# Electric Equipment - General — company-by-company sector analysis

> Electric Equipment - General: ABB India Ltd owns the largest revenue base; Fujiyama Power Systems Ltd has the fastest current growth.

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

## Bottom line

Electric Equipment - General has outperformed NIFTY 500 by 66.2% over 52 weeks and 12.8% over 13 weeks. 5 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. ABB India Ltd leads with revenue of ₹13,477 crore, based on 8 of 14 comparable companies through Jun 2026.

## Sector relative strength

Electric Equipment - General has outperformed NIFTY 500 by 66.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.8%. 5 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Yash Highvoltage Ltd is the strongest against the sector itself at +20.1%.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: 66%
Stocks leading NIFTY: 5/8
Stocks leading sector: 2/5

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

Companies: 14
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. Emmvee Photovoltaic Power Ltd (EMMVEE): 73/100 — Favorable setup; evidence 73%
   - Growth & earnings 29.4/35 | Capital efficiency 18.8/25 | Valuation 14.8/20 | Relative strength 10.0/20
   - 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 12 of the last 12 weeks
   - Exact sum: 29.4 + 18.8 + 14.8 + 10 = 73
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Fujiyama Power Systems Ltd (UTLSOLAR): 56/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 22.3/35 | Capital efficiency 13.9/25 | Valuation 9.9/20 | Relative strength 10.0/20
   - 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 12 of the last 12 weeks
   - Exact sum: 22.3 + 13.9 + 9.9 + 10 = 56.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Indosolar Ltd (WAAREEINDO): 50/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 13.0/35 | Capital efficiency 19.9/25 | Valuation 11.5/20 | Relative strength 5.9/20
   - 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 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 13 + 19.9 + 11.5 + 5.9 = 50.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. ABB India Ltd (ABB): 50/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 17.5/35 | Capital efficiency 15.2/25 | Valuation 6.8/20 | Relative strength 10.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 17.5 + 15.2 + 6.8 + 10.6 = 50.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Hindusthan Insulators & Industries Ltd (539984): 48/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 24.3/35 | Capital efficiency 7.4/25 | Valuation 11.0/20 | Relative strength 5.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 24.3 + 7.4 + 11 + 5 = 47.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -38.8% and the one-year return is 10.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6. Saatvik Green Energy Ltd (SAATVIKGL): 46/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 7.9/35 | Capital efficiency 12.3/25 | Valuation 15.6/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 7.9 + 12.3 + 15.6 + 10 = 45.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Vidya Wires Ltd (VIDYAWIRES): 45/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 15.8/35 | Capital efficiency 9.2/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 15.8 + 9.2 + 10.1 + 10 = 45.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Prostarm Info Systems Ltd (PROSTARM): 43/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 14.4/35 | Capital efficiency 10.4/25 | Valuation 10.3/20 | Relative strength 8.0/20
   - 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: 14.4 + 10.4 + 10.3 + 8 = 43.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Yash Highvoltage Ltd (544310): 63/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 18.5/35 | Capital efficiency 15.8/25 | Valuation 8.7/20 | Relative strength 19.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 18.5 + 15.8 + 8.7 + 19.5 = 62.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Vivid Electromech Ltd (VIVIDEL): 57/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 17.2/35 | Capital efficiency 21.0/25 | Valuation 9.2/20 | Relative strength 10.0/20
   - 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 4 weeks with a reading, within the last 12
   - Exact sum: 17.2 + 21 + 9.2 + 10 = 57.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. GP Eco Solutions India Ltd (GPECO): 57/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 20.6/35 | Capital efficiency 16.4/25 | Valuation 11.3/20 | Relative strength 8.4/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 4 weeks with a reading, within the last 12
   - Exact sum: 20.6 + 16.4 + 11.3 + 8.4 = 56.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Indo SMC Ltd (544681): 54/100 — Thin evidence · provisional; evidence 31%
   - Growth & earnings 17.6/35 | Capital efficiency 16.8/25 | Valuation 9.7/20 | Relative strength 10.0/20
   - 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 12 of the last 12 weeks
   - Exact sum: 17.6 + 16.8 + 9.7 + 10 = 54.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Saakshi Medtech & Panels Ltd (SAAKSHI): 53/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 20.5/35 | Capital efficiency 12.3/25 | Valuation 9.4/20 | Relative strength 11.1/20
   - 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 1 of 2 weeks with a reading, within the last 12
   - Exact sum: 20.5 + 12.3 + 9.4 + 11.1 = 53.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Parth Electricals & Engineering Ltd (PARTH): 52/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 16.7/35 | Capital efficiency 11.7/25 | Valuation 9.0/20 | Relative strength 14.6/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 16.7 + 11.7 + 9 + 14.6 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Parth Electricals & Engineering Ltd has the strongest one-year price move in Electric Equipment - General at +123.8%. Hindusthan Insulators & Industries Ltd leads on Mansfield relative strength against NIFTY at +85.2%. 5 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Parth Electricals & Engineering Ltd (PARTH): 124%
2. Yash Highvoltage Ltd (544310): 87%
3. ABB India Ltd (ABB): 52%
4. Hindusthan Insulators & Industries Ltd (539984): 10%
5. Indosolar Ltd (WAAREEINDO): -21%

