# Specialty Industrial Machinery — company-by-company sector analysis > Specialty Industrial Machinery: GE Vernova Inc. owns the largest revenue base; JBT Marel Corporation has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Specialty Industrial Machinery has outperformed S&P 500 by 0.9% over 52 weeks and 0.4% over 13 weeks. 14 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 30 beat the sector itself. GE Vernova Inc. leads with revenue of $39,375 million, based on 24 of 30 comparable companies through Mar 2026. ### Is the Specialty Industrial Machinery sector outperforming S&P 500? Specialty Industrial Machinery has outperformed S&P 500 by 0.9% over 52 weeks and 0.4% over 13 weeks. 14 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 14 of 30 beat the sector itself. ### Which Specialty Industrial Machinery company is largest by revenue? GE Vernova Inc. leads with revenue of $39,375 million, based on 24 of 30 comparable companies through Mar 2026. ### Which Specialty Industrial Machinery company is growing fastest? JBT Marel Corporation has the fastest current revenue growth at 78.2%, across 24 of 30 comparable companies. ### Which Specialty Industrial Machinery company has the strongest 4-Factor Sector Score? Watts Water Technologies, Inc. ranks first at 75.7/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Specialty Industrial Machinery company reports the most CAPEX? GE Vernova Inc. reports the largest latest CAPEX at $397 million, with 30 of 30 companies comparable. ### Which Specialty Industrial Machinery company has the least gross debt? Symbotic Inc. has the lowest comparable gross debt at $0 million. Eaton Corporation plc has the highest at $21,833 million. ### Which Specialty Industrial Machinery company has the lowest comparable PEG? Cummins Inc. has the lowest comparable Guarded PEG at 0.8, among 23 of 30 companies that pass the metric’s comparability rules. ### How much history does this Specialty Industrial Machinery 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 Specialty Industrial Machinery has outperformed S&P 500 by 0.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.4%. 14 of 30 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Enpro Inc. is the strongest against the sector itself at +12.5%. 13-week sector return versus NIFTY 500: 0.4% 52-week sector return versus NIFTY 500: 0.9% Stocks leading NIFTY: 14/30 Stocks leading sector: 14/30 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: ₹12.3 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. Watts Water Technologies, Inc. (WTS): 76/100 — Favorable setup; evidence 82% - Growth & earnings 27.8/35 | Capital efficiency 16.9/25 | Valuation 13.9/20 | Relative strength 17.1/20 - Exact sum: 27.8 + 16.9 + 13.9 + 17.1 = 75.7 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Donaldson Company, Inc. (DCI): 69/100 — Favorable setup; evidence 86% - Growth & earnings 26.1/35 | Capital efficiency 16.1/25 | Valuation 15.0/20 | Relative strength 12.2/20 - Exact sum: 26.1 + 16.1 + 15 + 12.2 = 69.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Rockwell Automation, Inc. (ROK): 65/100 — Favorable setup; evidence 82% - Growth & earnings 24.5/35 | Capital efficiency 13.3/25 | Valuation 9.5/20 | Relative strength 18.1/20 - Exact sum: 24.5 + 13.3 + 9.5 + 18.1 = 65.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Nordson Corporation (NDSN): 63/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 22.2/35 | Capital efficiency 13.9/25 | Valuation 11.1/20 | Relative strength 15.3/20 - Exact sum: 22.2 + 13.9 + 11.1 + 15.3 = 62.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Crane Company (CR): 57/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 13.8/35 | Capital efficiency 11.6/25 | Valuation 12.7/20 | Relative strength 18.9/20 - Exact sum: 13.8 + 11.6 + 12.7 + 18.9 = 57 - Decision use: Price leads the evidence: RS versus the benchmark is 10.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 6. Emerson Electric Co. (EMR): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.8/35 | Capital efficiency 12.8/25 | Valuation 8.8/20 | Relative strength 14.0/20 - Exact sum: 20.8 + 12.8 + 8.8 + 14 = 56.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Illinois Tool Works Inc. (ITW): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 15.9/35 | Capital efficiency 13.1/25 | Valuation 10.7/20 | Relative strength 16.0/20 - Exact sum: 15.9 + 13.1 + 10.7 + 16 = 55.7 - Decision use: Price leads the evidence: RS versus the benchmark is 4.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 8. AMETEK, Inc. (AME): 55/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.6/35 | Capital efficiency 16.4/25 | Valuation 5.1/20 | Relative strength 14.1/20 - Exact sum: 19.6 + 16.4 + 5.1 + 14.1 = 55.2 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 9. IDEX Corporation (IEX): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.8/35 | Capital efficiency 12.8/25 | Valuation 5.4/20 | Relative strength 16.0/20 - Exact sum: 19.8 + 12.8 + 5.4 + 16 = 54 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Graco Inc. (GGG): 54/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.7/35 | Capital efficiency 18.1/25 | Valuation 10.9/20 | Relative strength 7.0/20 - Exact sum: 17.7 + 18.1 + 10.9 + 7 = 53.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. GE Vernova Inc. (GEV): 53/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 23.7/35 | Capital efficiency 8.3/25 | Valuation 7.6/20 | Relative strength 13.8/20 - Exact sum: 23.7 + 8.3 + 7.6 + 13.8 = 53.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Parker-Hannifin Corporation (PH): 53/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 15.9/35 | Capital efficiency 13.9/25 | Valuation 7.6/20 | Relative strength 15.4/20 - Exact sum: 15.9 + 13.9 + 7.6 + 15.4 = 52.8 - Decision use: Price leads the evidence: RS versus the benchmark is 5.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. Enpro Inc. (NPO): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 12.6/35 | Capital efficiency 10.2/25 | Valuation 12.6/20 | Relative strength 15.9/20 - Exact sum: 12.6 + 10.2 + 12.6 + 15.9 = 51.3 - Decision use: Price leads the evidence: RS versus the benchmark is 12.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 14. Otis Worldwide Corporation (OTIS): 50/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 17.1/35 | Capital efficiency 17.1/25 | Valuation 11.3/20 | Relative strength 4.6/20 - Exact sum: 17.1 + 17.1 + 11.3 + 4.6 = 50.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. Cummins Inc. (CMI): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 7.9/35 | Capital efficiency 11.9/25 | Valuation 15.0/20 | Relative strength 13.6/20 - Exact sum: 7.9 + 11.9 + 15 + 13.6 = 48.4 - Decision use: Price leads the evidence: RS versus the benchmark is 10.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 16. JBT Marel Corporation (JBTM): 48/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 25.5/35 | Capital efficiency 8.6/25 | Valuation 4.8/20 | Relative strength 9.5/20 - Exact sum: 25.5 + 8.6 + 4.8 + 9.5 = 48.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Gates Industrial Corporation plc (GTES): 46/100 — Mixed-negative evidence; evidence 73% - Growth & earnings 12.1/35 | Capital efficiency 8.8/25 | Valuation 13.0/20 | Relative strength 11.6/20 - Exact sum: 12.1 + 8.8 + 13 + 11.6 = 45.5 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 18. Flowserve Corporation (FLS): 45/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.6/35 | Capital efficiency 8.6/25 | Valuation 13.7/20 | Relative strength 6.8/20 - Exact sum: 15.6 + 8.6 + 13.7 + 6.8 = 44.7 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 19. Symbotic Inc. (SYM): 44/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 25.4/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 0.6/20 - Exact sum: 25.4 + 8.2 + 10 + 0.6 = 44.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -29.1% and the one-year return is -16.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 20. Dover Corporation (DOV): 44/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 16.6/35 | Capital efficiency 13.3/25 | Valuation 10.4/20 | Relative strength 3.2/20 - Exact sum: 16.6 + 13.3 + 10.4 + 3.2 = 43.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Regal Rexnord Corporation (RRX): 43/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.6/35 | Capital efficiency 6.9/25 | Valuation 8.4/20 | Relative strength 12.2/20 - Exact sum: 15.6 + 6.9 + 8.4 + 12.2 = 43.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Xylem Inc. (XYL): 42/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 17.0/35 | Capital efficiency 12.0/25 | Valuation 6.1/20 | Relative strength 6.4/20 - Exact sum: 17 + 12 + 6.1 + 6.4 = 41.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. The Middleby Corporation (MIDD): 41/100 — Thin evidence · provisional; evidence 57% - Growth & earnings 16.5/35 | Capital efficiency 9.6/25 | Valuation 11.4/20 | Relative strength 3.5/20 - Exact sum: 16.5 + 9.6 + 11.4 + 3.5 = 41 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. ITT Inc. (ITT): 40/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 11.8/35 | Capital efficiency 11.7/25 | Valuation 9.4/20 | Relative strength 6.8/20 - Exact sum: 11.8 + 11.7 + 9.4 + 6.8 = 39.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Ingersoll Rand Inc. (IR): 39/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.7/35 | Capital efficiency 11.6/25 | Valuation 3.8/20 | Relative strength 11.8/20 - Exact sum: 11.7 + 11.6 + 3.8 + 11.8 = 38.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. A. O. Smith Corporation (AOS): 38/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 8.4/35 | Capital efficiency 15.4/25 | Valuation 7.8/20 | Relative strength 6.6/20 - Exact sum: 8.4 + 15.4 + 7.8 + 6.6 = 38.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Pentair plc (PNR): 36/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.8/35 | Capital efficiency 13.7/25 | Valuation 6.5/20 | Relative strength 1.1/20 - Exact sum: 14.8 + 13.7 + 6.5 + 1.1 = 36.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Eaton Corporation plc (ETN): 35/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 13.7/35 | Capital efficiency 10.6/25 | Valuation 5.7/20 | Relative strength 5.1/20 - Exact sum: 13.7 + 10.6 + 5.7 + 5.1 = 35.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Generac Holdings Inc. (GNRC): 32/100 — Adverse evidence; evidence 82% - Growth & earnings 15.1/35 | Capital efficiency 10.4/25 | Valuation 4.6/20 | Relative strength 1.9/20 - Exact sum: 15.1 + 10.4 + 4.6 + 1.9 = 32 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 30. Chart Industries, Inc. (GTLS): 25/100 — Adverse evidence; evidence 72% - Growth & earnings 5.1/35 | Capital efficiency 4.8/25 | Valuation 8.5/20 | Relative strength 6.1/20 - Exact sum: 5.1 + 4.8 + 8.5 + 6.1 = 24.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: GE Vernova Inc. is the scale leader at $39,375 million, 16.2% ahead of Cummins Inc.. JBT Marel Corporation's growth is 78.2% from a $3,880 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: GE Vernova Inc. is the scale benchmark; JBT Marel Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: GE Vernova Inc.'s growth falls below JBT Marel Corporation's for two consecutive comparable reports while operating margin also compresses. Evidence: GE Vernova Inc. · $39,375 million | 16.2% versus #2 · Cummins Inc. | 8/8 recent comparable periods | 24/30 companies · 559 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. GE Vernova Inc. (GEV): ₹39.4K Cr 2. Cummins Inc. (CMI): ₹33.9K Cr 3. Eaton Corporation plc (ETN): ₹28.5K Cr 4. Parker-Hannifin Corporation (PH): ₹21.0K Cr 5. Emerson Electric Co. (EMR): ₹18.3K Cr ### Revenue growth — fastest growers 1. JBT Marel Corporation (JBTM): 78% 2. Symbotic Inc. (SYM): 21% 3. Watts Water Technologies, Inc. (WTS): 14% 4. Eaton Corporation plc (ETN): 13% 5. Crane Company (CR): 12% ### 20-quarter Revenue history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.8K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹10.0K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹8.2K Cr | Sep 2024 ₹8.9K Cr | Dec 2024 ₹10.6K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹11.0K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 — - ETN: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 — - PH: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 — - CMI: Sep 2021 ₹6.1K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹8.6K Cr | Sep 2023 ₹8.4K Cr | Dec 2023 ₹8.5K Cr | Mar 2024 ₹8.4K Cr | Jun 2024 ₹8.8K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 — - EMR: Sep 2021 ₹4.9K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - ITW: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - AME: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - ROK: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - IR: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - XYL: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - OTIS: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 — - DOV: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - SYM: Sep 2021 ₹92 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹176 Cr | Sep 2022 ₹244 Cr | Dec 2022 ₹206 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹360 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹470 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹487 Cr | Mar 2025 ₹550 Cr | Jun 2025 ₹592 Cr | Sep 2025 ₹618 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹676 Cr | Jun 2026 — - ITT: Sep 2021 ₹692 Cr | Dec 2021 ₹690 Cr | Mar 2022 — | Jun 2022 ₹726 Cr | Sep 2022 ₹733 Cr | Dec 2022 ₹754 Cr | Mar 2023 — | Jun 2023 ₹798 Cr | Sep 2023 ₹834 Cr | Dec 2023 ₹829 Cr | Mar 2024 ₹911 Cr | Jun 2024 ₹906 Cr | Sep 2024 ₹885 Cr | Dec 2024 ₹929 Cr | Mar 2025 ₹913 Cr | Jun 2025 ₹972 Cr | Sep 2025 ₹999 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 ₹1.2K Cr - NDSN: Sep 2021 ₹647 Cr | Dec 2021 ₹599 Cr | Mar 2022 ₹609 Cr | Jun 2022 ₹635 Cr | Sep 2022 ₹662 Cr | Dec 2022 ₹684 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹650 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹719 Cr | Mar 2024 ₹633 Cr | Jun 2024 ₹651 Cr | Sep 2024 ₹662 Cr | Dec 2024 ₹744 Cr | Mar 2025 ₹615 Cr | Jun 2025 ₹683 Cr | Sep 2025 ₹742 Cr | Dec 2025 ₹752 Cr | Mar 2026 ₹669 Cr | Jun 2026 ₹741 Cr - IEX: Sep 2021 ₹712 Cr | Dec 2021 ₹715 Cr | Mar 2022 ₹751 Cr | Jun 2022 ₹796 Cr | Sep 2022 ₹824 Cr | Dec 2022 ₹811 Cr | Mar 2023 ₹845 Cr | Jun 2023 ₹846 Cr | Sep 2023 ₹793 Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹801 Cr | Jun 2024 ₹807 Cr | Sep 2024 ₹798 Cr | Dec 2024 ₹863 Cr | Mar 2025 ₹814 Cr | Jun 2025 ₹865 Cr | Sep 2025 ₹879 Cr | Dec 2025 ₹899 Cr | Mar 2026 ₹887 Cr | Jun 2026 — - RRX: Sep 2021 ₹887 Cr | Dec 2021 ₹893 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K 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 — - GGG: Sep 2021 ₹487 Cr | Dec 2021 ₹540 Cr | Mar 2022 — | Jun 2022 ₹494 Cr | Sep 2022 ₹549 Cr | Dec 2022 ₹555 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹560 Cr | Sep 2023 ₹540 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹492 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹519 Cr | Dec 2024 ₹549 Cr | Mar 2025 ₹528 Cr | Jun 2025 ₹572 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹593 Cr | Mar 2026 ₹540 Cr | Jun 2026 — - CR: Sep 2021 ₹894 Cr | Dec 2021 ₹825 Cr | Mar 2022 ₹872 Cr | Jun 2022 ₹530 Cr | Sep 2022 ₹480 Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹510 Cr | Sep 2023 ₹530 Cr | Dec 2023 ₹533 Cr | Mar 2024 ₹510 Cr | Jun 2024 ₹529 Cr | Sep 2024 ₹548 Cr | Dec 2024 ₹544 Cr | Mar 2025 ₹558 Cr | Jun 2025 ₹577 Cr | Sep 2025 ₹589 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹696 Cr | Jun 2026 — - WTS: Sep 2021 ₹455 Cr | Dec 2021 ₹474 Cr | Mar 2022 ₹463 Cr | Jun 2022 ₹527 Cr | Sep 2022 ₹488 Cr | Dec 2022 ₹502 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹533 Cr | Sep 2023 ₹504 Cr | Dec 2023 ₹548 Cr | Mar 2024 ₹571 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹540 Cr | Mar 2025 ₹558 Cr | Jun 2025 ₹644 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹625 Cr | Mar 2026 ₹677 Cr | Jun 2026 — - GNRC: Sep 2021 ₹943 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹888 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹889 Cr | Jun 2024 ₹998 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - DCI: Sep 2021 ₹773 Cr | Dec 2021 ₹761 Cr | Mar 2022 ₹803 Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹890 Cr | Dec 2022 ₹847 Cr | Mar 2023 ₹828 Cr | Jun 2023 ₹876 Cr | Sep 2023 ₹880 Cr | Dec 2023 ₹846 Cr | Mar 2024 ₹877 Cr | Jun 2024 ₹928 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹900 Cr | Mar 2025 ₹870 Cr | Jun 2025 ₹940 Cr | Sep 2025 ₹981 Cr | Dec 2025 ₹935 Cr | Mar 2026 ₹896 Cr | Jun 2026 ₹995 Cr - PNR: Sep 2021 ₹969 Cr | Dec 2021 ₹989 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹985 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹993 Cr | Dec 2024 ₹973 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - GTLS: Sep 2021 ₹328 Cr | Dec 2021 ₹379 Cr | Mar 2022 ₹354 Cr | Jun 2022 ₹405 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹441 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹898 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹885 Cr | Jun 2026 — - FLS: Sep 2021 ₹866 Cr | Dec 2021 ₹919 Cr | Mar 2022 ₹821 Cr | Jun 2022 ₹882 Cr | Sep 2022 ₹873 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹980 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - AOS: Sep 2021 ₹915 Cr | Dec 2021 ₹996 Cr | Mar 2022 ₹978 Cr | Jun 2022 ₹966 Cr | Sep 2022 ₹874 Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹966 Cr | Jun 2023 ₹961 Cr | Sep 2023 ₹938 Cr | Dec 2023 ₹988 Cr | Mar 2024 ₹979 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹903 Cr | Dec 2024 ₹912 Cr | Mar 2025 ₹964 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹943 Cr | Dec 2025 ₹913 Cr | Mar 2026 ₹946 Cr | Jun 2026 — - JBTM: Sep 2021 ₹477 Cr | Dec 2021 ₹498 Cr | Mar 2022 ₹469 Cr | Jun 2022 ₹394 Cr | Sep 2022 ₹399 Cr | Dec 2022 ₹441 Cr | Mar 2023 ₹389 Cr | Jun 2023 ₹428 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹445 Cr | Mar 2024 ₹392 Cr | Jun 2024 ₹402 Cr | Sep 2024 ₹454 Cr | Dec 2024 ₹468 Cr | Mar 2025 ₹854 Cr | Jun 2025 ₹935 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹936 Cr | Jun 2026 — - GTES: Sep 2021 ₹915 Cr | Dec 2021 ₹862 Cr | Mar 2022 ₹816 Cr | Jun 2022 ₹893 Cr | Sep 2022 ₹907 Cr | Dec 2022 ₹861 Cr | Mar 2023 — | Jun 2023 ₹898 Cr | Sep 2023 ₹936 Cr | Dec 2023 ₹863 Cr | Mar 2024 ₹863 Cr | Jun 2024 ₹886 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹829 Cr | Mar 2025 ₹848 Cr | Jun 2025 ₹884 Cr | Sep 2025 ₹856 Cr | Dec 2025 — | Mar 2026 ₹851 Cr | Jun 2026 — - NPO: Sep 2021 ₹210 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹283 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹295 Cr | Mar 2026 ₹303 Cr | Jun 2026 — - MIDD: Sep 2021 ₹809 Cr | Dec 2021 ₹818 Cr | Mar 2022 ₹866 Cr | Jun 2022 ₹995 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹993 Cr | Mar 2023 — | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹927 Cr | Jun 2024 ₹992 Cr | Sep 2024 ₹943 Cr | Dec 2024 — | Mar 2025 ₹1.0K Cr | Jun 2025 ₹978 Cr | Sep 2025 ₹982 Cr | Dec 2025 — | Mar 2026 ₹335 Cr | Jun 2026 ₹840 Cr ### 20-quarter Revenue growth history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.4% | Jun 2024 1.1% | Sep 2024 8.0% | Dec 2024 5.1% | Mar 2025 11% | Jun 2025 11% | Sep 2025 12% | Dec 2025 3.8% | Mar 2026 16% | Jun 2026 — - ETN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.1% | Sep 2022 7.9% | Dec 2022 12% | Mar 2023 13% | Jun 2023 13% | Sep 2023 11% | Dec 2023 11% | Mar 2024 8.4% | Jun 2024 8.3% | Sep 2024 7.9% | Dec 2024 4.6% | Mar 2025 7.3% | Jun 2025 11% | Sep 2025 10% | Dec 2025 13% | Mar 2026 17% | Jun 2026 — - PH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.8% | Sep 2022 12% | Dec 2022 22% | Mar 2023 24% | Jun 2023 22% | Sep 2023 15% | Dec 2023 3.1% | Mar 2024 0.2% | Jun 2024 1.8% | Sep 2024 1.2% | Dec 2024 -1.6% | Mar 2025 -2.3% | Jun 2025 1.1% | Sep 2025 3.7% | Dec 2025 9.1% | Mar 2026 11% | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 30% | Mar 2023 32% | Jun 2023 31% | Sep 2023 15% | Dec 2023 10.0% | Mar 2024 -0.6% | Jun 2024 1.8% | Sep 2024 0.3% | Dec 2024 -1.1% | Mar 2025 -2.7% | Jun 2025 -1.7% | Sep 2025 -1.6% | Dec 2025 1.1% | Mar 2026 2.7% | Jun 2026 — - EMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -21% | Dec 2022 6.9% | Mar 2023 14% | Jun 2023 14% | Sep 2023 5.1% | Dec 2023 22% | Mar 2024 17% | Jun 2024 11% | Sep 2024 13% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 4.0% | Sep 2025 5.1% | Dec 2025 4.1% | Mar 2026 2.9% | Jun 2026 — - ITW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 13% | Dec 2022 7.9% | Mar 2023 2.0% | Jun 2023 1.6% | Sep 2023 0.5% | Dec 2023 0.3% | Mar 2024 -1.1% | Jun 2024 -1.2% | Sep 2024 -1.6% | Dec 2024 -1.3% | Mar 2025 -3.4% | Jun 2025 0.7% | Sep 2025 2.3% | Dec 2025 4.1% | Mar 2026 4.6% | Jun 2026 — - AME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 7.7% | Dec 2022 8.1% | Mar 2023 9.5% | Jun 2023 8.7% | Sep 2023 4.6% | Dec 2023 6.5% | Mar 2024 8.7% | Jun 2024 5.4% | Sep 2024 5.3% | Dec 2024 1.8% | Mar 2025 -0.2% | Jun 2025 2.5% | Sep 2025 11% | Dec 2025 13% | Mar 2026 11% | Jun 2026 — - ROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.6% | Sep 2022 18% | Dec 2022 6.7% | Mar 2023 26% | Jun 2023 14% | Sep 2023 21% | Dec 2023 3.6% | Mar 2024 -6.6% | Jun 2024 -8.4% | Sep 2024 -21% | Dec 2024 -8.3% | Mar 2025 -5.9% | Jun 2025 4.5% | Sep 2025 14% | Dec 2025 12% | Mar 2026 12% | Jun 2026 — - IR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 14% | Dec 2022 14% | Mar 2023 22% | Jun 2023 17% | Sep 2023 15% | Dec 2023 12% | Mar 2024 2.5% | Jun 2024 7.0% | Sep 2024 7.0% | Dec 2024 4.3% | Mar 2025 2.8% | Jun 2025 4.6% | Sep 2025 5.1% | Dec 2025 10% | Mar 2026 7.6% | Jun 2026 — - XYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.0% | Sep 2022 9.1% | Dec 2022 14% | Mar 2023 14% | Jun 2023 26% | Sep 2023 50% | Dec 2023 41% | Mar 2024 40% | Jun 2024 26% | Sep 2024 1.4% | Dec 2024 6.5% | Mar 2025 1.8% | Jun 2025 6.1% | Sep 2025 7.8% | Dec 2025 6.3% | Mar 2026 2.7% | Jun 2026 — - OTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.8% | Sep 2022 -7.6% | Dec 2022 -3.6% | Mar 2023 -2.0% | Jun 2023 6.7% | Sep 2023 5.4% | Dec 2023 5.3% | Mar 2024 2.7% | Jun 2024 -3.2% | Sep 2024 0.7% | Dec 2024 1.5% | Mar 2025 -2.5% | Jun 2025 -0.2% | Sep 2025 4.0% | Dec 2025 3.3% | Mar 2026 6.5% | Jun 2026 — - DOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 6.9% | Dec 2022 7.5% | Mar 2023 1.3% | Jun 2023 -2.7% | Sep 2023 -9.3% | Dec 2023 -11% | Mar 2024 -9.4% | Jun 2024 -7.2% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 -1.0% | Jun 2025 5.2% | Sep 2025 4.7% | Dec 2025 8.8% | Mar 2026 10% | Jun 2026 — - SYM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 165% | Dec 2022 168% | Mar 2023 178% | Jun 2023 77% | Sep 2023 61% | Dec 2023 75% | Mar 2024 47% | Jun 2024 51% | Sep 2024 44% | Dec 2024 35% | Mar 2025 40% | Jun 2025 26% | Sep 2025 9.4% | Dec 2025 29% | Mar 2026 23% | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 9.3% | Mar 2023 — | Jun 2023 9.9% | Sep 2023 14% | Dec 2023 10.0% | Mar 2024 — | Jun 2024 14% | Sep 2024 6.1% | Dec 2024 12% | Mar 2025 0.2% | Jun 2025 7.3% | Sep 2025 13% | Dec 2025 13% | Mar 2026 — | Jun 2026 25% - NDSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.3% | Dec 2022 14% | Mar 2023 0.2% | Jun 2023 2.4% | Sep 2023 -2.0% | Dec 2023 5.1% | Mar 2024 3.8% | Jun 2024 0.2% | Sep 2024 2.0% | Dec 2024 3.5% | Mar 2025 -2.8% | Jun 2025 4.9% | Sep 2025 12% | Dec 2025 1.1% | Mar 2026 8.8% | Jun 2026 8.5% - IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 16% | Dec 2022 13% | Mar 2023 13% | Jun 2023 6.3% | Sep 2023 -3.8% | Dec 2023 -2.7% | Mar 2024 -5.2% | Jun 2024 -4.6% | Sep 2024 0.6% | Dec 2024 9.4% | Mar 2025 1.6% | Jun 2025 7.2% | Sep 2025 10% | Dec 2025 4.2% | Mar 2026 9.0% | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49% | Dec 2022 39% | Mar 2023 0.6% | Jun 2023 31% | Sep 2023 25% | Dec 2023 29% | Mar 2024 26% | Jun 2024 -12% | Sep 2024 -10% | Dec 2024 -9.1% | Mar 2025 -8.4% | Jun 2025 -3.4% | Sep 2025 1.4% | Dec 2025 4.2% | Mar 2026 4.3% | Jun 2026 — - GGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.6% | Sep 2022 13% | Dec 2022 2.8% | Mar 2023 — | Jun 2023 13% | Sep 2023 -1.6% | Dec 2023 2.2% | Mar 2024 -7.2% | Jun 2024 -1.3% | Sep 2024 -3.9% | Dec 2024 -3.2% | Mar 2025 7.3% | Jun 2025 3.4% | Sep 2025 4.6% | Dec 2025 8.0% | Mar 2026 2.3% | Jun 2026 — - CR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -46% | Dec 2022 121% | Mar 2023 -41% | Jun 2023 -3.8% | Sep 2023 10% | Dec 2023 -71% | Mar 2024 -0.8% | Jun 2024 3.7% | Sep 2024 3.4% | Dec 2024 2.1% | Mar 2025 9.4% | Jun 2025 9.1% | Sep 2025 7.5% | Dec 2025 6.8% | Mar 2026 25% | Jun 2026 — - WTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 7.3% | Dec 2022 5.9% | Mar 2023 1.9% | Jun 2023 1.1% | Sep 2023 3.3% | Dec 2023 9.2% | Mar 2024 21% | Jun 2024 12% | Sep 2024 7.9% | Dec 2024 -1.5% | Mar 2025 -2.3% | Jun 2025 7.9% | Sep 2025 13% | Dec 2025 16% | Mar 2026 21% | Jun 2026 — - GNRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 15% | Dec 2022 -1.7% | Mar 2023 -22% | Jun 2023 -23% | Sep 2023 -1.6% | Dec 2023 1.4% | Mar 2024 0.1% | Jun 2024 -0.2% | Sep 2024 9.6% | Dec 2024 16% | Mar 2025 6.0% | Jun 2025 6.3% | Sep 2025 -5.1% | Dec 2025 -12% | Mar 2026 12% | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 11% | Mar 2023 3.1% | Jun 2023 2.7% | Sep 2023 -1.1% | Dec 2023 -0.1% | Mar 2024 5.9% | Jun 2024 5.9% | Sep 2024 6.3% | Dec 2024 6.4% | Mar 2025 -0.8% | Jun 2025 1.3% | Sep 2025 4.9% | Dec 2025 3.9% | Mar 2026 3.0% | Jun 2026 5.9% - PNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 8.9% | Dec 2022 1.4% | Mar 2023 2.9% | Jun 2023 1.8% | Sep 2023 -4.4% | Dec 2023 -1.8% | Mar 2024 -1.2% | Jun 2024 1.5% | Sep 2024 -1.6% | Dec 2024 -1.2% | Mar 2025 -0.7% | Jun 2025 2.2% | Sep 2025 2.9% | Dec 2025 4.9% | Mar 2026 2.7% | Jun 2026 — - GTLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 26% | Dec 2022 16% | Mar 2023 50% | Jun 2023 124% | Sep 2023 118% | Dec 2023 130% | Mar 2024 79% | Jun 2024 15% | Sep 2024 18% | Dec 2024 9.1% | Mar 2025 5.4% | Jun 2025 4.0% | Sep 2025 3.6% | Dec 2025 -2.4% | Mar 2026 -12% | Jun 2026 — - FLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.8% | Sep 2022 0.8% | Dec 2022 13% | Mar 2023 19% | Jun 2023 22% | Sep 2023 25% | Dec 2023 12% | Mar 2024 11% | Jun 2024 7.1% | Sep 2024 3.5% | Dec 2024 1.3% | Mar 2025 5.3% | Jun 2025 2.7% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 -6.7% | Jun 2026 — - AOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 -4.5% | Dec 2022 -6.0% | Mar 2023 -1.2% | Jun 2023 -0.5% | Sep 2023 7.3% | Dec 2023 5.6% | Mar 2024 1.4% | Jun 2024 6.6% | Sep 2024 -3.7% | Dec 2024 -7.7% | Mar 2025 -1.5% | Jun 2025 -1.3% | Sep 2025 4.4% | Dec 2025 0.1% | Mar 2026 -1.9% | Jun 2026 — - JBTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -16% | Dec 2022 -11% | Mar 2023 -17% | Jun 2023 8.6% | Sep 2023 1.3% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 -6.1% | Sep 2024 12% | Dec 2024 5.2% | Mar 2025 118% | Jun 2025 133% | Sep 2025 120% | Dec 2025 115% | Mar 2026 9.6% | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.9% | Dec 2022 -0.1% | Mar 2023 — | Jun 2023 0.6% | Sep 2023 3.2% | Dec 2023 0.2% | Mar 2024 — | Jun 2024 -1.3% | Sep 2024 -11% | Dec 2024 -3.9% | Mar 2025 -1.7% | Jun 2025 -0.2% | Sep 2025 3.0% | Dec 2025 — | Mar 2026 0.4% | Jun 2026 — - NPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.4% | Sep 2022 33% | Dec 2022 28% | Mar 2023 4.8% | Jun 2023 0.0% | Sep 2023 -10% | Dec 2023 -8.5% | Mar 2024 -8.8% | Jun 2024 -1.8% | Sep 2024 4.0% | Dec 2024 3.6% | Mar 2025 5.8% | Jun 2025 5.9% | Sep 2025 10.0% | Dec 2025 14% | Mar 2026 11% | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 21% | Mar 2023 — | Jun 2023 1.2% | Sep 2023 2.6% | Dec 2023 1.6% | Mar 2024 — | Jun 2024 -1.5% | Sep 2024 -9.3% | Dec 2024 — | Mar 2025 9.4% | Jun 2025 -1.4% | Sep 2025 4.1% | Dec 2025 — | Mar 2026 -67% | Jun 2026 -14% ## Operating Economics & Margin Trend What the numbers say: AMETEK, Inc. leads opm at 26.7%; JBT Marel Corporation leads margin change at +11.2 percentage points. Investor read: AMETEK, 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: AMETEK, Inc. · 26.7% | 0.4% versus #2 · Nordson Corporation | 5/8 recent comparable periods | 30/30 companies · 559 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. AMETEK, Inc. (AME): 27% 2. Nordson Corporation (NDSN): 27% 3. Graco Inc. (GGG): 26% 4. Illinois Tool Works Inc. (ITW): 25% 5. Emerson Electric Co. (EMR): 24% ### Margin change — fastest expanders 1. JBT Marel Corporation (JBTM): +11.2 pp 2. Donaldson Company, Inc. (DCI): +6.3 pp 3. Symbotic Inc. (SYM): +4.6 pp 4. Rockwell Automation, Inc. (ROK): +3.9 pp 5. Watts Water Technologies, Inc. (WTS): +3.9 pp ### 20-quarter OPM history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -6.9% | Jun 2023 -4.2% | Sep 2023 -3.7% | Dec 2023 1.9% | Mar 2024 -4.0% | Jun 2024 6.4% | Sep 2024 -4.0% | Dec 2024 5.6% | Mar 2025 0.5% | Jun 2025 4.1% | Sep 2025 3.7% | Dec 2025 5.5% | Mar 2026 1.9% | Jun 2026 — - ETN: Sep 2021 25% | Dec 2021 14% | Mar 2022 13% | Jun 2022 14% | Sep 2022 15% | Dec 2022 16% | Mar 2023 15% | Jun 2023 16% | Sep 2023 18% | Dec 2023 18% | Mar 2024 17% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 18% | Sep 2025 20% | Dec 2025 20% | Mar 2026 16% | Jun 2026 — - PH: Sep 2021 17% | Dec 2021 18% | Mar 2022 18% | Jun 2022 18% | Sep 2022 14% | Dec 2022 13% | Mar 2023 17% | Jun 2023 20% | Sep 2023 18% | Dec 2023 19% | Mar 2024 19% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 21% | Jun 2025 21% | Sep 2025 20% | Dec 2025 21% | Mar 2026 21% | Jun 2026 — - CMI: Sep 2021 12% | Dec 2021 11% | Mar 2022 9.5% | Jun 2022 14% | Sep 2022 8.5% | Dec 2022 10% | Mar 2023 12% | Jun 2023 12% | Sep 2023 11% | Dec 2023 -14% | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 8.7% | Mar 2025 14% | Jun 2025 14% | Sep 2025 10% | Dec 2025 9.5% | Mar 2026 11% | Jun 2026 — - EMR: Sep 2021 19% | Dec 2021 18% | Mar 2022 18% | Jun 2022 20% | Sep 2022 22% | Dec 2022 18% | Mar 2023 21% | Jun 2023 24% | Sep 2023 22% | Dec 2023 16% | Mar 2024 23% | Jun 2024 24% | Sep 2024 23% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 25% | Dec 2025 25% | Mar 2026 24% | Jun 2026 — - ITW: Sep 2021 24% | Dec 2021 23% | Mar 2022 23% | Jun 2022 23% | Sep 2022 25% | Dec 2022 25% | Mar 2023 24% | Jun 2023 25% | Sep 2023 27% | Dec 2023 25% | Mar 2024 28% | Jun 2024 26% | Sep 2024 27% | Dec 2024 26% | Mar 2025 25% | Jun 2025 26% | Sep 2025 27% | Dec 2025 27% | Mar 2026 25% | Jun 2026 — - AME: Sep 2021 23% | Dec 2021 24% | Mar 2022 24% | Jun 2022 24% | Sep 2022 25% | Dec 2022 25% | Mar 2023 25% | Jun 2023 25% | Sep 2023 27% | Dec 2023 26% | Mar 2024 24% | Jun 2024 26% | Sep 2024 26% | Dec 2024 27% | Mar 2025 26% | Jun 2025 26% | Sep 2025 26% | Dec 2025 25% | Mar 2026 27% | Jun 2026 — - ROK: Sep 2021 15% | Dec 2021 16% | Mar 2022 13% | Jun 2022 18% | Sep 2022 21% | Dec 2022 17% | Mar 2023 19% | Jun 2023 19% | Sep 2023 20% | Dec 2023 14% | Mar 2024 16% | Jun 2024 14% | Sep 2024 14% | Dec 2024 13% | Mar 2025 17% | Jun 2025 18% | Sep 2025 49% | Dec 2025 17% | Mar 2026 21% | Jun 2026 — - IR: Sep 2021 12% | Dec 2021 9.9% | Mar 2022 12% | Jun 2022 14% | Sep 2022 13% | Dec 2022 17% | Mar 2023 15% | Jun 2023 16% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 15% | Sep 2024 19% | Dec 2024 20% | Mar 2025 18% | Jun 2025 4.0% | Sep 2025 19% | Dec 2025 19% | Mar 2026 16% | Jun 2026 — - XYL: Sep 2021 12% | Dec 2021 11% | Mar 2022 8.7% | Jun 2022 11% | Sep 2022 12% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 6.9% | Sep 2023 9.2% | Dec 2023 10% | Mar 2024 10% | Jun 2024 12% | Sep 2024 13% | Dec 2024 12% | Mar 2025 11% | Jun 2025 13% | Sep 2025 15% | Dec 2025 15% | Mar 2026 12% | Jun 2026 — - OTIS: Sep 2021 15% | Dec 2021 14% | Mar 2022 15% | Jun 2022 14% | Sep 2022 16% | Dec 2022 14% | Mar 2023 15% | Jun 2023 16% | Sep 2023 16% | Dec 2023 14% | Mar 2024 16% | Jun 2024 16% | Sep 2024 10% | Dec 2024 14% | Mar 2025 12% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 15% | Jun 2026 — - DOV: Sep 2021 17% | Dec 2021 14% | Mar 2022 15% | Jun 2022 17% | Sep 2022 17% | Dec 2022 17% | Mar 2023 15% | Jun 2023 16% | Sep 2023 17% | Dec 2023 16% | Mar 2024 14% | Jun 2024 17% | Sep 2024 17% | Dec 2024 15% | Mar 2025 16% | Jun 2025 17% | Sep 2025 18% | Dec 2025 17% | Mar 2026 15% | Jun 2026 — - SYM: Sep 2021 -34% | Dec 2021 -30% | Mar 2022 -31% | Jun 2022 -19% | Sep 2022 -22% | Dec 2022 -34% | Mar 2023 -22% | Jun 2023 -14% | Sep 2023 -14% | Dec 2023 -7.0% | Mar 2024 -17% | Jun 2024 -8.0% | Sep 2024 1.9% | Dec 2024 -4.7% | Mar 2025 -3.7% | Jun 2025 -6.2% | Sep 2025 -3.5% | Dec 2025 1.0% | Mar 2026 0.9% | Jun 2026 — - ITT: Sep 2021 26% | Dec 2021 15% | Mar 2022 — | Jun 2022 13% | Sep 2022 14% | Dec 2022 16% | Mar 2023 — | Jun 2023 16% | Sep 2023 17% | Dec 2023 15% | Mar 2024 17% | Jun 2024 18% | Sep 2024 24% | Dec 2024 17% | Mar 2025 17% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 — | Jun 2026 12% - NDSN: Sep 2021 29% | Dec 2021 25% | Mar 2022 26% | Jun 2022 29% | Sep 2022 28% | Dec 2022 26% | Mar 2023 24% | Jun 2023 27% | Sep 2023 26% | Dec 2023 26% | Mar 2024 25% | Jun 2024 26% | Sep 2024 25% | Dec 2024 24% | Mar 2025 23% | Jun 2025 25% | Sep 2025 25% | Dec 2025 29% | Mar 2026 25% | Jun 2026 27% - IEX: Sep 2021 23% | Dec 2021 23% | Mar 2022 25% | Jun 2022 23% | Sep 2022 25% | Dec 2022 22% | Mar 2023 23% | Jun 2023 24% | Sep 2023 23% | Dec 2023 20% | Mar 2024 20% | Jun 2024 23% | Sep 2024 21% | Dec 2024 19% | Mar 2025 17% | Jun 2025 22% | Sep 2025 21% | Dec 2025 20% | Mar 2026 19% | Jun 2026 — - RRX: Sep 2021 13% | Dec 2021 14% | Mar 2022 1.7% | Jun 2022 14% | Sep 2022 13% | Dec 2022 12% | Mar 2023 5.6% | Jun 2023 8.6% | Sep 2023 -1.2% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 13% | Sep 2024 12% | Dec 2024 8.8% | Mar 2025 11% | Jun 2025 12% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10% | Jun 2026 — - GGG: Sep 2021 26% | Dec 2021 27% | Mar 2022 — | Jun 2022 26% | Sep 2022 27% | Dec 2022 28% | Mar 2023 30% | Jun 2023 28% | Sep 2023 30% | Dec 2023 30% | Mar 2024 27% | Jun 2024 29% | Sep 2024 28% | Dec 2024 24% | Mar 2025 27% | Jun 2025 28% | Sep 2025 30% | Dec 2025 27% | Mar 2026 26% | Jun 2026 — - CR: Sep 2021 16% | Dec 2021 11% | Mar 2022 17% | Jun 2022 8.2% | Sep 2022 -24% | Dec 2022 21% | Mar 2023 15% | Jun 2023 12% | Sep 2023 14% | Dec 2023 13% | Mar 2024 16% | Jun 2024 17% | Sep 2024 18% | Dec 2024 16% | Mar 2025 18% | Jun 2025 18% | Sep 2025 20% | Dec 2025 18% | Mar 2026 14% | Jun 2026 — - WTS: Sep 2021 14% | Dec 2021 13% | Mar 2022 15% | Jun 2022 18% | Sep 2022 17% | Dec 2022 13% | Mar 2023 18% | Jun 2023 19% | Sep 2023 17% | Dec 2023 14% | Mar 2024 17% | Jun 2024 19% | Sep 2024 17% | Dec 2024 17% | Mar 2025 16% | Jun 2025 21% | Sep 2025 18% | Dec 2025 18% | Mar 2026 20% | Jun 2026 — - GNRC: Sep 2021 18% | Dec 2021 16% | Mar 2022 14% | Jun 2022 17% | Sep 2022 8.0% | Dec 2022 10% | Mar 2023 5.0% | Jun 2023 8.6% | Sep 2023 9.8% | Dec 2023 14% | Mar 2024 7.5% | Jun 2024 10% | Sep 2024 14% | Dec 2024 16% | Mar 2025 8.9% | Jun 2025 11% | Sep 2025 9.3% | Dec 2025 -0.9% | Mar 2026 11% | Jun 2026 — - DCI: Sep 2021 15% | Dec 2021 14% | Mar 2022 12% | Jun 2022 13% | Sep 2022 15% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 16% | Dec 2024 15% | Mar 2025 14% | Jun 2025 9.3% | Sep 2025 16% | Dec 2025 16% | Mar 2026 13% | Jun 2026 16% - PNR: Sep 2021 17% | Dec 2021 15% | Mar 2022 15% | Jun 2022 18% | Sep 2022 14% | Dec 2022 11% | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 17% | Mar 2024 18% | Jun 2024 23% | Sep 2024 18% | Dec 2024 20% | Mar 2025 20% | Jun 2025 19% | Sep 2025 23% | Dec 2025 20% | Mar 2026 20% | Jun 2026 — - GTLS: Sep 2021 4.2% | Dec 2021 5.4% | Mar 2022 5.7% | Jun 2022 7.3% | Sep 2022 10% | Dec 2022 14% | Mar 2023 6.5% | Jun 2023 11% | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 16% | Sep 2024 17% | Dec 2024 17% | Mar 2025 15% | Jun 2025 16% | Sep 2025 -8.0% | Dec 2025 12% | Mar 2026 5.9% | Jun 2026 — - FLS: Sep 2021 6.6% | Dec 2021 9.3% | Mar 2022 0.9% | Jun 2022 6.8% | Sep 2022 2.8% | Dec 2022 10% | Mar 2023 5.8% | Jun 2023 8.9% | Sep 2023 6.4% | Dec 2023 9.4% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.1% | Dec 2024 11% | Mar 2025 12% | Jun 2025 12% | Sep 2025 6.7% | Dec 2025 3.5% | Mar 2026 11% | Jun 2026 — - AOS: Sep 2021 18% | Dec 2021 18% | Mar 2022 17% | Jun 2022 17% | Sep 2022 17% | Dec 2022 19% | Mar 2023 18% | Jun 2023 21% | Sep 2023 19% | Dec 2023 18% | Mar 2024 20% | Jun 2024 20% | Sep 2024 18% | Dec 2024 17% | Mar 2025 19% | Jun 2025 20% | Sep 2025 19% | Dec 2025 18% | Mar 2026 17% | Jun 2026 — - JBTM: Sep 2021 8.5% | Dec 2021 6.9% | Mar 2022 6.5% | Jun 2022 8.1% | Sep 2022 8.7% | Dec 2022 9.7% | Mar 2023 7.3% | Jun 2023 10% | Sep 2023 9.1% | Dec 2023 12% | Mar 2024 7.4% | Jun 2024 6.7% | Sep 2024 10% | Dec 2024 3.4% | Mar 2025 -3.9% | Jun 2025 5.2% | Sep 2025 10% | Dec 2025 7.2% | Mar 2026 7.3% | Jun 2026 — - GTES: Sep 2021 16% | Dec 2021 15% | Mar 2022 9.3% | Jun 2022 7.7% | Sep 2022 12% | Dec 2022 12% | Mar 2023 — | Jun 2023 9.7% | Sep 2023 14% | Dec 2023 14% | Mar 2024 14% | Jun 2024 15% | Sep 2024 14% | Dec 2024 14% | Mar 2025 15% | Jun 2025 13% | Sep 2025 14% | Dec 2025 — | Mar 2026 13% | Jun 2026 — - NPO: Sep 2021 11% | Dec 2021 0.2% | Mar 2022 8.0% | Jun 2022 16% | Sep 2022 16% | Dec 2022 -14% | Mar 2023 16% | Jun 2023 -7.0% | Sep 2023 13% | Dec 2023 8.2% | Mar 2024 11% | Jun 2024 18% | Sep 2024 13% | Dec 2024 13% | Mar 2025 15% | Jun 2025 16% | Sep 2025 14% | Dec 2025 11% | Mar 2026 14% | Jun 2026 — - MIDD: Sep 2021 17% | Dec 2021 29% | Mar 2022 16% | Jun 2022 12% | Sep 2022 17% | Dec 2022 16% | Mar 2023 — | Jun 2023 16% | Sep 2023 18% | Dec 2023 13% | Mar 2024 15% | Jun 2024 18% | Sep 2024 18% | Dec 2024 — | Mar 2025 16% | Jun 2025 16% | Sep 2025 -56% | Dec 2025 — | Mar 2026 249% | Jun 2026 16% ### 20-quarter Margin change history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 +10.6 pp | Sep 2024 −0.3 pp | Dec 2024 +3.7 pp | Mar 2025 +4.5 pp | Jun 2025 −2.3 pp | Sep 2025 +7.7 pp | Dec 2025 −0.1 pp | Mar 2026 +1.4 pp | Jun 2026 — - ETN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 −9.8 pp | Dec 2022 +2.5 pp | Mar 2023 +1.3 pp | Jun 2023 +2.5 pp | Sep 2023 +3.1 pp | Dec 2023 +1.9 pp | Mar 2024 +2.3 pp | Jun 2024 +2.7 pp | Sep 2024 +1.1 pp | Dec 2024 +1.5 pp | Mar 2025 +1.9 pp | Jun 2025 −0.9 pp | Sep 2025 +0.5 pp | Dec 2025 0.0 pp | Mar 2026 −3.1 pp | Jun 2026 — - PH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −2.6 pp | Dec 2022 −4.2 pp | Mar 2023 −1.2 pp | Jun 2023 +1.3 pp | Sep 2023 +3.9 pp | Dec 2023 +5.6 pp | Mar 2024 +2.5 pp | Jun 2024 +0.6 pp | Sep 2024 +1.4 pp | Dec 2024 +0.9 pp | Mar 2025 +1.8 pp | Jun 2025 +1.1 pp | Sep 2025 +0.8 pp | Dec 2025 +1.3 pp | Mar 2026 −0.4 pp | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −0.9 pp | Mar 2023 +2.6 pp | Jun 2023 −2.1 pp | Sep 2023 +2.8 pp | Dec 2023 −24.5 pp | Mar 2024 −1.1 pp | Jun 2024 +0.4 pp | Sep 2024 +1.1 pp | Dec 2024 +22.9 pp | Mar 2025 +2.9 pp | Jun 2025 +2.3 pp | Sep 2025 −2.2 pp | Dec 2025 +0.8 pp | Mar 2026 −2.6 pp | Jun 2026 — - EMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +2.7 pp | Dec 2022 −0.4 pp | Mar 2023 +3.4 pp | Jun 2023 +4.1 pp | Sep 2023 +0.3 pp | Dec 2023 −2.0 pp | Mar 2024 +1.