Order books and multi-year projects, where new capex is only worth its cost if it clears the hurdle rate.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| LARSEN & TOUBRO | ₹3,851 | 31.9 | 4.85 | — | Estimate withheld — the engine says so itself |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE | ₹1,714 | 35.8 | 4.11 | — | Discounted cash flow |
| Adani Enterprises | ₹2,929 | 51.2 | 4.71 | — | Estimate withheld — the engine says so itself |
| Hindustan Aeronautics | ₹4,695 | 33.7 | 7.65 | — | Discounted cash flow |
| BHARAT ELECTRONICS | ₹383 | 45.5 | 11.67 | — | Discounted cash flow |
| SIEMENS | ₹3,770 | 48.8 | 9.70 | — | Estimate withheld — model and market disagree too far |
| ABB India | ₹7,005 | 57.6 | 18.94 | — | Estimate withheld — model and market disagree too far |
| HITACHI ENERGY INDIA | ₹30,790 | 119.4 | 26.53 | — | Estimate withheld — model and market disagree too far |
| Cummins India | ₹4,874 | 57.2 | 15.94 | — | Discounted cash flow |
| BHARAT HEAVY ELECTRICALS | ₹413 | 59.1 | 5.50 | — | Estimate withheld — model and market disagree too far |
| CG POWER AND INDUSTRIAL SOLUTIONS | ₹858 | 138.8 | 16.95 | — | Estimate withheld — model and market disagree too far |
| GMR AIRPORTS | ₹93 | 206.6 | — | — | Discounted cash flow |
| MAZAGON DOCK SHIPBUILDERS | ₹2,236 | 34.9 | 9.25 | — | Discounted cash flow |
| RAIL VIKAS NIGAM | ₹199 | 46.2 | 4.22 | — | Estimate withheld — model and market disagree too far |
| THERMAX | ₹3,559 | 67.6 | 7.22 | — | Estimate withheld — model and market disagree too far |
| COCHIN SHIPYARD | ₹1,325 | 48.6 | 5.94 | — | Discounted cash flow |
| Bharat Dynamics | ₹1,135 | 79.9 | 9.81 | — | Estimate withheld — model and market disagree too far |
| AIA Engineering | ₹3,899 | 28.7 | 4.53 | — | Discounted cash flow |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 18 here: