20-quarter listed-company comparison

Infra - Engineering - General Stocks in India

Infra - Engineering - General: Ircon International Ltd owns the largest revenue base; Axtel Industries Ltd has the fastest current growth.

The 8 Infra - Engineering - General companies listed in India are Engineers India Ltd (₹15.1K Cr, the largest), Ircon International Ltd, ISGEC Heavy Engineering Ltd and 5 more. 2 of 8 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

All 8 Infra - Engineering - General Stocks in India (Sep 2026) — ranked by 4-Factor score

1Engineers India Ltd₹15.1K Cr84.9/100Sector-leading setup · strongest on ROCE and relative strength versus sector
2Axtel Industries Ltd₹711 Cr72.9/100Favorable setup · strongest on profit growth and ROCE improvement
3Bondada Engineering Ltd₹3.1K Cr58.0/100Mixed-positive evidence · strongest on ROCE and own-history P/E
4ISGEC Heavy Engineering Ltd₹5.9K Cr44.4/100Mixed-negative evidence · strongest on revenue growth and ROCE improvement
5Ircon International Ltd₹10.7K Cr35.9/100Mixed-negative evidence · strongest on PEG and profitable quarters
6EMS Ltd₹2.1K Cr29.9/100Adverse evidence · strongest on operating margin and profitable quarters
7Artson Ltd₹576 Cr29.3/100Adverse evidence
8BGR Energy Systems Ltd₹1.7K Cr27.3/100Adverse evidence · strongest on relative strength versus sector

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Infra - Engineering - General Index — Constituents & Performance

All 8 listed Indian Infra - Engineering - General companies are named here, largest first — the same constituent set people search for as the Nifty Infra - Engineering - General index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

02 · the sector itself · before any single company

How has Infra - Engineering - General moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 3% behind NIFTY 500. Earnings across its companies fell 19% on average over the last four reported quarters.

BASING · +1 joined⚠Moving with the index2 of 8 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 4/8 >200d (+2) · 2/8 lead (+1) · EPS 2/7↑

Infra - Engineering - General, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Infra - Engineering - General outperforming NIFTY 500?

Infra - Engineering - General has underperformed NIFTY 500 by 5.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.6%. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Engineers India Ltd is the strongest against the sector itself at +30%.

-2.6%Sector vs NIFTY 500 · 13 weeks

-5.6%Sector vs NIFTY 500 · 52 weeks

2/8Stocks leading NIFTY 500

3/8Stocks leading sector

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

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Infra - Engineering - General has underperformed NIFTY 500 by 5.6% over 52 weeks and 2.6% over 13 weeks. 2 of 8 covered companies beat NIFTY on Mansfield relative strength, while 3 of 8 beat the sector itself. Ircon International Ltd leads with revenue of ₹9,241 crore, based on 8 of 8 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹39.9K Cr

Engineers India Ltd

Revenue growing

4/7

positive TTM year-on-year growth

Beating NIFTY 500

2/8

positive Mansfield relative strength

Comparing 5 of 8

04 · research priority, made explicit

4-Factor Sector Score

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

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Engineers India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Engineers India LtdENGINERSIN	84.9/100Sector-leading setup100% evidence	TURNING	29.5/35 Revenue 16.3% · PAT 41.5% · OPM change 7 pp 100% evidence	19.6/25 ROCE 30.4% · OPM 15% 100% evidence	15.8/20 P/E 19.3× · PEG 1.07 100% evidence	20.0/20 RS sector 30% · RS bench 25.5% · 1Y 33.7%7 of 12 weeks ahead 100% evidence
Exact sum: 29.5 + 19.6 + 15.8 + 20 = 84.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Axtel Industries LtdAXTEL	72.9/100Favorable setup76% evidence		32.5/35 Revenue 42.1% · PAT 97.3% · OPM change 2.3 pp 95% evidence	16.5/25 ROCE 30% · OPM 7.8% 76% evidence	9.8/20 P/E 22.8× · PEG — 50% evidence	14.1/20 RS sector 4.3% · RS bench 2% · 1Y -3.8%1 of 12 weeks ahead 70% evidence
Exact sum: 32.5 + 16.5 + 9.8 + 14.1 = 72.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Bondada Engineering Ltd543971	58.0/100Mixed-positive evidence65% evidence	BASING	18.3/35 Revenue — · PAT — · OPM change -1 pp 45% evidence	19.6/25 ROCE 39.4% · OPM 11% 76% evidence	14.8/20 P/E 14.4× · PEG — 50% evidence	5.3/20 RS sector -12.6% · RS bench -15.9% · 1Y -27.6%2 of 12 weeks ahead 100% evidence
Exact sum: 18.3 + 19.6 + 14.8 + 5.3 = 58 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4ISGEC Heavy Engineering LtdISGEC	44.4/100Mixed-negative evidence100% evidence	BASING	19.9/35 Revenue 19.5% · PAT 5.7% · OPM change -3 pp 100% evidence	11.7/25 ROCE 10.8% · OPM 6% 100% evidence	6.5/20 P/E 22.4× · PEG 1.64 100% evidence	6.3/20 RS sector -5.7% · RS bench -9.1% · 1Y -21.1%0 of 12 weeks ahead 100% evidence
Exact sum: 19.9 + 11.7 + 6.5 + 6.3 = 44.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Ircon International LtdIRCON	35.9/100Mixed-negative evidence100% evidence	BASING	12.7/35 Revenue -9.9% · PAT -22.2% · OPM change -1 pp 100% evidence	9.3/25 ROCE 9.3% · OPM 10% 100% evidence	12.2/20 P/E 20.3× · PEG 1.13 100% evidence	1.7/20 RS sector -19.2% · RS bench -22.1% · 1Y -33%0 of 12 weeks ahead 100% evidence
Exact sum: 12.7 + 9.3 + 12.2 + 1.7 = 35.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6EMS LtdEMSLIMITED	29.9/100Adverse evidence94% evidence	BREAKING OUT	6.5/35 Revenue -34.1% · PAT -63.4% · OPM change -6 pp 100% evidence	13.1/25 ROCE 12.8% · OPM 17% 100% evidence	4.3/20 P/E 31.2× · PEG 2.09 100% evidence	6.0/20 RS sector -35.9% · RS bench -1.4% · 1Y -33.4%10 of 10 weeks ahead 70% evidence
Exact sum: 6.5 + 13.1 + 4.3 + 6 = 29.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Artson LtdARTSON	29.3/100Adverse evidence66% evidence		7.0/35 Revenue 8.7% · PAT -80% · OPM change -2.9 pp 95% evidence	4.8/25 ROCE -14.6% · OPM 4.5% 76% evidence	10.0/20 P/E — · PEG — 0% evidence	7.5/20 RS sector -7.5% · RS bench -4.4% · 1Y -7.6%0 of 12 weeks ahead 70% evidence
Exact sum: 7 + 4.8 + 10 + 7.5 = 29.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8BGR Energy Systems LtdBGRENERGY	27.3/100Adverse evidence63% evidence	ASLEEP	5.1/35 Revenue -38.3% · PAT -10.9% · OPM change -529 pp 71% evidence	1.0/25 ROCE -26.9% · OPM -648% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	11.2/20 RS sector 28.2% · RS bench -26.2% · 1Y 11%1 of 10 weeks ahead 70% evidence
Exact sum: 5.1 + 1 + 10 + 11.2 = 27.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

05 · what price has already done

Market action

Engineers India Ltd has the strongest one-year price move in Infra - Engineering - General at +33.7%. It also leads on Mansfield relative strength against NIFTY at +25.5%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · the story behind the numbers

Infra - Engineering - General — the story behind the numbers

This is the written read behind the Infra - Engineering - General figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 4 themes are live here.

