Forbes & Company Ltd · 502865
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₹60 Cr
₹11 Cr
₹59 Cr
₹15 Cr
₹11 Cr
₹86 Cr
₹35 Cr
₹34 Cr
₹39 Cr
₹88 Cr
₹22 Cr
₹18 Cr
₹17 Cr
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20-quarter listed-company comparison
Engineering - General Stocks in India
Engineering - General: KRN Heat Exchanger and Refrigeration Ltd owns the largest revenue base AND the fastest current growth.
The 4 Engineering - General companies listed in India are KRN Heat Exchanger and Refrigeration Ltd (₹10.4K Cr, the largest), Mamata Machinery Ltd, Forbes & Company Ltd and 1 more. 2 of 4 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
01 · the index people search for
Nifty Engineering - General Index — Constituents & Performance
All 4 listed Indian Engineering - General companies are named here, largest first — the same constituent set people search for as the Nifty Engineering - General index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- KRN Heat Exchanger and Refrigeration Ltd₹10.4K Cr
- Mamata Machinery Ltd₹1.0K Cr
- Forbes & Company Ltd₹408 Cr
- National Standard (India) Ltd₹384 Cr
02 · the sector itself · before any single company
How has Engineering - General moved against NIFTY 500?
The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 68% 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 5 weeks running.
BREAKING OUT · ahead 5w⚠Price up, without the fundamentals confirming2 of the 3 companies with a long enough price record ahead of NIFTY 500 by 5% or more over three months
RS ↑5w · 2/3 >200d (+0) · 2/3 lead (+1) · EPS 1/3↑
Engineering - General, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Engineering - General, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Engineering - General, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of 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 rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
03 · sector relative strength, before individual stocks
Is Engineering - General outperforming NIFTY 500?
Engineering - General has underperformed NIFTY 500 by 21.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 29.9%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. KRN Heat Exchanger and Refrigeration Ltd is the strongest against the sector itself at +89.6%.
-29.9%Sector vs NIFTY 500 · 13 weeks
-21.9%Sector vs NIFTY 500 · 52 weeks
2/4Stocks leading NIFTY 500
1/4Stocks leading sector
Sector metric: 30.9 as of 2026-08-22 · LEADERS · rising.
The central tension: current leadership is concentrated, so durability matters more than rank.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Engineering - General has underperformed NIFTY 500 by 21.9% over 52 weeks and 29.9% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. KRN Heat Exchanger and Refrigeration Ltd leads with revenue of ₹736 crore, based on 4 of 4 comparable companies through Jun 2026.
Companies
4
complete canonical membership
Combined market value
₹12.2K Cr
KRN Heat Exchanger and Refrigeration Ltd
Revenue growing
1/4
positive TTM year-on-year growth
Beating NIFTY 500
2/4
positive Mansfield relative strength
Comparing 4 of 4
04 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
KRN Heat Exchanger and Refrigeration Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1KRN Heat Exchanger and Refrigeration LtdKRN | 73.8/100Favorable setup90% evidence | BREAKING OUT | 33.6/35 Revenue 63.9% · PAT 83% · OPM change 4 pp 100% evidence | 14.7/25 ROCE 16.1% · OPM 19% 100% evidence | 5.5/20 P/E 108× · PEG 2.85 50% evidence | 20.0/20 RS sector 89.6% · RS bench 58.9% · 1Y 82.3%8 of 12 weeks ahead 100% evidence |
| Exact sum: 33.6 + 14.7 + 5.5 + 20 = 73.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2National Standard (India) Ltd504882 | 31.4/100Adverse evidence66% evidence | 11.6/35 Revenue -7.5% · PAT -12.4% · OPM change 4.3 pp 95% evidence | 6.8/25 ROCE 4.8% · OPM -1.9% 76% evidence | 10.0/20 P/E 34.2× · PEG — 0% evidence | 3.0/20 RS sector -25.3% · RS bench -86.4% · 1Y -89%0 of 6 weeks ahead to 2026-08-09 70% evidence | |
