# Engineering - General — company-by-company sector analysis

> Engineering - General: KRN Heat Exchanger and Refrigeration Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: -42%
52-week sector return versus NIFTY 500: -58%
Stocks leading NIFTY: 1/4
Stocks leading sector: 0/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹9.6K Cr

## 4-Factor Sector Score

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

1. KRN Heat Exchanger and Refrigeration Ltd (544263): 64/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 24.6/35 | Capital efficiency 16.9/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 3 weeks with a reading, within the last 12
   - 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.
2. National Standard (India) Ltd (504882): 31/100 — Adverse evidence; evidence 66%
   - Growth & earnings 11.6/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 11 weeks with a reading, within the last 12
   - 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.
3. Mamata Machinery Ltd (MAMATA): 30/100 — Adverse evidence; evidence 67%
   - Growth & earnings 5.5/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 5.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - 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.
4. Forbes & Company Ltd (502865): 53/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 18.3/35 | Capital efficiency 17.7/25 | Valuation 10.0/20 | Relative strength 7.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 18.3 + 17.7 + 10 + 7 = 53
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## 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.

### Strongest one-year price performers
1. Mamata Machinery Ltd (MAMATA): -21%
2. Forbes & Company Ltd (502865): -27%
3. National Standard (India) Ltd (504882): -90%

### Strongest relative strength versus NIFTY 500
1. KRN Heat Exchanger and Refrigeration Ltd (544263): 22%
2. Mamata Machinery Ltd (MAMATA): -2.6%
3. Forbes & Company Ltd (502865): -13%
4. National Standard (India) Ltd (504882): -83%

## Revenue Scale & Growth Durability

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.

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.

Evidence: KRN Heat Exchanger and Refrigeration Ltd · ₹552 crore | 136.9% versus #2 · Mamata Machinery Ltd | 7/7 recent comparable periods | 4/4 companies · 50 observations

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

### Revenue — largest
1. KRN Heat Exchanger and Refrigeration Ltd (544263): ₹552 Cr
2. Mamata Machinery Ltd (MAMATA): ₹233 Cr
3. Forbes & Company Ltd (502865): ₹145 Cr — older report
4. National Standard (India) Ltd (504882): ₹23 Cr

### Revenue growth — fastest growers
1. KRN Heat Exchanger and Refrigeration Ltd (544263): 45%
2. National Standard (India) Ltd (504882): -7.5%
3. Mamata Machinery Ltd (MAMATA): -8.6%
4. Forbes & Company Ltd (502865): -26% — older report

### 20-quarter Revenue history
- 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 —
- 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
- 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: 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 —

### 20-quarter Revenue growth history
- 502865: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -81% | Mar 2024 712% | Jun 2024 -40% | Sep 2024 128% | Dec 2024 241% | Mar 2025 2.5% | Jun 2025 -38% | Sep 2025 -47% | Dec 2025 -58% | Mar 2026 — | Jun 2026 —
- 504882: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 156% | Mar 2024 -41% | Jun 2024 -93% | Sep 2024 631% | Dec 2024 5.9% | Mar 2025 -50% | Jun 2025 -100% | Sep 2025 354% | Dec 2025 -80% | Mar 2026 -100% | Jun 2026 —
- 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 28% | Dec 2024 68% | Mar 2025 61% | Jun 2025 20% | Sep 2025 67% | Dec 2025 38% | Mar 2026 36% | Jun 2026 —
- MAMATA: 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 2024 43% | Mar 2025 26% | Jun 2025 40% | Sep 2025 25% | Dec 2025 -8.5% | Mar 2026 -34% | Jun 2026 —

## Operating Economics & Margin Trend

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.

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.