The sector is in a sweet spot of record order books and improving operational efficiency. While provision reversals have skewed recent profit numbers, the underlying shift toward high-value international orders and capacity expansion suggests a sustainable growth trajectory, provided commodity and execution risks are managed.

The Infra-Engineering sector is witnessing a period of accelerated execution and record-breaking order inflows. Engineers India Ltd (ENGINERSIN) and ISGEC Heavy Engineering (ISGEC) both reported significant revenue and profit growth in Q3 FY26, driven by a combination of turnkey project momentum and manufacturing efficiency.

How old this read is: STALE — this read comes from our Infra - Engineering - General sector brief dated 19 Apr 2026, about 5 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Live theme	Severity	Evidence on file
Volatility in steel, nickel, copper, and aluminium prices impacting project costs.Named for ENGINERSIN, ISGEC	medium	“Steel and to a certain extent, nickel and then copper and aluminium. Copper and aluminium basically because of their impact on electricals.” Shifting to Open Book Estimate (OBE) models and back-to-back supplier offers.
Risk of Liquidated Damages (LD) and penalties due to project execution delays.Named for ENGINERSIN, ISGEC	medium	“Whenever project starts to get delayed, then we create the provision... upon the receipt of same, the provision is reversed.” Applying for time extensions and making quarterly provisions.
Forex fluctuation on inter-company loans to subsidiaries.Named for ISGEC	low	“There is a forex gain on the loans that we have given out to the subsidiary companies, which obviously gets eliminated in the consol.” Gains and losses are largely eliminated at the consolidated level.
Impact of upcoming Pay Commission on fixed cost base.Named for ENGINERSIN	low	“That provision we are already taken in the account... whenever it will be higher, then that will be looked into.” Provisions are already being made in the accounts.

Sources: our Infra - Engineering - General sector brief, 19 Apr 2026 · company earnings-call transcripts.

07 · compare level, then change

Revenue Scale & Growth Durability

Ircon International Ltd has the highest Revenue among the 8 Infra - Engineering - General companies compared here, at ₹9,241 crore. ISGEC Heavy Engineering Ltd is next at ₹7,458 crore. Axtel Industries Ltd has the highest Revenue growth at 42.1%, so level and change sit with different companies. Its Revenue series carries 20 reported observations across the 20-quarter window.

What the numbers say: Ircon International Ltd is the scale leader at ₹9,241 crore, 23.9% ahead of ISGEC Heavy Engineering Ltd. Axtel Industries Ltd's growth is 42.1% from a ₹229 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderIrcon International Ltd · ₹9,241 crore

Gap23.9% versus #2 · ISGEC Heavy Engineering Ltd

Persistence1/8 recent comparable periods

Coverage8/8 companies · 129 observations

Investor read: Ircon International Ltd is the scale benchmark; Axtel Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Ircon International Ltd's growth falls below Axtel Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenuelargest

1Ircon International Ltd IRCON₹9.2K Cr

2ISGEC Heavy Engineering Ltd ISGEC₹7.5K Cr

3Engineers India Ltd ENGINERSIN₹3.9K Cr

4Bondada Engineering Ltd 543971₹3.0K Cr

5EMS Ltd EMSLIMITED₹650 Cr

Revenue growthfastest growers

1Axtel Industries Ltd AXTEL42%

2ISGEC Heavy Engineering Ltd ISGEC20%

3Engineers India Ltd ENGINERSIN16%

4Artson Ltd ARTSON8.7%

5Ircon International Ltd IRCON-9.9%

Revenue · company comparison

8/8 level · 7/8 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
ISGEC Heavy Engineering Ltd ISGEC	₹2.0K Cr	46%	Jun 2026
Ircon International Ltd IRCON	₹2.0K Cr	9.5%	Jun 2026
Engineers India Ltd ENGINERSIN	₹820 Cr	-5.8%	Jun 2026
Bondada Engineering Ltd 543971	₹692 Cr	24%	Jun 2026
EMS Ltd EMSLIMITED	₹157 Cr	-34%	Jun 2026
Axtel Industries Ltd AXTEL	₹32 Cr	19%	Jun 2026
Artson Ltd ARTSON	₹26 Cr	-42%	Jun 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified	₹16 Cr	-82%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Artson Ltd · ARTSON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹31 Cr

Mar 2023₹29 Cr

Jun 2023₹42 Cr

Sep 2023₹30 Cr

Dec 2023₹31 Cr

Mar 2024₹25 Cr

Jun 2024₹25 Cr

Sep 2024₹20 Cr

Dec 2024₹18 Cr

Mar 2025₹51 Cr

Jun 2025₹45 Cr

Sep 2025₹48 Cr

Dec 2025₹32 Cr

Mar 2026₹39 Cr

Jun 2026₹26 Cr

Axtel Industries Ltd · AXTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹40 Cr

Mar 2023₹67 Cr

Jun 2023₹48 Cr

Sep 2023₹69 Cr

Dec 2023₹54 Cr

Mar 2024₹52 Cr

Jun 2024₹45 Cr

Sep 2024₹56 Cr

Dec 2024₹40 Cr

Mar 2025₹38 Cr

Jun 2025₹27 Cr

Sep 2025₹67 Cr

Dec 2025₹59 Cr

Mar 2026₹71 Cr

Jun 2026₹32 Cr

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹246 Cr

Mar 2023₹107 Cr

Jun 2023₹145 Cr

Sep 2023₹235 Cr

Dec 2023₹462 Cr

Mar 2024₹170 Cr

Jun 2024₹174 Cr

Sep 2024₹83 Cr

Dec 2024₹66 Cr

Mar 2025₹130 Cr

Jun 2025₹89 Cr

Sep 2025₹83 Cr

Dec 2025₹78 Cr

Mar 2026₹50 Cr

Jun 2026₹16 Cr

Bondada Engineering Ltd · 543971

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₹376 Cr

Mar 2025₹714 Cr

Jun 2025₹558 Cr

Sep 2025₹659 Cr

Dec 2025₹712 Cr

Mar 2026₹914 Cr

Jun 2026₹692 Cr

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹93 Cr

Sep 2022₹93 Cr

Dec 2022₹151 Cr

Mar 2023₹190 Cr

Jun 2023₹138 Cr

Sep 2023₹211 Cr

Dec 2023₹200 Cr

Mar 2024₹245 Cr

Jun 2024₹206 Cr

Sep 2024₹233 Cr

Dec 2024₹245 Cr

Mar 2025₹270 Cr

Jun 2025₹239 Cr

Sep 2025₹173 Cr

Dec 2025₹200 Cr

Mar 2026₹120 Cr

Jun 2026₹157 Cr

Engineers India Ltd · ENGINERSIN

Sep 2021₹657 Cr

Dec 2021₹692 Cr

Mar 2022₹818 Cr

Jun 2022₹815 Cr

Sep 2022₹793 Cr

Dec 2022₹842 Cr

Mar 2023₹880 Cr

Jun 2023₹818 Cr

Sep 2023₹790 Cr

Dec 2023₹868 Cr

Mar 2024₹805 Cr

Jun 2024₹624 Cr

Sep 2024₹689 Cr

Dec 2024₹765 Cr

Mar 2025₹1.0K Cr

Jun 2025₹870 Cr

Sep 2025₹921 Cr

Dec 2025₹1.2K Cr

Mar 2026₹926 Cr

Jun 2026₹820 Cr

Ircon International Ltd · IRCON

Sep 2021₹1.5K Cr

Dec 2021₹1.8K Cr

Mar 2022₹3.0K Cr

Jun 2022₹2.0K Cr

Sep 2022₹2.2K Cr

Dec 2022₹2.3K Cr

Mar 2023₹3.8K Cr

Jun 2023₹2.8K Cr

Sep 2023₹3.0K Cr

Dec 2023₹2.9K Cr

Mar 2024₹3.8K Cr

Jun 2024₹2.3K Cr

Sep 2024₹2.4K Cr

Dec 2024₹2.6K Cr

Mar 2025₹3.4K Cr

Jun 2025₹1.8K Cr

Sep 2025₹2.0K Cr

Dec 2025₹2.1K Cr

Mar 2026₹3.2K Cr

Jun 2026₹2.0K Cr

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021₹1.4K Cr

Dec 2021₹1.4K Cr

Mar 2022₹1.6K Cr

Jun 2022₹1.2K Cr

Sep 2022₹1.5K Cr

Dec 2022₹1.6K Cr

Mar 2023₹2.0K Cr

Jun 2023₹1.4K Cr

Sep 2023₹1.5K Cr

Dec 2023₹1.5K Cr

Mar 2024₹1.9K Cr

Jun 2024₹1.5K Cr

Sep 2024₹1.6K Cr

Dec 2024₹1.5K Cr

Mar 2025₹1.7K Cr

Jun 2025₹1.4K Cr

Sep 2025₹1.7K Cr

Dec 2025₹1.7K Cr

Mar 2026₹2.0K Cr

Jun 2026₹2.0K Cr

Revenue growth · reported quarter history

Artson Ltd · ARTSON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20230.8%

Mar 2024-14%

Jun 2024-40%

Sep 2024-35%

Dec 2024-43%

Mar 2025106%

Jun 202579%

Sep 2025147%

Dec 202579%

Mar 2026-24%

Jun 2026-42%

Axtel Industries Ltd · AXTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202333%

Mar 2024-23%

Jun 2024-6.7%

Sep 2024-20%

Dec 2024-25%

Mar 2025-28%

Jun 2025-39%

Sep 202521%

Dec 202545%

Mar 202688%

Jun 202619%

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202388%

Mar 202459%

Jun 202420%

Sep 2024-65%

Dec 2024-86%

Mar 2025-24%

Jun 2025-49%

Sep 20250.0%

Dec 202518%

Mar 2026-62%

Jun 2026-82%

Bondada Engineering Ltd · 543971

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 202589%

Mar 202628%

Jun 202624%

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202348%

Sep 2023127%

Dec 202332%

Mar 202429%

Jun 202449%

Sep 202410%

Dec 202423%

Mar 202510%

Jun 202516%

Sep 2025-26%

Dec 2025-18%

Mar 2026-56%

Jun 2026-34%

Engineers India Ltd · ENGINERSIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20229.3%

Sep 202221%

Dec 202222%

Mar 20237.6%

Jun 20230.4%

Sep 2023-0.4%

Dec 20233.1%

Mar 2024-8.5%

Jun 2024-24%

Sep 2024-13%

Dec 2024-12%

Mar 202525%

Jun 202539%

Sep 202534%

Dec 202558%

Mar 2026-8.3%

Jun 2026-5.8%

Ircon International Ltd · IRCON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202276%

Sep 202247%

Dec 202233%

Mar 202328%

Jun 202338%

Sep 202333%

Dec 202325%

Mar 20240.2%

Jun 2024-17%

Sep 2024-18%

Dec 2024-11%

Mar 2025-9.9%

Jun 2025-22%

Sep 2025-19%

Dec 2025-19%

Mar 2026-6.5%

Jun 20269.5%

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202211%

Sep 202210.0%

Dec 202214%

Mar 202328%

Jun 202311%

Sep 2023-2.6%

Dec 2023-6.5%

Mar 2024-8.6%

Jun 202411%

Sep 202412%

Dec 20240.1%

Mar 2025-6.6%

Jun 2025-12%

Sep 20252.9%

Dec 202516%

Mar 202617%

Jun 202646%

08 · compare level, then change

Operating Economics & Margin Trend

EMS Ltd has the highest OPM among the 8 Infra - Engineering - General companies compared here, at 17%. Engineers India Ltd is next at 15%. Engineers India Ltd has the highest Margin change at +7 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: EMS Ltd leads opm at 17%; Engineers India Ltd leads margin change at +7 percentage points.

