# Silver — company-by-company sector analysis

> Silver: First Majestic Silver Corp. owns the largest revenue base AND the fastest current growth.

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

## Bottom line

Silver has outperformed S&P 500 by 94.8% over 52 weeks and 16.4% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself. First Majestic Silver Corp. leads with revenue of $1,490 million, based on 4 of 8 comparable companies through Mar 2026.

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

Silver has outperformed S&P 500 by 94.8% over 52 weeks and 16.4% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself.

### Which Silver company is largest by revenue?

First Majestic Silver Corp. leads with revenue of $1,490 million, based on 4 of 8 comparable companies through Mar 2026.

### Which Silver company is growing fastest?

First Majestic Silver Corp. has the fastest current revenue growth at 100%, across 4 of 8 comparable companies.

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

Aya Gold & Silver Inc. ranks first at 74.9/100 with 64.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Silver company reports the most CAPEX?

First Majestic Silver Corp. reports the largest latest CAPEX at $47 million, with 8 of 8 companies comparable.

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

Sunshine Silver Mining & Refining Company has the lowest comparable gross debt at $0 million. First Majestic Silver Corp. has the highest at $314 million.

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

Silvercorp Metals Inc. has the lowest comparable Guarded PEG at 0.71, among 1 of 8 companies that pass the metric’s comparability rules.

### How much history does this Silver comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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

Silver has outperformed S&P 500 by 94.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 16.4%. 2 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. New Pacific Metals Corp. is the strongest against the sector itself at +14.8%.

13-week sector return versus NIFTY 500: -16%
52-week sector return versus NIFTY 500: 95%
Stocks leading NIFTY: 2/6
Stocks leading sector: 2/6

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 8
Combined market value: ₹20.5K 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. Aya Gold & Silver Inc. (AYA): 75/100 — Favorable setup; evidence 65%
   - Growth & earnings 28.9/35 | Capital efficiency 17.2/25 | Valuation 10.0/20 | Relative strength 18.8/20
   - Exact sum: 28.9 + 17.2 + 10 + 18.8 = 74.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Silvercorp Metals Inc. (SVM): 57/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 25.8/35 | Capital efficiency 11.5/25 | Valuation 15.0/20 | Relative strength 4.8/20
   - Exact sum: 25.8 + 11.5 + 15 + 4.8 = 57.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.2% and the one-year return is 117.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Endeavour Silver Corp. (EXK): 54/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 27.3/35 | Capital efficiency 11.9/25 | Valuation 10.0/20 | Relative strength 4.9/20
   - Exact sum: 27.3 + 11.9 + 10 + 4.9 = 54.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.1% and the one-year return is 56.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. First Majestic Silver Corp. (AG): 53/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 25.9/35 | Capital efficiency 13.5/25 | Valuation 10.0/20 | Relative strength 3.8/20
   - Exact sum: 25.9 + 13.5 + 10 + 3.8 = 53.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17% and the one-year return is 100.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Highlander Silver Corp. (HSLV): 49/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 16.9/35 | Capital efficiency 13.9/25 | Valuation 10.0/20 | Relative strength 8.6/20
   - Exact sum: 16.9 + 13.9 + 10 + 8.6 = 49.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Sunshine Silver Mining & Refining Company (SSMR): 48/100 — Thin evidence · provisional; evidence 19%
   - Growth & earnings 17.2/35 | Capital efficiency 10.7/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.2 + 10.7 + 10 + 10 = 47.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Sinda Ltd. (SIND): 47/100 — Thin evidence · provisional; evidence 20%
   - Growth & earnings 17.9/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.9 + 8.6 + 10 + 10 = 46.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. New Pacific Metals Corp. (NEWP): 46/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 14.1/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 13.4/20
   - Exact sum: 14.1 + 8.7 + 10 + 13.4 = 46.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: First Majestic Silver Corp. is the scale leader at $1,490 million, 142.3% ahead of Endeavour Silver Corp.. First Majestic Silver Corp.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 113.5% from a $1,490 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: First Majestic Silver Corp. is the scale benchmark; First Majestic Silver Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: First Majestic Silver Corp.'s growth falls below First Majestic Silver Corp.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: First Majestic Silver Corp. · $1,490 million | 142.3% versus #2 · Endeavour Silver Corp. | 7/8 recent comparable periods | 4/8 companies · 82 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. First Majestic Silver Corp. (AG): ₹1.5K Cr
2. Endeavour Silver Corp. (EXK): ₹615 Cr
3. Silvercorp Metals Inc. (SVM): ₹437 Cr
4. Aya Gold & Silver Inc. (AYA): ₹285 Cr

### Revenue growth — fastest growers
1. First Majestic Silver Corp. (AG): 100%
2. Aya Gold & Silver Inc. (AYA): 100%
3. Endeavour Silver Corp. (EXK): 100%
4. Silvercorp Metals Inc. (SVM): 46%

### 20-quarter Revenue history
- AG: Jun 2021 ₹154 Cr | Sep 2021 ₹125 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹157 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹464 Cr | Mar 2026 ₹477 Cr
- AYA: Jun 2021 ₹10 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹117 Cr
- EXK: Jun 2021 ₹48 Cr | Sep 2021 ₹35 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹210 Cr
- SVM: Jun 2021 ₹59 Cr | Sep 2021 ₹58 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹147 Cr
- SSMR: Jun 2021 — | 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 —
- HSLV: Jun 2021 — | 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 ₹25 Cr

### 20-quarter Revenue growth history
- AG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 28% | Dec 2022 -28% | Mar 2023 0.0% | Jun 2023 -7.6% | Sep 2023 -17% | Dec 2023 -7.4% | Mar 2024 -32% | Jun 2024 -7.5% | Sep 2024 9.8% | Dec 2024 26% | Mar 2025 130% | Jun 2025 94% | Sep 2025 95% | Dec 2025 170% | Mar 2026 95%
- AYA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -13% | Dec 2022 63% | Mar 2023 11% | Jun 2023 11% | Sep 2023 71% | Dec 2023 -15% | Mar 2024 -50% | Jun 2024 40% | Sep 2024 -8.3% | Dec 2024 -18% | Mar 2025 580% | Jun 2025 179% | Sep 2025 391% | Dec 2025 733% | Mar 2026 244%
- EXK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 14% | Dec 2022 67% | Mar 2023 -5.2% | Jun 2023 61% | Sep 2023 23% | Dec 2023 -39% | Mar 2024 16% | Jun 2024 16% | Sep 2024 8.2% | Dec 2024 -16% | Mar 2025 0.0% | Jun 2025 53% | Sep 2025 170% | Dec 2025 312% | Mar 2026 228%
- SVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.5% | Sep 2022 -10% | Dec 2022 0.0% | Mar 2023 -19% | Jun 2023 -6.3% | Sep 2023 3.9% | Dec 2023 0.0% | Mar 2024 26% | Jun 2024 20% | Sep 2024 26% | Dec 2024 42% | Mar 2025 74% | Jun 2025 13% | Sep 2025 22% | Dec 2025 50% | Mar 2026 96%

## Operating Economics & Margin Trend

What the numbers say: Aya Gold & Silver Inc. leads both opm at 66.2% and margin change at +56.4 percentage points.

Investor read: Aya Gold & Silver Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Aya Gold & Silver Inc. · 66.2% | 19.7% versus #2 · Highlander Silver Corp. | 6/8 recent comparable periods | 5/8 companies · 81 observations

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

### OPM — highest
1. Aya Gold & Silver Inc. (AYA): 66%
2. Highlander Silver Corp. (HSLV): 55%
3. First Majestic Silver Corp. (AG): 50%
4. Endeavour Silver Corp. (EXK): 40%
5. Silvercorp Metals Inc. (SVM): 26%

### Margin change — fastest expanders
1. Aya Gold & Silver Inc. (AYA): +56.4 pp
2. First Majestic Silver Corp. (AG): +35.1 pp
3. Endeavour Silver Corp. (EXK): +33.5 pp
4. Silvercorp Metals Inc. (SVM): +22.5 pp

### 20-quarter OPM history
- AG: Jun 2021 11% | Sep 2021 -8.8% | Dec 2021 14% | Mar 2022 -1.6% | Jun 2022 2.1% | Sep 2022 -9.6% | Dec 2022 -17% | Mar 2023 -92% | Jun 2023 -13% | Sep 2023 -14% | Dec 2023 1.8% | Mar 2024 -18% | Jun 2024 -11% | Sep 2024 2.8% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 28% | Dec 2025 52% | Mar 2026 50%
- AYA: Jun 2021 20% | Sep 2021 13% | Dec 2021 5.1% | Mar 2022 2.7% | Jun 2022 5.9% | Sep 2022 -19% | Dec 2022 22% | Mar 2023 0.8% | Jun 2023 -0.4% | Sep 2023 31% | Dec 2023 13% | Mar 2024 -57% | Jun 2024 12% | Sep 2024 -28% | Dec 2024 -369% | Mar 2025 9.8% | Jun 2025 19% | Sep 2025 28% | Dec 2025 48% | Mar 2026 66%
- EXK: Jun 2021 1.7% | Sep 2021 8.8% | Dec 2021 8.4% | Mar 2022 22% | Jun 2022 -4.4% | Sep 2022 -3.3% | Dec 2022 17% | Mar 2023 13% | Jun 2023 11% | Sep 2023 -7.7% | Dec 2023 0.4% | Mar 2024 5.2% | Jun 2024 2.9% | Sep 2024 7.1% | Dec 2024 -1.2% | Mar 2025 6.5% | Jun 2025 -5.4% | Sep 2025 1.3% | Dec 2025 20% | Mar 2026 40%
- SVM: Jun 2021 34% | Sep 2021 29% | Dec 2021 33% | Mar 2022 14% | Jun 2022 31% | Sep 2022 -14% | Dec 2022 29% | Mar 2023 13% | Jun 2023 30% | Sep 2023 31% | Dec 2023 30% | Mar 2024 26% | Jun 2024 47% | Sep 2024 41% | Dec 2024 47% | Mar 2025 3.1% | Jun 2025 38% | Sep 2025 4.8% | Dec 2025 7.6% | Mar 2026 26%
- HSLV: Jun 2021 — | 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 55%

