🏭 Industrials & Capital Goods · updated 2026-10-09

Indian Industrials & Capital Goods Companies in Financial Distress (October 2026)

As of 09 October 2026, 59 of 477 Indian Industrials & Capital Goods companies analysed (12%) show financial-distress indicators: 25 very weak, 16 weak and 18 on watch. The most common red flags in this sector are operating profit does not cover interest, market-implied default probability >20%, liabilities exceed assets (negative equity) and ohlson o-score signals likely failure.

477

Analysed

Distress signals

Very weak

12%

Flag rate

What drives financial distress in Industrials & Capital Goods

Capital goods, construction, airlines and transport — working-capital stress, order-book declines and project-finance leverage.

Most common red flags today: Operating profit does not cover interest · Market-implied default probability >20% · Liabilities exceed assets (negative equity) · Ohlson O-score signals likely failure

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Industrials & Capital Goods companies with distress signals

#	Ticker	Company / industry	Distress score	Band	Ohlson PD	Merton PD	From 52w high	Key indicators
1	ARSHIYA	Arshiya Limited Integrated Freight & Logistics	100	Very weak	100%	100.0%	-59%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
2	ESSARSHPNG	Essar Shipping Limited Marine Shipping	100	Very weak	100%	63.5%	-61%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
3	MADHUCON	Madhucon Projects Limited Engineering & Construction	100	Very weak	100%	99.8%	-52%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
4	REGENCERAM	Regency Ceramics Limited Building Products & Equipment	100	Very weak	100%	8.0%	-37%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
5	PREMIER	Premier Limited Specialty Industrial Machinery	99	Very weak	100%	75.6%	-28%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
6	BGRENERGY	BGR Energy Systems Limited Engineering & Construction	97	Very weak	100%	6.2%	-45%	Liabilities exceed assets (negative equity)Operating profit does not cover interestLosses in each of the last 3 years	Details →
7	GLOBALVECT	Global Vectra Helicorp Limited Airports & Air Services	96	Very weak	96%	79.2%	-48%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
8	CEREBRAINT	Cerebra Integrated Technologies Limited Waste Management	92	Very weak	95%	27.7%	-73%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
9	DHRUV	Dhruv Consultancy Services Limited Engineering & Construction	88	Very weak	80%	32.1%	-66%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
10	HMT	HMT Limited Farm & Heavy Construction Machinery	85	Very weak	100%	0.0%	-20%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
11	LEXUS	Lexus Granito (India) Limited Building Products & Equipment	85	Very weak	97%	83.5%	-75%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
12	VPRPL	Vishnu Prakash R Punglia Limited Engineering & Construction	83	Very weak	82%	82.4%	-72%	Operating profit does not cover interestMarket-implied default probability >20%Revenue collapse	Details →
13	MBLINFRA	MBL Infrastructure Limited Engineering & Construction	82	Very weak	91%	52.4%	-44%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
14	NIBL	NRB Industrial Bearings Limited Tools & Accessories	82	Very weak	100%	1.7%	-17%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMaterial debt with no EBITDA	Details →
15	IL&FSENGG	IL&FS Engineering and Construction Company Limited Engineering & Construction	81	Very weak	100%	2.2%	-4%	Liabilities exceed assets (negative equity)Severe working-capital shortfallRevenue collapse	Details →
16	AROGRANITE	Aro Granite Industries Limited Building Products & Equipment	80	Very weak	79%	90.0%	-46%	Operating profit does not cover interestMarket-implied default probability >20%Revenue collapse	Details →
17	SADBHIN	Sadbhav Infrastructure Project Limited Engineering & Construction	79	Very weak	87%	97.0%	-40%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Losses in each of the last 3 years	Details →
18	BRNL	Bharat Road Network Limited Infrastructure Operations	75	Very weak	85%	42.9%	-38%	Operating profit does not cover interestMarket-implied default probability >20%Revenue collapse	Details →
19	EXICOM	Exicom Tele-Systems Limited Electrical Equipment & Parts	73	Very weak	89%	0.4%	-20%	Operating profit does not cover interestCash runway under 12 monthsMaterial debt with no EBITDA	Details →
20	GAYAHWS	Gayatri Highways Limited Infrastructure Operations	73	Very weak	100%	87.0%	-59%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
21	STCINDIA	The State Trading Corporation of India Limited Conglomerates	73	Very weak	100%	5.4%	-28%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
22	GANGAFORGE	Ganga Forging Limited Metal Fabrication	72	Very weak	91%	7.4%	-61%	Operating profit does not cover interestMaterial debt with no EBITDAOperations consume cash	Details →
23	TICL	Twamev Construction and Infrastructure Limited Engineering & Construction	72	Very weak	89%	83.4%	-73%	Market-implied default probability >20%Severe working-capital shortfallVery high leverage	Details →
24	SUPREMEINF	Supreme Infrastructure India Limited Engineering & Construction	71	Very weak	11%	80.2%	-50%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
25	TIJARIA	Tijaria Polypipes Limited Building Products & Equipment	70	Very weak	100%	16.7%	-32%	Liabilities exceed assets (negative equity)Operating profit does not cover interestLosses in each of the last 3 years	Details →
26	REPL	Rudrabhishek Enterprises Limited Consulting Services	69	Weak	57%	3.0%	-64%	Operating profit does not cover interestCash runway under 12 monthsOperations consume cash	Details →
