# Capital Goods - Electric General — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-15. Not investment advice.

## Bottom line

Capital Goods - Electric General has outperformed NIFTY 500 by 11.6% over 52 weeks and 4.8% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself. Siemens Ltd leads with revenue of ₹17,696 crore, based on 19 of 19 comparable companies through Mar 2026.

## Sector relative strength

Capital Goods - Electric General has outperformed NIFTY 500 by 11.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.8%. 10 of 19 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Modern Insulators Ltd is the strongest against the sector itself at +68.9%.

13-week sector return versus NIFTY 500: 4.8%
52-week sector return versus NIFTY 500: 12%
Stocks leading NIFTY: 10/19
Stocks leading sector: 8/18

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

Companies: 19
Combined market value: ₹1.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Modison Ltd (MODISONLTD): 79/100 — Favorable setup; evidence 83%
   - Growth & earnings 29.0/35 | Capital efficiency 18.9/25 | Valuation 12.9/20 | Relative strength 18.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 29 + 18.9 + 12.9 + 18.5 = 79.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Rishabh Instruments Ltd (RISHABH): 68/100 — Favorable setup; evidence 86%
   - Growth & earnings 25.9/35 | Capital efficiency 16.9/25 | Valuation 11.2/20 | Relative strength 13.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 25.9 + 16.9 + 11.2 + 13.7 = 67.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Modern Insulators Ltd (MODINSULAT): 67/100 — Favorable setup; evidence 78%
   - Growth & earnings 28.1/35 | Capital efficiency 18.3/25 | Valuation 6.7/20 | Relative strength 14.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 28.1 + 18.3 + 6.7 + 14 = 67.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Ravindra Energy Ltd (RELTD): 66/100 — Favorable setup; evidence 83%
   - Growth & earnings 28.4/35 | Capital efficiency 16.2/25 | Valuation 8.2/20 | Relative strength 13.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 28.4 + 16.2 + 8.2 + 13.5 = 66.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Spectrum Electrical Industries Ltd (SPECTRUM): 63/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 23.2/35 | Capital efficiency 16.2/25 | Valuation 4.3/20 | Relative strength 19.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 23.2 + 16.2 + 4.3 + 19.5 = 63.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Kirloskar Electric Company Ltd (KECL): 60/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 21.3/35 | Capital efficiency 13.1/25 | Valuation 8.5/20 | Relative strength 16.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 21.3 + 13.1 + 8.5 + 16.6 = 59.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Alpex Solar Ltd (ALPEXSOLAR): 55/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 17.6/35 | Capital efficiency 19.0/25 | Valuation 11.5/20 | Relative strength 6.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.6 + 19 + 11.5 + 6.6 = 54.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. IKIO Technologies Ltd (IKIO): 55/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 25.2/35 | Capital efficiency 7.8/25 | Valuation 9.3/20 | Relative strength 12.3/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 25.2 + 7.8 + 9.3 + 12.3 = 54.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Siemens Ltd (SIEMENS): 51/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 16.0/35 | Capital efficiency 17.9/25 | Valuation 7.3/20 | Relative strength 9.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 16 + 17.9 + 7.3 + 9.4 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Swelect Energy Systems Ltd (SWELECTES): 50/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.9/35 | Capital efficiency 9.9/25 | Valuation 11.1/20 | Relative strength 7.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 21.9 + 9.9 + 11.1 + 7.3 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. V-Guard Industries Ltd (VGUARD): 49/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 18.9/35 | Capital efficiency 16.1/25 | Valuation 9.4/20 | Relative strength 4.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.9 + 16.1 + 9.4 + 4.7 = 49.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Exicom Tele-Systems Ltd (EXICOM): 43/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 16.4/35 | Capital efficiency 0.3/25 | Valuation 10.0/20 | Relative strength 16.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 16.4 + 0.3 + 10 + 16.5 = 43.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 21.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Insolation Energy Ltd (INA): 43/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 16.4/35 | Capital efficiency 4.2/25 | Valuation 19.5/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 11 weeks with a reading, within the last 12
   - Exact sum: 16.4 + 4.2 + 19.5 + 3 = 43.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. HPL Electric & Power Ltd (HPL): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 10.8/35 | Capital efficiency 12.9/25 | Valuation 10.6/20 | Relative strength 4.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.8 + 12.9 + 10.6 + 4.8 = 39.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Honda India Power Products Ltd (HONDAPOWER): 39/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 16.1/35 | Capital efficiency 8.3/25 | Valuation 7.8/20 | Relative strength 6.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.1 + 8.3 + 7.8 + 6.4 = 38.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Servotech Renewable Power System Ltd (SERVOTECH): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.5/35 | Capital efficiency 11.8/25 | Valuation 11.6/20 | Relative strength 1.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 12.5 + 11.8 + 11.6 + 1.8 = 37.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Salzer Electronics Ltd (SALZERELEC): 37/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 12.6/35 | Capital efficiency 9.7/25 | Valuation 9.3/20 | Relative strength 5.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 12.6 + 9.7 + 9.3 + 5.3 = 36.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Igarashi Motors India Ltd (IGARASHI): 33/100 — Adverse evidence; evidence 74%
   - Growth & earnings 8.3/35 | Capital efficiency 8.6/25 | Valuation 8.7/20 | Relative strength 7.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 10 weeks with a reading, within the last 12
   - Exact sum: 8.3 + 8.6 + 8.7 + 7.4 = 33
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Focus Lighting & Fixtures Ltd (FOCUS): 32/100 — Adverse evidence; evidence 61%
   - Growth & earnings 7.0/35 | Capital efficiency 8.2/25 | Valuation 8.9/20 | Relative strength 7.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 4 weeks with a reading, within the last 12
   - Exact sum: 7 + 8.2 + 8.9 + 7.9 = 32
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Modern Insulators Ltd has the strongest one-year price move in Capital Goods - Electric General at +456.8%. It also leads on Mansfield relative strength against NIFTY at +89.9%. 10 of 19 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-07.

### Strongest one-year price performers
1. Modern Insulators Ltd (MODINSULAT): 457%
2. Rishabh Instruments Ltd (RISHABH): 124%
3. Modison Ltd (MODISONLTD): 67%
4. Spectrum Electrical Industries Ltd (SPECTRUM): 52%
5. Siemens Ltd (SIEMENS): 30%

### Strongest relative strength versus NIFTY 500
1. Modern Insulators Ltd (MODINSULAT): 90%
2. Spectrum Electrical Industries Ltd (SPECTRUM): 63%
3. Modison Ltd (MODISONLTD): 51%
4. Rishabh Instruments Ltd (RISHABH): 37%
5. Kirloskar Electric Company Ltd (KECL): 29%

## 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.

### Live themes, worst first
- HIGH | Raw material cost volatility affecting electrical equipment manufacturers. | Company has price pass-on arrangements; recent increase in fuel cost passed on to most customers. | quoted: "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." | named for FOCUS, MODINSULAT, MODISONLTD, SPECTRUM
- HIGH | Qualified audit opinion issued due to unprovided tax provisions. | Management is actively working on securing necessary regulatory approvals for the amalgamation. | quoted: "Qualified audit opinion issued due to unprovided tax provisions of ₹127.80 crore linked to pending NCLT amalgamation with Modern Denim Ltd." | named for MODINSULAT, MODISONLTD, SPECTRUM
- HIGH | Employee expenses as percentage of revenue jumped to 26.11% in Q3 FY26 from 16.30% in Q2 FY26. | quoted: "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." | named for FOCUS
- MEDIUM | West Asia war causing shortage of natural gas; US tariff actions creating trade restrictions. | Price pass-through mechanisms in supply contracts allow periodic revisions linked to input cost movements. | quoted: "West Asia war causing shortage of natural gas; US tariff actions creating trade restrictions affecting raw material costs and supply chain." | named for MODINSULAT
- MEDIUM | Global supply chain disruptions and higher freight costs. | Through agile supply chain management and strategic partnerships, we have maintained continuity in operations. | quoted: "Middle East conflict causing higher freight costs and insurance premiums for export consignments; 47% export revenue mix exposes company to shipping disruptions." | named for FOCUS, MODINSULAT, SPECTRUM

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.

