# Building Products & Equipment — company-by-company sector analysis

> Building Products & Equipment: Johnson Controls International plc owns the largest revenue base; AAON, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Building Products & Equipment has underperformed S&P 500 by 17.9% over 52 weeks and 0.1% over 13 weeks. 8 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself. Johnson Controls International plc leads with revenue of $24,433 million, based on 26 of 29 comparable companies through Mar 2026.

### Is the Building Products & Equipment sector outperforming S&P 500?

Building Products & Equipment has underperformed S&P 500 by 17.9% over 52 weeks and 0.1% over 13 weeks. 8 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself.

### Which Building Products & Equipment company is largest by revenue?

Johnson Controls International plc leads with revenue of $24,433 million, based on 26 of 29 comparable companies through Mar 2026.

### Which Building Products & Equipment company is growing fastest?

AAON, Inc. has the fastest current revenue growth at 28.2%, across 26 of 29 comparable companies.

### Which Building Products & Equipment company has the strongest 4-Factor Sector Score?

Masco Corporation ranks first at 64.9/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Building Products & Equipment company reports the most CAPEX?

Owens Corning reports the largest latest CAPEX at $233 million, with 29 of 29 companies comparable.

### Which Building Products & Equipment company has the least gross debt?

AirJoule Technologies Corporation has the lowest comparable gross debt at $0 million. Carrier Global Corporation has the highest at $12,573 million.

### Which Building Products & Equipment company has the lowest comparable PEG?

Builders FirstSource, Inc. has the lowest comparable Guarded PEG at 0.14, among 20 of 29 companies that pass the metric’s comparability rules.

### How much history does this Building Products & Equipment 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

Building Products & Equipment has underperformed S&P 500 by 17.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.1%. 8 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Masco Corporation is the strongest against the sector itself at +16.2%.

13-week sector return versus NIFTY 500: -0.1%
52-week sector return versus NIFTY 500: -18%
Stocks leading NIFTY: 8/28
Stocks leading sector: 11/28

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

Companies: 29
Combined market value: ₹3.9 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. Masco Corporation (MAS): 65/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.8/35 | Capital efficiency 13.0/25 | Valuation 12.0/20 | Relative strength 19.1/20
   - Exact sum: 20.8 + 13 + 12 + 19.1 = 64.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Apogee Enterprises, Inc. (APOG): 63/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.6/35 | Capital efficiency 11.2/25 | Valuation 16.0/20 | Relative strength 14.0/20
   - Exact sum: 21.6 + 11.2 + 16 + 14 = 62.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Johnson Controls International plc (JCI): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.7/35 | Capital efficiency 13.5/25 | Valuation 14.8/20 | Relative strength 12.7/20
   - Exact sum: 16.7 + 13.5 + 14.8 + 12.7 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Trex Company, Inc. (TREX): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.7/35 | Capital efficiency 17.7/25 | Valuation 8.9/20 | Relative strength 12.6/20
   - Exact sum: 17.7 + 17.7 + 8.9 + 12.6 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Armstrong World Industries, Inc. (AWI): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.0/35 | Capital efficiency 16.2/25 | Valuation 9.6/20 | Relative strength 9.7/20
   - Exact sum: 19 + 16.2 + 9.6 + 9.7 = 54.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Arlo Technologies, Inc. (ARLO): 53/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.4/35 | Capital efficiency 13.3/25 | Valuation 9.3/20 | Relative strength 7.0/20
   - Exact sum: 23.4 + 13.3 + 9.3 + 7 = 53
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. SPX Technologies, Inc. (SPXC): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 26.3/35 | Capital efficiency 15.0/25 | Valuation 7.0/20 | Relative strength 4.5/20
   - Exact sum: 26.3 + 15 + 7 + 4.5 = 52.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -3.7% and the one-year return is 4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Griffon Corporation (GFF): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 11.1/25 | Valuation 12.7/20 | Relative strength 15.0/20
   - Exact sum: 13.8 + 11.1 + 12.7 + 15 = 52.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Lennox International Inc. (LII): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.3/35 | Capital efficiency 13.2/25 | Valuation 11.0/20 | Relative strength 13.8/20
   - Exact sum: 13.3 + 13.2 + 11 + 13.8 = 51.3
   - Decision use: Price leads the evidence: RS versus the benchmark is -2.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Trane Technologies plc (TT): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.6/35 | Capital efficiency 15.8/25 | Valuation 4.9/20 | Relative strength 12.2/20
   - Exact sum: 17.6 + 15.8 + 4.9 + 12.2 = 50.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Fortune Brands Innovations, Inc. (FBIN): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.0/35 | Capital efficiency 9.9/25 | Valuation 13.9/20 | Relative strength 14.6/20
   - Exact sum: 12 + 9.9 + 13.9 + 14.6 = 50.4
   - Decision use: Price leads the evidence: RS versus the benchmark is -4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. NPK International Inc. (NPKI): 50/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.5/35 | Capital efficiency 15.2/25 | Valuation 8.4/20 | Relative strength 7.5/20
   - Exact sum: 18.5 + 15.2 + 8.4 + 7.5 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. AirJoule Technologies Corporation (AIRJ): 49/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 12.3/35 | Capital efficiency 10.3/25 | Valuation 11.5/20 | Relative strength 14.4/20
   - Exact sum: 12.3 + 10.3 + 11.5 + 14.4 = 48.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Carlisle Companies Incorporated (CSL): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.4/35 | Capital efficiency 11.7/25 | Valuation 10.6/20 | Relative strength 8.6/20
   - Exact sum: 16.4 + 11.7 + 10.6 + 8.6 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. AAON, Inc. (AAON): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.9/35 | Capital efficiency 15.1/25 | Valuation 4.5/20 | Relative strength 3.5/20
   - Exact sum: 21.9 + 15.1 + 4.5 + 3.5 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Owens Corning (OC): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 8.9/35 | Capital efficiency 7.0/25 | Valuation 9.6/20 | Relative strength 18.9/20
   - Exact sum: 8.9 + 7 + 9.6 + 18.9 = 44.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Quanex Building Products Corporation (NX): 44/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 10.2/35 | Capital efficiency 7.7/25 | Valuation 10.2/20 | Relative strength 15.9/20
   - Exact sum: 10.2 + 7.7 + 10.2 + 15.9 = 44
   - Decision use: Price leads the evidence: RS versus the benchmark is 4.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. Carrier Global Corporation (CARR): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.9/35 | Capital efficiency 8.9/25 | Valuation 13.4/20 | Relative strength 9.5/20
   - Exact sum: 11.9 + 8.9 + 13.4 + 9.5 = 43.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
19. Perma-Pipe International Holdings, Inc. (PPIH): 41/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 14.8/35 | Capital efficiency 12.7/25 | Valuation 8.9/20 | Relative strength 4.5/20
   - Exact sum: 14.8 + 12.7 + 8.9 + 4.5 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Aspen Aerogels, Inc. (ASPN): 40/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.0/35 | Capital efficiency 6.2/25 | Valuation 8.8/20 | Relative strength 5.0/20
   - Exact sum: 20 + 6.2 + 8.8 + 5 = 40
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Janus International Group, Inc. (JBI): 40/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.0/35 | Capital efficiency 9.4/25 | Valuation 11.2/20 | Relative strength 6.0/20
   - Exact sum: 13 + 9.4 + 11.2 + 6 = 39.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Limbach Holdings, Inc. (LMB): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.8/35 | Capital efficiency 10.6/25 | Valuation 12.7/20 | Relative strength 1.0/20
   - Exact sum: 14.8 + 10.6 + 12.7 + 1 = 39.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Louisiana-Pacific Corporation (LPX): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 5.4/35 | Capital efficiency 12.2/25 | Valuation 13.7/20 | Relative strength 7.3/20
   - Exact sum: 5.4 + 12.2 + 13.7 + 7.3 = 38.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
24. Gibraltar Industries, Inc. (ROCK): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.7/35 | Capital efficiency 6.8/25 | Valuation 11.7/20 | Relative strength 5.7/20
   - Exact sum: 11.7 + 6.8 + 11.7 + 5.7 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Builders FirstSource, Inc. (BLDR): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.3/35 | Capital efficiency 7.4/25 | Valuation 14.8/20 | Relative strength 4.2/20
   - Exact sum: 9.3 + 7.4 + 14.8 + 4.2 = 35.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
26. Latham Group, Inc. (SWIM): 36/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 16.7/35 | Capital efficiency 6.5/25 | Valuation 8.7/20 | Relative strength 3.7/20
   - Exact sum: 16.7 + 6.5 + 8.7 + 3.7 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. JELD-WEN Holding, Inc. (JELD): 35/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.9/35 | Capital efficiency 3.1/25 | Valuation 9.2/20 | Relative strength 3.0/20
   - Exact sum: 19.9 + 3.1 + 9.2 + 3 = 35.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Advanced Drainage Systems, Inc. (WMS): 34/100 — Adverse evidence; evidence 82%
   - Growth & earnings 11.4/35 | Capital efficiency 11.5/25 | Valuation 5.3/20 | Relative strength 6.2/20
   - Exact sum: 11.4 + 11.5 + 5.3 + 6.2 = 34.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29. Madison Air Solutions Corporation (MAIR): 49/100 — Thin evidence · provisional; evidence 25%
   - Growth & earnings 17.7/35 | Capital efficiency 11.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.7 + 11.6 + 10 + 10 = 49.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Johnson Controls International plc is the scale leader at $24,433 million, 11.7% ahead of Carrier Global Corporation. AAON, Inc.'s growth is 28.2% from a $1,617 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Johnson Controls International plc is the scale benchmark; AAON, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Johnson Controls International plc's growth falls below AAON, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Johnson Controls International plc · $24,433 million | 11.7% versus #2 · Carrier Global Corporation | 7/8 recent comparable periods | 26/29 companies · 507 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. Johnson Controls International plc (JCI): ₹24.4K Cr
2. Carrier Global Corporation (CARR): ₹21.9K Cr
3. Trane Technologies plc (TT): ₹21.6K Cr
4. Builders FirstSource, Inc. (BLDR): ₹14.8K Cr
5. Owens Corning (OC): ₹9.8K Cr

### Revenue growth — fastest growers
1. AAON, Inc. (AAON): 28%
2. Perma-Pipe International Holdings, Inc. (PPIH): 24%
3. NPK International Inc. (NPKI): 23%
4. Limbach Holdings, Inc. (LMB): 23%
5. Gibraltar Industries, Inc. (ROCK): 21%

### 20-quarter Revenue history
- TT: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- JCI: Sep 2021 ₹6.4K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- CARR: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- LII: Sep 2021 ₹1.1K Cr | Dec 2021 ₹965 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- MAS: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- MAIR: 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 ₹690 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹924 Cr | Jun 2026 —
- CSL: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹893 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- OC: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- WMS: Sep 2021 ₹706 Cr | Dec 2021 ₹715 Cr | Mar 2022 ₹678 Cr | Jun 2022 ₹914 Cr | Sep 2022 ₹884 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹618 Cr | Jun 2023 ₹778 Cr | Sep 2023 ₹780 Cr | Dec 2023 ₹662 Cr | Mar 2024 ₹654 Cr | Jun 2024 ₹815 Cr | Sep 2024 ₹783 Cr | Dec 2024 ₹691 Cr | Mar 2025 ₹616 Cr | Jun 2025 ₹830 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹693 Cr | Mar 2026 ₹677 Cr | Jun 2026 —
- SPXC: Sep 2021 ₹297 Cr | Dec 2021 ₹286 Cr | Mar 2022 — | Jun 2022 ₹307 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹371 Cr | Mar 2023 — | Jun 2023 ₹400 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹501 Cr | Sep 2024 ₹484 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹552 Cr | Sep 2025 ₹593 Cr | Dec 2025 ₹637 Cr | Mar 2026 ₹567 Cr | Jun 2026 —
- BLDR: Sep 2021 ₹5.5K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- AAON: Sep 2021 ₹139 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹243 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹266 Cr | Jun 2023 ₹284 Cr | Sep 2023 ₹312 Cr | Dec 2023 ₹307 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹327 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹424 Cr | Mar 2026 ₹497 Cr | Jun 2026 —
- AWI: Sep 2021 ₹292 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹321 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹310 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹347 Cr | Dec 2023 ₹312 Cr | Mar 2024 ₹326 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹387 Cr | Dec 2024 ₹368 Cr | Mar 2025 ₹383 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹425 Cr | Dec 2025 ₹388 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- FBIN: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- LPX: Sep 2021 ₹1.0K Cr | Dec 2021 ₹835 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹852 Cr | Dec 2022 ₹705 Cr | Mar 2023 ₹584 Cr | Jun 2023 ₹611 Cr | Sep 2023 ₹728 Cr | Dec 2023 ₹658 Cr | Mar 2024 ₹724 Cr | Jun 2024 ₹814 Cr | Sep 2024 ₹722 Cr | Dec 2024 ₹680 Cr | Mar 2025 ₹724 Cr | Jun 2025 ₹755 Cr | Sep 2025 ₹663 Cr | Dec 2025 ₹567 Cr | Mar 2026 ₹574 Cr | Jun 2026 —
- TREX: Sep 2021 ₹336 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹386 Cr | Sep 2022 ₹188 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹357 Cr | Sep 2023 ₹304 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹374 Cr | Jun 2024 ₹376 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹388 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹343 Cr | Jun 2026 —
- GFF: Sep 2021 ₹570 Cr | Dec 2021 ₹592 Cr | Mar 2022 ₹780 Cr | Jun 2022 ₹768 Cr | Sep 2022 ₹709 Cr | Dec 2022 ₹649 Cr | Mar 2023 ₹711 Cr | Jun 2023 ₹683 Cr | Sep 2023 ₹641 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹673 Cr | Jun 2024 ₹648 Cr | Sep 2024 ₹660 Cr | Dec 2024 ₹632 Cr | Mar 2025 ₹427 Cr | Jun 2025 ₹614 Cr | Sep 2025 ₹662 Cr | Dec 2025 ₹649 Cr | Mar 2026 ₹422 Cr | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 ₹111 Cr | Mar 2022 — | Jun 2022 ₹125 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹128 Cr | Mar 2023 — | Jun 2023 ₹111 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- ROCK: Sep 2021 ₹369 Cr | Dec 2021 ₹334 Cr | Mar 2022 ₹318 Cr | Jun 2022 ₹367 Cr | Sep 2022 ₹391 Cr | Dec 2022 ₹314 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹293 Cr | Jun 2024 ₹274 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹246 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹356 Cr | Jun 2026 —
- NPKI: Sep 2021 ₹152 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹176 Cr | Jun 2022 ₹194 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- NX: Sep 2021 ₹280 Cr | Dec 2021 ₹292 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹323 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹262 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹300 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹490 Cr | Mar 2026 ₹409 Cr | Jun 2026 ₹462 Cr
- APOG: Sep 2021 ₹326 Cr | Dec 2021 ₹334 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹357 Cr | Sep 2022 ₹372 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹344 Cr | Jun 2023 ₹362 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹362 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹342 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹351 Cr | Jun 2026 ₹343 Cr
- LMB: Sep 2021 ₹129 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- JBI: Sep 2021 ₹188 Cr | Dec 2021 — | Mar 2022 ₹235 Cr | Jun 2022 ₹230 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹263 Cr | Mar 2023 — | Jun 2023 ₹252 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹219 Cr | Dec 2025 — | Mar 2026 ₹226 Cr | Jun 2026 ₹223 Cr
- SWIM: Sep 2021 ₹181 Cr | Dec 2021 ₹162 Cr | Mar 2022 — | Jun 2022 ₹192 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹189 Cr | Mar 2023 — | Jun 2023 ₹138 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹160 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- ASPN: Sep 2021 ₹30 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- PPIH: Sep 2021 ₹40 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹50 Cr
- JELD: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹959 Cr | Jun 2024 ₹986 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹896 Cr | Mar 2025 ₹776 Cr | Jun 2025 ₹824 Cr | Sep 2025 ₹809 Cr | Dec 2025 ₹802 Cr | Mar 2026 ₹722 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- TT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.4% | Sep 2022 18% | Dec 2022 14% | Mar 2023 9.2% | Jun 2023 12% | Sep 2023 12% | Dec 2023 8.6% | Mar 2024 15% | Jun 2024 13% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 8.3% | Sep 2025 5.6% | Dec 2025 5.6% | Mar 2026 6.0% | Jun 2026 —
- JCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 5.2% | Dec 2022 3.5% | Mar 2023 9.6% | Jun 2023 7.9% | Sep 2023 -13% | Dec 2023 -14% | Mar 2024 -16% | Jun 2024 -17% | Sep 2024 6.8% | Dec 2024 4.2% | Mar 2025 1.4% | Jun 2025 2.6% | Sep 2025 3.1% | Dec 2025 6.8% | Mar 2026 8.2% | Jun 2026 —
- CARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.2% | Sep 2022 2.1% | Dec 2022 -0.6% | Mar 2023 13% | Jun 2023 15% | Sep 2023 -9.5% | Dec 2023 -15% | Mar 2024 2.8% | Jun 2024 -1.0% | Sep 2024 21% | Dec 2024 19% | Mar 2025 -3.7% | Jun 2025 3.0% | Sep 2025 -6.8% | Dec 2025 -6.0% | Mar 2026 2.4% | Jun 2026 —
- LII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 17% | Dec 2022 13% | Mar 2023 3.6% | Jun 2023 3.3% | Sep 2023 9.7% | Dec 2023 5.6% | Mar 2024 -0.2% | Jun 2024 2.8% | Sep 2024 9.7% | Dec 2024 16% | Mar 2025 2.5% | Jun 2025 3.5% | Sep 2025 -4.7% | Dec 2025 -11% | Mar 2026 5.8% | Jun 2026 —
- MAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.9% | Sep 2022 0.0% | Dec 2022 -4.9% | Mar 2023 -10% | Jun 2023 -9.6% | Sep 2023 -10% | Dec 2023 -2.1% | Mar 2024 -2.7% | Jun 2024 -1.7% | Sep 2024 0.2% | Dec 2024 -2.9% | Mar 2025 -6.5% | Jun 2025 -1.9% | Sep 2025 -3.3% | Dec 2025 -1.9% | Mar 2026 6.5% | Jun 2026 —
- MAIR: 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 34% | Jun 2026 —
- CSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 14% | Dec 2022 -16% | Mar 2023 -40% | Jun 2023 -26% | Sep 2023 -16% | Dec 2023 -1.9% | Mar 2024 23% | Jun 2024 11% | Sep 2024 5.9% | Dec 2024 -0.4% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 1.0% | Dec 2025 0.5% | Mar 2026 -4.0% | Jun 2026 —
- OC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 14% | Dec 2022 7.2% | Mar 2023 -0.6% | Jun 2023 -1.5% | Sep 2023 -2.0% | Dec 2023 0.8% | Mar 2024 -13% | Jun 2024 -2.6% | Sep 2024 11% | Dec 2024 12% | Mar 2025 25% | Jun 2025 10% | Sep 2025 -2.9% | Dec 2025 -17% | Mar 2026 -10% | Jun 2026 —
- WMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 25% | Dec 2022 -8.4% | Mar 2023 -8.9% | Jun 2023 -15% | Sep 2023 -12% | Dec 2023 1.1% | Mar 2024 5.8% | Jun 2024 4.8% | Sep 2024 0.4% | Dec 2024 4.4% | Mar 2025 -5.8% | Jun 2025 1.8% | Sep 2025 8.6% | Dec 2025 0.3% | Mar 2026 9.9% | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 30% | Mar 2023 — | Jun 2023 30% | Sep 2023 19% | Dec 2023 26% | Mar 2024 — | Jun 2024 25% | Sep 2024 14% | Dec 2024 14% | Mar 2025 3.9% | Jun 2025 10% | Sep 2025 23% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- BLDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 4.6% | Dec 2022 -6.0% | Mar 2023 -32% | Jun 2023 -35% | Sep 2023 -21% | Dec 2023 -4.8% | Mar 2024 0.2% | Jun 2024 -1.6% | Sep 2024 -6.7% | Dec 2024 -8.0% | Mar 2025 -6.0% | Jun 2025 -5.0% | Sep 2025 -6.9% | Dec 2025 -12% | Mar 2026 -10% | Jun 2026 —
- AAON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 75% | Dec 2022 88% | Mar 2023 45% | Jun 2023 36% | Sep 2023 28% | Dec 2023 20% | Mar 2024 -1.5% | Jun 2024 11% | Sep 2024 4.8% | Dec 2024 -2.9% | Mar 2025 23% | Jun 2025 -0.6% | Sep 2025 17% | Dec 2025 42% | Mar 2026 54% | Jun 2026 —
- AWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 11% | Dec 2022 7.8% | Mar 2023 9.5% | Jun 2023 1.3% | Sep 2023 6.8% | Dec 2023 2.3% | Mar 2024 5.2% | Jun 2024 12% | Sep 2024 12% | Dec 2024 18% | Mar 2025 17% | Jun 2025 16% | Sep 2025 9.8% | Dec 2025 5.4% | Mar 2026 7.1% | Jun 2026 —
- FBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 -40% | Dec 2022 -42% | Mar 2023 — | Jun 2023 -17% | Sep 2023 -2.7% | Dec 2023 2.6% | Mar 2024 — | Jun 2024 19% | Sep 2024 -0.8% | Dec 2024 -4.9% | Mar 2025 -6.9% | Jun 2025 -3.0% | Sep 2025 -0.5% | Dec 2025 -2.4% | Mar 2026 -2.1% | Jun 2026 —
- LPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.3% | Sep 2022 -16% | Dec 2022 -16% | Mar 2023 -50% | Jun 2023 -46% | Sep 2023 -15% | Dec 2023 -6.7% | Mar 2024 24% | Jun 2024 33% | Sep 2024 -0.8% | Dec 2024 3.3% | Mar 2025 0.0% | Jun 2025 -7.3% | Sep 2025 -8.2% | Dec 2025 -17% | Mar 2026 -21% | Jun 2026 —
- TREX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 -44% | Dec 2022 -37% | Mar 2023 -30% | Jun 2023 -7.5% | Sep 2023 62% | Dec 2023 2.1% | Mar 2024 56% | Jun 2024 5.3% | Sep 2024 -23% | Dec 2024 -14% | Mar 2025 -9.1% | Jun 2025 3.2% | Sep 2025 22% | Dec 2025 -4.2% | Mar 2026 0.9% | Jun 2026 —
- GFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 24% | Dec 2022 9.6% | Mar 2023 -8.9% | Jun 2023 -11% | Sep 2023 -9.6% | Dec 2023 -0.9% | Mar 2024 -5.3% | Jun 2024 -5.1% | Sep 2024 3.0% | Dec 2024 -1.7% | Mar 2025 -37% | Jun 2025 -5.3% | Sep 2025 0.3% | Dec 2025 2.7% | Mar 2026 -1.2% | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 — | Dec 2022 15% | Mar 2023 — | Jun 2023 -11% | Sep 2023 -3.4% | Dec 2023 1.6% | Mar 2024 — | Jun 2024 14% | Sep 2024 20% | Dec 2024 -6.2% | Mar 2025 -4.0% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 16% | Mar 2026 26% | Jun 2026 —
- ROCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 6.0% | Dec 2022 -6.0% | Mar 2023 -7.9% | Jun 2023 -0.5% | Sep 2023 0.0% | Dec 2023 4.8% | Mar 2024 0.0% | Jun 2024 -25% | Sep 2024 -29% | Dec 2024 -29% | Mar 2025 -16% | Jun 2025 13% | Sep 2025 12% | Dec 2025 16% | Mar 2026 45% | Jun 2026 —
- NPKI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 45% | Dec 2022 25% | Mar 2023 14% | Jun 2023 -5.7% | Sep 2023 -74% | Dec 2023 -80% | Mar 2024 -76% | Jun 2024 -63% | Sep 2024 -23% | Dec 2024 26% | Mar 2025 33% | Jun 2025 1.5% | Sep 2025 57% | Dec 2025 29% | Mar 2026 15% | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 5.5% | Mar 2023 -1.9% | Jun 2023 -15% | Sep 2023 -7.4% | Dec 2023 -4.2% | Mar 2024 -8.8% | Jun 2024 -2.9% | Sep 2024 -6.7% | Dec 2024 67% | Mar 2025 67% | Jun 2025 70% | Sep 2025 77% | Dec 2025 -0.4% | Mar 2026 2.3% | Jun 2026 2.2%
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 10% | Mar 2023 4.9% | Jun 2023 1.4% | Sep 2023 -4.8% | Dec 2023 -7.6% | Mar 2024 5.2% | Jun 2024 -8.3% | Sep 2024 -3.4% | Dec 2024 0.3% | Mar 2025 -4.4% | Jun 2025 4.5% | Sep 2025 4.7% | Dec 2025 2.4% | Mar 2026 1.5% | Jun 2026 -1.2%
- LMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.1% | Sep 2022 -5.4% | Dec 2022 13% | Mar 2023 5.2% | Jun 2023 7.8% | Sep 2023 4.9% | Dec 2023 0.0% | Mar 2024 -1.7% | Jun 2024 -2.4% | Sep 2024 4.7% | Dec 2024 0.7% | Mar 2025 12% | Jun 2025 16% | Sep 2025 38% | Dec 2025 30% | Mar 2026 4.5% | Jun 2026 —
- JBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 32% | Dec 2022 — | Mar 2023 — | Jun 2023 9.6% | Sep 2023 9.3% | Dec 2023 0.4% | Mar 2024 — | Jun 2024 -1.6% | Sep 2024 -15% | Dec 2024 -13% | Mar 2025 -17% | Jun 2025 -8.1% | Sep 2025 -4.8% | Dec 2025 — | Mar 2026 7.1% | Jun 2026 -2.2%
- SWIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 17% | Mar 2023 — | Jun 2023 -28% | Sep 2023 -14% | Dec 2023 -52% | Mar 2024 — | Jun 2024 16% | Sep 2024 -15% | Dec 2024 -4.4% | Mar 2025 0.0% | Jun 2025 8.1% | Sep 2025 8.0% | Dec 2025 15% | Mar 2026 5.4% | Jun 2026 —
- ASPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 23% | Dec 2022 94% | Mar 2023 21% | Jun 2023 4.4% | Sep 2023 65% | Dec 2023 40% | Mar 2024 107% | Jun 2024 146% | Sep 2024 92% | Dec 2024 46% | Mar 2025 -17% | Jun 2025 -34% | Sep 2025 -38% | Dec 2025 -67% | Mar 2026 -52% | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7.5% | Dec 2022 8.6% | Mar 2023 -7.7% | Jun 2023 -3.2% | Sep 2023 -5.4% | Dec 2023 21% | Mar 2024 11% | Jun 2024 13% | Sep 2024 8.6% | Dec 2024 -8.7% | Mar 2025 13% | Jun 2025 38% | Sep 2025 26% | Dec 2025 45% | Mar 2026 22% | Jun 2026 6.4%
- JELD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.4% | Sep 2022 -0.6% | Dec 2022 -8.4% | Mar 2023 — | Jun 2023 -8.3% | Sep 2023 -1.2% | Dec 2023 -13% | Mar 2024 — | Jun 2024 -8.8% | Sep 2024 -17% | Dec 2024 -12% | Mar 2025 -19% | Jun 2025 -16% | Sep 2025 -13% | Dec 2025 -10% | Mar 2026 -7.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Johnson Controls International plc leads opm at 60.6%; Aspen Aerogels, Inc. leads margin change at +325.2 percentage points.