### 20-quarter Margin change history
- AG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.5 pp | Sep 2022 −0.8 pp | Dec 2022 −30.6 pp | Mar 2023 −90.3 pp | Jun 2023 −15.0 pp | Sep 2023 −4.0 pp | Dec 2023 +18.6 pp | Mar 2024 +73.7 pp | Jun 2024 +2.4 pp | Sep 2024 +16.4 pp | Dec 2024 +13.1 pp | Mar 2025 +32.8 pp | Jun 2025 +25.4 pp | Sep 2025 +24.9 pp | Dec 2025 +37.5 pp | Mar 2026 +35.1 pp
- AYA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.3 pp | Sep 2022 −31.4 pp | Dec 2022 +16.8 pp | Mar 2023 −1.9 pp | Jun 2023 −6.3 pp | Sep 2023 +49.7 pp | Dec 2023 −9.3 pp | Mar 2024 −57.3 pp | Jun 2024 +12.5 pp | Sep 2024 −59.0 pp | Dec 2024 −381.8 pp | Mar 2025 +66.3 pp | Jun 2025 +6.9 pp | Sep 2025 +55.7 pp | Dec 2025 +417.5 pp | Mar 2026 +56.4 pp
- EXK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.1 pp | Sep 2022 −12.1 pp | Dec 2022 +8.1 pp | Mar 2023 −9.3 pp | Jun 2023 +15.2 pp | Sep 2023 −4.4 pp | Dec 2023 −16.1 pp | Mar 2024 −7.3 pp | Jun 2024 −7.9 pp | Sep 2024 +14.8 pp | Dec 2024 −1.6 pp | Mar 2025 +1.3 pp | Jun 2025 −8.3 pp | Sep 2025 −5.8 pp | Dec 2025 +21.3 pp | Mar 2026 +33.5 pp
- SVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −43.1 pp | Dec 2022 −3.1 pp | Mar 2023 −1.0 pp | Jun 2023 −0.5 pp | Sep 2023 +45.7 pp | Dec 2023 +0.8 pp | Mar 2024 +13.1 pp | Jun 2024 +16.9 pp | Sep 2024 +9.2 pp | Dec 2024 +16.8 pp | Mar 2025 −23.3 pp | Jun 2025 −9.0 pp | Sep 2025 −35.8 pp | Dec 2025 −39.4 pp | Mar 2026 +22.5 pp

## Profit Scale & Acceleration

What the numbers say: First Majestic Silver Corp. leads net profit at $352 million; the second comparison lacks enough current evidence.

Investor read: First Majestic Silver 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 profit growth signal.

Evidence: First Majestic Silver Corp. · $352 million | 314.1% versus #2 · Aya Gold & Silver Inc. | 1/4 recent comparable periods | 5/8 companies · 122 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. First Majestic Silver Corp. (AG): ₹352 Cr
2. Aya Gold & Silver Inc. (AYA): ₹85 Cr
3. Silvercorp Metals Inc. (SVM): ₹32 Cr
4. New Pacific Metals Corp. (NEWP): ₹-5 Cr
5. Endeavour Silver Corp. (EXK): ₹-21 Cr

### Profit growth — fastest growers

### 20-quarter Net profit history
- AG: Jun 2021 ₹16 Cr | Sep 2021 ₹-18 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹-84 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-101 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹147 Cr
- AYA: Jun 2021 ₹0 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹49 Cr
- EXK: Jun 2021 ₹7 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-33 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹65 Cr
- SVM: Jun 2021 ₹16 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹16 Cr
- SSMR: Jun 2021 — | 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 ₹-13 Cr
- SIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-3 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-12 Cr
- HSLV: Jun 2021 ₹0 Cr | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 ₹28 Cr
- NEWP: Jun 2021 ₹-2 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 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 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-1 Cr

