Sector Alpha Week of 2026-08-05
20-quarter listed-company comparison

Capital Goods - Mining Equipement Stocks in India

Capital Goods - Mining Equipement: AIA Engineering Ltd owns the largest revenue base; Tega Industries Ltd has the fastest current growth.

01 · the index people search for

Nifty Capital Goods - Mining Equipement Index — Constituents & Performance

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

02 · the sector itself · before any single company

How has Capital Goods - Mining Equipement 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 15% behind NIFTY 500. Earnings across its companies grew 9% on average over the last four reported quarters.

ASLEEP · 1y −4.9%⚠Moving with the index1 of 3 companies ahead of NIFTY 500 by 5% or more over three months

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

20050020262025202420232022 746333 TRAILING 12-MONTH EPS · 100 AT THE START0100173Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 110, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 127, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 136, against 100 at the start · up 52.9% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 149, against 100 at the start · up 58.3% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 162, against 100 at the start · up 16.5% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 161, against 100 at the start · up 7.5% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 159, against 100 at the start · up 14.4% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 150, against 100 at the start · down 12.9% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 148, against 100 at the start · up 3.1% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 152, against 100 at the start · up 3.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 159, against 100 at the start · down 0.4% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 162, against 100 at the start · up 39.8% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 167, against 100 at the start · up 12.8% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 173, against 100 at the start · down 17.8% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Capital Goods - Mining Equipement filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two173 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20050020262025202420232022 746333 TRAILING 12-MONTH EPS · 100 AT THE START0100173Mar 23Mar 24Mar 25Mar 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 110, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 127, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 136, against 100 at the start · up 52.9% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 149, against 100 at the start · up 58.3% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 162, against 100 at the start · up 16.5% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 161, against 100 at the start · up 7.5% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 159, against 100 at the start · up 14.4% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 150, against 100 at the start · down 12.9% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 148, against 100 at the start · up 3.1% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 152, against 100 at the start · up 3.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 159, against 100 at the start · down 0.4% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 162, against 100 at the start · up 39.8% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 167, against 100 at the start · up 12.8% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 173, against 100 at the start · down 17.8% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Capital Goods - Mining Equipement filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two173No earnings on file this far back — the price series reaches further than the filings do
Capital Goods - Mining Equipement, 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 - Mining Equipement outperforming NIFTY 500?

Capital Goods - Mining Equipement has outperformed NIFTY 500 by 0% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.5%. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. AIA Engineering Ltd is the strongest against the sector itself at +20.6%.

-5.5%Sector vs NIFTY 500 · 13 weeks
-0.0%Sector vs NIFTY 500 · 52 weeks
1/3Stocks leading NIFTY 500
2/3Stocks leading sector

Sector metric: 15.3 as of 2026-07-19 · CONSOLIDATION · falling.

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

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

Bottom line

Capital Goods - Mining Equipement has outperformed NIFTY 500 by 0% over 52 weeks and 5.5% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself. AIA Engineering Ltd leads with revenue of ₹4,420 crore, based on 3 of 3 comparable companies through Mar 2026.

Companies
3
complete canonical membership
Combined market value
₹63.4K Cr
AIA Engineering Ltd
Revenue growing
3/3
positive TTM year-on-year growth
Beating NIFTY 500
1/3
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%
AIA Engineering Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 92.6% evidence confidence.
How this score is built, and what the marks mean

