# Railways — company-by-company sector analysis

> Railways: Indian Railway Finance Corporation Ltd owns the largest revenue base; Cosmic CRF Ltd has the fastest current growth.

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

## Bottom line

Railways has underperformed NIFTY 500 by 12.8% over 52 weeks and 0.3% over 13 weeks. 2 of 9 covered companies beat NIFTY on Mansfield relative strength, while 7 of 9 beat the sector itself. Indian Railway Finance Corporation Ltd leads with revenue of ₹28,630 crore, based on 9 of 9 comparable companies through Jun 2026.

## Sector relative strength

Railways has underperformed NIFTY 500 by 12.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.3%. 2 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Cosmic CRF Ltd is the strongest against the sector itself at +31.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.3%
52-week sector return versus NIFTY 500: -13%
Stocks leading NIFTY: 2/9
Stocks leading sector: 7/9

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: ₹2.0 L 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. Cosmic CRF Ltd (543928): 67/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.5/35 | Capital efficiency 13.2/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - 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 9 of the last 12 weeks
   - Exact sum: 23.5 + 13.2 + 10 + 20 = 66.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Railtel Corporation of India Ltd (RAILTEL): 60/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 21.4/35 | Capital efficiency 16.6/25 | Valuation 11.4/20 | Relative strength 10.3/20
   - 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 3 of 11 weeks with a reading, within the last 12
   - Exact sum: 21.4 + 16.6 + 11.4 + 10.3 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Rites Ltd (RITES): 52/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 14.6/35 | Capital efficiency 18.1/25 | Valuation 6.4/20 | Relative strength 13.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 14.6 + 18.1 + 6.4 + 13 = 52.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 51/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 13.2/35 | Capital efficiency 22.3/25 | Valuation 6.5/20 | Relative strength 8.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 13.2 + 22.3 + 6.5 + 8.5 = 50.5
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. Indian Railway Finance Corporation Ltd (IRFC): 48/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 18.1/35 | Capital efficiency 7.2/25 | Valuation 11.8/20 | Relative strength 10.6/20
   - 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 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.1 + 7.2 + 11.8 + 10.6 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Texmaco Rail & Engineering Ltd (TEXRAIL): 46/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 14.0/35 | Capital efficiency 7.9/25 | Valuation 15.5/20 | Relative strength 8.8/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 14 + 7.9 + 15.5 + 8.8 = 46.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Oriental Rail Infrastructure Ltd (531859): 46/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 23.1/35 | Capital efficiency 11.8/25 | 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 6 of the last 12 weeks
   - Exact sum: 23.1 + 11.8 + 11.1 + 0 = 46
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is -33.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Titagarh Rail Systems Ltd (TITAGARH): 45/100 — Mixed-negative evidence; evidence 88%
   - Growth & earnings 14.2/35 | Capital efficiency 8.9/25 | Valuation 9.5/20 | Relative strength 12.5/20
   - 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 9 of the last 12 weeks
   - Exact sum: 14.2 + 8.9 + 9.5 + 12.5 = 45.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Jupiter Wagons Ltd (JWL): 26/100 — Adverse evidence; evidence 90%
   - Growth & earnings 4.8/35 | Capital efficiency 7.2/25 | Valuation 0.9/20 | Relative strength 12.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 4.8 + 7.2 + 0.9 + 12.9 = 25.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Titagarh Rail Systems Ltd has the strongest one-year price move in Railways at -5.7%. Cosmic CRF Ltd leads on Mansfield relative strength against NIFTY at +27.8%. 2 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Titagarh Rail Systems Ltd (TITAGARH): -5.7%
2. Cosmic CRF Ltd (543928): -7.8%
3. Rites Ltd (RITES): -19%
4. Jupiter Wagons Ltd (JWL): -27%
5. Texmaco Rail & Engineering Ltd (TEXRAIL): -27%

### Strongest relative strength versus NIFTY 500
1. Cosmic CRF Ltd (543928): 28%
2. Titagarh Rail Systems Ltd (TITAGARH): 0.6%
3. Rites Ltd (RITES): -7.3%
4. Texmaco Rail & Engineering Ltd (TEXRAIL): -8.4%
5. Jupiter Wagons Ltd (JWL): -13%

## Revenue Scale & Growth Durability

What the numbers say: Indian Railway Finance Corporation Ltd is the scale leader at ₹28,630 crore, 449% ahead of Indian Railway Catering & Tourism Corporation Ltd. Cosmic CRF Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 197.9% from a ₹1,117 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Indian Railway Finance Corporation Ltd is the scale benchmark; Cosmic CRF Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Indian Railway Finance Corporation Ltd's growth falls below Cosmic CRF Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Indian Railway Finance Corporation Ltd · ₹28,630 crore | 449% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 6/8 recent comparable periods | 9/9 companies · 155 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. Indian Railway Finance Corporation Ltd (IRFC): ₹28.6K Cr
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹5.2K Cr
3. Texmaco Rail & Engineering Ltd (TEXRAIL): ₹4.4K Cr
4. Titagarh Rail Systems Ltd (TITAGARH): ₹3.2K Cr
5. Jupiter Wagons Ltd (JWL): ₹2.9K Cr

