# Capital Goods - Transformers — company-by-company sector analysis

> Capital Goods - Transformers: CG Power & Industrial Solutions Ltd owns the largest revenue base; Marsons Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice.

## Bottom line

Capital Goods - Transformers has outperformed NIFTY 500 by 9.4% over 52 weeks and 0.8% over 13 weeks. 5 of 12 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself. CG Power & Industrial Solutions Ltd leads with revenue of ₹12,821 crore, based on 10 of 12 comparable companies through Jun 2026.

## Sector relative strength

Capital Goods - Transformers has outperformed NIFTY 500 by 9.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.8%. 5 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Indo Tech Transformers Ltd is the strongest against the sector itself at +56.6%.

13-week sector return versus NIFTY 500: 0.8%
52-week sector return versus NIFTY 500: 9.4%
Stocks leading NIFTY: 5/12
Stocks leading sector: 5/12

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

Companies: 12
Combined market value: ₹2.1 L Cr

## 4-Factor Sector Score

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

1. Indo Tech Transformers Ltd (INDOTECH): 80/100 — Favorable setup; evidence 100%
   - Growth & earnings 29.1/35 | Capital efficiency 18.3/25 | Valuation 12.1/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 29.1 + 18.3 + 12.1 + 20 = 79.5
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Marsons Ltd (MARSONS): 59/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 26.3/35 | Capital efficiency 15.0/25 | Valuation 12.2/20 | Relative strength 5.7/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 11 weeks with a reading, within the last 12
   - Exact sum: 26.3 + 15 + 12.2 + 5.7 = 59.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -44.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Supreme Power Equipment Ltd (SUPREMEPWR): 53/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 20.5/35 | Capital efficiency 17.1/25 | Valuation 12.9/20 | Relative strength 2.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 20.5 + 17.1 + 12.9 + 2.8 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. CG Power & Industrial Solutions Ltd (CGPOWER): 51/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 18.9/35 | Capital efficiency 16.4/25 | Valuation 3.7/20 | Relative strength 11.8/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 18.9 + 16.4 + 3.7 + 11.8 = 50.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. Voltamp Transformers Ltd (VOLTAMP): 48/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 14.6/35 | Capital efficiency 14.8/25 | Valuation 3.1/20 | Relative strength 15.0/20
   - 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 4 of the last 12 weeks
   - Exact sum: 14.6 + 14.8 + 3.1 + 15 = 47.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 15.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Transformers & Rectifiers India Ltd (TARIL): 46/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 14.9/35 | Capital efficiency 14.3/25 | Valuation 9.9/20 | Relative strength 6.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 14.9 + 14.3 + 9.9 + 6.6 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Shilchar Technologies Ltd (SHILCTECH): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 5.5/35 | Capital efficiency 20.3/25 | Valuation 9.1/20 | Relative strength 6.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 5.5 + 20.3 + 9.1 + 6.9 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Schneider Electric Infrastructure Ltd (SCHNEIDER): 39/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 5.8/35 | Capital efficiency 14.1/25 | Valuation 5.4/20 | Relative strength 13.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 5.8 + 14.1 + 5.4 + 13.5 = 38.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 37%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Ujaas Energy Ltd (UEL): 36/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 8.9/35 | Capital efficiency 2.8/25 | Valuation 8.5/20 | Relative strength 16.2/20
   - 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 2 of the last 12 weeks
   - Exact sum: 8.9 + 2.8 + 8.5 + 16.2 = 36.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 61.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Bharat Bijlee Ltd (BBL): 30/100 — Adverse evidence; evidence 100%
   - Growth & earnings 15.8/35 | Capital efficiency 4.3/25 | Valuation 8.6/20 | Relative strength 0.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 15.8 + 4.3 + 8.6 + 0.9 = 29.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Danish Power Ltd (DANISH): 51/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 15.9/35 | Capital efficiency 17.5/25 | Valuation 11.5/20 | Relative strength 6.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 15.9 + 17.5 + 11.5 + 6.1 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Vilas Transcore Ltd (VILAS): 44/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 17.6/35 | Capital efficiency 8.8/25 | Valuation 10.7/20 | Relative strength 7.1/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.6 + 8.8 + 10.7 + 7.1 = 44.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Indo Tech Transformers Ltd has the strongest one-year price move in Capital Goods - Transformers at +126.9%. It also leads on Mansfield relative strength against NIFTY at +72.2%. 5 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Indo Tech Transformers Ltd (INDOTECH): 127%
2. Ujaas Energy Ltd (UEL): 92%
3. Schneider Electric Infrastructure Ltd (SCHNEIDER): 47%
4. CG Power & Industrial Solutions Ltd (CGPOWER): 34%
5. Voltamp Transformers Ltd (VOLTAMP): 27%

### Strongest relative strength versus NIFTY 500
1. Indo Tech Transformers Ltd (INDOTECH): 72%
2. Ujaas Energy Ltd (UEL): 61%
3. Schneider Electric Infrastructure Ltd (SCHNEIDER): 37%
4. Voltamp Transformers Ltd (VOLTAMP): 16%
5. CG Power & Industrial Solutions Ltd (CGPOWER): 15%

## Capital Goods - Transformers — the story behind the numbers

This is the written read behind the Capital Goods - Transformers figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 5 themes are live here, 1 of them rated high severity.

The sector is investing into growth despite margin headwinds. Order books are full, but commodity volatility threatens bottom-line consistency. INDOTECH's record revenue masks margin compression concerns, while MARSONS' stellar profit surge includes one-off tax credits. Investors should monitor raw material trajectories and capacity expansion execution.

The Capital Goods - Transformers sector displays divergent operational realities among the two analyzed constituents. INDOTECH achieved record revenue of ₹238.99 Cr but faced margin compression, while MARSONS reported a profit surge of 249.1% QoQ driven by operational leverage and tax credits.

