20-quarter listed-company comparison

Auto Ancillaries - Gears Stocks in India

Auto Ancillaries - Gears: Rane (Madras) Ltd owns the largest revenue base; Sar Auto Products Ltd has the fastest current growth.

The 7 Auto Ancillaries - Gears companies listed in India are Shanthi Gears Ltd (₹5.5K Cr, the largest), Rane (Madras) Ltd, JTEKT India Ltd and 4 more. 5 of 7 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

All 7 Auto Ancillaries - Gears Stocks in India (Sep 2026) — ranked by 4-Factor score

1Rane (Madras) Ltd₹3.8K Cr66.5/100Favorable setup · strongest on relative strength versus sector and ROCE improvement
2RACL Geartech Ltd₹2.1K Cr64.7/100Mixed-positive evidence · strongest on margin improvement and relative strength versus sector
3Sar Auto Products Ltd₹2.6K Cr49.0/100Mixed-negative evidence · strongest on profit growth and revenue growth
4Z F Steering Gear (India) Ltd₹694 Cr41.1/100Mixed-negative evidence · strongest on profit growth and financial resilience
5JTEKT India Ltd₹3.3K Cr37.0/100Mixed-negative evidence · strongest on revenue growth and profitable quarters
6Shanthi Gears Ltd₹5.5K Cr36.4/100Mixed-negative evidence · strongest on ROCE and relative strength versus the benchmark
7The Hi-Tech Gears Ltd₹1.1K Cr36.4/100Mixed-negative evidence · strongest on financial resilience and profitable quarters

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Auto Ancillaries - Gears Index — Constituents & Performance

All 7 listed Indian Auto Ancillaries - Gears companies are named here, largest first — the same constituent set people search for as the Nifty Auto Ancillaries - Gears 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 Auto Ancillaries - Gears 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 22% ahead of NIFTY 500. Earnings across its companies grew 2% on average over the last four reported quarters — close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 13 weeks running.

LEADER · ahead 13w~Price up, without the fundamentals confirming5 of 7 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑13w · 5/7 >200d (+2) · 5/7 lead (+2) · EPS 4/7↑

Auto Ancillaries - Gears, 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 7 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 Auto Ancillaries - Gears outperforming NIFTY 500?

Auto Ancillaries - Gears has outperformed NIFTY 500 by 34.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 41.2%. 5 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Rane (Madras) Ltd is the strongest against the sector itself at +15.7%.

+41.2%Sector vs NIFTY 500 · 13 weeks

+34.5%Sector vs NIFTY 500 · 52 weeks

5/7Stocks leading NIFTY 500

2/6Stocks leading sector

Sector metric: 39.9 as of 2026-08-22 · NARROWING · rising.

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

Auto Ancillaries - Gears has outperformed NIFTY 500 by 34.5% over 52 weeks and 41.2% over 13 weeks. 5 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself. Rane (Madras) Ltd leads with revenue of ₹4,024 crore, based on 7 of 7 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹19.0K Cr

Shanthi Gears Ltd

Revenue growing

6/7

positive TTM year-on-year growth

Beating NIFTY 500

5/7

positive Mansfield relative strength

Comparing 5 of 7

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%

Rane (Madras) Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 75.3% evidence confidence.

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
1Rane (Madras) LtdRML	66.5/100Favorable setup75% evidence	LEADER	26.3/35 Revenue 16% · PAT 100% · OPM change 0 pp 95% evidence	12.1/25 ROCE 14% · OPM 8% 76% evidence	11.5/20 P/E 31.1× · PEG — 15% evidence	16.6/20 RS sector 15.7% · RS bench 53.6% · 1Y 61.6%12 of 12 weeks ahead 100% evidence
Exact sum: 26.3 + 12.1 + 11.5 + 16.6 = 66.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2RACL Geartech LtdRACLGEAR	64.7/100Mixed-positive evidence87% evidence	BREAKING OUT	28.7/35 Revenue 28.2% · PAT 78.1% · OPM change 5.4 pp 95% evidence	16.3/25 ROCE 16.9% · OPM 24.1% 95% evidence	8.5/20 P/E 41.6× · PEG — 50% evidence	11.2/20 RS sector 7.4% · RS bench 43.2% · 1Y 92.4%5 of 12 weeks ahead 100% evidence
Exact sum: 28.7 + 16.3 + 8.5 + 11.2 = 64.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Sar Auto Products Ltd538992	49.0/100Mixed-negative evidence60% evidence	LEADER	21.7/35 Revenue 39.9% · PAT 100% · OPM change -4.2 pp 95% evidence	6.3/25 ROCE 2.1% · OPM 12.6% 76% evidence	8.5/20 P/E 2820× · PEG — 15% evidence	12.5/20 RS sector — · RS bench 122.1% · 1Y 165.6%12 of 12 weeks ahead 25% evidence
Exact sum: 21.7 + 6.3 + 8.5 + 12.5 = 49 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Z F Steering Gear (India) LtdZFSTEERING	41.1/100Mixed-negative evidence81% evidence	TURNING	17.1/35 Revenue 16.4% · PAT 66.7% · OPM change -5 pp 95% evidence	7.8/25 ROCE 6.5% · OPM 9% 95% evidence	10.0/20 P/E 34.4× · PEG — 50% evidence	6.2/20 RS sector -29.6% · RS bench 0.4% · 1Y -28%1 of 10 weeks ahead 70% evidence
Exact sum: 17.1 + 7.8 + 10 + 6.2 = 41.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5JTEKT India LtdJTEKTINDIA	37.0/100Mixed-negative evidence82% evidence	BASING	16.6/35 Revenue 16.8% · PAT 1.5% · OPM change -0.1 pp 95% evidence	10.4/25 ROCE 9.8% · OPM 5.3% 76% evidence	10.0/20 P/E 43.6× · PEG — 50% evidence	0.0/20 RS sector -35.2% · RS bench -12.9% · 1Y -24.2%2 of 12 weeks ahead 100% evidence
Exact sum: 16.6 + 10.4 + 10 + 0 = 37 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Shanthi Gears LtdSHANTIGEAR	36.4/100Mixed-negative evidence94% evidence	TURNING	3.5/35 Revenue -16.9% · PAT -34.3% · OPM change -9.5 pp 100% evidence	18.3/25 ROCE 25.6% · OPM 13.1% 100% evidence	3.6/20 P/E 81.5× · PEG 3.18 100% evidence	11.0/20 RS sector -5.4% · RS bench 54.3% · 1Y 26%3 of 10 weeks ahead 70% evidence
Exact sum: 3.5 + 18.3 + 3.6 + 11 = 36.4 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7The Hi-Tech Gears LtdHITECHGEAR	36.4/100Mixed-negative evidence74% evidence	TURNING	8.2/35 Revenue 5.5% · PAT -38.6% · OPM change -1.1 pp 95% evidence	12.8/25 ROCE 6.9% · OPM 11.1% 95% evidence	9.5/20 P/E 54.1× · PEG — 15% evidence	5.9/20 RS sector -9.8% · RS bench -12.1% · 1Y -16%0 of 10 weeks ahead 70% evidence
Exact sum: 8.2 + 12.8 + 9.5 + 5.9 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

