# Engineering - Turnkey Services — company-by-company sector analysis

> Engineering - Turnkey Services: Bajel Projects Ltd owns the largest revenue base; K.P. Energy Ltd has the fastest current growth.

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

## Bottom line

Engineering - Turnkey Services has outperformed NIFTY 500 by 5.7% over 52 weeks and 4.3% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. Bajel Projects Ltd leads with revenue of ₹2,792 crore, based on 7 of 9 comparable companies through Mar 2026.

## Sector relative strength

Engineering - Turnkey Services has outperformed NIFTY 500 by 5.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.3%. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. EMA India Ltd is the strongest against the sector itself at +80.9%.

13-week sector return versus NIFTY 500: 4.3%
52-week sector return versus NIFTY 500: 5.7%
Stocks leading NIFTY: 3/7
Stocks leading sector: 2/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹40.2K 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. K.P. Energy Ltd (KPEL): 63/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 28.6/35 | Capital efficiency 20.4/25 | Valuation 10.6/20 | Relative strength 3.5/20
   - 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 9 of the last 12 weeks
   - Exact sum: 28.6 + 20.4 + 10.6 + 3.5 = 63.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -21% and the one-year return is -40.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. ACME Solar Holdings Ltd (ACMESOLAR): 61/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 23.6/35 | Capital efficiency 10.2/25 | Valuation 8.9/20 | Relative strength 18.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 23.6 + 10.2 + 8.9 + 18.5 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Pace Digitek Ltd (PACEDIGITK): 53/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 16.1/35 | Capital efficiency 16.8/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of 11 weeks with a reading, within the last 12
   - Exact sum: 16.1 + 16.8 + 9.8 + 10 = 52.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Ganesh Green Bharat Ltd (GGBL): 48/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.4/35 | Capital efficiency 18.2/25 | Valuation 11.1/20 | Relative strength 0.0/20
   - 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 8 of the last 12 weeks
   - Exact sum: 18.4 + 18.2 + 11.1 + 0 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Bajel Projects Ltd (BAJEL): 47/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 19.3/35 | Capital efficiency 10.3/25 | Valuation 8.5/20 | Relative strength 8.6/20
   - 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 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.3 + 10.3 + 8.5 + 8.6 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Enviro Infra Engineers Ltd (EIEL): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 9.6/35 | Capital efficiency 16.3/25 | Valuation 9.4/20 | Relative strength 8.7/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 9.6 + 16.3 + 9.4 + 8.7 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Supreme Infrastructure India Ltd (SUPREMEINF): 33/100 — Adverse evidence; evidence 62%
   - Growth & earnings 15.1/35 | Capital efficiency 1.7/25 | Valuation 11.5/20 | Relative strength 5.1/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 15.1 + 1.7 + 11.5 + 5.1 = 33.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Goel Construction Company Ltd (544504): 55/100 — Thin evidence · provisional; evidence 31%
   - Growth & earnings 17.1/35 | Capital efficiency 17.2/25 | Valuation 10.2/20 | Relative strength 10.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 6 weeks with a reading, within the last 12
   - Exact sum: 17.1 + 17.2 + 10.2 + 10 = 54.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. EMA India Ltd (522027): 48/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 14.3/35 | Capital efficiency 6.9/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks, ending 2026-03-29 (no longer priced)
   - Exact sum: 14.3 + 6.9 + 10 + 17 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

EMA India Ltd has the strongest one-year price move in Engineering - Turnkey Services at +321.4%. It also leads on Mansfield relative strength against NIFTY at +66.3%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. EMA India Ltd (522027): 321%
2. ACME Solar Holdings Ltd (ACMESOLAR): 34%
3. Enviro Infra Engineers Ltd (EIEL): -17%
4. Bajel Projects Ltd (BAJEL): -25%
5. Supreme Infrastructure India Ltd (SUPREMEINF): -34%