### Revenue growth — fastest growers
1. Cosmic CRF Ltd (543928): 100%
2. Railtel Corporation of India Ltd (RAILTEL): 32%
3. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 12%
4. Rites Ltd (RITES): 9.6%
5. Indian Railway Finance Corporation Ltd (IRFC): 4.9%

### 20-quarter Revenue history
- 531859: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹106 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹13 Cr | Dec 2022 — | Mar 2023 ₹109 Cr | Jun 2023 — | Sep 2023 ₹123 Cr | Dec 2023 — | Mar 2024 ₹130 Cr | Jun 2024 — | Sep 2024 ₹169 Cr | Dec 2024 — | Mar 2025 ₹232 Cr | Jun 2025 — | Sep 2025 ₹304 Cr | Dec 2025 — | Mar 2026 ₹412 Cr | Jun 2026 —
- IRFC: Sep 2021 ₹4.7K Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹8.3K Cr
- IRCTC: Sep 2021 ₹405 Cr | Dec 2021 ₹540 Cr | Mar 2022 ₹690 Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹806 Cr | Dec 2022 ₹918 Cr | Mar 2023 ₹965 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹991 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TITAGARH: Sep 2021 ₹460 Cr | Dec 2021 ₹483 Cr | Mar 2022 — | Jun 2022 ₹529 Cr | Sep 2022 ₹607 Cr | Dec 2022 ₹766 Cr | Mar 2023 ₹974 Cr | Jun 2023 ₹911 Cr | Sep 2023 ₹935 Cr | Dec 2023 ₹955 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹903 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹902 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹832 Cr | Mar 2026 ₹875 Cr | Jun 2026 —
- JWL: Sep 2021 ₹96 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹911 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹644 Cr | Mar 2023 ₹712 Cr | Jun 2023 ₹753 Cr | Sep 2023 ₹879 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹880 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹459 Cr | Sep 2025 ₹786 Cr | Dec 2025 ₹890 Cr | Mar 2026 ₹780 Cr | Jun 2026 —
- RITES: Sep 2021 ₹755 Cr | Dec 2021 ₹775 Cr | Mar 2022 ₹766 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹659 Cr | Dec 2022 ₹677 Cr | Mar 2023 ₹687 Cr | Jun 2023 ₹544 Cr | Sep 2023 ₹582 Cr | Dec 2023 ₹683 Cr | Mar 2024 ₹643 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹541 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹549 Cr | Dec 2025 ₹609 Cr | Mar 2026 ₹768 Cr | Jun 2026 —
- RAILTEL: Sep 2021 ₹358 Cr | Dec 2021 ₹418 Cr | Mar 2022 ₹466 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹454 Cr | Mar 2023 ₹704 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹599 Cr | Dec 2023 ₹668 Cr | Mar 2024 ₹833 Cr | Jun 2024 ₹558 Cr | Sep 2024 ₹843 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹744 Cr | Sep 2025 ₹951 Cr | Dec 2025 ₹913 Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- TEXRAIL: Sep 2021 ₹374 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹447 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹484 Cr | Dec 2022 ₹625 Cr | Mar 2023 ₹835 Cr | Jun 2023 ₹657 Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 531859: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 43% | Jun 2024 32% | Sep 2024 62% | Dec 2024 4.1% | Mar 2025 -19% | Jun 2025 -4.1% | Sep 2025 -28% | Dec 2025 10% | Mar 2026 9.3% | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 846% | Dec 2023 — | Mar 2024 19% | Jun 2024 — | Sep 2024 37% | Dec 2024 — | Mar 2025 78% | Jun 2025 — | Sep 2025 80% | Dec 2025 — | Mar 2026 78% | Jun 2026 —
- IRFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 24% | Dec 2022 6,310% | Mar 2023 4.4% | Jun 2023 19% | Sep 2023 16% | Dec 2023 8.4% | Mar 2024 4.5% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 0.4% | Mar 2025 3.8% | Jun 2025 2.2% | Sep 2025 -7.7% | Dec 2025 -1.5% | Mar 2026 9.1% | Jun 2026 19%
- IRCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 251% | Sep 2022 99% | Dec 2022 70% | Mar 2023 40% | Jun 2023 17% | Sep 2023 23% | Dec 2023 22% | Mar 2024 20% | Jun 2024 12% | Sep 2024 7.4% | Dec 2024 9.6% | Mar 2025 9.9% | Jun 2025 3.8% | Sep 2025 7.7% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- TITAGARH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 32% | Dec 2022 59% | Mar 2023 — | Jun 2023 72% | Sep 2023 54% | Dec 2023 25% | Mar 2024 8.0% | Jun 2024 -0.9% | Sep 2024 13% | Dec 2024 -5.6% | Mar 2025 -4.4% | Jun 2025 -25% | Sep 2025 -24% | Dec 2025 -7.8% | Mar 2026 -13% | Jun 2026 —
- JWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 427% | Sep 2022 334% | Dec 2022 455% | Mar 2023 -22% | Jun 2023 155% | Sep 2023 111% | Dec 2023 39% | Mar 2024 57% | Jun 2024 17% | Sep 2024 15% | Dec 2024 15% | Mar 2025 -6.3% | Jun 2025 -48% | Sep 2025 -22% | Dec 2025 -14% | Mar 2026 -25% | Jun 2026 —
- RITES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 -13% | Dec 2022 -13% | Mar 2023 -10% | Jun 2023 -10% | Sep 2023 -12% | Dec 2023 0.9% | Mar 2024 -6.4% | Jun 2024 -11% | Sep 2024 -7.0% | Dec 2024 -16% | Mar 2025 -6.4% | Jun 2025 0.8% | Sep 2025 1.5% | Dec 2025 5.7% | Mar 2026 28% | Jun 2026 —
- RAILTEL: Sep 2021 27% | Dec 2021 1.7% | Mar 2022 8.4% | Jun 2022 23% | Sep 2022 20% | Dec 2022 8.6% | Mar 2023 51% | Jun 2023 24% | Sep 2023 40% | Dec 2023 47% | Mar 2024 18% | Jun 2024 19% | Sep 2024 41% | Dec 2024 15% | Mar 2025 57% | Jun 2025 33% | Sep 2025 13% | Dec 2025 19% | Mar 2026 28% | Jun 2026 —
- TEXRAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.7% | Sep 2022 29% | Dec 2022 33% | Mar 2023 87% | Jun 2023 120% | Sep 2023 66% | Dec 2023 43% | Mar 2024 37% | Jun 2024 66% | Sep 2024 67% | Dec 2024 48% | Mar 2025 18% | Jun 2025 -16% | Sep 2025 -6.5% | Dec 2025 -21% | Mar 2026 -13% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Indian Railway Finance Corporation Ltd leads opm at 99.5%; Titagarh Rail Systems Ltd leads margin change at +9.2 percentage points.

