Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹69 Cr
₹68 Cr
₹66 Cr
₹70 Cr
₹83 Cr
₹84 Cr
₹73 Cr
₹78 Cr
₹90 Cr
₹95 Cr
₹100 Cr
₹92 Cr
₹84 Cr
₹111 Cr
₹121 Cr
₹126 Cr
₹145 Cr
20-quarter listed-company comparison
Stainless Steel Stocks in India
Stainless Steel: Jindal Stainless Ltd owns the largest revenue base; Aeroflex Industries Ltd has the fastest current growth.
The 4 Stainless Steel companies listed in India are Jindal Stainless Ltd (₹62.3K Cr, the largest), Ratnamani Metals & Tubes Ltd, Aeroflex Industries Ltd and 1 more. 4 of 4 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
01 · the index people search for
Nifty Stainless Steel Index — Constituents & Performance
All 4 listed Indian Stainless Steel companies are named here, largest first — the same constituent set people search for as the Nifty Stainless Steel index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- Jindal Stainless Ltd₹62.3K Cr
- Ratnamani Metals & Tubes Ltd₹19.7K Cr
- Aeroflex Industries Ltd₹7.5K Cr
- Ratnaveer Precision Engineering Ltd₹2.4K Cr
02 · the sector itself · before any single company
How has Stainless Steel 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 52% ahead of NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 5 weeks running.
BREAKING OUT · ahead 5w✓Price and the fundamentals both up4 of 4 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑5w · 4/4 >200d (+2) · 4/4 lead (+2) · EPS 3/4↑
Stainless Steel, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Stainless Steel, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Stainless Steel, 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 4 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 Stainless Steel outperforming NIFTY 500?
Stainless Steel has outperformed NIFTY 500 by 79.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 30.5%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aeroflex Industries Ltd is the strongest against the sector itself at +36%. Readings are as of 2026-08-22.
+30.5%Sector vs NIFTY 500 · 13 weeks
+79.8%Sector vs NIFTY 500 · 52 weeks
4/4Stocks leading NIFTY 500
2/4Stocks leading sector
Sector metric: 33.8 as of 2026-08-22 · LEADERS · rising.
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
Stainless Steel has outperformed NIFTY 500 by 79.8% over 52 weeks and 30.5% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Jindal Stainless Ltd leads with revenue of ₹44,027 crore, based on 4 of 4 comparable companies through Jun 2026.
Companies
4
complete canonical membership
Combined market value
₹91.9K Cr
Jindal Stainless Ltd
Revenue growing
3/4
positive TTM year-on-year growth
Beating NIFTY 500
4/4
positive Mansfield relative strength
Comparing 4 of 4
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%
Ratnaveer Precision Engineering Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 77% 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 |
|---|---|---|---|---|---|---|
| 1Ratnaveer Precision Engineering LtdRATNAVEER | 60.5/100Mixed-positive evidence77% evidence | LEADER | 21.6/35 Revenue 17.4% · PAT 36.7% · OPM change 0 pp 95% evidence | 8.9/25 ROCE 11.9% · OPM 10% 95% evidence | 10.0/20 P/E 4× · PEG — 0% evidence | 20.0/20 RS sector 16.7% · RS bench 72% · 1Y 95.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.6 + 8.9 + 10 + 20 = 60.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Aeroflex Industries LtdAEROFLEX | 59.6/100Mixed-positive evidence97% evidence | BREAKING OUT | 26.0/35 Revenue 35.6% · PAT 42.5% · OPM change 5 pp 100% evidence | 17.4/25 ROCE 18.9% · OPM 23% 100% evidence | 2.2/20 P/E 111× · PEG 2.97 85% evidence | 14.0/20 RS sector 36% · RS bench 91.7% · 1Y 216.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26 + 17.4 + 2.2 + 14 = 59.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Jindal Stainless LtdJSL | 56.2/100Mixed-positive evidence90% evidence | TURNING | 21.2/35 Revenue 9.8% · PAT 26.1% · OPM change -1 pp 100% evidence | 16.6/25 ROCE 19.3% · OPM 12% 100% evidence | 15.0/20 P/E 18.9× · PEG 0.61 50% evidence | 3.4/20 RS sector -32.9% · RS bench 1.9% · 1Y 0.1%2 of 12 weeks ahead 100% evidence |