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

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1AIA Engineering LtdAIAENG 71.9/100Favorable setup93% evidence LEADER 19.6/35 Revenue 3.1% · PAT 19.7% · OPM change 3 pp 88% evidence 20.2/25 ROCE 21.1% · OPM 29% 100% evidence 12.1/20 P/E 33.7× · PEG 0.73 85% evidence 20.0/20 RS sector 20.6% · RS bench 18.8% · 1Y 40.9%10 of 12 weeks ahead 100% evidence
Exact sum: 19.6 + 20.2 + 12.1 + 20 = 71.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Elecon Engineering Company LtdELECON 35.7/100Mixed-negative evidence84% evidence ASLEEP 4.1/35 Revenue 3% · PAT -54.4% · OPM change -6 pp 100% evidence 19.1/25 ROCE 20.9% · OPM 21% 100% evidence 9.5/20 P/E 31.1× · PEG 1.81 50% evidence 3.0/20 RS sector -21.5% · RS bench -15.9% · 1Y -27.4%8 of 10 weeks ahead 70% evidence
Exact sum: 4.1 + 19.1 + 9.5 + 3 = 35.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Tega Industries LtdTEGA 28.7/100Adverse evidence87% evidence ASLEEP 5.8/35 Revenue 3.3% · PAT -28.5% · OPM change -17 pp 88% evidence 8.7/25 ROCE 8.1% · OPM 11% 100% evidence 2.2/20 P/E 78.2× · PEG 8.86 85% evidence 12.0/20 RS sector 7.4% · RS bench -18.9% · 1Y -20.4%0 of 10 weeks ahead 70% evidence
Exact sum: 5.8 + 8.7 + 2.2 + 12 = 28.7 · 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

AIA Engineering Ltd has the strongest one-year price move in Capital Goods - Mining Equipement at +40.9%. It also leads on Mansfield relative strength against NIFTY at +18.8%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

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

06 · compare level, then change

Revenue Scale & Growth Durability

AIA Engineering Ltd has the highest Revenue among the 3 Capital Goods - Mining Equipement companies compared here, at ₹4,420 crore. Elecon Engineering Company Ltd is next at ₹2,397 crore. Tega Industries Ltd has the highest Revenue growth at 3.3%, so level and change sit with different companies. Its Revenue series carries 19 reported observations across the 20-quarter window.

What the numbers say: AIA Engineering Ltd is the scale leader at ₹4,420 crore, 84.4% ahead of Elecon Engineering Company Ltd. Tega Industries Ltd's growth is 3.3% from a ₹1,692 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderAIA Engineering Ltd · ₹4,420 crore
Gap84.4% versus #2 · Elecon Engineering Company Ltd
Persistence5/8 recent comparable periods
Coverage3/3 companies · 58 observations

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

This conclusion weakens if: AIA Engineering Ltd's growth falls below Tega Industries 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
1AIA Engineering Ltd AIAENG₹4.4K Cr
2Elecon Engineering Company Ltd ELECON₹2.4K Cr
3Tega Industries Ltd TEGA₹1.7K Cr
Revenue growthfastest growers
1Tega Industries Ltd TEGA3.3%
2AIA Engineering Ltd AIAENG3.1%
3Elecon Engineering Company Ltd ELECON3.1%
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
AIA Engineering Ltd AIAENG₹1.3K Cr9.4%Mar 2026
Tega Industries Ltd TEGA₹527 Cr-1.7%Mar 2026
Elecon Engineering Company Ltd ELECON₹521 Cr6.1%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

AIA Engineering Ltd · AIAENG

₹885 Cr
₹848 Cr
₹1.1K Cr
₹1.1K Cr
₹1.3K Cr
₹1.2K Cr
₹1.3K Cr
₹1.2K Cr
₹1.3K Cr
₹1.2K Cr
₹1.2K Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
₹1.2K Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
₹1.3K Cr
—

Elecon Engineering Company Ltd · ELECON

₹310 Cr
₹271 Cr
₹338 Cr
₹328 Cr
₹389 Cr
₹389 Cr
₹425 Cr
₹414 Cr
₹485 Cr
₹474 Cr
₹565 Cr
₹392 Cr
₹508 Cr
₹529 Cr
₹798 Cr
₹491 Cr
₹578 Cr
₹552 Cr
₹746 Cr
₹521 Cr

Tega Industries Ltd · TEGA

₹231 Cr
₹258 Cr
₹290 Cr
₹244 Cr
₹276 Cr
₹297 Cr
₹396 Cr
₹268 Cr
₹377 Cr
₹340 Cr
₹507 Cr
₹340 Cr
₹353 Cr
₹409 Cr
₹536 Cr
₹356 Cr
₹405 Cr
₹404 Cr
₹527 Cr
—