Investor read: Indian Railway Finance Corporation 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: Indian Railway Finance Corporation Ltd · 99.5% | 268.5% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 1/8 recent comparable periods | 9/9 companies · 161 observations

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

### OPM — highest
1. Indian Railway Finance Corporation Ltd (IRFC): 100%
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 27%
3. Rites Ltd (RITES): 22%
4. Oriental Rail Infrastructure Ltd (531859): 15%
5. Railtel Corporation of India Ltd (RAILTEL): 11%

### Margin change — fastest expanders
1. Titagarh Rail Systems Ltd (TITAGARH): +9.2 pp
2. Oriental Rail Infrastructure Ltd (531859): +3.0 pp
3. Texmaco Rail & Engineering Ltd (TEXRAIL): +2.0 pp
4. Railtel Corporation of India Ltd (RAILTEL): +0.4 pp
5. Indian Railway Finance Corporation Ltd (IRFC): +0.2 pp

### 20-quarter OPM history
- 531859: Sep 2021 18% | Dec 2021 17% | Mar 2022 19% | Jun 2022 24% | Sep 2022 21% | Dec 2022 8.0% | Mar 2023 -4.6% | Jun 2023 14% | Sep 2023 15% | Dec 2023 16% | Mar 2024 7.0% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 12% | Sep 2025 16% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 9.0% | Dec 2023 — | Mar 2024 8.0% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 10% | Jun 2026 —
- IRFC: Sep 2021 99% | Dec 2021 100% | Mar 2022 99% | Jun 2022 100% | Sep 2022 99% | Dec 2022 100% | Mar 2023 99% | Jun 2023 100% | Sep 2023 100% | Dec 2023 99% | Mar 2024 99% | Jun 2024 100% | Sep 2024 99% | Dec 2024 99% | Mar 2025 99% | Jun 2025 99% | Sep 2025 99% | Dec 2025 98% | Mar 2026 98% | Jun 2026 99%
- IRCTC: Sep 2021 52% | Dec 2021 52% | Mar 2022 40% | Jun 2022 38% | Sep 2022 38% | Dec 2022 35% | Mar 2023 34% | Jun 2023 34% | Sep 2023 37% | Dec 2023 35% | Mar 2024 31% | Jun 2024 34% | Sep 2024 35% | Dec 2024 34% | Mar 2025 30% | Jun 2025 34% | Sep 2025 35% | Dec 2025 32% | Mar 2026 27% | Jun 2026 —
- TITAGARH: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 9.3% | Sep 2022 8.8% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 1.8% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- JWL: Sep 2021 14% | Dec 2021 7.5% | Mar 2022 8.6% | Jun 2022 10% | Sep 2022 12% | Dec 2022 12% | Mar 2023 13% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 16% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- RITES: Sep 2021 30% | Dec 2021 25% | Mar 2022 27% | Jun 2022 30% | Sep 2022 27% | Dec 2022 29% | Mar 2023 28% | Jun 2023 30% | Sep 2023 24% | Dec 2023 25% | Mar 2024 27% | Jun 2024 22% | Sep 2024 20% | Dec 2024 20% | Mar 2025 31% | Jun 2025 23% | Sep 2025 24% | Dec 2025 23% | Mar 2026 22% | Jun 2026 —
- RAILTEL: Sep 2021 31% | Dec 2021 17% | Mar 2022 21% | Jun 2022 18% | Sep 2022 23% | Dec 2022 16% | Mar 2023 14% | Jun 2023 16% | Sep 2023 19% | Dec 2023 12% | Mar 2024 15% | Jun 2024 12% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 9.3% | Mar 2026 11% | Jun 2026 —
- TEXRAIL: Sep 2021 10% | Dec 2021 7.8% | Mar 2022 6.3% | Jun 2022 -3.1% | Sep 2022 9.0% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 3.2% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Mar 2025 7.0% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —

### 20-quarter Margin change history
- 531859: Sep 2021 +3.8 pp | Dec 2021 +3.6 pp | Mar 2022 +5.8 pp | Jun 2022 +8.8 pp | Sep 2022 +2.9 pp | Dec 2022 −8.8 pp | Mar 2023 −23.4 pp | Jun 2023 −10.3 pp | Sep 2023 −5.8 pp | Dec 2023 +8.0 pp | Mar 2024 +11.6 pp | Jun 2024 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 −5.0 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −2.0 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- IRFC: Sep 2021 −0.1 pp | Dec 2021 +0.0 pp | Mar 2022 −0.3 pp | Jun 2022 −0.3 pp | Sep 2022 +0.0 pp | Dec 2022 −0.3 pp | Mar 2023 +0.6 pp | Jun 2023 −0.0 pp | Sep 2023 +0.1 pp | Dec 2023 −0.0 pp | Mar 2024 +0.2 pp | Jun 2024 −0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 +0.2 pp
- IRCTC: Sep 2021 +58.5 pp | Dec 2021 +9.5 pp | Mar 2022 −2.5 pp | Jun 2022 −8.2 pp | Sep 2022 −14.4 pp | Dec 2022 −16.2 pp | Mar 2023 −6.3 pp | Jun 2023 −3.6 pp | Sep 2023 −0.8 pp | Dec 2023 −0.5 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- TITAGARH: Sep 2021 +4.1 pp | Dec 2021 +5.2 pp | Mar 2022 +6.2 pp | Jun 2022 +0.6 pp | Sep 2022 −2.4 pp | Dec 2022 −2.3 pp | Mar 2023 −1.9 pp | Jun 2023 +2.7 pp | Sep 2023 +3.2 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −9.2 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +9.2 pp | Jun 2026 —
- JWL: Sep 2021 +7.6 pp | Dec 2021 +1.2 pp | Mar 2022 +0.2 pp | Jun 2022 +0.2 pp | Sep 2022 −1.8 pp | Dec 2022 +4.5 pp | Mar 2023 +4.4 pp | Jun 2023 +3.0 pp | Sep 2023 +2.2 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- RITES: Sep 2021 +0.5 pp | Dec 2021 −4.1 pp | Mar 2022 −1.6 pp | Jun 2022 +2.3 pp | Sep 2022 −2.1 pp | Dec 2022 +3.8 pp | Mar 2023 +1.3 pp | Jun 2023 +0.4 pp | Sep 2023 −3.5 pp | Dec 2023 −4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −8.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- RAILTEL: Sep 2021 +5.0 pp | Dec 2021 −13.0 pp | Mar 2022 +4.0 pp | Jun 2022 −1.0 pp | Sep 2022 −8.0 pp | Dec 2022 −1.0 pp | Mar 2023 −7.0 pp | Jun 2023 −2.0 pp | Sep 2023 −4.0 pp | Dec 2023 −4.3 pp | Mar 2024 +0.9 pp | Jun 2024 −4.2 pp | Sep 2024 −8.4 pp | Dec 2024 −1.5 pp | Mar 2025 −4.3 pp | Jun 2025 −2.1 pp | Sep 2025 +0.7 pp | Dec 2025 −0.9 pp | Mar 2026 +0.4 pp | Jun 2026 —
- TEXRAIL: Sep 2021 +1.8 pp | Dec 2021 −3.1 pp | Mar 2022 −1.7 pp | Jun 2022 −14.2 pp | Sep 2022 −1.4 pp | Dec 2022 +1.2 pp | Mar 2023 +0.7 pp | Jun 2023 +6.3 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +6.8 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Indian Railway Finance Corporation Ltd leads with ₹7,190 crore of TTM profit, 416.2% above Indian Railway Catering & Tourism Corporation Ltd. Cosmic CRF Ltd shows ≥100% on the scoring scale (295% uncapped) growth from a ₹79 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Indian Railway Finance Corporation 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: Indian Railway Finance Corporation Ltd · ₹7,190 crore | 416.2% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 7/8 recent comparable periods | 9/9 companies · 155 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. Indian Railway Finance Corporation Ltd (IRFC): ₹7.2K Cr
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹1.4K Cr
3. Rites Ltd (RITES): ₹454 Cr
4. Railtel Corporation of India Ltd (RAILTEL): ₹214 Cr
5. Texmaco Rail & Engineering Ltd (TEXRAIL): ₹193 Cr