LeaderEMS Ltd · 17%

Gap13.3% versus #2 · Engineers India Ltd

Persistence2/8 recent comparable periods

Coverage8/8 companies · 149 observations

Investor read: EMS Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

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

OPMhighest

1EMS Ltd EMSLIMITED17%

2Engineers India Ltd ENGINERSIN15%

3Bondada Engineering Ltd 54397111%

4Ircon International Ltd IRCON10%

5Axtel Industries Ltd AXTEL7.8%

Margin changefastest expanders

1Engineers India Ltd ENGINERSIN+7.0 pp

2Axtel Industries Ltd AXTEL+2.3 pp

3Bondada Engineering Ltd 543971−1.0 pp

4Ircon International Ltd IRCON−1.0 pp

5Artson Ltd ARTSON−2.9 pp

Operating margin · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
EMS Ltd EMSLIMITED	17%	−6.0 pp	Jun 2026
Engineers India Ltd ENGINERSIN	15%	+7.0 pp	Jun 2026
Bondada Engineering Ltd 543971	11%	−1.0 pp	Jun 2026
Ircon International Ltd IRCON	10%	−1.0 pp	Jun 2026
Axtel Industries Ltd AXTEL	7.8%	+2.3 pp	Jun 2026
ISGEC Heavy Engineering Ltd ISGEC	6.0%	−3.0 pp	Jun 2026
Artson Ltd ARTSON	4.6%	−2.9 pp	Jun 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified	-648%	−529.0 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Artson Ltd · ARTSON

