20-quarter listed-company comparison

Aerospace & Defence - Equipments Stocks in India

Aerospace & Defence - Equipments: Bharat Electronics Ltd owns the largest revenue base; Ideaforge Technology Ltd has the fastest current growth.

The 12 Aerospace & Defence - Equipments companies listed in India are Bharat Electronics Ltd (₹2.9 L Cr, the largest), Data Patterns (India) Ltd, MTAR Technologies Ltd and 9 more. 10 of 12 covered companies beat NIFTY 500 on relative strength. Readings are as of 28 Sep 2026.

Top 10 Aerospace & Defence - Equipments Stocks in India (Sep 2026) — ranked by 4-Factor score

1MTAR Technologies Ltd₹21.2K Cr69.2/100Favorable setup · strongest on profit growth and relative strength versus sector
2Data Patterns (India) Ltd₹24.7K Cr64.4/100Mixed-positive evidence · strongest on ROCE and relative strength versus sector
3Sika Interplant Systems Ltd₹2.2K Cr64.2/100Mixed-positive evidence · strongest on ROCE and PEG
4Astra Microwave Products Ltd₹15.4K Cr56.1/100Mixed-positive evidence · strongest on relative strength versus sector and ROCE
5Bharat Electronics Ltd₹2.9 L Cr51.5/100Mixed-positive evidence · strongest on ROCE and revenue growth
6Ideaforge Technology Ltd₹3.6K Cr49.1/100Mixed-negative evidence · strongest on ROCE improvement and margin improvement
7Mishra Dhatu Nigam Ltd₹7.6K Cr48.6/100Mixed-negative evidence · strongest on 13-week relative-strength change and own-history P/E
8AXISCADES Technologies Ltd₹8.2K Cr46.2/100Mixed-negative evidence · strongest on 13-week relative-strength change and PEG
9Zen Technologies Ltd₹15.2K Cr43.5/100Mixed-negative evidence · strongest on operating margin and ROCE
10Avantel Ltd₹4.1K Cr37.0/100Mixed-negative evidence · strongest on margin improvement and operating margin

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 25 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Aerospace & Defence - Equipments Index — Constituents & Performance

All 12 listed Indian Aerospace & Defence - Equipments companies are named here, largest first — the same constituent set people search for as the Nifty Aerospace & Defence - Equipments index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

02 · the sector itself · before any single company

How has Aerospace & Defence - Equipments moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 112% ahead of NIFTY 500. Earnings across its companies grew 16% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 31 weeks running.

LEADER · ahead 31w~Price and the fundamentals both up13 of 25 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑31w · 22/25 >200d (+1) · 13/25 lead (+1) · EPS 14/24↑

Aerospace & Defence - Equipments, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 25 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Aerospace & Defence - Equipments outperforming NIFTY 500?

Aerospace & Defence - Equipments has outperformed NIFTY 500 by 31.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.1%. 10 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. MTAR Technologies Ltd is the strongest against the sector itself at +31.2%.

-3.1%Sector vs NIFTY 500 · 13 weeks

+31.3%Sector vs NIFTY 500 · 52 weeks

10/12Stocks leading NIFTY 500

5/12Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Aerospace & Defence - Equipments has outperformed NIFTY 500 by 31.3% over 52 weeks and 3.1% over 13 weeks. 10 of 12 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself. Bharat Electronics Ltd leads with revenue of ₹28,717 crore, based on 12 of 12 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹3.9 L Cr

Bharat Electronics Ltd

Revenue growing

8/12

positive TTM year-on-year growth

Beating NIFTY 500

10/12

positive Mansfield relative strength

Comparing 5 of 12

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

MTAR Technologies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.

AXISCADES Technologies Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1MTAR Technologies LtdMTARTECH	69.2/100Favorable setup90% evidence	ASLEEP	31.8/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence	14.0/25 ROCE 15.1% · OPM 24% 100% evidence	9.4/20 P/E 156× · PEG — 50% evidence	14.0/20 RS sector 31.2% · RS bench 48.9% · 1Y 283.7%3 of 12 weeks ahead 100% evidence
Exact sum: 31.8 + 14 + 9.4 + 14 = 69.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Data Patterns (India) LtdDATAPATTNS	64.4/100Mixed-positive evidence100% evidence	FADING	25.1/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence	19.7/25 ROCE 21.9% · OPM 27% 100% evidence	4.7/20 P/E 91.5× · PEG 3.94 100% evidence	14.9/20 RS sector 8.1% · RS bench 27.5% · 1Y 54.5%8 of 12 weeks ahead 100% evidence
Exact sum: 25.1 + 19.7 + 4.7 + 14.9 = 64.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Sika Interplant Systems LtdSIKA	64.2/100Mixed-positive evidence94% evidence	FADING	21.4/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence	21.6/25 ROCE 34.6% · OPM 19.5% 100% evidence	13.1/20 P/E 64× · PEG 1.01 100% evidence	8.1/20 RS sector -11.1% · RS bench 5.3% · 1Y -13.5%8 of 11 weeks ahead 70% evidence
Exact sum: 21.4 + 21.6 + 13.1 + 8.1 = 64.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Astra Microwave Products LtdASTRAMICRO	56.1/100Mixed-positive evidence100% evidence	FADING	19.2/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence	17.3/25 ROCE 20.3% · OPM 19% 100% evidence	5.3/20 P/E 81.5× · PEG 3.3 100% evidence	14.3/20 RS sector 14.2% · RS bench 34.2% · 1Y 42.2%10 of 12 weeks ahead 100% evidence
Exact sum: 19.2 + 17.3 + 5.3 + 14.3 = 56.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5Bharat Electronics LtdBEL	51.5/100Mixed-positive evidence100% evidence	ASLEEP	16.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence	19.4/25 ROCE 36.4% · OPM 25% 100% evidence	8.9/20 P/E 46.8× · PEG 3.54 100% evidence	6.5/20 RS sector -21.5% · RS bench -3.7% · 1Y -3.8%0 of 12 weeks ahead 100% evidence
Exact sum: 16.7 + 19.4 + 8.9 + 6.5 = 51.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Ideaforge Technology LtdIDEAFORGE	49.1/100Mixed-negative evidence74% evidence	ASLEEP	27.5/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence	1.0/25 ROCE -2.8% · OPM 3.4% 100% evidence	8.5/20 P/E 923× · PEG — 15% evidence	12.1/20 RS sector 5.8% · RS bench 23.1% · 1Y 36.3%5 of 12 weeks ahead 100% evidence
Exact sum: 27.5 + 1 + 8.5 + 12.1 = 49.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Mishra Dhatu Nigam LtdMIDHANI	48.6/100Mixed-negative evidence100% evidence	TURNING	18.1/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence	11.0/25 ROCE 11.3% · OPM 15% 100% evidence	8.2/20 P/E 56.2× · PEG 5.62 100% evidence	11.3/20 RS sector -8.6% · RS bench 10.1% · 1Y -0.5%2 of 12 weeks ahead 100% evidence
Exact sum: 18.1 + 11 + 8.2 + 11.3 = 48.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8AXISCADES Technologies LtdAXISCADES	46.2/100Mixed-negative evidence100% evidence	TURNING	13.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence	9.3/25 ROCE 15.4% · OPM 4.7% 100% evidence	7.5/20 P/E 250× · PEG 1.39 100% evidence	15.5/20 RS sector 1.3% · RS bench 21.6% · 1Y 12.4%1 of 12 weeks ahead 100% evidence
Exact sum: 13.9 + 9.3 + 7.5 + 15.5 = 46.2 · Decision use: Price leads the evidence: RS versus the benchmark is 21.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9Zen Technologies LtdZENTEC	43.5/100Mixed-negative evidence69% evidence	FADING	6.7/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence	16.9/25 ROCE 16.2% · OPM 27% 76% evidence	10.2/20 P/E 83.6× · PEG — 15% evidence	9.7/20 RS sector -7.5% · RS bench 11.3% · 1Y 4.9%4 of 11 weeks ahead 70% evidence
Exact sum: 6.7 + 16.9 + 10.2 + 9.7 = 43.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Avantel LtdAVANTEL	37.0/100Mixed-negative evidence83% evidence	BASING	11.1/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence	9.8/25 ROCE 9.6% · OPM 24.8% 100% evidence	9.2/20 P/E 241× · PEG — 15% evidence	6.9/20 RS sector -17.6% · RS bench 0.5% · 1Y -15.2%2 of 12 weeks ahead 100% evidence
Exact sum: 11.1 + 9.8 + 9.2 + 6.9 = 37 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11NIBE LtdNIBE	24.5/100Adverse evidence66% evidence	ASLEEP	3.7/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence	5.3/25 ROCE 4.8% · OPM -15% 76% evidence	10.0/20 P/E — · PEG — 0% evidence	5.5/20 RS sector -30.4% · RS bench 4.4% · 1Y -4.6%6 of 12 weeks ahead 70% evidence
Exact sum: 3.7 + 5.3 + 10 + 5.5 = 24.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12DCX Systems LtdDCXINDIA	23.9/100Adverse evidence71% evidence	BASING	6.0/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence	4.4/25 ROCE 0.9% · OPM -10.4% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	3.5/20 RS sector -27.6% · RS bench -12% · 1Y -42%0 of 11 weeks ahead 70% evidence
Exact sum: 6 + 4.4 + 10 + 3.5 = 23.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Showing 10 of 12 companies

05 · what price has already done

Market action

MTAR Technologies Ltd has the strongest one-year price move in Aerospace & Defence - Equipments at +283.7%. It also leads on Mansfield relative strength against NIFTY at +48.9%. 10 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-25.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

Bharat Electronics Ltd has the highest Revenue among the 12 Aerospace & Defence - Equipments companies compared here, at ₹28,717 crore. Mishra Dhatu Nigam Ltd is next at ₹1,278 crore. Ideaforge Technology Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharat Electronics Ltd is the scale leader at ₹28,717 crore, 22.5× the revenue of Mishra Dhatu Nigam Ltd. Ideaforge Technology Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 221.1% from a ₹282 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBharat Electronics Ltd · ₹28,717 crore

Gap22.5× versus #2 · Mishra Dhatu Nigam Ltd

Persistence8/8 recent comparable periods

Coverage12/12 companies · 225 observations

Investor read: Bharat Electronics Ltd is the scale benchmark; Ideaforge Technology Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bharat Electronics Ltd's growth falls below Ideaforge Technology Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Bharat Electronics Ltd BEL₹28.7K Cr

2Mishra Dhatu Nigam Ltd MIDHANI₹1.3K Cr

3Astra Microwave Products Ltd ASTRAMICRO₹1.1K Cr

4MTAR Technologies Ltd MTARTECH₹1.1K Cr

5Data Patterns (India) Ltd DATAPATTNS₹941 Cr

Revenue growthfastest growers

1Ideaforge Technology Ltd IDEAFORGE100%

2MTAR Technologies Ltd MTARTECH54%

3Data Patterns (India) Ltd DATAPATTNS34%

4Bharat Electronics Ltd BEL20%

5Mishra Dhatu Nigam Ltd MIDHANI18%

Revenue · company comparison

12/12 level · 12/12 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Bharat Electronics Ltd BEL	₹5.5K Cr	25%	Jun 2026
MTAR Technologies Ltd MTARTECH	₹361 Cr	130%	Jun 2026
Mishra Dhatu Nigam Ltd MIDHANI	₹239 Cr	41%	Jun 2026
AXISCADES Technologies Ltd AXISCADES	₹183 Cr	95%	Jun 2026
Astra Microwave Products Ltd ASTRAMICRO	₹177 Cr	-12%	Jun 2026
Zen Technologies Ltd ZENTEC	₹142 Cr	-10%	Jun 2026
Data Patterns (India) Ltd DATAPATTNS	₹116 Cr	17%	Jun 2026
DCX Systems Ltd DCXINDIA⚠ unverified	₹103 Cr	-54%	Jun 2026
Avantel Ltd AVANTEL	₹70 Cr	36%	Jun 2026
Ideaforge Technology Ltd IDEAFORGE	₹69 Cr	437%	Jun 2026
NIBE Ltd NIBE	₹63 Cr	-23%	Jun 2026
Sika Interplant Systems Ltd SIKA	₹43 Cr	-37%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021₹182 Cr

Dec 2021₹203 Cr

Mar 2022₹237 Cr

Jun 2022₹162 Cr

Sep 2022₹175 Cr

Dec 2022₹220 Cr

Mar 2023₹258 Cr

Jun 2023₹134 Cr

Sep 2023₹190 Cr

Dec 2023₹231 Cr

Mar 2024₹354 Cr

Jun 2024₹155 Cr

Sep 2024₹230 Cr

Dec 2024₹259 Cr

Mar 2025₹408 Cr

Jun 2025₹200 Cr

Sep 2025₹215 Cr

Dec 2025₹260 Cr

Mar 2026₹488 Cr

Jun 2026₹177 Cr

Avantel Ltd · AVANTEL

Sep 2021₹15 Cr

Dec 2021₹29 Cr

Mar 2022₹47 Cr

Jun 2022₹27 Cr

Sep 2022₹36 Cr

Dec 2022₹39 Cr

Mar 2023₹53 Cr

Jun 2023₹69 Cr

Sep 2023₹54 Cr

Dec 2023₹59 Cr

Mar 2024₹42 Cr

Jun 2024₹52 Cr

Sep 2024₹77 Cr

Dec 2024₹71 Cr

Mar 2025₹49 Cr

Jun 2025₹52 Cr

Sep 2025₹55 Cr

Dec 2025₹52 Cr

Mar 2026₹64 Cr

Jun 2026₹70 Cr

AXISCADES Technologies Ltd · AXISCADES

Sep 2021₹136 Cr

Dec 2021₹170 Cr

Mar 2022₹191 Cr

Jun 2022₹183 Cr

Sep 2022₹194 Cr

Dec 2022₹216 Cr

Mar 2023₹226 Cr

Jun 2023₹215 Cr

Sep 2023₹252 Cr

Dec 2023₹232 Cr

Mar 2024₹256 Cr

Jun 2024₹224 Cr

Sep 2024₹265 Cr

Dec 2024₹275 Cr

Mar 2025₹268 Cr

Jun 2025₹94 Cr

Sep 2025₹299 Cr

Dec 2025₹343 Cr

Mar 2026₹109 Cr

Jun 2026₹183 Cr

Bharat Electronics Ltd · BEL

Sep 2021₹3.7K Cr

Dec 2021₹3.7K Cr

Mar 2022₹6.3K Cr

Jun 2022₹3.1K Cr

Sep 2022₹4.0K Cr

Dec 2022₹4.2K Cr

Mar 2023₹6.5K Cr

Jun 2023₹3.5K Cr

Sep 2023₹4.0K Cr

Dec 2023₹4.2K Cr

Mar 2024₹8.6K Cr

Jun 2024₹4.2K Cr

Sep 2024₹4.6K Cr

Dec 2024₹5.8K Cr

Mar 2025₹9.2K Cr

Jun 2025₹4.4K Cr

Sep 2025₹5.8K Cr

Dec 2025₹7.2K Cr

Mar 2026₹10.2K Cr

Jun 2026₹5.5K Cr

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021₹59 Cr

Dec 2021₹44 Cr

Mar 2022₹171 Cr

Jun 2022₹68 Cr

Sep 2022₹88 Cr

Dec 2022₹112 Cr

Mar 2023₹185 Cr

Jun 2023₹90 Cr

Sep 2023₹108 Cr

Dec 2023₹140 Cr

Mar 2024₹182 Cr

Jun 2024₹104 Cr

Sep 2024₹91 Cr

Dec 2024₹117 Cr

Mar 2025₹396 Cr

Jun 2025₹99 Cr

Sep 2025₹307 Cr

Dec 2025₹173 Cr

Mar 2026₹345 Cr

Jun 2026₹116 Cr

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹356 Cr

Mar 2023₹511 Cr

Jun 2023₹170 Cr

Sep 2023₹309 Cr

Dec 2023₹198 Cr

Mar 2024₹746 Cr

Jun 2024₹138 Cr

Sep 2024₹196 Cr

Dec 2024₹200 Cr

Mar 2025₹550 Cr

Jun 2025₹222 Cr

Sep 2025₹193 Cr

Dec 2025₹121 Cr

Mar 2026₹207 Cr

Jun 2026₹103 Cr

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021₹5 Cr

Dec 2021₹75 Cr

Mar 2022₹75 Cr

Jun 2022₹99 Cr

Sep 2022₹40 Cr

Dec 2022₹8 Cr

Mar 2023₹39 Cr

Jun 2023₹97 Cr

Sep 2023₹24 Cr

Dec 2023₹91 Cr

Mar 2024₹102 Cr

Jun 2024₹86 Cr

Sep 2024₹37 Cr

Dec 2024₹18 Cr

Mar 2025₹20 Cr

Jun 2025₹13 Cr

Sep 2025₹41 Cr

Dec 2025₹32 Cr

Mar 2026₹141 Cr

Jun 2026₹69 Cr

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021₹188 Cr

Dec 2021₹234 Cr

Mar 2022₹323 Cr

Jun 2022₹115 Cr

Sep 2022₹181 Cr

Dec 2022₹231 Cr

Mar 2023₹345 Cr

Jun 2023₹188 Cr

Sep 2023₹227 Cr

Dec 2023₹252 Cr

Mar 2024₹406 Cr

Jun 2024₹163 Cr

Sep 2024₹262 Cr

Dec 2024₹238 Cr

Mar 2025₹411 Cr

Jun 2025₹170 Cr

Sep 2025₹210 Cr

Dec 2025₹276 Cr

Mar 2026₹553 Cr

Jun 2026₹239 Cr

MTAR Technologies Ltd · MTARTECH

Sep 2021₹91 Cr

Dec 2021₹78 Cr

Mar 2022₹99 Cr

Jun 2022₹91 Cr

Sep 2022₹126 Cr

Dec 2022₹160 Cr

Mar 2023₹196 Cr

Jun 2023₹153 Cr

Sep 2023₹167 Cr

Dec 2023₹118 Cr

Mar 2024₹143 Cr

Jun 2024₹128 Cr

Sep 2024₹190 Cr

Dec 2024₹174 Cr

Mar 2025₹183 Cr

Jun 2025₹157 Cr

Sep 2025₹136 Cr

Dec 2025₹278 Cr

Mar 2026₹306 Cr

Jun 2026₹361 Cr

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹15 Cr

Mar 2023₹63 Cr

Jun 2023₹26 Cr

Sep 2023₹41 Cr

Dec 2023₹63 Cr

Mar 2024₹152 Cr

Jun 2024₹110 Cr

Sep 2024₹136 Cr

Dec 2024₹149 Cr

Mar 2025₹113 Cr

Jun 2025₹82 Cr

Sep 2025₹73 Cr

Dec 2025₹59 Cr

Mar 2026₹260 Cr

Jun 2026₹63 Cr

Sika Interplant Systems Ltd · SIKA

Sep 2021₹36 Cr

Dec 2021₹16 Cr

Mar 2022₹20 Cr

Jun 2022₹13 Cr

Sep 2022₹13 Cr

Dec 2022₹15 Cr

Mar 2023₹19 Cr

Jun 2023₹25 Cr

Sep 2023₹18 Cr

Dec 2023₹26 Cr

Mar 2024₹37 Cr

Jun 2024₹30 Cr

Sep 2024₹33 Cr

Dec 2024₹38 Cr

Mar 2025₹46 Cr

Jun 2025₹68 Cr

Sep 2025₹52 Cr

Dec 2025₹50 Cr

Mar 2026₹41 Cr

Jun 2026₹43 Cr

Zen Technologies Ltd · ZENTEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹52 Cr

