# Electrical Equipment & Parts — company-by-company sector analysis > Electrical Equipment & Parts: Vertiv Holdings Co owns the largest revenue base; Amprius Technologies, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Electrical Equipment & Parts has outperformed S&P 500 by 37.5% over 52 weeks and 16.9% over 13 weeks. 9 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 26 beat the sector itself. Vertiv Holdings Co leads with revenue of $10,844 million, based on 24 of 30 comparable companies through Mar 2026. ### Is the Electrical Equipment & Parts sector outperforming S&P 500? Electrical Equipment & Parts has outperformed S&P 500 by 37.5% over 52 weeks and 16.9% over 13 weeks. 9 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 26 beat the sector itself. ### Which Electrical Equipment & Parts company is largest by revenue? Vertiv Holdings Co leads with revenue of $10,844 million, based on 24 of 30 comparable companies through Mar 2026. ### Which Electrical Equipment & Parts company is growing fastest? Amprius Technologies, Inc. has the fastest current revenue growth at 100%, across 22 of 30 comparable companies. ### Which Electrical Equipment & Parts company has the strongest 4-Factor Sector Score? Espey Mfg. & Electronics Corp. ranks first at 65/100 with 70.3% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Electrical Equipment & Parts company reports the most CAPEX? Vertiv Holdings Co reports the largest latest CAPEX at $113 million, with 29 of 30 companies comparable. ### Which Electrical Equipment & Parts company has the least gross debt? Lightbridge Corporation has the lowest comparable gross debt at $0 million. Energizer Holdings, Inc. has the highest at $3,407 million. ### Which Electrical Equipment & Parts company has the lowest comparable PEG? Espey Mfg. & Electronics Corp. has the lowest comparable Guarded PEG at 0.34, among 11 of 30 companies that pass the metric’s comparability rules. ### How much history does this Electrical Equipment & Parts 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 Electrical Equipment & Parts has outperformed S&P 500 by 37.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 16.9%. 9 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. FuelCell Energy, Inc. is the strongest against the sector itself at +84.9%. 13-week sector return versus NIFTY 500: -17% 52-week sector return versus NIFTY 500: 38% Stocks leading NIFTY: 9/26 Stocks leading sector: 12/26 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹2.9 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Espey Mfg. & Electronics Corp. (ESP): 65/100 — Favorable setup; evidence 70% - Growth & earnings 19.7/35 | Capital efficiency 15.2/25 | Valuation 16.0/20 | Relative strength 14.1/20 - Exact sum: 19.7 + 15.2 + 16 + 14.1 = 65 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Vertiv Holdings Co (VRT): 64/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 24.1/35 | Capital efficiency 15.3/25 | Valuation 9.3/20 | Relative strength 15.5/20 - Exact sum: 24.1 + 15.3 + 9.3 + 15.5 = 64.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Advanced Energy Industries, Inc. (AEIS): 63/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 26.3/35 | Capital efficiency 14.9/25 | Valuation 11.9/20 | Relative strength 10.0/20 - Exact sum: 26.3 + 14.9 + 11.9 + 10 = 63.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Acuity Inc. (AYI): 63/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 20.1/35 | Capital efficiency 16.8/25 | Valuation 12.6/20 | Relative strength 13.5/20 - Exact sum: 20.1 + 16.8 + 12.6 + 13.5 = 63 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. nVent Electric plc (NVT): 59/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 21.8/35 | Capital efficiency 15.1/25 | Valuation 4.9/20 | Relative strength 17.4/20 - Exact sum: 21.8 + 15.1 + 4.9 + 17.4 = 59.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Atkore Inc. (ATKR): 57/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 19.3/35 | Capital efficiency 10.5/25 | Valuation 10.2/20 | Relative strength 17.3/20 - Exact sum: 19.3 + 10.5 + 10.2 + 17.3 = 57.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Hayward Holdings, Inc. (HAYW): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.6/35 | Capital efficiency 13.6/25 | Valuation 14.6/20 | Relative strength 8.9/20 - Exact sum: 18.6 + 13.6 + 14.6 + 8.9 = 55.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. EnerSys (ENS): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 9.8/35 | Capital efficiency 14.9/25 | Valuation 14.9/20 | Relative strength 14.8/20 - Exact sum: 9.8 + 14.9 + 14.9 + 14.8 = 54.4 - Decision use: Price leads the evidence: RS versus the benchmark is 5.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Bloom Energy Corporation (BE): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 24.5/35 | Capital efficiency 8.1/25 | Valuation 8.5/20 | Relative strength 11.7/20 - Exact sum: 24.5 + 8.1 + 8.5 + 11.7 = 52.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Preformed Line Products Company (PLPC): 52/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 13.0/35 | Capital efficiency 14.7/25 | Valuation 8.5/20 | Relative strength 15.8/20 - Exact sum: 13 + 14.7 + 8.5 + 15.8 = 52 - Decision use: Price leads the evidence: RS versus the benchmark is 5.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. Electrovaya Inc. (ELVA): 50/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 20.7/35 | Capital efficiency 12.7/25 | Valuation 6.3/20 | Relative strength 10.2/20 - Exact sum: 20.7 + 12.7 + 6.3 + 10.2 = 49.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. FuelCell Energy, Inc. (FCEL): 50/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 11.2/35 | Capital efficiency 8.5/25 | Valuation 10.0/20 | Relative strength 20.0/20 - Exact sum: 11.2 + 8.5 + 10 + 20 = 49.7 - Decision use: Price leads the evidence: RS versus the benchmark is 71.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. Ballard Power Systems Inc. (BLDP): 49/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 22.5/35 | Capital efficiency 10.6/25 | Valuation 10.0/20 | Relative strength 6.2/20 - Exact sum: 22.5 + 10.6 + 10 + 6.2 = 49.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Kimball Electronics, Inc. (KE): 49/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 15.3/35 | Capital efficiency 12.9/25 | Valuation 14.7/20 | Relative strength 6.0/20 - Exact sum: 15.3 + 12.9 + 14.7 + 6 = 48.9 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 15. Hubbell Incorporated (HUBB): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.5/35 | Capital efficiency 15.6/25 | Valuation 8.1/20 | Relative strength 10.5/20 - Exact sum: 14.5 + 15.6 + 8.1 + 10.5 = 48.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Amprius Technologies, Inc. (AMPX): 46/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 24.9/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 1.7/20 - Exact sum: 24.9 + 9.8 + 10 + 1.7 = 46.4 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -29.3% and the one-year return is 43.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 17. Energizer Holdings, Inc. (ENR): 46/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 18.3/35 | Capital efficiency 9.5/25 | Valuation 11.3/20 | Relative strength 7.0/20 - Exact sum: 18.3 + 9.5 + 11.3 + 7 = 46.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Powell Industries, Inc. (POWL): 46/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 8.8/35 | Capital efficiency 18.6/25 | Valuation 4.8/20 | Relative strength 13.8/20 - Exact sum: 8.8 + 18.6 + 4.8 + 13.8 = 46 - Decision use: Price leads the evidence: RS versus the benchmark is 11%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 19. Eos Energy Enterprises, Inc. (EOSE): 43/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 26.1/35 | Capital efficiency 4.0/25 | Valuation 11.2/20 | Relative strength 1.6/20 - Exact sum: 26.1 + 4 + 11.2 + 1.6 = 42.9 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -66.8% and the one-year return is -38.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 20. Plug Power Inc. (PLUG): 39/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 19.5/35 | Capital efficiency 6.5/25 | Valuation 10.0/20 | Relative strength 3.3/20 - Exact sum: 19.5 + 6.5 + 10 + 3.3 = 39.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. T1 Energy Inc. (TE): 39/100 — Thin evidence · provisional; evidence 54% - Growth & earnings 18.9/35 | Capital efficiency 6.9/25 | Valuation 10.0/20 | Relative strength 3.5/20 - Exact sum: 18.9 + 6.9 + 10 + 3.5 = 39.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. SKYX Platforms Corp. (SKYX): 36/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 15.5/35 | Capital efficiency 5.8/25 | Valuation 10.0/20 | Relative strength 4.8/20 - Exact sum: 15.5 + 5.8 + 10 + 4.8 = 36.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. GrafTech International Ltd. (EAF): 28/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 9.7/35 | Capital efficiency 5.8/25 | Valuation 8.8/20 | Relative strength 4.1/20 - Exact sum: 9.7 + 5.8 + 8.8 + 4.1 = 28.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Arxis, Inc. (ARXS): 51/100 — Thin evidence · provisional; evidence 25% - Growth & earnings 18.4/35 | Capital efficiency 12.6/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 18.4 + 12.6 + 10 + 10 = 51 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. X-Energy, Inc. (XE): 47/100 — Thin evidence · provisional; evidence 29% - Growth & earnings 17.5/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 17.5 + 9.1 + 10 + 10 = 46.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. ADS-TEC Energy PLC (ADSE): 46/100 — Thin evidence · provisional; evidence 29% - Growth & earnings 16.0/35 | Capital efficiency 8.6/25 | Valuation 11.5/20 | Relative strength 9.7/20 - Exact sum: 16 + 8.6 + 11.5 + 9.7 = 45.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Forgent Power Solutions, Inc. (FPS): 46/100 — Thin evidence · provisional; evidence 39% - Growth & earnings 16.2/35 | Capital efficiency 10.8/25 | Valuation 8.7/20 | Relative strength 10.0/20 - Exact sum: 16.2 + 10.8 + 8.7 + 10 = 45.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Lightbridge Corporation (LTBR): 45/100 — Thin evidence · provisional; evidence 43% - Growth & earnings 20.2/35 | Capital efficiency 11.4/25 | Valuation 10.0/20 | Relative strength 3.7/20 - Exact sum: 20.2 + 11.4 + 10 + 3.7 = 45.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Factorial Energy Inc. (FAC): 42/100 — Thin evidence · provisional; evidence 20% - Growth & earnings 16.1/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 16.1 + 5.5 + 10 + 10 = 41.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. Enovix Corporation (ENVX): 39/100 — Thin evidence · provisional; evidence 50% - Growth & earnings 21.1/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 3.4/20 - Exact sum: 21.1 + 4.8 + 10 + 3.4 = 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: Vertiv Holdings Co is the scale leader at $10,844 million, 80.9% ahead of Hubbell Incorporated. Amprius Technologies, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 172.7% from a $90 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Vertiv Holdings Co is the scale benchmark; Amprius Technologies, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Vertiv Holdings Co's growth falls below Amprius Technologies, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Vertiv Holdings Co · $10,844 million | 80.9% versus #2 · Hubbell Incorporated | 8/8 recent comparable periods | 24/30 companies · 458 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. Vertiv Holdings Co (VRT): ₹10.8K Cr 2. Hubbell Incorporated (HUBB): ₹6.0K Cr 3. Acuity Inc. (AYI): ₹4.6K Cr 4. nVent Electric plc (NVT): ₹4.3K Cr 5. EnerSys (ENS): ₹3.8K Cr ### Revenue growth — fastest growers 1. Amprius Technologies, Inc. (AMPX): 100% 2. Eos Energy Enterprises, Inc. (EOSE): 100% 3. Bloom Energy Corporation (BE): 57% 4. Electrovaya Inc. (ELVA): 50% 5. Ballard Power Systems Inc. (BLDP): 47% ### 20-quarter Revenue history - VRT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - BE: Sep 2021 ₹207 Cr | Dec 2021 ₹342 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹292 Cr | Dec 2022 ₹463 Cr | Mar 2023 ₹275 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹357 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹336 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹326 Cr | Jun 2025 ₹401 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹778 Cr | Mar 2026 ₹751 Cr | Jun 2026 — - HUBB: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - NVT: Sep 2021 ₹643 Cr | Dec 2021 ₹669 Cr | Mar 2022 ₹695 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹745 Cr | Dec 2022 ₹742 Cr | Mar 2023 ₹741 Cr | Jun 2023 ₹803 Cr | Sep 2023 ₹715 Cr | Dec 2023 ₹691 Cr | Mar 2024 ₹732 Cr | Jun 2024 ₹740 Cr | Sep 2024 ₹782 Cr | Dec 2024 ₹752 Cr | Mar 2025 ₹809 Cr | Jun 2025 ₹963 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - ARXS: 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 ₹380 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹459 Cr | Jun 2026 — - AEIS: Sep 2021 ₹346 Cr | Dec 2021 ₹397 Cr | Mar 2022 ₹397 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹425 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹328 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹442 Cr | Sep 2025 ₹463 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹511 Cr | Jun 2026 — - AYI: Sep 2021 ₹993 Cr | Dec 2021 ₹926 Cr | Mar 2022 ₹909 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹998 Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹935 Cr | Mar 2024 ₹906 Cr | Jun 2024 ₹968 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr - FPS: 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 ₹154 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹283 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹379 Cr | Jun 2026 — - POWL: Sep 2021 ₹129 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹298 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹297 Cr | Jun 2026 — - ENS: Sep 2021 ₹815 Cr | Dec 2021 ₹791 Cr | Mar 2022 ₹844 Cr | Jun 2022 — | Sep 2022 ₹899 Cr | Dec 2022 ₹899 Cr | Mar 2023 ₹920 Cr | Jun 2023 — | Sep 2023 ₹909 Cr | Dec 2023 ₹901 Cr | Mar 2024 ₹911 Cr | Jun 2024 ₹853 Cr | Sep 2024 ₹884 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹975 Cr | Jun 2025 ₹893 Cr | Sep 2025 ₹951 Cr | Dec 2025 ₹919 Cr | Mar 2026 ₹988 Cr | Jun 2026 — - XE: 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 ₹34 Cr | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹36 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - HAYW: Sep 2021 ₹364 Cr | Dec 2021 ₹351 Cr | Mar 2022 — | Jun 2022 ₹410 Cr | Sep 2022 ₹399 Cr | Dec 2022 ₹245 Cr | Mar 2023 — | Jun 2023 ₹210 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹255 Cr | Jun 2026 — - PLUG: Sep 2021 ₹144 Cr | Dec 2021 ₹162 