| Exact sum: 21.2 + 16.6 + 15 + 3.4 = 56.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Ratnamani Metals & Tubes LtdRATNAMANI | 37.9/100Mixed-negative evidence79% evidence | TURNING | 7.7/35 Revenue -16.3% · PAT -8.5% · OPM change 1 pp 95% evidence | 17.9/25 ROCE 17.9% · OPM 17% 76% evidence | 7.3/20 P/E 44.9× · PEG — 35% evidence | 5.0/20 RS sector -21.8% · RS bench 17% · 1Y 17%4 of 12 weeks ahead 100% evidence |
| Exact sum: 7.7 + 17.9 + 7.3 + 5 = 37.9 · 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
Aeroflex Industries Ltd has the strongest one-year price move in Stainless Steel at +216.3%. It also leads on Mansfield relative strength against NIFTY at +91.7%. 4 of 4 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.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against Stainless Steel itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
06 · the story behind the numbers
Stainless Steel — the story behind the numbers
This is the written read behind the Stainless Steel 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. 3 themes are live here, 2 of them rated high severity.
Managements are prioritizing margin defense through product mix optimization and subsidiary outperformance. While geopolitical tariffs and regulatory import loopholes present near-term hurdles, the underlying operating leverage and disciplined capital allocation justify a constructive outlook.
The Stainless Steel sector presents a MIXED demand environment, characterized by domestic volume growth offset by export market hesitation. AEROFLEX delivered a 21% YoY revenue increase, while JSL achieved an 11% YoY volume expansion. Conversely, RATNAMANI faced a 19% YoY consolidated revenue decline due to subdued carbon steel project execution.
How old this read is: STALE — this read comes from our Stainless Steel 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 |
|---|---|---|
| US tariffs, CBAM implementation, and EU quota rumors are creating export uncertainty.Named for AEROFLEX, JSL, RATNAMANI | high | “export is a very uncertain situation because of the geopolitical factors... whether Mr. Trump everyday wakes up and announces something new, plus CBAM is on our head.” Internal cost optimization, domestic market prioritization, and European stocking. |
| Suspension of Quality Control Orders (QCO) allowing inferior imports, and new labor codes impacting costs.Named for JSL, RATNAMANI | high | “The temporary suspension of QCOs is definitely a matter of concern and poses a discouraging setback for quality focused domestic industry players.” Working with the ministry to ensure QCO relaxation is not extended beyond March. |
| Volatility in Nickel, Ferrochrome, and carbon steel prices impacting realizations.Named for AEROFLEX, JSL, RATNAMANI | medium | “nickel in Quarter 3 was a bit softer and that is where that also impacted the realization.” Back-to-back hedging and passing costs to consumers with a 30-45 day lag. |
Sources: our Stainless Steel sector brief, 19 Apr 2026 · company earnings-call transcripts.