## Revenue Scale & Growth Durability

What the numbers say: Siemens Ltd is the scale leader at ₹17,696 crore, 180.4% ahead of V-Guard Industries Ltd. Alpex Solar Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 185% from a ₹2,223 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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.

Evidence: Siemens Ltd · ₹17,696 crore | 180.4% versus #2 · V-Guard Industries Ltd | 4/8 recent comparable periods | 19/19 companies · 292 observations

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

### Revenue — largest
1. Siemens Ltd (SIEMENS): ₹17.7K Cr
2. V-Guard Industries Ltd (VGUARD): ₹6.3K Cr
3. Alpex Solar Ltd (ALPEXSOLAR): ₹2.2K Cr
4. Insolation Energy Ltd (INA): ₹2.1K Cr
5. HPL Electric & Power Ltd (HPL): ₹1.8K Cr

### Revenue growth — fastest growers
1. Alpex Solar Ltd (ALPEXSOLAR): 100%
2. Ravindra Energy Ltd (RELTD): 100%
3. Insolation Energy Ltd (INA): 61%
4. Spectrum Electrical Industries Ltd (SPECTRUM): 52%
5. Modison Ltd (MODISONLTD): 45%

### 20-quarter Revenue history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- VGUARD: Sep 2021 ₹908 Cr | Dec 2021 ₹968 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹986 Cr | Dec 2022 ₹982 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- SPECTRUM: Sep 2021 ₹62 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹35 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹372 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹131 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹100 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹203 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹397 Cr | Jun 2025 ₹387 Cr | Sep 2025 ₹387 Cr | Dec 2025 ₹575 Cr | Mar 2026 ₹794 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹109 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹346 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹301 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹266 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹388 Cr | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹302 Cr | Mar 2023 ₹363 Cr | Jun 2023 ₹321 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹366 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹393 Cr | Sep 2024 ₹422 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹520 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹394 Cr | Dec 2022 ₹339 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹231 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹265 Cr | Jun 2026 ₹189 Cr
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹79 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹523 Cr | Dec 2025 ₹648 Cr | Mar 2026 ₹672 Cr | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹86 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹217 Cr | Jun 2026 ₹216 Cr
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹115 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹165 Cr | Jun 2026 ₹169 Cr
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹167 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹178 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹219 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹226 Cr | Jun 2026 ₹251 Cr
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹246 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹270 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹424 Cr | Mar 2026 ₹474 Cr | Jun 2026 ₹498 Cr
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹158 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹202 Cr | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹110 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹164 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹77 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹287 Cr | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹41 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹60 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.6% | Mar 2024 -15% | Jun 2024 -23% | Sep 2024 -23% | Dec 2024 -9.4% | Mar 2025 -3.0% | Jun 2025 16% | Sep 2025 9.9% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 8.6% | Dec 2022 1.5% | Mar 2023 7.8% | Jun 2023 19% | Sep 2023 15% | Dec 2023 19% | Mar 2024 18% | Jun 2024 22% | Sep 2024 14% | Dec 2024 8.9% | Mar 2025 15% | Jun 2025 -0.7% | Sep 2025 3.6% | Dec 2025 11% | Mar 2026 14% | Jun 2026 24%
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 6.4% | Sep 2023 6.4% | Dec 2023 52% | Mar 2024 97% | Jun 2024 12% | Sep 2024 30% | Dec 2024 -27% | Mar 2025 34% | Jun 2025 13% | Sep 2025 36% | Dec 2025 76% | Mar 2026 67% | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 -2.9% | Dec 2022 -71% | Mar 2023 -69% | Jun 2023 -75% | Sep 2023 -21% | Dec 2023 -71% | Mar 2024 -74% | Jun 2024 -60% | Sep 2024 -41% | Dec 2024 231% | Mar 2025 430% | Jun 2025 609% | Sep 2025 650% | Dec 2025 140% | Mar 2026 -16% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 31% | Sep 2023 37% | Dec 2023 19% | Mar 2024 2.3% | Jun 2024 -1.7% | Sep 2024 1.1% | Dec 2024 14% | Mar 2025 5.1% | Jun 2025 12% | Sep 2025 7.7% | Dec 2025 1.7% | Mar 2026 9.6% | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.0% | Dec 2023 0.0% | Mar 2024 14% | Jun 2024 16% | Sep 2024 8.5% | Dec 2024 17% | Mar 2025 14% | Jun 2025 36% | Sep 2025 53% | Dec 2025 59% | Mar 2026 27% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 140% | Sep 2023 140% | Dec 2023 179% | Mar 2024 179% | Jun 2024 120% | Sep 2024 120% | Dec 2024 42% | Mar 2025 73% | Jun 2025 26% | Sep 2025 26% | Dec 2025 77% | Mar 2026 100% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 143% | Sep 2023 74% | Dec 2023 81% | Mar 2024 -13% | Jun 2024 -4.9% | Sep 2024 -19% | Dec 2024 -25% | Mar 2025 -12% | Jun 2025 -19% | Sep 2025 84% | Dec 2025 41% | Mar 2026 46% | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 17% | Jun 2024 22% | Sep 2024 21% | Dec 2024 7.1% | Mar 2025 16% | Jun 2025 -2.5% | Sep 2025 2.8% | Dec 2025 21% | Mar 2026 5.5% | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -28% | Dec 2023 -22% | Mar 2024 -26% | Jun 2024 -31% | Sep 2024 -38% | Dec 2024 -22% | Mar 2025 16% | Jun 2025 7.6% | Sep 2025 -0.6% | Dec 2025 32% | Mar 2026 -1.5% | Jun 2026 22%
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 138% | Mar 2025 170% | Jun 2025 394% | Sep 2025 178% | Dec 2025 245% | Mar 2026 106% | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -40% | Mar 2024 18% | Jun 2024 41% | Sep 2024 132% | Dec 2024 316% | Mar 2025 7.4% | Jun 2025 22% | Sep 2025 -47% | Dec 2025 -2.4% | Mar 2026 49% | Jun 2026 58%
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.7% | Mar 2024 -17% | Jun 2024 18% | Sep 2024 5.9% | Dec 2024 4.3% | Mar 2025 18% | Jun 2025 -5.5% | Sep 2025 31% | Dec 2025 20% | Mar 2026 47% | Jun 2026 41%
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1% | Mar 2024 18% | Jun 2024 32% | Sep 2024 21% | Dec 2024 21% | Mar 2025 -7.4% | Jun 2025 -7.8% | Sep 2025 1.4% | Dec 2025 2.5% | Mar 2026 19% | Jun 2026 23%
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.9% | Mar 2024 7.8% | Jun 2024 24% | Sep 2024 23% | Dec 2024 26% | Mar 2025 15% | Jun 2025 24% | Sep 2025 22% | Dec 2025 24% | Mar 2026 26% | Jun 2026 13%
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -70% | Dec 2023 150% | Mar 2024 23% | Jun 2024 34% | Sep 2024 313% | Dec 2024 42% | Mar 2025 188% | Jun 2025 55% | Sep 2025 -30% | Dec 2025 53% | Mar 2026 -7.8% | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 31% | Dec 2023 8.9% | Mar 2024 16% | Jun 2024 14% | Sep 2024 11% | Dec 2024 -5.0% | Mar 2025 -23% | Jun 2025 -0.9% | Sep 2025 -12% | Dec 2025 26% | Mar 2026 27% | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40% | Mar 2024 31% | Jun 2024 35% | Sep 2024 26% | Dec 2024 12% | Mar 2025 14% | Jun 2025 16% | Sep 2025 19% | Dec 2025 19% | Mar 2026 121% | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 46% | Jun 2024 7.0% | Sep 2024 -19% | Dec 2024 -27% | Mar 2025 -30% | Jun 2025 -25% | Sep 2025 7.5% | Dec 2025 -9.3% | Mar 2026 44% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Modison Ltd leads both opm at 25% and margin change at +13 percentage points.

Investor read: Modison 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.