### Profit growth — fastest growers
1. Cosmic CRF Ltd (543928): 100%
2. Oriental Rail Infrastructure Ltd (531859): 48%
3. Indian Railway Finance Corporation Ltd (IRFC): 7.8%
4. Rites Ltd (RITES): 7.6%
5. Railtel Corporation of India Ltd (RAILTEL): 6.5%

### 20-quarter Net profit history
- 531859: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹18 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹26 Cr | Jun 2026 —
- IRFC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.9K Cr
- IRCTC: Sep 2021 ₹159 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹326 Cr | Jun 2026 —
- TITAGARH: Sep 2021 ₹6 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹-124 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- JWL: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- RITES: Sep 2021 ₹174 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- RAILTEL: Sep 2021 ₹68 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- TEXRAIL: Sep 2021 ₹6 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹58 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 531859: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 550% | Mar 2024 — | Jun 2024 20% | Sep 2024 25% | Dec 2024 -38% | Mar 2025 25% | Jun 2025 0.0% | Sep 2025 10% | Dec 2025 75% | Mar 2026 140% | Jun 2026 —
- 543928: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 600% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 157% | Dec 2024 — | Mar 2025 83% | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 136% | Jun 2026 —
- IRFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 14% | Dec 2022 2.5% | Mar 2023 -14% | Jun 2023 -6.3% | Sep 2023 -9.9% | Dec 2023 -2.1% | Mar 2024 34% | Jun 2024 1.3% | Sep 2024 4.4% | Dec 2024 2.0% | Mar 2025 -2.0% | Jun 2025 11% | Sep 2025 10% | Dec 2025 10% | Mar 2026 0.1% | Jun 2026 10%
- IRCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 196% | Sep 2022 42% | Dec 2022 22% | Mar 2023 33% | Jun 2023 -5.7% | Sep 2023 31% | Dec 2023 17% | Mar 2024 1.8% | Jun 2024 33% | Sep 2024 4.4% | Dec 2024 14% | Mar 2025 26% | Jun 2025 7.5% | Sep 2025 11% | Dec 2025 16% | Mar 2026 -8.9% | Jun 2026 —
- TITAGARH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 650% | Dec 2022 3,200% | Mar 2023 — | Jun 2023 — | Sep 2023 58% | Dec 2023 127% | Mar 2024 65% | Jun 2024 8.1% | Sep 2024 14% | Dec 2024 -16% | Mar 2025 -257% | Jun 2025 -54% | Sep 2025 -54% | Dec 2025 -29% | Mar 2026 — | Jun 2026 —
- JWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,100% | Dec 2022 2,150% | Mar 2023 -20% | Jun 2023 385% | Sep 2023 242% | Dec 2023 80% | Mar 2024 169% | Jun 2024 46% | Sep 2024 8.5% | Dec 2024 19% | Mar 2025 -1.9% | Jun 2025 -66% | Sep 2025 -49% | Dec 2025 -35% | Mar 2026 -74% | Jun 2026 —
- RITES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 -20% | Dec 2022 2.1% | Mar 2023 -2.1% | Jun 2023 -17% | Sep 2023 -21% | Dec 2023 -12% | Mar 2024 -1.4% | Jun 2024 -25% | Sep 2024 -25% | Dec 2024 -16% | Mar 2025 2.9% | Jun 2025 1.1% | Sep 2025 33% | Dec 2025 5.5% | Mar 2026 -1.4% | Jun 2026 —
- RAILTEL: Sep 2021 134% | Dec 2021 -5.7% | Mar 2022 100% | Jun 2022 24% | Sep 2022 -19% | Dec 2022 -52% | Mar 2023 41% | Jun 2023 46% | Sep 2023 24% | Dec 2023 94% | Mar 2024 2.6% | Jun 2024 29% | Sep 2024 7.4% | Dec 2024 4.8% | Mar 2025 45% | Jun 2025 35% | Sep 2025 4.1% | Dec 2025 -4.6% | Mar 2026 26% | Jun 2026 —
- TEXRAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -400% | Sep 2022 150% | Dec 2022 550% | Mar 2023 260% | Jun 2023 — | Sep 2023 67% | Dec 2023 131% | Mar 2024 150% | Jun 2024 354% | Sep 2024 196% | Dec 2024 153% | Mar 2025 -13% | Jun 2025 -51% | Sep 2025 -14% | Dec 2025 -45% | Mar 2026 49% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Indian Railway Catering & Tourism Corporation Ltd leads ROCE at 46.1%, 24.1 percentage points above Rites Ltd. Cosmic CRF Ltd has the strongest latest improvement at +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: Indian Railway Catering & Tourism Corporation 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: Indian Railway Catering & Tourism Corporation Ltd · 46.1% | 109.5% versus #2 · Rites Ltd | 0/8 recent comparable periods | 9/9 companies · 88 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. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 46%
2. Rites Ltd (RITES): 22%
3. Railtel Corporation of India Ltd (RAILTEL): 16%
4. Cosmic CRF Ltd (543928): 14%
5. Oriental Rail Infrastructure Ltd (531859): 12%