### Strongest relative strength versus NIFTY 500
1. EMA India Ltd (522027): 66%
2. ACME Solar Holdings Ltd (ACMESOLAR): 28%
3. Enviro Infra Engineers Ltd (EIEL): 4.0%
4. Bajel Projects Ltd (BAJEL): -4.4%
5. Supreme Infrastructure India Ltd (SUPREMEINF): -5.6%

## Revenue Scale & Growth Durability

What the numbers say: Bajel Projects Ltd is the scale leader at ₹2,792 crore, 5.7% ahead of Pace Digitek Ltd. K.P. Energy Ltd's growth is 59.4% from a ₹1,497 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bajel Projects Ltd is the scale benchmark; K.P. Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bajel Projects Ltd's growth falls below K.P. Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bajel Projects Ltd · ₹2,792 crore | 5.7% versus #2 · Pace Digitek Ltd | 3/5 recent comparable periods | 7/9 companies · 93 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. Bajel Projects Ltd (BAJEL): ₹2.8K Cr
2. Pace Digitek Ltd (PACEDIGITK): ₹2.6K Cr
3. ACME Solar Holdings Ltd (ACMESOLAR): ₹2.4K Cr
4. K.P. Energy Ltd (KPEL): ₹1.5K Cr
5. Enviro Infra Engineers Ltd (EIEL): ₹1.1K Cr

### Revenue growth — fastest growers
1. K.P. Energy Ltd (KPEL): 59%
2. ACME Solar Holdings Ltd (ACMESOLAR): 48%
3. Pace Digitek Ltd (PACEDIGITK): 8.3%
4. Enviro Infra Engineers Ltd (EIEL): 8.2%
5. Bajel Projects Ltd (BAJEL): 7.5%

### 20-quarter Revenue history
- 522027: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- 544504: 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 ₹272 Cr | Dec 2024 — | Mar 2025 ₹318 Cr | Jun 2025 — | Sep 2025 ₹245 Cr | Dec 2025 — | Mar 2026 ₹412 Cr | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹369 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹487 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹497 Cr | Mar 2026 ₹548 Cr | Jun 2026 ₹858 Cr
- PACEDIGITK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹342 Cr | Sep 2024 ₹846 Cr | Dec 2024 ₹567 Cr | Mar 2025 ₹683 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹533 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- EIEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹120 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹393 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹427 Cr | Jun 2026 —
- KPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹401 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹632 Cr | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹489 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹662 Cr | Dec 2024 ₹622 Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹614 Cr | Dec 2025 ₹562 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SUPREMEINF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- GGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹59 Cr | Dec 2023 — | Mar 2024 ₹111 Cr | Jun 2024 — | Sep 2024 ₹138 Cr | Dec 2024 — | Mar 2025 ₹182 Cr | Jun 2025 — | Sep 2025 ₹341 Cr | Dec 2025 — | Mar 2026 ₹725 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 544504: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 -9.9% | Dec 2025 — | Mar 2026 30% | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -16% | Sep 2024 -20% | Dec 2024 5.1% | Mar 2025 65% | Jun 2025 65% | Sep 2025 80% | Dec 2025 42% | Mar 2026 13% | Jun 2026 68%
- PACEDIGITK: 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 — | Mar 2025 — | Jun 2025 7.3% | Sep 2025 -37% | Dec 2025 14% | Mar 2026 61% | Jun 2026 —
- EIEL: 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 78% | Dec 2024 65% | Mar 2025 31% | Jun 2025 18% | Sep 2025 6.6% | Dec 2025 1.2% | Mar 2026 8.7% | Jun 2026 —
- KPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -24% | Mar 2024 40% | Jun 2024 12% | Sep 2024 184% | Dec 2024 159% | Mar 2025 94% | Jun 2025 72% | Sep 2025 51% | Dec 2025 63% | Mar 2026 58% | Jun 2026 —
- BAJEL: 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 — | Mar 2025 64% | Jun 2025 19% | Sep 2025 -7.3% | Dec 2025 -9.7% | Mar 2026 26% | Jun 2026 —
- SUPREMEINF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -61% | Mar 2024 26% | Jun 2024 238% | Sep 2024 -41% | Dec 2024 -22% | Mar 2025 -24% | Jun 2025 -70% | Sep 2025 40% | Dec 2025 329% | Mar 2026 -36% | Jun 2026 —
- GGBL: 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 134% | Dec 2024 — | Mar 2025 64% | Jun 2025 — | Sep 2025 147% | Dec 2025 — | Mar 2026 298% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: ACME Solar Holdings Ltd leads opm at 86%; Supreme Infrastructure India Ltd leads margin change at +36 percentage points.