Sep 20218.8%

Dec 2021-2.5%

Mar 20221.4%

Jun 2022-4.6%

Sep 2022-8.0%

Dec 20223.0%

Mar 2023-24%

Jun 20239.3%

Sep 202312%

Dec 202311%

Mar 202412%

Jun 20249.6%

Sep 2024-8.2%

Dec 2024-41%

Mar 20257.7%

Jun 20257.5%

Sep 2025-0.1%

Dec 2025-45%

Mar 202614%

Jun 20264.6%

Axtel Industries Ltd · AXTEL

Sep 20217.9%

Dec 20218.8%

Mar 202217%

Jun 2022-1.4%

Sep 202215%

Dec 20229.0%

Mar 202320%

Jun 202315%

Sep 202324%

Dec 202324%

Mar 202415%

Jun 202412%

Sep 202416%

Dec 202412%

Mar 202512%

Jun 20255.6%

Sep 202520%

Dec 202518%

Mar 202622%

Jun 20267.8%

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 202120%

Dec 20211.0%

Mar 20222.1%

Jun 2022-6.1%

Sep 2022-38%

Dec 20227.0%

Mar 2023-197%

Jun 2023-17%

Sep 2023-12%

Dec 2023-97%

Mar 202495%

Jun 2024-1.8%

Sep 2024-83%

Dec 2024-291%

Mar 2025-232%

Jun 2025-119%

Sep 2025-68%

Dec 2025-241%

Mar 2026-467%

Jun 2026-648%

Bondada Engineering Ltd · 543971

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20227.3%

Dec 2022—

Mar 20237.7%

Jun 2023—

Sep 20236.9%

Dec 2023—

Mar 20249.5%

Jun 2024—

Sep 202411%

Dec 202410%

Mar 202511%

Jun 202512%

Sep 202512%

Dec 202512%

Mar 202611%

Jun 202611%

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202230%

Sep 202236%

Dec 202228%

Mar 202325%

Jun 202323%

Sep 202327%

Dec 202323%

Mar 202428%

Jun 202424%

Sep 202429%

Dec 202429%

Mar 202524%

Jun 202523%

Sep 202521%

Dec 202515%

Mar 202615%

Jun 202617%

Engineers India Ltd · ENGINERSIN

Sep 20219.4%

Dec 20219.6%

Mar 202213%

Jun 20225.8%

Sep 20225.7%

Dec 20226.0%

Mar 202319%

Jun 20239.0%

Sep 202312%

Dec 20236.0%

Mar 202410%

Jun 20248.0%

Sep 20249.0%

Dec 202413%

Mar 202530%

Jun 20258.0%

Sep 202513%

Dec 202529%

Mar 202616%

Jun 202615%

Ircon International Ltd · IRCON

Sep 20219.1%

Dec 20218.7%

Mar 20226.2%

Jun 20228.0%

Sep 20228.9%

Dec 20227.0%

Mar 20234.8%

Jun 20239.0%

Sep 20237.0%

Dec 20239.0%

Mar 20248.0%

Jun 202411%

Sep 20248.0%

Dec 20245.0%

Mar 20257.0%

Jun 202511%

Sep 20257.0%

Dec 20257.0%

Mar 20268.0%

Jun 202610%

ISGEC Heavy Engineering Ltd · ISGEC

Sep 20213.4%

Dec 20217.7%

Mar 20226.7%

Jun 20225.8%

Sep 20226.0%

Dec 20228.0%

Mar 20238.0%

Jun 20237.0%

Sep 20239.0%

Dec 20238.0%

Mar 20247.0%

Jun 20248.0%

Sep 20248.0%

Dec 20249.0%

Mar 20259.0%

Jun 20259.0%

Sep 20259.0%

Dec 202511%

Mar 20268.0%

Jun 20266.0%

Margin change · reported quarter history

Artson Ltd · ARTSON

Sep 2021+5.2 pp

Dec 2021−6.5 pp

Mar 2022−4.4 pp

Jun 2022−12.7 pp

Sep 2022−16.8 pp

Dec 2022+5.5 pp

Mar 2023−25.4 pp

Jun 2023+13.8 pp

Sep 2023+20.1 pp

Dec 2023+8.3 pp

Mar 2024+35.7 pp

Jun 2024+0.3 pp

Sep 2024−20.3 pp

Dec 2024−52.0 pp

Mar 2025−4.1 pp

Jun 2025−2.1 pp

Sep 2025+8.1 pp

Dec 2025−4.3 pp

Mar 2026+6.7 pp

Jun 2026−2.9 pp

Axtel Industries Ltd · AXTEL

Sep 2021−12.2 pp

Dec 2021−10.8 pp

Mar 2022+8.0 pp

Jun 2022−10.0 pp

Sep 2022+7.4 pp

Dec 2022+0.2 pp

Mar 2023+2.4 pp

Jun 2023+16.1 pp

Sep 2023+8.7 pp

Dec 2023+14.5 pp

Mar 2024−4.8 pp

Jun 2024−2.4 pp

Sep 2024−8.0 pp

Dec 2024−11.3 pp

Mar 2025−2.8 pp

Jun 2025−6.7 pp

Sep 2025+3.7 pp

Dec 2025+6.2 pp

Mar 2026+9.5 pp

Jun 2026+2.3 pp

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021+67.5 pp

Dec 2021+10.6 pp

Mar 2022+3.7 pp

Jun 2022−3.7 pp

Sep 2022−58.2 pp

Dec 2022+6.0 pp

Mar 2023−199.1 pp

Jun 2023−10.9 pp

Sep 2023+26.1 pp

Dec 2023−104.0 pp

Mar 2024+292.0 pp

Jun 2024+15.2 pp

Sep 2024−71.0 pp

Dec 2024−194.0 pp

Mar 2025−327.0 pp

Jun 2025−117.2 pp

Sep 2025+15.0 pp

Dec 2025+50.0 pp

Mar 2026−235.0 pp

Jun 2026−529.0 pp

Bondada Engineering Ltd · 543971

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023−0.5 pp

Dec 2023—

Mar 2024+1.9 pp

Jun 2024—

Sep 2024+3.7 pp

Dec 2024—

Mar 2025+1.5 pp

Jun 2025—

Sep 2025+1.5 pp

Dec 2025+2.0 pp

Mar 20260.0 pp

Jun 2026−1.0 pp

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023−7.1 pp

Sep 2023−8.6 pp

Dec 2023−5.0 pp

Mar 2024+2.9 pp

Jun 2024+1.0 pp

Sep 2024+2.0 pp

Dec 2024+6.0 pp

Mar 2025−4.0 pp

Jun 2025−1.0 pp

Sep 2025−8.0 pp

Dec 2025−14.0 pp

Mar 2026−9.0 pp

Jun 2026−6.0 pp

Engineers India Ltd · ENGINERSIN

Sep 2021−2.1 pp

Dec 2021+0.5 pp

Mar 2022−1.7 pp

Jun 2022−8.5 pp

Sep 2022−3.7 pp

Dec 2022−3.6 pp

Mar 2023+5.6 pp

Jun 2023+3.3 pp

Sep 2023+6.4 pp

Dec 20230.0 pp

Mar 2024−9.0 pp

Jun 2024−1.0 pp

Sep 2024−3.0 pp

Dec 2024+7.0 pp

Mar 2025+20.0 pp

Jun 20250.0 pp

Sep 2025+4.0 pp

Dec 2025+16.0 pp

Mar 2026−14.0 pp

Jun 2026+7.0 pp

Ircon International Ltd · IRCON

Sep 2021−0.8 pp

Dec 2021−0.9 pp

Mar 2022−2.0 pp

Jun 2022−1.6 pp

Sep 2022−0.2 pp

Dec 2022−1.7 pp

Mar 2023−1.4 pp

Jun 2023+1.0 pp

Sep 2023−1.9 pp

Dec 2023+2.0 pp

Mar 2024+3.2 pp

Jun 2024+2.0 pp

Sep 2024+1.0 pp

Dec 2024−4.0 pp

Mar 2025−1.0 pp

Jun 20250.0 pp

Sep 2025−1.0 pp

Dec 2025+2.0 pp

Mar 2026+1.0 pp

Jun 2026−1.0 pp

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021−7.1 pp

Dec 2021+0.4 pp

Mar 2022−0.9 pp

Jun 2022+1.2 pp

Sep 2022+2.6 pp

Dec 2022+0.3 pp

Mar 2023+1.3 pp

Jun 2023+1.2 pp

Sep 2023+3.0 pp

Dec 20230.0 pp

Mar 2024−1.0 pp

Jun 2024+1.0 pp

Sep 2024−1.0 pp

Dec 2024+1.0 pp

Mar 2025+2.0 pp

Jun 2025+1.0 pp

Sep 2025+1.0 pp

Dec 2025+2.0 pp

Mar 2026−1.0 pp

Jun 2026−3.0 pp

09 · compare level, then change

Profit Scale & Acceleration

Engineers India Ltd has the highest Net profit among the 8 Infra - Engineering - General companies compared here, at ₹784 crore. Ircon International Ltd is next at ₹520 crore. Axtel Industries Ltd has the highest Profit growth at 97.3%, so level and change sit with different companies. Its Net profit series carries 20 reported observations across the 20-quarter window.

What the numbers say: Engineers India Ltd leads with ₹784 crore of TTM profit, 50.8% above Ircon International Ltd. Axtel Industries Ltd shows 97.3% growth from a ₹31 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderEngineers India Ltd · ₹784 crore

Gap50.8% versus #2 · Ircon International Ltd

Persistence4/8 recent comparable periods

Coverage8/8 companies · 129 observations

Investor read: Engineers 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.

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

Net profitlargest

1Engineers India Ltd ENGINERSIN₹784 Cr

2Ircon International Ltd IRCON₹520 Cr

3ISGEC Heavy Engineering Ltd ISGEC₹243 Cr

4Bondada Engineering Ltd 543971₹223 Cr

5EMS Ltd EMSLIMITED₹68 Cr

Profit growthfastest growers

1Axtel Industries Ltd AXTEL97%

2Engineers India Ltd ENGINERSIN42%

3ISGEC Heavy Engineering Ltd ISGEC5.7%

4Ircon International Ltd IRCON-22%

5EMS Ltd EMSLIMITED-63%

Net profit · company comparison

8/8 level · 6/8 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Engineers India Ltd ENGINERSIN	₹158 Cr	143%	Jun 2026
Ircon International Ltd IRCON	₹92 Cr	-44%	Jun 2026
Bondada Engineering Ltd 543971	₹54 Cr	29%	Jun 2026
ISGEC Heavy Engineering Ltd ISGEC	₹18 Cr	38%	Jun 2026
EMS Ltd EMSLIMITED	₹15 Cr	-61%	Jun 2026
Axtel Industries Ltd AXTEL	₹2 Cr	3.2%	Jun 2026
Artson Ltd ARTSON	₹-0 Cr	-286%	Jun 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified	₹-223 Cr	-357%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Artson Ltd · ARTSON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹-2 Cr

Mar 2023₹-10 Cr

Jun 2023₹1 Cr

Sep 2023₹3 Cr

Dec 2023₹0 Cr

Mar 2024₹1 Cr

Jun 2024₹-0 Cr

Sep 2024₹-3 Cr

Dec 2024₹6 Cr

Mar 2025₹1 Cr

Jun 2025₹0 Cr

Sep 2025₹-2 Cr

Dec 2025₹-12 Cr

Mar 2026₹3 Cr

Jun 2026₹-0 Cr

Axtel Industries Ltd · AXTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹2 Cr

