Diversified industry

16 companies · ₹87,550 cr · 4 with AI deep dives

Turning upmargin troughed at 6.9% and has risen for 3 quarters to 11.4%, on positive revenue growth

Revenue YoY: +16.6%
EBITDA margin: 11.4%; +50bps YoY
Price, 1 year: -18.0%; 12% of names up
P/E vs own 5y: -49.7%; 10.5x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	12,077 cr	13,694 cr	-11.8%	10,358 cr	+16.6%	13,694 cr	-11.8%
EBITDA margin	11.4%	13.7%	-230bps	10.9%	+50bps	13.7%	-230bps

Revenue

Jun 26: 12,077 cr
Mar 26: 13,694 cr
QoQ: -11.8%
Jun 25: 10,358 cr
YoY: +16.6%
Peak: 13,694 cr
vs peak: -11.8%

EBITDA margin

Jun 26: 11.4%
Mar 26: 13.7%
QoQ: -230bps
Jun 25: 10.9%

Sept 26: 0 of 8 reported so far, so it is not in the trend above.

Breadth: 100% of 7 companies grew revenue year on year (was 86% a quarter earlier) and 71% expanded margin (was 29%).

Exhibit 2What it costs

9.68x - 22.18x across the panel today

The median name trades at 10.5x, -49.7% against this industry's own 5-year median of 20.8x, and -63.1% against its own peak of 28.4x.

Exhibit 3Structure

₹87,550 cr

3M India Ltd is 37% of this industry by market cap. The top 5 are 96.3% and the top 10 are 99.8%.

mid 3small 3micro 108 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 10.47x, 5y ROCE above its median of 13.86%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (16 of 16)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
3M India Ltd	₹32,900 cr	60.2x	33.1x	50.1%	19.4%	+19.0%	Unlock
Godrej Industries Ltd	₹31,753 cr

No earnings-call brief covers this industry yet. It appears once at least five companies here have a transcript analysed, or sooner from the parent industry. The numbers above do not depend on it.

AppendixThe other 0 companies

1-0

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