Investor read: Johnson Controls International plc 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: Johnson Controls International plc · 60.6% | 149.4% versus #2 · Trex Company, Inc. | 4/8 recent comparable periods | 28/29 companies · 507 observations

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

### OPM — highest
1. Johnson Controls International plc (JCI): 61%
2. Trex Company, Inc. (TREX): 24%
3. Armstrong World Industries, Inc. (AWI): 23%
4. Griffon Corporation (GFF): 21%
5. NPK International Inc. (NPKI): 19%

### Margin change — fastest expanders
1. Aspen Aerogels, Inc. (ASPN): +325.2 pp
2. JELD-WEN Holding, Inc. (JELD): +16.2 pp
3. Arlo Technologies, Inc. (ARLO): +6.2 pp
4. Apogee Enterprises, Inc. (APOG): +3.5 pp
5. SPX Technologies, Inc. (SPXC): +1.7 pp

### 20-quarter OPM history
- TT: Sep 2021 16% | Dec 2021 12% | Mar 2022 12% | Jun 2022 17% | Sep 2022 17% | Dec 2022 14% | Mar 2023 13% | Jun 2023 19% | Sep 2023 18% | Dec 2023 16% | Mar 2024 15% | Jun 2024 20% | Sep 2024 19% | Dec 2024 17% | Mar 2025 18% | Jun 2025 20% | Sep 2025 20% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- JCI: Sep 2021 12% | Dec 2021 8.1% | Mar 2022 2.0% | Jun 2022 7.4% | Sep 2022 8.8% | Dec 2022 66% | Mar 2023 63% | Jun 2023 57% | Sep 2023 60% | Dec 2023 60% | Mar 2024 76% | Jun 2024 53% | Sep 2024 60% | Dec 2024 62% | Mar 2025 63% | Jun 2025 61% | Sep 2025 66% | Dec 2025 58% | Mar 2026 61% | Jun 2026 —
- CARR: Sep 2021 16% | Dec 2021 9.0% | Mar 2022 37% | Jun 2022 16% | Sep 2022 28% | Dec 2022 8.5% | Mar 2023 11% | Jun 2023 8.2% | Sep 2023 10% | Dec 2023 13% | Mar 2024 7.1% | Jun 2024 12% | Sep 2024 13% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 9.7% | Dec 2025 2.1% | Mar 2026 4.8% | Jun 2026 —
- LII: Sep 2021 15% | Dec 2021 10% | Mar 2022 11% | Jun 2022 17% | Sep 2022 15% | Dec 2022 12% | Mar 2023 13% | Jun 2023 20% | Sep 2023 14% | Dec 2023 16% | Mar 2024 16% | Jun 2024 22% | Sep 2024 20% | Dec 2024 19% | Mar 2025 16% | Jun 2025 24% | Sep 2025 22% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- MAS: Sep 2021 18% | Dec 2021 11% | Mar 2022 16% | Jun 2022 17% | Sep 2022 16% | Dec 2022 9.6% | Mar 2023 16% | Jun 2023 19% | Sep 2023 19% | Dec 2023 13% | Mar 2024 17% | Jun 2024 19% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 20% | Sep 2025 16% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- MAIR: 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% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- CSL: Sep 2021 13% | Dec 2021 14% | Mar 2022 19% | Jun 2022 23% | Sep 2022 22% | Dec 2022 18% | Mar 2023 14% | Jun 2023 24% | Sep 2023 24% | Dec 2023 23% | Mar 2024 21% | Jun 2024 26% | Sep 2024 24% | Dec 2024 20% | Mar 2025 17% | Jun 2025 23% | Sep 2025 22% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- OC: Sep 2021 18% | Dec 2021 15% | Mar 2022 19% | Jun 2022 19% | Sep 2022 24% | Dec 2022 8.0% | Mar 2023 23% | Jun 2023 19% | Sep 2023 19% | Dec 2023 7.9% | Mar 2024 19% | Jun 2024 17% | Sep 2024 17% | Dec 2024 8.4% | Mar 2025 16% | Jun 2025 18% | Sep 2025 -12% | Dec 2025 -11% | Mar 2026 5.3% | Jun 2026 —
- WMS: Sep 2021 16% | Dec 2021 15% | Mar 2022 12% | Jun 2022 28% | Sep 2022 25% | Dec 2022 19% | Mar 2023 20% | Jun 2023 32% | Sep 2023 25% | Dec 2023 23% | Mar 2024 21% | Jun 2024 28% | Sep 2024 24% | Dec 2024 18% | Mar 2025 19% | Jun 2025 25% | Sep 2025 26% | Dec 2025 20% | Mar 2026 7.9% | Jun 2026 —
- SPXC: Sep 2021 5.8% | Dec 2021 6.2% | Mar 2022 — | Jun 2022 3.7% | Sep 2022 7.7% | Dec 2022 10% | Mar 2023 — | Jun 2023 13% | Sep 2023 12% | Dec 2023 13% | Mar 2024 14% | Jun 2024 15% | Sep 2024 16% | Dec 2024 17% | Mar 2025 14% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- BLDR: Sep 2021 15% | Dec 2021 13% | Mar 2022 15% | Jun 2022 20% | Sep 2022 18% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 12% | Mar 2024 9.6% | Jun 2024 11% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 5.0% | Jun 2025 7.4% | Sep 2025 5.8% | Dec 2025 1.8% | Mar 2026 0.5% | Jun 2026 —
- AAON: Sep 2021 15% | Dec 2021 4.0% | Mar 2022 13% | Jun 2022 9.8% | Sep 2022 15% | Dec 2022 18% | Mar 2023 17% | Jun 2023 19% | Sep 2023 21% | Dec 2023 21% | Mar 2024 18% | Jun 2024 21% | Sep 2024 20% | Dec 2024 9.9% | Mar 2025 11% | Jun 2025 7.6% | Sep 2025 11% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- AWI: Sep 2021 25% | Dec 2021 20% | Mar 2022 22% | Jun 2022 22% | Sep 2022 23% | Dec 2022 23% | Mar 2023 23% | Jun 2023 27% | Sep 2023 29% | Dec 2023 21% | Mar 2024 26% | Jun 2024 26% | Sep 2024 29% | Dec 2024 22% | Mar 2025 26% | Jun 2025 29% | Sep 2025 28% | Dec 2025 24% | Mar 2026 23% | Jun 2026 —
- FBIN: Sep 2021 14% | Dec 2021 13% | Mar 2022 16% | Jun 2022 18% | Sep 2022 16% | Dec 2022 16% | Mar 2023 — | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 14% | Jun 2024 16% | Sep 2024 18% | Dec 2024 16% | Mar 2025 9.4% | Jun 2025 14% | Sep 2025 11% | Dec 2025 11% | Mar 2026 6.0% | Jun 2026 —
- LPX: Sep 2021 44% | Dec 2021 27% | Mar 2022 48% | Jun 2022 41% | Sep 2022 20% | Dec 2022 8.4% | Mar 2023 5.1% | Jun 2023 1.3% | Sep 2023 22% | Dec 2023 14% | Mar 2024 20% | Jun 2024 24% | Sep 2024 16% | Dec 2024 11% | Mar 2025 17% | Jun 2025 11% | Sep 2025 2.7% | Dec 2025 -1.6% | Mar 2026 5.9% | Jun 2026 —
- TREX: Sep 2021 29% | Dec 2021 10% | Mar 2022 28% | Jun 2022 31% | Sep 2022 10% | Dec 2022 7.6% | Mar 2023 24% | Jun 2023 29% | Sep 2023 28% | Dec 2023 14% | Mar 2024 32% | Jun 2024 31% | Sep 2024 23% | Dec 2024 9.2% | Mar 2025 24% | Jun 2025 26% | Sep 2025 25% | Dec 2025 2.2% | Mar 2026 24% | Jun 2026 —
- GFF: Sep 2021 5.7% | Dec 2021 6.5% | Mar 2022 13% | Jun 2022 13% | Sep 2022 -61% | Dec 2022 13% | Mar 2023 -9.3% | Jun 2023 15% | Sep 2023 12% | Dec 2023 13% | Mar 2024 17% | Jun 2024 14% | Sep 2024 17% | Dec 2024 18% | Mar 2025 21% | Jun 2025 -21% | Sep 2025 18% | Dec 2025 18% | Mar 2026 21% | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 -14% | Mar 2022 — | Jun 2022 -7.0% | Sep 2022 -9.5% | Dec 2022 -11% | Mar 2023 — | Jun 2023 -13% | Sep 2023 -7.0% | Dec 2023 -1.8% | Mar 2024 -8.5% | Jun 2024 -10% | Sep 2024 -4.0% | Dec 2024 -5.0% | Mar 2025 -1.2% | Jun 2025 1.5% | Sep 2025 0.6% | Dec 2025 3.3% | Mar 2026 5.0% | Jun 2026 —
- ROCK: Sep 2021 10% | Dec 2021 4.4% | Mar 2022 6.7% | Jun 2022 11% | Sep 2022 12% | Dec 2022 6.8% | Mar 2023 10% | Jun 2023 12% | Sep 2023 14% | Dec 2023 7.6% | Mar 2024 11% | Jun 2024 15% | Sep 2024 16% | Dec 2024 14% | Mar 2025 12% | Jun 2025 13% | Sep 2025 13% | Dec 2025 5.5% | Mar 2026 -1.3% | Jun 2026 —
- NPKI: Sep 2021 -4.0% | Dec 2021 -0.3% | Mar 2022 0.5% | Jun 2022 -3.2% | Sep 2022 -9.7% | Dec 2022 4.2% | Mar 2023 5.1% | Jun 2023 3.2% | Sep 2023 11% | Dec 2023 13% | Mar 2024 14% | Jun 2024 19% | Sep 2024 2.8% | Dec 2024 20% | Mar 2025 21% | Jun 2025 17% | Sep 2025 13% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- NX: Sep 2021 7.7% | Dec 2021 9.3% | Mar 2022 5.3% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.3% | Mar 2023 1.7% | Jun 2023 11% | Sep 2023 13% | Dec 2023 13% | Mar 2024 3.3% | Jun 2024 7.8% | Sep 2024 8.4% | Dec 2024 0.6% | Mar 2025 -1.7% | Jun 2025 9.0% | Sep 2025 -55% | Dec 2025 8.8% | Mar 2026 0.7% | Jun 2026 4.0%
- APOG: Sep 2021 -0.9% | Dec 2021 5.3% | Mar 2022 -2.6% | Jun 2022 9.3% | Sep 2022 8.6% | Dec 2022 9.4% | Mar 2023 7.5% | Jun 2023 9.3% | Sep 2023 12% | Dec 2023 11% | Mar 2024 6.0% | Jun 2024 13% | Sep 2024 12% | Dec 2024 8.4% | Mar 2025 1.8% | Jun 2025 2.0% | Sep 2025 7.5% | Dec 2025 7.1% | Mar 2026 7.3% | Jun 2026 5.5%
- LMB: Sep 2021 4.7% | Dec 2021 5.2% | Mar 2022 -0.7% | Jun 2022 1.3% | Sep 2022 4.4% | Dec 2022 4.1% | Mar 2023 3.8% | Jun 2023 6.0% | Sep 2023 7.7% | Dec 2023 5.1% | Mar 2024 5.5% | Jun 2024 6.7% | Sep 2024 8.1% | Dec 2024 9.1% | Mar 2025 5.9% | Jun 2025 7.5% | Sep 2025 7.2% | Dec 2025 9.4% | Mar 2026 0.8% | Jun 2026 —
- JBI: Sep 2021 13% | Dec 2021 — | Mar 2022 13% | Jun 2022 15% | Sep 2022 16% | Dec 2022 21% | Mar 2023 — | Jun 2023 20% | Sep 2023 24% | Dec 2023 24% | Mar 2024 22% | Jun 2024 21% | Sep 2024 12% | Dec 2024 5.5% | Mar 2025 12% | Jun 2025 16% | Sep 2025 13% | Dec 2025 — | Mar 2026 9.2% | Jun 2026 5.9%
- SWIM: Sep 2021 -23% | Dec 2021 -1.6% | Mar 2022 — | Jun 2022 3.5% | Sep 2022 9.0% | Dec 2022 13% | Mar 2023 — | Jun 2023 -4.6% | Sep 2023 7.6% | Dec 2023 -9.9% | Mar 2024 -1.9% | Jun 2024 13% | Sep 2024 8.9% | Dec 2024 -15% | Mar 2025 -4.4% | Jun 2025 14% | Sep 2025 13% | Dec 2025 -11% | Mar 2026 -5.6% | Jun 2026 —
- ASPN: Sep 2021 -38% | Dec 2021 -52% | Mar 2022 -49% | Jun 2022 -50% | Sep 2022 -77% | Dec 2022 -16% | Mar 2023 -42% | Jun 2023 -35% | Sep 2023 -24% | Dec 2023 1.6% | Mar 2024 2.6% | Jun 2024 17% | Sep 2024 15% | Dec 2024 12% | Mar 2025 -380% | Jun 2025 -6.6% | Sep 2025 -4.6% | Dec 2025 -126% | Mar 2026 -55% | Jun 2026 —
- PPIH: Sep 2021 10% | Dec 2021 4.8% | Mar 2022 8.4% | Jun 2022 0.5% | Sep 2022 9.0% | Dec 2022 12% | Mar 2023 8.6% | Jun 2023 0.3% | Sep 2023 7.7% | Dec 2023 13% | Mar 2024 11% | Jun 2024 9.1% | Sep 2024 16% | Dec 2024 13% | Mar 2025 12% | Jun 2025 17% | Sep 2025 6.7% | Dec 2025 19% | Mar 2026 13% | Jun 2026 9.2%
- JELD: Sep 2021 4.7% | Dec 2021 5.3% | Mar 2022 0.9% | Jun 2022 4.1% | Sep 2022 -1.5% | Dec 2022 2.0% | Mar 2023 — | Jun 2023 2.8% | Sep 2023 5.0% | Dec 2023 0.7% | Mar 2024 -2.9% | Jun 2024 0.5% | Sep 2024 -5.6% | Dec 2024 -5.7% | Mar 2025 -24% | Jun 2025 -1.7% | Sep 2025 -25% | Dec 2025 -1.8% | Mar 2026 -7.6% | Jun 2026 —