Investor read: ACME Solar Holdings 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: ACME Solar Holdings Ltd · 86% | 309.5% versus #2 · K.P. Energy Ltd | 5/8 recent comparable periods | 8/9 companies · 95 observations

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

### OPM — highest
1. ACME Solar Holdings Ltd (ACMESOLAR): 86%
2. K.P. Energy Ltd (KPEL): 21%
3. Enviro Infra Engineers Ltd (EIEL): 19%
4. Pace Digitek Ltd (PACEDIGITK): 15%
5. Goel Construction Company Ltd (544504): 11%

### Margin change — fastest expanders
1. Supreme Infrastructure India Ltd (SUPREMEINF): +36.0 pp
2. Pace Digitek Ltd (PACEDIGITK): +4.0 pp
3. K.P. Energy Ltd (KPEL): +3.0 pp
4. Goel Construction Company Ltd (544504): +1.0 pp
5. Bajel Projects Ltd (BAJEL): +0.4 pp

### 20-quarter OPM history
- 544504: 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 9.0% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 11% | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 87% | Sep 2023 90% | Dec 2023 84% | Mar 2024 68% | Jun 2024 88% | Sep 2024 85% | Dec 2024 88% | Mar 2025 90% | Jun 2025 90% | Sep 2025 86% | Dec 2025 89% | Mar 2026 87% | Jun 2026 86%
- PACEDIGITK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 28% | Sep 2024 22% | Dec 2024 21% | Mar 2025 11% | Jun 2025 22% | Sep 2025 18% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- EIEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 18% | Mar 2024 29% | Jun 2024 25% | Sep 2024 26% | Dec 2024 22% | Mar 2025 25% | Jun 2025 27% | Sep 2025 29% | Dec 2025 27% | Mar 2026 19% | Jun 2026 —
- KPEL: Sep 2021 18% | Dec 2021 19% | Mar 2022 6.7% | Jun 2022 14% | Sep 2022 20% | Dec 2022 18% | Mar 2023 15% | Jun 2023 19% | Sep 2023 23% | Dec 2023 21% | Mar 2024 15% | Jun 2024 18% | Sep 2024 20% | Dec 2024 20% | Mar 2025 18% | Jun 2025 22% | Sep 2025 22% | Dec 2025 22% | Mar 2026 21% | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7.8% | Dec 2022 -2.8% | Mar 2023 -3.4% | Jun 2023 -1.2% | Sep 2023 -2.0% | Dec 2023 3.3% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 2.5% | Dec 2024 2.4% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 3.3% | Dec 2025 4.4% | Mar 2026 3.0% | Jun 2026 —
- SUPREMEINF: Sep 2021 5.7% | Dec 2021 -12% | Mar 2022 -16% | Jun 2022 -3.2% | Sep 2022 -3.9% | Dec 2022 -15% | Mar 2023 -46% | Jun 2023 -150% | Sep 2023 -111% | Dec 2023 -61% | Mar 2024 -75% | Jun 2024 -114% | Sep 2024 -41% | Dec 2024 -59% | Mar 2025 -54% | Jun 2025 -35% | Sep 2025 -27% | Dec 2025 25% | Mar 2026 -18% | Jun 2026 —
- GGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 — | Mar 2024 20% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 9.0% | Jun 2026 —

### 20-quarter Margin change history
- 544504: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 −5.0 pp | Dec 2024 +4.0 pp | Mar 2025 +22.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −3.0 pp | Jun 2026 −4.0 pp
- PACEDIGITK: 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 — | Mar 2025 — | Jun 2025 −6.0 pp | Sep 2025 −4.0 pp | Dec 2025 −3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- EIEL: 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 +7.0 pp | Dec 2024 +4.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- KPEL: Sep 2021 −4.4 pp | Dec 2021 −12.8 pp | Mar 2022 −13.4 pp | Jun 2022 −8.5 pp | Sep 2022 +2.1 pp | Dec 2022 −0.5 pp | Mar 2023 +8.3 pp | Jun 2023 +5.2 pp | Sep 2023 +3.3 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 +6.1 pp | Mar 2024 +5.0 pp | Jun 2024 +2.6 pp | Sep 2024 +4.5 pp | Dec 2024 −0.9 pp | Mar 2025 +1.0 pp | Jun 2025 +1.3 pp | Sep 2025 +0.8 pp | Dec 2025 +2.0 pp | Mar 2026 +0.4 pp | Jun 2026 —
- SUPREMEINF: Sep 2021 +24.6 pp | Dec 2021 +138.9 pp | Mar 2022 −33.8 pp | Jun 2022 −9.9 pp | Sep 2022 −9.6 pp | Dec 2022 −3.0 pp | Mar 2023 −30.0 pp | Jun 2023 −146.8 pp | Sep 2023 −107.1 pp | Dec 2023 −46.0 pp | Mar 2024 −29.0 pp | Jun 2024 +36.0 pp | Sep 2024 +70.0 pp | Dec 2024 +2.0 pp | Mar 2025 +21.0 pp | Jun 2025 +79.0 pp | Sep 2025 +14.0 pp | Dec 2025 +84.0 pp | Mar 2026 +36.0 pp | Jun 2026 —
- GGBL: 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 −6.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −7.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Supreme Infrastructure India Ltd leads with ₹5,797 crore of TTM profit, 863% above ACME Solar Holdings Ltd. ACME Solar Holdings Ltd shows 58.4% growth from a ₹602 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Supreme Infrastructure India 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: Supreme Infrastructure India Ltd · ₹5,797 crore | 863% versus #2 · ACME Solar Holdings Ltd | Not enough history | 7/9 companies · 93 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. Supreme Infrastructure India Ltd (SUPREMEINF): ₹5.8K Cr
2. ACME Solar Holdings Ltd (ACMESOLAR): ₹602 Cr
3. Pace Digitek Ltd (PACEDIGITK): ₹308 Cr
4. Enviro Infra Engineers Ltd (EIEL): ₹188 Cr
5. K.P. Energy Ltd (KPEL): ₹181 Cr

### Profit growth — fastest growers
1. ACME Solar Holdings Ltd (ACMESOLAR): 58%
2. K.P. Energy Ltd (KPEL): 57%
3. Bajel Projects Ltd (BAJEL): 31%
4. Pace Digitek Ltd (PACEDIGITK): 10%
5. Enviro Infra Engineers Ltd (EIEL): 6.2%

### 20-quarter Net profit history
- 522027: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹-0 Cr | Mar 2026 — | Jun 2026 —
- 544504: 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 ₹17 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 ₹29 Cr | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹82 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹532 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹138 Cr | Jun 2026 ₹235 Cr
- PACEDIGITK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹50 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- EIEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹12 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- KPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- SUPREMEINF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-291 Cr | Mar 2023 ₹-400 Cr | Jun 2023 ₹-292 Cr | Sep 2023 ₹-309 Cr | Dec 2023 ₹-307 Cr | Mar 2024 ₹-326 Cr | Jun 2024 ₹-351 Cr | Sep 2024 ₹-341 Cr | Dec 2024 ₹-362 Cr | Mar 2025 ₹-373 Cr | Jun 2025 ₹-400 Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹-49 Cr | Mar 2026 ₹-60 Cr | Jun 2026 —
- GGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 ₹13 Cr | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹42 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 544504: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 32% | Jun 2026 —
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -99% | Sep 2024 -62% | Dec 2024 155% | Mar 2025 -77% | Jun 2025 13,000% | Sep 2025 667% | Dec 2025 1.8% | Mar 2026 13% | Jun 2026 79%
- PACEDIGITK: 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 — | Mar 2025 — | Jun 2025 10% | Sep 2025 -33% | Dec 2025 11% | Mar 2026 89% | Jun 2026 —
- EIEL: 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 200% | Dec 2024 118% | Mar 2025 30% | Jun 2025 40% | Sep 2025 39% | Dec 2025 14% | Mar 2026 -27% | Jun 2026 —
- KPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 67% | Jun 2024 20% | Sep 2024 213% | Dec 2024 189% | Mar 2025 84% | Jun 2025 39% | Sep 2025 44% | Dec 2025 58% | Mar 2026 72% | Jun 2026 —
- BAJEL: 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 — | Mar 2025 -29% | Jun 2025 -50% | Sep 2025 0.0% | Dec 2025 -100% | Mar 2026 180% | Jun 2026 —
- GGBL: 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 86% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 154% | Dec 2025 — | Mar 2026 147% | Jun 2026 —

