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.

01 · the index people search for

Nifty Engineering - General Index — Constituents & Performance

The Engineering - General companies below are the listed Indian Engineering - General universe this page tracks — the same constituent set people search for as the Nifty Engineering - General index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

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 33% ahead of NIFTY 500. Earnings across its companies fell 23% on average over the last four reported quarters.

FADING · −2 in 4w⚠Price up, without the fundamentals confirming0 of 3 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 2/3 >200d (+0) · 0/3 lead (−2) · EPS 1/3↑

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 its 3 companies. 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 57.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 42.2%. 1 of 4 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Forbes & Company Ltd is the strongest against the sector itself at -0.6%.

-42.2%Sector vs NIFTY 500 · 13 weeks

-57.6%Sector vs NIFTY 500 · 52 weeks

1/4Stocks leading NIFTY 500

0/3Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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 57.6% over 52 weeks and 42.2% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 3 beat the sector itself. KRN Heat Exchanger and Refrigeration Ltd leads with revenue of ₹552 crore, based on 4 of 4 comparable companies through Mar 2026.

Companies

complete canonical membership

Combined market value

₹9.6K Cr

KRN Heat Exchanger and Refrigeration Ltd

Revenue growing

1/4

positive TTM year-on-year growth

Beating NIFTY 500

1/4

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 53.1% 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 Ltd544263	64.0/100Thin evidence · provisional53% evidence	ASLEEP	24.6/35 Revenue 45.3% · PAT 36% · OPM change 5 pp 83% evidence	16.9/25 ROCE 16.1% · OPM 19% 76% evidence	10.0/20 P/E 101× · PEG — 0% evidence	12.5/20 RS sector — · RS bench 22.3% · 1Y —0 of 3 weeks ahead 25% evidence
Exact sum: 24.6 + 16.9 + 10 + 12.5 = 64 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2National Standard (India) Ltd504882	31.4/100Adverse evidence66% evidence	ASLEEP	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 44.2× · PEG — 0% evidence	3.0/20 RS sector -13.6% · RS bench -82.6% · 1Y -89.8%0 of 11 weeks ahead 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	29.5/100Adverse evidence67% evidence	ASLEEP	5.5/35 Revenue -8.6% · PAT -63% · OPM change -27.9 pp 83% evidence	8.2/25 ROCE 12.6% · OPM 5.1% 95% evidence	10.0/20 P/E 58.2× · PEG — 0% evidence	5.8/20 RS sector -3.2% · RS bench -2.6% · 1Y -21.3%1 of 10 weeks ahead 70% evidence
Exact sum: 5.5 + 8.2 + 10 + 5.8 = 29.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Forbes & Company Ltd502865	53.0/100Thin 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	7.0/20 RS sector -0.6% · RS bench -12.5% · 1Y -27.2%2 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 18.3 + 17.7 + 10 + 7 = 53 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Mamata Machinery Ltd has the strongest one-year price move in Engineering - General at -21.3%. KRN Heat Exchanger and Refrigeration Ltd leads on Mansfield relative strength against NIFTY at +22.3%. 1 of 4 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

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.

06 · 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 ₹552 crore. Mamata Machinery Ltd is next at ₹233 crore. The same company also holds the highest Revenue growth, at 45.3%. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: KRN Heat Exchanger and Refrigeration Ltd is the scale leader at ₹552 crore, 136.9% ahead of Mamata Machinery Ltd. KRN Heat Exchanger and Refrigeration Ltd's growth is 45.3% from a ₹552 crore base, with 11 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 · ₹552 crore

Gap136.9% versus #2 · Mamata Machinery Ltd

Persistence7/7 recent comparable periods

Coverage4/4 companies · 50 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

1KRN Heat Exchanger and Refrigeration Ltd 544263₹552 Cr

2Mamata Machinery Ltd MAMATA⚠ unverified₹233 Cr

3Forbes & Company Ltd 502865 · older report₹145 Cr

4National Standard (India) Ltd 504882₹23 Cr

Revenue growthfastest growers

1KRN Heat Exchanger and Refrigeration Ltd 54426345%

2National Standard (India) Ltd 504882-7.5%

3Mamata Machinery Ltd MAMATA⚠ unverified-8.6%

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 544263	₹179 Cr	36%	Mar 2026
Mamata Machinery Ltd MAMATA⚠ unverified	₹74 Cr	-34%	Mar 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

