# Capital Goods - Switchgear — company-by-company sector analysis > Capital Goods - Switchgear: S & S Power Switchgear Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-14. Not investment advice. ## Bottom line The 52-week sector comparison is unavailable. 1 of 2 covered companies currently have positive Mansfield relative strength versus NIFTY 500. S & S Power Switchgear Ltd leads with revenue of ₹254 crore, based on 1 of 2 comparable companies through Dec 2025. ## Sector relative strength The 52-week comparison of Capital Goods - Switchgear against NIFTY 500 is not available from the current market series. 1 of 2 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. S & S Power Switchgear Ltd is the strongest against the sector itself at +16.7%. 13-week sector return versus NIFTY 500: — 52-week sector return versus NIFTY 500: — Stocks leading NIFTY: 1/2 Stocks leading sector: 1/2 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 2 Combined market value: ₹1.0K 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. S & S Power Switchgear Ltd (S&SPOWER): 50/100 — Mixed-negative evidence; evidence 63% - Growth & earnings 19.6/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 17.0/20 - 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 11 of the last 12 weeks - Exact sum: 19.6 + 3.3 + 10 + 17 = 49.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. RMC Switchgears Ltd (RMC): 50/100 — Thin evidence · provisional; evidence 47% - Growth & earnings 18.7/35 | Capital efficiency 18.1/25 | Valuation 10.0/20 | Relative strength 3.0/20 - 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 5 of the last 12 weeks - Exact sum: 18.7 + 18.1 + 10 + 3 = 49.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action S & S Power Switchgear Ltd has the strongest one-year price move in Capital Goods - Switchgear at +7%. It also leads on Mansfield relative strength against NIFTY at +19.4%. 1 of 2 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-04-30. ### Strongest one-year price performers 1. S & S Power Switchgear Ltd (S&SPOWER): 7.0% 2. RMC Switchgears Ltd (RMC): -42% ### Strongest relative strength versus NIFTY 500 1. S & S Power Switchgear Ltd (S&SPOWER): 19% 2. RMC Switchgears Ltd (RMC): -21% ## Revenue Scale & Growth Durability What the numbers say: S & S Power Switchgear Ltd is the scale leader at ₹254 crore, S & S Power Switchgear Ltd's growth is 46.8% from a ₹254 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: S & S Power Switchgear Ltd is the scale benchmark; S & S Power Switchgear Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: S & S Power Switchgear Ltd's growth falls below S & S Power Switchgear Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: S & S Power Switchgear Ltd · ₹254 crore | Not enough peers | 6/8 recent comparable periods | 1/2 companies · 19 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. S & S Power Switchgear Ltd (S&SPOWER): ₹254 Cr ### Revenue growth — fastest growers 1. S & S Power Switchgear Ltd (S&SPOWER): 47% ### 20-quarter Revenue history - S&SPOWER: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹41 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹79 Cr - RMC: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹67 Cr | Jun 2023 — | Sep 2023 ₹87 Cr | Dec 2023 — | Mar 2024 ₹85 Cr | Jun 2024 — | Sep 2024 ₹105 Cr | Dec 2024 — | Mar 2025 ₹213 Cr | Jun 2025 — | Sep 2025 ₹241 Cr | Dec 2025 — ### 20-quarter Revenue growth history - S&SPOWER: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -7.1% | Jun 2024 0.3% | Sep 2024 62% | Dec 2024 -15% | Mar 2025 29% | Jun 2025 64% | Sep 2025 10% | Dec 2025 101% - RMC: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 27% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 151% | Jun 2025 — | Sep 2025 130% | Dec 2025 — ## Operating Economics & Margin Trend What the numbers say: RMC Switchgears Ltd leads opm at 14%; S & S Power Switchgear Ltd leads margin change at +11 percentage points. Investor read: RMC Switchgears 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: RMC Switchgears Ltd · 14% | 136.5% versus #2 · S & S Power Switchgear Ltd | 2/8 recent comparable periods | 2/2 companies · 30 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. RMC Switchgears