### ROCE change — fastest improvers
1. Cosmic CRF Ltd (543928): +5.0 pp
2. Oriental Rail Infrastructure Ltd (531859): +1.0 pp
3. Railtel Corporation of India Ltd (RAILTEL): +0.8 pp
4. Texmaco Rail & Engineering Ltd (TEXRAIL): +0.2 pp
5. Rites Ltd (RITES): −0.5 pp

### 20-quarter ROCE history
- IRCTC: Sep 2021 28% | Dec 2021 — | Mar 2022 40% | Jun 2022 — | Sep 2022 45% | Dec 2022 — | Mar 2023 45% | Jun 2023 — | Sep 2023 43% | Dec 2023 54% | Mar 2024 41% | Jun 2024 52% | Sep 2024 39% | Dec 2024 49% | Mar 2025 38% | Jun 2025 49% | Sep 2025 34% | Dec 2025 46% | Mar 2026 35% | Jun 2026 —
- TITAGARH: Sep 2021 6.4% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 22% | Dec 2023 32% | Mar 2024 17% | Jun 2024 25% | Sep 2024 17% | Dec 2024 22% | Mar 2025 15% | Jun 2025 7.1% | Sep 2025 12% | Dec 2025 3.7% | Mar 2026 11% | Jun 2026 —
- JWL: Sep 2021 64% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 33% | Dec 2023 46% | Mar 2024 27% | Jun 2024 41% | Sep 2024 19% | Dec 2024 30% | Mar 2025 19% | Jun 2025 21% | Sep 2025 14% | Dec 2025 14% | Mar 2026 8.8% | Jun 2026 —
- RITES: Sep 2021 22% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 20% | Jun 2024 21% | Sep 2024 17% | Dec 2024 19% | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 20% | Mar 2026 15% | Jun 2026 —
- RAILTEL: Sep 2021 13% | Dec 2021 15% | Mar 2022 11% | Jun 2022 18% | Sep 2022 11% | Dec 2022 14% | Mar 2023 13% | Jun 2023 16% | Sep 2023 14% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 18% | Dec 2024 — | Mar 2025 17% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- TEXRAIL: Sep 2021 10% | Dec 2021 — | Mar 2022 6.9% | Jun 2022 — | Sep 2022 3.8% | Dec 2022 — | Mar 2023 6.5% | Jun 2023 — | Sep 2023 9.6% | Dec 2023 15% | Mar 2024 7.9% | Jun 2024 16% | Sep 2024 10% | Dec 2024 20% | Mar 2025 12% | Jun 2025 15% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- IRCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.5 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 −2.9 pp | Dec 2023 — | Mar 2024 −4.6 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −5.2 pp | Mar 2025 −3.2 pp | Jun 2025 −3.9 pp | Sep 2025 −4.4 pp | Dec 2025 −2.9 pp | Mar 2026 −2.4 pp | Jun 2026 —
- TITAGARH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +11.5 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 −5.0 pp | Dec 2024 −10.5 pp | Mar 2025 −2.0 pp | Jun 2025 −18.1 pp | Sep 2025 −4.8 pp | Dec 2025 −18.0 pp | Mar 2026 −4.7 pp | Jun 2026 —
- JWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −42.8 pp | Dec 2022 — | Mar 2023 +13.8 pp | Jun 2023 — | Sep 2023 +12.4 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −13.9 pp | Dec 2024 −15.4 pp | Mar 2025 −8.9 pp | Jun 2025 −19.8 pp | Sep 2025 −5.3 pp | Dec 2025 −15.8 pp | Mar 2026 −9.7 pp | Jun 2026 —
- RITES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 −4.3 pp | Mar 2025 −4.5 pp | Jun 2025 −1.4 pp | Sep 2025 −1.8 pp | Dec 2025 +1.1 pp | Mar 2026 −0.5 pp | Jun 2026 —
- RAILTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 −1.7 pp | Mar 2023 +1.4 pp | Jun 2023 −1.7 pp | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 — | Mar 2025 +0.5 pp | Jun 2025 — | Sep 2025 −1.5 pp | Dec 2025 — | Mar 2026 +0.8 pp | Jun 2026 —
- TEXRAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 +4.6 pp | Mar 2025 +4.1 pp | Jun 2025 −1.6 pp | Sep 2025 +1.0 pp | Dec 2025 −7.4 pp | Mar 2026 +0.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Texmaco Rail & Engineering Ltd has the lowest comparable PEG at 0.81×, 52.1% below Titagarh Rail Systems Ltd. Only 7 of 9 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.

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: Texmaco Rail & Engineering Ltd · 0.81× | 52.1% versus #2 · Titagarh Rail Systems Ltd | 0/8 recent comparable periods | 7/9 companies · 48 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
1. Texmaco Rail & Engineering Ltd (TEXRAIL): 0.8
2. Titagarh Rail Systems Ltd (TITAGARH): 1.7
3. Railtel Corporation of India Ltd (RAILTEL): 1.8
4. Indian Railway Finance Corporation Ltd (IRFC): 2.2
5. Rites Ltd (RITES): 2.3

### P/E — lowest P/E
1. Indian Railway Finance Corporation Ltd (IRFC): 16.2
2. Oriental Rail Infrastructure Ltd (531859): 17.4
3. Texmaco Rail & Engineering Ltd (TEXRAIL): 23.0
4. Rites Ltd (RITES): 25.1
5. Cosmic CRF Ltd (543928): 26.0

