# Electrical Equipment & Parts — company-by-company sector analysis > Electrical Equipment & Parts: Acuity Inc. owns the largest revenue base; Amprius Technologies, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Electrical Equipment & Parts has outperformed S&P 500 by 48.7% over 52 weeks and 10% over 13 weeks. 11 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 26 beat the sector itself. Acuity Inc. leads with revenue of $4,607 million, based on 17 of 30 comparable companies through Jun 2026. ## Sector relative strength Electrical Equipment & Parts has outperformed S&P 500 by 48.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 10%. 11 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. FuelCell Energy, Inc. is the strongest against the sector itself at +81.3%. 13-week sector return versus NIFTY 500: -10% 52-week sector return versus NIFTY 500: 49% Stocks leading NIFTY: 11/26 Stocks leading sector: 11/26 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹3.3 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. Advanced Energy Industries, Inc. (AEIS): 67/100 — Favorable setup; evidence 81% - Growth & earnings 26.6/35 | Capital efficiency 13.6/25 | Valuation 11.8/20 | Relative strength 14.9/20 - 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 the last 12 weeks - Exact sum: 26.6 + 13.6 + 11.8 + 14.9 = 66.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Espey Mfg. & Electronics Corp. (ESP): 63/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 19.3/35 | Capital efficiency 16.1/25 | Valuation 16.0/20 | Relative strength 11.9/20 - 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 0 of the last 12 weeks - Exact sum: 19.3 + 16.1 + 16 + 11.9 = 63.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Preformed Line Products Company (PLPC): 61/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.2/35 | Capital efficiency 14.4/25 | Valuation 9.8/20 | Relative strength 18.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 18.2 + 14.4 + 9.8 + 18.9 = 61.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. nVent Electric plc (NVT): 60/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.9/35 | Capital efficiency 15.0/25 | Valuation 9.6/20 | Relative strength 16.1/20 - 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 9 of the last 12 weeks - Exact sum: 18.9 + 15 + 9.6 + 16.1 = 59.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Acuity Inc. (AYI): 59/100 — Mixed-positive evidence; evidence 85% - Growth & earnings 20.4/35 | Capital efficiency 15.4/25 | Valuation 12.1/20 | Relative strength 10.6/20 - 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 7 of the last 12 weeks - Exact sum: 20.4 + 15.4 + 12.1 + 10.6 = 58.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Atkore Inc. (ATKR): 58/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 19.6/35 | Capital efficiency 9.7/25 | Valuation 10.2/20 | Relative strength 18.6/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 19.6 + 9.7 + 10.2 + 18.6 = 58.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Vertiv Holdings Co (VRT): 57/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.1/35 | Capital efficiency 16.4/25 | Valuation 9.1/20 | Relative strength 12.8/20 - 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: 19.1 + 16.4 + 9.1 + 12.8 = 57.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Bloom Energy Corporation (BE): 57/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.4/35 | Capital efficiency 12.3/25 | Valuation 8.5/20 | Relative strength 13.5/20 - 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 8 of the last 12 weeks - Exact sum: 22.4 + 12.3 + 8.5 + 13.5 = 56.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Hayward Holdings, Inc. (HAYW): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.0/35 | Capital efficiency 14.1/25 | Valuation 10.7/20 | Relative strength 9.1/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 18 + 14.1 + 10.7 + 9.1 = 51.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. EnerSys (ENS): 51/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 10.5/35 | Capital efficiency 14.2/25 | Valuation 14.6/20 | Relative strength 12.1/20 - 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: 10.5 + 14.2 + 14.6 + 12.1 = 51.4 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 11. Hubbell Incorporated (HUBB): 51/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 15.7/35 | Capital efficiency 15.6/25 | Valuation 10.1/20 | Relative strength 9.8/20 - 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: 15.7 + 15.6 + 10.1 + 9.8 = 51.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Electrovaya Inc. (ELVA): 51/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 20.6/35 | Capital efficiency 11.1/25 | Valuation 6.5/20 | Relative strength 12.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 20.6 + 11.1 + 6.5 + 12.7 = 50.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Energizer Holdings, Inc. (ENR): 48/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 18.8/35 | Capital efficiency 12.0/25 | Valuation 11.3/20 | Relative strength 6.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 18.8 + 12 + 11.3 + 6 = 48.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Kimball Electronics, Inc. (KE): 47/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 15.5/35 | Capital efficiency 11.0/25 | Valuation 14.4/20 | Relative strength 6.4/20 - 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: 15.5 + 11 + 14.4 + 6.4 = 47.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 15. FuelCell Energy, Inc. (FCEL): 46/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 11.5/35 | Capital efficiency 4.7/25 | Valuation 10.0/20 | 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: 11.5 + 4.7 + 10 + 20 = 46.2 - Decision use: Price leads the evidence: RS versus the benchmark is 83.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 16. Eos Energy Enterprises, Inc. (EOSE): 44/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 26.1/35 | Capital efficiency 4.7/25 | Valuation 11.2/20 | Relative strength 1.6/20 - 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 4 of the last 12 weeks - Exact sum: 26.1 + 4.7 + 11.2 + 1.6 = 43.6 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -61.8% and the one-year return is -31.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 17. Powell Industries, Inc. (POWL): 43/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 9.3/35 | Capital efficiency 17.0/25 | Valuation 4.9/20 | Relative strength 11.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 9.3 + 17 + 4.9 + 11.8 = 43 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 18. Amprius Technologies, Inc. (AMPX): 43/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 24.6/35 | Capital efficiency 5.9/25 | Valuation 10.0/20 | Relative strength 2.3/20 - 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 the last 12 weeks - Exact sum: 24.6 + 5.9 + 10 + 2.3 = 42.8 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.1% and the one-year return is 34.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 19. T1 Energy Inc. (TE): 42/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 19.0/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 4.9/20 - 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 8 of the last 12 weeks - Exact sum: 19 + 7.8 + 10 + 4.9 = 41.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Plug Power Inc. (PLUG): 39/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 19.9/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 3.0/20 - 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 5 of the last 12 weeks - Exact sum: 19.9 + 6.1 + 10 + 3 = 39 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. SKYX Platforms Corp. (SKYX): 35/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 15.8/35 | Capital efficiency 4.7/25 | Valuation 10.0/20 | Relative strength 4.5/20 - 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 1 of the last 12 weeks - Exact sum: 15.8 + 4.7 + 10 + 4.5 = 35 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. GrafTech International Ltd. (EAF): 31/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 10.2/35 | Capital efficiency 7.3/25 | Valuation 9.0/20 | Relative strength 4.1/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 10.2 + 7.3 + 9 + 4.1 = 30.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Arxis, Inc. (ARXS): 48/100 — Thin evidence · provisional; evidence 27% - Growth & earnings 17.3/35 | Capital efficiency 11.6/25 | Valuation 8.8/20 | Relative strength 10.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 4 weeks with a reading, within the last 12 - Exact sum: 17.3 + 11.6 + 8.8 + 10 = 47.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Forgent Power Solutions, Inc. (FPS): 46/100 — Thin evidence · provisional; evidence 38% - Growth & earnings 16.0/35 | Capital efficiency 11.3/25 | Valuation 8.7/20 | Relative strength 10.0/20 - 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 9 of the last 12 weeks - Exact sum: 16 + 11.3 + 8.7 + 10 = 46 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Ballard Power Systems Inc. (BLDP): 42/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 20.2/35 | Capital efficiency 6.5/25 | Valuation 10.0/20 | Relative strength 5.5/20 - 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 7 of the last 12 weeks - Exact sum: 20.2 + 6.5 + 10 + 5.5 = 42.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. X-Energy, Inc. (XE): 42/100 — Thin evidence · provisional; evidence 28% - Growth & earnings 17.5/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 10.0/20 - 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 2 weeks with a reading, within the last 12 - Exact sum: 17.5 + 4.5 + 10 + 10 = 42 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. ADS-TEC Energy PLC (ADSE): 42/100 — Thin evidence · provisional; evidence 32% - Growth & earnings 16.0/35 | Capital efficiency 7.3/25 | Valuation 11.5/20 | Relative strength 6.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16 + 7.3 + 11.5 + 6.8 = 41.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Factorial Energy Inc. (FAC): 41/100 — Thin evidence · provisional; evidence 18% - Growth & earnings 16.1/35 | Capital efficiency 5.2/25 | Valuation 10.0/20 | Relative strength 10.0/20 - 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 4 of the last 12 weeks - Exact sum: 16.1 + 5.2 + 10 + 10 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Lightbridge Corporation (LTBR): 41/100 — Thin evidence · provisional; evidence 41% - Growth & earnings 20.2/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 3.7/20 - 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: 20.2 + 7.3 + 10 + 3.7 = 41.