### 20-quarter Profit growth history
- AG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -625% | Sep 2022 — | Dec 2022 — | Mar 2023 -1,543% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -230% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2,350%
- AYA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 -200% | Sep 2023 0.0% | Dec 2023 100% | Mar 2024 -400% | Jun 2024 — | Sep 2024 -100% | Dec 2024 -475% | Mar 2025 — | Jun 2025 29% | Sep 2025 — | Dec 2025 — | Mar 2026 600%
- EXK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -271% | Sep 2022 — | Dec 2022 — | Mar 2023 -50% | Jun 2023 — | Sep 2023 — | Dec 2023 -63% | Mar 2024 -117% | Jun 2024 — | Sep 2024 — | Dec 2024 -67% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -2,500% | Mar 2026 —
- SVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -177% | Dec 2022 88% | Mar 2023 -67% | Jun 2023 -7.1% | Sep 2023 — | Dec 2023 -6.7% | Mar 2024 300% | Jun 2024 115% | Sep 2024 53% | Dec 2024 121% | Mar 2025 -150% | Jun 2025 -14% | Sep 2025 -122% | Dec 2025 -110% | Mar 2026 —
- HSLV: Jun 2021 — | 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 -75% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 300% | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: First Majestic Silver Corp. reports $47 million of CAPEX; Endeavour Silver Corp. has the highest covered intensity at 18.1%. Coverage is only 8 of 8 companies and 111 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: First Majestic Silver Corp. · $47 million | 23.7% versus #2 · Endeavour Silver Corp. | 8/8 recent comparable periods | 8/8 companies · 111 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. First Majestic Silver Corp. (AG): ₹47 Cr
2. Endeavour Silver Corp. (EXK): ₹38 Cr
3. Aya Gold & Silver Inc. (AYA): ₹3 Cr
4. Silvercorp Metals Inc. (SVM): ₹3 Cr
5. Sunshine Silver Mining & Refining Company (SSMR): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. Endeavour Silver Corp. (EXK): 18%
2. First Majestic Silver Corp. (AG): 9.9%
3. Aya Gold & Silver Inc. (AYA): 2.6%
4. Silvercorp Metals Inc. (SVM): 2.0%
5. Highlander Silver Corp. (HSLV): 0.0%

### 20-quarter CAPEX history
- AG: Jun 2021 ₹41 Cr | Sep 2021 ₹46 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹47 Cr
- AYA: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹29 Cr | Dec 2023 — | Mar 2024 ₹26 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹3 Cr
- EXK: Jun 2021 ₹8 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹38 Cr
- SVM: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr
- SSMR: Jun 2021 — | 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 ₹2 Cr
- SIND: Jun 2021 — | 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
- HSLV: Jun 2021 — | Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr
- NEWP: Jun 2021 ₹0 Cr | 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 — | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- AG: Jun 2021 27% | Sep 2021 37% | Dec 2021 28% | Mar 2022 24% | Jun 2022 42% | Sep 2022 35% | Dec 2022 37% | Mar 2023 31% | Jun 2023 25% | Sep 2023 26% | Dec 2023 19% | Mar 2024 29% | Jun 2024 20% | Sep 2024 23% | Dec 2024 15% | Mar 2025 23% | Jun 2025 19% | Sep 2025 20% | Dec 2025 10% | Mar 2026 9.9%
- AYA: Jun 2021 10% | Sep 2021 38% | Dec 2021 38% | Mar 2022 78% | Jun 2022 67% | Sep 2022 143% | Dec 2022 77% | Mar 2023 110% | Jun 2023 270% | Sep 2023 242% | Dec 2023 — | Mar 2024 520% | Jun 2024 214% | Sep 2024 73% | Dec 2024 — | Mar 2025 21% | Jun 2025 23% | Sep 2025 19% | Dec 2025 — | Mar 2026 2.6%
- EXK: Jun 2021 17% | Sep 2021 66% | Dec 2021 31% | Mar 2022 22% | Jun 2022 48% | Sep 2022 133% | Dec 2022 34% | Mar 2023 38% | Jun 2023 48% | Sep 2023 65% | Dec 2023 82% | Mar 2024 70% | Jun 2024 97% | Sep 2024 93% | Dec 2024 110% | Mar 2025 66% | Jun 2025 61% | Sep 2025 25% | Dec 2025 23% | Mar 2026 18%
- SVM: Jun 2021 1.7% | Sep 2021 5.2% | Dec 2021 5.1% | Mar 2022 9.5% | Jun 2022 3.1% | Sep 2022 9.6% | Dec 2022 6.8% | Mar 2023 5.9% | Jun 2023 5.0% | Sep 2023 5.6% | Dec 2023 3.4% | Mar 2024 7.0% | Jun 2024 5.6% | Sep 2024 8.8% | Dec 2024 8.3% | Mar 2025 4.0% | Jun 2025 3.7% | Sep 2025 2.4% | Dec 2025 4.0% | Mar 2026 2.0%
- HSLV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: First Majestic Silver Corp. has the clearest covered balance-sheet capacity with $671 million net cash and gross debt of $314 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: Sunshine Silver Mining & Refining Company · $0 million | 100% versus #2 · Highlander Silver Corp. | 3/5 recent comparable periods | 7/8 companies · 107 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. Sunshine Silver Mining & Refining Company (SSMR): ₹0 Cr
2. Highlander Silver Corp. (HSLV): ₹1 Cr
3. Sinda Ltd. (SIND): ₹1 Cr
4. Aya Gold & Silver Inc. (AYA): ₹100 Cr
5. Silvercorp Metals Inc. (SVM): ₹118 Cr

### Net debt — lowest net debt
1. First Majestic Silver Corp. (AG): ₹-671 Cr
2. Silvercorp Metals Inc. (SVM): ₹-304 Cr
3. Highlander Silver Corp. (HSLV): ₹-142 Cr
4. Aya Gold & Silver Inc. (AYA): ₹-72 Cr
5. Sunshine Silver Mining & Refining Company (SSMR): ₹-19 Cr