### 20-quarter PEG history
- IRFC: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.4 | Sep 2022 0.2 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 3.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.1 | Mar 2026 2.4 | Jun 2026 2.2
- IRCTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 2.5 | Mar 2023 1.4 | Jun 2023 — | Sep 2023 1.7 | Dec 2023 3.7 | Mar 2024 — | Jun 2024 2.1 | Sep 2024 — | Dec 2024 3.8 | Mar 2025 1.8 | Jun 2025 4.4 | Sep 2025 4.3 | Dec 2025 3.8 | Mar 2026 2.4 | Jun 2026 —
- TITAGARH: Sep 2021 2.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 1.1 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.5 | Mar 2025 1.0 | Jun 2025 3.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RITES: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 1.1 | Mar 2023 2.7 | Jun 2023 3.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.3 | Jun 2026 —
- RAILTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.0 | Sep 2024 12.2 | Dec 2024 — | Mar 2025 1.1 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —
- TEXRAIL: Sep 2021 — | Dec 2021 0.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 531859: Sep 2021 31.9 | Dec 2021 40.0 | Mar 2022 46.5 | Jun 2022 41.3 | Sep 2022 36.5 | Dec 2022 23.3 | Mar 2023 13.6 | Jun 2023 80.0 | Sep 2023 97.5 | Dec 2023 175.6 | Mar 2024 74.6 | Jun 2024 48.2 | Sep 2024 51.8 | Dec 2024 56.3 | Mar 2025 34.9 | Jun 2025 35.6 | Sep 2025 32.0 | Dec 2025 38.4 | Mar 2026 20.4 | Jun 2026 —
- 543928: 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 43.7 | Dec 2025 — | Mar 2026 15.2 | Jun 2026 —
- IRFC: Sep 2021 5.6 | Dec 2021 5.3 | Mar 2022 4.8 | Jun 2022 4.2 | Sep 2022 4.5 | Dec 2022 6.6 | Mar 2023 5.3 | Jun 2023 6.8 | Sep 2023 16.1 | Dec 2023 21.6 | Mar 2024 31.1 | Jun 2024 35.4 | Sep 2024 31.8 | Dec 2024 29.4 | Mar 2025 24.9 | Jun 2025 28.1 | Sep 2025 23.9 | Dec 2025 25.6 | Mar 2026 17.2 | Jun 2026 17.1
- IRCTC: Sep 2021 144.7 | Dec 2021 120.8 | Mar 2022 94.0 | Jun 2022 56.0 | Sep 2022 63.5 | Dec 2022 54.6 | Mar 2023 45.6 | Jun 2023 51.2 | Sep 2023 51.3 | Dec 2023 64.2 | Mar 2024 66.9 | Jun 2024 68.5 | Sep 2024 62.1 | Dec 2024 51.9 | Mar 2025 47.2 | Jun 2025 49.0 | Sep 2025 43.0 | Dec 2025 42.1 | Mar 2026 29.5 | Jun 2026 —
- TITAGARH: Sep 2021 49.0 | Dec 2021 29.4 | Mar 2022 22.5 | Jun 2022 15.4 | Sep 2022 22.1 | Dec 2022 27.6 | Mar 2023 27.7 | Jun 2023 43.3 | Sep 2023 52.5 | Dec 2023 60.0 | Mar 2024 45.3 | Jun 2024 83.4 | Sep 2024 55.5 | Dec 2024 50.8 | Mar 2025 36.8 | Jun 2025 56.3 | Sep 2025 62.9 | Dec 2025 83.8 | Mar 2026 59.6 | Jun 2026 —
- JWL: Sep 2021 5.4 | Dec 2021 7.4 | Mar 2022 7.9 | Jun 2022 9.6 | Sep 2022 13.0 | Dec 2022 26.1 | Mar 2023 25.3 | Jun 2023 55.7 | Sep 2023 75.1 | Dec 2023 55.1 | Mar 2024 56.5 | Jun 2024 84.6 | Sep 2024 58.9 | Dec 2024 56.9 | Mar 2025 40.2 | Jun 2025 42.7 | Sep 2025 44.2 | Dec 2025 51.4 | Mar 2026 42.3 | Jun 2026 —
- RITES: Sep 2021 15.2 | Dec 2021 13.2 | Mar 2022 12.3 | Jun 2022 10.7 | Sep 2022 13.5 | Dec 2022 14.9 | Mar 2023 15.6 | Jun 2023 16.5 | Sep 2023 23.1 | Dec 2023 25.1 | Mar 2024 34.6 | Jun 2024 36.5 | Sep 2024 40.4 | Dec 2024 33.8 | Mar 2025 28.4 | Jun 2025 35.0 | Sep 2025 30.9 | Dec 2025 29.6 | Mar 2026 21.4 | Jun 2026 —
- RAILTEL: Sep 2021 28.1 | Dec 2021 20.2 | Mar 2022 15.7 | Jun 2022 15.0 | Sep 2022 16.3 | Dec 2022 21.2 | Mar 2023 20.6 | Jun 2023 25.9 | Sep 2023 41.2 | Dec 2023 57.9 | Mar 2024 62.3 | Jun 2024 79.7 | Sep 2024 80.2 | Dec 2024 68.3 | Mar 2025 51.8 | Jun 2025 73.3 | Sep 2025 64.7 | Dec 2025 64.8 | Mar 2026 44.6 | Jun 2026 —
- TEXRAIL: Sep 2021 21.7 | Dec 2021 20.7 | Mar 2022 38.9 | Jun 2022 61.4 | Sep 2022 64.4 | Dec 2022 945.0 | Mar 2023 103.5 | Jun 2023 97.0 | Sep 2023 70.0 | Dec 2023 80.3 | Mar 2024 65.1 | Jun 2024 80.4 | Sep 2024 51.4 | Dec 2024 38.2 | Mar 2025 21.1 | Jun 2025 28.6 | Sep 2025 25.3 | Dec 2025 26.5 | Mar 2026 18.8 | 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.