Mar 2023₹11 Cr

Jun 2023₹5 Cr

Sep 2023₹12 Cr

Dec 2023₹10 Cr

Mar 2024₹5 Cr

Jun 2024₹4 Cr

Sep 2024₹6 Cr

Dec 2024₹3 Cr

Mar 2025₹5 Cr

Jun 2025₹2 Cr

Sep 2025₹10 Cr

Dec 2025₹8 Cr

Mar 2026₹11 Cr

Jun 2026₹2 Cr

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹-59 Cr

Mar 2023₹-218 Cr

Jun 2023₹-92 Cr

Sep 2023₹-107 Cr

Dec 2023₹-691 Cr

Mar 2024₹129 Cr

Jun 2024₹-112 Cr

Sep 2024₹-193 Cr

Dec 2024₹-336 Cr

Mar 2025₹-332 Cr

Jun 2025₹-266 Cr

Sep 2025₹-63 Cr

Dec 2025₹-193 Cr

Mar 2026₹-771 Cr

Jun 2026₹-223 Cr

Bondada Engineering Ltd · 543971

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₹25 Cr

Mar 2025₹56 Cr

Jun 2025₹42 Cr

Sep 2025₹52 Cr

Dec 2025₹54 Cr

Mar 2026₹63 Cr

Jun 2026₹54 Cr

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹21 Cr

Sep 2022₹21 Cr

Dec 2022₹30 Cr

Mar 2023₹36 Cr

Jun 2023₹23 Cr

Sep 2023₹45 Cr

Dec 2023₹37 Cr

Mar 2024₹47 Cr

Jun 2024₹37 Cr

Sep 2024₹50 Cr

Dec 2024₹51 Cr

Mar 2025₹47 Cr

Jun 2025₹38 Cr

Sep 2025₹28 Cr

Dec 2025₹19 Cr

Mar 2026₹6 Cr

Jun 2026₹15 Cr

Engineers India Ltd · ENGINERSIN

Sep 2021₹17 Cr

Dec 2021₹41 Cr

Mar 2022₹79 Cr

Jun 2022₹65 Cr

Sep 2022₹75 Cr

Dec 2022₹16 Cr

Mar 2023₹190 Cr

Jun 2023₹139 Cr

Sep 2023₹127 Cr

Dec 2023₹63 Cr

Mar 2024₹116 Cr

Jun 2024₹92 Cr

Sep 2024₹100 Cr

Dec 2024₹109 Cr

Mar 2025₹280 Cr

Jun 2025₹65 Cr

Sep 2025₹83 Cr

Dec 2025₹347 Cr

Mar 2026₹196 Cr

Jun 2026₹158 Cr

Ircon International Ltd · IRCON

Sep 2021₹126 Cr

Dec 2021₹136 Cr

Mar 2022₹242 Cr

Jun 2022₹145 Cr

Sep 2022₹174 Cr

Dec 2022₹190 Cr

Mar 2023₹256 Cr

Jun 2023₹187 Cr

Sep 2023₹251 Cr

Dec 2023₹245 Cr

Mar 2024₹247 Cr

Jun 2024₹224 Cr

Sep 2024₹206 Cr

Dec 2024₹86 Cr

Mar 2025₹212 Cr

Jun 2025₹164 Cr

Sep 2025₹137 Cr

Dec 2025₹100 Cr

Mar 2026₹191 Cr

Jun 2026₹92 Cr

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021₹10 Cr

Dec 2021₹52 Cr

Mar 2022₹39 Cr

Jun 2022₹18 Cr

Sep 2022₹28 Cr

Dec 2022₹66 Cr

Mar 2023₹93 Cr

Jun 2023₹53 Cr

Sep 2023₹64 Cr

Dec 2023₹67 Cr

Mar 2024₹72 Cr

Jun 2024₹67 Cr

Sep 2024₹96 Cr

Dec 2024₹23 Cr

Mar 2025₹98 Cr

Jun 2025₹13 Cr

Sep 2025₹56 Cr

Dec 2025₹84 Cr

Mar 2026₹85 Cr

Jun 2026₹18 Cr

Profit growth · reported quarter history

Artson Ltd · ARTSON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024-148%

Sep 2024-193%

Dec 20241,202%

Mar 2025-55%

Jun 2025—

Sep 2025—

Dec 2025-292%

Mar 2026460%

Jun 2026-286%

Axtel Industries Ltd · AXTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023333%

Mar 2024-52%

Jun 2024-23%

Sep 2024-51%

Dec 2024-66%

Mar 2025-10%

Jun 2025-54%

Sep 202572%

Dec 2025145%

Mar 2026134%

Jun 20263.2%

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025-357%

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Bondada Engineering Ltd · 543971

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 2025116%

Mar 202613%

Jun 202629%

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20239.5%

Sep 2023114%

Dec 202323%

Mar 202431%

Jun 202461%

Sep 202411%

Dec 202438%

Mar 20250.0%

Jun 20252.7%

Sep 2025-44%

Dec 2025-63%

Mar 2026-87%

Jun 2026-61%

Engineers India Ltd · ENGINERSIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20222,067%

Sep 2022341%

Dec 2022-61%

Mar 2023141%

Jun 2023114%

Sep 202369%

Dec 2023294%

Mar 2024-39%

Jun 2024-34%

Sep 2024-21%

Dec 202473%

Mar 2025141%

Jun 2025-29%

Sep 2025-17%

Dec 2025218%

Mar 2026-30%

Jun 2026143%

Ircon International Ltd · IRCON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202263%

Sep 202238%

Dec 202240%

Mar 20235.8%

Jun 202329%

Sep 202344%

Dec 202329%

Mar 2024-3.5%

Jun 202420%

Sep 2024-18%

Dec 2024-65%

Mar 2025-14%

Jun 2025-27%

Sep 2025-34%

Dec 202516%

Mar 2026-9.9%

Jun 2026-44%

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202229%

Sep 2022180%

Dec 202227%

Mar 2023138%

Jun 2023194%

Sep 2023129%

Dec 20231.5%

Mar 2024-23%

Jun 202426%

Sep 202450%

Dec 2024-66%

Mar 202536%

Jun 2025-81%

Sep 2025-42%

Dec 2025265%

Mar 2026-13%

Jun 202638%

10 · compare level, then change

Return On Capital Employed

Bondada Engineering Ltd has the highest ROCE among the 8 Infra - Engineering - General companies compared here, at 39.4%. Engineers India Ltd is next at 30.4%. Axtel Industries Ltd has the highest ROCE change at +10 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Bondada Engineering Ltd leads ROCE at 39.4%, 9 percentage points above Engineers India Ltd. Axtel Industries Ltd has the strongest latest improvement at +10 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.

LeaderBondada Engineering Ltd · 39.4%

Gap29.6% versus #2 · Engineers India Ltd

PersistenceNot enough history

Coverage8/8 companies · 73 observations

Investor read: Bondada Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

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

ROCEhighest

1Bondada Engineering Ltd 54397139%

2Engineers India Ltd ENGINERSIN30%

3Axtel Industries Ltd AXTEL30%

4EMS Ltd EMSLIMITED13%

5ISGEC Heavy Engineering Ltd ISGEC11%

ROCE changefastest improvers

1Axtel Industries Ltd AXTEL+10.0 pp

2Engineers India Ltd ENGINERSIN+2.2 pp

3ISGEC Heavy Engineering Ltd ISGEC+1.2 pp

4Bondada Engineering Ltd 5439710.0 pp

5Ircon International Ltd IRCON−1.6 pp

Return on capital · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Engineers India Ltd ENGINERSIN	21%	+2.2 pp	Jun 2026
ISGEC Heavy Engineering Ltd ISGEC	13%	+1.2 pp	Jun 2026
EMS Ltd EMSLIMITED	11%	−11.8 pp	Jun 2026
Ircon International Ltd IRCON	4.3%	−1.6 pp	Jun 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified	-33%	−81.2 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 20210.8%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 2022-6.4%