Evidence: Modison Ltd · 25% | 0% versus #2 · Ravindra Energy Ltd | 5/8 recent comparable periods | 19/19 companies · 349 observations

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

### OPM — highest
1. Modison Ltd (MODISONLTD): 25%
2. Ravindra Energy Ltd (RELTD): 25%
3. Swelect Energy Systems Ltd (SWELECTES): 18%
4. HPL Electric & Power Ltd (HPL): 17%
5. Modern Insulators Ltd (MODINSULAT): 16%

### Margin change — fastest expanders
1. Modison Ltd (MODISONLTD): +13.0 pp
2. Ravindra Energy Ltd (RELTD): +8.0 pp
3. Rishabh Instruments Ltd (RISHABH): +7.0 pp
4. Exicom Tele-Systems Ltd (EXICOM): +6.1 pp
5. Modern Insulators Ltd (MODINSULAT): +5.0 pp

### 20-quarter OPM history
- SIEMENS: Sep 2021 11% | Dec 2021 11% | Mar 2022 12% | Jun 2022 9.7% | Sep 2022 11% | Dec 2022 15% | Mar 2023 13% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 15% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- VGUARD: Sep 2021 10% | Dec 2021 9.0% | Mar 2022 11% | Jun 2022 8.1% | Sep 2022 7.4% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 11%
- SPECTRUM: Sep 2021 12% | Dec 2021 5.2% | Mar 2022 9.0% | Jun 2022 6.2% | Sep 2022 9.8% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 10% | Sep 2023 13% | Dec 2023 11% | Mar 2024 10% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 15% | Mar 2025 15% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- RELTD: Sep 2021 -14% | Dec 2021 1.7% | Mar 2022 -2.0% | Jun 2022 1.6% | Sep 2022 14% | Dec 2022 3.0% | Mar 2023 2.4% | Jun 2023 19% | Sep 2023 24% | Dec 2023 45% | Mar 2024 28% | Jun 2024 32% | Sep 2024 3.8% | Dec 2024 13% | Mar 2025 17% | Jun 2025 17% | Sep 2025 31% | Dec 2025 25% | Mar 2026 25% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 10% | Dec 2022 14% | Mar 2023 14% | Jun 2023 10% | Sep 2023 18% | Dec 2023 3.0% | Mar 2024 10% | Jun 2024 4.5% | Sep 2024 6.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 15% | Sep 2025 17% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- MODINSULAT: Sep 2021 4.0% | Dec 2021 0.7% | Mar 2022 5.7% | Jun 2022 0.9% | Sep 2022 3.0% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 4.8% | Sep 2023 5.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 5.0% | Sep 2024 4.3% | Dec 2024 8.0% | Mar 2025 11% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- INA: Sep 2021 7.5% | Dec 2021 — | Mar 2022 7.2% | Jun 2022 6.4% | Sep 2022 7.2% | Dec 2022 5.3% | Mar 2023 2.5% | Jun 2023 9.0% | Sep 2023 5.5% | Dec 2023 11% | Mar 2024 15% | Jun 2024 12% | Sep 2024 2.1% | Dec 2024 -2.6% | Mar 2025 2.4% | Jun 2025 14% | Sep 2025 12% | Dec 2025 34% | Mar 2026 -15% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.6% | Sep 2022 2.0% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 10% | Sep 2024 -10% | Dec 2024 -16% | Mar 2025 -6.0% | Jun 2025 -19% | Sep 2025 -12% | Dec 2025 -12% | Mar 2026 0.1% | Jun 2026 —
- HPL: Sep 2021 12% | Dec 2021 13% | Mar 2022 14% | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 17% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- HONDAPOWER: Sep 2021 8.7% | Dec 2021 9.9% | Mar 2022 7.1% | Jun 2022 2.9% | Sep 2022 14% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 12% | Dec 2023 13% | Mar 2024 4.5% | Jun 2024 11% | Sep 2024 4.0% | Dec 2024 10% | Mar 2025 16% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 12% | Mar 2026 11% | Jun 2026 8.0%
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.7% | Dec 2023 10% | Mar 2024 12% | Jun 2024 5.0% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 16% | Sep 2025 15% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- SERVOTECH: Sep 2021 6.0% | Dec 2021 5.4% | Mar 2022 5.5% | Jun 2022 4.2% | Sep 2022 5.8% | Dec 2022 7.0% | Mar 2023 4.0% | Jun 2023 8.7% | Sep 2023 6.2% | Dec 2023 5.8% | Mar 2024 4.1% | Jun 2024 7.4% | Sep 2024 9.5% | Dec 2024 7.5% | Mar 2025 8.3% | Jun 2025 7.6% | Sep 2025 5.9% | Dec 2025 13% | Mar 2026 10% | Jun 2026 9.5%
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 19% | Dec 2022 25% | Mar 2023 20% | Jun 2023 21% | Sep 2023 23% | Dec 2023 22% | Mar 2024 18% | Jun 2024 13% | Sep 2024 18% | Dec 2024 12% | Mar 2025 6.0% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 15% | Mar 2026 16% | Jun 2026 13%
- IGARASHI: Sep 2021 12% | Dec 2021 2.3% | Mar 2022 5.9% | Jun 2022 5.5% | Sep 2022 8.8% | Dec 2022 9.2% | Mar 2023 13% | Jun 2023 9.6% | Sep 2023 9.7% | Dec 2023 10.0% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.6% | Sep 2025 11% | Dec 2025 9.4% | Mar 2026 8.5% | Jun 2026 9.8%
- SALZERELEC: Sep 2021 9.5% | Dec 2021 8.4% | Mar 2022 5.8% | Jun 2022 8.7% | Sep 2022 10% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 9.0% | Sep 2023 9.5% | Dec 2023 11% | Mar 2024 10% | Jun 2024 9.4% | Sep 2024 10% | Dec 2024 11% | Mar 2025 7.8% | Jun 2025 9.5% | Sep 2025 8.7% | Dec 2025 8.8% | Mar 2026 6.6% | Jun 2026 6.3%
- SWELECTES: Sep 2021 26% | Dec 2021 30% | Mar 2022 14% | Jun 2022 34% | Sep 2022 15% | Dec 2022 39% | Mar 2023 19% | Jun 2023 28% | Sep 2023 35% | Dec 2023 37% | Mar 2024 32% | Jun 2024 18% | Sep 2024 15% | Dec 2024 20% | Mar 2025 13% | Jun 2025 24% | Sep 2025 29% | Dec 2025 24% | Mar 2026 18% | Jun 2026 —
- KECL: Sep 2021 -5.4% | Dec 2021 -2.6% | Mar 2022 -0.3% | Jun 2022 -0.1% | Sep 2022 11% | Dec 2022 6.6% | Mar 2023 12% | Jun 2023 6.6% | Sep 2023 8.5% | Dec 2023 4.5% | Mar 2024 6.5% | Jun 2024 6.6% | Sep 2024 0.1% | Dec 2024 4.8% | Mar 2025 0.5% | Jun 2025 5.2% | Sep 2025 4.5% | Dec 2025 10% | Mar 2026 3.9% | Jun 2026 —
- MODISONLTD: Sep 2021 9.5% | Dec 2021 6.9% | Mar 2022 8.9% | Jun 2022 4.7% | Sep 2022 2.2% | Dec 2022 10% | Mar 2023 13% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 13% | Dec 2025 13% | Mar 2026 25% | Jun 2026 —
- FOCUS: Sep 2021 7.1% | Dec 2021 9.9% | Mar 2022 13% | Jun 2022 11% | Sep 2022 20% | Dec 2022 24% | Mar 2023 19% | Jun 2023 22% | Sep 2023 20% | Dec 2023 19% | Mar 2024 22% | Jun 2024 21% | Sep 2024 18% | Dec 2024 6.2% | Mar 2025 9.3% | Jun 2025 10% | Sep 2025 8.8% | Dec 2025 2.9% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- SIEMENS: Sep 2021 −2.0 pp | Dec 2021 −2.1 pp | Mar 2022 −0.8 pp | Jun 2022 +1.3 pp | Sep 2022 +0.4 pp | Dec 2022 +4.5 pp | Mar 2023 +0.7 pp | Jun 2023 +2.3 pp | Sep 2023 +0.9 pp | Dec 2023 −3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VGUARD: Sep 2021 −1.8 pp | Dec 2021 −4.8 pp | Mar 2022 −2.3 pp | Jun 2022 +0.0 pp | Sep 2022 −3.1 pp | Dec 2022 −2.0 pp | Mar 2023 −1.6 pp | Jun 2023 +0.9 pp | Sep 2023 +0.6 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 +3.0 pp