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.9 pp | Dec 2024 +8.7 pp | Mar 2025 +1.9 pp | Jun 2025 +0.6 pp | Sep 2025 +1.6 pp | Dec 2025 +0.4 pp | Mar 2026 −0.3 pp | Jun 2026 — - ITW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 +0.7 pp | Dec 2022 +2.1 pp | Mar 2023 +1.5 pp | Jun 2023 +1.7 pp | Sep 2023 +2.0 pp | Dec 2023 0.0 pp | Mar 2024 +4.2 pp | Jun 2024 +1.4 pp | Sep 2024 0.0 pp | Dec 2024 +1.4 pp | Mar 2025 −3.6 pp | Jun 2025 +0.2 pp | Sep 2025 +0.9 pp | Dec 2025 +0.3 pp | Mar 2026 +0.6 pp | Jun 2026 — - AME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +1.4 pp | Dec 2022 +0.5 pp | Mar 2023 +1.2 pp | Jun 2023 +1.3 pp | Sep 2023 +2.2 pp | Dec 2023 +1.2 pp | Mar 2024 −1.4 pp | Jun 2024 +0.4 pp | Sep 2024 −0.9 pp | Dec 2024 +0.9 pp | Mar 2025 +2.3 pp | Jun 2025 +0.2 pp | Sep 2025 −0.3 pp | Dec 2025 −1.3 pp | Mar 2026 +0.4 pp | Jun 2026 — - ROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +5.5 pp | Dec 2022 +1.2 pp | Mar 2023 +6.0 pp | Jun 2023 +0.2 pp | Sep 2023 −1.0 pp | Dec 2023 −3.7 pp | Mar 2024 −3.4 pp | Jun 2024 −4.2 pp | Sep 2024 −5.6 pp | Dec 2024 −0.6 pp | Mar 2025 +1.4 pp | Jun 2025 +3.3 pp | Sep 2025 +35.1 pp | Dec 2025 +4.3 pp | Mar 2026 +3.9 pp | Jun 2026 — - IR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.7 pp | Sep 2022 +0.1 pp | Dec 2022 +6.9 pp | Mar 2023 +3.0 pp | Jun 2023 +2.5 pp | Sep 2023 +5.8 pp | Dec 2023 +1.5 pp | Mar 2024 +2.9 pp | Jun 2024 −1.1 pp | Sep 2024 +0.8 pp | Dec 2024 +1.7 pp | Mar 2025 0.0 pp | Jun 2025 −11.1 pp | Sep 2025 +0.1 pp | Dec 2025 −1.3 pp | Mar 2026 −1.9 pp | Jun 2026 — - XYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +0.2 pp | Dec 2022 +2.5 pp | Mar 2023 +0.3 pp | Jun 2023 −3.8 pp | Sep 2023 −3.0 pp | Dec 2023 −3.1 pp | Mar 2024 +1.3 pp | Jun 2024 +4.8 pp | Sep 2024 +4.1 pp | Dec 2024 +1.8 pp | Mar 2025 +0.9 pp | Jun 2025 +1.6 pp | Sep 2025 +1.4 pp | Dec 2025 +2.9 pp | Mar 2026 +0.3 pp | Jun 2026 — - OTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 +0.8 pp | Dec 2022 +0.4 pp | Mar 2023 −0.1 pp | Jun 2023 +1.6 pp | Sep 2023 +0.4 pp | Dec 2023 +0.1 pp | Mar 2024 +0.5 pp | Jun 2024 +0.2 pp | Sep 2024 −6.0 pp | Dec 2024 0.0 pp | Mar 2025 −3.5 pp | Jun 2025 −0.6 pp | Sep 2025 +5.7 pp | Dec 2025 +1.1 pp | Mar 2026 +2.8 pp | Jun 2026 — - DOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +0.3 pp | Dec 2022 +2.3 pp | Mar 2023 +0.5 pp | Jun 2023 −1.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.5 pp | Mar 2024 −1.6 pp | Jun 2024 +1.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.7 pp | Mar 2025 +2.4 pp | Jun 2025 +0.7 pp | Sep 2025 +1.4 pp | Dec 2025 +1.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - SYM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.9 pp | Sep 2022 +12.1 pp | Dec 2022 −3.8 pp | Mar 2023 +9.5 pp | Jun 2023 +5.3 pp | Sep 2023 +8.4 pp | Dec 2023 +26.7 pp | Mar 2024 +5.1 pp | Jun 2024 +5.5 pp | Sep 2024 +15.7 pp | Dec 2024 +2.3 pp | Mar 2025 +12.8 pp | Jun 2025 +1.8 pp | Sep 2025 −5.4 pp | Dec 2025 +5.7 pp | Mar 2026 +4.6 pp | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 +1.5 pp | Mar 2023 — | Jun 2023 +2.6 pp | Sep 2023 +3.3 pp | Dec 2023 −1.6 pp | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 +6.6 pp | Dec 2024 +2.6 pp | Mar 2025 0.0 pp | Jun 2025 +0.4 pp | Sep 2025 −5.6 pp | Dec 2025 −0.2 pp | Mar 2026 — | Jun 2026 −6.3 pp - NDSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +0.7 pp | Mar 2023 −2.0 pp | Jun 2023 −2.5 pp | Sep 2023 −1.5 pp | Dec 2023 −0.3 pp | Mar 2024 +1.6 pp | Jun 2024 −0.6 pp | Sep 2024 −1.1 pp | Dec 2024 −1.7 pp | Mar 2025 −2.3 pp | Jun 2025 −1.2 pp | Sep 2025 0.0 pp | Dec 2025 +4.5 pp | Mar 2026 +2.0 pp | Jun 2026 +1.9 pp - IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +1.9 pp | Dec 2022 −1.1 pp | Mar 2023 −2.3 pp | Jun 2023 +0.2 pp | Sep 2023 −1.9 pp | Dec 2023 −1.3 pp | Mar 2024 −2.6 pp | Jun 2024 −1.0 pp | Sep 2024 −1.6 pp | Dec 2024 −1.1 pp | Mar 2025 −2.7 pp | Jun 2025 −0.9 pp | Sep 2025 +0.1 pp | Dec 2025 +1.2 pp | Mar 2026 +2.0 pp | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.3 pp | Mar 2023 +3.9 pp | Jun 2023 −5.8 pp | Sep 2023 −14.3 pp | Dec 2023 −1.2 pp | Mar 2024 +3.1 pp | Jun 2024 +3.9 pp | Sep 2024 +13.0 pp | Dec 2024 −2.2 pp | Mar 2025 +2.6 pp | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 — - GGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +1.5 pp | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 +3.1 pp | Dec 2023 +2.5 pp | Mar 2024 −2.6 pp | Jun 2024 +1.1 pp | Sep 2024 −2.1 pp | Dec 2024 −6.3 pp | Mar 2025 +0.3 pp | Jun 2025 −1.7 pp | Sep 2025 +2.2 pp | Dec 2025 +3.0 pp | Mar 2026 −1.8 pp | Jun 2026 — - CR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −40.6 pp | Dec 2022 +9.8 pp | Mar 2023 −1.8 pp | Jun 2023 +4.2 pp | Sep 2023 +38.8 pp | Dec 2023 −8.2 pp | Mar 2024 +0.8 pp | Jun 2024 +4.5 pp | Sep 2024 +3.7 pp | Dec 2024 +3.2 pp | Mar 2025 +2.2 pp | Jun 2025 +0.9 pp | Sep 2025 +2.0 pp | Dec 2025 +1.7 pp | Mar 2026 −3.7 pp | Jun 2026 — - WTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.9 pp | Sep 2022 +2.3 pp | Dec 2022 +0.2 pp | Mar 2023 +2.6 pp | Jun 2023 +0.6 pp | Sep 2023 +0.8 pp | Dec 2023 +1.0 pp | Mar 2024 −1.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +2.1 pp | Mar 2025 −1.2 pp | Jun 2025 +2.3 pp | Sep 2025 +1.1 pp | Dec 2025 +1.7 pp | Mar 2026 +3.9 pp | Jun 2026 — - GNRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.1 pp | Sep 2022 −10.4 pp | Dec 2022 −6.2 pp | Mar 2023 −8.6 pp | Jun 2023 −8.2 pp | Sep 2023 +1.8 pp | Dec 2023 +4.0 pp | Mar 2024 +2.5 pp | Jun 2024 +1.7 pp | Sep 2024 +4.6 pp | Dec 2024 +1.8 pp | Mar 2025 +1.4 pp | Jun 2025 +0.2 pp | Sep 2025 −5.1 pp | Dec 2025 −16.9 pp | Mar 2026 +2.2 pp | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +2.1 pp | Jun 2023 +1.2 pp | Sep 2023 −0.8 pp | Dec 2023 +0.6 pp | Mar 2024 +0.8 pp | Jun 2024 +1.3 pp | Sep 2024 +1.9 pp | Dec 2024 −0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −6.2 pp | Sep 2025 −0.1 pp | Dec 2025 +1.5 pp | Mar 2026 −1.2 pp | Jun 2026 +6.3 pp - PNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.7 pp | Sep 2022 −3.4 pp | Dec 2022 −4.1 pp | Mar 2023 +3.2 pp | Jun 2023 +1.4 pp | Sep 2023 +4.0 pp | Dec 2023 +5.9 pp | Mar 2024 0.0 pp | Jun 2024 +3.3 pp | Sep 2024 +0.2 pp | Dec 2024 +3.1 pp | Mar 2025 +2.3 pp | Jun 2025 −3.2 pp | Sep 2025 +4.6 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - GTLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 +5.9 pp | Dec 2022 +8.2 pp | Mar 2023 +0.8 pp | Jun 2023 +3.2 pp | Sep 2023 +1.5 pp | Dec 2023 +1.8 pp | Mar 2024 +5.4 pp | Jun 2024 +5.6 pp | Sep 2024 +5.2 pp | Dec 2024 +1.6 pp | Mar 2025 +3.3 pp | Jun 2025 −0.4 pp | Sep 2025 −24.8 pp | Dec 2025 −5.4 pp | Mar 2026 −9.3 pp | Jun 2026 — - FLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 −3.8 pp | Dec 2022 +0.8 pp | Mar 2023 +4.9 pp | Jun 2023 +2.1 pp | Sep 2023 +3.6 pp | Dec 2023 −0.7 pp | Mar 2024 +4.6 pp | Jun 2024 +1.6 pp | Sep 2024 +2.7 pp | Dec 2024 +1.2 pp | Mar 2025 +1.1 pp | Jun 2025 +1.8 pp | Sep 2025 −2.4 pp | Dec 2025 −7.1 pp | Mar 2026 −0.3 pp | Jun 2026 — - AOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 −0.7 pp | Dec 2022 +1.5 pp | Mar 2023 +1.2 pp | Jun 2023 +3.9 pp | Sep 2023 +2.2 pp | Dec 2023 −0.8 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.5 pp | Dec 2024 −1.3 pp | Mar 2025 −0.7 pp | Jun 2025 0.0 pp | Sep 2025 +0.8 pp | Dec 2025 +0.9 pp | Mar 2026 −1.9 pp | Jun 2026 — - JBTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 +0.2 pp | Dec 2022 +2.8 pp | Mar 2023 +0.8 pp | Jun 2023 +2.3 pp | Sep 2023 +0.4 pp | Dec 2023 +2.7 pp | Mar 2024 +0.1 pp | Jun 2024 −3.7 pp | Sep 2024 +1.2 pp | Dec 2024 −9.0 pp | Mar 2025 −11.3 pp | Jun 2025 −1.5 pp | Sep 2025 −0.1 pp | Dec 2025 +3.8 pp | Mar 2026 +11.2 pp | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 −3.0 pp | Mar 2023 — | Jun 2023 +2.0 pp | Sep 2023 +1.4 pp | Dec 2023 +1.8 pp | Mar 2024 — | Jun 2024 +5.4 pp | Sep 2024 +0.2 pp | Dec 2024 −0.3 pp | Mar 2025 +1.3 pp | Jun 2025 −2.0 pp | Sep 2025 −0.5 pp | Dec 2025 — | Mar 2026 −1.9 pp | Jun 2026 — - NPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.1 pp | Sep 2022 +4.7 pp | Dec 2022 −14.2 pp | Mar 2023 +7.5 pp | Jun 2023 −22.8 pp | Sep 2023 −3.3 pp | Dec 2023 +22.2 pp | Mar 2024 −4.6 pp | Jun 2024 +24.7 pp | Sep 2024 +0.4 pp | Dec 2024 +4.3 pp | Mar 2025 +4.4 pp | Jun 2025 −1.8 pp | Sep 2025 +1.2 pp | Dec 2025 −1.3 pp | Mar 2026 −0.9 pp | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −12.3 pp | Mar 2023 — | Jun 2023 +3.7 pp | Sep 2023 +1.3 pp | Dec 2023 −3.2 pp | Mar 2024 — | Jun 2024 +1.7 pp | Sep 2024 +0.6 pp | Dec 2024 — | Mar 2025 +0.8 pp | Jun 2025 −1.8 pp | Sep 2025 −74.8 pp | Dec 2025 — | Mar 2026 +233.4 pp | Jun 2026 0.0 pp ## Profit Scale & Acceleration What the numbers say: GE Vernova Inc. leads with $9,365 million of TTM profit, 134.5% above Eaton Corporation plc. GE Vernova Inc. shows ≥100% on the scoring scale (385.5% uncapped) growth from a $9,365 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: GE Vernova 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 profit growth signal. Evidence: GE Vernova Inc. · $9,365 million | 134.5% versus #2 · Eaton Corporation plc | 3/4 recent comparable periods | 25/30 companies · 560 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. GE Vernova Inc. (GEV): ₹9.4K Cr 2. Eaton Corporation plc (ETN): ₹4.0K Cr 3. Parker-Hannifin Corporation (PH): ₹3.5K Cr 4. Illinois Tool Works Inc. (ITW): ₹3.1K Cr 5. Cummins Inc. (CMI): ₹2.8K Cr ### Profit growth — fastest growers 1. GE Vernova Inc. (GEV): 100% 2. Emerson Electric Co. (EMR): 27% 3. Watts Water Technologies, Inc. (WTS): 25% 4. Flowserve Corporation (FLS): 25% 5. Regal Rexnord Corporation (RRX): 22% ### 20-quarter Net profit history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-346 Cr | Jun 2023 ₹-149 Cr | Sep 2023 ₹-185 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹-106 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹-99 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹492 Cr | Sep 2025 ₹453 Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 — - ETN: Sep 2021 ₹630 Cr | Dec 2021 ₹551 Cr | Mar 2022 ₹533 Cr | Jun 2022 ₹601 Cr | Sep 2022 ₹608 Cr | Dec 2022 ₹722 Cr | Mar 2023 ₹639 Cr | Jun 2023 ₹745 Cr | Sep 2023 ₹892 Cr | Dec 2023 ₹947 Cr | Mar 2024 ₹822 Cr | Jun 2024 ₹994 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹972 Cr | Mar 2025 ₹965 Cr | Jun 2025 ₹982 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹868 Cr | Jun 2026 — - PH: Sep 2021 ₹451 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹348 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹591 Cr | Jun 2023 ₹710 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹682 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹785 Cr | Sep 2024 ₹698 Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹961 Cr | Jun 2025 ₹924 Cr | Sep 2025 ₹808 Cr | Dec 2025 ₹845 Cr | Mar 2026 ₹904 Cr | Jun 2026 — - CMI: Sep 2021 ₹612 Cr | Dec 2021 ₹541 Cr | Mar 2022 ₹423 Cr | Jun 2022 ₹707 Cr | Sep 2022 ₹409 Cr | Dec 2022 ₹644 Cr | Mar 2023 ₹806 Cr | Jun 2023 ₹737 Cr | Sep 2023 ₹690 Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹752 Cr | Sep 2024 ₹843 Cr | Dec 2024 ₹445 Cr | Mar 2025 ₹850 Cr | Jun 2025 ₹928 Cr | Sep 2025 ₹559 Cr | Dec 2025 ₹620 Cr | Mar 2026 ₹680 Cr | Jun 2026 — - EMR: Sep 2021 ₹674 Cr | Dec 2021 ₹746 Cr | Mar 2022 ₹429 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹453 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹654 Cr | Sep 2023 ₹778 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹549 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹530 Cr | Dec 2024 ₹593 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹580 Cr | Sep 2025 ₹636 Cr | Dec 2025 ₹606 Cr | Mar 2026 ₹618 Cr | Jun 2026 — - ITW: Sep 2021 ₹639 Cr | Dec 2021 ₹609 Cr | Mar 2022 ₹662 Cr | Jun 2022 ₹738 Cr | Sep 2022 ₹727 Cr | Dec 2022 ₹907 Cr | Mar 2023 ₹714 Cr | Jun 2023 ₹754 Cr | Sep 2023 ₹772 Cr | Dec 2023 ₹717 Cr | Mar 2024 ₹819 Cr | Jun 2024 ₹759 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹750 Cr | Mar 2025 ₹700 Cr | Jun 2025 ₹755 Cr | Sep 2025 ₹821 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹768 Cr | Jun 2026 — - AME: Sep 2021 ₹257 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹307 Cr | Mar 2023 ₹306 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹343 Cr | Mar 2024 ₹311 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹387 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹371 Cr | Dec 2025 ₹399 Cr | Mar 2026 ₹399 Cr | Jun 2026 — - ROK: Sep 2021 ₹75 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹336 Cr | Dec 2022 ₹379 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹399 Cr | Sep 2023 ₹317 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹265 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹274 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹351 Cr | Jun 2026 — - IR: Sep 2021 ₹129 Cr | Dec 2021 ₹302 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹143 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹194 Cr | Jun 2026 — - XYL: Sep 2021 ₹114 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹217 Cr | Dec 2024 ₹326 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹189 Cr | Jun 2026 — - OTIS: Sep 2021 ₹379 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹353 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹318 Cr | Mar 2023 ₹352 Cr | Jun 2023 ₹407 Cr | Sep 2023 ₹395 Cr | Dec 2023 ₹344 Cr | Mar 2024 ₹374 Cr | Jun 2024 ₹450 Cr | Sep 2024 ₹557 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹423 Cr | Sep 2025 ₹392 Cr | Dec 2025 ₹384 Cr | Mar 2026 ₹353 Cr | Jun 2026 — - DOV: Sep 2021 ₹264 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹226 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹286 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹602 Cr | Jun 2024 ₹247 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹275 Cr | Mar 2026 ₹239 Cr | Jun 2026 — - SYM: Sep 2021 ₹-31 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹-30 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-55 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-55 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - ITT: Sep 2021 ₹39 Cr | Dec 2021 ₹87 Cr | Mar 2022 — | Jun 2022 ₹75 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹103 Cr | Mar 2023 — | Jun 2023 ₹101 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹122 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹132 Cr | Mar 2026 — | Jun 2026 ₹80 Cr - NDSN: Sep 2021 ₹142 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹133 Cr | Jun 2026 ₹117 Cr - IEX: Sep 2021 ₹116 Cr | Dec 2021 ₹119 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹120 Cr | Jun 2026 — - RRX: Sep 2021 ₹86 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹-139 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹64 Cr | Jun 2026 — - GGG: Sep 2021 ₹104 Cr | Dec 2021 ₹120 Cr | Mar 2022 — | Jun 2022 ₹101 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹119 Cr | Jun 2026 — - CR: Sep 2021 ₹117 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹207 Cr | Sep 2022 ₹-121 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹67 Cr | Jun 2026 — - WTS: Sep 2021 ₹46 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹100 Cr | Jun 2026 — - GNRC: Sep 2021 ₹133 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹158 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹73 Cr | Jun 2026 — - DCI: Sep 2021 ₹84 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹93 Cr | Jun 2026 ₹118 Cr - PNR: Sep 2021 ₹144 Cr | Dec 2021 ₹149 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹161 Cr | Jun 2026 — - GTLS: Sep 2021 ₹16 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹-30 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹-271 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹-29 Cr | Jun 2026 — - FLS: Sep 2021 ₹52 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹224 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹86 Cr | Jun 2026 — - AOS: Sep 2021 ₹132 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹-120 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - JBTM: Sep 2021 ₹29 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-173 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹45 Cr | Jun 2026 — - GTES: Sep 2021 ₹105 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹56 Cr | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹66 Cr | Jun 2026 — - NPO: Sep 2021 ₹24 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - MIDD: Sep 2021 ₹121 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹104 