Q2 FY2026 Capital Goods Sector Overview

Capital Goods - Non-Electrical Equipment Sector Analysis

The Capital Goods - Non-Electrical Equipment sector in India is experiencing a robust growth phase, driven by significant government impetus on infrastructure development, a booming manufacturing sector, increasing industrial automation, and a strong focus on sustainability and green technologies. This comprehensive analysis synthesizes data from twelve key players: APL Apollo Tubes, Welspun Corp, KSB Limited, Elecon Engineering, Jindal SAW, Kirloskar Pneumatic, Ador Welding, EcoRecycling, Batliboi Ltd., Energy-Mission Machineries, APEX ECOTECH, and Expo Engineering and Projects Ltd. These companies collectively represent a diverse range of sub-segments including structural steel tubes, industrial pipes, pumps, valves, gears, material handling equipment, welding solutions, e-waste recycling, sheet metal forming machines, water/wastewater treatment, and heavy fabrication. The sector is characterized by strong domestic demand, increasing export opportunities, and a strategic shift towards value-added and high-margin products.

A. INDUSTRY OVERVIEW & MARKET LANDSCAPE

The Capital Goods - Non-Electrical Equipment sector is a foundational pillar for industrial and infrastructural development, encompassing a wide array of machinery, components, and services essential for various end-user industries. The sector is currently in a growth phase, propelled by India's ambitious economic targets and global demand for specialized equipment.

**Total Addressable Market Size and Growth Rates:** The sector's total addressable market is vast and fragmented, with several sub-segments exhibiting significant growth potential: * **Structural Steel Tube Market (India):** Projected to grow from 9 Mn Ton in FY24 to 17.3 Mn Ton by 2030E, indicating a substantial CAGR. Structural steel tubes are expected to increase their share of the total steel market from 6.5% (FY24) to 8.3% (2030). * **E-waste Recycling Landscape (India):** Projected to reach ₹110,000 Crores (US$12 Billion) by 2030, growing at a CAGR of 17%. Globally, E-waste generation topped 62.5 Mn metric tons annually in 2024, with only 21% recycled. * **CNC Machines Market (Global):** Expected to grow from USD 34.8 billion in FY23 to USD 51.5 billion by FY27F, with a CAGR of approximately 10.2%. The Indian market for CNC Press Brake Machines alone is estimated at ₹2,000 Cr, with a high import dependence of ~₹1,200 Cr. Hydraulic Shearing Machines and Plate Rolling Machines each represent a ₹1,000 Cr market, while Hydraulic Press Machines offer a new opportunity of ₹10,000 Cr. * **Water Sector (India):** Expected to grow at a CAGR of 11.6%, with a potential demand of almost 2.5 Mn ton of MS Pipe in the next 3-5 years. The Jal Jeevan Mission aims to provide 19 crore households with tap water by 2028. * **Indian Chemical Industry:** The 6th largest chemical producer globally and 3rd largest in Asia. Domestic demand is projected to rise from US$180 billion (2021) to US$1,000 billion (2040). The market size is expected to grow from US$178.0 billion (FY19) to US$304.0 billion (FY25), at a CAGR of 9.3%. * **Indian Pharmaceuticals Industry:** Market size is projected to grow from US$42.0 billion (2021) to US$130.0 billion (2030). * **Commercial Air Conditioning Market (India):** Estimated to be over ₹5,000 crores for specific segments, with the overall Indian market around ₹25,000 crores. * **Centrifugal Compressor Market (India):** Approximately ₹500 crore, with Kirloskar Pneumatic being the only indigenous manufacturer. * **Green Hydrogen Market (India):** Projected to reach 5 MMT by FY2030, representing ₹8 trillion worth of investment opportunities and averting 50 MMT of CO2 emissions. * **Oil & Gas Sector (Global & India):** US crude oil production is expected to reach 13.5 mbpd in 2025 & 2026. Natural Gas consumption is likely to rise to an all-time high of 91.4 Bcf/d in 2025. US energy companies are expected to spend US$50 billion in new pipeline projects over the next 5 years. In India, natural gas consumption in the energy mix is targeted at 15% by 2030 (from ~7%), with ~10,459 kms of pipelines under construction. Saudi Arabia's pipeline network is projected to grow at 6.6% CAGR through 2030, adding 3,000 km of new pipelines.

**Market Structure and Segmentation:** The sector is highly diversified, segmented by product, application, and customer type: * **Structural Steel Tubes (APL Apollo):** Products range from 8x8mm to 1000x1000mm with 0.18mm to 40mm thickness. Applications include Housing (64% of H1FY26 revenue), Commercial buildings (13%), Infrastructure (19%), and Others (4%). Value-added products (Heavy, Structural Light, Z Rust-proof, Coated, Galv Agri/Industrial) are a growing segment, comprising 57% of Q2FY26 sales mix. * **Pipe Solutions (Welspun Corp, Jindal SAW):** Includes Line Pipes (India, USA, KSA), DI Pipes (India, KSA), Stainless Steel Bars & Pipes, and TMT Rebars. Key applications are oil & gas transportation, water infrastructure, and general construction. * **Pumps & Valves (KSB Limited, Chemtech Industrial Valves):** KSB offers a complete product portfolio for Energy, Building Services, Petrochemicals/Chemicals, Mining, General Industry, and Water. Chemtech specializes in industrial valves. * **Industrial Gear Solutions & Material Handling Equipment (Elecon Engineering):** Gear division (76% of Q2FY26 revenue) serves various industries, including defence (Indian Navy). MHE division (24% of Q2FY26 revenue) provides equipment for material movement. * **Welding Products (Ador Welding):** Manufactures welding consumables and equipment, serving fabrication, automotive, PEB, defence, shipbuilding, nuclear, and thermal sectors. * **E-waste Recycling (EcoRecycling Limited):** Offers reverse logistics, data destruction, ITAD, recycling, lamp recycling, EPR, and CSR services. * **Machine Tools & Engineering Solutions (Batliboi Ltd., Energy-Mission Machineries):** * **Batliboi:** Machine Tools (CNC space), Air Engineering (Textile & Non-Textile, Tobacco, Paper, Food, Tyre industries), Textile Machinery (Spinning, Knitting, Processing, Technical textile), Environmental Engineering (Air Pollution Control, Industrial Fans, Hydrogen Gas Solutions, Water/Effluent Treatment Plants). * **Energy-Mission:** High-precision sheet metal forming machines, including Hydraulic CNC Press Brake (73% of H1FY26 revenue), Shearing Machines (14%), Hydraulic Press, and Four-Roll Press Machines. Serves fabrication, furniture, infrastructure, electrical, automotive, railway, and defence sectors. * **Water & Wastewater Treatment (APEX ECOTECH):** Specializes in turnkey solutions for water and wastewater treatment, membrane recycling, evaporators, and Zero Liquid Discharge (ZLD) systems. * **Process Equipment (BEW Engineering):** Designs and manufactures process equipment (Dryers, Reactors, Filters, Blenders, Tanks) for Pharmaceutical, Chemical, Agrochemicals, and Speciality Chemicals industries. * **Heavy Fabrication & Project Engineering (Expo Engineering and Projects Ltd.):** Specializes in storage tanks and vessels for oil & gas, chemicals, and other heavy industries.

**Key End Markets and Applications:** * **Infrastructure:** Roads, bridges, commercial buildings, housing, water pipelines, power plants, railways, defence. * **Energy:** Oil & gas exploration and transportation, data centers, solar power, green hydrogen. * **Manufacturing:** Automotive, textile, general engineering, fabrication, PEB, chemicals, pharmaceuticals, agrochemicals. * **Marine:** Shipbuilding (Indian Navy, Indian Coast Guard, commercial ships). * **Environmental:** E-waste management, water and wastewater treatment, air pollution control.

**Geographic Distribution and Regional Dynamics:** * **India:** Dominant market for most players, with strong domestic demand driven by government initiatives and industrial growth. * **USA:** Strong demand for line pipes due to energy infrastructure boom (Welspun). * **KSA (Kingdom of Saudi Arabia):** Significant opportunities in water infrastructure and pipeline networks, with a push for in-country value addition and manufacturing (Jindal SAW, Welspun). * **GCC MENA Region:** Strategic focus for expansion due to large infrastructure projects (Jindal SAW, APL Apollo's Dubai plant). * **Other International Markets:** Mexico (Ador Welding), Europe, Vietnam, Bangladesh, Uzbekistan (Batliboi, BEW, Energy-Mission), Turkey, Italy, Israel, Nigeria, Brazil, Russia, Japan, Thailand, Malaysia, Indonesia (BEW). * **Export Share:** Companies like Elecon aim to increase exports to 50% of total revenue by FY30. Energy-Mission expects exports to cross 10% of revenue next year. Ador Welding's exports are currently 16%-17% of sales. Batliboi exports to 20+ countries, with international business contributing 31% of Q2FY26 revenue.

**Market Maturity and Lifecycle Stage:** The sector exhibits a mix of mature and emerging segments. * **Mature Segments:** Traditional manufacturing, general industrial equipment. * **Growth Segments:** Structural steel tubes (replacing secondary materials), water infrastructure, renewable energy (solar, green hydrogen), e-waste recycling (driven by regulation and awareness), advanced process equipment for specialty chemicals/pharma. * **Emerging Segments:** Green Hydrogen solutions, high-precision CNC machines for specialized applications, advanced water treatment technologies (ZLD).