Evidence: KRN Heat Exchanger and Refrigeration Ltd · 19% | 17.3% versus #2 · Forbes & Company Ltd | 3/7 recent comparable periods | 4/4 companies · 56 observations

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

### OPM — highest
1. KRN Heat Exchanger and Refrigeration Ltd (544263): 19%
2. Forbes & Company Ltd (502865): 16% — older report
3. Mamata Machinery Ltd (MAMATA): 5.1%
4. National Standard (India) Ltd (504882): -1.9%

### Margin change — fastest expanders
1. Forbes & Company Ltd (502865): +9.5 pp — older report
2. KRN Heat Exchanger and Refrigeration Ltd (544263): +5.0 pp
3. National Standard (India) Ltd (504882): +4.3 pp
4. Mamata Machinery Ltd (MAMATA): −27.9 pp

### 20-quarter OPM history
- 502865: Sep 2021 20% | Dec 2021 15% | Mar 2022 -2.7% | Jun 2022 1.8% | Sep 2022 7.3% | Dec 2022 14% | Mar 2023 18% | Jun 2023 16% | Sep 2023 -8.5% | Dec 2023 3.5% | Mar 2024 7.9% | Jun 2024 13% | Sep 2024 13% | Dec 2024 6.7% | Mar 2025 16% | Jun 2025 6.5% | Sep 2025 17% | Dec 2025 16% | Mar 2026 — | Jun 2026 —
- 504882: Sep 2021 66% | Dec 2021 — | Mar 2022 60% | Jun 2022 -20% | Sep 2022 -105% | Dec 2022 35% | Mar 2023 8.7% | Jun 2023 -67% | Sep 2023 -60% | Dec 2023 17% | Mar 2024 26% | Jun 2024 — | Sep 2024 54% | Dec 2024 -6.2% | Mar 2025 -3.9% | Jun 2025 -3.9% | Sep 2025 -2.1% | Dec 2025 -1.9% | Mar 2026 — | Jun 2026 —
- 544263: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 18% | Mar 2024 21% | Jun 2024 18% | Sep 2024 20% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 20% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- MAMATA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 40% | Dec 2023 25% | Mar 2024 29% | Jun 2024 -1.2% | Sep 2024 12% | Dec 2024 17% | Mar 2025 33% | Jun 2025 8.0% | Sep 2025 12% | Dec 2025 13% | Mar 2026 5.1% | Jun 2026 —

### 20-quarter Margin change history
- 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 —
- 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 —
- 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 2025 0.0 pp | Dec 2025 +6.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- MAMATA: 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 —

## Profit Scale & Acceleration

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.

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.

Evidence: KRN Heat Exchanger and Refrigeration Ltd · ₹68 crore | 235% versus #2 · Forbes & Company Ltd | 6/7 recent comparable periods | 4/4 companies · 50 observations

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

### Net profit — largest
1. KRN Heat Exchanger and Refrigeration Ltd (544263): ₹68 Cr
2. Forbes & Company Ltd (502865): ₹20 Cr — older report
3. Mamata Machinery Ltd (MAMATA): ₹15 Cr
4. National Standard (India) Ltd (504882): ₹12 Cr

### Profit growth — fastest growers
1. KRN Heat Exchanger and Refrigeration Ltd (544263): 36%
2. National Standard (India) Ltd (504882): -12%
3. Forbes & Company Ltd (502865): -15% — older report
4. Mamata Machinery Ltd (MAMATA): -63%

### 20-quarter Net profit history
- 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 —
- 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
- 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: 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 —

### 20-quarter Profit growth history
- 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 2024 2,505% | Dec 2024 149% | Mar 2025 70% | Jun 2025 -26% | Sep 2025 5.4% | Dec 2025 -66% | Mar 2026 — | Jun 2026 —
- 504882: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52% | Mar 2024 56% | Jun 2024 -5.7% | Sep 2024 71% | Dec 2024 -56% | Mar 2025 -15% | Jun 2025 -63% | Sep 2025 -11% | Dec 2025 51% | Mar 2026 -68% | Jun 2026 157%
- 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 33% | Dec 2024 75% | Mar 2025 25% | Jun 2025 0.0% | Sep 2025 50% | Dec 2025 64% | Mar 2026 53% | Jun 2026 —
- MAMATA: 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 140% | Dec 2024 5.9% | Mar 2025 29% | Jun 2025 1,105% | Sep 2025 -2.6% | Dec 2025 -10% | Mar 2026 -100% | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Forbes & Company Ltd · 20% | 24.2% versus #2 · KRN Heat Exchanger and Refrigeration Ltd | Not enough history | 4/4 companies · 10 observations