05 · what price has already done

Market action

Sar Auto Products Ltd has the strongest one-year price move in Auto Ancillaries - Gears at +165.6%. It also leads on Mansfield relative strength against NIFTY at +122.1%. 5 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

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 · the story behind the numbers

Auto Ancillaries - Gears — the story behind the numbers

This is the written read behind the Auto Ancillaries - Gears figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 1 theme is live here.

The Auto Ancillaries - Gears sector analysis for the week ending 2026-07-19 covers one constituent, Sar Auto Products Ltd (538992). The company reported a return to profitability in Q4 FY26 with net profit of ₹0.20 crores, reversing a loss of ₹0.35 crores in the year-ago quarter. Despite the single data point, the financials indicate a sharp inflection in earnings power.

How old this read is: This read comes from our Auto Ancillaries - Gears sector brief dated 28 Jul 2026 — 51 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live theme	Severity	Evidence on file
Company cited war tensions among countries as cause for nil export sales in FY25, though exports represent minimal portion of total revenue.Named for 538992	low	“Company cited war tensions among countries as cause for nil export sales in FY25, though exports represent minimal portion of total revenue.” Exports represent minimal portion of total revenue.

Sources: our Auto Ancillaries - Gears sector brief, 28 Jul 2026 · company earnings-call transcripts.

07 · compare level, then change

Revenue Scale & Growth Durability

Rane (Madras) Ltd has the highest Revenue among the 7 Auto Ancillaries - Gears companies compared here, at ₹4,024 crore. JTEKT India Ltd is next at ₹2,818 crore. Sar Auto Products Ltd has the highest Revenue growth at 39.9%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Rane (Madras) Ltd is the scale leader at ₹4,024 crore, 42.8% ahead of JTEKT India Ltd. Sar Auto Products Ltd's growth is 39.9% from a ₹17 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderRane (Madras) Ltd · ₹4,024 crore

Gap42.8% versus #2 · JTEKT India Ltd

Persistence8/8 recent comparable periods

Coverage7/7 companies · 115 observations

Investor read: Rane (Madras) Ltd is the scale benchmark; Sar Auto Products Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Rane (Madras) Ltd's growth falls below Sar Auto Products 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

1Rane (Madras) Ltd RML₹4.0K Cr

2JTEKT India Ltd JTEKTINDIA₹2.8K Cr

3The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹931 Cr

4Z F Steering Gear (India) Ltd ZFSTEERING₹581 Cr

5RACL Geartech Ltd RACLGEAR⚠ unverified₹522 Cr

Revenue growthfastest growers

1Sar Auto Products Ltd 53899240%

2RACL Geartech Ltd RACLGEAR⚠ unverified28%

3JTEKT India Ltd JTEKTINDIA17%

4Z F Steering Gear (India) Ltd ZFSTEERING16%

5Rane (Madras) Ltd RML16%

Revenue · company comparison

7/7 level · 7/7 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
Rane (Madras) Ltd RML	₹1.0K Cr	18%	Jun 2026
JTEKT India Ltd JTEKTINDIA	₹718 Cr	27%	Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified	₹238 Cr	10%	Jun 2026
Z F Steering Gear (India) Ltd ZFSTEERING	₹143 Cr	7.5%	Jun 2026
RACL Geartech Ltd RACLGEAR⚠ unverified	₹132 Cr	32%	Jun 2026
Shanthi Gears Ltd SHANTIGEAR	₹115 Cr	-14%	Jun 2026
Sar Auto Products Ltd 538992	₹5 Cr	135%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 2021₹385 Cr