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. Enovix Corporation (ENVX): 40/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 21.1/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 3.4/20 - 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 4 of the last 12 weeks - Exact sum: 21.1 + 5.3 + 10 + 3.4 = 39.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Bloom Energy Corporation has the strongest one-year price move in Electrical Equipment & Parts at +519.9%. FuelCell Energy, Inc. leads on Mansfield relative strength against the S&P 500 at +83.2%. 11 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Bloom Energy Corporation (BE): 520% 2. FuelCell Energy, Inc. (FCEL): 427% 3. T1 Energy Inc. (TE): 324% 4. Preformed Line Products Company (PLPC): 166% 5. Powell Industries, Inc. (POWL): 160% ### Strongest relative strength versus NIFTY 500 1. FuelCell Energy, Inc. (FCEL): 83% 2. Preformed Line Products Company (PLPC): 42% 3. Bloom Energy Corporation (BE): 32% 4. Atkore Inc. (ATKR): 24% 5. nVent Electric plc (NVT): 19% ## Revenue Scale & Growth Durability What the numbers say: Acuity Inc. is the scale leader at $4,607 million, 22.8% ahead of EnerSys. Amprius Technologies, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 172.7% from a $90 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Acuity Inc. is the scale benchmark; Amprius Technologies, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Acuity Inc.'s growth falls below Amprius Technologies, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Acuity Inc. · $4,607 million | 22.8% versus #2 · EnerSys | 8/8 recent comparable periods | 17/30 companies · 458 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. Acuity Inc. (AYI): ₹4.6K Cr 2. EnerSys (ENS): ₹3.8K Cr 3. Energizer Holdings, Inc. (ENR): ₹3.0K Cr 4. Atkore Inc. (ATKR): ₹2.9K Cr 5. Advanced Energy Industries, Inc. (AEIS): ₹1.9K Cr ### Revenue growth — fastest growers 1. Amprius Technologies, Inc. (AMPX): 100% 2. Eos Energy Enterprises, Inc. (EOSE): 100% 3. Electrovaya Inc. (ELVA): 50% 4. FuelCell Energy, Inc. (FCEL): 31% 5. Advanced Energy Industries, Inc. (AEIS): 22% ### 20-quarter Revenue history - VRT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - BE: Sep 2021 ₹207 Cr | Dec 2021 ₹342 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹292 Cr | Dec 2022 ₹463 Cr | Mar 2023 ₹275 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹357 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹336 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹326 Cr | Jun 2025 ₹401 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹778 Cr | Mar 2026 ₹751 Cr | Jun 2026 — - HUBB: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - NVT: Sep 2021 ₹643 Cr | Dec 2021 ₹669 Cr | Mar 2022 ₹695 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹745 Cr | Dec 2022 ₹742 Cr | Mar 2023 ₹741 Cr | Jun 2023 ₹803 Cr | Sep 2023 ₹715 Cr | Dec 2023 ₹691 Cr | Mar 2024 ₹732 Cr | Jun 2024 ₹740 Cr | Sep 2024 ₹782 Cr | Dec 2024 ₹752 Cr | Mar 2025 ₹809 Cr | Jun 2025 ₹963 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - ARXS: 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 ₹380 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹459 Cr | Jun 2026 — - AEIS: Sep 2021 ₹346 Cr | Dec 2021 ₹397 Cr | Mar 2022 ₹397 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹425 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹328 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹442 Cr | Sep 2025 ₹463 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹511 Cr | Jun 2026 — - FPS: 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 ₹154 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹283 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹379 Cr | Jun 2026 — - AYI: Sep 2021 ₹993 Cr | Dec 2021 ₹926 Cr | Mar 2022 ₹909 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹998 Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹935 Cr | Mar 2024 ₹906 Cr | Jun 2024 ₹968 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr - POWL: Sep 2021 ₹129 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹298 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹297 Cr | Jun 2026 — - XE: 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 ₹34 Cr | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹36 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - ENS: Sep 2021 ₹815 Cr | Dec 2021 ₹791 Cr | Mar 2022 ₹844 Cr | Jun 2022 — | Sep 2022 ₹899 Cr | Dec 2022 ₹899 Cr | Mar 2023 ₹920 Cr | Jun 2023 — | Sep 2023 ₹909 Cr | Dec 2023 ₹901 Cr | Mar 2024 ₹911 Cr | Jun 2024 ₹853 Cr | Sep 2024 ₹884 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹975 Cr | Jun 2025 ₹893 Cr | Sep 2025 ₹951 Cr | Dec 2025 ₹919 Cr | Mar 2026 ₹988 Cr | Jun 2026 — - HAYW: Sep 2021 ₹364 Cr | Dec 2021 ₹351 Cr | Mar 2022 — | Jun 2022 ₹410 Cr | Sep 2022 ₹399 Cr | Dec 2022 ₹245 Cr | Mar 2023 — | Jun 2023 ₹210 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹255 Cr | Jun 2026 — - ATKR: Sep 2021 ₹924 Cr | Dec 2021 ₹841 Cr | Mar 2022 ₹983 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹834 Cr | Mar 2023 ₹896 Cr | Jun 2023 ₹919 Cr | Sep 2023 ₹870 Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹793 Cr | Jun 2024 ₹822 Cr | Sep 2024 ₹788 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹735 Cr | Sep 2025 ₹752 Cr | Dec 2025 ₹656 Cr | Mar 2026 ₹731 Cr | Jun 2026 — - PLUG: Sep 2021 ₹144 Cr | Dec 2021 ₹162 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹164 Cr | Jun 2026 — - PLPC: Sep 2021 ₹135 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹176 Cr | Jun 2026 — - FCEL: Sep 2021 ₹27 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹36 Cr - AMPX: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - EOSE: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹57 Cr | Jun 2026 — - TE: 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 ₹3 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹359 Cr | Mar 2026 ₹178 Cr | Jun 2026 — - ENR: Sep 2021 ₹766 Cr | Dec 2021 ₹846 Cr | Mar 2022 ₹685 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹790 Cr | Dec 2022 ₹765 Cr | Mar 2023 ₹684 Cr | Jun 2023 ₹699 Cr | Sep 2023 ₹811 Cr | Dec 2023 ₹717 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹701 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹732 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹779 Cr | Mar 2026 ₹643 Cr | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹11 Cr | Mar 2026 — | Jun 2026 ₹8 Cr - ADSE: Sep 2021 — | Dec 2021 ₹12 Cr | Mar 2022 — | Jun 2022 ₹9 Cr | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 — | Jun 2023 ₹38 Cr | Sep 2023 — | Dec 2023 ₹69 Cr | Mar 2024 — | Jun 2024 ₹79 Cr | Sep 2024 — | Dec 2024 ₹31 Cr | Mar 2025 — | Jun 2025 ₹15 Cr | Sep 2025 — | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 — - BLDP: Sep 2021 ₹25 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - KE: Sep 2021 ₹293 Cr | Dec 2021 ₹315 Cr | Mar 2022 ₹368 Cr | Jun 2022 ₹373 Cr | Sep 2022 ₹406 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹485 Cr | Jun 2023 ₹496 Cr | Sep 2023 ₹438 Cr | Dec 2023 ₹421 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹430 Cr | Sep 2024 ₹374 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹375 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹353 Cr | Jun 2026 — - ELVA: Sep 2021 ₹4 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - EAF: Sep 2021 ₹347 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹125 Cr | Jun 2026 — - ESP: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹22 Cr | Jun 2026 — ### 20-quarter Revenue growth history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 21% | Dec 2022 17% | Mar 2023 32% | Jun 2023 24% | Sep 2023 18% | Dec 2023 13% | Mar 2024 7.8% | Jun 2024 13% | Sep 2024 19% | Dec 2024 26% | Mar 2025 24% | Jun 2025 35% | Sep 2025 29% | Dec 2025 23% | Mar 2026 30% | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.6% | Sep 2022 41% | Dec 2022 35% | Mar 2023 37% | Jun 2023 24% | Sep 2023 37% | Dec 2023 -23% | Mar 2024 -15% | Jun 2024 12% | Sep 2024 -18% | Dec 2024 60% | Mar 2025 39% | Jun 2025 19% | Sep 2025 57% | Dec 2025 36% | Mar 2026 130% | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 22% | Dec 2022 11% | Mar 2023 11% | Jun 2023 8.8% | Sep 2023 4.6% | Dec 2023 10% | Mar 2024 8.9% | Jun 2024 6.4% | Sep 2024 4.9% | Dec 2024 -0.9% | Mar 2025 -2.4% | Jun 2025 2.1% | Sep 2025 4.1% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 16% | Dec 2022 11% | Mar 2023 6.6% | Jun 2023 10% | Sep 2023 -4.0% | Dec 2023 -6.9% | Mar 2024 -1.2% | Jun 2024 -7.9% | Sep 2024 9.4% | Dec 2024 8.8% | Mar 2025 11% | Jun 2025 30% | Sep 2025 35% | Dec 2025 42% | Mar 2026 54% | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 21% | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 49% | Dec 2022 24% | Mar 2023 7.1% | Jun 2023 -5.7% | Sep 2023 -21% | Dec 2023 -18% | Mar 2024 -23% | Jun 2024 -12% | Sep 2024 -8.8% | Dec 2024 2.5% | Mar 2025 23% | Jun 2025 21% | Sep 2025 24% | Dec 2025 18% | Mar 2026 26% | Jun 2026 — - FPS: 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 84% | Dec 2025 69% | Mar 2026 104% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 7.8% | Mar 2023 3.9% | Jun 2023 -5.8% | Sep 2023 -9.1% | Dec 2023 -6.3% | Mar 2024 -4.0% | Jun 2024 -3.2% | Sep 2024 2.2% | Dec 2024 1.8% | Mar 2025 11% | Jun 2025 22% | Sep 2025 17% | Dec 2025 20% | Mar 2026 5.0% | Jun 2026 1.6% - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 26% | Dec 2022 19% | Mar 2023 34% | Jun 2023 42% | Sep 2023 28% | Dec 2023 53% | Mar 2024 49% | Jun 2024 50% | Sep 2024 32% | Dec 2024 24% | Mar 2025 9.4% | Jun 2025 -0.7% | Sep 2025 8.4% | Dec 2025 4.2% | Mar 2026 6.5% | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.9% | Mar 2026 105% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 14% | Mar 2023 9.0% | Jun 2023 — | Sep 2023 1.1% | Dec 2023 0.2% | Mar 2024 -1.0% | Jun 2024 — | Sep 2024 -2.8% | Dec 2024 0.6% | Mar 2025 7.0% | Jun 2025 4.7% | Sep 2025 7.6% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.6% | Dec 2022 -30% | Mar 2023 — | Jun 2023 -49% | Sep 2023 -29% | Dec 2023 13% | Mar 2024 — | Jun 2024 35% | Sep 2024 -20% | Dec 2024 18% | Mar 2025 7.5% | Jun 2025 5.6% | Sep 2025 7.0% | Dec 2025 6.7% | Mar 2026 11% | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 11% | Dec 2022 -0.8% | Mar 2023 -8.9% | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -4.3% | Mar 