### 20-quarter Margin change history
- TT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 +1.2 pp | Dec 2022 +2.1 pp | Mar 2023 +0.9 pp | Jun 2023 +1.8 pp | Sep 2023 +0.8 pp | Dec 2023 +1.2 pp | Mar 2024 +2.5 pp | Jun 2024 +0.7 pp | Sep 2024 +1.1 pp | Dec 2024 +1.1 pp | Mar 2025 +2.5 pp | Jun 2025 +0.8 pp | Sep 2025 +1.5 pp | Dec 2025 −0.7 pp | Mar 2026 −1.9 pp | Jun 2026 —
- JCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.4 pp | Sep 2022 −3.4 pp | Dec 2022 +57.9 pp | Mar 2023 +61.4 pp | Jun 2023 +49.6 pp | Sep 2023 +50.9 pp | Dec 2023 −5.6 pp | Mar 2024 +12.1 pp | Jun 2024 −4.3 pp | Sep 2024 +0.6 pp | Dec 2024 +1.5 pp | Mar 2025 −12.8 pp | Jun 2025 +8.7 pp | Sep 2025 +6.0 pp | Dec 2025 −3.6 pp | Mar 2026 −2.1 pp | Jun 2026 —
- CARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +12.5 pp | Dec 2022 −0.5 pp | Mar 2023 −26.8 pp | Jun 2023 −7.5 pp | Sep 2023 −17.7 pp | Dec 2023 +4.0 pp | Mar 2024 −3.4 pp | Jun 2024 +4.0 pp | Sep 2024 +2.5 pp | Dec 2024 +2.5 pp | Mar 2025 +5.0 pp | Jun 2025 +2.6 pp | Sep 2025 −3.1 pp | Dec 2025 −12.9 pp | Mar 2026 −7.3 pp | Jun 2026 —
- LII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.8 pp | Sep 2022 −0.5 pp | Dec 2022 +1.9 pp | Mar 2023 +2.3 pp | Jun 2023 +3.2 pp | Sep 2023 −1.2 pp | Dec 2023 +4.2 pp | Mar 2024 +2.6 pp | Jun 2024 +2.3 pp | Sep 2024 +6.5 pp | Dec 2024 +2.4 pp | Mar 2025 −0.2 pp | Jun 2025 +1.5 pp | Sep 2025 +1.5 pp | Dec 2025 0.0 pp | Mar 2026 −1.3 pp | Jun 2026 —
- MAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −1.6 pp | Dec 2022 −1.2 pp | Mar 2023 −0.1 pp | Jun 2023 +1.6 pp | Sep 2023 +3.5 pp | Dec 2023 +3.5 pp | Mar 2024 +0.6 pp | Jun 2024 +0.1 pp | Sep 2024 −1.4 pp | Dec 2024 +2.8 pp | Mar 2025 −0.6 pp | Jun 2025 +1.1 pp | Sep 2025 −2.2 pp | Dec 2025 −2.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- MAIR: 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 −1.4 pp | Jun 2026 —
- CSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.3 pp | Sep 2022 +8.9 pp | Dec 2022 +4.5 pp | Mar 2023 −5.0 pp | Jun 2023 +0.9 pp | Sep 2023 +2.2 pp | Dec 2023 +4.3 pp | Mar 2024 +7.0 pp | Jun 2024 +2.4 pp | Sep 2024 −0.1 pp | Dec 2024 −2.6 pp | Mar 2025 −3.7 pp | Jun 2025 −2.9 pp | Sep 2025 −1.9 pp | Dec 2025 −3.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- OC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +6.3 pp | Dec 2022 −7.3 pp | Mar 2023 +4.1 pp | Jun 2023 +0.2 pp | Sep 2023 −5.4 pp | Dec 2023 −0.1 pp | Mar 2024 −4.3 pp | Jun 2024 −2.2 pp | Sep 2024 −1.6 pp | Dec 2024 +0.5 pp | Mar 2025 −2.5 pp | Jun 2025 +1.6 pp | Sep 2025 −29.3 pp | Dec 2025 −18.9 pp | Mar 2026 −10.8 pp | Jun 2026 —
- WMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.2 pp | Sep 2022 +8.8 pp | Dec 2022 +3.6 pp | Mar 2023 +8.4 pp | Jun 2023 +4.0 pp | Sep 2023 +0.8 pp | Dec 2023 +4.1 pp | Mar 2024 +0.4 pp | Jun 2024 −3.8 pp | Sep 2024 −1.5 pp | Dec 2024 −4.7 pp | Mar 2025 −1.7 pp | Jun 2025 −2.9 pp | Sep 2025 +2.4 pp | Dec 2025 +1.3 pp | Mar 2026 −11.1 pp | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +3.9 pp | Mar 2023 — | Jun 2023 +8.8 pp | Sep 2023 +4.4 pp | Dec 2023 +3.3 pp | Mar 2024 — | Jun 2024 +2.4 pp | Sep 2024 +4.2 pp | Dec 2024 +3.5 pp | Mar 2025 −0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 −1.2 pp | Mar 2026 +1.7 pp | Jun 2026 —
- BLDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.5 pp | Sep 2022 +2.4 pp | Dec 2022 −1.3 pp | Mar 2023 −3.2 pp | Jun 2023 −7.0 pp | Sep 2023 −3.4 pp | Dec 2023 −0.3 pp | Mar 2024 −2.4 pp | Jun 2024 −1.7 pp | Sep 2024 −4.1 pp | Dec 2024 −3.8 pp | Mar 2025 −4.6 pp | Jun 2025 −3.6 pp | Sep 2025 −4.3 pp | Dec 2025 −6.2 pp | Mar 2026 −4.5 pp | Jun 2026 —
- AAON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.7 pp | Sep 2022 +0.6 pp | Dec 2022 +14.3 pp | Mar 2023 +4.0 pp | Jun 2023 +9.5 pp | Sep 2023 +5.6 pp | Dec 2023 +2.5 pp | Mar 2024 +1.3 pp | Jun 2024 +2.1 pp | Sep 2024 −0.7 pp | Dec 2024 −10.9 pp | Mar 2025 −7.0 pp | Jun 2025 −13.8 pp | Sep 2025 −8.7 pp | Dec 2025 +0.5 pp | Mar 2026 +0.6 pp | Jun 2026 —
- AWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 −2.1 pp | Dec 2022 +3.6 pp | Mar 2023 +0.2 pp | Jun 2023 +4.4 pp | Sep 2023 +6.3 pp | Dec 2023 −2.0 pp | Mar 2024 +3.8 pp | Jun 2024 −0.7 pp | Sep 2024 −0.1 pp | Dec 2024 +1.1 pp | Mar 2025 −0.7 pp | Jun 2025 +3.0 pp | Sep 2025 −1.2 pp | Dec 2025 +1.4 pp | Mar 2026 −2.7 pp | Jun 2026 —
- FBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +1.7 pp | Dec 2022 +2.8 pp | Mar 2023 — | Jun 2023 −4.8 pp | Sep 2023 −3.0 pp | Dec 2023 −4.6 pp | Mar 2024 — | Jun 2024 +3.4 pp | Sep 2024 +4.7 pp | Dec 2024 +4.6 pp | Mar 2025 −4.6 pp | Jun 2025 −1.8 pp | Sep 2025 −6.8 pp | Dec 2025 −4.8 pp | Mar 2026 −3.4 pp | Jun 2026 —
- LPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.4 pp | Sep 2022 −23.8 pp | Dec 2022 −18.8 pp | Mar 2023 −42.5 pp | Jun 2023 −39.6 pp | Sep 2023 +1.9 pp | Dec 2023 +5.1 pp | Mar 2024 +14.9 pp | Jun 2024 +22.5 pp | Sep 2024 −6.0 pp | Dec 2024 −2.5 pp | Mar 2025 −3.4 pp | Jun 2025 −13.2 pp | Sep 2025 −13.4 pp | Dec 2025 −12.6 pp | Mar 2026 −10.7 pp | Jun 2026 —
- TREX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.1 pp | Sep 2022 −18.9 pp | Dec 2022 −2.4 pp | Mar 2023 −4.1 pp | Jun 2023 −1.1 pp | Sep 2023 +18.1 pp | Dec 2023 +5.9 pp | Mar 2024 +8.0 pp | Jun 2024 +1.7 pp | Sep 2024 −5.2 pp | Dec 2024 −4.3 pp | Mar 2025 −7.9 pp | Jun 2025 −4.7 pp | Sep 2025 +1.5 pp | Dec 2025 −7.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- GFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.2 pp | Sep 2022 −66.9 pp | Dec 2022 +6.0 pp | Mar 2023 −22.5 pp | Jun 2023 +1.6 pp | Sep 2023 +73.6 pp | Dec 2023 +0.5 pp | Mar 2024 +26.2 pp | Jun 2024 −1.2 pp | Sep 2024 +4.5 pp | Dec 2024 +4.7 pp | Mar 2025 +4.4 pp | Jun 2025 −34.3 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.2 pp | Sep 2022 — | Dec 2022 +2.7 pp | Mar 2023 — | Jun 2023 −5.7 pp | Sep 2023 +2.5 pp | Dec 2023 +9.5 pp | Mar 2024 — | Jun 2024 +2.7 pp | Sep 2024 +3.0 pp | Dec 2024 −3.2 pp | Mar 2025 +7.3 pp | Jun 2025 +11.5 pp | Sep 2025 +4.6 pp | Dec 2025 +8.3 pp | Mar 2026 +6.2 pp | Jun 2026 —
- ROCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +1.8 pp | Dec 2022 +2.4 pp | Mar 2023 +3.3 pp | Jun 2023 +0.9 pp | Sep 2023 +1.5 pp | Dec 2023 +0.8 pp | Mar 2024 +0.8 pp | Jun 2024 +3.1 pp | Sep 2024 +2.0 pp | Dec 2024 +6.0 pp | Mar 2025 +0.8 pp | Jun 2025 −2.1 pp | Sep 2025 −2.8 pp | Dec 2025 −8.1 pp | Mar 2026 −12.9 pp | Jun 2026 —
- NPKI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −5.7 pp | Dec 2022 +4.5 pp | Mar 2023 +4.6 pp | Jun 2023 +6.4 pp | Sep 2023 +20.7 pp | Dec 2023 +8.9 pp | Mar 2024 +9.1 pp | Jun 2024 +15.5 pp | Sep 2024 −8.2 pp | Dec 2024 +7.1 pp | Mar 2025 +6.7 pp | Jun 2025 −1.7 pp | Sep 2025 +10.4 pp | Dec 2025 −3.5 pp | Mar 2026 −1.7 pp | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 0.0 pp | Mar 2023 −3.6 pp | Jun 2023 0.0 pp | Sep 2023 +2.0 pp | Dec 2023 +4.1 pp | Mar 2024 +1.6 pp | Jun 2024 −2.9 pp | Sep 2024 −4.1 pp | Dec 2024 −12.8 pp | Mar 2025 −5.0 pp | Jun 2025 +1.2 pp | Sep 2025 −63.1 pp | Dec 2025 +8.2 pp | Mar 2026 +2.4 pp | Jun 2026 −5.0 pp
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 +4.1 pp | Mar 2023 +10.1 pp | Jun 2023 0.0 pp | Sep 2023 +2.9 pp | Dec 2023 +1.7 pp | Mar 2024 −1.5 pp | Jun 2024 +3.2 pp | Sep 2024 +0.8 pp | Dec 2024 −2.7 pp | Mar 2025 −4.2 pp | Jun 2025 −10.5 pp | Sep 2025 −4.8 pp | Dec 2025 −1.3 pp | Mar 2026 +5.5 pp | Jun 2026 +3.5 pp
- LMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 −0.3 pp | Dec 2022 −1.1 pp | Mar 2023 +4.5 pp | Jun 2023 +4.7 pp | Sep 2023 +3.3 pp | Dec 2023 +1.0 pp | Mar 2024 +1.7 pp | Jun 2024 +0.7 pp | Sep 2024 +0.4 pp | Dec 2024 +4.0 pp | Mar 2025 +0.4 pp | Jun 2025 +0.8 pp | Sep 2025 −0.9 pp | Dec 2025 +0.3 pp | Mar 2026 −5.1 pp | Jun 2026 —
- JBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.9 pp | Sep 2022 +2.7 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +4.9 pp | Sep 2023 +7.7 pp | Dec 2023 +3.7 pp | Mar 2024 — | Jun 2024 +0.6 pp | Sep 2024 −12.2 pp | Dec 2024 −18.7 pp | Mar 2025 −9.8 pp | Jun 2025 −5.0 pp | Sep 2025 +1.8 pp | Dec 2025 — | Mar 2026 −2.8 pp | Jun 2026 −9.9 pp
- SWIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +32.4 pp | Dec 2022 +14.8 pp | Mar 2023 — | Jun 2023 −8.1 pp | Sep 2023 −1.4 pp | Dec 2023 −23.1 pp | Mar 2024 — | Jun 2024 +17.1 pp | Sep 2024 +1.3 pp | Dec 2024 −5.0 pp | Mar 2025 −2.5 pp | Jun 2025 +1.8 pp | Sep 2025 +4.4 pp | Dec 2025 +4.2 pp | Mar 2026 −1.2 pp | Jun 2026 —
- ASPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −28.7 pp | Sep 2022 −39.3 pp | Dec 2022 +35.6 pp | Mar 2023 +7.0 pp | Jun 2023 +14.2 pp | Sep 2023 +53.0 pp | Dec 2023 +17.8 pp | Mar 2024 +44.1 pp | Jun 2024 +52.4 pp | Sep 2024 +38.9 pp | Dec 2024 +10.4 pp | Mar 2025 −382.8 pp | Jun 2025 −23.6 pp | Sep 2025 −19.4 pp | Dec 2025 −138.3 pp | Mar 2026 +325.2 pp | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +7.2 pp | Mar 2023 +0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −1.3 pp | Dec 2023 +1.2 pp | Mar 2024 +2.7 pp | Jun 2024 +8.8 pp | Sep 2024 +8.7 pp | Dec 2024 +0.2 pp | Mar 2025 +0.8 pp | Jun 2025 +7.8 pp | Sep 2025 −9.7 pp | Dec 2025 +5.2 pp | Mar 2026 +0.5 pp | Jun 2026 −7.7 pp
- JELD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.1 pp | Sep 2022 −6.2 pp | Dec 2022 −3.3 pp | Mar 2023 — | Jun 2023 −1.3 pp | Sep 2023 +6.5 pp | Dec 2023 −1.3 pp | Mar 2024 — | Jun 2024 −2.3 pp | Sep 2024 −10.6 pp | Dec 2024 −6.4 pp | Mar 2025 −20.9 pp | Jun 2025 −2.2 pp | Sep 2025 −19.4 pp | Dec 2025 +3.9 pp | Mar 2026 +16.2 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Trane Technologies plc leads with $2,955 million of TTM profit, 43.7% above Johnson Controls International plc. SPX Technologies, Inc. shows 25.9% growth from a $258 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Trane Technologies plc 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: Trane Technologies plc · $2,955 million | 43.7% versus #2 · Johnson Controls International plc | 7/8 recent comparable periods | 27/29 companies · 525 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. Trane Technologies plc (TT): ₹3.0K Cr
2. Johnson Controls International plc (JCI): ₹2.1K Cr
3. Carrier Global Corporation (CARR): ₹1.4K Cr
4. Masco Corporation (MAS): ₹887 Cr
5. Lennox International Inc. (LII): ₹803 Cr

### Profit growth — fastest growers
1. SPX Technologies, Inc. (SPXC): 26%
2. Armstrong World Industries, Inc. (AWI): 12%
3. Trane Technologies plc (TT): 6.0%
4. Perma-Pipe International Holdings, Inc. (PPIH): 5.9%
5. Masco Corporation (MAS): 5.2%

### 20-quarter Net profit history
- TT: Sep 2021 ₹422 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹517 Cr | Sep 2022 ₹560 Cr | Dec 2022 ₹449 Cr | Mar 2023 ₹317 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹517 Cr | Mar 2024 ₹445 Cr | Jun 2024 ₹767 Cr | Sep 2024 ₹787 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹618 Cr | Jun 2025 ₹876 Cr | Sep 2025 ₹860 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹600 Cr | Jun 2026 —
- JCI: Sep 2021 ₹316 Cr | Dec 2021 ₹419 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹443 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹488 Cr | Dec 2023 ₹340 Cr | Mar 2024 ₹-318 Cr | Jun 2024 ₹851 Cr | Sep 2024 ₹538 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹475 Cr | Jun 2025 ₹618 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹612 Cr | Jun 2026 —
- CARR: Sep 2021 ₹480 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹436 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹447 Cr | Sep 2024 ₹598 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹437 Cr | Jun 2025 ₹650 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹266 Cr | Jun 2026 —
- LII: Sep 2021 ₹126 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹217 Cr | Sep 2023 ₹130 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- MAS: Sep 2021 ₹239 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹294 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹221 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹260 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹180 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹228 Cr | Jun 2026 —
- MAIR: 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 ₹45 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹43 Cr | Jun 2026 —
- CSL: Sep 2021 ₹113 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹291 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- OC: Sep 2021 ₹259 Cr | Dec 2021 ₹228 Cr | Mar 2022 ₹307 Cr | Jun 2022 ₹343 Cr | Sep 2022 ₹469 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹344 Cr | Sep 2023 ₹337 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹286 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹-258 Cr | Mar 2025 ₹-93 Cr | Jun 2025 ₹362 Cr | Sep 2025 ₹-494 Cr | Dec 2025 ₹-297 Cr | Mar 2026 ₹-104 Cr | Jun 2026 —
- WMS: Sep 2021 ₹76 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- SPXC: Sep 2021 ₹18 Cr | Dec 2021 ₹14 Cr | Mar 2022 — | Jun 2022 ₹13 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹13 Cr | Mar 2023 — | Jun 2023 ₹39 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- BLDR: Sep 2021 ₹613 Cr | Dec 2021 ₹442 Cr | Mar 2022 ₹640 Cr | Jun 2022 ₹987 Cr | Sep 2022 ₹738 Cr | Dec 2022 ₹385 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹451 Cr | Dec 2023 ₹351 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹344 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹190 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹-47 Cr | Jun 2026 —
- AAON: Sep 2021 ₹16 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- AWI: Sep 2021 ₹51 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- FBIN: Sep 2021 ₹202 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹181 Cr | Jun 2022 ₹192 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹110 Cr | Mar 2023 — | Jun 2023 ₹85 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- LPX: Sep 2021 ₹332 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹421 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- TREX: Sep 2021 ₹74 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- GFF: Sep 2021 ₹13 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹-415 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹-62 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹-120 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 ₹-15 Cr | Mar 2022 — | Jun 2022 ₹-8 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-14 Cr | Mar 2023 — | Jun 2023 ₹-14 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- ROCK: Sep 2021 ₹28 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —
- NPKI: Sep 2021 ₹-10 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- NX: Sep 2021 ₹14 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹-276 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹-4 Cr | Jun 2026 ₹3 Cr
- APOG: Sep 2021 ₹-2 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹12 Cr
- LMB: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- JBI: Sep 2021 ₹16 Cr | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹32 Cr | Mar 2023 — | Jun 2023 ₹26 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹7 Cr | Jun 2026 ₹0 Cr
- SWIM: Sep 2021 ₹-54 Cr | Dec 2021 ₹-11 Cr | Mar 2022 — | Jun 2022 ₹-4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹12 Cr | Mar 2023 — | Jun 2023 ₹-17 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- ASPN: Sep 2021 ₹-8 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹-301 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- AIRJ: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-50 Cr | Jun 2026 —
- PPIH: Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹3 Cr
- JELD: Sep 2021 ₹41 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹23 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-73 Cr | Dec 2024 ₹-68 Cr | Mar 2025 ₹-190 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-368 Cr | Dec 2025 ₹-42 Cr | Mar 2026 ₹-77 Cr | Jun 2026 —