Dec 2021₹413 Cr

Mar 2022₹470 Cr

Jun 2022₹472 Cr

Sep 2022₹571 Cr

Dec 2022₹471 Cr

Mar 2023₹530 Cr

Jun 2023₹478 Cr

Sep 2023₹584 Cr

Dec 2023₹552 Cr

Mar 2024₹632 Cr

Jun 2024₹553 Cr

Sep 2024₹605 Cr

Dec 2024₹592 Cr

Mar 2025₹649 Cr

Jun 2025₹566 Cr

Sep 2025₹639 Cr

Dec 2025₹680 Cr

Mar 2026₹780 Cr

Jun 2026₹718 Cr

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹97 Cr

Mar 2023₹95 Cr

Jun 2023₹88 Cr

Sep 2023₹102 Cr

Dec 2023₹113 Cr

Mar 2024₹106 Cr

Jun 2024₹109 Cr

Sep 2024₹106 Cr

Dec 2024₹113 Cr

Mar 2025₹87 Cr

Jun 2025₹101 Cr

Sep 2025₹120 Cr

Dec 2025₹137 Cr

Mar 2026₹132 Cr

Jun 2026₹132 Cr

Rane (Madras) Ltd · RML

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹583 Cr

Mar 2023₹622 Cr

Jun 2023₹588 Cr

Sep 2023₹611 Cr

Dec 2023₹521 Cr

Mar 2024₹853 Cr

Jun 2024₹818 Cr

Sep 2024₹849 Cr

Dec 2024₹837 Cr

Mar 2025₹901 Cr

Jun 2025₹881 Cr

Sep 2025₹919 Cr

Dec 2025₹1.0K Cr

Mar 2026₹1.0K Cr

Jun 2026₹1.0K Cr

Sar Auto Products Ltd · 538992

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹3 Cr

Mar 2023₹4 Cr

Jun 2023₹4 Cr

Sep 2023₹5 Cr

Dec 2023₹6 Cr

Mar 2024₹5 Cr

Jun 2024₹4 Cr

Sep 2024₹4 Cr

Dec 2024₹4 Cr

Mar 2025₹2 Cr

Jun 2025₹2 Cr

Sep 2025₹2 Cr

Dec 2025₹4 Cr

Mar 2026₹6 Cr

Jun 2026₹5 Cr

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021₹72 Cr

Dec 2021₹95 Cr

Mar 2022₹104 Cr

Jun 2022₹99 Cr

Sep 2022₹109 Cr

Dec 2022₹115 Cr

Mar 2023₹123 Cr

Jun 2023₹121 Cr

Sep 2023₹135 Cr

Dec 2023₹126 Cr

Mar 2024₹154 Cr

Jun 2024₹139 Cr

Sep 2024₹155 Cr

Dec 2024₹158 Cr

Mar 2025₹153 Cr

Jun 2025₹135 Cr

Sep 2025₹132 Cr

Dec 2025₹117 Cr

Mar 2026₹135 Cr

Jun 2026₹115 Cr

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹277 Cr

Mar 2023₹287 Cr

Jun 2023₹264 Cr

Sep 2023₹284 Cr

Dec 2023₹273 Cr

Mar 2024₹287 Cr

Jun 2024₹261 Cr

Sep 2024₹246 Cr

Dec 2024₹205 Cr

Mar 2025₹215 Cr

Jun 2025₹216 Cr

Sep 2025₹241 Cr

Dec 2025₹224 Cr

Mar 2026₹229 Cr

Jun 2026₹238 Cr

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹109 Cr

Mar 2023₹125 Cr

Jun 2023₹121 Cr

Sep 2023₹119 Cr

Dec 2023₹114 Cr

Mar 2024₹124 Cr

Jun 2024₹128 Cr

Sep 2024₹111 Cr

Dec 2024₹118 Cr

Mar 2025₹137 Cr

Jun 2025₹133 Cr

Sep 2025₹121 Cr

Dec 2025₹143 Cr

Mar 2026₹174 Cr

Jun 2026₹143 Cr

Revenue growth · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 20218.5%

Dec 2021-4.4%

Mar 20220.0%

Jun 202247%

Sep 202248%

Dec 202214%

Mar 202313%

Jun 20231.2%

Sep 20232.3%

Dec 202317%

Mar 202419%

Jun 202416%

Sep 20243.7%

Dec 20247.2%

Mar 20252.7%

Jun 20252.4%

Sep 20255.6%

Dec 202515%

Mar 202620%

Jun 202627%

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202317%

Mar 202412%

Jun 202423%

Sep 20244.5%

Dec 2024-0.5%

Mar 2025-18%

Jun 2025-7.5%

Sep 202513%

Dec 202522%

Mar 202651%

Jun 202632%

Rane (Madras) Ltd · RML

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-11%

Mar 202437%

Jun 202439%

Sep 202439%

Dec 202461%

Mar 20255.6%

Jun 20257.7%

Sep 20258.2%

Dec 202521%

Mar 202616%

Jun 202618%

Sar Auto Products Ltd · 538992

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023113%

Mar 202446%

Jun 20240.5%

Sep 2024-16%

Dec 2024-38%

Mar 2025-57%

Jun 2025-40%

Sep 2025-45%

Dec 20251.7%

Mar 2026164%

Jun 2026135%

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202248%

Sep 202251%

Dec 202221%

Mar 202318%

Jun 202323%

Sep 202324%

Dec 20239.2%

Mar 202425%

Jun 202414%

Sep 202415%

Dec 202425%

Mar 2025-0.3%

Jun 2025-2.8%

Sep 2025-15%

Dec 2025-26%

Mar 2026-12%

Jun 2026-14%

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-1.5%

Mar 20240.1%

Jun 2024-1.1%

Sep 2024-13%

Dec 2024-25%

Mar 2025-25%

Jun 2025-17%

Sep 2025-2.3%

Dec 20259.0%

Mar 20266.4%

Jun 202610%

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20234.3%

Mar 2024-0.9%

Jun 20245.8%

Sep 2024-6.7%

Dec 20243.5%

Mar 202510%

Jun 20253.9%

Sep 20259.0%

Dec 202521%

Mar 202627%

Jun 20267.5%

08 · compare level, then change

Operating Economics & Margin Trend

RACL Geartech Ltd has the highest OPM among the 7 Auto Ancillaries - Gears companies compared here, at 24.1%. Shanthi Gears Ltd is next at 13.1%. The same company also holds the highest Margin change, at +5.4 percentage points. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: RACL Geartech Ltd leads both opm at 24.1% and margin change at +5.4 percentage points.

LeaderRACL Geartech Ltd · 24.1%

Gap84% versus #2 · Shanthi Gears Ltd

Persistence5/8 recent comparable periods

Coverage7/7 companies · 140 observations

Investor read: RACL Geartech 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

1RACL Geartech Ltd RACLGEAR⚠ unverified24%

2Shanthi Gears Ltd SHANTIGEAR13%

3Sar Auto Products Ltd 53899213%

4The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified11%

5Z F Steering Gear (India) Ltd ZFSTEERING9.0%

Margin changefastest expanders

1RACL Geartech Ltd RACLGEAR⚠ unverified+5.4 pp

2Rane (Madras) Ltd RML0.0 pp

3JTEKT India Ltd JTEKTINDIA−0.1 pp

4The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified−1.1 pp

5Sar Auto Products Ltd 538992−4.2 pp

Operating margin · company comparison

7/7 level · 7/7 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
RACL Geartech Ltd RACLGEAR⚠ unverified	24%	+5.4 pp	Jun 2026
Shanthi Gears Ltd SHANTIGEAR	13%	−9.5 pp	Jun 2026
Sar Auto Products Ltd 538992	13%	−4.2 pp	Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified	11%	−1.1 pp	Jun 2026
Z F Steering Gear (India) Ltd ZFSTEERING	9.0%	−5.0 pp	Jun 2026
Rane (Madras) Ltd RML	8.0%	0.0 pp	Jun 2026
JTEKT India Ltd JTEKTINDIA	5.3%	−0.1 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 20218.0%