07 · compare level, then change
Revenue Scale & Growth Durability
Jindal Stainless Ltd has the highest Revenue among the 4 Stainless Steel companies compared here, at ₹44,027 crore. Ratnamani Metals & Tubes Ltd is next at ₹4,315 crore. Aeroflex Industries Ltd has the highest Revenue growth at 35.6%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Jindal Stainless Ltd is the scale leader at ₹44,027 crore, 10.2× the revenue of Ratnamani Metals & Tubes Ltd. Aeroflex Industries Ltd's growth is 35.6% from a ₹503 crore base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderJindal Stainless Ltd · ₹44,027 crore
Gap10.2× versus #2 · Ratnamani Metals & Tubes Ltd
Persistence7/8 recent comparable periods
Coverage4/4 companies · 67 observations
Investor read: Jindal Stainless Ltd is the scale benchmark; Aeroflex Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Jindal Stainless Ltd's growth falls below Aeroflex 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
Revenue growthfastest growers
Revenue · company comparison
4/4 level · 4/4 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 |
|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹11.3K Cr | 11% | Jun 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | ₹972 Cr | -16% | Jun 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | ₹315 Cr | 19% | Jun 2026 |
| Aeroflex Industries Ltd AEROFLEX | ₹145 Cr | 73% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Jindal Stainless Ltd · JSL
₹5.0K Cr
₹5.7K Cr
₹18.0K Cr
₹5.5K Cr
₹5.6K Cr
₹9.1K Cr
₹9.8K Cr
₹10.2K Cr
₹9.8K Cr
₹9.1K Cr
₹9.5K Cr
₹9.4K Cr
₹9.8K Cr
₹9.9K Cr
₹10.2K Cr
₹10.2K Cr
₹10.9K Cr
₹10.5K Cr
₹11.3K Cr
₹11.3K Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
₹1.1K Cr
₹1.5K Cr
₹1.2K Cr
₹1.1K Cr
₹1.3K Cr
₹1.5K Cr
₹1.2K Cr
₹971 Cr
₹1.3K Cr
₹1.7K Cr
₹1.2K Cr
₹1.2K Cr
₹1.1K Cr
₹1.1K Cr
₹972 Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
₹107 Cr
₹151 Cr
₹118 Cr
₹142 Cr
₹193 Cr
₹142 Cr
₹204 Cr
₹230 Cr
₹255 Cr
₹203 Cr
₹265 Cr
₹286 Cr
₹269 Cr
₹249 Cr
₹315 Cr
Revenue growth · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
20%
24%
11%
11%
8.4%
13%
37%
18%
-6.7%
17%
21%
37%
73%
Jindal Stainless Ltd · JSL
—
—
—
36%
12%
60%
-46%
86%
75%
0.7%
-3.2%
-7.4%
-0.2%
8.6%
7.9%
8.2%
11%
6.2%
11%
11%
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
—
—
—
—
14%
-0.2%
0.8%
-14%
4.7%
15%
-2.7%
23%
-19%
-37%
-16%
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
80%
-6.0%
73%
62%
32%
43%
30%
24%
5.5%
23%
19%
08 · compare level, then change
Operating Economics & Margin Trend
Aeroflex Industries Ltd has the highest OPM among the 4 Stainless Steel companies compared here, at 23%. Ratnamani Metals & Tubes Ltd is next at 17%. The same company also holds the highest Margin change, at +5 percentage points. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Aeroflex Industries Ltd leads both opm at 23% and margin change at +5 percentage points.
LeaderAeroflex Industries Ltd · 23%
Gap35.3% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 74 observations
Investor read: Aeroflex Industries 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
Margin changefastest expanders
Operating margin · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | 23% | +5.0 pp | Jun 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | 17% | +1.0 pp | Jun 2026 |
| Jindal Stainless Ltd JSL | 12% | −1.0 pp | Jun 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | 10% | 0.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
17%
18%
14%
27%
19%
21%
19%
19%
20%
21%
22%
21%
18%
23%
23%
24%
23%
Jindal Stainless Ltd · JSL
15%
14%
15%
11%
7.8%
10%
12%
12%
13%
14%
11%
13%
12%
12%
10%
13%
13%
13%
13%
12%
Ratnamani Metals & Tubes Ltd · RATNAMANI
16%
14%
17%
13%
16%
18%
20%
18%
22%
16%
16%
14%
16%