Cr | Mar 2023 — | Jun 2023 ₹99 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹114 Cr | Dec 2024 — | Mar 2025 ₹112 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹-513 Cr | Dec 2025 — | Mar 2026 ₹37 Cr | Jun 2026 ₹85 Cr ### 20-quarter Profit growth history - GEV: 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 135% | Mar 2025 — | Jun 2025 -62% | Sep 2025 — | Dec 2025 658% | Mar 2026 1,699% | Jun 2026 — - ETN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -3.5% | Dec 2022 31% | Mar 2023 20% | Jun 2023 24% | Sep 2023 47% | Dec 2023 31% | Mar 2024 29% | Jun 2024 33% | Sep 2024 13% | Dec 2024 2.6% | Mar 2025 17% | Jun 2025 -1.2% | Sep 2025 -0.1% | Dec 2025 17% | Mar 2026 -10% | Jun 2026 — - PH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -74% | Sep 2022 -14% | Dec 2022 1.8% | Mar 2023 70% | Jun 2023 450% | Sep 2023 68% | Dec 2023 73% | Mar 2024 23% | Jun 2024 11% | Sep 2024 7.2% | Dec 2024 39% | Mar 2025 32% | Jun 2025 18% | Sep 2025 16% | Dec 2025 -11% | Mar 2026 -5.9% | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -33% | Dec 2022 19% | Mar 2023 91% | Jun 2023 4.2% | Sep 2023 69% | Dec 2023 -316% | Mar 2024 152% | Jun 2024 2.0% | Sep 2024 22% | Dec 2024 — | Mar 2025 -58% | Jun 2025 23% | Sep 2025 -34% | Dec 2025 39% | Mar 2026 -20% | Jun 2026 — - EMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 -33% | Dec 2022 -57% | Mar 2023 18% | Jun 2023 156% | Sep 2023 72% | Dec 2023 -51% | Mar 2024 8.7% | Jun 2024 -44% | Sep 2024 -32% | Dec 2024 273% | Mar 2025 -22% | Jun 2025 58% | Sep 2025 20% | Dec 2025 2.2% | Mar 2026 44% | Jun 2026 — - ITW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.8% | Sep 2022 14% | Dec 2022 49% | Mar 2023 7.9% | Jun 2023 2.2% | Sep 2023 6.2% | Dec 2023 -21% | Mar 2024 15% | Jun 2024 0.7% | Sep 2024 50% | Dec 2024 4.6% | Mar 2025 -15% | Jun 2025 -0.5% | Sep 2025 -29% | Dec 2025 5.3% | Mar 2026 9.7% | Jun 2026 — - AME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 16% | Dec 2022 8.9% | Mar 2023 13% | Jun 2023 15% | Sep 2023 14% | Dec 2023 12% | Mar 2024 1.6% | Jun 2024 4.3% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 13% | Jun 2025 5.9% | Sep 2025 9.1% | Dec 2025 3.1% | Mar 2026 13% | Jun 2026 — - ROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.7% | Sep 2022 348% | Dec 2022 59% | Mar 2023 502% | Jun 2023 35% | Sep 2023 -5.7% | Dec 2023 -44% | Mar 2024 -10% | Jun 2024 -42% | Sep 2024 -14% | Dec 2024 -16% | Mar 2025 -6.4% | Jun 2025 27% | Sep 2025 -77% | Dec 2025 70% | Mar 2026 42% | Jun 2026 — - IR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 11% | Dec 2022 -28% | Mar 2023 50% | Jun 2023 27% | Sep 2023 50% | Dec 2023 9.3% | Mar 2024 32% | Jun 2024 6.7% | Sep 2024 6.5% | Dec 2024 0.4% | Mar 2025 -9.3% | Jun 2025 -96% | Sep 2025 7.9% | Dec 2025 13% | Mar 2026 -0.5% | Jun 2026 — - XYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.9% | Sep 2022 -89% | Dec 2022 32% | Mar 2023 21% | Jun 2023 -18% | Sep 2023 1,167% | Dec 2023 79% | Mar 2024 55% | Jun 2024 111% | Sep 2024 43% | Dec 2024 23% | Mar 2025 9.2% | Jun 2025 15% | Sep 2025 4.2% | Dec 2025 2.2% | Mar 2026 13% | Jun 2026 — - OTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 -7.7% | Dec 2022 2.6% | Mar 2023 -0.3% | Jun 2023 17% | Sep 2023 13% | Dec 2023 8.2% | Mar 2024 6.3% | Jun 2024 11% | Sep 2024 41% | Dec 2024 2.6% | Mar 2025 -32% | Jun 2025 -6.0% | Sep 2025 -30% | Dec 2025 8.8% | Mar 2026 38% | Jun 2026 — - DOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.4% | Sep 2022 8.3% | Dec 2022 -27% | Mar 2023 1.3% | Jun 2023 -17% | Sep 2023 -8.4% | Dec 2023 -2.3% | Mar 2024 163% | Jun 2024 2.1% | Sep 2024 19% | Dec 2024 -7.8% | Mar 2025 -60% | Jun 2025 13% | Sep 2025 -3.2% | Dec 2025 16% | Mar 2026 0.0% | Jun 2026 — - SYM: 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 -219% | Dec 2025 — | Mar 2026 — | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 95% | Dec 2022 18% | Mar 2023 — | Jun 2023 35% | Sep 2023 43% | Dec 2023 -7.8% | Mar 2024 — | Jun 2024 20% | Sep 2024 49% | Dec 2024 35% | Mar 2025 -3.5% | Jun 2025 0.8% | Sep 2025 -21% | Dec 2025 3.1% | Mar 2026 — | Jun 2026 -34% - NDSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 28% | Mar 2023 -13% | Jun 2023 16% | Sep 2023 -9.9% | Dec 2023 -9.2% | Mar 2024 5.8% | Jun 2024 -7.8% | Sep 2024 -8.6% | Dec 2024 -4.7% | Mar 2025 -14% | Jun 2025 -5.1% | Sep 2025 7.7% | Dec 2025 25% | Mar 2026 40% | Jun 2026 4.5% - IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 54% | Dec 2022 9.2% | Mar 2023 0.0% | Jun 2023 0.7% | Sep 2023 17% | Dec 2023 -17% | Mar 2024 -14% | Jun 2024 1.4% | Sep 2024 -43% | Dec 2024 14% | Mar 2025 -21% | Jun 2025 -7.1% | Sep 2025 7.6% | Dec 2025 4.1% | Mar 2026 26% | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 42% | Dec 2022 27% | Mar 2023 — | Jun 2023 -77% | Sep 2023 -214% | Dec 2023 -45% | Mar 2024 — | Jun 2024 91% | Sep 2024 — | Dec 2024 -26% | Mar 2025 190% | Jun 2025 27% | Sep 2025 9.6% | Dec 2025 52% | Mar 2026 10% | Jun 2026 — - GGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 13% | Dec 2022 5.0% | Mar 2023 — | Jun 2023 33% | Sep 2023 14% | Dec 2023 -13% | Mar 2024 -5.4% | Jun 2024 -0.8% | Sep 2024 -8.3% | Dec 2024 -0.9% | Mar 2025 1.6% | Jun 2025 -3.8% | Sep 2025 13% | Dec 2025 21% | Mar 2026 -4.0% | Jun 2026 — - CR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -203% | Dec 2022 -181% | Mar 2023 -47% | Jun 2023 -79% | Sep 2023 — | Dec 2023 — | Mar 2024 5.4% | Jun 2024 53% | Sep 2024 33% | Dec 2024 43% | Mar 2025 32% | Jun 2025 21% | Sep 2025 25% | Dec 2025 17% | Mar 2026 -14% | Jun 2026 — - WTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 28% | Dec 2022 73% | Mar 2023 18% | Jun 2023 8.6% | Sep 2023 12% | Dec 2023 -19% | Mar 2024 12% | Jun 2024 7.9% | Sep 2024 4.6% | Dec 2024 21% | Mar 2025 1.4% | Jun 2025 23% | Sep 2025 19% | Dec 2025 24% | Mar 2026 35% | Jun 2026 — - GNRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -55% | Dec 2022 -49% | Mar 2023 -88% | Jun 2023 -71% | Sep 2023 1.7% | Dec 2023 31% | Mar 2024 86% | Jun 2024 28% | Sep 2024 87% | Dec 2024 22% | Mar 2025 69% | Jun 2025 25% | Sep 2025 -41% | Dec 2025 -120% | Mar 2026 66% | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 13% | Mar 2023 19% | Jun 2023 13% | Sep 2023 -8.9% | Dec 2023 5.8% | Mar 2024 15% | Jun 2024 21% | Sep 2024 20% | Dec 2024 7.6% | Mar 2025 -3.0% | Jun 2025 -49% | Sep 2025 3.6% | Dec 2025 15% | Mar 2026 -3.1% | Jun 2026 103% - PNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -20% | Dec 2022 -36% | Mar 2023 8.4% | Jun 2023 0.7% | Sep 2023 15% | Dec 2023 117% | Mar 2024 3.9% | Jun 2024 21% | Sep 2024 6.1% | Dec 2024 -20% | Mar 2025 16% | Jun 2025 -20% | Sep 2025 31% | Dec 2025 -2.4% | Mar 2026 3.9% | Jun 2026 — - GTLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 286% | Sep 2022 419% | Dec 2022 250% | Mar 2023 -243% | Jun 2023 -33% | Sep 2023 -73% | Dec 2023 194% | Mar 2024 — | Jun 2024 611% | Sep 2024 568% | Dec 2024 -19% | Mar 2025 221% | Jun 2025 25% | Sep 2025 -284% | Dec 2025 -52% | Mar 2026 -127% | Jun 2026 — - FLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.2% | Sep 2022 -21% | Dec 2022 558% | Mar 2023 — | Jun 2023 20% | Sep 2023 29% | Dec 2023 -46% | Mar 2024 160% | Jun 2024 38% | Sep 2024 19% | Dec 2024 25% | Mar 2025 1.3% | Jun 2025 16% | Sep 2025 256% | Dec 2025 -126% | Mar 2026 8.9% | Jun 2026 — - AOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.8% | Sep 2022 -17% | Dec 2022 -186% | Mar 2023 5.8% | Jun 2023 25% | Sep 2023 23% | Dec 2023 — | Mar 2024 17% | Jun 2024 -0.6% | Sep 2024 -11% | Dec 2024 -20% | Mar 2025 -7.4% | Jun 2025 -2.6% | Sep 2025 10% | Dec 2025 14% | Mar 2026 -14% | Jun 2026 — - JBTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -10% | Dec 2022 3.1% | Mar 2023 -35% | Jun 2023 7.7% | Sep 2023 19% | Dec 2023 61% | Mar 2024 35% | Jun 2024 11% | Sep 2024 23% | Dec 2024 -113% | Mar 2025 -852% | Jun 2025 -90% | Sep 2025 76% | Dec 2025 — | Mar 2026 — | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -44% | Dec 2022 -28% | Mar 2023 — | Jun 2023 -16% | Sep 2023 20% | Dec 2023 23% | Mar 2024 — | Jun 2024 152% | Sep 2024 -23% | Dec 2024 -41% | Mar 2025 50% | Jun 2025 -19% | Sep 2025 62% | Dec 2025 -105% | Mar 2026 -4.4% | Jun 2026 — - NPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 13% | Dec 2022 — | Mar 2023 117% | Jun 2023 -188% | Sep 2023 -70% | Dec 2023 — | Mar 2024 -50% | Jun 2024 — | Sep 2024 150% | Dec 2024 — | Mar 2025 92% | Jun 2025 -3.7% | Sep 2025 10% | Dec 2025 -329% | Mar 2026 8.0% | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.6% | Dec 2022 -41% | Mar 2023 — | Jun 2023 15% | Sep 2023 3.5% | Dec 2023 -27% | Mar 2024 — | Jun 2024 16% | Sep 2024 -2.6% | Dec 2024 — | Mar 2025 29% | Jun 2025 -7.8% | Sep 2025 -550% | Dec 2025 — | Mar 2026 -67% | Jun 2026 -20% ## Capacity Spending & Returns On It What the numbers say: GE Vernova Inc. reports $397 million of CAPEX; Symbotic Inc. has the highest covered intensity at 6.4%. Coverage is only 30 of 30 companies and 558 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: GE Vernova Inc. · $397 million | 105.7% versus #2 · Eaton Corporation plc | 8/8 recent comparable periods | 30/30 companies · 558 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. GE Vernova Inc. (GEV): ₹397 Cr 2. Eaton Corporation plc (ETN): ₹193 Cr 3. Cummins Inc. (CMI): ₹189 Cr 4. Parker-Hannifin Corporation (PH): ₹103 Cr 5. Illinois Tool Works Inc. (ITW): ₹95 Cr ### CAPEX intensity — highest reinvestment intensity 1. Symbotic Inc. (SYM): 6.4% 2. GE Vernova Inc. (GEV): 4.3% 3. Xylem Inc. (XYL): 4.2% 4. Enpro Inc. (NPO): 4.0% 5. Dover Corporation (DOV): 2.9% ### 20-quarter CAPEX history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹124 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹350 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹671 Cr | Mar 2026 ₹397 Cr | Jun 2026 — - ETN: Sep 2021 ₹140 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹193 Cr | Jun 2026 — - PH: Sep 2021 ₹48 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹103 Cr | Jun 2026 — - CMI: Sep 2021 ₹125 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹202 Cr | Dec 2022 ₹463 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹519 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹259 Cr | Dec 2024 ₹540 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹298 Cr | Dec 2025 ₹544 Cr | Mar 2026 ₹189 Cr | Jun 2026 — - EMR: Sep 2021 ₹231 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹168 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹85 Cr | Jun 2026 — - ITW: Sep 2021 ₹71 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹95 Cr | Jun 2026 — - AME: Sep 2021 ₹26 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - ROK: Sep 2021 ₹44 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹45 Cr | Jun 2026 — - IR: Sep 2021 ₹15 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹36 Cr | Jun 2026 — - XYL: Sep 2021 ₹47 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹90 Cr | Jun 2026 — - OTIS: Sep 2021 ₹31 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹44 Cr - DOV: Sep 2021 ₹48 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹48 Cr - SYM: Sep 2021 — | Dec 2021 ₹8 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹17 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - ITT: Sep 2021 ₹18 Cr | Dec 2021 ₹18 Cr | Mar 2022 — | Jun 2022 ₹30 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹40 Cr | Mar 2026 — | Jun 2026 ₹26 Cr - NDSN: Sep 2021 ₹9 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹10 Cr - IEX: Sep 2021 ₹15 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - RRX: Sep 2021 ₹14 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - GGG: Sep 2021 ₹28 Cr | Dec 2021 ₹51 Cr | Mar 2022 — | Jun 2022 ₹47 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹16 Cr - CR: Sep 2021 — | Dec 2021 ₹27 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - WTS: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - GNRC: Sep 2021 ₹33 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - DCI: Sep 2021 ₹19 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹23 Cr - PNR: Sep 2021 ₹14 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - GTLS: Sep 2021 ₹10 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - FLS: Sep 2021 ₹11 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - AOS: Sep 2021 ₹15 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - JBTM: Sep 2021 ₹14 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - GTES: Sep 2021 ₹22 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - NPO: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - MIDD: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹19 Cr | Mar 2023 — | Jun 2023 ₹25 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹20 Cr | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 ₹8 Cr ### 20-quarter CAPEX intensity history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.8% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.8% | Mar 2024 3.0% | Jun 2024 1.9% | Sep 2024 1.8% | Dec 2024 3.3% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 2.5% | Dec 2025 6.1% | Mar 2026 4.3% | Jun 2026 — - ETN: Sep 2021 2.8% | Dec 2021 3.4% | Mar 2022 2.4% | Jun 2022 2.7% | Sep 2022 2.5% | Dec 2022 3.9% | Mar 2023 2.3% | Jun 2023 2.7% | Sep 2023 3.9% | Dec 2023 4.1% | Mar 2024 3.1% | Jun 2024 2.9% | Sep 2024 2.9% | Dec 2024 4.1% | Mar 2025 2.3% | Jun 2025 2.9% | Sep 2025 2.5% | Dec 2025 5.6% | Mar 2026 2.6% | Jun 2026 — - PH: Sep 2021 1.3% | Dec 2021 1.5% | Mar 2022 1.3% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 2.2% | Mar 2023 1.7% | Jun 2023 2.1% | Sep 2023 2.0% | Dec 2023 2.2% | Mar 2024 1.6% | Jun 2024 2.3% | Sep 2024 1.9% | Dec 2024 2.6% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 1.8% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 — - CMI: Sep 2021 2.0% | Dec 2021 2.5% | Mar 2022 1.6% | Jun 2022 2.2% | Sep 2022 2.8% | Dec 2022 6.0% | Mar 2023 2.3% | Jun 2023 2.6% | Sep 2023 3.3% | Dec 2023 6.1% | Mar 2024 2.0% | Jun 2024 2.7% | Sep 2024 3.1% | Dec 2024 6.4% | Mar 2025 2.0% | Jun 2025 2.7% | Sep 2025 3.6% | Dec 2025 6.4% | Mar 2026 2.3% | Jun 2026 — - EMR: Sep 2021 4.7% | Dec 2021 2.3% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 2.6% | Dec 2022 1.7% | Mar 2023 1.7% | Jun 2023 1.8% | Sep 2023 4.1% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 2.1% | Sep 2024 3.6% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 3.5% | Dec 2025 2.2% | Mar 2026 1.9% | Jun 2026 — - ITW: Sep 2021 2.0% | Dec 2021 2.1% | Mar 2022 1.9% | Jun 2022 2.0% | Sep 2022 2.5% | Dec 2022 3.9% | Mar 2023 2.8% | Jun 2023 2.1% | Sep 2023 3.1% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 2.9% | Sep 2024 2.7% | Dec 2024 3.0% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.9% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 — - AME: Sep 2021 1.8% | Dec 2021 2.9% | Mar 2022 1.8% | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 3.6% | Mar 2023 1.3% | Jun 2023 1.7% | Sep 2023 1.8% | Dec 2023 3.5% | Mar 2024 1.6% | Jun 2024 1.2% | Sep 2024 1.5% | Dec 2024 3.0% | Mar 2025 1.3% | Jun 2025 1.6% | Sep 2025 1.1% | Dec 2025 2.9% | Mar 2026 1.3% | Jun 2026 — - ROK: Sep 2021 2.4% | Dec 2021 2.0% | Mar 2022 2.5% | Jun 2022 0.9% | Sep 2022 1.9% | Dec 2022 1.2% | Mar 2023 1.4% | Jun 2023 1.9% | Sep 2023 2.5% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 2.0% | Sep 2024 3.2% | Dec 2024 3.8% | Mar 2025 1.4% | Jun 2025 1.8% | Sep 2025 2.1% | Dec 2025 3.0% | Mar 2026 2.0% | Jun 2026 — - IR: Sep 2021 1.1% | Dec 2021 1.6% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 2.1% | Mar 2023 1.4% | Jun 2023 1.5% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 3.7% | Jun 2024 1.2% | Sep 2024 1.6% | Dec 2024 1.8% | Mar 2025 2.0% | Jun 2025 1.9% | Sep 2025 1.5% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 — - XYL: Sep 2021 3.7% | Dec 2021 6.1% | Mar 2022 3.9% | Jun 2022 3.4% | Sep 2022 3.8% | Dec 2022 4.0% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 3.6% | Dec 2023 4.4% | Mar 2024 3.6% | Jun 2024 3.4% | Sep 2024 3.5% | Dec 2024 4.4% | Mar 2025 3.4% | Jun 2025 4.3% | Sep 2025 3.5% | Dec 2025 3.5% | Mar 2026 4.2% | Jun 2026 — - OTIS: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 0.9% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 1.0% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.2% | Mar 2024 0.9% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.2% | Mar 2026 0.9% | Jun 2026 — - DOV: Sep 2021 2.4% | Dec 2021 2.5% | Mar 2022 2.4% | Jun 2022 2.3% | Sep 2022 3.0% | Dec 2022 2.6% | Mar 2023 2.3% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 3.0% | Mar 2024 2.1% | Jun 2024 1.8% | Sep 2024 1.9% | Dec 2024 2.8% | Mar 2025 2.6% | Jun 2025 3.0% | Sep 2025 2.6% | Dec 2025 2.7% | Mar 2026 2.9% | Jun 2026 — - SYM: Sep 2021 — | Dec 2021 10% | Mar 2022 — | Jun 2022 1.1% | Sep 2022 2.9% | Dec 2022 3.4% | Mar 2023 2.2% | Jun 2023 2.2% | Sep 2023 — | Dec 2023 0.6% | Mar 2024 — | Jun 2024 3.6% | Sep 2024 3.7% | Dec 2024 1.4% | Mar 2025 3.8% | Jun 2025 2.5% | Sep 2025 5.8% | Dec 2025 0.3% | Mar 2026 6.4% | Jun 2026 — - ITT: Sep 2021 2.6% | Dec 2021 2.6% | Mar 2022 — | Jun 2022 4.1% | Sep 2022 2.5% | Dec 2022 3.4% | Mar 2023 — | Jun 2023 3.6% | Sep 2023 2.2% | Dec 2023 4.7% | Mar 2024 3.1% | Jun 2024 2.5% | Sep 2024 4.2% | Dec 2024 3.9% | Mar 2025 4.1% | Jun 2025 1.6% | Sep 2025 2.8% | Dec 2025 3.8% | Mar 2026 — | Jun 2026 2.1% - NDSN: Sep 2021 1.4% | Dec 2021 1.7% | Mar 2022 2.0% | Jun 2022 1.9% | Sep 2022 2.3% | Dec 2022 1.8% | Mar 2023 1.5% | Jun 2023 0.9% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 2.2% | Sep 2024 3.3% | Dec 2024 2.8% | Mar 2025 3.4% | Jun 2025 2.3% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 2.7% | Jun 2026 1.3% - IEX: Sep 2021 2.1% | Dec 2021 3.8% | Mar 2022 2.1% | Jun 2022 2.0% | Sep 2022 1.9% | Dec 2022 2.5% | Mar 2023 3.2% | Jun 2023 2.6% | Sep 2023 2.5% | Dec 2023 2.8% | Mar 2024 2.5% | Jun 2024 2.0% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 2.2% | Mar 2026 2.0% | Jun 2026 — - RRX: Sep 2021 1.6% | Dec 2021 1.5% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 1.7% | Dec 2022 2.3% | Mar 2023 1.6% | Jun 2023 2.5% | Sep 2023 1.5% | Dec 2023 1.9% | Mar 2024 1.2% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 1.2% | Jun 2025 2.0% | Sep 2025 1.6% | Dec 2025 1.8% | Mar 2026 1.1% | Jun 2026 — - GGG: Sep 2021 5.7% | Dec 2021 9.4% | Mar 2022 — | Jun 2022 9.5% | Sep 2022 7.7% | Dec 2022 9.7% | Mar 2023 7.2% | Jun 2023 9.6% | Sep 2023 9.8% | Dec 2023 6.9% | Mar 2024 7.5% | Jun 2024 6.5% | Sep 2024 3.7% | Dec 2024 2.6% | Mar 2025 2.1% | Jun 2025 3.5% | Sep 2025 0.6% | Dec 2025 2.0% | Mar 2026 2.2% | Jun 2026 — - CR: Sep 2021 — | Dec 2021 3.3% | Mar 2022 1.5% | Jun 2022 0.9% | Sep 