**Industry Value Chain and Ecosystem:** The value chain typically involves: 1. **Raw Material Sourcing:** Steel (HR coil, MS plate), other metals, components. Companies are sensitive to raw material price fluctuations (APL Apollo benefits from lower steel prices, Ador Welding and BEW impacted by higher raw material costs). 2. **Design & Engineering:** In-house R&D and engineering capabilities are crucial for product innovation and customization (APL Apollo, Kirloskar, Elecon, BEW). 3. **Manufacturing:** State-of-the-art facilities, often integrated, with varying capacities and utilization levels. Backward integration is a strategic move for some (Energy-Mission). 4. **Distribution & Sales:** Extensive networks of branch offices, dealers, and direct sales teams (APL Apollo, KSB, Batliboi). Exports are handled directly or through international partners. 5. **Installation & Commissioning:** Especially for large projects and complex machinery. 6. **After-Sales Service & Spares:** Critical for customer retention and recurring revenue (KSB's SupremeServ, Energy-Mission's spare parts business). 7. **Ancillary Services:** EPR services, data destruction, ITAD (EcoRecycling).

B. FINANCIAL & ECONOMIC PROFILE

The sector demonstrates a mixed but generally positive financial trajectory, with companies leveraging strong demand and strategic initiatives to drive growth and improve profitability.

**Industry Aggregate Revenue Scale and Growth Trajectory:** The companies analyzed show varied revenue scales, from large players like APL Apollo (₹103.8 Bn H1FY26) and Welspun Corp (₹7,996 Cr H1FY26) to smaller, specialized entities. * **APL Apollo Tubes:** H1FY26 Revenue: ₹103.8 Bn (6% YoY increase). FY25 Revenue: ₹206.9 Bn. * **Welspun Corp:** H1FY26 Total Income: ₹7,996 Cr (27% YoY increase). FY26 Guidance: ₹17,500 Cr. * **Jindal SAW:** Consolidated Q2FY26 Total Income: ₹4,264 Cr. * **Elecon Engineering:** H1FY26 Adjusted Consolidated Revenue: ₹1,043 Cr (19% YoY increase). FY26 Guidance: ₹2,650 Cr. * **KSB Limited:** Nine Months ended Sep 2025 Revenue from sales: ₹19,117 Mio (vs ₹18,067 Mio in Sep 2024, ~6% YoY). * **Kirloskar Pneumatic:** H1FY26 Sales: ₹665 Cr (vs ₹706 Cr in H1FY25, -5.8% YoY). Q2FY26 Sales: ₹378 Cr (37% QoQ growth). * **Ador Welding:** H1FY26 Revenues: Soft. Q2FY26 Sales: ~5% growth. FY25 Sales: ~₹1,100 Cr. * **EcoRecycling Limited:** H1FY26 Consolidated Total Income: ₹28.10 Cr (2.7% YoY). FY25 Total Income: ₹46 Cr. * **Batliboi Ltd.:** H1FY26 Revenue from Operations: ₹190 Cr (Consolidated, -4% YoY). FY25 Revenue: ₹150.49 Cr (Standalone). * **Energy-Mission Machineries:** H1FY26 Consolidated Revenue: ₹75.85 Cr (4.15% YoY). FY25 Revenue: ₹151.12 Cr. * **APEX ECOTECH LIMITED:** H1FY26 Revenue from Operations: ₹32.57 Cr (50.09% YoY). FY25 Revenue: ₹70.95 Cr. * **Expo Engineering and Projects Ltd.:** H1FY26 Consolidated Revenue: ₹32.85 Cr (33.78% YoY decline). FY25 Revenue: ₹114.74 Cr.

Overall, many companies are reporting strong H1FY26 revenue growth, with some exceptions due to specific market challenges (e.g., Kirloskar Pneumatic's gas compression business, Expo Engineering's project execution delays). The larger players like APL Apollo, Welspun, and Elecon demonstrate consistent growth, while smaller players like Apex Ecotech show high percentage growth on a smaller base.

**Profitability Levels Across Companies:** Profitability metrics vary significantly based on product mix, operational efficiency, and raw material price movements. * **EBITDA Margins:** * **Highest:** EcoRecycling (59.4% H1FY26, 50.1% Q2FY26) due to its service-oriented, asset-light model. * **Strong:** Elecon (22.1% H1FY26, 21.7% Q2FY26), Chemtech (24.7% FY25), APL Apollo (EBITDA/ton ₹5,228 Q2FY26, translating to a healthy margin on revenue). * **Moderate:** Welspun (15.0% H1FY26), Kirloskar Pneumatic (16.4% H1FY26, 17% Q2FY26), Energy-Mission (15.30% H1FY26), Batliboi (9% Q2FY26, 6% H1FY26), Ador Welding (11% H1FY26, 12.5% Q2FY26), BEW Engineering (13.43% H1FY26), Apex Ecotech (9.21% H1FY26), Expo Engineering (12.09% H1FY26). * **Outliers/Challenges:** APL Apollo's Q2FY25 EBITDA/ton was unusually low at ₹1,821, but recovered sharply to ₹5,228 in Q2FY26. BEW Engineering's EBITDA margins declined from 20.75% in H1FY25 to 13.43% in H1FY26 due to raw material costs and unfavorable product mix. Expo Engineering also saw a significant drop in revenue and EBITDA margin YoY in H1FY26, though Q2FY26 showed improvement. * **Net Profit Margins (PAT Margins):** * **Highest:** EcoRecycling (48.7% H1FY26, 38.7% Q2FY26). * **Strong:** APL Apollo (5.8% H1FY26), Elecon (15.2% Q2FY26), Chemtech (16.4% FY25), Welspun (9.9% H1FY26). * **Moderate:** Kirloskar Pneumatic (10.7% H1FY26), Energy-Mission (8.47% H1FY26), Batliboi (2% H1FY26), Ador Welding (10.6% H1FY26 PBT margin), BEW Engineering (7.15% H1FY26), Apex Ecotech (7.91% H1FY26), Expo Engineering (5.94% H1FY26). * **Trend:** Many companies are focused on margin expansion through product mix improvement, operational efficiencies, and cost control.

**Return Profiles (ROCE, ROE) by Company:** * **APL Apollo Tubes:** ROCE 32.4% (H1FY26), ROE 24.4% (H1FY26). Demonstrates excellent capital efficiency. * **Welspun Corp:** ROCE 23.5% (H1FY26), showing consistent improvement from 7.9% in FY23. * **Elecon Engineering:** ROCE 23.6% (H1FY26), ROE 18.5% (H1FY26). * **EcoRecycling Limited:** ROCE 30.6% (FY25), ROE 30.8% (FY25). High returns reflecting asset-light model. * **APEX ECOTECH LIMITED:** ROCE 24.70% (FY25), ROE 28.08% (FY25). * **BEW Engineering Limited:** ROCE 10.77% (FY25), ROE 8.81% (FY25). Lower compared to peers, but improving. * **Chemtech Industrial Valves:** ROCE 10% (FY25), ROE 7% (FY25). * **Ador Welding:** ROCE 23% (Q2FY26), back in line.

Companies with higher value-added product portfolios and efficient working capital management tend to exhibit superior return ratios.

**Working Capital Characteristics and Cash Conversion Cycles:** Efficient working capital management is a key focus for many players. * **APL Apollo Tubes:** Achieved 0 Net Working Capital days in Q2FY26 and H1FY26 (from 7 days in FY22), indicating exceptional cash conversion. * **Elecon Engineering:** Working Capital Cycle of 81 days (H1FY26), an improvement from 85 days (FY25). * **EcoRecycling Limited:** Net Working Capital Days reduced significantly from 106 (FY23) to 16 (FY25). * **Ador Welding:** Inventory days ~47 (Q2FY26). * **BEW Engineering Limited:** Net Working Capital days increased to 398 (FY25) from 195 (FY21), indicating a challenge in managing working capital. Inventory days are high at 319 (FY25). * **Chemtech Industrial Valves:** Receivable Days 86 (FY25), Inventory Days 77 (FY25), Payable Days 71 (FY25). * **Jindal SAW:** Extended payment cycles from water infrastructure EPC companies in India severely impacted cash flows in Q2FY26.

**Capital Intensity Requirements:** The sector is generally capital-intensive, especially for manufacturing and capacity expansion. * **APL Apollo Tubes:** Plans ₹15 Bn Capex in the next 3 years for capacity expansion to 6.8 Mn Ton by FY28. * **Welspun Corp:** Spent ~₹950 Cr in Capex in H1FY26. Has significant ongoing projects (HFIW Plant USA, LSAW Plant USA, DI Pipes Plant KSA, LSAW Plant KSA). * **Elecon Engineering:** Capex budget of ₹400 Cr for FY26-FY28. * **Jindal SAW:** Approved $400-$425 million total capex for new manufacturing projects in GCC MENA region, with equity contribution of $100-$120 million over next three years. Annual maintenance capex is ₹600-₹700 Cr. * **Kirloskar Pneumatic:** Capex spent H1FY26 ~₹28 Cr, total capex for FY26 is ₹90 Cr. * **Batliboi Ltd.:** Planning further capex of ₹8 Cr for expansion in the balance part of FY26. * **Energy-Mission Machineries:** Expanded manufacturing capacity from 900 to 1,500 machines per annum. A new 5,000 sq. mtrs backward integration facility is under construction, to be operational from FY27. * **Expo Engineering and Projects Ltd.:** Raised ₹7.52 Cr via equity infusion in 2024 and issued warrants aggregating to ₹22.02 Cr for capex. Focus on advanced machinery and efficiency.

**Revenue Quality:** * **Recurring Revenue:** KSB's SupremeServ offerings (spares, services, retrofits, digitization) provide a stable revenue stream, with order intake growing steadily (₹1,600 Mio in FY25). Energy-Mission's spare parts business also increased by ₹50 lakhs in H1FY26. * **Contract Length:** Welspun's mill in Little Rock (USA) is booked till FY28, providing long-term revenue visibility. Jindal SAW has a DI pipe order book in India for ~7,50,000 tons, representing a one-year backlog. * **Project-based Revenue:** Many companies operate on a project basis, which can lead to lumpy revenues and working capital fluctuations (e.g., Expo Engineering, BEW Engineering).

C. COMPETITIVE STRUCTURE & DYNAMICS

The Capital Goods-Non Electrical Equipment sector is characterized by a mix of established leaders, specialized players, and emerging innovators. Competitive dynamics vary significantly across sub-segments.

**Number of Players and Market Concentration:** * **APL Apollo Tubes:** India's leading branded structural steel tube company, indicating a strong market position and potentially high concentration in the branded segment. * **Welspun Corp:** Leading player in Pipe Solutions & Building Materials, with its USA mill booked till FY28, suggesting significant market share in specific pipe segments. * **KSB Limited:** Ranks among the top three pump manufacturers serving the water infrastructure segment in India, indicating a moderately concentrated market. Kirloskar Pneumatic is the only indigenous manufacturer of centrifugal compressors in India. * **Elecon Engineering:** Holds a leadership position in India's organized industrial gear market, implying high concentration. * **Jindal SAW:** One of the highest order books specifically for the water sector and a leading DI pipe manufacturer in Abu Dhabi, suggesting strong positions in its niches. * **Ador Welding:** Tier 1 welding manufacturer in India and the Middle East, and "probably the only brand not linked to an MNC," indicating a strong independent position in a market with MNC presence. * **EcoRecycling Limited:** India's Pioneer E-waste Recycling Company since 2005 and the sole BSE-listed company in this segment, highlighting its unique and leading position in an emerging market. * **Energy-Mission Machineries:** Leading Indian manufacturer of high-precision sheet metal forming machines, suggesting a strong domestic presence against imports. * **BEW Engineering:** Claims 40% market share out of the total Dryer Market in India, indicating a dominant position in a specialized niche.

Overall, the sector features several market leaders in their respective niches, suggesting a moderately concentrated structure in specialized segments, while broader categories might be more fragmented.

**Competitive Intensity Assessment:** * **Pricing Pressure:** Energy-Mission noted an average price reduction of 3% in H1FY26 (vs H1FY25), indicating some pricing pressure. Ador Welding mentioned "discipline in India pricing" as a factor for margin expansion, suggesting a competitive pricing environment. * **Import Competition:** Energy-Mission highlights that ~₹1,200 Cr of the CNC press-brake market is imported, presenting an import substitution opportunity. Kirloskar Pneumatic's Tyche semi-hermetic compressor is "immediately taking market share from imports." * **Raw Material Impact:** Fluctuations in steel prices significantly impact profitability, especially for steel-intensive businesses like APL Apollo, Welspun, Jindal SAW, and Ador Welding. APL Apollo benefits from downward steel prices, while Ador Welding and BEW faced margin pressure from higher raw material costs. * **Informal Sector:** EcoRecycling notes that 80% of E-waste is handled by the informal sector, posing a challenge for organized players. * **Geopolitical Factors:** Geopolitical volatility in select international markets caused timing-related delays in order receipt and execution for Elecon. Jindal SAW's business environment was affected by persistent geopolitical challenges.

**Entry Barriers and Competitive Moats:** * **Scale & Capacity:** Large manufacturing capacities (APL Apollo's 5 Mn Ton, Welspun's mills, Energy-Mission's 1,500 machines/annum) create economies of scale. * **Brand Recognition:** "India's leading branded structural steel tube company" (APL Apollo), "A Trusted Brand, Made In India With German Precision" (KSB), "Tier 1 brand in Plastic Pipes & WST" (Welspun's Sintex), "probably the only brand not linked to an MNC" (Ador Welding). * **Technology & R&D:** Commitment to R&D and talent (APL Apollo), commercialization of IPs (Kirloskar Pneumatic's Tezcatlipoca, Janus D, Tyche compressors), indigenous manufacturing capabilities (Kirloskar Pneumatic, Elecon's complex gearboxes for Defence), innovative products (APL Apollo's Steel for Green, EcoRecycling's mobile data destruction, BEW's largest ANFD). * **Certifications & Approvals:** ASME U & R Stamp Certification (BEW), UL/FM approved pumps (KSB), BIS penalty for Ador Welding indicates the importance of compliance. Approvals with government establishments (Indian Coast Guard, Indian Navy for KSB Marine Business), approved vendor status at government shipyards. * **Global Footprint & Customer Base:** Presence in 95 countries (Elecon), 120+ countries served (EcoRecycling), exports to USA, UAE, etc. (Energy-Mission), recognized by global brands (APEX ECOTECH, BEW). * **Integrated Solutions:** Welspun offers complete product portfolio including line pipes, coatings, bends. APEX ECOTECH provides turnkey solutions. * **Specialized Capabilities:** Elecon's capability to manufacture complex gearboxes for Defence, Expo Engineering's heavy fabrication capabilities (Diameter up to 9 Mtrs, Length up to 120 Mtrs, Weight up to 350 Ton).

**Pricing Power Dynamics and Pricing Trends:** * **Raw Material Linkage:** Companies dealing with steel products (APL Apollo, Welspun, Jindal SAW, Ador Welding) are significantly influenced by steel price trends. APL Apollo noted steel prices were downwards, which is "good for Apollo" as it reduces input costs. * **Value-Added Products:** Companies like APL Apollo are de-commoditizing their product portfolio to improve EBITDA/ton, indicating a strategy to gain pricing power through differentiation. * **Competitive Pricing:** Energy-Mission's average price reduction suggests a competitive market where pricing power might be limited for standard products. * **Export Margins:** Energy-Mission noted export margins are ~8% higher than domestic, indicating better pricing power in international markets.

**Differentiation Strategies Employed:** * **Product Innovation & Value Addition:** APL Apollo's focus on value-added sales mix (57% in Q2FY26), Kirloskar's new IPs (Tezcatlipoca, Tyche, Zephyros C), Energy-Mission's new Hydraulic Press and Four-Roll Press Machines, Ador Welding's new equipment and consumables (data reading/mapping product, solar product, fluxes for wind applications). * **Service & Solutions:** KSB's SupremeServ offerings (spares, service, digitization), EcoRecycling's integrated e-waste management solutions (mobile data destruction, Book My Junk app, Smart-ER), APEX ECOTECH's turnkey water treatment solutions. * **ESG & Sustainability:** APL Apollo's "Steel for Green" concept, ESG transformation journey (DJSI 89th percentile, 25% emissions reduction by 2030, Net Zero by 2050), Welspun's DJSI ESG RATINGS (ranked 6th in Steel Sector globally), KSB's carbon footprint reduction, Elecon's ~60% energy from renewable sources, EcoRecycling's Smart-ER mobile recycling unit. * **Indigenous Manufacturing:** Kirloskar Pneumatic as the only indigenous centrifugal compressor manufacturer, Elecon as the only Indian company for complex defence gearboxes. * **Global Reach & Local Presence:** Elecon's global footprint in 95 countries, Welspun's mills in USA and KSA, APL Apollo's Dubai plant.

**Consolidation Trends and M&A Activity:** * **Mergers:** Batliboi Environmental Engineering Ltd (BEEL) merged with Batliboi Ltd (effective Mar'25). Ador Fontech business is "going well post-merger" for Ador Welding. * **Strategic Alliances:** Kirloskar Pneumatic's tie-up with PDC Inc. for hydrogen solutions.

**Competitive Advantages of Each Player:** * **APL Apollo Tubes:** Brand leadership, extensive product range, focus on value-added products, strong distribution, operational efficiency (0 NWC days), strong ESG commitment. * **Welspun Corp:** Global leadership in pipe solutions, strong order book visibility (USA mill booked till FY28), diversified product portfolio, strategic international expansions (KSA). * **KSB Limited:** Trusted brand, strong R&D, diversified market areas, comprehensive service offerings (SupremeServ), focus on sunrise segments (Green Hydrogen, Marine, Railways). * **Elecon Engineering:** Leadership in industrial gears, unique defence capabilities, global footprint, robust order intake, strong historical financial performance. * **Jindal SAW:** High order book in water sector, leading DI pipe manufacturer in Abu Dhabi, multi-product company providing hedge, strategic GCC MENA expansion. * **Kirloskar Pneumatic:** Indigenous manufacturing of specialized compressors, strong R&D and IP commercialization, focus on high-growth segments (hydrogen, commercial AC), strong cash position. * **Ador Welding:** Tier 1 brand in welding, independent of MNCs, focus on defence/shipbuilding, new product launches, margin expansion. * **EcoRecycling Limited:** Pioneer and industry leader in e-waste recycling, sole listed player, zero-debt status, exclusive mobile data destruction tech, diverse business portfolio, strong regulatory tailwinds. * **Batliboi Ltd.:** Diversified engineering solutions (machine tools, air engineering, textile machinery, environmental engineering), global manufacturing presence (Canada), focus on green hydrogen and zero liquid discharge. * **Energy-Mission Machineries:** Leading Indian manufacturer of sheet metal forming machines, expanded capacity, reduced manufacturing cycle, strong order book, backward integration benefits, high export margins. * **APEX ECOTECH LIMITED:** Specialization in turnkey water/wastewater treatment, focus on sustainability (low-carbon, energy-efficient), strong order acquisitions from major clients (Reliance, Bharatiyam Beverages), high growth rates. * **Expo Engineering and Projects Ltd.:** Established heavy fabrication capabilities, state-of-the-art manufacturing facility, ISO certifications, focus on public sector oil companies and expansion into exotic metals.

D. OPERATIONAL CHARACTERISTICS

Operational efficiency, capacity management, and technological advancements are critical for success in the Capital Goods-Non Electrical Equipment sector.