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

### Live themes, worst first
- HIGH | Input cost pressure on materials consumed poses a high risk to margins for INDOTECH. MARSONS profitability vulnerable to CRGO steel (~35%) and copper (~25%) price fluctuations. | Not Given for INDOTECH. MARSONS requires continuous investment in environmentally responsible production processes. | quoted: "Input cost pressure on materials consumed poses a high risk to margins." | named for INDOTECH, MARSONS
- MEDIUM | Export disruption may affect 10-15% of revenue from international markets for INDOTECH; MARSONS faces trade policy risks in US market. | INDOTECH limiting exports to 10% mostly in developed countries. MARSONS notes international expansion provides revenue diversification. | quoted: "Export disruption may affect 10-15% of revenue from international markets." | named for INDOTECH, MARSONS
- MEDIUM | Exposure to stringent pollution control norms and evolving ESG regulations requiring continuous investment in emission-control technologies and waste management systems. | Compliance requires continuous investment in environmentally responsible production processes | quoted: "Exposure to stringent pollution control norms and evolving ESG regulations requiring continuous investment in emission-control technologies and waste management systems." | named for MARSONS
- MEDIUM | Injunction suits filed regarding union disputes and management changes. | quoted: "Injunction suits filed regarding union disputes and management changes." | named for INDOTECH
- LOW | Industry-wide lead time constraints for large power installations ranging from 80 to 210 weeks; execution delays flagged as key risk to watch. | quoted: "Industry-wide lead time constraints for large power installations ranging from 80 to 210 weeks; execution delays flagged as key risk to watch." | named for MARSONS

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

## Revenue Scale & Growth Durability

What the numbers say: CG Power & Industrial Solutions Ltd is the scale leader at ₹12,821 crore, 339.1% ahead of Schneider Electric Infrastructure Ltd. Marsons Ltd's growth is 33.5% from a ₹248 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: CG Power & Industrial Solutions Ltd is the scale benchmark; Marsons Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: CG Power & Industrial Solutions Ltd's growth falls below Marsons Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: CG Power & Industrial Solutions Ltd · ₹12,821 crore | 339.1% versus #2 · Schneider Electric Infrastructure Ltd | 8/8 recent comparable periods | 10/12 companies · 183 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. CG Power & Industrial Solutions Ltd (CGPOWER): ₹12.8K Cr
2. Schneider Electric Infrastructure Ltd (SCHNEIDER): ₹2.9K Cr
3. Transformers & Rectifiers India Ltd (TARIL): ₹2.6K Cr
4. Bharat Bijlee Ltd (BBL): ₹2.4K Cr
5. Voltamp Transformers Ltd (VOLTAMP): ₹2.3K Cr

### Revenue growth — fastest growers
1. Marsons Ltd (MARSONS): 34%
2. Supreme Power Equipment Ltd (SUPREMEPWR): 24%
3. Indo Tech Transformers Ltd (INDOTECH): 22%
4. CG Power & Industrial Solutions Ltd (CGPOWER): 21%
5. Bharat Bijlee Ltd (BBL): 18%

### 20-quarter Revenue history
- CGPOWER: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.3K Cr
- SCHNEIDER: Sep 2021 ₹302 Cr | Dec 2021 ₹600 Cr | Mar 2022 ₹340 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹496 Cr | Dec 2023 ₹744 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹600 Cr | Dec 2024 ₹857 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹622 Cr | Sep 2025 ₹650 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹590 Cr | Jun 2026 ₹651 Cr
- VOLTAMP: Sep 2021 ₹263 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹387 Cr | Jun 2022 ₹270 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹357 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹428 Cr | Sep 2024 ₹398 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹483 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹617 Cr | Jun 2026 ₹544 Cr
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹332 Cr | Mar 2023 ₹438 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹257 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹513 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹676 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹737 Cr | Mar 2026 ₹783 Cr | Jun 2026 ₹572 Cr
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹68 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹152 Cr | Jun 2026 ₹135 Cr
- INDOTECH: Sep 2021 ₹76 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹239 Cr | Jun 2026 ₹228 Cr
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹3 Cr
- BBL: Sep 2021 ₹305 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹424 Cr | Mar 2024 ₹587 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹394 Cr | Dec 2024 ₹514 Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹568 Cr | Mar 2026 ₹767 Cr | Jun 2026 ₹547 Cr
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹93 Cr | Jun 2026 ₹49 Cr
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹164 Cr | Dec 2024 — | Mar 2025 ₹262 Cr | Jun 2025 — | Sep 2025 ₹212 Cr | Dec 2025 — | Mar 2026 ₹310 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹159 Cr | Dec 2023 — | Mar 2024 ₹150 Cr | Jun 2024 — | Sep 2024 ₹162 Cr | Dec 2024 — | Mar 2025 ₹191 Cr | Jun 2025 — | Sep 2025 ₹229 Cr | Dec 2025 — | Mar 2026 ₹232 Cr | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹27 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹106 Cr | Jun 2026 ₹48 Cr

### 20-quarter Revenue growth history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 17% | Dec 2022 13% | Mar 2023 33% | Jun 2023 13% | Sep 2023 18% | Dec 2023 13% | Mar 2024 15% | Jun 2024 19% | Sep 2024 21% | Dec 2024 27% | Mar 2025 26% | Jun 2025 29% | Sep 2025 21% | Dec 2025 26% | Mar 2026 25% | Jun 2026 14%
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 39% | Dec 2022 -4.3% | Mar 2023 21% | Jun 2023 33% | Sep 2023 18% | Dec 2023 30% | Mar 2024 15% | Jun 2024 20% | Sep 2024 21% | Dec 2024 15% | Mar 2025 24% | Jun 2025 4.9% | Sep 2025 8.3% | Dec 2025 20% | Mar 2026 0.5% | Jun 2026 4.7%
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 21% | Dec 2022 13% | Mar 2023 14% | Jun 2023 19% | Sep 2023 20% | Dec 2023 14% | Mar 2024 15% | Jun 2024 33% | Sep 2024 4.5% | Dec 2024 19% | Mar 2025 24% | Jun 2025 -0.9% | Sep 2025 21% | Dec 2025 30% | Mar 2026 -1.3% | Jun 2026 28%
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 17% | Jun 2024 106% | Sep 2024 80% | Dec 2024 51% | Mar 2025 32% | Jun 2025 64% | Sep 2025 -0.4% | Dec 2025 32% | Mar 2026 16% | Jun 2026 8.1%
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 74% | Mar 2024 11% | Jun 2024 60% | Sep 2024 24% | Dec 2024 31% | Mar 2025 121% | Jun 2025 49% | Sep 2025 31% | Dec 2025 10% | Mar 2026 -34% | Jun 2026 -15%
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 135% | Sep 2022 17% | Dec 2022 2.4% | Mar 2023 45% | Jun 2023 72% | Sep 2023 7.9% | Dec 2023 65% | Mar 2024 21% | Jun 2024 -12% | Sep 2024 52% | Dec 2024 27% | Mar 2025 18% | Jun 2025 100% | Sep 2025 25% | Dec 2025 11% | Mar 2026 16% | Jun 2026 39%
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -13% | Mar 2024 -21% | Jun 2024 -12% | Sep 2024 -31% | Dec 2024 40% | Mar 2025 14% | Jun 2025 -58% | Sep 2025 3.4% | Dec 2025 -57% | Mar 2026 -27% | Jun 2026 14%
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.8% | Sep 2022 6.2% | Dec 2022 20% | Mar 2023 23% | Jun 2023 59% | Sep 2023 30% | Dec 2023 9.3% | Mar 2024 37% | Jun 2024 -15% | Sep 2024 -6.2% | Dec 2024 21% | Mar 2025 5.5% | Jun 2025 24% | Sep 2025 20% | Dec 2025 11% | Mar 2026 24% | Jun 2026 18%
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -64% | Mar 2024 47% | Jun 2024 12,891% | Sep 2024 2,039% | Dec 2024 6,695% | Mar 2025 1,380% | Jun 2025 57% | Sep 2025 55% | Dec 2025 4.0% | Mar 2026 66% | Jun 2026 4.7%
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 29% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9% | Dec 2024 — | Mar 2025 27% | Jun 2025 — | Sep 2025 41% | Dec 2025 — | Mar 2026 21% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0% | Sep 2024 -42% | Dec 2024 23% | Mar 2025 49% | Jun 2025 27% | Sep 2025 31% | Dec 2025 23% | Mar 2026 16% | Jun 2026 38%