2024 -12% | Jun 2024 -11% | Sep 2024 -9.4% | Dec 2024 -17% | Mar 2025 -11% | Jun 2025 -11% | Sep 2025 -4.6% | Dec 2025 -0.9% | Mar 2026 4.1% | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 31% | Dec 2022 36% | Mar 2023 49% | Jun 2023 72% | Sep 2023 5.3% | Dec 2023 0.5% | Mar 2024 -43% | Jun 2024 -45% | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 12% | Jun 2025 22% | Sep 2025 1.7% | Dec 2025 18% | Mar 2026 22% | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 22% | Dec 2022 30% | Mar 2023 32% | Jun 2023 12% | Sep 2023 -3.0% | Dec 2023 -14% | Mar 2024 -23% | Jun 2024 -24% | Sep 2024 -8.1% | Dec 2024 14% | Mar 2025 5.7% | Jun 2025 22% | Sep 2025 21% | Dec 2025 3.6% | Mar 2026 18% | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 59% | Dec 2022 179% | Mar 2023 16% | Jun 2023 138% | Sep 2023 -40% | Dec 2023 -44% | Mar 2024 -54% | Jun 2024 -42% | Sep 2024 -7.7% | Dec 2024 123% | Mar 2025 12% | Jun 2025 68% | Sep 2025 96% | Dec 2025 12% | Mar 2026 63% | Jun 2026 -2.7% - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 -50% | Jun 2023 100% | Sep 2023 200% | Dec 2023 300% | Mar 2024 100% | Jun 2024 50% | Sep 2024 167% | Dec 2024 175% | Mar 2025 450% | Jun 2025 400% | Sep 2025 163% | Dec 2025 127% | Mar 2026 164% | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 500% | Dec 2022 0.0% | Mar 2023 200% | Jun 2023 -100% | Sep 2023 -83% | Dec 2023 133% | Mar 2024 -22% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 43% | Jun 2025 1,400% | Sep 2025 3,000% | Dec 2025 729% | Mar 2026 470% | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 11,867% | Mar 2026 236% | Jun 2026 — - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.8% | Sep 2022 3.1% | Dec 2022 -9.6% | Mar 2023 -0.2% | Jun 2023 -4.0% | Sep 2023 2.7% | Dec 2023 -6.3% | Mar 2024 -3.1% | Jun 2024 0.3% | Sep 2024 -0.6% | Dec 2024 2.1% | Mar 2025 0.0% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 6.4% | Mar 2026 -3.0% | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 400% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 75% | Sep 2025 100% | Dec 2025 10% | Mar 2026 — | Jun 2026 14% - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 — | Dec 2022 42% | Mar 2023 — | Jun 2023 322% | Sep 2023 — | Dec 2023 306% | Mar 2024 — | Jun 2024 108% | Sep 2024 — | Dec 2024 -55% | Mar 2025 — | Jun 2025 -81% | Sep 2025 — | Dec 2025 -45% | Mar 2026 — | Jun 2026 — - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -16% | Dec 2022 -49% | Mar 2023 -38% | Jun 2023 -29% | Sep 2023 29% | Dec 2023 147% | Mar 2024 7.7% | Jun 2024 6.7% | Sep 2024 -44% | Dec 2024 -47% | Mar 2025 7.1% | Jun 2025 13% | Sep 2025 120% | Dec 2025 36% | Mar 2026 27% | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 39% | Dec 2022 39% | Mar 2023 32% | Jun 2023 33% | Sep 2023 7.9% | Dec 2023 -3.7% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -15% | Dec 2024 -15% | Mar 2025 -12% | Jun 2025 -12% | Sep 2025 -2.1% | Dec 2025 -4.5% | Mar 2026 -5.9% | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 150% | Dec 2022 800% | Mar 2023 100% | Jun 2023 175% | Sep 2023 60% | Dec 2023 33% | Mar 2024 38% | Jun 2024 -9.1% | Sep 2024 -25% | Dec 2024 -8.3% | Mar 2025 36% | Jun 2025 70% | Sep 2025 75% | Dec 2025 45% | Mar 2026 20% | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 -12% | Dec 2022 -32% | Mar 2023 -62% | Jun 2023 -49% | Sep 2023 -48% | Dec 2023 -45% | Mar 2024 -1.4% | Jun 2024 -26% | Sep 2024 -18% | Dec 2024 -2.2% | Mar 2025 -18% | Jun 2025 -3.7% | Sep 2025 9.9% | Dec 2025 -13% | Mar 2026 12% | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 13% | Dec 2022 29% | Mar 2023 11% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 11% | Mar 2024 -20% | Jun 2024 50% | Sep 2024 11% | Dec 2024 40% | Mar 2025 25% | Jun 2025 -17% | Sep 2025 -10% | Dec 2025 -14% | Mar 2026 10% | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 40% | Sep 2024 0.0% | Dec 2024 9.1% | Mar 2025 5.3% | Jun 2025 9.5% | Sep 2025 9.1% | Dec 2025 4.2% | Mar 2026 10% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Espey Mfg. & Electronics Corp. leads opm at 26.1%; Eos Energy Enterprises, Inc. leads margin change at +367 percentage points. Investor read: Espey Mfg. & Electronics Corp. 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: Espey Mfg. & Electronics Corp. · 26.1% | 7.9% versus #2 · Arxis, Inc. | 7/8 recent comparable periods | 27/30 companies · 424 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Espey Mfg. & Electronics Corp. (ESP): 26% 2. Arxis, Inc. (ARXS): 24% 3. Powell Industries, Inc. (POWL): 19% 4. Hubbell Incorporated (HUBB): 17% 5. Hayward Holdings, Inc. (HAYW): 17% ### Margin change — fastest expanders 1. Eos Energy Enterprises, Inc. (EOSE): +367.0 pp 2. Ballard Power Systems Inc. (BLDP): +118.5 pp 3. Plug Power Inc. (PLUG): +66.5 pp 4. Amprius Technologies, Inc. (AMPX): +62.3 pp 5. T1 Energy Inc. (TE): +35.2 pp ### 20-quarter OPM history - VRT: Sep 2021 6.7% | Dec 2021 -0.3% | Mar 2022 -3.9% | Jun 2022 1.9% | Sep 2022 5.4% | Dec 2022 9.8% | Mar 2023 8.6% | Jun 2023 12% | Sep 2023 14% | Dec 2023 15% | Mar 2024 12% | Jun 2024 17% | Sep 2024 18% | Dec 2024 20% | Mar 2025 14% | Jun 2025 17% | Sep 2025 19% | Dec 2025 20% | Mar 2026 17% | Jun 2026 — - BE: Sep 2021 -21% | Dec 2021 -3.9% | Mar 2022 -33% | Jun 2022 -42% | Sep 2022 -18% | Dec 2022 -8.8% | Mar 2023 -23% | Jun 2023 -18% | Sep 2023 -26% | Dec 2023 3.6% | Mar 2024 -21% | Jun 2024 -6.9% | Sep 2024 -2.9% | Dec 2024 18% | Mar 2025 -5.8% | Jun 2025 -0.9% | Sep 2025 1.5% | Dec 2025 11% | Mar 2026 9.6% | Jun 2026 — - HUBB: Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 15% | Sep 2022 16% | Dec 2022 14% | Mar 2023 19% | Jun 2023 21% | Sep 2023 20% | Dec 2023 16% | Mar 2024 16% | Jun 2024 21% | Sep 2024 22% | Dec 2024 20% | Mar 2025 17% | Jun 2025 23% | Sep 2025 22% | Dec 2025 21% | Mar 2026 17% | Jun 2026 — - NVT: Sep 2021 15% | Dec 2021 13% | Mar 2022 13% | Jun 2022 14% | Sep 2022 16% | Dec 2022 17% | Mar 2023 17% | Jun 2023 18% | Sep 2023 18% | Dec 2023 17% | Mar 2024 18% | Jun 2024 20% | Sep 2024 17% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 15% | Mar 2026 16% | Jun 2026 — - ARXS: 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 21% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 24% | Jun 2026 — - AEIS: Sep 2021 7.0% | Dec 2021 11% | Mar 2022 11% | Jun 2022 12% | Sep 2022 15% | Dec 2022 12% | Mar 2023 9.4% | Jun 2023 7.2% | Sep 2023 7.3% | Dec 2023 3.4% | Mar 2024 0.3% | Jun 2024 3.5% | Sep 2024 -2.9% | Dec 2024 8.1% | Mar 2025 7.6% | Jun 2025 7.2% | Sep 2025 11% | Dec 2025 12% | Mar 2026 13% | Jun 2026 — - FPS: 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 15% | Dec 2024 11% | Mar 2025 12% | Jun 2025 3.5% | Sep 2025 11% | Dec 2025 6.8% | Mar 2026 10% | Jun 2026 — - AYI: Sep 2021 13% | Dec 2021 12% | Mar 2022 11% | Jun 2022 14% | Sep 2022 14% | Dec 2022 11% | Mar 2023 12% | Jun 2023 14% | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 11% | Jun 2025 12% | Sep 2025 15% | Dec 2025 14% | Mar 2026 13% | Jun 2026 16% - POWL: Sep 2021 3.0% | Dec 2021 -4.0% | Mar 2022 0.2% | Jun 2022 0.6% | Sep 2022 6.4% | Dec 2022 0.9% | Mar 2023 5.9% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 16% | Jun 2024 20% | Sep 2024 20% | Dec 2024 15% | Mar 2025 21% | Jun 2025 21% | Sep 2025 21% | Dec 2025 17% | Mar 2026 19% | Jun 2026 — - XE: 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 -202% | Mar 2025 -126% | Jun 2025 — | Sep 2025 — | Dec 2025 -166% | Mar 2026 -152% | Jun 2026 — - ENS: Sep 2021 7.5% | Dec 2021 6.3% | Mar 2022 6.1% | Jun 2022 — | Sep 2022 5.6% | Dec 2022 6.0% | Mar 2023 8.5% | Jun 2023 — | Sep 2023 9.8% | Dec 2023 9.8% | Mar 2024 8.9% | Jun 2024 11% | Sep 2024 11% | Dec 2024 16% | Mar 2025 14% | Jun 2025 9.7% | Sep 2025 9.7% | Dec 2025 14% | Mar 2026 13% | Jun 2026 — - HAYW: Sep 2021 22% | Dec 2021 22% | Mar 2022 — | Jun 2022 26% | Sep 2022 26% | Dec 2022 16% | Mar 2023 — | Jun 2023 13% | Sep 2023 22% | Dec 2023 20% | Mar 2024 15% | Jun 2024 24% | Sep 2024 15% | Dec 2024 23% | Mar 2025 15% | Jun 2025 24% | Sep 2025 17% | Dec 2025 25% | Mar 2026 17% | Jun 2026 — - ATKR: Sep 2021 29% | Dec 2021 32% | Mar 2022 32% | Jun 2022 33% | Sep 2022 29% | Dec 2022 28% | Mar 2023 27% | Jun 2023 25% | Sep 2023 22% | Dec 2023 22% | Mar 2024 23% | Jun 2024 21% | Sep 2024 13% | Dec 2024 10% | Mar 2025 -7.4% | Jun 2025 8.7% | Sep 2025 -7.5% | Dec 2025 3.1% | Mar 2026 1.4% | Jun 2026 — - PLUG: Sep 2021 -69% | Dec 2021 -124% | Mar 2022 -99% | Jun 2022 -97% | Sep 2022 -85% | Dec 2022 -106% | Mar 2023 -100% | Jun 2023 -90% | Sep 2023 -138% | Dec 2023 -282% | Mar 2024 -216% | Jun 2024 -171% | Sep 2024 -124% | Dec 2024 -679% | Mar 2025 -134% | Jun 2025 -102% | Sep 2025 -197% | Dec 2025 -339% | Mar 2026 -67% | Jun 2026 — - PLPC: Sep 2021 9.7% | Dec 2021 8.3% | Mar 2022 6.8% | Jun 2022 11% | Sep 2022 11% | Dec 2022 15% | Mar 2023 16% | Jun 2023 16% | Sep 2023 13% | Dec 2023 4.8% | Mar 2024 8.2% | Jun 2024 8.1% | Sep 2024 7.1% | Dec 2024 11% | Mar 2025 8.8% | Jun 2025 10% | Sep 2025 7.4% | Dec 2025 6.8% | Mar 2026 7.8% | Jun 2026 — - FCEL: Sep 2021 -40% | Dec 2021 -162% | Mar 2022 -141% | Jun 2022 -172% | Sep 2022 -65% | Dec 2022 -109% | Mar 2023 -61% | Jun 2023 -94% | Sep 2023 -162% | Dec 2023 -162% | Mar 2024 -255% | Jun 2024 -185% | Sep 2024 -142% | Dec 2024 -83% | Mar 2025 -173% | Jun 2025 -96% | Sep 2025 -204% | Dec 2025 -52% | Mar 2026 -86% | Jun 2026 -219% - AMPX: Sep 2021 -951% | Dec 2021 -305% | Mar 2022 -138% | Jun 2022 -602% | Sep 2022 -530% | Dec 2022 -839% | Mar 2023 — | Jun 2023 -618% | Sep 2023 -326% | Dec 2023 -247% | Mar 2024 -442% | Jun 2024 -387% | Sep 2024 -143% | Dec 2024 -111% | Mar 2025 -86% | Jun 2025 -45% | Sep 2025 -22% | Dec 2025 -101% | Mar 2026 -23% | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -973% | Sep 2022 — | Dec 2022 — | Mar 2023 -433% | Jun 2023 — | Sep 2023 — | Dec 2023 -639% | Mar 2024 -623% | Jun 2024 — | Sep 2024 — | Dec 2024 -713% | Mar 2025 -506% | Jun 2025 -419% | Sep 2025 -201% | Dec 2025 -140% | Mar 2026 -139% | Jun 2026 — - TE: 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 -48% | Jun 2025 -22% | Sep 2025 -45% | Dec 2025 -24% | Mar 2026 -13% | Jun 2026 — - ENR: Sep 2021 12% | Dec 2021 13% | Mar 2022 11% | Jun 2022 14% | Sep 2022 14% | Dec 2022 13% | Mar 2023 14% | Jun 2023 13% | Sep 2023 14% | Dec 2023 9.7% | Mar 2024 13% | Jun 2024 -3.3% | Sep 2024 12% | Dec 2024 8.5% | Mar 2025 12% | Jun 2025 28% | Sep 2025 13% | Dec 2025 4.7% | Mar 2026 14% | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -550% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -355% | Mar 