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹164 Cr | Jun 2026 — - ATKR: Sep 2021 ₹924 Cr | Dec 2021 ₹841 Cr | Mar 2022 ₹983 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹834 Cr | Mar 2023 ₹896 Cr | Jun 2023 ₹919 Cr | Sep 2023 ₹870 Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹793 Cr | Jun 2024 ₹822 Cr | Sep 2024 ₹788 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹735 Cr | Sep 2025 ₹752 Cr | Dec 2025 ₹656 Cr | Mar 2026 ₹731 Cr | Jun 2026 — - FCEL: Sep 2021 ₹27 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹36 Cr - ENR: Sep 2021 ₹766 Cr | Dec 2021 ₹846 Cr | Mar 2022 ₹685 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹790 Cr | Dec 2022 ₹765 Cr | Mar 2023 ₹684 Cr | Jun 2023 ₹699 Cr | Sep 2023 ₹811 Cr | Dec 2023 ₹717 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹701 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹732 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹779 Cr | Mar 2026 ₹643 Cr | Jun 2026 — - PLPC: Sep 2021 ₹135 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹176 Cr | Jun 2026 — - AMPX: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - EOSE: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹57 Cr | Jun 2026 — - TE: 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 ₹3 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹359 Cr | Mar 2026 ₹178 Cr | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 ₹12 Cr | Mar 2022 — | Jun 2022 ₹9 Cr | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 — | Jun 2023 ₹38 Cr | Sep 2023 — | Dec 2023 ₹69 Cr | Mar 2024 — | Jun 2024 ₹79 Cr | Sep 2024 — | Dec 2024 ₹31 Cr | Mar 2025 — | Jun 2025 ₹15 Cr | Sep 2025 — | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹11 Cr | Mar 2026 — | Jun 2026 ₹8 Cr - BLDP: Sep 2021 ₹25 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - KE: Sep 2021 ₹293 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹368 Cr | Jun 2022 ₹373 Cr | Sep 2022 ₹406 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹485 Cr | Jun 2023 ₹496 Cr | Sep 2023 ₹438 Cr | Dec 2023 ₹421 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹430 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹375 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹353 Cr | Jun 2026 — - ELVA: Sep 2021 ₹4 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - EAF: Sep 2021 ₹347 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹125 Cr | Jun 2026 — - ESP: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹22 Cr | Jun 2026 — ### 20-quarter Revenue growth history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 21% | Dec 2022 17% | Mar 2023 32% | Jun 2023 24% | Sep 2023 18% | Dec 2023 13% | Mar 2024 7.8% | Jun 2024 13% | Sep 2024 19% | Dec 2024 26% | Mar 2025 24% | Jun 2025 35% | Sep 2025 29% | Dec 2025 23% | Mar 2026 30% | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.6% | Sep 2022 41% | Dec 2022 35% | Mar 2023 37% | Jun 2023 24% | Sep 2023 37% | Dec 2023 -23% | Mar 2024 -15% | Jun 2024 12% | Sep 2024 -18% | Dec 2024 60% | Mar 2025 39% | Jun 2025 19% | Sep 2025 57% | Dec 2025 36% | Mar 2026 130% | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 22% | Dec 2022 11% | Mar 2023 11% | Jun 2023 8.8% | Sep 2023 4.6% | Dec 2023 10% | Mar 2024 8.9% | Jun 2024 6.4% | Sep 2024 4.9% | Dec 2024 -0.9% | Mar 2025 -2.4% | Jun 2025 2.1% | Sep 2025 4.1% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 16% | Dec 2022 11% | Mar 2023 6.6% | Jun 2023 10% | Sep 2023 -4.0% | Dec 2023 -6.9% | Mar 2024 -1.2% | Jun 2024 -7.9% | Sep 2024 9.4% | Dec 2024 8.8% | Mar 2025 11% | Jun 2025 30% | Sep 2025 35% | Dec 2025 42% | Mar 2026 54% | Jun 2026 — - ARXS: 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 21% | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 49% | Dec 2022 24% | Mar 2023 7.1% | Jun 2023 -5.7% | Sep 2023 -21% | Dec 2023 -18% | Mar 2024 -23% | Jun 2024 -12% | Sep 2024 -8.8% | Dec 2024 2.5% | Mar 2025 23% | Jun 2025 21% | Sep 2025 24% | Dec 2025 18% | Mar 2026 26% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 7.8% | Mar 2023 3.9% | Jun 2023 -5.8% | Sep 2023 -9.1% | Dec 2023 -6.3% | Mar 2024 -4.0% | Jun 2024 -3.2% | Sep 2024 2.2% | Dec 2024 1.8% | Mar 2025 11% | Jun 2025 22% | Sep 2025 17% | Dec 2025 20% | Mar 2026 5.0% | Jun 2026 1.6% - FPS: 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 84% | Dec 2025 69% | Mar 2026 104% | Jun 2026 — - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 26% | Dec 2022 19% | Mar 2023 34% | Jun 2023 42% | Sep 2023 28% | Dec 2023 53% | Mar 2024 49% | Jun 2024 50% | Sep 2024 32% | Dec 2024 24% | Mar 2025 9.4% | Jun 2025 -0.7% | Sep 2025 8.4% | Dec 2025 4.2% | Mar 2026 6.5% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 14% | Mar 2023 9.0% | Jun 2023 — | Sep 2023 1.1% | Dec 2023 0.2% | Mar 2024 -1.0% | Jun 2024 — | Sep 2024 -2.8% | Dec 2024 0.6% | Mar 2025 7.0% | Jun 2025 4.7% | Sep 2025 7.6% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.9% | Mar 2026 105% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.6% | Dec 2022 -30% | Mar 2023 — | Jun 2023 -49% | Sep 2023 -29% | Dec 2023 13% | Mar 2024 — | Jun 2024 35% | Sep 2024 -20% | Dec 2024 18% | Mar 2025 7.5% | Jun 2025 5.6% | Sep 2025 7.0% | Dec 2025 6.7% | Mar 2026 11% | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 31% | Dec 2022 36% | Mar 2023 49% | Jun 2023 72% | Sep 2023 5.3% | Dec 2023 0.5% | Mar 2024 -43% | Jun 2024 -45% | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 12% | Jun 2025 22% | Sep 2025 1.7% | Dec 2025 18% | Mar 2026 22% | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 11% | Dec 2022 -0.8% | Mar 2023 -8.9% | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -4.3% | Mar 2024 -12% | Jun 2024 -11% | Sep 2024 -9.4% | Dec 2024 -17% | Mar 2025 -11% | Jun 2025 -11% | Sep 2025 -4.6% | Dec 2025 -0.9% | Mar 2026 4.1% | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 59% | Dec 2022 179% | Mar 2023 16% | Jun 2023 138% | Sep 2023 -40% | Dec 2023 -44% | Mar 2024 -54% | Jun 2024 -42% | Sep 2024 -7.7% | Dec 2024 123% | Mar 2025 12% | Jun 2025 68% | Sep 2025 96% | Dec 2025 12% | Mar 2026 63% | Jun 2026 -2.7% - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.8% | Sep 2022 3.1% | Dec 2022 -9.6% | Mar 2023 -0.2% | Jun 2023 -4.0% | Sep 2023 2.7% | Dec 2023 -6.3% | Mar 2024 -3.1% | Jun 2024 0.3% | Sep 2024 -0.6% | Dec 2024 2.1% | Mar 2025 0.0% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 6.4% | Mar 2026 -3.0% | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 22% | Dec 2022 30% | Mar 2023 32% | Jun 2023 12% | Sep 2023 -3.0% | Dec 2023 -14% | Mar 2024 -23% | Jun 2024 -24% | Sep 2024 -8.1% | Dec 2024 14% | Mar 2025 5.7% | Jun 2025 22% | Sep 2025 21% | Dec 2025 3.6% | Mar 2026 18% | Jun 2026 — - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 -50% | Jun 2023 100% | Sep 2023 200% | Dec 2023 300% | Mar 2024 100% | Jun 2024 50% | Sep 2024 167% | Dec 2024 175% | Mar 2025 450% | Jun 2025 400% | Sep 2025 163% | Dec 2025 127% | Mar 2026 164% | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 500% | Dec 2022 0.0% | Mar 2023 200% | Jun 2023 -100% | Sep 2023 -83% | Dec 2023 133% | Mar 2024 -22% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 43% | Jun 2025 1,400% | Sep 2025 3,000% | Dec 2025 729% | Mar 2026 470% | Jun 2026 — - TE: 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 11,867% | Mar 2026 236% | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 — | Dec 2022 42% | Mar 2023 — | Jun 2023 322% | Sep 2023 — | Dec 2023 306% | Mar 2024 — | Jun 2024 108% | Sep 2024 — | Dec 2024 -55% | Mar 2025 — | Jun 2025 -81% | Sep 2025 — | Dec 2025 -45% | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 400% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 75% | Sep 2025 100% | Dec 2025 10% | Mar 2026 — | Jun 2026 14% - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -16% | Dec 2022 -49% | Mar 2023 -38% | Jun 2023 -29% | Sep 2023 29% | Dec 2023 147% | Mar 2024 7.7% | Jun 2024 6.7% | Sep 2024 -44% | Dec 2024 -47% | Mar 2025 7.1% | Jun 2025 13% | Sep 2025 120% | Dec 2025 36% | Mar 2026 27% | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 39% | Dec 2022 39% | Mar 2023 32% | Jun 2023 33% | Sep 2023 7.9% | Dec 2023 -3.7% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -15% | Dec 2024 -15% | Mar 2025 -12% | Jun 2025 -12% | Sep 2025 -2.1% | Dec 2025 -4.5% | Mar 2026 -5.9% | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 150% | Dec 2022 800% | Mar 2023 100% | Jun 2023 175% | Sep 2023 60% | Dec 2023 33% | Mar 2024 38% | Jun 2024 -9.1% | Sep 2024 -25% | Dec 2024 -8.3% | Mar 2025 36% | Jun 2025 70% | Sep 2025 75% | Dec 2025 45% | Mar 2026 20% | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 -12% | Dec 2022 -32% | Mar 2023 -62% | Jun 2023 -49% | Sep 2023 -48% | Dec 2023 -45% | Mar 2024 -1.4% | Jun 2024 -26% | Sep 2024 -18% | Dec 2024 -2.2% | Mar 2025 -18% | Jun 2025 -3.7% | Sep 2025 9.9% | Dec 2025 -13% | Mar 2026 12% | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 13% | Dec 2022 29% | Mar 2023 11% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 11% | Mar 2024 -20% | Jun 2024 50% | Sep 2024 11% | Dec 2024 40% | Mar 2025 25% | Jun 2025 -17% | Sep 2025 -10% | Dec 2025 -14% | Mar 2026 10% | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 40% | Sep 2024 0.0% | Dec 2024 9.1% | Mar 2025 5.3% | Jun 2025 9.5% | Sep 2025 9.1% | Dec 2025 4.2% | Mar 2026 10% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Espey Mfg. & Electronics Corp. leads opm at 26.1%; Eos Energy Enterprises, Inc. leads margin change at +367 percentage points. Investor read: Espey Mfg. & Electronics Corp. 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: Espey Mfg. & Electronics Corp. · 26.1% | 7.9% versus #2 · Arxis, Inc. | 7/8 recent comparable periods | 27/30 companies · 424 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Espey Mfg. & Electronics Corp. (ESP): 26% 2. Arxis, Inc. (ARXS): 24% 3. Powell Industries, Inc. (POWL): 19% 4. Hubbell Incorporated (HUBB): 17% 5. Hayward Holdings, Inc. (HAYW): 17% ### Margin change — fastest expanders 1. Eos Energy Enterprises, Inc. (EOSE): +367.0 pp 2. Ballard Power Systems Inc. (BLDP): +118.5 pp 3. Plug Power Inc. (PLUG): +66.5 pp 4. Amprius Technologies, Inc. (AMPX): +62.3 pp 5. T1 Energy Inc. (TE): +35.2 pp ### 20-quarter OPM history - VRT: Sep 2021 6.7% | Dec 2021 -0.3% | Mar 2022 -3.9% | Jun 2022 1.9% | Sep 2022 5.4% | Dec 2022 9.8% | Mar 2023 8.6% | Jun 2023 12% | Sep 2023 14% | Dec 2023 15% | Mar 2024 12% | Jun 2024 17% | Sep 2024 18% | Dec 2024 20% | Mar 2025 14% | Jun 2025 17% | Sep 2025 19% | Dec 2025 20% | Mar 2026 17% | Jun 2026 — - BE: Sep 2021 -21% | Dec 2021 -3.9% | Mar 2022 -33% | Jun 2022 -42% | Sep 2022 -18% | Dec 2022 -8.8% | Mar 2023 -23% | Jun 2023 -18% | Sep 2023 -26% | Dec 2023 3.6% | Mar 2024 -21% | Jun 2024 -6.9% | Sep 2024 -2.9% | Dec 2024 18% | Mar 2025 -5.8% | Jun 2025 -0.9% | Sep 2025 1.5% | Dec 2025 11% | Mar 2026 9.6% | Jun 2026 — - HUBB: Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 15% | Sep 2022 16% | Dec 2022 14% | Mar 2023 19% | Jun 2023 21% | Sep 2023 20% | Dec 2023 16% | Mar 2024 16% | Jun 2024 21% | Sep 2024 22% | Dec 2024 20% | Mar 2025 17% | Jun 2025 23% | Sep 2025 22% | Dec 2025 21% | Mar 2026 17% | Jun 2026 — - NVT: Sep 2021 15% | Dec 2021 13% | Mar 2022 13% | Jun 2022 14% | Sep 2022 16% | Dec 2022 17% | Mar 2023 17% | Jun 2023 18% | Sep 2023 18% | Dec 2023 17% | Mar 2024 18% | Jun 2024 20% | Sep 2024 17% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 15% | Mar 2026 16% | Jun 2026 — - ARXS: 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 21% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 24% | Jun 2026 — - AEIS: Sep 2021 7.0% | Dec 2021 11% | Mar 2022 11% | Jun 2022 12% | Sep 2022 15% | Dec 2022 12% | Mar 2023 9.4% | Jun 2023 7.2% | Sep 2023 7.3% | Dec 2023 3.4% | Mar 2024 0.3% | Jun 2024 3.5% | Sep 2024 -2.9% | Dec 2024 8.1% | Mar 2025 7.6% | Jun 2025 7.2% | Sep 2025 11% | Dec 2025 12% | Mar 2026 13% | Jun 2026 — - AYI: Sep 2021 13% | Dec 2021 12% | Mar 2022 11% | Jun 2022 14% | Sep 2022 14% | Dec 2022 11% | Mar 2023 12% | Jun 2023 14% | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 11% | Jun 2025 12% | Sep 2025 15% | Dec 2025 14% | Mar 2026 13% | Jun 2026 16% - FPS: 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 15% | Dec 2024 11% | Mar 2025 12% | Jun 2025 3.5% | Sep 2025 11% | Dec 2025 6.8% | Mar 2026 10% | Jun 2026 — - POWL: Sep 2021 3.0% | Dec 2021 -4.0% | Mar 2022 0.2% | Jun 2022 0.6% | Sep 2022 6.4% | Dec 2022 0.9% | Mar 2023 5.9% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 16% | Jun 2024 20% | Sep 2024 20% | Dec 2024 15% | Mar 2025 21% | Jun 2025 21% | Sep 2025 21% | Dec 2025 17% | Mar 2026 19% | Jun 2026 — - ENS: Sep 2021 7.5% | Dec 2021 6.3% | Mar 2022 6.1% | Jun 2022 — | Sep 2022 5.6% | Dec 2022 6.0% | Mar 2023 8.5% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 9.8% | Mar 2024 8.9% | Jun 2024 11% | Sep 2024 11% | Dec 2024 16% | Mar 2025 14% | Jun 2025 9.7% | Sep 2025 9.7% | Dec 2025 14% | Mar 2026 13% | Jun 2026 — - XE: 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 -202% | Mar 2025 -126% | Jun 2025 — | Sep 2025 — | Dec 2025 -166% | Mar 2026 -152% | Jun 2026 — - HAYW: Sep 2021 22% | Dec 2021 22% | Mar 2022 — | Jun 2022 26% | Sep 2022 26% | Dec 2022 16% | Mar 2023 — | Jun 2023 13% | Sep 2023 22% | Dec 2023 20% | Mar 2024 15% | Jun 2024 24% | Sep 2024 15% | Dec 2024 23% | Mar 2025 15% | Jun 2025 24% | Sep 2025 17% | Dec 2025 25% | Mar 2026 17% | Jun 2026 — - PLUG: Sep 2021 -69% | Dec 2021 -124% | Mar 2022 -99% | Jun 2022 -97% | Sep 2022 -85% | Dec 2022 -106% | Mar 2023 -100% | Jun 2023 -90% | Sep 2023 -138% | Dec 2023 -282% | Mar 2024 -216% | Jun 2024 -171% | Sep 2024 -124% | Dec 2024 -679% | Mar 2025 -134% | Jun 2025 -102% | Sep 2025 -197% | Dec 2025 -339% | Mar 2026 -67% | Jun 2026 — - ATKR: Sep 2021 29% | Dec 2021 32% | Mar 2022 32% | Jun 2022 33% | Sep 2022 29% | Dec 2022 28% | Mar 2023 27% | Jun 2023 25% | Sep 2023 22% | Dec 2023 22% | Mar 2024 23% | Jun 2024 21% | Sep 2024 13% | Dec 2024 10% | Mar 2025 -7.4% | Jun 2025 8.7% | Sep 2025 -7.5% | Dec 2025 3.1% | Mar 2026 1.4% | Jun 2026 — - FCEL: Sep 2021 -40% | Dec 2021 -162% | Mar 2022 -141% | Jun 2022 -172% | Sep 2022 -65% | Dec 2022 -109% | Mar 2023 -61% | Jun 2023 -94% | Sep 2023 -162% | Dec 2023 -162% | Mar 2024 -255% | Jun 2024 -185% | Sep 2024 -142% | Dec 2024 -83% | Mar 2025 -173% | Jun 2025 -96% | Sep 2025 -204% | Dec 2025 -52% | Mar 2026 -86% | Jun 2026 -219% - ENR: Sep 2021 12% | Dec 2021 13% | Mar 2022 11% | Jun 2022 14% | Sep 2022 14% | Dec 2022 13% | Mar 2023 14% | Jun 2023 13% | Sep 2023 14% | Dec 2023 9.7% | Mar 2024 13% | Jun 2024 -3.3% | Sep 2024 12% | Dec 2024 8.5% | Mar 2025 12% | Jun 2025 28% | Sep 2025 13% | Dec 2025 4.7% | Mar 2026 14% | Jun 2026 — - PLPC: Sep 2021 9.7% | Dec 2021 8.3% | Mar 2022 6.8% | Jun 2022 11% | Sep 2022 11% | Dec 2022 15% | Mar 2023 16% | Jun 2023 16% | Sep 2023 13% | Dec 2023 4.8% | Mar 2024 8.2% | Jun 2024 8.1% | Sep 2024 7.1% | Dec 2024 11% | Mar 2025 8.8% | Jun 2025 10% | Sep 2025 7.4% | Dec 2025 6.8% | Mar 2026 7.8% | Jun 2026 — - AMPX: Sep 2021 -951% | Dec 2021 -305% | Mar 2022 -138% | Jun 2022 -602% | Sep 2022 -530% | Dec 2022 -839% | Mar 2023 — | Jun 2023 -618% | Sep 2023 -326% | Dec 2023 -247% | Mar 2024 -442% | Jun 2024 -387% | Sep 2024 -143% | Dec 2024 -111% | Mar 2025 -86% | Jun 2025 -45% | Sep 2025 -22% | Dec 2025 -101% | Mar 2026 -23% | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -973% | Sep 2022 — | Dec 2022 — | Mar 2023 -433% | Jun 2023 — | Sep 2023 — | Dec 2023 -639% | Mar 2024 -623% | Jun 2024 — | Sep 2024 — | Dec 2024 -713% | Mar 2025 -506% | Jun 2025 -419% | Sep 2025 -201% | Dec 2025 -140% | Mar 2026 -139% | Jun 2026 — - TE: 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 -48% | Jun 2025 -22% | Sep 2025 -45% | Dec 2025 -24% | Mar 2026 -13% | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -550% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -355% | Mar 2025 -835% | Jun 2025 -586% | Sep 2025 -588% | Dec 2025 -391% | Mar 2026 — | Jun 2026 -578% - BLDP: Sep 2021 -98% | Dec 2021 -75% | Mar 2022 -145% | Jun 2022 -194% | Sep 2022 -210% | Dec 2022 -232% | Mar 2023 -313% | Jun 2023 -253% | Sep 2023 -139% | Dec 2023 -97% | Mar 2024 -294% | Jun 2024 -258% | Sep 2024 -428% | Dec 2024 -148% | Mar 2025 -189% | Jun 2025 -186% | Sep 2025 -92% | Dec 2025 -34% | Mar 2026 -70% | Jun 2026 — - KE: Sep 2021 1.6% | Dec 2021 2.2% | Mar 2022 5.5% | Jun 2022 5.5% | Sep 2022 3.3% | Dec 2022 4.0% | Mar 2023 5.2% | Jun 2023 6.3% | Sep 2023 4.4% | Dec 2023 3.9% | Mar 2024 -1.5% | Jun 2024 4.6% | Sep 2024 2.4% | Dec 2024 2.3% | Mar 2025 3.1% | Jun 2025 4.3% | Sep 2025 4.0% | Dec 2025 3.2% | Mar 2026 3.3% | Jun 2026 — - ELVA: Sep 2021 -55% | Dec 2021 -173% | Mar 2022 -48% | Jun 2022 -40% | Sep 2022 -2.4% | Dec 2022 -9.4% | Mar 2023 -8.1% | Jun 2023 8.4% | Sep 2023 11% | Dec 2023 -0.8% | Mar 2024 6.6% | Jun 2024 -5.7% | Sep 2024 6.1% | Dec 2024 -1.7% | Mar 2025 9.3% | Jun 2025 12% | Sep 2025 12% | Dec 2025 8.8% | Mar 2026 12% | Jun 2026 — - EAF: Sep 2021 45% | Dec 2021 45% | Mar 2022 42% | Jun 2022 39% | Sep 2022 38% | Dec 2022 26% | Mar 2023 2.0% | Jun 2023 4.6% | Sep 2023 -11% | Dec 2023 -152% | Mar 2024 -16% | Jun 2024 -2.0% | Sep 2024 -20% | Dec 2024 -19% | Mar 2025 -16% | Jun 2025 -11% | Sep 2025 -3.6% | Dec 2025 -34% | Mar 2026 -25% | Jun 2026 — - ESP: Sep 2021 4.7% | Dec 2021 0.3% | Mar 2022 9.3% | Jun 2022 4.1% | Sep 2022 11% | Dec 2022 16% | Mar 2023 9.8% | Jun 2023 12% | Sep 2023 14% | Dec 2023 20% | Mar 2024 13% | Jun 2024 18% | Sep 2024 17% | Dec 2024 15% | Mar 2025 17% | Jun 2025 27% | Sep 2025 23% | Dec 2025 25% | Mar 2026 26% | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -82% | Sep 2023 -30% | Dec 2023 -53% | Mar 2024 -47% | Jun 2024 -29% | Sep 2024 -34% | Dec 2024 -40% | Mar 2025 -38% | Jun 2025 -33% | Sep 2025 -28% | Dec 2025 -29% | Mar 2026 -37% | Jun 2026 — ### 20-quarter Margin change history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −1.3 pp | Dec 2022 +10.1 pp | Mar 2023 +12.5 pp | Jun 2023 +10.0 pp | Sep 2023 +9.0 pp | Dec 2023 +5.5 pp | Mar 2024 +3.8 pp | Jun 2024 +5.3 pp | Sep 2024 +3.5 pp | Dec 2024 +4.2 pp | Mar 2025 +1.9 pp | Jun 2025 −0.4 pp | Sep 2025 +1.4 pp | Dec 2025 +0.6 pp | Mar 2026 +2.3 pp | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.3 pp | Sep 2022 +3.2 pp | Dec 2022 −4.9 pp | Mar 2023 +9.6 pp | Jun 2023 +23.9 pp | Sep 2023 −7.9 pp | Dec 2023 +12.4 pp | Mar 2024 +2.3 pp | Jun 2024 +11.2 pp | Sep 2024 +23.0 pp | Dec 2024 +14.7 pp | Mar 2025 +15.0 pp | Jun 2025 +6.0 pp | Sep 2025 +4.4 pp | Dec 2025 −7.0 pp | Mar 2026 +15.4 pp | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 +2.0 pp | Dec 2022 +1.9 pp | Mar 2023 +7.0 pp | Jun 2023 +5.9 pp | Sep 2023 +4.6 pp | Dec 2023 +1.8 pp | Mar 2024 −3.1 pp | Jun 2024 0.0 pp | Sep 2024 +1.6 pp | Dec 2024 +3.6 pp | Mar 2025 +0.6 pp | Jun 2025 +1.6 pp | Sep 2025 +0.3 pp | Dec 2025 +1.4 pp | Mar 2026 +0.5 pp | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +1.0 pp | Dec 2022 +3.6 pp | Mar 2023 +3.8 pp | Jun 2023 +3.9 pp | Sep 2023 +1.5 pp | Dec 2023 +0.1 pp | Mar 2024 +1.2 pp | Jun 2024 +1.3 pp | Sep 2024 −0.7 pp | Dec 2024 −1.4 pp | Mar 2025 −1.9 pp | Jun 2025 −3.3 pp | Sep 2025 −1.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +3.6 pp | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +8.0 pp | Dec 2022 +1.2 pp | Mar 2023 −1.8 pp | Jun 2023 −4.8 pp | Sep 2023 −7.7 pp | Dec 2023 −8.4 pp | Mar 2024 −9.1 pp | Jun 2024 −3.7 pp | Sep 2024 −10.2 pp | Dec 2024 +4.7 pp | Mar 2025 +7.3 pp | Jun 2025 +3.7 pp | Sep 2025 +13.5 pp | Dec 2025 +3.5 pp | Mar 2026 +5.8 pp | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.5 pp | Mar 2023 +0.5 pp | Jun 2023 +0.8 pp | Sep 2023 −2.6 pp | Dec 2023 +3.3 pp | Mar 2024 +1.2 pp | Jun 2024 +0.7 pp | Sep 2024 +4.3 pp | Dec 2024 −0.2 pp | Mar 2025 −2.0 pp | Jun 2025 −3.1 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 +1.6 pp | Jun 2026 +4.2 pp - FPS: 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 −3.7 pp | Dec 2025 −4.0 pp | Mar 2026 −1.6 pp | Jun 2026 — - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +3.4 pp | Dec 2022 +4.9 pp | Mar 2023 +5.7 pp | Jun 2023 +10.6 pp | Sep 2023 +7.9 pp | Dec 2023 +12.4 pp | Mar 2024 +9.6 pp | Jun 2024 +8.7 pp | Sep 2024 +6.1 pp | Dec 2024 +1.4 pp | Mar 2025 +5.6 pp | Jun 2025 +1.1 pp | Sep 2025 +0.8 pp | Dec 2025 +2.3 pp | Mar 2026 −1.7 pp | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.3 pp | Mar 2023 +2.4 pp | Jun 2023 — | Sep 2023 +4.2 pp | Dec 2023 +3.8 pp | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +5.9 pp | Mar 2025 +4.6 pp | Jun 2025 −1.0 pp | Sep 2025 −1.5 pp | Dec 2025 −2.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - XE: 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 +35.8 pp | Mar 2026 −25.8 pp | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 −5.8 pp | Mar 2023 — | Jun 2023 −12.6 pp | Sep 2023 −3.5 pp | Dec 2023 +3.5 pp | Mar 2024 — | Jun 2024 +10.6 pp | Sep 2024 −7.5 pp | Dec 2024 +3.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +2.1 pp | Dec 2025 +1.6 pp | Mar 2026 +2.0 pp | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.1 pp | Sep 2022 −16.1 pp | Dec 2022 +18.1 pp | Mar 2023 −1.0 pp | Jun 2023 +7.2 pp | Sep 2023 −53.2 pp | Dec 2023 −175.8 pp | Mar 2024 −115.9 pp | Jun 2024 −80.8 pp | Sep 2024 +13.5 pp | Dec 2024 −397.0 pp | Mar 2025 +82.2 pp | Jun 2025 +69.0 pp | Sep 2025 −72.6 pp | Dec 2025 +339.8 pp | Mar 2026 +66.5 pp | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 0.0 pp | Dec 2022 −4.1 pp | Mar 2023 −5.6 pp | Jun 2023 −7.6 pp | Sep 2023 −7.0 pp | Dec 2023 −5.8 pp | Mar 2024 −4.2 pp | Jun 2024 −4.8 pp | Sep 2024 −8.9 pp | Dec 2024 −11.7 pp | Mar 2025 −30.0 pp | Jun 2025 −11.8 pp | Sep 2025 −20.4 pp | Dec 2025 −7.2 pp | Mar 2026 +8.8 pp | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.5 pp | Dec 2022 +53.1 pp | Mar 2023 +80.4 pp | Jun 2023 +78.7 pp | Sep 2023 −97.3 pp | Dec 2023 −53.1 pp | Mar 2024 −193.9 pp | Jun 2024 −91.0 pp | Sep 2024 +20.4 pp | Dec 2024 +78.7 pp | Mar 2025 +81.6 pp | Jun 2025 +88.8 pp | Sep 2025 −62.1 pp | Dec 2025 +31.7 pp | Mar 2026 +86.8 pp | Jun 2026 −123.2 pp - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +2.3 pp | Dec 2022 −0.2 pp | Mar 2023 +3.3 pp | Jun 2023 −1.5 pp | Sep 2023 +0.1 pp | Dec 2023 −3.5 pp | Mar 2024 −0.7 pp | Jun 2024 −15.9 pp | Sep 2024 −2.0 pp | Dec 2024 −1.2 pp | Mar 2025 −1.1 pp | Jun 2025 +31.6 pp | Sep 2025 +0.2 pp | Dec 2025 −3.8 pp | Mar 2026 +1.5 pp | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +0.8 pp | Dec 2022 +6.2 pp | Mar 2023 +9.1 pp | Jun 2023 +4.5 pp | Sep 2023 +2.0 pp | Dec 2023 −9.7 pp | Mar 2024 −7.7 pp | Jun 2024 −7.4 pp | Sep 2024 −5.4 pp | Dec 2024 +5.7 pp | Mar 2025 +0.6 pp | Jun 2025 +2.0 pp | Sep 2025 +0.3 pp | Dec 2025 −3.7 pp | Mar 2026 −1.0 pp | Jun 2026 — - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +420.8 pp | Dec 2022 −534.8 pp | Mar 2023 −1,298.2 pp | Jun 2023 −15.6 pp | Sep 2023 +203.5 pp | Dec 2023 +592.2 pp | Mar 2024 +994.4 pp | Jun 2024 +231.2 pp | Sep 2024 +183.0 pp | Dec 2024 +136.5 pp | Mar 2025 +356.0 pp | Jun 2025 +341.4 pp | Sep 2025 +121.4 pp | Dec 2025 +9.7 pp | Mar 2026 +62.3 pp | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7,064.0 pp | Sep 2022 +2,612.9 pp | Dec 2022 −612.0 pp | Mar 2023 +1,134.6 pp | Jun 2023 −12,921.1 pp | Sep 2023 −4,483.6 pp | Dec 2023 +1,184.3 pp | Mar 2024 −190.1 pp | Jun 2024 +10,660.9 pp | Sep 2024 −712.6 pp | Dec 2024 −73.8 pp | Mar 2025 +117.0 pp | Jun 2025 +2,814.4 pp | Sep 2025 +6,043.7 pp | Dec 2025 +572.7 pp | Mar 2026 +367.0 pp | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +1,094.7 pp | Mar 2026 +35.2 pp | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1,22,890.5 pp | Dec 2023 +3,95,796.5 pp | Mar 2024 +2,800.9 pp | Jun 2024 +2,98,834.6 pp | Sep 2024 +1,22,298.8 pp | Dec 2024 +24,836.3 pp | Mar 2025 +495.5 pp | Jun 2025 +1,769.8 pp | Sep 2025 +553.3 pp | Dec 2025 −35.3 pp | Mar 2026 — | Jun 2026 +8.0 pp - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −111.7 pp | Sep 2022 −112.1 pp | Dec 2022 −156.7 pp | Mar 2023 −168.0 pp | Jun 2023 −58.8 pp | Sep 2023 +70.9 pp | Dec 2023 +135.1 pp | Mar 2024 +19.1 pp | Jun 2024 −5.3 pp | Sep 2024 −288.7 pp | Dec 2024 −51.8 pp | Mar 2025 +105.1 pp | Jun 2025 +72.3 pp | Sep 2025 +335.4 pp | Dec 2025 +114.9 pp | Mar 2026 +118.5 pp | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +1.7 pp | Dec 2022 +1.8 pp | Mar 2023 −0.3 pp | Jun 2023 +0.8 pp | Sep 2023 +1.1 pp | Dec 2023 −0.1 pp | Mar 2024 −6.7 pp | Jun 2024 −1.7 pp | Sep 2024 −2.0 pp | Dec 2024 −1.6 pp | Mar 2025 +4.6 pp | Jun 2025 −0.3 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +48.9 pp | Sep 2022 +52.1 pp | Dec 2022 +163.6 pp | Mar 2023 +39.5 pp | Jun 2023 +48.2 pp | Sep 2023 +13.3 pp | Dec 2023 +8.6 pp | Mar 2024 +14.7 pp | Jun 2024 −14.1 pp | Sep 2024 −4.8 pp | Dec 2024 −0.9 pp | Mar 2025 +2.7 pp | Jun 2025 +17.2 pp | Sep 2025 +5.5 pp | Dec 2025 +10.5 pp | Mar 2026 +2.8 pp | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +23.7 pp | Sep 2022 −7.7 pp | Dec 2022 −18.8 pp | Mar 2023 −39.7 pp | Jun 2023 −34.8 pp | Sep 2023 −48.9 pp | Dec 2023 −177.3 pp | Mar 2024 −17.6 pp | Jun 2024 −6.6 pp | Sep 2024 −8.7 pp | Dec 2024 +132.9 pp | Mar 2025 −0.7 pp | Jun 2025 −9.0 pp | Sep 2025 +16.5 pp | Dec 2025 −15.0 pp | Mar 2026 −8.2 pp | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.2 pp | Sep 2022 +6.6 pp | Dec 2022 +15.4 pp | Mar 2023 +0.5 pp | Jun 2023 +7.7 pp | Sep 2023 +3.0 pp | Dec 2023 +4.6 pp | Mar 2024 +3.4 pp | Jun 2024 +6.6 pp | Sep 2024 +2.2 pp | Dec 2024 −5.4 pp | Mar 2025 +3.8 pp | Jun 2025 +9.0 pp | Sep 2025 +6.2 pp | Dec 2025 +10.4 pp | Mar 2026 +9.1 pp | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −52,925.3 pp | Mar 2023 +99,153.1 pp | Jun 2023 +61,683.3 pp | Sep 2023 +65,496.6 pp | Dec 2023 +49,461.0 pp | Mar 2024 +72,169.1 pp | Jun 2024 +52.7 pp | Sep 2024 −4.1 pp | Dec 2024 +13.7 pp | Mar 2025 +8.5 pp | Jun 2025 −3.5 pp | Sep 2025 +6.0 pp | Dec 2025 +11.1 pp | Mar 2026 +1.4 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Vertiv Holdings Co leads with $1,559 million of TTM profit, 71.1% above Hubbell Incorporated. Advanced Energy Industries, Inc. shows ≥100% on the scoring scale (156% uncapped) growth from a $192 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Vertiv Holdings Co 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: Vertiv Holdings Co · $1,559 million | 71.1% versus #2 · Hubbell Incorporated | 6/8 recent comparable periods | 25/30 companies · 496 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. Vertiv Holdings Co (VRT): ₹1.6K Cr 2. Hubbell Incorporated (HUBB): ₹911 Cr 3. nVent Electric plc (NVT): ₹482 Cr 4. Acuity Inc. (AYI): ₹473 Cr 5. EnerSys (ENS): ₹292 Cr ### Profit growth — fastest growers 1. Advanced Energy Industries, Inc. (AEIS): 100% 2. Electrovaya Inc. (ELVA): 100% 3. Energizer Holdings, Inc. (ENR): 100% 4. Vertiv Holdings Co (VRT): 100% 5. nVent Electric plc (NVT): 99% ### 20-quarter Net profit history - VRT: Sep 2021 ₹56 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹324 Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹446 Cr | Mar 2026 ₹390 Cr | Jun 2026 — - BE: Sep 2021 ₹-57 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹-83 Cr | Jun 2022 ₹-121 Cr | Sep 2022 ₹-60 Cr | Dec 2022 ₹-51 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹-69 Cr | Sep 2023 ₹-168 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-57 Cr | Jun 2024 ₹-61 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - HUBB: Sep 2021 ₹106 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹183 Cr | Jun 2026 — - NVT: Sep 2021 ₹74 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹140 Cr | Jun 2026 — - ARXS: 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 ₹-4 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹53 Cr | Jun 2026 — - AEIS: Sep 2021 ₹21 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹67 Cr | Jun 2026 — - AYI: Sep 2021 ₹98 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹97 Cr | Jun 2026 ₹141 Cr - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - POWL: Sep 2021 ₹3 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹46 Cr | Jun 2026 — - ENS: Sep 2021 ₹44 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 ₹31 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹44 Cr | Jun 2023 — | Sep 2023 ₹67 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹77 Cr | Jun 2026 — - XE: 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 ₹-67 Cr | Mar 2025 ₹-10 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-55 Cr | Mar 2026 ₹-166 Cr | Jun 2026 — - HAYW: Sep 2021 ₹53 Cr | Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 ₹74 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹23 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - PLUG: Sep 2021 ₹-107 Cr | Dec 2021 ₹-193 Cr | Mar 2022 ₹-156 Cr | Jun 2022 ₹-173 Cr | Sep 2022 ₹-171 Cr | Dec 2022 ₹-223 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-236 Cr | Sep 2023 ₹-283 Cr | Dec 2023 ₹-642 Cr | Mar 2024 ₹-296 Cr | Jun 2024 ₹-262 Cr | Sep 2024 ₹-211 Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-197 Cr | Jun 2025 ₹-227 Cr | Sep 2025 ₹-362 Cr | Dec 2025 ₹-846 Cr | Mar 2026 ₹-245 Cr | Jun 2026 — - ATKR: Sep 2021 ₹203 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹233 Cr | Jun 2022 ₹254 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹-124 Cr | Jun 2026 — - FCEL: Sep 2021 ₹-12 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-92 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-26 Cr | Jun 2026 ₹-78 Cr - ENR: Sep 2021 ₹83 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹-363 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - PLPC: Sep 2021 ₹11 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - AMPX: Sep 2021 ₹-3 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - EOSE: Sep 