## Operating Economics & Margin Trend

What the numbers say: Supreme Power Equipment Ltd leads opm at 18.3%; Ujaas Energy Ltd leads margin change at +30.2 percentage points.

Investor read: Supreme Power Equipment 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: Supreme Power Equipment Ltd · 18.3% | 1.7% versus #2 · Danish Power Ltd | 1/8 recent comparable periods | 12/12 companies · 201 observations

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

### OPM — highest
1. Supreme Power Equipment Ltd (SUPREMEPWR): 18%
2. Danish Power Ltd (DANISH): 18%
3. Shilchar Technologies Ltd (SHILCTECH): 16%
4. Transformers & Rectifiers India Ltd (TARIL): 16%
5. Voltamp Transformers Ltd (VOLTAMP): 15%

### Margin change — fastest expanders
1. Ujaas Energy Ltd (UEL): +30.2 pp
2. Supreme Power Equipment Ltd (SUPREMEPWR): −0.6 pp
3. Marsons Ltd (MARSONS): −0.9 pp
4. CG Power & Industrial Solutions Ltd (CGPOWER): −1.0 pp
5. Indo Tech Transformers Ltd (INDOTECH): −1.0 pp

### 20-quarter OPM history
- CGPOWER: Sep 2021 12% | Dec 2021 13% | Mar 2022 11% | Jun 2022 11% | Sep 2022 15% | Dec 2022 16% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 13% | Mar 2024 13% | Jun 2024 15% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 12%
- SCHNEIDER: Sep 2021 1.2% | Dec 2021 11% | Mar 2022 5.0% | Jun 2022 7.8% | Sep 2022 4.5% | Dec 2022 10% | Mar 2023 15% | Jun 2023 10% | Sep 2023 13% | Dec 2023 15% | Mar 2024 16% | Jun 2024 14% | Sep 2024 12% | Dec 2024 16% | Mar 2025 15% | Jun 2025 11% | Sep 2025 13% | Dec 2025 17% | Mar 2026 8.0% | Jun 2026 5.0%
- VOLTAMP: Sep 2021 12% | Dec 2021 11% | Mar 2022 17% | Jun 2022 13% | Sep 2022 15% | Dec 2022 16% | Mar 2023 21% | Jun 2023 15% | Sep 2023 18% | Dec 2023 26% | Mar 2024 20% | Jun 2024 18% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 17% | Mar 2026 13% | Jun 2026 15%
- TARIL: Sep 2021 8.0% | Dec 2021 5.4% | Mar 2022 4.8% | Jun 2022 7.6% | Sep 2022 10% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 2.8% | Sep 2023 8.0% | Dec 2023 10% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 15% | Mar 2025 19% | Jun 2025 17% | Sep 2025 11% | Dec 2025 17% | Mar 2026 15% | Jun 2026 16%
- SHILCTECH: Sep 2021 6.0% | Dec 2021 13% | Mar 2022 16% | Jun 2022 12% | Sep 2022 17% | Dec 2022 22% | Mar 2023 22% | Jun 2023 30% | Sep 2023 28% | Dec 2023 27% | Mar 2024 30% | Jun 2024 28% | Sep 2024 31% | Dec 2024 28% | Mar 2025 31% | Jun 2025 33% | Sep 2025 31% | Dec 2025 31% | Mar 2026 21% | Jun 2026 16%
- INDOTECH: Sep 2021 8.2% | Dec 2021 9.6% | Mar 2022 7.7% | Jun 2022 3.6% | Sep 2022 2.1% | Dec 2022 6.0% | Mar 2023 15% | Jun 2023 6.0% | Sep 2023 12% | Dec 2023 11% | Mar 2024 15% | Jun 2024 10% | Sep 2024 16% | Dec 2024 14% | Mar 2025 10% | Jun 2025 15% | Sep 2025 17% | Dec 2025 17% | Mar 2026 14% | Jun 2026 14%
- UEL: Sep 2021 0.2% | Dec 2021 -6.4% | Mar 2022 -40% | Jun 2022 8.9% | Sep 2022 -0.9% | Dec 2022 3.0% | Mar 2023 31% | Jun 2023 -4.6% | Sep 2023 -12% | Dec 2023 -13% | Mar 2024 27% | Jun 2024 8.6% | Sep 2024 -3.4% | Dec 2024 42% | Mar 2025 8.0% | Jun 2025 -122% | Sep 2025 11% | Dec 2025 -19% | Mar 2026 -9.8% | Jun 2026 -92%
- BBL: Sep 2021 7.4% | Dec 2021 7.7% | Mar 2022 4.2% | Jun 2022 7.9% | Sep 2022 7.4% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 7.0% | Jun 2026 5.0%
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 -14% | Jun 2022 -350% | Sep 2022 -557% | Dec 2022 24% | Mar 2023 63% | Jun 2023 -117% | Sep 2023 28% | Dec 2023 49% | Mar 2024 16% | Jun 2024 17% | Sep 2024 15% | Dec 2024 9.4% | Mar 2025 18% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 21% | Jun 2026 15%
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 9.0% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18% | Sep 2023 20% | Dec 2023 21% | Mar 2024 21% | Jun 2024 21% | Sep 2024 19% | Dec 2024 10% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 14% | Mar 2026 18% | Jun 2026 18%