2025 -835% | Jun 2025 -586% | Sep 2025 -588% | Dec 2025 -391% | Mar 2026 — | Jun 2026 -578% - BLDP: Sep 2021 -98% | Dec 2021 -75% | Mar 2022 -145% | Jun 2022 -194% | Sep 2022 -210% | Dec 2022 -232% | Mar 2023 -313% | Jun 2023 -253% | Sep 2023 -139% | Dec 2023 -97% | Mar 2024 -294% | Jun 2024 -258% | Sep 2024 -428% | Dec 2024 -148% | Mar 2025 -189% | Jun 2025 -186% | Sep 2025 -92% | Dec 2025 -34% | Mar 2026 -70% | Jun 2026 — - KE: Sep 2021 1.6% | Dec 2021 2.2% | Mar 2022 5.5% | Jun 2022 5.5% | Sep 2022 3.3% | Dec 2022 4.0% | Mar 2023 5.2% | Jun 2023 6.3% | Sep 2023 4.4% | Dec 2023 3.9% | Mar 2024 -1.5% | Jun 2024 4.6% | Sep 2024 2.4% | Dec 2024 2.3% | Mar 2025 3.1% | Jun 2025 4.3% | Sep 2025 4.0% | Dec 2025 3.2% | Mar 2026 3.3% | Jun 2026 — - ELVA: Sep 2021 -55% | Dec 2021 -173% | Mar 2022 -48% | Jun 2022 -40% | Sep 2022 -2.4% | Dec 2022 -9.4% | Mar 2023 -8.1% | Jun 2023 8.4% | Sep 2023 11% | Dec 2023 -0.8% | Mar 2024 6.6% | Jun 2024 -5.7% | Sep 2024 6.1% | Dec 2024 -1.7% | Mar 2025 9.3% | Jun 2025 12% | Sep 2025 12% | Dec 2025 8.8% | Mar 2026 12% | Jun 2026 — - EAF: Sep 2021 45% | Dec 2021 45% | Mar 2022 42% | Jun 2022 39% | Sep 2022 38% | Dec 2022 26% | Mar 2023 2.0% | Jun 2023 4.6% | Sep 2023 -11% | Dec 2023 -152% | Mar 2024 -16% | Jun 2024 -2.0% | Sep 2024 -20% | Dec 2024 -19% | Mar 2025 -16% | Jun 2025 -11% | Sep 2025 -3.6% | Dec 2025 -34% | Mar 2026 -25% | Jun 2026 — - ESP: Sep 2021 4.7% | Dec 2021 0.3% | Mar 2022 9.3% | Jun 2022 4.1% | Sep 2022 11% | Dec 2022 16% | Mar 2023 9.8% | Jun 2023 12% | Sep 2023 14% | Dec 2023 20% | Mar 2024 13% | Jun 2024 18% | Sep 2024 17% | Dec 2024 15% | Mar 2025 17% | Jun 2025 27% | Sep 2025 23% | Dec 2025 25% | Mar 2026 26% | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -82% | Sep 2023 -30% | Dec 2023 -53% | Mar 2024 -47% | Jun 2024 -29% | Sep 2024 -34% | Dec 2024 -40% | Mar 2025 -38% | Jun 2025 -33% | Sep 2025 -28% | Dec 2025 -29% | Mar 2026 -37% | Jun 2026 — ### 20-quarter Margin change history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −1.3 pp | Dec 2022 +10.1 pp | Mar 2023 +12.5 pp | Jun 2023 +10.0 pp | Sep 2023 +9.0 pp | Dec 2023 +5.5 pp | Mar 2024 +3.8 pp | Jun 2024 +5.3 pp | Sep 2024 +3.5 pp | Dec 2024 +4.2 pp | Mar 2025 +1.9 pp | Jun 2025 −0.4 pp | Sep 2025 +1.4 pp | Dec 2025 +0.6 pp | Mar 2026 +2.3 pp | Jun 2026 — - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.3 pp | Sep 2022 +3.2 pp | Dec 2022 −4.9 pp | Mar 2023 +9.6 pp | Jun 2023 +23.9 pp | Sep 2023 −7.9 pp | Dec 2023 +12.4 pp | Mar 2024 +2.3 pp | Jun 2024 +11.2 pp | Sep 2024 +23.0 pp | Dec 2024 +14.7 pp | Mar 2025 +15.0 pp | Jun 2025 +6.0 pp | Sep 2025 +4.4 pp | Dec 2025 −7.0 pp | Mar 2026 +15.4 pp | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 +2.0 pp | Dec 2022 +1.9 pp | Mar 2023 +7.0 pp | Jun 2023 +5.9 pp | Sep 2023 +4.6 pp | Dec 2023 +1.8 pp | Mar 2024 −3.1 pp | Jun 2024 0.0 pp | Sep 2024 +1.6 pp | Dec 2024 +3.6 pp | Mar 2025 +0.6 pp | Jun 2025 +1.6 pp | Sep 2025 +0.3 pp | Dec 2025 +1.4 pp | Mar 2026 +0.5 pp | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +1.0 pp | Dec 2022 +3.6 pp | Mar 2023 +3.8 pp | Jun 2023 +3.9 pp | Sep 2023 +1.5 pp | Dec 2023 +0.1 pp | Mar 2024 +1.2 pp | Jun 2024 +1.3 pp | Sep 2024 −0.7 pp | Dec 2024 −1.4 pp | Mar 2025 −1.9 pp | Jun 2025 −3.3 pp | Sep 2025 −1.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 — - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +3.6 pp | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +8.0 pp | Dec 2022 +1.2 pp | Mar 2023 −1.8 pp | Jun 2023 −4.8 pp | Sep 2023 −7.7 pp | Dec 2023 −8.4 pp | Mar 2024 −9.1 pp | Jun 2024 −3.7 pp | Sep 2024 −10.2 pp | Dec 2024 +4.7 pp | Mar 2025 +7.3 pp | Jun 2025 +3.7 pp | Sep 2025 +13.5 pp | Dec 2025 +3.5 pp | Mar 2026 +5.8 pp | Jun 2026 — - FPS: 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 −3.7 pp | Dec 2025 −4.0 pp | Mar 2026 −1.6 pp | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.5 pp | Mar 2023 +0.5 pp | Jun 2023 +0.8 pp | Sep 2023 −2.6 pp | Dec 2023 +3.3 pp | Mar 2024 +1.2 pp | Jun 2024 +0.7 pp | Sep 2024 +4.3 pp | Dec 2024 −0.2 pp | Mar 2025 −2.0 pp | Jun 2025 −3.1 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 +1.6 pp | Jun 2026 +4.2 pp - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +3.4 pp | Dec 2022 +4.9 pp | Mar 2023 +5.7 pp | Jun 2023 +10.6 pp | Sep 2023 +7.9 pp | Dec 2023 +12.4 pp | Mar 2024 +9.6 pp | Jun 2024 +8.7 pp | Sep 2024 +6.1 pp | Dec 2024 +1.4 pp | Mar 2025 +5.6 pp | Jun 2025 +1.1 pp | Sep 2025 +0.8 pp | Dec 2025 +2.3 pp | Mar 2026 −1.7 pp | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +35.8 pp | Mar 2026 −25.8 pp | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.3 pp | Mar 2023 +2.4 pp | Jun 2023 — | Sep 2023 +4.2 pp | Dec 2023 +3.8 pp | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 +5.9 pp | Mar 2025 +4.6 pp | Jun 2025 −1.0 pp | Sep 2025 −1.5 pp | Dec 2025 −2.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 −5.8 pp | Mar 2023 — | Jun 2023 −12.6 pp | Sep 2023 −3.5 pp | Dec 2023 +3.5 pp | Mar 2024 — | Jun 2024 +10.6 pp | Sep 2024 −7.5 pp | Dec 2024 +3.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +2.1 pp | Dec 2025 +1.6 pp | Mar 2026 +2.0 pp | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 0.0 pp | Dec 2022 −4.1 pp | Mar 2023 −5.6 pp | Jun 2023 −7.6 pp | Sep 2023 −7.0 pp | Dec 2023 −5.8 pp | Mar 2024 −4.2 pp | Jun 2024 −4.8 pp | Sep 2024 −8.9 pp | Dec 2024 −11.7 pp | Mar 2025 −30.0 pp | Jun 2025 −11.8 pp | Sep 2025 −20.4 pp | Dec 2025 −7.2 pp | Mar 2026 +8.8 pp | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.1 pp | Sep 2022 −16.1 pp | Dec 2022 +18.1 pp | Mar 2023 −1.0 pp | Jun 2023 +7.2 pp | Sep 2023 −53.2 pp | Dec 2023 −175.8 pp | Mar 2024 −115.9 pp | Jun 2024 −80.8 pp | Sep 2024 +13.5 pp | Dec 2024 −397.0 pp | Mar 2025 +82.2 pp | Jun 2025 +69.0 pp | Sep 2025 −72.6 pp | Dec 2025 +339.8 pp | Mar 2026 +66.5 pp | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +0.8 pp | Dec 2022 +6.2 pp | Mar 2023 +9.1 pp | Jun 2023 +4.5 pp | Sep 2023 +2.0 pp | Dec 2023 −9.7 pp | Mar 2024 −7.7 pp | Jun 2024 −7.4 pp | Sep 2024 −5.4 pp | Dec 2024 +5.7 pp | Mar 2025 +0.6 pp | Jun 2025 +2.0 pp | Sep 2025 +0.3 pp | Dec 2025 −3.7 pp | Mar 2026 −1.0 pp | Jun 2026 — - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.5 pp | Dec 2022 +53.1 pp | Mar 2023 +80.4 pp | Jun 2023 +78.7 pp | Sep 2023 −97.3 pp | Dec 2023 −53.1 pp | Mar 2024 −193.9 pp | Jun 2024 −91.0 pp | Sep 2024 +20.4 pp | Dec 2024 +78.7 pp | Mar 2025 +81.6 pp | Jun 2025 +88.8 pp | Sep 2025 −62.1 pp | Dec 2025 +31.7 pp | Mar 2026 +86.8 pp | Jun 2026 −123.2 pp - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +420.8 pp | Dec 2022 −534.8 pp | Mar 2023 −1,298.2 pp | Jun 2023 −15.6 pp | Sep 2023 +203.5 pp | Dec 2023 +592.2 pp | Mar 2024 +994.4 pp | Jun 2024 +231.2 pp | Sep 2024 +183.0 pp | Dec 2024 +136.5 pp | Mar 2025 +356.0 pp | Jun 2025 +341.4 pp | Sep 2025 +121.4 pp | Dec 2025 +9.7 pp | Mar 2026 +62.3 pp | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7,064.0 pp | Sep 2022 +2,612.9 pp | Dec 2022 −612.0 pp | Mar 2023 +1,134.6 pp | Jun 2023 −12,921.1 pp | Sep 2023 −4,483.6 pp | Dec 2023 +1,184.3 pp | Mar 2024 −190.1 pp | Jun 2024 +10,660.9 pp | Sep 2024 −712.6 pp | Dec 2024 −73.8 pp | Mar 2025 +117.0 pp | Jun 2025 +2,814.4 pp | Sep 2025 +6,043.7 pp | Dec 2025 +572.7 pp | Mar 2026 +367.0 pp | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +1,094.7 pp | Mar 2026 +35.2 pp | Jun 2026 — - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +2.3 pp | Dec 2022 −0.2 pp | Mar 2023 +3.3 pp | Jun 2023 −1.5 pp | Sep 2023 +0.1 pp | Dec 2023 −3.5 pp | Mar 2024 −0.7 pp | Jun 2024 −15.9 pp | Sep 2024 −2.0 pp | Dec 2024 −1.2 pp | Mar 2025 −1.1 pp | Jun 2025 +31.6 pp | Sep 2025 +0.2 pp | Dec 2025 −3.8 pp | Mar 2026 +1.5 pp | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1,22,890.5 pp | Dec 2023 +3,95,796.5 pp | Mar 2024 +2,800.9 pp | Jun 2024 +2,98,834.6 pp | Sep 2024 +1,22,298.8 pp | Dec 2024 +24,836.3 pp | Mar 2025 +495.5 pp | Jun 2025 +1,769.8 pp | Sep 2025 +553.3 pp | Dec 2025 −35.3 pp | Mar 2026 — | Jun 2026 +8.0 pp - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −111.7 pp | Sep 2022 −112.1 pp | Dec 2022 −156.7 pp | Mar 2023 −168.0 pp | Jun 2023 −58.8 pp | Sep 2023 +70.9 pp | Dec 2023 +135.1 pp | Mar 2024 +19.1 pp | Jun 2024 −5.3 pp | Sep 2024 −288.7 pp | Dec 2024 −51.8 pp | Mar 2025 +105.1 pp | Jun 2025 +72.3 pp | Sep 2025 +335.4 pp | Dec 2025 +114.9 pp | Mar 2026 +118.5 pp | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +1.7 pp | Dec 2022 +1.8 pp | Mar 2023 −0.3 pp | Jun 2023 +0.8 pp | Sep 2023 +1.1 pp | Dec 2023 −0.1 pp | Mar 2024 −6.7 pp | Jun 2024 −1.7 pp | Sep 2024 −2.0 pp | Dec 2024 −1.6 pp | Mar 2025 +4.6 pp | Jun 2025 −0.3 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +48.9 pp | Sep 2022 +52.1 pp | Dec 2022 +163.6 pp | Mar 2023 +39.5 pp | Jun 2023 +48.2 pp | Sep 2023 +13.3 pp | Dec 2023 +8.6 pp | Mar 2024 +14.7 pp | Jun 2024 −14.1 pp | Sep 2024 −4.8 pp | Dec 2024 −0.9 pp | Mar 2025 +2.7 pp | Jun 2025 +17.2 pp | Sep 2025 +5.5 pp | Dec 2025 +10.5 pp | Mar 2026 +2.8 pp | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +23.7 pp | Sep 2022 −7.7 pp | Dec 2022 −18.8 pp | Mar 2023 −39.7 pp | Jun 2023 −34.8 pp | Sep 2023 −48.9 pp | Dec 2023 −177.3 pp | Mar 2024 −17.6 pp | Jun 2024 −6.6 pp | Sep 2024 −8.7 pp | Dec 2024 +132.9 pp | Mar 2025 −0.7 pp | Jun 2025 −9.0 pp | Sep 2025 +16.5 pp | Dec 2025 −15.0 pp | Mar 2026 −8.2 pp | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.2 pp | Sep 2022 +6.6 pp | Dec 2022 +15.4 pp | Mar 2023 +0.5 pp | Jun 2023 +7.7 pp | Sep 2023 +3.0 pp | Dec 2023 +4.6 pp | Mar 2024 +3.4 pp | Jun 2024 +6.6 pp | Sep 2024 +2.2 pp | Dec 2024 −5.4 pp | Mar 2025 +3.8 pp | Jun 2025 +9.0 pp | Sep 2025 +6.2 pp | Dec 2025 +10.4 pp | Mar 2026 +9.1 pp | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −52,925.3 pp | Mar 2023 +99,153.1 pp | Jun 2023 +61,683.3 pp | Sep 2023 +65,496.6 pp | Dec 2023 +49,461.0 pp | Mar 2024 +72,169.1 pp | Jun 2024 +52.7 pp | Sep 2024 −4.1 pp | Dec 2024 +13.7 pp | Mar 2025 +8.5 pp | Jun 2025 −3.5 pp | Sep 2025 +6.0 pp | Dec 2025 +11.1 pp | Mar 2026 +1.4 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Acuity Inc. leads with $473 million of TTM profit, 62% above EnerSys. Advanced Energy Industries, Inc. shows ≥100% on the scoring scale (156% uncapped) growth from a $192 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Acuity Inc. 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: Acuity Inc. · $473 million | 62% versus #2 · EnerSys | 5/8 recent comparable periods | 18/30 companies · 496 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. Acuity Inc. (AYI): ₹473 Cr 2. EnerSys (ENS): ₹292 Cr 3. Energizer Holdings, Inc. (ENR): ₹196 Cr 4. Advanced Energy Industries, Inc. (AEIS): ₹192 Cr 5. Powell Industries, Inc. (POWL): ₹186 Cr ### Profit growth — fastest growers 1. Advanced Energy Industries, Inc. (AEIS): 100% 2. Electrovaya Inc. (ELVA): 100% 3. Energizer Holdings, Inc. (ENR): 100% 4. Kimball Electronics, Inc. (KE): 50% 5. Espey Mfg. & Electronics Corp. (ESP): 38% ### 20-quarter Net profit history - VRT: Sep 2021 ₹56 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹324 Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹446 Cr | Mar 2026 ₹390 Cr | Jun 2026 — - BE: Sep 2021 ₹-57 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹-83 Cr | Jun 2022 ₹-121 Cr | Sep 2022 ₹-60 Cr | Dec 2022 ₹-51 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹-69 Cr | Sep 2023 ₹-168 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-57 Cr | Jun 2024 ₹-61 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - HUBB: Sep 2021 ₹106 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹183 Cr | Jun 2026 — - NVT: Sep 2021 ₹74 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹140 Cr | Jun 2026 — - ARXS: 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 ₹-4 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹53 Cr | Jun 2026 — - AEIS: Sep 2021 ₹21 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹67 Cr | Jun 2026 — - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - AYI: Sep 2021 ₹98 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹97 Cr | Jun 2026 ₹141 Cr - POWL: Sep 2021 ₹3 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹46 Cr | Jun 2026 — - XE: 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 ₹-67 Cr | Mar 2025 ₹-10 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-55 Cr | Mar 2026 ₹-166 Cr | Jun 2026 — - ENS: Sep 2021 ₹44 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 ₹31 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹44 Cr | Jun 2023 — | Sep 2023 ₹67 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹77 Cr | Jun 2026 — - HAYW: Sep 2021 ₹53 Cr | Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 ₹74 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹23 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - ATKR: Sep 2021 ₹203 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹233 Cr | Jun 2022 ₹254 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹-124 Cr | Jun 2026 — - PLUG: Sep 2021 ₹-107 Cr | Dec 2021 ₹-193 Cr | Mar 2022 ₹-156 Cr | Jun 2022 ₹-173 Cr | Sep 2022 ₹-171 Cr | Dec 2022 ₹-223 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-236 Cr | Sep 2023 ₹-283 Cr | Dec 2023 ₹-642 Cr | Mar 2024 ₹-296 Cr | Jun 2024 ₹-262 Cr | Sep 2024 ₹-211 Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-197 Cr | Jun 2025 ₹-227 Cr | Sep 2025 ₹-362 Cr | Dec 2025 ₹-846 Cr | Mar 2026 ₹-245 Cr | Jun 2026 — - PLPC: Sep 2021 ₹11 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - FCEL: Sep 2021 ₹-12 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-92 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-26 Cr | Jun 2026 ₹-78 Cr - AMPX: Sep 2021 ₹-3 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - EOSE: Sep 2021 ₹-18 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-57 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-72 Cr | Jun 2023 ₹-132 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-343 Cr | Dec 2024 ₹-268 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-223 Cr | Sep 2025 ₹-641 Cr | Dec 2025 ₹-120 Cr | Mar 2026 ₹509 Cr | Jun 2026 — - TE: Sep 2021 ₹-45 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹-94 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-131 Cr | Dec 2025 ₹-155 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ENR: Sep 2021 ₹83 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹-363 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 ₹-11 Cr | Mar 2022 ₹-85 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-82 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-74 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹-116 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-44 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-35 Cr | Mar 2026 — | Jun 2026 ₹-38 Cr - ADSE: Sep 2021 — | Dec 2021 ₹-82 Cr | Mar 2022 — | Jun 2022 ₹-7 Cr | Sep 2022 — | Dec 2022 ₹-12 Cr | Mar 2023 — | Jun 2023 ₹-29 Cr | Sep 2023 — | Dec 2023 ₹-26 Cr | Mar 2024 — | Jun 2024 ₹-45 Cr | Sep 2024 — | Dec 2024 ₹-53 Cr | Mar 2025 — | Jun 2025 ₹-15 Cr | Sep 2025 — | Dec 2025 ₹-40 Cr | Mar 2026 — | Jun 2026 — - BLDP: Sep 2021 ₹-31 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹-44 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-205 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-11 Cr | Jun 2026 — - KE: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - FAC: 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 ₹-13 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-9 Cr | Jun 2026 — - ELVA: Sep 2021 ₹-3 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - LTBR: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - EAF: Sep 2021 ₹120 Cr | Dec 2021 ₹141 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-225 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-87 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-65 Cr | Mar 2026 ₹-43 Cr | Jun 2026 — - ESP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - SKYX: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-9 Cr | Jun 2026 — ### 20-quarter Profit growth history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 -63% | Dec 2022 23% | Mar 2023 456% | Jun 2023 315% | Sep 2023 348% | Dec 2023 763% | Mar 2024 -112% | Jun 2024 114% | Sep 2024 88% | Dec 2024 -37% | Mar 2025 — | Jun 2025 82% | Sep 2025 125% | Dec 2025 203% | Mar 2026 136% | Jun 2026 — - BE: 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 2,525% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -99% | Mar 2026 — | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 43% | Dec 2022 23% | Mar 2023 76% | Jun 2023 52% | Sep 2023 33% | Dec 2023 32% | Mar 2024 -19% | Jun 2024 5.3% | Sep 2024 13% | Dec 2024 21% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 13% | Mar 2026 11% | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 26% | Dec 2022 137% | Mar 2023 38% | Jun 2023 41% | Sep 2023 -12% | Dec 2023 33% | Mar 2024 -9.6% | Jun 2024 -18% | Sep 2024 -3.7% | Dec 2024 -108% | Mar 2025 2.4% | Jun 2025 15% | Sep 2025 51% | Dec 2025 — | Mar 2026 61% | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 257% | Dec 2022 13% | Mar 2023 -14% | Jun 2023 -40% | Sep 2023 -55% | Dec 2023 -16% | Mar 2024 -81% | Jun 2024 -44% | Sep 2024 -141% | Dec 2024 29% | Mar 2025 317% | Jun 2025 73% | Sep 2025 — | Dec 2025 8.2% | Mar 2026 168% | Jun 2026 — - FPS: 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 129% | Dec 2025 -100% | Mar 2026 200% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 -15% | Mar 2023 11% | Jun 2023 -0.9% | Sep 2023 -28% | Dec 2023 35% | Mar 2024 7.2% | Jun 2024 8.6% | Sep 2024 43% | Dec 2024 5.9% | Mar 2025 -12% | Jun 2025 -14% | Sep 2025 -4.2% | Dec 2025 13% | Mar 2026 24% | Jun 2026 44% - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 — | Mar 2023 — | Jun 2023 100% | Sep 2023 189% | Dec 2023 2,300% | Mar 2024 313% | Jun 2024 156% | Sep 2024 77% | Dec 2024 46% | Mar 2025 39% | Jun 2025 4.4% | Sep 2025 11% | Dec 2025 17% | Mar 2026 0.0% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -30% | Dec 2022 -5.6% | Mar 2023 22% | Jun 2023 — | Sep 2023 116% | Dec 2023 91% | Mar 2024 39% | Jun 2024 — | Sep 2024 22% | Dec 2024 77% | Mar 2025 59% | Jun 2025 -19% | Sep 2025 -17% | Dec 2025 -22% | Mar 2026 -21% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 -54% | Mar 2023 — | Jun 2023 -89% | Sep 2023 -56% | Dec 2023 35% | Mar 2024 — | Jun 2024 375% | Sep 2024 -41% | Dec 2024 77% | Mar 2025 40% | Jun 2025 18% | Sep 2025 41% | Dec 2025 24% | Mar 2026 64% | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 8.9% | Dec 2022 -16% | Mar 2023 -25% | Jun 2023 -21% | Sep 2023 -36% | Dec 2023 -20% | Mar 2024 -21% | Jun 2024 -39% | Sep 2024 -48% | Dec 2024 -67% | Mar 2025 -136% | Jun 2025 -65% | Sep 2025 -174% | Dec 2025 -67% | Mar 2026 — | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 9.1% | Dec 2022 78% | Mar 2023 75% | Jun 2023 43% | Sep 2023 25% | Dec 2023 -63% | Mar 2024 -52% | Jun 2024 -55% | Sep 2024 -47% | Dec 2024 67% | Mar 2025 20% | Jun 2025 44% | Sep 2025 -63% | Dec 2025 -20% | Mar 2026 -8.3% | Jun 2026 — - EOSE: 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 -2,387% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3,293% | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -600% | Sep 2023 — | Dec 2023 -200% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 148% | Sep 2022 -537% | Dec 2022 -18% | Mar 2023 111% | Jun 2023 -38% | Sep 2023 — | Dec 2023 -96% | Mar 2024 -20% | Jun 2024 -238% | Sep 2024 140% | Dec 2024 1,000% | Mar 2025 -13% | Jun 2025 — | Sep 2025 -27% | Dec 2025 -114% | Mar 2026 -64% | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -272% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 233% | Dec 2022 120% | Mar 2023 14% | Jun 2023 90% | Sep 2023 10% | Dec 2023 -27% | Mar 2024 -138% | Jun 2024 -58% | Sep 2024 -73% | Dec 2024 -63% | Mar 2025 — | Jun 2025 -13% | Sep 2025 233% | Dec 2025 33% | Mar 2026 50% | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 311% | Sep 2022 -23% | Dec 2022 -65% | Mar 2023 -106% | Jun 2023 -107% | Sep 2023 -125% | Dec 2023 -550% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 100% | Mar 2024 0.0% | Jun 2024 100% | Sep 2024 100% | Dec 2024 0.0% | Mar 2025 100% | Jun 2025 50% | Sep 2025 0.0% | Dec 2025 50% | Mar 2026 50% | Jun 2026 — ## Return On Capital Employed What the numbers say: Powell Industries, Inc. leads ROCE at 8.9%, 0.6 percentage points above Vertiv Holdings Co. X-Energy, Inc. has the strongest latest improvement at +22.9 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: Powell Industries, Inc. 