15%
18%
16%
18%
19%
14%
17%
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
11%
9.8%
9.0%
9.0%
12%
9.0%
9.0%
3.0%
12%
11%
8.0%
8.0%
10%
10%
11%
11%
10%
Margin change · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
+2.5 pp
+3.2 pp
+5.0 pp
−8.0 pp
+1.0 pp
0.0 pp
+3.0 pp
+2.0 pp
−2.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
+5.0 pp
Jindal Stainless Ltd · JSL
+4.5 pp
+0.9 pp
+0.7 pp
−4.0 pp
−7.1 pp
−4.1 pp
−2.5 pp
+1.1 pp
+5.2 pp
+4.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
−1.0 pp
0.0 pp
+1.0 pp
+1.0 pp
+3.0 pp
−1.0 pp
Ratnamani Metals & Tubes Ltd · RATNAMANI
+1.5 pp
−4.3 pp
−5.5 pp
−2.7 pp
+0.5 pp
+3.9 pp
+2.7 pp
+4.6 pp
+5.9 pp
−2.0 pp
−4.0 pp
−4.0 pp
−6.0 pp
−1.0 pp
+2.0 pp
+2.0 pp
+2.0 pp
+4.0 pp
−4.0 pp
+1.0 pp
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
+1.5 pp
−0.8 pp
0.0 pp
−6.0 pp
0.0 pp
+2.0 pp
−1.0 pp
+5.0 pp
−2.0 pp
−1.0 pp
+3.0 pp
+3.0 pp
0.0 pp
09 · compare level, then change
Profit Scale & Acceleration
Jindal Stainless Ltd has the highest Net profit among the 4 Stainless Steel companies compared here, at ₹3,239 crore. Ratnamani Metals & Tubes Ltd is next at ₹514 crore. Aeroflex Industries Ltd has the highest Profit growth at 42.5%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Jindal Stainless Ltd leads with ₹3,239 crore of TTM profit, 530.2% above Ratnamani Metals & Tubes Ltd. Aeroflex Industries Ltd shows 42.5% growth from a ₹67 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderJindal Stainless Ltd · ₹3,239 crore
Gap530.2% versus #2 · Ratnamani Metals & Tubes Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 67 observations
Investor read: Jindal Stainless 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
Profit growthfastest growers
Net profit · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Jindal Stainless Ltd JSL | ₹769 Cr | 7.6% | Jun 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | ₹107 Cr | -16% | Jun 2026 |
| Aeroflex Industries Ltd AEROFLEX | ₹19 Cr | 171% | Jun 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | ₹18 Cr | 20% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
₹8 Cr
₹8 Cr
₹5 Cr
₹13 Cr
₹11 Cr
₹12 Cr
₹9 Cr
₹10 Cr
₹12 Cr
₹14 Cr
₹15 Cr
₹11 Cr
₹7 Cr
₹14 Cr
₹16 Cr
₹18 Cr
₹19 Cr
Jindal Stainless Ltd · JSL
₹412 Cr
₹442 Cr
₹2.0K Cr
₹329 Cr
₹152 Cr
₹513 Cr
₹716 Cr
₹738 Cr
₹764 Cr
₹691 Cr
₹501 Cr
₹646 Cr
₹609 Cr
₹654 Cr
₹590 Cr
₹715 Cr
₹808 Cr
₹828 Cr
₹834 Cr
₹769 Cr
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
₹134 Cr
₹193 Cr
₹135 Cr
₹164 Cr
₹133 Cr
₹193 Cr
₹106 Cr
₹99 Cr
₹133 Cr
₹203 Cr
₹127 Cr
₹156 Cr
₹135 Cr
₹116 Cr
₹107 Cr
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
₹4 Cr
₹9 Cr
₹8 Cr
₹8 Cr
₹9 Cr
₹6 Cr
₹13 Cr
₹12 Cr
₹11 Cr
₹11 Cr
₹15 Cr
₹15 Cr
₹17 Cr
₹17 Cr
₹18 Cr
Profit growth · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
38%
50%
80%
-23%
9.1%
17%
67%
10%
-42%
0.0%
6.7%
64%
171%
Jindal Stainless Ltd · JSL
—
—
—
7.5%
-63%
16%
-63%
124%
403%
35%
-30%
-12%
-20%
-5.4%
18%
11%
33%
27%
41%
7.6%
Ratnamani Metals & Tubes Ltd · RATNAMANI
—
—
—
—
—
—
—
—
—
-0.8%
0.0%
-21%
-40%
0.0%
5.2%
20%
58%
1.5%
-43%
-16%
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
125%
-33%
63%
50%
22%
83%
15%
25%
55%
55%
20%
10 · compare level, then change
Return On Capital Employed
Jindal Stainless Ltd has the highest ROCE among the 4 Stainless Steel companies compared here, at 19.3%. Aeroflex Industries Ltd is next at 18.9%. The same company also holds the highest ROCE change, at +1.3 percentage points. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Jindal Stainless Ltd leads ROCE at 19.3%, 0.4 percentage points above Aeroflex Industries Ltd. Jindal Stainless Ltd has the strongest latest improvement at +1.3 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.