| Exact sum: 11.6 + 6.8 + 10 + 3 = 31.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Mamata Machinery LtdMAMATA | 26.6/100Adverse evidence71% evidence | TURNING | 3.2/35 Revenue -13.3% · PAT -79.3% · OPM change -21 pp 95% evidence | 7.5/25 ROCE 12.6% · OPM -13% 95% evidence | 10.0/20 P/E 91.5× · PEG — 0% evidence | 5.9/20 RS sector -13% · RS bench 0.7% · 1Y 1%3 of 10 weeks ahead 70% evidence |
| Exact sum: 3.2 + 7.5 + 10 + 5.9 = 26.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Forbes & Company Ltd502865 | 49.0/100Thin evidence · provisional47% evidence | 18.3/35 Revenue -25.6% · PAT -14.8% · OPM change 9.5 pp 53% evidence | 17.7/25 ROCE 20% · OPM 16.2% 57% evidence | 10.0/20 P/E 18.8× · PEG — 0% evidence | 3.0/20 RS sector -9.4% · RS bench -12.5% · 1Y -24%2 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 18.3 + 17.7 + 10 + 3 = 49 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
05 · what price has already done
Market action
KRN Heat Exchanger and Refrigeration Ltd has the strongest one-year price move in Engineering - General at +82.3%. It also leads on Mansfield relative strength against NIFTY at +58.9%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.
Price and relative strength
Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.
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.
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.
06 · the story behind the numbers
Engineering - General — the story behind the numbers
This is the written read behind the Engineering - General figures above — what is actually happening in the sector, 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: STALE — this read comes from our Engineering - General sector brief dated 18 Apr 2026, about 5 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
| Live theme | Severity | Evidence on file |
|---|---|---|
| Volatility in Copper and Aluminum prices affecting input costs and supplier premiums.Named for KRN | medium | “metal is increasing, but we can change our price after quarter only. ... we have almost 2 and 2.5 month inventory.” Maintaining 2.5 months of inventory and implementing quarterly price pass-throughs. |
| Tariffs in the USA and Europe are causing a pause in converting new inquiries into orders.Named for KRN | low | “because of tariffs, there was some pause because new inquiry we had, but they unable to convert in order.” Reducing tube diameter to 5mm to save 10% on costs and remain price competitive. |
| Freight and carriage inward costs have doubled compared to previous years.Named for KRN | low | “I think freight cost almost maybe changed almost two times compared to both years.” Management believes these costs are eventually passed to customers. |
Sources: our Engineering - General sector brief, 18 Apr 2026 · company earnings-call transcripts.
07 · compare level, then change
Revenue Scale & Growth Durability
KRN Heat Exchanger and Refrigeration Ltd has the highest Revenue among the 4 Engineering - General companies compared here, at ₹736 crore. Mamata Machinery Ltd is next at ₹231 crore. The same company also holds the highest Revenue growth, at 63.9%. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: KRN Heat Exchanger and Refrigeration Ltd is the scale leader at ₹736 crore, 219.2% ahead of Mamata Machinery Ltd. KRN Heat Exchanger and Refrigeration Ltd's growth is 63.9% from a ₹736 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderKRN Heat Exchanger and Refrigeration Ltd · ₹736 crore
Gap219.2% versus #2 · Mamata Machinery Ltd
Persistence8/8 recent comparable periods
Coverage4/4 companies · 53 observations
Investor read: KRN Heat Exchanger and Refrigeration Ltd is the scale benchmark; KRN Heat Exchanger and Refrigeration Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: KRN Heat Exchanger and Refrigeration Ltd's growth falls below KRN Heat Exchanger and Refrigeration Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
3Forbes & Company Ltd 502865 · older report₹145 Cr