### 20-quarter Profit growth history
- TT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 33% | Dec 2022 36% | Mar 2023 17% | Jun 2023 15% | Sep 2023 14% | Dec 2023 15% | Mar 2024 40% | Jun 2024 28% | Sep 2024 23% | Dec 2024 19% | Mar 2025 39% | Jun 2025 14% | Sep 2025 9.3% | Dec 2025 0.7% | Mar 2026 -2.9% | Jun 2026 —
- JCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 156% | Dec 2022 -63% | Mar 2023 235% | Jun 2023 153% | Sep 2023 -40% | Dec 2023 118% | Mar 2024 -283% | Jun 2024 -24% | Sep 2024 10% | Dec 2024 6.2% | Mar 2025 — | Jun 2025 -27% | Sep 2025 -50% | Dec 2025 54% | Mar 2026 29% | Jun 2026 —
- CARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 178% | Dec 2022 -16% | Mar 2023 -72% | Jun 2023 -60% | Sep 2023 -78% | Dec 2023 57% | Mar 2024 -49% | Jun 2024 92% | Sep 2024 103% | Dec 2024 -107% | Mar 2025 122% | Jun 2025 45% | Sep 2025 -27% | Dec 2025 — | Mar 2026 -39% | Jun 2026 —
- LII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.1% | Sep 2022 13% | Dec 2022 12% | Mar 2023 17% | Jun 2023 23% | Sep 2023 -8.5% | Dec 2023 55% | Mar 2024 27% | Jun 2024 13% | Sep 2024 84% | Dec 2024 38% | Mar 2025 4.8% | Jun 2025 13% | Sep 2025 2.9% | Dec 2025 -20% | Mar 2026 -10% | Jun 2026 —
- MAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2.5% | Dec 2022 -10% | Mar 2023 -12% | Jun 2023 -5.4% | Sep 2023 12% | Dec 2023 60% | Mar 2024 3.6% | Jun 2024 -2.2% | Sep 2024 -31% | Dec 2024 -4.0% | Mar 2025 -14% | Jun 2025 4.0% | Sep 2025 11% | Dec 2025 -8.8% | Mar 2026 15% | Jun 2026 —
- MAIR: 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 -4.4% | Jun 2026 —
- CSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 210% | Sep 2022 106% | Dec 2022 19% | Mar 2023 -57% | Jun 2023 -22% | Sep 2023 -6.9% | Dec 2023 25% | Mar 2024 104% | Jun 2024 26% | Sep 2024 14% | Dec 2024 -16% | Mar 2025 -18% | Jun 2025 -10% | Sep 2025 -13% | Dec 2025 -18% | Mar 2026 -8.6% | Jun 2026 —
- OC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 81% | Dec 2022 -46% | Mar 2023 24% | Jun 2023 0.3% | Sep 2023 -28% | Dec 2023 6.6% | Mar 2024 -22% | Jun 2024 -17% | Sep 2024 -4.8% | Dec 2024 -298% | Mar 2025 -131% | Jun 2025 27% | Sep 2025 -254% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 143% | Sep 2022 99% | Dec 2022 12% | Mar 2023 81% | Jun 2023 -8.0% | Sep 2023 -9.9% | Dec 2023 28% | Mar 2024 11% | Jun 2024 -6.4% | Sep 2024 -4.4% | Dec 2024 -24% | Mar 2025 -19% | Jun 2025 -11% | Sep 2025 20% | Dec 2025 14% | Mar 2026 -57% | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.6% | Dec 2022 -7.1% | Mar 2023 — | Jun 2023 200% | Sep 2023 100% | Dec 2023 146% | Mar 2024 — | Jun 2024 15% | Sep 2024 34% | Dec 2024 78% | Mar 2025 6.1% | Jun 2025 18% | Sep 2025 24% | Dec 2025 37% | Mar 2026 23% | Jun 2026 —
- BLDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 20% | Dec 2022 -13% | Mar 2023 -48% | Jun 2023 -59% | Sep 2023 -39% | Dec 2023 -8.8% | Mar 2024 -22% | Jun 2024 -15% | Sep 2024 -37% | Dec 2024 -46% | Mar 2025 -63% | Jun 2025 -46% | Sep 2025 -57% | Dec 2025 -83% | Mar 2026 -149% | Jun 2026 —
- AAON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 69% | Dec 2022 550% | Mar 2023 106% | Jun 2023 188% | Sep 2023 78% | Dec 2023 21% | Mar 2024 5.4% | Jun 2024 13% | Sep 2024 10% | Dec 2024 -47% | Mar 2025 -26% | Jun 2025 -71% | Sep 2025 -42% | Dec 2025 28% | Mar 2026 38% | Jun 2026 —
- AWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.5% | Sep 2022 7.8% | Dec 2022 17% | Mar 2023 6.8% | Jun 2023 15% | Sep 2023 27% | Dec 2023 -4.1% | Mar 2024 28% | Jun 2024 10% | Sep 2024 10% | Dec 2024 32% | Mar 2025 15% | Jun 2025 33% | Sep 2025 12% | Dec 2025 6.5% | Mar 2026 -2.9% | Jun 2026 —
- FBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 1.0% | Dec 2022 -37% | Mar 2023 — | Jun 2023 -56% | Sep 2023 -50% | Dec 2023 -26% | Mar 2024 — | Jun 2024 58% | Sep 2024 34% | Dec 2024 30% | Mar 2025 -47% | Jun 2025 -25% | Sep 2025 -48% | Dec 2025 -28% | Mar 2026 -53% | Jun 2026 —
- LPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 -61% | Dec 2022 -108% | Mar 2023 -95% | Jun 2023 -106% | Sep 2023 -10% | Dec 2023 — | Mar 2024 386% | Jun 2024 — | Sep 2024 -22% | Dec 2024 8.8% | Mar 2025 -16% | Jun 2025 -64% | Sep 2025 -90% | Dec 2025 -113% | Mar 2026 -70% | Jun 2026 —
- TREX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 -81% | Dec 2022 -60% | Mar 2023 -42% | Jun 2023 -13% | Sep 2023 364% | Dec 2023 110% | Mar 2024 117% | Jun 2024 13% | Sep 2024 -37% | Dec 2024 -52% | Mar 2025 -33% | Jun 2025 -13% | Sep 2025 27% | Dec 2025 -80% | Mar 2026 1.7% | Jun 2026 —
- GFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 253% | Sep 2022 -3,292% | Dec 2022 188% | Mar 2023 -207% | Jun 2023 -7.6% | Sep 2023 — | Dec 2023 -14% | Mar 2024 — | Jun 2024 -16% | Sep 2024 48% | Dec 2024 69% | Mar 2025 42% | Jun 2025 -393% | Sep 2025 -29% | Dec 2025 -9.9% | Mar 2026 -4.4% | Jun 2026 —
- ROCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 21% | Dec 2022 -70% | Mar 2023 40% | Jun 2023 6.9% | Sep 2023 15% | Dec 2023 533% | Mar 2024 19% | Jun 2024 0.0% | Sep 2024 -13% | Dec 2024 147% | Mar 2025 -8.0% | Jun 2025 -6.5% | Sep 2025 -2.9% | Dec 2025 -74% | Mar 2026 -152% | Jun 2026 —
- NPKI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 — | Dec 2023 -62% | Mar 2024 -33% | Jun 2024 350% | Sep 2024 400% | Dec 2024 60% | Mar 2025 150% | Jun 2025 0.0% | Sep 2025 -60% | Dec 2025 38% | Mar 2026 0.0% | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 86% | Dec 2022 19% | Mar 2023 -82% | Jun 2023 -19% | Sep 2023 23% | Dec 2023 8.0% | Mar 2024 400% | Jun 2024 -32% | Sep 2024 -22% | Dec 2024 -167% | Mar 2025 -350% | Jun 2025 40% | Sep 2025 -1,204% | Dec 2025 — | Mar 2026 — | Jun 2026 -86%
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 118% | Mar 2023 — | Jun 2023 4.4% | Sep 2023 -11% | Dec 2023 13% | Mar 2024 -20% | Jun 2024 29% | Sep 2024 -6.1% | Dec 2024 -22% | Mar 2025 -88% | Jun 2025 -110% | Sep 2025 -23% | Dec 2025 -19% | Mar 2026 750% | Jun 2026 —
- LMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 400% | Sep 2023 75% | Dec 2023 25% | Mar 2024 167% | Jun 2024 20% | Sep 2024 0.0% | Dec 2024 100% | Mar 2025 25% | Jun 2025 33% | Sep 2025 29% | Dec 2025 20% | Mar 2026 -60% | Jun 2026 —
- JBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 — | Jun 2023 30% | Sep 2023 61% | Dec 2023 13% | Mar 2024 — | Jun 2024 7.7% | Sep 2024 -68% | Dec 2024 -100% | Mar 2025 -65% | Jun 2025 -25% | Sep 2025 25% | Dec 2025 — | Mar 2026 -36% | Jun 2026 -100%
- SWIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 50% | Dec 2023 -100% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 50% | Sep 2025 167% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ASPN: 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 -153% | Sep 2025 — | Dec 2025 -764% | Mar 2026 — | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -600% | Dec 2023 -250% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -92% | Jun 2025 -77% | Sep 2025 -111% | Dec 2025 — | Mar 2026 -433% | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -33% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 -50% | Dec 2023 50% | Mar 2024 233% | Jun 2024 — | Sep 2024 300% | Dec 2024 0.0% | Mar 2025 -60% | Jun 2025 200% | Sep 2025 -75% | Dec 2025 167% | Mar 2026 50% | Jun 2026 -50%
- JELD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 -210% | Dec 2022 -53% | Mar 2023 — | Jun 2023 -77% | Sep 2023 — | Dec 2023 -200% | Mar 2024 — | Jun 2024 -325% | Sep 2024 -417% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Owens Corning reports $233 million of CAPEX; NPK International Inc. has the highest covered intensity at 22.7%. Coverage is only 29 of 29 companies and 515 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: Owens Corning · $233 million | 147.9% versus #2 · Carrier Global Corporation | 8/8 recent comparable periods | 29/29 companies · 515 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. Owens Corning (OC): ₹233 Cr
2. Carrier Global Corporation (CARR): ₹94 Cr
3. Trane Technologies plc (TT): ₹80 Cr
4. Johnson Controls International plc (JCI): ₹68 Cr
5. Louisiana-Pacific Corporation (LPX): ₹61 Cr

### CAPEX intensity — highest reinvestment intensity
1. NPK International Inc. (NPKI): 23%
2. Louisiana-Pacific Corporation (LPX): 11%
3. Owens Corning (OC): 10%
4. Latham Group, Inc. (SWIM): 9.4%
5. AAON, Inc. (AAON): 9.1%

### 20-quarter CAPEX history
- TT: Sep 2021 ₹44 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- JCI: Sep 2021 ₹228 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- CARR: Sep 2021 ₹74 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- LII: Sep 2021 ₹23 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- MAS: Sep 2021 ₹29 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- MAIR: 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 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹7 Cr | Jun 2026 —
- CSL: Sep 2021 ₹34 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- OC: Sep 2021 ₹66 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹257 Cr | Mar 2026 ₹233 Cr | Jun 2026 —
- WMS: Sep 2021 ₹38 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- SPXC: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- BLDR: Sep 2021 ₹62 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- AAON: Sep 2021 ₹9 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- AWI: Sep 2021 ₹17 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- FBIN: Sep 2021 ₹47 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹71 Cr | Mar 2023 — | Jun 2023 ₹43 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- LPX: Sep 2021 ₹68 Cr | Dec 2021 ₹121 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- TREX: Sep 2021 ₹30 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- GFF: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- ROCK: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- NPKI: Sep 2021 ₹9 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- NX: Sep 2021 ₹6 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹11 Cr
- APOG: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹6 Cr
- LMB: 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 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- JBI: Sep 2021 ₹12 Cr | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 ₹3 Cr
- SWIM: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 — | Jun 2022 ₹7 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹12 Cr | Mar 2023 — | Jun 2023 ₹10 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- ASPN: Sep 2021 ₹2 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PPIH: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹1 Cr
- JELD: Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹30 Cr | Mar 2023 — | Jun 2023 ₹21 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹25 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- TT: Sep 2021 1.2% | Dec 2021 2.8% | Mar 2022 2.2% | Jun 2022 1.6% | Sep 2022 1.3% | Dec 2022 2.2% | Mar 2023 2.1% | Jun 2023 1.2% | Sep 2023 1.7% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 1.4% | Sep 2024 1.6% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 1.6% | Sep 2025 1.2% | Dec 2025 2.1% | Mar 2026 1.6% | Jun 2026 —
- JCI: Sep 2021 3.6% | Dec 2021 2.3% | Mar 2022 2.0% | Jun 2022 2.6% | Sep 2022 2.4% | Dec 2022 2.2% | Mar 2023 3.6% | Jun 2023 1.6% | Sep 2023 2.4% | Dec 2023 1.6% | Mar 2024 2.4% | Jun 2024 1.5% | Sep 2024 3.1% | Dec 2024 2.1% | Mar 2025 1.7% | Jun 2025 1.6% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 1.1% | Jun 2026 —
- CARR: Sep 2021 1.4% | Dec 2021 2.7% | Mar 2022 1.2% | Jun 2022 1.3% | Sep 2022 1.7% | Dec 2022 2.7% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 1.9% | Dec 2023 5.1% | Mar 2024 1.9% | Jun 2024 1.8% | Sep 2024 1.5% | Dec 2024 4.2% | Mar 2025 1.2% | Jun 2025 1.3% | Sep 2025 2.1% | Dec 2025 2.7% | Mar 2026 1.8% | Jun 2026 —
- LII: Sep 2021 2.2% | Dec 2021 3.9% | Mar 2022 2.6% | Jun 2022 1.5% | Sep 2022 1.6% | Dec 2022 3.1% | Mar 2023 3.3% | Jun 2023 3.5% | Sep 2023 2.9% | Dec 2023 11% | Mar 2024 2.9% | Jun 2024 2.3% | Sep 2024 2.7% | Dec 2024 4.5% | Mar 2025 2.4% | Jun 2025 1.9% | Sep 2025 2.5% | Dec 2025 2.4% | Mar 2026 4.9% | Jun 2026 —
- MAS: Sep 2021 1.3% | Dec 2021 2.3% | Mar 2022 1.2% | Jun 2022 1.8% | Sep 2022 3.0% | Dec 2022 4.5% | Mar 2023 3.1% | Jun 2023 3.4% | Sep 2023 2.4% | Dec 2023 3.3% | Mar 2024 1.6% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 3.1% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 2.1% | Dec 2025 2.6% | Mar 2026 1.8% | Jun 2026 —
- MAIR: 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 0.7% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8% | Jun 2026 —
- CSL: Sep 2021 2.6% | Dec 2021 3.3% | Mar 2022 2.1% | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 4.6% | Mar 2023 4.5% | Jun 2023 2.3% | Sep 2023 2.9% | Dec 2023 3.2% | Mar 2024 3.0% | Jun 2024 1.7% | Sep 2024 1.4% | Dec 2024 3.3% | Mar 2025 2.6% | Jun 2025 2.0% | Sep 2025 2.5% | Dec 2025 3.5% | Mar 2026 2.7% | Jun 2026 —
- OC: Sep 2021 3.0% | Dec 2021 8.1% | Mar 2022 4.6% | Jun 2022 4.0% | Sep 2022 3.7% | Dec 2022 6.1% | Mar 2023 6.8% | Jun 2023 4.8% | Sep 2023 4.4% | Dec 2023 5.9% | Mar 2024 7.5% | Jun 2024 6.3% | Sep 2024 5.1% | Dec 2024 7.7% | Mar 2025 8.0% | Jun 2025 7.2% | Sep 2025 6.2% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- WMS: Sep 2021 5.4% | Dec 2021 5.2% | Mar 2022 7.2% | Jun 2022 3.9% | Sep 2022 4.4% | Dec 2022 7.8% | Mar 2023 6.5% | Jun 2023 5.4% | Sep 2023 5.3% | Dec 2023 8.2% | Mar 2024 7.2% | Jun 2024 7.1% | Sep 2024 6.9% | Dec 2024 7.8% | Mar 2025 7.6% | Jun 2025 6.4% | Sep 2025 6.8% | Dec 2025 12% | Mar 2026 7.8% | Jun 2026 —
- SPXC: Sep 2021 0.7% | Dec 2021 1.0% | Mar 2022 — | Jun 2022 0.7% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 2.2% | Jun 2024 2.0% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.7% | Dec 2025 11% | Mar 2026 3.4% | Jun 2026 —
- BLDR: Sep 2021 1.1% | Dec 2021 1.5% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.5% | Dec 2022 3.1% | Mar 2023 2.7% | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 2.4% | Mar 2024 2.4% | Jun 2024 2.0% | Sep 2024 2.4% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 2.6% | Mar 2026 1.4% | Jun 2026 —
- AAON: Sep 2021 6.5% | Dec 2021 9.6% | Mar 2022 7.7% | Jun 2022 6.2% | Sep 2022 5.8% | Dec 2022 4.7% | Mar 2023 11% | Jun 2023 11% | Sep 2023 7.1% | Dec 2023 6.8% | Mar 2024 13% | Jun 2024 9.9% | Sep 2024 10% | Dec 2024 32% | Mar 2025 15% | Jun 2025 12% | Sep 2025 12% | Dec 2025 15% | Mar 2026 9.1% | Jun 2026 —
- AWI: Sep 2021 5.8% | Dec 2021 11% | Mar 2022 4.2% | Jun 2022 5.0% | Sep 2022 5.8% | Dec 2022 9.2% | Mar 2023 7.1% | Jun 2023 5.8% | Sep 2023 5.5% | Dec 2023 7.7% | Mar 2024 4.6% | Jun 2024 5.5% | Sep 2024 4.9% | Dec 2024 7.9% | Mar 2025 5.0% | Jun 2025 4.7% | Sep 2025 5.4% | Dec 2025 12% | Mar 2026 4.4% | Jun 2026 —
- FBIN: Sep 2021 2.4% | Dec 2021 5.1% | Mar 2022 5.4% | Jun 2022 4.4% | Sep 2022 5.0% | Dec 2022 6.3% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 6.0% | Dec 2023 7.0% | Mar 2024 5.9% | Jun 2024 3.1% | Sep 2024 2.6% | Dec 2024 5.4% | Mar 2025 2.8% | Jun 2025 2.6% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 2.0% | Jun 2026 —
- LPX: Sep 2021 6.7% | Dec 2021 15% | Mar 2022 7.9% | Jun 2022 9.2% | Sep 2022 10% | Dec 2022 19% | Mar 2023 20% | Jun 2023 12% | Sep 2023 6.6% | Dec 2023 9.7% | Mar 2024 5.7% | Jun 2024 4.4% | Sep 2024 6.1% | Dec 2024 9.1% | Mar 2025 8.8% | Jun 2025 9.0% | Sep 2025 13% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- TREX: Sep 2021 8.9% | Dec 2021 12% | Mar 2022 6.5% | Jun 2022 11% | Sep 2022 22% | Dec 2022 35% | Mar 2023 16% | Jun 2023 12% | Sep 2023 10% | Dec 2023 27% | Mar 2024 10% | Jun 2024 9.3% | Sep 2024 33% | Dec 2024 48% | Mar 2025 23% | Jun 2025 12% | Sep 2025 19% | Dec 2025 27% | Mar 2026 6.7% | Jun 2026 —
- GFF: Sep 2021 2.1% | Dec 2021 1.9% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 6.7% | Dec 2023 2.2% | Mar 2024 2.8% | Jun 2024 2.3% | Sep 2024 3.2% | Dec 2024 2.7% | Mar 2025 3.3% | Jun 2025 1.5% | Sep 2025 2.0% | Dec 2025 1.2% | Mar 2026 2.4% | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 0.9% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.7% | Dec 2024 0.8% | Mar 2025 2.5% | Jun 2025 2.3% | Sep 2025 2.9% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 —
- ROCK: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 1.9% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 0.7% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 1.8% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.4% | Dec 2024 2.2% | Mar 2025 4.5% | Jun 2025 5.8% | Sep 2025 2.6% | Dec 2025 3.3% | Mar 2026 1.7% | Jun 2026 —
- NPKI: Sep 2021 5.9% | Dec 2021 1.7% | Mar 2022 4.5% | Jun 2022 1.0% | Sep 2022 3.6% | Dec 2022 4.9% | Mar 2023 3.5% | Jun 2023 4.4% | Sep 2023 8.8% | Dec 2023 20% | Mar 2024 29% | Jun 2024 10% | Sep 2024 21% | Dec 2024 24% | Mar 2025 15% | Jun 2025 18% | Sep 2025 19% | Dec 2025 16% | Mar 2026 23% | Jun 2026 —
- NX: Sep 2021 2.1% | Dec 2021 2.7% | Mar 2022 2.6% | Jun 2022 1.9% | Sep 2022 1.9% | Dec 2022 4.5% | Mar 2023 3.1% | Jun 2023 2.6% | Sep 2023 2.3% | Dec 2023 5.1% | Mar 2024 4.2% | Jun 2024 3.0% | Sep 2024 2.1% | Dec 2024 2.8% | Mar 2025 3.0% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 4.5% | Mar 2026 2.7% | Jun 2026 2.4%
- APOG: Sep 2021 1.5% | Dec 2021 0.9% | Mar 2022 2.7% | Jun 2022 1.4% | Sep 2022 1.1% | Dec 2022 2.4% | Mar 2023 7.8% | Jun 2023 1.9% | Sep 2023 2.3% | Dec 2023 3.5% | Mar 2024 4.4% | Jun 2024 2.1% | Sep 2024 2.3% | Dec 2024 2.6% | Mar 2025 3.2% | Jun 2025 2.0% | Sep 2025 1.4% | Dec 2025 1.7% | Mar 2026 2.6% | Jun 2026 1.7%
- LMB: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.0% | Dec 2023 0.7% | Mar 2024 2.5% | Jun 2024 2.5% | Sep 2024 0.0% | Dec 2024 0.7% | Mar 2025 1.5% | Jun 2025 0.7% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- JBI: Sep 2021 6.4% | Dec 2021 — | Mar 2022 1.7% | Jun 2022 1.3% | Sep 2022 0.8% | Dec 2022 1.1% | Mar 2023 — | Jun 2023 2.4% | Sep 2023 1.5% | Dec 2023 2.3% | Mar 2024 2.0% | Jun 2024 2.4% | Sep 2024 1.7% | Dec 2024 2.6% | Mar 2025 2.8% | Jun 2025 3.1% | Sep 2025 3.2% | Dec 2025 — | Mar 2026 2.7% | Jun 2026 1.3%
- SWIM: Sep 2021 4.4% | Dec 2021 3.7% | Mar 2022 — | Jun 2022 3.6% | Sep 2022 4.8% | Dec 2022 6.3% | Mar 2023 — | Jun 2023 7.2% | Sep 2023 7.3% | Dec 2023 5.5% | Mar 2024 4.5% | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 6.9% | Mar 2025 2.7% | Jun 2025 4.0% | Sep 2025 3.7% | Dec 2025 9.0% | Mar 2026 9.4% | Jun 2026 —
- ASPN: Sep 2021 6.7% | Dec 2021 26% | Mar 2022 40% | Jun 2022 83% | Sep 2022 181% | Dec 2022 98% | Mar 2023 107% | Jun 2023 138% | Sep 2023 53% | Dec 2023 33% | Mar 2024 27% | Jun 2024 21% | Sep 2024 18% | Dec 2024 12% | Mar 2025 17% | Jun 2025 17% | Sep 2025 12% | Dec 2025 4.9% | Mar 2026 2.6% | Jun 2026 —
- PPIH: Sep 2021 0.0% | Dec 2021 2.9% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 5.4% | Dec 2022 2.6% | Mar 2023 11% | Jun 2023 10% | Sep 2023 11% | Dec 2023 2.2% | Mar 2024 7.5% | Jun 2024 2.9% | Sep 2024 2.6% | Dec 2024 0.0% | Mar 2025 2.2% | Jun 2025 2.1% | Sep 2025 6.3% | Dec 2025 8.2% | Mar 2026 3.6% | Jun 2026 2.0%
- JELD: Sep 2021 2.1% | Dec 2021 1.9% | Mar 2022 1.3% | Jun 2022 1.4% | Sep 2022 1.9% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 1.9% | Sep 2023 1.9% | Dec 2023 2.8% | Mar 2024 3.2% | Jun 2024 3.8% | Sep 2024 4.5% | Dec 2024 5.8% | Mar 2025 4.8% | Jun 2025 3.5% | Sep 2025 3.0% | Dec 2025 3.6% | Mar 2026 3.5% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Arlo Technologies, Inc. has the clearest covered balance-sheet capacity with $161 million net cash and gross debt of $6 million. 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: AirJoule Technologies Corporation · $0 million | 100% versus #2 · Arlo Technologies, Inc. | 8/8 recent comparable periods | 29/29 companies · 531 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. AirJoule Technologies Corporation (AIRJ): ₹0 Cr
2. Arlo Technologies, Inc. (ARLO): ₹6 Cr
3. NPK International Inc. (NPKI): ₹20 Cr
4. Perma-Pipe International Holdings, Inc. (PPIH): ₹56 Cr
5. Limbach Holdings, Inc. (LMB): ₹76 Cr