### Strongest relative strength versus NIFTY 500
1. Hindusthan Insulators & Industries Ltd (539984): 85%
2. Yash Highvoltage Ltd (544310): 59%
3. Parth Electricals & Engineering Ltd (PARTH): 50%
4. Saakshi Medtech & Panels Ltd (SAAKSHI): 39%
5. ABB India Ltd (ABB): 24%

## Electric Equipment - General — the story behind the numbers

This is the written read behind the Electric Equipment - General figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 9 Aug 2026. 5 themes are live here, 1 of them rated high severity.

The Electric Equipment - General sector shows early signs of hyper-growth driven by domestic manufacturing mandates, though data is limited to a single constituent this week. EMMVEE delivered its most impressive quarterly and annual result in company history, with Q4 FY26 revenue surging 62% YoY to ₹1,739 Cr.

How old this read is: This read comes from our Electric Equipment - General sector brief dated 9 Aug 2026, so the words here and the numbers above them cover the same few weeks.

### Live themes, worst first
- HIGH | Silver paste and aluminium price volatility impacts cell manufacturing costs (~10% of cell cost). | Pass-through contracts and 50-60% reduction strategies. | quoted: "The main active risk is commodity price volatility, specifically silver paste and aluminium; however, management mitigates this through pass-through contracts and a 50-60% reduction" | named for EMMVEE
- MEDIUM | US tariffs on Chinese panels create trade diversion risks; Chinese excess capacity could flood non-US markets. | Energy security imperatives driving domestic strategy. | quoted: "Geopolitics Reshaping Solar Strategy — energy security has evolved into a strategic imperative for India" | named for EMMVEE
- MEDIUM | Working capital intensity increases with revenue scaling due to inventory and debtor buildup. | Monitoring operating cash flow trends. | quoted: "consolidated net cash from operating activities decreased to ₹200.14 crore in FY26 from ₹624.89 crore a year ago" | named for EMMVEE
- MEDIUM | EBITDA margins depend on price premiums from ALMM import restrictions; normalization would compress margins. | Rising demand for domestic equipment. | quoted: "demand for domestically manufactured solar equipment continues to rise in India — reflecting ongoing ALMM policy tailwind" | named for EMMVEE
- LOW | Imported raw materials priced in USD create natural FX exposure on the cost side. | Revenue primarily domestic offsets some exposure. | quoted: "Emmvee Photovoltaic Power Limited manufactures and sales solar cells, photovoltaic modules and photovoltaic systems across India and Europe" | named for EMMVEE

Sources: our Electric Equipment - General sector brief, 9 Aug 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

What the numbers say: ABB India Ltd is the scale leader at ₹13,477 crore, 141.6% ahead of Emmvee Photovoltaic Power Ltd. Fujiyama Power Systems Ltd's growth is 95% from a ₹3,403 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ABB India Ltd is the scale benchmark; Fujiyama Power Systems Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ABB India Ltd's growth falls below Fujiyama Power Systems Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: ABB India Ltd · ₹13,477 crore | 141.6% versus #2 · Emmvee Photovoltaic Power Ltd | 4/4 recent comparable periods | 8/14 companies · 114 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. ABB India Ltd (ABB): ₹13.5K Cr
2. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹5.6K Cr
3. Saatvik Green Energy Ltd (SAATVIKGL): ₹4.1K Cr
4. Fujiyama Power Systems Ltd (UTLSOLAR): ₹3.4K Cr
5. Vidya Wires Ltd (VIDYAWIRES): ₹2.0K Cr