### 20-quarter Margin change history
- CGPOWER: Sep 2021 +3.4 pp | Dec 2021 +1.6 pp | Mar 2022 +5.7 pp | Jun 2022 +1.4 pp | Sep 2022 +3.5 pp | Dec 2022 +2.6 pp | Mar 2023 +2.8 pp | Jun 2023 +2.7 pp | Sep 2023 −0.3 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 −1.0 pp
- SCHNEIDER: Sep 2021 −7.0 pp | Dec 2021 +1.0 pp | Mar 2022 +7.0 pp | Jun 2022 +8.5 pp | Sep 2022 +3.3 pp | Dec 2022 −1.2 pp | Mar 2023 +10.0 pp | Jun 2023 +2.2 pp | Sep 2023 +8.5 pp | Dec 2023 +5.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −7.0 pp | Jun 2026 −6.0 pp
- VOLTAMP: Sep 2021 −1.9 pp | Dec 2021 +0.1 pp | Mar 2022 +5.6 pp | Jun 2022 +9.3 pp | Sep 2022 +2.7 pp | Dec 2022 +5.1 pp | Mar 2023 +3.8 pp | Jun 2023 +1.6 pp | Sep 2023 +3.4 pp | Dec 2023 +10.0 pp | Mar 2024 −1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 −6.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −3.0 pp | Mar 2026 −6.0 pp | Jun 2026 −2.0 pp
- TARIL: Sep 2021 −3.4 pp | Dec 2021 −5.3 pp | Mar 2022 −2.8 pp | Jun 2022 −0.0 pp | Sep 2022 +2.5 pp | Dec 2022 +3.6 pp | Mar 2023 +2.2 pp | Jun 2023 −4.8 pp | Sep 2023 −2.5 pp | Dec 2023 +1.0 pp | Mar 2024 +7.0 pp | Jun 2024 +10.2 pp | Sep 2024 +7.0 pp | Dec 2024 +5.0 pp | Mar 2025 +5.0 pp | Jun 2025 +4.0 pp | Sep 2025 −4.0 pp | Dec 2025 +2.0 pp | Mar 2026 −4.0 pp | Jun 2026 −1.0 pp
- SHILCTECH: Sep 2021 −4.1 pp | Dec 2021 +0.5 pp | Mar 2022 +14.5 pp | Jun 2022 +8.2 pp | Sep 2022 +11.3 pp | Dec 2022 +9.2 pp | Mar 2023 +6.4 pp | Jun 2023 +18.1 pp | Sep 2023 +10.7 pp | Dec 2023 +5.0 pp | Mar 2024 +8.0 pp | Jun 2024 −2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 −10.0 pp | Jun 2026 −17.0 pp
- INDOTECH: Sep 2021 +13.9 pp | Dec 2021 +5.9 pp | Mar 2022 −5.5 pp | Jun 2022 +25.1 pp | Sep 2022 −6.2 pp | Dec 2022 −3.6 pp | Mar 2023 +7.3 pp | Jun 2023 +2.5 pp | Sep 2023 +9.9 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.0 pp | Mar 2025 −5.0 pp | Jun 2025 +5.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 −1.0 pp
- UEL: Sep 2021 +215.3 pp | Dec 2021 +27.8 pp | Mar 2022 +65.6 pp | Jun 2022 −25.6 pp | Sep 2022 −1.1 pp | Dec 2022 +9.4 pp | Mar 2023 +70.4 pp | Jun 2023 −13.5 pp | Sep 2023 −11.5 pp | Dec 2023 −15.5 pp | Mar 2024 −3.5 pp | Jun 2024 +13.2 pp | Sep 2024 +9.0 pp | Dec 2024 +54.2 pp | Mar 2025 −19.4 pp | Jun 2025 −130.9 pp | Sep 2025 +14.3 pp | Dec 2025 −60.7 pp | Mar 2026 −17.7 pp | Jun 2026 +30.2 pp
- BBL: Sep 2021 +1.0 pp | Dec 2021 −3.3 pp | Mar 2022 −0.7 pp | Jun 2022 +0.4 pp | Sep 2022 +0.0 pp | Dec 2022 +0.3 pp | Mar 2023 +4.8 pp | Jun 2023 −0.9 pp | Sep 2023 +1.6 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −3.0 pp | Jun 2026 −2.0 pp
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1,092.9 pp | Dec 2022 — | Mar 2023 +76.5 pp | Jun 2023 +232.6 pp | Sep 2023 +585.5 pp | Dec 2023 +25.2 pp | Mar 2024 −46.7 pp | Jun 2024 +134.3 pp | Sep 2024 −13.2 pp | Dec 2024 −39.8 pp | Mar 2025 +2.2 pp | Jun 2025 −1.4 pp | Sep 2025 −0.8 pp | Dec 2025 +5.5 pp | Mar 2026 +2.4 pp | Jun 2026 −0.9 pp
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 — | Mar 2025 +4.0 pp | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 −5.0 pp | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +3.2 pp | Sep 2024 −1.1 pp | Dec 2024 −10.9 pp | Mar 2025 −3.0 pp | Jun 2025 −2.2 pp | Sep 2025 −0.2 pp | Dec 2025 +3.7 pp | Mar 2026 0.0 pp | Jun 2026 −0.6 pp