Forbes & Company Ltd · 502865

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹60 Cr

Mar 2023₹11 Cr

Jun 2023₹59 Cr

Sep 2023₹15 Cr

Dec 2023₹11 Cr

Mar 2024₹86 Cr

Jun 2024₹35 Cr

Sep 2024₹34 Cr

Dec 2024₹39 Cr

Mar 2025₹88 Cr

Jun 2025₹22 Cr

Sep 2025₹18 Cr

Dec 2025₹17 Cr

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023₹71 Cr

Dec 2023₹66 Cr

Mar 2024₹82 Cr

Jun 2024₹96 Cr

Sep 2024₹91 Cr

Dec 2024₹111 Cr

Mar 2025₹132 Cr

Jun 2025₹115 Cr

Sep 2025₹152 Cr

Dec 2025₹153 Cr

Mar 2026₹179 Cr

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023₹45 Cr

Dec 2023₹51 Cr

Mar 2024₹88 Cr

Jun 2024₹28 Cr

Sep 2024₹43 Cr

Dec 2024₹73 Cr

Mar 2025₹111 Cr

Jun 2025₹39 Cr

Sep 2025₹53 Cr

Dec 2025₹67 Cr

Mar 2026₹74 Cr

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹6 Cr

Mar 2023₹9 Cr

Jun 2023₹0 Cr

Sep 2023₹1 Cr

Dec 2023₹15 Cr

Mar 2024₹6 Cr

Jun 2024₹0 Cr

Sep 2024₹4 Cr

Dec 2024₹16 Cr

Mar 2025₹3 Cr

Jun 2025₹0 Cr

Sep 2025₹17 Cr

Dec 2025₹3 Cr

Mar 2026₹0 Cr

Jun 2026₹-1 Cr

Revenue growth · reported quarter history

Forbes & Company Ltd · 502865

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-81%

Mar 2024712%

Jun 2024-40%

Sep 2024128%

Dec 2024241%

Mar 20252.5%

Jun 2025-38%

Sep 2025-47%

Dec 2025-58%

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

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 202428%

Dec 202468%

Mar 202561%

Jun 202520%

Sep 202567%

Dec 202538%

Mar 202636%

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

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 2024-5.2%

Dec 202443%

Mar 202526%

Jun 202540%

Sep 202525%

Dec 2025-8.5%

Mar 2026-34%

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023156%

Mar 2024-41%

Jun 2024-93%

Sep 2024631%

Dec 20245.9%

Mar 2025-50%

Jun 2025-100%

Sep 2025354%

Dec 2025-80%

Mar 2026-100%

Jun 2026—

07 · 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

Persistence3/7 recent comparable periods

Coverage4/4 companies · 56 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

1KRN Heat Exchanger and Refrigeration Ltd 54426319%

2Forbes & Company Ltd 502865 · older report16%

3Mamata Machinery Ltd MAMATA⚠ unverified5.1%

4National Standard (India) Ltd 504882-1.9%

Margin changefastest expanders

1Forbes & Company Ltd 502865 · older report+9.5 pp

2KRN Heat Exchanger and Refrigeration Ltd 544263+5.0 pp

3National Standard (India) Ltd 504882+4.3 pp

4Mamata Machinery Ltd MAMATA⚠ unverified−27.9 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 544263	19%	+5.0 pp	Mar 2026
Forbes & Company Ltd 502865	16%	+9.5 pp	Dec 2025
Mamata Machinery Ltd MAMATA⚠ unverified	5.1%	−27.9 pp	Mar 2026
National Standard (India) Ltd 504882	-1.9%	+4.3 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Forbes & Company Ltd · 502865

