# Stainless Steel — company-by-company sector analysis

> Stainless Steel: Jindal Stainless Ltd owns the largest revenue base; Aeroflex Industries Ltd has the fastest current growth.

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

## Bottom line

Stainless Steel has outperformed NIFTY 500 by 31.2% over 52 weeks and 8.7% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Jindal Stainless Ltd leads with revenue of ₹42,955 crore, based on 4 of 4 comparable companies through Mar 2026.

## Sector relative strength

Stainless Steel has outperformed NIFTY 500 by 31.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 8.7%. 2 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 +43%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 8.7%
52-week sector return versus NIFTY 500: 31%
Stocks leading NIFTY: 2/4
Stocks leading sector: 1/4

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

Companies: 4
Combined market value: ₹84.2K Cr

## 4-Factor Sector Score

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

1. Aeroflex Industries Ltd (AEROFLEX): 66/100 — Favorable setup; evidence 97%
   - Growth & earnings 26.0/35 | Capital efficiency 17.4/25 | Valuation 2.2/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 26 + 17.4 + 2.2 + 20 = 65.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Jindal Stainless Ltd (JSL): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 25.8/35 | Capital efficiency 16.8/25 | Valuation 14.2/20 | Relative strength 0.6/20
   - 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 the last 12 weeks
   - Exact sum: 25.8 + 16.8 + 14.2 + 0.6 = 57.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -21.2% and the one-year return is 12%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Ratnaveer Precision Engineering Ltd (RATNAVEER): 57/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 21.6/35 | Capital efficiency 14.8/25 | Valuation 10.0/20 | Relative strength 10.6/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 21.6 + 14.8 + 10 + 10.6 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): 32/100 — Adverse evidence; evidence 75%
   - Growth & earnings 5.5/35 | Capital efficiency 17.1/25 | Valuation 8.5/20 | Relative strength 0.6/20
   - 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 5 of the last 12 weeks
   - Exact sum: 5.5 + 17.1 + 8.5 + 0.6 = 31.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Aeroflex Industries Ltd has the strongest one-year price move in Stainless Steel at +111.5%. It also leads on Mansfield relative strength against NIFTY at +64.8%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Aeroflex Industries Ltd (AEROFLEX): 112%
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): 17%
3. Jindal Stainless Ltd (JSL): 12%
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): -13%

### Strongest relative strength versus NIFTY 500
1. Aeroflex Industries Ltd (AEROFLEX): 65%
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): 14%
3. Ratnamani Metals & Tubes Ltd (RATNAMANI): -3.9%
4. Jindal Stainless Ltd (JSL): -3.9%

## Revenue Scale & Growth Durability

What the numbers say: Jindal Stainless Ltd is the scale leader at ₹42,955 crore, 855.6% ahead 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.

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.

Evidence: Jindal Stainless Ltd · ₹42,955 crore | 855.6% versus #2 · Ratnamani Metals & Tubes Ltd | 6/8 recent comparable periods | 4/4 companies · 65 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. Jindal Stainless Ltd (JSL): ₹43.0K Cr
2. Ratnamani Metals & Tubes Ltd (RATNAMANI): ₹4.5K Cr
3. Ratnaveer Precision Engineering Ltd (RATNAVEER): ₹1.1K Cr
4. Aeroflex Industries Ltd (AEROFLEX): ₹503 Cr

### Revenue growth — fastest growers
1. Aeroflex Industries Ltd (AEROFLEX): 36%
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): 17%
3. Jindal Stainless Ltd (JSL): 9.3%
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): -13%

### 20-quarter Revenue history
- JSL: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹18.0K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹9.1K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹10.2K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹9.9K Cr | Mar 2025 ₹10.2K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹10.9K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 —
- RATNAMANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹971 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹69 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹126 Cr | Jun 2026 ₹145 Cr
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹107 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹265 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹249 Cr | Jun 2026 ₹315 Cr

### 20-quarter Revenue growth history
- JSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 12% | Dec 2022 60% | Mar 2023 -46% | Jun 2023 86% | Sep 2023 75% | Dec 2023 0.7% | Mar 2024 -3.2% | Jun 2024 -7.4% | Sep 2024 -0.2% | Dec 2024 8.6% | Mar 2025 7.9% | Jun 2025 8.2% | Sep 2025 11% | Dec 2025 6.2% | Mar 2026 11% | Jun 2026 —
- RATNAMANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -0.2% | Jun 2024 0.8% | Sep 2024 -14% | Dec 2024 4.7% | Mar 2025 15% | Jun 2025 -2.7% | Sep 2025 23% | Dec 2025 -19% | Mar 2026 -37% | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 20% | Sep 2023 24% | Dec 2023 11% | Mar 2024 11% | Jun 2024 8.4% | Sep 2024 13% | Dec 2024 37% | Mar 2025 18% | Jun 2025 -6.7% | Sep 2025 17% | Dec 2025 21% | Mar 2026 37% | Jun 2026 73%
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 80% | Mar 2024 -6.0% | Jun 2024 73% | Sep 2024 62% | Dec 2024 32% | Mar 2025 43% | Jun 2025 30% | Sep 2025 24% | Dec 2025 5.5% | Mar 2026 23% | Jun 2026 19%

## Operating Economics & Margin Trend

What the numbers say: Aeroflex Industries Ltd leads both opm at 23% and margin change at +5 percentage points.