Mar 2023₹96 Cr

Jun 2023₹132 Cr

Sep 2023₹66 Cr

Dec 2023₹100 Cr

Mar 2024₹141 Cr

Jun 2024₹255 Cr

Sep 2024₹242 Cr

Dec 2024₹152 Cr

Mar 2025₹325 Cr

Jun 2025₹158 Cr

Sep 2025₹174 Cr

Dec 2025₹178 Cr

Mar 2026₹178 Cr

Jun 2026₹142 Cr

Revenue growth · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202225%

Sep 2022-3.9%

Dec 20228.4%

Mar 20238.9%

Jun 2023-17%

Sep 20238.6%

Dec 20235.0%

Mar 202437%

Jun 202416%

Sep 202421%

Dec 202412%

Mar 202515%

Jun 202529%

Sep 2025-6.5%

Dec 20250.4%

Mar 202620%

Jun 2026-12%

Avantel Ltd · AVANTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022140%

Dec 202233%

Mar 202312%

Jun 2023155%

Sep 202351%

Dec 202353%

Mar 2024-21%

Jun 2024-25%

Sep 202443%

Dec 202419%

Mar 202518%

Jun 20250.3%

Sep 2025-28%

Dec 2025-27%

Mar 202630%

Jun 202636%

AXISCADES Technologies Ltd · AXISCADES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202263%

Sep 202243%

Dec 202227%

Mar 202318%

Jun 202317%

Sep 202330%

Dec 20237.4%

Mar 202413%

Jun 20244.2%

Sep 20245.2%

Dec 202419%

Mar 20254.7%

Jun 2025-58%

Sep 202513%

Dec 202525%

Mar 2026-59%

Jun 202695%

Bharat Electronics Ltd · BEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202290%

Sep 20227.7%

Dec 202212%

Mar 20232.2%

Jun 202312%

Sep 20231.2%

Dec 20230.2%

Mar 202432%

Jun 202420%

Sep 202415%

Dec 202439%

Mar 20256.8%

Jun 20254.6%

Sep 202526%

Dec 202524%

Mar 202612%

Jun 202625%

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202284%

Sep 202249%

Dec 2022155%

Mar 20238.2%

Jun 202332%

Sep 202323%

Dec 202325%

Mar 2024-1.6%

Jun 202416%

Sep 2024-16%

Dec 2024-16%

Mar 2025118%

Jun 2025-4.8%

Sep 2025237%

Dec 202548%

Mar 2026-13%

Jun 202617%

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-44%

Mar 202446%

Jun 2024-19%

Sep 2024-37%

Dec 20240.9%

Mar 2025-26%

Jun 202561%

Sep 2025-1.4%

Dec 2025-39%

Mar 2026-62%

Jun 2026-54%

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221,880%

Sep 2022700%

Dec 2022-89%

Mar 2023-48%

Jun 2023-2.0%

Sep 2023-41%

Dec 20231,036%

Mar 2024162%

Jun 2024-11%

Sep 202456%

Dec 2024-81%

Mar 2025-80%

Jun 2025-85%

Sep 20259.9%

Dec 202579%

Mar 2026594%

Jun 2026437%

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.9%

Sep 2022-3.7%

Dec 2022-1.3%

Mar 20236.8%

Jun 202363%

Sep 202325%

Dec 20239.1%

Mar 202418%

Jun 2024-13%

Sep 202415%

Dec 2024-5.6%

Mar 20251.2%

Jun 20254.3%

Sep 2025-20%

Dec 202516%

Mar 202635%

Jun 202641%

MTAR Technologies Ltd · MTARTECH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202269%

Sep 202238%

Dec 2022105%

Mar 202398%

Jun 202368%

Sep 202333%

Dec 2023-26%

Mar 2024-27%

Jun 2024-16%

Sep 202414%

Dec 202447%

Mar 202528%

Jun 202523%

Sep 2025-28%

Dec 202560%

Mar 202667%

Jun 2026130%

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023320%

Mar 2024141%

Jun 2024323%

Sep 2024232%

Dec 2024137%

Mar 2025-26%

Jun 2025-25%

Sep 2025-46%

Dec 2025-60%

Mar 2026130%

Jun 2026-23%

Sika Interplant Systems Ltd · SIKA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-50%

Sep 2022-64%

Dec 2022-8.4%

Mar 2023-5.8%

Jun 202389%

Sep 202340%

Dec 202377%

Mar 202497%

Jun 202424%

Sep 202482%

Dec 202446%

Mar 202524%

Jun 2025124%

Sep 202555%

Dec 202532%

Mar 2026-10%

Jun 2026-37%

Zen Technologies Ltd · ZENTEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202392%

Mar 202447%

Jun 202493%

Sep 2024267%

Dec 202452%

Mar 2025131%

Jun 2025-38%

Sep 2025-28%

Dec 202517%

Mar 2026-45%

Jun 2026-10%

07 · compare level, then change

Operating Economics & Margin Trend

Data Patterns (India) Ltd has the highest OPM among the 12 Aerospace & Defence - Equipments companies compared here, at 27%. Ideaforge Technology Ltd has the highest Margin change at +152.7 percentage points, so level and change sit with different companies. 12 of 12 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Data Patterns (India) Ltd leads opm at 27%; Ideaforge Technology Ltd leads margin change at +152.7 percentage points.

LeaderData Patterns (India) Ltd · 27%

Gap0% versus #2 · Zen Technologies Ltd

Persistence3/8 recent comparable periods

Coverage12/12 companies · 240 observations

Investor read: Data Patterns (India) Ltd 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.

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

OPMhighest

1Data Patterns (India) Ltd DATAPATTNS27%

2Zen Technologies Ltd ZENTEC27%

3Bharat Electronics Ltd BEL25%

4Avantel Ltd AVANTEL25%

5MTAR Technologies Ltd MTARTECH24%

Margin changefastest expanders

1Ideaforge Technology Ltd IDEAFORGE+152.7 pp

2MTAR Technologies Ltd MTARTECH+6.0 pp

3Avantel Ltd AVANTEL+4.6 pp

4Sika Interplant Systems Ltd SIKA+1.1 pp

5Astra Microwave Products Ltd ASTRAMICRO−1.0 pp

Operating margin · company comparison

12/12 level · 12/12 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Data Patterns (India) Ltd DATAPATTNS	27%	−5.0 pp	Jun 2026
Zen Technologies Ltd ZENTEC	27%	−14.0 pp	Jun 2026
Bharat Electronics Ltd BEL	25%	−3.0 pp	Jun 2026
Avantel Ltd AVANTEL	25%	+4.6 pp	Jun 2026
MTAR Technologies Ltd MTARTECH	24%	+6.0 pp	Jun 2026
Sika Interplant Systems Ltd SIKA	19%	+1.1 pp	Jun 2026
Astra Microwave Products Ltd ASTRAMICRO	19%	−1.0 pp	Jun 2026
Mishra Dhatu Nigam Ltd MIDHANI	15%	−5.0 pp	Jun 2026
AXISCADES Technologies Ltd AXISCADES	4.7%	−2.3 pp	Jun 2026
Ideaforge Technology Ltd IDEAFORGE	3.4%	+152.7 pp	Jun 2026
DCX Systems Ltd DCXINDIA⚠ unverified	-10%	−10.9 pp	Jun 2026
NIBE Ltd NIBE	-15%	−24.0 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 20216.5%