Dec 20219.0%

Mar 20229.0%

Jun 20228.0%

Sep 202210%

Dec 20228.0%

Mar 202310%

Jun 20237.2%

Sep 202310%

Dec 20239.2%

Mar 202411%

Jun 20246.8%

Sep 20247.8%

Dec 20247.4%

Mar 20258.7%

Jun 20255.5%

Sep 20257.2%

Dec 20257.7%

Mar 20269.1%

Jun 20265.3%

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 202122%

Dec 202122%

Mar 202218%

Jun 202219%

Sep 202223%

Dec 202224%

Mar 202324%

Jun 202325%

Sep 202323%

Dec 202324%

Mar 202422%

Jun 202418%

Sep 202419%

Dec 202421%

Mar 202522%

Jun 202519%

Sep 202520%

Dec 202523%

Mar 202622%

Jun 202624%

Rane (Madras) Ltd · RML

Sep 20214.5%

Dec 20212.8%

Mar 20225.3%

Jun 20225.3%

Sep 20225.6%

Dec 20227.0%

Mar 20239.0%

Jun 20237.0%

Sep 20235.0%

Dec 20239.0%

Mar 20248.0%

Jun 20248.0%

Sep 20249.0%

Dec 20248.0%

Mar 20259.0%

Jun 20258.0%

Sep 20259.0%

Dec 20259.0%

Mar 20269.0%

Jun 20268.0%

Sar Auto Products Ltd · 538992

Sep 202112%

Dec 202120%

Mar 202219%

Jun 202219%

Sep 202225%

Dec 202219%

Mar 20235.4%

Jun 202312%

Sep 202310%

Dec 202310%

Mar 20246.1%

Jun 202415%

Sep 202414%

Dec 202412%

Mar 202512%

Jun 202517%

Sep 202517%

Dec 202512%

Mar 202612%

Jun 202613%

Shanthi Gears Ltd · SHANTIGEAR

Sep 202116%

Dec 202118%

Mar 202218%

Jun 202218%

Sep 202220%

Dec 202220%

Mar 202322%

Jun 202319%

Sep 202321%

Dec 202319%

Mar 202417%

Jun 202421%

Sep 202422%

Dec 202422%

Mar 202520%

Jun 202523%

Sep 202520%

Dec 202520%

Mar 202618%

Jun 202613%

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 20218.0%

Dec 20212.7%

Mar 202212%

Jun 202211%

Sep 202212%

Dec 202214%

Mar 202312%

Jun 202313%

Sep 202312%

Dec 202315%

Mar 202414%

Jun 202416%

Sep 202414%

Dec 202413%

Mar 202515%

Jun 202512%

Sep 202512%

Dec 20259.8%

Mar 202611%

Jun 202611%

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 202110%

Dec 202113%

Mar 202216%

Jun 202216%

Sep 202210%

Dec 202210%

Mar 202313%

Jun 202315%

Sep 202311%

Dec 20239.0%

Mar 20249.0%

Jun 202413%

Sep 202410%

Dec 20249.0%

Mar 202511%

Jun 202514%

Sep 202510%

Dec 202516%

Mar 202612%

Jun 20269.0%

Margin change · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 2021−1.0 pp

Dec 2021−1.0 pp

Mar 2022−3.0 pp

Jun 2022+2.0 pp

Sep 2022+2.0 pp

Dec 2022−1.0 pp

Mar 2023+1.0 pp

Jun 2023−0.8 pp

Sep 2023+0.3 pp

Dec 2023+1.2 pp

Mar 2024+1.0 pp

Jun 2024−0.4 pp

Sep 2024−2.5 pp

Dec 2024−1.9 pp

Mar 2025−2.3 pp

Jun 2025−1.3 pp

Sep 2025−0.6 pp

Dec 2025+0.3 pp

Mar 2026+0.4 pp

Jun 2026−0.1 pp

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021−2.9 pp

Dec 2021−5.2 pp

Mar 2022−7.5 pp

Jun 2022−3.4 pp

Sep 2022+0.9 pp

Dec 2022+2.5 pp

Mar 2023+5.9 pp

Jun 2023+5.6 pp

Sep 2023+0.1 pp

Dec 2023−0.3 pp

Mar 2024−2.0 pp

Jun 2024−6.7 pp

Sep 2024−4.8 pp

Dec 2024−2.5 pp

Mar 2025−0.1 pp

Jun 2025+0.5 pp

Sep 2025+1.8 pp

Dec 2025+1.6 pp

Mar 2026+0.3 pp

Jun 2026+5.4 pp

Rane (Madras) Ltd · RML

Sep 2021+0.5 pp

Dec 2021−4.6 pp

Mar 2022+3.2 pp

Jun 2022+4.0 pp

Sep 2022+1.1 pp

Dec 2022+4.2 pp

Mar 2023+3.7 pp

Jun 2023+1.7 pp

Sep 2023−0.6 pp

Dec 2023+2.0 pp

Mar 2024−1.0 pp

Jun 2024+1.0 pp

Sep 2024+4.0 pp

Dec 2024−1.0 pp

Mar 2025+1.0 pp

Jun 20250.0 pp

Sep 20250.0 pp

Dec 2025+1.0 pp

Mar 20260.0 pp

Jun 20260.0 pp