### 20-quarter Gross debt history
- AG: Jun 2021 ₹193 Cr | Sep 2021 ₹224 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹255 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹257 Cr | Mar 2024 ₹256 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹314 Cr
- AYA: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹100 Cr
- EXK: Jun 2021 ₹9 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹248 Cr
- SVM: Jun 2021 ₹2 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹118 Cr
- SSMR: Jun 2021 — | 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 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr
- SIND: Jun 2021 — | 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 ₹8 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr
- HSLV: Jun 2021 ₹0 Cr | 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 ₹1 Cr

### 20-quarter Net debt history
- AG: Jun 2021 ₹-34 Cr | Sep 2021 ₹31 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹-116 Cr | Jun 2025 ₹-150 Cr | Sep 2025 ₹-198 Cr | Dec 2025 ₹-484 Cr | Mar 2026 ₹-671 Cr
- AYA: Jun 2021 ₹-34 Cr | Sep 2021 ₹-85 Cr | Dec 2021 ₹-82 Cr | Mar 2022 ₹-74 Cr | Jun 2022 ₹-65 Cr | Sep 2022 ₹-56 Cr | Dec 2022 ₹-39 Cr | Mar 2023 ₹-87 Cr | Jun 2023 ₹-49 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-72 Cr
- EXK: Jun 2021 ₹-126 Cr | Sep 2021 ₹-100 Cr | Dec 2021 ₹-104 Cr | Mar 2022 ₹-152 Cr | Jun 2022 ₹-111 Cr | Sep 2022 ₹-62 Cr | Dec 2022 ₹-76 Cr | Mar 2023 ₹-61 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹7 Cr
- SVM: Jun 2021 ₹-212 Cr | Sep 2021 ₹-220 Cr | Dec 2021 ₹-211 Cr | Mar 2022 ₹-212 Cr | Jun 2022 ₹-215 Cr | Sep 2022 ₹-200 Cr | Dec 2022 ₹-209 Cr | Mar 2023 ₹-202 Cr | Jun 2023 ₹-200 Cr | Sep 2023 ₹-189 Cr | Dec 2023 ₹-198 Cr | Mar 2024 ₹-184 Cr | Jun 2024 ₹-215 Cr | Sep 2024 ₹-209 Cr | Dec 2024 ₹-246 Cr | Mar 2025 ₹-257 Cr | Jun 2025 ₹-265 Cr | Sep 2025 ₹-267 Cr | Dec 2025 ₹-348 Cr | Mar 2026 ₹-304 Cr
- SSMR: Jun 2021 — | 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 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-30 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-19 Cr
- SIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-17 Cr
- HSLV: Jun 2021 ₹-2 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-102 Cr | Dec 2025 ₹-108 Cr | Mar 2026 ₹-142 Cr

## Return On Capital Employed

What the numbers say: Aya Gold & Silver Inc. leads ROCE at 17.4%, 7.1 percentage points above Endeavour Silver Corp.. Aya Gold & Silver Inc. has the strongest latest improvement at +16.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Aya Gold & Silver 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: Aya Gold & Silver Inc. · 17.4% | 68.9% versus #2 · Endeavour Silver Corp. | 6/8 recent comparable periods | 8/8 companies · 120 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. Aya Gold & Silver Inc. (AYA): 17%
2. Endeavour Silver Corp. (EXK): 10%
3. First Majestic Silver Corp. (AG): 5.8%
4. Highlander Silver Corp. (HSLV): 3.5%
5. Silvercorp Metals Inc. (SVM): 3.1%

### ROCE change — fastest improvers
1. Aya Gold & Silver Inc. (AYA): +16.5 pp
2. Endeavour Silver Corp. (EXK): +9.5 pp
3. Sinda Ltd. (SIND): +6.0 pp
4. First Majestic Silver Corp. (AG): +4.6 pp
5. Silvercorp Metals Inc. (SVM): +2.8 pp

