Engineering - General Stocks and Companies in India

The largest Engineering - General stocks in India by market value are KRN Heat Exchanger and Refrigeration (₹6,151 crore), Mamata Machinery (₹788 crore) and Forbes & Company (₹408 crore), at prices of 6 Nov 2026.

• KRN Heat Exchanger and Refrigeration: ₹939.80 | market value ₹6,151 crore | P/E 53.5
• Mamata Machinery: ₹320.15 | market value ₹788 crore | P/E 71.8
• Forbes & Company: ₹316 (price from the week of 8 Mar 2026) | market value ₹408 crore | P/E 18.8
• National Standard (India): ₹116 (price from the week of 27 Sep 2026) | market value ₹232 crore | P/E 20.7

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian Engineering - General companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Engineering - General index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. KRN Heat Exchanger and Refrigeration Ltd₹7,510 cr
2. Mamata Machinery Ltd₹886 cr
3. Forbes & Company Ltd₹408 cr
4. National Standard (India) Ltd₹232 cr

3 Engineering - General companies in the Engineering - General industry group have a page on Sector Alpha, by market value as of 6 November 2026, and all 3 are listed below, largest first. The largest is KRN Heat Exchanger and Refrigeration (₹6,667 crore) and the smallest with a market value is National Standard (India).

Download all 3 Engineering - General companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 61% ahead of NIFTY 500. Earnings across its companies fell 18% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 6 weeks running.

Price up, without the fundamentals confirming. 1 of the 3 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 6 weeks running; 2 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 1 of the 3 that report earnings.

Ahead of NIFTY 500 for 6 weeks running, participation steady at 1 → 1 of 3. Earnings not confirming, 1 of 3 members have higher trailing twelve-month earnings than a year ago. The largest member is more than half the sector's market value and is moving the other way.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 3 of its 4 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

The 52-week comparison of Engineering - General against NIFTY 500 is not available from the current market series. KRN Heat Exchanger and Refrigeration Ltd is the strongest against the sector itself at +20.4%.

The 52-week comparison for the industry is not available. 0 of 4 companies we track are currently doing better than the NIFTY 500 on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

KRN Heat Exchanger and Refrigeration Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.

Mamata Machinery Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

KRN Heat Exchanger and Refrigeration Ltd has the strongest one-year price move in Engineering - General at +45.7%. It also leads on relative strength against the NIFTY, at +11.9%. 1 of 4 companies we track is ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

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

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Engineering - General itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 2 Engineering - General companies held a results call for July to September 2026. KRN Heat Exchanger and Refrigeration guided: FY27 revenue ₹1,200 crore to ₹1,250 crore or more absent force majeure.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.9 points over the last two quarters. Founders and promoters cut theirs by 1.7 points.

• Spending on new plants and equipment was ₹152 crore in the last 12 months, 74% less than a year before.
• Projects still being built shrank 60% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 6 Engineering - General companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Engineering - General figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 18 Apr 2026, so the words are older than the numbers. 3 themes are live here.

The General Engineering sector, as represented by the available data, shows a sharp focus on capacity expansion and vertical diversification. KRN Heat Exchanger reported a 33% YoY revenue growth to ₹155 Crores, while National Standard (India) Ltd provided no financial data for the period.

How old this read is: OLD: this read comes from our Engineering - General sector brief dated 18 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Engineering - General sector brief, 18 Apr 2026 · company earnings-call transcripts.

KRN Heat Exchanger and Refrigeration Ltd has the highest Revenue among the 4 Engineering - General companies compared here, at ₹903 crore. Mamata Machinery Ltd is next at ₹231 crore. The same company also has the highest Revenue growth, at 77.1%. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: KRN Heat Exchanger and Refrigeration Ltd is the largest at ₹903 crore, 291.6% ahead of Mamata Machinery Ltd. KRN Heat Exchanger and Refrigeration Ltd's growth is 77.1% from a ₹903 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: KRN Heat Exchanger and Refrigeration Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: KRN Heat Exchanger and Refrigeration Ltd's revenue growth slows for two consecutive comparable reports while its operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Forbes & Company Ltd has the highest OPM among the 4 Engineering - General companies compared here, at 16.2%. KRN Heat Exchanger and Refrigeration Ltd is next at 15%. The same company also has the highest Margin change, at +9.5 percentage points. 3 of 4 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: Forbes & Company Ltd leads both opm at 16.2% and margin change at +9.5 percentage points.

What this means: Forbes & Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

KRN Heat Exchanger and Refrigeration Ltd has the highest Net profit among the 4 Engineering - General companies compared here, at ₹115 crore. Forbes & Company Ltd is next at ₹20 crore. The same company also has the highest Profit growth, at 94.9%. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: KRN Heat Exchanger and Refrigeration Ltd earns the most, ₹115 crore of profit over the last 12 months, 466.5% above Forbes & Company Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: KRN Heat Exchanger and Refrigeration Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Forbes & Company Ltd has the highest ROCE among the 4 Engineering - General companies compared here, at 20%. KRN Heat Exchanger and Refrigeration Ltd is next at 16%. The same company also has the highest ROCE change, at +14 percentage points. 4 of 4 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Forbes & Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Mamata Machinery Ltd has the lowest PEG among the 4 Engineering - General companies compared here, at 0.85×. KRN Heat Exchanger and Refrigeration Ltd is next at 3×. Forbes & Company Ltd has the lowest P/E at 18.8×, so level and change sit with different companies. 2 of 4 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Mamata Machinery Ltd has the lowest comparable PEG at 0.85×, 71.7% below KRN Heat Exchanger and Refrigeration Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Engineering - General companies show up on one of our India lists. The most are on the ai & data centre stocks list (1 company).

This Engineering - General comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 4 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 4 Engineering - General companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 6 November 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 22 answers restate the Engineering - General comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 6 November 2026. Nothing here is estimated, and none of it is a recommendation.