### Revenue growth — fastest growers
1. Fujiyama Power Systems Ltd (UTLSOLAR): 95%
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 84%
3. Saatvik Green Energy Ltd (SAATVIKGL): 47%
4. Hindusthan Insulators & Industries Ltd (539984): 42%
5. Vidya Wires Ltd (VIDYAWIRES): 32%

### 20-quarter Revenue history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹149 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹109 Cr | Jun 2026 ₹116 Cr
- 544310: 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 ₹57 Cr | Dec 2024 — | Mar 2025 ₹93 Cr | Jun 2025 — | Sep 2025 ₹100 Cr | Dec 2025 — | Mar 2026 ₹136 Cr | Jun 2026 —
- 544681: 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 ₹69 Cr | Jun 2025 — | Sep 2025 ₹75 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.6K Cr
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹333 Cr | Sep 2024 ₹402 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.6K Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹361 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹588 Cr | Mar 2026 ₹901 Cr | Jun 2026 ₹1.3K Cr
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹234 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹453 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹919 Cr | Jun 2025 ₹916 Cr | Sep 2025 ₹768 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹511 Cr
- VIDYAWIRES: 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 ₹364 Cr | Dec 2024 ₹347 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹412 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹599 Cr | Jun 2026 ₹550 Cr
- VIVIDEL: 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 ₹101 Cr | Jun 2025 — | Sep 2025 ₹71 Cr | Dec 2025 — | Mar 2026 ₹130 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹83 Cr | Jun 2026 ₹68 Cr
- PROSTARM: 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 ₹98 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹104 Cr | Jun 2026 ₹76 Cr
- PARTH: 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 ₹70 Cr | Dec 2024 — | Mar 2025 ₹105 Cr | Jun 2025 — | Sep 2025 ₹80 Cr | Dec 2025 — | Mar 2026 ₹118 Cr | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹69 Cr | Jun 2023 — | Sep 2023 ₹61 Cr | Dec 2023 — | Mar 2024 ₹61 Cr | Jun 2024 — | Sep 2024 ₹44 Cr | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 — | Sep 2025 ₹58 Cr | Dec 2025 — | Mar 2026 ₹57 Cr | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹44 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹83 Cr | Dec 2024 — | Mar 2025 ₹163 Cr | Jun 2025 — | Sep 2025 ₹121 Cr | Dec 2025 — | Mar 2026 ₹293 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -72% | Sep 2023 -59% | Dec 2023 -60% | Mar 2024 -51% | Jun 2024 45% | Sep 2024 -6.4% | Dec 2024 26% | Mar 2025 14% | Jun 2025 4.9% | Sep 2025 19% | Dec 2025 40% | Mar 2026 30% | Jun 2026 81%
- 544310: 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 75% | Dec 2025 — | Mar 2026 46% | Jun 2026 —
- 544681: 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 — | Dec 2025 — | Mar 2026 186% | Jun 2026 —
- ABB: 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 14% | Dec 2025 1.7% | Mar 2026 5.8% | Jun 2026 21%
- EMMVEE: 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 209% | Sep 2025 181% | Dec 2025 118% | Mar 2026 62% | Jun 2026 51%
- UTLSOLAR: 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 65% | Sep 2025 73% | Dec 2025 73% | Mar 2026 88% | Jun 2026 125%
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.3% | Sep 2024 — | Dec 2024 — | Mar 2025 103% | Jun 2025 272% | Sep 2025 62% | Dec 2025 143% | Mar 2026 75% | Jun 2026 -44%
- VIDYAWIRES: 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 4.7% | Dec 2025 29% | Mar 2026 58% | Jun 2026 34%
- VIVIDEL: 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 — | Dec 2025 — | Mar 2026 29% | Jun 2026 —
- WAAREEINDO: 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 625% | Dec 2025 94% | Mar 2026 -57% | Jun 2026 -65%
- PROSTARM: 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 -33% | Dec 2025 110% | Mar 2026 27% | Jun 2026 39%
- PARTH: 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 14% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -12% | Jun 2024 — | Sep 2024 -28% | Dec 2024 — | Mar 2025 -21% | Jun 2025 — | Sep 2025 32% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- GPECO: 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 89% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 46% | Dec 2025 — | Mar 2026 80% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Indosolar Ltd leads both opm at 71% and margin change at +38 percentage points.