Sar Auto Products Ltd · 538992

Sep 2021−9.3 pp

Dec 2021−1.0 pp

Mar 2022−7.1 pp

Jun 2022−4.0 pp

Sep 2022+13.9 pp

Dec 2022−1.2 pp

Mar 2023−13.1 pp

Jun 2023−6.8 pp

Sep 2023−15.0 pp

Dec 2023−8.9 pp

Mar 2024+0.7 pp

Jun 2024+2.8 pp

Sep 2024+3.4 pp

Dec 2024+1.4 pp

Mar 2025+5.6 pp

Jun 2025+1.5 pp

Sep 2025+3.6 pp

Dec 2025+0.1 pp

Mar 2026−0.2 pp

Jun 2026−4.2 pp

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021+0.5 pp

Dec 2021+2.1 pp

Mar 2022+1.8 pp

Jun 2022+0.4 pp

Sep 2022+3.7 pp

Dec 2022+1.7 pp

Mar 2023+3.8 pp

Jun 2023+0.7 pp

Sep 2023+1.0 pp

Dec 2023−1.4 pp

Mar 2024−4.7 pp

Jun 2024+1.6 pp

Sep 2024+0.8 pp

Dec 2024+3.6 pp

Mar 2025+2.9 pp

Jun 2025+2.0 pp

Sep 2025−1.9 pp

Dec 2025−2.5 pp

Mar 2026−2.5 pp

Jun 2026−9.5 pp

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021−5.6 pp

Dec 2021−8.2 pp

Mar 2022−4.6 pp

Jun 2022+0.6 pp

Sep 2022+4.4 pp

Dec 2022+11.0 pp

Mar 2023−0.4 pp

Jun 2023+1.8 pp

Sep 2023+0.0 pp

Dec 2023+1.3 pp

Mar 2024+2.7 pp

Jun 2024+3.1 pp

Sep 2024+1.9 pp

Dec 2024−2.0 pp

Mar 2025+1.2 pp

Jun 2025−3.6 pp

Sep 2025−2.7 pp

Dec 2025−3.1 pp

Mar 2026−4.4 pp

Jun 2026−1.1 pp

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 2021+7.9 pp

Dec 2021+1.5 pp

Mar 2022+1.7 pp

Jun 2022+6.3 pp

Sep 2022−0.1 pp

Dec 2022−3.4 pp

Mar 2023−3.1 pp

Jun 2023−1.5 pp

Sep 2023+0.8 pp

Dec 2023−1.1 pp

Mar 2024−3.7 pp

Jun 2024−2.0 pp

Sep 2024−1.0 pp

Dec 20240.0 pp

Mar 2025+2.0 pp

Jun 2025+1.0 pp

Sep 20250.0 pp

Dec 2025+7.0 pp

Mar 2026+1.0 pp

Jun 2026−5.0 pp

09 · compare level, then change

Profit Scale & Acceleration

Rane (Madras) Ltd has the highest Net profit among the 7 Auto Ancillaries - Gears companies compared here, at ₹119 crore. JTEKT India Ltd is next at ₹72 crore. Sar Auto Products 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: Rane (Madras) Ltd leads with ₹119 crore of TTM profit, 64.6% above JTEKT India Ltd. Sar Auto Products Ltd shows ≥100% on the scoring scale (283.3% uncapped) growth from a ₹1 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderRane (Madras) Ltd · ₹119 crore

Gap64.6% versus #2 · JTEKT India Ltd

Persistence5/8 recent comparable periods

Coverage7/7 companies · 115 observations

Investor read: Rane (Madras) 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

1Rane (Madras) Ltd RML₹119 Cr

2JTEKT India Ltd JTEKTINDIA₹72 Cr

3Shanthi Gears Ltd SHANTIGEAR₹64 Cr

4RACL Geartech Ltd RACLGEAR⚠ unverified₹50 Cr

5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified₹20 Cr

Profit growthfastest growers

1Sar Auto Products Ltd 538992100%

2Rane (Madras) Ltd RML100%

3RACL Geartech Ltd RACLGEAR⚠ unverified78%

4Z F Steering Gear (India) Ltd ZFSTEERING67%

5JTEKT India Ltd JTEKTINDIA1.5%

Net profit · company comparison

7/7 level · 7/7 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Rane (Madras) Ltd RML	₹30 Cr	58%	Jun 2026
Z F Steering Gear (India) Ltd ZFSTEERING	₹11 Cr	57%	Jun 2026
Shanthi Gears Ltd SHANTIGEAR	₹10 Cr	-57%	Jun 2026
RACL Geartech Ltd RACLGEAR⚠ unverified	₹9 Cr	7.8%	Jun 2026
JTEKT India Ltd JTEKTINDIA	₹6 Cr	-43%	Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified	₹5 Cr	-21%	Jun 2026
Sar Auto Products Ltd 538992	₹0 Cr	208%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 2021₹11 Cr