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.

Evidence: Aeroflex Industries Ltd · 23% | 64.3% versus #2 · Ratnamani Metals & Tubes Ltd | 6/8 recent comparable periods | 4/4 companies · 72 observations

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

### OPM — highest
1. Aeroflex Industries Ltd (AEROFLEX): 23%
2. Ratnamani Metals & Tubes Ltd (RATNAMANI): 14%
3. Jindal Stainless Ltd (JSL): 13%
4. Ratnaveer Precision Engineering Ltd (RATNAVEER): 10%

### Margin change — fastest expanders
1. Aeroflex Industries Ltd (AEROFLEX): +5.0 pp
2. Jindal Stainless Ltd (JSL): +3.0 pp
3. Ratnaveer Precision Engineering Ltd (RATNAVEER): 0.0 pp
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): −4.0 pp

### 20-quarter OPM history
- JSL: Sep 2021 15% | Dec 2021 14% | Mar 2022 15% | Jun 2022 11% | Sep 2022 7.8% | Dec 2022 10% | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 14% | Mar 2024 11% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- RATNAMANI: Sep 2021 16% | Dec 2021 14% | Mar 2022 17% | Jun 2022 13% | Sep 2022 16% | Dec 2022 18% | Mar 2023 20% | Jun 2023 18% | Sep 2023 22% | Dec 2023 16% | Mar 2024 16% | Jun 2024 14% | Sep 2024 16% | Dec 2024 15% | Mar 2025 18% | Jun 2025 16% | Sep 2025 18% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 18% | Dec 2022 14% | Mar 2023 27% | Jun 2023 19% | Sep 2023 21% | Dec 2023 19% | Mar 2024 19% | Jun 2024 20% | Sep 2024 21% | Dec 2024 22% | Mar 2025 21% | Jun 2025 18% | Sep 2025 23% | Dec 2025 23% | Mar 2026 24% | Jun 2026 23%
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 9.8% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 3.0% | Jun 2024 12% | Sep 2024 11% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 11% | Mar 2026 11% | Jun 2026 10%

### 20-quarter Margin change history
- JSL: Sep 2021 +4.5 pp | Dec 2021 +0.9 pp | Mar 2022 +0.7 pp | Jun 2022 −4.0 pp | Sep 2022 −7.1 pp | Dec 2022 −4.1 pp | Mar 2023 −2.5 pp | Jun 2023 +1.1 pp | Sep 2023 +5.2 pp | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- RATNAMANI: Sep 2021 +1.5 pp | Dec 2021 −4.3 pp | Mar 2022 −5.5 pp | Jun 2022 −2.7 pp | Sep 2022 +0.5 pp | Dec 2022 +3.9 pp | Mar 2023 +2.7 pp | Jun 2023 +4.6 pp | Sep 2023 +5.9 pp | Dec 2023 −2.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −6.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2.5 pp | Sep 2023 +3.2 pp | Dec 2023 +5.0 pp | Mar 2024 −8.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +2.0 pp | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 +5.0 pp
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.5 pp | Sep 2023 −0.8 pp | Dec 2023 0.0 pp | Mar 2024 −6.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 +5.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Jindal Stainless Ltd leads with ₹3,185 crore of TTM profit, 496.4% 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.

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.

Evidence: Jindal Stainless Ltd · ₹3,185 crore | 496.4% versus #2 · Ratnamani Metals & Tubes Ltd | 5/8 recent comparable periods | 4/4 companies · 65 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. Jindal Stainless Ltd (JSL): ₹3.2K Cr
2. Ratnamani Metals & Tubes Ltd (RATNAMANI): ₹534 Cr
3. Aeroflex Industries Ltd (AEROFLEX): ₹67 Cr
4. Ratnaveer Precision Engineering Ltd (RATNAVEER): ₹67 Cr

### Profit growth — fastest growers
1. Aeroflex Industries Ltd (AEROFLEX): 43%
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): 37%
3. Jindal Stainless Ltd (JSL): 27%
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): -1.3%

### 20-quarter Net profit history
- JSL: Sep 2021 ₹412 Cr | Dec 2021 ₹442 Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹329 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹513 Cr | Mar 2023 ₹716 Cr | Jun 2023 ₹738 Cr | Sep 2023 ₹764 Cr | Dec 2023 ₹691 Cr | Mar 2024 ₹501 Cr | Jun 2024 ₹646 Cr | Sep 2024 ₹609 Cr | Dec 2024 ₹654 Cr | Mar 2025 ₹590 Cr | Jun 2025 ₹715 Cr | Sep 2025 ₹808 Cr | Dec 2025 ₹828 Cr | Mar 2026 ₹834 Cr | Jun 2026 —
- RATNAMANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹134 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹19 Cr
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹18 Cr

### 20-quarter Profit growth history
- JSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.5% | Sep 2022 -63% | Dec 2022 16% | Mar 2023 -63% | Jun 2023 124% | Sep 2023 403% | Dec 2023 35% | Mar 2024 -30% | Jun 2024 -12% | Sep 2024 -20% | Dec 2024 -5.4% | Mar 2025 18% | Jun 2025 11% | Sep 2025 33% | Dec 2025 27% | Mar 2026 41% | Jun 2026 —
- RATNAMANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -0.8% | Mar 2024 0.0% | Jun 2024 -21% | Sep 2024 -40% | Dec 2024 0.0% | Mar 2025 5.2% | Jun 2025 20% | Sep 2025 58% | Dec 2025 1.5% | Mar 2026 -43% | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 38% | Sep 2023 50% | Dec 2023 80% | Mar 2024 -23% | Jun 2024 9.1% | Sep 2024 17% | Dec 2024 67% | Mar 2025 10% | Jun 2025 -42% | Sep 2025 0.0% | Dec 2025 6.7% | Mar 2026 64% | Jun 2026 171%
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 125% | Mar 2024 -33% | Jun 2024 63% | Sep 2024 50% | Dec 2024 22% | Mar 2025 83% | Jun 2025 15% | Sep 2025 25% | Dec 2025 55% | Mar 2026 55% | Jun 2026 20%

## Return On Capital Employed

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.

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.

Evidence: Jindal Stainless Ltd · 19.3% | 2.1% versus #2 · Aeroflex Industries Ltd | 3/8 recent comparable periods | 4/4 companies · 40 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. Jindal Stainless Ltd (JSL): 19%
2. Aeroflex Industries Ltd (AEROFLEX): 19%
3. Ratnaveer Precision Engineering Ltd (RATNAVEER): 18%
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): 18%

### ROCE change — fastest improvers
1. Jindal Stainless Ltd (JSL): +1.3 pp
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): −2.3 pp
3. Aeroflex Industries Ltd (AEROFLEX): −3.5 pp
4. Ratnamani Metals & Tubes Ltd (RATNAMANI): −4.0 pp

### 20-quarter ROCE history
- JSL: Sep 2021 27% | Dec 2021 — | Mar 2022 33% | Jun 2022 — | Sep 2022 49% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 21% | Dec 2023 31% | Mar 2024 18% | Jun 2024 22% | Sep 2024 16% | Dec 2024 19% | Mar 2025 16% | Jun 2025 19% | Sep 2025 16% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 35% | Jun 2023 — | Sep 2023 20% | Dec 2023 23% | Mar 2024 19% | Jun 2024 28% | Sep 2024 19% | Dec 2024 24% | Mar 2025 20% | Jun 2025 20% | Sep 2025 17% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 16% | Jun 2024 27% | Sep 2024 16% | Dec 2024 20% | Mar 2025 17% | Jun 2025 20% | Sep 2025 14% | Dec 2025 17% | Mar 2026 12% | Jun 2026 18%

### 20-quarter ROCE change history
- JSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +21.9 pp | Dec 2022 — | Mar 2023 −15.8 pp | Jun 2023 — | Sep 2023 −28.2 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −11.8 pp | Mar 2025 −2.0 pp | Jun 2025 −3.7 pp | Sep 2025 −0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +1.3 pp | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −15.8 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 +1.1 pp | Mar 2025 +0.5 pp | Jun 2025 −8.0 pp | Sep 2025 −1.4 pp | Dec 2025 −4.2 pp | Mar 2026 −3.5 pp | Jun 2026 —
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −12.7 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 −6.2 pp | Sep 2025 −2.1 pp | Dec 2025 −2.8 pp | Mar 2026 −4.8 pp | Jun 2026 −2.3 pp

## Valuation Against Growth & Quality

What the numbers say: Jindal Stainless Ltd has the lowest comparable PEG at 0.89×, 70% 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.

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: Jindal Stainless Ltd · 0.89× | 70% versus #2 · Aeroflex Industries Ltd | 0/8 recent comparable periods | 2/4 companies · 9 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. Jindal Stainless Ltd (JSL): 0.9
2. Aeroflex Industries Ltd (AEROFLEX): 3.0

### P/E — lowest P/E
1. Jindal Stainless Ltd (JSL): 18.7
2. Ratnaveer Precision Engineering Ltd (RATNAVEER): 19.2
3. Ratnamani Metals & Tubes Ltd (RATNAMANI): 33.8
4. Aeroflex Industries Ltd (AEROFLEX): 85.8

### 20-quarter PEG history
- JSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.9 | Mar 2026 0.9 | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.0 | Mar 2024 — | Jun 2024 — | Sep 2024 4.2 | Dec 2024 — | Mar 2025 3.7 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 3.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- JSL: Sep 2021 9.9 | Dec 2021 8.7 | Mar 2022 6.7 | Jun 2022 2.5 | Sep 2022 2.9 | Dec 2022 5.8 | Mar 2023 6.8 | Jun 2023 9.4 | Sep 2023 13.8 | Dec 2023 15.8 | Mar 2024 19.7 | Jun 2024 25.7 | Sep 2024 25.3 | Dec 2024 24.7 | Mar 2025 19.8 | Jun 2025 22.6 | Sep 2025 25.2 | Dec 2025 23.6 | Mar 2026 19.8 | Jun 2026 —
- RATNAMANI: Sep 2021 36.9 | Dec 2021 31.2 | Mar 2022 34.1 | Jun 2022 35.5 | Sep 2022 36.9 | Dec 2022 35.5 | Mar 2023 32.3 | Jun 2023 31.2 | Sep 2023 32.7 | Dec 2023 37.9 | Mar 2024 31.5 | Jun 2024 40.6 | Sep 2024 43.0 | Dec 2024 43.6 | Mar 2025 34.3 | Jun 2025 36.7 | Sep 2025 29.6 | Dec 2025 26.7 | Mar 2026 26.0 | Jun 2026 —
- AEROFLEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 53.8 | Dec 2023 54.6 | Mar 2024 33.2 | Jun 2024 49.5 | Sep 2024 54.2 | Dec 2024 59.3 | Mar 2025 42.9 | Jun 2025 52.8 | Sep 2025 44.2 | Dec 2025 49.4 | Mar 2026 59.1 | Jun 2026 109.5
- RATNAVEER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19.3 | Dec 2023 16.4 | Mar 2024 18.0 | Jun 2024 23.1 | Sep 2024 25.0 | Dec 2024 23.9 | Mar 2025 15.5 | Jun 2025 18.3 | Sep 2025 18.5 | Dec 2025 17.1 | Mar 2026 15.5 | Jun 2026 19.1


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 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.

## Every company
- Jindal Stainless Ltd (JSL) — market value ₹60.6K Cr; latest fundamentals Mar 2026
- Ratnamani Metals & Tubes Ltd (RATNAMANI) — market value ₹16.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Aeroflex Industries Ltd (AEROFLEX) — market value ₹5.8K Cr; latest fundamentals Jun 2026
- Ratnaveer Precision Engineering Ltd (RATNAVEER) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 1. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 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.

- WITHHELD | RATNAMANI | Ratnamani Metals & Tubes Ltd | diff_gt_2pct | disagreement up to 18.26% over 14 comparable periods

- UNVERIFIED | RATNAVEER | Ratnaveer Precision Engineering Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Stainless Steel sector outperforming NIFTY 500?

Stainless Steel has outperformed NIFTY 500 by 31.2% over 52 weeks and 8.7% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Stainless Steel company is largest by revenue?

Jindal Stainless Ltd leads with revenue of ₹42,955 crore, based on 4 of 4 comparable companies through Mar 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?

Aeroflex Industries Ltd ranks first at 65.6/100 with 97% 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 0.89, 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.

### What is the Nifty Stainless Steel index?

The Nifty Stainless Steel index tracks India's listed Stainless Steel companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Stainless Steel sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Stainless Steel stocks in India?

Ranked by this page's four-factor score, Aeroflex Industries Ltd places first among 4 listed Stainless Steel companies, followed by Jindal Stainless 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 ₹42,955 crore, ahead of Ratnamani Metals & Tubes Ltd at ₹4,495 crore. That covers 4 of 4 companies with comparable reporting through Mar 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 ₹3,185 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 0.89×. 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 31.2% over the last 52 weeks and 8.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 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?

Aeroflex Industries Ltd scores 65.6 out of 100 with 97% evidence confidence, from 26 points on growth and earnings, 17.4 on capital efficiency, 2.2 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 ₹84,170 crore of combined market value. Jindal Stainless Ltd is the largest at ₹60,578 crore, about 72% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the Stainless Steel sector performing?

2 of the 4 covered Stainless Steel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 31.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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

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

### Is this investment advice?

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