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: Powell Industries, Inc. · 8.9% | 7.2% versus #2 · Vertiv Holdings Co | 4/8 recent comparable periods | 30/30 companies · 512 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. Powell Industries, Inc. (POWL): 8.9% 2. Vertiv Holdings Co (VRT): 8.3% 3. Espey Mfg. & Electronics Corp. (ESP): 5.8% 4. Bloom Energy Corporation (BE): 5.5% 5. Preformed Line Products Company (PLPC): 5.2% ### ROCE change — fastest improvers 1. X-Energy, Inc. (XE): +22.9 pp 2. Eos Energy Enterprises, Inc. (EOSE): +21.5 pp 3. Lightbridge Corporation (LTBR): +6.5 pp 4. Bloom Energy Corporation (BE): +5.7 pp 5. Amprius Technologies, Inc. (AMPX): +3.6 pp ### 20-quarter ROCE history - VRT: Sep 2021 2.4% | Dec 2021 -0.1% | Mar 2022 -1.1% | Jun 2022 0.6% | Sep 2022 1.9% | Dec 2022 3.2% | Mar 2023 2.5% | Jun 2023 4.0% | Sep 2023 4.9% | Dec 2023 5.2% | Mar 2024 4.0% | Jun 2024 6.6% | Sep 2024 6.9% | Dec 2024 7.8% | Mar 2025 5.2% | Jun 2025 7.5% | Sep 2025 8.2% | Dec 2025 8.4% | Mar 2026 6.1% | Jun 2026 8.3% - BE: Sep 2021 -4.0% | Dec 2021 -1.1% | Mar 2022 -5.5% | Jun 2022 -9.1% | Sep 2022 -4.0% | Dec 2022 -2.9% | Mar 2023 -4.7% | Jun 2023 -3.5% | Sep 2023 -6.1% | Dec 2023 0.8% | Mar 2024 -2.9% | Jun 2024 -1.1% | Sep 2024 -0.5% | Dec 2024 5.3% | Mar 2025 -1.0% | Jun 2025 -0.2% | Sep 2025 0.4% | Dec 2025 3.0% | Mar 2026 2.4% | Jun 2026 5.5% - HUBB: Sep 2021 3.5% | Dec 2021 3.2% | Mar 2022 3.4% | Jun 2022 4.5% | Sep 2022 4.8% | Dec 2022 4.0% | Mar 2023 5.8% | Jun 2023 6.5% | Sep 2023 6.2% | Dec 2023 4.3% | Mar 2024 4.6% | Jun 2024 6.0% | Sep 2024 6.1% | Dec 2024 4.7% | Mar 2025 4.4% | Jun 2025 6.2% | Sep 2025 6.0% | Dec 2025 5.1% | Mar 2026 4.5% | Jun 2026 4.6% - NVT: Sep 2021 2.4% | Dec 2021 2.2% | Mar 2022 2.2% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 3.0% | Mar 2023 2.9% | Jun 2023 3.1% | Sep 2023 2.7% | Dec 2023 2.4% | Mar 2024 2.7% | Jun 2024 2.7% | Sep 2024 2.3% | Dec 2024 2.1% | Mar 2025 2.3% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 2.8% | Mar 2026 3.3% | Jun 2026 5.1% - ARXS: 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 0.0% | Dec 2024 2.1% | Mar 2025 — | Jun 2025 — | Sep 2025 1.1% | Dec 2025 1.1% | Mar 2026 3.5% | Jun 2026 1.0% - AEIS: Sep 2021 1.8% | Dec 2021 3.0% | Mar 2022 3.1% | Jun 2022 3.7% | Sep 2022 5.2% | Dec 2022 3.8% | Mar 2023 2.6% | Jun 2023 1.9% | Sep 2023 1.6% | Dec 2023 0.7% | Mar 2024 0.0% | Jun 2024 0.7% | Sep 2024 -0.5% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 2.5% | Dec 2025 3.2% | Mar 2026 3.8% | Jun 2026 — - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.8% | Jun 2025 0.7% | Sep 2025 4.9% | Dec 2025 3.0% | Mar 2026 2.9% | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 4.0% | Mar 2022 3.6% | Jun 2022 5.1% | Sep 2022 5.3% | Dec 2022 3.9% | Mar 2023 3.9% | Jun 2023 5.2% | Sep 2023 3.9% | Dec 2023 4.7% | Mar 2024 4.1% | Jun 2024 5.0% | Sep 2024 5.3% | Dec 2024 4.4% | Mar 2025 3.3% | Jun 2025 4.1% | Sep 2025 5.1% | Dec 2025 4.5% | Mar 2026 3.5% | Jun 2026 5.0% - POWL: Sep 2021 1.2% | Dec 2021 -1.4% | Mar 2022 0.1% | Jun 2022 0.3% | Sep 2022 3.3% | Dec 2022 0.4% | Mar 2023 3.2% | Jun 2023 6.7% | Sep 2023 9.0% | Dec 2023 7.5% | Mar 2024 11% | Jun 2024 15% | Sep 2024 13% | Dec 2024 7.9% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 7.1% | Mar 2026 8.9% | Jun 2026 — - XE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 -30% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 -7.3% | Mar 2026 -12% | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 1.8% | Mar 2022 1.8% | Jun 2022 — | Sep 2022 1.7% | Dec 2022 1.9% | Mar 2023 2.7% | Jun 2023 — | Sep 2023 3.0% | Dec 2023 3.1% | Mar 2024 2.9% | Jun 2024 3.2% | Sep 2024 3.3% | Dec 2024 4.6% | Mar 2025 4.4% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 3.8% | Mar 2026 3.9% | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 3.1% | Mar 2022 — | Jun 2022 4.1% | Sep 2022 4.0% | Dec 2022 1.6% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 2.4% | Dec 2023 2.1% | Mar 2024 1.1% | Jun 2024 2.6% | Sep 2024 1.3% | Dec 2024 2.8% | Mar 2025 1.2% | Jun 2025 2.7% | Sep 2025 1.5% | Dec 2025 3.2% | Mar 2026 1.5% | Jun 2026 2.7% - ATKR: Sep 2021 18% | Dec 2021 18% | Mar 2022 19% | Jun 2022 20% | Sep 2022 16% | Dec 2022 12% | Mar 2023 12% | Jun 2023 11% | Sep 2023 8.5% | Dec 2023 7.7% | Mar 2024 7.6% | Jun 2024 7.1% | Sep 2024 4.2% | Dec 2024 2.8% | Mar 2025 -2.1% | Jun 2025 2.6% | Sep 2025 -2.3% | Dec 2025 0.8% | Mar 2026 0.5% | Jun 2026 — - PLUG: Sep 2021 -2.9% | Dec 2021 -5.3% | Mar 2022 -2.5% | Jun 2022 -2.7% | Sep 2022 -3.0% | Dec 2022 -4.4% | Mar 2023 -4.0% | Jun 2023 -4.6% | Sep 2023 -5.6% | Dec 2023 -14% | Mar 2024 -5.8% | Jun 2024 -5.6% | Sep 2024 -5.1% | Dec 2024 -38% | Mar 2025 -5.3% | Jun 2025 -5.5% | Sep 2025 -11% | Dec 2025 -32% | Mar 2026 -4.7% | Jun 2026 — - PLPC: Sep 2021 3.6% | Dec 2021 3.0% | Mar 2022 2.4% | Jun 2022 4.5% | Sep 2022 4.4% | Dec 2022 5.9% | Mar 2023 6.5% | Jun 2023 6.2% | Sep 2023 4.6% | Dec 2023 1.5% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 3.7% | Mar 2025 2.7% | Jun 2025 3.5% | Sep 2025 2.6% | Dec 2025 2.3% | Mar 2026 2.7% | Jun 2026 5.2% - FCEL: Sep 2021 — | Dec 2021 -3.5% | Mar 2022 -7.0% | Jun 2022 -4.2% | Sep 2022 -3.3% | Dec 2022 -5.1% | Mar 2023 -2.8% | Jun 2023 -4.3% | Sep 2023 -4.7% | Dec 2023 -4.2% | Mar 2024 -5.0% | Jun 2024 -5.0% | Sep 2024 -3.8% | Dec 2024 -4.7% | Mar 2025 -3.8% | Jun 2025 -4.3% | Sep 2025 -12% | Dec 2025 -3.3% | Mar 2026 -3.0% | Jun 2026 -8.9% - AMPX: Sep 2021 -37% | Dec 2021 -43% | Mar 2022 -2.5% | Jun 2022 -3.6% | Sep 2022 -9.1% | Dec 2022 -15% | Mar 2023 -6.3% | Jun 2023 -6.6% | Sep 2023 -12% | Dec 2023 -11% | Mar 2024 -12% | Jun 2024 -15% | Sep 2024 -14% | Dec 2024 -12% | Mar 2025 -9.7% | Jun 2025 -6.5% | Sep 2025 -4.1% | Dec 2025 -21% | Mar 2026 -6.1% | Jun 2026 — - EOSE: Sep 2021 -16% | Dec 2021 -29% | Mar 2022 -52% | Jun 2022 -93% | Sep 2022 -51% | Dec 2022 -52% | Mar 2023 -60% | Jun 2023 -67% | Sep 2023 -40% | Dec 2023 -49% | Mar 2024 -66% | Jun 2024 -24% | Sep 2024 -43% | Dec 2024 -32% | Mar 2025 -40% | Jun 2025 -29% | Sep 2025 -33% | Dec 2025 -17% | Mar 2026 -19% | Jun 2026 — - TE: Sep 2021 -11% | Dec 2021 -6.0% | Mar 2022 -9.5% | Jun 2022 -11% | Sep 2022 -5.1% | Dec 2022 -5.0% | Mar 2023 -5.2% | Jun 2023 -5.4% | Sep 2023 -5.8% | Dec 2023 5.2% | Mar 2024 -2.2% | Jun 2024 -2.1% | Sep 2024 -2.7% | Dec 2024 -7.1% | Mar 2025 -3.3% | Jun 2025 -3.9% | Sep 2025 -14% | Dec 2025 -9.5% | Mar 2026 -2.5% | Jun 2026 — - ENR: Sep 2021 2.3% | Dec 2021 2.8% | Mar 2022 1.7% | Jun 2022 2.4% | Sep 2022 2.9% | Dec 2022 2.5% | Mar 2023 2.3% | Jun 2023 2.2% | Sep 2023 3.1% | Dec 2023 1.8% | Mar 2024 2.3% | Jun 2024 -0.6% | Sep 2024 2.7% | Dec 2024 1.7% | Mar 2025 2.2% | Jun 2025 5.8% | Sep 2025 2.9% | Dec 2025 1.0% | Mar 2026 2.4% | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 -8.5% | Mar 2022 -9.6% | Jun 2022 -7.8% | Sep 2022 -12% | Dec 2022 -7.9% | Mar 2023 -10% | Jun 2023 -15% | Sep 2023 -11% | Dec 2023 -11% | Mar 2024 -17% | Jun 2024 -19% | Sep 2024 -11% | Dec 2024 -7.1% | Mar 2025 -9.5% | Jun 2025 -10% | Sep 2025 -7.6% | Dec 2025 -6.8% | Mar 2026 — | Jun 2026 -7.2% - ADSE: Sep 2021 -10% | Dec 2021 -10% | Mar 2022 -11% | Jun 2022 -11% | Sep 2022 -11% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 -11% | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -3.4% | Jun 2024 -3.4% | Sep 2024 -2.5% | Dec 2024 -2.5% | Mar 2025 -21% | Jun 2025 -21% | Sep 2025 -30% | Dec 2025 -30% | Mar 2026 — | Jun 2026 — - BLDP: Sep 2021 -2.6% | Dec 2021 -2.4% | Mar 2022 -2.2% | Jun 2022 -3.0% | Sep 2022 -3.4% | Dec 2022 -3.4% | Mar 2023 -3.4% | Jun 2023 -3.3% | Sep 2023 -3.3% | Dec 2023 -4.1% | Mar 2024 -4.0% | Jun 2024 -4.0% | Sep 2024 -7.0% | Dec 2024 -4.3% | Mar 2025 -3.5% | Jun 2025 -4.1% | Sep 2025 -4.3% | Dec 2025 -1.7% | Mar 2026 -2.1% | Jun 2026 -2.7% - KE: Sep 2021 0.9% | Dec 2021 1.3% | Mar 2022 3.8% | Jun 2022 3.6% | Sep 2022 2.3% | Dec 2022 2.8% | Mar 2023 3.8% | Jun 2023 4.5% | Sep 2023 2.7% | Dec 2023 2.1% | Mar 2024 -0.8% | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 — - FAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -35% | Jun 2026 — - ELVA: Sep 2021 106% | Dec 2021 78% | Mar 2022 523% | Jun 2022 107% | Sep 2022 -46% | Dec 2022 -30% | Mar 2023 -24% | Jun 2023 34% | Sep 2023 38% | Dec 2023 -1.3% | Mar 2024 7.8% | Jun 2024 -6.4% | Sep 2024 6.8% | Dec 2024 -1.2% | Mar 2025 6.0% | Jun 2025 7.4% | Sep 2025 7.3% | Dec 2025 2.5% | Mar 2026 3.3% | Jun 2026 — - LTBR: Sep 2021 -12% | Dec 2021 -11% | Mar 2022 -9.4% | Jun 2022 -7.0% | Sep 2022 -9.2% | Dec 2022 -7.7% | Mar 2023 -8.0% | Jun 2023 -6.8% | Sep 2023 -7.2% | Dec 2023 -9.1% | Mar 2024 -11% | Jun 2024 -9.7% | Sep 2024 -11% | Dec 2024 -12% | Mar 2025 -12% | Jun 2025 -6.6% | Sep 2025 -5.8% | Dec 2025 -7.2% | Mar 2026 -5.6% | Jun 2026 — - EAF: Sep 2021 13% | Dec 2021 13% | Mar 2022 13% | Jun 2022 12% | Sep 2022 9.3% | Dec 2022 5.0% | Mar 2023 0.2% | Jun 2023 0.7% | Sep 2023 -1.4% | Dec 2023 -17% | Mar 2024 -1.8% | Jun 2024 -0.2% | Sep 2024 -2.3% | Dec 2024 -2.3% | Mar 2025 -1.7% | Jun 2025 -1.4% | Sep 2025 -0.5% | Dec 2025 -3.9% | Mar 2026 -3.2% | Jun 2026 — - ESP: Sep 2021 1.2% | Dec 2021 0.1% | Mar 2022 2.6% | Jun 2022 1.1% | Sep 2022 3.0% | Dec 2022 4.3% | Mar 2023 2.9% | Jun 2023 2.9% | Sep 2023 3.5% | Dec 2023 5.8% | Mar 2024 2.9% | Jun 2024 5.5% | Sep 2024 4.3% | Dec 2024 4.9% | Mar 2025 4.1% | Jun 2025 5.7% | Sep 2025 4.4% | Dec 2025 6.3% | Mar 2026 5.8% | Jun 2026 — - SKYX: Sep 2021 -146% | Dec 2021 -36% | Mar 2022 -86% | Jun 2022 -35% | Sep 2022 -26% | Dec 2022 -20% | Mar 2023 -22% | Jun 2023 -34% | Sep 2023 -15% | Dec 2023 -27% | Mar 2024 -20% | Jun 2024 -14% | Sep 2024 -19% | Dec 2024 -20% | Mar 2025 -18% | Jun 2025 -20% | Sep 2025 -20% | Dec 2025 -20% | Mar 2026 -18% | Jun 2026 — ### 20-quarter ROCE change history - VRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +3.3 pp | Mar 2023 +3.6 pp | Jun 2023 +3.4 pp | Sep 2023 +3.0 pp | Dec 2023 +2.0 pp | Mar 2024 +1.5 pp | Jun 2024 +2.6 pp | Sep 2024 +2.0 pp | Dec 2024 +2.6 pp | Mar 2025 +1.2 pp | Jun 2025 +0.9 pp | Sep 2025 +1.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.9 pp | Jun 2026 +0.8 pp - BE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.8 pp | Mar 2023 +0.8 pp | Jun 2023 +5.6 pp | Sep 2023 −2.1 pp | Dec 2023 +3.7 pp | Mar 2024 +1.8 pp | Jun 2024 +2.4 pp | Sep 2024 +5.6 pp | Dec 2024 +4.