Dec 2022—

Mar 2023-52%

Jun 2023—

Sep 2023-50%

Dec 2023-125%

Mar 2024597%

Jun 2024-41%

Sep 202468%

Dec 20240.2%

Mar 202548%

Jun 2025-96%

Sep 2025-28%

Dec 2025-32%

Mar 2026-33%

Jun 2026—

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202213%

Dec 2022—

Mar 202326%

Jun 2023—

Sep 202321%

Dec 202331%

Mar 202422%

Jun 202432%

Sep 202423%

Dec 202428%

Mar 202523%

Jun 202526%

Sep 202518%

Dec 202517%

Mar 202611%

Jun 2026—

Engineers India Ltd · ENGINERSIN

Sep 202124%

Dec 2021—

Mar 202219%

Jun 2022—

Sep 202214%

Dec 2022—

Mar 202315%

Jun 2023—

Sep 202317%

Dec 202328%

Mar 202412%

Jun 202419%

Sep 20249.2%

Dec 202418%

Mar 202518%

Jun 202528%

Sep 202521%

Dec 202541%

Mar 202621%

Jun 2026—

Ircon International Ltd · IRCON

Sep 20218.2%

Dec 2021—

Mar 20227.0%

Jun 2022—

Sep 20228.6%

Dec 2022—

Mar 20237.2%

Jun 2023—

Sep 20237.4%

Dec 202317%

Mar 20249.9%

Jun 202415%

Sep 20249.3%

Dec 202412%

Mar 20255.9%

Jun 20259.8%

Sep 20254.5%

Dec 20258.9%

Mar 20264.3%

Jun 2026—

ISGEC Heavy Engineering Ltd · ISGEC

Sep 20217.4%

Dec 2021—

Mar 20227.1%

Jun 2022—

Sep 20229.5%

Dec 2022—

Mar 202312%

Jun 2023—

Sep 202314%

Dec 202314%

Mar 202413%

Jun 202413%

Sep 20249.0%

Dec 202412%

Mar 202511%

Jun 202512%

Sep 202512%

Dec 202513%

Mar 202613%

Jun 2026—

ROCE change · reported quarter history

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−7.2 pp

Dec 2022—

Mar 2023−64.3 pp

Jun 2023—

Sep 2023−43.4 pp

Dec 2023—

Mar 2024+649.6 pp

Jun 2024—

Sep 2024+117.7 pp

Dec 2024+125.4 pp

Mar 2025−549.5 pp

Jun 2025−54.6 pp

Sep 2025−95.5 pp

Dec 2025−32.1 pp

Mar 2026−81.2 pp

Jun 2026—

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023+8.7 pp

Dec 2023—

Mar 2024−3.4 pp

Jun 2024—

Sep 2024+1.8 pp

Dec 2024−2.7 pp

Mar 2025+0.4 pp

Jun 2025−5.8 pp

Sep 2025−5.2 pp

Dec 2025−11.1 pp

Mar 2026−11.8 pp

Jun 2026—

Engineers India Ltd · ENGINERSIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−9.9 pp

Dec 2022—

Mar 2023−3.9 pp

Jun 2023—

Sep 2023+3.1 pp

Dec 2023—

Mar 2024−2.8 pp

Jun 2024—

Sep 2024−7.8 pp

Dec 2024−9.3 pp

Mar 2025+6.0 pp

Jun 2025+8.7 pp

Sep 2025+11.7 pp

Dec 2025+22.4 pp

Mar 2026+2.2 pp

Jun 2026—

Ircon International Ltd · IRCON

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.4 pp

Dec 2022—

Mar 2023+0.2 pp

Jun 2023—

Sep 2023−1.2 pp

Dec 2023—

Mar 2024+2.7 pp

Jun 2024—

Sep 2024+1.9 pp

Dec 2024−4.6 pp

Mar 2025−4.0 pp

Jun 2025−5.6 pp

Sep 2025−4.8 pp

Dec 2025−3.2 pp

Mar 2026−1.6 pp

Jun 2026—

ISGEC Heavy Engineering Ltd · ISGEC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.1 pp

Dec 2022—

Mar 2023+4.9 pp

Jun 2023—

Sep 2023+4.0 pp

Dec 2023—

Mar 2024+0.8 pp

Jun 2024—

Sep 2024−4.5 pp

Dec 2024−1.9 pp

Mar 2025−1.4 pp

Jun 2025−1.6 pp

Sep 2025+2.6 pp

Dec 2025+0.9 pp

Mar 2026+1.2 pp

Jun 2026—

11 · compare level, then change

Valuation Against Growth & Quality

Engineers India Ltd has the lowest PEG among the 8 Infra - Engineering - General companies compared here, at 1.07×. Ircon International Ltd is next at 1.13×. Bondada Engineering Ltd has the lowest P/E at 14.4×, so level and change sit with different companies. 4 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Engineers India Ltd has the lowest comparable PEG at 1.07×, 5.3% below Ircon International Ltd. Only 4 of 8 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEngineers India Ltd · 1.07×

Gap5.3% versus #2 · Ircon International Ltd

Persistence0/8 recent comparable periods

Coverage4/8 companies · 29 observations

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

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

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

PEGlowest PEG

1Engineers India Ltd ENGINERSIN1.1

2Ircon International Ltd IRCON1.1

3ISGEC Heavy Engineering Ltd ISGEC1.6

4EMS Ltd EMSLIMITED2.1

P/Elowest P/E

1Bondada Engineering Ltd 54397114.4

2Engineers India Ltd ENGINERSIN19.3

3Ircon International Ltd IRCON20.3

4ISGEC Heavy Engineering Ltd ISGEC22.4

5Axtel Industries Ltd AXTEL22.8

Valuation · company comparison

4/8 level · 6/8 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
EMS Ltd EMSLIMITED	2.1	25.8	Jun 2026
ISGEC Heavy Engineering Ltd ISGEC	1.6	59.1	Jun 2026
Ircon International Ltd IRCON	1.1	19.0	Jun 2026
Engineers India Ltd ENGINERSIN	1.1	20.5	Jun 2026
Bondada Engineering Ltd 543971	—	22.6	Jun 2026
BGR Energy Systems Ltd BGRENERGY⚠ unverified	—	-0.3	Jun 2026
Axtel Industries Ltd AXTEL	—	43.2	Jun 2026
Artson Ltd ARTSON	—	94.8	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231.1

Mar 20240.9

Jun 20240.6

Sep 2024—

Dec 20240.8

Mar 2025—

Jun 20251.1

Sep 20252.1

Dec 2025—

Mar 2026—

Jun 2026—

Engineers India Ltd · ENGINERSIN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.6