Dec 202113%

Mar 202210%

Jun 202214%

Sep 202222%

Dec 202223%

Mar 202313%

Jun 20232.2%

Sep 202322%

Dec 202329%

Mar 202423%

Jun 202415%

Sep 202421%

Dec 202429%

Mar 202529%

Jun 202520%

Sep 202522%

Dec 202532%

Mar 202633%

Jun 202619%

Avantel Ltd · AVANTEL

Sep 202133%

Dec 202127%

Mar 202219%

Jun 202227%

Sep 202228%

Dec 202229%

Mar 202335%

Jun 202321%

Sep 202346%

Dec 202341%

Mar 202443%

Jun 202427%

Sep 202445%

Dec 202445%

Mar 202524%

Jun 202520%

Sep 202520%

Dec 202524%

Mar 202621%

Jun 202625%

AXISCADES Technologies Ltd · AXISCADES

Sep 20218.5%

Dec 202112%

Mar 202215%

Jun 202213%

Sep 202220%

Dec 202215%

Mar 202321%

Jun 202316%

Sep 202315%

Dec 202313%

Mar 202413%

Jun 202414%

Sep 202413%

Dec 202415%

Mar 202514%

Jun 20257.0%

Sep 202516%

Dec 202518%

Mar 20260.3%

Jun 20264.7%

Bharat Electronics Ltd · BEL

Sep 202123%

Dec 202122%

Mar 202225%

Jun 202217%

Sep 202222%

Dec 202221%

Mar 202328%

Jun 202319%

Sep 202325%

Dec 202326%

Mar 202427%

Jun 202422%

Sep 202430%

Dec 202429%

Mar 202531%

Jun 202528%

Sep 202529%

Dec 202530%

Mar 202629%

Jun 202625%

Data Patterns (India) Ltd · DATAPATTNS

Sep 202135%

Dec 202136%

Mar 202251%

Jun 202231%

Sep 202234%

Dec 202242%

Mar 202340%

Jun 202331%

Sep 202338%

Dec 202343%

Mar 202451%

Jun 202436%

Sep 202438%

Dec 202446%

Mar 202538%

Jun 202532%

Sep 202522%

Dec 202547%

Mar 202656%

Jun 202627%

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 20212.3%

Dec 20214.8%

Mar 20229.8%

Jun 20222.3%

Sep 20225.7%

Dec 20226.5%

Mar 20239.0%

Jun 20234.5%

Sep 20236.0%

Dec 20237.4%

Mar 20245.1%

Jun 2024-3.5%

Sep 2024-1.9%

Dec 20241.5%

Mar 20251.9%

Jun 20250.5%

Sep 2025-6.6%

Dec 2025-4.2%

Mar 2026-0.2%

Jun 2026-10%

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021-184%

Dec 202156%

Mar 202256%

Jun 202255%

Sep 202217%

Dec 2022-207%

Mar 20233.1%

Jun 202329%

Sep 2023-33%

Dec 202322%

Mar 202415%

Jun 20242.9%

Sep 2024-43%

Dec 2024-99%

Mar 2025-108%

Jun 2025-149%

Sep 2025-28%

Dec 2025-84%

Mar 202644%

Jun 20263.4%

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 202128%

Dec 202127%

Mar 202238%

Jun 202229%

Sep 202232%

Dec 202228%

Mar 202329%

Jun 202322%

Sep 202316%

Dec 202314%

Mar 202420%

Jun 202414%

Sep 202419%

Dec 202422%

Mar 202523%

Jun 202520%

Sep 202516%

Dec 202520%

Mar 202621%

Jun 202615%

MTAR Technologies Ltd · MTARTECH

Sep 202132%

Dec 202129%

Mar 202228%

Jun 202227%

Sep 202228%

Dec 202228%

Mar 202325%

Jun 202323%

Sep 202322%

Dec 202320%

Mar 202413%

Jun 202413%

Sep 202419%

Dec 202419%

Mar 202519%

Jun 202518%

Sep 202513%

Dec 202523%

Mar 202620%

Jun 202624%

NIBE Ltd · NIBE

Sep 2021-34%

Dec 2021-25%

Mar 202239%

Jun 202214%

Sep 202222%

Dec 202218%

Mar 20238.0%

Jun 202312%

Sep 202314%

Dec 202311%

Mar 202413%

Jun 202414%

Sep 202413%

Dec 20244.8%

Mar 202517%

Jun 20259.0%

Sep 2025-6.0%

Dec 2025-16%

Mar 202620%

Jun 2026-15%

Sika Interplant Systems Ltd · SIKA

Sep 202120%

Dec 202115%

Mar 202227%

Jun 202218%

Sep 202219%

Dec 202218%

Mar 202314%

Jun 202316%

Sep 202321%

Dec 202321%

Mar 202418%

Jun 202420%

Sep 202421%

Dec 202421%

Mar 202517%

Jun 202518%

Sep 202521%

Dec 202523%

Mar 202625%

Jun 202619%

Zen Technologies Ltd · ZENTEC

Sep 2021-1.0%

Dec 20215.7%

Mar 202217%

Jun 202229%

Sep 202230%

Dec 202232%

Mar 202337%

Jun 202352%

Sep 202329%

Dec 202343%

Mar 202436%

Jun 202444%

Sep 202433%

Dec 202429%

Mar 202542%

Jun 202541%

Sep 202537%

Dec 202537%

Mar 202628%

Jun 202627%

Margin change · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021+5.7 pp

Dec 2021+0.5 pp

Mar 2022−9.4 pp

Jun 2022−5.6 pp

Sep 2022+15.7 pp

Dec 2022+10.2 pp

Mar 2023+2.8 pp

Jun 2023−11.5 pp

Sep 2023−0.2 pp

Dec 2023+6.0 pp

Mar 2024+10.0 pp

Jun 2024+12.8 pp

Sep 2024−1.0 pp

Dec 20240.0 pp

Mar 2025+6.0 pp

Jun 2025+5.0 pp

Sep 2025+1.0 pp

Dec 2025+3.0 pp

Mar 2026+4.0 pp

Jun 2026−1.0 pp

Avantel Ltd · AVANTEL

Sep 2021−7.1 pp

Dec 2021−1.3 pp

Mar 2022−6.3 pp

Jun 2022−6.7 pp

Sep 2022−5.1 pp

Dec 2022+1.8 pp

Mar 2023+15.2 pp

Jun 2023−6.6 pp

Sep 2023+18.2 pp

Dec 2023+12.2 pp

Mar 2024+9.0 pp

Jun 2024+6.7 pp

Sep 2024−1.1 pp

Dec 2024+4.2 pp

Mar 2025−19.9 pp

Jun 2025−7.2 pp

Sep 2025−24.4 pp

Dec 2025−21.1 pp

Mar 2026−2.3 pp

Jun 2026+4.6 pp

AXISCADES Technologies Ltd · AXISCADES

Sep 2021−3.9 pp

Dec 2021−2.5 pp

Mar 2022+1.4 pp

Jun 2022+3.6 pp

Sep 2022+11.7 pp

Dec 2022+3.4 pp

Mar 2023+5.9 pp

Jun 2023+3.2 pp

Sep 2023−5.2 pp

Dec 2023−2.0 pp

Mar 2024−7.7 pp

Jun 2024−2.0 pp

Sep 2024−2.0 pp

Dec 2024+2.0 pp

Mar 2025+1.0 pp

Jun 2025−7.0 pp

Sep 2025+3.0 pp

Dec 2025+3.0 pp

Mar 2026−13.7 pp

Jun 2026−2.3 pp

Bharat Electronics Ltd · BEL

Sep 2021+3.9 pp

Dec 2021+2.7 pp

Mar 2022−3.8 pp

Jun 2022+12.4 pp

Sep 2022−1.6 pp

Dec 2022−1.4 pp

Mar 2023+3.1 pp

Jun 2023+2.4 pp

Sep 2023+3.1 pp

Dec 2023+5.0 pp

Mar 2024−1.0 pp

Jun 2024+3.0 pp

Sep 2024+5.0 pp

Dec 2024+3.0 pp

Mar 2025+4.0 pp

Jun 2025+6.0 pp

Sep 2025−1.0 pp

Dec 2025+1.0 pp

Mar 2026−2.0 pp

Jun 2026−3.0 pp

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 2021+33.5 pp

Mar 2022−5.2 pp

Jun 2022−15.3 pp

Sep 2022−0.5 pp

Dec 2022+6.4 pp

Mar 2023−11.3 pp

Jun 2023−0.1 pp

Sep 2023+3.8 pp

Dec 2023+1.0 pp

Mar 2024+11.0 pp

Jun 2024+5.0 pp

Sep 20240.0 pp

Dec 2024+3.0 pp

Mar 2025−13.0 pp

Jun 2025−4.0 pp

Sep 2025−16.0 pp

Dec 2025+1.0 pp

Mar 2026+18.0 pp

Jun 2026−5.0 pp

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.4 pp

Dec 2022+1.6 pp

Mar 2023−0.8 pp

Jun 2023+2.2 pp

Sep 2023+0.3 pp

Dec 2023+0.9 pp

Mar 2024−3.9 pp

Jun 2024−8.0 pp

Sep 2024−7.9 pp

Dec 2024−5.9 pp

Mar 2025−3.2 pp

Jun 2025+4.0 pp

Sep 2025−4.7 pp

Dec 2025−5.7 pp

Mar 2026−2.0 pp

Jun 2026−10.9 pp

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+239.3 pp

Sep 2022+201.2 pp

Dec 2022−262.7 pp

Mar 2023−52.6 pp

Jun 2023−26.1 pp

Sep 2023−50.5 pp

Dec 2023+228.5 pp

Mar 2024+11.5 pp

Jun 2024−26.5 pp

Sep 2024−9.6 pp

Dec 2024−120.7 pp

Mar 2025−122.1 pp

Jun 2025−152.2 pp

Sep 2025+15.0 pp

Dec 2025+15.1 pp

Mar 2026+151.3 pp

Jun 2026+152.7 pp

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021−2.8 pp

Dec 2021−18.6 pp

Mar 2022+7.9 pp

Jun 2022+6.4 pp

Sep 2022+4.8 pp

Dec 2022+1.1 pp

Mar 2023−8.7 pp

Jun 2023−6.7 pp

Sep 2023−16.4 pp

Dec 2023−14.0 pp

Mar 2024−9.0 pp

Jun 2024−8.0 pp

Sep 2024+3.0 pp

Dec 2024+8.0 pp

Mar 2025+3.0 pp

Jun 2025+6.0 pp

Sep 2025−3.0 pp

Dec 2025−2.0 pp

Mar 2026−2.0 pp

Jun 2026−5.0 pp

MTAR Technologies Ltd · MTARTECH

Sep 2021−0.6 pp

Dec 2021−2.5 pp

Mar 2022−15.4 pp

Jun 2022+0.6 pp

Sep 2022−4.6 pp

Dec 2022−1.2 pp

Mar 2023−3.1 pp

Jun 2023−4.4 pp

Sep 2023−5.7 pp

Dec 2023−8.0 pp

Mar 2024−12.0 pp

Jun 2024−10.0 pp

Sep 2024−3.0 pp

Dec 2024−1.0 pp

Mar 2025+6.0 pp

Jun 2025+5.0 pp

Sep 2025−6.0 pp

Dec 2025+4.0 pp

Mar 2026+1.0 pp

Jun 2026+6.0 pp

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022+24.9 pp

Jun 2022+5.9 pp

Sep 2022+55.5 pp

Dec 2022+42.8 pp

Mar 2023−30.8 pp

Jun 2023−1.9 pp

Sep 2023−7.7 pp

Dec 2023−7.0 pp

Mar 2024+5.0 pp

Jun 2024+2.0 pp

Sep 2024−1.0 pp

Dec 2024−6.2 pp

Mar 2025+4.0 pp

Jun 2025−5.0 pp

Sep 2025−19.0 pp

Dec 2025−20.8 pp

Mar 2026+3.0 pp

Jun 2026−24.0 pp

Sika Interplant Systems Ltd · SIKA

Sep 2021+0.8 pp

Dec 2021−1.2 pp

Mar 2022+6.6 pp

Jun 2022−0.7 pp

Sep 2022−1.5 pp

Dec 2022+3.4 pp

Mar 2023−12.7 pp

Jun 2023−1.6 pp

Sep 2023+2.4 pp

Dec 2023+2.3 pp

Mar 2024+3.9 pp

Jun 2024+3.7 pp

Sep 2024−0.4 pp

Dec 2024−0.1 pp

Mar 2025−0.4 pp

Jun 2025−1.8 pp

Sep 2025−0.1 pp

Dec 2025+2.4 pp

Mar 2026+7.9 pp

Jun 2026+1.1 pp

Zen Technologies Ltd · ZENTEC

Sep 2021−22.3 pp

Dec 2021−14.6 pp

Mar 2022+3.1 pp

Jun 2022+39.3 pp

Sep 2022+30.7 pp

Dec 2022+26.3 pp

Mar 2023+19.7 pp

Jun 2023+22.9 pp

Sep 2023−0.7 pp

Dec 2023+11.0 pp

Mar 2024−1.0 pp

Jun 2024−8.0 pp

Sep 2024+4.0 pp

Dec 2024−14.0 pp

Mar 2025+6.0 pp

Jun 2025−3.0 pp

Sep 2025+4.0 pp

Dec 2025+8.0 pp

Mar 2026−14.0 pp

Jun 2026−14.0 pp

08 · compare level, then change

Profit Scale & Acceleration

Bharat Electronics Ltd has the highest Net profit among the 12 Aerospace & Defence - Equipments companies compared here, at ₹6,148 crore. Data Patterns (India) Ltd is next at ₹267 crore. MTAR Technologies Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharat Electronics Ltd leads with ₹6,148 crore of TTM profit, 23× the profit of Data Patterns (India) Ltd. MTAR Technologies Ltd shows ≥100% on the scoring scale (121.7% uncapped) growth from a ₹133 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderBharat Electronics Ltd · ₹6,148 crore

Gap23× versus #2 · Data Patterns (India) Ltd

Persistence8/8 recent comparable periods

Coverage12/12 companies · 225 observations

Investor read: Bharat Electronics Ltd 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.

