Sector Alpha Week of 2026-09-17
Not SEBI Registered !! Not Investment advice !!
20-quarter listed-company comparison

Capital Goods - Engineering General Stocks in India

Capital Goods - Engineering General: Thermax Ltd owns the largest revenue base; Pitti Engineering Ltd has the fastest current growth.

The 3 Capital Goods - Engineering General companies listed in India are Thermax Ltd (₹43.9K Cr, the largest), Pitti Engineering Ltd and Forbes Precision Tools & Machine Parts Ltd. 3 of 3 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

01 · the index people search for

Nifty Capital Goods - Engineering General Index — Constituents & Performance

All 3 listed Indian Capital Goods - Engineering General companies are named here, largest first — the same constituent set people search for as the Nifty Capital Goods - Engineering General index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

  1. Thermax Ltd₹43.9K Cr
  2. Pitti Engineering Ltd₹4.4K Cr
  3. Forbes Precision Tools & Machine Parts Ltd₹832 Cr
02 · the sector itself · before any single company

How has Capital Goods - Engineering 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 27% behind NIFTY 500. Earnings across its companies fell 4% on average over the last four reported quarters.

FADING · −1 in 4w⚠Price down, no fundamental support1 of 3 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑1w · 1/3 >200d (−2) · 1/3 lead (−1) · EPS 1/3↑

200500100020262025202420232022 894303 TRAILING 12-MONTH EPS · 100 AT THE START0100106Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Mar 2025 · trailing 12-month earnings per share at 100, against 100 at the start · up 5.0% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 0.7% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.8% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 106, against 100 at the start · down 1.3% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 98, against 100 at the start · up 0.0% on a year ago · 3 reportingJun 2026 · trailing 12-month earnings per share at 94, against 100 at the start · down 2.9% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingMar 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingJun 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two94No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500100020262025202420232022 894303 TRAILING 12-MONTH EPS · 100 AT THE START0100106Jun 25Jun 26Mar 2025 · trailing 12-month earnings per share at 100, against 100 at the start · up 5.0% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 0.7% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.8% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 106, against 100 at the start · down 1.3% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 98, against 100 at the start · up 0.0% on a year ago · 3 reportingJun 2026 · trailing 12-month earnings per share at 94, against 100 at the start · down 2.9% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2023 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingMar 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingJun 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingSep 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingDec 2024 · too few reporting — 2 of the Capital Goods - Engineering General filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two94No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Capital Goods - Engineering 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 3 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 - Engineering General outperforming NIFTY 500?

Capital Goods - Engineering General has outperformed NIFTY 500 by 17.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.6%. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Pitti Engineering Ltd is the strongest against the sector itself at +10.7%.

+2.6%Sector vs NIFTY 500 · 13 weeks
+17.4%Sector vs NIFTY 500 · 52 weeks
3/3Stocks leading NIFTY 500
1/3Stocks leading sector

Sector metric: 7.1 as of 2026-08-22 · LEADERS · rising.

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

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

Bottom line

Capital Goods - Engineering General has outperformed NIFTY 500 by 17.4% over 52 weeks and 2.6% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Thermax Ltd leads with revenue of ₹10,840 crore, based on 3 of 3 comparable companies through Jun 2026.

Companies
3
complete canonical membership
Combined market value
₹49.1K Cr
Thermax Ltd
Revenue growing
3/3
positive TTM year-on-year growth
Beating NIFTY 500
3/3
positive Mansfield relative strength
Comparing 3 of 3
04 · research priority, made explicit

4-Factor Sector Score

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

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Forbes Precision Tools & Machine Parts Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 72.3% evidence confidence.
Pitti Engineering Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean

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

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Forbes Precision Tools & Machine Parts Ltd544186 55.0/100Mixed-positive evidence72% evidence TURNING 13.4/35 Revenue 7.3% · PAT 3.6% · OPM change 6.9 pp 95% evidence 20.6/25 ROCE 21% · OPM 22.9% 76% evidence 10.0/20 P/E 24.5× · PEG — 0% evidence 11.0/20 RS sector -5.8% · RS bench 11.1% · 1Y -4.8%4 of 12 weeks ahead 100% evidence
Exact sum: 13.4 + 20.6 + 10 + 11 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Pitti Engineering LtdPITTIENG 48.9/100Mixed-negative evidence97% evidence BREAKING OUT 13.4/35 Revenue 12.2% · PAT -0.8% · OPM change 0 pp 100% evidence 12.8/25 ROCE 14.8% · OPM 16% 100% evidence 2.7/20 P/E 35.3× · PEG 5.11 85% evidence 20.0/20 RS sector 10.7% · RS bench 29.9% · 1Y 28.4%8 of 12 weeks ahead 100% evidence
Exact sum: 13.4 + 12.8 + 2.7 + 20 = 48.9 · Decision use: Price leads the evidence: RS versus the benchmark is 29.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3Thermax LtdTHERMAX 22.6/100Adverse evidence97% evidence ASLEEP 7.5/35 Revenue 4.7% · PAT -11.8% · OPM change -7 pp 100% evidence 9.1/25 ROCE 13.9% · OPM 3% 100% evidence 2.3/20 P/E 79.7× · PEG 5.25 85% evidence 3.7/20 RS sector -12% · RS bench 2.4% · 1Y 11.8%5 of 12 weeks ahead 100% evidence
Exact sum: 7.5 + 9.1 + 2.3 + 3.7 = 22.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
05 · what price has already done

Market action

Pitti Engineering Ltd has the strongest one-year price move in Capital Goods - Engineering General at +28.4%. It also leads on Mansfield relative strength against NIFTY at +29.9%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

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

06 · the story behind the numbers

Capital Goods - Engineering General — the story behind the numbers

This is the written read behind the Capital Goods - Engineering General figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 25 Jul 2026. 5 themes are live here, 1 of them rated high severity.

The sector snapshot is defined by Forbes Precision Tools' ability to convert operational efficiency into bottom-line growth despite external headwinds. The 748 bps margin expansion is a significant positive signal, yet the HIGH severity labor risk and MEDIUM commodity exposure warrant caution.

The Capital Goods - Engineering General sector data for the week ending 2026-07-19 relies on a single constituent, Forbes Precision Tools & Machine Parts Ltd (544186). The company delivered its highest quarterly profit to date in Q4 FY26, posting net profit of ₹11.06 crores. This represents a 21.28% sequential jump and 21.27% year-on-year growth.

How old this read is: This read comes from our Capital Goods - Engineering General sector brief dated 25 Jul 2026 — 54 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live themeSeverityEvidence on file
Employee costs surged by 43.37% to ₹15.53 crore in Q3 FY26, causing a 32.66% QoQ decline in net profit and margin compression.Named for 544186highManagement confident of taking right steps to ensure and follow a solid growth trajectory by reinforcing sales strategy.
Export market faces headwinds with volume drops from Russia, Israel and Europe; regional conflicts impact currencies and market access.Named for 544186mediumInternational sales efforts focus on targeted geographies, complemented by product development tailored for markets such as South Americas, GCC, the Far East
Company imports carbide and M35 steel from China and Germany; volatile raw material prices driven by supply and geopolitical factors impact profitability.Named for 544186mediumStrong measures in supply chain management and volume-based negotiations further contributed to the improved profitability.
Regional conflicts have consequent impacts on respective currencies and interest rates which may have created negative influences on operations.Named for 544186lowNo further detail is on file for this theme.
Frequent changes in legal and regulatory regime noted; potential financial impact from new Labour Codes and global trade protectionism assessed.Named for 544186lowAssessed impact of new Labour Codes on obligations. Complied with Maternity Benefit Act, 1961.

Sources: our Capital Goods - Engineering General sector brief, 25 Jul 2026.

07 · compare level, then change

Revenue Scale & Growth Durability

Thermax Ltd has the highest Revenue among the 3 Capital Goods - Engineering General companies compared here, at ₹10,840 crore. Pitti Engineering Ltd is next at ₹1,985 crore. Pitti Engineering Ltd has the highest Revenue growth at 12.2%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Thermax Ltd is the scale leader at ₹10,840 crore, 446.1% ahead of Pitti Engineering Ltd. Pitti Engineering Ltd's growth is 12.2% from a ₹1,985 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderThermax Ltd · ₹10,840 crore
Gap446.1% versus #2 · Pitti Engineering Ltd
Persistence6/8 recent comparable periods
Coverage3/3 companies · 54 observations

