# Conglomerates — company-by-company sector analysis

> Conglomerates: Brookfield Business Corporation owns the largest revenue base; Falcon's Beyond Global, Inc. has the fastest current growth.

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

## Bottom line

Conglomerates has outperformed S&P 500 by 34.4% over 52 weeks and 6% over 13 weeks. 11 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 19 beat the sector itself. Brookfield Business Corporation leads with revenue of $11,638 million, based on 13 of 20 comparable companies through Mar 2026.

### Is the Conglomerates sector outperforming S&P 500?

Conglomerates has outperformed S&P 500 by 34.4% over 52 weeks and 6% over 13 weeks. 11 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 19 beat the sector itself.

### Which Conglomerates company is largest by revenue?

Brookfield Business Corporation leads with revenue of $11,638 million, based on 13 of 20 comparable companies through Mar 2026.

### Which Conglomerates company is growing fastest?

Falcon's Beyond Global, Inc. has the fastest current revenue growth at 100%, across 13 of 20 comparable companies.

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

Deluxe Corporation ranks first at 65.4/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Conglomerates company reports the most CAPEX?

Brookfield Business Corporation reports the largest latest CAPEX at $489 million, with 20 of 20 companies comparable.

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

Mammoth Energy Services, Inc. has the lowest comparable gross debt at $3 million. Brookfield Business Corporation has the highest at $44,754 million.

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

Deluxe Corporation has the lowest comparable Guarded PEG at 0.23, among 5 of 20 companies that pass the metric’s comparability rules.

### How much history does this Conglomerates 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

Conglomerates has outperformed S&P 500 by 34.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6%. 11 of 19 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. NN, Inc. is the strongest against the sector itself at +38.7%.

13-week sector return versus NIFTY 500: -6.0%
52-week sector return versus NIFTY 500: 34%
Stocks leading NIFTY: 11/19
Stocks leading sector: 3/19

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

Companies: 20
Combined market value: ₹2.1 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. Deluxe Corporation (DLX): 65/100 — Favorable setup; evidence 76%
   - Growth & earnings 24.8/35 | Capital efficiency 11.8/25 | Valuation 15.8/20 | Relative strength 13.0/20
   - Exact sum: 24.8 + 11.8 + 15.8 + 13 = 65.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Honeywell International Inc. (HON): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.7/35 | Capital efficiency 15.5/25 | Valuation 11.5/20 | Relative strength 12.9/20
   - Exact sum: 19.7 + 15.5 + 11.5 + 12.9 = 59.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Pampa Energía S.A. (PAM): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.1/35 | Capital efficiency 15.7/25 | Valuation 15.0/20 | Relative strength 9.1/20
   - Exact sum: 18.1 + 15.7 + 15 + 9.1 = 57.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Falcon's Beyond Global, Inc. (FBYD): 58/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 26.1/35 | Capital efficiency 17.9/25 | Valuation 9.4/20 | Relative strength 4.5/20
   - Exact sum: 26.1 + 17.9 + 9.4 + 4.5 = 57.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Valmont Industries, Inc. (VMI): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.0/35 | Capital efficiency 15.3/25 | Valuation 10.3/20 | Relative strength 7.6/20
   - Exact sum: 22 + 15.3 + 10.3 + 7.6 = 55.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. 3M Company (MMM): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.8/35 | Capital efficiency 11.9/25 | Valuation 9.9/20 | Relative strength 14.3/20
   - Exact sum: 18.8 + 11.9 + 9.9 + 14.3 = 54.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. RCM Technologies, Inc. (RCMT): 53/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.0/35 | Capital efficiency 14.3/25 | Valuation 11.3/20 | Relative strength 15.0/20
   - Exact sum: 12 + 14.3 + 11.3 + 15 = 52.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Otter Tail Corporation (OTTR): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.2/35 | Capital efficiency 14.6/25 | Valuation 12.2/20 | Relative strength 10.3/20
   - Exact sum: 12.2 + 14.6 + 12.2 + 10.3 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. NN, Inc. (NNBR): 47/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.4/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 17.4 + 3 + 10 + 17 = 47.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Seaboard Corporation (SEB): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.7/35 | Capital efficiency 12.8/25 | Valuation 11.1/20 | Relative strength 3.0/20
   - Exact sum: 19.7 + 12.8 + 11.1 + 3 = 46.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Tejon Ranch Co. (TRC): 46/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 22.5/35 | Capital efficiency 10.1/25 | Valuation 7.8/20 | Relative strength 5.5/20
   - Exact sum: 22.5 + 10.1 + 7.8 + 5.5 = 45.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Mammoth Energy Services, Inc. (TUSK): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.0/35 | Capital efficiency 9.7/25 | Valuation 10.4/20 | Relative strength 8.0/20
   - Exact sum: 16 + 9.7 + 10.4 + 8 = 44.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Compass Diversified (CODI): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.5/35 | Capital efficiency 6.3/25 | Valuation 9.7/20 | Relative strength 14.1/20
   - Exact sum: 13.5 + 6.3 + 9.7 + 14.1 = 43.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 22%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. Boston Omaha Corporation (BOC): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.5/35 | Capital efficiency 8.6/25 | Valuation 8.5/20 | Relative strength 10.9/20
   - Exact sum: 13.5 + 8.6 + 8.5 + 10.9 = 41.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Matthews International Corporation (MATW): 35/100 — Adverse evidence; evidence 69%
   - Growth & earnings 10.8/35 | Capital efficiency 7.5/25 | Valuation 5.3/20 | Relative strength 11.0/20
   - Exact sum: 10.8 + 7.5 + 5.3 + 11 = 34.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Brookfield Business Corporation (BBUC): 35/100 — Adverse evidence; evidence 65%
   - Growth & earnings 11.1/35 | Capital efficiency 9.6/25 | Valuation 9.0/20 | Relative strength 4.8/20
   - Exact sum: 11.1 + 9.6 + 9 + 4.8 = 34.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. TETRA Technologies, Inc. (TTI): 34/100 — Adverse evidence; evidence 66%
   - Growth & earnings 10.0/35 | Capital efficiency 10.6/25 | Valuation 8.9/20 | Relative strength 4.0/20
   - Exact sum: 10 + 10.6 + 8.9 + 4 = 33.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. DMC Global Inc. (BOOM): 32/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.8/35 | Capital efficiency 9.5/25 | Valuation 10.1/20 | Relative strength 3.0/20
   - Exact sum: 9.8 + 9.5 + 10.1 + 3 = 32.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. MaxsMaking Inc. (MAMK): 46/100 — Thin evidence · provisional; evidence 15%
   - Growth & earnings 16.3/35 | Capital efficiency 9.9/25 | Valuation 9.6/20 | Relative strength 10.0/20
   - Exact sum: 16.3 + 9.9 + 9.6 + 10 = 45.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. FTAI Infrastructure Inc. (FIP): 39/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 20.1/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - Exact sum: 20.1 + 5.7 + 10 + 3.5 = 39.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Brookfield Business Corporation is the scale leader at $11,638 million, 439.5% ahead of Pampa Energía S.A.. Falcon's Beyond Global, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 171.4% from a $19 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Brookfield Business Corporation is the scale benchmark; Falcon's Beyond Global, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Brookfield Business Corporation's growth falls below Falcon's Beyond Global, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Brookfield Business Corporation · $11,638 million | 439.5% versus #2 · Pampa Energía S.A. | 4/8 recent comparable periods | 13/20 companies · 347 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. Brookfield Business Corporation (BBUC): ₹11.6K Cr
2. Pampa Energía S.A. (PAM): ₹2.2K Cr
3. Deluxe Corporation (DLX): ₹2.1K Cr
4. Compass Diversified (CODI): ₹1.8K Cr
5. Otter Tail Corporation (OTTR): ₹1.3K Cr

### Revenue growth — fastest growers
1. Falcon's Beyond Global, Inc. (FBYD): 100%
2. Tejon Ranch Co. (TRC): 19%
3. Pampa Energía S.A. (PAM): 15%
4. TETRA Technologies, Inc. (TTI): 4.0%
5. Boston Omaha Corporation (BOC): 3.6%

### 20-quarter Revenue history
- MMM: Sep 2021 ₹8.9K Cr | Dec 2021 ₹8.6K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹8.7K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- HON: Sep 2021 ₹8.5K Cr | Dec 2021 ₹8.7K Cr | Mar 2022 ₹8.4K Cr | Jun 2022 ₹9.0K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.2K Cr | Mar 2023 ₹8.9K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹9.2K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹9.1K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹9.7K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹9.8K Cr | Mar 2026 ₹9.1K Cr | Jun 2026 —
- VMI: Sep 2021 ₹869 Cr | Dec 2021 ₹963 Cr | Mar 2022 ₹981 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹978 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹969 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- BBUC: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 —
- PAM: Sep 2021 ₹431 Cr | Dec 2021 ₹398 Cr | Mar 2022 ₹396 Cr | Jun 2022 ₹443 Cr | Sep 2022 ₹470 Cr | Dec 2022 ₹416 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹430 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹401 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹435 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹591 Cr | Dec 2025 ₹507 Cr | Mar 2026 ₹573 Cr | Jun 2026 —
- SEB: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 — | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 — | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 — | Jun 2026 ₹2.4K Cr
- OTTR: Sep 2021 ₹316 Cr | Dec 2021 ₹333 Cr | Mar 2022 ₹375 Cr | Jun 2022 ₹400 Cr | Sep 2022 ₹384 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹338 Cr | Sep 2023 ₹358 Cr | Dec 2023 ₹314 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹342 Cr | Sep 2024 ₹338 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹337 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹326 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹347 Cr | Jun 2026 —
- DLX: Sep 2021 ₹532 Cr | Dec 2021 ₹571 Cr | Mar 2022 ₹556 Cr | Jun 2022 ₹563 Cr | Sep 2022 ₹555 Cr | Dec 2022 ₹564 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹572 Cr | Sep 2023 ₹538 Cr | Dec 2023 ₹537 Cr | Mar 2024 ₹535 Cr | Jun 2024 ₹538 Cr | Sep 2024 ₹528 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹521 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹538 Cr | Jun 2026 —
- TTI: Sep 2021 ₹95 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- MATW: Sep 2021 ₹439 Cr | Dec 2021 ₹439 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹422 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹449 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹472 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹450 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹447 Cr | Dec 2024 ₹402 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹349 Cr | Sep 2025 ₹319 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹259 Cr | Jun 2026 —
- CODI: Sep 2021 ₹488 Cr | Dec 2021 ₹469 Cr | Mar 2022 ₹511 Cr | Jun 2022 ₹516 Cr | Sep 2022 ₹576 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹484 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹411 Cr | Jun 2024 ₹427 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹494 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹427 Cr | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 ₹48 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹81 Cr | Mar 2025 ₹96 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹144 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- TRC: Sep 2021 ₹15 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- BOC: Sep 2021 ₹14 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹15 Cr | Sep 2023 — | Dec 2023 ₹11 Cr | Mar 2024 — | Jun 2024 ₹10 Cr | Sep 2024 — | Dec 2024 ₹12 Cr | Mar 2025 — | Jun 2025 ₹12 Cr | Sep 2025 — | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 ₹49 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹58 Cr | Mar 2023 — | Jun 2023 ₹67 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹70 Cr | Dec 2025 — | Mar 2026 ₹86 Cr | Jun 2026 ₹83 Cr
- NNBR: Sep 2021 ₹117 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹118 Cr | Jun 2026 —
- TUSK: Sep 2021 ₹57 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- BOOM: Sep 2021 ₹67 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹166 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹184 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹136 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.8% | Sep 2022 -3.6% | Dec 2022 -6.2% | Mar 2023 -9.0% | Jun 2023 -28% | Sep 2023 -27% | Dec 2023 -26% | Mar 2024 -25% | Jun 2024 -0.5% | Sep 2024 0.4% | Dec 2024 0.1% | Mar 2025 -1.0% | Jun 2025 1.4% | Sep 2025 3.5% | Dec 2025 2.1% | Mar 2026 1.3% | Jun 2026 —
- HON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7% | Sep 2022 5.6% | Dec 2022 6.1% | Mar 2023 5.8% | Jun 2023 2.2% | Sep 2023 2.9% | Dec 2023 2.8% | Mar 2024 2.7% | Jun 2024 4.7% | Sep 2024 5.6% | Dec 2024 -2.9% | Mar 2025 -2.0% | Jun 2025 8.1% | Sep 2025 7.0% | Dec 2025 6.4% | Mar 2026 2.4% | Jun 2026 —
- VMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 26% | Dec 2022 18% | Mar 2023 — | Jun 2023 -6.5% | Sep 2023 -4.7% | Dec 2023 -10% | Mar 2024 — | Jun 2024 -2.1% | Sep 2024 -2.5% | Dec 2024 2.1% | Mar 2025 -0.9% | Jun 2025 1.1% | Sep 2025 2.6% | Dec 2025 0.1% | Mar 2026 6.2% | Jun 2026 —
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.5% | Sep 2022 24% | Dec 2022 26% | Mar 2023 -17% | Jun 2023 -18% | Sep 2023 -32% | Dec 2023 -38% | Mar 2024 0.0% | Jun 2024 1.1% | Sep 2024 12% | Dec 2024 14% | Mar 2025 262% | Jun 2025 -3.6% | Sep 2025 -24% | Dec 2025 -25% | Mar 2026 -4.6% | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 9.1% | Dec 2022 4.5% | Mar 2023 1.8% | Jun 2023 -2.9% | Sep 2023 -7.5% | Dec 2023 -50% | Mar 2024 -0.5% | Jun 2024 14% | Sep 2024 24% | Dec 2024 111% | Mar 2025 3.2% | Jun 2025 -1.0% | Sep 2025 9.4% | Dec 2025 17% | Mar 2026 38% | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 27% | Mar 2023 — | Jun 2023 -7.8% | Sep 2023 -20% | Dec 2023 -21% | Mar 2024 — | Jun 2024 -12% | Sep 2024 -7.3% | Dec 2024 8.8% | Mar 2025 5.7% | Jun 2025 12% | Sep 2025 15% | Dec 2025 -2.9% | Mar 2026 — | Jun 2026 -3.2%
- OTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 22% | Dec 2022 -9.6% | Mar 2023 -9.6% | Jun 2023 -16% | Sep 2023 -6.8% | Dec 2023 4.3% | Mar 2024 2.4% | Jun 2024 1.2% | Sep 2024 -5.6% | Dec 2024 -3.5% | Mar 2025 -2.9% | Jun 2025 -2.6% | Sep 2025 -3.6% | Dec 2025 1.7% | Mar 2026 3.0% | Jun 2026 —
- DLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 4.3% | Dec 2022 -1.2% | Mar 2023 -2.0% | Jun 2023 1.6% | Sep 2023 -3.1% | Dec 2023 -4.8% | Mar 2024 -1.8% | Jun 2024 -5.9% | Sep 2024 -1.9% | Dec 2024 -3.0% | Mar 2025 0.4% | Jun 2025 -3.2% | Sep 2025 2.3% | Dec 2025 2.7% | Mar 2026 0.2% | Jun 2026 —
- TTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 42% | Dec 2022 30% | Mar 2023 12% | Jun 2023 24% | Sep 2023 12% | Dec 2023 4.1% | Mar 2024 3.4% | Jun 2024 -1.7% | Sep 2024 -6.0% | Dec 2024 -12% | Mar 2025 4.0% | Jun 2025 1.2% | Sep 2025 7.8% | Dec 2025 8.9% | Mar 2026 -0.6% | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 200% | Jun 2023 0.0% | Sep 2023 -50% | Dec 2023 -50% | Mar 2024 -78% | Jun 2024 -60% | Sep 2024 0.0% | Dec 2024 -50% | Mar 2025 0.0% | Jun 2025 50% | Sep 2025 100% | Dec 2025 600% | Mar 2026 150% | Jun 2026 —
- MATW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.4% | Sep 2022 4.1% | Dec 2022 2.3% | Mar 2023 7.9% | Jun 2023 12% | Sep 2023 5.0% | Dec 2023 0.2% | Mar 2024 -1.9% | Jun 2024 -9.3% | Sep 2024 -6.9% | Dec 2024 -11% | Mar 2025 -9.1% | Jun 2025 -18% | Sep 2025 -29% | Dec 2025 -29% | Mar 2026 -39% | Jun 2026 —
- CODI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 18% | Dec 2022 -32% | Mar 2023 -5.3% | Jun 2023 -5.6% | Sep 2023 -9.6% | Dec 2023 -38% | Mar 2024 -15% | Jun 2024 -12% | Sep 2024 -12% | Dec 2024 149% | Mar 2025 10% | Jun 2025 12% | Sep 2025 3.5% | Dec 2025 -5.1% | Mar 2026 -6.0% | Jun 2026 —
- FIP: 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 78% | Mar 2026 96% | Jun 2026 —
- TRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 107% | Dec 2022 31% | Mar 2023 -43% | Jun 2023 -33% | Sep 2023 -68% | Dec 2023 -5.9% | Mar 2024 -42% | Jun 2024 0.0% | Sep 2024 10% | Dec 2024 13% | Mar 2025 14% | Jun 2025 33% | Sep 2025 9.1% | Dec 2025 17% | Mar 2026 25% | Jun 2026 —
- BOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 50% | Dec 2022 53% | Mar 2023 44% | Jun 2023 14% | Sep 2023 19% | Dec 2023 8.7% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 7.7% | Jun 2025 3.7% | Sep 2025 3.6% | Dec 2025 7.1% | Mar 2026 0.0% | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -33% | Sep 2024 — | Dec 2024 9.1% | Mar 2025 — | Jun 2025 20% | Sep 2025 — | Dec 2025 42% | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 51% | Dec 2022 29% | Mar 2023 — | Jun 2023 -18% | Sep 2023 -9.5% | Dec 2023 22% | Mar 2024 — | Jun 2024 3.0% | Sep 2024 -10% | Dec 2024 8.5% | Mar 2025 17% | Jun 2025 13% | Sep 2025 17% | Dec 2025 — | Mar 2026 2.4% | Jun 2026 6.4%
- NNBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 8.6% | Dec 2022 7.3% | Mar 2023 -0.8% | Jun 2023 0.0% | Sep 2023 -2.4% | Dec 2023 -4.2% | Mar 2024 -4.7% | Jun 2024 -1.6% | Sep 2024 -8.1% | Dec 2024 -5.3% | Mar 2025 -12% | Jun 2025 -12% | Sep 2025 -8.8% | Dec 2025 -1.9% | Mar 2026 11% | Jun 2026 —
- TUSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 88% | Dec 2022 81% | Mar 2023 87% | Jun 2023 -17% | Sep 2023 -39% | Dec 2023 -49% | Mar 2024 -63% | Jun 2024 -79% | Sep 2024 -38% | Dec 2024 0.0% | Mar 2025 -72% | Jun 2025 0.0% | Sep 2025 -73% | Dec 2025 -83% | Mar 2026 83% | Jun 2026 —
- BOOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 155% | Sep 2022 160% | Dec 2022 143% | Mar 2023 32% | Jun 2023 14% | Sep 2023 -1.2% | Dec 2023 -0.6% | Mar 2024 -9.2% | Jun 2024 -9.5% | Sep 2024 -12% | Dec 2024 -13% | Mar 2025 -4.8% | Jun 2025 -9.4% | Sep 2025 0.0% | Dec 2025 -5.3% | Mar 2026 -14% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Falcon's Beyond Global, Inc. leads both opm at 120.7% and margin change at +491.8 percentage points.