27	BIRLANU	BirlaNu Limited Building Products & Equipment	65	Weak	83%	11.6%	-33%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
28	JITFINFRA	JITF Infralogistics Limited Engineering & Construction	63	Weak	88%	52.8%	-35%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Thin interest coverage	Details →
29	AEQUS	Aequs Limited Aerospace & Defense	62	Weak	53%	0.0%	-7%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
30	WALCHANNAG	Walchandnagar Industries Limited Engineering & Construction	62	Weak	75%	0.0%	-33%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
31	GMRAIRPORT	GMR Airports Limited Airports & Air Services	60	Weak	46%	0.0%	-24%	Liabilities exceed assets (negative equity)Thin interest coverageVery high leverage	Details →
32	TIL	TIL Limited Farm & Heavy Construction Machinery	60	Weak	97%	0.2%	-29%	Operating profit does not cover interestCash runway under 12 monthsVery high leverage	Details →
33	PVP	PVP Ventures Limited Conglomerates	58	Weak	73%	0.0%	-27%	Operating profit does not cover interestCash runway under 12 monthsVery high leverage	Details →
34	SWANDEF	Swan Defence and Heavy Industries Limited Aerospace & Defense	57	Weak	94%	0.0%	-1%	Operating profit does not cover interestLosses in each of the last 3 yearsMaterial debt with no EBITDA	Details →
35	SADBHAV	Sadbhav Engineering Limited Engineering & Construction	56	Weak	58%	98.9%	-51%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
36	AWFIS	Awfis Space Solutions Limited Rental & Leasing Services	54	Weak	84%	36.9%	-62%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
37	SUNCLAY	Sundaram-Clayton Limited Metal Fabrication	52	Weak	52%	0.1%	-35%	Operating profit does not cover interestOhlson O-score signals likely failureCurrent liabilities exceed current assets	Details →
38	ZUARIIND	Zuari Industries Limited Conglomerates	51	Weak	33%	17.0%	-30%	Operating profit does not cover interestSevere working-capital shortfallVery high leverage	Details →
39	AKASH	Akash Infra-Projects Limited Engineering & Construction	50	Weak	80%	32.1%	-28%	Market-implied default probability >20%Thin interest coverageVery high leverage	Details →
40	MBECL	McNally Bharat Engineering Company Limited Engineering & Construction	50	Weak	0%	0.3%	-4%	Operating profit does not cover interestRevenue collapseLosses in 2 of the last 3 years	Details →
41	TARAPUR	Tarapur Transformers Limited Specialty Industrial Machinery	50	Weak	100%	—	-70%	Liabilities exceed assets (negative equity)Severe working-capital shortfallOhlson O-score signals likely failure	Details →
42	TRANSWORLD	Transworld Shipping Lines Limited Marine Shipping	49	Watch	55%	9.2%	-42%	Operating profit does not cover interestOhlson O-score signals likely failureLosses in 2 of the last 3 years	Details →
43	ATLANTAA	Atlantaa Limited Infrastructure Operations	48	Watch	86%	11.2%	-48%	Operating profit does not cover interestOperations consume cashOhlson O-score signals likely failure	Details →
44	GODREJIND	Godrej Industries Limited Conglomerates	48	Watch	62%	6.6%	-29%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
45	QUADFUTURE	Quadrant Future Tek Limited Railroads	48	Watch	83%	0.0%	-8%	Cash runway under 12 monthsOperations consume cashOhlson O-score signals likely failure	Details →
46	BLUSPRING	Bluspring Enterprises Limited Specialty Business Services	47	Watch	57%	0.0%	-4%	Operating profit does not cover interestLosses in each of the last 3 yearsOperations consume cash	Details →
47	HILTON	Hilton Metal Forging Limited Metal Fabrication	45	Watch	57%	26.7%	-68%	Market-implied default probability >20%Thin interest coverageOhlson O-score signals likely failure	Details →
48	NITCO	NITCO Limited Building Products & Equipment	43	Watch	66%	0.0%	-30%	Thin interest coverageVery high leverageOhlson O-score signals likely failure	Details →
49	REPRO	Repro India Limited Specialty Business Services	43	Watch	74%	1.3%	-49%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
50	EVERESTIND	Everest Industries Limited Building Products & Equipment	41	Watch	83%	0.1%	-31%	Operating profit does not cover interestOhlson O-score signals likely failureLosses in 2 of the last 3 years	Details →
51	BIGBLOC	Bigbloc Construction Limited Building Products & Equipment	40	Watch	89%	0.6%	-53%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
52	JYOTISTRUC	Jyoti Structures Limited Specialty Industrial Machinery	40	Watch	73%	32.1%	-44%	Market-implied default probability >20%Very high leverageOhlson O-score signals likely failure	Details →
53	A2ZINFRA	A2Z Infra Engineering Limited Engineering & Construction	39	Watch	98%	0.6%	-25%	Operating profit does not cover interestOhlson O-score signals likely failureCurrent liabilities exceed current assets	Details →
54	DIACABS	Diamond Power Infrastructure Limited Specialty Industrial Machinery	38	Watch	90%	0.0%	-6%	Liabilities exceed assets (negative equity)Very high leverageOhlson O-score signals likely failure	Details →
55	HCC	Hindustan Construction Company Limited Engineering & Construction	38	Watch	66%	0.0%	-35%	Operating profit does not cover interestRevenue collapseHeavy shareholder dilution	Details →
56	ACEINTEG	Ace Integrated Solutions Limited Staffing & Employment Services	35	Watch	44%	0.0%	-35%	Revenue collapseOperations consume cashLosses in 2 of the last 3 years	Details →
57	INDIGO	InterGlobe Aviation Limited Airlines	35	Watch	78%	0.0%	-19%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
58	KABRAEXTRU	Kabra Extrusiontechnik Limited Specialty Industrial Machinery	35	Watch	59%	0.0%	-7%	Operating profit does not cover interestOhlson O-score signals likely failureOperating-margin collapse	Details →
59	OBCL	OBCL Limited Trucking	35	Watch	79%	0.0%	-4%	Operating profit does not cover interestMaterial debt with no EBITDAOhlson O-score signals likely failure	Details →

Frequently asked questions

Which Industrials & Capital Goods companies are in financial distress?

As of 2026-10-09, 59 Indian Industrials & Capital Goods companies show financial-distress indicators (25 very weak, 16 weak and 18 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.

How many Industrials & Capital Goods companies are in financial trouble?

59 of 477 analysed (12%); 25 are in the 'Very weak' band.

What are the biggest financial risks for Industrials & Capital Goods companies?

Capital goods, construction, airlines and transport — working-capital stress, order-book declines and project-finance leverage. Right now the most frequent red flags are operating profit does not cover interest, market-implied default probability >20%, liabilities exceed assets (negative equity) and ohlson o-score signals likely failure.

What happens to shareholders if a company becomes insolvent?

Under the IBC the Committee of Creditors controls the resolution; the §53 waterfall pays secured creditors and workers first and equity last. In most resolution plans existing shareholders are wiped out or left with a token stake, and the company may be delisted.

Financial distress in other sectors

🏦 Bank & Finance 7 🛡️ Insurance 1 💊 Pharma & Biotech 12 🩺 Healthcare & MedTech 1 💻 IT & Software 10 🔬 Semiconductor 0 🤖 AI 4 🖥️ Hardware & Electronics 11 📡 Telecom & Media 23 🛍️ Consumer Discretionary 69 🛒 Consumer Staples 25 🛢️ Energy, Oil & Gas 4 ⛏️ Metals, Mining & Chemicals 50 ⚡ Utilities & Power 4 🏢 Real Estate Cos & REITs 24 📦 SPACs & Shell Companies 0 ❔ Unclassified 2

Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.