Dec 2021₹16 Cr

Mar 2022₹15 Cr

Jun 2022₹16 Cr

Sep 2022₹30 Cr

Dec 2022₹15 Cr

Mar 2023₹26 Cr

Jun 2023₹19 Cr

Sep 2023₹30 Cr

Dec 2023₹24 Cr

Mar 2024₹34 Cr

Jun 2024₹15 Cr

Sep 2024₹19 Cr

Dec 2024₹16 Cr

Mar 2025₹25 Cr

Jun 2025₹11 Cr

Sep 2025₹18 Cr

Dec 2025₹20 Cr

Mar 2026₹27 Cr

Jun 2026₹6 Cr

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹12 Cr

Mar 2023₹10 Cr

Jun 2023₹9 Cr

Sep 2023₹10 Cr

Dec 2023₹12 Cr

Mar 2024₹8 Cr

Jun 2024₹4 Cr

Sep 2024₹7 Cr

Dec 2024₹7 Cr

Mar 2025₹7 Cr

Jun 2025₹8 Cr

Sep 2025₹12 Cr

Dec 2025₹16 Cr

Mar 2026₹12 Cr

Jun 2026₹9 Cr

Rane (Madras) Ltd · RML

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹24 Cr

Mar 2023₹10 Cr

Jun 2023₹-14 Cr

Sep 2023₹18 Cr

Dec 2023₹9 Cr

Mar 2024₹11 Cr

Jun 2024₹15 Cr

Sep 2024₹16 Cr

Dec 2024₹0 Cr

Mar 2025₹7 Cr

Jun 2025₹19 Cr

Sep 2025₹21 Cr

Dec 2025₹31 Cr

Mar 2026₹37 Cr

Jun 2026₹30 Cr

Sar Auto Products Ltd · 538992

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹0 Cr

Mar 2023₹-0 Cr

Jun 2023₹0 Cr

Sep 2023₹0 Cr

Dec 2023₹0 Cr

Mar 2024₹-0 Cr

Jun 2024₹0 Cr

Sep 2024₹0 Cr

Dec 2024₹0 Cr

Mar 2025₹-0 Cr

Jun 2025₹0 Cr

Sep 2025₹0 Cr

Dec 2025₹0 Cr

Mar 2026₹0 Cr

Jun 2026₹0 Cr

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021₹8 Cr

Dec 2021₹14 Cr

Mar 2022₹12 Cr

Jun 2022₹13 Cr

Sep 2022₹17 Cr

Dec 2022₹18 Cr

Mar 2023₹19 Cr

Jun 2023₹18 Cr

Sep 2023₹21 Cr

Dec 2023₹17 Cr

Mar 2024₹26 Cr

Jun 2024₹22 Cr

Sep 2024₹26 Cr

Dec 2024₹26 Cr

Mar 2025₹22 Cr

Jun 2025₹23 Cr

Sep 2025₹22 Cr

Dec 2025₹16 Cr

Mar 2026₹16 Cr

Jun 2026₹10 Cr

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹3 Cr

Mar 2023₹17 Cr

Jun 2023₹9 Cr

Sep 2023₹72 Cr

Dec 2023₹15 Cr

Mar 2024₹18 Cr

Jun 2024₹14 Cr

Sep 2024₹10 Cr

Dec 2024₹7 Cr

Mar 2025₹10 Cr

Jun 2025₹6 Cr

Sep 2025₹6 Cr

Dec 2025₹1 Cr

Mar 2026₹8 Cr

Jun 2026₹5 Cr

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹4 Cr

Mar 2023₹10 Cr

Jun 2023₹12 Cr

Sep 2023₹13 Cr

Dec 2023₹11 Cr

Mar 2024₹8 Cr

Jun 2024₹10 Cr

Sep 2024₹2 Cr

Dec 2024₹-2 Cr

Mar 2025₹2 Cr

Jun 2025₹7 Cr

Sep 2025₹-2 Cr

Dec 2025₹7 Cr

Mar 2026₹-1 Cr

Jun 2026₹11 Cr

Profit growth · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 202122%

Dec 2021-5.9%

Mar 2022-44%

Jun 2022—

Sep 2022173%

Dec 2022-6.3%

Mar 202373%

Jun 202317%

Sep 20230.5%

Dec 202358%

Mar 202432%

Jun 2024-20%

Sep 2024-35%

Dec 2024-32%

Mar 2025-28%

Jun 2025-27%

Sep 2025-6.4%

Dec 202525%

Mar 202612%

Jun 2026-43%

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20230.2%

Mar 2024-16%

Jun 2024-53%

Sep 2024-36%

Dec 2024-46%

Mar 2025-23%

Jun 202599%

Sep 202584%

Dec 2025149%

Mar 202690%

Jun 20267.8%

Rane (Madras) Ltd · RML

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-63%

Mar 202410%

Jun 2024—

Sep 2024-11%

Dec 2024-100%

Mar 2025-36%

Jun 202527%

Sep 202531%

Dec 2025—

Mar 2026429%

Jun 202658%

Sar Auto Products Ltd · 538992

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023104%

Mar 2024—

Jun 2024-3.2%

Sep 2024-24%

Dec 2024-69%

Mar 2025—

Jun 2025-60%

Sep 2025-56%

Dec 202540%

Mar 2026—

Jun 2026208%

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202244%

Sep 2022113%

Dec 202229%

Mar 202358%

Jun 202339%

Sep 202324%

Dec 2023-3.2%

Mar 202435%

Jun 202420%

Sep 202422%

Dec 202451%

Mar 2025-13%

Jun 20254.8%

Sep 2025-16%

Dec 2025-38%

Mar 2026-28%

Jun 2026-57%

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023480%

Mar 20247.2%

Jun 202453%

Sep 2024-87%

Dec 2024-54%

Mar 2025-45%

Jun 2025-58%

Sep 2025-37%

Dec 2025-87%

Mar 2026-17%

Jun 2026-21%

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023158%

Mar 2024-20%

Jun 2024-17%

Sep 2024-85%

Dec 2024-118%

Mar 2025-75%

Jun 2025-30%

Sep 2025-200%

Dec 2025—

Mar 2026-150%

Jun 202657%

10 · compare level, then change

Return On Capital Employed

Shanthi Gears Ltd has the highest ROCE among the 7 Auto Ancillaries - Gears companies compared here, at 25.6%. RACL Geartech Ltd is next at 16.9%. Rane (Madras) Ltd has the highest ROCE change at +3 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Shanthi Gears Ltd leads ROCE at 25.6%, 8.7 percentage points above RACL Geartech Ltd. Rane (Madras) Ltd has the strongest latest improvement at +3 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.

LeaderShanthi Gears Ltd · 25.6%

Gap51.5% versus #2 · RACL Geartech Ltd

Persistence2/8 recent comparable periods

Coverage7/7 companies · 45 observations

Investor read: Shanthi Gears 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

1Shanthi Gears Ltd SHANTIGEAR26%

2RACL Geartech Ltd RACLGEAR⚠ unverified17%

3Rane (Madras) Ltd RML14%

4JTEKT India Ltd JTEKTINDIA9.8%

5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified6.9%

ROCE changefastest improvers

1Rane (Madras) Ltd RML+3.0 pp

2RACL Geartech Ltd RACLGEAR⚠ unverified+0.5 pp

3Z F Steering Gear (India) Ltd ZFSTEERING0.0 pp

4Sar Auto Products Ltd 538992−0.4 pp

5JTEKT India Ltd JTEKTINDIA−1.0 pp

Return on capital · company comparison

7/7 level · 7/7 change

Withheld from this chart: Rane (Madras) Ltd (RML) — its two data sources disagree by up to 395% on reported income across 14 comparable periods, so its derived ratios are withheld; JTEKT India Ltd (JTEKTINDIA) — its two data sources disagree by up to 17% on reported income across 20 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
Shanthi Gears Ltd SHANTIGEAR	20%	−9.0 pp	Jun 2026
RACL Geartech Ltd RACLGEAR⚠ unverified	16%	+0.5 pp	Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified	5.2%	−6.5 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 202121%