- SPECTRUM: Sep 2021 −0.2 pp | Dec 2021 — | Mar 2022 −5.1 pp | Jun 2022 −2.2 pp | Sep 2022 −2.1 pp | Dec 2022 +2.8 pp | Mar 2023 +3.0 pp | Jun 2023 +4.0 pp | Sep 2023 +3.6 pp | Dec 2023 +3.1 pp | Mar 2024 −1.7 pp | Jun 2024 +2.8 pp | Sep 2024 −4.3 pp | Dec 2024 +3.9 pp | Mar 2025 +4.7 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RELTD: Sep 2021 −10.1 pp | Dec 2021 −12.3 pp | Mar 2022 −7.2 pp | Jun 2022 +0.1 pp | Sep 2022 +28.3 pp | Dec 2022 +1.3 pp | Mar 2023 +4.4 pp | Jun 2023 +17.4 pp | Sep 2023 +9.6 pp | Dec 2023 +42.0 pp | Mar 2024 +25.6 pp | Jun 2024 +13.0 pp | Sep 2024 −20.2 pp | Dec 2024 −32.0 pp | Mar 2025 −11.0 pp | Jun 2025 −15.0 pp | Sep 2025 +27.2 pp | Dec 2025 +12.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −4.3 pp | Sep 2023 +7.6 pp | Dec 2023 −11.0 pp | Mar 2024 −4.0 pp | Jun 2024 −5.5 pp | Sep 2024 −12.0 pp | Dec 2024 +5.0 pp | Mar 2025 −1.0 pp | Jun 2025 +10.5 pp | Sep 2025 +11.0 pp | Dec 2025 +9.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- MODINSULAT: Sep 2021 −6.3 pp | Dec 2021 −9.8 pp | Mar 2022 −5.4 pp | Jun 2022 −8.8 pp | Sep 2022 −1.0 pp | Dec 2022 +8.3 pp | Mar 2023 +4.3 pp | Jun 2023 +3.9 pp | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +0.2 pp | Sep 2024 −0.7 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +6.7 pp | Dec 2025 +8.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 −4.6 pp | Jun 2023 +2.6 pp | Sep 2023 −1.6 pp | Dec 2023 +5.2 pp | Mar 2024 +12.6 pp | Jun 2024 +3.4 pp | Sep 2024 −3.4 pp | Dec 2024 −13.1 pp | Mar 2025 −12.7 pp | Jun 2025 +1.1 pp | Sep 2025 +9.6 pp | Dec 2025 +37.0 pp | Mar 2026 −17.8 pp | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +4.4 pp | Sep 2023 +10.0 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 +3.0 pp | Sep 2024 −22.0 pp | Dec 2024 −28.0 pp | Mar 2025 −19.0 pp | Jun 2025 −29.0 pp | Sep 2025 −2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +6.1 pp | Jun 2026 —
- HPL: Sep 2021 −3.4 pp | Dec 2021 −0.9 pp | Mar 2022 −0.2 pp | Jun 2022 +5.1 pp | Sep 2022 +1.0 pp | Dec 2022 −1.3 pp | Mar 2023 −2.0 pp | Jun 2023 −0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- HONDAPOWER: Sep 2021 −3.0 pp | Dec 2021 −0.7 pp | Mar 2022 +0.1 pp | Jun 2022 −5.6 pp | Sep 2022 +5.3 pp | Dec 2022 +3.1 pp | Mar 2023 +1.9 pp | Jun 2023 +7.2 pp | Sep 2023 −2.0 pp | Dec 2023 0.0 pp | Mar 2024 −4.5 pp | Jun 2024 +1.0 pp | Sep 2024 −8.0 pp | Dec 2024 −3.0 pp | Mar 2025 +11.5 pp | Jun 2025 −6.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −5.0 pp | Jun 2026 +3.0 pp
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +9.3 pp | Dec 2024 +10.0 pp | Mar 2025 +4.0 pp | Jun 2025 +11.0 pp | Sep 2025 −1.0 pp | Dec 2025 −6.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- SERVOTECH: Sep 2021 +8.6 pp | Dec 2021 −0.2 pp | Mar 2022 −2.3 pp | Jun 2022 −6.6 pp | Sep 2022 −0.2 pp | Dec 2022 +1.6 pp | Mar 2023 −1.5 pp | Jun 2023 +4.4 pp | Sep 2023 +0.4 pp | Dec 2023 −1.2 pp | Mar 2024 +0.1 pp | Jun 2024 −1.3 pp | Sep 2024 +3.3 pp | Dec 2024 +1.7 pp | Mar 2025 +4.3 pp | Jun 2025 +0.2 pp | Sep 2025 −3.6 pp | Dec 2025 +5.8 pp | Mar 2026 +2.0 pp | Jun 2026 +1.9 pp
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2.9 pp | Sep 2023 +4.3 pp | Dec 2023 −3.0 pp | Mar 2024 −2.0 pp | Jun 2024 −8.0 pp | Sep 2024 −5.0 pp | Dec 2024 −10.0 pp | Mar 2025 −12.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 +3.0 pp | Mar 2026 +10.0 pp | Jun 2026 +4.0 pp
- IGARASHI: Sep 2021 −3.0 pp | Dec 2021 −14.3 pp | Mar 2022 −9.9 pp | Jun 2022 −6.1 pp | Sep 2022 −2.9 pp | Dec 2022 +6.9 pp | Mar 2023 +6.8 pp | Jun 2023 +4.1 pp | Sep 2023 +0.9 pp | Dec 2023 +0.8 pp | Mar 2024 −1.7 pp | Jun 2024 +1.8 pp | Sep 2024 +2.5 pp | Dec 2024 +1.3 pp | Mar 2025 −0.6 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −1.8 pp | Mar 2026 −1.9 pp | Jun 2026 +0.2 pp
- SALZERELEC: Sep 2021 −2.9 pp | Dec 2021 −1.5 pp | Mar 2022 −2.7 pp | Jun 2022 −1.0 pp | Sep 2022 +0.9 pp | Dec 2022 +1.6 pp | Mar 2023 +2.2 pp | Jun 2023 +0.3 pp | Sep 2023 −0.9 pp | Dec 2023 +1.5 pp | Mar 2024 +2.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.7 pp | Dec 2024 −0.9 pp | Mar 2025 −2.4 pp | Jun 2025 +0.1 pp | Sep 2025 −1.5 pp | Dec 2025 −1.7 pp | Mar 2026 −1.2 pp | Jun 2026 −3.2 pp
- SWELECTES: Sep 2021 −2.5 pp | Dec 2021 +9.8 pp | Mar 2022 −0.3 pp | Jun 2022 +24.5 pp | Sep 2022 −10.7 pp | Dec 2022 +9.7 pp | Mar 2023 +4.6 pp | Jun 2023 −6.4 pp | Sep 2023 +20.0 pp | Dec 2023 −2.3 pp | Mar 2024 +13.0 pp | Jun 2024 −10.0 pp | Sep 2024 −20.0 pp | Dec 2024 −17.0 pp | Mar 2025 −19.0 pp | Jun 2025 +6.0 pp | Sep 2025 +14.0 pp | Dec 2025 +4.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- KECL: Sep 2021 −0.3 pp | Dec 2021 +2.2 pp | Mar 2022 +1.3 pp | Jun 2022 +14.0 pp | Sep 2022 +16.3 pp | Dec 2022 +9.2 pp | Mar 2023 +11.8 pp | Jun 2023 +6.6 pp | Sep 2023 −2.4 pp | Dec 2023 −2.1 pp | Mar 2024 −5.1 pp | Jun 2024 +0.1 pp | Sep 2024 −8.4 pp | Dec 2024 +0.3 pp | Mar 2025 −6.0 pp | Jun 2025 −1.4 pp | Sep 2025 +4.4 pp | Dec 2025 +5.7 pp | Mar 2026 +3.4 pp | Jun 2026 —
- MODISONLTD: Sep 2021 −11.4 pp | Dec 2021 −6.1 pp | Mar 2022 −1.7 pp | Jun 2022 −4.9 pp | Sep 2022 −7.2 pp | Dec 2022 +3.1 pp | Mar 2023 +4.1 pp | Jun 2023 +3.3 pp | Sep 2023 +5.8 pp | Dec 2023 −2.0 pp | Mar 2024 −5.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 −1.0 pp | Sep 2025 +5.0 pp | Dec 2025 +4.0 pp | Mar 2026 +13.0 pp | Jun 2026 —
- FOCUS: Sep 2021 +16.8 pp | Dec 2021 +0.2 pp | Mar 2022 +9.7 pp | Jun 2022 +12.8 pp | Sep 2022 +12.8 pp | Dec 2022 +14.4 pp | Mar 2023 +5.9 pp | Jun 2023 +10.8 pp | Sep 2023 +0.5 pp | Dec 2023 −5.8 pp | Mar 2024 +2.9 pp | Jun 2024 −0.4 pp | Sep 2024 −2.7 pp | Dec 2024 −12.3 pp | Mar 2025 −12.8 pp | Jun 2025 −11.0 pp | Sep 2025 −8.9 pp | Dec 2025 −3.3 pp | Mar 2026 +0.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Siemens Ltd leads with ₹1,556 crore of TTM profit, 327.5% above V-Guard Industries Ltd. Alpex Solar Ltd shows ≥100% on the scoring scale (143.4% uncapped) growth from a ₹202 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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.

Evidence: Siemens Ltd · ₹1,556 crore | 327.5% versus #2 · V-Guard Industries Ltd | 3/8 recent comparable periods | 19/19 companies · 292 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Siemens Ltd (SIEMENS): ₹1.6K Cr
2. V-Guard Industries Ltd (VGUARD): ₹364 Cr
3. Alpex Solar Ltd (ALPEXSOLAR): ₹202 Cr
4. Insolation Energy Ltd (INA): ₹201 Cr
5. HPL Electric & Power Ltd (HPL): ₹91 Cr

### Profit growth — fastest growers
1. Alpex Solar Ltd (ALPEXSOLAR): 100%
2. IKIO Technologies Ltd (IKIO): 100%
3. Modern Insulators Ltd (MODINSULAT): 100%
4. Modison Ltd (MODISONLTD): 100%
5. Ravindra Energy Ltd (RELTD): 100%

### 20-quarter Net profit history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹463 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹506 Cr | Mar 2024 ₹803 Cr | Jun 2024 ₹578 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹615 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹423 Cr | Sep 2025 ₹485 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹370 Cr | Jun 2026 —
- VGUARD: Sep 2021 ₹59 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹112 Cr | Jun 2026 ₹130 Cr
- SPECTRUM: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- RELTD: Sep 2021 ₹27 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-63 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-14 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-83 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-68 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹42 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹11 Cr
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹8 Cr
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹11 Cr
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹7 Cr
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹8 Cr
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹6 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹16 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-2 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SIEMENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.3% | Mar 2024 70% | Jun 2024 27% | Sep 2024 45% | Dec 2024 22% | Mar 2025 -28% | Jun 2025 -27% | Sep 2025 -42% | Dec 2025 -55% | Mar 2026 -36% | Jun 2026 —
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 112% | Sep 2022 -25% | Dec 2022 -26% | Mar 2023 -41% | Jun 2023 21% | Sep 2023 34% | Dec 2023 49% | Mar 2024 43% | Jun 2024 55% | Sep 2024 6.8% | Dec 2024 3.5% | Mar 2025 20% | Jun 2025 -25% | Sep 2025 3.2% | Dec 2025 -5.0% | Mar 2026 23% | Jun 2026 76%
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -67% | Dec 2022 200% | Mar 2023 200% | Jun 2023 300% | Sep 2023 300% | Dec 2023 100% | Mar 2024 98% | Jun 2024 -50% | Sep 2024 75% | Dec 2024 -50% | Mar 2025 136% | Jun 2025 200% | Sep 2025 14% | Dec 2025 233% | Mar 2026 86% | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -81% | Dec 2022 — | Mar 2023 -53% | Jun 2023 200% | Sep 2023 80% | Dec 2023 — | Mar 2024 -800% | Jun 2024 100% | Sep 2024 -89% | Dec 2024 — | Mar 2025 — | Jun 2025 283% | Sep 2025 3,000% | Dec 2025 650% | Mar 2026 0.0% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 175% | Dec 2023 -61% | Mar 2024 -87% | Jun 2024 -63% | Sep 2024 -82% | Dec 2024 14% | Mar 2025 200% | Jun 2025 567% | Sep 2025 450% | Dec 2025 163% | Mar 2026 233% | Jun 2026 —
- MODINSULAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20% | Dec 2023 0.0% | Mar 2024 33% | Jun 2024 100% | Sep 2024 117% | Dec 2024 -10% | Mar 2025 -44% | Jun 2025 88% | Sep 2025 31% | Dec 2025 167% | Mar 2026 167% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 300% | Sep 2023 300% | Dec 2023 567% | Mar 2024 567% | Jun 2024 288% | Sep 2024 288% | Dec 2024 -5.0% | Mar 2025 110% | Jun 2025 29% | Sep 2025 29% | Dec 2025 168% | Mar 2026 67% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 -3.6% | Jun 2024 80% | Sep 2024 -194% | Dec 2024 -644% | Mar 2025 -330% | Jun 2025 -561% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 27% | Jun 2024 143% | Sep 2024 100% | Dec 2024 50% | Mar 2025 164% | Jun 2025 5.9% | Sep 2025 0.0% | Dec 2025 11% | Mar 2026 -16% | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -26% | Dec 2023 -13% | Mar 2024 167% | Jun 2024 -5.9% | Sep 2024 -71% | Dec 2024 -32% | Mar 2025 125% | Jun 2025 -44% | Sep 2025 22% | Dec 2025 -11% | Mar 2026 -25% | Jun 2026 22%
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 360% | Mar 2025 483% | Jun 2025 4,100% | Sep 2025 121% | Dec 2025 135% | Mar 2026 51% | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -72% | Mar 2024 -42% | Jun 2024 9.5% | Sep 2024 259% | Dec 2024 728% | Mar 2025 123% | Jun 2025 1.3% | Sep 2025 -97% | Dec 2025 69% | Mar 2026 45% | Jun 2026 77%
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.6% | Mar 2024 -29% | Jun 2024 -14% | Sep 2024 -28% | Dec 2024 -58% | Mar 2025 -110% | Jun 2025 -83% | Sep 2025 -15% | Dec 2025 38% | Mar 2026 — | Jun 2026 450%
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 -33% | Jun 2024 471% | Sep 2024 434% | Dec 2024 231% | Mar 2025 -40% | Jun 2025 -69% | Sep 2025 -42% | Dec 2025 -32% | Mar 2026 -48% | Jun 2026 170%
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 33% | Jun 2024 45% | Sep 2024 170% | Dec 2024 13% | Mar 2025 -18% | Jun 2025 17% | Sep 2025 -51% | Dec 2025 -17% | Mar 2026 -4.2% | Jun 2026 -52%
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 800% | Jun 2024 -42% | Sep 2024 29% | Dec 2024 -238% | Mar 2025 -75% | Jun 2025 200% | Sep 2025 78% | Dec 2025 — | Mar 2026 22% | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -66% | Dec 2023 -55% | Mar 2024 -50% | Jun 2024 5.5% | Sep 2024 -4.3% | Dec 2024 -62% | Mar 2025 -171% | Jun 2025 -78% | Sep 2025 96% | Dec 2025 619% | Mar 2026 — | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -25% | Jun 2024 -83% | Sep 2024 33% | Dec 2024 50% | Mar 2025 67% | Jun 2025 400% | Sep 2025 50% | Dec 2025 233% | Mar 2026 260% | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 102% | Jun 2024 0.4% | Sep 2024 -49% | Dec 2024 -100% | Mar 2025 -88% | Jun 2025 -76% | Sep 2025 -65% | Dec 2025 — | Mar 2026 113% | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Alpex Solar Ltd · 43.5% | 40.3% versus #2 · Modison Ltd | 4/5 recent comparable periods | 19/19 companies · 217 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Alpex Solar Ltd (ALPEXSOLAR): 44%
2. Modison Ltd (MODISONLTD): 31%
3. Siemens Ltd (SIEMENS): 21%
4. Modern Insulators Ltd (MODINSULAT): 19%
5. V-Guard Industries Ltd (VGUARD): 18%

### ROCE change — fastest improvers
1. Modison Ltd (MODISONLTD): +22.0 pp
2. Kirloskar Electric Company Ltd (KECL): +13.4 pp
3. Modern Insulators Ltd (MODINSULAT): +10.0 pp
4. Rishabh Instruments Ltd (RISHABH): +8.1 pp
5. Ravindra Energy Ltd (RELTD): +4.5 pp

### 20-quarter ROCE history
- VGUARD: Sep 2021 25% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 14% | Dec 2023 19% | Mar 2024 16% | Jun 2024 20% | Sep 2024 19% | Dec 2024 20% | Mar 2025 18% | Jun 2025 18% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- SPECTRUM: Sep 2021 16% | Dec 2021 15% | Mar 2022 13% | Jun 2022 12% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 17% | Sep 2023 19% | Dec 2023 15% | Mar 2024 18% | Jun 2024 — | Sep 2024 17% | Dec 2024 20% | Mar 2025 16% | Jun 2025 23% | Sep 2025 19% | Dec 2025 28% | Mar 2026 18% | Jun 2026 —
- RELTD: Sep 2021 2.0% | Dec 2021 — | Mar 2022 0.7% | Jun 2022 — | Sep 2022 6.2% | Dec 2022 — | Mar 2023 8.1% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 12% | Mar 2024 9.6% | Jun 2024 -7.9% | Sep 2024 9.4% | Dec 2024 -11% | Mar 2025 5.9% | Jun 2025 12% | Sep 2025 11% | Dec 2025 19% | Mar 2026 10% | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.4% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 13% | Dec 2023 13% | Mar 2024 7.3% | Jun 2024 9.0% | Sep 2024 2.2% | Dec 2024 5.9% | Mar 2025 3.2% | Jun 2025 8.6% | Sep 2025 8.1% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 19% | Dec 2022 13% | Mar 2023 18% | Jun 2023 22% | Sep 2023 30% | Dec 2023 41% | Mar 2024 56% | Jun 2024 53% | Sep 2024 66% | Dec 2024 — | Mar 2025 24% | Jun 2025 21% | Sep 2025 23% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 24% | Dec 2023 30% | Mar 2024 14% | Jun 2024 22% | Sep 2024 6.7% | Dec 2024 3.3% | Mar 2025 -8.4% | Jun 2025 -17% | Sep 2025 -19% | Dec 2025 -21% | Mar 2026 -20% | Jun 2026 —
- HPL: Sep 2021 9.0% | Dec 2021 — | Mar 2022 9.2% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 16% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 22% | Jun 2025 23% | Sep 2025 20% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- HONDAPOWER: Sep 2021 12% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 16% | Jun 2023 19% | Sep 2023 14% | Dec 2023 15% | Mar 2024 9.8% | Jun 2024 16% | Sep 2024 5.7% | Dec 2024 10% | Mar 2025 7.7% | Jun 2025 12% | Sep 2025 8.2% | Dec 2025 13% | Mar 2026 7.3% | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 25% | Dec 2023 — | Mar 2024 25% | Jun 2024 — | Sep 2024 33% | Dec 2024 42% | Mar 2025 48% | Jun 2025 93% | Sep 2025 40% | Dec 2025 74% | Mar 2026 35% | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 32% | Mar 2023 49% | Jun 2023 — | Sep 2023 17% | Dec 2023 28% | Mar 2024 14% | Jun 2024 25% | Sep 2024 11% | Dec 2024 12% | Mar 2025 6.0% | Jun 2025 6.7% | Sep 2025 3.8% | Dec 2025 6.9% | Mar 2026 7.4% | Jun 2026 —
- IGARASHI: Sep 2021 10% | Dec 2021 — | Mar 2022 1.3% | Jun 2022 — | Sep 2022 -2.1% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 6.1% | Mar 2024 5.0% | Jun 2024 7.2% | Sep 2024 8.4% | Dec 2024 9.9% | Mar 2025 8.9% | Jun 2025 7.5% | Sep 2025 6.7% | Dec 2025 5.7% | Mar 2026 6.2% | Jun 2026 —
- SALZERELEC: Sep 2021 14% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 19% | Jun 2024 22% | Sep 2024 20% | Dec 2024 26% | Mar 2025 19% | Jun 2025 25% | Sep 2025 19% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- SWELECTES: Sep 2021 1.5% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.1% | Dec 2022 — | Mar 2023 3.7% | Jun 2023 5.8% | Sep 2023 4.2% | Dec 2023 7.4% | Mar 2024 5.1% | Jun 2024 11% | Sep 2024 5.8% | Dec 2024 12% | Mar 2025 4.8% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 12% | Mar 2026 8.0% | Jun 2026 —
- KECL: Sep 2021 -22% | Dec 2021 — | Mar 2022 -2.4% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 36% | Jun 2023 33% | Sep 2023 31% | Dec 2023 25% | Mar 2024 19% | Jun 2024 22% | Sep 2024 14% | Dec 2024 19% | Mar 2025 8.1% | Jun 2025 14% | Sep 2025 14% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- MODISONLTD: Sep 2021 18% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 7.3% | Dec 2022 — | Mar 2023 9.5% | Jun 2023 — | Sep 2023 13% | Dec 2023 18% | Mar 2024 13% | Jun 2024 14% | Sep 2024 14% | Dec 2024 17% | Mar 2025 17% | Jun 2025 21% | Sep 2025 19% | Dec 2025 31% | Mar 2026 39% | Jun 2026 —

### 20-quarter ROCE change history
- VGUARD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 — | Mar 2023 −7.5 pp | Jun 2023 — | Sep 2023 −5.7 pp | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 +5.6 pp | Dec 2024 +0.9 pp | Mar 2025 +2.0 pp | Jun 2025 −2.1 pp | Sep 2025 −3.6 pp | Dec 2025 −3.1 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SPECTRUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 −2.5 pp | Mar 2023 0.0 pp | Jun 2023 +5.2 pp | Sep 2023 +8.4 pp | Dec 2023 +3.3 pp | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 +5.0 pp | Mar 2025 −2.5 pp | Jun 2025 — | Sep 2025 +1.8 pp | Dec 2025 +7.3 pp | Mar 2026 +1.7 pp | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 — | Mar 2023 +7.4 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 −22.4 pp | Mar 2025 −3.7 pp | Jun 2025 +19.8 pp | Sep 2025 +1.2 pp | Dec 2025 +29.8 pp | Mar 2026 +4.5 pp | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.7 pp | Dec 2023 — | Mar 2024 −6.2 pp | Jun 2024 — | Sep 2024 −10.9 pp | Dec 2024 −7.3 pp | Mar 2025 −4.1 pp | Jun 2025 −0.4 pp | Sep 2025 +5.9 pp | Dec 2025 +6.9 pp | Mar 2026 +8.1 pp | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +12.7 pp | Sep 2023 +11.1 pp | Dec 2023 +27.4 pp | Mar 2024 +37.7 pp | Jun 2024 +30.3 pp | Sep 2024 +36.1 pp | Dec 2024 — | Mar 2025 −32.1 pp | Jun 2025 −31.1 pp | Sep 2025 −42.8 pp | Dec 2025 — | Mar 2026 −4.8 pp | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −17.4 pp | Dec 2024 −26.8 pp | Mar 2025 −22.3 pp | Jun 2025 −39.1 pp | Sep 2025 −25.5 pp | Dec 2025 −24.0 pp | Mar 2026 −11.8 pp | Jun 2026 —
- HPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 +3.2 pp | Mar 2025 +6.0 pp | Jun 2025 +3.9 pp | Sep 2025 +1.9 pp | Dec 2025 +2.5 pp | Mar 2026 −2.9 pp | Jun 2026 —
- HONDAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +3.7 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −5.7 pp | Jun 2024 −2.8 pp | Sep 2024 −8.3 pp | Dec 2024 −5.1 pp | Mar 2025 −2.1 pp | Jun 2025 −4.1 pp | Sep 2025 +2.5 pp | Dec 2025 +2.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +7.8 pp | Dec 2024 — | Mar 2025 +23.6 pp | Jun 2025 — | Sep 2025 +7.2 pp | Dec 2025 +32.0 pp | Mar 2026 −13.5 pp | Jun 2026 —
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −3.5 pp | Mar 2024 −34.5 pp | Jun 2024 — | Sep 2024 −6.1 pp | Dec 2024 −16.7 pp | Mar 2025 −8.1 pp | Jun 2025 −18.4 pp | Sep 2025 −7.5 pp | Dec 2025 −4.6 pp | Mar 2026 +1.4 pp | Jun 2026 —
- IGARASHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.1 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +7.5 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +3.8 pp | Mar 2025 +3.9 pp | Jun 2025 +0.3 pp | Sep 2025 −1.7 pp | Dec 2025 −4.2 pp | Mar 2026 −2.7 pp | Jun 2026 —
- SALZERELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +5.1 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +4.7 pp | Mar 2025 0.0 pp | Jun 2025 +2.8 pp | Sep 2025 −0.5 pp | Dec 2025 −5.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- SWELECTES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 +5.3 pp | Sep 2024 +1.6 pp | Dec 2024 +4.5 pp | Mar 2025 −0.3 pp | Jun 2025 −0.8 pp | Sep 2025 +1.2 pp | Dec 2025 0.0 pp | Mar 2026 +3.2 pp | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +45.8 pp | Dec 2022 — | Mar 2023 +38.8 pp | Jun 2023 — | Sep 2023 +6.9 pp | Dec 2023 — | Mar 2024 −17.1 pp | Jun 2024 −11.2 pp | Sep 2024 −17.3 pp | Dec 2024 −5.6 pp | Mar 2025 −11.2 pp | Jun 2025 −8.2 pp | Sep 2025 +0.8 pp | Dec 2025 −1.6 pp | Mar 2026 +13.4 pp | Jun 2026 —
- MODISONLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.5 pp | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 — | Sep 2023 +6.0 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 −0.6 pp | Mar 2025 +3.8 pp | Jun 2025 +6.3 pp | Sep 2025 +4.8 pp | Dec 2025 +14.4 pp | Mar 2026 +22.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Insolation Energy Ltd has the lowest comparable PEG at 0.15×, 92.4% 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.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Insolation Energy Ltd · 0.15× | 92.4% versus #2 · Ravindra Energy Ltd | 0/8 recent comparable periods | 4/19 companies · 22 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data 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.