## Return On Capital Employed

What the numbers say: K.P. Energy Ltd leads ROCE at 39.2%, 3.8 percentage points above Ganesh Green Bharat Ltd. Ganesh Green Bharat Ltd has the strongest latest improvement at +15.5 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: K.P. Energy 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: K.P. Energy Ltd · 39.2% | 10.7% versus #2 · Ganesh Green Bharat Ltd | 6/8 recent comparable periods | 9/9 companies · 56 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. K.P. Energy Ltd (KPEL): 39%
2. Ganesh Green Bharat Ltd (GGBL): 35%
3. Goel Construction Company Ltd (544504): 34%
4. Pace Digitek Ltd (PACEDIGITK): 21%
5. Enviro Infra Engineers Ltd (EIEL): 20%

### ROCE change — fastest improvers
1. Ganesh Green Bharat Ltd (GGBL): +15.5 pp
2. K.P. Energy Ltd (KPEL): +6.2 pp
3. Bajel Projects Ltd (BAJEL): +3.5 pp
4. ACME Solar Holdings Ltd (ACMESOLAR): −0.5 pp
5. Supreme Infrastructure India Ltd (SUPREMEINF): −3.1 pp

### 20-quarter ROCE history
- ACMESOLAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.1% | Jun 2024 6.4% | Sep 2024 5.5% | Dec 2024 11% | Mar 2025 6.0% | Jun 2025 8.4% | Sep 2025 7.5% | Dec 2025 10% | Mar 2026 5.5% | Jun 2026 —
- KPEL: Sep 2021 8.9% | Dec 2021 12% | Mar 2022 15% | Jun 2022 23% | Sep 2022 23% | Dec 2022 26% | Mar 2023 32% | Jun 2023 — | Sep 2023 29% | Dec 2023 33% | Mar 2024 25% | Jun 2024 36% | Sep 2024 22% | Dec 2024 40% | Mar 2025 26% | Jun 2025 42% | Sep 2025 32% | Dec 2025 43% | Mar 2026 32% | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2,018% | Dec 2022 — | Mar 2023 1.3% | Jun 2023 0.6% | Sep 2023 1.0% | Dec 2023 — | Mar 2024 0.8% | Jun 2024 — | Sep 2024 5.3% | Dec 2024 12% | Mar 2025 6.7% | Jun 2025 12% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- SUPREMEINF: Sep 2021 1.0% | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 0.4% | Dec 2022 — | Mar 2023 1.0% | Jun 2023 — | Sep 2023 1.7% | Dec 2023 — | Mar 2024 1.3% | Jun 2024 — | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.9% | Jun 2025 — | Sep 2025 -6.9% | Dec 2025 1,589% | Mar 2026 -2.2% | Jun 2026 —
- GGBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 38% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 26% | Dec 2025 — | Mar 2026 35% | Jun 2026 —