## Profit Scale & Acceleration

What the numbers say: CG Power & Industrial Solutions Ltd leads with ₹1,239 crore of TTM profit, 290.9% above Voltamp Transformers Ltd. Marsons Ltd shows 43.6% growth from a ₹44 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: CG Power & Industrial Solutions 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: CG Power & Industrial Solutions Ltd · ₹1,239 crore | 290.9% versus #2 · Voltamp Transformers Ltd | 6/8 recent comparable periods | 10/12 companies · 183 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. CG Power & Industrial Solutions Ltd (CGPOWER): ₹1.2K Cr
2. Voltamp Transformers Ltd (VOLTAMP): ₹317 Cr
3. Transformers & Rectifiers India Ltd (TARIL): ₹268 Cr
4. Schneider Electric Infrastructure Ltd (SCHNEIDER): ₹183 Cr
5. Shilchar Technologies Ltd (SHILCTECH): ₹137 Cr

### Profit growth — fastest growers
1. Marsons Ltd (MARSONS): 44%
2. Indo Tech Transformers Ltd (INDOTECH): 30%
3. CG Power & Industrial Solutions Ltd (CGPOWER): 24%
4. Supreme Power Equipment Ltd (SUPREMEPWR): 3.6%
5. Transformers & Rectifiers India Ltd (TARIL): 2.3%

### 20-quarter Net profit history
- CGPOWER: Sep 2021 ₹188 Cr | Dec 2021 ₹545 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹426 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹748 Cr | Mar 2024 ₹234 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹363 Cr | Jun 2026 ₹308 Cr
- SCHNEIDER: Sep 2021 ₹-9 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹12 Cr
- VOLTAMP: Sep 2021 ₹35 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹91 Cr
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹64 Cr
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹21 Cr
- INDOTECH: Sep 2021 ₹5 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹24 Cr | Jun 2026 ₹26 Cr
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-5 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹3 Cr
- BBL: Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹20 Cr
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹23 Cr | Jun 2026 ₹6 Cr
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹20 Cr | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹40 Cr | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹11 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹15 Cr | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹5 Cr

### 20-quarter Profit growth history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 171% | Sep 2022 -4.8% | Dec 2022 -58% | Mar 2023 280% | Jun 2023 57% | Sep 2023 35% | Dec 2023 228% | Mar 2024 -45% | Jun 2024 18% | Sep 2024 -9.1% | Dec 2024 -68% | Mar 2025 17% | Jun 2025 11% | Sep 2025 29% | Dec 2025 19% | Mar 2026 32% | Jun 2026 15%
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -15% | Mar 2023 — | Jun 2023 30% | Sep 2023 378% | Dec 2023 107% | Mar 2024 -93% | Jun 2024 37% | Sep 2024 26% | Dec 2024 22% | Mar 2025 1,733% | Jun 2025 -15% | Sep 2025 -3.7% | Dec 2025 -13% | Mar 2026 -60% | Jun 2026 -71%
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 31% | Dec 2022 70% | Mar 2023 48% | Jun 2023 89% | Sep 2023 48% | Dec 2023 86% | Mar 2024 22% | Jun 2024 55% | Sep 2024 12% | Dec 2024 -23% | Mar 2025 3.2% | Jun 2025 1.3% | Sep 2025 4.0% | Dec 2025 36% | Mar 2026 -51% | Jun 2026 14%
- TARIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 320% | Jun 2024 — | Sep 2024 2,200% | Dec 2024 244% | Mar 2025 124% | Jun 2025 219% | Sep 2025 -20% | Dec 2025 38% | Mar 2026 -3.2% | Jun 2026 -4.5%
- SHILCTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 117% | Mar 2024 56% | Jun 2024 50% | Sep 2024 38% | Dec 2024 35% | Mar 2025 120% | Jun 2025 71% | Sep 2025 39% | Dec 2025 20% | Mar 2026 -49% | Jun 2026 -49%
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -80% | Dec 2022 -43% | Mar 2023 217% | Jun 2023 300% | Sep 2023 600% | Dec 2023 175% | Mar 2024 37% | Jun 2024 50% | Sep 2024 157% | Dec 2024 73% | Mar 2025 -19% | Jun 2025 217% | Sep 2025 39% | Dec 2025 32% | Mar 2026 14% | Jun 2026 37%
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -91% | Mar 2025 — | Jun 2025 -35% | Sep 2025 -88% | Dec 2025 -96% | Mar 2026 40% | Jun 2026 31%
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 21% | Dec 2022 44% | Mar 2023 125% | Jun 2023 56% | Sep 2023 65% | Dec 2023 30% | Mar 2024 81% | Jun 2024 -4.0% | Sep 2024 -32% | Dec 2024 37% | Mar 2025 2.0% | Jun 2025 17% | Sep 2025 47% | Dec 2025 -39% | Mar 2026 -22% | Jun 2026 -29%
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -75% | Mar 2024 -87% | Jun 2024 — | Sep 2024 1,560% | Dec 2024 4,113% | Mar 2025 1,898% | Jun 2025 53% | Sep 2025 23% | Dec 2025 2.5% | Mar 2026 152% | Jun 2026 -26%
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 45% | Dec 2025 — | Mar 2026 14% | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27% | Dec 2024 — | Mar 2025 75% | Jun 2025 — | Sep 2025 71% | Dec 2025 — | Mar 2026 -29% | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 22% | Sep 2024 -46% | Dec 2024 9.1% | Mar 2025 50% | Jun 2025 30% | Sep 2025 31% | Dec 2025 7.1% | Mar 2026 -8.3% | Jun 2026 9.8%

## Return On Capital Employed

What the numbers say: Shilchar Technologies Ltd leads ROCE at 50.7%, 13 percentage points above Indo Tech Transformers Ltd. Indo Tech Transformers Ltd has the strongest latest improvement at +5.4 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.

