Other Industrial Products industry

56 companies · ₹1.1 L cr · 22 with AI deep dives · Q1FY27 report

Order books hit records, but West Asia freight and input-cost lags squeeze margins across most names

Turning upmargin troughed at 12.2% and has risen for 6 quarters to 13.5%, on positive revenue growth

Revenue YoY: +17.5%
EBITDA margin: 13.5%; +90bps YoY
Price, 1 year: +5.5%; 53% of names up
P/E vs own 5y: -23.6%; 26.2x now

Exhibit 1The quarter in numbers

constant panel of 11 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	5,078 cr	5,270 cr	-3.6%	4,320 cr	+17.5%	5,270 cr	-3.6%
EBITDA margin	13.5%	14.0%	-50bps	12.6%	+90bps	14.0%	-50bps

Revenue

Jun 26: 5,078 cr
Mar 26: 5,270 cr
QoQ: -3.6%
Jun 25: 4,320 cr
YoY: +17.5%
Peak: 5,270 cr
vs peak: -3.6%

EBITDA margin

Jun 26: 13.5%
Mar 26: 14.0%
QoQ: -50bps
Jun 25: 12.6%

Sept 26: 1 of 16 reported so far, so it is not in the trend above.

Breadth: 92% of 12 companies grew revenue year on year (was 100% a quarter earlier) and 33% expanded margin (was 58%).

Exhibit 2What it costs

23.18x - 66.42x across the panel today

The median name trades at 26.2x, -23.6% against this industry's own 5-year median of 34.3x, and -58.3% against its own peak of 62.9x.

Exhibit 3Structure

₹1.1 L cr

PTC Industries Ltd is 31.2% of this industry by market cap. The top 5 are 78.4% and the top 10 are 91.3%.

mid 3small 8micro 4516 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 26.2x, 5y ROCE above its median of 14.54%, 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 (25 of 56)

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
PTC Industries Ltd	₹35,984 cr	286.5x	210.4x	8.4%	21.9%	+97.4%	Unlock
HBL Engineering Ltd	₹21,835 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindRecord order books and inflows give FY27 revenue visibility7 managements

Inox (₹1,686 Cr backlog, record ₹532 Cr inflow), Diffusion (₹209.7 Cr, >80% executable in FY27), Simplex (₹150 Cr+), Rappid (~₹40 Cr, +60% YoY), Megatherm (~₹430-450 Cr), Expo…

INOXINDIA (Q1FY27): “we delivered our highest ever quarterly order inflow of approximately INR532 crores…”

headwind9 managements headwind6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 31 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Tankup Engineers Ltd	₹931 cr	174.8x	121.2x	19.0%	12.6%	+162.7%	Unlock