Energy intensity denominators across seven selected issuers
An energy-intensity number is incomplete without both sides of its ratio. A small displayed value might use a large energy unit, a small monetary unit, or both. Sorting the numbers before reading their units can therefore reverse their numerical order without revealing anything about operating efficiency.
This study audits all 15 accepted revenue-energy intensity observations in Nitium’s fixed 0.12.16-local1333-kims research input, frozen on 6 October 2026. They span seven issuers, eight report editions and fiscal periods ending in March 2023 through March 2026. The source pool is purposive and uneven, not a representative survey of Indian reporting.
The 15 selected records and three separate disclosure-context cases also occur in the historical 1,040-record public projection. Held ratios, purchasing-power-adjusted ratios, absolute energy totals and duplicate source-history versions are excluded. The three context cases do not increase the numeric sample. Reusing these records creates no additional company-data credit.
The complete seven-issuer audit
The following list preserves every selected ratio, its original unit and the source edition used. FY2025 means the fiscal period ending in March 2025. Values presented as comparatives remain attached to their later source edition. Counts describe observations, not company preferences or sector prevalence. The selected records have standalone issuer boundaries, with further limits where stated.
Avadh Sugar & Energy
The 2025–2026 report supplies two GJ/INR ratios: FY2025 comparative 0.00058 and FY2026 current 0.00057. The denominator is unadjusted revenue from operations. The separate purchasing-power-adjusted row is excluded.
Cochin Shipyard
The 2023–2024 report supplies the FY2023 comparative: 0.000005486293364 GJ/rupee.
The 2024–2025 report supplies FY2024 comparative 38.73 and FY2025 current 39.84, both GJ/ rupee crore. The cell unit carries the crore scale despite the general per-rupee row heading. These three records span two source editions.
KRBL
The 2024–2025 report gives FY2024 comparative 35.63 and FY2025 current 42.91 KJ/INR, using a turnover denominator.
Mazagon Dock Shipbuilders
The 2024–2025 report gives FY2024 comparative 0.00059 and FY2025 current 0.00050 MJ/ Rupee, with revenue from operations as denominator. Preserve the reported trailing precision.
NBCC (India)
The 2024–2025 report gives FY2024 comparative 0.08 and FY2025 current 0.12 Gj/₹ Lakh. The cell-specific lakh scale controls this reading. Principle 6 excludes subcontracted services from contractor value-chain partners; these ratios do not describe complete project or value-chain energy.
Rashtriya Chemicals and Fertilizers
The 2024–2025 report gives FY2024 comparative 0.00020551 and FY2025 current 0.000198045 Giga Joules/ INR, with turnover as denominator. Its separate energy and water physical-output ratios use MT.
V-Mart Retail
The 2024–2025 report gives FY2024 comparative 1.06 and FY2025 current 1.04. Their asterisk specifies Giga Joules/Lakh Rupees. The absolute-energy heading does not assign a joule multiplier, so those amounts remain outside this audit; the ratio’s unit cannot silently settle their scale.
What the denominator coding establishes
Coding the accepted denominator descriptions produces nine observations per rupee or INR, four per lakh rupees and two per crore rupees. The rule is explicit: an unscaled rupee is one rupee, a lakh is 100,000 rupees and a crore is 10,000,000 rupees. These are three monetary scales within the same currency, not exchange rates.
The energy side must be read separately. A conversion of the monetary denominator leaves the numerator’s energy unit unchanged. Preserve the exact source expression alongside any standardised field, including source capitalisation. Do not allow a generic heading to override a more specific unit attached to the selected cell.
One reported ratio, three equivalent expressions
Cochin Shipyard’s selected FY2025 value, 39.84 GJ per rupee crore, becomes 0.3984 GJ per lakh rupees after division by 100, or 0.000003984 GJ per rupee after division by 10,000,000. These are derived expressions of one record, not additional reported observations.
The denominator conversion changes the displayed intensity because each denominator unit now represents a different amount of revenue. The underlying ratio has not improved. We have not reconstructed the issuer’s turnover, validated its division or tested the energy measurement. Keep the original observation identifier, formula and output unit together so the arithmetic can be reversed.
Original test: a sort that changes when labels return
The next two records are entirely fictional. Record A displays 6 GJ per lakh rupees. Record B displays 450 GJ per crore rupees. Both are unadjusted revenue ratios; their wider operating boundaries and business activities are deliberately unspecified. A spreadsheet that drops the denominator labels sorts 6 below 450 and makes B appear numerically 75 times A.
Express both on a crore-rupee basis. Record A becomes 6 multiplied by 100, or 600 GJ per crore. Record B remains 450 GJ per crore. The numerical order reverses: B is now 0.75 times A. No source value changed and no new activity took place. Restoring the missing denominator scale changed the arithmetic comparison.
A reverse check returns A to 600 divided by 100, or 6 GJ per lakh, and B to 450 divided by 100, or 4.5 GJ per lakh. If the conversion does not return to the input, examine the direction of the factor before discussing the result. Round only after the intended calculation; keep enough precision to reproduce the conversion.
This does not establish that either fictional operation is more efficient. Matching monetary scales removes one mechanical mismatch. Business activities, energy coverage, accounting periods, revenue definitions and methods still need examination. A defensible outcome may simply be that the two expressions are now in matching units but remain unsuitable for a performance comparison.
A financial denominator cannot substitute for physical output
Cochin Shipyard describes project variation as preventing a uniform physical-output denominator in the selected 2024–2025 table. That is an issuer-specific explanation, not a general exemption or a zero.
A revenue ratio and a production ratio answer different questions. Currency-scale arithmetic cannot transform money into tonnes or another output. Before interpreting a physical-output ratio, define the actual products or services and the operations included on both sides. A unit label alone does not establish a common production mix or identical system boundary.
Keep a seven-field ratio record
1. Numerator: the energy concept and original energy unit. 2. Denominator: the named financial or physical quantity. 3. Scale: rupees, lakh, crore, tonnes or another supported basis. 4. Adjustments: any purchasing-power or other treatment, with its own method. 5. Coverage: the shared entities, sites and activities. 6. Time: reporting period, source edition and comparative status. 7. Decision: original ratio, any derived conversion and the use that the evidence can support.
Keep unsupported fields unresolved. An explicit ratio unit does not repair an ambiguous nearby absolute total, and a repeated value does not prove that its method stayed unchanged. Recheck the seven fields when a later edition arrives rather than silently replacing the fixed audit population. This study establishes unit meaning and selected source context; it supplies no peer ranking or independent assurance.
Sources checked 15 October 2026. Avadh: PDF129, printed127.
Cochin Shipyard: 2024 printed/PDF22; 2025 printed/PDF24.
KRBL: printed/PDF32.
Mazagon Dock: printed/PDF36.
NBCC: PDF28/printed201; exclusion note PDF40/printed213.
RCF: PDF28–29, printed94–95.
V-Mart: PDF28, printed187.
Source checking concerns transcription and context, not underlying company measurements. Source assets and third-party assurance material are excluded. The fictional test and artwork are original Nitium material. No issuer endorsement, client relationship or independent assurance is claimed.
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