2022 1.5% | Dec 2022 1.9% | Mar 2023 1.8% | Jun 2023 2.4% | Sep 2023 1.7% | Dec 2023 2.4% | Mar 2024 1.6% | Jun 2024 1.3% | Sep 2024 1.5% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 2.8% | Sep 2025 2.2% | Dec 2025 1.7% | Mar 2026 1.6% | Jun 2026 — - WTS: Sep 2021 1.5% | Dec 2021 1.5% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 1.4% | Dec 2022 1.6% | Mar 2023 1.1% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 2.0% | Mar 2024 1.8% | Jun 2024 1.2% | Sep 2024 1.1% | Dec 2024 2.2% | Mar 2025 1.8% | Jun 2025 1.6% | Sep 2025 2.0% | Dec 2025 2.2% | Mar 2026 1.6% | Jun 2026 — - GNRC: Sep 2021 3.5% | Dec 2021 2.2% | Mar 2022 2.5% | Jun 2022 1.4% | Sep 2022 1.7% | Dec 2022 2.0% | Mar 2023 2.7% | Jun 2023 3.0% | Sep 2023 2.2% | Dec 2023 4.8% | Mar 2024 3.0% | Jun 2024 2.8% | Sep 2024 2.5% | Dec 2024 4.3% | Mar 2025 3.3% | Jun 2025 5.5% | Sep 2025 2.0% | Dec 2025 5.4% | Mar 2026 2.7% | Jun 2026 — - DCI: Sep 2021 2.5% | Dec 2021 2.4% | Mar 2022 1.9% | Jun 2022 2.7% | Sep 2022 3.3% | Dec 2022 3.3% | Mar 2023 3.6% | Jun 2023 4.0% | Sep 2023 3.0% | Dec 2023 2.7% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 2.1% | Dec 2024 2.8% | Mar 2025 2.2% | Jun 2025 1.7% | Sep 2025 1.9% | Dec 2025 1.5% | Mar 2026 1.7% | Jun 2026 2.3% - PNR: Sep 2021 1.4% | Dec 2021 2.2% | Mar 2022 1.8% | Jun 2022 2.1% | Sep 2022 2.2% | Dec 2022 2.2% | Mar 2023 1.7% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 2.4% | Mar 2025 1.7% | Jun 2025 1.0% | Sep 2025 1.7% | Dec 2025 2.4% | Mar 2026 1.8% | Jun 2026 — - GTLS: Sep 2021 3.0% | Dec 2021 4.2% | Mar 2022 3.7% | Jun 2022 4.2% | Sep 2022 4.4% | Dec 2022 5.9% | Mar 2023 5.8% | Jun 2023 2.5% | Sep 2023 7.0% | Dec 2023 2.0% | Mar 2024 4.8% | Jun 2024 2.7% | Sep 2024 2.4% | Dec 2024 1.9% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 2.8% | Jun 2026 — - FLS: Sep 2021 1.3% | Dec 2021 2.3% | Mar 2022 1.7% | Jun 2022 1.9% | Sep 2022 1.7% | Dec 2022 2.9% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 1.3% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 1.0% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 2.0% | Mar 2026 1.6% | Jun 2026 — - AOS: Sep 2021 1.6% | Dec 2021 3.0% | Mar 2022 1.3% | Jun 2022 1.9% | Sep 2022 2.3% | Dec 2022 2.0% | Mar 2023 1.1% | Jun 2023 1.5% | Sep 2023 2.0% | Dec 2023 3.0% | Mar 2024 2.2% | Jun 2024 2.2% | Sep 2024 3.7% | Dec 2024 3.4% | Mar 2025 2.2% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 2.0% | Mar 2026 1.2% | Jun 2026 — - JBTM: Sep 2021 2.9% | Dec 2021 4.0% | Mar 2022 5.8% | Jun 2022 4.6% | Sep 2022 5.3% | Dec 2022 4.8% | Mar 2023 4.1% | Jun 2023 4.4% | Sep 2023 2.7% | Dec 2023 2.0% | Mar 2024 2.8% | Jun 2024 2.7% | Sep 2024 1.5% | Dec 2024 2.1% | Mar 2025 2.3% | Jun 2025 2.0% | Sep 2025 3.1% | Dec 2025 3.4% | Mar 2026 2.8% | Jun 2026 — - GTES: Sep 2021 2.4% | Dec 2021 1.9% | Mar 2022 2.6% | Jun 2022 1.9% | Sep 2022 2.0% | Dec 2022 2.8% | Mar 2023 — | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 2.5% | Mar 2024 1.9% | Jun 2024 2.5% | Sep 2024 2.6% | Dec 2024 2.8% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 — - NPO: Sep 2021 1.4% | Dec 2021 1.9% | Mar 2022 1.1% | Jun 2022 1.4% | Sep 2022 1.1% | Dec 2022 7.0% | Mar 2023 1.8% | Jun 2023 2.5% | Sep 2023 3.6% | Dec 2023 5.2% | Mar 2024 3.1% | Jun 2024 1.8% | Sep 2024 2.3% | Dec 2024 3.9% | Mar 2025 2.9% | Jun 2025 3.5% | Sep 2025 4.2% | Dec 2025 4.1% | Mar 2026 4.0% | Jun 2026 — - MIDD: Sep 2021 1.4% | Dec 2021 1.2% | Mar 2022 2.0% | Jun 2022 1.4% | Sep 2022 1.8% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 2.5% | Sep 2023 2.2% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 — | Mar 2025 1.3% | Jun 2025 2.1% | Sep 2025 2.0% | Dec 2025 — | Mar 2026 1.2% | Jun 2026 1.0% ## Debt Load & Balance-Sheet Headroom What the numbers say: GE Vernova Inc. has the clearest covered balance-sheet capacity with $7,366 million net cash and gross debt of $2,806 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: Symbotic Inc. · $0 million | 100% versus #2 · Graco Inc. | 8/8 recent comparable periods | 30/30 companies · 559 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. Symbotic Inc. (SYM): ₹0 Cr 2. Graco Inc. (GGG): ₹45 Cr 3. Watts Water Technologies, Inc. (WTS): ₹198 Cr 4. Enpro Inc. (NPO): ₹605 Cr 5. Donaldson Company, Inc. (DCI): ₹608 Cr ### Net debt — lowest net debt 1. GE Vernova Inc. (GEV): ₹-7.4K Cr 2. Symbotic Inc. (SYM): ₹-2.0K Cr 3. Graco Inc. (GGG): ₹-463 Cr 4. Watts Water Technologies, Inc. (WTS): ₹-177 Cr 5. Donaldson Company, Inc. (DCI): ₹404 Cr ### 20-quarter Gross debt history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | 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 ₹265 Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - ETN: Sep 2021 ₹9.4K Cr | Dec 2021 ₹8.9K Cr | Mar 2022 ₹9.9K Cr | Jun 2022 ₹10.1K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹9.1K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹9.6K Cr | Dec 2023 ₹9.8K Cr | Mar 2024 ₹9.8K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹10.1K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹10.7K Cr | Jun 2025 ₹11.6K Cr | Sep 2025 ₹11.2K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹21.8K Cr | Jun 2026 — - PH: Sep 2021 ₹6.6K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹11.5K Cr | Sep 2022 ₹14.0K Cr | Dec 2022 ₹14.0K Cr | Mar 2023 ₹13.4K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹12.2K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹11.4K Cr | Jun 2024 ₹10.6K Cr | Sep 2024 ₹10.2K Cr | Dec 2024 ₹9.0K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹10.3K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 — - CMI: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.5K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 — - EMR: Sep 2021 ₹6.7K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 ₹11.0K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹10.1K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹10.9K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹10.1K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹14.4K Cr | Jun 2025 ₹14.2K Cr | Sep 2025 ₹13.1K Cr | Dec 2025 ₹13.4K Cr | Mar 2026 ₹13.4K Cr | Jun 2026 — - ITW: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹8.3K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.3K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹9.1K Cr | Jun 2026 — - AME: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - ROK: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - IR: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 — - XYL: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - OTIS: Sep 2021 ₹5.9K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.0K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹8.7K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹8.2K Cr | Jun 2026 ₹8.8K Cr - DOV: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.3K Cr - SYM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹3 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 — - ITT: Sep 2021 ₹200 Cr | Dec 2021 ₹199 Cr | Mar 2022 — | Jun 2022 ₹487 Cr | Sep 2022 ₹551 Cr | Dec 2022 ₹541 Cr | Mar 2023 — | Jun 2023 ₹384 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹553 Cr | Jun 2024 ₹548 Cr | Sep 2024 ₹830 Cr | Dec 2024 ₹660 Cr | Mar 2025 ₹737 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹783 Cr | Mar 2026 — | Jun 2026 ₹3.9K Cr - NDSN: Sep 2021 ₹962 Cr | Dec 2021 ₹952 Cr | Mar 2022 ₹944 Cr | Jun 2022 ₹919 Cr | Sep 2022 ₹927 Cr | Dec 2022 ₹860 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹961 Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.0K Cr - IEX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - RRX: Sep 2021 ₹1.1K Cr | Dec 2021 ₹724 Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 — - GGG: Sep 2021 ₹231 Cr | Dec 2021 ₹217 Cr | Mar 2022 — | Jun 2022 ₹139 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹45 Cr - CR: Sep 2021 ₹842 Cr | Dec 2021 ₹842 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹262 Cr | Sep 2023 ₹250 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹357 Cr | Jun 2024 ₹377 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - WTS: Sep 2021 ₹152 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹198 Cr | Jun 2026 — - GNRC: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - DCI: Sep 2021 ₹510 Cr | Dec 2021 ₹589 Cr | Mar 2022 ₹618 Cr | Jun 2022 ₹639 Cr | Sep 2022 ₹648 Cr | Dec 2022 ₹601 Cr | Mar 2023 ₹629 Cr | Jun 2023 ₹622 Cr | Sep 2023 ₹656 Cr | Dec 2023 ₹651 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹556 Cr | Sep 2024 ₹537 Cr | Dec 2024 ₹642 Cr | Mar 2025 ₹577 Cr | Jun 2025 ₹722 Cr | Sep 2025 ₹668 Cr | Dec 2025 ₹681 Cr | Mar 2026 ₹681 Cr | Jun 2026 ₹608 Cr - PNR: Sep 2021 ₹701 Cr | Dec 2021 ₹894 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹912 Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - GTLS: Sep 2021 ₹822 Cr | Dec 2021 ₹884 Cr | Mar 2022 ₹899 Cr | Jun 2022 ₹945 Cr | Sep 2022 ₹859 Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - FLS: Sep 2021 ₹2.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - AOS: Sep 2021 ₹138 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹320 Cr | Jun 2022 ₹321 Cr | Sep 2022 ₹311 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹366 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹295 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹657 Cr | Jun 2026 — - JBTM: Sep 2021 ₹653 Cr | Dec 2021 ₹674 Cr | Mar 2022 ₹670 Cr | Jun 2022 ₹675 Cr | Sep 2022 ₹980 Cr | Dec 2022 ₹978 Cr | Mar 2023 ₹957 Cr | Jun 2023 ₹951 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹646 Cr | Mar 2024 ₹647 Cr | Jun 2024 ₹648 Cr | Sep 2024 ₹648 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 — | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 — | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - NPO: Sep 2021 ₹489 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹991 Cr | Sep 2022 ₹884 Cr | Dec 2022 ₹791 Cr | Mar 2023 ₹787 Cr | Jun 2023 ₹783 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹647 Cr | Mar 2024 ₹680 Cr | Jun 2024 ₹662 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹605 Cr | Jun 2026 — - MIDD: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 — | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 — | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 — | Mar 2026 ₹2.2K Cr | Jun 2026 ₹1.9K Cr ### 20-quarter Net debt history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-2.1K Cr | Dec 2022 ₹-2.1K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹-3.3K Cr | Jun 2024 ₹-5.8K Cr | Sep 2024 ₹-7.4K Cr | Dec 2024 ₹-8.2K Cr | Mar 2025 ₹-8.1K Cr | Jun 2025 ₹-7.9K Cr | Sep 2025 ₹-7.9K Cr | Dec 2025 ₹-8.6K Cr | Mar 2026 ₹-7.4K Cr | Jun 2026 — - ETN: Sep 2021 ₹8.7K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹8.9K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹8.5K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹8.8K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹10.7K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹21.1K Cr | Jun 2026 — - PH: Sep 2021 ₹6.0K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹10.9K Cr | Sep 2022 ₹13.4K Cr | Dec 2022 ₹13.2K Cr | Mar 2023 ₹12.8K Cr | Jun 2023 ₹12.1K Cr | Sep 2023 ₹11.7K Cr | Dec 2023 ₹11.4K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹10.1K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹9.4K Cr | Mar 2026 ₹9.1K Cr | Jun 2026 — - CMI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹924 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹557 Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 — - EMR: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹-1.6K Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹7.8K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹12.5K Cr | Jun 2025 ₹12.0K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹11.7K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 — - ITW: Sep 2021 ₹5.6K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 — - AME: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - ROK: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - IR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - XYL: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹895 Cr | Mar 2025 ₹956 Cr | Jun 2025 ₹826 Cr | Sep 2025 ₹771 Cr | Dec 2025 ₹463 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - OTIS: Sep 2021 ₹4.3K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 ₹8.0K Cr - DOV: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.5K Cr - SYM: Sep 2021 ₹-157 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-412 Cr | Sep 2022 ₹-353 Cr | Dec 2022 ₹-448 Cr | Mar 2023 ₹-462 Cr | Jun 2023 ₹-511 Cr | Sep 2023 ₹-546 Cr | Dec 2023 ₹-675 Cr | Mar 2024 ₹-951 Cr | Jun 2024 ₹-870 Cr | Sep 2024 ₹-727 Cr | Dec 2024 ₹-903 Cr | Mar 2025 ₹-955 Cr | Jun 2025 ₹-778 Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 — | Mar 2026 ₹-2.0K Cr | Jun 2026 — - ITT: Sep 2021 ₹-379 Cr | Dec 2021 ₹-387 Cr | Mar 2022 — | Jun 2022 ₹-223 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹-78 Cr | Sep 2023 ₹-65 Cr | Dec 2023 ₹-296 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹-960 Cr | Mar 2026 — | Jun 2026 ₹3.3K Cr - NDSN: Sep 2021 ₹788 Cr | Dec 2021 ₹652 Cr | Mar 2022 ₹773 Cr | Jun 2022 ₹798 Cr | Sep 2022 ₹798 Cr | Dec 2022 ₹697 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹946 Cr | Sep 2023 ₹818 Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.9K Cr - IEX: Sep 2021 ₹384 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹458 Cr | Jun 2022 ₹633 Cr | Sep 2022 ₹510 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹960 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹759 Cr | Dec 2023 ₹792 Cr | Mar 2024 ₹708 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - RRX: Sep 2021 ₹476 Cr | Dec 2021 ₹395 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 — - GGG: Sep 2021 ₹-373 Cr | Dec 2021 ₹-407 Cr | Mar 2022 — | Jun 2022 ₹-241 Cr | Sep 2022 ₹-259 Cr | Dec 2022 ₹-222 Cr | Mar 2023 ₹-257 Cr | Jun 2023 ₹-377 Cr | Sep 2023 ₹-478 Cr | Dec 2023 ₹-496 Cr | Mar 2024 ₹-584 Cr | Jun 2024 ₹-626 Cr | Sep 2024 ₹-724 Cr | Dec 2024 ₹-634 Cr | Mar 2025 ₹-494 Cr | Jun 2025 ₹-492 Cr | Sep 2025 ₹-565 Cr | Dec 2025 ₹-581 Cr | Mar 2026 ₹-667 Cr | Jun 2026 ₹-463 Cr - CR: Sep 2021 ₹363 Cr | Dec 2021 ₹363 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹804 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹679 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹-188 Cr | Jun 2025 ₹-285 Cr | Sep 2025 ₹-388 Cr | Dec 2025 ₹641 Cr | Mar 2026 ₹843 Cr | Jun 2026 — - WTS: Sep 2021 ₹-87 Cr | Dec 2021 ₹-100 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-38 Cr | Dec 2022 ₹-163 Cr | Mar 2023 ₹-164 Cr | Jun 2023 ₹-194 Cr | Sep 2023 ₹-265 Cr | Dec 2023 ₹-52 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-92 Cr | Dec 2024 ₹-190 Cr | Mar 2025 ₹-140 Cr | Jun 2025 ₹-172 Cr | Sep 2025 ₹-260 Cr | Dec 2025 ₹-208 Cr | Mar 2026 ₹-177 Cr | Jun 2026 — - GNRC: Sep 2021 ₹722 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - DCI: Sep 2021 ₹287 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹448 Cr | Jun 2022 ₹470 Cr | Sep 2022 ₹455 Cr | Dec 2022 ₹440 Cr | Mar 2023 ₹450 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹420 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹421 Cr | Mar 2025 ₹388 Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹470 Cr | Mar 2026 ₹487 Cr | Jun 2026 ₹404 Cr - PNR: Sep 2021 ₹528 Cr | Dec 2021 ₹799 Cr | Mar 2022 ₹989 Cr | Jun 2022 ₹777 Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - GTLS: Sep 2021 ₹719 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹799 Cr | Jun 2022 ₹795 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - FLS: Sep 2021 ₹851 Cr | Dec 2021 ₹844 Cr | Mar 2022 ₹913 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹859 Cr | Mar 2024 ₹863 Cr | Jun 2024 ₹940 Cr | Sep 2024 ₹820 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹837 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - AOS: Sep 2021 ₹-547 Cr | Dec 2021 ₹-412 Cr | Mar 2022 ₹-259 Cr | Jun 2022 ₹-138 Cr | Sep 2022 ₹-106 Cr | Dec 2022 ₹-115 Cr | Mar 2023 ₹-130 Cr | Jun 2023 ₹-178 Cr | Sep 2023 ₹-186 Cr | Dec 2023 ₹-208 Cr | Mar 2024 ₹-157 Cr | Jun 2024 ₹-68 Cr | Sep 2024 ₹-113 Cr | Dec 2024 ₹-59 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹453 Cr | Jun 2026 — - JBTM: Sep 2021 ₹595 Cr | Dec 2021 ₹595 Cr | Mar 2022 ₹586 Cr | Jun 2022 ₹607 Cr | Sep 2022 ₹927 Cr | Dec 2022 ₹906 Cr | Mar 2023 ₹911 Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 — | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 — | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - NPO: Sep 2021 ₹159 Cr | Dec 2021 ₹788 Cr | Mar 2022 ₹785 Cr | Jun 2022 ₹769 Cr | Sep 2022 ₹718 Cr | Dec 2022 ₹457 Cr | Mar 2023 ₹416 Cr | Jun 2023 ₹372 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹277 Cr | Mar 2024 ₹516 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹435 Cr | Dec 2024 ₹404 Cr | Mar 2025 ₹396 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹526 Cr | Jun 2026 — - MIDD: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 — | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 — | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 — | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.7K Cr ## Return On Capital Employed What the numbers say: Otis Worldwide Corporation leads ROCE at 18.6%, 9.6 percentage points above Illinois Tool Works Inc.. Symbotic Inc. has the strongest latest improvement at +4.