Investor read: Shilchar Technologies 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: Shilchar Technologies Ltd · 50.7% | 34.5% versus #2 · Indo Tech Transformers Ltd | Not enough history | 12/12 companies · 115 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. Shilchar Technologies Ltd (SHILCTECH): 51%
2. Indo Tech Transformers Ltd (INDOTECH): 38%
3. Schneider Electric Infrastructure Ltd (SCHNEIDER): 30%
4. CG Power & Industrial Solutions Ltd (CGPOWER): 27%
5. Marsons Ltd (MARSONS): 25%

### ROCE change — fastest improvers
1. Indo Tech Transformers Ltd (INDOTECH): +5.4 pp
2. Vilas Transcore Ltd (VILAS): −0.3 pp
3. Bharat Bijlee Ltd (BBL): −0.9 pp
4. Marsons Ltd (MARSONS): −1.0 pp
5. Voltamp Transformers Ltd (VOLTAMP): −3.2 pp

### 20-quarter ROCE history
- CGPOWER: Sep 2021 25% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 49% | Jun 2023 — | Sep 2023 45% | Dec 2023 95% | Mar 2024 33% | Jun 2024 73% | Sep 2024 28% | Dec 2024 42% | Mar 2025 28% | Jun 2025 38% | Sep 2025 16% | Dec 2025 26% | Mar 2026 17% | Jun 2026 27%
- SCHNEIDER: Sep 2021 7.4% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 32% | Dec 2023 46% | Mar 2024 33% | Jun 2024 43% | Sep 2024 33% | Dec 2024 47% | Mar 2025 32% | Jun 2025 40% | Sep 2025 29% | Dec 2025 34% | Mar 2026 25% | Jun 2026 —
- VOLTAMP: Sep 2021 9.2% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 22% | Dec 2023 35% | Mar 2024 23% | Jun 2024 35% | Sep 2024 24% | Dec 2024 33% | Mar 2025 22% | Jun 2025 29% | Sep 2025 22% | Dec 2025 30% | Mar 2026 19% | Jun 2026 —
- INDOTECH: Sep 2021 9.0% | Dec 2021 — | Mar 2022 8.7% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 21% | Dec 2023 32% | Mar 2024 25% | Jun 2024 32% | Sep 2024 28% | Dec 2024 42% | Mar 2025 25% | Jun 2025 41% | Sep 2025 29% | Dec 2025 41% | Mar 2026 30% | Jun 2026 —
- UEL: Sep 2021 -14% | Dec 2021 — | Mar 2022 -11% | Jun 2022 — | Sep 2022 -16% | Dec 2022 — | Mar 2023 -6.6% | Jun 2023 — | Sep 2023 -11% | Dec 2023 21% | Mar 2024 -8.5% | Jun 2024 20% | Sep 2024 -3.3% | Dec 2024 13% | Mar 2025 4.6% | Jun 2025 11% | Sep 2025 0.9% | Dec 2025 3.0% | Mar 2026 -4.9% | Jun 2026 —
- BBL: Sep 2021 6.7% | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 7.2% | Jun 2023 — | Sep 2023 8.3% | Dec 2023 12% | Mar 2024 7.9% | Jun 2024 11% | Sep 2024 5.6% | Dec 2024 9.5% | Mar 2025 7.1% | Jun 2025 9.6% | Sep 2025 6.9% | Dec 2025 7.9% | Mar 2026 6.2% | Jun 2026 —
- MARSONS: Sep 2021 -7.5% | Dec 2021 — | Mar 2022 -5.8% | Jun 2022 — | Sep 2022 -5.4% | Dec 2022 — | Mar 2023 4.6% | Jun 2023 — | Sep 2023 5.7% | Dec 2023 31% | Mar 2024 4.3% | Jun 2024 40% | Sep 2024 13% | Dec 2024 30% | Mar 2025 20% | Jun 2025 45% | Sep 2025 20% | Dec 2025 27% | Mar 2026 19% | Jun 2026 —
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 28% | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- VILAS: 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 11% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 14% | Jun 2026 —

### 20-quarter ROCE change history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.2 pp | Dec 2022 — | Mar 2023 +9.8 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 −15.8 pp | Jun 2024 — | Sep 2024 −16.8 pp | Dec 2024 −53.6 pp | Mar 2025 −5.1 pp | Jun 2025 −34.8 pp | Sep 2025 −11.7 pp | Dec 2025 −15.5 pp | Mar 2026 −11.4 pp | Jun 2026 −11.1 pp
- SCHNEIDER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.0 pp | Dec 2022 — | Mar 2023 +10.5 pp | Jun 2023 — | Sep 2023 +7.8 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +0.6 pp | Mar 2025 −0.9 pp | Jun 2025 −3.9 pp | Sep 2025 −4.4 pp | Dec 2025 −12.7 pp | Mar 2026 −7.3 pp | Jun 2026 —
- VOLTAMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.4 pp | Dec 2022 — | Mar 2023 +6.2 pp | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +2.3 pp | Dec 2024 −2.4 pp | Mar 2025 −0.7 pp | Jun 2025 −5.1 pp | Sep 2025 −1.8 pp | Dec 2025 −2.4 pp | Mar 2026 −3.2 pp | Jun 2026 —
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 — | Mar 2023 +6.5 pp | Jun 2023 — | Sep 2023 +10.7 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 +6.9 pp | Dec 2024 +10.0 pp | Mar 2025 +0.1 pp | Jun 2025 +9.2 pp | Sep 2025 +0.7 pp | Dec 2025 −0.1 pp | Mar 2026 +5.4 pp | Jun 2026 —
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 — | Mar 2023 +4.5 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 +7.9 pp | Dec 2024 −7.9 pp | Mar 2025 +13.1 pp | Jun 2025 −8.7 pp | Sep 2025 +4.2 pp | Dec 2025 −10.2 pp | Mar 2026 −9.5 pp | Jun 2026 —
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +2.5 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 −2.7 pp | Dec 2024 −2.5 pp | Mar 2025 −0.8 pp | Jun 2025 −1.5 pp | Sep 2025 +1.3 pp | Dec 2025 −1.6 pp | Mar 2026 −0.9 pp | Jun 2026 —
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 — | Mar 2023 +10.4 pp | Jun 2023 — | Sep 2023 +11.1 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 +6.9 pp | Dec 2024 −0.8 pp | Mar 2025 +16.0 pp | Jun 2025 +5.7 pp | Sep 2025 +7.8 pp | Dec 2025 −2.8 pp | Mar 2026 −1.0 pp | Jun 2026 —
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.9 pp | Dec 2025 — | Mar 2026 −6.6 pp | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.8 pp | Jun 2025 — | Sep 2025 +6.0 pp | Dec 2025 — | Mar 2026 −0.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Indo Tech Transformers Ltd has the lowest comparable PEG at 0.74×, 73.5% below Schneider Electric Infrastructure Ltd. Only 5 of 12 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