Investor read: Falcon's Beyond Global, Inc. 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: Falcon's Beyond Global, Inc. · 120.7% | 288.1% versus #2 · Pampa Energía S.A. | 6/8 recent comparable periods | 19/20 companies · 340 observations

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

### OPM — highest
1. Falcon's Beyond Global, Inc. (FBYD): 121%
2. Pampa Energía S.A. (PAM): 31%
3. Otter Tail Corporation (OTTR): 25%
4. 3M Company (MMM): 23%
5. Honeywell International Inc. (HON): 16%

### Margin change — fastest expanders
1. Falcon's Beyond Global, Inc. (FBYD): +491.8 pp
2. Tejon Ranch Co. (TRC): +38.8 pp
3. FTAI Infrastructure Inc. (FIP): +8.8 pp
4. Mammoth Energy Services, Inc. (TUSK): +6.1 pp
5. Deluxe Corporation (DLX): +4.3 pp

### 20-quarter OPM history
- MMM: Sep 2021 20% | Dec 2021 19% | Mar 2022 19% | Jun 2022 1.3% | Sep 2022 48% | Dec 2022 7.8% | Mar 2023 16% | Jun 2023 -149% | Sep 2023 -49% | Dec 2023 15% | Mar 2024 19% | Jun 2024 20% | Sep 2024 21% | Dec 2024 18% | Mar 2025 21% | Jun 2025 18% | Sep 2025 22% | Dec 2025 13% | Mar 2026 23% | Jun 2026 —
- HON: Sep 2021 21% | Dec 2021 23% | Mar 2022 19% | Jun 2022 20% | Sep 2022 23% | Dec 2022 -1.6% | Mar 2023 22% | Jun 2023 23% | Sep 2023 24% | Dec 2023 18% | Mar 2024 23% | Jun 2024 23% | Sep 2024 22% | Dec 2024 18% | Mar 2025 22% | Jun 2025 21% | Sep 2025 25% | Dec 2025 10% | Mar 2026 16% | Jun 2026 —
- VMI: Sep 2021 8.8% | Dec 2021 5.3% | Mar 2022 9.7% | Jun 2022 11% | Sep 2022 10% | Dec 2022 9.7% | Mar 2023 — | Jun 2023 11% | Sep 2023 13% | Dec 2023 6.3% | Mar 2024 14% | Jun 2024 14% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 2.8% | Sep 2025 14% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- BBUC: Sep 2021 4.4% | Dec 2021 9.1% | Mar 2022 7.0% | Jun 2022 5.9% | Sep 2022 5.9% | Dec 2022 9.4% | Mar 2023 10% | Jun 2023 8.9% | Sep 2023 7.0% | Dec 2023 -25% | Mar 2024 7.9% | Jun 2024 -0.4% | Sep 2024 5.1% | Dec 2024 -28% | Mar 2025 15% | Jun 2025 5.2% | Sep 2025 5.0% | Dec 2025 4.9% | Mar 2026 16% | Jun 2026 —
- PAM: Sep 2021 48% | Dec 2021 28% | Mar 2022 33% | Jun 2022 30% | Sep 2022 44% | Dec 2022 37% | Mar 2023 31% | Jun 2023 32% | Sep 2023 35% | Dec 2023 1.9% | Mar 2024 30% | Jun 2024 24% | Sep 2024 29% | Dec 2024 11% | Mar 2025 29% | Jun 2025 23% | Sep 2025 28% | Dec 2025 20% | Mar 2026 31% | Jun 2026 —
- SEB: Sep 2021 6.8% | Dec 2021 4.9% | Mar 2022 — | Jun 2022 5.4% | Sep 2022 6.5% | Dec 2022 5.4% | Mar 2023 — | Jun 2023 -2.5% | Sep 2023 -0.2% | Dec 2023 -3.8% | Mar 2024 -0.9% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 4.6% | Mar 2025 1.6% | Jun 2025 2.1% | Sep 2025 3.3% | Dec 2025 2.7% | Mar 2026 — | Jun 2026 4.0%
- OTTR: Sep 2021 24% | Dec 2021 21% | Mar 2022 26% | Jun 2022 30% | Sep 2022 30% | Dec 2022 18% | Mar 2023 24% | Jun 2023 31% | Sep 2023 34% | Dec 2023 22% | Mar 2024 27% | Jun 2024 32% | Sep 2024 32% | Dec 2024 22% | Mar 2025 25% | Jun 2025 29% | Sep 2025 30% | Dec 2025 22% | Mar 2026 25% | Jun 2026 —
- DLX: Sep 2021 6.8% | Dec 2021 7.6% | Mar 2022 5.6% | Jun 2022 9.2% | Sep 2022 7.5% | Dec 2022 8.0% | Mar 2023 6.3% | Jun 2023 9.5% | Sep 2023 4.0% | Dec 2023 9.5% | Mar 2024 8.3% | Jun 2024 11% | Sep 2024 7.9% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 12% | Sep 2025 14% | Dec 2025 8.9% | Mar 2026 13% | Jun 2026 —
- TTI: Sep 2021 -12% | Dec 2021 -6.9% | Mar 2022 -1.2% | Jun 2022 -4.4% | Sep 2022 -2.9% | Dec 2022 -3.5% | Mar 2023 0.6% | Jun 2023 6.5% | Sep 2023 1.1% | Dec 2023 -6.0% | Mar 2024 0.0% | Jun 2024 7.2% | Sep 2024 2.1% | Dec 2024 -1.0% | Mar 2025 5.8% | Jun 2025 7.9% | Sep 2025 1.1% | Dec 2025 -7.0% | Mar 2026 2.3% | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 -99% | Jun 2022 -106% | Sep 2022 -125% | Dec 2022 -153% | Mar 2023 -97% | Jun 2023 -143% | Sep 2023 — | Dec 2023 -944% | Mar 2024 -351% | Jun 2024 -196% | Sep 2024 -119% | Dec 2024 -336% | Mar 2025 -371% | Jun 2025 -53% | Sep 2025 -91% | Dec 2025 -31% | Mar 2026 121% | Jun 2026 —
- MATW: Sep 2021 1.7% | Dec 2021 2.5% | Mar 2022 1.7% | Jun 2022 2.6% | Sep 2022 -16% | Dec 2022 3.8% | Mar 2023 4.8% | Jun 2023 4.6% | Sep 2023 5.5% | Dec 2023 2.1% | Mar 2024 4.5% | Jun 2024 1.6% | Sep 2024 -11% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 22% | Sep 2025 -3.6% | Dec 2025 34% | Mar 2026 -1.2% | Jun 2026 —
- CODI: Sep 2021 8.6% | Dec 2021 3.1% | Mar 2022 8.7% | Jun 2022 9.8% | Sep 2022 7.6% | Dec 2022 2.8% | Mar 2023 7.1% | Jun 2023 8.6% | Sep 2023 3.3% | Dec 2023 -83% | Mar 2024 -2.9% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 -3.8% | Mar 2025 0.8% | Jun 2025 -5.7% | Sep 2025 -2.3% | Dec 2025 9.8% | Mar 2026 -0.5% | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 -27% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -96% | Mar 2025 -7.3% | Jun 2025 — | Sep 2025 — | Dec 2025 0.9% | Mar 2026 1.5% | Jun 2026 —
- TRC: Sep 2021 -8.1% | Dec 2021 -4.0% | Mar 2022 25% | Jun 2022 -25% | Sep 2022 35% | Dec 2022 -0.9% | Mar 2023 4.0% | Jun 2023 -31% | Sep 2023 0.4% | Dec 2023 -15% | Mar 2024 -54% | Jun 2024 -62% | Sep 2024 -35% | Dec 2024 12% | Mar 2025 -51% | Jun 2025 -49% | Sep 2025 -17% | Dec 2025 11% | Mar 2026 -12% | Jun 2026 —
- BOC: Sep 2021 -19% | Dec 2021 -122% | Mar 2022 -15% | Jun 2022 -3.4% | Sep 2022 -8.4% | Dec 2022 -1.2% | Mar 2023 -13% | Jun 2023 -6.8% | Sep 2023 -7.9% | Dec 2023 -9.3% | Mar 2024 -8.1% | Jun 2024 -16% | Sep 2024 -2.7% | Dec 2024 -4.6% | Mar 2025 -2.9% | Jun 2025 -2.9% | Sep 2025 -3.7% | Dec 2025 -4.2% | Mar 2026 -7.7% | Jun 2026 —
- RCMT: Sep 2021 100% | Dec 2021 100% | Mar 2022 100% | Jun 2022 100% | Sep 2022 100% | Dec 2022 100% | Mar 2023 — | Jun 2023 100% | Sep 2023 100% | Dec 2023 100% | Mar 2024 100% | Jun 2024 100% | Sep 2024 100% | Dec 2024 100% | Mar 2025 7.8% | Jun 2025 100% | Sep 2025 100% | Dec 2025 — | Mar 2026 100% | Jun 2026 7.2%
- NNBR: Sep 2021 -4.9% | Dec 2021 -3.8% | Mar 2022 0.5% | Jun 2022 -3.8% | Sep 2022 -1.7% | Dec 2022 -9.4% | Mar 2023 -3.9% | Jun 2023 -4.8% | Sep 2023 -3.2% | Dec 2023 -9.1% | Mar 2024 -5.6% | Jun 2024 -4.0% | Sep 2024 -4.9% | Dec 2024 -5.5% | Mar 2025 -6.6% | Jun 2025 -3.8% | Sep 2025 -2.9% | Dec 2025 -12% | Mar 2026 -3.5% | Jun 2026 —
- TUSK: Sep 2021 -94% | Dec 2021 45% | Mar 2022 -29% | Jun 2022 -2.1% | Sep 2022 3.6% | Dec 2022 65% | Mar 2023 5.5% | Jun 2023 -9.8% | Sep 2023 -14% | Dec 2023 -13% | Mar 2024 -28% | Jun 2024 -599% | Sep 2024 -31% | Dec 2024 62% | Mar 2025 -10% | Jun 2025 -222% | Sep 2025 -87% | Dec 2025 -103% | Mar 2026 -3.9% | Jun 2026 —
- BOOM: Sep 2021 1.7% | Dec 2021 -7.7% | Mar 2022 -2.8% | Jun 2022 6.0% | Sep 2022 7.7% | Dec 2022 6.0% | Mar 2023 3.9% | Jun 2023 14% | Sep 2023 10% | Dec 2023 5.3% | Mar 2024 4.0% | Jun 2024 6.8% | Sep 2024 -98% | Dec 2024 -0.5% | Mar 2025 4.1% | Jun 2025 2.5% | Sep 2025 0.4% | Dec 2025 -7.8% | Mar 2026 -3.0% | Jun 2026 —

### 20-quarter Margin change history
- MMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −20.7 pp | Sep 2022 +28.2 pp | Dec 2022 −11.0 pp | Mar 2023 −3.1 pp | Jun 2023 −150.2 pp | Sep 2023 −97.6 pp | Dec 2023 +7.2 pp | Mar 2024 +3.6 pp | Jun 2024 +169.2 pp | Sep 2024 +70.3 pp | Dec 2024 +3.1 pp | Mar 2025 +1.8 pp | Jun 2025 −2.3 pp | Sep 2025 +1.3 pp | Dec 2025 −5.1 pp | Mar 2026 +2.3 pp | Jun 2026 —
- HON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 +2.1 pp | Dec 2022 −24.1 pp | Mar 2023 +3.0 pp | Jun 2023 +2.9 pp | Sep 2023 +0.4 pp | Dec 2023 +19.6 pp | Mar 2024 +1.0 pp | Jun 2024 +0.3 pp | Sep 2024 −1.8 pp | Dec 2024 −0.3 pp | Mar 2025 −1.2 pp | Jun 2025 −1.9 pp | Sep 2025 +3.0 pp | Dec 2025 −7.5 pp | Mar 2026 −5.6 pp | Jun 2026 —
- VMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +1.2 pp | Dec 2022 +4.4 pp | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 +2.8 pp | Dec 2023 −3.4 pp | Mar 2024 — | Jun 2024 +3.1 pp | Sep 2024 −0.5 pp | Dec 2024 +5.3 pp | Mar 2025 −0.3 pp | Jun 2025 −11.4 pp | Sep 2025 +1.2 pp | Dec 2025 −0.4 pp | Mar 2026 +1.9 pp | Jun 2026 —
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 +1.5 pp | Dec 2022 +0.3 pp | Mar 2023 +3.1 pp | Jun 2023 +3.0 pp | Sep 2023 +1.1 pp | Dec 2023 −34.1 pp | Mar 2024 −2.2 pp | Jun 2024 −9.3 pp | Sep 2024 −1.9 pp | Dec 2024 −3.7 pp | Mar 2025 +7.5 pp | Jun 2025 +5.6 pp | Sep 2025 −0.1 pp | Dec 2025 +33.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.7 pp | Sep 2022 −4.6 pp | Dec 2022 +8.8 pp | Mar 2023 −1.4 pp | Jun 2023 +1.6 pp | Sep 2023 −8.8 pp | Dec 2023 −34.9 pp | Mar 2024 −1.5 pp | Jun 2024 −7.7 pp | Sep 2024 −6.3 pp | Dec 2024 +9.1 pp | Mar 2025 −0.5 pp | Jun 2025 −1.0 pp | Sep 2025 −0.1 pp | Dec 2025 +8.9 pp | Mar 2026 +1.9 pp | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.5 pp | Mar 2023 — | Jun 2023 −7.9 pp | Sep 2023 −6.7 pp | Dec 2023 −9.2 pp | Mar 2024 — | Jun 2024 +3.9 pp | Sep 2024 +1.6 pp | Dec 2024 +8.4 pp | Mar 2025 +2.5 pp | Jun 2025 +0.7 pp | Sep 2025 +1.9 pp | Dec 2025 −1.9 pp | Mar 2026 — | Jun 2026 +1.9 pp
- OTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.4 pp | Sep 2022 +6.7 pp | Dec 2022 −3.2 pp | Mar 2023 −2.4 pp | Jun 2023 +1.1 pp | Sep 2023 +3.5 pp | Dec 2023 +4.1 pp | Mar 2024 +3.6 pp | Jun 2024 +1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −0.3 pp | Mar 2025 −2.5 pp | Jun 2025 −3.1 pp | Sep 2025 −2.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- DLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.7 pp | Sep 2022 +0.7 pp | Dec 2022 +0.4 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 −3.5 pp | Dec 2023 +1.5 pp | Mar 2024 +2.0 pp | Jun 2024 +1.5 pp | Sep 2024 +3.9 pp | Dec 2024 −0.5 pp | Mar 2025 +0.7 pp | Jun 2025 +0.7 pp | Sep 2025 +6.1 pp | Dec 2025 −0.1 pp | Mar 2026 +4.3 pp | Jun 2026 —
- TTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.0 pp | Sep 2022 +8.9 pp | Dec 2022 +3.4 pp | Mar 2023 +1.8 pp | Jun 2023 +10.9 pp | Sep 2023 +4.0 pp | Dec 2023 −2.5 pp | Mar 2024 −0.6 pp | Jun 2024 +0.7 pp | Sep 2024 +1.0 pp | Dec 2024 +5.0 pp | Mar 2025 +5.8 pp | Jun 2025 +0.7 pp | Sep 2025 −1.0 pp | Dec 2025 −6.0 pp | Mar 2026 −3.5 pp | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.1 pp | Jun 2023 −36.3 pp | Sep 2023 −1,165.5 pp | Dec 2023 −791.6 pp | Mar 2024 −253.7 pp | Jun 2024 −53.4 pp | Sep 2024 +1,171.7 pp | Dec 2024 +608.5 pp | Mar 2025 −20.6 pp | Jun 2025 +142.9 pp | Sep 2025 +28.0 pp | Dec 2025 +304.7 pp | Mar 2026 +491.8 pp | Jun 2026 —
- MATW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −17.7 pp | Dec 2022 +1.3 pp | Mar 2023 +3.1 pp | Jun 2023 +2.0 pp | Sep 2023 +21.5 pp | Dec 2023 −1.7 pp | Mar 2024 −0.3 pp | Jun 2024 −3.0 pp | Sep 2024 −16.6 pp | Dec 2024 −0.7 pp | Mar 2025 −3.1 pp | Jun 2025 +19.9 pp | Sep 2025 +7.5 pp | Dec 2025 +32.8 pp | Mar 2026 −2.6 pp | Jun 2026 —
- CODI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 −1.0 pp | Dec 2022 −0.3 pp | Mar 2023 −1.6 pp | Jun 2023 −1.2 pp | Sep 2023 −4.3 pp | Dec 2023 −85.3 pp | Mar 2024 −10.0 pp | Jun 2024 −6.8 pp | Sep 2024 −1.5 pp | Dec 2024 +78.7 pp | Mar 2025 +3.7 pp | Jun 2025 −7.5 pp | Sep 2025 −4.1 pp | Dec 2025 +13.6 pp | Mar 2026 −1.3 pp | Jun 2026 —
- FIP: 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 +97.3 pp | Mar 2026 +8.8 pp | Jun 2026 —
- TRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −40.2 pp | Sep 2022 +43.0 pp | Dec 2022 +3.1 pp | Mar 2023 −20.8 pp | Jun 2023 −5.7 pp | Sep 2023 −34.5 pp | Dec 2023 −13.6 pp | Mar 2024 −57.8 pp | Jun 2024 −31.7 pp | Sep 2024 −35.3 pp | Dec 2024 +26.4 pp | Mar 2025 +3.1 pp | Jun 2025 +13.6 pp | Sep 2025 +18.0 pp | Dec 2025 −1.0 pp | Mar 2026 +38.8 pp | Jun 2026 —
- BOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 +10.6 pp | Dec 2022 +120.9 pp | Mar 2023 +2.0 pp | Jun 2023 −3.4 pp | Sep 2023 +0.5 pp | Dec 2023 −8.1 pp | Mar 2024 +4.9 pp | Jun 2024 −9.4 pp | Sep 2024 +5.2 pp | Dec 2024 +4.7 pp | Mar 2025 +5.2 pp | Jun 2025 +13.3 pp | Sep 2025 −1.0 pp | Dec 2025 +0.4 pp | Mar 2026 −4.8 pp | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −92.2 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +92.2 pp | Jun 2026 −92.8 pp
- NNBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.0 pp | Sep 2022 +3.2 pp | Dec 2022 −5.6 pp | Mar 2023 −4.4 pp | Jun 2023 −1.0 pp | Sep 2023 −1.5 pp | Dec 2023 +0.3 pp | Mar 2024 −1.7 pp | Jun 2024 +0.8 pp | Sep 2024 −1.7 pp | Dec 2024 +3.6 pp | Mar 2025 −1.0 pp | Jun 2025 +0.2 pp | Sep 2025 +2.0 pp | Dec 2025 −6.3 pp | Mar 2026 +3.1 pp | Jun 2026 —
- TUSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +67.6 pp | Sep 2022 +97.9 pp | Dec 2022 +20.2 pp | Mar 2023 +34.1 pp | Jun 2023 −7.7 pp | Sep 2023 −17.2 pp | Dec 2023 −77.9 pp | Mar 2024 −33.4 pp | Jun 2024 −589.4 pp | Sep 2024 −17.8 pp | Dec 2024 +74.4 pp | Mar 2025 +17.9 pp | Jun 2025 +377.4 pp | Sep 2025 −55.3 pp | Dec 2025 −164.5 pp | Mar 2026 +6.1 pp | Jun 2026 —
- BOOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +6.0 pp | Dec 2022 +13.7 pp | Mar 2023 +6.7 pp | Jun 2023 +8.3 pp | Sep 2023 +2.6 pp | Dec 2023 −0.7 pp | Mar 2024 +0.1 pp | Jun 2024 −7.5 pp | Sep 2024 −108.0 pp | Dec 2024 −5.8 pp | Mar 2025 +0.1 pp | Jun 2025 −4.3 pp | Sep 2025 +98.1 pp | Dec 2025 −7.3 pp | Mar 2026 −7.1 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Pampa Energía S.A. leads with $440 million of TTM profit, 56.6% above Otter Tail Corporation. Deluxe Corporation shows 85.7% growth from a $104 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Pampa Energía S.A. 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: Pampa Energía S.A. · $440 million | 56.6% versus #2 · Otter Tail Corporation | 4/8 recent comparable periods | 13/20 companies · 347 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. Pampa Energía S.A. (PAM): ₹440 Cr
2. Otter Tail Corporation (OTTR): ₹281 Cr
3. Deluxe Corporation (DLX): ₹104 Cr
4. Falcon's Beyond Global, Inc. (FBYD): ₹21 Cr
5. Matthews International Corporation (MATW): ₹10 Cr

### Profit growth — fastest growers
1. Deluxe Corporation (DLX): 86%
2. Otter Tail Corporation (OTTR): -4.8%
3. Pampa Energía S.A. (PAM): -13%
4. TETRA Technologies, Inc. (TTI): -93%

