Sector Alpha Week of 2026-08-18
20-quarter listed-company comparison

Capital Goods - Electric General Stocks in India

Capital Goods - Electric General: Siemens Ltd owns the largest revenue base; Alpex Solar Ltd has the fastest current growth.

01 · the index people search for

Nifty Capital Goods - Electric General Index — Constituents & Performance

The Capital Goods - Electric General companies below are the listed Indian Capital Goods - Electric General universe this page tracks — the same constituent set people search for as the Nifty Capital Goods - Electric General index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Capital Goods - Electric General 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 9% ahead of NIFTY 500. Earnings across its companies grew 33% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 19 weeks running.

LEADER · ahead 19w✓Moving with the index10 of 19 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 ↑19w · 13/19 >200d (+1) · 10/19 lead (+1) · EPS 13/18↑

200500100020262025202420232022 1690324 TRAILING 12-MONTH EPS · 100 AT THE START0100144Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Jun 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 42.4% on a year ago · 7 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 13.6% on a year ago · 16 reportingDec 2023 · trailing 12-month earnings per share at 99, against 100 at the start · down 16.6% on a year ago · 16 reportingMar 2024 · trailing 12-month earnings per share at 98, against 100 at the start · down 32.3% on a year ago · 16 reportingJun 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 28.6% on a year ago · 16 reportingSep 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 27.1% on a year ago · 17 reportingDec 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 32.3% on a year ago · 18 reportingMar 2025 · trailing 12-month earnings per share at 125, against 100 at the start · up 7.5% on a year ago · 18 reportingJun 2025 · trailing 12-month earnings per share at 144, against 100 at the start · up 8.0% on a year ago · 18 reportingSep 2025 · trailing 12-month earnings per share at 129, against 100 at the start · up 2.1% on a year ago · 19 reportingDec 2025 · trailing 12-month earnings per share at 123, against 100 at the start · up 28.8% on a year ago · 19 reportingMar 2026 · trailing 12-month earnings per share at 125, against 100 at the start · up 47.3% on a year ago · 18 reportingJun 2026 · trailing 12-month earnings per share at 140, against 100 at the start · up 52.9% on a year ago · 18 reportingNot reported yet — earnings trail price by a quarter or two140No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500100020262025202420232022 1690324 TRAILING 12-MONTH EPS · 100 AT THE START0100144Jun 23Jun 24Jun 25Jun 26Jun 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 42.4% on a year ago · 7 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 13.6% on a year ago · 16 reportingDec 2023 · trailing 12-month earnings per share at 99, against 100 at the start · down 16.6% on a year ago · 16 reportingMar 2024 · trailing 12-month earnings per share at 98, against 100 at the start · down 32.3% on a year ago · 16 reportingJun 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 28.6% on a year ago · 16 reportingSep 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 27.1% on a year ago · 17 reportingDec 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 32.3% on a year ago · 18 reportingMar 2025 · trailing 12-month earnings per share at 125, against 100 at the start · up 7.5% on a year ago · 18 reportingJun 2025 · trailing 12-month earnings per share at 144, against 100 at the start · up 8.0% on a year ago · 18 reportingSep 2025 · trailing 12-month earnings per share at 129, against 100 at the start · up 2.1% on a year ago · 19 reportingDec 2025 · trailing 12-month earnings per share at 123, against 100 at the start · up 28.8% on a year ago · 19 reportingMar 2026 · trailing 12-month earnings per share at 125, against 100 at the start · up 47.3% on a year ago · 18 reportingJun 2026 · trailing 12-month earnings per share at 140, against 100 at the start · up 52.9% on a year ago · 18 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings do
Capital Goods - Electric General, 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 19 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 Capital Goods - Electric General outperforming NIFTY 500?

Capital Goods - Electric General has outperformed NIFTY 500 by 8.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.8%. 10 of 19 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Modison Ltd is the strongest against the sector itself at +64%.

+9.8%Sector vs NIFTY 500 · 13 weeks
+8.8%Sector vs NIFTY 500 · 52 weeks
10/19Stocks leading NIFTY 500
8/19Stocks leading sector

Sector metric: 32.7 as of 2026-08-09 · CONSOLIDATION · falling.

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

Capital Goods - Electric General has outperformed NIFTY 500 by 8.8% over 52 weeks and 9.8% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 19 beat the sector itself. Siemens Ltd leads with revenue of ₹18,063 crore, based on 19 of 19 comparable companies through Jun 2026.

Companies
19
complete canonical membership
Combined market value
₹1.9 L Cr
Siemens Ltd
Revenue growing
18/19
positive TTM year-on-year growth
Beating NIFTY 500
10/19
positive Mansfield relative strength
Comparing 5 of 19
04 · research priority, made explicit

Best Capital Goods - Electric General Stocks in India (Aug 2026), Ranked by Data

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%
Modison Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 87% 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.