Ltd (RMC): 14% 2. S & S Power Switchgear Ltd (S&SPOWER): 5.9% ### Margin change — fastest expanders 1. S & S Power Switchgear Ltd (S&SPOWER): +11.0 pp 2. RMC Switchgears Ltd (RMC): −5.0 pp ### 20-quarter OPM history - S&SPOWER: Mar 2021 0.9% | Jun 2021 -12% | Sep 2021 -6.9% | Dec 2021 -6.8% | Mar 2022 -7.5% | Jun 2022 -4.4% | Sep 2022 -10% | Dec 2022 9.2% | Mar 2023 2.9% | Jun 2023 3.4% | Sep 2023 6.3% | Dec 2023 10.0% | Mar 2024 6.7% | Jun 2024 -0.9% | Sep 2024 9.4% | Dec 2024 -5.1% | Mar 2025 0.4% | Jun 2025 5.1% | Sep 2025 -4.7% | Dec 2025 5.9% - RMC: Mar 2021 18% | Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 19% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 14% | Dec 2025 — ### 20-quarter Margin change history - S&SPOWER: Mar 2021 +12.9 pp | Jun 2021 −4.6 pp | Sep 2021 −13.4 pp | Dec 2021 −11.2 pp | Mar 2022 −8.5 pp | Jun 2022 +7.1 pp | Sep 2022 −3.3 pp | Dec 2022 +15.9 pp | Mar 2023 +10.4 pp | Jun 2023 +7.8 pp | Sep 2023 +16.5 pp | Dec 2023 +0.8 pp | Mar 2024 +3.9 pp | Jun 2024 −4.3 pp | Sep 2024 +3.1 pp | Dec 2024 −15.0 pp | Mar 2025 −6.3 pp | Jun 2025 +6.0 pp | Sep 2025 −14.1 pp | Dec 2025 +11.0 pp - RMC: Mar 2021 +4.7 pp | Jun 2021 — | Sep 2021 −1.9 pp | Dec 2021 — | Mar 2022 −7.3 pp | Jun 2022 — | Sep 2022 +6.8 pp | Dec 2022 — | Mar 2023 +7.4 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −2.0 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 — | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −5.0 pp | Dec 2025 — ## Profit Scale & Acceleration What the numbers say: S & S Power Switchgear Ltd leads net profit at ₹8 crore; the second comparison lacks enough current evidence. Investor read: S & S Power Switchgear 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: S & S Power Switchgear Ltd · ₹8 crore | Not enough peers | 2/6 recent comparable periods | 1/2 companies · 19 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. S & S Power Switchgear Ltd (S&SPOWER): ₹8 Cr ### Profit growth — fastest growers ### 20-quarter Net profit history - S&SPOWER: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr - RMC: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 ₹8 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹20 Cr | Dec 2025 — ### 20-quarter Profit growth history - S&SPOWER: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -70% | Mar 2024 3.2% | Jun 2024 — | Sep 2024 997% | Dec 2024 -254% | Mar 2025 -117% | Jun 2025 — | Sep 2025 -24% | Dec 2025 — - RMC: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 25% | Dec 2024 — | Mar 2025 200% | Jun 2025 — | Sep 2025 100% | Dec 2025 — ## Return On Capital Employed What the numbers say: RMC Switchgears Ltd leads ROCE at 37.5%, 34.8 percentage points above S & S Power Switchgear Ltd. RMC Switchgears Ltd has the strongest latest improvement at +6 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: RMC Switchgears 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: RMC Switchgears Ltd · 37.5% | 13.7× versus #2 · S & S Power Switchgear Ltd | Not enough history | 2/2 companies · 0 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. RMC Switchgears Ltd (RMC): 38% 2. S & S Power Switchgear Ltd (S&SPOWER): 2.7% ### ROCE change — fastest improvers 1. RMC Switchgears Ltd (RMC): +6.0 pp 2. S & S Power Switchgear Ltd (S&SPOWER): −17.0 pp ### 20-quarter ROCE history ### 20-quarter ROCE change history ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. 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: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 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 ### P/E — lowest P/E 1. RMC Switchgears Ltd (RMC): 12.4 2. S & S Power Switchgear Ltd (S&SPOWER): 62.5 ### 20-quarter PEG history ### 20-quarter P/E history - S&SPOWER: Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 49.6 | Mar 2024 44.9 | Jun 2024 53.6 | Sep 2024 97.7 | Dec 2024 72.0 | Mar 2025 64.6 | Jun 2025 — | Sep 2025 366.6 | Dec 2025 676.0 - RMC: Mar 2021 2.6 | Jun 2021 — | Sep 2021 3.5 | Dec 2021 — | Mar 2022 6.3 | Jun 2022 — | Sep 2022 18.0 | Dec 2022 — | Mar 2023 44.9 | Jun 2023 — | Sep 2023 127.4 | Dec 2023 — | Mar 2024 98.2 | Jun 2024 — | Sep 2024 56.2 | Dec 2024 — | Mar 2025 43.8 | Jun 2025 — | Sep 2025 25.1 | Dec 2025 — ## 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. - Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings. ## Every company - S & S Power Switchgear Ltd (S&SPOWER) — market value ₹505 Cr; latest fundamentals Dec 2025 - RMC Switchgears Ltd (RMC) — market value ₹499 Cr; latest fundamentals Sep 2025 ## Source standing of each company Cross-checked: 0. Unverified: 2. Withheld: 0. Graded companies: 2. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## Methodology and freshness Fundamentals through Dec 2025; prices through 2026-08-14. 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 - Switchgear sector outperforming NIFTY 500? The 52-week sector comparison is unavailable. 1 of 2 covered companies currently have positive Mansfield relative strength versus NIFTY 500. ### Which Capital Goods - Switchgear company is largest by revenue? S & S Power Switchgear Ltd leads with revenue of ₹254 crore, based on 1 of 2 comparable companies through Dec 2025. ### Which Capital Goods - Switchgear company is growing fastest? S & S Power Switchgear Ltd has the fastest current revenue growth at 46.8%, across 1 of 2 comparable companies. ### Which Capital Goods - Switchgear company has the strongest 4-Factor Sector Score? S & S Power Switchgear Ltd ranks first at 49.9/100 with 62.5% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Capital Goods - Switchgear comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Dec 2025. 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 - Switchgear 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 - Switchgear, this page builds its own equal-weight basket of 2 listed Capital Goods - Switchgear companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Dec 2025. ### Which are the best Capital Goods - Switchgear stocks in India? Ranked by this page's four-factor score, S & S Power Switchgear Ltd places first among 2 listed Capital Goods - Switchgear companies, followed by RMC Switchgears Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Dec 2025 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Capital Goods - Switchgear stocks are listed in India? This comparison covers 2 listed Capital Goods - Switchgear 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 Dec 2025. ### Which Capital Goods - Switchgear company is the biggest? S & S Power Switchgear Ltd is the largest, with trailing-twelve-month revenue of ₹254 crore. That covers 1 of 2 companies with comparable reporting through Dec 2025. ### Which Capital Goods - Switchgear company has the best profit margins? RMC Switchgears Ltd has the highest operating margin at 14%, from 2 of 2 comparable companies. S & S Power Switchgear Ltd shows the biggest recent improvement, at +11 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Capital Goods - Switchgear company makes the most profit? S & S Power Switchgear Ltd earns the most, at ₹8 crore of trailing-twelve-month net profit, from 1 of 2 comparable companies. ### Which Capital Goods - Switchgear company earns the highest return on capital? RMC Switchgears Ltd leads on return on capital employed at 37.5%, across 2 of 2 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 - Switchgear stock has the strongest price momentum? S & S Power Switchgear 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 - Switchgear company scores highest for research priority? S & S Power Switchgear Ltd scores 49.9 out of 100 with 62.5% evidence confidence, from 19.6 points on growth and earnings, 3.3 on capital efficiency, 10 on valuation and 17 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 - Switchgear companies does this comparison cover, and over what period? It compares 2 listed companies over up to 20 reported quarters of fundamentals, ending Dec 2025, 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 - Switchgear sector? The 2 Capital Goods - Switchgear companies on this page carry ₹1,004 crore of combined market value. S & S Power Switchgear Ltd is the largest at ₹505 crore, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-14. ### How is the Capital Goods - Switchgear sector performing? 1 of the 2 covered Capital Goods - Switchgear companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-08-14. ### 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.