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.9 pp | Sep 2025 +0.9 pp | Dec 2025 −2.3 pp | Mar 2026 +3.4 pp | Jun 2026 +5.7 pp - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.8 pp | Mar 2023 +2.4 pp | Jun 2023 +2.0 pp | Sep 2023 +1.4 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 −1.6 pp - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.8 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 −0.2 pp | Dec 2023 −0.6 pp | Mar 2024 −0.2 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +0.5 pp | Dec 2025 +0.7 pp | Mar 2026 +1.0 pp | Jun 2026 +2.3 pp - ARXS: 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 +1.1 pp | Dec 2025 −1.0 pp | Mar 2026 — | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +0.8 pp | Mar 2023 −0.5 pp | Jun 2023 −1.8 pp | Sep 2023 −3.6 pp | Dec 2023 −3.1 pp | Mar 2024 −2.6 pp | Jun 2024 −1.2 pp | Sep 2024 −2.1 pp | Dec 2024 +0.9 pp | Mar 2025 +1.5 pp | Jun 2025 +0.8 pp | Sep 2025 +3.0 pp | Dec 2025 +1.6 pp | Mar 2026 +2.3 pp | Jun 2026 — - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1.1 pp | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 −1.4 pp | Dec 2023 +0.8 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +1.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.8 pp | Jun 2025 −0.9 pp | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 +0.9 pp - POWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +1.8 pp | Mar 2023 +3.1 pp | Jun 2023 +6.4 pp | Sep 2023 +5.7 pp | Dec 2023 +7.1 pp | Mar 2024 +7.7 pp | Jun 2024 +7.9 pp | Sep 2024 +4.1 pp | Dec 2024 +0.4 pp | Mar 2025 +1.3 pp | Jun 2025 −3.3 pp | Sep 2025 −2.2 pp | Dec 2025 −0.8 pp | Mar 2026 −3.3 pp | Jun 2026 — - XE: 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 0.0 pp | Dec 2024 −30.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +22.9 pp | Mar 2026 — | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 +1.2 pp | Mar 2024 +0.2 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +1.5 pp | Mar 2025 +1.5 pp | Jun 2025 −0.4 pp | Sep 2025 −0.5 pp | Dec 2025 −0.8 pp | Mar 2026 −0.5 pp | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.5 pp | Mar 2023 — | Jun 2023 −3.1 pp | Sep 2023 −1.6 pp | Dec 2023 +0.5 pp | Mar 2024 — | Jun 2024 +1.6 pp | Sep 2024 −1.1 pp | Dec 2024 +0.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 0.0 pp - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −5.6 pp | Mar 2023 −7.6 pp | Jun 2023 −8.7 pp | Sep 2023 −7.2 pp | Dec 2023 −4.2 pp | Mar 2024 −4.2 pp | Jun 2024 −3.9 pp | Sep 2024 −4.3 pp | Dec 2024 −4.9 pp | Mar 2025 −9.7 pp | Jun 2025 −4.5 pp | Sep 2025 −6.5 pp | Dec 2025 −2.0 pp | Mar 2026 +2.6 pp | Jun 2026 — - PLUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.9 pp | Mar 2023 −1.5 pp | Jun 2023 −1.9 pp | Sep 2023 −2.6 pp | Dec 2023 −9.4 pp | Mar 2024 −1.8 pp | Jun 2024 −1.0 pp | Sep 2024 +0.5 pp | Dec 2024 −24.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.1 pp | Sep 2025 −6.3 pp | Dec 2025 +6.8 pp | Mar 2026 +0.6 pp | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +2.9 pp | Mar 2023 +4.1 pp | Jun 2023 +1.7 pp | Sep 2023 +0.2 pp | Dec 2023 −4.4 pp | Mar 2024 −4.1 pp | Jun 2024 −3.9 pp | Sep 2024 −2.4 pp | Dec 2024 +2.2 pp | Mar 2025 +0.3 pp | Jun 2025 +1.2 pp | Sep 2025 +0.4 pp | Dec 2025 −1.4 pp | Mar 2026 0.0 pp | Jun 2026 +1.7 pp - FCEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.6 pp | Mar 2023 +4.2 pp | Jun 2023 −0.1 pp | Sep 2023 −1.4 pp | Dec 2023 +0.9 pp | Mar 2024 −2.2 pp | Jun 2024 −0.7 pp | Sep 2024 +0.9 pp | Dec 2024 −0.5 pp | Mar 2025 +1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −7.8 pp | Dec 2025 +1.4 pp | Mar 2026 +0.8 pp | Jun 2026 −4.6 pp - AMPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +27.6 pp | Dec 2022 +28.7 pp | Mar 2023 −3.8 pp | Jun 2023 −3.0 pp | Sep 2023 −2.8 pp | Dec 2023 +3.3 pp | Mar 2024 −5.8 pp | Jun 2024 −8.2 pp | Sep 2024 −1.8 pp | Dec 2024 −0.5 pp | Mar 2025 +2.4 pp | Jun 2025 +8.3 pp | Sep 2025 +9.6 pp | Dec 2025 −9.1 pp | Mar 2026 +3.6 pp | Jun 2026 — - EOSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −34.2 pp | Dec 2022 −23.9 pp | Mar 2023 −8.2 pp | Jun 2023 +26.5 pp | Sep 2023 +10.7 pp | Dec 2023 +3.2 pp | Mar 2024 −5.7 pp | Jun 2024 +42.9 pp | Sep 2024 −3.0 pp | Dec 2024 +17.0 pp | Mar 2025 +25.7 pp | Jun 2025 −5.6 pp | Sep 2025 +9.4 pp | Dec 2025 +14.9 pp | Mar 2026 +21.5 pp | Jun 2026 — - TE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 +1.0 pp | Mar 2023 +4.3 pp | Jun 2023 +6.0 pp | Sep 2023 −0.7 pp | Dec 2023 +10.2 pp | Mar 2024 +3.0 pp | Jun 2024 +3.3 pp | Sep 2024 +3.1 pp | Dec 2024 −12.3 pp | Mar 2025 −1.1 pp | Jun 2025 −1.8 pp | Sep 2025 −11.2 pp | Dec 2025 −2.4 pp | Mar 2026 +0.8 pp | Jun 2026 — - ENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.3 pp | Mar 2023 +0.6 pp | Jun 2023 −0.2 pp | Sep 2023 +0.2 pp | Dec 2023 −0.7 pp | Mar 2024 0.0 pp | Jun 2024 −2.8 pp | Sep 2024 −0.4 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 +6.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.7 pp | Mar 2026 +0.2 pp | Jun 2026 — - ENVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 −0.7 pp | Jun 2023 −6.7 pp | Sep 2023 +1.2 pp | Dec 2023 −3.0 pp | Mar 2024 −6.4 pp | Jun 2024 −4.7 pp | Sep 2024 −0.7 pp | Dec 2024 +3.8 pp | Mar 2025 +7.2 pp | Jun 2025 +8.8 pp | Sep 2025 +3.8 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 +3.2 pp - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −1.0 pp | Mar 2023 +0.4 pp | Jun 2023 +0.4 pp | Sep 2023 −4.0 pp | Dec 2023 −4.0 pp | Mar 2024 +7.1 pp | Jun 2024 +7.1 pp | Sep 2024 +12.7 pp | Dec 2024 +12.7 pp | Mar 2025 −17.7 pp | Jun 2025 −17.7 pp | Sep 2025 −27.8 pp | Dec 2025 −27.8 pp | Mar 2026 — | Jun 2026 — - BLDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −1.0 pp | Mar 2023 −1.2 pp | Jun 2023 −0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.7 pp | Sep 2024 −3.7 pp | Dec 2024 −0.2 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 +2.7 pp | Dec 2025 +2.6 pp | Mar 2026 +1.4 pp | Jun 2026 +1.4 pp - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.5 pp | Mar 2023 0.0 pp | Jun 2023 +0.9 pp | Sep 2023 +0.4 pp | Dec 2023 −0.7 pp | Mar 2024 −4.6 pp | Jun 2024 −2.1 pp | Sep 2024 −1.6 pp | Dec 2024 −1.0 pp | Mar 2025 +2.3 pp | Jun 2025 −0.3 pp | Sep 2025 +0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −151.8 pp | Dec 2022 −107.7 pp | Mar 2023 −547.2 pp | Jun 2023 −72.9 pp | Sep 2023 +84.2 pp | Dec 2023 +28.4 pp | Mar 2024 +31.7 pp | Jun 2024 −40.0 pp | Sep 2024 −31.3 pp | Dec 2024 +0.1 pp | Mar 2025 −1.8 pp | Jun 2025 +13.8 pp | Sep 2025 +0.5 pp | Dec 2025 +3.7 pp | Mar 2026 −2.7 pp | Jun 2026 — - LTBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +3.3 pp | Mar 2023 +1.4 pp | Jun 2023 +0.2 pp | Sep 2023 +2.0 pp | Dec 2023 −1.4 pp | Mar 2024 −3.3 pp | Jun 2024 −2.9 pp | Sep 2024 −3.5 pp | Dec 2024 −3.0 pp | Mar 2025 −0.8 pp | Jun 2025 +3.1 pp | Sep 2025 +4.9 pp | Dec 2025 +4.9 pp | Mar 2026 +6.5 pp | Jun 2026 — - EAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 −8.4 pp | Mar 2023 −12.6 pp | Jun 2023 −11.1 pp | Sep 2023 −10.7 pp | Dec 2023 −21.9 pp | Mar 2024 −2.0 pp | Jun 2024 −0.9 pp | Sep 2024 −0.9 pp | Dec 2024 +14.6 pp | Mar 2025 +0.1 pp | Jun 2025 −1.2 pp | Sep 2025 +1.8 pp | Dec 2025 −1.6 pp | Mar 2026 −1.5 pp | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +4.2 pp | Mar 2023 +0.3 pp | Jun 2023 +1.8 pp | Sep 2023 +0.5 pp | Dec 2023 +1.5 pp | Mar 2024 0.0 pp | Jun 2024 +2.6 pp | Sep 2024 +0.8 pp | Dec 2024 −0.9 pp | Mar 2025 +1.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +1.4 pp | Mar 2026 +1.7 pp | Jun 2026 — - SKYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +119.3 pp | Dec 2022 +16.0 pp | Mar 2023 +64.2 pp | Jun 2023 +1.0 pp | Sep 2023 +11.7 pp | Dec 2023 −6.9 pp | Mar 2024 +2.1 pp | Jun 2024 +20.0 pp | Sep 2024 −4.1 pp | Dec 2024 +6.5 pp | Mar 2025 +1.2 pp | Jun 2025 −5.7 pp | Sep 2025 −1.0 pp | Dec 2025 +0.9 pp | Mar 2026 +0.4 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Espey Mfg. & Electronics Corp. has the lowest comparable PEG at 0.34×, 30.6% below EnerSys. Only 7 of 30 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: Espey Mfg. & Electronics Corp. · 0.34× | 30.6% versus #2 · EnerSys | 0/8 recent comparable periods | 7/30 companies · 62 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. Espey Mfg. & Electronics Corp. (ESP): 0.3 2. EnerSys (ENS): 0.5 3. Kimball Electronics, Inc. (KE): 0.5 4. Advanced Energy Industries, Inc. (AEIS): 0.9 5. Acuity Inc. (AYI): 1.1 ### P/E — lowest P/E 1. ADS-TEC Energy PLC (ADSE): 0.1 — older report 2. Energizer Holdings, Inc. (ENR): 6.0 3. Eos Energy Enterprises, Inc. (EOSE): 6.3 4. Espey Mfg. & Electronics Corp. (ESP): 14.5 5. Acuity Inc. (AYI): 20.2 ### 20-quarter PEG history - VRT: 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 10.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HUBB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 1.1 | Jun 2024 2.1 | Sep 2024 4.4 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 — - NVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.1 | Sep 2023 — | Dec 2023 2.3 | Mar 2024 — | Jun 2024 3.6 | Sep 2024 0.8 | Dec 2024 1.5 | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.1 - POWL: 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 0.5 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 4.5 | Jun 2026 — - ENS: 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 0.3 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - HAYW: 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 0.4 | Jun 2025 1.1 | Sep 2025 0.5 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 — - ATKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.7 | Sep 2025 2.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 — - ELVA: 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 2.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — ### 20-quarter P/E history - VRT: Sep 2021 61.8 | Dec 2021 75.7 | Mar 2022 1,400.0 | Jun 2022 274.0 | Sep 2022 — | Dec 2022 — | Mar 2023 47.7 | Jun 2023 52.7 | Sep 2023 57.2 | Dec 2023 40.4 | Mar 2024 78.5 | Jun 2024 67.6 | Sep 2024 66.3 | Dec 2024 88.8 | Mar 2025 42.0 | Jun 2025 61.4 | Sep 2025 56.9 | Dec 2025 47.5 | Mar 2026 63.0 | Jun 2026 75.8 - BE: 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 598.