### 20-quarter Net profit history
- MMM: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹979 Cr | Jun 2023 ₹-7.2K Cr | Sep 2023 ₹-2.5K Cr | Dec 2023 ₹625 Cr | Mar 2024 ₹709 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹726 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹839 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹657 Cr | Jun 2026 —
- HON: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹304 Cr | Mar 2026 ₹795 Cr | Jun 2026 —
- VMI: Sep 2021 ₹52 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹41 Cr | Mar 2023 — | Jun 2023 ₹72 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- BBUC: Sep 2021 ₹-21 Cr | Dec 2021 ₹121 Cr | Mar 2022 ₹-163 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹-182 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹-1.0K Cr | Mar 2024 ₹-174 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹-511 Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-578 Cr | Dec 2025 ₹-265 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- PAM: Sep 2021 ₹129 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹-103 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹216 Cr | Jun 2026 —
- SEB: Sep 2021 ₹176 Cr | Dec 2021 ₹94 Cr | Mar 2022 — | Jun 2022 ₹104 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹146 Cr | Mar 2023 — | Jun 2023 ₹-16 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹-149 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹255 Cr | Mar 2026 — | Jun 2026 ₹120 Cr
- OTTR: Sep 2021 ₹53 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹73 Cr | Jun 2026 —
- DLX: Sep 2021 ₹13 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- TTI: Sep 2021 ₹2 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-3 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-417 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- MATW: Sep 2021 ₹-4 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-81 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-68 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- CODI: Sep 2021 ₹19 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-272 Cr | Mar 2024 ₹-89 Cr | Jun 2024 ₹-104 Cr | Sep 2024 ₹-64 Cr | Dec 2024 ₹-53 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹-81 Cr | Sep 2025 ₹-87 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 ₹-25 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹-125 Cr | Mar 2025 ₹120 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-98 Cr | Mar 2026 ₹-127 Cr | Jun 2026 —
- TRC: Sep 2021 ₹0 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BOC: Sep 2021 ₹-29 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹86 Cr | Jun 2026 ₹4 Cr
- NNBR: Sep 2021 ₹-12 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- TUSK: Sep 2021 ₹-41 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-156 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- BOOM: Sep 2021 ₹0 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-159 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -95% | Sep 2022 169% | Dec 2022 -60% | Mar 2023 -25% | Jun 2023 -8,737% | Sep 2023 -165% | Dec 2023 17% | Mar 2024 -28% | Jun 2024 — | Sep 2024 — | Dec 2024 16% | Mar 2025 58% | Jun 2025 -44% | Sep 2025 -39% | Dec 2025 -21% | Mar 2026 -41% | Jun 2026 —
- HON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 22% | Dec 2022 -29% | Mar 2023 24% | Jun 2023 19% | Sep 2023 -2.2% | Dec 2023 22% | Mar 2024 4.8% | Jun 2024 3.9% | Sep 2024 -6.6% | Dec 2024 -8.4% | Mar 2025 -12% | Jun 2025 0.6% | Sep 2025 31% | Dec 2025 -73% | Mar 2026 -39% | Jun 2026 —
- VMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 40% | Dec 2022 46% | Mar 2023 — | Jun 2023 -6.5% | Sep 2023 22% | Dec 2023 -17% | Mar 2024 — | Jun 2024 40% | Sep 2024 -6.7% | Dec 2024 129% | Mar 2025 -1.1% | Jun 2025 -103% | Sep 2025 22% | Dec 2025 117% | Mar 2026 24% | Jun 2026 —
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 23% | Mar 2023 — | Jun 2023 -81% | Sep 2023 29% | Dec 2023 -795% | Mar 2024 — | Jun 2024 -79% | Sep 2024 -1,378% | Dec 2024 — | Mar 2025 — | Jun 2025 -158% | Sep 2025 — | Dec 2025 — | Mar 2026 -16% | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 26% | Dec 2022 193% | Mar 2023 37% | Jun 2023 150% | Sep 2023 -11% | Dec 2023 -182% | Mar 2024 108% | Jun 2024 -41% | Sep 2024 0.7% | Dec 2024 — | Mar 2025 -43% | Jun 2025 -60% | Sep 2025 -84% | Dec 2025 53% | Mar 2026 40% | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -39% | Dec 2022 55% | Mar 2023 — | Jun 2023 -115% | Sep 2023 -52% | Dec 2023 -55% | Mar 2024 — | Jun 2024 — | Sep 2024 -387% | Dec 2024 140% | Mar 2025 45% | Jun 2025 70% | Sep 2025 — | Dec 2025 63% | Mar 2026 — | Jun 2026 15%
- OTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 105% | Sep 2022 58% | Dec 2022 -19% | Mar 2023 -14% | Jun 2023 -4.7% | Sep 2023 9.5% | Dec 2023 38% | Mar 2024 19% | Jun 2024 6.1% | Sep 2024 -7.6% | Dec 2024 -5.2% | Mar 2025 -8.1% | Jun 2025 -10% | Sep 2025 -8.2% | Dec 2025 -5.5% | Mar 2026 7.4% | Jun 2026 —
- DLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 15% | Dec 2022 36% | Mar 2023 -70% | Jun 2023 -27% | Sep 2023 -153% | Dec 2023 -21% | Mar 2024 267% | Jun 2024 25% | Sep 2024 — | Dec 2024 -13% | Mar 2025 27% | Jun 2025 10% | Sep 2025 278% | Dec 2025 -7.7% | Mar 2026 157% | Jun 2026 —
- TTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -100% | Dec 2022 — | Mar 2023 -25% | Jun 2023 800% | Sep 2023 — | Dec 2023 — | Mar 2024 -83% | Jun 2024 -56% | Sep 2024 -40% | Dec 2024 — | Mar 2025 300% | Jun 2025 38% | Sep 2025 33% | Dec 2025 -115% | Mar 2026 100% | Jun 2026 —
- FBYD: 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 875% | Dec 2024 — | Mar 2025 -107% | Jun 2025 213% | Sep 2025 -126% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MATW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 200% | Sep 2023 — | Dec 2023 -150% | Mar 2024 0.0% | Jun 2024 -78% | Sep 2024 -478% | Dec 2024 — | Mar 2025 -200% | Jun 2025 650% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CODI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -116% | Dec 2022 -750% | Mar 2023 -89% | Jun 2023 -63% | Sep 2023 — | Dec 2023 — | Mar 2024 -4,550% | Jun 2024 -1,140% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FIP: 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 -206% | Jun 2026 —
- TRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -133% | Sep 2022 — | Dec 2022 -33% | Mar 2023 -50% | Jun 2023 — | Sep 2023 -100% | Dec 2023 0.0% | Mar 2024 -150% | Jun 2024 — | Sep 2024 — | Dec 2024 100% | Mar 2025 — | Jun 2025 -300% | Sep 2025 — | Dec 2025 -50% | Mar 2026 — | Jun 2026 —
- BOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -210% | Sep 2022 — | Dec 2022 — | Mar 2023 -119% | Jun 2023 — | Sep 2023 — | Dec 2023 -133% | Mar 2024 — | Jun 2024 -300% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -170% | Mar 2026 — | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 -100% | Sep 2025 — | Dec 2025 -100% | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 500% | Dec 2022 33% | Mar 2023 — | Jun 2023 -43% | Sep 2023 -33% | Dec 2023 25% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 -25% | Dec 2024 1,440% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 -33% | Dec 2025 — | Mar 2026 2,050% | Jun 2026 0.0%
- TUSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -300% | Sep 2023 -113% | Dec 2023 -220% | Mar 2024 -250% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BOOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 200% | Sep 2023 50% | Dec 2023 33% | Mar 2024 0.0% | Jun 2024 -67% | Sep 2024 -1,425% | Dec 2024 -125% | Mar 2025 0.0% | Jun 2025 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 -450% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Brookfield Business Corporation reports $489 million of CAPEX; Mammoth Energy Services, Inc. has the highest covered intensity at 54.5%. Coverage is only 20 of 20 companies and 339 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: Brookfield Business Corporation · $489 million | 55.2% versus #2 · Honeywell International Inc. | 8/8 recent comparable periods | 20/20 companies · 339 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. Brookfield Business Corporation (BBUC): ₹489 Cr
2. Honeywell International Inc. (HON): ₹315 Cr
3. Pampa Energía S.A. (PAM): ₹265 Cr
4. 3M Company (MMM): ₹223 Cr
5. Otter Tail Corporation (OTTR): ₹185 Cr

### CAPEX intensity — highest reinvestment intensity
1. Mammoth Energy Services, Inc. (TUSK): 55%
2. Otter Tail Corporation (OTTR): 53%
3. Pampa Energía S.A. (PAM): 46%
4. Tejon Ranch Co. (TRC): 40%
5. FTAI Infrastructure Inc. (FIP): 25%

### 20-quarter CAPEX history
- MMM: Sep 2021 ₹343 Cr | Dec 2021 ₹556 Cr | Mar 2022 ₹424 Cr | Jun 2022 ₹384 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹506 Cr | Mar 2023 ₹475 Cr | Jun 2023 ₹377 Cr | Sep 2023 ₹405 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹291 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹218 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹223 Cr
- HON: Sep 2021 ₹208 Cr | Dec 2021 ₹281 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹158 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹364 Cr | Mar 2024 ₹233 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹226 Cr | Sep 2025 ₹374 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹223 Cr | Jun 2026 ₹315 Cr
- VMI: Sep 2021 ₹32 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹35 Cr | Jun 2026 ₹36 Cr
- BBUC: Sep 2021 ₹376 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹489 Cr | Jun 2026 —
- PAM: Sep 2021 ₹64 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹75 Cr | Dec 2023 — | Mar 2024 ₹128 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹162 Cr | Jun 2025 — | Sep 2025 ₹307 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- SEB: Sep 2021 ₹127 Cr | Dec 2021 ₹101 Cr | Mar 2022 — | Jun 2022 ₹161 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹94 Cr | Mar 2023 — | Jun 2023 ₹111 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹135 Cr | Mar 2026 — | Jun 2026 ₹96 Cr
- OTTR: Sep 2021 ₹40 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- DLX: Sep 2021 ₹34 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- TTI: Sep 2021 ₹2 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- MATW: Sep 2021 ₹10 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CODI: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 ₹43 Cr | 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 ₹67 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹46 Cr | Jun 2026 —
- TRC: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹19 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 —
- BOC: Sep 2021 ₹5 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- RCMT: 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 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- NNBR: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- TUSK: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- BOOM: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- MMM: Sep 2021 3.8% | Dec 2021 6.5% | Mar 2022 4.8% | Jun 2022 4.4% | Sep 2022 5.0% | Dec 2022 6.3% | Mar 2023 5.9% | Jun 2023 6.0% | Sep 2023 6.5% | Dec 2023 6.0% | Mar 2024 6.2% | Jun 2024 4.3% | Sep 2024 3.9% | Dec 2024 4.8% | Mar 2025 4.0% | Jun 2025 3.3% | Sep 2025 3.3% | Dec 2025 4.0% | Mar 2026 3.7% | Jun 2026 —
- HON: Sep 2021 2.5% | Dec 2021 3.2% | Mar 2022 2.2% | Jun 2022 1.8% | Sep 2022 2.1% | Dec 2022 2.6% | Mar 2023 2.2% | Jun 2023 2.5% | Sep 2023 2.7% | Dec 2023 3.9% | Mar 2024 2.6% | Jun 2024 2.7% | Sep 2024 2.9% | Dec 2024 4.3% | Mar 2025 2.1% | Jun 2025 2.2% | Sep 2025 3.6% | Dec 2025 0.6% | Mar 2026 2.4% | Jun 2026 —
- VMI: Sep 2021 3.7% | Dec 2021 2.8% | Mar 2022 2.8% | Jun 2022 2.0% | Sep 2022 1.5% | Dec 2022 2.3% | Mar 2023 — | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 2.6% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 3.1% | Jun 2025 3.0% | Sep 2025 4.0% | Dec 2025 3.9% | Mar 2026 3.4% | Jun 2026 —
- BBUC: Sep 2021 16% | Dec 2021 5.8% | Mar 2022 6.4% | Jun 2022 5.6% | Sep 2022 5.7% | Dec 2022 6.9% | Mar 2023 9.3% | Jun 2023 8.4% | Sep 2023 8.7% | Dec 2023 6.7% | Mar 2024 4.1% | Jun 2024 4.0% | Sep 2024 3.4% | Dec 2024 3.1% | Mar 2025 7.3% | Jun 2025 3.8% | Sep 2025 3.1% | Dec 2025 4.4% | Mar 2026 7.6% | Jun 2026 —
- PAM: Sep 2021 15% | Dec 2021 18% | Mar 2022 18% | Jun 2022 19% | Sep 2022 22% | Dec 2022 38% | Mar 2023 42% | Jun 2023 29% | Sep 2023 17% | Dec 2023 — | Mar 2024 32% | Jun 2024 22% | Sep 2024 17% | Dec 2024 22% | Mar 2025 39% | Jun 2025 — | Sep 2025 52% | Dec 2025 48% | Mar 2026 46% | Jun 2026 —
- SEB: Sep 2021 5.2% | Dec 2021 4.4% | Mar 2022 — | Jun 2022 5.9% | Sep 2022 3.8% | Dec 2022 3.2% | Mar 2023 — | Jun 2023 4.4% | Sep 2023 4.5% | Dec 2023 7.1% | Mar 2024 4.7% | Jun 2024 6.0% | Sep 2024 6.1% | Dec 2024 5.6% | Mar 2025 4.7% | Jun 2025 6.1% | Sep 2025 6.6% | Dec 2025 5.6% | Mar 2026 — | Jun 2026 4.0%
- OTTR: Sep 2021 13% | Dec 2021 17% | Mar 2022 7.7% | Jun 2022 11% | Sep 2022 14% | Dec 2022 16% | Mar 2023 29% | Jun 2023 16% | Sep 2023 22% | Dec 2023 18% | Mar 2024 21% | Jun 2024 30% | Sep 2024 25% | Dec 2024 33% | Mar 2025 17% | Jun 2025 20% | Sep 2025 27% | Dec 2025 24% | Mar 2026 53% | Jun 2026 —
- DLX: Sep 2021 6.4% | Dec 2021 4.9% | Mar 2022 3.8% | Jun 2022 4.3% | Sep 2022 5.0% | Dec 2022 5.5% | Mar 2023 4.8% | Jun 2023 5.2% | Sep 2023 4.6% | Dec 2023 3.7% | Mar 2024 3.7% | Jun 2024 5.2% | Sep 2024 4.0% | Dec 2024 4.8% | Mar 2025 4.8% | Jun 2025 4.4% | Sep 2025 4.3% | Dec 2025 4.3% | Mar 2026 4.6% | Jun 2026 —
- TTI: Sep 2021 2.1% | Dec 2021 5.3% | Mar 2022 6.9% | Jun 2022 7.8% | Sep 2022 8.9% | Dec 2022 4.8% | Mar 2023 8.9% | Jun 2023 5.7% | Sep 2023 4.6% | Dec 2023 5.2% | Mar 2024 11% | Jun 2024 8.7% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 19% | Mar 2026 12% | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- MATW: Sep 2021 2.3% | Dec 2021 3.0% | Mar 2022 3.4% | Jun 2022 3.1% | Sep 2022 4.6% | Dec 2022 2.7% | Mar 2023 2.3% | Jun 2023 2.8% | Sep 2023 2.7% | Dec 2023 3.1% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 2.7% | Dec 2024 2.5% | Mar 2025 2.1% | Jun 2025 2.3% | Sep 2025 2.8% | Dec 2025 1.8% | Mar 2026 1.5% | Jun 2026 —
- CODI: Sep 2021 2.5% | Dec 2021 2.6% | Mar 2022 2.0% | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 7.8% | Mar 2023 3.1% | Jun 2023 2.9% | Sep 2023 1.9% | Dec 2023 8.1% | Mar 2024 1.9% | Jun 2024 2.6% | Sep 2024 3.3% | Dec 2024 4.7% | Mar 2025 2.9% | Jun 2025 2.3% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 1.2% | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 90% | 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 70% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 25% | Jun 2026 —
- TRC: Sep 2021 27% | Dec 2021 46% | Mar 2022 19% | Jun 2022 89% | Sep 2022 16% | Dec 2022 29% | Mar 2023 42% | Jun 2023 83% | Sep 2023 30% | Dec 2023 — | Mar 2024 114% | Jun 2024 233% | Sep 2024 173% | Dec 2024 — | Mar 2025 225% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 40% | Jun 2026 —
- BOC: Sep 2021 36% | Dec 2021 67% | Mar 2022 38% | Jun 2022 38% | Sep 2022 81% | Dec 2022 44% | Mar 2023 35% | Jun 2023 54% | Sep 2023 88% | Dec 2023 36% | Mar 2024 31% | Jun 2024 33% | Sep 2024 21% | Dec 2024 32% | Mar 2025 25% | Jun 2025 25% | Sep 2025 17% | Dec 2025 27% | Mar 2026 21% | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- RCMT: 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 — | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 2.8% | Mar 2024 1.4% | Jun 2024 0.0% | Sep 2024 1.7% | Dec 2024 1.3% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 0.0%
- NNBR: Sep 2021 3.4% | Dec 2021 3.6% | Mar 2022 3.1% | Jun 2022 4.0% | Sep 2022 3.1% | Dec 2022 3.4% | Mar 2023 3.9% | Jun 2023 5.6% | Sep 2023 3.2% | Dec 2023 3.5% | Mar 2024 4.1% | Jun 2024 3.3% | Sep 2024 5.3% | Dec 2024 2.8% | Mar 2025 3.8% | Jun 2025 3.7% | Sep 2025 2.9% | Dec 2025 1.9% | Mar 2026 2.5% | Jun 2026 —
- TUSK: Sep 2021 5.3% | Dec 2021 1.8% | Mar 2022 1.6% | Jun 2022 3.3% | Sep 2022 4.7% | Dec 2022 3.9% | Mar 2023 5.2% | Jun 2023 6.7% | Sep 2023 7.7% | Dec 2023 7.5% | Mar 2024 9.3% | Jun 2024 31% | Sep 2024 5.0% | Dec 2024 11% | Mar 2025 0.0% | Jun 2025 125% | Sep 2025 155% | Dec 2025 289% | Mar 2026 55% | Jun 2026 —
- BOOM: Sep 2021 4.5% | Dec 2021 2.8% | Mar 2022 1.4% | Jun 2022 3.0% | Sep 2022 2.9% | Dec 2022 4.0% | Mar 2023 1.1% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 5.2% | Mar 2024 1.8% | Jun 2024 1.8% | Sep 2024 3.9% | Dec 2024 3.9% | Mar 2025 2.5% | Jun 2025 1.9% | Sep 2025 2.6% | Dec 2025 4.2% | Mar 2026 1.5% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Mammoth Energy Services, Inc. has the clearest covered balance-sheet capacity with $122 million net cash and gross debt of $3 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: Mammoth Energy Services, Inc. · $3 million | 84.2% versus #2 · Falcon's Beyond Global, Inc. | 6/8 recent comparable periods | 19/20 companies · 346 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. Mammoth Energy Services, Inc. (TUSK): ₹3 Cr
2. Falcon's Beyond Global, Inc. (FBYD): ₹19 Cr
3. RCM Technologies, Inc. (RCMT): ₹35 Cr
4. DMC Global Inc. (BOOM): ₹54 Cr
5. Tejon Ranch Co. (TRC): ₹95 Cr

### Net debt — lowest net debt
1. Mammoth Energy Services, Inc. (TUSK): ₹-122 Cr
2. Falcon's Beyond Global, Inc. (FBYD): ₹18 Cr
3. DMC Global Inc. (BOOM): ₹22 Cr
4. Boston Omaha Corporation (BOC): ₹27 Cr
5. RCM Technologies, Inc. (RCMT): ₹32 Cr

### 20-quarter Gross debt history
- MMM: Sep 2021 ₹19.0K Cr | Dec 2021 ₹18.2K Cr | Mar 2022 ₹17.5K Cr | Jun 2022 ₹17.1K Cr | Sep 2022 ₹16.5K Cr | Dec 2022 ₹16.8K Cr | Mar 2023 ₹16.9K Cr | Jun 2023 ₹16.8K Cr | Sep 2023 ₹16.8K Cr | Dec 2023 ₹16.7K Cr | Mar 2024 ₹22.2K Cr | Jun 2024 ₹13.7K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹13.0K Cr | Mar 2025 ₹14.1K Cr | Jun 2025 ₹13.7K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹12.6K Cr | Mar 2026 ₹12.6K Cr | Jun 2026 ₹12.6K Cr
- HON: Sep 2021 ₹21.2K Cr | Dec 2021 ₹19.6K Cr | Mar 2022 ₹19.4K Cr | Jun 2022 ₹19.1K Cr | Sep 2022 ₹17.0K Cr | Dec 2022 ₹19.6K Cr | Mar 2023 ₹19.2K Cr | Jun 2023 ₹21.4K Cr | Sep 2023 ₹20.3K Cr | Dec 2023 ₹20.4K Cr | Mar 2024 ₹25.3K Cr | Jun 2024 ₹27.9K Cr | Sep 2024 ₹30.8K Cr | Dec 2024 ₹31.0K Cr | Mar 2025 ₹32.8K Cr | Jun 2025 ₹36.5K Cr | Sep 2025 ₹37.0K Cr | Dec 2025 ₹34.6K Cr | Mar 2026 ₹36.7K Cr | Jun 2026 ₹34.0K Cr
- VMI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹867 Cr | Mar 2025 ₹863 Cr | Jun 2025 ₹861 Cr | Sep 2025 ₹858 Cr | Dec 2025 ₹926 Cr | Mar 2026 ₹921 Cr | Jun 2026 ₹872 Cr
- BBUC: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹7.9K Cr | Sep 2022 ₹13.2K Cr | Dec 2022 ₹12.9K Cr | Mar 2023 ₹13.2K Cr | Jun 2023 ₹13.2K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.7K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹44.8K Cr | Jun 2026 —
- PAM: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- SEB: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 — | Jun 2026 ₹1.9K Cr
- OTTR: Sep 2021 ₹862 Cr | Dec 2021 ₹855 Cr | Mar 2022 ₹862 Cr | Jun 2022 ₹854 Cr | Sep 2022 ₹824 Cr | Dec 2022 ₹832 Cr | Mar 2023 ₹885 Cr | Jun 2023 ₹874 Cr | Sep 2023 ₹875 Cr | Dec 2023 ₹905 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹956 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- DLX: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TTI: Sep 2021 ₹197 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹214 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- FBYD: Sep 2021 ₹42 Cr | Dec 2021 ₹42 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹34 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- MATW: Sep 2021 ₹846 Cr | Dec 2021 ₹917 Cr | Mar 2022 ₹834 Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹873 Cr | Dec 2022 ₹914 Cr | Mar 2023 ₹856 Cr | Jun 2023 ₹852 Cr | Sep 2023 ₹864 Cr | Dec 2023 ₹931 Cr | Mar 2024 ₹911 Cr | Jun 2024 ₹896 Cr | Sep 2024 ₹839 Cr | Dec 2024 ₹873 Cr | Mar 2025 ₹874 Cr | Jun 2025 ₹754 Cr | Sep 2025 ₹764 Cr | Dec 2025 ₹586 Cr | Mar 2026 ₹636 Cr | Jun 2026 —
- CODI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- FIP: Sep 2021 ₹789 Cr | Dec 2021 ₹789 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- TRC: Sep 2021 ₹54 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- BOC: Sep 2021 ₹77 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- RCMT: Sep 2021 ₹14 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 — | Jun 2023 ₹24 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹38 Cr | Dec 2025 — | Mar 2026 ₹31 Cr | Jun 2026 ₹35 Cr
- NNBR: Sep 2021 ₹213 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹213 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹217 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹215 Cr | Jun 2026 —
- TUSK: Sep 2021 ₹95 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- BOOM: Sep 2021 ₹0 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹54 Cr | Jun 2026 —

### 20-quarter Net debt history
- MMM: Sep 2021 ₹13.3K Cr | Dec 2021 ₹13.5K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹12.9K Cr | Dec 2022 ₹12.9K Cr | Mar 2023 ₹12.9K Cr | Jun 2023 ₹12.5K Cr | Sep 2023 ₹11.6K Cr | Dec 2023 ₹10.9K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹9.5K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 ₹9.2K Cr
- HON: Sep 2021 ₹9.1K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹10.4K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.5K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹12.4K Cr | Dec 2023 ₹12.3K Cr | Mar 2024 ₹13.3K Cr | Jun 2024 ₹18.1K Cr | Sep 2024 ₹19.9K Cr | Dec 2024 ₹20.7K Cr | Mar 2025 ₹22.8K Cr | Jun 2025 ₹25.8K Cr | Sep 2025 ₹23.7K Cr | Dec 2025 ₹21.7K Cr | Mar 2026 ₹24.3K Cr | Jun 2026 ₹24.8K Cr
- VMI: Sep 2021 ₹894 Cr | Dec 2021 ₹936 Cr | Mar 2022 ₹972 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹933 Cr | Dec 2022 ₹848 Cr | Mar 2023 — | Jun 2023 ₹976 Cr | Sep 2023 ₹950 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹849 Cr | Dec 2024 ₹703 Cr | Mar 2025 ₹679 Cr | Jun 2025 ₹652 Cr | Sep 2025 ₹632 Cr | Dec 2025 ₹739 Cr | Mar 2026 ₹761 Cr | Jun 2026 ₹733 Cr
- BBUC: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹12.2K Cr | Dec 2022 ₹12.1K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹12.3K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹38.9K Cr | Jun 2026 —
- PAM: Sep 2021 ₹917 Cr | Dec 2021 ₹865 Cr | Mar 2022 ₹845 Cr | Jun 2022 ₹902 Cr | Sep 2022 ₹927 Cr | Dec 2022 ₹913 Cr | Mar 2023 ₹906 Cr | Jun 2023 ₹787 Cr | Sep 2023 ₹675 Cr | Dec 2023 ₹613 Cr | Mar 2024 ₹719 Cr | Jun 2024 ₹693 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹576 Cr | Jun 2025 ₹712 Cr | Sep 2025 ₹874 Cr | Dec 2025 ₹801 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SEB: Sep 2021 ₹71 Cr | Dec 2021 ₹92 Cr | Mar 2022 — | Jun 2022 ₹347 Cr | Sep 2022 ₹528 Cr | Dec 2022 ₹534 Cr | Mar 2023 — | Jun 2023 ₹311 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹644 Cr | Mar 2024 ₹654 Cr | Jun 2024 ₹728 Cr | Sep 2024 ₹615 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹649 Cr | Jun 2025 ₹766 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹593 Cr | Mar 2026 — | Jun 2026 ₹733 Cr
- OTTR: Sep 2021 ₹861 Cr | Dec 2021 ₹853 Cr | Mar 2022 ₹861 Cr | Jun 2022 ₹792 Cr | Sep 2022 ₹751 Cr | Dec 2022 ₹713 Cr | Mar 2023 ₹781 Cr | Jun 2023 ₹723 Cr | Sep 2023 ₹686 Cr | Dec 2023 ₹675 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹725 Cr | Sep 2024 ₹731 Cr | Dec 2024 ₹718 Cr | Mar 2025 ₹767 Cr | Jun 2025 ₹736 Cr | Sep 2025 ₹663 Cr | Dec 2025 ₹663 Cr | Mar 2026 ₹808 Cr | Jun 2026 —
- DLX: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TTI: Sep 2021 ₹155 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹161 Cr | Jun 2022 ₹155 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹148 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹189 Cr | Jun 2026 —
- FBYD: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹26 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- MATW: Sep 2021 ₹797 Cr | Dec 2021 ₹846 Cr | Mar 2022 ₹780 Cr | Jun 2022 ₹807 Cr | Sep 2022 ₹804 Cr | Dec 2022 ₹871 Cr | Mar 2023 ₹814 Cr | Jun 2023 ₹813 Cr | Sep 2023 ₹822 Cr | Dec 2023 ₹893 Cr | Mar 2024 ₹866 Cr | Jun 2024 ₹853 Cr | Sep 2024 ₹798 Cr | Dec 2024 ₹839 Cr | Mar 2025 ₹834 Cr | Jun 2025 ₹734 Cr | Sep 2025 ₹732 Cr | Dec 2025 ₹555 Cr | Mar 2026 ₹600 Cr | Jun 2026 —
- CODI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- FIP: Sep 2021 ₹450 Cr | Dec 2021 ₹487 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- TRC: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹76 Cr | Jun 2026 —
- BOC: Sep 2021 ₹-314 Cr | Dec 2021 ₹-283 Cr | Mar 2022 ₹-85 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- RCMT: Sep 2021 ₹13 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹37 Cr | Dec 2025 — | Mar 2026 ₹28 Cr | Jun 2026 ₹32 Cr
- NNBR: Sep 2021 ₹188 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹207 Cr | Jun 2026 —
- TUSK: Sep 2021 ₹85 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹-57 Cr | Mar 2025 ₹-52 Cr | Jun 2025 ₹-122 Cr | Sep 2025 ₹-106 Cr | Dec 2025 ₹-119 Cr | Mar 2026 ₹-122 Cr | Jun 2026 —
- BOOM: Sep 2021 ₹-182 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹22 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Falcon's Beyond Global, Inc. leads ROCE at 29.8%, 15.6 percentage points above Honeywell International Inc.. Falcon's Beyond Global, Inc. has the strongest latest improvement at +19.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Falcon's Beyond Global, Inc. 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: Falcon's Beyond Global, Inc. · 29.8% | 109.9% versus #2 · Honeywell International Inc. | 3/8 recent comparable periods | 20/20 companies · 358 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. Falcon's Beyond Global, Inc. (FBYD): 30%
2. Honeywell International Inc. (HON): 14%
3. RCM Technologies, Inc. (RCMT): 7.9%
4. Valmont Industries, Inc. (VMI): 6.3%
5. 3M Company (MMM): 3.7%

### ROCE change — fastest improvers
1. Falcon's Beyond Global, Inc. (FBYD): +19.7 pp
2. Honeywell International Inc. (HON): +10.5 pp
3. FTAI Infrastructure Inc. (FIP): +7.3 pp
4. Valmont Industries, Inc. (VMI): +5.2 pp
5. Deluxe Corporation (DLX): +1.1 pp