### Net debt — lowest net debt
1. Arlo Technologies, Inc. (ARLO): ₹-161 Cr
2. Aspen Aerogels, Inc. (ASPN): ₹-45 Cr
3. AirJoule Technologies Corporation (AIRJ): ₹-31 Cr
4. NPK International Inc. (NPKI): ₹13 Cr
5. Perma-Pipe International Holdings, Inc. (PPIH): ₹28 Cr

### 20-quarter Gross debt history
- TT: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- JCI: Sep 2021 ₹7.7K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹9.7K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.7K Cr | Mar 2023 ₹10.5K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.7K Cr | Jun 2024 ₹10.4K Cr | Sep 2024 ₹9.5K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹10.3K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.5K Cr | Jun 2026 —
- CARR: Sep 2021 ₹10.2K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹9.4K Cr | Mar 2023 ₹9.4K Cr | Jun 2023 ₹9.3K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹14.6K Cr | Mar 2024 ₹17.4K Cr | Jun 2024 ₹13.8K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹11.6K Cr | Jun 2025 ₹11.9K Cr | Sep 2025 ₹12.3K Cr | Dec 2025 ₹12.3K Cr | Mar 2026 ₹12.6K Cr | Jun 2026 —
- LII: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- MAS: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- MAIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- CSL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- OC: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- WMS: Sep 2021 ₹961 Cr | Dec 2021 ₹971 Cr | Mar 2022 ₹945 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SPXC: Sep 2021 ₹417 Cr | Dec 2021 ₹248 Cr | Mar 2022 — | Jun 2022 ₹243 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹247 Cr | Mar 2023 — | Jun 2023 ₹314 Cr | Sep 2023 ₹676 Cr | Dec 2023 ₹558 Cr | Mar 2024 ₹854 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹738 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹960 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹502 Cr | Mar 2026 ₹674 Cr | Jun 2026 —
- BLDR: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- AAON: Sep 2021 ₹0 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹252 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹425 Cr | Jun 2026 —
- AWI: Sep 2021 ₹666 Cr | Dec 2021 ₹672 Cr | Mar 2022 ₹681 Cr | Jun 2022 ₹708 Cr | Sep 2022 ₹720 Cr | Dec 2022 ₹687 Cr | Mar 2023 ₹699 Cr | Jun 2023 ₹699 Cr | Sep 2023 ₹677 Cr | Dec 2023 ₹640 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹711 Cr | Sep 2024 ₹621 Cr | Dec 2024 ₹600 Cr | Mar 2025 ₹595 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹496 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹569 Cr | Jun 2026 —
- FBIN: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 — | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- LPX: Sep 2021 ₹375 Cr | Dec 2021 ₹390 Cr | Mar 2022 ₹390 Cr | Jun 2022 ₹390 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹387 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹410 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹371 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹372 Cr | Dec 2024 ₹372 Cr | Mar 2025 ₹371 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹370 Cr | Mar 2026 ₹369 Cr | Jun 2026 —
- TREX: Sep 2021 ₹30 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹393 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹484 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹423 Cr | Jun 2026 —
- GFF: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 ₹23 Cr | Mar 2022 — | Jun 2022 ₹20 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹20 Cr | Mar 2023 — | Jun 2023 ₹18 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ROCK: Sep 2021 ₹73 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- NPKI: Sep 2021 ₹116 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- NX: Sep 2021 ₹129 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹893 Cr | Mar 2025 ₹880 Cr | Jun 2025 ₹927 Cr | Sep 2025 ₹875 Cr | Dec 2025 ₹854 Cr | Mar 2026 ₹893 Cr | Jun 2026 ₹889 Cr
- APOG: Sep 2021 ₹220 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹215 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹332 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹286 Cr | Jun 2026 ₹288 Cr
- LMB: Sep 2021 ₹48 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹76 Cr | Jun 2026 —
- JBI: Sep 2021 ₹734 Cr | Dec 2021 — | Mar 2022 ₹718 Cr | Jun 2022 ₹711 Cr | Sep 2022 ₹710 Cr | Dec 2022 ₹710 Cr | Mar 2023 — | Jun 2023 ₹658 Cr | Sep 2023 ₹658 Cr | Dec 2023 ₹615 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹593 Cr | Dec 2024 ₹592 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹551 Cr | Sep 2025 ₹549 Cr | Dec 2025 — | Mar 2026 ₹546 Cr | Jun 2026 ₹547 Cr
- SWIM: Sep 2021 ₹237 Cr | Dec 2021 ₹234 Cr | Mar 2022 — | Jun 2022 ₹358 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹353 Cr | Mar 2023 — | Jun 2023 ₹398 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- ASPN: Sep 2021 ₹14 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹181 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹129 Cr | Jun 2026 —
- AIRJ: 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 ₹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 —
- PPIH: Sep 2021 ₹31 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹47 Cr | Jun 2026 ₹56 Cr
- JELD: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 — | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —

### 20-quarter Net debt history
- TT: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- JCI: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹8.0K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹9.9K Cr | Jun 2024 ₹9.5K Cr | Sep 2024 ₹8.9K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 —
- CARR: Sep 2021 ₹7.5K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹16.1K Cr | Jun 2024 ₹10.9K Cr | Sep 2024 ₹10.7K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹9.9K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹10.9K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- LII: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- MAS: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- MAIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- CSL: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹759 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- OC: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- WMS: Sep 2021 ₹947 Cr | Dec 2021 ₹949 Cr | Mar 2022 ₹925 Cr | Jun 2022 ₹850 Cr | Sep 2022 ₹854 Cr | Dec 2022 ₹882 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹954 Cr | Sep 2023 ₹851 Cr | Dec 2023 ₹764 Cr | Mar 2024 ₹861 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹770 Cr | Dec 2024 ₹921 Cr | Mar 2025 ₹963 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹618 Cr | Dec 2025 ₹438 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SPXC: Sep 2021 ₹348 Cr | Dec 2021 ₹-312 Cr | Mar 2022 — | Jun 2022 ₹-20 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹64 Cr | Mar 2023 — | Jun 2023 ₹109 Cr | Sep 2023 ₹589 Cr | Dec 2023 ₹459 Cr | Mar 2024 ₹753 Cr | Jun 2024 ₹662 Cr | Sep 2024 ₹613 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹782 Cr | Jun 2025 ₹886 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹517 Cr | Jun 2026 —
- BLDR: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- AAON: Sep 2021 ₹-102 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹397 Cr | Mar 2026 ₹424 Cr | Jun 2026 —
- AWI: Sep 2021 ₹572 Cr | Dec 2021 ₹574 Cr | Mar 2022 ₹605 Cr | Jun 2022 ₹629 Cr | Sep 2022 ₹633 Cr | Dec 2022 ₹581 Cr | Mar 2023 ₹603 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹569 Cr | Mar 2024 ₹568 Cr | Jun 2024 ₹637 Cr | Sep 2024 ₹547 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹512 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹406 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹489 Cr | Jun 2026 —
- FBIN: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 — | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- LPX: Sep 2021 ₹-232 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹-234 Cr | Jun 2022 ₹-113 Cr | Sep 2022 ₹-83 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹339 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- TREX: Sep 2021 ₹-24 Cr | Dec 2021 ₹-113 Cr | Mar 2022 ₹-84 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹389 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹277 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹419 Cr | Jun 2026 —
- GFF: Sep 2021 ₹946 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 ₹-143 Cr | Mar 2022 — | Jun 2022 ₹-126 Cr | Sep 2022 ₹-114 Cr | Dec 2022 ₹-105 Cr | Mar 2023 — | Jun 2023 ₹-101 Cr | Sep 2023 ₹-107 Cr | Dec 2023 ₹-108 Cr | Mar 2024 ₹-127 Cr | Jun 2024 ₹-129 Cr | Sep 2024 ₹-133 Cr | Dec 2024 ₹-133 Cr | Mar 2025 ₹-136 Cr | Jun 2025 ₹-143 Cr | Sep 2025 ₹-159 Cr | Dec 2025 ₹-159 Cr | Mar 2026 ₹-161 Cr | Jun 2026 —
- ROCK: Sep 2021 ₹59 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-68 Cr | Dec 2023 ₹-63 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹-146 Cr | Sep 2024 ₹-198 Cr | Dec 2024 ₹-236 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹-41 Cr | Dec 2025 ₹-70 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- NPKI: Sep 2021 ₹85 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- NX: Sep 2021 ₹85 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹795 Cr | Mar 2025 ₹830 Cr | Jun 2025 ₹864 Cr | Sep 2025 ₹809 Cr | Dec 2025 ₹778 Cr | Mar 2026 ₹831 Cr | Jun 2026 ₹825 Cr
- APOG: Sep 2021 ₹158 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹246 Cr | Jun 2026 ₹262 Cr
- LMB: Sep 2021 ₹15 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- JBI: Sep 2021 ₹725 Cr | Dec 2021 — | Mar 2022 ₹705 Cr | Jun 2022 ₹684 Cr | Sep 2022 ₹669 Cr | Dec 2022 ₹655 Cr | Mar 2023 — | Jun 2023 ₹588 Cr | Sep 2023 ₹547 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹491 Cr | Dec 2024 ₹443 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹377 Cr | Sep 2025 ₹370 Cr | Dec 2025 — | Mar 2026 ₹352 Cr | Jun 2026 ₹435 Cr
- SWIM: Sep 2021 ₹160 Cr | Dec 2021 ₹143 Cr | Mar 2022 — | Jun 2022 ₹339 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹322 Cr | Mar 2023 — | Jun 2023 ₹343 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹253 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹315 Cr | Jun 2026 —
- ASPN: Sep 2021 ₹-82 Cr | Dec 2021 ₹-62 Cr | Mar 2022 ₹-190 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹-162 Cr | Mar 2023 ₹-86 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 ₹-3 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —
- PPIH: Sep 2021 ₹25 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹28 Cr
- JELD: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Masco Corporation leads ROCE at 8.9%, 1.3 percentage points above Trex Company, Inc.. Aspen Aerogels, Inc. has the strongest latest improvement at +48.8 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: Masco Corporation 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: Masco Corporation · 8.9% | 17.1% versus #2 · Trex Company, Inc. | 3/8 recent comparable periods | 29/29 companies · 526 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. Masco Corporation (MAS): 8.9%
2. Trex Company, Inc. (TREX): 7.6%
3. Lennox International Inc. (LII): 6.3%
4. Armstrong World Industries, Inc. (AWI): 5.6%
5. Trane Technologies plc (TT): 5.3%

### ROCE change — fastest improvers
1. Aspen Aerogels, Inc. (ASPN): +48.8 pp
2. Arlo Technologies, Inc. (ARLO): +6.2 pp
3. JELD-WEN Holding, Inc. (JELD): +5.8 pp
4. Apogee Enterprises, Inc. (APOG): +1.2 pp
5. Masco Corporation (MAS): +1.0 pp

### 20-quarter ROCE history
- TT: Sep 2021 4.2% | Dec 2021 3.2% | Mar 2022 2.9% | Jun 2022 5.5% | Sep 2022 5.7% | Dec 2022 4.5% | Mar 2023 3.5% | Jun 2023 7.0% | Sep 2023 6.7% | Dec 2023 5.3% | Mar 2024 4.8% | Jun 2024 7.7% | Sep 2024 7.3% | Dec 2024 5.9% | Mar 2025 6.1% | Jun 2025 8.4% | Sep 2025 8.0% | Dec 2025 5.6% | Mar 2026 5.3% | Jun 2026 —
- JCI: Sep 2021 11% | Dec 2021 10% | Mar 2022 12% | Jun 2022 12% | Sep 2022 13% | Dec 2022 0.6% | Mar 2023 0.8% | Jun 2023 2.6% | Sep 2023 1.5% | Dec 2023 1.3% | Mar 2024 -1.3% | Jun 2024 3.6% | Sep 2024 2.5% | Dec 2024 1.6% | Mar 2025 1.9% | Jun 2025 2.5% | Sep 2025 1.5% | Dec 2025 2.6% | Mar 2026 2.8% | Jun 2026 —
- CARR: Sep 2021 4.1% | Dec 2021 2.3% | Mar 2022 9.0% | Jun 2022 4.3% | Sep 2022 7.8% | Dec 2022 2.2% | Mar 2023 2.8% | Jun 2023 2.6% | Sep 2023 2.6% | Dec 2023 2.3% | Mar 2024 1.5% | Jun 2024 2.9% | Sep 2024 3.1% | Dec 2024 2.8% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 1.8% | Dec 2025 0.3% | Mar 2026 0.9% | Jun 2026 —
- LII: Sep 2021 14% | Dec 2021 7.3% | Mar 2022 7.9% | Jun 2022 16% | Sep 2022 14% | Dec 2022 11% | Mar 2023 9.8% | Jun 2023 19% | Sep 2023 11% | Dec 2023 14% | Mar 2024 11% | Jun 2024 19% | Sep 2024 17% | Dec 2024 12% | Mar 2025 8.3% | Jun 2025 16% | Sep 2025 14% | Dec 2025 8.5% | Mar 2026 6.3% | Jun 2026 —
- MAS: Sep 2021 10% | Dec 2021 5.8% | Mar 2022 9.7% | Jun 2022 12% | Sep 2022 10% | Dec 2022 5.3% | Mar 2023 9.2% | Jun 2023 12% | Sep 2023 11% | Dec 2023 7.1% | Mar 2024 8.9% | Jun 2024 11% | Sep 2024 9.7% | Dec 2024 8.1% | Mar 2025 7.9% | Jun 2025 11% | Sep 2025 8.2% | Dec 2025 7.0% | Mar 2026 8.9% | Jun 2026 —
- MAIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 4.0% | Jun 2026 —
- CSL: Sep 2021 2.9% | Dec 2021 3.3% | Mar 2022 4.9% | Jun 2022 7.1% | Sep 2022 5.2% | Dec 2022 3.4% | Mar 2023 2.0% | Jun 2023 5.0% | Sep 2023 4.9% | Dec 2023 4.4% | Mar 2024 3.9% | Jun 2024 6.4% | Sep 2024 5.6% | Dec 2024 4.2% | Mar 2025 3.6% | Jun 2025 6.4% | Sep 2025 5.3% | Dec 2025 3.6% | Mar 2026 3.5% | Jun 2026 —
- OC: Sep 2021 4.8% | Dec 2021 4.0% | Mar 2022 5.4% | Jun 2022 5.8% | Sep 2022 7.2% | Dec 2022 2.1% | Mar 2023 6.2% | Jun 2023 5.5% | Sep 2023 5.2% | Dec 2023 2.1% | Mar 2024 4.2% | Jun 2024 3.9% | Sep 2024 4.4% | Dec 2024 2.1% | Mar 2025 4.0% | Jun 2025 4.2% | Sep 2025 -2.8% | Dec 2025 -2.0% | Mar 2026 1.1% | Jun 2026 —
- WMS: Sep 2021 5.3% | Dec 2021 5.2% | Mar 2022 3.7% | Jun 2022 11% | Sep 2022 9.0% | Dec 2022 5.2% | Mar 2023 5.3% | Jun 2023 9.2% | Sep 2023 7.3% | Dec 2023 5.7% | Mar 2024 5.1% | Jun 2024 8.1% | Sep 2024 6.5% | Dec 2024 4.3% | Mar 2025 3.8% | Jun 2025 6.4% | Sep 2025 6.7% | Dec 2025 3.9% | Mar 2026 1.5% | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 1.0% | Mar 2022 — | Jun 2022 0.6% | Sep 2022 1.4% | Dec 2022 1.8% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.5% | Dec 2023 3.5% | Mar 2024 3.5% | Jun 2024 3.6% | Sep 2024 3.6% | Dec 2024 4.2% | Mar 2025 2.8% | Jun 2025 3.5% | Sep 2025 3.6% | Dec 2025 3.7% | Mar 2026 2.9% | Jun 2026 —
- BLDR: Sep 2021 14% | Dec 2021 11% | Mar 2022 10% | Jun 2022 15% | Sep 2022 11% | Dec 2022 6.1% | Mar 2023 5.2% | Jun 2023 6.3% | Sep 2023 7.1% | Dec 2023 5.6% | Mar 2024 4.1% | Jun 2024 5.6% | Sep 2024 4.9% | Dec 2024 3.5% | Mar 2025 1.9% | Jun 2025 3.4% | Sep 2025 2.5% | Dec 2025 0.7% | Mar 2026 0.2% | Jun 2026 —
- AAON: Sep 2021 4.9% | Dec 2021 1.1% | Mar 2022 4.5% | Jun 2022 3.8% | Sep 2022 6.8% | Dec 2022 7.6% | Mar 2023 6.6% | Jun 2023 7.7% | Sep 2023 8.9% | Dec 2023 8.6% | Mar 2024 6.0% | Jun 2024 8.2% | Sep 2024 7.7% | Dec 2024 3.2% | Mar 2025 3.7% | Jun 2025 2.3% | Sep 2025 4.0% | Dec 2025 3.7% | Mar 2026 4.5% | Jun 2026 —
- AWI: Sep 2021 4.8% | Dec 2021 3.6% | Mar 2022 4.1% | Jun 2022 4.7% | Sep 2022 4.8% | Dec 2022 4.7% | Mar 2023 4.6% | Jun 2023 5.7% | Sep 2023 6.6% | Dec 2023 4.4% | Mar 2024 5.7% | Jun 2024 6.0% | Sep 2024 7.1% | Dec 2024 5.3% | Mar 2025 6.3% | Jun 2025 7.6% | Sep 2025 7.3% | Dec 2025 5.7% | Mar 2026 5.6% | Jun 2026 —
- FBIN: Sep 2021 4.9% | Dec 2021 4.3% | Mar 2022 2.7% | Jun 2022 3.3% | Sep 2022 3.0% | Dec 2022 3.5% | Mar 2023 — | Jun 2023 2.3% | Sep 2023 2.5% | Dec 2023 2.7% | Mar 2024 3.0% | Jun 2024 3.8% | Sep 2024 3.9% | Dec 2024 3.5% | Mar 2025 1.8% | Jun 2025 3.2% | Sep 2025 2.4% | Dec 2025 2.3% | Mar 2026 1.1% | Jun 2026 —
- LPX: Sep 2021 24% | Dec 2021 13% | Mar 2022 27% | Jun 2022 23% | Sep 2022 8.8% | Dec 2022 3.1% | Mar 2023 1.4% | Jun 2023 0.4% | Sep 2023 7.9% | Dec 2023 4.2% | Mar 2024 6.8% | Jun 2024 9.0% | Sep 2024 5.3% | Dec 2024 3.4% | Mar 2025 5.3% | Jun 2025 3.5% | Sep 2025 0.8% | Dec 2025 -0.4% | Mar 2026 1.5% | Jun 2026 —
- TREX: Sep 2021 14% | Dec 2021 4.1% | Mar 2022 13% | Jun 2022 16% | Sep 2022 2.7% | Dec 2022 2.0% | Mar 2023 7.5% | Jun 2023 14% | Sep 2023 12% | Dec 2023 3.6% | Mar 2024 15% | Jun 2024 13% | Sep 2024 5.9% | Dec 2024 1.7% | Mar 2025 8.3% | Jun 2025 9.6% | Sep 2025 6.4% | Dec 2025 0.3% | Mar 2026 7.6% | Jun 2026 —
- GFF: Sep 2021 1.6% | Dec 2021 1.9% | Mar 2022 3.9% | Jun 2022 4.1% | Sep 2022 -19% | Dec 2022 3.6% | Mar 2023 -2.4% | Jun 2023 4.0% | Sep 2023 3.6% | Dec 2023 3.8% | Mar 2024 5.2% | Jun 2024 4.3% | Sep 2024 5.5% | Dec 2024 5.6% | Mar 2025 4.5% | Jun 2025 -6.7% | Sep 2025 6.3% | Dec 2025 6.2% | Mar 2026 4.8% | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 -9.9% | Mar 2022 — | Jun 2022 -5.7% | Sep 2022 -8.4% | Dec 2022 -11% | Mar 2023 — | Jun 2023 -12% | Sep 2023 -7.0% | Dec 2023 -2.0% | Mar 2024 -9.3% | Jun 2024 -12% | Sep 2024 -4.8% | Dec 2024 -4.9% | Mar 2025 -1.2% | Jun 2025 1.5% | Sep 2025 0.7% | Dec 2025 3.6% | Mar 2026 5.0% | Jun 2026 —
- ROCK: Sep 2021 4.3% | Dec 2021 1.6% | Mar 2022 2.3% | Jun 2022 4.2% | Sep 2022 4.7% | Dec 2022 2.2% | Mar 2023 3.1% | Jun 2023 4.4% | Sep 2023 5.3% | Dec 2023 2.5% | Mar 2024 3.1% | Jun 2024 4.0% | Sep 2024 4.1% | Dec 2024 2.9% | Mar 2025 2.6% | Jun 2025 3.5% | Sep 2025 3.7% | Dec 2025 1.3% | Mar 2026 -0.3% | Jun 2026 —
- NPKI: Sep 2021 -1.0% | Dec 2021 -0.1% | Mar 2022 0.2% | Jun 2022 -1.0% | Sep 2022 -3.6% | Dec 2022 1.7% | Mar 2023 1.8% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.3% | Jun 2024 2.4% | Sep 2024 0.3% | Dec 2024 2.7% | Mar 2025 3.1% | Jun 2025 2.7% | Sep 2025 2.6% | Dec 2025 3.4% | Mar 2026 3.9% | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 4.8% | Mar 2022 2.4% | Jun 2022 5.9% | Sep 2022 5.9% | Dec 2022 5.0% | Mar 2023 0.7% | Jun 2023 4.5% | Sep 2023 5.8% | Dec 2023 6.2% | Mar 2024 1.1% | Jun 2024 2.9% | Sep 2024 3.2% | Dec 2024 0.2% | Mar 2025 -0.5% | Jun 2025 2.9% | Sep 2025 -22% | Dec 2025 2.3% | Mar 2026 0.2% | Jun 2026 1.0%
- APOG: Sep 2021 — | Dec 2021 2.2% | Mar 2022 -1.2% | Jun 2022 4.4% | Sep 2022 4.3% | Dec 2022 4.8% | Mar 2023 3.9% | Jun 2023 4.9% | Sep 2023 5.8% | Dec 2023 5.6% | Mar 2024 3.3% | Jun 2024 6.1% | Sep 2024 6.2% | Dec 2024 3.6% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 3.4% | Dec 2025 2.8% | Mar 2026 3.0% | Jun 2026 2.1%
- LMB: Sep 2021 5.1% | Dec 2021 5.3% | Mar 2022 -0.6% | Jun 2022 1.2% | Sep 2022 4.2% | Dec 2022 4.4% | Mar 2023 3.4% | Jun 2023 5.6% | Sep 2023 6.9% | Dec 2023 4.9% | Mar 2024 4.3% | Jun 2024 5.2% | Sep 2024 6.5% | Dec 2024 7.2% | Mar 2025 4.3% | Jun 2025 5.4% | Sep 2025 6.0% | Dec 2025 7.9% | Mar 2026 0.5% | Jun 2026 —
- JBI: Sep 2021 3.8% | Dec 2021 — | Mar 2022 3.6% | Jun 2022 3.9% | Sep 2022 4.3% | Dec 2022 5.2% | Mar 2023 — | Jun 2023 4.8% | Sep 2023 5.9% | Dec 2023 5.6% | Mar 2024 4.9% | Jun 2024 4.4% | Sep 2024 2.3% | Dec 2024 1.1% | Mar 2025 2.2% | Jun 2025 3.1% | Sep 2025 2.5% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 1.1%
- SWIM: Sep 2021 — | Dec 2021 -0.4% | Mar 2022 — | Jun 2022 1.0% | Sep 2022 2.7% | Dec 2022 3.5% | Mar 2023 — | Jun 2023 -0.8% | Sep 2023 1.7% | Dec 2023 -1.2% | Mar 2024 -0.3% | Jun 2024 2.6% | Sep 2024 1.7% | Dec 2024 -1.8% | Mar 2025 -0.7% | Jun 2025 3.3% | Sep 2025 2.9% | Dec 2025 -1.5% | Mar 2026 -0.9% | Jun 2026 —
- ASPN: Sep 2021 -9.7% | Dec 2021 -14% | Mar 2022 -10% | Jun 2022 -10% | Sep 2022 -12% | Dec 2022 -2.7% | Mar 2023 -4.5% | Jun 2023 -4.1% | Sep 2023 -3.5% | Dec 2023 0.2% | Mar 2024 0.4% | Jun 2024 3.3% | Sep 2024 2.8% | Dec 2024 2.1% | Mar 2025 -54% | Jun 2025 -0.9% | Sep 2025 -0.6% | Dec 2025 -9.2% | Mar 2026 -5.2% | Jun 2026 —
- AIRJ: Sep 2021 -9.8% | Dec 2021 0.0% | Mar 2022 -0.3% | Jun 2022 -0.2% | Sep 2022 -0.2% | Dec 2022 -0.1% | Mar 2023 -0.3% | Jun 2023 -1.5% | Sep 2023 -2.3% | Dec 2023 -2.1% | Mar 2024 -17% | Jun 2024 -1.8% | Sep 2024 -1.0% | Dec 2024 -1.6% | Mar 2025 -0.9% | Jun 2025 -1.1% | Sep 2025 -0.8% | Dec 2025 -0.9% | Mar 2026 -1.1% | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 2.1% | Mar 2022 4.1% | Jun 2022 0.2% | Sep 2022 4.0% | Dec 2022 5.6% | Mar 2023 3.8% | Jun 2023 0.1% | Sep 2023 3.2% | Dec 2023 7.3% | Mar 2024 5.1% | Jun 2024 3.6% | Sep 2024 6.5% | Dec 2024 5.8% | Mar 2025 5.2% | Jun 2025 7.4% | Sep 2025 2.8% | Dec 2025 9.6% | Mar 2026 5.6% | Jun 2026 3.4%
- JELD: Sep 2021 1.8% | Dec 2021 2.3% | Mar 2022 0.3% | Jun 2022 1.6% | Sep 2022 -0.6% | Dec 2022 0.8% | Mar 2023 — | Jun 2023 1.1% | Sep 2023 2.0% | Dec 2023 0.3% | Mar 2024 -1.1% | Jun 2024 0.2% | Sep 2024 -2.4% | Dec 2024 -2.4% | Mar 2025 -9.1% | Jun 2025 -0.7% | Sep 2025 -11% | Dec 2025 -0.8% | Mar 2026 -3.3% | Jun 2026 —