Revenue growthfastest growers
4Forbes & Company Ltd 502865 · older report-26%
Revenue · company comparison
4/4 level · 4/4 change
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
All-company data · latest reported quarter
In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Ltd KRN | ₹252 Cr | 119% | Jun 2026 |
| Mamata Machinery Ltd MAMATA⚠ unverified | ₹36 Cr | -6.2% | Jun 2026 |
| Forbes & Company Ltd 502865 | ₹17 Cr | -58% | Dec 2025 |
| National Standard (India) Ltd 504882 | ₹-1 Cr | -100% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
KRN Heat Exchanger and Refrigeration Ltd · KRN
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₹80 Cr
₹71 Cr
₹66 Cr
₹82 Cr
₹96 Cr
₹91 Cr
₹111 Cr
₹132 Cr
₹115 Cr
₹152 Cr
₹153 Cr
₹179 Cr
₹252 Cr
Mamata Machinery Ltd · MAMATA⚠ unverified
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₹45 Cr
₹51 Cr
₹88 Cr
₹28 Cr
₹43 Cr
₹73 Cr
₹111 Cr
₹39 Cr
₹53 Cr
₹67 Cr
₹74 Cr
₹36 Cr
National Standard (India) Ltd · 504882
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₹6 Cr
₹9 Cr
₹0 Cr
₹1 Cr
₹15 Cr
₹6 Cr
₹0 Cr
₹4 Cr
₹16 Cr
₹3 Cr
₹0 Cr
₹17 Cr
₹3 Cr
₹0 Cr
₹-1 Cr
Revenue growth · reported quarter history
Forbes & Company Ltd · 502865
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-81%
712%
-40%
128%
241%
2.5%
-38%
-47%
-58%
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KRN Heat Exchanger and Refrigeration Ltd · KRN
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20%
28%
68%
61%
20%
67%
38%
36%
119%
Mamata Machinery Ltd · MAMATA⚠ unverified
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—
—
—
—
—
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-5.2%
43%
26%
40%
25%
-8.5%
-34%
-6.2%
National Standard (India) Ltd · 504882
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—
—
—
—
—
—
156%
-41%
-93%
631%
5.9%
-50%
-100%
354%
-80%
-100%
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08 · compare level, then change
Operating Economics & Margin Trend
KRN Heat Exchanger and Refrigeration Ltd has the highest OPM among the 4 Engineering - General companies compared here, at 19%. Forbes & Company Ltd is next at 16.2%. Forbes & Company Ltd has the highest Margin change at +9.5 percentage points, so level and change sit with different companies.
What the numbers say: KRN Heat Exchanger and Refrigeration Ltd leads opm at 19%; Forbes & Company Ltd leads margin change at +9.5 percentage points.
LeaderKRN Heat Exchanger and Refrigeration Ltd · 19%
Gap17.3% versus #2 · Forbes & Company Ltd
Persistence4/8 recent comparable periods
Coverage4/4 companies · 59 observations
Investor read: KRN Heat Exchanger and Refrigeration Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
2Forbes & Company Ltd 502865 · older report16%
Margin changefastest expanders
1Forbes & Company Ltd 502865 · older report+9.5 pp
Operating margin · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Ltd KRN | 19% | +4.0 pp | Jun 2026 |
| Forbes & Company Ltd 502865 | 16% | +9.5 pp | Dec 2025 |
| National Standard (India) Ltd 504882 | -1.9% | +4.3 pp | Jun 2026 |
| Mamata Machinery Ltd MAMATA⚠ unverified | -13% | −21.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Forbes & Company Ltd · 502865
20%
15%
-2.7%
1.8%
7.3%
14%
18%
16%
-8.5%
3.5%
7.9%
13%
13%
6.7%
16%
6.5%
17%
16%
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KRN Heat Exchanger and Refrigeration Ltd · KRN
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18%
19%
18%
21%
18%
20%
14%
14%
15%
20%
20%
19%
19%
Mamata Machinery Ltd · MAMATA⚠ unverified
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—
—
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40%
25%
29%
-1.2%
12%
17%
33%
8.0%
12%
13%
5.1%
-13%
National Standard (India) Ltd · 504882
66%
—
60%
-20%
-105%
35%
8.7%
-67%
-60%
17%
26%
—
54%
-6.2%
-3.9%
-3.9%
-2.1%
-1.9%
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Margin change · reported quarter history
Forbes & Company Ltd · 502865
+3.2 pp
−5.7 pp
−30.5 pp
−20.3 pp
−13.0 pp
−1.7 pp
+20.5 pp
+14.5 pp