### 20-quarter ROCE history
- MMM: Sep 2021 4.7% | Dec 2021 4.2% | Mar 2022 4.3% | Jun 2022 0.3% | Sep 2022 11% | Dec 2022 1.7% | Mar 2023 3.4% | Jun 2023 -25% | Sep 2023 -8.7% | Dec 2023 2.5% | Mar 2024 2.9% | Jun 2024 3.8% | Sep 2024 4.1% | Dec 2024 3.4% | Mar 2025 3.4% | Jun 2025 3.9% | Sep 2025 5.0% | Dec 2025 2.8% | Mar 2026 4.9% | Jun 2026 3.7%
- HON: Sep 2021 4.0% | Dec 2021 4.3% | Mar 2022 3.6% | Jun 2022 4.1% | Sep 2022 4.8% | Dec 2022 -0.3% | Mar 2023 4.6% | Jun 2023 4.8% | Sep 2023 5.0% | Dec 2023 4.0% | Mar 2024 4.6% | Jun 2024 4.8% | Sep 2024 4.3% | Dec 2024 3.4% | Mar 2025 3.8% | Jun 2025 3.7% | Sep 2025 4.6% | Dec 2025 1.9% | Mar 2026 2.8% | Jun 2026 14%
- VMI: Sep 2021 3.1% | Dec 2021 2.0% | Mar 2022 3.7% | Jun 2022 4.3% | Sep 2022 4.1% | Dec 2022 4.0% | Mar 2023 — | Jun 2023 4.2% | Sep 2023 4.7% | Dec 2023 2.3% | Mar 2024 4.7% | Jun 2024 5.2% | Sep 2024 4.6% | Dec 2024 4.6% | Mar 2025 4.7% | Jun 2025 1.1% | Sep 2025 5.3% | Dec 2025 4.5% | Mar 2026 5.9% | Jun 2026 6.3%
- BBUC: Sep 2021 0.9% | Dec 2021 2.0% | Mar 2022 3.0% | Jun 2022 2.2% | Sep 2022 1.1% | Dec 2022 1.9% | Mar 2023 1.2% | Jun 2023 1.0% | Sep 2023 0.7% | Dec 2023 -2.5% | Mar 2024 0.8% | Jun 2024 0.0% | Sep 2024 0.6% | Dec 2024 -4.1% | Mar 2025 6.8% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 2.5% | Jun 2026 —
- PAM: Sep 2021 5.2% | Dec 2021 2.8% | Mar 2022 3.1% | Jun 2022 3.8% | Sep 2022 5.4% | Dec 2022 4.0% | Mar 2023 3.1% | Jun 2023 3.3% | Sep 2023 3.6% | Dec 2023 0.1% | Mar 2024 2.7% | Jun 2024 2.6% | Sep 2024 3.3% | Dec 2024 1.0% | Mar 2025 2.5% | Jun 2025 2.2% | Sep 2025 3.2% | Dec 2025 1.8% | Mar 2026 3.2% | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 2.1% | Mar 2022 — | Jun 2022 2.5% | Sep 2022 3.3% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 -0.1% | Dec 2023 -1.4% | Mar 2024 -0.3% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 1.8% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 1.3% | Dec 2025 1.0% | Mar 2026 — | Jun 2026 1.5%
- OTTR: Sep 2021 3.4% | Dec 2021 3.2% | Mar 2022 4.3% | Jun 2022 5.1% | Sep 2022 4.8% | Dec 2022 2.2% | Mar 2023 3.1% | Jun 2023 3.9% | Sep 2023 4.4% | Dec 2023 2.5% | Mar 2024 3.3% | Jun 2024 3.7% | Sep 2024 3.5% | Dec 2024 2.1% | Mar 2025 2.6% | Jun 2025 2.9% | Sep 2025 2.8% | Dec 2025 1.9% | Mar 2026 2.4% | Jun 2026 —
- DLX: Sep 2021 1.8% | Dec 2021 2.3% | Mar 2022 1.6% | Jun 2022 2.1% | Sep 2022 1.7% | Dec 2022 1.9% | Mar 2023 1.4% | Jun 2023 2.3% | Sep 2023 0.9% | Dec 2023 2.2% | Mar 2024 1.9% | Jun 2024 2.6% | Sep 2024 1.9% | Dec 2024 2.1% | Mar 2025 2.2% | Jun 2025 2.7% | Sep 2025 3.5% | Dec 2025 2.2% | Mar 2026 3.3% | Jun 2026 —
- TTI: Sep 2021 -1.7% | Dec 2021 -2.5% | Mar 2022 -0.5% | Jun 2022 -2.0% | Sep 2022 -1.3% | Dec 2022 -1.7% | Mar 2023 0.3% | Jun 2023 3.5% | Sep 2023 0.5% | Dec 2023 -2.8% | Mar 2024 0.0% | Jun 2024 3.4% | Sep 2024 0.8% | Dec 2024 -0.3% | Mar 2025 2.1% | Jun 2025 3.0% | Sep 2025 0.4% | Dec 2025 -2.1% | Mar 2026 0.7% | Jun 2026 —
- FBYD: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -6.5% | Dec 2022 -7.4% | Mar 2023 -27% | Jun 2023 -23% | Sep 2023 -23% | Dec 2023 72% | Mar 2024 17% | Jun 2024 -43% | Sep 2024 -4.5% | Dec 2024 6.7% | Mar 2025 10% | Jun 2025 15% | Sep 2025 -13% | Dec 2025 -7.6% | Mar 2026 30% | Jun 2026 —
- MATW: Sep 2021 0.4% | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 -4.6% | Dec 2022 1.1% | Mar 2023 1.5% | Jun 2023 1.4% | Sep 2023 1.8% | Dec 2023 0.6% | Mar 2024 1.4% | Jun 2024 0.4% | Sep 2024 -3.4% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 5.2% | Sep 2025 -0.8% | Dec 2025 7.4% | Mar 2026 -0.2% | Jun 2026 —
- CODI: Sep 2021 1.9% | Dec 2021 0.6% | Mar 2022 1.7% | Jun 2022 1.9% | Sep 2022 1.5% | Dec 2022 0.3% | Mar 2023 1.1% | Jun 2023 1.3% | Sep 2023 0.5% | Dec 2023 -4.7% | Mar 2024 -0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 -0.8% | Mar 2025 0.2% | Jun 2025 -1.3% | Sep 2025 -0.5% | Dec 2025 2.6% | Mar 2026 -0.1% | Jun 2026 —
- FIP: Sep 2021 0.0% | Dec 2021 -0.7% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 -7.3% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.1% | Jun 2026 —
- TRC: Sep 2021 -0.2% | Dec 2021 -0.1% | Mar 2022 1.0% | Jun 2022 -0.4% | Sep 2022 2.0% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 -0.3% | Sep 2023 0.0% | Dec 2023 -0.4% | Mar 2024 -0.7% | Jun 2024 -0.6% | Sep 2024 -0.7% | Dec 2024 0.4% | Mar 2025 -0.7% | Jun 2025 -0.7% | Sep 2025 -0.3% | Dec 2025 0.4% | Mar 2026 -0.2% | Jun 2026 —
- BOC: Sep 2021 -0.5% | Dec 2021 -2.7% | Mar 2022 -0.4% | Jun 2022 -0.1% | Sep 2022 -0.3% | Dec 2022 0.0% | Mar 2023 -0.5% | Jun 2023 -0.2% | Sep 2023 -0.3% | Dec 2023 -0.3% | Mar 2024 -0.3% | Jun 2024 -0.6% | Sep 2024 -0.1% | Dec 2024 -0.2% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 -0.2% | Dec 2025 -0.2% | Mar 2026 -0.3% | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 7.2% | Dec 2023 7.2% | Mar 2024 15% | Jun 2024 15% | Sep 2024 6.7% | Dec 2024 6.7% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 -0.3% | Dec 2025 -0.3% | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 115% | Mar 2022 157% | Jun 2022 166% | Sep 2022 201% | Dec 2022 151% | Mar 2023 — | Jun 2023 131% | Sep 2023 168% | Dec 2023 129% | Mar 2024 129% | Jun 2024 136% | Sep 2024 116% | Dec 2024 109% | Mar 2025 11% | Jun 2025 110% | Sep 2025 93% | Dec 2025 — | Mar 2026 109% | Jun 2026 7.9%
- NNBR: Sep 2021 -1.3% | Dec 2021 -0.8% | Mar 2022 0.1% | Jun 2022 -1.0% | Sep 2022 -0.4% | Dec 2022 -2.3% | Mar 2023 -1.0% | Jun 2023 -1.3% | Sep 2023 -0.9% | Dec 2023 -2.3% | Mar 2024 -1.6% | Jun 2024 -1.2% | Sep 2024 -1.3% | Dec 2024 -1.4% | Mar 2025 -1.8% | Jun 2025 -1.1% | Sep 2025 -0.8% | Dec 2025 -3.4% | Mar 2026 -1.1% | Jun 2026 —
- TUSK: Sep 2021 -8.3% | Dec 2021 4.1% | Mar 2022 -2.9% | Jun 2022 -0.3% | Sep 2022 0.7% | Dec 2022 13% | Mar 2023 1.2% | Jun 2023 -1.4% | Sep 2023 -1.6% | Dec 2023 -1.4% | Mar 2024 -2.4% | Jun 2024 -23% | Sep 2024 -2.8% | Dec 2024 8.3% | Mar 2025 -0.3% | Jun 2025 -12% | Sep 2025 -3.2% | Dec 2025 -3.6% | Mar 2026 -0.3% | Jun 2026 —
- BOOM: Sep 2021 0.4% | Dec 2021 -1.1% | Mar 2022 -0.8% | Jun 2022 1.8% | Sep 2022 2.4% | Dec 2022 1.4% | Mar 2023 1.0% | Jun 2023 3.6% | Sep 2023 2.4% | Dec 2023 1.2% | Mar 2024 0.9% | Jun 2024 1.6% | Sep 2024 -22% | Dec 2024 -0.1% | Mar 2025 1.0% | Jun 2025 0.6% | Sep 2025 0.1% | Dec 2025 -2.1% | Mar 2026 -0.8% | Jun 2026 —

### 20-quarter ROCE change history
- MMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.3 pp | Dec 2022 −2.5 pp | Mar 2023 −0.9 pp | Jun 2023 −25.7 pp | Sep 2023 −19.7 pp | Dec 2023 +0.8 pp | Mar 2024 −0.5 pp | Jun 2024 +29.2 pp | Sep 2024 +12.8 pp | Dec 2024 +0.9 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.9 pp | Dec 2025 −0.6 pp | Mar 2026 +1.5 pp | Jun 2026 −0.2 pp
- HON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −4.6 pp | Mar 2023 +1.0 pp | Jun 2023 +0.7 pp | Sep 2023 +0.2 pp | Dec 2023 +4.3 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.7 pp | Dec 2024 −0.6 pp | Mar 2025 −0.8 pp | Jun 2025 −1.1 pp | Sep 2025 +0.3 pp | Dec 2025 −1.5 pp | Mar 2026 −1.0 pp | Jun 2026 +10.5 pp
- VMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +2.0 pp | Mar 2023 — | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 −1.7 pp | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 −0.1 pp | Dec 2024 +2.3 pp | Mar 2025 0.0 pp | Jun 2025 −4.1 pp | Sep 2025 +0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +1.2 pp | Jun 2026 +5.2 pp
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.1 pp | Mar 2023 −1.8 pp | Jun 2023 −1.2 pp | Sep 2023 −0.4 pp | Dec 2023 −4.4 pp | Mar 2024 −0.4 pp | Jun 2024 −1.0 pp | Sep 2024 −0.1 pp | Dec 2024 −1.6 pp | Mar 2025 +6.0 pp | Jun 2025 +0.7 pp | Sep 2025 0.0 pp | Dec 2025 +4.7 pp | Mar 2026 −4.3 pp | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.2 pp | Mar 2023 0.0 pp | Jun 2023 −0.5 pp | Sep 2023 −1.8 pp | Dec 2023 −3.9 pp | Mar 2024 −0.4 pp | Jun 2024 −0.7 pp | Sep 2024 −0.3 pp | Dec 2024 +0.9 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +0.8 pp | Mar 2026 +0.7 pp | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 — | Jun 2023 −3.5 pp | Sep 2023 −3.4 pp | Dec 2023 −4.0 pp | Mar 2024 — | Jun 2024 +1.5 pp | Sep 2024 +0.6 pp | Dec 2024 +3.2 pp | Mar 2025 +0.9 pp | Jun 2025 +0.3 pp | Sep 2025 +0.8 pp | Dec 2025 −0.8 pp | Mar 2026 — | Jun 2026 +0.7 pp
- OTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −1.0 pp | Mar 2023 −1.2 pp | Jun 2023 −1.2 pp | Sep 2023 −0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.9 pp | Dec 2024 −0.4 pp | Mar 2025 −0.7 pp | Jun 2025 −0.8 pp | Sep 2025 −0.7 pp | Dec 2025 −0.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- DLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 −0.8 pp | Dec 2023 +0.3 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 +1.0 pp | Dec 2024 −0.1 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +1.6 pp | Dec 2025 +0.1 pp | Mar 2026 +1.1 pp | Jun 2026 —
- TTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.8 pp | Mar 2023 +0.8 pp | Jun 2023 +5.5 pp | Sep 2023 +1.8 pp | Dec 2023 −1.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +2.5 pp | Mar 2025 +2.1 pp | Jun 2025 −0.4 pp | Sep 2025 −0.4 pp | Dec 2025 −1.8 pp | Mar 2026 −1.4 pp | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 −7.4 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −16.5 pp | Dec 2023 +79.7 pp | Mar 2024 +43.4 pp | Jun 2024 −20.7 pp | Sep 2024 +18.5 pp | Dec 2024 −65.6 pp | Mar 2025 −6.8 pp | Jun 2025 +58.6 pp | Sep 2025 −8.9 pp | Dec 2025 −14.3 pp | Mar 2026 +19.7 pp | Jun 2026 —
- MATW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 +0.5 pp | Mar 2023 +1.1 pp | Jun 2023 +0.7 pp | Sep 2023 +6.4 pp | Dec 2023 −0.5 pp | Mar 2024 −0.1 pp | Jun 2024 −1.0 pp | Sep 2024 −5.2 pp | Dec 2024 −0.2 pp | Mar 2025 −1.0 pp | Jun 2025 +4.8 pp | Sep 2025 +2.6 pp | Dec 2025 +7.0 pp | Mar 2026 −0.6 pp | Jun 2026 —
- CODI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.6 pp | Sep 2023 −1.0 pp | Dec 2023 −5.0 pp | Mar 2024 −1.4 pp | Jun 2024 −1.1 pp | Sep 2024 −0.3 pp | Dec 2024 +3.9 pp | Mar 2025 +0.5 pp | Jun 2025 −1.5 pp | Sep 2025 −0.7 pp | Dec 2025 +3.4 pp | Mar 2026 −0.3 pp | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +7.3 pp | Mar 2026 — | Jun 2026 —
- TRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +0.1 pp | Mar 2023 −0.9 pp | Jun 2023 +0.1 pp | Sep 2023 −2.0 pp | Dec 2023 −0.4 pp | Mar 2024 −0.8 pp | Jun 2024 −0.3 pp | Sep 2024 −0.7 pp | Dec 2024 +0.8 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- BOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +2.7 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.5 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.2 pp | Dec 2023 +7.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 −0.5 pp | Mar 2025 −14.0 pp | Jun 2025 −14.0 pp | Sep 2025 −7.0 pp | Dec 2025 −7.0 pp | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +36.6 pp | Mar 2023 — | Jun 2023 −35.5 pp | Sep 2023 −32.2 pp | Dec 2023 −22.1 pp | Mar 2024 — | Jun 2024 +5.3 pp | Sep 2024 −52.1 pp | Dec 2024 −20.0 pp | Mar 2025 −118.2 pp | Jun 2025 −25.8 pp | Sep 2025 −23.6 pp | Dec 2025 — | Mar 2026 +98.3 pp | Jun 2026 −102.4 pp
- NNBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −1.5 pp | Mar 2023 −1.1 pp | Jun 2023 −0.3 pp | Sep 2023 −0.5 pp | Dec 2023 0.0 pp | Mar 2024 −0.6 pp | Jun 2024 +0.1 pp | Sep 2024 −0.4 pp | Dec 2024 +0.9 pp | Mar 2025 −0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.5 pp | Dec 2025 −2.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- TUSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 +8.6 pp | Mar 2023 +4.1 pp | Jun 2023 −1.1 pp | Sep 2023 −2.3 pp | Dec 2023 −14.1 pp | Mar 2024 −3.6 pp | Jun 2024 −21.5 pp | Sep 2024 −1.2 pp | Dec 2024 +9.7 pp | Mar 2025 +2.1 pp | Jun 2025 +11.2 pp | Sep 2025 −0.4 pp | Dec 2025 −11.9 pp | Mar 2026 0.0 pp | Jun 2026 —
- BOOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.5 pp | Mar 2023 +1.8 pp | Jun 2023 +1.8 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −2.0 pp | Sep 2024 −24.8 pp | Dec 2024 −1.3 pp | Mar 2025 +0.1 pp | Jun 2025 −1.0 pp | Sep 2025 +22.5 pp | Dec 2025 −2.0 pp | Mar 2026 −1.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Deluxe Corporation has the lowest comparable Guarded PEG at 0.23×, 11.5% below Pampa Energía S.A.. Only 5 of 20 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: Deluxe Corporation · 0.23× | 11.5% versus #2 · Pampa Energía S.A. | 0/8 recent comparable periods | 5/20 companies · 22 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. Deluxe Corporation (DLX): 0.2
2. Pampa Energía S.A. (PAM): 0.3
3. Otter Tail Corporation (OTTR): 1.2
4. Tejon Ranch Co. (TRC): 1.7
5. Matthews International Corporation (MATW): 2.5

### P/E — lowest P/E
1. Honeywell International Inc. (HON): 8.3
2. RCM Technologies, Inc. (RCMT): 9.1
3. Seaboard Corporation (SEB): 9.7
4. Pampa Energía S.A. (PAM): 11.2
5. Deluxe Corporation (DLX): 12.1

### 20-quarter Guarded PEG history
- HON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 — | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VMI: 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 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SEB: 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 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 —
- TRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.7 | 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 —
- BOOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- MMM: Sep 2021 14.4 | Dec 2021 14.7 | Mar 2022 13.0 | Jun 2022 15.1 | Sep 2022 8.1 | Dec 2022 9.9 | Mar 2023 9.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 60.1 | Sep 2024 17.3 | Dec 2024 17.1 | Mar 2025 18.5 | Jun 2025 21.2 | Sep 2025 24.8 | Dec 2025 26.7 | Mar 2026 28.0 | Jun 2026 28.8
- HON: Sep 2021 27.3 | Dec 2021 13.0 | Mar 2022 12.8 | Jun 2022 11.7 | Sep 2022 10.6 | Dec 2022 14.6 | Mar 2023 12.3 | Jun 2023 12.7 | Sep 2023 11.3 | Dec 2023 12.2 | Mar 2024 11.8 | Jun 2024 12.0 | Sep 2024 11.8 | Dec 2024 12.8 | Mar 2025 12.0 | Jun 2025 13.1 | Sep 2025 11.0 | Dec 2025 13.9 | Mar 2026 16.8 | Jun 2026 8.3
- VMI: Sep 2021 24.9 | Dec 2021 27.2 | Mar 2022 25.5 | Jun 2022 22.2 | Sep 2022 23.0 | Dec 2022 28.5 | Mar 2023 — | Jun 2023 26.2 | Sep 2023 22.6 | Dec 2023 34.4 | Mar 2024 30.2 | Jun 2024 33.2 | Sep 2024 19.6 | Dec 2024 17.8 | Mar 2025 16.9 | Jun 2025 31.1 | Sep 2025 33.2 | Dec 2025 24.6 | Mar 2026 21.8 | Jun 2026 22.2
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 35.8 | Mar 2024 30.0 | Jun 2024 24.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 163.7 | Jun 2026 —
- PAM: Sep 2021 — | Dec 2021 4.4 | Mar 2022 4.0 | Jun 2022 3.5 | Sep 2022 3.3 | Dec 2022 3.9 | Mar 2023 3.5 | Jun 2023 4.1 | Sep 2023 3.8 | Dec 2023 9.0 | Mar 2024 5.8 | Jun 2024 6.5 | Sep 2024 8.5 | Dec 2024 7.7 | Mar 2025 7.9 | Jun 2025 7.8 | Sep 2025 9.0 | Dec 2025 12.6 | Mar 2026 11.2 | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 11.2 | Mar 2022 — | Jun 2022 10.0 | Sep 2022 10.5 | Dec 2022 8.3 | Mar 2023 — | Jun 2023 9.5 | Sep 2023 10.2 | Dec 2023 17.7 | Mar 2024 12.7 | Jun 2024 11.7 | Sep 2024 345.3 | Dec 2024 26.8 | Mar 2025 96.9 | Jun 2025 40.4 | Sep 2025 11.1 | Dec 2025 8.6 | Mar 2026 — | Jun 2026 9.7
- OTTR: Sep 2021 16.2 | Dec 2021 16.9 | Mar 2022 11.8 | Jun 2022 10.6 | Sep 2022 8.7 | Dec 2022 8.7 | Mar 2023 11.0 | Jun 2023 12.2 | Sep 2023 11.5 | Dec 2023 12.1 | Mar 2024 11.9 | Jun 2024 11.8 | Sep 2024 10.8 | Dec 2024 10.3 | Mar 2025 11.5 | Jun 2025 11.3 | Sep 2025 12.4 | Dec 2025 12.3 | Mar 2026 13.2 | Jun 2026 —
- DLX: Sep 2021 21.0 | Dec 2021 22.1 | Mar 2022 27.5 | Jun 2022 16.4 | Sep 2022 12.1 | Dec 2022 11.3 | Mar 2023 11.9 | Jun 2023 14.5 | Sep 2023 27.4 | Dec 2023 36.4 | Mar 2024 26.7 | Jun 2024 26.1 | Sep 2024 15.7 | Dec 2024 19.1 | Mar 2025 12.7 | Jun 2025 12.3 | Sep 2025 10.6 | Dec 2025 12.4 | Mar 2026 12.1 | Jun 2026 —
- TTI: Sep 2021 4.1 | Dec 2021 3.5 | Mar 2022 205.5 | Jun 2022 50.8 | Sep 2022 59.8 | Dec 2022 57.7 | Mar 2023 53.0 | Jun 2023 18.8 | Sep 2023 29.0 | Dec 2023 22.6 | Mar 2024 27.7 | Jun 2024 43.3 | Sep 2024 155.0 | Dec 2024 4.4 | Mar 2025 4.0 | Jun 2025 3.9 | Sep 2025 6.3 | Dec 2025 468.5 | Mar 2026 170.4 | Jun 2026 —
- FBYD: 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 5.7 | Mar 2025 87.2 | Jun 2025 14.7 | Sep 2025 — | Dec 2025 500.3 | Mar 2026 67.1 | Jun 2026 —
- MATW: Sep 2021 5,781.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 280.3 | Jun 2023 105.8 | Sep 2023 30.9 | Dec 2023 34.6 | Mar 2024 29.3 | Jun 2024 29.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 36.8 | Mar 2026 83.3 | Jun 2026 —
- CODI: Sep 2021 52.2 | Dec 2021 — | Mar 2022 46.6 | Jun 2022 20.2 | Sep 2022 — | Dec 2022 — | Mar 2023 22.5 | Jun 2023 94.3 | Sep 2023 110.4 | Dec 2023 32.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TRC: Sep 2021 253.7 | Dec 2021 95.4 | Mar 2022 45.7 | Jun 2022 59.7 | Sep 2022 22.9 | Dec 2022 31.9 | Mar 2023 37.3 | Jun 2023 32.5 | Sep 2023 115.9 | Dec 2023 143.3 | Mar 2024 513.7 | Jun 2024 284.3 | Sep 2024 — | Dec 2024 159.0 | Mar 2025 176.1 | Jun 2025 — | Sep 2025 133.2 | Dec 2025 — | Mar 2026 269.1 | Jun 2026 —
- BOC: Sep 2021 12.1 | Dec 2021 15.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 77.9 | Mar 2023 — | Jun 2023 156.8 | Sep 2023 136.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 543.5 | Jun 2025 579.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 39.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 22.7 | Mar 2022 7.5 | Jun 2022 7.4 | Sep 2022 9.9 | Dec 2022 8.2 | Mar 2023 — | Jun 2023 6.5 | Sep 2023 10.9 | Dec 2023 14.8 | Mar 2024 10.4 | Jun 2024 9.1 | Sep 2024 10.5 | Dec 2024 13.8 | Mar 2025 9.2 | Jun 2025 13.1 | Sep 2025 15.8 | Dec 2025 — | Mar 2026 9.3 | Jun 2026 9.1
- TUSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 9.0 | Jun 2023 14.2 | Sep 2023 29.0 | Dec 2023 446.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 18.5 | Mar 2026 — | Jun 2026 —
- BOOM: Sep 2021 410.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27.0 | Mar 2023 18.8 | Jun 2023 10.6 | Sep 2023 15.4 | Dec 2023 17.4 | Mar 2024 17.7 | Jun 2024 22.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Mammoth Energy Services, Inc. leads ev/ebitda at 0.16×; DMC Global Inc. leads p/bv at 0.45×.

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: Mammoth Energy Services, Inc. · 0.16× | 70.9% versus #2 · RCM Technologies, Inc. | 0/8 recent comparable periods | 20/20 companies · 292 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. Mammoth Energy Services, Inc. (TUSK): 0.2
2. RCM Technologies, Inc. (RCMT): 0.6
3. Falcon's Beyond Global, Inc. (FBYD): 2.3
4. Matthews International Corporation (MATW): 6.6
5. Honeywell International Inc. (HON): 6.6

### P/BV — lowest P/BV
1. DMC Global Inc. (BOOM): 0.5
2. Mammoth Energy Services, Inc. (TUSK): 0.5
3. Boston Omaha Corporation (BOC): 0.7
4. Seaboard Corporation (SEB): 1.1
5. Tejon Ranch Co. (TRC): 1.1