### 20-quarter ROCE change history
- TT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.3 pp | Mar 2023 +0.6 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +0.8 pp | Mar 2024 +1.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 +1.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.7 pp | Dec 2025 −0.3 pp | Mar 2026 −0.8 pp | Jun 2026 —
- JCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 −9.6 pp | Mar 2023 −11.1 pp | Jun 2023 −9.8 pp | Sep 2023 −11.0 pp | Dec 2023 +0.7 pp | Mar 2024 −2.1 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +0.3 pp | Mar 2025 +3.2 pp | Jun 2025 −1.1 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +0.9 pp | Jun 2026 —
- CARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.7 pp | Dec 2022 −0.1 pp | Mar 2023 −6.2 pp | Jun 2023 −1.7 pp | Sep 2023 −5.2 pp | Dec 2023 +0.1 pp | Mar 2024 −1.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −1.3 pp | Dec 2025 −2.5 pp | Mar 2026 −1.1 pp | Jun 2026 —
- LII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +4.1 pp | Mar 2023 +1.9 pp | Jun 2023 +3.0 pp | Sep 2023 −2.5 pp | Dec 2023 +2.2 pp | Mar 2024 +0.9 pp | Jun 2024 +0.1 pp | Sep 2024 +5.5 pp | Dec 2024 −1.4 pp | Mar 2025 −2.4 pp | Jun 2025 −2.8 pp | Sep 2025 −2.6 pp | Dec 2025 −3.7 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.5 pp | Mar 2023 −0.5 pp | Jun 2023 0.0 pp | Sep 2023 +0.9 pp | Dec 2023 +1.8 pp | Mar 2024 −0.3 pp | Jun 2024 −1.4 pp | Sep 2024 −1.4 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +0.2 pp | Sep 2025 −1.5 pp | Dec 2025 −1.1 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MAIR: 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 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- CSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +0.1 pp | Mar 2023 −2.9 pp | Jun 2023 −2.1 pp | Sep 2023 −0.3 pp | Dec 2023 +1.0 pp | Mar 2024 +1.9 pp | Jun 2024 +1.4 pp | Sep 2024 +0.7 pp | Dec 2024 −0.2 pp | Mar 2025 −0.3 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.6 pp | Mar 2026 −0.1 pp | Jun 2026 —
- OC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 −1.9 pp | Mar 2023 +0.8 pp | Jun 2023 −0.3 pp | Sep 2023 −2.0 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.6 pp | Sep 2024 −0.8 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 +0.3 pp | Sep 2025 −7.2 pp | Dec 2025 −4.1 pp | Mar 2026 −2.9 pp | Jun 2026 —
- WMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.7 pp | Dec 2022 0.0 pp | Mar 2023 +1.6 pp | Jun 2023 −1.3 pp | Sep 2023 −1.7 pp | Dec 2023 +0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −1.1 pp | Sep 2024 −0.8 pp | Dec 2024 −1.4 pp | Mar 2025 −1.3 pp | Jun 2025 −1.7 pp | Sep 2025 +0.2 pp | Dec 2025 −0.4 pp | Mar 2026 −2.3 pp | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 — | Jun 2023 +2.0 pp | Sep 2023 +1.1 pp | Dec 2023 +1.7 pp | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 +1.1 pp | Dec 2024 +0.7 pp | Mar 2025 −0.7 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BLDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −4.5 pp | Mar 2023 −5.0 pp | Jun 2023 −8.9 pp | Sep 2023 −4.2 pp | Dec 2023 −0.5 pp | Mar 2024 −1.1 pp | Jun 2024 −0.7 pp | Sep 2024 −2.2 pp | Dec 2024 −2.1 pp | Mar 2025 −2.2 pp | Jun 2025 −2.2 pp | Sep 2025 −2.4 pp | Dec 2025 −2.8 pp | Mar 2026 −1.7 pp | Jun 2026 —
- AAON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +6.5 pp | Mar 2023 +2.1 pp | Jun 2023 +3.9 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 −0.6 pp | Jun 2024 +0.5 pp | Sep 2024 −1.2 pp | Dec 2024 −5.4 pp | Mar 2025 −2.3 pp | Jun 2025 −5.9 pp | Sep 2025 −3.7 pp | Dec 2025 +0.5 pp | Mar 2026 +0.8 pp | Jun 2026 —
- AWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +1.1 pp | Mar 2023 +0.5 pp | Jun 2023 +1.0 pp | Sep 2023 +1.8 pp | Dec 2023 −0.3 pp | Mar 2024 +1.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +0.9 pp | Mar 2025 +0.6 pp | Jun 2025 +1.6 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- FBIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.8 pp | Mar 2023 — | Jun 2023 −1.0 pp | Sep 2023 −0.5 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 +1.5 pp | Sep 2024 +1.4 pp | Dec 2024 +0.8 pp | Mar 2025 −1.2 pp | Jun 2025 −0.6 pp | Sep 2025 −1.5 pp | Dec 2025 −1.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- LPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.4 pp | Dec 2022 −9.4 pp | Mar 2023 −25.1 pp | Jun 2023 −22.2 pp | Sep 2023 −0.9 pp | Dec 2023 +1.1 pp | Mar 2024 +5.4 pp | Jun 2024 +8.6 pp | Sep 2024 −2.6 pp | Dec 2024 −0.8 pp | Mar 2025 −1.5 pp | Jun 2025 −5.5 pp | Sep 2025 −4.5 pp | Dec 2025 −3.8 pp | Mar 2026 −3.8 pp | Jun 2026 —
- TREX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.3 pp | Dec 2022 −2.1 pp | Mar 2023 −5.2 pp | Jun 2023 −2.0 pp | Sep 2023 +9.0 pp | Dec 2023 +1.6 pp | Mar 2024 +7.3 pp | Jun 2024 −0.8 pp | Sep 2024 −5.8 pp | Dec 2024 −1.9 pp | Mar 2025 −6.5 pp | Jun 2025 −3.6 pp | Sep 2025 +0.5 pp | Dec 2025 −1.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- GFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.0 pp | Dec 2022 +1.7 pp | Mar 2023 −6.3 pp | Jun 2023 −0.1 pp | Sep 2023 +23.0 pp | Dec 2023 +0.2 pp | Mar 2024 +7.6 pp | Jun 2024 +0.3 pp | Sep 2024 +1.9 pp | Dec 2024 +1.8 pp | Mar 2025 −0.7 pp | Jun 2025 −11.0 pp | Sep 2025 +0.8 pp | Dec 2025 +0.6 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.3 pp | Mar 2023 — | Jun 2023 −5.9 pp | Sep 2023 +1.4 pp | Dec 2023 +9.2 pp | Mar 2024 — | Jun 2024 0.0 pp | Sep 2024 +2.2 pp | Dec 2024 −2.9 pp | Mar 2025 +8.1 pp | Jun 2025 +13.1 pp | Sep 2025 +5.5 pp | Dec 2025 +8.5 pp | Mar 2026 +6.2 pp | Jun 2026 —
- ROCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 +0.8 pp | Jun 2023 +0.2 pp | Sep 2023 +0.6 pp | Dec 2023 +0.3 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 −1.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.5 pp | Jun 2025 −0.5 pp | Sep 2025 −0.4 pp | Dec 2025 −1.6 pp | Mar 2026 −2.9 pp | Jun 2026 —
- NPKI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 +1.8 pp | Mar 2023 +1.6 pp | Jun 2023 +2.0 pp | Sep 2023 +4.7 pp | Dec 2023 −0.6 pp | Mar 2024 −0.5 pp | Jun 2024 +1.4 pp | Sep 2024 −0.8 pp | Dec 2024 +1.6 pp | Mar 2025 +1.8 pp | Jun 2025 +0.3 pp | Sep 2025 +2.3 pp | Dec 2025 +0.7 pp | Mar 2026 +0.8 pp | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 −1.7 pp | Jun 2023 −1.4 pp | Sep 2023 −0.1 pp | Dec 2023 +1.2 pp | Mar 2024 +0.4 pp | Jun 2024 −1.6 pp | Sep 2024 −2.6 pp | Dec 2024 −6.0 pp | Mar 2025 −1.6 pp | Jun 2025 0.0 pp | Sep 2025 −25.3 pp | Dec 2025 +2.1 pp | Mar 2026 +0.7 pp | Jun 2026 −1.9 pp
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.6 pp | Mar 2023 +5.1 pp | Jun 2023 +0.5 pp | Sep 2023 +1.5 pp | Dec 2023 +0.8 pp | Mar 2024 −0.6 pp | Jun 2024 +1.2 pp | Sep 2024 +0.4 pp | Dec 2024 −2.0 pp | Mar 2025 −2.5 pp | Jun 2025 −5.2 pp | Sep 2025 −2.8 pp | Dec 2025 −0.8 pp | Mar 2026 +2.2 pp | Jun 2026 +1.2 pp
- LMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −0.9 pp | Mar 2023 +4.0 pp | Jun 2023 +4.4 pp | Sep 2023 +2.7 pp | Dec 2023 +0.5 pp | Mar 2024 +0.9 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 +2.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 −0.5 pp | Dec 2025 +0.7 pp | Mar 2026 −3.8 pp | Jun 2026 —
- JBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +0.9 pp | Sep 2023 +1.6 pp | Dec 2023 +0.4 pp | Mar 2024 — | Jun 2024 −0.4 pp | Sep 2024 −3.6 pp | Dec 2024 −4.5 pp | Mar 2025 −2.7 pp | Jun 2025 −1.3 pp | Sep 2025 +0.2 pp | Dec 2025 — | Mar 2026 −0.4 pp | Jun 2026 −2.0 pp
- SWIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.9 pp | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 −1.0 pp | Dec 2023 −4.7 pp | Mar 2024 — | Jun 2024 +3.4 pp | Sep 2024 0.0 pp | Dec 2024 −0.6 pp | Mar 2025 −0.4 pp | Jun 2025 +0.7 pp | Sep 2025 +1.2 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ASPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 +11.5 pp | Mar 2023 +5.5 pp | Jun 2023 +6.0 pp | Sep 2023 +8.7 pp | Dec 2023 +2.9 pp | Mar 2024 +4.9 pp | Jun 2024 +7.4 pp | Sep 2024 +6.3 pp | Dec 2024 +1.9 pp | Mar 2025 −54.4 pp | Jun 2025 −4.2 pp | Sep 2025 −3.4 pp | Dec 2025 −11.3 pp | Mar 2026 +48.8 pp | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.6 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 −1.3 pp | Sep 2023 −2.1 pp | Dec 2023 −2.0 pp | Mar 2024 −16.9 pp | Jun 2024 −0.3 pp | Sep 2024 +1.3 pp | Dec 2024 +0.5 pp | Mar 2025 +16.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.5 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 −0.8 pp | Dec 2023 +1.7 pp | Mar 2024 +1.3 pp | Jun 2024 +3.5 pp | Sep 2024 +3.3 pp | Dec 2024 −1.5 pp | Mar 2025 +0.1 pp | Jun 2025 +3.8 pp | Sep 2025 −3.7 pp | Dec 2025 +3.8 pp | Mar 2026 +0.4 pp | Jun 2026 −4.0 pp
- JELD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −1.5 pp | Mar 2023 — | Jun 2023 −0.5 pp | Sep 2023 +2.6 pp | Dec 2023 −0.5 pp | Mar 2024 — | Jun 2024 −0.9 pp | Sep 2024 −4.4 pp | Dec 2024 −2.7 pp | Mar 2025 −8.0 pp | Jun 2025 −0.9 pp | Sep 2025 −8.6 pp | Dec 2025 +1.6 pp | Mar 2026 +5.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Builders FirstSource, Inc. has the lowest comparable Guarded PEG at 0.14×, 50% below Louisiana-Pacific Corporation. Only 20 of 29 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: Builders FirstSource, Inc. · 0.14× | 50% versus #2 · Louisiana-Pacific Corporation | 0/8 recent comparable periods | 20/29 companies · 103 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. Builders FirstSource, Inc. (BLDR): 0.1
2. Louisiana-Pacific Corporation (LPX): 0.3
3. Apogee Enterprises, Inc. (APOG): 0.3
4. Johnson Controls International plc (JCI): 0.5
5. Griffon Corporation (GFF): 0.5

### P/E — lowest P/E
1. AirJoule Technologies Corporation (AIRJ): 8.7
2. Apogee Enterprises, Inc. (APOG): 12.0
3. Masco Corporation (MAS): 15.0
4. Janus International Group, Inc. (JBI): 15.9
5. Fortune Brands Innovations, Inc. (FBIN): 17.0

### 20-quarter Guarded PEG history
- TT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 1.1 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.6 | Dec 2025 2.0 | Mar 2026 4.3 | Jun 2026 —
- JCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 — | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- CARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 2.0 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.8 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 1.6 | Mar 2024 1.3 | Jun 2024 1.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.5 | Jun 2026 —
- CSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.1 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 1.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 2.0 | Dec 2023 1.7 | Mar 2024 4.4 | Jun 2024 — | Sep 2024 4.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SPXC: 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 1.1 | Jun 2025 1.2 | Sep 2025 1.6 | Dec 2025 2.3 | Mar 2026 2.1 | Jun 2026 —
- BLDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | 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 —
- AAON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 1.7 | Sep 2024 4.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.7 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.8 | Dec 2024 1.1 | Mar 2025 1.3 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.6 | Mar 2026 1.8 | Jun 2026 —
- FBIN: 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 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LPX: 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 0.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TREX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.8 | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 2.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GFF: 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 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.8 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 1.2 | Dec 2024 0.6 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NPKI: 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 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.3
- LMB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 1.4 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 — | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.0