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

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

Evidence: Indo Tech Transformers Ltd · 0.74× | 73.5% versus #2 · Schneider Electric Infrastructure Ltd | 0/8 recent comparable periods | 5/12 companies · 44 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Indo Tech Transformers Ltd (INDOTECH): 0.7
2. Schneider Electric Infrastructure Ltd (SCHNEIDER): 2.8
3. Bharat Bijlee Ltd (BBL): 4.5
4. Voltamp Transformers Ltd (VOLTAMP): 4.9
5. CG Power & Industrial Solutions Ltd (CGPOWER): 5.2

### P/E — lowest P/E
1. Danish Power Ltd (DANISH): 21.8
2. Supreme Power Equipment Ltd (SUPREMEPWR): 22.1
3. Bharat Bijlee Ltd (BBL): 23.1
4. Vilas Transcore Ltd (VILAS): 23.2
5. Voltamp Transformers Ltd (VOLTAMP): 32.4

### 20-quarter PEG history
- CGPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 2.6 | Jun 2024 9.6 | Sep 2024 14.9 | Dec 2024 — | Mar 2025 11.0 | Jun 2025 7.6 | Sep 2025 9.9 | Dec 2025 5.2 | Mar 2026 4.8 | Jun 2026 5.2
- SCHNEIDER: Sep 2021 — | Dec 2021 2.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.3 | Dec 2024 4.4 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 2.6 | Dec 2025 — | Mar 2026 2.8 | Jun 2026 —
- VOLTAMP: Sep 2021 0.8 | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 1.1 | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 2.1 | Jun 2025 4.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDOTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 0.7
- BBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 0.5 | Mar 2023 1.1 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 4.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CGPOWER: Sep 2021 19.6 | Dec 2021 27.1 | Mar 2022 22.6 | Jun 2022 57.3 | Sep 2022 64.4 | Dec 2022 69.0 | Mar 2023 73.0 | Jun 2023 76.5 | Sep 2023 81.6 | Dec 2023 79.4 | Mar 2024 96.1 | Jun 2024 125.8 | Sep 2024 129.3 | Dec 2024 127.5 | Mar 2025 103.7 | Jun 2025 105.4 | Sep 2025 112.7 | Dec 2025 94.7 | Mar 2026 91.1 | Jun 2026 120.0
- SCHNEIDER: Sep 2021 119.4 | Dec 2021 123.1 | Mar 2022 159.2 | Jun 2022 77.2 | Sep 2022 73.2 | Dec 2022 53.0 | Mar 2023 56.8 | Jun 2023 57.5 | Sep 2023 67.3 | Dec 2023 57.5 | Mar 2024 81.4 | Jun 2024 118.0 | Sep 2024 104.0 | Dec 2024 94.2 | Mar 2025 78.6 | Jun 2025 74.4 | Sep 2025 80.7 | Dec 2025 70.8 | Mar 2026 80.1 | Jun 2026 143.3
- VOLTAMP: Sep 2021 13.4 | Dec 2021 17.7 | Mar 2022 18.1 | Jun 2022 19.7 | Sep 2022 18.3 | Dec 2022 18.1 | Mar 2023 15.5 | Jun 2023 20.5 | Sep 2023 20.3 | Dec 2023 26.8 | Mar 2024 33.7 | Jun 2024 36.2 | Sep 2024 40.0 | Dec 2024 29.9 | Mar 2025 22.4 | Jun 2025 28.9 | Sep 2025 22.5 | Dec 2025 25.0 | Mar 2026 27.2 | Jun 2026 33.2
- TARIL: Sep 2021 27.0 | Dec 2021 31.5 | Mar 2022 22.6 | Jun 2022 26.8 | Sep 2022 45.2 | Dec 2022 30.4 | Mar 2023 22.9 | Jun 2023 32.3 | Sep 2023 104.7 | Dec 2023 257.1 | Mar 2024 363.9 | Jun 2024 233.2 | Sep 2024 116.3 | Dec 2024 132.6 | Mar 2025 99.3 | Jun 2025 69.5 | Sep 2025 57.7 | Dec 2025 35.0 | Mar 2026 30.6 | Jun 2026 38.0
- SHILCTECH: Sep 2021 14.1 | Dec 2021 19.4 | Mar 2022 19.5 | Jun 2022 14.3 | Sep 2022 12.5 | Dec 2022 13.6 | Mar 2023 16.7 | Jun 2023 16.5 | Sep 2023 22.2 | Dec 2023 27.9 | Mar 2024 35.2 | Jun 2024 45.7 | Sep 2024 41.8 | Dec 2024 54.3 | Mar 2025 34.4 | Jun 2025 41.4 | Sep 2025 31.4 | Dec 2025 25.4 | Mar 2026 22.4 | Jun 2026 32.7
- INDOTECH: Sep 2021 27.4 | Dec 2021 17.1 | Mar 2022 11.7 | Jun 2022 15.4 | Sep 2022 12.1 | Dec 2022 12.7 | Mar 2023 14.7 | Jun 2023 17.4 | Sep 2023 16.3 | Dec 2023 20.8 | Mar 2024 25.9 | Jun 2024 36.4 | Sep 2024 40.7 | Dec 2024 51.6 | Mar 2025 34.8 | Jun 2025 33.0 | Sep 2025 23.5 | Dec 2025 19.6 | Mar 2026 13.9 | Jun 2026 33.6
- UEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.5 | Mar 2024 — | Jun 2024 59.1 | Sep 2024 123.7 | Dec 2024 129.4 | Mar 2025 241.7 | Jun 2025 690.9 | Sep 2025 571.6 | Dec 2025 844.9 | Mar 2026 724.5 | Jun 2026 572.0
- BBL: Sep 2021 15.3 | Dec 2021 19.1 | Mar 2022 17.8 | Jun 2022 16.3 | Sep 2022 18.4 | Dec 2022 22.7 | Mar 2023 21.1 | Jun 2023 20.4 | Sep 2023 22.1 | Dec 2023 26.5 | Mar 2024 33.0 | Jun 2024 40.0 | Sep 2024 42.1 | Dec 2024 34.5 | Mar 2025 24.7 | Jun 2025 25.9 | Sep 2025 26.0 | Dec 2025 20.8 | Mar 2026 18.4 | Jun 2026 26.6
- MARSONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -183.1 | Mar 2023 24.5 | Jun 2023 — | Sep 2023 21.5 | Dec 2023 32.5 | Mar 2024 820.8 | Jun 2024 142.9 | Sep 2024 310.2 | Dec 2024 152.7 | Mar 2025 94.1 | Jun 2025 131.8 | Sep 2025 98.4 | Dec 2025 80.4 | Mar 2026 69.5 | Jun 2026 42.0
- DANISH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 27.3 | Jun 2025 — | Sep 2025 29.2 | Dec 2025 — | Mar 2026 18.0 | Jun 2026 —
- VILAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 31.5 | Dec 2024 — | Mar 2025 26.0 | Jun 2025 — | Sep 2025 37.0 | Dec 2025 — | Mar 2026 19.5 | Jun 2026 —
- SUPREMEPWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 49.5 | Sep 2024 47.6 | Dec 2024 37.9 | Mar 2025 18.9 | Jun 2025 30.6 | Sep 2025 27.8 | Dec 2025 23.4 | Mar 2026 18.9 | Jun 2026 31.4