2021 ₹-18 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-57 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-72 Cr | Jun 2023 ₹-132 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-343 Cr | Dec 2024 ₹-268 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-223 Cr | Sep 2025 ₹-641 Cr | Dec 2025 ₹-120 Cr | Mar 2026 ₹509 Cr | Jun 2026 — - TE: Sep 2021 ₹-45 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹-94 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-131 Cr | Dec 2025 ₹-155 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 ₹-82 Cr | Mar 2022 — | Jun 2022 ₹-7 Cr | Sep 2022 — | Dec 2022 ₹-12 Cr | Mar 2023 — | Jun 2023 ₹-29 Cr | Sep 2023 — | Dec 2023 ₹-26 Cr | Mar 2024 — | Jun 2024 ₹-45 Cr | Sep 2024 — | Dec 2024 ₹-53 Cr | Mar 2025 — | Jun 2025 ₹-15 Cr | Sep 2025 — | Dec 2025 ₹-40 Cr | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 ₹-11 Cr | Mar 2022 ₹-85 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-82 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-74 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹-116 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-44 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-35 Cr | Mar 2026 — | Jun 2026 ₹-38 Cr - BLDP: Sep 2021 ₹-31 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹-44 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-205 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-11 Cr | Jun 2026 — - KE: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - FAC: 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 ₹-13 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-9 Cr | Jun 2026 — - ELVA: Sep 2021 ₹-3 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - LTBR: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - EAF: Sep 2021 ₹120 Cr | Dec 2021 ₹141 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-225 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-87 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-65 Cr | Mar 2026 ₹-43 Cr | Jun 2026 — - ESP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - SKYX: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-9 Cr | Jun 2026 — ### 20-quarter Profit growth history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 -63% | Dec 2022 23% | Mar 2023 456% | Jun 2023 315% | Sep 2023 348% | Dec 2023 763% | Mar 2024 -112% | Jun 2024 114% | Sep 2024 88% | Dec 2024 -37% | Mar 2025 — | Jun 2025 82% | Sep 2025 125% | Dec 2025 203% | Mar 2026 136% | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2,525% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -99% | Mar 2026 — | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 43% | Dec 2022 23% | Mar 2023 76% | Jun 2023 52% | Sep 2023 33% | Dec 2023 32% | Mar 2024 -19% | Jun 2024 5.3% | Sep 2024 13% | Dec 2024 21% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 13% | Mar 2026 11% | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 26% | Dec 2022 137% | Mar 2023 38% | Jun 2023 41% | Sep 2023 -12% | Dec 2023 33% | Mar 2024 -9.6% | Jun 2024 -18% | Sep 2024 -3.7% | Dec 2024 -108% | Mar 2025 2.4% | Jun 2025 15% | Sep 2025 51% | Dec 2025 — | Mar 2026 61% | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 257% | Dec 2022 13% | Mar 2023 -14% | Jun 2023 -40% | Sep 2023 -55% | Dec 2023 -16% | Mar 2024 -81% | Jun 2024 -44% | Sep 2024 -141% | Dec 2024 29% | Mar 2025 317% | Jun 2025 73% | Sep 2025 — | Dec 2025 8.2% | Mar 2026 168% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 -15% | Mar 2023 11% | Jun 2023 -0.9% | Sep 2023 -28% | Dec 2023 35% | Mar 2024 7.2% | Jun 2024 8.6% | Sep 2024 43% | Dec 2024 5.9% | Mar 2025 -12% | Jun 2025 -14% | Sep 2025 -4.2% | Dec 2025 13% | Mar 2026 24% | Jun 2026 44% - FPS: 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 129% | Dec 2025 -100% | Mar 2026 200% | Jun 2026 — - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 — | Mar 2023 — | Jun 2023 100% | Sep 2023 189% | Dec 2023 2,300% | Mar 2024 313% | Jun 2024 156% | Sep 2024 77% | Dec 2024 46% | Mar 2025 39% | Jun 2025 4.4% | Sep 2025 11% | Dec 2025 17% | Mar 2026 0.0% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -30% | Dec 2022 -5.6% | Mar 2023 22% | Jun 2023 — | Sep 2023 116% | Dec 2023 91% | Mar 2024 39% | Jun 2024 — | Sep 2024 22% | Dec 2024 77% | Mar 2025 59% | Jun 2025 -19% | Sep 2025 -17% | Dec 2025 -22% | Mar 2026 -21% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 -54% | Mar 2023 — | Jun 2023 -89% | Sep 2023 -56% | Dec 2023 35% | Mar 2024 — | Jun 2024 375% | Sep 2024 -41% | Dec 2024 77% | Mar 2025 40% | Jun 2025 18% | Sep 2025 41% | Dec 2025 24% | Mar 2026 64% | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 8.9% | Dec 2022 -16% | Mar 2023 -25% | Jun 2023 -21% | Sep 2023 -36% | Dec 2023 -20% | Mar 2024 -21% | Jun 2024 -39% | Sep 2024 -48% | Dec 2024 -67% | Mar 2025 -136% | Jun 2025 -65% | Sep 2025 -174% | Dec 2025 -67% | Mar 2026 — | Jun 2026 — - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 148% | Sep 2022 -537% | Dec 2022 -18% | Mar 2023 111% | Jun 2023 -38% | Sep 2023 — | Dec 2023 -96% | Mar 2024 -20% | Jun 2024 -238% | Sep 2024 140% | Dec 2024 1,000% | Mar 2025 -13% | Jun 2025 — | Sep 2025 -27% | Dec 2025 -114% | Mar 2026 -64% | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 9.1% | Dec 2022 78% | Mar 2023 75% | Jun 2023 43% | Sep 2023 25% | Dec 2023 -63% | Mar 2024 -52% | Jun 2024 -55% | Sep 2024 -47% | Dec 2024 67% | Mar 2025 20% | Jun 2025 44% | Sep 2025 -63% | Dec 2025 -20% | Mar 2026 -8.3% | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -2,387% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3,293% | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -600% | Sep 2023 — | Dec 2023 -200% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -272% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 233% | Dec 2022 120% | Mar 2023 14% | Jun 2023 90% | Sep 2023 10% | Dec 2023 -27% | Mar 2024 -138% | Jun 2024 -58% | Sep 2024 -73% | Dec 2024 -63% | Mar 2025 — | Jun 2025 -13% | Sep 2025 233% | Dec 2025 33% | Mar 2026 50% | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 311% | Sep 2022 -23% | Dec 2022 -65% | Mar 2023 -106% | Jun 2023 -107% | Sep 2023 -125% | Dec 2023 -550% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 100% | Mar 2024 0.0% | Jun 2024 100% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 100% | Jun 2025 50% | Sep 2025 0.0% | Dec 2025 50% | Mar 2026 50% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Vertiv Holdings Co reports $113 million of CAPEX; X-Energy, Inc. has the highest covered intensity at 100%. Coverage is only 29 of 30 companies and 468 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: Vertiv Holdings Co · $113 million | 85.2% versus #2 · T1 Energy Inc. | 8/8 recent comparable periods | 29/30 companies · 468 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. Vertiv Holdings Co (VRT): ₹113 Cr 2. T1 Energy Inc. (TE): ₹61 Cr 3. X-Energy, Inc. (XE): ₹43 Cr 4. Hubbell Incorporated (HUBB): ₹41 Cr 5. Advanced Energy Industries, Inc. (AEIS): ₹37 Cr ### CAPEX intensity — highest reinvestment intensity 1. X-Energy, Inc. (XE): 100% 2. Eos Energy Enterprises, Inc. (EOSE): 61% 3. Enovix Corporation (ENVX): 38% 4. T1 Energy Inc. (TE): 34% 5. FuelCell Energy, Inc. (FCEL): 17% ### 20-quarter CAPEX history - VRT: Sep 2021 ₹13 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹113 Cr | Jun 2026 — - BE: Sep 2021 ₹10 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - HUBB: Sep 2021 ₹26 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹41 Cr | Jun 2026 — - NVT: Sep 2021 ₹7 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹36 Cr | Jun 2026 — - ARXS: 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 ₹9 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹12 Cr | Jun 2026 — - AEIS: Sep 2021 ₹8 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - AYI: Sep 2021 ₹13 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹17 Cr - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹28 Cr | Jun 2026 — - POWL: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ENS: Sep 2021 ₹16 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹18 Cr | Jun 2022 — | Sep 2022 ₹23 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 ₹16 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - XE: 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 ₹4 Cr | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹38 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - HAYW: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 — | Jun 2022 ₹7 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - PLUG: Sep 2021 ₹58 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ATKR: Sep 2021 ₹30 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr | Jun 2026 — - FCEL: Sep 2021 ₹22 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹6 Cr - ENR: Sep 2021 ₹22 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - PLPC: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - AMPX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - EOSE: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹35 Cr | Jun 2026 — - TE: Sep 2021 ₹4 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹61 Cr | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 — | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 ₹11 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹20 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 ₹3 Cr - BLDP: Sep 2021 ₹2 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - KE: Sep 2021 ₹13 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹14 Cr | Jun 2026 — - FAC: 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 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 — - ELVA: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - EAF: Sep 2021 ₹14 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - ESP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - VRT: Sep 2021 1.1% | Dec 2021 2.1% | Mar 2022 1.3% | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 2.3% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 2.6% | Mar 2024 2.2% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 2.6% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 3.2% | Mar 2026 4.3% | Jun 2026 — - BE: Sep 2021 4.8% | Dec 2021 1.5% | Mar 2022 9.5% | Jun 2022 11% | Sep 2022 12% | Dec 2022 7.8% | Mar 2023 9.8% | Jun 2023 6.6% | Sep 2023 5.3% | Dec 2023 4.5% | Mar 2024 8.9% | Jun 2024 3.6% | Sep 2024 4.2% | Dec 2024 1.9% | Mar 2025 4.3% | Jun 2025 1.7% | Sep 2025 2.3% | Dec 2025 3.0% | Mar 2026 3.5% | Jun 2026 — - HUBB: Sep 2021 2.4% | Dec 2021 2.5% | Mar 2022 1.8% | Jun 2022 1.7% | Sep 2022 1.9% | Dec 2022 5.1% | Mar 2023 2.6% | Jun 2023 2.6% | Sep 2023 2.5% | Dec 2023 4.6% | Mar 2024 2.9% | Jun 2024 2.3% | Sep 2024 2.6% | Dec 2024 5.1% | Mar 2025 1.9% | Jun 2025 2.7% | Sep 2025 2.1% | Dec 2025 4.0% | Mar 2026 2.7% | Jun 2026 — - NVT: Sep 2021 1.1% | Dec 2021 2.1% | Mar 2022 1.6% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 2.0% | Mar 2023 2.3% | Jun 2023 1.9% | Sep 2023 2.4% | Dec 2023 3.0% | Mar 2024 2.0% | Jun 2024 2.6% | Sep 2024 2.0% | Dec 2024 3.6% | Mar 2025 2.6% | Jun 2025 1.8% | Sep 2025 1.8% | Dec 2025 3.5% | Mar 2026 2.9% | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.4% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.6% | Jun 2026 — - AEIS: Sep 2021 2.3% | Dec 2021 0.0% | Mar 2022 3.3% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 3.9% | Mar 2023 3.8% | Jun 2023 4.1% | Sep 2023 3.2% | Dec 2023 3.5% | Mar 2024 5.2% | Jun 2024 4.1% | Sep 2024 3.5% | Dec 2024 3.1% | Mar 2025 3.5% | Jun 2025 6.3% | Sep 2025 6.0% | Dec 2025 7.8% | Mar 2026 7.2% | Jun 2026 — - AYI: Sep 2021 1.3% | Dec 2021 1.0% | Mar 2022 1.7% | Jun 2022 1.3% | Sep 2022 1.7% | Dec 2022 1.8% | Mar 2023 1.8% | Jun 2023 1.2% | Sep 2023 1.9% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 2.2% | Dec 2024 2.0% | Mar 2025 1.0% | Jun 2025 1.3% | Sep 2025 2.1% | Dec 2025 2.3% | Mar 2026 1.5% | Jun 2026 1.4% - FPS: 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 5.2% | Dec 2024 9.1% | Mar 2025 10% | Jun 2025 17% | Sep 2025 11% | Dec 2025 8.8% | Mar 2026 7.4% | Jun 2026 — - POWL: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 2.4% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 1.9% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 2.9% | Dec 2024 0.8% | Mar 2025 1.4% | Jun 2025 1.7% | Sep 2025 0.7% | Dec 2025 0.8% | Mar 2026 0.7% | Jun 2026 — - ENS: Sep 2021 2.0% | Dec 2021 2.3% | Mar 2022 2.1% | Jun 2022 — | Sep 2022 2.6% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 — | Sep 2023 1.8% | Dec 2023 2.2% | Mar 2024 3.0% | Jun 2024 4.2% | Sep 2024 3.4% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 3.7% | Sep 2025 2.2% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 — - XE: 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 12% | Mar 2025 52% | Jun 2025 — | Sep 2025 — | Dec 2025 106% | Mar 2026 100% | Jun 2026 — - HAYW: Sep 2021 1.4% | Dec 2021 2.6% | Mar 2022 — | Jun 2022 1.7% | Sep 2022 2.3% | Dec 2022 3.3% | Mar 2023 — | Jun 2023 2.9% | Sep 2023 3.2% | Dec 2023 2.9% | Mar 2024 2.3% | Jun 2024 1.4% | Sep 2024 2.6% | Dec 2024 1.8% | Mar 2025 2.6% | Jun 2025 2.3% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.7% | Jun 2026 — - PLUG: Sep 2021 40% | Dec 2021 50% | Mar 2022 55% | Jun 2022 52% | Sep 2022 85% | Dec 2022 54% | Mar 2023 81% | Jun 2023 58% | Sep 2023 83% | Dec 2023 82% | Mar 2024 78% | Jun 2024 71% | Sep 2024 34% | Dec 2024 18% | Mar 2025 30% | Jun 2025 22% | Sep 2025 16% | Dec 2025 1.8% | Mar 2026 1.2% | Jun 2026 — - ATKR: Sep 2021 3.2% | Dec 2021 1.1% | Mar 2022 1.6% | Jun 2022 5.4% | Sep 2022 5.2% | Dec 2022 4.2% | Mar 2023 4.2% | Jun 2023 5.4% | Sep 2023 11% | Dec 2023 5.5% | Mar 2024 3.7% | Jun 2024 3.9% | Sep 2024 5.7% | Dec 2024 6.2% | Mar 2025 3.1% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 — - FCEL: Sep 2021 82% | Dec 2021 207% | Mar 2022 50% | Jun 2022 81% | Sep 2022 23% | Dec 2022 18% | Mar 2023 27% | Jun 2023 71% | Sep 2023 104% | Dec 2023 132% | Mar 2024 106% | Jun 2024 64% | Sep 2024 71% | Dec 2024 22% | Mar 2025 37% | Jun 2025 14% | Sep 2025 19% | Dec 2025 1.8% | Mar 2026 9.7% | Jun 2026 17% - ENR: Sep 2021 2.9% | Dec 2021 2.8% | Mar 2022 3.2% | Jun 2022 2.7% | Sep 2022 1.5% | Dec 2022 1.3% | Mar 2023 1.3% | Jun 2023 2.4% | Sep 2023 2.6% | Dec 2023 3.6% | Mar 2024 4.1% | Jun 2024 2.7% | Sep 2024 3.3% | Dec 2024 4.8% | Mar 2025 3.2% | Jun 2025 1.9% | Sep 2025 1.8% | Dec 2025 3.2% | Mar 2026 2.8% | Jun 2026 — - PLPC: Sep 2021 3.7% | Dec 2021 4.6% | Mar 2022 5.8% | Jun 2022 3.7% | Sep 2022 6.7% | Dec 2022 8.8% | Mar 2023 4.4% | Jun 2023 4.9% | Sep 2023 6.3% | Dec 2023 5.5% | Mar 2024 2.8% | Jun 2024 2.9% | Sep 2024 2.7% | Dec 2024 1.8% | Mar 2025 7.4% | Jun 2025 4.7% | Sep 2025 6.2% | Dec 2025 5.8% | Mar 2026 5.7% | Jun 2026 — - AMPX: Sep 2021 — | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 100% | Dec 2022 100% | Mar 2023 100% | Jun 2023 100% | Sep 2023 300% | Dec 2023 150% | Mar 2024 200% | Jun 2024 67% | Sep 2024 13% | Dec 2024 — | Mar 2025 9.1% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 8.0% | Mar 2026 3.4% | Jun 2026 — - EOSE: Sep 2021 400% | Dec 2021 133% | Mar 2022 167% | Jun 2022 100% | Sep 2022 117% | Dec 2022 33% | Mar 2023 33% | Jun 2023 — | Sep 2023 1,100% | Dec 2023 114% | Mar 2024 57% | Jun 2024 600% | Sep 2024 1,000% | Dec 2024 186% | Mar 2025 50% | Jun 2025 47% | Sep 2025 55% | Dec 2025 43% | Mar 2026 61% | Jun 2026 — - TE: 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 533% | Mar 2025 55% | Jun 2025 17% | Sep 2025 4.3% | Dec 2025 5.0% | Mar 2026 34% | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 8.3% | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 18% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 — | Dec 2023 1.4% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 6.7% | Sep 2025 — | Dec 2025 12% | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 80% | Dec 2022 — | Mar 2023 500% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 300% | Jun 2024 625% | Sep 2024 500% | Dec 2024 — | Mar 2025 120% | Jun 2025 114% | Sep 2025 38% | Dec 2025 — | Mar 2026 — | Jun 2026 38% - BLDP: Sep 2021 8.0% | Dec 2021 14% | Mar 2022 19% | Jun 2022 43% | Sep 2022 33% | Dec 2022 79% | Mar 2023 92% | Jun 2023 100% | Sep 2023 26% | Dec 2023 15% | Mar 2024 50% | Jun 2024 13% | Sep 2024 73% | Dec 2024 24% | Mar 2025 13% | Jun 2025 11% | Sep 2025 3.0% | Dec 2025 12% | Mar 2026 5.3% | Jun 2026 — - KE: Sep 2021 4.4% | Dec 2021 4.8% | Mar 2022 6.0% | Jun 2022 6.7% | Sep 2022 4.7% | Dec 2022 5.0% | Mar 2023 4.9% | Jun 2023 4.8% | Sep 2023 2.5% | Dec 2023 3.1% | Mar 2024 3.1% | Jun 2024 2.1% | Sep 2024 3.5% | Dec 2024 1.7% | Mar 2025 1.1% | Jun 2025 2.6% | Sep 2025 3.0% | Dec 2025 5.3% | Mar 2026 4.0% | Jun 2026 — - ELVA: Sep 2021 0.0% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | 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 6.7% | Jun 2025 12% | Sep 2025 9.5% | Dec 2025 13% | Mar 2026 0.0% | Jun 2026 — - EAF: Sep 2021 4.0% | Dec 2021 5.0% | Mar 2022 4.6% | Jun 2022 3.3% | Sep 2022 5.3% | Dec 2022 11% | Mar 2023 18% | Jun 2023 8.1% | Sep 2023 5.0% | Dec 2023 4.4% | Mar 2024 8.0% | Jun 2024 5.1% | Sep 2024 3.1% | Dec 2024 9.7% | Mar 2025 8.9% | Jun 2025 3.0% | Sep 2025 4.2% | Dec 2025 16% | Mar 2026 9.6% | Jun 2026 — - ESP: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 22% | Dec 2023 10% | Mar 2024 13% | Jun 2024 8.3% | Sep 2024 10% | Dec 2024 7.1% | Mar 2025 10% | Jun 2025 20% | Sep 2025 11% | Dec 2025 8.3% | Mar 2026 0.0% | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | 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 4.0% | Mar 2026 0.0% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: X-Energy, Inc. has the clearest covered balance-sheet capacity with $649 million net cash and gross debt of $25 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: Lightbridge Corporation · $0 million | 100% versus #2 · Powell Industries, Inc. | 8/8 recent comparable periods | 28/30 companies · 469 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. Lightbridge Corporation (LTBR): ₹0 Cr 2. Powell Industries, Inc. (POWL): ₹2 Cr 3. Amprius Technologies, Inc. (AMPX): ₹7 Cr 4. Ballard Power Systems Inc. (BLDP): ₹21 Cr 5. X-Energy, Inc. (XE): ₹25 Cr ### Net debt — lowest net debt 1. X-Energy, Inc. (XE): ₹-649 Cr 2. Powell Industries, Inc. (POWL): ₹-543 Cr 3. Ballard Power Systems Inc. (BLDP): ₹-500 Cr 4. FuelCell Energy, Inc. (FCEL): ₹-230 Cr 5. Lightbridge Corporation (LTBR): ₹-216 Cr ### 20-quarter Gross debt history - VRT: Sep 2021 ₹2.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - BE: Sep 2021 ₹589 Cr | Dec 2021 ₹646 Cr | Mar 2022 ₹640 Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹619 Cr | Dec 2022 ₹560 Cr | Mar 2023 ₹554 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹992 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - HUBB: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - NVT: Sep 2021 ₹977 Cr | Dec 2021 ₹999 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.6K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹2.7K Cr | Jun 2026 — - AEIS: Sep 2021 ₹510 Cr | Dec 2021 ₹504 Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹499 Cr | Sep 2022 ₹489 Cr | Dec 2022 ₹484 Cr | Mar 2023 ₹476 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹663 Cr | Dec 2024 ₹672 Cr | Mar 2025 ₹681 Cr | Jun 2025 ₹688 Cr | Sep 2025 ₹683 Cr | Dec 2025 ₹679 Cr | Mar 2026 ₹683 Cr | Jun 2026 — - AYI: Sep 2021 ₹557 Cr | Dec 2021 ₹554 Cr | Mar 2022 ₹560 Cr | Jun 2022 ₹686 Cr | Sep 2022 ₹596 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹585 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹591 Cr | Dec 2023 ₹585 Cr | Mar 2024 ₹583 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹574 Cr | Dec 2024 ₹570 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹910 Cr | Mar 2026 ₹808 Cr | Jun 2026 ₹804 Cr - FPS: 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 ₹630 Cr | Jun 2025 ₹630 Cr | Sep 2025 ₹628 Cr | Dec 2025 ₹709 Cr | Mar 2026 ₹708 Cr | Jun 2026 — - POWL: Sep 2021 ₹4 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ENS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 — | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹939 Cr | Dec 2023 ₹980 Cr | Mar 2024 ₹833 Cr | Jun 2024 ₹897 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹189 Cr | Dec 2023 ₹189 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹19 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - HAYW: Sep 2021 ₹991 Cr | Dec 2021 ₹988 Cr | Mar 2022 — | Jun 2022 ₹983 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹974 Cr | Sep 2024 ₹974 Cr | Dec 2024 ₹965 Cr | Mar 2025 ₹964 Cr | Jun 2025 ₹962 Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹957 Cr | Mar 2026 ₹954 Cr | Jun 2026 — - PLUG: Sep 2021 ₹730 Cr | Dec 2021 ₹820 Cr | Mar 2022 ₹818 Cr | Jun 2022 ₹822 Cr | Sep 2022 ₹896 Cr | Dec 2022 ₹899 Cr | Mar 2023 ₹920 Cr | Jun 2023 ₹971 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹969 Cr | Mar 2024 ₹950 Cr | Jun 2024 ₹916 Cr | Sep 2024 ₹929 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹987 Cr | Jun 2025 ₹992 Cr | Sep 2025 ₹991 Cr | Dec 2025 ₹997 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - ATKR: Sep 2021 ₹800 Cr | Dec 2021 ₹801 Cr | Mar 2022 ₹798 Cr | Jun 2022 ₹803 Cr | Sep 2022 ₹832 Cr | Dec 2022 ₹832 Cr | Mar 2023 ₹858 Cr | Jun 2023 ₹858 Cr | Sep 2023 ₹884 Cr | Dec 2023 ₹910 Cr | Mar 2024 ₹918 Cr | Jun 2024 ₹921 Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹947 Cr | Mar 2025 ₹941 Cr | Jun 2025 ₹936 Cr | Sep 2025 ₹932 Cr | Dec 2025 ₹998 Cr | Mar 2026 ₹919 Cr | Jun 2026 — - FCEL: Sep 2021 ₹92 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹163 Cr | Jun 2026 ₹160 Cr - ENR: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - PLPC: Sep 2021 ₹74 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - AMPX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - EOSE: Sep 2021 ₹116 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹238 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹332 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹451 Cr | Dec 2025 ₹834 Cr | Mar 2026 ₹643 Cr | Jun 2026 — - TE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹708 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹731 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹534 Cr | Mar 2026 ₹532 Cr | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹540 Cr | Mar 2026 — | Jun 2026 ₹541 Cr - BLDP: Sep 2021 ₹17 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - KE: Sep 2021 ₹73 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹181 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹322 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹295 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹163 Cr | Jun 2026 — - FAC: 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 ₹19 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹33 Cr | Jun 2026 — - ELVA: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹35 Cr | Jun 2026 — - LTBR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - EAF: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹961 Cr | Jun 2022 ₹920 Cr | Sep 2022 ₹921 Cr | Dec 2022 ₹922 Cr | Mar 2023 ₹923 Cr | Jun 2023 ₹924 Cr | Sep 2023 ₹925 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹927 Cr | Jun 2024 ₹928 Cr | Sep 2024 ₹929 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - SKYX: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹36 Cr | Jun 2026 — ### 20-quarter Net debt history - VRT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹692 Cr | Jun 2026 — - BE: Sep 2021 ₹402 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹284 Cr | Jun 2022 ₹334 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹300 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹676 Cr | Sep 2024 ₹765 Cr | Dec 2024 ₹360 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹696 Cr | Sep 2025 ₹662 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹239 Cr | Jun 2026 — - HUBB: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹988 Cr | Mar 2023 ₹996 Cr | Jun 2023 ₹932 Cr | Sep 2023 ₹852 Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - NVT: Sep 2021 ₹931 Cr | Dec 2021 ₹949 Cr | Mar 2022 ₹995 Cr | Jun 2022 ₹992 Cr | Sep 2022 ₹893 Cr | Dec 2022 ₹785 Cr | Mar 2023 ₹777 Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹420 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.5K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹2.5K Cr | Jun 2026 — - AEIS: Sep 2021 ₹-41 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹-42 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-76 Cr | Dec 2025 ₹-112 Cr | Mar 2026 ₹-17 Cr | Jun 2026 — - AYI: Sep 2021 ₹66 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹373 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-120 Cr | Sep 2024 ₹-272 Cr | Dec 2024 ₹-366 Cr | Mar 2025 ₹794 Cr | Jun 2025 ₹714 Cr | Sep 2025 ₹581 Cr | Dec 2025 ₹534 Cr | Mar 2026 ₹535 Cr | Jun 2026 ₹392 Cr - FPS: 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 ₹519 Cr | Jun 2025 ₹519 Cr | Sep 2025 ₹547 Cr | Dec 2025 ₹603 Cr | Mar 2026 ₹614 Cr | Jun 2026 — - POWL: Sep 2021 ₹-130 Cr | Dec 2021 ₹-87 Cr | Mar 2022 ₹-111 Cr | Jun 2022 ₹-97 Cr | Sep 2022 ₹-115 Cr | Dec 2022 ₹-109 Cr | Mar 2023 ₹-161 Cr | Jun 2023 ₹-208 Cr | Sep 2023 ₹-278 Cr | Dec 2023 ₹-354 Cr | Mar 2024 ₹-364 Cr | Jun 2024 ₹-373 Cr | Sep 2024 ₹-349 Cr | Dec 2024 ₹-372 Cr | Mar 2025 ₹-388 Cr | Jun 2025 ₹-432 Cr | Sep 2025 ₹-467 Cr | Dec 2025 ₹-500 Cr | Mar 2026 ₹-543 Cr | Jun 2026 — - ENS: Sep 2021 ₹655 Cr | Dec 2021 ₹704 Cr | Mar 2022 ₹828 Cr | Jun 2022 — | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹839 Cr | Jun 2023 — | Sep 2023 ₹681 Cr | Dec 2023 ₹652 Cr | Mar 2024 ₹500 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹840 Cr | Mar 2025 ₹770 Cr | Jun 2025 ₹952 Cr | Sep 2025 ₹824 Cr | Dec 2025 ₹729 Cr | Mar 2026 ₹673 Cr | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹175 Cr | Dec 2023 ₹175 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-486 Cr | Dec 2024 ₹-486 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-408 Cr | Dec 2025 ₹-743 Cr | Mar 2026 ₹-649 Cr | Jun 2026 — - HAYW: Sep 2021 ₹739 Cr | Dec 2021 ₹693 Cr | Mar 2022 — | Jun 2022 ₹865 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹891 Cr | Dec 2023 ₹891 Cr | Mar 2024 ₹978 Cr | Jun 2024 ₹759 Cr | Sep 2024 ₹700 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹783 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹513 Cr | Dec 2025 ₹558 Cr | Mar 2026 ₹723 Cr | Jun 2026 — - PLUG: Sep 2021 ₹-3.5K Cr | Dec 2021 ₹-3.1K Cr | Mar 2022 ₹-2.6K Cr | Jun 2022 ₹-2.3K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-723 Cr | Jun 2023 ₹-114 Cr | Sep 2023 ₹556 Cr | Dec 2023 ₹834 Cr | Mar 2024 ₹777 Cr | Jun 2024 ₹854 Cr | Sep 2024 ₹835 Cr | Dec 2024 ₹873 Cr | Mar 2025 ₹691 Cr | Jun 2025 ₹851 Cr | Sep 2025 ₹825 Cr | Dec 2025 ₹628 Cr | Mar 2026 ₹787 Cr | Jun 2026 — - ATKR: Sep 2021 ₹224 Cr | Dec 2021 ₹302 Cr | Mar 2022 ₹408 Cr | Jun 2022 ₹616 Cr | Sep 2022 ₹443 Cr | Dec 2022 ₹524 Cr | Mar 2023 ₹504 Cr | Jun 2023 ₹540 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹529 Cr | Mar 2024 ₹550 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹600 Cr | Dec 2024 ₹637 Cr | Mar 2025 ₹611 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹425 Cr | Dec 2025 ₹554 Cr | Mar 2026 ₹477 Cr | Jun 2026 — - FCEL: Sep 2021 ₹-387 Cr | Dec 2021 ₹-345 Cr | Mar 2022 ₹-290 Cr | Jun 2022 ₹-375 Cr | Sep 2022 ₹-361 Cr | Dec 2022 ₹-358 Cr | Mar 2023 ₹-300 Cr | Jun 2023 ₹-224 Cr | Sep 2023 ₹-258 Cr | Dec 2023 ₹-220 Cr | Mar 2024 ₹-166 Cr | Jun 2024 ₹-114 Cr | Sep 2024 ₹-129 Cr | Dec 2024 ₹-113 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-151 Cr | Mar 2026 ₹-166 Cr | Jun 2026 ₹-230 Cr - ENR: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - PLPC: Sep 2021 ₹36 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - AMPX: Sep 2021 ₹-11 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-233 Cr | Jun 2022 ₹-232 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹-67 Cr | Mar 2023 ₹-56 Cr | Jun 2023 ₹-57 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-55 Cr | Jun 2026 — - EOSE: Sep 2021 ₹-28 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹392 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹232 Cr | Jun 2026 — - TE: Sep 2021 ₹-623 Cr | Dec 2021 ₹-566 Cr | Mar 2022 ₹-517 Cr | Jun 2022 ₹-477 Cr | Sep 2022 ₹-409 Cr | Dec 2022 ₹-552 Cr | Mar 2023 ₹-456 Cr | Jun 2023 ₹-365 Cr | Sep 2023 ₹-310 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-236 Cr | Jun 2024 ₹-205 Cr | Sep 2024 ₹-167 Cr | Dec 2024 ₹631 Cr | Mar 2025 ₹692 Cr | Jun 2025 ₹691 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹415 Cr | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 ₹-330 Cr | Mar 2022 ₹-376 Cr | Jun 2022 ₹-399 Cr | Sep 2022 ₹-376 Cr | Dec 2022 ₹-341 Cr | Mar 2023 ₹-315 Cr | Jun 2023 ₹-286 Cr | Sep 2023 ₹-234 Cr | Dec 2023 ₹-196 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-174 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹28 Cr | Mar 2026 — | Jun 2026 ₹12 Cr - BLDP: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-988 Cr | Sep 2022 ₹-941 Cr | Dec 2022 ₹-900 Cr | Mar 2023 ₹-851 Cr | Jun 2023 ₹-803 Cr | Sep 2023 ₹-765 Cr | Dec 2023 ₹-735 Cr | Mar 2024 ₹-694 Cr | Jun 2024 ₹-652 Cr | Sep 2024 ₹-609 Cr | Dec 2024 ₹-582 Cr | Mar 2025 ₹-556 Cr | Jun 2025 ₹-528 Cr | Sep 2025 ₹-505 Cr | Dec 2025 ₹-509 Cr | Mar 2026 ₹-500 Cr | Jun 2026 — - KE: Sep 2021 ₹-16 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹238 Cr | Sep 2023 ₹240 Cr | Dec 2023 ₹282 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹81 Cr | Jun 2026 — - FAC: 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 ₹-29 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 — - ELVA: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - LTBR: Sep 2021 ₹-16 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹-28 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-57 Cr | Jun 2025 ₹-98 Cr | Sep 2025 ₹-153 Cr | Dec 2025 ₹-202 Cr | Mar 2026 ₹-216 Cr | Jun 2026 — - EAF: Sep 2021 ₹1.0K Cr | Dec 2021 ₹972 Cr | Mar 2022 ₹876 Cr | Jun 2022 ₹864 Cr | Sep 2022 ₹812 Cr | Dec 2022 ₹787 Cr | Mar 2023 ₹788 Cr | Jun 2023 ₹792 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹749 Cr | Mar 2024 ₹762 Cr | Jun 2024 ₹807 Cr | Sep 2024 ₹788 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹875 Cr | Jun 2025 ₹932 Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹957 Cr | Mar 2026 ₹977 Cr | Jun 2026 — - SKYX: Sep 2021 ₹5 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹6 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Powell Industries, Inc. leads ROCE at 8.9%, 2.8 percentage points above Vertiv Holdings Co. X-Energy, Inc. has the strongest latest improvement at +22.9 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: Powell Industries, 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: Powell Industries, Inc. · 8.9% | 45.9% versus #2 · Vertiv Holdings Co | 4/8 recent comparable periods | 30/30 companies · 496 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. Powell Industries, Inc. (POWL): 8.9% 2. Vertiv Holdings Co (VRT): 6.1% 3. Espey Mfg. & Electronics Corp. (ESP): 5.8% 4. Acuity Inc. (AYI): 5.0% 5. Hubbell Incorporated (HUBB): 4.5% ### ROCE change — fastest improvers 1. X-Energy, Inc. (XE): +22.9 pp 2. Eos Energy Enterprises, Inc. (EOSE): +21.5 pp 3. Lightbridge Corporation (LTBR): +6.5 pp 4. Amprius Technologies, Inc. (AMPX): +3.6 pp 5. Bloom Energy Corporation (BE): +3.4 pp ### 20-quarter ROCE history - VRT: Sep 2021 2.4% | Dec 2021 -0.1% | Mar 2022 -1.1% | Jun 2022 0.6% | Sep 2022 1.9% | Dec 2022 3.2% | Mar 2023 2.5% | Jun 2023 4.0% | Sep 2023 4.9% | Dec 2023 5.2% | Mar 2024 4.0% | Jun 2024 6.6% | Sep 2024 6.9% | Dec 2024 7.8% | Mar 2025 5.2% | Jun 2025 7.5% | Sep 2025 8.2% | Dec 2025 8.4% | Mar 2026 6.1% | Jun 2026 — - BE: Sep 2021 -4.0% | Dec 2021 -1.1% | Mar 2022 -5.5% | Jun 2022 -9.1% | Sep 2022 -4.0% | Dec 2022 -2.9% | Mar 2023 -4.7% | Jun 2023 -3.5% | Sep 2023 -6.1% | Dec 2023 0.8% | Mar 2024 -2.9% | Jun 2024 -1.1% | Sep 2024 -0.5% | Dec 2024 5.3% | Mar 2025 -1.0% | Jun 2025 -0.2% | Sep 2025 0.4% | Dec 2025 3.0% | Mar 2026 2.4% | Jun 2026 — - HUBB: Sep 2021 3.5% | Dec 2021 3.2% | Mar 2022 3.4% | Jun 2022 4.5% | Sep 2022 4.8% | Dec 2022 4.0% | Mar 2023 5.8% | Jun 2023 6.5% | Sep 2023 6.2% | Dec 2023 4.3% | Mar 2024 4.6% | Jun 2024 6.0% | Sep 2024 6.1% | Dec 2024 4.7% | Mar 2025 4.4% | Jun 2025 6.2% | Sep 2025 6.0% | Dec 2025 5.1% | Mar 2026 4.5% | Jun 2026 — - NVT: Sep 2021 2.4% | Dec 2021 — | Mar 2022 2.2% | Jun 2022 2.5% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 2.9% | Jun 2023 3.1% | Sep 2023 — | Dec 2023 — | Mar 2024 2.7% | Jun 2024 2.7% | Sep 2024 4.3% | Dec 2024 3.9% | Mar 2025 2.3% | Jun 2025 5.7% | Sep 2025 2.8% | Dec 2025 2.8% | Mar 2026 3.3% | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.0% | Jun 2026 — - AEIS: Sep 2021 1.8% | Dec 2021 3.0% | Mar 2022 3.1% | Jun 2022 3.7% | Sep 2022 5.2% | Dec 2022 3.8% | Mar 2023 2.6% | Jun 2023 1.9% | Sep 2023 1.6% | Dec 2023 0.7% | Mar 2024 0.0% | Jun 2024 0.7% | Sep 2024 -0.5% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 2.5% | Dec 2025 3.2% | Mar 2026 3.8% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 4.0% | Mar 2022 3.6% | Jun 2022 5.1% | Sep 2022 5.3% | Dec 2022 3.9% | Mar 2023 3.9% | Jun 2023 5.2% | Sep 2023 3.9% | Dec 2023 4.7% | Mar 2024 4.1% | Jun 2024 5.0% | Sep 2024 5.3% | Dec 2024 4.4% | Mar 2025 3.3% | Jun 2025 4.1% | Sep 2025 5.1% | Dec 2025 4.5% | Mar 2026 3.5% | Jun 2026 5.0% - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.8% | Jun 2025 0.7% | Sep 2025 4.9% | Dec 2025 3.0% | Mar 2026 2.9% | Jun 2026 — - POWL: Sep 2021 1.2% | Dec 2021 -1.4% | Mar 2022 0.1% | Jun 2022 0.3% | Sep 2022 3.3% | Dec 2022 0.4% | Mar 2023 3.2% | Jun 2023 6.7% | Sep 2023 9.0% | Dec 2023 7.5% | Mar 2024 11% | Jun 2024 15% | Sep 2024 13% | Dec 2024 7.9% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 7.1% | Mar 2026 8.9% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 1.8% | Mar 2022 1.8% | Jun 2022 — | Sep 2022 1.7% | Dec 2022 1.9% | Mar 2023 2.7% | Jun 2023 — | Sep 2023 3.0% | Dec 2023 3.1% | Mar 2024 2.9% | Jun 2024 3.2% | Sep 2024 3.3% | Dec 2024 4.6% | Mar 2025 4.4% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 3.8% | Mar 2026 3.9% | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 -30% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 -7.3% | Mar 2026 -12% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 3.1% | Mar 2022 — | Jun 2022 4.1% | Sep 2022 4.0% | Dec 2022 1.6% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 2.4% | Dec 2023 2.1% | Mar 2024 1.1% | Jun 2024 2.6% | Sep 2024 1.3% | Dec 2024 2.8% | Mar 2025 1.2% | Jun 2025 2.7% | Sep 2025 1.5% | Dec 2025 3.2% | Mar 2026 1.5% | Jun 2026 — - PLUG: Sep 2021 -2.9% | Dec 2021 -5.3% | Mar 2022 -2.5% | Jun 2022 -2.7% | Sep 2022 -3.0% | Dec 2022 -4.4% | Mar 2023 -4.0% | Jun 2023 -4.6% | Sep 2023 -5.6% | Dec 2023 -14% | Mar 2024 -5.8% | Jun 2024 -5.6% | Sep 2024 -5.1% | Dec 2024 -38% | Mar 2025 -5.3% | Jun 2025 -5.5% | Sep 2025 -11% | Dec 2025 -32% | Mar 2026 -4.7% | Jun 2026 — - ATKR: Sep 2021 18% | Dec 2021 18% | Mar 2022 19% | Jun 2022 20% | Sep 2022 16% | Dec 2022 12% | Mar 2023 12% | Jun 2023 11% | Sep 2023 8.5% | Dec 2023 7.7% | Mar 2024 7.6% | Jun 2024 7.1% | Sep 2024 4.2% | Dec 2024 2.8% | Mar 2025 -2.1% | Jun 2025 2.6% | Sep 2025 -2.3% | Dec 2025 0.8% | Mar 2026 0.5% | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 -3.5% | Mar 2022 -7.0% | Jun 2022 -4.2% | Sep 2022 -3.3% | Dec 2022 -5.1% | Mar 2023 -2.8% | Jun 2023 -4.3% | Sep 2023 -4.7% | Dec 2023 -4.2% | Mar 2024 -5.0% | Jun 2024 -5.0% | Sep 2024 -3.8% | Dec 2024 -4.7% | Mar 2025 -3.8% | Jun 2025 -4.3% | Sep 2025 -12% | Dec 2025 -3.3% | Mar 2026 -3.0% | Jun 2026 -8.9% - ENR: Sep 2021 2.3% | Dec 2021 2.8% | Mar 2022 1.7% | Jun 2022 2.4% | Sep 2022 2.9% | Dec 2022 2.5% | Mar 2023 2.3% | Jun 2023 2.2% | Sep 2023 3.1% | Dec 2023 1.8% | Mar 2024 2.3% | Jun 2024 -0.6% | Sep 2024 2.7% | Dec 2024 1.7% | Mar 2025 2.2% | Jun 2025 5.8% | Sep 2025 2.9% | Dec 2025 1.0% | Mar 2026 2.4% | Jun 2026 — - PLPC: Sep 2021 3.6% | Dec 2021 3.0% | Mar 2022 2.4% | Jun 2022 4.5% | Sep 2022 4.4% | Dec 2022 5.9% | Mar 2023 6.5% | Jun 2023 6.2% | Sep 2023 4.6% | Dec 2023 1.5% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 3.7% | Mar 2025 2.7% | Jun 2025 3.5% | Sep 2025 2.6% | Dec 2025 2.3% | Mar 2026 2.7% | Jun 2026 — - AMPX: Sep 2021 -37% | Dec 2021 -43% | Mar 2022 -2.5% | Jun 2022 -3.6% | Sep 2022 -9.1% | Dec 2022 -15% | Mar 2023 -6.3% | Jun 2023 -6.6% | Sep 2023 -12% | Dec 2023 -11% | Mar 2024 -12% | Jun 2024 -15% | Sep 2024 -14% | Dec 2024 -12% | Mar 2025 -9.7% | Jun 2025 -6.5% | Sep 2025 -4.1% | Dec 2025 -21% | Mar 2026 -6.1% | Jun 2026 — - EOSE: Sep 2021 -16% | Dec 2021 -29% | Mar 2022 -52% | Jun 2022 -93% | Sep 2022 -51% | Dec 2022 -52% | Mar 2023 -60% | Jun 2023 -67% | Sep 2023 -40% | Dec 2023 -49% | Mar 2024 -66% | Jun 2024 -24% | Sep 2024 -43% | Dec 2024 -32% | Mar 2025 -40% | Jun 2025 -29% | Sep 2025 -33% | Dec 2025 -17% | Mar 2026 -19% | Jun 2026 — - TE: Sep 2021 -11% | Dec 2021 -6.0% | Mar 2022 -9.5% | Jun 2022 -11% | Sep 2022 -5.1% | Dec 2022 -5.0% | Mar 2023 -5.2% | Jun 2023 -5.4% | Sep 2023 -5.8% | Dec 2023 5.2% | Mar 2024 -2.2% | Jun 2024 -2.1% | Sep 2024 -2.7% | Dec 2024 -7.1% | Mar 2025 -3.3% | Jun 2025 -3.9% | Sep 2025 -14% | Dec 2025 -9.5% | Mar 2026 -2.5% | Jun 2026 — - ADSE: Sep 2021 -10% | Dec 2021 -10% | Mar 2022 -11% | Jun 2022 -11% | Sep 2022 -11% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 -11% | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -3.4% | Jun 2024 -3.4% | Sep 2024 -2.5% | Dec 2024 -2.5% | Mar 2025 -21% | Jun 2025 -21% | Sep 2025 -30% | Dec 2025 -30% | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 -8.5% | Mar 2022 -9.6% | Jun 2022 -7.8% | Sep 2022 -12% | Dec 2022 -7.9% | Mar 2023 -10% | Jun 2023 -15% | Sep 2023 -11% | Dec 2023 -11% | Mar 2024 -17% | Jun 2024 -19% | Sep 2024 -11% | Dec 2024 -7.1% | Mar 2025 -9.5% | Jun 2025 -10% | Sep 2025 -7.6% | Dec 2025 -6.8% | Mar 2026 — | Jun 2026 -7.2% - BLDP: Sep 2021 -2.6% | Dec 2021 -2.4% | Mar 2022 -2.2% | Jun 2022 -3.0% | Sep 2022 -3.4% | Dec 2022 -3.4% | Mar 2023 -3.4% | Jun 2023 -3.3% | Sep 2023 -3.3% | Dec 2023 -4.1% | Mar 2024 -4.0% | Jun 2024 -4.0% | Sep 2024 -7.0% | Dec 2024 -4.3% | Mar 2025 -3.5% | Jun 2025 -4.1% | Sep 2025 -4.3% | Dec 2025 -1.7% | Mar 2026 -2.1% | Jun 2026 — - KE: Sep 2021 0.9% | Dec 2021 1.3% | Mar 2022 3.8% | Jun 2022 3.6% | Sep 2022 2.3% | Dec 2022 2.8% | Mar 2023 3.8% | Jun 2023 4.5% | Sep 2023 2.7% | Dec 2023 2.1% | Mar 2024 -0.8% | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 — - FAC: 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 -35% | Jun 2026 — - ELVA: Sep 2021 106% | Dec 2021 78% | Mar 2022 523% | Jun 2022 107% | Sep 2022 -46% | Dec 2022 -30% | Mar 2023 -24% | Jun 2023 34% | Sep 2023 38% | Dec 2023 -1.3% | Mar 2024 7.8% | Jun 2024 -6.4% | Sep 2024 6.8% | Dec 2024 -1.2% | Mar 2025 6.0% | Jun 2025 7.4% | Sep 2025 7.3% | Dec 2025 2.5% | Mar 2026 3.3% | Jun 2026 — - LTBR: Sep 2021 -12% | Dec 2021 -11% | Mar 2022 -9.4% | Jun 2022 -7.0% | Sep 2022 -9.2% | Dec 2022 -7.7% | Mar 2023 -8.0% | Jun 2023 -6.8% | Sep 2023 -7.2% | Dec 2023 -9.1% | Mar 2024 -11% | Jun 2024 -9.7% | Sep 2024 -11% | Dec 2024 -12% | Mar 2025 -12% | Jun 2025 -6.6% | Sep 2025 -5.8% | Dec 2025 -7.2% | Mar 2026 -5.6% | Jun 2026 — - EAF: Sep 2021 13% | Dec 2021 13% | Mar 2022 13% | Jun 2022 12% | Sep 2022 9.3% | Dec 2022 5.0% | Mar 2023 0.2% | Jun 2023 0.7% | Sep 2023 -1.4% | Dec 2023 -17% | Mar 2024 -1.8% | Jun 2024 -0.2% | Sep 2024 -2.3% | Dec 2024 -2.3% | Mar 2025 -1.7% | Jun 2025 -1.4% | Sep 2025 -0.5% | Dec 2025 -3.9% | Mar 2026 -3.2% | Jun 2026 — - ESP: Sep 2021 1.2% | Dec 2021 0.1% | Mar 2022 2.6% | Jun 2022 1.1% | Sep 2022 3.0% | Dec 2022 4.3% | Mar 2023 2.9% | Jun 2023 2.9% | Sep 2023 3.5% | Dec 2023 5.8% | Mar 2024 2.9% | Jun 2024 5.5% | Sep 2024 4.3% | Dec 2024 4.9% | Mar 2025 4.1% | Jun 2025 5.7% | Sep 2025 4.4% | Dec 2025 6.3% | Mar 2026 5.8% | Jun 2026 — - SKYX: Sep 2021 -146% | Dec 2021 -36% | Mar 2022 -86% | Jun 2022 -35% | Sep 2022 -26% | Dec 2022 -20% | Mar 2023 -22% | Jun 2023 -34% | Sep 2023 -15% | Dec 2023 -27% | Mar 2024 -20% | Jun 2024 -14% | Sep 2024 -19% | Dec 2024 -20% | Mar 2025 -18% | Jun 2025 -20% | Sep 2025 -20% | Dec 2025 -20% | Mar 2026 -18% | Jun 2026 — ### 20-quarter ROCE change history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +3.3 pp | Mar 2023 +3.6 pp | Jun 2023 +3.4 pp | Sep 2023 +3.0 pp | Dec 2023 +2.0 pp | Mar 2024 +1.5 pp | Jun 2024 +2.6 pp | Sep 2024 +2.0 pp | Dec 2024 +2.6 pp | Mar 2025 +1.2 pp | Jun 2025 +0.9 pp | Sep 2025 +1.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.9 pp | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.8 pp | Mar 2023 +0.8 pp | Jun 2023 +5.6 pp | Sep 2023 −2.1 pp | Dec 2023 +3.7 pp | Mar 2024 +1.8 pp | Jun 2024 +2.4 pp | Sep 2024 +5.6 pp | Dec 2024 +4.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.9 pp | Sep 2025 +0.9 pp | Dec 2025 −2.3 pp | Mar 2026 +3.4 pp | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.8 pp | Mar 2023 +2.4 pp | Jun 2023 +2.0 pp | Sep 2023 +1.4 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 −0.4 pp | Sep 2024 — | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 +3.0 pp | Sep 2025 −1.5 pp | Dec 2025 −1.1 pp | Mar 2026 +1.0 pp | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +0.8 pp | Mar 2023 −0.5 pp | Jun 2023 −1.8 pp | Sep 2023 −3.6 pp | Dec 2023 −3.1 pp | Mar 2024 −2.6 pp | Jun 2024 −1.2 pp | Sep 2024 −2.1 pp | Dec 2024 +0.9 pp | Mar 2025 +1.5 pp | Jun 2025 +0.8 pp | Sep 2025 +3.0 pp | Dec 2025 +1.6 pp | Mar 2026 +2.3 pp | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 −1.4 pp | Dec 2023 +0.8 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +1.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.8 pp | Jun 2025 −0.9 pp | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 +0.9 pp - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1.1 pp | Jun 2026 — - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +1.8 pp | Mar 2023 +3.1 pp | Jun 2023 +6.4 pp | Sep 2023 +5.7 pp | Dec 2023 +7.1 pp | Mar 2024 +7.7 pp | Jun 2024 +7.9 pp | Sep 2024 +4.1 pp | Dec 2024 +0.4 pp | Mar 2025 +1.3 pp | Jun 2025 −3.3 pp | Sep 2025 −2.2 pp | Dec 2025 −0.8 pp | Mar 2026 −3.3 pp | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 +1.2 pp | Mar 2024 +0.2 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +1.5 pp | Mar 2025 +1.5 pp | Jun 2025 −0.4 pp | Sep 2025 −0.5 pp | Dec 2025 −0.8 pp | Mar 2026 −0.5 pp | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 −30.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +22.9 pp | Mar 2026 — | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.5 pp | Mar 2023 — | Jun 2023 −3.1 pp | Sep 2023 −1.6 pp | Dec 2023 +0.5 pp | Mar 2024 — | Jun 2024 +1.6 pp | Sep 2024 −1.1 pp | Dec 2024 +0.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.9 pp | Mar 2023 −1.5 pp | Jun 2023 −1.9 pp | Sep 2023 −2.6 pp | Dec 2023 −9.4 pp | Mar 2024 −1.8 pp | Jun 2024 −1.0 pp | Sep 2024 +0.5 pp | Dec 2024 −24.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −6.3 pp | Dec 2025 +6.8 pp | Mar 2026 +0.6 pp | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −5.6 pp | Mar 2023 −7.6 pp | Jun 2023 −8.7 pp | Sep 2023 −7.2 pp | Dec 2023 −4.2 pp | Mar 2024 −4.2 pp | Jun 2024 −3.9 pp | Sep 2024 −4.3 pp | Dec 2024 −4.9 pp | Mar 2025 −9.7 pp | Jun 2025 −4.5 pp | Sep 2025 −6.5 pp | Dec 2025 −2.0 pp | Mar 2026 +2.6 pp | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.6 pp | Mar 2023 +4.2 pp | Jun 2023 −0.1 pp | Sep 2023 −1.4 pp | Dec 2023 +0.9 pp | Mar 2024 −2.2 pp | Jun 2024 −0.7 pp | Sep 2024 +0.9 pp | Dec 2024 −0.5 pp | Mar 2025 +1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −7.8 pp | Dec 2025 +1.4 pp | Mar 2026 +0.8 pp | Jun 2026 −4.6 pp - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.3 pp | Mar 2023 +0.6 pp | Jun 2023 −0.2 pp | Sep 2023 +0.2 pp | Dec 2023 −0.7 pp | Mar 2024 0.0 pp | Jun 2024 −2.8 pp | Sep 2024 −0.4 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 +6.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.7 pp | Mar 2026 +0.2 pp | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +2.9 pp | Mar 2023 +4.1 pp | Jun 2023 +1.7 pp | Sep 2023 +0.2 pp | Dec 2023 −4.4 pp | Mar 2024 −4.1 pp | Jun 2024 −3.9 pp | Sep 2024 −2.4 pp | Dec 2024 +2.2 pp | Mar 2025 +0.3 pp | Jun 2025 +1.2 pp | Sep 2025 +0.4 pp | Dec 2025 −1.4 pp | Mar 2026 0.0 pp | Jun 2026 — - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +27.6 pp | Dec 2022 +28.7 pp | Mar 2023 −3.8 pp | Jun 2023 −3.0 pp | Sep 2023 −2.8 pp | Dec 2023 +3.3 pp | Mar 2024 −5.8 pp | Jun 2024 −8.2 pp | Sep 2024 −1.8 pp | Dec 2024 −0.5 pp | Mar 2025 +2.4 pp | Jun 2025 +8.3 pp | Sep 2025 +9.6 pp | Dec 2025 −9.1 pp | Mar 2026 +3.6 pp | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −34.2 pp | Dec 2022 −23.9 pp | Mar 2023 −8.2 pp | Jun 2023 +26.5 pp | Sep 2023 +10.7 pp | Dec 2023 +3.2 pp | Mar 2024 −5.7 pp | Jun 2024 +42.9 pp | Sep 2024 −3.0 pp | Dec 2024 +17.0 pp | Mar 2025 +25.7 pp | Jun 2025 −5.6 pp | Sep 2025 +9.4 pp | Dec 2025 +14.9 pp | Mar 2026 +21.5 pp | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 +1.0 pp | Mar 2023 +4.3 pp | Jun 2023 +6.0 pp | Sep 2023 −0.7 pp | Dec 2023 +10.2 pp | Mar 2024 +3.0 pp | Jun 2024 +3.3 pp | Sep 2024 +3.1 pp | Dec 2024 −12.3 pp | Mar 2025 −1.1 pp | Jun 2025 −1.8 pp | Sep 2025 −11.2 pp | Dec 2025 −2.4 pp | Mar 2026 +0.8 pp | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −1.0 pp | Mar 2023 +0.4 pp | Jun 2023 +0.4 pp | Sep 2023 −4.0 pp | Dec 2023 −4.0 pp | Mar 2024 +7.1 pp | Jun 2024 +7.1 pp | Sep 2024 +12.7 pp | Dec 2024 +12.7 pp | Mar 2025 −17.7 pp | Jun 2025 −17.7 pp | Sep 2025 −27.8 pp | Dec 2025 −27.8 pp | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 −0.7 pp | Jun 2023 −6.7 pp | Sep 2023 +1.2 pp | Dec 2023 −3.0 pp | Mar 2024 −6.4 pp | Jun 2024 −4.7 pp | Sep 2024 −0.7 pp | Dec 2024 +3.8 pp | Mar 2025 +7.2 pp | Jun 2025 +8.8 pp | Sep 2025 +3.8 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 +3.2 pp - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −1.0 pp | Mar 2023 −1.2 pp | Jun 2023 −0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.7 pp | Sep 2024 −3.7 pp | Dec 2024 −0.2 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 +2.7 pp | Dec 2025 +2.6 pp | Mar 2026 +1.4 pp | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.5 pp | Mar 2023 0.0 pp | Jun 2023 +0.9 pp | Sep 2023 +0.4 pp | Dec 2023 −0.7 pp | Mar 2024 −4.6 pp | Jun 2024 −2.1 pp | Sep 2024 −1.6 pp | Dec 2024 −1.0 pp | Mar 2025 +2.3 pp | Jun 2025 −0.3 pp | Sep 2025 +0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −151.8 pp | Dec 2022 −107.7 pp | Mar 2023 −547.2 pp | Jun 2023 −72.9 pp | Sep 2023 +84.2 pp | Dec 2023 +28.4 pp | Mar 2024 +31.7 pp | Jun 2024 −40.0 pp | Sep 2024 −31.3 pp | Dec 2024 +0.1 pp | Mar 2025 −1.8 pp | Jun 2025 +13.8 pp | Sep 2025 +0.5 pp | Dec 2025 +3.7 pp | Mar 2026 −2.7 pp | Jun 2026 — - LTBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +3.3 pp | Mar 2023 +1.4 pp | Jun 2023 +0.2 pp | Sep 2023 +2.0 pp | Dec 2023 −1.4 pp | Mar 2024 −3.3 pp | Jun 2024 −2.9 pp | Sep 2024 −3.5 pp | Dec 2024 −3.0 pp | Mar 2025 −0.8 pp | Jun 2025 +3.1 pp | Sep 2025 +4.9 pp | Dec 2025 +4.9 pp | Mar 2026 +6.5 pp | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 −8.4 pp | Mar 2023 −12.6 pp | Jun 2023 −11.1 pp | Sep 2023 −10.7 pp | Dec 2023 −21.9 pp | Mar 2024 −2.0 pp | Jun 2024 −0.9 pp | Sep 2024 −0.9 pp | Dec 2024 +14.6 pp | Mar 2025 +0.1 pp | Jun 2025 −1.2 pp | Sep 2025 +1.8 pp | Dec 2025 −1.6 pp | Mar 2026 −1.5 pp | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +4.2 pp | Mar 2023 +0.3 pp | Jun 2023 +1.8 pp | Sep 2023 +0.5 pp | Dec 2023 +1.5 pp | Mar 2024 0.0 pp | Jun 2024 +2.6 pp | Sep 2024 +0.8 pp | Dec 2024 −0.9 pp | Mar 2025 +1.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +1.4 pp | Mar 2026 +1.7 pp | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +119.3 pp | Dec 2022 +16.0 pp | Mar 2023 +64.2 pp | Jun 2023 +1.0 pp | Sep 2023 +11.7 pp | Dec 2023 −6.9 pp | Mar 2024 +2.1 pp | Jun 2024 +20.0 pp | Sep 2024 −4.1 pp | Dec 2024 +6.5 pp | Mar 2025 +1.2 pp | Jun 2025 −5.7 pp | Sep 2025 −1.0 pp | Dec 2025 +0.9 pp | Mar 2026 +0.4 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Espey Mfg. & Electronics Corp. has the lowest comparable Guarded PEG at 0.34×, 30.6% below EnerSys. Only 11 of 30 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: Espey Mfg. & Electronics Corp. · 0.34× | 30.6% versus #2 · EnerSys | 0/8 recent comparable periods | 11/30 companies · 62 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. Espey Mfg. & Electronics Corp. (ESP): 0.3 2. EnerSys (ENS): 0.5 3. Kimball Electronics, Inc. (KE): 0.5 4. Hayward Holdings, Inc. (HAYW): 0.6 5. Advanced Energy Industries, Inc. (AEIS): 0.9 ### P/E — lowest P/E 1. ADS-TEC Energy PLC (ADSE): 0.1 — older report 2. Energizer Holdings, Inc. (ENR): 6.0 3. Eos Energy Enterprises, Inc. (EOSE): 6.3 4. Espey Mfg. & Electronics Corp. (ESP): 14.5 5. Hayward Holdings, Inc. (HAYW): 18.1 ### 20-quarter Guarded PEG history - VRT: 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 10.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 1.1 | Jun 2024 2.1 | Sep 2024 4.4 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.1 | Sep 2023 — | Dec 2023 2.3 | Mar 2024 — | Jun 2024 3.6 | Sep 2024 0.8 | Dec 2024 1.5 | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.1 - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 4.5 | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - HAYW: 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 0.4 | Jun 2025 1.1 | Sep 2025 0.5 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.7 | Sep 2025 2.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — ### 20-quarter P/E history - VRT: Sep 2021 61.8 | Dec 2021 75.7 | Mar 2022 1,400.0 | Jun 2022 274.0 | Sep 2022 — | Dec 2022 — | Mar 2023 47.7 | Jun 2023 52.7 | Sep 2023 57.2 | Dec 2023 40.4 | Mar 2024 78.5 | Jun 2024 67.6 | Sep 2024 66.3 | Dec 2024 88.8 | Mar 2025 42.0 | Jun 2025 61.4 | Sep 2025 56.9 | Dec 2025 47.5 | Mar 2026 63.0 | Jun 2026 — - BE: 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 598.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HUBB: Sep 2021 27.9 | Dec 2021 28.6 | Mar 2022 21.1 | Jun 2022 19.1 | Sep 2022 22.4 | Dec 2022 24.9 | Mar 2023 23.2 | Jun 2023 27.6 | Sep 2023 23.8 | Dec 2023 23.7 | Mar 2024 31.0 | Jun 2024 26.9 | Sep 2024 30.4 | Dec 2024 29.1 | Mar 2025 22.2 | Jun 2025 26.5 | Sep 2025 26.9 | Dec 2025 26.9 | Mar 2026 29.0 | Jun 2026 — - NVT: Sep 2021 21.6 | Dec 2021 23.6 | Mar 2022 21.5 | Jun 2022 18.3 | Sep 2022 17.4 | Dec 2022 16.2 | Mar 2023 17.0 | Jun 2023 19.0 | Sep 2023 18.9 | Dec 2023 17.5 | Mar 2024 22.0 | Jun 2024 22.4 | Sep 2024 20.6 | Dec 2024 34.6 | Mar 2025 15.0 | Jun 2025 20.9 | Sep 2025 27.2 | Dec 2025 23.7 | Mar 2026 39.3 | Jun 2026 — - AEIS: Sep 2021 24.7 | Dec 2021 25.9 | Mar 2022 24.6 | Jun 2022 19.4 | Sep 2022 14.9 | Dec 2022 16.0 | Mar 2023 18.9 | Jun 2023 23.6 | Sep 2023 28.5 | Dec 2023 32.0 | Mar 2024 36.7 | Jun 2024 44.2 | Sep 2024 90.0 | Dec 2024 80.9 | Mar 2025 48.9 | Jun 2025 60.0 | Sep 2025 44.7 | Dec 2025 54.5 | Mar 2026 67.9 | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 21.7 | Mar 2022 18.8 | Jun 2022 16.9 | Sep 2022 14.8 | Dec 2022 17.2 | Mar 2023 17.0 | Jun 2023 13.0 | Sep 2023 15.0 | Dec 2023 15.3 | Mar 2024 21.0 | Jun 2024 21.1 | Sep 2024 19.0 | Dec 2024 23.6 | Mar 2025 22.5 | Jun 2025 20.5 | Sep 2025 26.1 | Dec 2025 28.2 | Mar 2026 22.1 | Jun 2026 20.2 - FPS: 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 250.3 | Jun 2026 — - POWL: Sep 2021 491.4 | Dec 2021 — | Mar 2022 — | Jun 2022 33.4 | Sep 2022 18.3 | Dec 2022 23.6 | Mar 2023 18.6 | Jun 2023 19.9 | Sep 2023 18.4 | Dec 2023 13.9 | Mar 2024 16.9 | Jun 2024 13.4 | Sep 2024 18.1 | Dec 2024 17.9 | Mar 2025 12.7 | Jun 2025 15.5 | Sep 2025 20.5 | Dec 2025 20.7 | Mar 2026 35.3 | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 21.8 | Mar 2022 22.9 | Jun 2022 — | Sep 2022 19.2 | Dec 2022 18.7 | Mar 2023 22.1 | Jun 2023 — | Sep 2023 21.2 | Dec 2023 16.2 | Mar 2024 14.5 | Jun 2024 15.7 | Sep 2024 14.4 | Dec 2024 11.5 | Mar 2025 10.2 | Jun 2025 9.9 | Sep 2025 13.1 | Dec 2025 18.7 | Mar 2026 22.6 | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 53.5 | Mar 2022 — | Jun 2022 17.0 | Sep 2022 13.7 | Dec 2022 9.3 | Mar 2023 — | Jun 2023 23.4 | Sep 2023 37.8 | Dec 2023 36.8 | Mar 2024 42.5 | Jun 2024 30.8 | Sep 2024 36.3 | Dec 2024 28.3 | Mar 2025 25.0 | Jun 2025 23.8 | Sep 2025 24.0 | Dec 2025 22.7 | Mar 2026 18.1 | Jun 2026 — - ATKR: Sep 2021 7.1 | Dec 2021 7.7 | Mar 2022 6.4 | Jun 2022 4.5 | Sep 2022 3.8 | Dec 2022 5.7 | Mar 2023 7.3 | Jun 2023 8.4 | Sep 2023 8.6 | Dec 2023 9.6 | Mar 2024 11.9 | Jun 2024 9.5 | Sep 2024 6.7 | Dec 2024 8.1 | Mar 2025 11.7 | Jun 2025 22.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ENR: Sep 2021 18.5 | Dec 2021 20.1 | Mar 2022 12.4 | Jun 2022 9.6 | Sep 2022 8.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.4 | Dec 2023 24.6 | Mar 2024 24.7 | Jun 2024 211.0 | Sep 2024 9.6 | Dec 2024 44.2 | Mar 2025 41.0 | Jun 2025 5.8 | Sep 2025 7.1 | Dec 2025 6.7 | Mar 2026 6.0 | Jun 2026 — - PLPC: Sep 2021 11.0 | Dec 2021 9.0 | Mar 2022 7.7 | Jun 2022 6.7 | Sep 2022 7.6 | Dec 2022 7.7 | Mar 2023 10.1 | Jun 2023 11.2 | Sep 2023 11.1 | Dec 2023 10.6 | Mar 2024 12.4 | Jun 2024 15.3 | Sep 2024 19.2 | Dec 2024 17.0 | Mar 2025 17.8 | Jun 2025 18.7 | Sep 2025 26.0 | Dec 2025 29.0 | Mar 2026 39.0 | Jun 2026 — - EOSE: Sep 2021 6.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 15.3 | Dec 2021 17.0 | Mar 2022 14.2 | Jun 2022 16.2 | Sep 2022 11.3 | Dec 2022 12.9 | Mar 2023 13.0 | Jun 2023 12.5 | Sep 2023 12.1 | Dec 2023 12.4 | Mar 2024 16.9 | Jun 2024 27.1 | Sep 2024 36.3 | Dec 2024 58.5 | Mar 2025 23.2 | Jun 2025 28.3 | Sep 2025 31.4 | Dec 2025 29.0 | Mar 2026 22.8 | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 152.5 | Mar 2024 363.0 | Jun 2024 128.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 114.0 | Sep 2025 73.6 | Dec 2025 71.8 | Mar 2026 71.3 | Jun 2026 — - EAF: Sep 2021 7.4 | Dec 2021 8.1 | Mar 2022 6.1 | Jun 2022 3.7 | Sep 2022 2.4 | Dec 2022 3.2 | Mar 2023 5.0 | Jun 2023 10.1 | Sep 2023 76.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 236.8 | Mar 2022 18.1 | Jun 2022 27.4 | Sep 2022 19.7 | Dec 2022 12.2 | Mar 2023 16.3 | Jun 2023 11.2 | Sep 2023 10.0 | Dec 2023 10.0 | Mar 2024 13.2 | Jun 2024 9.3 | Sep 2024 12.2 | Dec 2024 12.3 | Mar 2025 10.1 | Jun 2025 15.1 | Sep 2025 12.5 | Dec 2025 13.7 | Mar 2026 14.6 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Ballard Power Systems Inc. leads ev/ebitda at 0.31×; Kimball Electronics, Inc. leads p/bv at 0.99×. 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: Ballard Power Systems Inc. · 0.31× | 95.6% versus #2 · Kimball Electronics, Inc. | 0/8 recent comparable periods | 19/30 companies · 273 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. Ballard Power Systems Inc. (BLDP): 0.3 2. Kimball Electronics, Inc. (KE): 7.1 3. Energizer Holdings, Inc. (ENR): 7.7 4. Espey Mfg. & Electronics Corp. (ESP): 10.6 5. Acuity Inc. (AYI): 11.5 ### P/BV — lowest P/BV 1. Kimball Electronics, Inc. (KE): 1.0 2. FuelCell Energy, Inc. (FCEL): 1.2 3. Ballard Power Systems Inc. (BLDP): 1.3 4. Atkore Inc. (ATKR): 1.6 5. Lightbridge Corporation (LTBR): 1.7 ### 20-quarter EV/EBITDA history - VRT: Sep 2021 16.7 | Dec 2021 24.7 | Mar 2022 20.4 | Jun 2022 18.0 | Sep 2022 18.5 | Dec 2022 15.6 | Mar 2023 10.4 | Jun 2023 12.4 | Sep 2023 15.9 | Dec 2023 18.1 | Mar 2024 29.7 | Jun 2024 27.9 | Sep 2024 26.9 | Dec 2024 27.4 | Mar 2025 16.8 | Jun 2025 27.3 | Sep 2025 29.5 | Dec 2025 29.6 | Mar 2026 41.7 | Jun 2026 — - BE: 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 72.0 | Mar 2025 48.0 | Jun 2025 50.8 | Sep 2025 146.4 | Dec 2025 199.8 | Mar 2026 179.6 | Jun 2026 — - HUBB: Sep 2021 16.6 | Dec 2021 18.4 | Mar 2022 15.6 | Jun 2022 14.0 | Sep 2022 16.0 | Dec 2022 15.9 | Mar 2023 14.6 | Jun 2023 17.6 | Sep 2023 15.6 | Dec 2023 16.6 | Mar 2024 20.3 | Jun 2024 17.5 | Sep 2024 19.4 | Dec 2024 18.2 | Mar 2025 14.7 | Jun 2025 17.4 | Sep 2025 17.9 | Dec 2025 18.0 | Mar 2026 19.3 | Jun 2026 — - NVT: Sep 2021 23.9 | Dec 2021 23.7 | Mar 2022 24.6 | Jun 2022 21.2 | Sep 2022 27.0 | Dec 2022 32.6 | Mar 2023 34.5 | Jun 2023 38.4 | Sep 2023 22.2 | Dec 2023 16.9 | Mar 2024 21.3 | Jun 2024 27.3 | Sep 2024 26.0 | Dec 2024 19.7 | Mar 2025 17.2 | Jun 2025 22.0 | Sep 2025 30.5 | Dec 2025 21.6 | Mar 2026 30.0 | Jun 2026 — - AEIS: Sep 2021 15.1 | Dec 2021 16.5 | Mar 2022 15.6 | Jun 2022 13.0 | Sep 2022 10.8 | Dec 2022 11.0 | Mar 2023 12.7 | Jun 2023 15.6 | Sep 2023 17.4 | Dec 2023 22.4 | Mar 2024 27.1 | Jun 2024 33.0 | Sep 2024 46.6 | Dec 2024 41.0 | Mar 2025 26.7 | Jun 2025 32.9 | Sep 2025 30.4 | Dec 2025 34.0 | Mar 2026 45.9 | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 12.8 | Mar 2022 11.4 | Jun 2022 10.5 | Sep 2022 9.4 | Dec 2022 10.6 | Mar 2023 10.6 | Jun 2023 8.2 | Sep 2023 9.2 | Dec 2023 9.6 | Mar 2024 13.0 | Jun 2024 13.1 | Sep 2024 11.8 | Dec 2024 14.9 | Mar 2025 15.6 | Jun 2025 13.4 | Sep 2025 15.2 | Dec 2025 15.9 | Mar 2026 12.6 | Jun 2026 11.5 - FPS: 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 48.0 | Jun 2026 — - POWL: Sep 2021 13.9 | Dec 2021 36.3 | Mar 2022 14.1 | Jun 2022 17.3 | Sep 2022 8.1 | Dec 2022 14.2 | Mar 2023 11.0 | Jun 2023 9.9 | Sep 2023 9.9 | Dec 2023 7.4 | Mar 2024 10.8 | Jun 2024 8.4 | Sep 2024 12.5 | Dec 2024 11.8 | Mar 2025 7.8 | Jun 2025 9.7 | Sep 2025 14.3 | Dec 2025 14.5 | Mar 2026 26.0 | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 12.6 | Mar 2022 13.3 | Jun 2022 — | Sep 2022 11.9 | Dec 2022 11.6 | Mar 2023 12.1 | Jun 2023 — | Sep 2023 12.6 | Dec 2023 10.2 | Mar 2024 9.7 | Jun 2024 10.6 | Sep 2024 10.6 | Dec 2024 8.8 | Mar 2025 7.7 | Jun 2025 7.5 | Sep 2025 8.9 | Dec 2025 11.5 | Mar 2026 13.0 | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 16.8 | Mar 2022 — | Jun 2022 11.8 | Sep 2022 9.8 | Dec 2022 7.5 | Mar 2023 — | Jun 2023 13.8 | Sep 2023 16.2 | Dec 2023 16.7 | Mar 2024 18.5 | Jun 2024 14.5 | Sep 2024 16.6 | Dec 2024 15.4 | Mar 2025 13.9 | Jun 2025 13.1 | Sep 2025 13.3 | Dec 2025 13.5 | Mar 2026 12.1 | Jun 2026 — - ATKR: Sep 2021 4.8 | Dec 2021 5.0 | Mar 2022 4.2 | Jun 2022 3.2 | Sep 2022 2.8 | Dec 2022 3.9 | Mar 2023 4.9 | Jun 2023 5.8 | Sep 2023 6.0 | Dec 2023 6.7 | Mar 2024 8.4 | Jun 2024 6.6 | Sep 2024 4.8 | Dec 2024 5.5 | Mar 2025 6.5 | Jun 2025 9.9 | Sep 2025 17.2 | Dec 2025 25.8 | Mar 2026 14.3 | Jun 2026 — - ENR: Sep 2021 11.1 | Dec 2021 12.0 | Mar 2022 11.8 | Jun 2022 11.1 | Sep 2022 — | Dec 2022 11.2 | Mar 2023 10.8 | Jun 2023 10.9 | Sep 2023 10.6 | Dec 2023 11.1 | Mar 2024 11.0 | Jun 2024 11.0 | Sep 2024 15.2 | Dec 2024 12.1 | Mar 2025 11.6 | Jun 2025 8.2 | Sep 2025 8.6 | Dec 2025 8.2 | Mar 2026 7.7 | Jun 2026 — - PLPC: Sep 2021 6.5 | Dec 2021 5.6 | Mar 2022 5.9 | Jun 2022 5.4 | Sep 2022 5.7 | Dec 2022 3.8 | Mar 2023 6.5 | Jun 2023 7.0 | Sep 2023 4.3 | Dec 2023 6.6 | Mar 2024 7.5 | Jun 2024 8.7 | Sep 2024 10.1 | Dec 2024 4.6 | Mar 2025 9.3 | Jun 2025 9.6 | Sep 2025 11.3 | Dec 2025 6.6 | Mar 2026 16.4 | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 — | Mar 2025 101.5 | Jun 2025 46.1 | Sep 2025 — | Dec 2025 — | Mar 2026 23.0 | Jun 2026 — - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 1.4 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 7.2 | Dec 2021 7.7 | Mar 2022 7.5 | Jun 2022 7.6 | Sep 2022 7.1 | Dec 2022 8.0 | Mar 2023 7.9 | Jun 2023 7.7 | Sep 2023 7.2 | Dec 2023 7.5 | Mar 2024 8.1 | Jun 2024 8.7 | Sep 2024 8.1 | Dec 2024 8.9 | Mar 2025 6.2 | Jun 2025 6.4 | Sep 2025 9.0 | Dec 2025 8.3 | Mar 2026 7.1 | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 76.1 | Dec 2023 — | Mar 2024 — | Jun 2024 62.9 | Sep 2024 54.4 | Dec 2024 57.4 | Mar 2025 38.5 | Jun 2025 23.7 | Sep 2025 31.5 | Dec 2025 130.8 | Mar 2026 41.9 | Jun 2026 — - EAF: Sep 2021 6.6 | Dec 2021 3.8 | Mar 2022 5.8 | Jun 2022 4.0 | Sep 2022 3.7 | Dec 2022 2.4 | Mar 2023 10.4 | Jun 2023 8.6 | Sep 2023 15.