### 20-quarter P/E history
- TT: Sep 2021 31.0 | Dec 2021 34.4 | Mar 2022 25.4 | Jun 2022 20.8 | Sep 2022 20.9 | Dec 2022 22.5 | Mar 2023 23.8 | Jun 2023 23.6 | Sep 2023 23.9 | Dec 2023 27.8 | Mar 2024 32.1 | Jun 2024 32.5 | Sep 2024 36.1 | Dec 2024 32.9 | Mar 2025 28.0 | Jun 2025 34.7 | Sep 2025 32.5 | Dec 2025 30.0 | Mar 2026 32.2 | Jun 2026 —
- JCI: Sep 2021 30.0 | Dec 2021 37.0 | Mar 2022 37.7 | Jun 2022 32.1 | Sep 2022 22.5 | Dec 2022 34.8 | Mar 2023 30.0 | Jun 2023 22.8 | Sep 2023 19.8 | Dec 2023 18.8 | Mar 2024 26.5 | Jun 2024 27.8 | Sep 2024 30.8 | Dec 2024 30.1 | Mar 2025 21.4 | Jun 2025 31.3 | Sep 2025 21.9 | Dec 2025 22.6 | Mar 2026 23.4 | Jun 2026 —
- CARR: Sep 2021 20.6 | Dec 2021 29.0 | Mar 2022 15.2 | Jun 2022 11.4 | Sep 2022 8.6 | Dec 2022 10.1 | Mar 2023 15.5 | Jun 2023 19.7 | Sep 2023 39.2 | Dec 2023 36.4 | Mar 2024 43.7 | Jun 2024 17.3 | Sep 2024 21.6 | Dec 2024 11.1 | Mar 2025 10.0 | Jun 2025 16.4 | Sep 2025 13.4 | Dec 2025 30.7 | Mar 2026 37.1 | Jun 2026 —
- LII: Sep 2021 22.6 | Dec 2021 26.2 | Mar 2022 20.7 | Jun 2022 16.0 | Sep 2022 16.5 | Dec 2022 17.2 | Mar 2023 17.5 | Jun 2023 21.1 | Sep 2023 24.7 | Dec 2023 27.0 | Mar 2024 28.3 | Jun 2024 29.7 | Sep 2024 28.7 | Dec 2024 26.9 | Mar 2025 24.6 | Jun 2025 24.1 | Sep 2025 22.0 | Dec 2025 21.3 | Mar 2026 20.9 | Jun 2026 —
- MAS: Sep 2021 30.5 | Dec 2021 43.4 | Mar 2022 22.5 | Jun 2022 14.1 | Sep 2022 12.7 | Dec 2022 12.9 | Mar 2023 14.0 | Jun 2023 16.2 | Sep 2023 14.6 | Dec 2023 16.7 | Mar 2024 19.3 | Jun 2024 16.3 | Sep 2024 22.3 | Dec 2024 19.3 | Mar 2025 19.0 | Jun 2025 17.1 | Sep 2025 18.1 | Dec 2025 16.4 | Mar 2026 15.0 | Jun 2026 —
- CSL: Sep 2021 31.5 | Dec 2021 34.3 | Mar 2022 24.7 | Jun 2022 17.4 | Sep 2022 17.5 | Dec 2022 14.5 | Mar 2023 15.6 | Jun 2023 19.2 | Sep 2023 19.5 | Dec 2023 20.6 | Mar 2024 24.2 | Jun 2024 22.9 | Sep 2024 24.1 | Dec 2024 13.3 | Mar 2025 18.9 | Jun 2025 20.8 | Sep 2025 18.7 | Dec 2025 18.7 | Mar 2026 19.6 | Jun 2026 —
- OC: Sep 2021 9.1 | Dec 2021 9.5 | Mar 2022 8.7 | Jun 2022 6.6 | Sep 2022 5.8 | Dec 2022 6.7 | Mar 2023 6.9 | Jun 2023 9.3 | Sep 2023 10.5 | Dec 2023 11.3 | Mar 2024 13.5 | Jun 2024 14.7 | Sep 2024 15.0 | Dec 2024 23.1 | Mar 2025 50.3 | Jun 2025 35.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WMS: Sep 2021 41.6 | Dec 2021 47.9 | Mar 2022 37.7 | Jun 2022 20.0 | Sep 2022 23.0 | Dec 2022 14.8 | Mar 2023 13.9 | Jun 2023 18.9 | Sep 2023 19.2 | Dec 2023 22.4 | Mar 2024 26.7 | Jun 2024 25.4 | Sep 2024 25.0 | Dec 2024 19.3 | Mar 2025 18.9 | Jun 2025 20.7 | Sep 2025 23.7 | Dec 2025 24.1 | Mar 2026 25.2 | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 5.9 | Mar 2022 — | Jun 2022 5.7 | Sep 2022 6.8 | Dec 2022 66.5 | Mar 2023 — | Jun 2023 83.0 | Sep 2023 70.2 | Dec 2023 52.3 | Mar 2024 60.1 | Jun 2024 64.0 | Sep 2024 42.5 | Dec 2024 34.2 | Mar 2025 30.0 | Jun 2025 37.4 | Sep 2025 39.1 | Dec 2025 39.8 | Mar 2026 39.1 | Jun 2026 —
- BLDR: Sep 2021 7.0 | Dec 2021 10.1 | Mar 2022 5.7 | Jun 2022 3.7 | Sep 2022 3.6 | Dec 2022 3.9 | Mar 2023 5.7 | Jun 2023 10.4 | Sep 2023 10.4 | Dec 2023 14.0 | Mar 2024 17.9 | Jun 2024 12.2 | Sep 2024 18.9 | Dec 2024 15.8 | Mar 2025 16.0 | Jun 2025 17.7 | Sep 2025 23.1 | Dec 2025 26.5 | Mar 2026 31.5 | Jun 2026 —
- AAON: Sep 2021 49.5 | Dec 2021 72.5 | Mar 2022 50.2 | Jun 2022 53.2 | Sep 2022 43.1 | Dec 2022 40.5 | Mar 2023 44.5 | Jun 2023 35.1 | Sep 2023 27.9 | Dec 2023 34.7 | Mar 2024 41.0 | Jun 2024 39.3 | Sep 2024 47.5 | Dec 2024 58.3 | Mar 2025 41.1 | Jun 2025 50.2 | Sep 2025 77.2 | Dec 2025 59.1 | Mar 2026 57.9 | Jun 2026 —
- AWI: Sep 2021 27.7 | Dec 2021 30.1 | Mar 2022 22.4 | Jun 2022 18.8 | Sep 2022 19.3 | Dec 2022 16.0 | Mar 2023 16.2 | Jun 2023 15.9 | Sep 2023 14.4 | Dec 2023 19.7 | Mar 2024 23.4 | Jun 2024 20.7 | Sep 2024 23.2 | Dec 2024 23.5 | Mar 2025 22.5 | Jun 2025 24.0 | Sep 2025 28.0 | Dec 2025 27.0 | Mar 2026 23.4 | Jun 2026 —
- FBIN: Sep 2021 14.1 | Dec 2021 16.5 | Mar 2022 12.1 | Jun 2022 9.9 | Sep 2022 9.5 | Dec 2022 10.9 | Mar 2023 — | Jun 2023 14.0 | Sep 2023 20.3 | Dec 2023 24.0 | Mar 2024 25.9 | Jun 2024 18.4 | Sep 2024 25.0 | Dec 2024 18.5 | Mar 2025 17.8 | Jun 2025 16.1 | Sep 2025 19.9 | Dec 2025 20.8 | Mar 2026 17.0 | Jun 2026 —
- LPX: Sep 2021 4.4 | Dec 2021 5.6 | Mar 2022 3.9 | Jun 2022 3.3 | Sep 2022 3.4 | Dec 2022 5.2 | Mar 2023 6.8 | Jun 2023 25.4 | Sep 2023 36.1 | Dec 2023 28.8 | Mar 2024 23.1 | Jun 2024 13.4 | Sep 2024 18.5 | Dec 2024 17.6 | Mar 2025 16.1 | Jun 2025 20.3 | Sep 2025 28.8 | Dec 2025 38.8 | Mar 2026 62.2 | Jun 2026 —
- TREX: Sep 2021 52.0 | Dec 2021 75.0 | Mar 2022 32.5 | Jun 2022 24.0 | Sep 2022 25.0 | Dec 2022 25.7 | Mar 2023 35.0 | Jun 2023 50.1 | Sep 2023 34.6 | Dec 2023 44.0 | Mar 2024 42.8 | Jun 2024 30.6 | Sep 2024 30.4 | Dec 2024 31.4 | Mar 2025 30.1 | Jun 2025 29.6 | Sep 2025 26.5 | Dec 2025 19.7 | Mar 2026 20.4 | Jun 2026 —
- GFF: Sep 2021 17.3 | Dec 2021 20.5 | Mar 2022 8.5 | Jun 2022 5.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 27.9 | Dec 2023 45.5 | Mar 2024 19.4 | Jun 2024 17.1 | Sep 2024 16.6 | Dec 2024 14.5 | Mar 2025 14.8 | Jun 2025 54.0 | Sep 2025 69.9 | Dec 2025 80.1 | Mar 2026 559.1 | Jun 2026 —
- ARLO: 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 567.3 | Dec 2025 99.9 | Mar 2026 47.8 | Jun 2026 —
- ROCK: Sep 2021 27.3 | Dec 2021 29.1 | Mar 2022 18.1 | Jun 2022 15.6 | Sep 2022 15.0 | Dec 2022 17.9 | Mar 2023 17.5 | Jun 2023 21.9 | Sep 2023 22.0 | Dec 2023 22.0 | Mar 2024 21.7 | Jun 2024 18.4 | Sep 2024 19.6 | Dec 2024 13.2 | Mar 2025 13.6 | Jun 2025 13.8 | Sep 2025 314.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NPKI: 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 12.4 | Jun 2025 17.7 | Sep 2025 29.8 | Dec 2025 26.5 | Mar 2026 31.5 | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 12.2 | Mar 2022 12.1 | Jun 2022 8.9 | Sep 2022 9.7 | Dec 2022 8.3 | Mar 2023 10.8 | Jun 2023 8.5 | Sep 2023 11.6 | Dec 2023 10.7 | Mar 2024 11.9 | Jun 2024 13.6 | Sep 2024 14.8 | Dec 2024 32.3 | Mar 2025 34.4 | Jun 2025 27.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APOG: Sep 2021 — | Dec 2021 — | Mar 2022 325.2 | Jun 2022 61.9 | Sep 2022 17.2 | Dec 2022 16.0 | Mar 2023 9.9 | Jun 2023 8.2 | Sep 2023 11.0 | Dec 2023 9.8 | Mar 2024 12.7 | Jun 2024 13.3 | Sep 2024 14.1 | Dec 2024 18.8 | Mar 2025 12.3 | Jun 2025 16.5 | Sep 2025 21.6 | Dec 2025 19.7 | Mar 2026 15.8 | Jun 2026 12.0
- LMB: Sep 2021 26.5 | Dec 2021 13.6 | Mar 2022 9.8 | Jun 2022 7.4 | Sep 2022 11.2 | Dec 2022 16.3 | Mar 2023 16.6 | Jun 2023 17.4 | Sep 2023 18.8 | Dec 2023 25.8 | Mar 2024 19.3 | Jun 2024 26.0 | Sep 2024 34.4 | Dec 2024 33.3 | Mar 2025 26.7 | Jun 2025 47.8 | Sep 2025 32.0 | Dec 2025 24.1 | Mar 2026 28.4 | Jun 2026 —
- JBI: Sep 2021 40.5 | Dec 2021 — | Mar 2022 31.3 | Jun 2022 31.4 | Sep 2022 19.9 | Dec 2022 15.4 | Mar 2023 — | Jun 2023 12.6 | Sep 2023 12.3 | Dec 2023 14.2 | Mar 2024 15.9 | Jun 2024 14.2 | Sep 2024 14.3 | Dec 2024 15.0 | Mar 2025 20.5 | Jun 2025 26.4 | Sep 2025 29.5 | Dec 2025 — | Mar 2026 17.5 | Jun 2026 15.9
- SWIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 51.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 132.0 | Jun 2024 33.7 | Sep 2024 74.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 70.6 | Mar 2026 75.6 | Jun 2026 —
- ASPN: 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 2,769.0 | Dec 2024 69.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 167.8 | Mar 2023 205.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.9 | Jun 2024 2.4 | Sep 2024 1.2 | Dec 2024 2.0 | Mar 2025 6.3 | Jun 2025 8.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 142.5 | Mar 2022 12.3 | Jun 2022 16.9 | Sep 2022 17.1 | Dec 2022 13.9 | Mar 2023 13.9 | Jun 2023 15.6 | Sep 2023 13.6 | Dec 2023 10.8 | Mar 2024 6.2 | Jun 2024 5.3 | Sep 2024 5.0 | Dec 2024 6.6 | Mar 2025 13.6 | Jun 2025 7.8 | Sep 2025 17.8 | Dec 2025 16.2 | Mar 2026 13.8 | Jun 2026 19.3
- JELD: Sep 2021 15.1 | Dec 2021 15.3 | Mar 2022 15.0 | Jun 2022 11.0 | Sep 2022 16.3 | Dec 2022 18.2 | Mar 2023 — | Jun 2023 23.4 | Sep 2023 37.3 | Dec 2023 25.9 | Mar 2024 57.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Apogee Enterprises, Inc. leads ev/ebitda at 7.31×; AirJoule Technologies Corporation leads p/bv at 0.71×.

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: Apogee Enterprises, Inc. · 7.31× | 0.9% versus #2 · Janus International Group, Inc. | 0/8 recent comparable periods | 27/29 companies · 444 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. Apogee Enterprises, Inc. (APOG): 7.3
2. Janus International Group, Inc. (JBI): 7.4
3. Griffon Corporation (GFF): 9.1
4. Perma-Pipe International Holdings, Inc. (PPIH): 9.8
5. Fortune Brands Innovations, Inc. (FBIN): 11.0

### P/BV — lowest P/BV
1. AirJoule Technologies Corporation (AIRJ): 0.7
2. Janus International Group, Inc. (JBI): 1.2
3. Quanex Building Products Corporation (NX): 1.3
4. Aspen Aerogels, Inc. (ASPN): 1.3
5. Gibraltar Industries, Inc. (ROCK): 1.3