## 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.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- CG Power & Industrial Solutions Ltd (CGPOWER) — market value ₹1.4 L Cr; latest fundamentals Jun 2026
- Schneider Electric Infrastructure Ltd (SCHNEIDER) — market value ₹32.7K Cr; latest fundamentals Jun 2026
- Voltamp Transformers Ltd (VOLTAMP) — market value ₹10.3K Cr; latest fundamentals Jun 2026
- Transformers & Rectifiers India Ltd (TARIL) — market value ₹8.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Shilchar Technologies Ltd (SHILCTECH) — market value ₹4.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Indo Tech Transformers Ltd (INDOTECH) — market value ₹3.8K Cr; latest fundamentals Jun 2026
- Ujaas Energy Ltd (UEL) — market value ₹3.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Bharat Bijlee Ltd (BBL) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- Marsons Ltd (MARSONS) — market value ₹1.8K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Danish Power Ltd (DANISH) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Vilas Transcore Ltd (VILAS) — market value ₹916 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Supreme Power Equipment Ltd (SUPREMEPWR) — market value ₹462 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 5. Unverified: 5. Withheld: 2. Graded companies: 12.

4 of 12 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 12 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Transformers & Rectifiers India Ltd (TARIL) — its two data sources disagree by up to 7% on reported income across 15 comparable periods, so its derived ratios are withheld; Shilchar Technologies Ltd (SHILCTECH) — its two data sources disagree by up to 3.4% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | TARIL | Transformers & Rectifiers India Ltd | diff_gt_2pct | disagreement up to 7% over 15 comparable periods
- WITHHELD | SHILCTECH | Shilchar Technologies Ltd | diff_gt_2pct | disagreement up to 3.42% over 14 comparable periods

- UNVERIFIED | UEL | Ujaas Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MARSONS | Marsons Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DANISH | Danish Power Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VILAS | Vilas Transcore Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; 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 - Transformers sector outperforming NIFTY 500?

Capital Goods - Transformers has outperformed NIFTY 500 by 9.4% over 52 weeks and 0.8% over 13 weeks. 5 of 12 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself.

### Which Capital Goods - Transformers company is largest by revenue?

CG Power & Industrial Solutions Ltd leads with revenue of ₹12,821 crore, based on 10 of 12 comparable companies through Jun 2026.

### Which Capital Goods - Transformers company is growing fastest?

Marsons Ltd has the fastest current revenue growth at 33.5%, across 10 of 12 comparable companies.

### Which Capital Goods - Transformers company has the strongest 4-Factor Sector Score?

Indo Tech Transformers Ltd ranks first at 79.5/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Capital Goods - Transformers company has the lowest comparable PEG?

Indo Tech Transformers Ltd has the lowest comparable PEG at 0.74, among 5 of 12 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Capital Goods - Transformers 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 - Transformers 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 - Transformers, this page builds its own equal-weight basket of 12 listed Capital Goods - Transformers 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 - Transformers stocks in India?

Ranked by this page's four-factor score, Indo Tech Transformers Ltd places first among 12 listed Capital Goods - Transformers companies, followed by Marsons 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 - Transformers stocks are listed in India?

This comparison covers 12 listed Capital Goods - Transformers 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 - Transformers company is the biggest?

CG Power & Industrial Solutions Ltd is the largest, with trailing-twelve-month revenue of ₹12,821 crore, ahead of Schneider Electric Infrastructure Ltd at ₹2,920 crore. That covers 10 of 12 companies with comparable reporting through Jun 2026.

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

Supreme Power Equipment Ltd has the highest operating margin at 18.3%, from 12 of 12 comparable companies. Ujaas Energy Ltd shows the biggest improvement (+30.2 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking.

### Which Capital Goods - Transformers company makes the most profit?

CG Power & Industrial Solutions Ltd earns the most, at ₹1,239 crore of trailing-twelve-month net profit, from 10 of 12 comparable companies. Marsons Ltd has the fastest profit growth at 43.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Capital Goods - Transformers company earns the highest return on capital?

Shilchar Technologies Ltd leads on return on capital employed at 50.7%, across 12 of 12 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 - Transformers stock is the cheapest?

On PEG — where a LOWER number is cheaper — Indo Tech Transformers Ltd screens cheapest at 0.74×. Only 5 of 12 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 - Transformers sector beating the market?

Capital Goods - Transformers has outperformed NIFTY 500 by 9.4% over the last 52 weeks and 0.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Capital Goods - Transformers stock has the strongest price momentum?

Indo Tech Transformers 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 - Transformers company scores highest for research priority?

Indo Tech Transformers Ltd scores 79.5 out of 100 with 100% evidence confidence, from 29.1 points on growth and earnings, 18.3 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 - Transformers companies does this comparison cover, and over what period?

It compares 12 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 - Transformers sector?

The 12 Capital Goods - Transformers companies on this page carry ₹2,10,815 crore of combined market value. CG Power & Industrial Solutions Ltd is the largest at ₹1,40,239 crore, about 67% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

### What is the Capital Goods - Transformers sector's P/E ratio?

The median price-to-earnings ratio across the 12 Capital Goods - Transformers companies on this page is 34.6×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-18.

### How is the Capital Goods - Transformers sector performing?

5 of the 12 covered Capital Goods - Transformers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.

### Why are some values on this page blank?

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

### Is this investment advice?

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