# Engineering - Heavy - Material Handling — company-by-company sector analysis > Engineering - Heavy - Material Handling: Indef Manufacturing Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-16. Not investment advice. ## Bottom line Engineering - Heavy - Material Handling has underperformed NIFTY 500 by 58.7% over 52 weeks and 25.8% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Indef Manufacturing Ltd leads with revenue of ₹202 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength Engineering - Heavy - Material Handling has underperformed NIFTY 500 by 58.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 25.8%. 0 of 1 covered company currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Indef Manufacturing Ltd is the strongest against the sector itself at 0%. 13-week sector return versus NIFTY 500: -26% 52-week sector return versus NIFTY 500: -59% Stocks leading NIFTY: 0/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹695 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. Indef Manufacturing Ltd (BAJAJINDEF): 31/100 — Adverse evidence; evidence 71% - Growth & earnings 7.8/35 | Capital efficiency 5.6/25 | Valuation 10.0/20 | Relative strength 7.5/20 - 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 1 of 10 weeks with a reading, within the last 12 - Exact sum: 7.8 + 5.6 + 10 + 7.5 = 30.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Indef Manufacturing Ltd has the strongest one-year price move in Engineering - Heavy - Material Handling at -46.9%. It also leads on Mansfield relative strength against NIFTY at -29.5%. 0 of 1 covered company are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Indef Manufacturing Ltd (BAJAJINDEF): -47% ### Strongest relative strength versus NIFTY 500 1. Indef Manufacturing Ltd (BAJAJINDEF): -30% ## Revenue Scale & Growth Durability What the numbers say: Indef Manufacturing Ltd is the scale leader at ₹202 crore, Indef Manufacturing Ltd's growth is 12.3% from a ₹202 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Indef Manufacturing Ltd is the scale benchmark; Indef Manufacturing Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Indef Manufacturing Ltd's growth falls below Indef Manufacturing Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Indef Manufacturing Ltd · ₹202 crore | Not enough peers | 3/4 recent comparable periods | 1/1 companies · 8 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. Indef Manufacturing Ltd (BAJAJINDEF): ₹202 Cr ### Revenue growth — fastest growers 1. Indef Manufacturing Ltd (BAJAJINDEF): 12% ### 11-quarter Revenue history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹43 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹68 Cr | Jun 2026 ₹34 Cr ### 11-quarter Revenue growth history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 15% | Dec 2025 13% | Mar 2026 28% | Jun 2026 -13% ## Operating Economics & Margin Trend What the numbers say: Indef Manufacturing Ltd leads both opm at -2.8% and margin change at -12.2 percentage points. Investor read: Indef Manufacturing 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: Indef Manufacturing Ltd · -2.8% | Not enough peers | 1/7 recent comparable periods | 1/1 companies · 11 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Indef Manufacturing Ltd (BAJAJINDEF): -2.8% ### Margin change — fastest expanders 1. Indef Manufacturing Ltd (BAJAJINDEF): −12.2 pp ### 11-quarter OPM history - BAJAJINDEF: Dec 2023 15% | Mar 2024 23% | Jun 2024 15% | Sep 2024 16% | Dec 2024 17% | Mar 2025 20% | Jun 2025 9.3% | Sep 2025 13% | Dec 2025 8.1% | Mar 2026 13% | Jun 2026 -2.8% ### 11-quarter Margin change history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +1.6 pp | Mar 2025 −3.1 pp | Jun 2025 −5.5 pp | Sep 2025 −3.2 pp | Dec 2025 −8.6 pp | Mar 2026 −6.7 pp | Jun 2026 −12.2 pp ## Profit Scale & Acceleration What the numbers say: Indef Manufacturing Ltd leads with ₹24 crore of TTM profit, Indef Manufacturing Ltd shows -31.1% growth from a ₹23 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Indef Manufacturing 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: Indef Manufacturing Ltd · ₹24 crore | Not enough peers | 0/4 recent comparable periods | 1/1 companies · 8 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. Indef Manufacturing Ltd (BAJAJINDEF): ₹24 Cr ### Profit growth — fastest growers 1. Indef Manufacturing Ltd (BAJAJINDEF): -31% ### 11-quarter Net profit history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹6 Cr ### 11-quarter Profit growth history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -45% | Dec 2025 -30% | Mar 2026 -33% | Jun 2026 -2.7% ## Return On Capital Employed What the numbers say: Indef Manufacturing Ltd leads ROCE at 9.4%. Indef Manufacturing Ltd has the strongest latest improvement at -3.4 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: Indef Manufacturing 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: Indef Manufacturing Ltd · 9.4% | Not enough peers | 0/2 recent comparable periods | 1/1 companies · 6 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. Indef Manufacturing Ltd (BAJAJINDEF): 9.5% ### ROCE change — fastest improvers 