## Every company
- Indian Railway Finance Corporation Ltd (IRFC) — market value ₹1.2 L Cr; latest fundamentals Jun 2026
- Indian Railway Catering & Tourism Corporation Ltd (IRCTC) — market value ₹39.2K Cr; latest fundamentals Mar 2026
- Titagarh Rail Systems Ltd (TITAGARH) — market value ₹11.1K Cr; latest fundamentals Mar 2026
- Jupiter Wagons Ltd (JWL) — market value ₹11.1K Cr; latest fundamentals Mar 2026
- Rites Ltd (RITES) — market value ₹10.3K Cr; latest fundamentals Mar 2026
- Railtel Corporation of India Ltd (RAILTEL) — market value ₹9.1K Cr; latest fundamentals Mar 2026
- Texmaco Rail & Engineering Ltd (TEXRAIL) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- Cosmic CRF Ltd (543928) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Oriental Rail Infrastructure Ltd (531859) — market value ₹735 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 7. Unverified: 2. Withheld: 0. Graded companies: 9.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## 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 Railways sector outperforming NIFTY 500?

Railways has underperformed NIFTY 500 by 12.8% over 52 weeks and 0.3% over 13 weeks. 2 of 9 covered companies beat NIFTY on Mansfield relative strength, while 7 of 9 beat the sector itself.

### Which Railways company is largest by revenue?

Indian Railway Finance Corporation Ltd leads with revenue of ₹28,630 crore, based on 9 of 9 comparable companies through Jun 2026.

### Which Railways company is growing fastest?

Cosmic CRF Ltd has the fastest current revenue growth at 100%, across 9 of 9 comparable companies.

### Which Railways company has the strongest 4-Factor Sector Score?

Cosmic CRF Ltd ranks first at 66.7/100 with 58.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Railways company has the lowest comparable PEG?

Texmaco Rail & Engineering Ltd has the lowest comparable PEG at 0.81, among 7 of 9 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Railways 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 Railways index?

The Nifty Railways index tracks India's listed Railways 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 Railways sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Railways stocks in India?

Ranked by this page's four-factor score, Cosmic CRF Ltd places first among 9 listed Railways companies, followed by Railtel Corporation of India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Railways stocks are listed in India?

This comparison covers 9 listed Railways 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 Railways company is the biggest?

Indian Railway Finance Corporation Ltd is the largest, with trailing-twelve-month revenue of ₹28,630 crore, ahead of Indian Railway Catering & Tourism Corporation Ltd at ₹5,215 crore. That covers 9 of 9 companies with comparable reporting through Jun 2026.

### Which Railways company has the best profit margins?

Indian Railway Finance Corporation Ltd has the highest operating margin at 99.5%, from 9 of 9 comparable companies. Titagarh Rail Systems Ltd shows the biggest recent improvement, at +9.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Railways company makes the most profit?

Indian Railway Finance Corporation Ltd earns the most, at ₹7,190 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Cosmic CRF Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Railways company earns the highest return on capital?

Indian Railway Catering & Tourism Corporation Ltd leads on return on capital employed at 46.1%, 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.

### Which Railways stock is the cheapest?

On PEG — where a LOWER number is cheaper — Texmaco Rail & Engineering Ltd screens cheapest at 0.81×. Only 7 of 9 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 Railways sector beating the market?

Railways has underperformed NIFTY 500 by 12.8% over the last 52 weeks and 0.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Railways stock has the strongest price momentum?

Cosmic CRF 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 Railways company scores highest for research priority?

Cosmic CRF Ltd scores 66.7 out of 100 with 58.6% evidence confidence, from 23.5 points on growth and earnings, 13.2 on capital efficiency, 10 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 Railways 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 Railways sector?

The 9 Railways companies on this page carry ₹2,03,883 crore of combined market value. Indian Railway Finance Corporation Ltd is the largest at ₹1,16,506 crore, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Railways sector's P/E ratio?

The median price-to-earnings ratio across the 9 Railways companies on this page is 26×, measured on the 9 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 Railways sector performing?

2 of the 9 covered Railways companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 12.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

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

### Is this investment advice?

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