Investor read: Indosolar 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: Indosolar Ltd · 71% | 86.8% versus #2 · Hindusthan Insulators & Industries Ltd | 3/4 recent comparable periods | 14/14 companies · 113 observations

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

### OPM — highest
1. Indosolar Ltd (WAAREEINDO): 71%
2. Hindusthan Insulators & Industries Ltd (539984): 38%
3. Emmvee Photovoltaic Power Ltd (EMMVEE): 35%
4. Yash Highvoltage Ltd (544310): 26%
5. Vivid Electromech Ltd (VIVIDEL): 24%

### Margin change — fastest expanders
1. Indosolar Ltd (WAAREEINDO): +38.0 pp
2. Hindusthan Insulators & Industries Ltd (539984): +32.0 pp
3. Saakshi Medtech & Panels Ltd (SAAKSHI): +12.0 pp
4. GP Eco Solutions India Ltd (GPECO): +10.0 pp
5. Indo SMC Ltd (544681): +4.0 pp

### 20-quarter OPM history
- 539984: Sep 2021 1.0% | Dec 2021 3.9% | Mar 2022 3.6% | Jun 2022 0.1% | Sep 2022 -12% | Dec 2022 -3.4% | Mar 2023 2.2% | Jun 2023 10% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 -0.5% | Jun 2024 6.0% | Sep 2024 3.1% | Dec 2024 4.4% | Mar 2025 -28% | Jun 2025 6.0% | Sep 2025 10% | Dec 2025 26% | Mar 2026 21% | Jun 2026 38%
- 544310: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 17% | Jun 2024 19% | Sep 2024 20% | Dec 2024 — | Mar 2025 23% | Jun 2025 — | Sep 2025 21% | Dec 2025 — | Mar 2026 26% | Jun 2026 —
- 544681: 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 11% | Jun 2025 — | Sep 2025 18% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 10% | Jun 2022 10% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 14% | Sep 2025 15% | Dec 2025 15% | Mar 2026 13% | Jun 2026 13%
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16% | Sep 2024 23% | Dec 2024 38% | Mar 2025 34% | Jun 2025 34% | Sep 2025 35% | Dec 2025 36% | Mar 2026 33% | Jun 2026 35%
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 16% | Jun 2025 18% | Sep 2025 18% | Dec 2025 19% | Mar 2026 19% | Jun 2026 19%
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.0% | Sep 2023 — | Dec 2023 — | Mar 2024 19% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 17% | Jun 2025 19% | Sep 2025 14% | Dec 2025 12% | Mar 2026 6.7% | Jun 2026 6.6%
- VIDYAWIRES: 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 3.8% | Dec 2024 4.7% | Mar 2025 4.9% | Jun 2025 4.5% | Sep 2025 4.1% | Dec 2025 5.0% | Mar 2026 4.7% | Jun 2026 4.0%
- VIVIDEL: 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 20% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 24% | Jun 2026 —
- WAAREEINDO: 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 77% | Dec 2024 23% | Mar 2025 26% | Jun 2025 33% | Sep 2025 35% | Dec 2025 36% | Mar 2026 77% | Jun 2026 71%
- PROSTARM: 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 21% | Dec 2024 15% | Mar 2025 14% | Jun 2025 7.1% | Sep 2025 17% | Dec 2025 13% | Mar 2026 10% | Jun 2026 8.5%
- PARTH: 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 11% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 9.0% | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 9.0% | Dec 2024 — | Mar 2025 5.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 15% | Jun 2026 —