−15.8 pp
−10.1 pp
−9.8 pp
−3.0 pp
+21.3 pp
+3.2 pp
+8.2 pp
−6.9 pp
+3.8 pp
+9.5 pp
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KRN Heat Exchanger and Refrigeration Ltd · KRN
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—
+0.5 pp
+1.0 pp
−4.0 pp
−7.0 pp
−3.0 pp
0.0 pp
+6.0 pp
+5.0 pp
+4.0 pp
Mamata Machinery Ltd · MAMATA⚠ unverified
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−27.4 pp
−7.6 pp
+3.8 pp
+9.2 pp
+0.2 pp
−4.7 pp
−27.9 pp
−21.0 pp
National Standard (India) Ltd · 504882
+644.3 pp
−1,989.7 pp
+40.2 pp
+32.6 pp
−170.7 pp
+2,035.3 pp
−51.6 pp
−46.7 pp
+45.1 pp
−17.9 pp
+17.6 pp
−2,666.7 pp
+113.3 pp
−23.6 pp
−30.2 pp
+2,729.4 pp
−55.8 pp
+4.3 pp
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09 · compare level, then change
Profit Scale & Acceleration
KRN Heat Exchanger and Refrigeration Ltd has the highest Net profit among the 4 Engineering - General companies compared here, at ₹97 crore. Forbes & Company Ltd is next at ₹20 crore. The same company also holds the highest Profit growth, at 83%. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: KRN Heat Exchanger and Refrigeration Ltd leads with ₹97 crore of TTM profit, 377.8% above Forbes & Company Ltd. KRN Heat Exchanger and Refrigeration Ltd shows 83% growth from a ₹97 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderKRN Heat Exchanger and Refrigeration Ltd · ₹97 crore
Gap377.8% versus #2 · Forbes & Company Ltd
Persistence7/8 recent comparable periods
Coverage4/4 companies · 53 observations
Investor read: KRN Heat Exchanger and Refrigeration Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
2Forbes & Company Ltd 502865 · older report₹20 Cr
Profit growthfastest growers
3Forbes & Company Ltd 502865 · older report-15%
Net profit · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Ltd KRN | ₹33 Cr | 175% | Jun 2026 |
| Forbes & Company Ltd 502865 | ₹3 Cr | -66% | Dec 2025 |
| National Standard (India) Ltd 504882 | ₹3 Cr | 157% | Jun 2026 |
| Mamata Machinery Ltd MAMATA⚠ unverified | ₹-3 Cr | -231% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Forbes & Company Ltd · 502865
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₹5 Cr
₹7 Cr
₹17 Cr
₹0 Cr
₹3 Cr
₹4 Cr
₹5 Cr
₹6 Cr
₹8 Cr
₹7 Cr
₹4 Cr
₹6 Cr
₹3 Cr
—
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KRN Heat Exchanger and Refrigeration Ltd · KRN
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—
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₹10 Cr
₹9 Cr
₹8 Cr
₹12 Cr
₹12 Cr
₹12 Cr
₹14 Cr
₹15 Cr
₹12 Cr
₹18 Cr
₹23 Cr
₹23 Cr
₹33 Cr
Mamata Machinery Ltd · MAMATA⚠ unverified
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—
—
—
—
—
—
—
₹2 Cr
₹8 Cr
₹21 Cr
₹0 Cr
₹5 Cr
₹9 Cr
₹27 Cr
₹3 Cr
₹5 Cr
₹8 Cr
₹0 Cr
₹-3 Cr
National Standard (India) Ltd · 504882
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—
—
—
—
₹3 Cr
₹3 Cr
₹3 Cr
₹3 Cr
₹5 Cr
₹4 Cr
₹3 Cr
₹5 Cr
₹2 Cr
₹4 Cr
₹1 Cr
₹4 Cr
₹3 Cr
₹1 Cr
₹3 Cr
Profit growth · reported quarter history
Forbes & Company Ltd · 502865
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—
—
—
—
—
—
—
-33%
-40%
-69%
2,505%
149%
70%
-26%
5.4%
-66%
—
—
KRN Heat Exchanger and Refrigeration Ltd · KRN
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—
—
—
—
—
—
—
—
—
—
20%
33%
75%
25%
0.0%
50%
64%
53%
175%
Mamata Machinery Ltd · MAMATA⚠ unverified
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—
—
—
—
—
—
—
—
—
—
—
140%
5.9%
29%
1,105%
-2.6%
-10%
-100%
-231%
National Standard (India) Ltd · 504882
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—
—
—
—
—
—
—
—
52%
56%
-5.7%
71%
-56%
-15%
-63%
-11%
51%
-68%
157%
10 · compare level, then change
Return On Capital Employed
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 16.1%. The same company also holds 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: Forbes & Company Ltd leads ROCE at 20%, 3.9 percentage points above KRN Heat Exchanger and Refrigeration Ltd. Forbes & Company Ltd has the strongest latest improvement at +14 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.