Top 10 Capital Goods - Electric General Stocks in India

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Modison LtdMODISONLTD 83.2/100Sector-leading setup87% evidence LEADER 31.3/35 Revenue 66.9% · PAT 100% · OPM change 13 pp 95% evidence 18.9/25 ROCE 31% · OPM 19% 95% evidence 13.0/20 P/E 10.3× · PEG — 50% evidence 20.0/20 RS sector 64% · RS bench 80.5% · 1Y 114.6%12 of 12 weeks ahead 100% evidence
Exact sum: 31.3 + 18.9 + 13 + 20 = 83.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Modern Insulators LtdMODINSULAT 69.0/100Favorable setup82% evidence LEADER 30.4/35 Revenue 42.7% · PAT 100% · OPM change 8 pp 95% evidence 18.1/25 ROCE 19.4% · OPM 17% 76% evidence 7.0/20 P/E 23.4× · PEG — 50% evidence 13.5/20 RS sector 52.3% · RS bench 67.7% · 1Y 419.4%12 of 12 weeks ahead 100% evidence
Exact sum: 30.4 + 18.1 + 7 + 13.5 = 69 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Rishabh Instruments LtdRISHABH 66.1/100Favorable setup90% evidence LEADER 24.8/35 Revenue 5.8% · PAT 100% · OPM change 2 pp 100% evidence 14.3/25 ROCE 14.5% · OPM 17% 100% evidence 11.0/20 P/E 31× · PEG — 50% evidence 16.0/20 RS sector 23.9% · RS bench 38.3% · 1Y 122.1%12 of 12 weeks ahead 100% evidence
Exact sum: 24.8 + 14.3 + 11 + 16 = 66.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Spectrum Electrical Industries LtdSPECTRUM 65.0/100Favorable setup100% evidence BREAKING OUT 26.0/35 Revenue 44.7% · PAT 73.3% · OPM change 2 pp 100% evidence 16.0/25 ROCE 16.7% · OPM 16% 100% evidence 4.3/20 P/E 67.9× · PEG 9.09 100% evidence 18.7/20 RS sector 33.3% · RS bench 48.9% · 1Y 50.5%10 of 12 weeks ahead 100% evidence
Exact sum: 26 + 16 + 4.3 + 18.7 = 65 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Ravindra Energy LtdRELTD 62.8/100Mixed-positive evidence93% evidence BREAKING OUT 27.2/35 Revenue 28.2% · PAT 53% · OPM change 14.6 pp 100% evidence 16.5/25 ROCE 15.9% · OPM 31.8% 100% evidence 8.0/20 P/E 54.8× · PEG 1.97 65% evidence 11.1/20 RS sector -3.5% · RS bench 8.9% · 1Y 18.4%9 of 12 weeks ahead 100% evidence
Exact sum: 27.2 + 16.5 + 8 + 11.1 = 62.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
6IKIO Technologies LtdIKIO 57.4/100Mixed-positive evidence87% evidence LEADER 26.1/35 Revenue 34.5% · PAT 100% · OPM change 4 pp 95% evidence 7.5/25 ROCE 9.5% · OPM 13% 95% evidence 9.3/20 P/E 34.1× · PEG — 50% evidence 14.5/20 RS sector 1.7% · RS bench 13.9% · 1Y 7.6%12 of 12 weeks ahead 100% evidence
Exact sum: 26.1 + 7.5 + 9.3 + 14.5 = 57.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Kirloskar Electric Company LtdKECL 57.1/100Mixed-positive evidence80% evidence TURNING 18.9/35 Revenue 3.4% · PAT 100% · OPM change -5.6 pp 95% evidence 12.2/25 ROCE 14.6% · OPM -0.4% 95% evidence 9.2/20 P/E 62.2× · PEG — 15% evidence 16.8/20 RS sector 15.2% · RS bench 28.9% · 1Y 19.3%10 of 12 weeks ahead 100% evidence
Exact sum: 18.9 + 12.2 + 9.2 + 16.8 = 57.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Insolation Energy LtdINA 55.5/100Mixed-positive evidence94% evidence ASLEEP 16.3/35 Revenue 81.7% · PAT 45.2% · OPM change -6 pp 100% evidence 16.6/25 ROCE 22.2% · OPM 10% 100% evidence 19.6/20 P/E 11.2× · PEG 0.23 100% evidence 3.0/20 RS sector -39.3% · RS bench -29.5% · 1Y -55.7%5 of 11 weeks ahead 70% evidence
Exact sum: 16.3 + 16.6 + 19.6 + 3 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Alpex Solar LtdALPEXSOLAR 54.9/100Mixed-positive evidence74% evidence ASLEEP 18.3/35 Revenue 100% · PAT 61.3% · OPM change -1 pp 95% evidence 17.8/25 ROCE 43.5% · OPM 15% 95% evidence 11.5/20 P/E 9.9× · PEG — 15% evidence 7.3/20 RS sector -2.2% · RS bench -21.7% · 1Y -38.4%5 of 10 weeks ahead 70% evidence
Exact sum: 18.3 + 17.8 + 11.5 + 7.3 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Siemens LtdSIEMENS 53.7/100Mixed-positive evidence82% evidence TURNING 19.1/35 Revenue 13.2% · PAT 33.7% · OPM change -4 pp 95% evidence 16.9/25 ROCE 21.4% · OPM 9% 76% evidence 6.4/20 P/E 93.3× · PEG — 50% evidence 11.3/20 RS sector 2.4% · RS bench 15.3% · 1Y 30%6 of 12 weeks ahead 100% evidence
Exact sum: 19.1 + 16.9 + 6.4 + 11.3 = 53.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
11V-Guard Industries LtdVGUARD 49.8/100Mixed-negative evidence100% evidence BASING 19.1/35 Revenue 13.4% · PAT 26.4% · OPM change 3 pp 100% evidence 15.9/25 ROCE 18.4% · OPM 11% 100% evidence 9.5/20 P/E 37.6× · PEG 2.51 100% evidence 5.3/20 RS sector -14.7% · RS bench -3.3% · 1Y -7.3%0 of 12 weeks ahead 100% evidence
Exact sum: 19.1 + 15.9 + 9.5 + 5.3 = 49.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Exicom Tele-Systems LtdEXICOM 44.5/100Mixed-negative evidence71% evidence LEADER 17.5/35 Revenue 55.7% · PAT -25.6% · OPM change 12 pp 74% evidence 0.2/25 ROCE -14.7% · OPM -7% 100% evidence 10.0/20 P/E — · PEG — 0% evidence 16.8/20 RS sector 4.9% · RS bench 16.5% · 1Y 6.9%12 of 12 weeks ahead 100% evidence
Exact sum: 17.5 + 0.2 + 10 + 16.8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Swelect Energy Systems LtdSWELECTES 40.6/100Mixed-negative evidence80% evidence BASING 15.9/35 Revenue -10.9% · PAT 54.6% · OPM change -1.8 pp 95% evidence 10.1/25 ROCE 8% · OPM 21.7% 95% evidence 10.8/20 P/E 21.8× · PEG — 15% evidence 3.8/20 RS sector -18.7% · RS bench -8.7% · 1Y -0.8%7 of 12 weeks ahead 100% evidence
Exact sum: 15.9 + 10.1 + 10.8 + 3.8 = 40.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Honda India Power Products LtdHONDAPOWER 39.2/100Mixed-negative evidence81% evidence BASING 16.2/35 Revenue 11.8% · PAT -9.6% · OPM change 3 pp 95% evidence 7.8/25 ROCE 11.5% · OPM 8% 95% evidence 7.6/20 P/E 29.8× · PEG — 50% evidence 7.6/20 RS sector -3.3% · RS bench -9.6% · 1Y -23.3%1 of 10 weeks ahead 70% evidence
Exact sum: 16.2 + 7.8 + 7.6 + 7.6 = 39.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Igarashi Motors India LtdIGARASHI 38.1/100Mixed-negative evidence80% evidence BREAKING OUT 11.0/35 Revenue 11.1% · PAT -11.4% · OPM change 0.2 pp 95% evidence 8.4/25 ROCE 4.6% · OPM 9.8% 95% evidence 8.9/20 P/E 87.7× · PEG — 15% evidence 9.8/20 RS sector -6.5% · RS bench 5% · 1Y -12.8%10 of 12 weeks ahead 100% evidence
Exact sum: 11 + 8.4 + 8.9 + 9.8 = 38.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Servotech Renewable Power System LtdSERVOTECH 37.9/100Mixed-negative evidence82% evidence ASLEEP 12.3/35 Revenue 7.4% · PAT 7.5% · OPM change 1.9 pp 95% evidence 11.4/25 ROCE 12.8% · OPM 9.5% 76% evidence 12.0/20 P/E 49.9× · PEG — 50% evidence 2.2/20 RS sector -22.9% · RS bench -14% · 1Y -33.6%8 of 12 weeks ahead 100% evidence
Exact sum: 12.3 + 11.4 + 12 + 2.2 = 37.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17HPL Electric & Power LtdHPL 37.6/100Mixed-negative evidence81% evidence ASLEEP 10.9/35 Revenue 15% · PAT -3.2% · OPM change -3 pp 95% evidence 11.6/25 ROCE 13.5% · OPM 12% 95% evidence 10.8/20 P/E 21.4× · PEG — 50% evidence 4.3/20 RS sector -22.2% · RS bench -17.9% · 1Y -43.9%4 of 10 weeks ahead 70% evidence
Exact sum: 10.9 + 11.6 + 10.8 + 4.3 = 37.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18Salzer Electronics LtdSALZERELEC 36.0/100Mixed-negative evidence81% evidence ASLEEP 12.4/35 Revenue 20.8% · PAT -36.5% · OPM change -3.2 pp 95% evidence 9.3/25 ROCE 11.5% · OPM 6.3% 95% evidence 9.3/20 P/E 23.1× · PEG — 50% evidence 5.0/20 RS sector -19.1% · RS bench -17.2% · 1Y -36.7%2 of 10 weeks ahead 70% evidence
Exact sum: 12.4 + 9.3 + 9.3 + 5 = 36 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19Focus Lighting & Fixtures LtdFOCUS 25.5/100Adverse evidence76% evidence 7.6/35 Revenue 2.4% · PAT -66.6% · OPM change 0.9 pp 83% evidence 8.0/25 ROCE 5.5% · OPM 10.2% 95% evidence 8.7/20 P/E 89.2× · PEG — 15% evidence 1.2/20 RS sector -27.4% · RS bench -17.3% · 1Y -32.7%7 of 11 weeks ahead 100% evidence
Exact sum: 7.6 + 8 + 8.7 + 1.2 = 25.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
Showing 10 of 19 companies
05 · what price has already done

Market action

Modern Insulators Ltd has the strongest one-year price move in Capital Goods - Electric General at +419.4%. Modison Ltd leads on Mansfield relative strength against NIFTY at +80.5%. 10 of 19 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

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

Capital Goods - Electric General — the story behind the numbers

This is the written read behind the Capital Goods - Electric General figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 5 themes are live here, 3 of them rated high severity. It also states what would change this read.

The Capital Goods - Electric General sector displayed exceptional profit momentum in Q4 FY26. All 4 constituents reported PAT growth exceeding 95% YoY, with MODISONLTD leading at 277.8% growth to ₹36.00 Cr. Revenue growth ranged from 31.74% (MODINSULAT) to 119.6% (MODISONLTD). EBITDA margins expanded across the board, ranging from 11.5% (FOCUS) to 18.4% (MODISONLTD).

How old this read is: This read comes from our Capital Goods - Electric General sector brief dated 28 Jul 2026, so the words here and the numbers above them cover the same few weeks.

What is live in this sector right now

Live themeSeverityEvidence on file
Raw material cost volatility affecting electrical equipment manufacturers.Named for FOCUS, MODINSULAT, MODISONLTD, SPECTRUMhigh“Sector headwinds include raw material cost volatility affecting electrical equipment manufacturers, contributing to margin compression from 21.33% in Q1 FY25 to 2.90% in Q3 FY26.” Company has price pass-on arrangements; recent increase in fuel cost passed on to most customers.
Qualified audit opinion issued due to unprovided tax provisions.Named for MODINSULAT, MODISONLTD, SPECTRUMhigh“Qualified audit opinion issued due to unprovided tax provisions of ₹127.80 crore linked to pending NCLT amalgamation with Modern Denim Ltd.” Management is actively working on securing necessary regulatory approvals for the amalgamation.
Employee expenses as percentage of revenue jumped to 26.11% in Q3 FY26 from 16.30% in Q2 FY26.Named for FOCUShigh“Employee expenses as percentage of revenue jumped to 26.11% in Q3 FY26 from 16.30% in Q2 FY26, indicating severe operating deleverage and inability to right-size workforce.”
West Asia war causing shortage of natural gas; US tariff actions creating trade restrictions.Named for MODINSULATmedium“West Asia war causing shortage of natural gas; US tariff actions creating trade restrictions affecting raw material costs and supply chain.” Price pass-through mechanisms in supply contracts allow periodic revisions linked to input cost movements.
Global supply chain disruptions and higher freight costs.Named for FOCUS, MODINSULAT, SPECTRUMmedium“Middle East conflict causing higher freight costs and insurance premiums for export consignments; 47% export revenue mix exposes company to shipping disruptions.” Through agile supply chain management and strategic partnerships, we have maintained continuity in operations.

What would change this read

A structural collapse in copper and gas prices that violently expands margins, allowing earnings to outpace the currently extreme multiple without requiring further valuation expansion.

Sources: our Capital Goods - Electric General sector brief, 28 Jul 2026 · company earnings-call transcripts.

07 · compare level, then change

Revenue Scale & Growth Durability

Siemens Ltd has the highest Revenue among the 19 Capital Goods - Electric General companies compared here, at ₹18,063 crore. V-Guard Industries Ltd is next at ₹6,311 crore. Alpex Solar 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: Siemens Ltd is the scale leader at ₹18,063 crore, 186.2% ahead of V-Guard Industries Ltd. Alpex Solar Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 116.6% from a ₹2,346 crore base, with 11 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderSiemens Ltd · ₹18,063 crore
Gap186.2% versus #2 · V-Guard Industries Ltd
Persistence5/8 recent comparable periods
Coverage19/19 companies · 304 observations

Investor read: Siemens Ltd is the scale benchmark; Alpex Solar Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Siemens Ltd's growth falls below Alpex Solar 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
1Siemens Ltd SIEMENS₹18.1K Cr
2V-Guard Industries Ltd VGUARD₹6.3K Cr
3Insolation Energy Ltd INA₹2.5K Cr
4Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹2.3K Cr
5HPL Electric & Power Ltd HPL⚠ unverified₹1.9K Cr
Revenue growthfastest growers
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified100%
2Insolation Energy Ltd INA82%
3Modison Ltd MODISONLTD⚠ unverified67%
4Exicom Tele-Systems Ltd EXICOM56%
5Spectrum Electrical Industries Ltd SPECTRUM45%
Revenue · company comparison
19/19 level · 19/19 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.

CompanyRevenueRevenue growthReported
Siemens Ltd SIEMENS₹4.7K Cr15%Jun 2026
V-Guard Industries Ltd VGUARD₹1.8K Cr24%Jun 2026
Insolation Energy Ltd INA₹741 Cr105%Jun 2026
HPL Electric & Power Ltd HPL⚠ unverified₹515 Cr34%Jun 2026
Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹503 Cr32%Jun 2026
Salzer Electronics Ltd SALZERELEC⚠ unverified₹498 Cr13%Jun 2026
Exicom Tele-Systems Ltd EXICOM₹331 Cr61%Jun 2026
Modison Ltd MODISONLTD⚠ unverified₹270 Cr101%Jun 2026
Igarashi Motors India Ltd IGARASHI⚠ unverified₹251 Cr23%Jun 2026
Servotech Renewable Power System Ltd SERVOTECH₹216 Cr58%Jun 2026
Rishabh Instruments Ltd RISHABH₹198 Cr4.2%Jun 2026
Honda India Power Products Ltd HONDAPOWER⚠ unverified₹189 Cr22%Jun 2026
Modern Insulators Ltd MODINSULAT₹188 Cr33%Jun 2026
IKIO Technologies Ltd IKIO⚠ unverified₹169 Cr41%Jun 2026
Spectrum Electrical Industries Ltd SPECTRUM₹155 Cr82%Jun 2026
Swelect Energy Systems Ltd SWELECTES⚠ unverified₹131 Cr-26%Jun 2026
Ravindra Energy Ltd RELTD₹120 Cr-26%Jun 2026
Kirloskar Electric Company Ltd KECL⚠ unverified₹104 Cr-21%Jun 2026
Focus Lighting & Fixtures Ltd FOCUS₹60 Cr44%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
₹79 Cr
₹121 Cr
₹77 Cr
₹188 Cr
₹188 Cr
₹327 Cr
₹380 Cr
₹523 Cr
₹648 Cr
₹672 Cr
₹503 Cr

Exicom Tele-Systems Ltd · EXICOM

—
—
—
₹109 Cr
₹109 Cr
₹146 Cr
₹346 Cr
₹265 Cr
₹190 Cr
₹264 Cr
₹301 Cr
₹252 Cr
₹153 Cr
₹197 Cr
₹266 Cr
₹205 Cr
₹282 Cr
₹277 Cr
₹388 Cr
₹331 Cr

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

—
—
—
—
₹394 Cr
₹339 Cr
₹313 Cr
₹210 Cr
₹285 Cr
₹263 Cr
₹231 Cr
₹144 Cr
₹177 Cr
₹204 Cr
₹269 Cr
₹155 Cr
₹176 Cr
₹270 Cr
₹265 Cr
₹189 Cr

HPL Electric & Power Ltd · HPL⚠ unverified

—
—
—
—
—
₹302 Cr
₹363 Cr
₹321 Cr
₹350 Cr
₹366 Cr
₹424 Cr
₹393 Cr
₹422 Cr
₹392 Cr
₹493 Cr
₹383 Cr
₹434 Cr
₹474 Cr
₹520 Cr
₹515 Cr

Insolation Energy Ltd · INA

—
—
—
₹58 Cr
₹58 Cr
₹82 Cr
₹82 Cr
₹139 Cr
₹139 Cr
₹229 Cr
₹229 Cr
₹306 Cr
₹306 Cr
₹325 Cr
₹397 Cr
₹362 Cr
₹415 Cr
₹575 Cr
₹794 Cr
₹741 Cr

Modern Insulators Ltd · MODINSULAT

—
—
—
—
₹100 Cr
₹107 Cr
₹123 Cr
₹90 Cr
₹106 Cr
₹107 Cr
₹140 Cr
₹104 Cr
₹115 Cr
₹125 Cr
₹160 Cr
₹141 Cr
₹176 Cr
₹199 Cr
₹203 Cr
₹188 Cr

Ravindra Energy Ltd · RELTD

₹35 Cr
₹188 Cr
₹372 Cr
₹232 Cr
₹34 Cr
₹55 Cr
₹114 Cr
₹58 Cr
₹27 Cr
₹16 Cr
₹30 Cr
₹23 Cr
₹16 Cr
₹53 Cr
₹159 Cr
₹163 Cr
₹120 Cr
₹127 Cr
₹133 Cr
₹120 Cr

Rishabh Instruments Ltd · RISHABH

—
—
—
₹131 Cr
₹131 Cr
₹134 Cr
₹174 Cr
₹172 Cr
₹180 Cr
₹159 Cr
₹178 Cr
₹169 Cr
₹182 Cr
₹181 Cr
₹187 Cr
₹190 Cr
₹196 Cr
₹184 Cr
₹205 Cr
₹198 Cr

Servotech Renewable Power System Ltd · SERVOTECH

—
—
—
—
—
₹86 Cr
₹115 Cr
₹80 Cr
₹86 Cr
₹52 Cr
₹136 Cr
₹112 Cr
₹200 Cr
₹216 Cr
₹146 Cr
₹137 Cr
₹106 Cr
₹211 Cr
₹217 Cr
₹216 Cr

Siemens Ltd · SIEMENS

—
—
—
—
—
₹4.0K Cr
₹4.9K Cr
₹4.9K Cr
₹5.8K Cr
₹3.7K Cr
₹4.2K Cr
₹3.8K Cr
₹4.5K Cr
₹3.4K Cr
₹4.0K Cr
₹4.1K Cr
₹4.9K Cr
₹3.8K Cr
₹4.6K Cr
₹4.7K Cr

Spectrum Electrical Industries Ltd · SPECTRUM

₹62 Cr
₹64 Cr
₹64 Cr
₹63 Cr
₹63 Cr
₹64 Cr
₹64 Cr
₹67 Cr
₹67 Cr
₹97 Cr
₹126 Cr
₹75 Cr
₹87 Cr
₹71 Cr
₹169 Cr
₹85 Cr
₹118 Cr
₹125 Cr
₹198 Cr
₹155 Cr

V-Guard Industries Ltd · VGUARD

₹908 Cr
₹968 Cr
₹1.1K Cr
₹1.0K Cr
₹986 Cr
₹982 Cr
₹1.1K Cr
₹1.2K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.5K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.5K Cr
₹1.3K Cr
₹1.4K Cr
₹1.8K Cr
₹1.8K Cr

Revenue growth · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
138%
170%
394%
178%
245%
106%
32%

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
143%
74%
81%
-13%
-4.9%
-19%
-25%
-12%
-19%
84%
41%
46%
61%

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

—
—
—
—
—
—
—
—
-28%
-22%
-26%
-31%
-38%
-22%
16%
7.6%
-0.6%
32%
-1.5%
22%

HPL Electric & Power Ltd · HPL⚠ unverified

—
—
—
—
—
—
—
—
—
21%
17%
22%
21%
7.1%
16%
-2.5%
2.8%
21%
5.5%
34%

Insolation Energy Ltd · INA

—
—
—
—
—
—
—
140%
140%
179%
179%
120%
120%
42%
73%
18%
36%
77%
100%
105%

Modern Insulators Ltd · MODINSULAT

—
—
—
—
—
—
—
—
6.0%
0.0%
14%
16%
8.5%
17%
14%
36%
53%
59%
27%
33%

Ravindra Energy Ltd · RELTD

—
—
—
36%
-2.9%
-71%
-69%
-75%
-22%
-70%
-74%
-61%
-41%
222%
428%
616%
672%
139%
-16%
-26%

Rishabh Instruments Ltd · RISHABH

—
—
—
—
—
—
—
31%
37%
19%
2.3%
-1.7%
1.1%
14%
5.1%
12%
7.7%
1.7%
9.6%
4.2%

Servotech Renewable Power System Ltd · SERVOTECH

—
—
—
—
—
—
—
—
—
-40%
18%
41%
132%
316%
7.4%
22%
-47%
-2.4%
49%
58%

Siemens Ltd · SIEMENS

—
—
—
—
—
—
—
—
—
-7.6%
-15%
-23%
-23%
-9.4%
-3.0%
9.2%
9.9%
14%
15%
15%

Spectrum Electrical Industries Ltd · SPECTRUM

—
—
—
1.6%
1.6%
0.0%
0.0%
6.4%
6.4%
52%
97%
12%
30%
-27%
34%
13%
36%
76%
17%
82%

V-Guard Industries Ltd · VGUARD

—
—
—
80%
8.6%
1.5%
7.8%
19%
15%
19%
18%
22%
14%
8.9%
15%
-0.7%
3.6%
11%
14%
24%
08 · compare level, then change

Operating Economics & Margin Trend

Ravindra Energy Ltd has the highest OPM among the 19 Capital Goods - Electric General companies compared here, at 31.8%. Swelect Energy Systems Ltd is next at 21.7%. The same company also holds the highest Margin change, at +14.6 percentage points. 19 of 19 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Ravindra Energy Ltd leads both opm at 31.8% and margin change at +14.6 percentage points.

LeaderRavindra Energy Ltd · 31.8%
Gap46.5% versus #2 · Swelect Energy Systems Ltd
Persistence4/8 recent comparable periods
Coverage19/19 companies · 361 observations

Investor read: Ravindra Energy 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
1Ravindra Energy Ltd RELTD32%
2Swelect Energy Systems Ltd SWELECTES⚠ unverified22%
3Modison Ltd MODISONLTD⚠ unverified19%
4Modern Insulators Ltd MODINSULAT17%
5Rishabh Instruments Ltd RISHABH17%
Margin changefastest expanders
1Ravindra Energy Ltd RELTD+14.6 pp
2Modison Ltd MODISONLTD⚠ unverified+13.0 pp
3Exicom Tele-Systems Ltd EXICOM+12.0 pp
4Modern Insulators Ltd MODINSULAT+8.0 pp
5IKIO Technologies Ltd IKIO⚠ unverified+4.0 pp
Operating margin · company comparison
19/19 level · 19/19 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Ravindra Energy Ltd RELTD32%+14.6 ppJun 2026
Swelect Energy Systems Ltd SWELECTES⚠ unverified22%−1.8 ppJun 2026
Modison Ltd MODISONLTD⚠ unverified19%+13.0 ppJun 2026
Rishabh Instruments Ltd RISHABH17%+2.0 ppJun 2026
Modern Insulators Ltd MODINSULAT17%+8.0 ppJun 2026
Spectrum Electrical Industries Ltd SPECTRUM16%+2.0 ppJun 2026
Alpex Solar Ltd ALPEXSOLAR⚠ unverified15%−1.0 ppJun 2026
IKIO Technologies Ltd IKIO⚠ unverified13%+4.0 ppJun 2026
HPL Electric & Power Ltd HPL⚠ unverified12%−3.0 ppJun 2026
V-Guard Industries Ltd VGUARD11%+3.0 ppJun 2026
Focus Lighting & Fixtures Ltd FOCUS10%+0.9 ppMar 2026
Insolation Energy Ltd INA10%−6.0 ppJun 2026
Igarashi Motors India Ltd IGARASHI⚠ unverified9.8%+0.2 ppJun 2026
Servotech Renewable Power System Ltd SERVOTECH9.5%+1.9 ppJun 2026
Siemens Ltd SIEMENS9.0%−4.0 ppJun 2026
Honda India Power Products Ltd HONDAPOWER⚠ unverified8.0%+3.0 ppJun 2026
Salzer Electronics Ltd SALZERELEC⚠ unverified6.3%−3.2 ppJun 2026
Kirloskar Electric Company Ltd KECL⚠ unverified-0.4%−5.6 ppJun 2026
Exicom Tele-Systems Ltd EXICOM-7.0%+12.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
6.7%
10%
12%
5.0%
16%
20%
16%
16%
15%
14%
13%
15%

Exicom Tele-Systems Ltd · EXICOM

—
—
—
2.6%
2.0%
11%
9.0%
7.0%
12%
12%
13%
10%
-10%
-16%
-6.0%
-19%
-12%
-12%
0.1%
-7.0%

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

8.7%
9.9%
7.1%
2.9%
14%
13%
9.0%
10%
12%
13%
4.5%
11%
4.0%
10%
16%
5.0%
6.0%
12%
11%
8.0%

HPL Electric & Power Ltd · HPL⚠ unverified

12%
13%
14%
13%
13%
12%
12%
12%
13%
14%
13%
14%
14%
14%
17%
15%
15%
15%
17%
12%

Insolation Energy Ltd · INA

7.5%
—
7.2%
6.4%
7.2%
5.3%
6.2%
9.0%
10%
11%
11%
12%
13%
7.0%
14%
16%
11%
13%
14%
10%

Modern Insulators Ltd · MODINSULAT

4.0%
0.7%
5.7%
0.9%
3.0%
9.0%
10%
4.8%
5.0%
10%
11%
5.0%
4.3%
8.0%
11%
9.0%
11%
16%
16%
17%

Ravindra Energy Ltd · RELTD

-14%
1.7%
-2.0%
1.6%
14%
3.0%
2.4%
19%
24%
45%
28%
32%
3.8%
13%
17%
17%
31%
25%
25%
32%

Rishabh Instruments Ltd · RISHABH

—
—
—
14%
10%
14%
14%
10%
18%
3.0%
10%
4.5%
6.0%
8.0%
9.0%
15%
17%
17%
16%
17%

Servotech Renewable Power System Ltd · SERVOTECH

6.0%
5.4%
5.5%
4.2%
5.8%
7.0%
4.0%
8.7%
6.2%
5.8%
4.1%
7.4%
9.5%
7.5%
8.3%
7.6%
5.9%
13%
10%
9.5%

Siemens Ltd · SIEMENS

11%
11%
12%
9.7%
11%
15%
13%
12%
12%
12%
15%
13%
12%
12%
11%
13%
12%
11%
10%
9.0%

Spectrum Electrical Industries Ltd · SPECTRUM

12%
5.2%
9.0%
6.2%
9.8%
8.0%
12%
10%
13%
11%
10%
13%
9.0%
15%
15%
14%
13%
15%
17%
16%

V-Guard Industries Ltd · VGUARD

10%
9.0%
11%
8.1%
7.4%
7.0%
9.0%
9.0%
8.0%
9.0%
10%
11%
9.0%
8.0%
9.0%
8.0%
8.0%
9.0%
10%
11%

Margin change · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
+9.3 pp
+10.0 pp
+4.0 pp
+11.0 pp
−1.0 pp
−6.0 pp
−3.0 pp
−1.0 pp

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
+4.4 pp
+10.0 pp
+1.0 pp
+4.0 pp
+3.0 pp
−22.0 pp
−28.0 pp
−19.0 pp
−29.0 pp
−2.0 pp
+4.0 pp
+6.1 pp
+12.0 pp

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

−3.0 pp
−0.7 pp
+0.1 pp
−5.6 pp
+5.3 pp
+3.1 pp
+1.9 pp
+7.2 pp
−2.0 pp
0.0 pp
−4.5 pp
+1.0 pp
−8.0 pp
−3.0 pp
+11.5 pp
−6.0 pp
+2.0 pp
+2.0 pp
−5.0 pp
+3.0 pp

HPL Electric & Power Ltd · HPL⚠ unverified

−3.4 pp
−0.9 pp
−0.2 pp
+5.1 pp
+1.0 pp
−1.3 pp
−2.0 pp
−0.7 pp
+0.5 pp
+2.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
0.0 pp
+4.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
0.0 pp
−3.0 pp

Insolation Energy Ltd · INA

—
—
—
—
−0.3 pp
—
−1.0 pp
+2.6 pp
+2.9 pp
+5.2 pp
+5.1 pp
+3.4 pp
+3.0 pp
−3.5 pp
+2.7 pp
+3.6 pp
−2.1 pp
+6.0 pp
0.0 pp
−6.0 pp

Modern Insulators Ltd · MODINSULAT

−6.3 pp
−9.8 pp
−5.4 pp
−8.8 pp
−1.0 pp
+8.3 pp
+4.3 pp
+3.9 pp
+2.0 pp
+1.0 pp
+1.0 pp
+0.2 pp
−0.7 pp
−2.0 pp
0.0 pp
+4.0 pp
+6.7 pp
+8.0 pp
+5.0 pp
+8.0 pp

Ravindra Energy Ltd · RELTD

−10.1 pp
−12.3 pp
−7.2 pp
+0.1 pp
+28.3 pp
+1.3 pp
+4.4 pp
+17.1 pp
+9.4 pp
+41.6 pp
+26.0 pp
+13.5 pp
−20.0 pp
−31.1 pp
−11.2 pp
−15.1 pp
+27.2 pp
+11.9 pp
+8.1 pp
+14.6 pp

Rishabh Instruments Ltd · RISHABH

—
—
—
—
—
—
—
−4.3 pp
+7.6 pp
−11.0 pp
−4.0 pp
−5.5 pp
−12.0 pp
+5.0 pp
−1.0 pp
+10.5 pp
+11.0 pp
+9.0 pp
+7.0 pp
+2.0 pp

Servotech Renewable Power System Ltd · SERVOTECH

+8.6 pp
−0.2 pp
−2.3 pp
−6.6 pp
−0.2 pp
+1.6 pp
−1.5 pp
+4.4 pp
+0.4 pp
−1.2 pp
+0.1 pp
−1.3 pp
+3.3 pp
+1.7 pp
+4.3 pp
+0.2 pp
−3.6 pp
+5.8 pp
+2.0 pp
+1.9 pp

Siemens Ltd · SIEMENS

−2.0 pp
−2.1 pp
−0.8 pp
+1.3 pp
+0.4 pp
+4.5 pp
+0.7 pp
+2.3 pp
+0.9 pp
−3.0 pp
+2.0 pp
+1.0 pp
0.0 pp
0.0 pp
−4.0 pp
0.0 pp
0.0 pp
−1.0 pp
−1.0 pp
−4.0 pp

Spectrum Electrical Industries Ltd · SPECTRUM

−0.2 pp
—
−5.1 pp
−2.2 pp
−2.1 pp
+2.8 pp
+3.0 pp
+4.0 pp
+3.6 pp
+3.1 pp
−1.7 pp
+2.8 pp
−4.3 pp
+3.9 pp
+4.7 pp
+1.0 pp
+4.0 pp
0.0 pp
+2.0 pp
+2.0 pp

V-Guard Industries Ltd · VGUARD

−1.8 pp
−4.8 pp
−2.3 pp
+0.0 pp
−3.1 pp
−2.0 pp
−1.6 pp
+0.9 pp
+0.6 pp
+2.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
−1.0 pp
−1.0 pp
−3.0 pp
−1.0 pp
+1.0 pp
+1.0 pp
+3.0 pp
09 · compare level, then change

Profit Scale & Acceleration

Siemens Ltd has the highest Net profit among the 19 Capital Goods - Electric General companies compared here, at ₹3,276 crore. V-Guard Industries Ltd is next at ₹364 crore. IKIO 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: Siemens Ltd leads with ₹3,276 crore of TTM profit, 800% above V-Guard Industries Ltd. IKIO Technologies Ltd shows ≥100% on the scoring scale (131.8% uncapped) growth from a ₹51 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderSiemens Ltd · ₹3,276 crore
Gap800% versus #2 · V-Guard Industries Ltd
Persistence3/8 recent comparable periods
Coverage19/19 companies · 304 observations

Investor read: Siemens 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
1Siemens Ltd SIEMENS₹3.3K Cr
2V-Guard Industries Ltd VGUARD₹364 Cr
3Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹200 Cr
4Insolation Energy Ltd INA₹196 Cr
5Modison Ltd MODISONLTD⚠ unverified₹102 Cr
Profit growthfastest growers
1IKIO Technologies Ltd IKIO⚠ unverified100%
2Kirloskar Electric Company Ltd KECL⚠ unverified100%
3Modern Insulators Ltd MODINSULAT100%
4Modison Ltd MODISONLTD⚠ unverified100%
5Rishabh Instruments Ltd RISHABH100%
Net profit · company comparison
19/19 level · 18/19 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Siemens Ltd SIEMENS₹2.1K Cr407%Jun 2026
V-Guard Industries Ltd VGUARD₹130 Cr76%Jun 2026
Alpex Solar Ltd ALPEXSOLAR⚠ unverified₹40 Cr-4.8%Jun 2026
Insolation Energy Ltd INA₹38 Cr-12%Jun 2026
Modison Ltd MODISONLTD⚠ unverified₹34 Cr580%Jun 2026
Modern Insulators Ltd MODINSULAT₹30 Cr100%Jun 2026
Rishabh Instruments Ltd RISHABH₹19 Cr-5.0%Jun 2026
HPL Electric & Power Ltd HPL⚠ unverified₹19 Cr5.6%Jun 2026
Spectrum Electrical Industries Ltd SPECTRUM₹13 Cr117%Jun 2026
Honda India Power Products Ltd HONDAPOWER⚠ unverified₹11 Cr22%Jun 2026
IKIO Technologies Ltd IKIO⚠ unverified₹11 Cr450%Jun 2026
Salzer Electronics Ltd SALZERELEC⚠ unverified₹8 Cr-52%Jun 2026
Servotech Renewable Power System Ltd SERVOTECH₹8 Cr77%Jun 2026
Swelect Energy Systems Ltd SWELECTES⚠ unverified₹8 Cr-64%Jun 2026
Igarashi Motors India Ltd IGARASHI⚠ unverified₹7 Cr170%Jun 2026
Focus Lighting & Fixtures Ltd FOCUS₹3 Cr113%Mar 2026
Ravindra Energy Ltd RELTD₹2 Cr-93%Jun 2026
Kirloskar Electric Company Ltd KECL⚠ unverified₹-6 Cr-1,526%Jun 2026
Exicom Tele-Systems Ltd EXICOM₹-74 Cr-561%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
₹5 Cr
₹6 Cr
₹1 Cr
₹24 Cr
₹23 Cr
₹35 Cr
₹42 Cr
₹53 Cr
₹54 Cr
₹53 Cr
₹40 Cr

Exicom Tele-Systems Ltd · EXICOM

—
—
—
₹-14 Cr
₹-14 Cr
₹6 Cr
₹28 Cr
₹10 Cr
₹18 Cr
₹9 Cr
₹27 Cr
₹18 Cr
₹-17 Cr
₹-49 Cr
₹-62 Cr
₹-83 Cr
₹-69 Cr
₹-68 Cr
₹-54 Cr
₹-74 Cr

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

—
—
—
—
₹42 Cr
₹32 Cr
₹6 Cr
₹17 Cr
₹31 Cr
₹28 Cr
₹16 Cr
₹16 Cr
₹9 Cr
₹19 Cr
₹36 Cr
₹9 Cr
₹11 Cr
₹17 Cr
₹27 Cr
₹11 Cr

HPL Electric & Power Ltd · HPL⚠ unverified

—
—
—
—
—
₹6 Cr
₹11 Cr
₹7 Cr
₹11 Cr
₹12 Cr
₹14 Cr
₹17 Cr
₹22 Cr
₹18 Cr
₹37 Cr
₹18 Cr
₹22 Cr
₹20 Cr
₹31 Cr
₹19 Cr

Insolation Energy Ltd · INA

—
—
—
₹2 Cr
₹2 Cr
₹3 Cr
₹3 Cr
₹8 Cr
₹8 Cr
₹20 Cr
₹20 Cr
₹31 Cr
₹31 Cr
₹19 Cr
₹42 Cr
₹43 Cr
₹37 Cr
₹51 Cr
₹70 Cr
₹38 Cr

Modern Insulators Ltd · MODINSULAT

—
—
—
—
₹5 Cr
₹10 Cr
₹12 Cr
₹4 Cr
₹6 Cr
₹10 Cr
₹16 Cr
₹8 Cr
₹13 Cr
₹9 Cr
₹9 Cr
₹15 Cr
₹17 Cr
₹24 Cr
₹24 Cr
₹30 Cr

Ravindra Energy Ltd · RELTD

₹27 Cr
₹-6 Cr
₹19 Cr
₹1 Cr
₹5 Cr
₹0 Cr
₹9 Cr
₹3 Cr
₹9 Cr
₹0 Cr
₹-63 Cr
₹6 Cr
₹1 Cr
₹2 Cr
₹13 Cr
₹23 Cr
₹31 Cr
₹15 Cr
₹13 Cr
₹2 Cr

Rishabh Instruments Ltd · RISHABH

—
—
—
₹8 Cr
₹8 Cr
₹18 Cr
₹15 Cr
₹8 Cr
₹22 Cr
₹7 Cr
₹2 Cr
₹3 Cr
₹4 Cr
₹8 Cr
₹6 Cr
₹20 Cr
₹22 Cr
₹21 Cr
₹20 Cr
₹19 Cr

Servotech Renewable Power System Ltd · SERVOTECH

—
—
—
—
—
₹4 Cr
₹6 Cr
₹4 Cr
₹3 Cr
₹1 Cr
₹3 Cr
₹4 Cr
₹11 Cr
₹9 Cr
₹8 Cr
₹5 Cr
₹0 Cr
₹16 Cr
₹11 Cr
₹8 Cr

Siemens Ltd · SIEMENS

—
—
—
—
—
₹463 Cr
₹472 Cr
₹456 Cr
₹572 Cr
₹506 Cr
₹803 Cr
₹578 Cr
₹831 Cr
₹615 Cr
₹582 Cr
₹423 Cr
₹485 Cr
₹278 Cr
₹370 Cr
₹2.1K Cr

Spectrum Electrical Industries Ltd · SPECTRUM

₹3 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹3 Cr
₹3 Cr
₹4 Cr
₹4 Cr
₹6 Cr
₹6 Cr
₹2 Cr
₹7 Cr
₹3 Cr
₹14 Cr
₹6 Cr
₹8 Cr
₹10 Cr
₹21 Cr
₹13 Cr

V-Guard Industries Ltd · VGUARD

₹59 Cr
₹53 Cr
₹90 Cr
₹53 Cr
₹44 Cr
₹39 Cr
₹53 Cr
₹64 Cr
₹59 Cr
₹58 Cr
₹76 Cr
₹99 Cr
₹63 Cr
₹60 Cr
₹91 Cr
₹74 Cr
₹65 Cr
₹57 Cr
₹112 Cr
₹130 Cr

Profit growth · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
360%
483%
4,100%
121%
135%
51%
-4.8%

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
—
—
50%
-3.6%
80%
-194%
-644%
-330%
-561%
—
—
—
—

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

—
—
—
—
—
—
—
—
-26%
-13%
167%
-5.9%
-71%
-32%
125%
-44%
22%
-11%
-25%
22%

HPL Electric & Power Ltd · HPL⚠ unverified

—
—
—
—
—
—
—
—
—
100%
27%
143%
100%
50%
164%
5.9%
0.0%
11%
-16%
5.6%

Insolation Energy Ltd · INA

—
—
—
—
—
—
—
300%
300%
567%
567%
288%
288%
-5.0%
110%
39%
19%
168%
67%
-12%

Modern Insulators Ltd · MODINSULAT

—
—
—
—
—
—
—
—
20%
0.0%
33%
100%
117%
-10%
-44%
88%
31%
167%
167%
100%

Ravindra Energy Ltd · RELTD

—
—
—
—
-81%
—
-53%
240%
73%
—
-804%
64%
-87%
407%
—
308%
2,577%
572%
-2.2%
-93%

Rishabh Instruments Ltd · RISHABH

—
—
—
—
—
—
—
0.0%
175%
-61%
-87%
-63%
-82%
14%
200%
567%
450%
163%
233%
-5.0%

Servotech Renewable Power System Ltd · SERVOTECH

—
—
—
—
—
—
—
—
—
-72%
-42%
9.5%
259%
728%
123%
1.3%
-97%
69%
45%
77%

Siemens Ltd · SIEMENS

—
—
—
—
—
—
—
—
—
9.3%
70%
27%
45%
22%
-28%
-27%
-42%
-55%
-36%
407%

Spectrum Electrical Industries Ltd · SPECTRUM

—
—
—
-67%
-67%
200%
200%
300%
300%
100%
98%
-50%
75%
-50%
136%
200%
14%
233%
50%
117%

V-Guard Industries Ltd · VGUARD

—
—
—
112%
-25%
-26%
-41%
21%
34%
49%
43%
55%
6.8%
3.5%
20%
-25%
3.2%
-5.0%
23%
76%
10 · compare level, then change

Return On Capital Employed

Alpex Solar Ltd has the highest ROCE among the 19 Capital Goods - Electric General companies compared here, at 43.5%. Modison Ltd is next at 31%. Modison Ltd has the highest ROCE change at +22 percentage points, so level and change sit with different companies. 19 of 19 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Alpex Solar Ltd leads ROCE at 43.5%, 12.5 percentage points above Modison Ltd. Modison Ltd has the strongest latest improvement at +22 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.

LeaderAlpex Solar Ltd · 43.5%
Gap40.3% versus #2 · Modison Ltd
Persistence4/5 recent comparable periods
Coverage19/19 companies · 218 observations

Investor read: Alpex Solar 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
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified44%
2Modison Ltd MODISONLTD⚠ unverified31%
3Insolation Energy Ltd INA22%
4Siemens Ltd SIEMENS21%
5Modern Insulators Ltd MODINSULAT19%
ROCE changefastest improvers
1Modison Ltd MODISONLTD⚠ unverified+22.0 pp
2Kirloskar Electric Company Ltd KECL⚠ unverified+13.4 pp
3Modern Insulators Ltd MODINSULAT+10.0 pp
4Rishabh Instruments Ltd RISHABH+8.1 pp
5Ravindra Energy Ltd RELTD+4.5 pp
Return on capital · company comparison
19/19 level · 19/19 change

Withheld from this chart: Siemens Ltd (SIEMENS) — its two data sources disagree by up to 38% on reported income across 13 comparable periods, so its derived ratios are withheld; Servotech Renewable Power System Ltd (SERVOTECH) — its two data sources disagree by up to 13% on reported income across 14 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
CompanyROCEROCE changeReported
Modison Ltd MODISONLTD⚠ unverified39%+22.0 ppJun 2026
Alpex Solar Ltd ALPEXSOLAR⚠ unverified35%−13.5 ppJun 2026
Kirloskar Electric Company Ltd KECL⚠ unverified22%+13.4 ppJun 2026
HPL Electric & Power Ltd HPL⚠ unverified19%−2.9 ppJun 2026
Insolation Energy Ltd INA19%−4.8 ppJun 2026
Salzer Electronics Ltd SALZERELEC⚠ unverified18%−0.7 ppJun 2026
Spectrum Electrical Industries Ltd SPECTRUM18%+1.7 ppJun 2026
V-Guard Industries Ltd VGUARD16%−2.2 ppJun 2026
Rishabh Instruments Ltd RISHABH11%+8.1 ppJun 2026
Ravindra Energy Ltd RELTD10%+4.5 ppJun 2026
Swelect Energy Systems Ltd SWELECTES⚠ unverified8.0%+3.2 ppJun 2026
IKIO Technologies Ltd IKIO⚠ unverified7.4%+1.4 ppJun 2026
Honda India Power Products Ltd HONDAPOWER⚠ unverified7.3%−0.4 ppJun 2026
Igarashi Motors India Ltd IGARASHI⚠ unverified6.2%−2.7 ppJun 2026
Exicom Tele-Systems Ltd EXICOM-20%−11.8 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
13%
25%
—
25%
—
33%
42%
48%
93%
40%
74%
35%
—

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
18%
—
24%
30%
14%
22%
6.7%
3.3%
-8.4%
-17%
-19%
-21%
-20%
—

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

12%
—
12%
—
14%
—
16%
19%
14%
15%
9.8%
16%
5.7%
10%
7.7%
12%
8.2%
13%
7.3%
—

HPL Electric & Power Ltd · HPL⚠ unverified

9.0%
—
9.2%
—
13%
—
14%
—
15%
17%
16%
19%
19%
20%
22%
23%
20%
22%
19%
—

Igarashi Motors India Ltd · IGARASHI⚠ unverified

10%
—
1.3%
—
-2.1%
—
3.6%
—
5.4%
6.1%
5.0%
7.2%
8.4%
9.9%
8.9%
7.5%
6.7%
5.7%
6.2%
—

IKIO Technologies Ltd · IKIO⚠ unverified

—
—
—
—
—
32%
49%
—
17%
28%
14%
25%
11%
12%
6.0%
6.7%
3.8%
6.9%
7.4%
—

Insolation Energy Ltd · INA

—
—
—
9.5%
19%
13%
18%
22%
30%
41%
56%
53%
66%
—
24%
21%
23%
48%
19%
—

Modison Ltd · MODISONLTD⚠ unverified

18%
—
13%
—
7.3%
—
9.5%
—
13%
18%
13%
14%
14%
17%
17%
21%
19%
31%
39%
—

Ravindra Energy Ltd · RELTD

2.0%
—
0.7%
—
6.2%
—
8.1%
—
6.2%
12%
9.6%
-8.5%
9.4%
-11%
5.9%
12%
11%
19%
10%
—

Rishabh Instruments Ltd · RISHABH

—
—
—
—
5.4%
—
14%
—
13%
13%
7.3%
9.0%
2.2%
5.9%
3.2%
8.6%
8.1%
13%
11%
—

Spectrum Electrical Industries Ltd · SPECTRUM

16%
15%
13%
12%
11%
12%
13%
17%
19%
15%
18%
—
17%
20%
16%
23%
19%
28%
18%
—

V-Guard Industries Ltd · VGUARD

25%
—
20%
—
19%
—
12%
—
14%
19%
16%
20%
19%
20%
18%
18%
16%
17%
16%
—

ROCE change · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
+7.8 pp
—
+23.6 pp
—
+7.2 pp
+32.0 pp
−13.5 pp
—

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
—
—
—
−3.7 pp
—
−17.4 pp
−26.8 pp
−22.3 pp
−39.1 pp
−25.5 pp
−24.0 pp
−11.8 pp
—

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

—
—
—
—
+1.7 pp
—
+3.7 pp
—
0.0 pp
—
−5.7 pp
−2.8 pp
−8.3 pp
−5.1 pp
−2.1 pp
−4.1 pp
+2.5 pp
+2.6 pp
−0.4 pp
—

HPL Electric & Power Ltd · HPL⚠ unverified

—
—
—
—
+4.0 pp
—
+4.3 pp
—
+1.6 pp
—
+2.6 pp
—
+3.9 pp
+3.2 pp
+6.0 pp
+3.9 pp
+1.9 pp
+2.5 pp
−2.9 pp
—

Igarashi Motors India Ltd · IGARASHI⚠ unverified

—
—
—
—
−12.1 pp
—
+2.3 pp
—
+7.5 pp
—
+1.4 pp
—
+3.0 pp
+3.8 pp
+3.9 pp
+0.3 pp
−1.7 pp
−4.2 pp
−2.7 pp
—

IKIO Technologies Ltd · IKIO⚠ unverified

—
—
—
—
—
—
—
—
—
−3.5 pp
−34.5 pp
—
−6.1 pp
−16.7 pp
−8.1 pp
−18.4 pp
−7.5 pp
−4.6 pp
+1.4 pp
—

Insolation Energy Ltd · INA

—
—
—
—
—
—
—
+12.7 pp
+11.1 pp
+27.4 pp
+37.7 pp
+30.3 pp
+36.1 pp
—
−32.1 pp
−31.1 pp
−42.8 pp
—
−4.8 pp
—

Modison Ltd · MODISONLTD⚠ unverified

—
—
—
—
−10.5 pp
—
−3.3 pp
—
+6.0 pp
—
+3.2 pp
—
+1.0 pp
−0.6 pp
+3.8 pp
+6.3 pp
+4.8 pp
+14.4 pp
+22.0 pp
—

Ravindra Energy Ltd · RELTD

—
—
—
—
+4.2 pp
—
+7.4 pp
—
0.0 pp
—
+1.5 pp
—
+3.2 pp
−22.8 pp
−3.7 pp
+20.5 pp
+1.2 pp
+29.9 pp
+4.5 pp
—

Rishabh Instruments Ltd · RISHABH

—
—
—
—
—
—
—
—
+7.7 pp
—
−6.2 pp
—
−10.9 pp
−7.3 pp
−4.1 pp
−0.4 pp
+5.9 pp
+6.9 pp
+8.1 pp
—

Spectrum Electrical Industries Ltd · SPECTRUM

—
—
—
—
−4.9 pp
−2.5 pp
0.0 pp
+5.2 pp
+8.4 pp
+3.3 pp
+5.1 pp
—
−2.0 pp
+5.0 pp
−2.5 pp
—
+1.8 pp
+7.3 pp
+1.7 pp
—

V-Guard Industries Ltd · VGUARD

—
—
—
—
−5.5 pp
—
−7.5 pp
—
−5.7 pp
—
+4.0 pp
—
+5.6 pp
+0.9 pp
+2.0 pp
−2.1 pp
−3.6 pp
−3.1 pp
−2.2 pp
—
11 · compare level, then change

Valuation Against Growth & Quality

Insolation Energy Ltd has the lowest PEG among the 19 Capital Goods - Electric General companies compared here, at 0.23×. Ravindra Energy Ltd is next at 1.97×. Alpex Solar Ltd has the lowest P/E at 9.89×, so level and change sit with different companies. 4 of 19 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Insolation Energy Ltd has the lowest comparable PEG at 0.23×, 88.3% below Ravindra Energy Ltd. Only 4 of 19 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.

LeaderInsolation Energy Ltd · 0.23×
Gap88.3% versus #2 · Ravindra Energy Ltd
Persistence0/8 recent comparable periods
Coverage4/19 companies · 22 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
1Insolation Energy Ltd INA0.2
2Ravindra Energy Ltd RELTD2.0
3V-Guard Industries Ltd VGUARD2.5
4Spectrum Electrical Industries Ltd SPECTRUM9.1
P/Elowest P/E
1Alpex Solar Ltd ALPEXSOLAR⚠ unverified9.9
2Modison Ltd MODISONLTD⚠ unverified10.3
3Insolation Energy Ltd INA11.2
4HPL Electric & Power Ltd HPL⚠ unverified21.4
5Swelect Energy Systems Ltd SWELECTES⚠ unverified21.8
Valuation · company comparison
4/19 level · 18/19 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Spectrum Electrical Industries Ltd SPECTRUM9.163.3Jun 2026
V-Guard Industries Ltd VGUARD2.541.3Jun 2026
Ravindra Energy Ltd RELTD2.039.7Jun 2026
Exicom Tele-Systems Ltd EXICOM0.679.5Jun 2026
Insolation Energy Ltd INA0.212.5Jun 2026
Siemens Ltd SIEMENS—81.7Jun 2026
Rishabh Instruments Ltd RISHABH—26.8Jun 2026
Modern Insulators Ltd MODINSULAT—32.5Jun 2026
Honda India Power Products Ltd HONDAPOWER⚠ unverified—31.2Jun 2026
HPL Electric & Power Ltd HPL⚠ unverified—24.8Jun 2026
Alpex Solar Ltd ALPEXSOLAR⚠ unverified—11.7Jun 2026
Servotech Renewable Power System Ltd SERVOTECH—66.1Jun 2026
IKIO Technologies Ltd IKIO⚠ unverified—31.9Jun 2026
Igarashi Motors India Ltd IGARASHI⚠ unverified—122.7Jun 2026
Modison Ltd MODISONLTD⚠ unverified—13.2Jun 2026
Salzer Electronics Ltd SALZERELEC⚠ unverified—21.5Jun 2026
Kirloskar Electric Company Ltd KECL⚠ unverified—34.6Jun 2026
Swelect Energy Systems Ltd SWELECTES⚠ unverified—16.4Jun 2026
Focus Lighting & Fixtures Ltd FOCUS—109.1Mar 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
—
—
—
—
0.6
—
—
—
—
—
—
—
—

Insolation Energy Ltd · INA

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.5
—
0.2
0.2

Ravindra Energy Ltd · RELTD

—
—
0.8
—
—
—
—
—
—
—
—
2.0
—
—
—
—
—
—
—
—

Spectrum Electrical Industries Ltd · SPECTRUM

0.6
—
—
0.4
0.4
—
—
12.2
17.4
—
—
—
—
—
—
—
9.1
—
—
—

V-Guard Industries Ltd · VGUARD

1.1
—
1.9
3.2
1.5
—
5.0
—
—
—
—
2.0
1.5
1.6
1.9
2.5
—
—
—
—

P/E · reported quarter history

Showing the 12 largest of 19 companies with a series here. The remaining 7 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alpex Solar Ltd · ALPEXSOLAR⚠ unverified

—
—
—
—
—
—
—
—
—
—
30.5
95.9
84.4
52.9
35.1
67.6
78.1
23.9
22.6
11.7

Exicom Tele-Systems Ltd · EXICOM

—
—
—
—
—
—
—
—
—
—
18.2
27.1
52.6
84.1
79.5
—
—
—
—
—

Honda India Power Products Ltd · HONDAPOWER⚠ unverified

15.8
18.4
16.7
19.3
25.5
26.2
21.5
23.5
26.4
25.1
24.1
42.5
46.3
44.4
36.3
37.3
38.3
31.1
23.9
31.2

HPL Electric & Power Ltd · HPL⚠ unverified

46.8
60.5
49.6
47.4
13.3
18.2
16.8
28.0
45.0
45.0
49.5
64.7
67.7
53.5
37.8
37.0
31.3
27.0
17.4
24.8

Insolation Energy Ltd · INA

—
—
—
—
—
22.5
27.4
21.4
76.5
74.8
162.2
125.1
133.4
75.0
53.1
45.9
34.7
21.0
13.6
12.5

Modern Insulators Ltd · MODINSULAT

6.6
7.3
7.6
7.9
15.0
12.3
7.4
8.4
11.0
13.9
11.3
16.5
16.1
15.1
10.6
14.0
13.3
18.7
16.3
32.5

Ravindra Energy Ltd · RELTD

74.5
18.7
18.6
19.3
21.7
43.2
27.3
46.1
56.9
41.0
54.6
83.4
270.3
240.9
104.3
84.8
60.0
39.5
25.6
39.7

Rishabh Instruments Ltd · RISHABH

—
—
—
—
—
—
—
—
31.6
30.4
28.5
40.6
41.0
71.6
44.4
48.1
39.6
26.4
21.0
26.8

Servotech Renewable Power System Ltd · SERVOTECH

—
126.2
153.0
28.8
92.5
83.7
58.1
149.5
111.9
94.6
114.1
160.3
325.0
175.4
95.7
100.3
83.1
75.6
51.6
66.1

Siemens Ltd · SIEMENS

39.4
44.4
44.8
46.2
47.3
45.8
46.0
47.5
42.3
41.9
57.5
75.4
72.0
66.2
54.7
66.0
64.9
66.6
67.0
81.7

Spectrum Electrical Industries Ltd · SPECTRUM

14.4
7.3
13.4
11.4
13.0
23.8
98.0
125.3
178.9
158.2
180.8
182.8
144.4
161.1
146.4
100.4
73.6
63.6
62.1
63.3

V-Guard Industries Ltd · VGUARD

49.7
41.4
45.6
41.3
41.0
47.0
47.7
64.5
66.5
58.8
61.4
72.6
66.3
61.1
51.8
53.6
55.9
49.1
45.6
41.3
12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Capital Goods - Electric General comparison names 6 specific ways its own evidence can mislead, all listed below. All 19 companies here report on comparable dates, so no rank carries a stale marker. 9 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.
  • 9 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.
13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 19 Capital Goods - Electric General 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 2026-08-14.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-08-14 · 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 standing6 cross-checked · 11 unverified · 2 withheld, of 19 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

Capital Goods - Electric General company comparison FAQs

These 24 answers restate the Capital Goods - Electric General comparison above in question form. Every one is computed from the same 19 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.

Is the Capital Goods - Electric General sector outperforming NIFTY 500?

Capital Goods - Electric General has outperformed NIFTY 500 by 8.8% over 52 weeks and 9.8% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 19 beat the sector itself.

Which Capital Goods - Electric General company is largest by revenue?

Siemens Ltd leads with revenue of ₹18,063 crore, based on 19 of 19 comparable companies through Jun 2026.

Which Capital Goods - Electric General company is growing fastest?

Alpex Solar Ltd has the fastest current revenue growth at 100%, across 19 of 19 comparable companies.

Which Capital Goods - Electric General company has the strongest 4-Factor Sector Score?

Modison Ltd ranks first at 83.2/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Capital Goods - Electric General company has the lowest comparable PEG?

Insolation Energy Ltd has the lowest comparable PEG at 0.23, among 4 of 19 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Capital Goods - Electric General 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 Capital Goods - Electric General 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 Capital Goods - Electric General, this page builds its own equal-weight basket of 19 listed Capital Goods - Electric General 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 Capital Goods - Electric General stocks in India?

Ranked by this page's four-factor score, Modison Ltd places first among 19 listed Capital Goods - Electric General companies, followed by Modern Insulators 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 Capital Goods - Electric General stocks are listed in India?

This comparison covers 19 listed Capital Goods - Electric General 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 Capital Goods - Electric General company is the biggest?

Siemens Ltd is the largest, with trailing-twelve-month revenue of ₹18,063 crore, ahead of V-Guard Industries Ltd at ₹6,311 crore. That covers 19 of 19 companies with comparable reporting through Jun 2026.

Which Capital Goods - Electric General company has the best profit margins?

Ravindra Energy Ltd has the highest operating margin at 31.8%, from 19 of 19 comparable companies. Ravindra Energy Ltd shows the biggest recent improvement, at +14.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Capital Goods - Electric General company makes the most profit?

Siemens Ltd earns the most, at ₹3,276 crore of trailing-twelve-month net profit, from 19 of 19 comparable companies. IKIO 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 Capital Goods - Electric General company earns the highest return on capital?

Alpex Solar Ltd leads on return on capital employed at 43.5%, across 19 of 19 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 Capital Goods - Electric General stock is the cheapest?

On PEG — where a LOWER number is cheaper — Insolation Energy Ltd screens cheapest at 0.23×. Only 4 of 19 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 Capital Goods - Electric General sector beating the market?

Capital Goods - Electric General has outperformed NIFTY 500 by 8.8% over the last 52 weeks and 9.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Capital Goods - Electric General stock has the strongest price momentum?

Modison 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 Capital Goods - Electric General company scores highest for research priority?

Modison Ltd scores 83.2 out of 100 with 87% evidence confidence, from 31.3 points on growth and earnings, 18.9 on capital efficiency, 13 on valuation and 20 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 Capital Goods - Electric General companies does this comparison cover, and over what period?

It compares 19 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 Capital Goods - Electric General sector?

The 19 Capital Goods - Electric General companies on this page carry ₹1,85,923 crore of combined market value. Siemens Ltd is the largest at ₹1,40,311 crore, about 75% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

What is the Capital Goods - Electric General sector's P/E ratio?

The median price-to-earnings ratio across the 19 Capital Goods - Electric General companies on this page is 34.1×, measured on the 18 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 2026-08-18.

How is the Capital Goods - Electric General sector performing?

10 of the 19 covered Capital Goods - Electric General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 8.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.

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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