LeaderJindal Stainless Ltd · 19.3%
Gap2.1% versus #2 · Aeroflex Industries Ltd
Persistence3/8 recent comparable periods
Coverage4/4 companies · 40 observations
Investor read: Jindal Stainless 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
ROCE changefastest improvers
Return on capital · company comparison
4/4 level · 4/4 change
Withheld from this chart: Ratnamani Metals & Tubes Ltd (RATNAMANI) — its two data sources disagree by up to 18% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | 18% | −2.3 pp | Jun 2026 |
| Jindal Stainless Ltd JSL | 17% | +1.3 pp | Jun 2026 |
| Aeroflex Industries Ltd AEROFLEX | 16% | −3.5 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
35%
—
20%
23%
19%
28%
19%
24%
20%
20%
17%
20%
16%
—
Jindal Stainless Ltd · JSL
27%
—
33%
—
49%
—
17%
—
21%
31%
18%
22%
16%
19%
16%
19%
16%
19%
17%
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
29%
—
17%
20%
16%
27%
16%
20%
17%
20%
14%
17%
12%
18%
ROCE change · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
—
—
−15.8 pp
—
−1.7 pp
+1.1 pp
+0.5 pp
−8.0 pp
−1.4 pp
−4.2 pp
−3.5 pp
—
Jindal Stainless Ltd · JSL
—
—
—
—
+21.9 pp
—
−15.8 pp
—
−28.2 pp
—
+0.3 pp
—
−4.5 pp
−11.8 pp
−2.0 pp
−3.7 pp
−0.4 pp
+0.4 pp
+1.3 pp
—
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
—
—
−12.7 pp
—
−0.9 pp
+0.1 pp
+0.4 pp
−6.2 pp
−2.1 pp
−2.8 pp
−4.8 pp
−2.3 pp
11 · compare level, then change
Valuation Against Growth & Quality
Jindal Stainless Ltd has the lowest PEG among the 4 Stainless Steel companies compared here, at 0.61×. Aeroflex Industries Ltd is next at 2.97×. Ratnaveer Precision Engineering Ltd has the lowest P/E at 3.97×, so level and change sit with different companies. 2 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Jindal Stainless Ltd has the lowest comparable PEG at 0.61×, 79.5% below Aeroflex Industries Ltd. Only 2 of 4 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.
LeaderJindal Stainless Ltd · 0.61×
Gap79.5% versus #2 · Aeroflex Industries Ltd
Persistence0/8 recent comparable periods
Coverage2/4 companies · 10 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.
P/Elowest P/E
Valuation · company comparison
2/4 level · 4/4 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Aeroflex Industries Ltd AEROFLEX | 3.0 | 109.5 | Jun 2026 |
| Jindal Stainless Ltd JSL | 0.6 | 17.7 | Jun 2026 |
| Ratnamani Metals & Tubes Ltd RATNAMANI | — | 38.0 | Jun 2026 |
| Ratnaveer Precision Engineering Ltd RATNAVEER⚠ unverified | — | 22.3 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
1.3
1.0
—
—
4.2
—
3.7
2.1
—
3.0
—
—
Jindal Stainless Ltd · JSL
—
—
—
—
—
—
0.1
—
—
—
—
—
—
—
—
—
—
1.9
0.9
0.6
P/E · reported quarter history
Aeroflex Industries Ltd · AEROFLEX
—
—
—
—
—
—
—
—
53.8
54.6
33.2
49.5
54.2
59.3
42.9
52.8
44.2
49.4
59.1
109.5
Jindal Stainless Ltd · JSL
9.9
8.7
6.7
2.5
2.9
5.8
6.8
9.4
13.8
15.8
19.7
25.7
25.3
24.7
19.8
22.6
25.2
23.6
19.8
17.7
Ratnamani Metals & Tubes Ltd · RATNAMANI
36.9
31.2
34.1
35.5
36.9
35.5
32.3
31.2
32.7
37.9
31.5
40.6
43.0
43.6
34.3
36.7
29.6
26.7
26.0
38.0
Ratnaveer Precision Engineering Ltd · RATNAVEER⚠ unverified
—
—
—
—
—
—
—
—
19.3
16.4
18.0
23.1
25.0
23.9
15.5
21.4
21.6
20.0
18.1
22.3
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Stainless Steel comparison names 7 specific ways its own evidence can mislead, all listed below. All 4 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. 1 has second-feed figures withheld because the two sources disagree.
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.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.
13 · evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 4 Stainless Steel 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. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
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 standing2 cross-checked · 1 unverified · 1 withheld, of 4 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
Stainless Steel company comparison FAQs
These 23 answers restate the Stainless Steel comparison above in question form. Every one is computed from the same 4 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 Stainless Steel sector outperforming NIFTY 500?
Stainless Steel has outperformed NIFTY 500 by 79.8% over 52 weeks and 30.5% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.
Which Stainless Steel company is largest by revenue?
Jindal Stainless Ltd leads with revenue of ₹44,027 crore, based on 4 of 4 comparable companies through Jun 2026.
Which Stainless Steel company is growing fastest?
Aeroflex Industries Ltd has the fastest current revenue growth at 35.6%, across 4 of 4 comparable companies.
Which Stainless Steel company has the strongest 4-Factor Sector Score?
Ratnaveer Precision Engineering Ltd ranks first at 60.5/100 with 77% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Stainless Steel company has the lowest comparable PEG?
Jindal Stainless Ltd has the lowest comparable PEG at 0.61, among 2 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Stainless Steel 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 Stainless Steel 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 Stainless Steel, this page builds its own equal-weight basket of 4 listed Stainless Steel 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 Stainless Steel stocks in India?
Ranked by this page's four-factor score, Ratnaveer Precision Engineering Ltd places first among 4 listed Stainless Steel companies, followed by Aeroflex 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 Stainless Steel stocks are listed in India?
This comparison covers 4 listed Stainless Steel 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 Stainless Steel company is the biggest?
Jindal Stainless Ltd is the largest, with trailing-twelve-month revenue of ₹44,027 crore, ahead of Ratnamani Metals & Tubes Ltd at ₹4,315 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.
Which Stainless Steel company has the best profit margins?
Aeroflex Industries Ltd has the highest operating margin at 23%, from 4 of 4 comparable companies. Aeroflex Industries Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Stainless Steel company makes the most profit?
Jindal Stainless Ltd earns the most, at ₹3,239 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Aeroflex Industries Ltd has the fastest profit growth at 42.5%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Stainless Steel company earns the highest return on capital?
Jindal Stainless Ltd leads on return on capital employed at 19.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Stainless Steel stock is the cheapest?
On PEG — where a LOWER number is cheaper — Jindal Stainless Ltd screens cheapest at 0.61×. Only 2 of 4 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 Stainless Steel sector beating the market?
Stainless Steel has outperformed NIFTY 500 by 79.8% over the last 52 weeks and 30.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Stainless Steel stock has the strongest price momentum?
Aeroflex Industries 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 Stainless Steel company scores highest for research priority?
Ratnaveer Precision Engineering Ltd scores 60.5 out of 100 with 77% evidence confidence, from 21.6 points on growth and earnings, 8.9 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 Stainless Steel companies does this comparison cover, and over what period?
It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Stainless Steel sector?
The 4 Stainless Steel companies on this page carry ₹91,923 crore of combined market value. Jindal Stainless Ltd is the largest at ₹62,334 crore, about 68% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
How is the Stainless Steel sector performing?
4 of the 4 covered Stainless Steel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 79.8% ahead of 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.
Not SEBI Registered !! Not Investment advice !!