1. Indef Manufacturing Ltd (BAJAJINDEF): −3.4 pp ### 11-quarter ROCE history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.8% | Dec 2024 — | Mar 2025 9.5% | Jun 2025 16% | Sep 2025 8.4% | Dec 2025 14% | Mar 2026 6.1% | Jun 2026 — ### 11-quarter ROCE change history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 −3.4 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 | 0/1 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. Indef Manufacturing Ltd (BAJAJINDEF): 29.4 ### 11-quarter PEG history ### 11-quarter P/E history - BAJAJINDEF: Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 24.7 | Jun 2025 47.4 | Sep 2025 34.1 | Dec 2025 37.1 | Mar 2026 19.6 | Jun 2026 34.9 ## 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 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 - Indef Manufacturing Ltd (BAJAJINDEF) — market value ₹695 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. 1 of 1 company 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 | BAJAJINDEF | Indef Manufacturing Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 11 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 - Heavy - Material Handling sector outperforming NIFTY 500? Engineering - Heavy - Material Handling has underperformed NIFTY 500 by 58.7% over 52 weeks and 25.8% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Engineering - Heavy - Material Handling company is largest by revenue? Indef Manufacturing Ltd leads with revenue of ₹202 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Engineering - Heavy - Material Handling company is growing fastest? Indef Manufacturing Ltd has the fastest current revenue growth at 12.3%, across 1 of 1 comparable companies. ### Which Engineering - Heavy - Material Handling company has the strongest 4-Factor Sector Score? Indef Manufacturing Ltd ranks first at 30.9/100 with 71% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Engineering - Heavy - Material Handling comparison include? The page compares up to 11 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 - Heavy - Material Handling 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 - Heavy - Material Handling, this page builds its own equal-weight basket of 1 listed Engineering - Heavy - Material Handling 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 - Heavy - Material Handling stocks in India? Ranked by this page's four-factor score, Indef Manufacturing Ltd places first among 1 listed Engineering - Heavy - Material Handling companies. 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 - Heavy - Material Handling stocks are listed in India? This comparison covers 1 listed Engineering - Heavy - Material Handling 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 - Heavy - Material Handling company is the biggest? Indef Manufacturing Ltd is the largest, with trailing-twelve-month revenue of ₹202 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Engineering - Heavy - Material Handling company has the best profit margins? Indef Manufacturing Ltd has the highest operating margin at -2.8%, from 1 of 1 comparable companies. Indef Manufacturing Ltd shows the biggest recent improvement, at -12.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Engineering - Heavy - Material Handling company makes the most profit? Indef Manufacturing Ltd earns the most, at ₹24 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Indef Manufacturing Ltd has the fastest profit growth at -31.1%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Engineering - Heavy - Material Handling company earns the highest return on capital? Indef Manufacturing Ltd leads on return on capital employed at 9.4%, across 1 of 1 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 - Heavy - Material Handling sector beating the market? Engineering - Heavy - Material Handling has underperformed NIFTY 500 by 58.7% over the last 52 weeks and 25.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Engineering - Heavy - Material Handling stock has the strongest price momentum? Indef Manufacturing 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 - Heavy - Material Handling company scores highest for research priority? Indef Manufacturing Ltd scores 30.9 out of 100 with 71% evidence confidence, from 7.8 points on growth and earnings, 5.6 on capital efficiency, 10 on valuation and 7.5 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 - Heavy - Material Handling companies does this comparison cover, and over what period? It compares 1 listed companies over up to 11 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 - Heavy - Material Handling sector? The 1 Engineering - Heavy - Material Handling companies on this page carry ₹695 crore of combined market value. Indef Manufacturing Ltd is the largest at ₹695 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-16. ### How is the Engineering - Heavy - Material Handling sector performing? 0 of the 1 covered Engineering - Heavy - Material Handling companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 58.7% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-16. ### 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.