### PEG — lowest PEG
1. Insolation Energy Ltd (INA): 0.2
2. Ravindra Energy Ltd (RELTD): 2.0
3. V-Guard Industries Ltd (VGUARD): 2.5
4. Spectrum Electrical Industries Ltd (SPECTRUM): 9.1

### P/E — lowest P/E
1. Alpex Solar Ltd (ALPEXSOLAR): 10.2
2. Modison Ltd (MODISONLTD): 11.5
3. Swelect Energy Systems Ltd (SWELECTES): 21.4
4. Insolation Energy Ltd (INA): 22.7
5. HPL Electric & Power Ltd (HPL): 23.2

### 20-quarter PEG history
- VGUARD: Sep 2021 1.1 | Dec 2021 — | Mar 2022 1.9 | Jun 2022 3.2 | Sep 2022 1.5 | Dec 2022 — | Mar 2023 5.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.0 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.9 | Jun 2025 2.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SPECTRUM: Sep 2021 0.6 | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 12.2 | Sep 2023 17.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 9.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RELTD: Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.9 | Sep 2025 1.3 | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SIEMENS: Sep 2021 39.4 | Dec 2021 44.4 | Mar 2022 44.8 | Jun 2022 46.2 | Sep 2022 47.3 | Dec 2022 45.8 | Mar 2023 46.0 | Jun 2023 47.5 | Sep 2023 42.3 | Dec 2023 41.9 | Mar 2024 57.5 | Jun 2024 75.4 | Sep 2024 72.0 | Dec 2024 66.2 | Mar 2025 54.7 | Jun 2025 66.0 | Sep 2025 64.8 | Dec 2025 66.6 | Mar 2026 67.0 | Jun 2026 —
- VGUARD: Sep 2021 49.7 | Dec 2021 41.4 | Mar 2022 45.6 | Jun 2022 41.3 | Sep 2022 41.0 | Dec 2022 47.0 | Mar 2023 47.7 | Jun 2023 64.5 | Sep 2023 66.5 | Dec 2023 58.8 | Mar 2024 61.4 | Jun 2024 72.6 | Sep 2024 66.3 | Dec 2024 61.1 | Mar 2025 51.8 | Jun 2025 53.6 | Sep 2025 55.9 | Dec 2025 49.1 | Mar 2026 45.6 | Jun 2026 41.3
- SPECTRUM: Sep 2021 14.4 | Dec 2021 7.3 | Mar 2022 13.4 | Jun 2022 11.4 | Sep 2022 13.0 | Dec 2022 23.8 | Mar 2023 98.0 | Jun 2023 125.3 | Sep 2023 178.9 | Dec 2023 158.2 | Mar 2024 180.8 | Jun 2024 182.8 | Sep 2024 144.4 | Dec 2024 161.1 | Mar 2025 146.4 | Jun 2025 100.4 | Sep 2025 73.6 | Dec 2025 63.6 | Mar 2026 62.1 | Jun 2026 —
- RELTD: Sep 2021 74.5 | Dec 2021 18.7 | Mar 2022 18.6 | Jun 2022 19.3 | Sep 2022 21.7 | Dec 2022 43.2 | Mar 2023 27.3 | Jun 2023 46.1 | Sep 2023 56.9 | Dec 2023 41.0 | Mar 2024 54.6 | Jun 2024 83.4 | Sep 2024 270.3 | Dec 2024 240.9 | Mar 2025 104.3 | Jun 2025 84.8 | Sep 2025 60.0 | Dec 2025 39.5 | Mar 2026 25.6 | Jun 2026 —
- RISHABH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 31.6 | Dec 2023 30.4 | Mar 2024 28.5 | Jun 2024 40.6 | Sep 2024 41.0 | Dec 2024 71.6 | Mar 2025 44.4 | Jun 2025 48.1 | Sep 2025 39.6 | Dec 2025 26.4 | Mar 2026 21.0 | Jun 2026 —
- MODINSULAT: Sep 2021 6.6 | Dec 2021 7.3 | Mar 2022 7.6 | Jun 2022 7.9 | Sep 2022 15.0 | Dec 2022 12.3 | Mar 2023 7.4 | Jun 2023 8.4 | Sep 2023 11.0 | Dec 2023 13.9 | Mar 2024 11.3 | Jun 2024 16.5 | Sep 2024 16.1 | Dec 2024 15.1 | Mar 2025 10.6 | Jun 2025 14.0 | Sep 2025 13.3 | Dec 2025 18.7 | Mar 2026 16.3 | Jun 2026 —
- INA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 28.2 | Mar 2023 24.6 | Jun 2023 16.8 | Sep 2023 38.5 | Dec 2023 41.1 | Mar 2024 61.5 | Jun 2024 88.2 | Sep 2024 69.6 | Dec 2024 77.5 | Mar 2025 46.7 | Jun 2025 43.9 | Sep 2025 29.2 | Dec 2025 17.3 | Mar 2026 9.0 | Jun 2026 —
- EXICOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18.2 | Jun 2024 27.1 | Sep 2024 52.6 | Dec 2024 84.1 | Mar 2025 79.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HPL: Sep 2021 46.8 | Dec 2021 60.5 | Mar 2022 49.6 | Jun 2022 47.4 | Sep 2022 13.3 | Dec 2022 18.2 | Mar 2023 16.8 | Jun 2023 28.0 | Sep 2023 45.0 | Dec 2023 45.0 | Mar 2024 49.5 | Jun 2024 64.7 | Sep 2024 67.7 | Dec 2024 53.5 | Mar 2025 37.8 | Jun 2025 37.0 | Sep 2025 31.3 | Dec 2025 27.0 | Mar 2026 17.4 | Jun 2026 —
- HONDAPOWER: Sep 2021 15.8 | Dec 2021 18.4 | Mar 2022 16.7 | Jun 2022 19.3 | Sep 2022 25.5 | Dec 2022 26.2 | Mar 2023 21.5 | Jun 2023 23.5 | Sep 2023 26.4 | Dec 2023 25.1 | Mar 2024 24.1 | Jun 2024 42.5 | Sep 2024 46.3 | Dec 2024 44.4 | Mar 2025 36.3 | Jun 2025 37.3 | Sep 2025 38.3 | Dec 2025 31.1 | Mar 2026 23.9 | Jun 2026 31.2
- ALPEXSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30.5 | Jun 2024 95.9 | Sep 2024 84.4 | Dec 2024 52.9 | Mar 2025 35.1 | Jun 2025 67.6 | Sep 2025 78.1 | Dec 2025 23.9 | Mar 2026 22.6 | Jun 2026 —
- SERVOTECH: Sep 2021 — | Dec 2021 126.2 | Mar 2022 153.0 | Jun 2022 28.8 | Sep 2022 92.5 | Dec 2022 83.7 | Mar 2023 58.1 | Jun 2023 149.5 | Sep 2023 111.9 | Dec 2023 94.6 | Mar 2024 114.1 | Jun 2024 160.3 | Sep 2024 325.0 | Dec 2024 175.4 | Mar 2025 95.7 | Jun 2025 100.3 | Sep 2025 83.1 | Dec 2025 75.6 | Mar 2026 51.6 | Jun 2026 66.1
- IKIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 21.6 | Sep 2023 46.1 | Dec 2023 35.2 | Mar 2024 32.1 | Jun 2024 37.4 | Sep 2024 37.9 | Dec 2024 36.1 | Mar 2025 42.6 | Jun 2025 53.2 | Sep 2025 79.0 | Dec 2025 79.8 | Mar 2026 44.2 | Jun 2026 31.9
- IGARASHI: Sep 2021 41.2 | Dec 2021 45.8 | Mar 2022 72.1 | Jun 2022 61.0 | Sep 2022 -118.2 | Dec 2022 -224.0 | Mar 2023 209.1 | Jun 2023 292.6 | Sep 2023 178.9 | Dec 2023 137.6 | Mar 2024 106.8 | Jun 2024 158.8 | Sep 2024 122.1 | Dec 2024 97.9 | Mar 2025 59.3 | Jun 2025 62.9 | Sep 2025 85.2 | Dec 2025 91.1 | Mar 2026 69.1 | Jun 2026 122.7
- SALZERELEC: Sep 2021 10.7 | Dec 2021 12.2 | Mar 2022 10.9 | Jun 2022 11.8 | Sep 2022 14.3 | Dec 2022 13.5 | Mar 2023 13.1 | Jun 2023 15.2 | Sep 2023 15.2 | Dec 2023 16.6 | Mar 2024 32.9 | Jun 2024 33.4 | Sep 2024 31.9 | Dec 2024 37.8 | Mar 2025 27.5 | Jun 2025 24.2 | Sep 2025 19.9 | Dec 2025 22.0 | Mar 2026 17.3 | Jun 2026 21.5
- SWELECTES: Sep 2021 19.7 | Dec 2021 30.8 | Mar 2022 19.2 | Jun 2022 12.2 | Sep 2022 9.8 | Dec 2022 9.2 | Mar 2023 11.8 | Jun 2023 17.2 | Sep 2023 31.0 | Dec 2023 41.2 | Mar 2024 56.0 | Jun 2024 75.3 | Sep 2024 92.0 | Dec 2024 59.4 | Mar 2025 118.4 | Jun 2025 72.4 | Sep 2025 51.5 | Dec 2025 28.5 | Mar 2026 13.8 | Jun 2026 —
- KECL: Sep 2021 — | Dec 2021 — | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 3.4 | Dec 2022 3.8 | Mar 2023 3.6 | Jun 2023 27.5 | Sep 2023 18.7 | Dec 2023 34.3 | Mar 2024 35.5 | Jun 2024 89.7 | Sep 2024 90.6 | Dec 2024 295.6 | Mar 2025 279.6 | Jun 2025 297.1 | Sep 2025 106.0 | Dec 2025 93.0 | Mar 2026 30.2 | Jun 2026 —
- MODISONLTD: Sep 2021 8.4 | Dec 2021 11.8 | Mar 2022 12.8 | Jun 2022 10.2 | Sep 2022 15.0 | Dec 2022 20.6 | Mar 2023 12.3 | Jun 2023 17.7 | Sep 2023 15.3 | Dec 2023 22.1 | Mar 2024 20.3 | Jun 2024 23.6 | Sep 2024 33.2 | Dec 2024 31.9 | Mar 2025 18.4 | Jun 2025 21.6 | Sep 2025 19.2 | Dec 2025 14.7 | Mar 2026 10.3 | Jun 2026 —
- FOCUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17.6 | Dec 2022 26.7 | Mar 2023 24.6 | Jun 2023 27.1 | Sep 2023 32.3 | Dec 2023 31.0 | Mar 2024 27.9 | Jun 2024 25.3 | Sep 2024 20.4 | Dec 2024 24.4 | Mar 2025 19.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 109.1 | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 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.