**Capacity and Utilization Trends Across Companies:** * **APL Apollo Tubes:** Current capacity ~5 million tons, with 70% utilization (3.5 million tons/year). Expanding to 6.8 Mn Ton by FY28 through brownfield (0.8 Mn Ton) and greenfield (1.0 Mn Ton) projects, plus 0.5 Mn Ton in speciality tubes. Dubai plant capacity expanding from 3 lakh ton to 5 lakh ton per annum by March, with >85% utilization. Raipur plant at 1.5 million ton capacity with 70% utilization. * **Welspun Corp:** Mill in Little Rock (USA) booked till FY28, implying high utilization. Expanding DI Pipes capacity in Anjar (completed). * **Jindal SAW:** DI pipe capacity in India is 7 lakh tons, with an order book of ~7,50,000 tons, suggesting full commitment. Seamless production capacity of 2 lakh+ in FY25, increasing by 1.5 lakh tons (total 3,50,000 from Q4 onwards). Seamless quarterly run rate expected ~90,000 tons from Q4 onwards. * **Kirloskar Pneumatic:** Current capacity utilization ~70%. * **Ador Welding:** Capacities of ~90,000 metric tons of welding consumables and 30,000 welding equipment/power sources. * **EcoRecycling Limited:** 31,200 MTPA recycling capacity. Added 6,000 MTPA for Li-ion Battery Recycling in 2025. * **Energy-Mission Machineries:** Manufacturing capacity expanded from 900 to 1,500 machines per annum as of July 2025. Current utilization is around 65% of expanded capacity. * **BEW Engineering Limited:** New manufacturing facility operational, nearly doubling production capacity. * **Expo Engineering and Projects Ltd.:** Manufacturing facility in Murbad, Thane, covering 5 acres, with heavy fabrication bay (4,000 Sq. M) and medium & light fabrication bay (3,473 Sq. M).

**Production Economics and Cost Structures:** * **Raw Material Costs:** A significant component of cost for many. APL Apollo's freight cost is ₹1,900 per ton (target ₹1,500 per ton), salary cost ₹950 per ton (target ₹600 per ton at 5 Mn Ton volume). HR coil price in Oct was ~₹46,000 per ton (landed Ghaziabad). Ador Welding and BEW faced margin pressure due to higher raw material costs. * **Operational Efficiencies:** Energy-Mission's streamlined production post-IPO reduced manufacturing cycle from 3-4 months to 2-3 months. Backward integration facility is expected to reduce job-work and logistics costs. * **Employee Costs:** Elecon's EBITDA margin was temporarily impacted by higher employee costs in Q2FY26. * **International Operations:** APL Apollo's international subsidiary EBITDA margin was 12% in H1FY26 (vs 15% in H1FY25), indicating some cost pressures or lower realization abroad.

**Supply Chain Structure and Dependencies:** * **Domestic vs. Import:** Indian steel prices are ₹7,000-₹8,000 per ton less than imported steel for Elecon. Imported HR coil with duties is ₹52,000-₹53,000 per ton (including 12% safeguard duty). * **Logistics:** Freight costs are a notable expense (APL Apollo). EcoRecycling has PAN India logistic support. * **Geopolitical Impact:** Geopolitical volatility can cause delays in order receipt and execution (Elecon).

**Technology Landscape and Innovation Pace:** * **R&D and IPs:** APL Apollo's commitment to R&D, Kirloskar Pneumatic's commercialized IPs (Tezcatlipoca centrifugal compressor, Janus D motors, Tyche semi-hermetic compressors, Zephyros C AC system, A-800 compressor), Ador Welding's new welding equipment (data reading/mapping, solar product, CHAMPTIG AC/DC), KSB's new products (Sewatec, Vertical turbine pumps, K35, Helio X Controller, RMS, Indigenous IE5 Motor). * **Automation:** Ador Welding's welding automation division is increasing throughput and adding robotic solutions. * **Digitization:** KSB's KSB Guard and KSB Sonolyzer for remote monitoring and optimization. EcoRecycling's Book My Junk mobile app and Recycling on Wheels (Smart-ER). * **Green Technologies:** KSB's Magnochem D for Green Hydrogen, Kirloskar Pneumatic's hydrogen solutions, Batliboi's foray into Green Hydrogen, BEW's focus on sustainable and low-carbon treatment solutions.

**Operational Efficiency Benchmarks:** * **Working Capital Days:** APL Apollo's 0 NWC days is an industry benchmark for efficiency. EcoRecycling's reduction to 16 days is also impressive. * **Manufacturing Cycle:** Energy-Mission's reduction from 3-4 months to 2-3 months. * **Capacity Utilization:** Many companies operate around 65-70% utilization, with plans to increase through order book growth and new capacity.

**Key Performance Indicators (Company-Specific and Industry Averages):** * **Volume:** Sales Volume (APL Apollo, Welspun, Jindal SAW, Kirloskar Pneumatic, Ador Welding, Energy-Mission). * **EBITDA/ton:** APL Apollo's key metric, reaching ₹5,228 in Q2FY26. * **Order Book/Order Intake:** Critical for future revenue visibility (Welspun ~₹23,500 Cr, Elecon ~₹1,226 Cr, KSB ~₹22,869 Mio, Kirloskar Pneumatic ~₹1,667 Cr, Batliboi ~₹621.44 Cr, Energy-Mission ~₹50 Cr, APEX ECOTECH ~₹145 Cr, Expo Engineering ~₹125.20 Cr). * **Sales Mix:** Value-added sales mix (APL Apollo), product mix within divisions (Elecon's catalog vs. engineered products, Energy-Mission's Hydraulic CNC Press Brake vs. Shearing Machines), geographical mix (domestic vs. export). * **Project Completion Rates:** Important for project-based businesses.

**Asset Efficiency Metrics:** (Covered in Section B: Financial & Economic Profile - ROCE, ROE)

E. GROWTH DYNAMICS & DRIVERS

The Capital Goods-Non Electrical Equipment sector is poised for sustained growth, fueled by a confluence of macroeconomic factors, government policies, and company-specific strategic initiatives.

**Historical Growth Trajectory (3-5 year view with specific rates):** * **Elecon Engineering:** Consolidated Revenue CAGR of 22.5%, EBITDA CAGR of 30.1%, PAT CAGR of 43.7% from FY22-FY25. * **EcoRecycling Limited:** Net Sales CAGR, EBIDTA CAGR, PAT CAGR for FY23-FY25. ROCE improved from 10.9% (FY23) to 30.6% (FY25), ROE from 13.5% (FY23) to 30.8% (FY25). * **Chemtech Industrial Valves:** Revenue CAGR of 40%, EBITDA CAGR of 42%, PAT CAGR of 59% from FY23-FY25. * **APEX ECOTECH LIMITED:** Revenue from Operations grew from ₹3,457.38 Lakhs (FY23) to ₹7,095.53 Lakhs (FY25), EBITDA from ₹418.56 Lakhs (FY23) to ₹1,105.67 Lakhs (FY25), PAT from ₹352.10 Lakhs (FY23) to ₹856.08 Lakhs (FY25). * **BEW Engineering Limited:** 5-year Revenue CAGR of 18%. * **APL Apollo Tubes:** Sales Volume grew from 1,755 KTon (FY22) to 3,158 KTon (FY25).

These figures demonstrate strong historical growth across various sub-segments, indicating a buoyant market environment.

**Current Growth Rates and Acceleration/Deceleration:** * **Volume Growth:** APL Apollo achieved 13% YoY and 8% QoQ volume growth in Q2FY26. Welspun saw 22% YoY growth in Line Pipes and DI Pipes sales volume in Q2FY26. Energy-Mission's average volume increased by 8% in H1FY26. * **Revenue Growth (H1FY26 YoY):** * APEX ECOTECH: +50.09% * BEW Engineering: +70.43% * Welspun Corp: +27% * Elecon Engineering: +19% * APL Apollo Tubes: +6% * Energy-Mission Machineries: +4.15% * EcoRecycling Limited: +2.7% * Batliboi Ltd.: -4% (Consolidated) * Kirloskar Pneumatic: -5.8% * Expo Engineering: -33.78% * **EBITDA Growth (H1FY26 YoY):** * APL Apollo Tubes: +86% * Expo Engineering: +24.90% * Welspun Corp: +24% * Elecon Engineering: +22.1% * Energy-Mission Machineries: +18.71% * BEW Engineering: +10.34% * APEX ECOTECH: +44.27% * EcoRecycling Limited: -18.5% * Batliboi Ltd.: -37% (Consolidated) * Kirloskar Pneumatic: -20.5%

While many companies show strong growth, some experienced deceleration or decline in H1FY26 due to specific challenges like heavy monsoon (Jindal SAW, Welspun's TMT Rebars), muted domestic market/project delays (Kirloskar Pneumatic), or geopolitical issues (Elecon).

**Volume vs Price Contribution to Growth:** * **APL Apollo Tubes:** Primarily driven by volume growth (10-15% CAGR target) and EBITDA/ton improvement (₹5,000-₹6,000 long-term target), indicating a focus on both volume and value. * **Energy-Mission Machineries:** Average volume increased by 8% in H1FY26, but average price reduced by 3%, suggesting volume-led growth with some pricing pressure.

**Organic vs Inorganic Growth Components:** * **Organic Growth:** Predominantly driven by capacity expansions (APL Apollo, Welspun, Jindal SAW, Energy-Mission), new product launches (Kirloskar, Ador Welding, KSB), and market penetration. * **Inorganic Growth:** Mergers (Batliboi's BEEL merger, Ador Fontech merger) contribute to inorganic growth.

**Geographic Expansion Opportunities and Progress:** * **International Subsidiaries:** APL Apollo's Dubai plant, Welspun's USA and KSA plants, Batliboi's Quickmill in Canada. * **New Export Markets:** Middle East, Vietnam, Bangladesh, Uzbekistan (Batliboi), Mexico (Ador Welding), GCC MENA (Jindal SAW). * **Export Targets:** Elecon aims for 50% export share by FY30. Energy-Mission expects exports to cross 10% next year.

**Product/Service Innovation Pipeline:** * **APL Apollo Tubes:** Innovating readymade Doorframe, Fence, Plank, Hand rails as "Steel for Green" concept. * **KSB Limited:** Launched Sewatec, Vertical turbine pumps, K35, Helio X Controller, Remote Monitoring System (RMS), Indigenous IE5 Motor. Focus on Green Hydrogen (Magnochem D), Railways (Etaseco), Life Science, Chemical applications, Fire-Fighting pumps, Marine business. * **Kirloskar Pneumatic:** Commercialized Tezcatlipoca centrifugal compressor, Janus D specialty motors, new screw compressor, Tyche semi-hermetic compressors, A-800 compressor. Developing solutions for hydrogen segment. * **Ador Welding:** New welding equipment (data reading/mapping, solar product, CHAMPTIG AC/DC), new consumables (fluxes for wind, drum packaging for MIG, stainless steel products), welding automation, robotic solutions. * **EcoRecycling Limited:** Introduced Mobile Data Destruction Services, EPR services, Book My Junk app, Recycling on Wheels (Smart-ER), Li-ion Battery Recycling. * **Energy-Mission Machineries:** Launched Hydraulic Press and Four-Roll Press Machines. * **BEW Engineering Limited:** Launched Spherical Dryer. Delivered World's largest ANF (Agitated Nutsche Filter) with drying option of 32 KL Capacity. * **Expo Engineering and Projects Ltd.:** Plans to enter exotic metals segment (Titanium, Nickel).

**Adjacent Market Opportunities:** * **Solar Structures:** APL Apollo sees an 830,000 Ton market opportunity by 2030 from annual solar installations (33.3GW). * **Green Hydrogen:** KSB, Kirloskar Pneumatic, Batliboi are actively pursuing opportunities in this segment. * **Commercial Air Conditioning:** Kirloskar Pneumatic is entering this market with its Zephyros C system, seeing a >₹5,000 Cr market. * **Defence & Marine:** Elecon (complex gearboxes), KSB (pumps for Indian Navy & Coast Guard), Ador Welding (approvals for defence, shipbuilding). * **Water & Effluent Treatment:** Batliboi's subsidiary Bioconserve Renewables Envirotech Pvt Ltd. * **E-waste Recycling:** Li-ion Battery Recycling (EcoRecycling).

**Customer Acquisition and Penetration Trends:** * **Large Order Wins:** KSB won 250+ mio INR orders for municipal corporations and orders for Reliance Vinyls program. APEX ECOTECH secured ₹100-125 Cr project from Reliance Consumer Products, ₹10-15 Cr from Bharatiyam Beverages, and ₹3-5 Cr from Pragati Power. Expo Engineering received work orders from BPCL. * **Approvals & Enlistments:** KSB's Marine Business secured approvals with Indian Coast Guard and Indian Navy, and enlisted as an approved vendor at all Government shipyards. BEW Engineering received approval and first order from SABIC, and orders from AJINOMOTO (Japan) and Aditya Birla (Thailand). * **Expanding Customer Base:** Expo Engineering aims to expand beyond Public Sector Oil companies to Chemicals and Steel manufacturing.

F. RISK LANDSCAPE

The Capital Goods-Non Electrical Equipment sector, while experiencing significant tailwinds, is also exposed to various risks that can impact operational and financial performance.

**Industry-Wide Systematic Risks:** * **Economic Cyclicality:** The sector is highly sensitive to overall economic growth and industrial activity. A slowdown in industrial activity in India was noted by Kirloskar Pneumatic in Q2FY26. * **Geopolitical Volatility:** Geopolitical situations can slow down international projects (APL Apollo), cause timing-related delays in order receipt and execution (Elecon), and affect the business environment (Jindal SAW). The oil and gas sector globally is in a "period of unpredictability" (Kirloskar Pneumatic). * **Raw Material Price Fluctuations:** Volatility in steel prices (HR coil) directly impacts companies like APL Apollo, Welspun, Jindal SAW, and Ador Welding. While lower steel prices are good for APL Apollo, higher prices can squeeze margins for others (Ador Welding, BEW). * **Interest Rate Fluctuations:** Finance costs are a factor for companies with debt. Welspun Corp saw a decrease in finance cost in Q2FY26.

**Cyclicality and Economic Sensitivity:** * **Construction Sector:** Heavy/extended monsoon can challenge the construction material sector (APL Apollo, Welspun's TMT Rebars), leading to lower offtake and hampering operations (Jindal SAW). * **Capex Cycle:** Industrial activity and capex spend can be hesitant, impacting order bookings and sales (Kirloskar Pneumatic). The ongoing capex cycle in India and overseas is a key growth driver, but any slowdown poses a risk (Elecon).

**Regulatory and Policy Risks by Geography:** * **E-waste Regulation:** While strict EPR norms and rising E-waste regulation are tailwinds for EcoRecycling, lack of enforcement and low consumer awareness remain challenges. * **Trade Policies:** Saudi Arabia initiating anti-dumping duty on DI pipes from India is a risk for Jindal SAW. US tariffs can affect exports (Ador Welding). * **Compliance & Penalties:** Ador Welding is optimistic about contesting a BIS penalty, highlighting the risk of regulatory non-compliance. * **Subsidy Dependence:** The hydrogen segment is "largely a subsidy-driven business" (Kirloskar Pneumatic), making it vulnerable to changes in government support.

**Technology Disruption Threats:** * While not explicitly stated as a major threat, the rapid pace of innovation (e.g., Kirloskar's new compressor technologies, Ador Welding's automation) implies that companies must continuously invest in R&D to remain competitive and avoid obsolescence. * The shift towards "Steel for Green" and sustainable solutions (APL Apollo, APEX ECOTECH) indicates a need to adapt to evolving environmental standards and customer preferences.

**ESG and Sustainability Challenges:** * **Emissions Reduction:** Construction sector contributes 30% of direct and indirect CO2 emissions. Companies like APL Apollo (25% Scope 1&2 reduction by 2030, Net Zero by 2050), Welspun (Carbon Neutrality by 2040), Elecon (54.6% GHG reduction by FY2033), and KSB (Carbon Footprint Reduction) are committed to ambitious targets, which require significant investment and operational changes. * **Water Neutrality:** Welspun aims for Water Neutrality by 2040. APEX ECOTECH focuses on sustainable water management. * **Waste Management:** EcoRecycling addresses the challenge of mismanaged E-waste, which contributes to over 100 million Mt of annual CO2-equivalent emissions. * **Renewable Energy Transition:** Companies are increasing renewable energy consumption (APL Apollo 47% by 2030, Elecon ~60% from renewable sources, KSB's solar generation).

**Supply Chain Vulnerabilities:** * **Raw Material Availability:** Dependence on specific raw materials can lead to supply chain disruptions. * **Logistics & Freight:** High freight costs (APL Apollo) and potential disruptions can impact profitability.

**Competitive Threats:** * **Import Competition:** As noted by Energy-Mission and Kirloskar Pneumatic, imports can pose a threat, especially in segments where domestic capabilities are still developing. * **Informal Sector:** For EcoRecycling, the large informal sector handling 80% of E-waste presents a significant competitive challenge. * **Market Share Loss:** Kirloskar Pneumatic experienced a 50% decline in gas compression business revenue and volumes, indicating market share loss in that segment.

**Customer Concentration Risks:** * While not explicitly highlighted as a risk, companies with a few large projects or customers might face revenue volatility if those relationships change or projects are delayed. Expo Engineering's Q2FY26 revenue bifurcation shows 93% from Storage Tanks, indicating product concentration.

G. CAPITAL ALLOCATION & INVESTOR RETURNS

Strategic capital allocation is crucial for sustainable growth, capacity expansion, and enhancing shareholder value in the Capital Goods-Non Electrical Equipment sector.

**Capex Trends and Requirements (Growth vs. Maintenance):** * **Growth Capex:** * **APL Apollo Tubes:** Plans ₹15 Bn in capex over the next 3 years to expand capacity to 6.8 Mn Ton by FY28. This includes brownfield and greenfield expansions, as well as speciality tubes. * **Welspun Corp:** Spent ~₹950 Cr in capex in H1FY26, primarily on new plants (HFIW, LSAW in USA, DI Pipes, LSAW in KSA). * **Elecon Engineering:** Budgeted ₹400 Cr for capex for FY26-FY28. * **Jindal SAW:** Approved $400-$425 million total capex for new manufacturing projects in the GCC MENA region, with an equity component of $100-$120 million over three years. This includes new seamless pipe, helical pipe, and DI pipe finishing facilities. * **Energy-Mission Machineries:** Expanded manufacturing capacity and is building a new backward integration facility (completion by Jan 2026). * **Expo Engineering and Projects Ltd.:** Raised ₹7.52 Cr via equity infusion and issued ₹22.02 Cr in convertible warrants to fund capex for advanced machinery. * **Kirloskar Pneumatic:** H1FY26 capex was ~₹28 Cr, with a total capex of ₹90 Cr planned for FY26. * **Maintenance Capex:** Jindal SAW estimates annual maintenance capex at ₹600-₹700 Cr.

The significant capex plans across multiple companies underscore the growth-oriented nature of the sector and the need for continuous investment to meet rising demand and expand product offerings.

**R&D Investment Levels as % of Revenue:** * **APL Apollo Tubes:** Commitment to R&D is a stated financial priority under strong governance. * **KSB Limited:** Focus on new product development and indigenous solutions implies significant R&D investment. * **Kirloskar Pneumatic:** Commercialization of multiple IPs highlights ongoing R&D efforts. * **Ador Welding:** Continuous new product launches and development of automation solutions indicate R&D focus. * **Energy-Mission Machineries:** Ongoing R&D is mentioned as mitigating technology risk.

While specific percentages are not always provided, the emphasis on innovation and new product development suggests a healthy level of R&D investment across the sector.

**Dividend Policies and Payout Ratios:** * **Elecon Engineering:** Declared an interim dividend of ₹0.50 per equity share. * **APL Apollo Tubes:** Paid dividends, as indicated in the cash flow bridge (₹1,885 Mn in H1FY26).

Companies with strong cash generation and profitability tend to reward shareholders through dividends.

**Share Buyback Programs:** * No specific share buyback programs were mentioned in the provided data.

**M&A Activity and Strategy:** * **Batliboi Ltd.:** Batliboi Environmental Engineering Ltd (BEEL) merged with Batliboi Ltd, effective March 2025, to leverage synergies. * **Ador Welding:** Ador Fontech business is "going well post-merger," indicating a successful integration. * **Strategic Investments:** Jindal SAW's substantial investment in GCC MENA projects.

M&A activity appears focused on consolidation and expanding capabilities within existing business lines.

**Cash Generation and Free Cash Flow Profiles:** * **APL Apollo Tubes:** Strong cash generation with Operating Cash Flow of ₹6.0 Bn in H1FY26 and Free Cash Flow (FCF) of ₹3.4 Bn in H1FY26. Net cash position of ₹5.1 Bn in H1FY26 (up from ₹3.1 Bn in FY25). Operating Cashflow to EBITDA was 73% in H1FY26. * **Welspun Corp:** Net Cash position of (₹11) Cr in H1FY26 (after ~₹950 Cr capex), a significant improvement from (₹1,049) Cr in FY25. * **Elecon Engineering:** Net cash position of ~₹600 Cr. * **Kirloskar Pneumatic:** Free cash generation from operations of ₹143 Cr in H1FY26. Net cash and cash equivalent position of ₹424 Cr as on 1st October 2025. * **EcoRecycling Limited:** Zero-Debt Status provides high financial stability. * **Batliboi Ltd.:** Endeavors to become net debt-free by end of FY26. * **Jindal SAW:** Net debt of ₹3,856 Cr (Consolidated, Sep 2025). Extended payment cycles impacted cash flows in Q2FY26.

Companies like APL Apollo, Welspun, Elecon, and Kirloskar Pneumatic demonstrate strong cash generation and healthy net cash positions, allowing them to fund growth organically and maintain financial flexibility.

**Capital Efficiency Improvements:** * **ROCE/ROE Targets:** APL Apollo aims to achieve ROCE ≥ 30%. Welspun targets ROCE >20% for FY26. * **Working Capital Management:** APL Apollo's achievement of 0 Net Working Capital days, and EcoRecycling's significant reduction in NWC days, are prime examples of capital efficiency improvements. Energy-Mission expects a steady reduction in working capital post-capacity expansion.

H. FUTURE OUTLOOK & PROJECTIONS

The outlook for the Capital Goods-Non Electrical Equipment sector is overwhelmingly positive, driven by India's ambitious economic vision, sustained infrastructure development, and a global shift towards cleaner energy and sustainable practices.

**Industry Growth Projections (with timeframes):** * **India's Economy:** Indian Govt's vision of a $30 Trn economy by 2047 is a major long-term driver. * **Structural Steel Tube Market (India):** Potential to reach 17.3 Mn Ton by 2030E. * **E-waste Recycling Landscape (India):** Projected to reach ₹110,000 Crores (US$12 Billion) by 2030, CAGR of 17%. * **CNC Machines Market (Global):** Projected to reach USD 51.5 billion by FY27F. * **Water Sector (India):** CAGR of 11.6%, with 2.5 Mn ton of MS Pipe demand in next 3-5 years. Jal Jeevan Mission targets 19 crore households by 2028. * **Indian Chemical Industry:** Domestic demand expected to reach US$1,000 billion by 2040. * **Indian Pharmaceuticals Industry:** Market projected to reach US$130.0 billion by 2030. * **US Crude Oil Production:** Expected to go up to 13.5 mbpd in 2025 & 2026. * **Natural Gas Consumption (US):** Likely to rise to an all-time high of 91.4 Bcf/d in 2025. * **Saudi Arabia Pipeline Network:** Projected to grow at 6.6% CAGR through 2030. * **Green Hydrogen Market (India):** 5 MMT by FY2030, with ₹8 trillion investment opportunities.

**Management Guidance Across Companies:** * **APL Apollo Tubes:** * H1FY26 guidance: 10%-15% volume growth, EBITDA spread of ₹4,600-₹5,000 per ton (confident to meet). * Expects to beat ₹1,700 crores EBITDA target for FY26. * Targeting 3.5 million ton+ volume for FY26. * Targeting 9 lakh ton volume for Q3, 9.2-9.5 lakh ton for Q4. * Targeting ₹450 crores EBITDA for Q3 and Q4 each. * Long-term vision: 10 million tons capacity. * Long-term EBITDA margin: ₹5,000-₹6,000 per ton. * Double-digit volume growth (10%-15% CAGR) over next 3-4 years. * EBITDA growth expected to be higher than volume growth (15%-20% if volume is 10%-15%). * **Welspun Corp:** Guidance for FY26: Revenue ₹17,500 Cr, EBITDA ₹2,200 Cr, ROCE >20%. * **Elecon Engineering:** Confident of achieving annual guidance of consolidated revenue of ₹2,650 crores and EBITDA margin of 24% in FY26. Expects margins to normalize in H2 FY26. Gear business margins expected to be 25% for the year. * **Kirloskar Pneumatic:** Expects to get very near a 15% plus growth for full year FY26 (top line). Profits will also grow by ~25%-30%. Confident of maintaining operating margin for core business between 18% to 20%. Expects to book orders significantly above ₹500 crores-₹600 crores in Q3. * **Jindal SAW:** Expects gradual improvement of operational and financial performance from Q3 onwards. Hopes to do better than Q2 in Q3 and Q4. * **Ador Welding:** Expects H2 to be a little better than H1. Option to grow margins, show good result at the bottom. * **EcoRecycling Limited:** Delivering Integrated, Technology-led E-waste Management Solutions Across India. Decoding Global & Domestic E-waste Dynamics To Navigate Future Opportunities. * **Batliboi Ltd.:** Confident in achieving sustainable top-line growth of 10 to 12% and improved profitability for FY26. Anticipates strong inflows for the balance part of the year. Aim to grow Consolidated Revenue on ~10-12% basis with consequent improvement in Profitability. Endeavor to become net Debt free by end of FY26. * **Energy-Mission Machineries:** Targeting 9-10% PAT margins; H1 FY26 achieved ~9% PAT. Expect exports to cross 10% of revenue next year. Expects strong H2 & FY27, with full benefit of expanded capacity, backward integration savings, and stronger exports in FY27. * **APEX ECOTECH LIMITED:** Vision of building a sustainable and water-secure future. Recent project wins validate approach. * **Expo Engineering and Projects Ltd.:** Strong order book and healthy client traction ensure sustained revenue visibility. Expects strong H2 & FY27, with full benefit of expanded capacity, backward integration savings, and stronger exports in FY27.

**Emerging Opportunities and Whitespace:** * **Green Hydrogen:** KSB, Kirloskar Pneumatic, Batliboi are actively pursuing this segment, with Kirloskar putting out quotations of >₹1,000 crore for various hydrogen packages. * **Solar Structures:** APL Apollo sees a significant market opportunity. * **Commercial Air Conditioning:** Kirloskar Pneumatic's entry with Zephyros C system targets a >₹5,000 Cr market. * **Exotic Metals:** Expo Engineering plans to enter manufacturing equipment using exotic materials (Titanium, Nickel) for high-value, precision-engineered products. * **Defence & Marine:** Elecon, KSB, Ador Welding are strengthening their presence in these strategic sectors. Elecon expects P-17 Bravo project orders by Q3/Q4 FY27 and Aircraft Carrier project orders by Q4 FY26 or Q1/Q2 FY27. * **Water & Wastewater Treatment:** Significant opportunities driven by government missions and industrial demand.

**Transformation Themes and Inflection Points:** * **Sustainability & ESG:** Strong emphasis on emissions reduction, net zero targets, water neutrality, and sustainable solutions across the sector. This is becoming a competitive differentiator and a driver for new product development. * **Digitalization & Automation:** Adoption of remote monitoring, digital solutions, and robotic automation to enhance efficiency and service offerings. * **Import Substitution:** Indian manufacturers are actively targeting market share from imports in various segments (CNC machines, compressors). * **Value-Added Products:** Shift from commoditized products to higher-margin, specialized, and engineered solutions.

**Long-Term Structural Trends (5-10 year view):** * **India's Economic Growth:** The overarching driver, leading to increased industrialization, urbanization, and consumption. * **Infrastructure Boom:** Continued government spending on physical and social infrastructure. * **Energy Transition:** Shift towards renewable energy, green hydrogen, and efficient energy solutions. * **Water Infrastructure Surge:** Massive investments in water supply and wastewater treatment. * **"Make in India" & Self-Reliance:** Government push for domestic manufacturing and reducing import dependence, especially in strategic sectors like defence. * **Global Supply Chain Diversification:** Opportunities for Indian manufacturers to become alternative global suppliers.

**Potential Disruptions on the Horizon:** * While not explicitly detailed as disruptions, rapid technological advancements in materials science, automation, and AI could reshape manufacturing processes and product requirements. * Stricter environmental regulations could necessitate significant R&D and capital expenditure to adapt. * Geopolitical shifts could alter trade routes and supply chain dynamics.

**Expected Margin Evolution:** * Many companies are guiding for margin expansion or normalization in the coming periods, driven by: * Improved product mix towards value-added offerings (APL Apollo). * Operational efficiencies and cost control (Energy-Mission's backward integration, APL Apollo's freight/salary cost targets). * Increased capacity utilization. * Discipline in pricing (Ador Welding). * Normalization of raw material costs. * Kirloskar Pneumatic expects to maintain core business operating margins between 18% to 20%. Elecon expects margins to normalize to 24% for FY26.

I. COMPANY-BY-COMPANY PROFILES

APL Apollo Tubes Limited

• **Brief Description:** India's leading branded structural steel tube company, manufacturing a wide range of tubes (8x8mm to 1000x1000mm, 0.18mm to 40mm thickness) for housing, commercial buildings, and infrastructure. Pioneer of "Steel for Green" concept.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** India's leading brand, extensive product range, strong distribution, high operational efficiency (0 NWC days), strong financial health (net cash), focus on value-added products, robust ESG commitment.
• **Key Metrics and KPIs:** Sales Volume, EBITDA/ton, Value Added Sales mix, Net Working Capital Days, ROCE, ROE.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Highest ever quarterly Volume, EBITDA & PAT in Q2FY26. Dubai plant expansion. Strong interest in Heavy Structural Steel Tubes for 50 projects. Solar structure opportunity.

Welspun Corp Limited

• **Brief Description:** A leading player in Pipe Solutions & Building Materials, offering a complete product portfolio including line pipes, corrosion coatings, concrete coating, bends, and bend coatings. Also has a presence in DI Pipes and Stainless Steel products.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Leading player in pipe solutions, strong global presence (USA, KSA), robust order book providing long-term visibility, diversified product portfolio, strong ESG commitment.
• **Key Metrics and KPIs:** Total Order Book Value, Sales Volume (Line Pipes, DI Pipes, Stainless Steel), ROCE, EBITDA Margin.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Significant order book, ongoing international capacity expansions, strong H1FY26 performance.

KSB Limited

• **Brief Description:** A trusted brand in pumps and valves, serving diverse market areas including Energy, Building Services, Petrochemicals/Chemicals, Mining, General Industry, and Water. Known for "Made In India With German Precision."
• **Scale Metrics:**
• **Financial Performance Summary (Nine Months ended Sep 2025):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Trusted brand, strong R&D, diversified market presence, comprehensive product and service portfolio, focus on high-growth and specialized segments (Marine, Green Hydrogen), strong financial position.
• **Key Metrics and KPIs:** Order Intake, Sales Share by Industry, SupremeServ Order Intake/Sales, Valves Division Order In-take/Sales.
• **Management Outlook and Guidance:** Well-positioned to deliver sustainable growth and long-term value creation.
• **Recent Developments and Initiatives:** Major order wins in water sector, orders for Reliance Vinyls program, first orders for newly launched products, approvals for Marine Business with Indian Navy & Coast Guard.

Elecon Engineering Company Limited

• **Brief Description:** A leading manufacturer of Industrial Gear Solutions and Material Handling Equipment in India, with a global footprint across nearly 95 countries.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26 Adjusted Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Leadership in India's organized industrial gear market, unique defence capabilities, strong global presence, robust order book, healthy net cash position, strong historical financial performance.
• **Key Metrics and KPIs:** Consolidated Order Intake, Open Order Book, Revenue by Division (Gear, MHE), Export Share.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Recent large order in power sector (gear) of ₹80 crores. Ongoing tenders for P-17 Bravo and Aircraft Carrier projects.

Jindal SAW Limited

• **Brief Description:** A multi-product company primarily engaged in the manufacturing of pipes (DI pipes, helical pipes, seamless pipes) for water infrastructure and other industrial applications. Has operations in India, Abu Dhabi, and USA.
• **Scale Metrics:**
• **Financial Performance Summary (Consolidated Q2FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** High order book, leading DI pipe manufacturer in Abu Dhabi, diversified product portfolio, strategic international expansion in high-growth regions (KSA).
• **Key Metrics and KPIs:** Total Order Book, DI pipe order book, Seamless production capacity, International operations sales/order book.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Large KSA export contract, new seamless piercing mill, significant capex plans for GCC MENA. Facing challenges from extended payment cycles and anti-dumping duty from Saudi on DI pipes.

Kirloskar Pneumatic Company Limited

• **Brief Description:** A manufacturer of compressors and other pneumatic equipment, with a focus on industrial and process gas applications. Innovating in new segments like hydrogen solutions and commercial air conditioning.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Only indigenous manufacturer of centrifugal compressors in India, strong R&D and IP portfolio, robust order book, healthy net cash position, strategic entry into high-growth segments (hydrogen, commercial AC).
• **Key Metrics and KPIs:** Order Book, Sales by Segment (Compression, Gas compression), EBITDA Margin, Free Cash Flow.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Significant order book, new product launches, entry into hydrogen and commercial AC segments, Q2FY26 sales showed strong QoQ growth despite H1 YoY decline.

Ador Welding Limited

• **Brief Description:** A Tier 1 welding manufacturer in India and the Middle East, producing welding consumables and equipment. Known for being an independent brand not linked to an MNC.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Tier 1 brand, independent of MNCs, diversified product portfolio, focus on innovation and automation, strategic push into high-value sectors (defence, nuclear).
• **Key Metrics and KPIs:** Sales Growth, Gross Margins, EBITDA Margins, ROCE, Domestic vs. International Sales Mix.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Employee stock option plan rolled out, new product launches, focus on defence and shipbuilding approvals, Ador Fontech business performing well post-merger.

EcoRecycling Limited

• **Brief Description:** India's Pioneer E-waste Recycling Company since 2005 and the sole BSE-listed company in this segment. Provides integrated, technology-led e-waste management solutions.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26 Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Pioneer and industry leader, sole listed player, zero-debt status, high profitability margins, exclusive mobile data destruction tech, diverse business portfolio, strong regulatory tailwinds (EPR norms).
• **Key Metrics and KPIs:** Recycling Capacity, Total Income, EBITDA Margin, PAT Margin, Net Working Capital Days.
• **Management Outlook and Guidance:** Delivering Integrated, Technology-led E-waste Management Solutions Across India. Decoding Global & Domestic E-waste Dynamics To Navigate Future Opportunities.
• **Recent Developments and Initiatives:** Launched #OneBillionChargers campaign, Smart-ER unit inaugurated, grant approved for Eco-Bin.

Batliboi Ltd.

• **Brief Description:** A diversified engineering company with businesses in Machine Tools, Air Engineering, Textile Machinery, and Environmental Engineering. Has manufacturing units in India and Canada (Quickmill Inc.).
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26 Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Diversified business portfolio, global manufacturing presence (Canada), strong sales and distribution network in India, focus on emerging technologies (Green Hydrogen, ZLD).
• **Key Metrics and KPIs:** Order Backlog, Segmental Revenue Share (Machine Tools, Air Engineering, Textile Machinery, Environmental Engineering), EBITDA Margin, Net Profit.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** BEEL merger, Udhna Fan Manufacturing Unit merged, strong order backlog growth in Q2FY26.

Energy-Mission Machineries (India) Limited

• **Brief Description:** A leading Indian manufacturer of high-precision sheet metal forming machines, headquartered in Ahmedabad, Gujarat. Offers a wide range of 30+ product variants.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26 Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Leading Indian manufacturer, expanded capacity, improved operational efficiency, strong order book, backward integration benefits, focus on import substitution, higher export margins.
• **Key Metrics and KPIs:** Revenue, EBITDA Margin, PAT Margin, Order Book, Machines Sold, Average Realization, Export Share.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Highest-ever topline in H1FY26, expanded capacity, new product launches, backward integration facility under construction.

APEX ECOTECH LIMITED

• **Brief Description:** Specializes in turnkey solutions for Water and Wastewater Treatment, Membrane Recycling, Evaporators, and Zero Liquid Discharge Systems. Focuses on sustainable, low-carbon, and energy-efficient solutions.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Specialization in turnkey water treatment solutions, strong focus on sustainability, robust order book from marquee clients, high growth rates, established presence across India and emerging international markets.
• **Key Metrics and KPIs:** Revenue from Operations, EBITDA, PAT, Order Book, Total Volume of Water & Wastewater Treatment.
• **Management Outlook and Guidance:** Recent project wins validate approach, reflecting trust across sectors. Vision of building a sustainable and water-secure future.
• **Recent Developments and Initiatives:** Secured significant orders from Reliance Consumer Products (₹100-125 Cr), Bharatiyam Beverages (₹10-15 Cr), and Pragati Power (₹3-5 Cr).

Expo Engineering and Projects Ltd.

• **Brief Description:** Established in 1982, specializes in heavy fabrication and project engineering, primarily manufacturing storage tanks and vessels for various industries including oil & gas.
• **Scale Metrics:**
• **Financial Performance Summary (H1FY26 Consolidated):**
• **Strategic Priorities and Focus Areas:**
• **Competitive Advantages and Positioning:** Established heavy fabrication capabilities, state-of-the-art manufacturing facility, ISO certifications, strong order book, focus on high-value and specialized projects.
• **Key Metrics and KPIs:** Revenue, EBITDA, PAT, Order Book, Revenue Bifurcation by Product/Geography.
• **Management Outlook and Guidance:**
• **Recent Developments and Initiatives:** Raised ₹7.52 Cr via equity infusion and issued ₹22.02 Cr in convertible warrants. Received work orders from BPCL for maintenance and construction of storage tanks.

CHEMTECH INDUSTRIAL VALVES LTD

• **Brief Description:** Specializes in industrial valves, demonstrating strong financial growth in recent years.
• **Scale Metrics:**
• **Financial Performance Summary (FY25):**
• **Strategic Priorities and Focus Areas:** Not explicitly detailed in the provided extract, but strong growth suggests effective market penetration and operational efficiency.
• **Competitive Advantages and Positioning:** Strong financial growth trajectory, high profitability margins, healthy balance sheet with negative net debt.
• **Key Metrics and KPIs:** Revenue, EBITDA, PAT, ROCE, ROE, Interest Coverage, Net Debt/Equity.
• **Management Outlook and Guidance:** Not explicitly detailed in the provided extract.
• **Recent Developments and Initiatives:** Not explicitly detailed in the provided extract.

J. TABLES

**APL Apollo Tubes Limited - Highest ever quarterly Volume, EBITDA & PAT (Q1FY23-Q2FY26)**

| Quarter | Sales Volume (k Ton) | Revenue (Rs Mn) | EBITDA (Rs Mn) | EBITDA/ton (Rs) | Net Profit (Rs Mn) | | :------ | :------------------- | :-------------- | :------------- | :-------------- | :----------------- | | Q1FY23 | 423 | 34,386 | 1,939 | 4,587 | 1,207 | | Q2FY23 | 602 | 39,692 | 2,319 | 3,850 | 1,502 | | Q3FY23 | 605 | 43,271 | 2,729 | 4,510 | 1,692 | | Q4FY23 | 650 | 44,311 | 3,229 | 4,970 | 2,018 | | Q1FY24 | 662 | 45,449 | 3,072 | 4,645 | 1,936 | | Q2FY24 | 675 | 46,304 | 3,250 | 4,817 | 2,029 | | Q3FY24 | 604 | 41,778 | 2,796 | 4,631 | 1,655 | | Q4FY24 | 679 | 47,657 | 2,804 | 4,132 | 1,704 | | Q1FY25 | 721 | 49,743 | 3,016 | 4,183 | 1,932 | | Q2FY25 | 758 | 47,739 | 1,380 | 1,821 | 538 | | Q3FY25 | 828 | 54,327 | 3,456 | 4,173 | 2,170 | | Q4FY25 | 850 | 55,086 | 4,137 | 4,864 | 2,931 | | Q1FY26 | 794 | 51,698 | 3,720 | 4,683 | 2,372 | | Q2FY26 | 855 | 52,063 | 4,470 | 5,228 | 3,015 |

**APL Apollo Tubes Limited - De-commoditizing Product Portfolio (QoQ - Q2FY25 to Q2FY26)**

| Product Category | Q2FY25 Sales Mix % / Vol. K Ton / EBITDA/Ton Rs | Q2FY26 Sales Mix % / Vol. K Ton / EBITDA/Ton Rs | | :--------------- | :---------------------------------------------- | :---------------------------------------------- | | Total | 758 / 1,821 | 855 / 5,228 | | Heavy* | 8% / 63 / 5,801 | 9% / 77 / 8,721 | | Apollo Structural Light | 17% / 127 / 2,899 | 15% / 129 / 5,870 | | General | 45% / 338 / -24 | 43% / 368 / 3,434 | | Apollo Z Rust-proof | 20% / 150 / 2,567 | 23% / 193 / 6,236 | | Coated | 7% / 51 / 3,395 | 7% / 62 / 6,980 | | Apollo Galv Agri/Industrial | 4% / 29 / 3,340 | 3% / 26 / 5,421 |

**APL Apollo Tubes Limited - Growing Strength to Strength (FY22 to 1HFY26)**

| Metric | FY22 | FY23 | FY24 | FY25 | H1FY26 | | :------------------------ | :---- | :---- | :---- | :---- | :----- | | ROE (%) | 28.9 | 23.5 | 22.2 | 19.4 | 24.4 | | ROCE (%) | 34.6 | 29.2 | 29.5 | 24.5 | 32.4 | | Interest Coverage Ratio (x) | 19.7 | 13.9 | 9.6 | 7.5 | 11.6 | | Net Working Capital Days | 7 | 5 | 1 | 0 | 0 | | Operating Cash Flow (Rs Bn) | 6.5 | 9.7 | 11.2 | 12.1 | 6.0 | | Net Debt/EBITDA (x) | 0.2 | 0.2 | -0.0 | -0.3 | -0.3 | | Net Debt/Equity (x) | 0.1 | 0.1 | -0.0 | -0.07 | -0.11 | | Net Debt/(cash) (Rs Bn) | 2.0 | 2.4 | -0.2 | -3.1 | -5.1 | | Operating Cashflow to EBITDA (%) | 69 | 95 | 94 | 101 | 73 | | Capex to Op. Cash flow (%) | 90 | 87 | 59 | 54 | 51 | | FCF (Rs Bn) | -0.6 | 0.4 | 3.6 | 3.7 | 3.4 |

**Welspun Corp Limited - Sales Volume (KMT) (Q2FY26 vs Q2FY25)**

| Product Category | Q2FY26 | Q2FY25 | YoY Change (%) | | :--------------------- | :----- | :----- | :------------- | | Line Pipes (India + USA) | 252 | 206 | 22 | | DI Pipes | 79 | 65 | 22 | | Stainless Steel Bars | 7.1 | 3.9 | 81 | | Stainless Steel Pipes | 1.7 | 1.3 | 30 | | TMT Rebars | 34 | 41 | (17) |

**KSB Limited - Order Intake (W/O Nuclear) (YTD Sep FY25)**

| Category | Value (Mio INR) | Share (%) | | :------- | :-------------- | :-------- | | Exports | 3,905 | 17 | | Domestic | 18,963 | 83 | | Total | 22,869 | 100 |

**Elecon Engineering Company Limited - Consolidated Key Ratios (FY25, H1FY26)**

| Metric | FY25 | H1FY26 | | :------------------- | :---- | :----- | | Return on Networth | 21.0% | 18.5% | | ROCE | 26.8% | 23.6% | | Debt to Equity | 0.09 | 0.11 | | Working Capital Cycle | 85 days | 81 days | | Current Ratio | 3.2 | 3.6 | | Quick Ratio | 2.7 | 3.0 |

**EcoRecycling Limited - Key Ratios (FY23-FY25)**

| Metric | FY23 | FY24 | FY25 | | :--------------------- | :---- | :---- | :---- | | ROCE | 10.9% | 27.6% | 30.6% | | ROE | 13.5% | 32.5% | 30.8% | | Net Working Capital Days | 106 | 39 | 16 |

**Batliboi Ltd. - Half Yearly Financial Performance Trend (Consolidated) (INR lakh)**

| Metric | HY1 24 | HY2 24 | HY1 25 | HY2 25 | HY1 26 | | :-------- | :-------- | :-------- | :-------- | :-------- | :---------- | | Revenue | 5683.42 | 6674.21 | 7282.56 | 7830.34 | 7585.11 | | EBITDA | 892.73 | 1153.16 | 977.7 | 1138.9 | 1160.59 | | PAT | 423.86 | 672.9 | 564.78 | 621.21 | 642.17 | | PAT Margin | 7.41% | 9.74% | 7.76% | 7.93% | 8.47% |

**Energy-Mission Machineries (India) Limited - Segment Revenue Share (HY1 26)**

| Segment | Share (%) | | :------------ | :-------- | | FABRICATION | 73.33 | | FURNITURE | 14.11 | | INFRASTRUCTURE | 2.09 | | ELECTRICAL | 4.80 | | Dealer | 0.50 | | AUTOMOBILE | 0.38 | | Other | 0.26 | | RAILWAY | 1.72 | | DEFENCE | 2.00 |

**APEX ECOTECH LIMITED - Key Financial Highlights (All Amount In ₹ Lakhs & Margins In %)**

| Metric | FY23 | FY24 | FY25 | | :------------------ | :-------- | :-------- | :-------- | | Revenue from Operations | 3,457.38 | 5,308.09 | 7,095.53 | | EBITDA | 418.56 | 888.07 | 1,105.67 | | EBITDA Margin | 12.11% | 16.73% | 15.58% | | PAT | 352.10 | 663.04 | 856.08 | | PAT Margin | 10.18% | 12.49% | 12.07% |

**BEW Engineering Limited - Annual Financial Highlights (Rs. Crore)**

| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | | :------------------ | :---- | :---- | :---- | :---- | :---- | | Revenue from Operations | 59.41 | 99.42 | 105.61 | 120.76 | 134.36 | | EBITDA (Rs. Crore) | 8.20 | 10.94 | 14.53 | 23.91 | 20.40 | | EBITDA Margin (%) | 13.80% | 11.00% | 13.76% | 19.80% | 15.18% | | PAT (Rs. Crore) | 2.35 | 5.64 | 7.32 | 13.56 | 12.16 | | PAT Margin (%) | 3.96% | 5.67% | 6.94% | 11.23% | 9.05% | | No. of Equipments (Units) | 124 | 212 | 237 | 189 | 252 |

**CHEMTECH INDUSTRIAL VALVES LTD - Strong Financial Growth with Expanding Profitability (Rs Cr.)**

| Metric | FY22 | FY23 | FY24 | FY25 | | :------------------ | :---- | :---- | :---- | :---- | | Total Income | 12 | 21 | 32 | 43 | | EBITDA (Rs Cr.) | 2 | 5 | 6 | 11 | | EBITDA Margin % | 15% | 23% | 19% | 25% | | Profit after Tax (Rs Cr.) | -1 | 3 | 4 | 7 | | Profit after Tax Margin % | -5% | 13% | 13% | 16% | | ROE (%) | 4% | 18% | 13% | 7% | | ROCE (%) | -6% | 23% | 12% | 10% |