 | Sep 2025 27.1 | Dec 2025 9.3 | Mar 2026 6.4 | Jun 2026 —
- LEMERITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7 | Sep 2022 1.8 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 3.5 | Sep 2024 4.6 | Dec 2024 6.7 | Mar 2025 7.2 | Jun 2025 7.4 | Sep 2025 8.9 | Dec 2025 8.6 | Mar 2026 — | Jun 2026 —
- ARIS: 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 6.0 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 —
- TEMBO: Sep 2021 15.0 | Dec 2021 17.1 | Mar 2022 12.3 | Jun 2022 6.5 | Sep 2022 3.9 | Dec 2022 3.8 | Mar 2023 10.5 | Jun 2023 13.0 | Sep 2023 12.5 | Dec 2023 5.0 | Mar 2024 4.6 | Jun 2024 6.5 | Sep 2024 14.8 | Dec 2024 11.2 | Mar 2025 6.7 | Jun 2025 13.2 | Sep 2025 14.2 | Dec 2025 4.4 | Mar 2026 3.5 | Jun 2026 —
- A1L: Sep 2021 5.5 | Dec 2021 5.4 | Mar 2022 6.9 | Jun 2022 7.2 | Sep 2022 7.6 | Dec 2022 7.7 | Mar 2023 8.4 | Jun 2023 9.0 | Sep 2023 8.7 | Dec 2023 9.0 | Mar 2024 8.4 | Jun 2024 8.3 | Sep 2024 7.8 | Dec 2024 9.6 | Mar 2025 11.2 | Jun 2025 15.9 | Sep 2025 21.6 | Dec 2025 41.4 | Mar 2026 — | Jun 2026 —
- NEUEON: Sep 2021 0.0 | Dec 2021 — | Mar 2022 0.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -0.0 | Jun 2023 — | Sep 2023 -0.0 | Dec 2023 -0.0 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 0.0 | Sep 2025 0.0 | Dec 2025 0.0 | Mar 2026 0.1 | Jun 2026 —
- HEXATRADEX: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.8 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- DVL: Sep 2021 0.6 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- VIESL: 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 3.0 | Dec 2024 — | Mar 2025 2.1 | Jun 2025 — | Sep 2025 3.3 | Dec 2025 — | Mar 2026 3.7 | Jun 2026 —
- HARDWYN: Sep 2021 6.2 | Dec 2021 5.5 | Mar 2022 6.5 | Jun 2022 15.1 | Sep 2022 24.0 | Dec 2022 30.5 | Mar 2023 1.8 | Jun 2023 3.7 | Sep 2023 3.5 | Dec 2023 3.8 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 3.8 | Dec 2024 2.5 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 —
- PATELRMART: 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 2.2 | Dec 2025 1.8 | Mar 2026 1.4 | Jun 2026 —
- NRL: Sep 2021 — | Dec 2021 — | Mar 2022 5.5 | Jun 2022 6.7 | Sep 2022 8.1 | Dec 2022 8.6 | Mar 2023 5.9 | Jun 2023 6.9 | Sep 2023 6.3 | Dec 2023 5.1 | Mar 2024 7.7 | Jun 2024 6.1 | Sep 2024 9.2 | Dec 2024 6.1 | Mar 2025 3.5 | Jun 2025 6.5 | Sep 2025 5.8 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 —
- MSCTC: 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 1.9 | Dec 2024 2.0 | Mar 2025 2.3 | Jun 2025 2.8 | Sep 2025 8.9 | Dec 2025 14.6 | Mar 2026 — | Jun 2026 —
- STCINDIA: Sep 2021 -0.1 | Dec 2021 -0.1 | 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 -0.2 | Dec 2023 -0.2 | Mar 2024 -0.2 | Jun 2024 -0.2 | Sep 2024 -0.2 | Dec 2024 -0.2 | Mar 2025 -0.2 | Jun 2025 -0.2 | Sep 2025 -0.2 | Dec 2025 -0.2 | Mar 2026 — | Jun 2026 —
- UNIENTER: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- FABTECH: 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 — | Dec 2025 4.5 | Mar 2026 3.2 | Jun 2026 1.7
- PROV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.8 | Jun 2024 — | Sep 2024 5.0 | Dec 2024 — | Mar 2025 3.7 | Jun 2025 — | Sep 2025 3.2 | Dec 2025 — | Mar 2026 3.1 | Jun 2026 —
- MGEL: Sep 2021 2.0 | Dec 2021 5.2 | Mar 2022 9.2 | Jun 2022 6.7 | Sep 2022 6.6 | Dec 2022 5.7 | Mar 2023 2.6 | Jun 2023 3.6 | Sep 2023 1.8 | Dec 2023 2.2 | Mar 2024 2.6 | Jun 2024 3.1 | Sep 2024 3.0 | Dec 2024 2.2 | Mar 2025 2.6 | Jun 2025 3.5 | Sep 2025 2.8 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- SHIVAUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.6 | Dec 2023 — | Mar 2024 4.4 | Jun 2024 — | Sep 2024 3.8 | Dec 2024 3.0 | Mar 2025 3.0 | Jun 2025 — | Sep 2025 3.8 | Dec 2025 3.4 | Mar 2026 4.0 | Jun 2026 —
- PRAMARA: 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 4.1 | Dec 2024 — | Mar 2025 2.2 | Jun 2025 — | Sep 2025 4.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSWALAGRO: Sep 2021 0.3 | Dec 2021 0.7 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 1.5 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- SHANTI: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 — | Jun 2026 —

## Market action

Magnus Steel & Infra Ltd has the strongest one-year price move in Trading at +1449.6%. Keto Motors Ltd leads on Mansfield relative strength against NIFTY at +552.9%. 24 of 41 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Magnus Steel & Infra Ltd (517320): 1,450%
2. RRP Semiconductor Ltd (RRP): 276%
3. Mardia Samyoung Capillary Tubes Company Ltd (MSCTC): 271%
4. Satani Bearings Ltd (505703): 149%
5. Bizotic Commercial Ltd (543926): 138%

### Strongest relative strength versus NIFTY 500
1. Keto Motors Ltd (537392): 553%
2. Shah Foods Ltd (519031): 137%
3. Rashi Peripherals Ltd (RPTECH): 79%
4. Mardia Samyoung Capillary Tubes Company Ltd (MSCTC): 75%
5. RRP Semiconductor Ltd (RRP): 73%

## 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.
- 11 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- 14 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Adani Enterprises Ltd (ADANIENT) — market value ₹4.1 L Cr; latest fundamentals Mar 2026
- Lloyds Enterprises Ltd (LLOYDSENT) — market value ₹11.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- RRP Semiconductor Ltd (RRP) — market value ₹11.9K Cr; latest fundamentals Mar 2026
- MMTC Ltd (MMTC) — market value ₹9.2K Cr; latest fundamentals Mar 2026
- SG Mart Ltd (SGMART) — market value ₹9.0K Cr; latest fundamentals Jun 2026
- Rashi Peripherals Ltd (RPTECH) — market value ₹5.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- PTC India Ltd (PTC) — market value ₹4.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Euro Pratik Sales Ltd (EUROPRATIK) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Shankara Buildpro Ltd (BUILDPRO) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Blue Pearl Agriventures Ltd (BPAGRI) — market value ₹2.8K Cr; latest fundamentals Dec 2025
- BN Agrochem Ltd (BNAGROCHEM) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Onix Solar Energy Ltd (513119) — market value ₹2.3K Cr; latest fundamentals Jun 2026
- Aayush Art and Bullion Ltd (540718) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Kothari Industrial Corporation Ltd (KOTIC) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Keto Motors Ltd (537392) — market value ₹1.6K Cr; latest fundamentals Jun 2023
- Le Merite Exports Ltd (LEMERITE) — market value ₹1.2K Cr; latest fundamentals Dec 2025; includes UNVERIFIED second-feed figures
- Arisinfra Solutions Ltd (ARIS) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sudarshan Pharma Industries Ltd (543828) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Tembo Global Industries Ltd (TEMBO) — market value ₹984 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- A-1 Ltd (A1L) — market value ₹947 Cr; latest fundamentals Dec 2025
- Neueon Corporation Ltd (NEUEON) — market value ₹930 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shah Foods Ltd (519031) — market value ₹908 Cr; latest fundamentals Mar 2026
- Hexa Tradex Ltd (HEXATRADEX) — market value ₹857 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dhunseri Ventures Ltd (DVL) — market value ₹854 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vision Infra Equipment Solutions Ltd (VIESL) — market value ₹774 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hardwyn India Ltd (HARDWYN) — market value ₹773 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Yogi Ltd (511702) — market value ₹765 Cr; latest fundamentals Mar 2026
- Patel Retail Ltd (PATELRMART) — market value ₹746 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Nupur Recyclers Ltd (NRL) — market value ₹725 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Mardia Samyoung Capillary Tubes Company Ltd (MSCTC) — market value ₹707 Cr; latest fundamentals Dec 2025
- State Trading Corporation of India Ltd (STCINDIA) — market value ₹707 Cr; latest fundamentals Dec 2025; includes UNVERIFIED second-feed figures
- Uniphos Enterprises Ltd (UNIENTER) — market value ₹683 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Fabtech Technologies Ltd (FABTECH) — market value ₹666 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Proventus Agrocom Ltd (PROV) — market value ₹591 Cr; latest fundamentals Mar 2026
- Cropster Agro Ltd (523105) — market value ₹580 Cr; latest fundamentals Mar 2026
- SK Minerals & Additives Ltd (544584) — market value ₹580 Cr; latest fundamentals Mar 2026
- Monika Alcobev Ltd (MONIKA) — market value ₹553 Cr; latest fundamentals Sep 2025
- Bizotic Commercial Ltd (543926) — market value ₹547 Cr; latest fundamentals Mar 2026
- Satani Bearings Ltd (505703) — market value ₹546 Cr; latest fundamentals Mar 2026
- Mangalam Global Enterprise Ltd (MGEL) — market value ₹534 Cr; latest fundamentals Mar 2026
- Shiv Aum Steels Ltd (SHIVAUM) — market value ₹532 Cr; latest fundamentals Mar 2026
- Riddhi Siddhi Gluco Biols Ltd (524480) — market value ₹517 Cr; latest fundamentals Mar 2026
- Pramara Promotions Ltd (PRAMARA) — market value ₹503 Cr; latest fundamentals Sep 2025
- Oswal Agro Mills Ltd (OSWALAGRO) — market value ₹502 Cr; latest fundamentals Mar 2026
- Manbro Industries Ltd (512595) — market value ₹495 Cr; latest fundamentals Dec 2025
- BMW Ventures Ltd (BMW) — market value ₹488 Cr; latest fundamentals Dec 2025
- Magnus Steel & Infra Ltd (517320) — market value ₹417 Cr; latest fundamentals Mar 2026
- Shanti Overseas (India) Ltd (SHANTI) — market value ₹6 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 6. Unverified: 39. Withheld: 3. Graded companies: 48.