### 20-quarter ROCE change history
- ACMESOLAR: 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 — | Mar 2025 −1.1 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 −0.8 pp | Mar 2026 −0.5 pp | Jun 2026 —
- KPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.4 pp | Dec 2022 +13.3 pp | Mar 2023 +16.8 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 +7.5 pp | Mar 2024 −6.6 pp | Jun 2024 — | Sep 2024 −7.6 pp | Dec 2024 +7.2 pp | Mar 2025 +0.8 pp | Jun 2025 +5.4 pp | Sep 2025 +10.0 pp | Dec 2025 +3.1 pp | Mar 2026 +6.2 pp | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2,019.3 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 — | Mar 2025 +5.9 pp | Jun 2025 — | Sep 2025 +2.6 pp | Dec 2025 +0.5 pp | Mar 2026 +3.5 pp | Jun 2026 —
- SUPREMEINF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 −0.2 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −7.7 pp | Dec 2025 — | Mar 2026 −3.1 pp | Jun 2026 —
- GGBL: 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 +3.9 pp | Dec 2024 — | Mar 2025 −19.0 pp | Jun 2025 — | Sep 2025 +5.9 pp | Dec 2025 — | Mar 2026 +15.5 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 | 0/9 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. Supreme Infrastructure India Ltd (SUPREMEINF): 0.1
2. Ganesh Green Bharat Ltd (GGBL): 8.3
3. K.P. Energy Ltd (KPEL): 11.5
4. Goel Construction Company Ltd (544504): 14.8
5. Pace Digitek Ltd (PACEDIGITK): 14.9

### 20-quarter PEG history

### 20-quarter P/E history
- 544504: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 9.3 | Dec 2025 — | Mar 2026 9.0 | Jun 2026 —
- ACMESOLAR: 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 228.6 | Jun 2025 55.7 | Sep 2025 39.2 | Dec 2025 27.6 | Mar 2026 32.5 | Jun 2026 43.6
- PACEDIGITK: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.6 | Mar 2026 10.6 | Jun 2026 —
- EIEL: 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 40.4 | Mar 2025 28.0 | Jun 2025 21.4 | Sep 2025 21.6 | Dec 2025 17.6 | Mar 2026 11.5 | Jun 2026 —
- KPEL: Sep 2021 17.4 | Dec 2021 24.9 | Mar 2022 18.4 | Jun 2022 9.5 | Sep 2022 16.5 | Dec 2022 13.7 | Mar 2023 9.9 | Jun 2023 17.4 | Sep 2023 25.5 | Dec 2023 29.6 | Mar 2024 50.1 | Jun 2024 47.7 | Sep 2024 50.6 | Dec 2024 45.4 | Mar 2025 26.2 | Jun 2025 29.2 | Sep 2025 22.0 | Dec 2025 17.2 | Mar 2026 11.7 | Jun 2026 —
- BAJEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -255.5 | Mar 2024 578.8 | Jun 2024 297.8 | Sep 2024 159.7 | Dec 2024 178.2 | Mar 2025 122.6 | Jun 2025 179.0 | Sep 2025 120.6 | Dec 2025 159.9 | Mar 2026 105.4 | Jun 2026 —
- SUPREMEINF: 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 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GGBL: 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 39.4 | Dec 2024 — | Mar 2025 25.0 | Jun 2025 — | Sep 2025 32.1 | Dec 2025 — | Mar 2026 11.5 | 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.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- ACME Solar Holdings Ltd (ACMESOLAR) — market value ₹25.6K Cr; latest fundamentals Jun 2026
- Pace Digitek Ltd (PACEDIGITK) — market value ₹4.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Enviro Infra Engineers Ltd (EIEL) — market value ₹3.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- K.P. Energy Ltd (KPEL) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Bajel Projects Ltd (BAJEL) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Supreme Infrastructure India Ltd (SUPREMEINF) — market value ₹815 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Goel Construction Company Ltd (544504) — market value ₹686 Cr; latest fundamentals Mar 2026
- Ganesh Green Bharat Ltd (GGBL) — market value ₹624 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- EMA India Ltd (522027) — market value ₹43 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 1. Unverified: 6. Withheld: 2. Graded companies: 9.

4 of 9 companies draw 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.

2 of 9 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Pace Digitek Ltd (PACEDIGITK) — its two data sources disagree by up to 9.1% on reported income across 8 comparable periods, so its derived ratios are withheld; Enviro Infra Engineers Ltd (EIEL) — its two data sources disagree by up to 2.9% on reported income across 11 comparable periods, so its derived ratios are withheld.

- WITHHELD | PACEDIGITK | Pace Digitek Ltd | diff_gt_2pct | disagreement up to 9.06% over 8 comparable periods
- WITHHELD | EIEL | Enviro Infra Engineers Ltd | diff_gt_2pct | disagreement up to 2.92% over 11 comparable periods

- UNVERIFIED | KPEL | K.P. Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BAJEL | Bajel Projects Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUPREMEINF | Supreme Infrastructure India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GGBL | Ganesh Green Bharat 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 - Turnkey Services sector outperforming NIFTY 500?

Engineering - Turnkey Services has outperformed NIFTY 500 by 5.7% over 52 weeks and 4.3% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### Which Engineering - Turnkey Services company is largest by revenue?

Bajel Projects Ltd leads with revenue of ₹2,792 crore, based on 7 of 9 comparable companies through Mar 2026.

### Which Engineering - Turnkey Services company is growing fastest?

K.P. Energy Ltd has the fastest current revenue growth at 59.4%, across 6 of 9 comparable companies.

### Which Engineering - Turnkey Services company has the strongest 4-Factor Sector Score?

K.P. Energy Ltd ranks first at 63.1/100 with 75.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Engineering - Turnkey Services 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 - Turnkey Services index?

The Nifty Engineering - Turnkey Services index tracks India's listed Engineering - Turnkey Services companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Engineering - Turnkey Services sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Engineering - Turnkey Services stocks in India?

Ranked by this page's four-factor score, K.P. Energy Ltd places first among 9 listed Engineering - Turnkey Services companies, followed by ACME Solar Holdings 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 - Turnkey Services stocks are listed in India?

This comparison covers 9 listed Engineering - Turnkey Services 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 - Turnkey Services company is the biggest?

Bajel Projects Ltd is the largest, with trailing-twelve-month revenue of ₹2,792 crore, ahead of Pace Digitek Ltd at ₹2,641 crore. That covers 7 of 9 companies with comparable reporting through Mar 2026.

### Which Engineering - Turnkey Services company has the best profit margins?

ACME Solar Holdings Ltd has the highest operating margin at 86%, from 8 of 9 comparable companies. Supreme Infrastructure India Ltd shows the biggest recent improvement, at +36 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Engineering - Turnkey Services company makes the most profit?

Supreme Infrastructure India Ltd earns the most, at ₹5,797 crore of trailing-twelve-month net profit, from 7 of 9 comparable companies. ACME Solar Holdings Ltd has the fastest profit growth at 58.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Engineering - Turnkey Services company earns the highest return on capital?

K.P. Energy Ltd leads on return on capital employed at 39.2%, across 9 of 9 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 - Turnkey Services sector beating the market?

Engineering - Turnkey Services has outperformed NIFTY 500 by 5.7% over the last 52 weeks and 4.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Engineering - Turnkey Services stock has the strongest price momentum?

EMA India 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 - Turnkey Services company scores highest for research priority?

K.P. Energy Ltd scores 63.1 out of 100 with 75.8% evidence confidence, from 28.6 points on growth and earnings, 20.4 on capital efficiency, 10.6 on valuation and 3.5 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 - Turnkey Services companies does this comparison cover, and over what period?

It compares 9 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 - Turnkey Services sector?

The 9 Engineering - Turnkey Services companies on this page carry ₹40,222 crore of combined market value. ACME Solar Holdings Ltd is the largest at ₹25,631 crore, about 64% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Engineering - Turnkey Services sector's P/E ratio?

The median price-to-earnings ratio across the 9 Engineering - Turnkey Services companies on this page is 14.9×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-05.

### How is the Engineering - Turnkey Services sector performing?

3 of the 7 covered Engineering - Turnkey Services companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 5.7% ahead of 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.