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 403.6 - HUBB: Sep 2021 27.9 | Dec 2021 28.6 | Mar 2022 21.1 | Jun 2022 19.1 | Sep 2022 22.4 | Dec 2022 24.9 | Mar 2023 23.2 | Jun 2023 27.6 | Sep 2023 23.8 | Dec 2023 23.7 | Mar 2024 31.0 | Jun 2024 26.9 | Sep 2024 30.4 | Dec 2024 29.1 | Mar 2025 22.2 | Jun 2025 26.5 | Sep 2025 26.9 | Dec 2025 26.9 | Mar 2026 29.0 | Jun 2026 31.0 - NVT: Sep 2021 21.6 | Dec 2021 23.6 | Mar 2022 21.5 | Jun 2022 18.3 | Sep 2022 17.4 | Dec 2022 16.2 | Mar 2023 17.0 | Jun 2023 19.0 | Sep 2023 18.9 | Dec 2023 17.5 | Mar 2024 22.0 | Jun 2024 22.4 | Sep 2024 20.6 | Dec 2024 34.6 | Mar 2025 15.0 | Jun 2025 20.9 | Sep 2025 27.2 | Dec 2025 23.7 | Mar 2026 39.3 | Jun 2026 46.3 - ARXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 150.5 - AEIS: Sep 2021 24.7 | Dec 2021 25.9 | Mar 2022 24.6 | Jun 2022 19.4 | Sep 2022 14.9 | Dec 2022 16.0 | Mar 2023 18.9 | Jun 2023 23.6 | Sep 2023 28.5 | Dec 2023 32.0 | Mar 2024 36.7 | Jun 2024 44.2 | Sep 2024 90.0 | Dec 2024 80.9 | Mar 2025 48.9 | Jun 2025 60.0 | Sep 2025 44.7 | Dec 2025 54.5 | Mar 2026 67.9 | Jun 2026 — - FPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 250.3 | Jun 2026 — - AYI: Sep 2021 — | Dec 2021 21.7 | Mar 2022 18.8 | Jun 2022 16.9 | Sep 2022 14.8 | Dec 2022 17.2 | Mar 2023 17.0 | Jun 2023 13.0 | Sep 2023 15.0 | Dec 2023 15.3 | Mar 2024 21.0 | Jun 2024 21.1 | Sep 2024 19.0 | Dec 2024 23.6 | Mar 2025 22.5 | Jun 2025 20.5 | Sep 2025 26.1 | Dec 2025 28.2 | Mar 2026 22.1 | Jun 2026 20.2 - POWL: Sep 2021 491.4 | Dec 2021 — | Mar 2022 — | Jun 2022 33.4 | Sep 2022 18.3 | Dec 2022 23.6 | Mar 2023 18.6 | Jun 2023 19.9 | Sep 2023 18.4 | Dec 2023 13.9 | Mar 2024 16.9 | Jun 2024 13.4 | Sep 2024 18.1 | Dec 2024 17.9 | Mar 2025 12.7 | Jun 2025 15.5 | Sep 2025 20.5 | Dec 2025 20.7 | Mar 2026 35.3 | Jun 2026 — - ENS: Sep 2021 — | Dec 2021 21.8 | Mar 2022 22.9 | Jun 2022 — | Sep 2022 19.2 | Dec 2022 18.7 | Mar 2023 22.1 | Jun 2023 — | Sep 2023 21.2 | Dec 2023 16.2 | Mar 2024 14.5 | Jun 2024 15.7 | Sep 2024 14.4 | Dec 2024 11.5 | Mar 2025 10.2 | Jun 2025 9.9 | Sep 2025 13.1 | Dec 2025 18.7 | Mar 2026 22.6 | Jun 2026 — - HAYW: Sep 2021 — | Dec 2021 53.5 | Mar 2022 — | Jun 2022 17.0 | Sep 2022 13.7 | Dec 2022 9.3 | Mar 2023 — | Jun 2023 23.4 | Sep 2023 37.8 | Dec 2023 36.8 | Mar 2024 42.5 | Jun 2024 30.8 | Sep 2024 36.3 | Dec 2024 28.3 | Mar 2025 25.0 | Jun 2025 23.8 | Sep 2025 24.0 | Dec 2025 22.7 | Mar 2026 18.1 | Jun 2026 22.3 - ATKR: Sep 2021 7.1 | Dec 2021 7.7 | Mar 2022 6.4 | Jun 2022 4.5 | Sep 2022 3.8 | Dec 2022 5.7 | Mar 2023 7.3 | Jun 2023 8.4 | Sep 2023 8.6 | Dec 2023 9.6 | Mar 2024 11.9 | Jun 2024 9.5 | Sep 2024 6.7 | Dec 2024 8.1 | Mar 2025 11.7 | Jun 2025 22.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLPC: Sep 2021 11.0 | Dec 2021 9.0 | Mar 2022 7.7 | Jun 2022 6.7 | Sep 2022 7.6 | Dec 2022 7.7 | Mar 2023 10.1 | Jun 2023 11.2 | Sep 2023 11.1 | Dec 2023 10.6 | Mar 2024 12.4 | Jun 2024 15.3 | Sep 2024 19.2 | Dec 2024 17.0 | Mar 2025 17.8 | Jun 2025 18.7 | Sep 2025 26.0 | Dec 2025 29.0 | Mar 2026 39.0 | Jun 2026 46.2 - EOSE: Sep 2021 6.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ENR: Sep 2021 18.5 | Dec 2021 20.1 | Mar 2022 12.4 | Jun 2022 9.6 | Sep 2022 8.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.4 | Dec 2023 24.6 | Mar 2024 24.7 | Jun 2024 211.0 | Sep 2024 9.6 | Dec 2024 44.2 | Mar 2025 41.0 | Jun 2025 5.8 | Sep 2025 7.1 | Dec 2025 6.7 | Mar 2026 6.0 | Jun 2026 — - ADSE: Sep 2021 — | Dec 2021 — | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KE: Sep 2021 15.3 | Dec 2021 17.0 | Mar 2022 14.2 | Jun 2022 16.2 | Sep 2022 11.3 | Dec 2022 12.9 | Mar 2023 13.0 | Jun 2023 12.5 | Sep 2023 12.1 | Dec 2023 12.4 | Mar 2024 16.9 | Jun 2024 27.1 | Sep 2024 36.3 | Dec 2024 58.5 | Mar 2025 23.2 | Jun 2025 28.3 | Sep 2025 31.4 | Dec 2025 29.0 | Mar 2026 22.8 | Jun 2026 — - ELVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 153.0 | Mar 2024 366.0 | Jun 2024 129.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 113.7 | Sep 2025 73.6 | Dec 2025 71.8 | Mar 2026 71.1 | Jun 2026 — - EAF: Sep 2021 7.4 | Dec 2021 8.1 | Mar 2022 6.1 | Jun 2022 3.7 | Sep 2022 2.4 | Dec 2022 3.2 | Mar 2023 5.0 | Jun 2023 10.1 | Sep 2023 76.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESP: Sep 2021 — | Dec 2021 236.8 | Mar 2022 18.1 | Jun 2022 27.4 | Sep 2022 19.7 | Dec 2022 12.2 | Mar 2023 16.3 | Jun 2023 11.2 | Sep 2023 10.0 | Dec 2023 10.0 | Mar 2024 13.2 | Jun 2024 9.3 | Sep 2024 12.2 | Dec 2024 12.3 | Mar 2025 10.1 | Jun 2025 15.1 | Sep 2025 12.5 | Dec 2025 13.7 | Mar 2026 14.6 | Jun 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker. ## Every company - Vertiv Holdings Co (VRT) — market value ₹1.0 L Cr; latest fundamentals Jun 2026 - Bloom Energy Corporation (BE) — market value ₹67.2K Cr; latest fundamentals Jun 2026 - Hubbell Incorporated (HUBB) — market value ₹26.5K Cr; latest fundamentals Jun 2026 - nVent Electric plc (NVT) — market value ₹26.3K Cr; latest fundamentals Jun 2026 - Arxis, Inc. (ARXS) — market value ₹24.2K Cr; latest fundamentals Jun 2026 - Advanced Energy Industries, Inc. (AEIS) — market value ₹13.7K Cr; latest fundamentals Mar 2026 - Forgent Power Solutions, Inc. (FPS) — market value ₹12.0K Cr; latest fundamentals Mar 2026 - Acuity Inc. (AYI) — market value ₹10.4K Cr; latest fundamentals Jun 2026 - Powell Industries, Inc. (POWL) — market value ₹7.7K Cr; latest fundamentals Mar 2026 - X-Energy, Inc. (XE) — market value ₹7.5K Cr; latest fundamentals Mar 2026 - EnerSys (ENS) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - Hayward Holdings, Inc. (HAYW) — market value ₹3.4K Cr; latest fundamentals Jun 2026 - Atkore Inc. (ATKR) — market value ₹3.2K Cr; latest fundamentals Mar 2026 - Plug Power Inc. (PLUG) — market value ₹3.0K Cr; latest fundamentals Mar 2026 - Preformed Line Products Company (PLPC) — market value ₹2.1K Cr; latest fundamentals Jun 2026 - FuelCell Energy, Inc. (FCEL) — market value ₹1.8K Cr; latest fundamentals Jun 2026 - Amprius Technologies, Inc. (AMPX) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - Eos Energy Enterprises, Inc. (EOSE) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - T1 Energy Inc. (TE) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Energizer Holdings, Inc. (ENR) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - Enovix Corporation (ENVX) — market value ₹936 Cr; latest fundamentals Jun 2026 - ADS-TEC Energy PLC (ADSE) — market value ₹885 Cr; latest fundamentals Dec 2025 - Ballard Power Systems Inc. (BLDP) — market value ₹827 Cr; latest fundamentals Jun 2026 - Kimball Electronics, Inc. (KE) — market value ₹653 Cr; latest fundamentals Mar 2026 - Factorial Energy Inc. (FAC) — market value ₹633 Cr; latest fundamentals Mar 2026 - Electrovaya Inc. (ELVA) — market value ₹455 Cr; latest fundamentals Mar 2026 - Lightbridge Corporation (LTBR) — market value ₹293 Cr; latest fundamentals Mar 2026 - GrafTech International Ltd. (EAF) — market value ₹200 Cr; latest fundamentals Mar 2026 - Espey Mfg. & Electronics Corp. (ESP) — market value ₹173 Cr; latest fundamentals Mar 2026 - SKYX Platforms Corp. (SKYX) — market value ₹153 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. 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 Electrical Equipment & Parts sector outperforming S&P 500? Electrical Equipment & Parts has outperformed S&P 500 by 48.7% over 52 weeks and 10% over 13 weeks. 11 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 26 beat the sector itself. ### Which Electrical Equipment & Parts company is largest by revenue? Acuity Inc. leads with revenue of $4,607 million, based on 17 of 30 comparable companies through Jun 2026. ### Which Electrical Equipment & Parts company is growing fastest? Amprius Technologies, Inc. has the fastest current revenue growth at 100%, across 15 of 30 comparable companies. ### Which Electrical Equipment & Parts company has the strongest 4-Factor Sector Score? Advanced Energy Industries, Inc. ranks first at 66.9/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Electrical Equipment & Parts company has the lowest comparable PEG? Espey Mfg. & Electronics Corp. has the lowest comparable PEG at 0.34, among 7 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Electrical Equipment & Parts 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. ### Which Electrical Equipment & Parts company is the biggest? Acuity Inc. is the largest, with trailing-twelve-month revenue of $4,607 million, ahead of EnerSys at $3,751 million. That covers 17 of 30 companies with comparable reporting through Jun 2026. ### Which Electrical Equipment & Parts company has the best profit margins? Espey Mfg. & Electronics Corp. has the highest operating margin at 26.1%, from 27 of 30 comparable companies. Eos Energy Enterprises, Inc. shows the biggest recent improvement, at +367 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Electrical Equipment & Parts company makes the most profit? Acuity Inc. earns the most, at $473 million of trailing-twelve-month net profit, from 18 of 30 comparable companies. Advanced Energy Industries, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Electrical Equipment & Parts company earns the highest return on capital? Powell Industries, Inc. leads on return on capital employed at 8.9%, across 30 of 30 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 Electrical Equipment & Parts stock is the cheapest? On PEG — where a LOWER number is cheaper — Espey Mfg. & Electronics Corp. screens cheapest at 0.34×. Only 7 of 30 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 Electrical Equipment & Parts sector beating the market? Electrical Equipment & Parts has outperformed S&P 500 by 48.7% over the last 52 weeks and 10% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Electrical Equipment & Parts stock has the strongest price momentum? FuelCell Energy, Inc. has the strongest relative strength against S&P 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 Electrical Equipment & Parts company scores highest for research priority? Advanced Energy Industries, Inc. scores 66.9 out of 100 with 81.1% evidence confidence, from 26.6 points on growth and earnings, 13.6 on capital efficiency, 11.8 on valuation and 14.9 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 Electrical Equipment & Parts companies does this comparison cover, and over what period? It compares 30 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 Electrical Equipment & Parts sector? The 30 Electrical Equipment & Parts companies on this page carry $331,226 million of combined market value. Vertiv Holdings Co is the largest at $103,920 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### What is the Electrical Equipment & Parts sector's P/E ratio? The median price-to-earnings ratio across the 30 Electrical Equipment & Parts companies on this page is 35.3×, measured on the 20 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 2026-08-04. ### How is the Electrical Equipment & Parts sector performing? 11 of the 26 covered Electrical Equipment & Parts companies are beating S&P 500 on Mansfield relative strength. The sector itself is 48.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### How many Electrical Equipment & Parts stocks are listed in the US? This comparison covers 30 listed Electrical Equipment & Parts companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### 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.