### 20-quarter EV/EBITDA history
- MMM: Sep 2021 10.3 | Dec 2021 10.6 | Mar 2022 9.5 | Jun 2022 10.7 | Sep 2022 6.8 | Dec 2022 11.0 | Mar 2023 7.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 29.4 | Sep 2024 13.0 | Dec 2024 12.1 | Mar 2025 14.0 | Jun 2025 15.1 | Sep 2025 14.6 | Dec 2025 15.4 | Mar 2026 13.8 | Jun 2026 15.4
- HON: Sep 2021 17.9 | Dec 2021 9.0 | Mar 2022 8.6 | Jun 2022 7.6 | Sep 2022 6.7 | Dec 2022 10.1 | Mar 2023 11.0 | Jun 2023 11.4 | Sep 2023 10.1 | Dec 2023 10.1 | Mar 2024 8.7 | Jun 2024 9.3 | Sep 2024 9.1 | Dec 2024 11.1 | Mar 2025 9.8 | Jun 2025 11.0 | Sep 2025 9.5 | Dec 2025 10.7 | Mar 2026 11.7 | Jun 2026 6.6
- VMI: Sep 2021 15.8 | Dec 2021 16.6 | Mar 2022 15.4 | Jun 2022 13.5 | Sep 2022 13.7 | Dec 2022 15.0 | Mar 2023 — | Jun 2023 14.2 | Sep 2023 12.7 | Dec 2023 15.0 | Mar 2024 14.3 | Jun 2024 15.9 | Sep 2024 11.9 | Dec 2024 11.1 | Mar 2025 10.5 | Jun 2025 15.0 | Sep 2025 16.3 | Dec 2025 17.7 | Mar 2026 15.8 | Jun 2026 17.7
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 6.3 | Jun 2022 6.6 | Sep 2022 10.9 | Dec 2022 12.5 | Mar 2023 9.1 | Jun 2023 8.2 | Sep 2023 8.5 | Dec 2023 13.6 | Mar 2024 15.3 | Jun 2024 20.2 | Sep 2024 24.1 | Dec 2024 30.8 | Mar 2025 7.0 | Jun 2025 6.8 | Sep 2025 7.1 | Dec 2025 12.2 | Mar 2026 21.7 | Jun 2026 —
- PAM: Sep 2021 2.7 | Dec 2021 2.6 | Mar 2022 2.7 | Jun 2022 2.6 | Sep 2022 2.8 | Dec 2022 3.2 | Mar 2023 3.3 | Jun 2023 3.8 | Sep 2023 3.5 | Dec 2023 4.0 | Mar 2024 5.4 | Jun 2024 5.4 | Sep 2024 7.0 | Dec 2024 5.6 | Mar 2025 9.2 | Jun 2025 10.3 | Sep 2025 9.2 | Dec 2025 5.6 | Mar 2026 8.8 | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 7.0 | Mar 2022 — | Jun 2022 7.6 | Sep 2022 6.9 | Dec 2022 5.7 | Mar 2023 — | Jun 2023 6.7 | Sep 2023 8.4 | Dec 2023 21.1 | Mar 2024 16.0 | Jun 2024 14.0 | Sep 2024 15.5 | Dec 2024 6.3 | Mar 2025 6.2 | Jun 2025 6.3 | Sep 2025 6.9 | Dec 2025 8.8 | Mar 2026 — | Jun 2026 10.4
- OTTR: Sep 2021 10.8 | Dec 2021 11.2 | Mar 2022 8.7 | Jun 2022 7.8 | Sep 2022 6.6 | Dec 2022 6.5 | Mar 2023 8.1 | Jun 2023 8.9 | Sep 2023 8.4 | Dec 2023 8.9 | Mar 2024 8.9 | Jun 2024 8.8 | Sep 2024 8.2 | Dec 2024 7.8 | Mar 2025 8.6 | Jun 2025 8.5 | Sep 2025 8.9 | Dec 2025 8.7 | Mar 2026 9.6 | Jun 2026 —
- DLX: Sep 2021 12.2 | Dec 2021 10.6 | Mar 2022 10.0 | Jun 2022 7.8 | Sep 2022 7.0 | Dec 2022 7.0 | Mar 2023 7.0 | Jun 2023 7.0 | Sep 2023 7.6 | Dec 2023 7.6 | Mar 2024 7.4 | Jun 2024 7.5 | Sep 2024 6.5 | Dec 2024 7.0 | Mar 2025 6.2 | Jun 2025 6.3 | Sep 2025 6.3 | Dec 2025 6.6 | Mar 2026 6.7 | Jun 2026 —
- TTI: Sep 2021 — | Dec 2021 — | Mar 2022 153.2 | Jun 2022 68.2 | Sep 2022 38.8 | Dec 2022 39.0 | Mar 2023 23.5 | Jun 2023 15.6 | Sep 2023 22.9 | Dec 2023 18.6 | Mar 2024 15.3 | Jun 2024 12.9 | Sep 2024 12.3 | Dec 2024 13.0 | Mar 2025 10.5 | Jun 2025 9.8 | Sep 2025 15.2 | Dec 2025 27.5 | Mar 2026 29.3 | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.2 | Mar 2024 3.3 | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MATW: Sep 2021 97.8 | Dec 2021 100.0 | Mar 2022 98.0 | Jun 2022 91.7 | Sep 2022 182.4 | Dec 2022 259.9 | Mar 2023 237.1 | Jun 2023 240.2 | Sep 2023 100.8 | Dec 2023 100.6 | Mar 2024 10.5 | Jun 2024 10.2 | Sep 2024 18.3 | Dec 2024 21.9 | Mar 2025 26.6 | Jun 2025 12.5 | Sep 2025 10.1 | Dec 2025 6.0 | Mar 2026 6.6 | Jun 2026 —
- CODI: Sep 2021 17.2 | Dec 2021 15.8 | Mar 2022 13.2 | Jun 2022 11.3 | Sep 2022 12.2 | Dec 2022 13.9 | Mar 2023 12.9 | Jun 2023 14.1 | Sep 2023 15.0 | Dec 2023 56.7 | Mar 2024 326.8 | Jun 2024 — | Sep 2024 — | Dec 2024 31.8 | Mar 2025 39.6 | Jun 2025 28.9 | Sep 2025 46.1 | Dec 2025 16.8 | Mar 2026 20.9 | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 10.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 35.5 | Mar 2026 — | Jun 2026 —
- TRC: Sep 2021 136.8 | Dec 2021 121.0 | Mar 2022 46.6 | Jun 2022 73.5 | Sep 2022 21.6 | Dec 2022 26.8 | Mar 2023 35.0 | Jun 2023 32.7 | Sep 2023 152.4 | Dec 2023 414.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 386.1 | Jun 2026 —
- BOC: Sep 2021 133.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 53.3 | Mar 2023 44.7 | Jun 2023 37.4 | Sep 2023 32.7 | Dec 2023 34.1 | Mar 2024 30.3 | Jun 2024 30.3 | Sep 2024 28.8 | Dec 2024 25.0 | Mar 2025 23.4 | Jun 2025 19.0 | Sep 2025 17.0 | Dec 2025 16.1 | Mar 2026 15.5 | Jun 2026 —
- MAMK: 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 51.2 | Dec 2025 262.8 | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 1.0 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 8.7 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 6.4 | Jun 2026 0.6
- NNBR: Sep 2021 11.8 | Dec 2021 11.8 | Mar 2022 10.8 | Jun 2022 11.6 | Sep 2022 9.7 | Dec 2022 11.1 | Mar 2023 12.8 | Jun 2023 16.5 | Sep 2023 16.1 | Dec 2023 21.7 | Mar 2024 25.4 | Jun 2024 20.5 | Sep 2024 24.7 | Dec 2024 19.8 | Mar 2025 22.0 | Jun 2025 24.9 | Sep 2025 23.5 | Dec 2025 39.9 | Mar 2026 31.6 | Jun 2026 —
- TUSK: Sep 2021 7.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.2 | Dec 2022 14.4 | Mar 2023 4.1 | Jun 2023 4.5 | Sep 2023 6.3 | Dec 2023 7.2 | Mar 2024 50.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- BOOM: Sep 2021 39.8 | Dec 2021 112.7 | Mar 2022 45.1 | Jun 2022 16.5 | Sep 2022 10.2 | Dec 2022 6.1 | Mar 2023 8.6 | Jun 2023 6.8 | Sep 2023 9.5 | Dec 2023 4.8 | Mar 2024 9.2 | Jun 2024 10.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 10.3 | Dec 2025 10.2 | Mar 2026 11.7 | Jun 2026 —

### 20-quarter P/BV history
- MMM: Sep 2021 5.8 | Dec 2021 5.6 | Mar 2022 4.7 | Jun 2022 4.5 | Sep 2022 3.6 | Dec 2022 3.7 | Mar 2023 3.2 | Jun 2023 5.9 | Sep 2023 9.3 | Dec 2023 10.5 | Mar 2024 10.1 | Jun 2024 14.3 | Sep 2024 16.0 | Dec 2024 18.1 | Mar 2025 17.7 | Jun 2025 18.9 | Sep 2025 17.8 | Dec 2025 18.1 | Mar 2026 23.2 | Jun 2026 28.3
- HON: Sep 2021 8.2 | Dec 2021 3.8 | Mar 2022 3.6 | Jun 2022 3.3 | Sep 2022 3.1 | Dec 2022 4.2 | Mar 2023 3.7 | Jun 2023 3.9 | Sep 2023 3.5 | Dec 2023 4.3 | Mar 2024 4.0 | Jun 2024 4.1 | Sep 2024 3.8 | Dec 2024 3.9 | Mar 2025 3.9 | Jun 2025 4.5 | Sep 2025 3.9 | Dec 2025 4.7 | Mar 2026 5.5 | Jun 2026 3.8
- VMI: Sep 2021 3.9 | Dec 2021 3.8 | Mar 2022 3.5 | Jun 2022 3.2 | Sep 2022 3.6 | Dec 2022 4.5 | Mar 2023 — | Jun 2023 4.4 | Sep 2023 3.9 | Dec 2023 3.5 | Mar 2024 3.3 | Jun 2024 3.8 | Sep 2024 3.8 | Dec 2024 4.0 | Mar 2025 3.5 | Jun 2025 4.4 | Sep 2025 4.8 | Dec 2025 5.0 | Mar 2026 4.6 | Jun 2026 —
- BBUC: Sep 2021 — | Dec 2021 — | Mar 2022 -1.3 | Jun 2022 10.7 | Sep 2022 4.4 | Dec 2022 1.4 | Mar 2023 2.7 | Jun 2023 1.5 | Sep 2023 1.2 | Dec 2023 2.6 | Mar 2024 3.3 | Jun 2024 2.4 | Sep 2024 6.6 | Dec 2024 -40.7 | Mar 2025 -33.3 | Jun 2025 -19.2 | Sep 2025 -6.6 | Dec 2025 -5.0 | Mar 2026 1.2 | Jun 2026 —
- PAM: Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 —
- SEB: Sep 2021 — | Dec 2021 1.1 | Mar 2022 — | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 1.1
- OTTR: Sep 2021 2.4 | Dec 2021 3.0 | Mar 2022 2.5 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 2.3 | Dec 2023 2.5 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 —
- DLX: Sep 2021 2.7 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 —
- TTI: Sep 2021 3.9 | Dec 2021 3.6 | Mar 2022 4.9 | Jun 2022 4.9 | Sep 2022 4.5 | Dec 2022 4.1 | Mar 2023 2.9 | Jun 2023 3.2 | Sep 2023 5.8 | Dec 2023 4.0 | Mar 2024 3.9 | Jun 2024 2.9 | Sep 2024 2.6 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 1.5 | Sep 2025 2.6 | Dec 2025 4.4 | Mar 2026 4.0 | Jun 2026 —
- FBYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.7 | Mar 2024 -1.6 | Jun 2024 -2.4 | Sep 2024 -70.6 | Dec 2024 -11.8 | Mar 2025 -6.4 | Jun 2025 515.5 | Sep 2025 44.9 | Dec 2025 60.6 | Mar 2026 97.5 | Jun 2026 —
- MATW: Sep 2021 25.7 | Dec 2021 26.9 | Mar 2022 24.2 | Jun 2022 22.3 | Sep 2022 20.9 | Dec 2022 27.5 | Mar 2023 32.1 | Jun 2023 37.3 | Sep 2023 33.8 | Dec 2023 33.2 | Mar 2024 1.9 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 1.4 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- CODI: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 2.6 | Mar 2025 -8.4 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 1.5 | Jun 2026 —
- FIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.3 | Dec 2024 4.1 | Mar 2025 — | Jun 2025 — | Sep 2025 23.8 | Dec 2025 25.1 | Mar 2026 -4.8 | Jun 2026 —
- TRC: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 —
- BOC: Sep 2021 2.3 | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- MAMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.3 | Dec 2025 6.6 | Mar 2026 — | Jun 2026 —
- RCMT: Sep 2021 — | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 3.7 | Sep 2022 5.4 | Dec 2022 4.5 | Mar 2023 — | Jun 2023 3.6 | Sep 2023 7.2 | Dec 2023 8.8 | Mar 2024 5.8 | Jun 2024 5.0 | Sep 2024 5.2 | Dec 2024 5.3 | Mar 2025 3.4 | Jun 2025 4.5 | Sep 2025 4.8 | Dec 2025 — | Mar 2026 3.2 | Jun 2026 3.1
- NNBR: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 1.5 | Mar 2024 2.0 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 2.2 | Mar 2025 1.7 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.9 | Jun 2026 —
- TUSK: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.4 | Dec 2022 0.9 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.5 | Jun 2026 —
- BOOM: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 1.0 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 —

## Market action

MaxsMaking Inc. has the strongest one-year price move in Conglomerates at +383.3%. NN, Inc. leads on Mansfield relative strength against the S&P 500 at +54.9%. 11 of 19 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. MaxsMaking Inc. (MAMK): 383%
2. TETRA Technologies, Inc. (TTI): 88%
3. Deluxe Corporation (DLX): 75%
4. NN, Inc. (NNBR): 70%
5. Compass Diversified (CODI): 62%

### Strongest relative strength versus NIFTY 500
1. NN, Inc. (NNBR): 55%
2. Compass Diversified (CODI): 22%
3. RCM Technologies, Inc. (RCMT): 15%
4. Deluxe Corporation (DLX): 8.0%
5. 3M Company (MMM): 6.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- 3M Company (MMM) — market value ₹94.1K Cr; latest fundamentals Jun 2026
- Honeywell International Inc. (HON) — market value ₹78.3K Cr; latest fundamentals Jun 2026
- Valmont Industries, Inc. (VMI) — market value ₹9.3K Cr; latest fundamentals Jun 2026
- Brookfield Business Corporation (BBUC) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Pampa Energía S.A. (PAM) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Seaboard Corporation (SEB) — market value ₹4.4K Cr; latest fundamentals Jun 2026
- Otter Tail Corporation (OTTR) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Deluxe Corporation (DLX) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- TETRA Technologies, Inc. (TTI) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Falcon's Beyond Global, Inc. (FBYD) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Matthews International Corporation (MATW) — market value ₹900 Cr; latest fundamentals Mar 2026
- Compass Diversified (CODI) — market value ₹777 Cr; latest fundamentals Mar 2026
- FTAI Infrastructure Inc. (FIP) — market value ₹482 Cr; latest fundamentals Mar 2026
- Tejon Ranch Co. (TRC) — market value ₹467 Cr; latest fundamentals Mar 2026
- Boston Omaha Corporation (BOC) — market value ₹435 Cr; latest fundamentals Mar 2026
- MaxsMaking Inc. (MAMK) — market value ₹216 Cr; latest fundamentals Dec 2025
- RCM Technologies, Inc. (RCMT) — market value ₹205 Cr; latest fundamentals Jun 2026
- NN, Inc. (NNBR) — market value ₹179 Cr; latest fundamentals Mar 2026
- Mammoth Energy Services, Inc. (TUSK) — market value ₹125 Cr; latest fundamentals Mar 2026
- DMC Global Inc. (BOOM) — market value ₹112 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 Conglomerates company is the biggest?

Brookfield Business Corporation is the largest, with trailing-twelve-month revenue of $11,638 million, ahead of Pampa Energía S.A. at $2,157 million. That covers 13 of 20 companies with comparable reporting through Mar 2026.

### Which Conglomerates company is growing fastest?

Falcon's Beyond Global, Inc. has the fastest revenue growth at 100% year on year, across 13 of 20 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 Conglomerates company has the best profit margins?

Falcon's Beyond Global, Inc. has the highest operating margin at 120.7%, from 19 of 20 comparable companies. Falcon's Beyond Global, Inc. shows the biggest recent improvement, at +491.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Conglomerates company makes the most profit?

Pampa Energía S.A. earns the most, at $440 million of trailing-twelve-month net profit, from 13 of 20 comparable companies. Deluxe Corporation has the fastest profit growth at 85.7%, though growth off a small or recovering profit base overstates how much has actually changed.

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

Falcon's Beyond Global, Inc. leads on return on capital employed at 29.8%, across 20 of 20 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 Conglomerates stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Deluxe Corporation screens cheapest at 0.23×. Only 5 of 20 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 Conglomerates company has the strongest balance sheet?

Mammoth Energy Services, Inc. carries the lowest comparable gross debt at $3 million, from 19 of 20 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 Conglomerates company is investing most in new capacity?

Brookfield Business Corporation reports the largest capital spending at $489 million, across 20 of 20 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 Conglomerates sector beating the market?

Conglomerates has outperformed S&P 500 by 34.4% over the last 52 weeks and 6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

NN, Inc. 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 Conglomerates company scores highest for research priority?

Deluxe Corporation scores 65.4 out of 100 with 76% evidence confidence, from 24.8 points on growth and earnings, 11.8 on capital efficiency, 15.8 on valuation and 13 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 Conglomerates companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals and 7 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 Conglomerates sector?

The 20 Conglomerates companies on this page carry $208,632 million of combined market value. 3M Company is the largest at $94,109 million, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

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

The median price-to-earnings ratio across the 20 Conglomerates companies on this page is 28.8×, measured on the 18 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 Conglomerates sector performing?

11 of the 19 covered Conglomerates companies are beating S&P 500 on Mansfield relative strength. The sector itself is 34.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Conglomerates stocks are listed in the US?

This comparison covers 20 listed Conglomerates 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/conglomerates