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Otis Worldwide Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Otis Worldwide Corporation · 18.6% | 106.7% versus #2 · Illinois Tool Works Inc. | 3/8 recent comparable periods | 30/30 companies · 554 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. Otis Worldwide Corporation (OTIS): 19% 2. Illinois Tool Works Inc. (ITW): 9.0% 3. Donaldson Company, Inc. (DCI): 6.7% 4. Graco Inc. (GGG): 6.6% 5. A. O. Smith Corporation (AOS): 6.3% ### ROCE change — fastest improvers 1. Symbotic Inc. (SYM): +4.8 pp 2. Donaldson Company, Inc. (DCI): +2.7 pp 3. Rockwell Automation, Inc. (ROK): +1.8 pp 4. JBT Marel Corporation (JBTM): +1.7 pp 5. Watts Water Technologies, Inc. (WTS): +1.5 pp ### 20-quarter ROCE history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -1.7% | Dec 2023 1.1% | Mar 2024 -3.1% | Jun 2024 5.6% | Sep 2024 -2.0% | Dec 2024 3.2% | Mar 2025 0.2% | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 2.9% | Mar 2026 0.8% | Jun 2026 — - ETN: Sep 2021 4.6% | Dec 2021 4.9% | Mar 2022 4.8% | Jun 2022 5.4% | Sep 2022 2.8% | Dec 2022 6.5% | Mar 2023 2.8% | Jun 2023 3.4% | Sep 2023 3.7% | Dec 2023 7.0% | Mar 2024 3.3% | Jun 2024 3.9% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 4.0% | Jun 2025 4.0% | Sep 2025 4.4% | Dec 2025 4.4% | Mar 2026 3.2% | Jun 2026 — - PH: Sep 2021 3.8% | Dec 2021 4.0% | Mar 2022 4.3% | Jun 2022 4.1% | Sep 2022 2.9% | Dec 2022 3.0% | Mar 2023 4.1% | Jun 2023 4.7% | Sep 2023 3.8% | Dec 2023 3.9% | Mar 2024 4.2% | Jun 2024 4.7% | Sep 2024 4.3% | Dec 2024 4.2% | Mar 2025 4.7% | Jun 2025 4.9% | Sep 2025 4.5% | Dec 2025 4.7% | Mar 2026 4.8% | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 4.2% | Mar 2022 3.7% | Jun 2022 5.5% | Sep 2022 3.5% | Dec 2022 4.5% | Mar 2023 5.7% | Jun 2023 5.3% | Sep 2023 4.7% | Dec 2023 -6.4% | Mar 2024 4.7% | Jun 2024 5.1% | Sep 2024 5.1% | Dec 2024 3.7% | Mar 2025 5.5% | Jun 2025 5.6% | Sep 2025 3.8% | Dec 2025 3.6% | Mar 2026 4.2% | Jun 2026 — - EMR: Sep 2021 5.3% | Dec 2021 2.9% | Mar 2022 3.0% | Jun 2022 3.0% | Sep 2022 3.6% | Dec 2022 2.4% | Mar 2023 3.2% | Jun 2023 2.9% | Sep 2023 2.7% | Dec 2023 1.9% | Mar 2024 2.9% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 2.7% | Mar 2025 3.1% | Jun 2025 3.2% | Sep 2025 3.4% | Dec 2025 3.1% | Mar 2026 3.5% | Jun 2026 — - ITW: Sep 2021 6.8% | Dec 2021 6.5% | Mar 2022 7.0% | Jun 2022 7.7% | Sep 2022 8.4% | Dec 2022 8.4% | Mar 2023 8.5% | Jun 2023 8.8% | Sep 2023 9.6% | Dec 2023 9.1% | Mar 2024 11% | Jun 2024 9.4% | Sep 2024 9.3% | Dec 2024 9.5% | Mar 2025 8.5% | Jun 2025 9.3% | Sep 2025 9.6% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 — - AME: Sep 2021 3.5% | Dec 2021 3.7% | Mar 2022 3.6% | Jun 2022 3.6% | Sep 2022 3.8% | Dec 2022 3.8% | Mar 2023 3.8% | Jun 2023 3.8% | Sep 2023 4.0% | Dec 2023 3.9% | Mar 2024 3.5% | Jun 2024 3.7% | Sep 2024 3.7% | Dec 2024 3.8% | Mar 2025 3.6% | Jun 2025 3.6% | Sep 2025 3.7% | Dec 2025 3.9% | Mar 2026 3.9% | Jun 2026 — - ROK: Sep 2021 4.1% | Dec 2021 4.4% | Mar 2022 3.4% | Jun 2022 5.3% | Sep 2022 5.9% | Dec 2022 4.5% | Mar 2023 5.6% | Jun 2023 5.4% | Sep 2023 6.7% | Dec 2023 3.6% | Mar 2024 4.3% | Jun 2024 3.9% | Sep 2024 3.7% | Dec 2024 3.2% | Mar 2025 4.5% | Jun 2025 5.1% | Sep 2025 15% | Dec 2025 4.8% | Mar 2026 6.3% | Jun 2026 — - IR: Sep 2021 1.2% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 2.5% | Mar 2024 2.2% | Jun 2024 1.8% | Sep 2024 2.4% | Dec 2024 2.5% | Mar 2025 2.0% | Jun 2025 0.5% | Sep 2025 2.3% | Dec 2025 2.4% | Mar 2026 1.8% | Jun 2026 — - XYL: Sep 2021 2.2% | Dec 2021 2.0% | Mar 2022 1.7% | Jun 2022 2.2% | Sep 2022 2.6% | Dec 2022 3.0% | Mar 2023 2.1% | Jun 2023 1.2% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 2.1% | Jun 2024 1.8% | Sep 2024 2.0% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 2.3% | Dec 2025 2.4% | Mar 2026 1.7% | Jun 2026 — - OTIS: Sep 2021 13% | Dec 2021 9.9% | Mar 2022 11% | Jun 2022 13% | Sep 2022 14% | Dec 2022 11% | Mar 2023 12% | Jun 2023 18% | Sep 2023 16% | Dec 2023 16% | Mar 2024 17% | Jun 2024 23% | Sep 2024 13% | Dec 2024 15% | Mar 2025 12% | Jun 2025 21% | Sep 2025 20% | Dec 2025 18% | Mar 2026 18% | Jun 2026 19% - DOV: Sep 2021 4.5% | Dec 2021 3.6% | Mar 2022 3.8% | Jun 2022 4.5% | Sep 2022 4.7% | Dec 2022 4.3% | Mar 2023 3.8% | Jun 2023 3.9% | Sep 2023 4.1% | Dec 2023 3.6% | Mar 2024 2.9% | Jun 2024 3.7% | Sep 2024 3.7% | Dec 2024 3.1% | Mar 2025 3.0% | Jun 2025 3.5% | Sep 2025 3.6% | Dec 2025 3.3% | Mar 2026 2.8% | Jun 2026 3.5% - SYM: Sep 2021 -287% | Dec 2021 -7.3% | Mar 2022 0.7% | Jun 2022 -14% | Sep 2022 -209% | Dec 2022 -36% | Mar 2023 1.4% | Jun 2023 -35% | Sep 2023 -81% | Dec 2023 -17% | Mar 2024 -24% | Jun 2024 -14% | Sep 2024 3.7% | Dec 2024 -6.2% | Mar 2025 -4.2% | Jun 2025 -7.4% | Sep 2025 -3.5% | Dec 2025 0.8% | Mar 2026 0.6% | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 3.5% | Mar 2022 — | Jun 2022 3.2% | Sep 2022 4.1% | Dec 2022 4.9% | Mar 2023 — | Jun 2023 4.8% | Sep 2023 5.6% | Dec 2023 4.4% | Mar 2024 5.1% | Jun 2024 5.4% | Sep 2024 6.5% | Dec 2024 5.1% | Mar 2025 4.7% | Jun 2025 5.2% | Sep 2025 4.9% | Dec 2025 4.2% | Mar 2026 — | Jun 2026 2.3% - NDSN: Sep 2021 — | Dec 2021 4.5% | Mar 2022 4.6% | Jun 2022 5.9% | Sep 2022 5.9% | Dec 2022 5.6% | Mar 2023 4.2% | Jun 2023 5.5% | Sep 2023 5.1% | Dec 2023 4.8% | Mar 2024 3.9% | Jun 2024 4.3% | Sep 2024 4.0% | Dec 2024 3.5% | Mar 2025 2.8% | Jun 2025 3.3% | Sep 2025 3.8% | Dec 2025 4.0% | Mar 2026 3.1% | Jun 2026 3.6% - IEX: Sep 2021 3.9% | Dec 2021 3.8% | Mar 2022 4.4% | Jun 2022 4.3% | Sep 2022 4.6% | Dec 2022 3.7% | Mar 2023 4.0% | Jun 2023 4.2% | Sep 2023 3.8% | Dec 2023 3.1% | Mar 2024 3.0% | Jun 2024 3.4% | Sep 2024 2.9% | Dec 2024 2.9% | Mar 2025 2.4% | Jun 2025 3.2% | Sep 2025 2.9% | Dec 2025 2.9% | Mar 2026 2.7% | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 3.3% | Mar 2022 0.3% | Jun 2022 3.0% | Sep 2022 2.7% | Dec 2022 1.6% | Mar 2023 0.6% | Jun 2023 1.3% | Sep 2023 -0.2% | Dec 2023 1.5% | Mar 2024 0.9% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 1.0% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.2% | Jun 2026 — - GGG: Sep 2021 6.9% | Dec 2021 8.0% | Mar 2022 — | Jun 2022 7.0% | Sep 2022 7.7% | Dec 2022 7.7% | Mar 2023 7.7% | Jun 2023 7.5% | Sep 2023 7.6% | Dec 2023 7.8% | Mar 2024 5.8% | Jun 2024 6.8% | Sep 2024 6.0% | Dec 2024 5.1% | Mar 2025 5.7% | Jun 2025 6.1% | Sep 2025 6.1% | Dec 2025 5.7% | Mar 2026 5.0% | Jun 2026 6.6% - CR: Sep 2021 4.0% | Dec 2021 2.5% | Mar 2022 — | Jun 2022 — | Sep 2022 -3.5% | Dec 2022 12% | Mar 2023 4.6% | Jun 2023 7.1% | Sep 2023 3.2% | Dec 2023 2.8% | Mar 2024 3.1% | Jun 2024 4.7% | Sep 2024 5.1% | Dec 2024 4.3% | Mar 2025 5.2% | Jun 2025 5.0% | Sep 2025 5.6% | Dec 2025 3.7% | Mar 2026 3.6% | Jun 2026 — - WTS: Sep 2021 4.5% | Dec 2021 4.4% | Mar 2022 4.9% | Jun 2022 6.5% | Sep 2022 5.4% | Dec 2022 4.5% | Mar 2023 5.5% | Jun 2023 6.5% | Sep 2023 5.5% | Dec 2023 4.6% | Mar 2024 5.5% | Jun 2024 6.3% | Sep 2024 5.2% | Dec 2024 4.6% | Mar 2025 4.4% | Jun 2025 6.5% | Sep 2025 5.3% | Dec 2025 5.2% | Mar 2026 5.9% | Jun 2026 — - GNRC: Sep 2021 6.3% | Dec 2021 5.6% | Mar 2022 4.7% | Jun 2022 6.0% | Sep 2022 2.4% | Dec 2022 2.7% | Mar 2023 1.1% | Jun 2023 2.0% | Sep 2023 2.5% | Dec 2023 3.6% | Mar 2024 1.6% | Jun 2024 2.4% | Sep 2024 4.0% | Dec 2024 4.8% | Mar 2025 2.0% | Jun 2025 2.6% | Sep 2025 2.4% | Dec 2025 -0.2% | Mar 2026 2.8% | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 5.8% | Mar 2022 5.3% | Jun 2022 6.0% | Sep 2022 6.9% | Dec 2022 6.3% | Mar 2023 6.0% | Jun 2023 6.4% | Sep 2023 6.1% | Dec 2023 6.5% | Mar 2024 6.7% | Jun 2024 7.0% | Sep 2024 7.1% | Dec 2024 6.3% | Mar 2025 6.1% | Jun 2025 4.0% | Sep 2025 7.0% | Dec 2025 6.5% | Mar 2026 5.2% | Jun 2026 6.7% - PNR: Sep 2021 5.0% | Dec 2021 4.2% | Mar 2022 3.9% | Jun 2022 5.3% | Sep 2022 3.3% | Dec 2022 2.5% | Mar 2023 3.8% | Jun 2023 4.5% | Sep 2023 3.3% | Dec 2023 3.0% | Mar 2024 3.1% | Jun 2024 4.5% | Sep 2024 3.3% | Dec 2024 3.5% | Mar 2025 3.5% | Jun 2025 3.9% | Sep 2025 4.1% | Dec 2025 3.6% | Mar 2026 3.5% | Jun 2026 — - GTLS: Sep 2021 0.6% | Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 1.3% | Sep 2022 1.8% | Dec 2022 1.7% | Mar 2023 0.7% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 2.6% | Mar 2024 1.5% | Jun 2024 2.3% | Sep 2024 2.4% | Dec 2024 2.6% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 -1.2% | Dec 2025 1.7% | Mar 2026 0.7% | Jun 2026 — - FLS: Sep 2021 1.5% | Dec 2021 2.2% | Mar 2022 0.2% | Jun 2022 1.7% | Sep 2022 0.7% | Dec 2022 2.9% | Mar 2023 1.6% | Jun 2023 2.7% | Sep 2023 2.0% | Dec 2023 3.0% | Mar 2024 3.1% | Jun 2024 3.3% | Sep 2024 2.8% | Dec 2024 3.2% | Mar 2025 3.4% | Jun 2025 3.7% | Sep 2025 1.9% | Dec 2025 1.0% | Mar 2026 2.8% | Jun 2026 — - AOS: Sep 2021 7.3% | Dec 2021 7.6% | Mar 2022 6.9% | Jun 2022 7.2% | Sep 2022 6.4% | Dec 2022 7.6% | Mar 2023 7.0% | Jun 2023 8.6% | Sep 2023 7.8% | Dec 2023 7.8% | Mar 2024 8.1% | Jun 2024 8.8% | Sep 2024 7.0% | Dec 2024 6.8% | Mar 2025 7.8% | Jun 2025 8.7% | Sep 2025 7.6% | Dec 2025 7.1% | Mar 2026 6.3% | Jun 2026 — - JBTM: Sep 2021 2.8% | Dec 2021 2.3% | Mar 2022 2.1% | Jun 2022 2.1% | Sep 2022 2.0% | Dec 2022 2.4% | Mar 2023 1.6% | Jun 2023 2.5% | Sep 2023 1.8% | Dec 2023 2.6% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 0.6% | Mar 2025 -0.7% | Jun 2025 1.1% | Sep 2025 2.3% | Dec 2025 1.5% | Mar 2026 1.0% | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 1.9% | Mar 2022 1.1% | Jun 2022 2.1% | Sep 2022 3.5% | Dec 2022 1.6% | Mar 2023 — | Jun 2023 1.3% | Sep 2023 2.0% | Dec 2023 3.7% | Mar 2024 1.8% | Jun 2024 2.1% | Sep 2024 1.8% | Dec 2024 3.7% | Mar 2025 2.0% | Jun 2025 1.8% | Sep 2025 1.8% | Dec 2025 0.0% | Mar 2026 1.7% | Jun 2026 — - NPO: Sep 2021 1.3% | Dec 2021 0.0% | Mar 2022 1.0% | Jun 2022 2.0% | Sep 2022 2.1% | Dec 2022 -1.5% | Mar 2023 1.8% | Jun 2023 -0.8% | Sep 2023 1.3% | Dec 2023 0.9% | Mar 2024 1.2% | Jun 2024 2.0% | Sep 2024 1.5% | Dec 2024 1.4% | Mar 2025 1.8% | Jun 2025 2.0% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 1.8% | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 5.0% | Mar 2022 2.8% | Jun 2022 2.4% | Sep 2022 3.2% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 2.2% | Mar 2024 2.3% | Jun 2024 2.9% | Sep 2024 2.8% | Dec 2024 — | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 -9.4% | Dec 2025 — | Mar 2026 14% | Jun 2026 2.4% ### 20-quarter ROCE change history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 +1.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +2.1 pp | Mar 2025 +3.3 pp | Jun 2025 −3.6 pp | Sep 2025 +3.9 pp | Dec 2025 −0.3 pp | Mar 2026 +0.6 pp | Jun 2026 — - ETN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 +1.6 pp | Mar 2023 −2.0 pp | Jun 2023 −2.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.5 pp | Mar 2024 +0.5 pp | Jun 2024 +0.5 pp | Sep 2024 +0.3 pp | Dec 2024 −3.0 pp | Mar 2025 +0.7 pp | Jun 2025 +0.1 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 −0.8 pp | Jun 2026 — - PH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −1.0 pp | Mar 2023 −0.2 pp | Jun 2023 +0.6 pp | Sep 2023 +0.9 pp | Dec 2023 +0.9 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.5 pp | Dec 2024 +0.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.5 pp | Mar 2026 +0.1 pp | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +2.0 pp | Jun 2023 −0.2 pp | Sep 2023 +1.2 pp | Dec 2023 −10.9 pp | Mar 2024 −1.0 pp | Jun 2024 −0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +10.1 pp | Mar 2025 +0.8 pp | Jun 2025 +0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −0.1 pp | Mar 2026 −1.3 pp | Jun 2026 — - EMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −0.5 pp | Mar 2023 +0.2 pp | Jun 2023 −0.1 pp | Sep 2023 −0.9 pp | Dec 2023 −0.5 pp | Mar 2024 −0.3 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.6 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 — - ITW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +1.9 pp | Mar 2023 +1.5 pp | Jun 2023 +1.1 pp | Sep 2023 +1.2 pp | Dec 2023 +0.7 pp | Mar 2024 +2.2 pp | Jun 2024 +0.6 pp | Sep 2024 −0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −2.2 pp | Jun 2025 −0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.5 pp | Mar 2026 +0.5 pp | Jun 2026 — - AME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 — - ROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +0.1 pp | Mar 2023 +2.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.8 pp | Dec 2023 −0.9 pp | Mar 2024 −1.3 pp | Jun 2024 −1.5 pp | Sep 2024 −3.0 pp | Dec 2024 −0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +1.2 pp | Sep 2025 +11.1 pp | Dec 2025 +1.6 pp | Mar 2026 +1.8 pp | Jun 2026 — - IR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +1.0 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 +0.9 pp | Dec 2023 +0.5 pp | Mar 2024 +0.4 pp | Jun 2024 −0.3 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 −1.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 — - XYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.0 pp | Mar 2023 +0.4 pp | Jun 2023 −1.0 pp | Sep 2023 −0.7 pp | Dec 2023 −0.9 pp | Mar 2024 0.0 pp | Jun 2024 +0.6 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 −0.4 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 +0.5 pp | Mar 2026 0.0 pp | Jun 2026 — - OTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.0 pp | Mar 2023 +1.1 pp | Jun 2023 +5.1 pp | Sep 2023 +2.1 pp | Dec 2023 +4.9 pp | Mar 2024 +4.8 pp | Jun 2024 +5.4 pp | Sep 2024 −3.8 pp | Dec 2024 −1.1 pp | Mar 2025 −4.6 pp | Jun 2025 −2.1 pp | Sep 2025 +7.5 pp | Dec 2025 +3.2 pp | Mar 2026 +5.5 pp | Jun 2026 −2.4 pp - DOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.7 pp | Mar 2023 0.0 pp | Jun 2023 −0.6 pp | Sep 2023 −0.6 pp | Dec 2023 −0.7 pp | Mar 2024 −0.9 pp | Jun 2024 −0.2 pp | Sep 2024 −0.4 pp | Dec 2024 −0.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 0.0 pp - SYM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +77.5 pp | Dec 2022 −28.3 pp | Mar 2023 +0.7 pp | Jun 2023 −21.6 pp | Sep 2023 +128.6 pp | Dec 2023 +18.5 pp | Mar 2024 −25.6 pp | Jun 2024 +21.4 pp | Sep 2024 +84.5 pp | Dec 2024 +10.9 pp | Mar 2025 +20.0 pp | Jun 2025 +6.3 pp | Sep 2025 −7.2 pp | Dec 2025 +7.0 pp | Mar 2026 +4.8 pp | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.4 pp | Mar 2023 — | Jun 2023 +1.6 pp | Sep 2023 +1.5 pp | Dec 2023 −0.5 pp | Mar 2024 — | Jun 2024 +0.6 pp | Sep 2024 +0.9 pp | Dec 2024 +0.7 pp | Mar 2025 −0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −1.6 pp | Dec 2025 −0.9 pp | Mar 2026 — | Jun 2026 −2.9 pp - NDSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.4 pp | Sep 2023 −0.8 pp | Dec 2023 −0.8 pp | Mar 2024 −0.3 pp | Jun 2024 −1.2 pp | Sep 2024 −1.1 pp | Dec 2024 −1.3 pp | Mar 2025 −1.1 pp | Jun 2025 −1.0 pp | Sep 2025 −0.2 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp | Jun 2026 +0.3 pp - IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.1 pp | Sep 2023 −0.8 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −0.8 pp | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.7 pp | Mar 2023 +0.3 pp | Jun 2023 −1.7 pp | Sep 2023 −2.9 pp | Dec 2023 −0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +1.5 pp | Dec 2024 −0.5 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 0.0 pp | Jun 2026 — - GGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 +0.5 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −1.9 pp | Jun 2024 −0.7 pp | Sep 2024 −1.6 pp | Dec 2024 −2.7 pp | Mar 2025 −0.1 pp | Jun 2025 −0.7 pp | Sep 2025 +0.1 pp | Dec 2025 +0.6 pp | Mar 2026 −0.7 pp | Jun 2026 +0.5 pp - CR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 +9.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +6.7 pp | Dec 2023 −8.7 pp | Mar 2024 −1.5 pp | Jun 2024 −2.4 pp | Sep 2024 +1.9 pp | Dec 2024 +1.5 pp | Mar 2025 +2.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.5 pp | Dec 2025 −0.6 pp | Mar 2026 −1.6 pp | Jun 2026 — - WTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 −0.3 pp | Dec 2024 0.0 pp | Mar 2025 −1.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.6 pp | Mar 2026 +1.5 pp | Jun 2026 — - GNRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 −2.9 pp | Mar 2023 −3.6 pp | Jun 2023 −4.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.9 pp | Mar 2024 +0.5 pp | Jun 2024 +0.4 pp | Sep 2024 +1.5 pp | Dec 2024 +1.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 −1.6 pp | Dec 2025 −5.0 pp | Mar 2026 +0.8 pp | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.7 pp | Jun 2023 +0.4 pp | Sep 2023 −0.8 pp | Dec 2023 +0.2 pp | Mar 2024 +0.7 pp | Jun 2024 +0.6 pp | Sep 2024 +1.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.6 pp | Jun 2025 −3.0 pp | Sep 2025 −0.1 pp | Dec 2025 +0.2 pp | Mar 2026 −0.9 pp | Jun 2026 +2.7 pp - PNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −1.7 pp | Mar 2023 −0.1 pp | Jun 2023 −0.8 pp | Sep 2023 0.0 pp | Dec 2023 +0.5 pp | Mar 2024 −0.7 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 −0.6 pp | Sep 2025 +0.8 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - GTLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.7 pp | Mar 2023 −0.2 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 −3.6 pp | Dec 2025 −0.9 pp | Mar 2026 −1.3 pp | Jun 2026 — - FLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +0.7 pp | Mar 2023 +1.4 pp | Jun 2023 +1.0 pp | Sep 2023 +1.3 pp | Dec 2023 +0.1 pp | Mar 2024 +1.5 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −0.9 pp | Dec 2025 −2.2 pp | Mar 2026 −0.6 pp | Jun 2026 — - AOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +1.4 pp | Sep 2023 +1.4 pp | Dec 2023 +0.2 pp | Mar 2024 +1.1 pp | Jun 2024 +0.2 pp | Sep 2024 −0.8 pp | Dec 2024 −1.0 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.6 pp | Dec 2025 +0.3 pp | Mar 2026 −1.5 pp | Jun 2026 — - JBTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +0.1 pp | Mar 2023 −0.5 pp | Jun 2023 +0.4 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.2 pp | Jun 2024 −1.2 pp | Sep 2024 +0.3 pp | Dec 2024 −2.0 pp | Mar 2025 −2.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.9 pp | Mar 2026 +1.7 pp | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 −0.8 pp | Sep 2023 −1.5 pp | Dec 2023 +2.1 pp | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 −0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.2 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 −3.7 pp | Mar 2026 −0.3 pp | Jun 2026 — - NPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −1.5 pp | Mar 2023 +0.8 pp | Jun 2023 −2.8 pp | Sep 2023 −0.8 pp | Dec 2023 +2.4 pp | Mar 2024 −0.6 pp | Jun 2024 +2.8 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 +0.6 pp | Jun 2025 0.0 pp | Sep 2025 +0.3 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.0 pp | Mar 2023 — | Jun 2023 +0.4 pp | Sep 2023 0.0 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 +0.1 pp | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −12.2 pp | Dec 2025 — | Mar 2026 +11.7 pp | Jun 2026 −0.1 pp ## Valuation Against Growth & Quality What the numbers say: Cummins Inc. has the lowest comparable Guarded PEG at 0.8×, 15.8% below Donaldson Company, Inc.. Only 23 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: Cummins Inc. · 0.8× | 15.8% versus #2 · Donaldson Company, Inc. | 0/8 recent comparable periods | 23/30 companies · 145 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. Cummins Inc. (CMI): 0.8 2. Donaldson Company, Inc. (DCI): 1.0 3. Enpro Inc. (NPO): 1.0 4. Flowserve Corporation (FLS): 1.0 5. Watts Water Technologies, Inc. (WTS): 1.0 ### P/E — lowest P/E 1. A. O. Smith Corporation (AOS): 17.5 2. The Middleby Corporation (MIDD): 17.5 3. Otis Worldwide Corporation (OTIS): 18.4 4. Pentair plc (PNR): 21.4 5. Gates Industrial Corporation plc (GTES): 23.0 ### 20-quarter Guarded PEG history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ETN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 1.4 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 3.8 | Sep 2025 5.9 | Dec 2025 3.0 | Mar 2026 — | Jun 2026 — - PH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 2.4 | Mar 2026 — | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - EMR: 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 0.6 | Sep 2025 2.1 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ITW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9 | Dec 2024 1.1 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 2.2 | Mar 2024 3.1 | Jun 2024 3.9 | Sep 2024 — | Dec 2024 — | Mar 2025 3.8 | Jun 2025 3.6 | Sep 2025 2.8 | Dec 2025 4.0 | Mar 2026 3.9 | Jun 2026 — - ROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.5 | Dec 2023 2.