14 of 48 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 48 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Lloyds Enterprises Ltd (LLOYDSENT) — its two data sources disagree by up to 119% on reported income across 14 comparable periods, so its derived ratios are withheld; Rashi Peripherals Ltd (RPTECH) — its two data sources disagree by up to 17% on reported income across 14 comparable periods, so its derived ratios are withheld; PTC India Ltd (PTC) — its two data sources disagree by up to 3.5% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | LLOYDSENT | Lloyds Enterprises Ltd | diff_gt_2pct | disagreement up to 119.37% over 14 comparable periods
- WITHHELD | RPTECH | Rashi Peripherals Ltd | diff_gt_2pct | disagreement up to 16.64% over 14 comparable periods
- WITHHELD | PTC | PTC India Ltd | diff_gt_2pct | disagreement up to 3.46% over 13 comparable periods

- UNVERIFIED | KOTIC | Kothari Industrial Corporation Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LEMERITE | Le Merite Exports Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ARIS | Arisinfra Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TEMBO | Tembo Global Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NEUEON | Neueon Corporation Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HEXATRADEX | Hexa Tradex Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DVL | Dhunseri Ventures Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VIESL | Vision Infra Equipment Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HARDWYN | Hardwyn India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PATELRMART | Patel Retail Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NRL | Nupur Recyclers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | STCINDIA | State Trading Corporation of India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | UNIENTER | Uniphos Enterprises Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | FABTECH | Fabtech Technologies 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 Trading index?

The Nifty Trading index tracks India's listed Trading companies as a single basket. This page follows the same 48 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Trading sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Trading stocks in India?

Ranked by this page's four-factor score, Rashi Peripherals Ltd places first among 48 listed Trading companies, followed by Magnus Steel & Infra 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 Trading stocks are listed in India?

This comparison covers 48 listed Trading 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 Trading company is the biggest?

Adani Enterprises Ltd is the largest, with trailing-twelve-month revenue of ₹1,00,469 crore, ahead of PTC India Ltd at ₹16,771 crore. That covers 37 of 48 companies with comparable reporting through Mar 2026.

### Which Trading company is growing fastest?

Yogi Ltd has the fastest revenue growth at 100% year on year, across 34 of 48 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 Trading company has the best profit margins?

Onix Solar Energy Ltd has the highest operating margin at 30%, from 42 of 48 comparable companies. Manbro Industries Ltd shows the biggest recent improvement, at +32.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Trading company makes the most profit?

Adani Enterprises Ltd earns the most, at ₹9,950 crore of trailing-twelve-month net profit, from 37 of 48 comparable companies. Yogi Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Trading company earns the highest return on capital?

Magnus Steel & Infra Ltd leads on return on capital employed at 171%, across 46 of 48 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 Trading stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Euro Pratik Sales Ltd screens cheapest at 0.62×. Only 4 of 48 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 Trading company has the strongest balance sheet?

Satani Bearings Ltd carries the lowest comparable gross debt at ₹0 crore, from 47 of 48 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Trading stock has the strongest price momentum?

Keto Motors 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 Trading company scores highest for research priority?

Rashi Peripherals Ltd scores 66.4 out of 100 with 72% evidence confidence, from 21.6 points on growth and earnings, 14.3 on capital efficiency, 10.9 on valuation and 19.6 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 Trading companies does this comparison cover, and over what period?

It compares 48 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 Trading sector?

The 48 Trading companies on this page carry ₹5,03,219 crore of combined market value. Adani Enterprises Ltd is the largest at ₹4,09,597 crore, about 81% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

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

The median price-to-earnings ratio across the 48 Trading companies on this page is 37.2×, measured on the 41 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 Trading sector performing?

24 of the 41 covered Trading companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

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

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

### Is this investment advice?

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

Narrative sector analysis: https://www.sectoralpha.in/sectors/trading