Revenue growth · reported quarter history

AIA Engineering Ltd · AIAENG

—
—
—
46%
50%
45%
17%
15%
-2.6%
-4.7%
-9.7%
-18%
-19%
-8.8%
0.6%
1.9%
0.4%
0.1%
9.4%
—

Elecon Engineering Company Ltd · ELECON

—
—
—
—
25%
44%
26%
26%
25%
22%
33%
-5.3%
4.7%
12%
41%
25%
14%
4.4%
-6.5%
6.1%

Tega Industries Ltd · TEGA

—
—
—
41%
19%
15%
37%
9.8%
37%
14%
28%
27%
-6.4%
20%
5.7%
4.7%
15%
-1.2%
-1.7%
—
07 · compare level, then change

Operating Economics & Margin Trend

AIA Engineering Ltd has the highest OPM among the 3 Capital Goods - Mining Equipement companies compared here, at 29%. Elecon Engineering Company Ltd is next at 21%. The same company also holds the highest Margin change, at +3 percentage points. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: AIA Engineering Ltd leads both opm at 29% and margin change at +3 percentage points.

LeaderAIA Engineering Ltd · 29%
Gap38.1% versus #2 · Elecon Engineering Company Ltd
Persistence3/8 recent comparable periods
Coverage3/3 companies · 58 observations

Investor read: AIA Engineering 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
1AIA Engineering Ltd AIAENG29%
2Elecon Engineering Company Ltd ELECON21%
3Tega Industries Ltd TEGA11%
Margin changefastest expanders
1AIA Engineering Ltd AIAENG+3.0 pp
2Elecon Engineering Company Ltd ELECON−6.0 pp
3Tega Industries Ltd TEGA−17.0 pp
Operating margin · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
AIA Engineering Ltd AIAENG29%+3.0 ppMar 2026
Elecon Engineering Company Ltd ELECON21%−6.0 ppJun 2026
Tega Industries Ltd TEGA11%−17.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

AIA Engineering Ltd · AIAENG

18%
19%
21%
23%
23%
30%
25%
28%
30%
27%
26%
28%
26%
27%
26%
29%
28%
27%
29%
—

Elecon Engineering Company Ltd · ELECON

21%
19%
21%
20%
24%
23%
22%
24%
24%
25%
24%
24%
22%
27%
24%
27%
22%
20%
21%
21%

Tega Industries Ltd · TEGA

17%
20%
24%
19%
20%
23%
26%
15%
22%
16%
27%
19%
10%
22%
28%
16%
17%
11%
11%
—

Margin change · reported quarter history

AIA Engineering Ltd · AIAENG

−7.3 pp
−5.6 pp
+1.0 pp
−0.3 pp
+5.2 pp
+11.0 pp
+4.3 pp
+5.1 pp
+6.5 pp
−3.0 pp
+1.0 pp
0.0 pp
−4.0 pp
0.0 pp
0.0 pp
+1.0 pp
+2.0 pp
0.0 pp
+3.0 pp
—

Elecon Engineering Company Ltd · ELECON

−1.1 pp
+0.4 pp
−0.3 pp
−0.3 pp
+2.6 pp
+3.7 pp
+1.2 pp
+4.3 pp
+0.2 pp
+2.0 pp
+2.1 pp
0.0 pp
−2.0 pp
+2.0 pp
0.0 pp
+3.0 pp
0.0 pp
−7.0 pp
−3.0 pp
−6.0 pp

Tega Industries Ltd · TEGA

—
−2.3 pp
+1.6 pp
+5.3 pp
+2.5 pp
+3.2 pp
+2.2 pp
−3.9 pp
+2.4 pp
−7.0 pp
+1.0 pp
+4.0 pp
−12.0 pp
+6.0 pp
+1.0 pp
−3.0 pp
+7.0 pp
−11.0 pp
−17.0 pp
—
08 · compare level, then change

Profit Scale & Acceleration

AIA Engineering Ltd has the highest Net profit among the 3 Capital Goods - Mining Equipement companies compared here, at ₹1,268 crore. Elecon Engineering Company Ltd is next at ₹236 crore. The same company also holds the highest Profit growth, at 19.7%. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: AIA Engineering Ltd leads with ₹1,268 crore of TTM profit, 437.3% above Elecon Engineering Company Ltd. AIA Engineering Ltd shows 19.7% growth from a ₹1,268 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderAIA Engineering Ltd · ₹1,268 crore
Gap437.3% versus #2 · Elecon Engineering Company Ltd
Persistence5/8 recent comparable periods
Coverage3/3 companies · 58 observations

Investor read: AIA Engineering 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
1AIA Engineering Ltd AIAENG₹1.3K Cr
2Elecon Engineering Company Ltd ELECON₹236 Cr
3Tega Industries Ltd TEGA₹143 Cr
Profit growthfastest growers
1AIA Engineering Ltd AIAENG20%
2Tega Industries Ltd TEGA-29%
3Elecon Engineering Company Ltd ELECON-54%
Net profit · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
AIA Engineering Ltd AIAENG₹393 Cr38%Mar 2026
Elecon Engineering Company Ltd ELECON₹70 Cr-60%Jun 2026
Tega Industries Ltd TEGA₹43 Cr-58%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

AIA Engineering Ltd · AIAENG

₹138 Cr
₹138 Cr
₹195 Cr
₹190 Cr
₹245 Cr
₹352 Cr
₹268 Cr
₹273 Cr
₹324 Cr
₹280 Cr
₹260 Cr
₹259 Cr
₹256 Cr
₹259 Cr
₹285 Cr
₹305 Cr
₹277 Cr
₹293 Cr
₹393 Cr
—

Elecon Engineering Company Ltd · ELECON

₹35 Cr
₹32 Cr
₹46 Cr
₹42 Cr
₹65 Cr
₹63 Cr
₹68 Cr
₹73 Cr
₹89 Cr
₹90 Cr
₹104 Cr
₹73 Cr
₹88 Cr
₹108 Cr
₹146 Cr
₹175 Cr
₹88 Cr
₹72 Cr
₹6 Cr
₹70 Cr

Tega Industries Ltd · TEGA

₹23 Cr
₹34 Cr
₹49 Cr
₹23 Cr
₹35 Cr
₹48 Cr
₹77 Cr
₹21 Cr
₹47 Cr
₹36 Cr
₹89 Cr
₹37 Cr
₹7 Cr
₹54 Cr
₹102 Cr
₹35 Cr
₹45 Cr
₹20 Cr
₹43 Cr
—

Profit growth · reported quarter history

AIA Engineering Ltd · AIAENG

—
—
—
28%
78%
155%
37%
44%
32%
-20%
-3.0%
-5.1%
-21%
-7.5%
9.6%
18%
8.2%
13%
38%
—

Elecon Engineering Company Ltd · ELECON

—
—
—
—
86%
97%
48%
74%
37%
43%
53%
0.0%
-1.1%
20%
40%
140%
0.0%
-33%
-96%
-60%

Tega Industries Ltd · TEGA

—
—
—
92%
52%
41%
57%
-8.7%
34%
-25%
16%
76%
-85%
50%
15%
-5.4%
543%
-63%
-58%
—
09 · compare level, then change

Return On Capital Employed

AIA Engineering Ltd has the highest ROCE among the 3 Capital Goods - Mining Equipement companies compared here, at 21.1%. Elecon Engineering Company Ltd is next at 20.9%. The same company also holds the highest ROCE change, at -0.8 percentage points. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: AIA Engineering Ltd leads ROCE at 21.1%, 0.2 percentage points above Elecon Engineering Company Ltd. AIA Engineering Ltd has the strongest latest improvement at -0.8 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.