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.0 | Mar 2026 1.8 | Jun 2026 — - IR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.9 | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 2.2 | Sep 2024 4.2 | Dec 2024 5.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - XYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 — | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.8 | Sep 2025 3.3 | Dec 2025 4.7 | Mar 2026 3.6 | Jun 2026 — - OTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.1 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 2.1 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 2.7 | Jun 2025 4.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ITT: 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 0.8 | Jun 2025 1.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NDSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.9 | Sep 2023 5.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.3 | Mar 2026 1.7 | Jun 2026 1.5 - IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 1.8 | Sep 2023 3.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.9 | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.7 | Dec 2025 0.8 | Mar 2026 1.9 | Jun 2026 — - GGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.8 | Mar 2026 3.2 | Jun 2026 — - CR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 — | Dec 2024 2.5 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 1.1 | Mar 2026 — | Jun 2026 — - WTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.1 | Mar 2025 2.8 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.0 | Jun 2026 — - GNRC: 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 0.4 | Sep 2025 3.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 3.2 | Jun 2024 2.6 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.0 - PNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.5 | Mar 2026 3.9 | Jun 2026 — - FLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.5 | Sep 2024 3.0 | Dec 2024 0.5 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 — | Dec 2025 — | Mar 2026 1.0 | Jun 2026 — - AOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.7 | Mar 2026 3.5 | Jun 2026 — - JBTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.6 | 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 — - GTES: 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 1.5 | Jun 2025 — | Sep 2025 2.8 | Dec 2025 — | Mar 2026 1.4 | Jun 2026 — - NPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 40.1 | Sep 2024 56.0 | Dec 2024 59.0 | Mar 2025 44.0 | Jun 2025 127.5 | Sep 2025 100.2 | Dec 2025 37.0 | Mar 2026 25.4 | Jun 2026 — - ETN: Sep 2021 29.0 | Dec 2021 32.4 | Mar 2022 27.4 | Jun 2022 21.8 | Sep 2022 23.3 | Dec 2022 25.6 | Mar 2023 26.7 | Jun 2023 29.7 | Sep 2023 28.6 | Dec 2023 30.0 | Mar 2024 36.9 | Jun 2024 34.5 | Sep 2024 35.3 | Dec 2024 34.9 | Mar 2025 27.4 | Jun 2025 35.9 | Sep 2025 37.4 | Dec 2025 30.5 | Mar 2026 35.0 | Jun 2026 — - PH: Sep 2021 19.5 | Dec 2021 23.0 | Mar 2022 22.0 | Jun 2022 24.4 | Sep 2022 25.2 | Dec 2022 30.1 | Mar 2023 29.1 | Jun 2023 24.3 | Sep 2023 21.6 | Dec 2023 22.8 | Mar 2024 26.2 | Jun 2024 23.2 | Sep 2024 28.5 | Dec 2024 26.3 | Mar 2025 23.4 | Jun 2025 25.8 | Sep 2025 27.0 | Dec 2025 32.1 | Mar 2026 33.0 | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 15.0 | Mar 2022 15.3 | Jun 2022 13.6 | Sep 2022 15.2 | Dec 2022 16.0 | Mar 2023 13.5 | Jun 2023 13.7 | Sep 2023 11.6 | Dec 2023 46.5 | Mar 2024 21.6 | Jun 2024 20.0 | Sep 2024 21.4 | Dec 2024 12.3 | Mar 2025 15.6 | Jun 2025 15.4 | Sep 2025 21.9 | Dec 2025 24.9 | Mar 2026 27.9 | Jun 2026 — - EMR: Sep 2021 40.1 | Dec 2021 21.5 | Mar 2022 21.6 | Jun 2022 15.8 | Sep 2022 23.2 | Dec 2022 12.9 | Mar 2023 12.0 | Jun 2023 4.1 | Sep 2023 4.2 | Dec 2023 5.2 | Mar 2024 6.0 | Jun 2024 35.2 | Sep 2024 31.9 | Dec 2024 29.0 | Mar 2025 26.2 | Jun 2025 28.7 | Sep 2025 32.5 | Dec 2025 32.5 | Mar 2026 30.3 | Jun 2026 — - ITW: Sep 2021 24.0 | Dec 2021 29.0 | Mar 2022 24.6 | Jun 2022 21.6 | Sep 2022 20.6 | Dec 2022 22.6 | Mar 2023 24.3 | Jun 2023 24.7 | Sep 2023 22.3 | Dec 2023 26.9 | Mar 2024 26.5 | Jun 2024 23.2 | Sep 2024 22.7 | Dec 2024 21.7 | Mar 2025 21.8 | Jun 2025 21.7 | Sep 2025 25.3 | Dec 2025 23.5 | Mar 2026 24.2 | Jun 2026 — - AME: Sep 2021 31.1 | Dec 2021 34.6 | Mar 2022 29.7 | Jun 2022 23.4 | Sep 2022 23.2 | Dec 2022 27.9 | Mar 2023 28.2 | Jun 2023 30.3 | Sep 2023 26.8 | Dec 2023 29.1 | Mar 2024 32.1 | Jun 2024 29.0 | Sep 2024 29.9 | Dec 2024 30.4 | Mar 2025 28.2 | Jun 2025 29.1 | Sep 2025 29.7 | Dec 2025 32.1 | Mar 2026 32.4 | Jun 2026 — - ROK: Sep 2021 25.4 | Dec 2021 40.7 | Mar 2022 50.9 | Jun 2022 34.8 | Sep 2022 27.0 | Dec 2022 27.9 | Mar 2023 25.8 | Jun 2023 26.9 | Sep 2023 23.9 | Dec 2023 29.5 | Mar 2024 28.5 | Jun 2024 31.3 | Sep 2024 32.4 | Dec 2024 35.6 | Mar 2025 32.5 | Jun 2025 39.0 | Sep 2025 45.6 | Dec 2025 44.5 | Mar 2026 37.3 | Jun 2026 — - IR: Sep 2021 49.9 | Dec 2021 46.2 | Mar 2022 33.3 | Jun 2022 32.4 | Sep 2022 32.3 | Dec 2022 35.5 | Mar 2023 36.8 | Jun 2023 38.9 | Sep 2023 34.6 | Dec 2023 40.7 | Mar 2024 47.2 | Jun 2024 45.0 | Sep 2024 47.9 | Dec 2024 43.9 | Mar 2025 39.6 | Jun 2025 65.0 | Sep 2025 61.2 | Dec 2025 54.6 | Mar 2026 54.1 | Jun 2026 — - XYL: Sep 2021 48.5 | Dec 2021 51.0 | Mar 2022 36.8 | Jun 2022 33.7 | Sep 2022 49.6 | Dec 2022 56.4 | Mar 2023 51.1 | Jun 2023 59.9 | Sep 2023 37.3 | Dec 2023 41.0 | Mar 2024 45.0 | Jun 2024 42.1 | Sep 2024 38.8 | Dec 2024 31.8 | Mar 2025 32.2 | Jun 2025 33.7 | Sep 2025 38.0 | Dec 2025 34.7 | Mar 2026 29.7 | Jun 2026 — - OTIS: Sep 2021 29.2 | Dec 2021 30.1 | Mar 2022 26.4 | Jun 2022 24.3 | Sep 2022 21.9 | Dec 2022 26.5 | Mar 2023 27.9 | Jun 2023 28.1 | Sep 2023 24.3 | Dec 2023 26.4 | Mar 2024 28.7 | Jun 2024 26.9 | Sep 2024 25.9 | Dec 2024 22.8 | Mar 2025 27.1 | Jun 2025 26.2 | Sep 2025 27.0 | Dec 2025 25.0 | Mar 2026 20.5 | Jun 2026 18.4 - DOV: Sep 2021 24.0 | Dec 2021 23.5 | Mar 2022 20.4 | Jun 2022 15.4 | Sep 2022 14.5 | Dec 2022 19.7 | Mar 2023 20.3 | Jun 2023 20.5 | Sep 2023 19.2 | Dec 2023 20.5 | Mar 2024 17.5 | Jun 2024 17.3 | Sep 2024 9.9 | Dec 2024 9.7 | Mar 2025 10.6 | Jun 2025 11.1 | Sep 2025 10.3 | Dec 2025 24.6 | Mar 2026 26.0 | Jun 2026 27.0 - ITT: Sep 2021 — | Dec 2021 37.9 | Mar 2022 — | Jun 2022 21.5 | Sep 2022 17.0 | Dec 2022 15.6 | Mar 2023 — | Jun 2023 18.3 | Sep 2023 18.2 | Dec 2023 24.0 | Mar 2024 26.6 | Jun 2024 24.6 | Sep 2024 25.5 | Dec 2024 22.6 | Mar 2025 20.4 | Jun 2025 24.8 | Sep 2025 29.4 | Dec 2025 28.4 | Mar 2026 — | Jun 2026 34.1 - NDSN: Sep 2021 — | Dec 2021 32.8 | Mar 2022 27.5 | Jun 2022 26.2 | Sep 2022 28.0 | Dec 2022 25.5 | Mar 2023 28.4 | Jun 2023 24.3 | Sep 2023 29.0 | Dec 2023 25.1 | Mar 2024 29.4 | Jun 2024 30.8 | Sep 2024 30.5 | Dec 2024 30.6 | Mar 2025 28.0 | Jun 2025 24.4 | Sep 2025 26.9 | Dec 2025 27.3 | Mar 2026 29.7 | Jun 2026 30.8 - IEX: Sep 2021 36.6 | Dec 2021 40.2 | Mar 2022 30.8 | Jun 2022 27.1 | Sep 2022 26.5 | Dec 2022 29.6 | Mar 2023 29.9 | Jun 2023 27.9 | Sep 2023 25.6 | Dec 2023 27.7 | Mar 2024 32.1 | Jun 2024 26.3 | Sep 2024 33.2 | Dec 2024 31.5 | Mar 2025 28.7 | Jun 2025 28.4 | Sep 2025 25.8 | Dec 2025 27.8 | Mar 2026 28.0 | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 21.8 | Mar 2022 35.4 | Jun 2022 19.3 | Sep 2022 24.5 | Dec 2022 16.5 | Mar 2023 26.3 | Jun 2023 41.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 52.3 | Dec 2024 52.8 | Mar 2025 32.4 | Jun 2025 38.6 | Sep 2025 37.1 | Dec 2025 33.4 | Mar 2026 43.6 | Jun 2026 — - GGG: Sep 2021 29.5 | Dec 2021 32.0 | Mar 2022 — | Jun 2022 28.4 | Sep 2022 23.4 | Dec 2022 25.3 | Mar 2023 25.7 | Jun 2023 29.4 | Sep 2023 24.0 | Dec 2023 29.5 | Mar 2024 32.2 | Jun 2024 27.4 | Sep 2024 31.0 | Dec 2024 29.8 | Mar 2025 29.5 | Jun 2025 30.6 | Sep 2025 28.9 | Dec 2025 27.1 | Mar 2026 27.3 | Jun 2026 24.0 - CR: Sep 2021 — | Dec 2021 30.5 | Mar 2022 — | Jun 2022 18.8 | Sep 2022 26.6 | Dec 2022 14.3 | Mar 2023 10.6 | Jun 2023 27.2 | Sep 2023 16.8 | Dec 2023 26.6 | Mar 2024 37.2 | Jun 2024 35.6 | Sep 2024 35.7 | Dec 2024 30.1 | Mar 2025 27.4 | Jun 2025 32.6 | Sep 2025 30.4 | Dec 2025 29.5 | Mar 2026 30.8 | Jun 2026 — - WTS: Sep 2021 37.3 | Dec 2021 39.8 | Mar 2022 27.1 | Jun 2022 19.9 | Sep 2022 18.5 | Dec 2022 19.6 | Mar 2023 20.6 | Jun 2023 21.9 | Sep 2023 21.0 | Dec 2023 26.6 | Mar 2024 26.4 | Jun 2024 22.3 | Sep 2024 24.9 | Dec 2024 23.4 | Mar 2025 23.4 | Jun 2025 26.5 | Sep 2025 28.7 | Dec 2025 27.1 | Mar 2026 26.3 | Jun 2026 — - GNRC: Sep 2021 49.6 | Dec 2021 42.4 | Mar 2022 39.4 | Jun 2022 27.2 | Sep 2022 26.8 | Dec 2022 18.6 | Mar 2023 27.6 | Jun 2023 61.9 | Sep 2023 42.7 | Dec 2023 39.5 | Mar 2024 34.8 | Jun 2024 33.9 | Sep 2024 33.0 | Dec 2024 28.8 | Mar 2025 22.1 | Jun 2025 23.8 | Sep 2025 31.9 | Dec 2025 50.7 | Mar 2026 61.2 | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 25.3 | Mar 2022 22.3 | Jun 2022 19.5 | Sep 2022 20.5 | Dec 2022 20.9 | Mar 2023 21.7 | Jun 2023 21.4 | Sep 2023 21.7 | Dec 2023 19.5 | Mar 2024 21.0 | Jun 2024 22.4 | Sep 2024 22.1 | Dec 2024 21.3 | Mar 2025 20.8 | Jun 2025 22.1 | Sep 2025 23.6 | Dec 2025 26.3 | Mar 2026 31.9 | Jun 2026 23.7 - PNR: Sep 2021 24.0 | Dec 2021 22.1 | Mar 2022 16.7 | Jun 2022 13.6 | Sep 2022 12.7 | Dec 2022 15.5 | Mar 2023 18.6 | Jun 2023 21.7 | Sep 2023 21.1 | Dec 2023 19.4 | Mar 2024 22.7 | Jun 2024 19.4 | Sep 2024 24.5 | Dec 2024 26.9 | Mar 2025 22.6 | Jun 2025 28.1 | Sep 2025 28.1 | Dec 2025 26.3 | Mar 2026 21.4 | Jun 2026 — - GTLS: Sep 2021 90.2 | Dec 2021 110.8 | Mar 2022 162.1 | Jun 2022 138.3 | Sep 2022 100.7 | Dec 2022 213.4 | Mar 2023 112.0 | Jun 2023 185.8 | Sep 2023 — | Dec 2023 317.1 | Mar 2024 158.4 | Jun 2024 69.1 | Sep 2024 35.6 | Dec 2024 46.6 | Mar 2025 29.2 | Jun 2025 30.6 | Sep 2025 244.1 | Dec 2025 687.4 | Mar 2026 — | Jun 2026 — - FLS: Sep 2021 27.3 | Dec 2021 31.9 | Mar 2022 48.5 | Jun 2022 39.2 | Sep 2022 38.0 | Dec 2022 21.3 | Mar 2023 19.4 | Jun 2023 20.6 | Sep 2023 21.4 | Dec 2023 29.0 | Mar 2024 25.8 | Jun 2024 24.9 | Sep 2024 25.6 | Dec 2024 26.9 | Mar 2025 22.8 | Jun 2025 23.7 | Sep 2025 15.5 | Dec 2025 26.3 | Mar 2026 27.2 | Jun 2026 — - AOS: Sep 2021 21.1 | Dec 2021 28.4 | Mar 2022 20.1 | Jun 2022 16.8 | Sep 2022 15.4 | Dec 2022 37.9 | Mar 2023 43.8 | Jun 2023 40.2 | Sep 2023 33.1 | Dec 2023 22.3 | Mar 2024 23.2 | Jun 2024 21.1 | Sep 2024 23.6 | Dec 2024 18.8 | Mar 2025 18.3 | Jun 2025 18.3 | Sep 2025 19.8 | Dec 2025 17.4 | Mar 2026 17.5 | Jun 2026 — - JBTM: Sep 2021 38.6 | Dec 2021 53.3 | Mar 2022 32.5 | Jun 2022 29.5 | Sep 2022 22.1 | Dec 2022 28.3 | Mar 2023 27.8 | Jun 2023 32.1 | Sep 2023 6.4 | Dec 2023 5.5 | Mar 2024 6.2 | Jun 2024 5.6 | Sep 2024 21.8 | Dec 2024 48.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 40.0 | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 19.2 | Mar 2022 15.9 | Jun 2022 17.1 | Sep 2022 15.0 | Dec 2022 14.4 | Mar 2023 — | Jun 2023 18.3 | Sep 2023 16.9 | Dec 2023 16.0 | Mar 2024 19.5 | Jun 2024 16.8 | Sep 2024 21.5 | Dec 2024 25.5 | Mar 2025 22.5 | Jun 2025 29.7 | Sep 2025 27.4 | Dec 2025 23.9 | Mar 2026 23.0 | Jun 2026 — - NPO: Sep 2021 27.2 | Dec 2021 40.2 | Mar 2022 11.8 | Jun 2022 9.6 | Sep 2022 10.1 | Dec 2022 11.1 | Mar 2023 9.6 | Jun 2023 16.2 | Sep 2023 16.4 | Dec 2023 149.3 | Mar 2024 — | Jun 2024 72.1 | Sep 2024 63.1 | Dec 2024 50.0 | Mar 2025 40.3 | Jun 2025 47.9 | Sep 2025 55.5 | Dec 2025 112.1 | Mar 2026 123.5 | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 22.4 | Mar 2022 22.8 | Jun 2022 18.9 | Sep 2022 14.9 | Dec 2022 17.5 | Mar 2023 — | Jun 2023 17.8 | Sep 2023 17.7 | Dec 2023 19.7 | Mar 2024 22.3 | Jun 2024 17.0 | Sep 2024 19.0 | Dec 2024 — | Mar 2025 16.9 | Jun 2025 17.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: The Middleby Corporation leads ev/ebitda at 11.8×; JBT Marel Corporation leads p/bv at 1.48×. 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: The Middleby Corporation · 11.8× | 16.9% versus #2 · Emerson Electric Co. | 0/8 recent comparable periods | 30/30 companies · 530 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. The Middleby Corporation (MIDD): 11.8 2. Emerson Electric Co. (EMR): 14.2 3. Rockwell Automation, Inc. (ROK): 14.4 4. Regal Rexnord Corporation (RRX): 14.4 5. Otis Worldwide Corporation (OTIS): 14.5 ### P/BV — lowest P/BV 1. JBT Marel Corporation (JBTM): 1.5 2. Gates Industrial Corporation plc (GTES): 1.7 3. Regal Rexnord Corporation (RRX): 1.8 4. The Middleby Corporation (MIDD): 2.6 5. Xylem Inc. (XYL): 2.6 ### 20-quarter EV/EBITDA history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 37.6 | Sep 2024 52.0 | Dec 2024 50.9 | Mar 2025 39.5 | Jun 2025 79.2 | Sep 2025 70.4 | Dec 2025 75.3 | Mar 2026 90.8 | Jun 2026 — - ETN: Sep 2021 17.4 | Dec 2021 19.3 | Mar 2022 17.0 | Jun 2022 14.2 | Sep 2022 16.5 | Dec 2022 15.7 | Mar 2023 18.7 | Jun 2023 20.4 | Sep 2023 20.1 | Dec 2023 21.5 | Mar 2024 26.5 | Jun 2024 25.3 | Sep 2024 25.7 | Dec 2024 24.9 | Mar 2025 20.0 | Jun 2025 25.6 | Sep 2025 25.9 | Dec 2025 21.5 | Mar 2026 25.7 | Jun 2026 — - PH: Sep 2021 13.5 | Dec 2021 15.0 | Mar 2022 13.2 | Jun 2022 12.6 | Sep 2022 13.3 | Dec 2022 14.9 | Mar 2023 15.6 | Jun 2023 16.0 | Sep 2023 14.5 | Dec 2023 15.5 | Mar 2024 17.7 | Jun 2024 15.9 | Sep 2024 19.0 | Dec 2024 18.7 | Mar 2025 17.7 | Jun 2025 19.6 | Sep 2025 20.9 | Dec 2025 23.1 | Mar 2026 23.0 | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 9.8 | Mar 2022 9.9 | Jun 2022 8.7 | Sep 2022 10.5 | Dec 2022 11.0 | Mar 2023 9.6 | Jun 2023 9.3 | Sep 2023 7.9 | Dec 2023 14.0 | Mar 2024 16.7 | Jun 2024 16.1 | Sep 2024 17.7 | Dec 2024 11.2 | Mar 2025 9.9 | Jun 2025 9.8 | Sep 2025 12.7 | Dec 2025 14.7 | Mar 2026 16.1 | Jun 2026 — - EMR: Sep 2021 20.2 | Dec 2021 14.4 | Mar 2022 16.2 | Jun 2022 17.2 | Sep 2022 16.4 | Dec 2022 18.8 | Mar 2023 16.2 | Jun 2023 13.2 | Sep 2023 14.3 | Dec 2023 15.6 | Mar 2024 16.3 | Jun 2024 15.0 | Sep 2024 13.3 | Dec 2024 14.0 | Mar 2025 12.7 | Jun 2025 14.9 | Sep 2025 14.4 | Dec 2025 14.5 | Mar 2026 14.2 | Jun 2026 — - ITW: Sep 2021 17.9 | Dec 2021 21.5 | Mar 2022 18.5 | Jun 2022 16.1 | Sep 2022 15.4 | Dec 2022 17.7 | Mar 2023 19.0 | Jun 2023 19.1 | Sep 2023 17.2 | Dec 2023 19.3 | Mar 2024 19.1 | Jun 2024 16.8 | Sep 2024 18.4 | Dec 2024 17.3 | Mar 2025 17.8 | Jun 2025 17.8 | Sep 2025 18.4 | Dec 2025 17.2 | Mar 2026 17.8 | Jun 2026 — - AME: Sep 2021 20.3 | Dec 2021 22.7 | Mar 2022 19.7 | Jun 2022 15.9 | Sep 2022 15.9 | Dec 2022 18.8 | Mar 2023 18.8 | Jun 2023 19.7 | Sep 2023 17.8 | Dec 2023 20.0 | Mar 2024 21.6 | Jun 2024 18.9 | Sep 2024 19.5 | Dec 2024 20.0 | Mar 2025 18.7 | Jun 2025 19.3 | Sep 2025 19.9 | Dec 2025 20.9 | Mar 2026 21.2 | Jun 2026 — - ROK: Sep 2021 27.0 | Dec 2021 30.8 | Mar 2022 27.1 | Jun 2022 19.4 | Sep 2022 18.2 | Dec 2022 20.8 | Mar 2023 20.9 | Jun 2023 22.3 | Sep 2023 19.7 | Dec 2023 20.5 | Mar 2024 20.3 | Jun 2024 20.4 | Sep 2024 22.6 | Dec 2024 22.1 | Mar 2025 18.2 | Jun 2025 21.6 | Sep 2025 27.8 | Dec 2025 16.3 | Mar 2026 14.4 | Jun 2026 — - IR: Sep 2021 25.1 | Dec 2021 27.0 | Mar 2022 21.4 | Jun 2022 17.0 | Sep 2022 16.8 | Dec 2022 17.9 | Mar 2023 18.9 | Jun 2023 19.7 | Sep 2023 17.7 | Dec 2023 20.0 | Mar 2024 23.6 | Jun 2024 24.0 | Sep 2024 24.9 | Dec 2024 22.3 | Mar 2025 19.8 | Jun 2025 22.8 | Sep 2025 22.4 | Dec 2025 21.0 | Mar 2026 21.1 | Jun 2026 — - XYL: Sep 2021 27.0 | Dec 2021 27.4 | Mar 2022 20.8 | Jun 2022 19.5 | Sep 2022 21.2 | Dec 2022 24.3 | Mar 2023 22.7 | Jun 2023 32.7 | Sep 2023 23.6 | Dec 2023 26.6 | Mar 2024 26.4 | Jun 2024 23.9 | Sep 2024 22.4 | Dec 2024 18.7 | Mar 2025 18.9 | Jun 2025 19.7 | Sep 2025 21.6 | Dec 2025 18.9 | Mar 2026 16.6 | Jun 2026 — - OTIS: Sep 2021 4.1 | Dec 2021 18.9 | Mar 2022 17.4 | Jun 2022 15.9 | Sep 2022 14.6 | Dec 2022 17.4 | Mar 2023 18.6 | Jun 2023 18.6 | Sep 2023 16.7 | Dec 2023 17.9 | Mar 2024 19.4 | Jun 2024 19.0 | Sep 2024 22.2 | Dec 2024 19.8 | Mar 2025 23.3 | Jun 2025 22.8 | Sep 2025 19.4 | Dec 2025 18.0 | Mar 2026 15.3 | Jun 2026 14.5 - DOV: Sep 2021 16.1 | Dec 2021 18.4 | Mar 2022 16.3 | Jun 2022 12.9 | Sep 2022 12.4 | Dec 2022 14.1 | Mar 2023 14.4 | Jun 2023 14.2 | Sep 2023 13.6 | Dec 2023 16.1 | Mar 2024 18.1 | Jun 2024 17.9 | Sep 2024 19.0 | Dec 2024 17.4 | Mar 2025 15.9 | Jun 2025 16.5 | Sep 2025 14.4 | Dec 2025 16.0 | Mar 2026 16.8 | Jun 2026 17.5 - SYM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8,722.3 | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 10.6 | Mar 2022 — | Jun 2022 10.2 | Sep 2022 10.8 | Dec 2022 10.1 | Mar 2023 — | Jun 2023 11.7 | Sep 2023 11.8 | Dec 2023 14.9 | Mar 2024 16.9 | Jun 2024 15.4 | Sep 2024 16.4 | Dec 2024 14.6 | Mar 2025 13.1 | Jun 2025 15.4 | Sep 2025 17.6 | Dec 2025 16.9 | Mar 2026 — | Jun 2026 24.6 - NDSN: Sep 2021 — | Dec 2021 21.5 | Mar 2022 20.0 | Jun 2022 18.2 | Sep 2022 19.4 | Dec 2022 16.9 | Mar 2023 20.3 | Jun 2023 18.4 | Sep 2023 21.1 | Dec 2023 16.2 | Mar 2024 20.8 | Jun 2024 21.0 | Sep 2024 20.2 | Dec 2024 18.0 | Mar 2025 19.4 | Jun 2025 17.0 | Sep 2025 18.0 | Dec 2025 15.4 | Mar 2026 20.4 | Jun 2026 20.5 - IEX: Sep 2021 23.1 | Dec 2021 23.8 | Mar 2022 20.0 | Jun 2022 18.6 | Sep 2022 19.4 | Dec 2022 21.0 | Mar 2023 20.9 | Jun 2023 19.1 | Sep 2023 18.5 | Dec 2023 19.5 | Mar 2024 22.4 | Jun 2024 18.8 | Sep 2024 21.2 | Dec 2024 20.2 | Mar 2025 17.9 | Jun 2025 16.9 | Sep 2025 15.3 | Dec 2025 16.0 | Mar 2026 16.4 | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 16.0 | Mar 2022 24.4 | Jun 2022 18.1 | Sep 2022 19.5 | Dec 2022 9.5 | Mar 2023 17.5 | Jun 2023 18.1 | Sep 2023 20.0 | Dec 2023 18.2 | Mar 2024 18.2 | Jun 2024 14.2 | Sep 2024 13.6 | Dec 2024 13.6 | Mar 2025 10.9 | Jun 2025 12.5 | Sep 2025 12.2 | Dec 2025 11.6 | Mar 2026 14.4 | Jun 2026 — - GGG: Sep 2021 21.0 | Dec 2021 22.6 | Mar 2022 — | Jun 2022 19.8 | Sep 2022 16.1 | Dec 2022 17.3 | Mar 2023 18.0 | Jun 2023 20.9 | Sep 2023 16.9 | Dec 2023 19.5 | Mar 2024 21.8 | Jun 2024 18.1 | Sep 2024 20.3 | Dec 2024 20.7 | Mar 2025 20.3 | Jun 2025 20.4 | Sep 2025 19.4 | Dec 2025 18.0 | Mar 2026 18.1 | Jun 2026 16.4 - CR: Sep 2021 — | Dec 2021 24.0 | Mar 2022 — | Jun 2022 11.9 | Sep 2022 15.2 | Dec 2022 144.4 | Mar 2023 12.6 | Jun 2023 9.8 | Sep 2023 7.0 | Dec 2023 23.3 | Mar 2024 23.9 | Jun 2024 23.6 | Sep 2024 23.8 | Dec 2024 21.2 | Mar 2025 20.2 | Jun 2025 24.1 | Sep 2025 22.2 | Dec 2025 23.8 | Mar 2026 21.9 | Jun 2026 — - WTS: Sep 2021 20.4 | Dec 2021 22.6 | Mar 2022 16.1 | Jun 2022 12.2 | Sep 2022 11.5 | Dec 2022 13.3 | Mar 2023 14.1 | Jun 2023 15.2 | Sep 2023 14.5 | Dec 2023 17.5 | Mar 2024 17.4 | Jun 2024 14.4 | Sep 2024 15.8 | Dec 2024 14.8 | Mar 2025 15.3 | Jun 2025 17.4 | Sep 2025 18.9 | Dec 2025 17.8 | Mar 2026 17.1 | Jun 2026 — - GNRC: Sep 2021 33.3 | Dec 2021 29.1 | Mar 2022 25.4 | Jun 2022 17.4 | Sep 2022 16.4 | Dec 2022 10.7 | Mar 2023 13.9 | Jun 2023 22.8 | Sep 2023 16.3 | Dec 2023 16.9 | Mar 2024 15.8 | Jun 2024 15.8 | Sep 2024 16.5 | Dec 2024 14.7 | Mar 2025 12.0 | Jun 2025 13.1 | Sep 2025 16.3 | Dec 2025 18.9 | Mar 2026 24.1 | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 15.6 | Mar 2022 14.1 | Jun 2022 12.4 | Sep 2022 13.3 | Dec 2022 13.6 | Mar 2023 14.1 | Jun 2023 14.1 | Sep 2023 14.1 | Dec 2023 12.7 | Mar 2024 13.8 | Jun 2024 14.7 | Sep 2024 14.5 | Dec 2024 14.1 | Mar 2025 13.8 | Jun 2025 13.9 | Sep 2025 14.9 | Dec 2025 16.7 | Mar 2026 20.3 | Jun 2026 15.8 - PNR: Sep 2021 18.3 | Dec 2021 18.0 | Mar 2022 14.2 | Jun 2022 11.3 | Sep 2022 12.4 | Dec 2022 13.7 | Mar 2023 15.4 | Jun 2023 16.3 | Sep 2023 15.6 | Dec 2023 16.2 | Mar 2024 19.0 | Jun 2024 16.0 | Sep 2024 19.7 | Dec 2024 19.7 | Mar 2025 17.1 | Jun 2025 19.9 | Sep 2025 20.3 | Dec 2025 19.0 | Mar 2026 16.2 | Jun 2026 — - GTLS: Sep 2021 45.5 | Dec 2021 39.0 | Mar 2022 44.0 | Jun 2022 41.4 | Sep 2022 38.6 | Dec 2022 28.1 | Mar 2023 36.9 | Jun 2023 39.8 | Sep 2023 21.6 | Dec 2023 14.4 | Mar 2024 21.4 | Jun 2024 18.8 | Sep 2024 10.3 | Dec 2024 13.2 | Mar 2025 10.5 | Jun 2025 11.3 | Sep 2025 17.7 | Dec 2025 20.6 | Mar 2026 16.9 | Jun 2026 — - FLS: Sep 2021 14.0 | Dec 2021 13.1 | Mar 2022 17.6 | Jun 2022 15.7 | Sep 2022 16.0 | Dec 2022 17.6 | Mar 2023 16.4 | Jun 2023 16.1 | Sep 2023 15.1 | Dec 2023 15.1 | Mar 2024 14.6 | Jun 2024 14.7 | Sep 2024 14.4 | Dec 2024 15.7 | Mar 2025 13.3 | Jun 2025 13.3 | Sep 2025 13.3 | Dec 2025 19.9 | Mar 2026 21.9 | Jun 2026 — - AOS: Sep 2021 13.8 | Dec 2021 19.1 | Mar 2022 13.5 | Jun 2022 11.3 | Sep 2022 10.1 | Dec 2022 11.6 | Mar 2023 13.6 | Jun 2023 13.5 | Sep 2023 11.8 | Dec 2023 14.6 | Mar 2024 15.5 | Jun 2024 14.1 | Sep 2024 15.7 | Dec 2024 12.6 | Mar 2025 12.1 | Jun 2025 12.1 | Sep 2025 12.9 | Dec 2025 11.4 | Mar 2026 16.4 | Jun 2026 — - JBTM: Sep 2021 22.4 | Dec 2021 21.5 | Mar 2022 20.6 | Jun 2022 21.0 | Sep 2022 19.3 | Dec 2022 14.3 | Mar 2023 22.1 | Jun 2023 22.2 | Sep 2023 15.6 | Dec 2023 10.2 | Mar 2024 15.0 | Jun 2024 14.9 | Sep 2024 14.5 | Dec 2024 14.8 | Mar 2025 51.1 | Jun 2025 33.2 | Sep 2025 27.4 | Dec 2025 14.6 | Mar 2026 16.7 | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 — | Mar 2022 9.9 | Jun 2022 10.8 | Sep 2022 9.6 | Dec 2022 9.1 | Mar 2023 — | Jun 2023 10.1 | Sep 2023 9.9 | Dec 2023 5.4 | Mar 2024 9.7 | Jun 2024 8.9 | Sep 2024 9.7 | Dec 2024 8.2 | Mar 2025 10.6 | Jun 2025 12.8 | Sep 2025 13.4 | Dec 2025 8.2 | Mar 2026 47.5 | Jun 2026 — - NPO: Sep 2021 11.9 | Dec 2021 24.2 | Mar 2022 18.2 | Jun 2022 14.2 | Sep 2022 12.3 | Dec 2022 15.6 | Mar 2023 13.4 | Jun 2023 24.6 | Sep 2023 25.1 | Dec 2023 20.9 | Mar 2024 25.9 | Jun 2024 15.7 | Sep 2024 16.8 | Dec 2024 16.6 | Mar 2025 14.8 | Jun 2025 17.2 | Sep 2025 19.4 | Dec 2025 19.1 | Mar 2026 21.7 | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 16.1 | Mar 2022 17.4 | Jun 2022 14.5 | Sep 2022 11.7 | Dec 2022 13.0 | Mar 2023 — | Jun 2023 13.0 | Sep 2023 12.7 | Dec 2023 13.2 | Mar 2024 14.1 | Jun 2024 11.4 | Sep 2024 12.4 | Dec 2024 — | Mar 2025 12.0 | Jun 2025 12.6 | Sep 2025 703.1 | Dec 2025 — | Mar 2026 13.7 | Jun 2026 11.8 ### 20-quarter P/BV history - GEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 | Jun 2024 5.2 | Sep 2024 7.4 | Dec 2024 9.5 | Mar 2025 9.7 | Jun 2025 16.2 | Sep 2025 19.3 | Dec 2025 15.8 | Mar 2026 16.9 | Jun 2026 — - ETN: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 3.1 | Sep 2022 3.3 | Dec 2022 — | Mar 2023 3.9 | Jun 2023 4.5 | Sep 2023 4.6 | Dec 2023 5.1 | Mar 2024 6.5 | Jun 2024 6.5 | Sep 2024 6.9 | Dec 2024 7.1 | Mar 2025 5.8 | Jun 2025 7.5 | Sep 2025 7.7 | Dec 2025 6.4 | Mar 2026 7.0 | Jun 2026 — - PH: Sep 2021 4.2 | Dec 2021 4.7 | Mar 2022 4.1 | Jun 2022 3.6 | Sep 2022 3.6 | Dec 2022 4.0 | Mar 2023 4.4 | Jun 2023 4.9 | Sep 2023 4.7 | Dec 2023 5.2 | Mar 2024 6.2 | Jun 2024 5.4 | Sep 2024 6.3 | Dec 2024 6.2 | Mar 2025 5.8 | Jun 2025 6.5 | Sep 2025 6.9 | Dec 2025 7.8 | Mar 2026 7.7 | Jun 2026 — - CMI: Sep 2021 — | Dec 2021 4.0 | Mar 2022 3.4 | Jun 2022 3.1 | Sep 2022 3.4 | Dec 2022 3.8 | Mar 2023 3.5 | Jun 2023 3.4 | Sep 2023 3.0 | Dec 2023 3.8 | Mar 2024 4.4 | Jun 2024 4.0 | Sep 2024 4.3 | Dec 2024 4.7 | Mar 2025 4.0 | Jun 2025 3.8 | Sep 2025 4.8 | Dec 2025 5.7 | Mar 2026 6.0 | Jun 2026 — - EMR: Sep 2021 5.7 | Dec 2021 5.4 | Mar 2022 5.5 | Jun 2022 4.6 | Sep 2022 4.2 | Dec 2022 5.1 | Mar 2023 4.4 | Jun 2023 2.5 | Sep 2023 2.7 | Dec 2023 2.7 | Mar 2024 3.1 | Jun 2024 3.0 | Sep 2024 2.9 | Dec 2024 3.4 | Mar 2025 3.2 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 3.7 | Mar 2026 3.6 | Jun 2026 — - ITW: Sep 2021 18.6 | Dec 2021 21.3 | Mar 2022 18.2 | Jun 2022 16.7 | Sep 2022 18.4 | Dec 2022 21.8 | Mar 2023 23.9 | Jun 2023 24.5 | Sep 2023 23.1 | Dec 2023 26.0 | Mar 2024 26.5 | Jun 2024 23.8 | Sep 2024 22.8 | Dec 2024 22.2 | Mar 2025 22.4 | Jun 2025 22.5 | Sep 2025 23.6 | Dec 2025 22.0 | Mar 2026 23.2 | Jun 2026 — - AME: Sep 2021 4.4 | Dec 2021 5.0 | Mar 2022 4.5 | Jun 2022 3.6 | Sep 2022 3.7 | Dec 2022 4.3 | Mar 2023 4.3 | Jun 2023 4.5 | Sep 2023 4.1 | Dec 2023 4.4 | Mar 2024 4.7 | Jun 2024 4.1 | Sep 2024 4.2 | Dec 2024 4.3 | Mar 2025 4.0 | Jun 2025 4.0 | Sep 2025 4.1 | Dec 2025 4.4 | Mar 2026 4.5 | Jun 2026 — - ROK: Sep 2021 14.3 | Dec 2021 16.2 | Mar 2022 12.4 | Jun 2022 9.6 | Sep 2022 9.1 | Dec 2022 10.1 | Mar 2023 10.7 | Jun 2023 11.3 | Sep 2023 9.2 | Dec 2023 9.9 | Mar 2024 9.4 | Jun 2024 9.4 | Sep 2024 8.3 | Dec 2024 9.6 | Mar 2025 8.5 | Jun 2025 10.8 | Sep 2025 10.8 | Dec 2025 11.7 | Mar 2026 11.3 | Jun 2026 — - IR: Sep 2021 2.4 | Dec 2021 2.8 | Mar 2022 2.3 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 2.7 | Dec 2023 3.2 | Mar 2024 3.9 | Jun 2024 3.7 | Sep 2024 3.9 | Dec 2024 3.6 | Mar 2025 3.1 | Jun 2025 3.3 | Sep 2025 3.2 | Dec 2025 3.1 | Mar 2026 3.1 | Jun 2026 — - XYL: Sep 2021 7.2 | Dec 2021 6.7 | Mar 2022 4.8 | Jun 2022 4.4 | Sep 2022 4.9 | Dec 2022 5.7 | Mar 2023 5.3 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.7 | Mar 2024 3.1 | Jun 2024 3.2 | Sep 2024 3.1 | Dec 2024 2.7 | Mar 2025 2.7 | Jun 2025 2.8 | Sep 2025 3.2 | Dec 2025 2.9 | Mar 2026 2.6 | Jun 2026 — - OTIS: Sep 2021 -9.1 | Dec 2021 -10.2 | Mar 2022 -6.5 | Jun 2022 -5.9 | Sep 2022 -5.4 | Dec 2022 -6.7 | Mar 2023 -7.2 | Jun 2023 -7.6 | Sep 2023 -6.9 | Dec 2023 -7.4 | Mar 2024 -8.0 | Jun 2024 -7.7 | Sep 2024 -8.5 | Dec 2024 -7.6 | Mar 2025 -8.0 | Jun 2025 -7.2 | Sep 2025 -6.6 | Dec 2025 -6.3 | Mar 2026 -5.2 | Jun 2026 -4.7 - DOV: Sep 2021 — | Dec 2021 6.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.6 | Mar 2026 — | Jun 2026 3.9 - SYM: Sep 2021 -0.1 | Dec 2021 -30.2 | Mar 2022 -25.9 | Jun 2022 100.5 | Sep 2022 84.7 | Dec 2022 121.3 | Mar 2023 561.1 | Jun 2023 996.4 | Sep 2023 33,476.0 | Dec 2023 -76.5 | Mar 2024 2,27,689.0 | Jun 2024 18.4 | Sep 2024 13.5 | Dec 2024 13.1 | Mar 2025 10.6 | Jun 2025 19.5 | Sep 2025 26.7 | Dec 2025 10.8 | Mar 2026 9.3 | Jun 2026 — - ITT: Sep 2021 — | Dec 2021 3.5 | Mar 2022 — | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 2.6 | Mar 2023 — | Jun 2023 3.1 | Sep 2023 3.3 | Dec 2023 3.9 | Mar 2024 4.4 | Jun 2024 4.1 | Sep 2024 4.5 | Dec 2024 4.2 | Mar 2025 3.8 | Jun 2025 4.8 | Sep 2025 5.2 | Dec 2025 5.4 | Mar 2026 — | Jun 2026 6.3 - NDSN: Sep 2021 — | Dec 2021 6.8 | Mar 2022 6.1 | Jun 2022 5.7 | Sep 2022 6.0 | Dec 2022 5.6 | Mar 2023 5.7 | Jun 2023 5.0 | Sep 2023 5.6 | Dec 2023 4.7 | Mar 2024 5.3 | Jun 2024 5.3 | Sep 2024 5.0 | Dec 2024 4.8 | Mar 2025 4.4 | Jun 2025 3.6 | Sep 2025 4.1 | Dec 2025 4.3 | Mar 2026 4.9 | Jun 2026 5.0 - IEX: Sep 2021 5.8 | Dec 2021 6.4 | Mar 2022 5.0 | Jun 2022 4.9 | Sep 2022 5.4 | Dec 2022 5.7 | Mar 2023 5.4 | Jun 2023 5.0 | Sep 2023 4.6 | Dec 2023 4.6 | Mar 2024 5.1 | Jun 2024 4.2 | Sep 2024 4.3 | Dec 2024 4.2 | Mar 2025 3.5 | Jun 2025 3.3 | Sep 2025 3.1 | Dec 2025 3.3 | Mar 2026 3.5 | Jun 2026 — - RRX: Sep 2021 — | Dec 2021 2.3 | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.8 | Jun 2026 — - GGG: Sep 2021 8.0 | Dec 2021 8.0 | Mar 2022 — | Jun 2022 7.1 | Sep 2022 5.7 | Dec 2022 6.1 | Mar 2023 6.2 | Jun 2023 6.9 | Sep 2023 5.6 | Dec 2023 6.6 | Mar 2024 6.8 | Jun 2024 5.5 | Sep 2024 5.9 | Dec 2024 5.5 | Mar 2025 5.7 | Jun 2025 5.7 | Sep 2025 5.4 | Dec 2025 5.2 | Mar 2026 5.1 | Jun 2026 5.0 - CR: Sep 2021 — | Dec 2021 3.2 | Mar 2022 — | Jun 2022 — | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 4.1 | Sep 2023 3.9 | Dec 2023 5.0 | Mar 2024 5.5 | Jun 2024 5.6 | Sep 2024 5.8 | Dec 2024 5.3 | Mar 2025 5.0 | Jun 2025 5.8 | Sep 2025 5.4 | Dec 2025 5.2 | Mar 2026 4.7 | Jun 2026 — - WTS: Sep 2021 5.0 | Dec 2021 5.6 | Mar 2022 4.1 | Jun 2022 3.5 | Sep 2022 3.4 | Dec 2022 3.7 | Mar 2023 4.0 | Jun 2023 4.1 | Sep 2023 4.0 | Dec 2023 4.6 | Mar 2024 4.6 | Jun 2024 3.8 | Sep 2024 4.1 | Dec 2024 4.0 | Mar 2025 3.8 | Jun 2025 4.3 | Sep 2025 4.8 | Dec 2025 4.5 | Mar 2026 4.6 | Jun 2026 — - GNRC: Sep 2021 14.5 | Dec 2021 10.1 | Mar 2022 8.2 | Jun 2022 5.6 | Sep 2022 4.9 | Dec 2022 2.7 | Mar 2023 2.9 | Jun 2023 3.8 | Sep 2023 2.8 | Dec 2023 3.3 | Mar 2024 3.2 | Jun 2024 3.4 | Sep 2024 3.9 | Dec 2024 3.7 | Mar 2025 3.0 | Jun 2025 3.3 | Sep 2025 3.7 | Dec 2025 3.0 | Mar 2026 4.3 | Jun 2026 — - DCI: Sep 2021 — | Dec 2021 6.6 | Mar 2022 6.2 | Jun 2022 5.4 | Sep 2022 5.9 | Dec 2022 6.1 | Mar 2023 6.3 | Jun 2023 5.9 | Sep 2023 5.8 | Dec 2023 5.2 | Mar 2024 5.7 | Jun 2024 5.9 | Sep 2024 6.0 | Dec 2024 5.7 | Mar 2025 5.5 | Jun 2025 5.2 | Sep 2025 5.8 | Dec 2025 6.4 | Mar 2026 7.5 | Jun 2026 6.0 - PNR: Sep 2021 5.1 | Dec 2021 5.0 | Mar 2022 3.6 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.7 | Mar 2023 3.3 | Jun 2023 3.6 | Sep 2023 3.5 | Dec 2023 3.7 | Mar 2024 4.3 | Jun 2024 3.7 | Sep 2024 4.6 | Dec 2024 4.7 | Mar 2025 4.0 | Jun 2025 4.6 | Sep 2025 4.8 | Dec 2025 4.4 | Mar 2026 3.7 | Jun 2026 — - GTLS: Sep 2021 4.4 | Dec 2021 3.6 | Mar 2022 3.9 | Jun 2022 3.8 | Sep 2022 4.2 | Dec 2022 1.8 | Mar 2023 2.0 | Jun 2023 2.6 | Sep 2023 2.8 | Dec 2023 2.1 | Mar 2024 2.6 | Jun 2024 2.3 | Sep 2024 1.8 | Dec 2024 3.0 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.8 | Dec 2025 3.1 | Mar 2026 3.2 | Jun 2026 — - FLS: Sep 2021 2.6 | Dec 2021 2.2 | Mar 2022 2.7 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 2.8 | Dec 2023 2.8 | Mar 2024 3.1 | Jun 2024 3.2 | Sep 2024 3.3 | Dec 2024 3.8 | Mar 2025 3.1 | Jun 2025 3.1 | Sep 2025 3.0 | Dec 2025 4.0 | Mar 2026 4.2 | Jun 2026 — - AOS: Sep 2021 5.1 | Dec 2021 7.4 | Mar 2022 5.6 | Jun 2022 4.8 | Sep 2022 4.3 | Dec 2022 5.0 | Mar 2023 5.8 | Jun 2023 5.8 | Sep 2023 5.3 | Dec 2023 6.6 | Mar 2024 7.0 | Jun 2024 6.3 | Sep 2024 6.8 | Dec 2024 5.2 | Mar 2025 5.1 | Jun 2025 5.1 | Sep 2025 5.6 | Dec 2025 5.0 | Mar 2026 6.7 | Jun 2026 — - JBTM: Sep 2021 6.3 | Dec 2021 6.5 | Mar 2022 4.8 | Jun 2022 4.5 | Sep 2022 3.4 | Dec 2022 3.2 | Mar 2023 3.9 | Jun 2023 4.2 | Sep 2023 2.4 | Dec 2023 2.1 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.0 | Dec 2024 2.6 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 — - GTES: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 0.9 | Mar 2023 — | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — - NPO: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 2.0 | Sep 2023 1.8 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 2.7 | Sep 2025 3.1 | Dec 2025 2.9 | Mar 2026 3.4 | Jun 2026 — - MIDD: Sep 2021 — | Dec 2021 4.2 | Mar 2022 4.4 | Jun 2022 3.6 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 — | Jun 2023 2.7 | Sep 2023 2.6 | Dec 2023 2.4 | Mar 2024 2.6 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 — | Mar 2026 2.7 | Jun 2026 2.6 ## Market action Cummins Inc. has the strongest one-year price move in Specialty Industrial Machinery at +80.3%. Enpro Inc. leads on Mansfield relative strength against the S&P 500 at +12.8%. 14 of 30 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Cummins Inc. (CMI): 80% 2. Enpro Inc. (NPO): 49% 3. Nordson Corporation (NDSN): 45% 4. GE Vernova Inc. (GEV): 44% 5. IDEX Corporation (IEX): 41% ### Strongest relative strength versus NIFTY 500 1. Enpro Inc. (NPO): 13% 2. GE Vernova Inc. (GEV): 12% 3. Rockwell Automation, Inc. (ROK): 10% 4. Crane Company (CR): 10% 5. Cummins Inc. (CMI): 10% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - GE Vernova Inc. (GEV) — market value ₹2.5 L Cr; latest fundamentals Mar 2026 - Eaton Corporation plc (ETN) — market value ₹1.5 L Cr; latest fundamentals Mar 2026 - Parker-Hannifin Corporation (PH) — market value ₹1.2 L Cr; latest fundamentals Mar 2026 - Cummins Inc. (CMI) — market value ₹88.5K Cr; latest fundamentals Mar 2026 - Emerson Electric Co. (EMR) — market value ₹85.0K Cr; latest fundamentals Mar 2026 - Illinois Tool Works Inc. (ITW) — market value ₹84.9K Cr; latest fundamentals Mar 2026 - AMETEK, Inc. (AME) — market value ₹55.3K Cr; latest fundamentals Mar 2026 - Rockwell Automation, Inc. (ROK) — market value ₹52.4K Cr; latest fundamentals Mar 2026 - Ingersoll Rand Inc. (IR) — market value ₹33.9K Cr; latest fundamentals Mar 2026 - Xylem Inc. (XYL) — market value ₹29.7K Cr; latest fundamentals Mar 2026 - Otis Worldwide Corporation (OTIS) — market value ₹28.0K Cr; latest fundamentals Jun 2026 - Dover Corporation (DOV) — market value ₹27.4K Cr; latest fundamentals Jun 2026 - Symbotic Inc. (SYM) — market value ₹25.5K Cr; latest fundamentals Mar 2026 - ITT Inc. (ITT) — market value ₹17.8K Cr; latest fundamentals Jun 2026 - Nordson Corporation (NDSN) — market value ₹16.9K Cr; latest fundamentals Jun 2026 - IDEX Corporation (IEX) — market value ₹16.6K Cr; latest fundamentals Mar 2026 - Regal Rexnord Corporation (RRX) — market value ₹13.5K Cr; latest fundamentals Mar 2026 - Graco Inc. (GGG) — market value ₹13.3K Cr; latest fundamentals Jun 2026 - Crane Company (CR) — market value ₹13.1K Cr; latest fundamentals Mar 2026 - Watts Water Technologies, Inc. (WTS) — market value ₹11.6K Cr; latest fundamentals Mar 2026 - Generac Holdings Inc. (GNRC) — market value ₹11.5K Cr; latest fundamentals Mar 2026 - Donaldson Company, Inc. (DCI) — market value ₹11.1K Cr; latest fundamentals Jun 2026 - Pentair plc (PNR) — market value ₹10.7K Cr; latest fundamentals Mar 2026 - Chart Industries, Inc. (GTLS) — market value ₹10.0K Cr; latest fundamentals Mar 2026 - Flowserve Corporation (FLS) — market value ₹9.4K Cr; latest fundamentals Mar 2026 - A. O. Smith Corporation (AOS) — market value ₹8.8K Cr; latest fundamentals Mar 2026 - JBT Marel Corporation (JBTM) — market value ₹7.6K Cr; latest fundamentals Mar 2026 - Gates Industrial Corporation plc (GTES) — market value ₹6.7K Cr; latest fundamentals Mar 2026 - Enpro Inc. (NPO) — market value ₹6.6K Cr; latest fundamentals Mar 2026 - The Middleby Corporation (MIDD) — market value ₹6.1K Cr; latest fundamentals Jun 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 Specialty Industrial Machinery company is the biggest? GE Vernova Inc. is the largest, with trailing-twelve-month revenue of $39,375 million, ahead of Cummins Inc. at $33,894 million. That covers 24 of 30 companies with comparable reporting through Mar 2026. ### Which Specialty Industrial Machinery company is growing fastest? JBT Marel Corporation has the fastest revenue growth at 78.2% year on year, across 24 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 Specialty Industrial Machinery company has the best profit margins? AMETEK, Inc. has the highest operating margin at 26.7%, from 30 of 30 comparable companies. JBT Marel Corporation shows the biggest recent improvement, at +11.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Specialty Industrial Machinery company makes the most profit? GE Vernova Inc. earns the most, at $9,365 million of trailing-twelve-month net profit, from 25 of 30 comparable companies. GE Vernova Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Specialty Industrial Machinery company earns the highest return on capital? Otis Worldwide Corporation leads on return on capital employed at 18.6%, 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 Specialty Industrial Machinery stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Cummins Inc. screens cheapest at 0.8×. Only 23 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 Specialty Industrial Machinery company has the strongest balance sheet? Symbotic Inc. carries the lowest comparable gross debt at $0 million, from 30 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 Specialty Industrial Machinery company is investing most in new capacity? GE Vernova Inc. reports the largest capital spending at $397 million, across 30 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 Specialty Industrial Machinery sector beating the market? Specialty Industrial Machinery has outperformed S&P 500 by 0.9% over the last 52 weeks and 0.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 30 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Specialty Industrial Machinery stock has the strongest price momentum? Enpro 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 Specialty Industrial Machinery company scores highest for research priority? Watts Water Technologies, Inc. scores 75.7 out of 100 with 82% evidence confidence, from 27.8 points on growth and earnings, 16.9 on capital efficiency, 13.9 on valuation and 17.1 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 Specialty Industrial Machinery companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Specialty Industrial Machinery sector? The 30 Specialty Industrial Machinery companies on this page carry $1,228,147 million of combined market value. GE Vernova Inc. is the largest at $251,254 million, about 20% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Specialty Industrial Machinery sector's P/E ratio? The median price-to-earnings ratio across the 30 Specialty Industrial Machinery companies on this page is 29.7×, measured on the 29 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 Specialty Industrial Machinery sector performing? 14 of the 30 covered Specialty Industrial Machinery companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.9% 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 Specialty Industrial Machinery stocks are listed in the US? This comparison covers 30 listed Specialty Industrial Machinery 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/specialty-industrial-machinery