### 20-quarter Margin change history
- 539984: Sep 2021 −8.9 pp | Dec 2021 −8.6 pp | Mar 2022 −6.2 pp | Jun 2022 −0.7 pp | Sep 2022 −13.0 pp | Dec 2022 −7.3 pp | Mar 2023 −1.4 pp | Jun 2023 +9.9 pp | Sep 2023 +20.0 pp | Dec 2023 +10.4 pp | Mar 2024 −2.7 pp | Jun 2024 −4.0 pp | Sep 2024 −4.9 pp | Dec 2024 −2.6 pp | Mar 2025 −27.5 pp | Jun 2025 0.0 pp | Sep 2025 +6.9 pp | Dec 2025 +21.6 pp | Mar 2026 +49.0 pp | Jun 2026 +32.0 pp
- 544310: 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 −3.2 pp | Dec 2024 — | Mar 2025 +5.9 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +3.0 pp | Jun 2026 —
- 544681: 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 — | Dec 2025 — | Mar 2026 +4.0 pp | Jun 2026 —
- ABB: 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 −4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −6.0 pp | Jun 2026 −1.0 pp
- EMMVEE: 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 +17.8 pp | Sep 2025 +12.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 +1.0 pp
- UTLSOLAR: 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 +2.8 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 +1.0 pp
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.2 pp | Sep 2024 — | Dec 2024 — | Mar 2025 −1.6 pp | Jun 2025 +6.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.1 pp | Mar 2026 −10.4 pp | Jun 2026 −12.7 pp
- VIDYAWIRES: 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 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 −0.5 pp
- VIVIDEL: 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 — | Dec 2025 — | Mar 2026 +4.0 pp | Jun 2026 —
- WAAREEINDO: 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 −42.0 pp | Dec 2025 +13.0 pp | Mar 2026 +51.0 pp | Jun 2026 +38.0 pp
- PROSTARM: 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 −3.9 pp | Dec 2025 −2.0 pp | Mar 2026 −3.3 pp | Jun 2026 +1.4 pp
- PARTH: 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 +1.0 pp | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 −9.0 pp | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +12.0 pp | Jun 2026 —
- GPECO: 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 +4.0 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +3.0 pp | Dec 2025 — | Mar 2026 +10.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: ABB India Ltd leads with ₹2,988 crore of TTM profit, 134.5% above Emmvee Photovoltaic Power Ltd. Emmvee Photovoltaic Power Ltd shows ≥100% on the scoring scale (140.8% uncapped) growth from a ₹1,274 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ABB India 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: ABB India Ltd · ₹2,988 crore | 134.5% versus #2 · Emmvee Photovoltaic Power Ltd | 2/4 recent comparable periods | 8/14 companies · 114 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. ABB India Ltd (ABB): ₹3.0K Cr
2. Emmvee Photovoltaic Power Ltd (EMMVEE): ₹1.3K Cr
3. Fujiyama Power Systems Ltd (UTLSOLAR): ₹294 Cr
4. Saatvik Green Energy Ltd (SAATVIKGL): ₹246 Cr
5. Indosolar Ltd (WAAREEINDO): ₹166 Cr

### Profit growth — fastest growers
1. Emmvee Photovoltaic Power Ltd (EMMVEE): 100%
2. ABB India Ltd (ABB): 67%
3. Fujiyama Power Systems Ltd (UTLSOLAR): 62%
4. Vidya Wires Ltd (VIDYAWIRES): 41%
5. Prostarm Info Systems Ltd (PROSTARM): 19%