### 20-quarter ROCE history
- AG: Jun 2021 — | Sep 2021 -0.7% | Dec 2021 1.8% | Mar 2022 -0.2% | Jun 2022 0.2% | Sep 2022 -0.8% | Dec 2022 -1.3% | Mar 2023 -7.6% | Jun 2023 -1.0% | Sep 2023 -1.0% | Dec 2023 0.1% | Mar 2024 -1.0% | Jun 2024 -0.8% | Sep 2024 0.2% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 2.7% | Dec 2025 8.0% | Mar 2026 5.8%
- AYA: Jun 2021 — | Sep 2021 1.0% | Dec 2021 0.4% | Mar 2022 0.2% | Jun 2022 0.4% | Sep 2022 -1.0% | Dec 2022 2.1% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 1.9% | Dec 2023 0.7% | Mar 2024 -1.0% | Jun 2024 0.6% | Sep 2024 -1.0% | Dec 2024 -11% | Mar 2025 0.9% | Jun 2025 1.7% | Sep 2025 3.5% | Dec 2025 8.5% | Mar 2026 17%
- EXK: Jun 2021 — | Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 4.7% | Jun 2022 -0.5% | Sep 2022 -0.4% | Dec 2022 4.5% | Mar 2023 2.1% | Jun 2023 1.6% | Sep 2023 -1.1% | Dec 2023 0.0% | Mar 2024 0.8% | Jun 2024 0.4% | Sep 2024 0.8% | Dec 2024 -0.1% | Mar 2025 0.8% | Jun 2025 -0.7% | Sep 2025 0.3% | Dec 2025 4.3% | Mar 2026 10%
- SVM: Jun 2021 — | Sep 2021 2.8% | Dec 2021 3.0% | Mar 2022 0.9% | Jun 2022 3.0% | Sep 2022 -1.2% | Dec 2022 2.6% | Mar 2023 0.7% | Jun 2023 2.8% | Sep 2023 2.8% | Dec 2023 2.7% | Mar 2024 1.7% | Jun 2024 5.2% | Sep 2024 3.6% | Dec 2024 4.6% | Mar 2025 0.3% | Jun 2025 3.5% | Sep 2025 0.4% | Dec 2025 1.0% | Mar 2026 3.1%
- SSMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -52%
- SIND: Jun 2021 — | 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 -52%
- HSLV: Jun 2021 — | Sep 2021 0.0% | Dec 2021 -10% | Mar 2022 -2.0% | Jun 2022 -3.1% | Sep 2022 -11% | Dec 2022 -2.8% | Mar 2023 -4.2% | Jun 2023 -2.3% | Sep 2023 151% | Dec 2023 -8.3% | Mar 2024 -28% | Jun 2024 -4.6% | Sep 2024 -18% | Dec 2024 -11% | Mar 2025 9.5% | Jun 2025 -23% | Sep 2025 -7.0% | Dec 2025 0.0% | Mar 2026 3.5%
- NEWP: Jun 2021 — | Sep 2021 -1.3% | Dec 2021 -1.1% | Mar 2022 -1.2% | Jun 2022 -1.9% | Sep 2022 -1.7% | Dec 2022 -1.6% | Mar 2023 -2.0% | Jun 2023 -1.6% | Sep 2023 -1.5% | Dec 2023 -1.4% | Mar 2024 -1.4% | Jun 2024 -1.2% | Sep 2024 -1.2% | Dec 2024 -1.2% | Mar 2025 -1.0% | Jun 2025 -1.0% | Sep 2025 -1.0% | Dec 2025 -1.0% | Mar 2026 -1.1%

### 20-quarter ROCE change history
- AG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −3.1 pp | Mar 2023 −7.4 pp | Jun 2023 −1.2 pp | Sep 2023 −0.2 pp | Dec 2023 +1.4 pp | Mar 2024 +6.6 pp | Jun 2024 +0.2 pp | Sep 2024 +1.2 pp | Dec 2024 +1.3 pp | Mar 2025 +2.2 pp | Jun 2025 +2.2 pp | Sep 2025 +2.5 pp | Dec 2025 +6.6 pp | Mar 2026 +4.6 pp
- AYA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 +1.7 pp | Mar 2023 −0.2 pp | Jun 2023 −0.4 pp | Sep 2023 +2.9 pp | Dec 2023 −1.4 pp | Mar 2024 −1.0 pp | Jun 2024 +0.6 pp | Sep 2024 −2.9 pp | Dec 2024 −11.6 pp | Mar 2025 +1.9 pp | Jun 2025 +1.1 pp | Sep 2025 +4.5 pp | Dec 2025 +19.4 pp | Mar 2026 +16.5 pp
- EXK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 +2.6 pp | Mar 2023 −2.6 pp | Jun 2023 +2.1 pp | Sep 2023 −0.7 pp | Dec 2023 −4.5 pp | Mar 2024 −1.3 pp | Jun 2024 −1.2 pp | Sep 2024 +1.9 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −1.1 pp | Sep 2025 −0.5 pp | Dec 2025 +4.4 pp | Mar 2026 +9.5 pp
- SVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 +4.0 pp | Dec 2023 +0.1 pp | Mar 2024 +1.0 pp | Jun 2024 +2.4 pp | Sep 2024 +0.8 pp | Dec 2024 +1.9 pp | Mar 2025 −1.4 pp | Jun 2025 −1.7 pp | Sep 2025 −3.2 pp | Dec 2025 −3.6 pp | Mar 2026 +2.8 pp
- SSMR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 —
- HSLV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.6 pp | Dec 2022 +7.2 pp | Mar 2023 −2.2 pp | Jun 2023 +0.8 pp | Sep 2023 +161.1 pp | Dec 2023 −5.5 pp | Mar 2024 −24.2 pp | Jun 2024 −2.3 pp | Sep 2024 −168.8 pp | Dec 2024 −2.4 pp | Mar 2025 +37.9 pp | Jun 2025 −18.2 pp | Sep 2025 +11.3 pp | Dec 2025 +10.7 pp | Mar 2026 −6.0 pp
- NEWP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.5 pp | Mar 2023 −0.8 pp | Jun 2023 +0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.2 pp | Mar 2026 −0.1 pp