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 124.6 | Dec 2021 59.7 | Mar 2022 11.1 | Jun 2022 13.2 | Sep 2022 9.3 | Dec 2022 5.5 | Mar 2023 8.7 | Jun 2023 6.4 | Sep 2023 5.5 | Dec 2023 5.8 | Mar 2024 8.2 | Jun 2024 5.0 | Sep 2024 7.9 | Dec 2024 7.6 | Mar 2025 4.7 | Jun 2025 10.4 | Sep 2025 7.8 | Dec 2025 9.5 | Mar 2026 10.6 | Jun 2026 — ### 20-quarter P/BV history - VRT: Sep 2021 10.8 | Dec 2021 6.6 | Mar 2022 3.6 | Jun 2022 2.3 | Sep 2022 2.9 | Dec 2022 3.6 | Mar 2023 3.5 | Jun 2023 5.7 | Sep 2023 8.3 | Dec 2023 9.1 | Mar 2024 21.9 | Jun 2024 21.1 | Sep 2024 20.6 | Dec 2024 17.8 | Mar 2025 10.3 | Jun 2025 15.7 | Sep 2025 16.4 | Dec 2025 15.7 | Mar 2026 22.7 | Jun 2026 — - BE: Sep 2021 -69.9 | Dec 2021 -87.3 | Mar 2022 -47.4 | Jun 2022 -16.7 | Sep 2022 22.5 | Dec 2022 11.5 | Mar 2023 10.4 | Jun 2023 11.1 | Sep 2023 6.1 | Dec 2023 6.6 | Mar 2024 5.5 | Jun 2024 6.6 | Sep 2024 5.6 | Dec 2024 9.1 | Mar 2025 7.9 | Jun 2025 9.4 | Sep 2025 30.6 | Dec 2025 31.7 | Mar 2026 41.8 | Jun 2026 — - HUBB: Sep 2021 4.5 | Dec 2021 5.1 | Mar 2022 4.5 | Jun 2022 4.3 | Sep 2022 5.2 | Dec 2022 5.3 | Mar 2023 5.3 | Jun 2023 6.8 | Sep 2023 6.1 | Dec 2023 6.1 | Mar 2024 7.6 | Jun 2024 6.4 | Sep 2024 7.2 | Dec 2024 6.6 | Mar 2025 5.5 | Jun 2025 6.3 | Sep 2025 6.2 | Dec 2025 6.2 | Mar 2026 6.9 | Jun 2026 — - NVT: Sep 2021 2.1 | Dec 2021 — | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 — | Dec 2022 — | Mar 2023 2.6 | Jun 2023 3.0 | Sep 2023 — | Dec 2023 — | Mar 2024 3.9 | Jun 2024 3.9 | Sep 2024 3.5 | Dec 2024 3.5 | Mar 2025 2.4 | Jun 2025 — | Sep 2025 4.4 | Dec 2025 4.4 | Mar 2026 5.0 | Jun 2026 — - AEIS: Sep 2021 3.9 | Dec 2021 3.9 | Mar 2022 3.6 | Jun 2022 3.0 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 3.4 | Jun 2023 3.7 | Sep 2023 3.5 | Dec 2023 3.6 | Mar 2024 3.3 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 3.6 | Mar 2025 2.9 | Jun 2025 4.0 | Sep 2025 4.9 | Dec 2025 5.8 | Mar 2026 8.9 | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 3.4 | Mar 2022 3.0 | Jun 2022 3.0 | Sep 2022 2.8 | Dec 2022 3.2 | Mar 2023 3.2 | Jun 2023 2.4 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 3.6 | Jun 2024 3.5 | Sep 2024 3.3 | Dec 2024 4.0 | Mar 2025 3.7 | Jun 2025 3.1 | Sep 2025 3.7 | Dec 2025 4.0 | Mar 2026 3.2 | Jun 2026 3.2 - FPS: 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 16.0 | Jun 2026 — - POWL: Sep 2021 1.0 | Dec 2021 1.2 | Mar 2022 0.8 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 1.4 | Mar 2023 1.7 | Jun 2023 2.2 | Sep 2023 2.9 | Dec 2023 2.9 | Mar 2024 4.3 | Jun 2024 3.9 | Sep 2024 5.5 | Dec 2024 5.4 | Mar 2025 3.8 | Jun 2025 4.3 | Sep 2025 5.7 | Dec 2025 5.8 | Mar 2026 9.3 | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 — | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 2.0 | Jun 2023 — | Sep 2023 2.7 | Dec 2023 2.3 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.2 | Dec 2024 2.0 | Mar 2025 1.9 | Jun 2025 1.7 | Sep 2025 2.2 | Dec 2025 2.9 | Mar 2026 3.3 | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 3.9 | Mar 2022 — | Jun 2022 2.8 | Sep 2022 2.6 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.2 | Mar 2024 2.5 | Jun 2024 2.0 | Sep 2024 2.4 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 1.8 | Jun 2026 — - PLUG: Sep 2021 3.1 | Dec 2021 3.5 | Mar 2022 3.6 | Jun 2022 2.2 | Sep 2022 2.8 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.7 | Sep 2023 1.3 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 1.1 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 2.0 | Dec 2025 2.8 | Mar 2026 4.2 | Jun 2026 — - ATKR: Sep 2021 4.6 | Dec 2021 5.1 | Mar 2022 4.4 | Jun 2022 3.1 | Sep 2022 2.6 | Dec 2022 3.5 | Mar 2023 4.1 | Jun 2023 4.2 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 4.4 | Jun 2024 3.1 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 4.6 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 1.2 - ENR: Sep 2021 7.3 | Dec 2021 6.5 | Mar 2022 4.8 | Jun 2022 4.0 | Sep 2022 13.7 | Dec 2022 18.3 | Mar 2023 16.7 | Jun 2023 14.4 | Sep 2023 10.9 | Dec 2023 13.3 | Mar 2024 11.1 | Jun 2024 17.2 | Sep 2024 16.8 | Dec 2024 17.9 | Mar 2025 16.1 | Jun 2025 7.6 | Sep 2025 10.0 | Dec 2025 9.6 | Mar 2026 6.5 | Jun 2026 — - PLPC: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.2 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 0.8 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 2.1 | Dec 2025 1.2 | Mar 2026 2.8 | Jun 2026 — - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10.2 | Dec 2022 9.2 | Mar 2023 11.0 | Jun 2023 9.3 | Sep 2023 6.3 | Dec 2023 7.9 | Mar 2024 4.1 | Jun 2024 2.1 | Sep 2024 2.2 | Dec 2024 4.7 | Mar 2025 4.6 | Jun 2025 6.9 | Sep 2025 13.3 | Dec 2025 10.2 | Mar 2026 21.5 | Jun 2026 — - EOSE: Sep 2021 12.9 | Dec 2021 12.5 | Mar 2022 -22.1 | Jun 2022 -1.2 | Sep 2022 -1.4 | Dec 2022 -0.9 | Mar 2023 -1.4 | Jun 2023 -2.4 | Sep 2023 -2.6 | Dec 2023 -2.0 | Mar 2024 -1.4 | Jun 2024 -1.8 | Sep 2024 -1.5 | Dec 2024 -1.9 | Mar 2025 -2.0 | Jun 2025 -2.3 | Sep 2025 -2.9 | Dec 2025 -4.4 | Mar 2026 -5.9 | Jun 2026 — - TE: Sep 2021 2.0 | Dec 2021 3.1 | Mar 2022 2.8 | Jun 2022 1.6 | Sep 2022 4.0 | Dec 2022 1.7 | Mar 2023 2.3 | Jun 2023 2.7 | Sep 2023 1.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 2.1 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 3.8 | Dec 2025 7.1 | Mar 2026 5.2 | Jun 2026 — - ADSE: Sep 2021 0.0 | Dec 2021 4.0 | Mar 2022 4.2 | Jun 2022 3.4 | Sep 2022 4.6 | Dec 2022 1.8 | Mar 2023 2.3 | Jun 2023 5.5 | Sep 2023 9.6 | Dec 2023 9.7 | Mar 2024 -262.4 | Jun 2024 -321.4 | Sep 2024 -14.4 | Dec 2024 -18.2 | Mar 2025 -48.7 | Jun 2025 -43.8 | Sep 2025 -52.8 | Dec 2025 -60.4 | Mar 2026 — | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 8.4 | Mar 2022 12.7 | Jun 2022 5.5 | Sep 2022 3.2 | Dec 2022 8.0 | Mar 2023 5.5 | Jun 2023 7.6 | Sep 2023 11.6 | Dec 2023 8.0 | Mar 2024 5.9 | Jun 2024 15.9 | Sep 2024 10.1 | Dec 2024 8.4 | Mar 2025 6.1 | Jun 2025 9.4 | Sep 2025 7.4 | Dec 2025 5.8 | Mar 2026 — | Jun 2026 4.6 - BLDP: Sep 2021 3.1 | Dec 2021 2.8 | Mar 2022 2.7 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 — - KE: Sep 2021 1.5 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 — - FAC: 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 2.4 | Jun 2026 — - ELVA: Sep 2021 -87.4 | Dec 2021 -31.6 | Mar 2022 -21.1 | Jun 2022 -15.0 | Sep 2022 -15.5 | Dec 2022 40.2 | Mar 2023 23.5 | Jun 2023 20.0 | Sep 2023 13.1 | Dec 2023 13.7 | Mar 2024 16.0 | Jun 2024 11.5 | Sep 2024 9.3 | Dec 2024 4.9 | Mar 2025 4.1 | Jun 2025 6.1 | Sep 2025 8.0 | Dec 2025 6.3 | Mar 2026 6.2 | Jun 2026 — - LTBR: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 3.1 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.8 | Jun 2023 2.5 | Sep 2023 2.0 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 2.2 | Mar 2025 2.8 | Jun 2025 3.5 | Sep 2025 4.2 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 — - EAF: Sep 2021 -24.6 | Dec 2021 133.1 | Mar 2022 18.5 | Jun 2022 9.3 | Sep 2022 4.1 | Dec 2022 3.6 | Mar 2023 3.8 | Jun 2023 4.0 | Sep 2023 3.4 | Dec 2023 7.2 | Mar 2024 9.4 | Jun 2024 15.4 | Sep 2024 -37.7 | Dec 2024 -5.6 | Mar 2025 -2.1 | Jun 2025 -1.5 | Sep 2025 -1.7 | Dec 2025 -1.5 | Mar 2026 -0.6 | Jun 2026 — - ESP: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.6 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.8 | Jun 2024 1.4 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.6 | Mar 2026 2.9 | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 60.9 | Jun 2022 10.9 | Sep 2022 24.8 | Dec 2022 26.4 | Mar 2023 33.8 | Jun 2023 11.5 | Sep 2023 7.7 | Dec 2023 9.2 | Mar 2024 9.4 | Jun 2024 10.1 | Sep 2024 22.7 | Dec 2024 29.6 | Mar 2025 -165.6 | Jun 2025 168.6 | Sep 2025 -32.9 | Dec 2025 -55.7 | Mar 2026 7.9 | Jun 2026 — ## Market action Bloom Energy Corporation has the strongest one-year price move in Electrical Equipment & Parts at +354.4%. FuelCell Energy, Inc. leads on Mansfield relative strength against the S&P 500 at +71.8%. 9 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Bloom Energy Corporation (BE): 354% 2. FuelCell Energy, Inc. (FCEL): 317% 3. T1 Energy Inc. (TE): 258% 4. Powell Industries, Inc. (POWL): 165% 5. EnerSys (ENS): 106% ### Strongest relative strength versus NIFTY 500 1. FuelCell Energy, Inc. (FCEL): 72% 2. Vertiv Holdings Co (VRT): 13% 3. Powell Industries, Inc. (POWL): 11% 4. nVent Electric plc (NVT): 9.3% 5. Atkore Inc. (ATKR): 7.1% ## 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 - Vertiv Holdings Co (VRT) — market value ₹1.0 L Cr; latest fundamentals Mar 2026 - Bloom Energy Corporation (BE) — market value ₹47.5K Cr; latest fundamentals Mar 2026 - Hubbell Incorporated (HUBB) — market value ₹25.6K Cr; latest fundamentals Mar 2026 - nVent Electric plc (NVT) — market value ₹22.9K Cr; latest fundamentals Mar 2026 - Arxis, Inc. (ARXS) — market value ₹18.1K Cr; latest fundamentals Mar 2026 - Advanced Energy Industries, Inc. (AEIS) — market value ₹10.4K Cr; latest fundamentals Mar 2026 - Acuity Inc. (AYI) — market value ₹10.2K Cr; latest fundamentals Jun 2026 - Forgent Power Solutions, Inc. (FPS) — market value ₹9.9K Cr; latest fundamentals Mar 2026 - Powell Industries, Inc. (POWL) — market value ₹7.3K Cr; latest fundamentals Mar 2026 - EnerSys (ENS) — market value ₹6.7K Cr; latest fundamentals Mar 2026 - X-Energy, Inc. (XE) — market value ₹6.4K Cr; latest fundamentals Mar 2026 - Hayward Holdings, Inc. (HAYW) — market value ₹3.3K Cr; latest fundamentals Mar 2026 - Plug Power Inc. (PLUG) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Atkore Inc. (ATKR) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - FuelCell Energy, Inc. (FCEL) — market value ₹1.6K Cr; latest fundamentals Jun 2026 - Energizer Holdings, Inc. (ENR) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Preformed Line Products Company (PLPC) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Amprius Technologies, Inc. (AMPX) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - Eos Energy Enterprises, Inc. (EOSE) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - T1 Energy Inc. (TE) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - ADS-TEC Energy PLC (ADSE) — market value ₹899 Cr; latest fundamentals Dec 2025 - Enovix Corporation (ENVX) — market value ₹844 Cr; latest fundamentals Jun 2026 - Ballard Power Systems Inc. (BLDP) — market value ₹807 Cr; latest fundamentals Mar 2026 - Kimball Electronics, Inc. (KE) — market value ₹593 Cr; latest fundamentals Mar 2026 - Factorial Energy Inc. (FAC) — market value ₹500 Cr; latest fundamentals Mar 2026 - Electrovaya Inc. (ELVA) — market value ₹397 Cr; latest fundamentals Mar 2026 - Lightbridge Corporation (LTBR) — market value ₹259 Cr; latest fundamentals Mar 2026 - GrafTech International Ltd. (EAF) — market value ₹200 Cr; latest fundamentals Mar 2026 - Espey Mfg. & Electronics Corp. (ESP) — market value ₹164 Cr; latest fundamentals Mar 2026 - SKYX Platforms Corp. (SKYX) — market value ₹155 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 Electrical Equipment & Parts company is the biggest? Vertiv Holdings Co is the largest, with trailing-twelve-month revenue of $10,844 million, ahead of Hubbell Incorporated at $5,996 million. That covers 24 of 30 companies with comparable reporting through Mar 2026. ### Which Electrical Equipment & Parts company is growing fastest? Amprius Technologies, Inc. has the fastest revenue growth at 100% year on year, across 22 of 30 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 Electrical Equipment & Parts company has the best profit margins? Espey Mfg. & Electronics Corp. has the highest operating margin at 26.1%, from 27 of 30 comparable companies. Eos Energy Enterprises, Inc. shows the biggest recent improvement, at +367 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Electrical Equipment & Parts company makes the most profit? Vertiv Holdings Co earns the most, at $1,559 million of trailing-twelve-month net profit, from 25 of 30 comparable companies. Advanced Energy Industries, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Electrical Equipment & Parts company earns the highest return on capital? Powell Industries, Inc. leads on return on capital employed at 8.9%, across 30 of 30 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 Electrical Equipment & Parts stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Espey Mfg. & Electronics Corp. screens cheapest at 0.34×. Only 11 of 30 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 Electrical Equipment & Parts company has the strongest balance sheet? Lightbridge Corporation carries the lowest comparable gross debt at $0 million, from 28 of 30 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 Electrical Equipment & Parts company is investing most in new capacity? Vertiv Holdings Co reports the largest capital spending at $113 million, across 29 of 30 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 Electrical Equipment & Parts sector beating the market? Electrical Equipment & Parts has outperformed S&P 500 by 37.5% over the last 52 weeks and 16.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Electrical Equipment & Parts stock has the strongest price momentum? FuelCell Energy, 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 Electrical Equipment & Parts company scores highest for research priority? Espey Mfg. & Electronics Corp. scores 65 out of 100 with 70.3% evidence confidence, from 19.7 points on growth and earnings, 15.2 on capital efficiency, 16 on valuation and 14.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Electrical Equipment & Parts companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 8 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 Electrical Equipment & Parts sector? The 30 Electrical Equipment & Parts companies on this page carry $290,118 million of combined market value. Vertiv Holdings Co is the largest at $103,540 million, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Electrical Equipment & Parts sector's P/E ratio? The median price-to-earnings ratio across the 30 Electrical Equipment & Parts companies on this page is 29×, measured on the 19 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 Electrical Equipment & Parts sector performing? 9 of the 26 covered Electrical Equipment & Parts companies are beating S&P 500 on Mansfield relative strength. The sector itself is 37.5% 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 Electrical Equipment & Parts stocks are listed in the US? This comparison covers 30 listed Electrical Equipment & Parts 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/electrical-equipment-parts