### 20-quarter Net profit history
- 539984: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-9 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-43 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹37 Cr
- 544310: 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 ₹6 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹24 Cr | Jun 2026 —
- 544681: 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 ₹5 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- ABB: Sep 2021 — | Dec 2021 — | Mar 2022 ₹80 Cr | Jun 2022 ₹146 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹440 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹475 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹433 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹362 Cr
- EMMVEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹28 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹392 Cr | Jun 2026 ₹380 Cr
- UTLSOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹38 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹106 Cr | Jun 2026 ₹58 Cr
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹64 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹5 Cr
- VIDYAWIRES: 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 ₹8 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹17 Cr
- VIVIDEL: 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 ₹16 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹42 Cr | Jun 2026 ₹37 Cr
- PROSTARM: 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 ₹14 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹5 Cr
- PARTH: 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 ₹4 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- GPECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹33 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 539984: 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 -259% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 544310: 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 133% | Dec 2025 — | Mar 2026 60% | Jun 2026 —
- 544681: 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 — | Dec 2025 — | Mar 2026 320% | Jun 2026 —
- ABB: 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 -7.1% | Dec 2025 -18% | Mar 2026 276% | Jun 2026 2.8%
- EMMVEE: 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 571% | Sep 2025 580% | Dec 2025 167% | Mar 2026 89% | Jun 2026 102%
- UTLSOLAR: 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 79% | Sep 2025 97% | Dec 2025 123% | Mar 2026 108% | Jun 2026 -15%
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 52% | Sep 2024 — | Dec 2024 — | Mar 2025 48% | Jun 2025 459% | Sep 2025 36% | Dec 2025 140% | Mar 2026 -36% | Jun 2026 -95%
- VIDYAWIRES: 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 25% | Dec 2025 36% | Mar 2026 54% | Jun 2026 42%
- VIVIDEL: 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 — | Dec 2025 — | Mar 2026 38% | Jun 2026 —
- WAAREEINDO: 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 411% | Dec 2025 310% | Mar 2026 5.0% | Jun 2026 -68%
- PROSTARM: 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 -41% | Dec 2025 100% | Mar 2026 17% | Jun 2026 150%
- PARTH: 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 50% | Dec 2025 — | Mar 2026 33% | Jun 2026 —
- SAAKSHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -14% | Jun 2024 — | Sep 2024 -50% | Dec 2024 — | Mar 2025 -83% | Jun 2025 — | Sep 2025 133% | Dec 2025 — | Mar 2026 500% | Jun 2026 —
- GPECO: 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 400% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 450% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Indosolar Ltd leads ROCE at 124%, 65.4 percentage points above Vivid Electromech Ltd. Emmvee Photovoltaic Power Ltd has the strongest latest improvement at +19.1 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: Indosolar 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: Indosolar Ltd · 124% | 111.6% versus #2 · Vivid Electromech Ltd | 6/8 recent comparable periods | 14/14 companies · 50 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. Indosolar Ltd (WAAREEINDO): 124%
2. Vivid Electromech Ltd (VIVIDEL): 59%
3. Emmvee Photovoltaic Power Ltd (EMMVEE): 45%
4. GP Eco Solutions India Ltd (GPECO): 38%
5. Indo SMC Ltd (544681): 34%

### ROCE change — fastest improvers
1. Emmvee Photovoltaic Power Ltd (EMMVEE): +19.1 pp
2. Hindusthan Insulators & Industries Ltd (539984): +14.0 pp
3. GP Eco Solutions India Ltd (GPECO): +13.0 pp
4. Saakshi Medtech & Panels Ltd (SAAKSHI): +8.0 pp
5. Indosolar Ltd (WAAREEINDO): −3.5 pp

### 20-quarter ROCE history
- EMMVEE: 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 22% | Jun 2025 28% | Sep 2025 35% | Dec 2025 43% | Mar 2026 34% | Jun 2026 47%
- UTLSOLAR: 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 41% | Jun 2025 42% | Sep 2025 41% | Dec 2025 64% | Mar 2026 29% | Jun 2026 —
- SAATVIKGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 47% | Jun 2024 54% | Sep 2024 — | Dec 2024 62% | Mar 2025 62% | Jun 2025 115% | Sep 2025 38% | Dec 2025 67% | Mar 2026 31% | Jun 2026 —
- VIDYAWIRES: 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 17% | Dec 2024 — | Mar 2025 33% | Jun 2025 32% | Sep 2025 28% | Dec 2025 42% | Mar 2026 17% | Jun 2026 —
- VIVIDEL: 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 11% | Sep 2025 21% | Dec 2025 31% | Mar 2026 48% | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -52% | Dec 2022 — | Mar 2023 -45% | Jun 2023 — | Sep 2023 339% | Dec 2023 -114% | Mar 2024 -4.9% | Jun 2024 -12% | Sep 2024 4.1% | Dec 2024 24% | Mar 2025 70% | Jun 2025 115% | Sep 2025 77% | Dec 2025 106% | Mar 2026 75% | Jun 2026 112%
- PROSTARM: 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 28% | Mar 2025 39% | Jun 2025 43% | Sep 2025 13% | Dec 2025 25% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- EMMVEE: 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 — | Dec 2025 — | Mar 2026 +11.6 pp | Jun 2026 +19.1 pp
- UTLSOLAR: 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 +14.3 pp | Dec 2025 — | Mar 2026 −11.7 pp | Jun 2026 —
- SAATVIKGL: 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 +14.7 pp | Jun 2025 +61.2 pp | Sep 2025 — | Dec 2025 +5.5 pp | Mar 2026 −30.2 pp | Jun 2026 —
- VIDYAWIRES: 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 +11.2 pp | Dec 2025 — | Mar 2026 −16.0 pp | Jun 2026 —
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +390.7 pp | Dec 2023 — | Mar 2024 +40.2 pp | Jun 2024 — | Sep 2024 −334.4 pp | Dec 2024 +137.9 pp | Mar 2025 +75.0 pp | Jun 2025 +127.1 pp | Sep 2025 +72.7 pp | Dec 2025 +82.4 pp | Mar 2026 +5.3 pp | Jun 2026 −3.5 pp
- PROSTARM: 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 — | Dec 2025 −3.3 pp | Mar 2026 −24.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Saatvik Green Energy Ltd has the lowest comparable PEG at 0.65×, 29.3% below Emmvee Photovoltaic Power Ltd. Only 2 of 14 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: Saatvik Green Energy Ltd · 0.65× | 29.3% versus #2 · Emmvee Photovoltaic Power Ltd | 0/4 recent comparable periods | 2/14 companies · 1 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. Saatvik Green Energy Ltd (SAATVIKGL): 0.7
2. Emmvee Photovoltaic Power Ltd (EMMVEE): 0.9

### P/E — lowest P/E
1. Indosolar Ltd (WAAREEINDO): 7.4
2. GP Eco Solutions India Ltd (GPECO): 11.9
3. Hindusthan Insulators & Industries Ltd (539984): 13.0
4. Emmvee Photovoltaic Power Ltd (EMMVEE): 17.5
5. Saatvik Green Energy Ltd (SAATVIKGL): 21.9

### 20-quarter PEG history
- SAATVIKGL: 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 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 539984: Sep 2021 186.9 | Dec 2021 145.9 | 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 — | Dec 2025 — | Mar 2026 — | Jun 2026 29.4
- 544310: 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 62.7 | Dec 2025 — | Mar 2026 42.6 | Jun 2026 —
- 544681: 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 — | Dec 2025 — | Mar 2026 15.9 | Jun 2026 —
- ABB: 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 — | Dec 2025 63.1 | Mar 2026 79.9 | Jun 2026 97.9
- EMMVEE: 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 — | Dec 2025 2.8 | Mar 2026 3.2 | Jun 2026 22.0
- UTLSOLAR: 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 — | Dec 2025 27.4 | Mar 2026 19.9 | Jun 2026 32.5
- SAATVIKGL: 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 22.8 | Dec 2025 12.9 | Mar 2026 11.3 | Jun 2026 16.4
- VIDYAWIRES: 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 — | Dec 2025 19.6 | Mar 2026 17.1 | Jun 2026 36.8
- WAAREEINDO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -0.2 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 17.6 | Sep 2025 11.9 | Dec 2025 10.1 | Mar 2026 6.6 | Jun 2026 6.8
- PROSTARM: 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 26.2 | Sep 2025 27.8 | Dec 2025 35.0 | Mar 2026 19.8 | Jun 2026 24.4
- SAAKSHI: 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 37.1 | Dec 2024 — | Mar 2025 24.0 | Jun 2025 — | Sep 2025 67.1 | Dec 2025 — | Mar 2026 42.4 | Jun 2026 —
- GPECO: 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 30.6 | Dec 2024 — | Mar 2025 30.8 | Jun 2025 — | Sep 2025 63.2 | Dec 2025 — | Mar 2026 21.8 | Jun 2026 —


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

## Every company
- ABB India Ltd (ABB) — market value ₹1.6 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Emmvee Photovoltaic Power Ltd (EMMVEE) — market value ₹22.3K Cr; latest fundamentals Jun 2026
- Fujiyama Power Systems Ltd (UTLSOLAR) — market value ₹13.0K Cr; latest fundamentals Jun 2026
- Saatvik Green Energy Ltd (SAATVIKGL) — market value ₹5.4K Cr; latest fundamentals Jun 2026
- Yash Highvoltage Ltd (544310) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Vidya Wires Ltd (VIDYAWIRES) — market value ₹1.9K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Vivid Electromech Ltd (VIVIDEL) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indosolar Ltd (WAAREEINDO) — market value ₹1.2K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Indo SMC Ltd (544681) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Hindusthan Insulators & Industries Ltd (539984) — market value ₹973 Cr; latest fundamentals Jun 2026
- Prostarm Info Systems Ltd (PROSTARM) — market value ₹791 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Parth Electricals & Engineering Ltd (PARTH) — market value ₹647 Cr; latest fundamentals Mar 2026
- Saakshi Medtech & Panels Ltd (SAAKSHI) — market value ₹523 Cr; latest fundamentals Mar 2026
- GP Eco Solutions India Ltd (GPECO) — market value ₹476 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 10. Withheld: 1. Graded companies: 14.