## Valuation Against Growth & Quality

What the numbers say: Silvercorp Metals Inc. has the lowest comparable Guarded PEG at 0.71×. Only 1 of 8 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: Silvercorp Metals Inc. · 0.71× | Not enough peers | 0/8 recent comparable periods | 1/8 companies · 1 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. Silvercorp Metals Inc. (SVM): 0.7

### P/E — lowest P/E
1. Aya Gold & Silver Inc. (AYA): 25.5
2. First Majestic Silver Corp. (AG): 35.8
3. Silvercorp Metals Inc. (SVM): 51.7
4. Endeavour Silver Corp. (EXK): 65.7

### 20-quarter Guarded PEG history
- SVM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- AG: Jun 2021 — | Sep 2021 70.7 | 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 87.7 | Dec 2025 49.1 | Mar 2026 35.8
- AYA: Jun 2021 — | Sep 2021 175.4 | Dec 2021 630.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 665.0 | Mar 2023 160.8 | Jun 2023 160.3 | Sep 2023 134.0 | Dec 2023 183.0 | Mar 2024 430.5 | Jun 2024 141.7 | Sep 2024 216.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 44.7 | Mar 2026 25.5
- EXK: Jun 2021 — | Sep 2021 18.6 | Dec 2021 52.8 | Mar 2022 66.4 | Jun 2022 — | Sep 2022 — | Dec 2022 108.0 | Mar 2023 — | Jun 2023 57.8 | Sep 2023 48.6 | Dec 2023 65.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SVM: Jun 2021 — | Sep 2021 18.1 | Dec 2021 19.7 | Mar 2022 21.5 | Jun 2022 15.5 | Sep 2022 23.4 | Dec 2022 20.9 | Mar 2023 31.7 | Jun 2023 25.9 | Sep 2023 12.9 | Dec 2023 15.3 | Mar 2024 16.3 | Jun 2024 12.4 | Sep 2024 14.5 | Dec 2024 8.4 | Mar 2025 13.8 | Jun 2025 16.2 | Sep 2025 51.7 | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: First Majestic Silver Corp. leads ev/ebitda at 12.1×; Highlander Silver Corp. leads p/bv at 2.09×.

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: First Majestic Silver Corp. · 12.1× | 7.6% versus #2 · Endeavour Silver Corp. | 0/8 recent comparable periods | 4/8 companies · 68 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. First Majestic Silver Corp. (AG): 12.1
2. Endeavour Silver Corp. (EXK): 13.1
3. Aya Gold & Silver Inc. (AYA): 14.5
4. Silvercorp Metals Inc. (SVM): 18.8

### P/BV — lowest P/BV
1. Highlander Silver Corp. (HSLV): 2.1
2. Silvercorp Metals Inc. (SVM): 2.5
3. First Majestic Silver Corp. (AG): 3.7
4. Endeavour Silver Corp. (EXK): 4.1
5. New Pacific Metals Corp. (NEWP): 4.6

### 20-quarter EV/EBITDA history
- AG: Jun 2021 — | Sep 2021 20.8 | Dec 2021 17.2 | Mar 2022 21.0 | Jun 2022 12.7 | Sep 2022 13.3 | Dec 2022 24.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 28.9 | Jun 2024 27.7 | Sep 2024 20.2 | Dec 2024 13.9 | Mar 2025 16.6 | Jun 2025 13.9 | Sep 2025 15.3 | Dec 2025 12.3 | Mar 2026 12.1
- AYA: Jun 2021 — | Sep 2021 45.8 | Dec 2021 63.4 | Mar 2022 209.4 | Jun 2022 192.4 | Sep 2022 486.2 | Dec 2022 66.4 | Mar 2023 128.3 | Jun 2023 91.2 | Sep 2023 49.2 | Dec 2023 63.3 | Mar 2024 236.8 | Jun 2024 304.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1,158.0 | Dec 2025 21.7 | Mar 2026 14.5
- EXK: Jun 2021 — | Sep 2021 10.0 | Dec 2021 13.2 | Mar 2022 15.7 | Jun 2022 11.6 | Sep 2022 14.2 | Dec 2022 10.9 | Mar 2023 15.5 | Jun 2023 9.6 | Sep 2023 8.3 | Dec 2023 10.6 | Mar 2024 15.1 | Jun 2024 24.8 | Sep 2024 24.6 | Dec 2024 24.7 | Mar 2025 29.0 | Jun 2025 34.7 | Sep 2025 43.7 | Dec 2025 25.6 | Mar 2026 13.1
- SVM: Jun 2021 — | Sep 2021 6.5 | Dec 2021 6.4 | Mar 2022 6.1 | Jun 2022 3.7 | Sep 2022 4.5 | Dec 2022 6.2 | Mar 2023 8.9 | Jun 2023 6.3 | Sep 2023 3.6 | Dec 2023 4.2 | Mar 2024 5.2 | Jun 2024 4.3 | Sep 2024 7.2 | Dec 2024 3.8 | Mar 2025 5.3 | Jun 2025 5.9 | Sep 2025 11.1 | Dec 2025 19.7 | Mar 2026 18.8