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

### ROCE — highest
1. Forbes & Company Ltd (502865): 20% — older report
2. KRN Heat Exchanger and Refrigeration Ltd (544263): 16%
3. Mamata Machinery Ltd (MAMATA): 13%
4. National Standard (India) Ltd (504882): 4.8%

### ROCE change — fastest improvers
1. Forbes & Company Ltd (502865): +14.0 pp — older report
2. National Standard (India) Ltd (504882): −2.0 pp
3. KRN Heat Exchanger and Refrigeration Ltd (544263): −5.0 pp
4. Mamata Machinery Ltd (MAMATA): −20.3 pp

### 20-quarter ROCE history
- MAMATA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 30% | Jun 2024 27% | Sep 2024 28% | Dec 2024 35% | Mar 2025 30% | Jun 2025 38% | Sep 2025 31% | Dec 2025 35% | Mar 2026 9.2% | Jun 2026 —

### 20-quarter ROCE change history
- MAMATA: 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 —

## Valuation Against Growth & Quality

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

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

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

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

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

### PEG — lowest PEG

### P/E — lowest P/E
1. Forbes & Company Ltd (502865): 18.8 — older report
2. National Standard (India) Ltd (504882): 44.2
3. Mamata Machinery Ltd (MAMATA): 58.2
4. KRN Heat Exchanger and Refrigeration Ltd (544263): 101.0

### 20-quarter PEG history

### 20-quarter P/E history
- 502865: Sep 2021 3.0 | Dec 2021 4.5 | Mar 2022 4.3 | Jun 2022 7.4 | Sep 2022 2.1 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 6.4 | Dec 2023 15.7 | Mar 2024 24.2 | Jun 2024 27.4 | Sep 2024 48.6 | Dec 2024 25.7 | Mar 2025 13.2 | Jun 2025 27.9 | Sep 2025 18.1 | Dec 2025 14.5 | Mar 2026 — | Jun 2026 —
- 504882: Sep 2021 826.7 | Dec 2021 900.0 | Mar 2022 672.5 | Jun 2022 469.5 | Sep 2022 366.6 | Dec 2022 527.0 | Mar 2023 548.0 | Jun 2023 1,147.7 | Sep 2023 1,014.2 | Dec 2023 792.3 | Mar 2024 733.3 | Jun 2024 637.6 | Sep 2024 624.1 | Dec 2024 530.8 | Mar 2025 515.2 | Jun 2025 399.9 | Sep 2025 272.2 | Dec 2025 193.6 | Mar 2026 204.0 | Jun 2026 185.2
- 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 2024 82.3 | Mar 2025 92.7 | Jun 2025 89.4 | Sep 2025 96.8 | Dec 2025 77.5 | Mar 2026 81.0 | Jun 2026 —
- MAMATA: 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 4.4 | Mar 2025 4.4 | Jun 2025 23.8 | Sep 2025 25.6 | Dec 2025 24.4 | Mar 2026 18.7 | Jun 2026 —


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

## Every company
- KRN Heat Exchanger and Refrigeration Ltd (544263) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Mamata Machinery Ltd (MAMATA) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- National Standard (India) Ltd (504882) — market value ₹496 Cr; latest fundamentals Jun 2026
- Forbes & Company Ltd (502865) — market value ₹408 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 0. Unverified: 4. Withheld: 0. Graded companies: 4.

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

- UNVERIFIED | MAMATA | Mamata Machinery Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Engineering - General sector outperforming NIFTY 500?

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.

### 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.