Dec 2021—

Mar 202219%

Jun 2022—

Sep 202220%

Dec 2022—

Mar 202324%

Jun 2023—

Sep 202324%

Dec 202329%

Mar 202421%

Jun 202424%

Sep 202418%

Dec 202420%

Mar 202515%

Jun 202520%

Sep 202513%

Dec 202522%

Mar 202616%

Jun 2026—

Shanthi Gears Ltd · SHANTIGEAR

Sep 202115%

Dec 2021—

Mar 202220%

Jun 2022—

Sep 202223%

Dec 2022—

Mar 202326%

Jun 2023—

Sep 202328%

Dec 202334%

Mar 202426%

Jun 202435%

Sep 202426%

Dec 202437%

Mar 202529%

Jun 202535%

Sep 202525%

Dec 202528%

Mar 202620%

Jun 2026—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 20219.5%

Dec 2021—

Mar 20224.6%

Jun 2022—

Sep 20226.3%

Dec 2022—

Mar 20239.9%

Jun 2023—

Sep 202312%

Dec 202328%

Mar 202415%

Jun 202430%

Sep 202415%

Dec 202415%

Mar 202512%

Jun 202512%

Sep 20257.8%

Dec 20258.8%

Mar 20265.2%

Jun 2026—

ROCE change · reported quarter history

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.9 pp

Dec 2022—

Mar 2023+4.3 pp

Jun 2023—

Sep 2023+4.4 pp

Dec 2023—

Mar 2024−2.5 pp

Jun 2024—

Sep 2024−5.5 pp

Dec 2024−8.3 pp

Mar 2025−6.0 pp

Jun 2025−4.4 pp

Sep 2025−5.2 pp

Dec 2025+1.8 pp

Mar 2026+0.5 pp

Jun 2026—

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+8.7 pp

Dec 2022—

Mar 2023+6.6 pp

Jun 2023—

Sep 2023+4.5 pp

Dec 2023—

Mar 2024−0.6 pp

Jun 2024—

Sep 2024−1.4 pp

Dec 2024+3.1 pp

Mar 2025+2.9 pp

Jun 2025−0.2 pp

Sep 2025−1.3 pp

Dec 2025−9.4 pp

Mar 2026−9.0 pp

Jun 2026—

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.2 pp

Dec 2022—

Mar 2023+5.3 pp

Jun 2023—

Sep 2023+5.9 pp

Dec 2023—

Mar 2024+4.9 pp

Jun 2024—

Sep 2024+2.9 pp

Dec 2024−12.7 pp

Mar 2025−3.1 pp

Jun 2025−18.5 pp

Sep 2025−7.3 pp

Dec 2025−6.0 pp

Mar 2026−6.5 pp

Jun 2026—

11 · compare level, then change

Valuation Against Growth & Quality

Shanthi Gears Ltd has the lowest PEG among the 7 Auto Ancillaries - Gears companies compared here, at 3.18×. Rane (Madras) Ltd has the lowest P/E at 31.1×, so level and change sit with different companies. 1 of 7 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 12 reported observations across the 20-quarter window.

What the numbers say: Shanthi Gears Ltd has the lowest comparable PEG at 3.18×. Only 1 of 7 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.

LeaderShanthi Gears Ltd · 3.18×

GapNot enough peers

Persistence0/8 recent comparable periods

Coverage1/7 companies · 12 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

1Shanthi Gears Ltd SHANTIGEAR3.2

P/Elowest P/E

1Rane (Madras) Ltd RML31.1

2Z F Steering Gear (India) Ltd ZFSTEERING34.4

3RACL Geartech Ltd RACLGEAR⚠ unverified41.6

4JTEKT India Ltd JTEKTINDIA43.6

5The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified54.1

Valuation · company comparison

1/7 level · 7/7 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Shanthi Gears Ltd SHANTIGEAR	3.2	42.2	Jun 2026
Sar Auto Products Ltd 538992	—	1,913.5	Jun 2026
Rane (Madras) Ltd RML	—	26.2	Jun 2026
JTEKT India Ltd JTEKTINDIA	—	46.0	Jun 2026
RACL Geartech Ltd RACLGEAR⚠ unverified	—	32.2	Jun 2026
The Hi-Tech Gears Ltd HITECHGEAR⚠ unverified	—	57.5	Jun 2026
Z F Steering Gear (India) Ltd ZFSTEERING	—	38.7	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Shanthi Gears Ltd · SHANTIGEAR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20221.2