Investor read: Thermax Ltd is the scale benchmark; Pitti Engineering Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Thermax Ltd's growth falls below Pitti Engineering 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
1Thermax Ltd THERMAX₹10.8K Cr
2Pitti Engineering Ltd PITTIENG₹2.0K Cr
3Forbes Precision Tools & Machine Parts Ltd 544186₹250 Cr
Revenue growthfastest growers
1Pitti Engineering Ltd PITTIENG12%
2Forbes Precision Tools & Machine Parts Ltd 5441867.3%
3Thermax Ltd THERMAX4.7%
Revenue · company comparison
3/3 level · 3/3 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
Thermax Ltd THERMAX₹2.3K Cr6.7%Jun 2026
Pitti Engineering Ltd PITTIENG₹529 Cr16%Jun 2026
Forbes Precision Tools & Machine Parts Ltd 544186₹68 Cr29%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
₹0 Cr
₹48 Cr
₹54 Cr
₹60 Cr
₹66 Cr
₹52 Cr
₹58 Cr
₹57 Cr
₹66 Cr
₹52 Cr
₹63 Cr
₹64 Cr
₹71 Cr
₹68 Cr

Pitti Engineering Ltd · PITTIENG

₹242 Cr
₹265 Cr
₹271 Cr
₹311 Cr
₹304 Cr
₹238 Cr
₹248 Cr
₹290 Cr
₹303 Cr
₹302 Cr
₹336 Cr
₹391 Cr
₹429 Cr
₹415 Cr
₹469 Cr
₹457 Cr
₹478 Cr
₹477 Cr
₹501 Cr
₹529 Cr

Thermax Ltd · THERMAX

₹1.5K Cr
₹1.6K Cr
₹2.0K Cr
₹1.7K Cr
₹2.1K Cr
₹2.0K Cr
₹2.3K Cr
₹1.9K Cr
₹2.3K Cr
₹2.3K Cr
₹2.8K Cr
₹2.2K Cr
₹2.6K Cr
₹2.5K Cr
₹3.0K Cr
₹2.2K Cr
₹2.5K Cr
₹2.6K Cr
₹3.4K Cr
₹2.3K Cr

Revenue growth · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
—
—
—
—
—
8.7%
5.7%
-4.8%
-0.3%
1.2%
10.0%
12%
7.6%
29%

Pitti Engineering Ltd · PITTIENG

—
—
—
78%
26%
-10%
-8.5%
-6.8%
-0.3%
27%
35%
35%
42%
37%
40%
17%
11%
15%
6.8%
16%

Thermax Ltd · THERMAX

—
—
—
57%
41%
27%
16%
17%
11%
13%
20%
13%
14%
8.8%
10%
-1.2%
-5.4%
4.2%
13%
6.7%
08 · compare level, then change

Operating Economics & Margin Trend

Forbes Precision Tools & Machine Parts Ltd has the highest OPM among the 3 Capital Goods - Engineering General companies compared here, at 22.9%. Pitti Engineering Ltd is next at 16%. The same company also holds the highest Margin change, at +6.9 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Forbes Precision Tools & Machine Parts Ltd leads both opm at 22.9% and margin change at +6.9 percentage points.

LeaderForbes Precision Tools & Machine Parts Ltd · 22.9%
Gap43.1% versus #2 · Pitti Engineering Ltd
Persistence4/8 recent comparable periods
Coverage3/3 companies · 53 observations

Investor read: Forbes Precision Tools & Machine Parts 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
1Forbes Precision Tools & Machine Parts Ltd 54418623%
2Pitti Engineering Ltd PITTIENG16%
3Thermax Ltd THERMAX3.0%
Margin changefastest expanders
1Forbes Precision Tools & Machine Parts Ltd 544186+6.9 pp
2Pitti Engineering Ltd PITTIENG0.0 pp
3Thermax Ltd THERMAX−7.0 pp
Operating margin · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Forbes Precision Tools & Machine Parts Ltd 54418623%+6.9 ppJun 2026
Pitti Engineering Ltd PITTIENG16%0.0 ppJun 2026
Thermax Ltd THERMAX3.0%−7.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
—
17%
22%
20%
28%
19%
20%
23%
25%
16%
23%
18%
26%
23%