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20250.8

Sep 20250.5

Dec 2025—

Mar 2026—

Jun 20261.1

Ircon International Ltd · IRCON

Sep 20210.5

Dec 20210.3

Mar 20220.1

Jun 2022—

Sep 20220.1

Dec 20220.2

Mar 20230.2

Jun 20230.4

Sep 20230.7

Dec 20230.6

Mar 20240.9

Jun 20241.3

Sep 20241.1

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

ISGEC Heavy Engineering Ltd · ISGEC

Sep 20210.6

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20220.8

Mar 20232.2

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20241.6

Sep 20241.2

Dec 20244.8

Mar 2025—

Jun 20251.6

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

Artson Ltd · ARTSON

Sep 2021—

Dec 2021688.9

Mar 2022621.9

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024106.4

Sep 2024154.1

Dec 2024145.7

Mar 2025118.4

Jun 2025185.0

Sep 2025180.8

Dec 2025111.9

Mar 202694.8

Jun 2026—

Axtel Industries Ltd · AXTEL

Sep 202134.4

Dec 202144.5

Mar 202253.9

Jun 202230.7

Sep 202233.8

Dec 202228.5

Mar 202329.8

Jun 202330.5

Sep 202334.6

Dec 202330.1

Mar 202427.1

Jun 202429.5

Sep 202423.6

Dec 202432.2

Mar 202540.4

Jun 202540.8

Sep 202545.9

Dec 202540.5

Mar 202638.7

Jun 202643.2

BGR Energy Systems Ltd · BGRENERGY⚠ unverified

Sep 2021-2.5

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-0.3

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Bondada Engineering Ltd · 543971

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202315.8

Dec 2023—

Mar 202476.1

Jun 2024—

Sep 2024147.7

Dec 2024101.2

Mar 202561.1

Jun 202545.1

Sep 202537.7

Dec 202525.2

Mar 202616.5

Jun 202622.6

EMS Ltd · EMSLIMITED

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202311.6

Dec 202318.5

Mar 202417.6

Jun 202422.8

Sep 202425.7

Dec 202428.3

Mar 202518.6

Jun 202518.9

Sep 202520.5

Dec 202513.0

Mar 20268.4

Jun 202625.8

Engineers India Ltd · ENGINERSIN

Sep 202126.1

Dec 202140.9

Mar 202262.1

Jun 202223.3

Sep 202217.8

Dec 202217.1

Mar 202317.8

Jun 202318.7

Sep 202319.7

Dec 202320.4

Mar 202421.8

Jun 202431.7

Sep 202429.9

Dec 202428.6

Mar 202521.7

Jun 202523.1

Sep 202519.9

Dec 202521.5

Mar 202613.8

Jun 202620.5

Ircon International Ltd · IRCON

Sep 20219.7

Dec 20218.7

Mar 20227.4

Jun 20225.8

Sep 20225.7

Dec 20228.1

Mar 20237.0

Jun 202310.3

Sep 202316.9

Dec 202318.2

Mar 202422.0

Jun 202427.3

Sep 202422.1

Dec 202421.4

Mar 202519.3

Jun 202526.4

Sep 202524.1

Dec 202525.4

Mar 202617.2

Jun 202619.0

ISGEC Heavy Engineering Ltd · ISGEC

Sep 202124.9

Dec 202129.1

Mar 202229.3

Jun 202232.8

Sep 202232.9

Dec 202226.7

Mar 202321.6

Jun 202326.0

Sep 202323.3

Dec 202327.8

Mar 202425.5

Jun 202437.5

Sep 202439.4

Dec 202439.1

Mar 202528.6

Jun 202530.8

Sep 202528.6

Dec 202529.6

Mar 202623.6

Jun 202659.1

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Infra - Engineering - General comparison names 5 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. A high growth rate can still be a low-base artefact.

Keep these limits visible

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

13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 Infra - Engineering - General companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-11.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-11 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing4 cross-checked · 4 unverified · 0 withheld, of 8 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

14 · questions investors ask, short speakable answers

Infra - Engineering - General company comparison FAQs

These 24 answers restate the Infra - Engineering - General comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

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

Which Infra - Engineering - General company is largest by revenue?

Ircon International Ltd leads with revenue of ₹9,241 crore, based on 8 of 8 comparable companies through Jun 2026.

Which Infra - Engineering - General company is growing fastest?

Axtel Industries Ltd has the fastest current revenue growth at 42.1%, across 7 of 8 comparable companies.

Which Infra - Engineering - General company has the strongest 4-Factor Sector Score?

Engineers India Ltd ranks first at 84.9/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Infra - Engineering - General company has the lowest comparable PEG?

Engineers India Ltd has the lowest comparable PEG at 1.07, among 4 of 8 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Infra - Engineering - General comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Is there a Nifty Infra - Engineering - General index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Infra - Engineering - General, this page builds its own equal-weight basket of 8 listed Infra - Engineering - General companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Infra - Engineering - General stocks in India?

Ranked by this page's four-factor score, Engineers India Ltd places first among 8 listed Infra - Engineering - General companies, followed by Axtel Industries 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 Infra - Engineering - General stocks are listed in India?

This comparison covers 8 listed Infra - 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 Infra - Engineering - General company is the biggest?

Ircon International Ltd is the largest, with trailing-twelve-month revenue of ₹9,241 crore, ahead of ISGEC Heavy Engineering Ltd at ₹7,458 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

Which Infra - Engineering - General company has the best profit margins?

EMS Ltd has the highest operating margin at 17%, from 8 of 8 comparable companies. Engineers India Ltd shows the biggest recent improvement, at +7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Infra - Engineering - General company makes the most profit?

Engineers India Ltd earns the most, at ₹784 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Axtel Industries Ltd has the fastest profit growth at 97.3%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Infra - Engineering - General company earns the highest return on capital?

Bondada Engineering Ltd leads on return on capital employed at 39.4%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Infra - Engineering - General stock is the cheapest?

On PEG — where a LOWER number is cheaper — Engineers India Ltd screens cheapest at 1.07×. Only 4 of 8 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Is the Infra - Engineering - General sector beating the market?

Infra - Engineering - General has underperformed NIFTY 500 by 5.6% over the last 52 weeks and 2.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Infra - Engineering - General stock has the strongest price momentum?

Engineers 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 Infra - Engineering - General company scores highest for research priority?

Engineers India Ltd scores 84.9 out of 100 with 100% evidence confidence, from 29.5 points on growth and earnings, 19.6 on capital efficiency, 15.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Infra - Engineering - General companies does this comparison cover, and over what period?

It compares 8 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 Infra - Engineering - General sector?

The 8 Infra - Engineering - General companies on this page carry ₹39,860 crore of combined market value. Engineers India Ltd is the largest at ₹15,116 crore, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

What is the Infra - Engineering - General sector's P/E ratio?

The median price-to-earnings ratio across the 8 Infra - Engineering - General companies on this page is 22.4×, measured on the 6 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 2026-09-17.

How is the Infra - Engineering - General sector performing?

2 of the 8 covered Infra - Engineering - General companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 5.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

About

Not SEBI Registered !! Not Investment advice !!