### 20-quarter EV/EBITDA history
- TT: Sep 2021 19.0 | Dec 2021 21.6 | Mar 2022 16.6 | Jun 2022 14.1 | Sep 2022 14.4 | Dec 2022 15.4 | Mar 2023 16.5 | Jun 2023 16.0 | Sep 2023 16.1 | Dec 2023 18.2 | Mar 2024 21.1 | Jun 2024 21.9 | Sep 2024 24.2 | Dec 2024 22.2 | Mar 2025 19.5 | Jun 2025 24.1 | Sep 2025 22.5 | Dec 2025 20.5 | Mar 2026 22.3 | Jun 2026 —
- JCI: Sep 2021 16.4 | Dec 2021 4.4 | Mar 2022 3.6 | Jun 2022 2.7 | Sep 2022 20.7 | Dec 2022 4.2 | Mar 2023 5.6 | Jun 2023 9.3 | Sep 2023 21.5 | Dec 2023 18.1 | Mar 2024 25.8 | Jun 2024 22.6 | Sep 2024 22.6 | Dec 2024 22.1 | Mar 2025 16.9 | Jun 2025 23.5 | Sep 2025 24.4 | Dec 2025 24.3 | Mar 2026 24.8 | Jun 2026 —
- CARR: Sep 2021 14.0 | Dec 2021 18.2 | Mar 2022 10.8 | Jun 2022 8.7 | Sep 2022 7.5 | Dec 2022 9.4 | Mar 2023 11.8 | Jun 2023 13.7 | Sep 2023 20.7 | Dec 2023 20.1 | Mar 2024 26.2 | Jun 2024 22.5 | Sep 2024 24.0 | Dec 2024 17.8 | Mar 2025 15.7 | Jun 2025 16.8 | Sep 2025 15.1 | Dec 2025 16.0 | Mar 2026 18.9 | Jun 2026 —
- LII: Sep 2021 17.3 | Dec 2021 20.1 | Mar 2022 17.4 | Jun 2022 13.6 | Sep 2022 13.9 | Dec 2022 13.9 | Mar 2023 13.7 | Jun 2023 16.4 | Sep 2023 18.1 | Dec 2023 21.4 | Mar 2024 20.9 | Jun 2024 21.5 | Sep 2024 21.2 | Dec 2024 20.2 | Mar 2025 18.6 | Jun 2025 18.4 | Sep 2025 16.7 | Dec 2025 16.4 | Mar 2026 15.7 | Jun 2026 —
- MAS: Sep 2021 10.8 | Dec 2021 12.5 | Mar 2022 10.9 | Jun 2022 10.9 | Sep 2022 10.4 | Dec 2022 9.5 | Mar 2023 11.6 | Jun 2023 12.8 | Sep 2023 11.6 | Dec 2023 11.8 | Mar 2024 15.2 | Jun 2024 13.1 | Sep 2024 15.8 | Dec 2024 12.0 | Mar 2025 13.4 | Jun 2025 12.3 | Sep 2025 13.5 | Dec 2025 11.3 | Mar 2026 12.0 | Jun 2026 —
- CSL: Sep 2021 18.1 | Dec 2021 19.4 | Mar 2022 15.3 | Jun 2022 11.6 | Sep 2022 11.6 | Dec 2022 9.8 | Mar 2023 10.5 | Jun 2023 12.5 | Sep 2023 12.7 | Dec 2023 14.0 | Mar 2024 16.1 | Jun 2024 14.6 | Sep 2024 15.9 | Dec 2024 13.3 | Mar 2025 12.8 | Jun 2025 14.2 | Sep 2025 12.7 | Dec 2025 12.4 | Mar 2026 13.1 | Jun 2026 —
- OC: Sep 2021 5.7 | Dec 2021 5.8 | Mar 2022 5.4 | Jun 2022 4.4 | Sep 2022 4.1 | Dec 2022 4.4 | Mar 2023 4.8 | Jun 2023 5.9 | Sep 2023 6.3 | Dec 2023 7.0 | Mar 2024 7.8 | Jun 2024 10.2 | Sep 2024 9.9 | Dec 2024 9.2 | Mar 2025 8.0 | Jun 2025 7.5 | Sep 2025 11.3 | Dec 2025 13.6 | Mar 2026 18.5 | Jun 2026 —
- WMS: Sep 2021 19.0 | Dec 2021 22.4 | Mar 2022 17.6 | Jun 2022 12.9 | Sep 2022 14.1 | Dec 2022 9.4 | Mar 2023 9.2 | Jun 2023 11.7 | Sep 2023 11.8 | Dec 2023 13.6 | Mar 2024 16.2 | Jun 2024 15.4 | Sep 2024 15.0 | Dec 2024 11.7 | Mar 2025 11.3 | Jun 2025 11.9 | Sep 2025 13.1 | Dec 2025 12.5 | Mar 2026 13.9 | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 15.4 | Mar 2022 — | Jun 2022 21.1 | Sep 2022 20.9 | Dec 2022 18.7 | Mar 2023 — | Jun 2023 20.8 | Sep 2023 23.7 | Dec 2023 17.8 | Mar 2024 23.7 | Jun 2024 23.9 | Sep 2024 21.8 | Dec 2024 18.0 | Mar 2025 16.7 | Jun 2025 20.3 | Sep 2025 20.6 | Dec 2025 21.4 | Mar 2026 21.1 | Jun 2026 —
- BLDR: Sep 2021 5.3 | Dec 2021 6.4 | Mar 2022 4.3 | Jun 2022 3.0 | Sep 2022 2.8 | Dec 2022 2.9 | Mar 2023 3.9 | Jun 2023 6.8 | Sep 2023 6.9 | Dec 2023 8.8 | Mar 2024 11.0 | Jun 2024 8.0 | Sep 2024 11.2 | Dec 2024 9.5 | Mar 2025 9.7 | Jun 2025 10.1 | Sep 2025 11.3 | Dec 2025 11.8 | Mar 2026 11.6 | Jun 2026 —
- AAON: Sep 2021 28.0 | Dec 2021 42.2 | Mar 2022 29.1 | Jun 2022 29.7 | Sep 2022 24.6 | Dec 2022 25.2 | Mar 2023 28.5 | Jun 2023 23.4 | Sep 2023 18.5 | Dec 2023 22.1 | Mar 2024 25.7 | Jun 2024 24.1 | Sep 2024 29.2 | Dec 2024 35.8 | Mar 2025 24.9 | Jun 2025 27.8 | Sep 2025 38.3 | Dec 2025 29.4 | Mar 2026 28.8 | Jun 2026 —
- AWI: Sep 2021 14.8 | Dec 2021 17.0 | Mar 2022 13.4 | Jun 2022 11.8 | Sep 2022 12.2 | Dec 2022 10.2 | Mar 2023 10.4 | Jun 2023 10.1 | Sep 2023 9.1 | Dec 2023 10.2 | Mar 2024 14.7 | Jun 2024 13.3 | Sep 2024 14.5 | Dec 2024 12.1 | Mar 2025 15.1 | Jun 2025 17.1 | Sep 2025 19.7 | Dec 2025 14.8 | Mar 2026 16.5 | Jun 2026 —
- FBIN: Sep 2021 10.3 | Dec 2021 14.7 | Mar 2022 9.6 | Jun 2022 8.7 | Sep 2022 8.7 | Dec 2022 9.8 | Mar 2023 — | Jun 2023 10.8 | Sep 2023 14.3 | Dec 2023 15.4 | Mar 2024 16.4 | Jun 2024 12.2 | Sep 2024 15.1 | Dec 2024 11.8 | Mar 2025 11.6 | Jun 2025 10.6 | Sep 2025 11.7 | Dec 2025 13.0 | Mar 2026 11.0 | Jun 2026 —
- LPX: Sep 2021 2.8 | Dec 2021 3.6 | Mar 2022 2.5 | Jun 2022 2.2 | Sep 2022 2.3 | Dec 2022 3.1 | Mar 2023 4.9 | Jun 2023 14.6 | Sep 2023 11.1 | Dec 2023 13.0 | Mar 2024 11.8 | Jun 2024 8.3 | Sep 2024 11.3 | Dec 2024 11.1 | Mar 2025 10.3 | Jun 2025 11.5 | Sep 2025 14.5 | Dec 2025 16.2 | Mar 2026 19.6 | Jun 2026 —
- TREX: Sep 2021 33.9 | Dec 2021 49.6 | Mar 2022 21.4 | Jun 2022 15.9 | Sep 2022 16.1 | Dec 2022 16.6 | Mar 2023 22.3 | Jun 2023 30.3 | Sep 2023 21.8 | Dec 2023 27.8 | Mar 2024 28.5 | Jun 2024 20.3 | Sep 2024 19.6 | Dec 2024 20.3 | Mar 2025 20.8 | Jun 2025 19.7 | Sep 2025 17.2 | Dec 2025 12.1 | Mar 2026 12.9 | Jun 2026 —
- GFF: Sep 2021 10.1 | Dec 2021 12.1 | Mar 2022 11.3 | Jun 2022 9.3 | Sep 2022 — | Dec 2022 8.3 | Mar 2023 9.0 | Jun 2023 — | Sep 2023 13.9 | Dec 2023 12.5 | Mar 2024 11.8 | Jun 2024 11.0 | Sep 2024 10.8 | Dec 2024 10.1 | Mar 2025 10.6 | Jun 2025 9.9 | Sep 2025 18.6 | Dec 2025 9.7 | Mar 2026 9.1 | Jun 2026 —
- ARLO: 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 130.9 | Mar 2026 65.5 | Jun 2026 —
- ROCK: Sep 2021 17.4 | Dec 2021 17.1 | Mar 2022 10.7 | Jun 2022 9.3 | Sep 2022 9.3 | Dec 2022 9.6 | Mar 2023 9.4 | Jun 2023 11.4 | Sep 2023 11.4 | Dec 2023 14.6 | Mar 2024 13.5 | Jun 2024 13.1 | Sep 2024 12.7 | Dec 2024 9.4 | Mar 2025 20.9 | Jun 2025 18.8 | Sep 2025 19.8 | Dec 2025 6.0 | Mar 2026 21.4 | Jun 2026 —
- NPKI: 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 11.1 | Mar 2025 10.4 | Jun 2025 15.8 | Sep 2025 13.5 | Dec 2025 14.2 | Mar 2026 16.4 | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 6.1 | Mar 2022 6.5 | Jun 2022 5.2 | Sep 2022 5.8 | Dec 2022 5.1 | Mar 2023 7.2 | Jun 2023 5.6 | Sep 2023 7.2 | Dec 2023 6.2 | Mar 2024 7.0 | Jun 2024 7.8 | Sep 2024 8.3 | Dec 2024 18.8 | Mar 2025 16.0 | Jun 2025 11.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APOG: Sep 2021 — | Dec 2021 44.6 | Mar 2022 17.5 | Jun 2022 14.2 | Sep 2022 10.0 | Dec 2022 9.8 | Mar 2023 7.2 | Jun 2023 6.2 | Sep 2023 7.2 | Dec 2023 6.3 | Mar 2024 7.6 | Jun 2024 8.3 | Sep 2024 8.3 | Dec 2024 12.3 | Mar 2025 8.2 | Jun 2025 9.0 | Sep 2025 10.5 | Dec 2025 9.1 | Mar 2026 8.1 | Jun 2026 7.3
- LMB: Sep 2021 5.2 | Dec 2021 7.0 | Mar 2022 6.1 | Jun 2022 4.3 | Sep 2022 5.1 | Dec 2022 6.0 | Mar 2023 7.5 | Jun 2023 8.3 | Sep 2023 9.3 | Dec 2023 12.9 | Mar 2024 11.5 | Jun 2024 15.0 | Sep 2024 19.5 | Dec 2024 19.2 | Mar 2025 16.4 | Jun 2025 28.9 | Sep 2025 19.5 | Dec 2025 14.1 | Mar 2026 16.2 | Jun 2026 —
- JBI: Sep 2021 23.6 | Dec 2021 — | Mar 2022 17.6 | Jun 2022 16.9 | Sep 2022 14.5 | Dec 2022 9.8 | Mar 2023 — | Jun 2023 8.4 | Sep 2023 8.0 | Dec 2023 8.3 | Mar 2024 9.1 | Jun 2024 8.3 | Sep 2024 8.1 | Dec 2024 7.7 | Mar 2025 8.8 | Jun 2025 10.4 | Sep 2025 11.8 | Dec 2025 — | Mar 2026 8.1 | Jun 2026 7.4
- SWIM: Sep 2021 — | Dec 2021 442.5 | Mar 2022 — | Jun 2022 — | Sep 2022 19.0 | Dec 2022 8.4 | Mar 2023 — | Jun 2023 12.1 | Sep 2023 14.6 | Dec 2023 9.4 | Mar 2024 11.7 | Jun 2024 8.2 | Sep 2024 15.7 | Dec 2024 16.9 | Mar 2025 17.1 | Jun 2025 15.3 | Sep 2025 14.3 | Dec 2025 12.0 | Mar 2026 11.6 | Jun 2026 —
- ASPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 57.9 | Sep 2024 34.0 | Dec 2024 12.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 14.1 | Mar 2022 7.9 | Jun 2022 9.4 | Sep 2022 8.7 | Dec 2022 6.9 | Mar 2023 7.1 | Jun 2023 7.6 | Sep 2023 7.1 | Dec 2023 5.7 | Mar 2024 5.6 | Jun 2024 5.1 | Sep 2024 4.7 | Dec 2024 5.8 | Mar 2025 6.3 | Jun 2025 4.4 | Sep 2025 8.4 | Dec 2025 8.0 | Mar 2026 8.1 | Jun 2026 9.8
- JELD: Sep 2021 9.4 | Dec 2021 10.9 | Mar 2022 9.9 | Jun 2022 9.8 | Sep 2022 9.8 | Dec 2022 9.1 | Mar 2023 — | Jun 2023 13.5 | Sep 2023 12.2 | Dec 2023 9.2 | Mar 2024 12.2 | Jun 2024 12.7 | Sep 2024 32.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- TT: Sep 2021 6.3 | Dec 2021 7.6 | Mar 2022 5.9 | Jun 2022 5.3 | Sep 2022 5.7 | Dec 2022 6.3 | Mar 2023 7.0 | Jun 2023 7.0 | Sep 2023 6.9 | Dec 2023 7.9 | Mar 2024 9.9 | Jun 2024 10.7 | Sep 2024 11.5 | Dec 2024 11.1 | Mar 2025 10.1 | Jun 2025 12.4 | Sep 2025 11.3 | Dec 2025 10.1 | Mar 2026 10.7 | Jun 2026 —
- JCI: Sep 2021 2.8 | Dec 2021 3.3 | Mar 2022 2.8 | Jun 2022 2.1 | Sep 2022 2.1 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 2.8 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 3.2 | Dec 2024 3.3 | Mar 2025 3.3 | Jun 2025 4.4 | Sep 2025 5.2 | Dec 2025 5.6 | Mar 2026 5.9 | Jun 2026 —
- CARR: Sep 2021 6.5 | Dec 2021 6.9 | Mar 2022 5.5 | Jun 2022 4.5 | Sep 2022 4.2 | Dec 2022 4.4 | Mar 2023 4.7 | Jun 2023 5.2 | Sep 2023 5.7 | Dec 2023 5.6 | Mar 2024 4.5 | Jun 2024 4.1 | Sep 2024 4.9 | Dec 2024 4.3 | Mar 2025 3.9 | Jun 2025 4.2 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 3.5 | Jun 2026 —
- LII: Sep 2021 -32.2 | Dec 2021 -44.2 | Mar 2022 -22.7 | Jun 2022 -18.3 | Sep 2022 -25.9 | Dec 2022 -41.8 | Mar 2023 -70.9 | Jun 2023 186.0 | Sep 2023 83.4 | Dec 2023 55.8 | Mar 2024 47.2 | Jun 2024 33.0 | Sep 2024 28.6 | Dec 2024 22.5 | Mar 2025 23.4 | Jun 2025 22.4 | Sep 2025 17.4 | Dec 2025 14.5 | Mar 2026 13.3 | Jun 2026 —
- MAS: Sep 2021 -107.6 | Dec 2021 -94.9 | Mar 2022 -32.4 | Jun 2022 -15.4 | Sep 2022 -17.1 | Dec 2022 -21.9 | Mar 2023 -29.5 | Jun 2023 -67.2 | Sep 2023 -214.3 | Dec 2023 -117.3 | Mar 2024 -228.6 | Jun 2024 -559.6 | Sep 2024 -205.8 | Dec 2024 -27.6 | Mar 2025 -57.8 | Jun 2025 -158.5 | Sep 2025 -189.9 | Dec 2025 -69.7 | Mar 2026 -50.3 | Jun 2026 —
- CSL: Sep 2021 4.1 | Dec 2021 4.9 | Mar 2022 4.7 | Jun 2022 4.3 | Sep 2022 4.8 | Dec 2022 4.0 | Mar 2023 3.8 | Jun 2023 4.2 | Sep 2023 4.3 | Dec 2023 5.3 | Mar 2024 6.5 | Jun 2024 6.3 | Sep 2024 7.4 | Dec 2024 6.7 | Mar 2025 6.8 | Jun 2025 7.5 | Sep 2025 6.9 | Dec 2025 7.3 | Mar 2026 8.2 | Jun 2026 —
- OC: Sep 2021 2.1 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 2.5 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 2.7 | Dec 2024 2.9 | Mar 2025 2.5 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.3 | Mar 2026 2.4 | Jun 2026 —
- WMS: Sep 2021 11.4 | Dec 2021 12.7 | Mar 2022 9.6 | Jun 2022 8.0 | Sep 2022 10.0 | Dec 2022 7.1 | Mar 2023 8.1 | Jun 2023 9.5 | Sep 2023 8.7 | Dec 2023 10.1 | Mar 2024 11.6 | Jun 2024 9.9 | Sep 2024 8.9 | Dec 2024 6.2 | Mar 2025 5.5 | Jun 2025 5.3 | Sep 2025 5.9 | Dec 2025 5.5 | Mar 2026 5.4 | Jun 2026 —
- SPXC: Sep 2021 — | Dec 2021 2.4 | Mar 2022 — | Jun 2022 2.1 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 — | Jun 2023 2.9 | Sep 2023 3.3 | Dec 2023 3.9 | Mar 2024 4.6 | Jun 2024 5.1 | Sep 2024 5.4 | Dec 2024 4.9 | Mar 2025 4.2 | Jun 2025 5.1 | Sep 2025 4.2 | Dec 2025 4.5 | Mar 2026 4.4 | Jun 2026 —
- BLDR: Sep 2021 1.8 | Dec 2021 3.2 | Mar 2022 2.2 | Jun 2022 1.7 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 2.5 | Jun 2023 3.9 | Sep 2023 3.4 | Dec 2023 4.3 | Mar 2024 5.1 | Jun 2024 3.7 | Sep 2024 5.0 | Dec 2024 3.8 | Mar 2025 3.3 | Jun 2025 3.1 | Sep 2025 3.1 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 —
- AAON: Sep 2021 8.6 | Dec 2021 9.0 | Mar 2022 6.2 | Jun 2022 5.9 | Sep 2022 5.5 | Dec 2022 7.2 | Mar 2023 8.6 | Jun 2023 7.8 | Sep 2023 6.8 | Dec 2023 8.2 | Mar 2024 9.2 | Jun 2024 9.5 | Sep 2024 11.0 | Dec 2024 11.6 | Mar 2025 7.8 | Jun 2025 7.2 | Sep 2025 8.8 | Dec 2025 7.0 | Mar 2026 7.3 | Jun 2026 —
- AWI: Sep 2021 8.7 | Dec 2021 10.6 | Mar 2022 7.9 | Jun 2022 6.6 | Sep 2022 7.0 | Dec 2022 5.8 | Mar 2023 5.9 | Jun 2023 5.8 | Sep 2023 5.5 | Dec 2023 7.3 | Mar 2024 8.7 | Jun 2024 7.4 | Sep 2024 8.0 | Dec 2024 8.1 | Mar 2025 7.7 | Jun 2025 8.4 | Sep 2025 9.5 | Dec 2025 9.1 | Mar 2026 7.9 | Jun 2026 —
- FBIN: Sep 2021 3.5 | Dec 2021 4.0 | Mar 2022 2.9 | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 3.5 | Mar 2023 — | Jun 2023 3.6 | Sep 2023 4.2 | Dec 2023 4.2 | Mar 2024 4.7 | Jun 2024 3.5 | Sep 2024 4.6 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 2.6 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 1.9 | Jun 2026 —
- LPX: Sep 2021 4.0 | Dec 2021 5.4 | Mar 2022 3.3 | Jun 2022 2.7 | Sep 2022 2.7 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 3.8 | Sep 2023 2.7 | Dec 2023 3.3 | Mar 2024 3.7 | Jun 2024 3.5 | Sep 2024 4.5 | Dec 2024 4.3 | Mar 2025 3.8 | Jun 2025 3.5 | Sep 2025 3.6 | Dec 2025 3.3 | Mar 2026 2.9 | Jun 2026 —
- TREX: Sep 2021 16.3 | Dec 2021 21.5 | Mar 2022 10.4 | Jun 2022 9.5 | Sep 2022 8.7 | Dec 2022 8.9 | Mar 2023 9.5 | Jun 2023 11.4 | Sep 2023 9.7 | Dec 2023 12.6 | Mar 2024 13.5 | Jun 2024 9.0 | Sep 2024 8.1 | Dec 2024 8.3 | Mar 2025 6.9 | Jun 2025 5.9 | Sep 2025 5.3 | Dec 2025 3.6 | Mar 2026 3.8 | Jun 2026 —
- GFF: Sep 2021 1.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 15.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 47.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARLO: Sep 2021 — | Dec 2021 4.8 | Mar 2022 — | Jun 2022 6.7 | Sep 2022 5.3 | Dec 2022 4.2 | Mar 2023 — | Jun 2023 6.4 | Sep 2023 12.5 | Dec 2023 10.8 | Mar 2024 12.3 | Jun 2024 12.9 | Sep 2024 12.3 | Dec 2024 — | Mar 2025 10.3 | Jun 2025 15.0 | Sep 2025 13.9 | Dec 2025 11.5 | Mar 2026 9.2 | Jun 2026 —
- ROCK: Sep 2021 2.8 | Dec 2021 2.6 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 2.6 | Jun 2024 2.4 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 2.3 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 —
- NPKI: 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 2.0 | Mar 2025 1.5 | Jun 2025 2.2 | Sep 2025 2.9 | Dec 2025 2.9 | Mar 2026 3.4 | Jun 2026 —
- NX: Sep 2021 — | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.8 | Jun 2023 1.3 | Sep 2023 1.8 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 1.3
- APOG: Sep 2021 — | Dec 2021 2.4 | Mar 2022 2.8 | Jun 2022 2.9 | Sep 2022 2.6 | Dec 2022 2.9 | Mar 2023 2.6 | Jun 2023 2.1 | Sep 2023 2.6 | Dec 2023 2.2 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 2.9 | Dec 2024 3.5 | Mar 2025 2.1 | Jun 2025 1.7 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 1.7 | Jun 2026 1.6
- LMB: Sep 2021 0.8 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.8 | Jun 2023 2.5 | Sep 2023 3.1 | Dec 2023 4.1 | Mar 2024 3.7 | Jun 2024 4.8 | Sep 2024 6.0 | Dec 2024 6.3 | Mar 2025 5.4 | Jun 2025 9.6 | Sep 2025 6.2 | Dec 2025 4.6 | Mar 2026 4.7 | Jun 2026 —
- JBI: Sep 2021 8.0 | Dec 2021 — | Mar 2022 6.8 | Jun 2022 4.5 | Sep 2022 4.4 | Dec 2022 3.9 | Mar 2023 — | Jun 2023 3.6 | Sep 2023 3.5 | Dec 2023 3.7 | Mar 2024 4.1 | Jun 2024 3.3 | Sep 2024 2.8 | Dec 2024 2.0 | Mar 2025 1.9 | Jun 2025 2.1 | Sep 2025 2.5 | Dec 2025 — | Mar 2026 1.6 | Jun 2026 1.2
- SWIM: Sep 2021 — | Dec 2021 5.5 | Mar 2022 — | Jun 2022 4.3 | Sep 2022 2.1 | Dec 2022 1.1 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 0.8 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 1.9 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —
- ASPN: Sep 2021 10.7 | Dec 2021 12.9 | Mar 2022 6.8 | Jun 2022 2.2 | Sep 2022 2.1 | Dec 2022 1.8 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 2.5 | Mar 2024 2.7 | Jun 2024 3.6 | Sep 2024 4.2 | Dec 2024 1.6 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.9 | Dec 2025 1.0 | Mar 2026 1.3 | Jun 2026 —
- AIRJ: Sep 2021 — | Dec 2021 — | Mar 2022 -40.3 | Jun 2022 -40.5 | Sep 2022 -20.0 | Dec 2022 -40.9 | Mar 2023 -36.4 | Jun 2023 -34.0 | Sep 2023 -29.6 | Dec 2023 -68.2 | Mar 2024 3.1 | Jun 2024 2.5 | Sep 2024 1.2 | Dec 2024 1.8 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- PPIH: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.8 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.2 | Sep 2025 2.2 | Dec 2025 2.6 | Mar 2026 2.6 | Jun 2026 2.9
- JELD: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 1.8 | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 — | Jun 2023 1.4 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 2.3 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 0.7 | Sep 2025 3.8 | Dec 2025 2.3 | Mar 2026 8.1 | Jun 2026 —

## Market action

NPK International Inc. has the strongest one-year price move in Building Products & Equipment at +48.6%. Masco Corporation leads on Mansfield relative strength against the S&P 500 at +9.5%. 8 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. NPK International Inc. (NPKI): 49%
2. Johnson Controls International plc (JCI): 32%
3. Advanced Drainage Systems, Inc. (WMS): 28%
4. Perma-Pipe International Holdings, Inc. (PPIH): 20%
5. Masco Corporation (MAS): 19%

### Strongest relative strength versus NIFTY 500
1. Masco Corporation (MAS): 9.5%
2. Griffon Corporation (GFF): 7.5%
3. Owens Corning (OC): 5.3%
4. Quanex Building Products Corporation (NX): 4.4%
5. Johnson Controls International plc (JCI): 4.0%

## 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.

## Every company
- Trane Technologies plc (TT) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Johnson Controls International plc (JCI) — market value ₹85.6K Cr; latest fundamentals Mar 2026
- Carrier Global Corporation (CARR) — market value ₹52.5K Cr; latest fundamentals Mar 2026
- Lennox International Inc. (LII) — market value ₹18.9K Cr; latest fundamentals Mar 2026
- Masco Corporation (MAS) — market value ₹16.2K Cr; latest fundamentals Mar 2026
- Madison Air Solutions Corporation (MAIR) — market value ₹16.2K Cr; latest fundamentals Mar 2026
- Carlisle Companies Incorporated (CSL) — market value ₹14.0K Cr; latest fundamentals Mar 2026
- Owens Corning (OC) — market value ₹11.5K Cr; latest fundamentals Mar 2026
- Advanced Drainage Systems, Inc. (WMS) — market value ₹11.1K Cr; latest fundamentals Mar 2026
- SPX Technologies, Inc. (SPXC) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- Builders FirstSource, Inc. (BLDR) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- AAON, Inc. (AAON) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Armstrong World Industries, Inc. (AWI) — market value ₹7.6K Cr; latest fundamentals Mar 2026
- Fortune Brands Innovations, Inc. (FBIN) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Louisiana-Pacific Corporation (LPX) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Trex Company, Inc. (TREX) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Griffon Corporation (GFF) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Arlo Technologies, Inc. (ARLO) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Gibraltar Industries, Inc. (ROCK) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- NPK International Inc. (NPKI) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Quanex Building Products Corporation (NX) — market value ₹885 Cr; latest fundamentals Jun 2026
- Apogee Enterprises, Inc. (APOG) — market value ₹873 Cr; latest fundamentals Jun 2026
- Limbach Holdings, Inc. (LMB) — market value ₹864 Cr; latest fundamentals Mar 2026
- Janus International Group, Inc. (JBI) — market value ₹732 Cr; latest fundamentals Jun 2026
- Latham Group, Inc. (SWIM) — market value ₹673 Cr; latest fundamentals Mar 2026
- Aspen Aerogels, Inc. (ASPN) — market value ₹364 Cr; latest fundamentals Mar 2026
- AirJoule Technologies Corporation (AIRJ) — market value ₹313 Cr; latest fundamentals Mar 2026
- Perma-Pipe International Holdings, Inc. (PPIH) — market value ₹206 Cr; latest fundamentals Jun 2026
- JELD-WEN Holding, Inc. (JELD) — market value ₹95 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
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

### Which Building Products & Equipment company is the biggest?

Johnson Controls International plc is the largest, with trailing-twelve-month revenue of $24,433 million, ahead of Carrier Global Corporation at $21,870 million. That covers 26 of 29 companies with comparable reporting through Mar 2026.

### Which Building Products & Equipment company is growing fastest?

AAON, Inc. has the fastest revenue growth at 28.2% year on year, across 26 of 29 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 Building Products & Equipment company has the best profit margins?

Johnson Controls International plc has the highest operating margin at 60.6%, from 28 of 29 comparable companies. Aspen Aerogels, Inc. shows the biggest recent improvement, at +325.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Building Products & Equipment company makes the most profit?

Trane Technologies plc earns the most, at $2,955 million of trailing-twelve-month net profit, from 27 of 29 comparable companies. SPX Technologies, Inc. has the fastest profit growth at 25.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Building Products & Equipment company earns the highest return on capital?

Masco Corporation leads on return on capital employed at 8.9%, across 29 of 29 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 Building Products & Equipment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Builders FirstSource, Inc. screens cheapest at 0.14×. Only 20 of 29 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 Building Products & Equipment company has the strongest balance sheet?

AirJoule Technologies Corporation carries the lowest comparable gross debt at $0 million, from 29 of 29 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 Building Products & Equipment company is investing most in new capacity?

Owens Corning reports the largest capital spending at $233 million, across 29 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Building Products & Equipment sector beating the market?

Building Products & Equipment has underperformed S&P 500 by 17.9% over the last 52 weeks and 0.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Building Products & Equipment stock has the strongest price momentum?

Masco Corporation has the strongest relative strength against S&P 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 Building Products & Equipment company scores highest for research priority?

Masco Corporation scores 64.9 out of 100 with 82% evidence confidence, from 20.8 points on growth and earnings, 13 on capital efficiency, 12 on valuation and 19.1 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 Building Products & Equipment companies does this comparison cover, and over what period?

It compares 29 listed companies over up to 20 reported quarters of fundamentals and 5 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 Building Products & Equipment sector?

The 29 Building Products & Equipment companies on this page carry $392,700 million of combined market value. Trane Technologies plc is the largest at $103,903 million, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Building Products & Equipment sector's P/E ratio?

The median price-to-earnings ratio across the 29 Building Products & Equipment companies on this page is 31.5×, measured on the 28 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 2026-07-28.

### How is the Building Products & Equipment sector performing?

8 of the 28 covered Building Products & Equipment companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Building Products & Equipment stocks are listed in the US?

This comparison covers 29 listed Building Products & Equipment companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### 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/building-products-equipment