Pitti Engineering Ltd · PITTIENG

14%
13%
13%
11%
12%
16%
16%
15%
15%
17%
15%
15%
15%
16%
17%
16%
16%
17%
16%
16%

Thermax Ltd · THERMAX

7.5%
7.0%
6.8%
5.8%
6.8%
8.0%
9.0%
7.0%
9.0%
8.0%
10%
6.0%
11%
7.0%
10%
10%
7.0%
10%
11%
3.0%

Margin change · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
—
—
—
—
—
+1.4 pp
−2.5 pp
+2.9 pp
−3.0 pp
−2.7 pp
+3.1 pp
−5.0 pp
+0.5 pp
+6.9 pp

Pitti Engineering Ltd · PITTIENG

−3.3 pp
−3.7 pp
−2.7 pp
−4.5 pp
−2.5 pp
+3.1 pp
+3.0 pp
+3.6 pp
+3.0 pp
+1.0 pp
−1.0 pp
0.0 pp
0.0 pp
−1.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
−1.0 pp
0.0 pp

Thermax Ltd · THERMAX

+0.5 pp
−3.5 pp
−2.1 pp
−0.2 pp
−0.7 pp
+1.0 pp
+2.2 pp
+1.2 pp
+2.2 pp
0.0 pp
+1.0 pp
−1.0 pp
+2.0 pp
−1.0 pp
0.0 pp
+4.0 pp
−4.0 pp
+3.0 pp
+1.0 pp
−7.0 pp
09 · compare level, then change

Profit Scale & Acceleration

Thermax Ltd has the highest Net profit among the 3 Capital Goods - Engineering General companies compared here, at ₹590 crore. Pitti Engineering Ltd is next at ₹125 crore. Forbes Precision Tools & Machine Parts Ltd has the highest Profit growth at 3.6%, so level and change sit with different companies.

What the numbers say: Thermax Ltd leads with ₹590 crore of TTM profit, 372% above Pitti Engineering Ltd. Forbes Precision Tools & Machine Parts Ltd shows 3.6% growth from a ₹29 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderThermax Ltd · ₹590 crore
Gap372% versus #2 · Pitti Engineering Ltd
Persistence5/8 recent comparable periods
Coverage3/3 companies · 54 observations

Investor read: Thermax 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
1Thermax Ltd THERMAX₹590 Cr
2Pitti Engineering Ltd PITTIENG₹125 Cr
3Forbes Precision Tools & Machine Parts Ltd 544186₹29 Cr
Profit growthfastest growers
1Forbes Precision Tools & Machine Parts Ltd 5441863.6%
2Pitti Engineering Ltd PITTIENG-0.8%
3Thermax Ltd THERMAX-12%
Net profit · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Pitti Engineering Ltd PITTIENG₹30 Cr30%Jun 2026
Thermax Ltd THERMAX₹22 Cr-85%Jun 2026
Forbes Precision Tools & Machine Parts Ltd 544186₹9 Cr137%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
₹0 Cr
₹5 Cr
₹7 Cr
₹8 Cr
₹11 Cr
₹5 Cr
₹7 Cr
₹7 Cr
₹9 Cr
₹4 Cr
₹8 Cr
₹6 Cr
₹11 Cr
₹9 Cr

Pitti Engineering Ltd · PITTIENG

₹13 Cr
₹12 Cr
₹20 Cr
₹12 Cr
₹10 Cr
₹12 Cr
₹25 Cr
₹14 Cr
₹22 Cr
₹16 Cr
₹46 Cr
₹19 Cr
₹38 Cr
₹29 Cr
₹36 Cr
₹23 Cr
₹40 Cr
₹28 Cr
₹27 Cr
₹30 Cr

Thermax Ltd · THERMAX

₹88 Cr
₹79 Cr
₹103 Cr
₹59 Cr
₹109 Cr
₹126 Cr
₹156 Cr
₹60 Cr
₹159 Cr
₹237 Cr
₹188 Cr
₹109 Cr
₹198 Cr
₹114 Cr
₹206 Cr
₹151 Cr
₹119 Cr
₹205 Cr
₹244 Cr
₹22 Cr

Profit growth · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
—
—
—
—
—
-5.7%
2.9%
-6.4%
-16%
-21%
13%
-25%
21%
137%