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 profitlargest

1Bharat Electronics Ltd BEL₹6.1K Cr

2Data Patterns (India) Ltd DATAPATTNS₹267 Cr

3Zen Technologies Ltd ZENTEC₹197 Cr

4Astra Microwave Products Ltd ASTRAMICRO₹189 Cr

5Mishra Dhatu Nigam Ltd MIDHANI₹135 Cr

Profit growthfastest growers

1MTAR Technologies Ltd MTARTECH100%

2Data Patterns (India) Ltd DATAPATTNS24%

3Astra Microwave Products Ltd ASTRAMICRO17%

4Mishra Dhatu Nigam Ltd MIDHANI13%

5Bharat Electronics Ltd BEL12%

Net profit · company comparison

12/12 level · 11/12 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Bharat Electronics Ltd BEL	₹1.1K Cr	8.9%	Jun 2026
MTAR Technologies Ltd MTARTECH	₹50 Cr	355%	Jun 2026
Zen Technologies Ltd ZENTEC	₹32 Cr	-40%	Jun 2026
Data Patterns (India) Ltd DATAPATTNS	₹22 Cr	-15%	Jun 2026
Mishra Dhatu Nigam Ltd MIDHANI	₹16 Cr	23%	Jun 2026
Astra Microwave Products Ltd ASTRAMICRO	₹12 Cr	-25%	Jun 2026
Sika Interplant Systems Ltd SIKA	₹8 Cr	-19%	Jun 2026
Avantel Ltd AVANTEL	₹5 Cr	67%	Jun 2026
Ideaforge Technology Ltd IDEAFORGE	₹-3 Cr	-2,114%	Jun 2026
DCX Systems Ltd DCXINDIA⚠ unverified	₹-9 Cr	-313%	Jun 2026
NIBE Ltd NIBE	₹-12 Cr	-1,300%	Jun 2026
AXISCADES Technologies Ltd AXISCADES	₹-15 Cr	-171%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021₹3 Cr

Dec 2021₹11 Cr

Mar 2022₹11 Cr

Jun 2022₹8 Cr

Sep 2022₹21 Cr

Dec 2022₹28 Cr

Mar 2023₹14 Cr

Jun 2023₹-7 Cr

Sep 2023₹30 Cr

Dec 2023₹43 Cr

Mar 2024₹54 Cr

Jun 2024₹7 Cr

Sep 2024₹25 Cr

Dec 2024₹47 Cr

Mar 2025₹73 Cr

Jun 2025₹16 Cr

Sep 2025₹24 Cr

Dec 2025₹47 Cr

Mar 2026₹106 Cr

Jun 2026₹12 Cr

Avantel Ltd · AVANTEL

Sep 2021₹3 Cr

Dec 2021₹5 Cr

Mar 2022₹6 Cr

Jun 2022₹4 Cr

Sep 2022₹6 Cr

Dec 2022₹7 Cr

Mar 2023₹10 Cr

Jun 2023₹8 Cr

Sep 2023₹16 Cr

Dec 2023₹16 Cr

Mar 2024₹12 Cr

Jun 2024₹7 Cr

Sep 2024₹23 Cr

Dec 2024₹20 Cr

Mar 2025₹6 Cr

Jun 2025₹3 Cr

Sep 2025₹4 Cr

Dec 2025₹3 Cr

Mar 2026₹5 Cr

Jun 2026₹5 Cr

AXISCADES Technologies Ltd · AXISCADES

Sep 2021₹3 Cr

Dec 2021₹8 Cr

Mar 2022₹11 Cr

Jun 2022₹-32 Cr

Sep 2022₹21 Cr

Dec 2022₹-10 Cr

Mar 2023₹16 Cr

Jun 2023₹6 Cr

Sep 2023₹11 Cr

Dec 2023₹8 Cr

Mar 2024₹9 Cr

Jun 2024₹17 Cr

Sep 2024₹12 Cr

Dec 2024₹15 Cr

Mar 2025₹32 Cr

Jun 2025₹21 Cr

Sep 2025₹23 Cr

Dec 2025₹28 Cr

Mar 2026₹0 Cr

Jun 2026₹-15 Cr

Bharat Electronics Ltd · BEL

Sep 2021₹624 Cr

Dec 2021₹596 Cr

Mar 2022₹1.2K Cr

Jun 2022₹366 Cr

Sep 2022₹624 Cr

Dec 2022₹614 Cr

Mar 2023₹1.4K Cr

Jun 2023₹539 Cr

Sep 2023₹790 Cr

Dec 2023₹860 Cr

Mar 2024₹1.8K Cr

Jun 2024₹791 Cr

Sep 2024₹1.1K Cr

Dec 2024₹1.3K Cr

Mar 2025₹2.1K Cr

Jun 2025₹969 Cr

Sep 2025₹1.3K Cr

Dec 2025₹1.6K Cr

Mar 2026₹2.2K Cr

Jun 2026₹1.1K Cr

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021₹13 Cr

Dec 2021₹9 Cr

Mar 2022₹62 Cr

Jun 2022₹14 Cr

Sep 2022₹21 Cr

Dec 2022₹33 Cr

Mar 2023₹55 Cr

Jun 2023₹26 Cr

Sep 2023₹34 Cr

Dec 2023₹51 Cr

Mar 2024₹71 Cr

Jun 2024₹33 Cr

Sep 2024₹30 Cr

Dec 2024₹45 Cr

Mar 2025₹114 Cr

Jun 2025₹26 Cr

Sep 2025₹49 Cr

Dec 2025₹58 Cr

Mar 2026₹138 Cr

Jun 2026₹22 Cr

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹17 Cr

Mar 2023₹41 Cr

Jun 2023₹10 Cr

Sep 2023₹20 Cr

Dec 2023₹13 Cr

Mar 2024₹33 Cr

Jun 2024₹3 Cr

Sep 2024₹5 Cr

Dec 2024₹10 Cr

Mar 2025₹21 Cr

Jun 2025₹4 Cr

Sep 2025₹-9 Cr

Dec 2025₹-2 Cr

Mar 2026₹-0 Cr

Jun 2026₹-9 Cr

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021₹-10 Cr

Dec 2021₹32 Cr

Mar 2022₹32 Cr

Jun 2022₹41 Cr

Sep 2022₹4 Cr

Dec 2022₹-8 Cr

Mar 2023₹-5 Cr

Jun 2023₹19 Cr

Sep 2023₹1 Cr

Dec 2023₹15 Cr

Mar 2024₹10 Cr

Jun 2024₹1 Cr

Sep 2024₹-14 Cr

Dec 2024₹-24 Cr

Mar 2025₹-26 Cr

Jun 2025₹-24 Cr

Sep 2025₹-20 Cr

Dec 2025₹-34 Cr

Mar 2026₹60 Cr

Jun 2026₹-3 Cr

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021₹34 Cr

Dec 2021₹43 Cr

Mar 2022₹81 Cr

Jun 2022₹18 Cr

Sep 2022₹34 Cr

Dec 2022₹39 Cr

Mar 2023₹66 Cr

Jun 2023₹19 Cr

Sep 2023₹14 Cr

Dec 2023₹13 Cr

Mar 2024₹46 Cr

Jun 2024₹5 Cr

Sep 2024₹24 Cr

Dec 2024₹26 Cr

Mar 2025₹56 Cr

Jun 2025₹13 Cr

Sep 2025₹13 Cr

Dec 2025₹28 Cr

Mar 2026₹78 Cr

Jun 2026₹16 Cr

MTAR Technologies Ltd · MTARTECH

Sep 2021₹19 Cr

Dec 2021₹13 Cr

Mar 2022₹20 Cr

Jun 2022₹16 Cr

Sep 2022₹25 Cr

Dec 2022₹31 Cr

Mar 2023₹31 Cr

Jun 2023₹20 Cr

Sep 2023₹20 Cr

Dec 2023₹10 Cr

Mar 2024₹5 Cr

Jun 2024₹4 Cr

Sep 2024₹19 Cr

Dec 2024₹16 Cr

Mar 2025₹14 Cr

Jun 2025₹11 Cr

Sep 2025₹4 Cr

Dec 2025₹35 Cr

Mar 2026₹44 Cr

Jun 2026₹50 Cr

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹1 Cr

Mar 2023₹0 Cr

Jun 2023₹1 Cr

Sep 2023₹3 Cr

Dec 2023₹4 Cr

Mar 2024₹10 Cr

Jun 2024₹8 Cr

Sep 2024₹9 Cr

Dec 2024₹2 Cr

Mar 2025₹9 Cr

Jun 2025₹1 Cr

Sep 2025₹-10 Cr

Dec 2025₹-19 Cr

Mar 2026₹28 Cr

Jun 2026₹-12 Cr

Sika Interplant Systems Ltd · SIKA

Sep 2021₹7 Cr

Dec 2021₹2 Cr

Mar 2022₹4 Cr

Jun 2022₹2 Cr

Sep 2022₹2 Cr

Dec 2022₹2 Cr

Mar 2023₹2 Cr

Jun 2023₹4 Cr

Sep 2023₹5 Cr

Dec 2023₹5 Cr

Mar 2024₹6 Cr

Jun 2024₹5 Cr

Sep 2024₹6 Cr

Dec 2024₹7 Cr

Mar 2025₹8 Cr

Jun 2025₹10 Cr

Sep 2025₹9 Cr

Dec 2025₹9 Cr

Mar 2026₹8 Cr

Jun 2026₹8 Cr

Zen Technologies Ltd · ZENTEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹12 Cr