## Every company
- Siemens Ltd (SIEMENS) — market value ₹1.4 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- V-Guard Industries Ltd (VGUARD) — market value ₹14.0K Cr; latest fundamentals Jun 2026
- Spectrum Electrical Industries Ltd (SPECTRUM) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Ravindra Energy Ltd (RELTD) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Rishabh Instruments Ltd (RISHABH) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Modern Insulators Ltd (MODINSULAT) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Insolation Energy Ltd (INA) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Exicom Tele-Systems Ltd (EXICOM) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- HPL Electric & Power Ltd (HPL) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Honda India Power Products Ltd (HONDAPOWER) — market value ₹2.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Alpex Solar Ltd (ALPEXSOLAR) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Servotech Renewable Power System Ltd (SERVOTECH) — market value ₹1.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- IKIO Technologies Ltd (IKIO) — market value ₹1.6K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Igarashi Motors India Ltd (IGARASHI) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Salzer Electronics Ltd (SALZERELEC) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Swelect Energy Systems Ltd (SWELECTES) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kirloskar Electric Company Ltd (KECL) — market value ₹953 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Modison Ltd (MODISONLTD) — market value ₹905 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Focus Lighting & Fixtures Ltd (FOCUS) — market value ₹452 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 11. Withheld: 2. Graded companies: 19.

9 of 19 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 19 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 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.

- WITHHELD | SIEMENS | Siemens Ltd | diff_gt_2pct | disagreement up to 38.47% over 13 comparable periods
- WITHHELD | SERVOTECH | Servotech Renewable Power System Ltd | diff_gt_2pct | disagreement up to 12.54% over 14 comparable periods

- UNVERIFIED | HPL | HPL Electric & Power Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HONDAPOWER | Honda India Power Products Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ALPEXSOLAR | Alpex Solar Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IKIO | IKIO Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IGARASHI | Igarashi Motors India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SALZERELEC | Salzer Electronics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SWELECTES | Swelect Energy Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KECL | Kirloskar Electric Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MODISONLTD | Modison Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-07.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

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

Capital Goods - Electric General has outperformed NIFTY 500 by 11.6% over 52 weeks and 4.8% over 13 weeks. 10 of 19 covered companies beat NIFTY on Mansfield relative strength, while 8 of 18 beat the sector itself.

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

Siemens Ltd leads with revenue of ₹17,696 crore, based on 19 of 19 comparable companies through Mar 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 79.3/100 with 82.8% 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 0.15, 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 Rishabh Instruments 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 ₹17,696 crore, ahead of V-Guard Industries Ltd at ₹6,311 crore. That covers 19 of 19 companies with comparable reporting through Mar 2026.

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

Modison Ltd has the highest operating margin at 25%, from 19 of 19 comparable companies. Modison Ltd shows the biggest recent improvement, at +13 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 ₹1,556 crore of trailing-twelve-month net profit, from 19 of 19 comparable companies. Alpex Solar 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 0.15×. 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 11.6% over the last 52 weeks and 4.8% 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?

Modern Insulators 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 79.3 out of 100 with 82.8% evidence confidence, from 29 points on growth and earnings, 18.9 on capital efficiency, 12.9 on valuation and 18.5 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 ₹1,86,670 crore of combined market value. Siemens Ltd is the largest at ₹1,40,315 crore, about 75% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-15.

### 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 33.9×, 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 2026-08-15.

### 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 11.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-15.

### 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.