### 20-quarter P/BV history
- AG: Jun 2021 — | Sep 2021 2.1 | Dec 2021 2.1 | Mar 2022 2.4 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.6 | Sep 2025 2.3 | Dec 2025 3.0 | Mar 2026 3.7
- AYA: Jun 2021 — | Sep 2021 4.9 | Dec 2021 6.0 | Mar 2022 5.6 | Jun 2022 4.1 | Sep 2022 4.9 | Dec 2022 5.6 | Mar 2023 4.9 | Jun 2023 3.7 | Sep 2023 3.1 | Dec 2023 4.1 | Mar 2024 4.2 | Jun 2024 4.7 | Sep 2024 6.0 | Dec 2024 4.0 | Mar 2025 3.9 | Jun 2025 3.3 | Sep 2025 4.1 | Dec 2025 4.9 | Mar 2026 4.8
- EXK: Jun 2021 — | Sep 2021 2.9 | Dec 2021 3.0 | Mar 2022 2.9 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 2.0 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 2.5 | Jun 2025 2.4 | Sep 2025 4.5 | Dec 2025 4.8 | Mar 2026 4.1
- SVM: Jun 2021 — | Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.4 | Jun 2023 1.0 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 0.9 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.9 | Dec 2025 2.6 | Mar 2026 2.5
- HSLV: Jun 2021 — | 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 2.1
- NEWP: Jun 2021 — | Sep 2021 4.1 | Dec 2021 3.7 | Mar 2022 4.0 | Jun 2022 3.7 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 3.6 | Jun 2023 3.0 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 1.7 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 3.5 | Dec 2025 4.0 | Mar 2026 4.6

## Market action

New Pacific Metals Corp. has the strongest one-year price move in Silver at +216.8%. Aya Gold & Silver Inc. leads on Mansfield relative strength against the S&P 500 at +19.8%. 2 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. New Pacific Metals Corp. (NEWP): 217%
2. Aya Gold & Silver Inc. (AYA): 122%
3. Silvercorp Metals Inc. (SVM): 117%
4. First Majestic Silver Corp. (AG): 100%
5. Highlander Silver Corp. (HSLV): 90%

### Strongest relative strength versus NIFTY 500
1. Aya Gold & Silver Inc. (AYA): 20%
2. New Pacific Metals Corp. (NEWP): 18%
3. Highlander Silver Corp. (HSLV): -3.9%
4. Silvercorp Metals Inc. (SVM): -4.2%
5. First Majestic Silver Corp. (AG): -14%

## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- First Majestic Silver Corp. (AG) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Aya Gold & Silver Inc. (AYA) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Endeavour Silver Corp. (EXK) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Silvercorp Metals Inc. (SVM) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Sunshine Silver Mining & Refining Company (SSMR) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Sinda Ltd. (SIND) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- Highlander Silver Corp. (HSLV) — market value ₹878 Cr; latest fundamentals Mar 2026
- New Pacific Metals Corp. (NEWP) — market value ₹841 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 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 Silver company is the biggest?

First Majestic Silver Corp. is the largest, with trailing-twelve-month revenue of $1,490 million, ahead of Endeavour Silver Corp. at $615 million. That covers 4 of 8 companies with comparable reporting through Mar 2026.

### Which Silver company is growing fastest?

First Majestic Silver Corp. has the fastest revenue growth at 100% year on year, across 4 of 8 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 Silver company has the best profit margins?

Aya Gold & Silver Inc. has the highest operating margin at 66.2%, from 5 of 8 comparable companies. Aya Gold & Silver Inc. shows the biggest recent improvement, at +56.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Silver company makes the most profit?

First Majestic Silver Corp. earns the most, at $352 million of trailing-twelve-month net profit, from 5 of 8 comparable companies.

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

Aya Gold & Silver Inc. leads on return on capital employed at 17.4%, across 8 of 8 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 Silver stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Silvercorp Metals Inc. screens cheapest at 0.71×. Only 1 of 8 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 Silver company has the strongest balance sheet?

Sunshine Silver Mining & Refining Company carries the lowest comparable gross debt at $0 million, from 7 of 8 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 Silver company is investing most in new capacity?

First Majestic Silver Corp. reports the largest capital spending at $47 million, across 8 of 8 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 Silver sector beating the market?

Silver has outperformed S&P 500 by 94.8% over the last 52 weeks and 16.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Aya Gold & Silver 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 Silver company scores highest for research priority?

Aya Gold & Silver Inc. scores 74.9 out of 100 with 64.7% evidence confidence, from 28.9 points on growth and earnings, 17.2 on capital efficiency, 10 on valuation and 18.8 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 Silver companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Mar 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 Silver sector?

The 8 Silver companies on this page carry $20,532 million of combined market value. First Majestic Silver Corp. is the largest at $7,755 million, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Silver sector performing?

2 of the 6 covered Silver companies are beating S&P 500 on Mansfield relative strength. The sector itself is 94.8% 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 Silver stocks are listed in the US?

This comparison covers 8 listed Silver companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 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/silver