Dec 20221.7

Mar 20230.9

Jun 20230.9

Sep 20231.0

Dec 2023—

Mar 20242.1

Jun 20242.4

Sep 20243.0

Dec 20242.3

Mar 20251.2

Jun 20252.3

Sep 20253.2

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

JTEKT India Ltd · JTEKTINDIA

Sep 202158.6

Dec 202149.4

Mar 202242.5

Jun 202260.1

Sep 202251.2

Dec 202253.3

Mar 202335.6

Jun 202343.2

Sep 202345.6

Dec 202348.8

Mar 202449.0

Jun 202455.7

Sep 202444.9

Dec 202447.4

Mar 202540.1

Jun 202550.9

Sep 202565.5

Dec 202556.7

Mar 202643.8

Jun 202646.0

RACL Geartech Ltd · RACLGEAR⚠ unverified

Sep 202119.7

Dec 202125.1

Mar 202223.6

Jun 202223.6

Sep 202221.5

Dec 202228.4

Mar 202330.0

Jun 202334.8

Sep 202330.3

Dec 202331.0

Mar 202431.4

Jun 202431.5

Sep 202429.6

Dec 202429.9

Mar 202531.5

Jun 202540.7

Sep 202543.9

Dec 202540.4

Mar 202633.2

Jun 202632.2

Rane (Madras) Ltd · RML

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202334.2

Jun 202331.6

Sep 202333.9

Dec 20239.1

Mar 20248.5

Jun 202410.8

Sep 202413.6

Dec 202426.0

Mar 202522.4

Jun 202539.7

Sep 202539.2

Dec 202541.5

Mar 202622.0

Jun 202626.2

Sar Auto Products Ltd · 538992

Sep 2021231.3

Dec 2021187.1

Mar 2022182.7

Jun 2022207.7

Sep 2022356.0

Dec 2022299.2

Mar 2023356.0

Jun 2023738.3

Sep 2023698.2

Dec 20231,200.0

Mar 2024993.2

Jun 2024905.4

Sep 2024803.7

Dec 2024863.3

Mar 20251,341.6

Jun 20251,034.0

Sep 20252,323.2

Dec 20252,270.2

Mar 20262,250.0

Jun 20261,913.5

Shanthi Gears Ltd · SHANTIGEAR

Sep 202140.9

Dec 202133.8

Mar 202236.1

Jun 202238.2

Sep 202253.6

Dec 202247.3

Mar 202347.1

Jun 202353.9

Sep 202348.9

Dec 202360.5

Mar 202455.9

Jun 202455.1

Sep 202457.9

Dec 202442.4

Mar 202536.4

Jun 202539.3

Sep 202541.8

Dec 202538.8

Mar 202639.3

Jun 202642.2

The Hi-Tech Gears Ltd · HITECHGEAR⚠ unverified

Sep 202110.6

Dec 202113.9

Mar 202223.6

Jun 202220.2

Sep 2022182.0

Dec 2022198.0

Mar 202326.8

Jun 202330.4

Sep 202320.8

Dec 202324.6

Mar 202430.5

Jun 202437.6

Sep 202430.5

Dec 202426.8

Mar 202523.5

Jun 202534.6

Sep 202544.0

Dec 202545.6

Mar 202647.3

Jun 202657.5

Z F Steering Gear (India) Ltd · ZFSTEERING

Sep 20218.8

Dec 20219.6

Mar 20228.7

Jun 20228.9

Sep 202227.1

Dec 202224.6

Mar 202322.1

Jun 202323.0

Sep 202322.1

Dec 202318.9

Mar 202416.4

Jun 202423.7

Sep 202435.2

Dec 202442.3

Mar 202546.4

Jun 202570.5

Sep 202573.8

Dec 202564.4

Mar 202628.8

Jun 202638.7

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Auto Ancillaries - Gears comparison names 7 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 2 draw 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.
2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
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.
Thin comparisons: Valuation have fewer than three usable current readings.

13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 Auto Ancillaries - Gears 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 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-11 · 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 standing1 cross-checked · 4 unverified · 2 withheld, of 7 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.

14 · questions investors ask, short speakable answers

Auto Ancillaries - Gears company comparison FAQs

These 24 answers restate the Auto Ancillaries - Gears comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

Is the Auto Ancillaries - Gears sector outperforming NIFTY 500?

Which Auto Ancillaries - Gears company is largest by revenue?

Rane (Madras) Ltd leads with revenue of ₹4,024 crore, based on 7 of 7 comparable companies through Jun 2026.

Which Auto Ancillaries - Gears company is growing fastest?

Sar Auto Products Ltd has the fastest current revenue growth at 39.9%, across 7 of 7 comparable companies.

Which Auto Ancillaries - Gears company has the strongest 4-Factor Sector Score?

Rane (Madras) Ltd ranks first at 66.5/100 with 75.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Auto Ancillaries - Gears company has the lowest comparable PEG?

Shanthi Gears Ltd has the lowest comparable PEG at 3.18, among 1 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Auto Ancillaries - Gears 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 Auto Ancillaries - Gears 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 Auto Ancillaries - Gears, this page builds its own equal-weight basket of 7 listed Auto Ancillaries - Gears 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 Auto Ancillaries - Gears stocks in India?

Ranked by this page's four-factor score, Rane (Madras) Ltd places first among 7 listed Auto Ancillaries - Gears companies, followed by RACL Geartech 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 Auto Ancillaries - Gears stocks are listed in India?

This comparison covers 7 listed Auto Ancillaries - Gears 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 Auto Ancillaries - Gears company is the biggest?

Rane (Madras) Ltd is the largest, with trailing-twelve-month revenue of ₹4,024 crore, ahead of JTEKT India Ltd at ₹2,818 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

Which Auto Ancillaries - Gears company has the best profit margins?

RACL Geartech Ltd has the highest operating margin at 24.1%, from 7 of 7 comparable companies. RACL Geartech Ltd shows the biggest recent improvement, at +5.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Auto Ancillaries - Gears company makes the most profit?

Rane (Madras) Ltd earns the most, at ₹119 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Sar Auto Products 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 Auto Ancillaries - Gears company earns the highest return on capital?

Shanthi Gears Ltd leads on return on capital employed at 25.6%, across 7 of 7 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 Auto Ancillaries - Gears stock is the cheapest?

On PEG — where a LOWER number is cheaper — Shanthi Gears Ltd screens cheapest at 3.18×. Only 1 of 7 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 Auto Ancillaries - Gears sector beating the market?

Auto Ancillaries - Gears has outperformed NIFTY 500 by 34.5% over the last 52 weeks and 41.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Auto Ancillaries - Gears stock has the strongest price momentum?

Sar Auto Products 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 Auto Ancillaries - Gears company scores highest for research priority?

Rane (Madras) Ltd scores 66.5 out of 100 with 75.3% evidence confidence, from 26.3 points on growth and earnings, 12.1 on capital efficiency, 11.5 on valuation and 16.6 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 Auto Ancillaries - Gears companies does this comparison cover, and over what period?

It compares 7 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 Auto Ancillaries - Gears sector?

The 7 Auto Ancillaries - Gears companies on this page carry ₹19,016 crore of combined market value. Shanthi Gears Ltd is the largest at ₹5,485 crore, about 29% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

What is the Auto Ancillaries - Gears sector's P/E ratio?

The median price-to-earnings ratio across the 7 Auto Ancillaries - Gears companies on this page is 43.6×, measured on the 7 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 2026-09-17.

How is the Auto Ancillaries - Gears sector performing?

5 of the 7 covered Auto Ancillaries - Gears companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 34.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

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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Not SEBI Registered !! Not Investment advice !!