Mar 2023₹23 Cr

Jun 2023₹48 Cr

Sep 2023₹14 Cr

Dec 2023₹30 Cr

Mar 2024₹38 Cr

Jun 2024₹79 Cr

Sep 2024₹63 Cr

Dec 2024₹43 Cr

Mar 2025₹114 Cr

Jun 2025₹53 Cr

Sep 2025₹62 Cr

Dec 2025₹56 Cr

Mar 2026₹47 Cr

Jun 2026₹32 Cr

Profit growth · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-33%

Sep 2022600%

Dec 2022155%

Mar 202327%

Jun 2023-188%

Sep 202343%

Dec 202354%

Mar 2024286%

Jun 2024—

Sep 2024-17%

Dec 20249.3%

Mar 202535%

Jun 2025129%

Sep 2025-4.0%

Dec 20250.0%

Mar 202645%

Jun 2026-25%

Avantel Ltd · AVANTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022100%

Dec 202234%

Mar 202361%

Jun 2023100%

Sep 2023168%

Dec 2023144%

Mar 202426%

Jun 2024-7.9%

Sep 202443%

Dec 202423%

Mar 2025-50%

Jun 2025-56%

Sep 2025-81%

Dec 2025-86%

Mar 2026-22%

Jun 202667%

AXISCADES Technologies Ltd · AXISCADES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-3,300%

Sep 2022600%

Dec 2022-225%

Mar 202346%

Jun 2023—

Sep 2023-48%

Dec 2023—

Mar 2024-44%

Jun 2024183%

Sep 20249.1%

Dec 202488%

Mar 2025256%

Jun 202524%

Sep 202592%

Dec 202587%

Mar 2026-100%

Jun 2026-171%

Bharat Electronics Ltd · BEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221,425%

Sep 20220.0%

Dec 20223.0%

Mar 202320%

Jun 202347%

Sep 202327%

Dec 202340%

Mar 202430%

Jun 202447%

Sep 202438%

Dec 202453%

Mar 202518%

Jun 202523%

Sep 202518%

Dec 202520%

Mar 20264.7%

Jun 20268.9%

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202240%

Sep 202262%

Dec 2022267%

Mar 2023-11%

Jun 202386%

Sep 202362%

Dec 202355%

Mar 202429%

Jun 202427%

Sep 2024-12%

Dec 2024-12%

Mar 202561%

Jun 2025-21%

Sep 202563%

Dec 202529%

Mar 202621%

Jun 2026-15%

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-22%

Mar 2024-20%

Jun 2024-69%

Sep 2024-74%

Dec 2024-25%

Mar 2025-37%

Jun 202538%

Sep 2025-273%

Dec 2025-124%

Mar 2026-101%

Jun 2026-313%

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022-125%

Mar 2023-116%

Jun 2023-54%

Sep 2023-78%

Dec 2023—

Mar 2024—

Jun 2024-94%

Sep 2024-1,643%

Dec 2024-262%

Mar 2025-349%

Jun 2025-2,114%

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-5.3%

Sep 20220.0%

Dec 2022-9.3%

Mar 2023-19%

Jun 20235.6%

Sep 2023-59%

Dec 2023-67%

Mar 2024-30%

Jun 2024-74%

Sep 202471%

Dec 2024100%

Mar 202522%

Jun 2025160%

Sep 2025-46%

Dec 20257.7%

Mar 202639%

Jun 202623%

MTAR Technologies Ltd · MTARTECH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202278%

Sep 202232%

Dec 2022138%

Mar 202355%

Jun 202325%

Sep 2023-20%

Dec 2023-68%

Mar 2024-84%

Jun 2024-80%

Sep 2024-5.0%

Dec 202460%

Mar 2025180%

Jun 2025175%

Sep 2025-79%

Dec 2025119%

Mar 2026214%

Jun 2026355%

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023300%

Mar 2024—

Jun 2024700%

Sep 2024200%

Dec 2024-50%

Mar 2025-10%

Jun 2025-88%

Sep 2025-211%

Dec 2025-1,050%

Mar 2026211%

Jun 2026-1,300%

Sika Interplant Systems Ltd · SIKA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-50%

Sep 2022-71%

Dec 202210%

Mar 2023-49%

Jun 202379%

Sep 2023151%

Dec 2023115%

Mar 2024195%

Jun 202448%

Sep 202423%

Dec 202451%

Mar 202531%

Jun 202596%

Sep 202545%

Dec 202533%

Mar 2026-1.0%

Jun 2026-19%

Zen Technologies Ltd · ZENTEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023150%

Mar 202465%

Jun 202465%

Sep 2024350%

Dec 202443%

Mar 2025200%

Jun 2025-33%

Sep 2025-1.6%

Dec 202530%

Mar 2026-59%

Jun 2026-40%

09 · compare level, then change

Return On Capital Employed

Bharat Electronics Ltd has the highest ROCE among the 12 Aerospace & Defence - Equipments companies compared here, at 36.4%. Sika Interplant Systems Ltd is next at 34.6%. Ideaforge Technology Ltd has the highest ROCE change at +7 percentage points, so level and change sit with different companies. Its ROCE series carries 16 reported observations across the 20-quarter window.

What the numbers say: Bharat Electronics Ltd leads ROCE at 36.4%, 1.8 percentage points above Sika Interplant Systems Ltd. Ideaforge Technology Ltd has the strongest latest improvement at +7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderBharat Electronics Ltd · 36.4%

Gap5.2% versus #2 · Sika Interplant Systems Ltd

Persistence6/8 recent comparable periods

Coverage12/12 companies · 155 observations

Investor read: Bharat Electronics Ltd 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.

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.

ROCEhighest

1Bharat Electronics Ltd BEL36%

2Sika Interplant Systems Ltd SIKA35%

3Data Patterns (India) Ltd DATAPATTNS22%

4Astra Microwave Products Ltd ASTRAMICRO20%

5Zen Technologies Ltd ZENTEC16%

ROCE changefastest improvers

1Ideaforge Technology Ltd IDEAFORGE+7.0 pp

2Sika Interplant Systems Ltd SIKA+4.6 pp

3Data Patterns (India) Ltd DATAPATTNS+2.9 pp

4MTAR Technologies Ltd MTARTECH+2.9 pp

5AXISCADES Technologies Ltd AXISCADES+2.1 pp

Return on capital · company comparison

12/12 level · 12/12 change

Withheld from this chart: Zen Technologies Ltd (ZENTEC) — its two data sources disagree by up to 32% on reported income across 14 comparable periods, so its derived ratios are withheld; NIBE Ltd (NIBE) — its two data sources disagree by up to 9.5% on reported income across 13 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Bharat Electronics Ltd BEL	35%	−2.8 pp	Jun 2026
Sika Interplant Systems Ltd SIKA	27%	+4.6 pp	Jun 2026
Astra Microwave Products Ltd ASTRAMICRO	20%	+0.3 pp	Jun 2026
Data Patterns (India) Ltd DATAPATTNS	20%	+2.9 pp	Jun 2026
AXISCADES Technologies Ltd AXISCADES	14%	+2.1 pp	Jun 2026
MTAR Technologies Ltd MTARTECH	13%	+2.9 pp	Jun 2026
Avantel Ltd AVANTEL	11%	−24.7 pp	Jun 2026
Mishra Dhatu Nigam Ltd MIDHANI	7.2%	−0.4 pp	Jun 2026
DCX Systems Ltd DCXINDIA⚠ unverified	-1.0%	−0.4 pp	Jun 2026
Ideaforge Technology Ltd IDEAFORGE	-6.2%	+7.0 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 202119%

Dec 2021—

Mar 202211%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202317%

Jun 2023—

Sep 202311%

Dec 202318%

Mar 202416%

Jun 202424%

Sep 202418%

Dec 202422%

Mar 202519%

Jun 202525%

Sep 202519%

Dec 202523%

Mar 202620%

Jun 2026—

Avantel Ltd · AVANTEL

Sep 202128%

Dec 2021—

Mar 202226%

Jun 2022—

Sep 202230%

Dec 2022—

Mar 202337%

Jun 2023—

Sep 202347%

Dec 202366%

Mar 202444%

Jun 202453%

Sep 202440%

Dec 202453%

Mar 202532%

Jun 202536%

Sep 202516%

Dec 202512%

Mar 20267.9%

Jun 202611%

AXISCADES Technologies Ltd · AXISCADES

Sep 202111%

Dec 2021—

Mar 202213%

Jun 2022—

Sep 202219%

Dec 2022—

Mar 202322%

Jun 2023—

Sep 202318%

Dec 202321%

Mar 202414%

Jun 202417%

Sep 202413%

Dec 202416%

Mar 202512%

Jun 202514%

Sep 202514%

Dec 202518%

Mar 202614%

Jun 2026—

Bharat Electronics Ltd · BEL

Sep 202124%

Dec 2021—

Mar 202221%

Jun 2022—

Sep 202223%

Dec 2022—

Mar 202325%

Jun 2023—

Sep 202325%

Dec 202330%

Mar 202427%

Jun 202435%

Sep 202429%

Dec 202438%

Mar 202530%

Jun 202538%

Sep 202531%

Dec 202539%

Mar 202630%

Jun 202635%

Data Patterns (India) Ltd · DATAPATTNS

Sep 202146%

Dec 2021—

Mar 202223%

Jun 2022—

Sep 202224%

Dec 2022—

Mar 202313%

Jun 2023—

Sep 202315%

Dec 202325%

Mar 202415%

Jun 202420%

Sep 202415%

Dec 202419%

Mar 202517%

Jun 202521%

Sep 202518%

Dec 202523%

Mar 202620%

Jun 2026—

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 202243%

Jun 202253%

Sep 202252%

Dec 2022—

Mar 202322%

Jun 2023—

Sep 202320%

Dec 202333%

Mar 20246.5%

Jun 202414%

Sep 20242.6%

Dec 20249.5%

Mar 2025-0.6%

Jun 20255.7%

Sep 2025-0.4%

Dec 20252.8%

Mar 2026-1.0%

Jun 2026—

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 202114%

Mar 202238%

Jun 2022—

Sep 202243%

Dec 2022—

Mar 202310%

Jun 2023—

Sep 2023-1.6%

Dec 202311%

Mar 20245.1%

Jun 20247.7%

Sep 2024-0.6%

Dec 2024-3.2%

Mar 2025-13%

Jun 2025-14%

Sep 2025-18%

Dec 2025-17%

Mar 2026-6.2%

Jun 2026—

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 202113%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 202212%

Dec 2022—

Mar 202311%

Jun 2023—

Sep 20239.4%

Dec 20239.2%

Mar 20246.9%

Jun 20247.0%

Sep 20246.4%

Dec 20248.0%

Mar 20257.6%

Jun 20258.9%

Sep 20257.2%

Dec 20258.0%

Mar 20267.2%

Jun 2026—

MTAR Technologies Ltd · MTARTECH

Sep 202115%

Dec 2021—

Mar 202214%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202319%

Jun 2023—

Sep 202319%

Dec 202319%

Mar 202411%

Jun 20249.7%

Sep 20248.6%

Dec 202410%

Mar 202511%

Jun 202513%

Sep 20259.2%

Dec 202514%

Mar 202613%

Jun 2026—

Sika Interplant Systems Ltd · SIKA

Sep 202125%

Dec 202124%

Mar 202224%

Jun 2022—

Sep 202214%

Dec 202215%

Mar 202312%

Jun 202313%

Sep 202314%

Dec 202316%

Mar 202419%

Jun 202419%

Sep 202422%

Dec 202423%

Mar 202523%

Jun 202526%

Sep 202528%

Dec 202528%

Mar 202627%

Jun 2026—

ROCE change · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.7 pp

Dec 2022—

Mar 2023+5.9 pp

Jun 2023—

Sep 2023−3.6 pp

Dec 2023—

Mar 2024−1.1 pp

Jun 2024—

Sep 2024+6.3 pp

Dec 2024+4.4 pp

Mar 2025+3.3 pp

Jun 2025+1.1 pp

Sep 2025+1.2 pp

Dec 2025+1.2 pp

Mar 2026+0.3 pp

Jun 2026—

Avantel Ltd · AVANTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+1.9 pp

Dec 2022—

Mar 2023+10.8 pp

Jun 2023—

Sep 2023+17.0 pp

Dec 2023—

Mar 2024+6.6 pp

Jun 2024—

Sep 2024−6.6 pp

Dec 2024−12.4 pp

Mar 2025−11.9 pp

Jun 2025−16.7 pp

Sep 2025−24.6 pp

Dec 2025−41.6 pp

Mar 2026−23.7 pp

Jun 2026−24.7 pp

AXISCADES Technologies Ltd · AXISCADES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+8.5 pp

Dec 2022—

Mar 2023+8.5 pp

Jun 2023—

Sep 2023−0.8 pp

Dec 2023—

Mar 2024−7.9 pp

Jun 2024—

Sep 2024−5.8 pp

Dec 2024−4.7 pp

Mar 2025−1.5 pp

Jun 2025−2.8 pp

Sep 2025+1.0 pp

Dec 2025+1.6 pp

Mar 2026+2.1 pp

Jun 2026—

Bharat Electronics Ltd · BEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.0 pp

Dec 2022—

Mar 2023+4.2 pp

Jun 2023—

Sep 2023+2.5 pp

Dec 2023—

Mar 2024+2.2 pp

Jun 2024—

Sep 2024+3.5 pp

Dec 2024+8.1 pp

Mar 2025+3.3 pp

Jun 2025+3.5 pp

Sep 2025+2.0 pp

Dec 2025+0.4 pp

Mar 2026−0.4 pp

Jun 2026−2.8 pp

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−21.5 pp

Dec 2022—

Mar 2023−9.9 pp

Jun 2023—

Sep 2023−9.4 pp

Dec 2023—

Mar 2024+2.6 pp

Jun 2024—

Sep 2024+0.2 pp

Dec 2024−5.7 pp

Mar 2025+1.4 pp

Jun 2025+0.9 pp

Sep 2025+3.0 pp

Dec 2025+3.6 pp

Mar 2026+2.9 pp

Jun 2026—

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023−21.3 pp

Jun 2023—

Sep 2023−32.1 pp

Dec 2023—

Mar 2024−15.1 pp

Jun 2024—

Sep 2024−17.3 pp

Dec 2024−23.2 pp

Mar 2025−7.1 pp

Jun 2025−7.9 pp

Sep 2025−3.0 pp

Dec 2025−6.7 pp

Mar 2026−0.4 pp

Jun 2026—

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023−27.1 pp

Jun 2023—

Sep 2023−44.2 pp

Dec 2023—

Mar 2024−5.3 pp

Jun 2024—

Sep 2024+1.0 pp

Dec 2024−14.1 pp

Mar 2025−18.3 pp

Jun 2025−21.2 pp

Sep 2025−17.5 pp

Dec 2025−13.4 pp

Mar 2026+7.0 pp

Jun 2026—

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.3 pp

Dec 2022—

Mar 2023−1.2 pp

Jun 2023—

Sep 2023−2.1 pp

Dec 2023—

Mar 2024−3.7 pp

Jun 2024—

Sep 2024−3.0 pp

Dec 2024−1.2 pp

Mar 2025+0.7 pp

Jun 2025+1.9 pp

Sep 2025+0.8 pp

Dec 20250.0 pp

Mar 2026−0.4 pp

Jun 2026—

MTAR Technologies Ltd · MTARTECH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0 pp

Dec 2022—

Mar 2023+4.6 pp

Jun 2023—

Sep 2023+4.0 pp

Dec 2023—

Mar 2024−7.6 pp

Jun 2024—

Sep 2024−10.1 pp

Dec 2024−8.5 pp

Mar 2025−0.7 pp

Jun 2025+2.9 pp

Sep 2025+0.6 pp

Dec 2025+3.3 pp

Mar 2026+2.9 pp

Jun 2026—

Sika Interplant Systems Ltd · SIKA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−10.6 pp

Dec 2022−9.0 pp

Mar 2023−12.2 pp

Jun 2023—

Sep 2023−0.4 pp

Dec 2023+1.3 pp

Mar 2024+6.8 pp

Jun 2024+6.5 pp

Sep 2024+8.0 pp

Dec 2024+6.5 pp

Mar 2025+4.3 pp

Jun 2025+6.3 pp

Sep 2025+5.8 pp

Dec 2025+5.9 pp

Mar 2026+4.6 pp

Jun 2026—

10 · compare level, then change

Valuation Against Growth & Quality

Sika Interplant Systems Ltd has the lowest PEG among the 12 Aerospace & Defence - Equipments companies compared here, at 1.01×. AXISCADES Technologies Ltd is next at 1.39×. Bharat Electronics Ltd has the lowest P/E at 46.8×, so level and change sit with different companies. 6 of 12 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Sika Interplant Systems Ltd has the lowest comparable PEG at 1.01×, 27.3% below AXISCADES Technologies Ltd. Only 6 of 12 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderSika Interplant Systems Ltd · 1.01×

Gap27.3% versus #2 · AXISCADES Technologies Ltd

Persistence0/8 recent comparable periods

Coverage6/12 companies · 79 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Sika Interplant Systems Ltd SIKA1.0

2AXISCADES Technologies Ltd AXISCADES1.4

3Astra Microwave Products Ltd ASTRAMICRO3.3

4Bharat Electronics Ltd BEL3.5

5Data Patterns (India) Ltd DATAPATTNS3.9

P/Elowest P/E

1Bharat Electronics Ltd BEL46.8

2Mishra Dhatu Nigam Ltd MIDHANI56.2

3Sika Interplant Systems Ltd SIKA64.0

4Astra Microwave Products Ltd ASTRAMICRO81.5

5Zen Technologies Ltd ZENTEC83.6

Valuation · company comparison

6/12 level · 10/12 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
MTAR Technologies Ltd MTARTECH	13.1	479.1	Jun 2026
Avantel Ltd AVANTEL	11.3	301.2	Jun 2026
Mishra Dhatu Nigam Ltd MIDHANI	5.6	58.8	Jun 2026
Data Patterns (India) Ltd DATAPATTNS	3.9	92.2	Jun 2026
Bharat Electronics Ltd BEL	3.5	49.1	Jun 2026
Astra Microwave Products Ltd ASTRAMICRO	3.3	84.7	Jun 2026
AXISCADES Technologies Ltd AXISCADES	1.4	173.8	Jun 2026
Sika Interplant Systems Ltd SIKA	1.0	61.2	Jun 2026
Zen Technologies Ltd ZENTEC	—	57.1	Jun 2026
Ideaforge Technology Ltd IDEAFORGE	—	-94.4	Jun 2026
NIBE Ltd NIBE	—	439.2	Jun 2026
DCX Systems Ltd DCXINDIA⚠ unverified	—	169.8	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.4

Sep 20222.6

Dec 2022—

Mar 20231.2

Jun 2023—

Sep 20231.4

Dec 20233.7

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.4

Jun 2025—

Sep 20253.0

Dec 20252.4

Mar 20261.2

Jun 20263.3

Avantel Ltd · AVANTEL

Sep 20210.4

Dec 20210.7

Mar 20223.5

Jun 20221.0

Sep 2022—

Dec 20221.3

Mar 20230.6

Jun 20231.2

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20242.0

Dec 20241.5

Mar 20251.8

Jun 202511.3

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

AXISCADES Technologies Ltd · AXISCADES

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 20246.1

Dec 2024—

Mar 20253.0

Jun 2025—

Sep 20253.3

Dec 20251.4

Mar 2026—

Jun 2026—

Bharat Electronics Ltd · BEL

Sep 20211.0

Dec 2021—

Mar 2022—

Jun 20221.7

Sep 20220.8

Dec 2022—

Mar 2023—

Jun 20231.3

Sep 20232.1

Dec 20231.9

Mar 20241.4

Jun 20241.7

Sep 20241.5

Dec 2024—

Mar 20251.1

Jun 20251.7

Sep 20251.8

Dec 2025—

Mar 20262.6

Jun 20263.5

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.1

Sep 20221.3

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20232.7

Dec 20232.2

Mar 20244.5

Jun 20243.4

Sep 20242.0

Dec 20243.4

Mar 20256.8

Jun 2025—

Sep 20256.1

Dec 20255.2

Mar 20262.1

Jun 20263.9

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 20211.1

Dec 20211.0

Mar 20222.2

Jun 20222.8

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20252.3

Jun 20253.5

Sep 20251.2

Dec 20252.5

Mar 20265.6

Jun 2026—

MTAR Technologies Ltd · MTARTECH

Sep 20214.8

Dec 20214.4

Mar 2022—

Jun 2022—

Sep 20221.5

Dec 20222.1

Mar 20230.9

Jun 2023—

Sep 20231.3

Dec 20231.7

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20254.5

Dec 20254.4

Mar 202613.1

Jun 2026—

Sika Interplant Systems Ltd · SIKA

Sep 2021—

Dec 2021—

Mar 20220.7

Jun 20220.3

Sep 20220.9

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20235.2

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20253.4

Sep 20251.4

Dec 20251.0

Mar 20261.0

Jun 2026—

P/E · reported quarter history

Astra Microwave Products Ltd · ASTRAMICRO

Sep 202141.3

Dec 202138.4

Mar 202235.1

Jun 202244.1

Sep 202277.4

Dec 202248.6

Mar 202329.0

Jun 202345.6

Sep 202366.6

Dec 202383.7

Mar 202469.5

Jun 202474.5

Sep 202459.6

Dec 202456.4

Mar 202547.5

Jun 202564.8

Sep 202561.1

Dec 202557.7

Mar 202652.0

Jun 202684.7

Avantel Ltd · AVANTEL

Sep 202120.2

Dec 202119.3

Mar 202227.9

Jun 202226.8

Sep 202225.8

Dec 202229.3

Mar 202329.1

Jun 202346.2

Sep 202369.3

Dec 202370.0

Mar 202449.5

Jun 202482.0

Sep 202482.8

Dec 202467.0

Mar 202545.5

Jun 202573.4

Sep 202590.3

Dec 2025125.9

Mar 2026200.3

Jun 2026301.2

AXISCADES Technologies Ltd · AXISCADES

Sep 202118.0

Dec 202126.9

Mar 202223.0

Jun 202219.6

Sep 202222.3

Dec 202223.8

Mar 202320.2

Jun 202333.5

Sep 202336.6

Dec 202356.3

Mar 202453.0

Jun 202462.6

Sep 202453.1

Dec 202458.1

Mar 202569.5

Jun 202577.3

Sep 2025111.5

Dec 202577.0

Mar 202668.6

Jun 2026173.8

Bharat Electronics Ltd · BEL

Sep 202124.2

Dec 202122.3

Mar 202219.2

Jun 202223.7

Sep 202226.9

Dec 202226.6

Mar 202325.9

Jun 202330.8

Sep 202332.0

Dec 202340.5

Mar 202441.3

Jun 202456.1

Sep 202450.6

Dec 202447.0

Mar 202544.1

Jun 202556.9

Sep 202552.6

Dec 202551.1

Mar 202649.6

Jun 202649.1

Data Patterns (India) Ltd · DATAPATTNS

Sep 2021—

Dec 20212.3

Mar 20222.1

Jun 20222.0

Sep 202259.1

Dec 202253.7

Mar 202354.8

Jun 202380.8

Sep 202384.1

Dec 202369.0

Mar 202481.7

Jun 202492.5

Sep 202470.7

Dec 202476.0

Mar 202552.9

Jun 202588.4

Sep 202570.6

Dec 202571.2

Mar 202683.8

Jun 202692.2

DCX Systems Ltd · DCXINDIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 202226.5

Mar 202317.1

Jun 202334.5

Sep 202336.6

Dec 202337.6

Mar 202433.9

Jun 202448.9

Sep 202449.8

Dec 202470.1

Mar 202549.9

Jun 202578.3

Sep 202571.6

Dec 202586.5

Mar 2026137.8

Jun 2026169.8

Ideaforge Technology Ltd · IDEAFORGE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202362.8

Dec 202358.0

Mar 2024113.1

Jun 202470.9

Sep 2024112.4

Dec 2024200.4

Mar 2025184.2

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026-94.4

Jun 2026—

Mishra Dhatu Nigam Ltd · MIDHANI

Sep 202118.7

Dec 202118.1

Mar 202218.8

Jun 202217.2

Sep 202221.8

Dec 202223.2

Mar 202320.2

Jun 202335.0

Sep 202348.7

Dec 202357.0

Mar 202466.2

Jun 202493.8

Sep 202492.7

Dec 202472.8

Mar 202550.4

Jun 202573.1

Sep 202560.7

Dec 202555.4

Mar 202649.0

Jun 202658.8

MTAR Technologies Ltd · MTARTECH

Sep 202194.4

Dec 2021135.4

Mar 202289.8

Jun 202269.6

Sep 202271.2

Dec 202267.2

Mar 202352.8

Jun 202357.0

Sep 202372.6

Dec 202365.7

Mar 202462.9

Jun 2024101.9

Sep 2024132.3

Dec 2024133.2

Mar 202589.5

Jun 202592.5

Sep 2025112.8

Dec 2025143.8

Mar 2026214.8

Jun 2026479.1

NIBE Ltd · NIBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023155.3

Sep 2023247.1

Dec 2023122.8

Mar 2024166.0

Jun 2024133.1

Sep 202494.5

Dec 202471.7

Mar 202547.2

Jun 202590.0

Sep 202595.0

Dec 2025501.3

Mar 2026448.2

Jun 2026439.2

Sika Interplant Systems Ltd · SIKA

Sep 202119.3

Dec 202125.7

Mar 202216.1

Jun 202216.4

Sep 202218.9

Dec 202226.5

Mar 202321.6

Jun 202335.9

Sep 202341.2

Dec 202350.4

Mar 202444.6

Jun 202474.3

Sep 202455.1

Dec 202447.7

Mar 202555.0

Jun 2025120.0

Sep 202580.9

Dec 202554.7

Mar 202649.4

Jun 202661.2

Zen Technologies Ltd · ZENTEC

Sep 2021487.9

Dec 2021675.0

Mar 2022650.6

Jun 2022648.9

Sep 2022143.9

Dec 202289.4

Mar 2023104.5

Jun 202379.8

Sep 202377.2

Dec 202372.2

Mar 202470.3

Jun 202478.2

Sep 202492.1

Dec 2024101.5

Mar 202560.5

Jun 202560.8

Sep 202548.4

Dec 202544.3

Mar 202643.7

Jun 202657.1

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Aerospace & Defence - Equipments comparison names 6 specific ways its own evidence can mislead, all listed below. All 12 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 2 have second-feed figures withheld because the two sources disagree.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 12 Aerospace & Defence - Equipments companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-25.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-25 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing9 cross-checked · 1 unverified · 2 withheld, of 12 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Aerospace & Defence - Equipments company comparison FAQs

These 24 answers restate the Aerospace & Defence - Equipments comparison above in question form. Every one is computed from the same 12 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-25. Nothing here is estimated, and none of it is a recommendation.

Is the Aerospace & Defence - Equipments sector outperforming NIFTY 500?

Which Aerospace & Defence - Equipments company is largest by revenue?

Bharat Electronics Ltd leads with revenue of ₹28,717 crore, based on 12 of 12 comparable companies through Jun 2026.

Which Aerospace & Defence - Equipments company is growing fastest?

Ideaforge Technology Ltd has the fastest current revenue growth at 100%, across 12 of 12 comparable companies.

Which Aerospace & Defence - Equipments company has the strongest 4-Factor Sector Score?

MTAR Technologies Ltd ranks first at 69.2/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Aerospace & Defence - Equipments company has the lowest comparable PEG?

Sika Interplant Systems Ltd has the lowest comparable PEG at 1.01, among 6 of 12 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Aerospace & Defence - Equipments comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Aerospace & Defence - Equipments index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Aerospace & Defence - Equipments, this page builds its own equal-weight basket of 12 listed Aerospace & Defence - Equipments companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Aerospace & Defence - Equipments stocks in India?

Ranked by this page's four-factor score, MTAR Technologies Ltd places first among 12 listed Aerospace & Defence - Equipments companies, followed by Data Patterns (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Aerospace & Defence - Equipments stocks are listed in India?

This comparison covers 12 listed Aerospace & Defence - Equipments companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Aerospace & Defence - Equipments company is the biggest?

Bharat Electronics Ltd is the largest, with trailing-twelve-month revenue of ₹28,717 crore, ahead of Mishra Dhatu Nigam Ltd at ₹1,278 crore. That covers 12 of 12 companies with comparable reporting through Jun 2026.

Which Aerospace & Defence - Equipments company has the best profit margins?

Data Patterns (India) Ltd has the highest operating margin at 27%, from 12 of 12 comparable companies. Ideaforge Technology Ltd shows the biggest improvement (+152.7 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking.

Which Aerospace & Defence - Equipments company makes the most profit?

Bharat Electronics Ltd earns the most, at ₹6,148 crore of trailing-twelve-month net profit, from 12 of 12 comparable companies. MTAR Technologies Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.

Which Aerospace & Defence - Equipments company earns the highest return on capital?

Bharat Electronics Ltd leads on return on capital employed at 36.4%, across 12 of 12 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 Aerospace & Defence - Equipments stock is the cheapest?

On PEG — where a LOWER number is cheaper — Sika Interplant Systems Ltd screens cheapest at 1.01×. Only 6 of 12 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Aerospace & Defence - Equipments sector beating the market?

Aerospace & Defence - Equipments has outperformed NIFTY 500 by 31.3% over the last 52 weeks and 3.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Aerospace & Defence - Equipments stock has the strongest price momentum?

MTAR Technologies Ltd has the strongest relative strength against NIFTY 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 Aerospace & Defence - Equipments company scores highest for research priority?

MTAR Technologies Ltd scores 69.2 out of 100 with 90% evidence confidence, from 31.8 points on growth and earnings, 14 on capital efficiency, 9.4 on valuation and 14 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 Aerospace & Defence - Equipments companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals, 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 Aerospace & Defence - Equipments sector?

The 12 Aerospace & Defence - Equipments companies on this page carry ₹3,93,782 crore of combined market value. Bharat Electronics Ltd is the largest at ₹2,87,676 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-28.

What is the Aerospace & Defence - Equipments sector's P/E ratio?

The median price-to-earnings ratio across the 12 Aerospace & Defence - Equipments companies on this page is 91.5×, measured on the 10 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 2026-09-28.

How is the Aerospace & Defence - Equipments sector performing?

10 of the 12 covered Aerospace & Defence - Equipments companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 31.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-28.

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.

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