Pitti Engineering Ltd · PITTIENG

—
—
—
71%
-23%
0.0%
25%
17%
120%
33%
84%
36%
73%
81%
-22%
21%
5.3%
-3.5%
-25%
30%

Thermax Ltd · THERMAX

—
—
—
40%
24%
59%
51%
1.7%
46%
88%
21%
82%
25%
-52%
9.6%
39%
-40%
80%
18%
-85%
10 · compare level, then change

Return On Capital Employed

Forbes Precision Tools & Machine Parts Ltd has the highest ROCE among the 3 Capital Goods - Engineering General companies compared here, at 21%. Pitti Engineering Ltd is next at 14.8%. Pitti Engineering Ltd has the highest ROCE change at -0.4 percentage points, so level and change sit with different companies.

What the numbers say: Forbes Precision Tools & Machine Parts Ltd leads ROCE at 21%, 6.2 percentage points above Pitti Engineering Ltd. Pitti Engineering Ltd has the strongest latest improvement at -0.4 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.

LeaderForbes Precision Tools & Machine Parts Ltd · 21%
Gap41.9% versus #2 · Pitti Engineering Ltd
PersistenceNot enough history
Coverage3/3 companies · 30 observations

Investor read: Forbes Precision Tools & Machine Parts 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
1Forbes Precision Tools & Machine Parts Ltd 54418621%
2Pitti Engineering Ltd PITTIENG15%
3Thermax Ltd THERMAX14%
ROCE changefastest improvers
1Pitti Engineering Ltd PITTIENG−0.4 pp
2Thermax Ltd THERMAX−0.8 pp
3Forbes Precision Tools & Machine Parts Ltd 544186−4.0 pp
Return on capital · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyROCEROCE changeReported
Pitti Engineering Ltd PITTIENG17%−0.4 ppJun 2026
Thermax Ltd THERMAX11%−0.8 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Pitti Engineering Ltd · PITTIENG

25%
—
24%
—
24%
—
24%
—
27%
31%
21%
29%
33%
34%
17%
23%
17%
23%
17%
—

Thermax Ltd · THERMAX

10%
—
8.4%
—
9.8%
—
11%
—
12%
21%
12%
21%
12%
17%
12%
18%
11%
17%
11%
—

ROCE change · reported quarter history

Pitti Engineering Ltd · PITTIENG

—
—
—
—
−0.5 pp
—
+0.5 pp
—
+2.2 pp
—
−3.5 pp
—
+6.0 pp
+3.8 pp
−3.4 pp
−6.3 pp
−15.5 pp
−11.5 pp
−0.4 pp
—

Thermax Ltd · THERMAX

—
—
—
—
−0.2 pp
—
+2.5 pp
—
+2.2 pp
—
+1.3 pp
—
0.0 pp
−3.7 pp
−0.4 pp
−3.3 pp
−1.5 pp
−0.1 pp
−0.8 pp
—
11 · compare level, then change

Valuation Against Growth & Quality

Pitti Engineering Ltd has the lowest PEG among the 3 Capital Goods - Engineering General companies compared here, at 5.11×. Thermax Ltd is next at 5.25×. Forbes Precision Tools & Machine Parts Ltd has the lowest P/E at 24.5×, so level and change sit with different companies. 2 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Pitti Engineering Ltd has the lowest comparable PEG at 5.11×, 2.7% below Thermax Ltd. Only 2 of 3 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.

LeaderPitti Engineering Ltd · 5.11×
Gap2.7% versus #2 · Thermax Ltd
Persistence0/8 recent comparable periods
Coverage2/3 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
1Pitti Engineering Ltd PITTIENG5.1
2Thermax Ltd THERMAX5.3
P/Elowest P/E
1Forbes Precision Tools & Machine Parts Ltd 54418624.5
2Pitti Engineering Ltd PITTIENG35.3
3Thermax Ltd THERMAX79.7
Valuation · company comparison
2/3 level · 3/3 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Thermax Ltd THERMAX5.384.9Jun 2026
Pitti Engineering Ltd PITTIENG5.131.3Jun 2026
Forbes Precision Tools & Machine Parts Ltd 544186—26.7Jun 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Pitti Engineering Ltd · PITTIENG

0.4
0.3
—
0.3
0.7
3.7
0.7
1.5
3.5
3.1
—
—
—
0.6
—
2.5
5.1
—
—
—

Thermax Ltd · THERMAX

—
—
—
1.9
7.5
1.1
1.3
—
1.6
—
2.4
—
4.0
—
5.3
2.0
5.3
—
—
—

P/E · reported quarter history

Forbes Precision Tools & Machine Parts Ltd · 544186

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
39.2
31.9
25.4
21.2
26.7

Pitti Engineering Ltd · PITTIENG

10.5
15.4
17.4
18.5
16.3
19.5
16.1
20.1
31.6
31.0
32.0
32.6
41.1
37.3
27.0
28.8
29.7
24.8
21.5
31.3

Thermax Ltd · THERMAX

56.0
62.4
75.0
75.0
78.6
67.0
68.8
60.4
76.8
69.1
91.4
109.7
102.3
81.1
70.3
62.9
56.8
60.5
59.5
84.9
12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Capital Goods - Engineering General comparison names 5 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.

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.
  • Thin comparisons: Valuation have fewer than three usable current readings.
13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 3 Capital Goods - Engineering 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 2026-09-11.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-11 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 1 unverified · 0 withheld, of 3 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 - Engineering General company comparison FAQs

These 23 answers restate the Capital Goods - Engineering General comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

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

Capital Goods - Engineering General has outperformed NIFTY 500 by 17.4% over 52 weeks and 2.6% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

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

Thermax Ltd leads with revenue of ₹10,840 crore, based on 3 of 3 comparable companies through Jun 2026.

Which Capital Goods - Engineering General company is growing fastest?

Pitti Engineering Ltd has the fastest current revenue growth at 12.2%, across 3 of 3 comparable companies.

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

Forbes Precision Tools & Machine Parts Ltd ranks first at 55/100 with 72.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Pitti Engineering Ltd has the lowest comparable PEG at 5.11, among 2 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Capital Goods - Engineering 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 - Engineering 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 - Engineering General, this page builds its own equal-weight basket of 3 listed Capital Goods - Engineering 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 - Engineering General stocks in India?

Ranked by this page's four-factor score, Forbes Precision Tools & Machine Parts Ltd places first among 3 listed Capital Goods - Engineering General companies, followed by Pitti Engineering 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 - Engineering General stocks are listed in India?

This comparison covers 3 listed Capital Goods - Engineering 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 - Engineering General company is the biggest?

Thermax Ltd is the largest, with trailing-twelve-month revenue of ₹10,840 crore, ahead of Pitti Engineering Ltd at ₹1,985 crore. That covers 3 of 3 companies with comparable reporting through Jun 2026.

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

Forbes Precision Tools & Machine Parts Ltd has the highest operating margin at 22.9%, from 3 of 3 comparable companies. Forbes Precision Tools & Machine Parts Ltd shows the biggest recent improvement, at +6.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

Thermax Ltd earns the most, at ₹590 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Forbes Precision Tools & Machine Parts Ltd has the fastest profit growth at 3.6%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Capital Goods - Engineering General company earns the highest return on capital?

Forbes Precision Tools & Machine Parts Ltd leads on return on capital employed at 21%, across 3 of 3 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 - Engineering General stock is the cheapest?

On PEG — where a LOWER number is cheaper — Pitti Engineering Ltd screens cheapest at 5.11×. Only 2 of 3 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 - Engineering General sector beating the market?

Capital Goods - Engineering General has outperformed NIFTY 500 by 17.4% over the last 52 weeks and 2.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Pitti Engineering 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 - Engineering General company scores highest for research priority?

Forbes Precision Tools & Machine Parts Ltd scores 55 out of 100 with 72.3% evidence confidence, from 13.4 points on growth and earnings, 20.6 on capital efficiency, 10 on valuation and 11 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 - Engineering General companies does this comparison cover, and over what period?

It compares 3 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 - Engineering General sector?

The 3 Capital Goods - Engineering General companies on this page carry ₹49,103 crore of combined market value. Thermax Ltd is the largest at ₹43,873 crore, about 89% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

How is the Capital Goods - Engineering General sector performing?

3 of the 3 covered Capital Goods - Engineering General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 17.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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