4 of 14 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.

1 of 14 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: ABB India Ltd (ABB) — its two data sources disagree by up to 8% on reported income across 10 comparable periods, so its derived ratios are withheld.

- WITHHELD | ABB | ABB India Ltd | diff_gt_2pct | disagreement up to 7.99% over 10 comparable periods

- UNVERIFIED | VIDYAWIRES | Vidya Wires Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VIVIDEL | Vivid Electromech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WAAREEINDO | Indosolar Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PROSTARM | Prostarm Info Systems 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 Electric Equipment - General sector outperforming NIFTY 500?

Electric Equipment - General has outperformed NIFTY 500 by 66.2% over 52 weeks and 12.8% over 13 weeks. 5 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Electric Equipment - General company is largest by revenue?

ABB India Ltd leads with revenue of ₹13,477 crore, based on 8 of 14 comparable companies through Jun 2026.

### Which Electric Equipment - General company is growing fastest?

Fujiyama Power Systems Ltd has the fastest current revenue growth at 95%, across 8 of 14 comparable companies.

### Which Electric Equipment - General company has the strongest 4-Factor Sector Score?

Emmvee Photovoltaic Power Ltd ranks first at 73/100 with 73% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Electric Equipment - General company has the lowest comparable PEG?

Saatvik Green Energy Ltd has the lowest comparable PEG at 0.65, among 2 of 14 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Electric Equipment - General comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Is there a Nifty Electric Equipment - General index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Electric Equipment - General, this page builds its own equal-weight basket of 14 listed Electric Equipment - General companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

### Which are the best Electric Equipment - General stocks in India?

Ranked by this page's four-factor score, Emmvee Photovoltaic Power Ltd places first among 14 listed Electric Equipment - General companies, followed by Fujiyama Power Systems 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 Electric Equipment - General stocks are listed in India?

This comparison covers 14 listed Electric Equipment - General companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Electric Equipment - General company is the biggest?

ABB India Ltd is the largest, with trailing-twelve-month revenue of ₹13,477 crore, ahead of Emmvee Photovoltaic Power Ltd at ₹5,578 crore. That covers 8 of 14 companies with comparable reporting through Jun 2026.

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

Indosolar Ltd has the highest operating margin at 71%, from 14 of 14 comparable companies. Indosolar Ltd shows the biggest improvement (+38 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 Electric Equipment - General company makes the most profit?

ABB India Ltd earns the most, at ₹2,988 crore of trailing-twelve-month net profit, from 8 of 14 comparable companies. Emmvee Photovoltaic Power Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Electric Equipment - General company earns the highest return on capital?

Indosolar Ltd leads on return on capital employed at 124%, across 14 of 14 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 Electric Equipment - General stock is the cheapest?

On PEG — where a LOWER number is cheaper — Saatvik Green Energy Ltd screens cheapest at 0.65×. Only 2 of 14 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 Electric Equipment - General sector beating the market?

Electric Equipment - General has outperformed NIFTY 500 by 66.2% over the last 52 weeks and 12.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Electric Equipment - General stock has the strongest price momentum?

Hindusthan Insulators & Industries 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 Electric Equipment - General company scores highest for research priority?

Emmvee Photovoltaic Power Ltd scores 73 out of 100 with 73% evidence confidence, from 29.4 points on growth and earnings, 18.8 on capital efficiency, 14.8 on valuation and 10 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 Electric Equipment - General companies does this comparison cover, and over what period?

It compares 14 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 Electric Equipment - General sector?

The 14 Electric Equipment - General companies on this page carry ₹2,14,650 crore of combined market value. ABB India Ltd is the largest at ₹1,62,089 crore, about 76% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

### What is the Electric Equipment - General sector's P/E ratio?

The median price-to-earnings ratio across the 14 Electric Equipment - General companies on this page is 31.1×, measured on the 14 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 Electric Equipment - General sector performing?

5 of the 8 covered Electric Equipment - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 66.2% 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.