LeaderAIA Engineering Ltd · 21.1%
Gap1% versus #2 · Elecon Engineering Company Ltd
Persistence1/8 recent comparable periods
Coverage3/3 companies · 45 observations

Investor read: AIA Engineering 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
1AIA Engineering Ltd AIAENG21%
2Elecon Engineering Company Ltd ELECON21%
3Tega Industries Ltd TEGA8.1%
ROCE changefastest improvers
1AIA Engineering Ltd AIAENG−0.8 pp
2Tega Industries Ltd TEGA−11.6 pp
3Elecon Engineering Company Ltd ELECON−18.6 pp
Return on capital · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyROCEROCE changeReported
Elecon Engineering Company Ltd ELECON15%−18.6 ppJun 2026
AIA Engineering Ltd AIAENG14%−0.8 ppMar 2026
Tega Industries Ltd TEGA3.8%−11.6 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

AIA Engineering Ltd · AIAENG

13%
—
13%
—
17%
—
20%
—
21%
27%
18%
24%
17%
22%
15%
21%
14%
22%
14%
—

Elecon Engineering Company Ltd · ELECON

19%
—
18%
—
20%
—
21%
—
23%
31%
25%
30%
22%
29%
22%
34%
21%
29%
17%
15%

Tega Industries Ltd · TEGA

—
—
17%
—
21%
—
19%
—
19%
24%
19%
23%
15%
21%
15%
19%
17%
19%
3.8%
—

ROCE change · reported quarter history

AIA Engineering Ltd · AIAENG

—
—
—
—
+3.6 pp
—
+6.9 pp
—
+4.5 pp
—
−1.6 pp
—
−4.6 pp
−5.3 pp
−3.5 pp
−2.9 pp
−2.1 pp
+0.3 pp
−0.8 pp
—

Elecon Engineering Company Ltd · ELECON

—
—
—
—
+0.7 pp
—
+2.8 pp
—
+3.4 pp
—
+4.4 pp
—
−1.1 pp
−2.1 pp
−2.5 pp
+3.7 pp
−1.1 pp
−0.2 pp
−5.9 pp
−18.6 pp

Tega Industries Ltd · TEGA

—
—
—
—
—
—
+1.3 pp
—
−2.5 pp
—
0.0 pp
—
−4.2 pp
−3.3 pp
−3.1 pp
−3.6 pp
+1.9 pp
−2.1 pp
−11.6 pp
—
10 · compare level, then change

Valuation Against Growth & Quality

AIA Engineering Ltd has the lowest PEG among the 3 Capital Goods - Mining Equipement companies compared here, at 0.73×. Elecon Engineering Company Ltd is next at 1.81×. Elecon Engineering Company Ltd has the lowest P/E at 31.1×, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: AIA Engineering Ltd has the lowest comparable PEG at 0.73×, 59.7% below Elecon Engineering Company Ltd. Only 3 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.

LeaderAIA Engineering Ltd · 0.73×
Gap59.7% versus #2 · Elecon Engineering Company Ltd
Persistence0/8 recent comparable periods
Coverage3/3 companies · 33 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
1AIA Engineering Ltd AIAENG0.7
2Elecon Engineering Company Ltd ELECON1.8
3Tega Industries Ltd TEGA8.9
P/Elowest P/E
1Elecon Engineering Company Ltd ELECON31.1
2AIA Engineering Ltd AIAENG33.7
3Tega Industries Ltd TEGA78.2
Valuation · company comparison
3/3 level · 3/3 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Tega Industries Ltd TEGA8.956.5Mar 2026
Elecon Engineering Company Ltd ELECON1.833.1Jun 2026
AIA Engineering Ltd AIAENG0.727.7Mar 2026
Full 20-quarter history · every available company

PEG · reported quarter history

AIA Engineering Ltd · AIAENG

—
—
—
3.5
1.6
1.0
0.7
—
—
0.5
—
4.6
—
—
2.9
1.6
—
2.4
0.7
—

Elecon Engineering Company Ltd · ELECON

—
0.6
0.4
—
—
—
—
—
—
0.8
0.6
0.9
1.4
2.2
0.7
2.1
—
—
1.8
—

Tega Industries Ltd · TEGA

—
3.9
1.0
—
0.5
0.6
0.5
0.7
0.9
—
2.9
11.1
4.3
1.2
3.7
—
—
—
8.9
—

P/E · reported quarter history

AIA Engineering Ltd · AIAENG

31.3
30.6
28.4
33.2
35.8
31.5
27.9
28.6
29.1
28.6
32.3
34.7
36.0
30.5
30.4
29.4
25.9
32.2
27.7
—