Sep 202120%

Dec 202115%

Mar 2022-2.7%

Jun 20221.8%

Sep 20227.3%

Dec 202214%

Mar 202318%

Jun 202316%

Sep 2023-8.5%

Dec 20233.5%

Mar 20247.9%

Jun 202413%

Sep 202413%

Dec 20246.7%

Mar 202516%

Jun 20256.5%

Sep 202517%

Dec 202516%

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202319%

Dec 202318%

Mar 202421%

Jun 202418%

Sep 202420%

Dec 202414%

Mar 202514%

Jun 202515%

Sep 202520%

Dec 202520%

Mar 202619%

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202340%

Dec 202325%

Mar 202429%

Jun 2024-1.2%

Sep 202412%

Dec 202417%

Mar 202533%

Jun 20258.0%

Sep 202512%

Dec 202513%

Mar 20265.1%

Jun 2026—

National Standard (India) Ltd · 504882

Sep 202166%

Dec 2021—

Mar 202260%

Jun 2022-20%

Sep 2022-105%

Dec 202235%

Mar 20238.7%

Jun 2023-67%

Sep 2023-60%

Dec 202317%

Mar 202426%

Jun 2024—

Sep 202454%

Dec 2024-6.2%

Mar 2025-3.9%

Jun 2025-3.9%

Sep 2025-2.1%

Dec 2025-1.9%

Mar 2026—

Jun 2026—

Margin change · reported quarter history

Forbes & Company Ltd · 502865

Sep 2021+3.2 pp

Dec 2021−5.7 pp

Mar 2022−30.5 pp

Jun 2022−20.3 pp

Sep 2022−13.0 pp

Dec 2022−1.7 pp

Mar 2023+20.5 pp

Jun 2023+14.5 pp

Sep 2023−15.8 pp

Dec 2023−10.1 pp

Mar 2024−9.8 pp

Jun 2024−3.0 pp

Sep 2024+21.3 pp

Dec 2024+3.2 pp

Mar 2025+8.2 pp

Jun 2025−6.9 pp

Sep 2025+3.8 pp

Dec 2025+9.5 pp

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024+1.0 pp

Dec 2024−4.0 pp

Mar 2025−7.0 pp

Jun 2025−3.0 pp

Sep 20250.0 pp

Dec 2025+6.0 pp

Mar 2026+5.0 pp

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

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 2024−27.4 pp

Dec 2024−7.6 pp

Mar 2025+3.8 pp

Jun 2025+9.2 pp

Sep 2025+0.2 pp

Dec 2025−4.7 pp

Mar 2026−27.9 pp

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021+644.3 pp

Dec 2021−1,989.7 pp

Mar 2022+40.2 pp

Jun 2022+32.6 pp

Sep 2022−170.7 pp

Dec 2022+2,035.3 pp

Mar 2023−51.6 pp

Jun 2023−46.7 pp

Sep 2023+45.1 pp

Dec 2023−17.9 pp

Mar 2024+17.6 pp

Jun 2024−2,666.7 pp

Sep 2024+113.3 pp

Dec 2024−23.6 pp

Mar 2025−30.2 pp

Jun 2025+2,729.4 pp

Sep 2025−55.8 pp

Dec 2025+4.3 pp

Mar 2026—

Jun 2026—

08 · 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 ₹68 crore. Forbes & Company Ltd is next at ₹20 crore. The same company also holds the highest Profit growth, at 36%. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: KRN Heat Exchanger and Refrigeration Ltd leads with ₹68 crore of TTM profit, 235% above Forbes & Company Ltd. KRN Heat Exchanger and Refrigeration Ltd shows 36% growth from a ₹68 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderKRN Heat Exchanger and Refrigeration Ltd · ₹68 crore

Gap235% versus #2 · Forbes & Company Ltd

Persistence6/7 recent comparable periods

Coverage4/4 companies · 50 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

1KRN Heat Exchanger and Refrigeration Ltd 544263₹68 Cr

2Forbes & Company Ltd 502865 · older report₹20 Cr

3Mamata Machinery Ltd MAMATA⚠ unverified₹15 Cr

4National Standard (India) Ltd 504882₹12 Cr

Profit growthfastest growers

1KRN Heat Exchanger and Refrigeration Ltd 54426336%

2National Standard (India) Ltd 504882-12%

3Forbes & Company Ltd 502865 · older report-15%

4Mamata Machinery Ltd MAMATA⚠ unverified-63%

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 544263	₹23 Cr	53%	Mar 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	₹0 Cr	-100%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Forbes & Company Ltd · 502865

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹5 Cr

Mar 2023₹7 Cr

Jun 2023₹17 Cr

Sep 2023₹0 Cr

Dec 2023₹3 Cr

Mar 2024₹4 Cr

Jun 2024₹5 Cr

Sep 2024₹6 Cr

Dec 2024₹8 Cr

Mar 2025₹7 Cr

Jun 2025₹4 Cr

Sep 2025₹6 Cr

Dec 2025₹3 Cr

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023₹9 Cr

Dec 2023₹8 Cr

Mar 2024₹12 Cr

Jun 2024₹12 Cr

Sep 2024₹12 Cr

Dec 2024₹14 Cr

Mar 2025₹15 Cr

Jun 2025₹12 Cr

Sep 2025₹18 Cr

Dec 2025₹23 Cr

Mar 2026₹23 Cr

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023₹2 Cr

Dec 2023₹8 Cr

Mar 2024₹21 Cr

Jun 2024₹0 Cr

Sep 2024₹5 Cr

Dec 2024₹9 Cr

Mar 2025₹27 Cr

Jun 2025₹3 Cr

Sep 2025₹5 Cr

Dec 2025₹8 Cr

Mar 2026₹0 Cr

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹3 Cr

Mar 2023₹3 Cr

Jun 2023₹3 Cr

Sep 2023₹3 Cr

Dec 2023₹5 Cr

Mar 2024₹4 Cr

Jun 2024₹3 Cr

Sep 2024₹5 Cr

Dec 2024₹2 Cr

Mar 2025₹4 Cr

Jun 2025₹1 Cr

Sep 2025₹4 Cr

Dec 2025₹3 Cr

Mar 2026₹1 Cr

Jun 2026₹3 Cr

Profit growth · reported quarter history

Forbes & Company Ltd · 502865

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-33%

Mar 2024-40%

Jun 2024-69%

Sep 20242,505%

Dec 2024149%

Mar 202570%

Jun 2025-26%

Sep 20255.4%

Dec 2025-66%

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

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 202433%

Dec 202475%

Mar 202525%

Jun 20250.0%

Sep 202550%

Dec 202564%

Mar 202653%

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

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 2024140%

Dec 20245.9%

Mar 202529%

Jun 20251,105%

Sep 2025-2.6%

Dec 2025-10%

Mar 2026-100%

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202352%

Mar 202456%

Jun 2024-5.7%

Sep 202471%

Dec 2024-56%

Mar 2025-15%

Jun 2025-63%

Sep 2025-11%

Dec 202551%

Mar 2026-68%

Jun 2026157%

09 · 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 · 10 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%

2KRN Heat Exchanger and Refrigeration Ltd 54426316%

3Mamata Machinery Ltd MAMATA⚠ unverified13%

4National Standard (India) Ltd 5048824.8%

ROCE changefastest improvers

1Forbes & Company Ltd 502865 · older report+14.0 pp

2National Standard (India) Ltd 504882−2.0 pp

3KRN Heat Exchanger and Refrigeration Ltd 544263−5.0 pp

4Mamata Machinery Ltd MAMATA⚠ unverified−20.3 pp

Return on capital · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Mamata Machinery Ltd MAMATA⚠ unverified	9.2%	−20.3 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Mamata Machinery Ltd · MAMATA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202313%

Mar 202430%

Jun 202427%

Sep 202428%

Dec 202435%

Mar 202530%

Jun 202538%

Sep 202531%

Dec 202535%

Mar 20269.2%

Jun 2026—

ROCE change · reported quarter history

Mamata Machinery Ltd · MAMATA⚠ unverified

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+21.7 pp

Mar 2025−0.2 pp

Jun 2025+11.4 pp

Sep 2025+2.3 pp

Dec 2025−0.2 pp

Mar 2026−20.3 pp

Jun 2026—

10 · compare level, then change

Valuation Against Growth & Quality

No company in this Engineering - General comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, Forbes & Company Ltd is lowest at 18.8×, across 4 of 4 companies with a usable reading. PEG asks what price is being paid for growth; P/E keeps that answer anchored to the actual earnings multiple.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

LeaderNo comparable leader

GapNot enough peers

PersistenceNot enough history

Coverage0/4 companies · 0 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

—Not enough comparable data—

P/Elowest P/E

1Forbes & Company Ltd 502865 · older report18.8

2National Standard (India) Ltd 50488244.2

3Mamata Machinery Ltd MAMATA⚠ unverified58.2

4KRN Heat Exchanger and Refrigeration Ltd 544263101.0

Valuation · company comparison

0/4 level · 4/4 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Forbes & Company Ltd 502865	—	14.5	Dec 2025
National Standard (India) Ltd 504882	—	185.2	Jun 2026
KRN Heat Exchanger and Refrigeration Ltd 544263	—	81.0	Mar 2026
Mamata Machinery Ltd MAMATA⚠ unverified	—	18.7	Mar 2026

Full 20-quarter history · every available company

No consistent historical series is available for peg.

P/E · reported quarter history

Forbes & Company Ltd · 502865

Sep 20213.0

Dec 20214.5

Mar 20224.3

Jun 20227.4

Sep 20222.1

Dec 20221.6

Mar 20231.5

Jun 20231.5

Sep 20236.4

Dec 202315.7

Mar 202424.2

Jun 202427.4

Sep 202448.6

Dec 202425.7

Mar 202513.2

Jun 202527.9

Sep 202518.1

Dec 202514.5

Mar 2026—

Jun 2026—

KRN Heat Exchanger and Refrigeration Ltd · 544263

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 202482.3

Mar 202592.7

Jun 202589.4

Sep 202596.8

Dec 202577.5

Mar 202681.0

Jun 2026—

Mamata Machinery Ltd · MAMATA⚠ unverified

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 20244.4

Mar 20254.4

Jun 202523.8

Sep 202525.6

Dec 202524.4

Mar 202618.7

Jun 2026—

National Standard (India) Ltd · 504882

Sep 2021826.7

Dec 2021900.0

Mar 2022672.5

Jun 2022469.5

Sep 2022366.6

Dec 2022527.0

Mar 2023548.0

Jun 20231,147.7

Sep 20231,014.2

Dec 2023792.3

Mar 2024733.3

Jun 2024637.6

Sep 2024624.1

Dec 2024530.8

Mar 2025515.2

Jun 2025399.9

Sep 2025272.2

Dec 2025193.6

Mar 2026204.0

Jun 2026185.2

11 · 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.

12 · 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 2026-07-31. 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 2026-07-31 · 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 standing0 cross-checked · 4 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.

13 · questions investors ask, short speakable answers

Engineering - General company comparison FAQs

These 21 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 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Engineering - General sector outperforming NIFTY 500?

Which Engineering - General company is largest by revenue?

KRN Heat Exchanger and Refrigeration Ltd leads with revenue of ₹552 crore, based on 4 of 4 comparable companies through Mar 2026.

Which Engineering - General company is growing fastest?

KRN Heat Exchanger and Refrigeration Ltd has the fastest current revenue growth at 45.3%, 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 64/100 with 53.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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.

What is the Nifty Engineering - General index?

The Nifty Engineering - General index tracks India's listed Engineering - General companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Engineering - General sector rather than to its largest constituent. 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 ₹552 crore, ahead of Mamata Machinery Ltd at ₹233 crore. That covers 4 of 4 companies with comparable reporting through Mar 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 ₹68 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 36%, 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.

Is the Engineering - General sector beating the market?

Engineering - General has underperformed NIFTY 500 by 57.6% over the last 52 weeks and 42.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 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 64 out of 100 with 53.1% evidence confidence, from 24.6 points on growth and earnings, 16.9 on capital efficiency, 10 on valuation and 12.5 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 ₹9,591 crore of combined market value. KRN Heat Exchanger and Refrigeration Ltd is the largest at ₹7,687 crore, about 80% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

How is the Engineering - General sector performing?

1 of the 4 covered Engineering - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 57.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.