LeaderForbes & Company Ltd · 20%
Gap24.2% versus #2 · KRN Heat Exchanger and Refrigeration Ltd
PersistenceNot enough history
Coverage4/4 companies · 20 observations
Investor read: Forbes & Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Forbes & Company Ltd 502865 · older report20%
ROCE changefastest improvers
1Forbes & Company Ltd 502865 · older report+14.0 pp
Return on capital · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Ltd KRN | 16% | +2.9 pp | Jun 2026 |
| Mamata Machinery Ltd MAMATA⚠ unverified | 9.2% | −20.3 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
KRN Heat Exchanger and Refrigeration Ltd · KRN
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—
—
—
—
—
—
—
29%
—
36%
39%
12%
24%
13%
24%
14%
19%
16%
—
Mamata Machinery Ltd · MAMATA⚠ unverified
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—
—
—
—
—
—
—
—
13%
30%
27%
28%
35%
30%
38%
31%
35%
9.2%
—
ROCE change · reported quarter history
KRN Heat Exchanger and Refrigeration Ltd · KRN
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—
—
—
—
—
—
—
—
—
—
−17.4 pp
—
−22.2 pp
−15.6 pp
+1.8 pp
−5.4 pp
+2.9 pp
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Mamata Machinery Ltd · MAMATA⚠ unverified
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+21.7 pp
−0.2 pp
+11.4 pp
+2.3 pp
−0.2 pp
−20.3 pp
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11 · compare level, then change
Valuation Against Growth & Quality
KRN Heat Exchanger and Refrigeration Ltd has the lowest PEG among the 4 Engineering - General companies compared here, at 2.85×. Forbes & Company Ltd has the lowest P/E at 18.8×, so level and change sit with different companies. 1 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: KRN Heat Exchanger and Refrigeration Ltd has the lowest comparable PEG at 2.85×. Only 1 of 4 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.
LeaderKRN Heat Exchanger and Refrigeration Ltd · 2.85×
GapNot enough peers
Persistence0/7 recent comparable periods
Coverage1/4 companies · 5 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
P/Elowest P/E
1Forbes & Company Ltd 502865 · older report18.8
Valuation · company comparison
1/4 level · 4/4 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| KRN Heat Exchanger and Refrigeration Ltd KRN | 2.9 | 96.8 | Jun 2026 |
| Forbes & Company Ltd 502865 | — | 14.5 | Dec 2025 |
| National Standard (India) Ltd 504882 | — | 185.2 | Jun 2026 |
| Mamata Machinery Ltd MAMATA⚠ unverified | — | 59.0 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
KRN Heat Exchanger and Refrigeration Ltd · KRN
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3.4
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9.9
11.3
1.4
2.9
P/E · reported quarter history
Forbes & Company Ltd · 502865
3.0
4.5
4.3
7.4
2.1
1.6
1.5
1.5
6.4
15.7
24.2
27.4
48.6
25.7
13.2
27.9
18.1
14.5
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KRN Heat Exchanger and Refrigeration Ltd · KRN
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82.3
92.7
89.4
96.8
77.5
81.0
96.8
Mamata Machinery Ltd · MAMATA⚠ unverified
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4.4
4.4
23.8
25.6
24.4
18.7
59.0
National Standard (India) Ltd · 504882
826.7
900.0
672.5
469.5
366.6
527.0
548.0
1,147.7
1,014.2
792.3
733.3
637.6
624.1
530.8
515.2
399.9
272.2
193.6
204.0
185.2
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Engineering - General comparison names 7 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 draws at least one figure from a second feed with too little overlap to cross-check.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Valuation have fewer than three usable current readings.
13 · evidence and freshness
How was this comparison built?
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 Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-11 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing1 cross-checked · 3 unverified · 0 withheld, of 4 graded companies.
How a second data feed is admitted, and what happens when it disagrees
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.
14 · questions investors ask, short speakable answers
Engineering - General company comparison FAQs
These 23 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 Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.
Is the Engineering - General sector outperforming NIFTY 500?
Engineering - General has underperformed NIFTY 500 by 21.9% over 52 weeks and 29.9% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.
Which Engineering - General company is largest by revenue?
KRN Heat Exchanger and Refrigeration Ltd leads with revenue of ₹736 crore, based on 4 of 4 comparable companies through Jun 2026.
Which Engineering - General company is growing fastest?
KRN Heat Exchanger and Refrigeration Ltd has the fastest current revenue growth at 63.9%, across 4 of 4 comparable companies.
Which Engineering - General company has the strongest 4-Factor Sector Score?
KRN Heat Exchanger and Refrigeration Ltd ranks first at 73.8/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Engineering - General company has the lowest comparable PEG?
KRN Heat Exchanger and Refrigeration Ltd has the lowest comparable PEG at 2.85, among 1 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Engineering - 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 Engineering - 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 Engineering - General, this page builds its own equal-weight basket of 4 listed Engineering - 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 Engineering - General stocks in India?
Ranked by this page's four-factor score, KRN Heat Exchanger and Refrigeration Ltd places first among 4 listed Engineering - General companies, followed by National Standard (India) 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 Engineering - General stocks are listed in India?
This comparison covers 4 listed Engineering - 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 Engineering - General company is the biggest?
KRN Heat Exchanger and Refrigeration Ltd is the largest, with trailing-twelve-month revenue of ₹736 crore, ahead of Mamata Machinery Ltd at ₹231 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.
Which Engineering - General company has the best profit margins?
KRN Heat Exchanger and Refrigeration Ltd has the highest operating margin at 19%, from 4 of 4 comparable companies. Forbes & Company Ltd shows the biggest recent improvement, at +9.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Engineering - General company makes the most profit?
KRN Heat Exchanger and Refrigeration Ltd earns the most, at ₹97 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. KRN Heat Exchanger and Refrigeration Ltd has the fastest profit growth at 83%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Engineering - General company earns the highest return on capital?
Forbes & Company Ltd leads on return on capital employed at 20%, across 4 of 4 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 Engineering - General stock is the cheapest?
On PEG — where a LOWER number is cheaper — KRN Heat Exchanger and Refrigeration Ltd screens cheapest at 2.85×. Only 1 of 4 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 Engineering - General sector beating the market?
Engineering - General has underperformed NIFTY 500 by 21.9% over the last 52 weeks and 29.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Engineering - General stock has the strongest price momentum?
KRN Heat Exchanger and Refrigeration 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 Engineering - General company scores highest for research priority?
KRN Heat Exchanger and Refrigeration Ltd scores 73.8 out of 100 with 90% evidence confidence, from 33.6 points on growth and earnings, 14.7 on capital efficiency, 5.5 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 Engineering - General companies does this comparison cover, and over what period?
It compares 4 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 Engineering - General sector?
The 4 Engineering - General companies on this page carry ₹12,227 crore of combined market value. KRN Heat Exchanger and Refrigeration Ltd is the largest at ₹10,431 crore, about 85% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
How is the Engineering - General sector performing?
2 of the 4 covered Engineering - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.
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.
Not SEBI Registered !! Not Investment advice !!