Elecon Engineering Company Ltd · ELECON

18.1
17.4
12.8
20.9
24.7
22.1
19.8
27.5
32.3
35.6
33.3
42.0
43.8
40.6
27.1
35.5
28.3
23.9
20.2
33.1

Tega Industries Ltd · TEGA

—
24.6
19.4
24.0
26.8
27.3
29.9
35.0
33.9
39.3
45.4
56.2
57.9
61.0
52.3
53.5
64.5
64.5
56.5
—
11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Capital Goods - Mining Equipement comparison names 4 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. 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.
12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 3 Capital Goods - Mining Equipement 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 2026-07-31.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · 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 standing3 cross-checked · 0 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.

13 · questions investors ask, short speakable answers

Capital Goods - Mining Equipement company comparison FAQs

These 23 answers restate the Capital Goods - Mining Equipement 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 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Capital Goods - Mining Equipement sector outperforming NIFTY 500?

Capital Goods - Mining Equipement has outperformed NIFTY 500 by 0% over 52 weeks and 5.5% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself.

Which Capital Goods - Mining Equipement company is largest by revenue?

AIA Engineering Ltd leads with revenue of ₹4,420 crore, based on 3 of 3 comparable companies through Mar 2026.

Which Capital Goods - Mining Equipement company is growing fastest?

Tega Industries Ltd has the fastest current revenue growth at 3.3%, across 3 of 3 comparable companies.

Which Capital Goods - Mining Equipement company has the strongest 4-Factor Sector Score?

AIA Engineering Ltd ranks first at 71.9/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Capital Goods - Mining Equipement company has the lowest comparable PEG?

AIA Engineering Ltd has the lowest comparable PEG at 0.73, among 3 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Capital Goods - Mining Equipement 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.

What is the Nifty Capital Goods - Mining Equipement index?

The Nifty Capital Goods - Mining Equipement index tracks India's listed Capital Goods - Mining Equipement companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Capital Goods - Mining Equipement sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Capital Goods - Mining Equipement stocks in India?

Ranked by this page's four-factor score, AIA Engineering Ltd places first among 3 listed Capital Goods - Mining Equipement companies, followed by Elecon Engineering Company 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 - Mining Equipement stocks are listed in India?

This comparison covers 3 listed Capital Goods - Mining Equipement 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 - Mining Equipement company is the biggest?

AIA Engineering Ltd is the largest, with trailing-twelve-month revenue of ₹4,420 crore, ahead of Elecon Engineering Company Ltd at ₹2,397 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

Which Capital Goods - Mining Equipement company has the best profit margins?

AIA Engineering Ltd has the highest operating margin at 29%, from 3 of 3 comparable companies. AIA Engineering Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Capital Goods - Mining Equipement company makes the most profit?

AIA Engineering Ltd earns the most, at ₹1,268 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. AIA Engineering Ltd has the fastest profit growth at 19.7%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Capital Goods - Mining Equipement company earns the highest return on capital?

AIA Engineering Ltd leads on return on capital employed at 21.1%, 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 - Mining Equipement stock is the cheapest?

On PEG — where a LOWER number is cheaper — AIA Engineering Ltd screens cheapest at 0.73×. Only 3 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 - Mining Equipement sector beating the market?

Capital Goods - Mining Equipement has outperformed NIFTY 500 by 0% over the last 52 weeks and 5.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 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 - Mining Equipement stock has the strongest price momentum?

AIA 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 - Mining Equipement company scores highest for research priority?

AIA Engineering Ltd scores 71.9 out of 100 with 92.6% evidence confidence, from 19.6 points on growth and earnings, 20.2 on capital efficiency, 12.1 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Capital Goods - Mining Equipement 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 - Mining Equipement sector?

The 3 Capital Goods - Mining Equipement companies on this page carry ₹63,406 crore of combined market value. AIA Engineering Ltd is the largest at ₹42,843 crore, about 68% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

How is the Capital Goods - Mining Equipement sector performing?

1 of the 3 covered Capital Goods - Mining Equipement companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 0% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI