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AAREY DRUGS & PHARMACEUTICALS (AAREYDRUGS)

Health Technology

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.29 / 100
Profitability 16Growth 20Balance sheet 52
Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIES LIMITEDTORRENT PHARMACEUTICALS LTD
Share Price
₹106.26
P/E
72.3x
ROCE
6.0%
Market Cap
₹340 cr
Revenue (TTM)
₹415 cr
P/S
0.8x
P/B
2.3x
ROE
3.1%
Operating Margin
3.0%
Debt / Equity
0.3x
Promoter Holding
37.7%
12M Momentum
11.9%
P/E vs its own history98th percentilesince Aug '21
P/E vs Health Technology2.0xthe sector median

52-week range

₹50.31₹114.80
87% of the way from its 52-week low to its high

Price risk

1Y volatility
51.2%
Beta vs sector
1-year daily
1.13

Balance sheet & cash

Interest cover
operating profit ÷ interest
1.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.31x
Share count, 1Y
unchanged

Was the rally earned?

+12%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 64.6x to 72.3x); per-share earnings added 0 points.
  • The share count barely moved.
1 year P/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 pts +12% 1 year P/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 pts +12%
Net profit growth0 ptsNet profit was little changed.
P/E change+12 ptsThe P/E rose from 64.6x to 72.3x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+152%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 28.3x to 72.3x); per-share earnings took off 2 points.
  • The share count rose 12%.
3 years Net profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +154 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+154 ptsShare count change: -19 pts. Points of the price return explained by the share count changing. More shares count against the price.-19 pts +152% 3 years Net profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +154 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+154 ptsShare count change: -19 pts. Points of the price return explained by the share count changing. More shares count against the price. +152%
Net profit growth+16 ptsNet profit rose about 10%, which lifts the price.
P/E change+154 ptsThe P/E rose from 28.3x to 72.3x, which lifts the price.
Share count change-19 ptsShare count rose 12%, which lowers the price.
+223%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 11.8x to 72.3x); per-share earnings took off 121 points.
  • The share count rose 12%.
5 years Net profit growth: -100 pts. Points of the price return explained by net profit growing (or shrinking).-100 ptsP/E change: +344 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+344 ptsShare count change: -21 pts. Points of the price return explained by the share count changing. More shares count against the price. +223% 5 years Net profit growth: -100 pts. Points of the price return explained by net profit growing (or shrinking).-100 ptsP/E change: +344 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+344 ptsShare count change: -21 pts. Points of the price return explained by the share count changing. More shares count against the price. +223%
Net profit growth-100 ptsNet profit fell about 41%, which lowers the price.
P/E change+344 ptsThe P/E rose from 11.8x to 72.3x, which lifts the price.
Share count change-21 ptsShare count rose 12%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

Is it expensive against its own past and its peers?

72.3xP/E todayNear its historic high
Against its own history98th percentileMedian 26.6x; usual range 12.8x to 59.1x since 2021-08.
Against Health Technology72.3x vs 35.4xAbove the Health Technology median.
9.3x31.3x53.3x75.3xAug '21Sep '22Oct '23Nov '24Dec '25Oct '269.3x31.3x53.3x75.3xAug '21May '23Feb '25Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

What is the price implying?

~29%annual earnings growth implied by the price

At a P/E of 62.8x, the price would imply about 29.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Health Technology The market-wide Expectations lists

What changed?

  1. Sep '26Regained the 2025-11 peak, 6 months after the low.
  2. Sep '26P/E crossed above the 90th percentile of its own history to date (69.9x).
  3. Sep '26Slipped to the 3rd quartile of Health Technology on EPS growth (from the 2nd quartile).
  4. Jun '26Year-on-year EPS growth turned positive.
  5. Jun '26FII + DII holding rose 4.7 pts over 2 quarters to 5.8%.
  6. Jun '26Moved into the 2nd quartile of Health Technology on EPS growth (from the bottom quartile).
  7. Apr '26P/E crossed above the 90th percentile of its own history to date (75.3x).
  8. Mar '26Promoter holding fell 5.8 pts to 39.0%.
Show 20 earlier events
  1. Mar '26Fell 49% from the Nov 2025 peak to the Mar 2026 low.
  2. Sep '25Regained the 2024-09 peak, 6 months after the low.
  3. Jun '25Year-on-year EPS growth turned negative.
  4. Jun '25P/E crossed above the 90th percentile of its own history to date (47.6x).
  5. Jun '25Slipped to the bottom quartile of Health Technology on EPS growth (from the 2nd quartile).
  6. Mar '25Fell 54% from the Sep 2024 peak to the Mar 2025 low.
  7. Dec '24Revenue (TTM) reached a new high of ₹519 cr.
  8. Aug '24Regained the 2024-01 peak, 5 months after the low.
  9. Aug '24P/E crossed above the 90th percentile of its own history to date (35.9x).
  10. Jun '24Promoter holding fell 4.8 pts to 45.3%.
  11. Jun '24Year-on-year EPS growth turned positive.
  12. Jun '24Moved into the 2nd quartile of Health Technology on EPS growth (from the 3rd quartile).
  13. Jun '24Share count is up 12.0% over 12 months.
  14. May '24Slipped to the bottom quartile of Health Technology on ROCE (from the 3rd quartile).
  15. Apr '24P/E crossed above the 90th percentile of its own history to date (35.1x).
  16. Mar '24Fell 43% from the Jan 2024 peak to the Mar 2024 low.
  17. Jan '24Regained the 2022-01 peak, 10 months after the low.
  18. Aug '23P/E crossed above the 90th percentile of its own history to date (31.8x).
  19. Mar '23Fell 63% from the Jan 2022 peak to the Mar 2023 low.
  20. Aug '22Share count is up 8.7% over 12 months.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

4 of 7 checks are within range, 1 near a threshold, 2 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance149%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 149.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate15%Near threshold

Median quarterly effective tax rate over about 2.5 years: 14.7%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.31xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.31x (cash from operations ₹17 cr, net profit ₹13 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-65 daysWithin range

Debtor days are below the median of the previous three fiscal years by 65 days (100 vs 165). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress44% of fixed assetsWithin range

Capital work-in-progress is 44% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-57 days / 2 yrsWithin range

Days payable changed by -57 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters trimmed 12.3 pts; DIIs added 1.6 pts; FIIs added 1.0 pts.
  • The number of shareholders fell from 15,269 to 13,478 (-12%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters50.0%37.7%-12.3 pts
FIIs3.8%4.8%+1.0 pts
DIIs0.0%1.6%+1.6 pts
Public and others46.1%55.9%+9.8 pts

Number of shareholders

13,478shareholders-12% since Dec '23
13k15k16k17k Dec '23Jun '24Dec '24Sep '25Mar '26Jun '26
Dec '23: 15,269
Mar '24: 16,843
Jun '24: 16,179
Sep '24: 16,676
Dec '24: 16,288
Jun '25: 15,796
Sep '25: 14,897
Dec '25: 14,063
Mar '26: 14,188
Jun '26: 13,478
 13k15k16k17k Dec '23Sep '24Sep '25Jun '26
Dec '23: 15,269
Mar '24: 16,843
Jun '24: 16,179
Sep '24: 16,676
Dec '24: 16,288
Jun '25: 15,796
Sep '25: 14,897
Dec '25: 14,063
Mar '26: 14,188
Jun '26: 13,478

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-63.1%recovered 2024-01
1-year volatility51.2%annualised

Monthly share price

₹24₹51₹79₹106 Aug '21Sep '22Oct '23Nov '24Dec '25Oct '26
2021-08: ₹37.50
2021-09: ₹36.20
2021-10: ₹32.90
2021-11: ₹33.85
2021-12: ₹42.95
2022-01: ₹51.75
2022-02: ₹43.95
2022-03: ₹41.45
2022-04: ₹42.40
2022-05: ₹35.55
2022-06: ₹32.95
2022-07: ₹35.85
2022-08: ₹38.90
2022-09: ₹38.85
2022-10: ₹38.25
2022-11: ₹37.55
2022-12: ₹38.65
2023-01: ₹34.40
2023-02: ₹27.75
2023-03: ₹24.00
2023-04: ₹27.35
2023-05: ₹29.45
2023-06: ₹34.40
2023-07: ₹39.35
2023-08: ₹47.40
2023-09: ₹48.50
2023-10: ₹42.20
2023-11: ₹46.55
2023-12: ₹50.55
2024-01: ₹53.00
2024-02: ₹45.50
2024-03: ₹43.65
2024-04: ₹52.30
2024-05: ₹45.85
2024-06: ₹46.97
2024-07: ₹50.33
2024-08: ₹69.38
2024-09: ₹70.88
2024-10: ₹61.64
2024-11: ₹59.74
2024-12: ₹57.10
2025-01: ₹48.95
2025-02: ₹37.23
2025-03: ₹33.51
2025-04: ₹53.65
2025-05: ₹54.08
2025-06: ₹68.00
2025-07: ₹65.64
2025-08: ₹60.16
2025-09: ₹82.84
2025-10: ₹94.97
2025-11: ₹87.69
2025-12: ₹67.67
2026-01: ₹67.60
2026-02: ₹76.73
2026-03: ₹50.75
2026-04: ₹91.08
2026-05: ₹77.99
2026-06: ₹90.16
2026-07: ₹77.86
2026-08: ₹88.21
2026-09: ₹102.72
2026-10: ₹106.26
 ₹24₹51₹79₹106 Aug '21May '23Feb '25Oct '26
2021-08: ₹37.50
2021-09: ₹36.20
2021-10: ₹32.90
2021-11: ₹33.85
2021-12: ₹42.95
2022-01: ₹51.75
2022-02: ₹43.95
2022-03: ₹41.45
2022-04: ₹42.40
2022-05: ₹35.55
2022-06: ₹32.95
2022-07: ₹35.85
2022-08: ₹38.90
2022-09: ₹38.85
2022-10: ₹38.25
2022-11: ₹37.55
2022-12: ₹38.65
2023-01: ₹34.40
2023-02: ₹27.75
2023-03: ₹24.00
2023-04: ₹27.35
2023-05: ₹29.45
2023-06: ₹34.40
2023-07: ₹39.35
2023-08: ₹47.40
2023-09: ₹48.50
2023-10: ₹42.20
2023-11: ₹46.55
2023-12: ₹50.55
2024-01: ₹53.00
2024-02: ₹45.50
2024-03: ₹43.65
2024-04: ₹52.30
2024-05: ₹45.85
2024-06: ₹46.97
2024-07: ₹50.33
2024-08: ₹69.38
2024-09: ₹70.88
2024-10: ₹61.64
2024-11: ₹59.74
2024-12: ₹57.10
2025-01: ₹48.95
2025-02: ₹37.23
2025-03: ₹33.51
2025-04: ₹53.65
2025-05: ₹54.08
2025-06: ₹68.00
2025-07: ₹65.64
2025-08: ₹60.16
2025-09: ₹82.84
2025-10: ₹94.97
2025-11: ₹87.69
2025-12: ₹67.67
2026-01: ₹67.60
2026-02: ₹76.73
2026-03: ₹50.75
2026-04: ₹91.08
2026-05: ₹77.99
2026-06: ₹90.16
2026-07: ₹77.86
2026-08: ₹88.21
2026-09: ₹102.72
2026-10: ₹106.26

Last 90 trading days

₹75₹88₹101₹114 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹90.96
2026-06-25: ₹92.50
2026-06-30: ₹90.16
2026-07-02: ₹86.60
2026-07-06: ₹86.56
2026-07-08: ₹86.24
2026-07-10: ₹82.83
2026-07-14: ₹79.56
2026-07-16: ₹76.42
2026-07-20: ₹76.01
2026-07-22: ₹75.98
2026-07-24: ₹77.50
2026-07-28: ₹77.15
2026-07-30: ₹77.12
2026-08-03: ₹81.53
2026-08-05: ₹84.31
2026-08-07: ₹81.47
2026-08-11: ₹85.51
2026-08-13: ₹84.49
2026-08-17: ₹85.58
2026-08-19: ₹82.59
2026-08-21: ₹81.20
2026-08-25: ₹76.91
2026-08-27: ₹84.78
2026-08-31: ₹88.21
2026-09-02: ₹91.72
2026-09-04: ₹95.79
2026-09-08: ₹98.03
2026-09-10: ₹95.71
2026-09-15: ₹98.82
2026-09-17: ₹101.72
2026-09-21: ₹102.37
2026-09-23: ₹102.63
2026-09-25: ₹101.57
2026-09-29: ₹99.92
2026-10-01: ₹103.85
2026-10-06: ₹107.85
2026-10-08: ₹103.89
2026-10-12: ₹104.79
2026-10-14: ₹106.32
2026-10-16: ₹112.91
2026-10-21: ₹111.93
2026-10-23: ₹106.73
2026-10-27: ₹106.58
2026-10-29: ₹110.84
2026-10-30: ₹106.26
 ₹75₹88₹101₹114 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹90.96
2026-06-25: ₹92.50
2026-06-30: ₹90.16
2026-07-02: ₹86.60
2026-07-06: ₹86.56
2026-07-08: ₹86.24
2026-07-10: ₹82.83
2026-07-14: ₹79.56
2026-07-16: ₹76.42
2026-07-20: ₹76.01
2026-07-22: ₹75.98
2026-07-24: ₹77.50
2026-07-28: ₹77.15
2026-07-30: ₹77.12
2026-08-03: ₹81.53
2026-08-05: ₹84.31
2026-08-07: ₹81.47
2026-08-11: ₹85.51
2026-08-13: ₹84.49
2026-08-17: ₹85.58
2026-08-19: ₹82.59
2026-08-21: ₹81.20
2026-08-25: ₹76.91
2026-08-27: ₹84.78
2026-08-31: ₹88.21
2026-09-02: ₹91.72
2026-09-04: ₹95.79
2026-09-08: ₹98.03
2026-09-10: ₹95.71
2026-09-15: ₹98.82
2026-09-17: ₹101.72
2026-09-21: ₹102.37
2026-09-23: ₹102.63
2026-09-25: ₹101.57
2026-09-29: ₹99.92
2026-10-01: ₹103.85
2026-10-06: ₹107.85
2026-10-08: ₹103.89
2026-10-12: ₹104.79
2026-10-14: ₹106.32
2026-10-16: ₹112.91
2026-10-21: ₹111.93
2026-10-23: ₹106.73
2026-10-27: ₹106.58
2026-10-29: ₹110.84
2026-10-30: ₹106.26

Drawdown from peak

0% -31% -62% Aug '21Mar '24Oct '26 0% -31% -62% Aug '21Mar '24Oct '26
Largest drawdowns

-63.1% (2022-01 peak to 2023-03 low, recovered 2024-01)

-54.5% (2024-09 peak to 2025-03 low, recovered 2025-09)

-48.9% (2025-11 peak to 2026-03 low, recovered 2026-09)

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What happened next to similar setups

+13.6%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like AAREY DRUGS & PHARMACEUTICALS today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −14% to +51% vs the market, against −4% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +17.5%, 80% range +4.0% to +32.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
GUJRAFFIA · Dec 2024: −55.7% vs market
SONAMLTD · Jun 2022: −51.7% vs market
SUNDRMBRAK · Dec 2024: −50.8% vs market
RSWM · Apr 2022: −42.9% vs market
VIPCLOTHNG · Sep 2023: −40.7% vs market
VASCONEQ · Jan 2020: −35.6% vs market
TOKYOPLAST · Apr 2025: −34.8% vs market
RGL · Sep 2021: −28.6% vs market
NCLIND · Aug 2025: −23.5% vs market
HPIL · Jul 2025: −23.2% vs market
SHANKARA · Mar 2022: −18.0% vs market
PPAP · Oct 2025: −17.3% vs market
KCPSUGIND · Dec 2022: −13.9% vs market
HTMEDIA · Oct 2025: −12.6% vs market
KHADIM · Sep 2022: −8.1% vs market
RUCHIRA · Mar 2022: −6.1% vs market
KCP · Apr 2021: −4.4% vs market
APEX · Dec 2024: −3.4% vs market
DIAMONDYD · May 2025: −3.3% vs market
THEINVEST · Jan 2024: −2.5% vs market
NAHARPOLY · Jul 2024: +1.3% vs market
PSPPROJECT · Sep 2025: +1.6% vs market
DREDGECORP · Nov 2022: +4.9% vs market
SIYSIL · Jan 2022: +6.1% vs market
KOTARISUG · Sep 2022: +13.1% vs market
RAMAPHO · Apr 2025: +14.1% vs market
VADILALIND · Apr 2022: +19.3% vs market
EIFFL · Jan 2025: +25.3% vs market
ORIENTBELL · Oct 2025: +29.5% vs market
BBL · Jan 2022: +29.8% vs market
STYRENIX · Oct 2023: +30.1% vs market
MANGLMCEM · Nov 2023: +33.8% vs market
SCHAND · Aug 2022: +34.3% vs market
KOKUYOCMLN · Dec 2022: +34.5% vs market
SUDARSCHEM · Apr 2024: +36.3% vs market
SHIVAMILLS · May 2021: +37.6% vs market
BLKASHYAP · Aug 2023: +45.2% vs market
ARTEMISMED · Jan 2022: +53.3% vs market
TIRUMALCHM · May 2021: +63.3% vs market
SANGAMIND · Sep 2021: +67.3% vs market
WINDMACHIN · Jul 2023: +80.6% vs market
HPL · Oct 2022: +83.7% vs market
MIRZAINT · Dec 2021: +89.9% vs market
TEXRAIL · Apr 2023: +117.7% vs market
KDDL · Aug 2021: +123.0% vs market
SKIPPER · Nov 2022: +143.1% vs market
SKMEGGPROD · Nov 2022: +171.9% vs market
ESTER · Apr 2020: +187.8% vs market
PARACABLES · Aug 2022: +195.2% vs market
SHAKTIPUMP · Sep 2023: +242.0% vs market
Similar setups +13.6%All companies −3.9%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 7 beyond the range shown, drawn at the edge

Similar setups' median
+13.6%
All companies' median
−3.9%
Beat the market
60% vs 46%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ARTEMISMED
Health Services		 Jan 2022 94x4% +120%−5% +53%
VASCONEQ
Industrial Services		 Jan 2020 47x3% +11%0% −36%
KOKUYOCMLN
Consumer Durables		 Dec 2022 56x9% +37%−6% +35%
MIRZAINT
Consumer Non-Durables		 Dec 2021 107x6% +121%−3% +90%
SCHAND
Consumer Services		 Aug 2022 83x3% +69%0% +34%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SHANKARA
Retail Trade		 Mar 2022 130x7% +91%−4% −18%
STYRENIX
Process Industries		 Oct 2023 128x— +64%−3% +30%
HPL
Electronic Technology		 Oct 2022 81x6% +47%−2% +84%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, ROCE and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to AAREY DRUGS & PHARMACEUTICALS. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (63 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1072.3x₹415 cr3.1%6.0%0.3x
2026-0969.9x₹415 cr3.1%6.0%0.3x
2026-0855.5x₹472 cr3.4%6.0%0.3x
2026-0749.0x₹472 cr3.4%6.0%0.3x
2026-0656.7x₹472 cr3.4%6.0%0.3x
2026-0564.5x₹391 cr2.8%6.0%0.3x
2026-0475.3x₹391 cr2.8%6.0%0.3x
2026-0341.9x₹391 cr2.8%6.0%0.3x
2026-0260.9x₹428 cr2.9%6.0%0.3x
2026-0153.7x₹428 cr2.9%6.0%0.3x
2025-1253.7x₹428 cr2.9%6.0%0.3x
2025-1159.7x₹449 cr3.4%6.0%0.3x
2025-1064.6x₹449 cr3.4%6.0%0.3x
2025-0956.4x₹449 cr3.4%6.0%0.3x
2025-0842.1x₹474 cr3.3%6.0%0.3x
2025-0745.9x₹474 cr3.3%6.0%0.3x
2025-0647.6x₹474 cr3.3%6.0%0.3x
2025-0526.6x₹576 cr4.9%6.0%0.2x
2025-0426.4x₹576 cr4.9%6.0%0.2x
2025-0316.5x₹576 cr4.9%6.0%0.2x
2025-0217.1x₹519 cr5.1%6.0%0.2x
2025-0122.5x₹519 cr5.1%6.0%0.2x
2024-1226.2x₹519 cr5.1%6.0%0.2x
2024-1128.6x₹472 cr4.8%6.0%0.2x
2024-1029.5x₹472 cr4.8%6.0%0.2x
2024-0933.9x₹472 cr4.8%6.0%0.2x
2024-0835.9x₹396 cr4.4%6.0%0.2x
2024-0726.1x₹396 cr4.4%6.0%0.2x
2024-0624.3x₹396 cr4.4%6.0%0.2x
2024-0530.8x₹419 cr3.6%6.0%0.3x
2024-0435.1x₹419 cr3.6%6.0%0.3x
2024-0329.3x₹419 cr3.6%6.0%0.3x
2024-0230.5x₹419 cr3.6%6.0%0.3x
2024-0135.6x₹419 cr3.6%6.0%0.3x
2023-1233.9x₹419 cr3.6%6.0%0.3x
2023-1131.2x₹419 cr3.6%6.0%0.3x
2023-1028.3x₹419 cr3.6%6.0%0.3x
2023-0932.6x₹419 cr3.6%6.0%0.3x
2023-0831.8x₹419 cr3.6%6.0%0.3x
2023-0726.4x₹419 cr3.6%6.0%0.3x
2023-0623.1x₹419 cr3.6%6.0%0.3x
2023-0511.4x₹493 cr7.0%10.0%0.1x
2023-0410.6x₹493 cr7.0%10.0%0.1x
2023-039.3x₹493 cr7.0%10.0%0.1x
2023-0210.8x₹493 cr7.0%10.0%0.1x
2023-0113.3x₹493 cr7.0%10.0%0.1x
2022-1215.0x₹493 cr7.0%10.0%0.1x
2022-1114.6x₹493 cr7.0%10.0%0.1x
2022-1014.8x₹493 cr7.0%10.0%0.1x
2022-0915.1x₹493 cr7.0%10.0%0.1x
2022-0815.1x₹493 cr7.0%10.0%0.1x
2022-0713.9x₹493 cr7.0%10.0%0.1x
2022-0612.8x₹493 cr7.0%10.0%0.1x
2022-0512.8x₹348 cr8.1%9.0%0.2x
2022-0415.3x₹348 cr8.1%9.0%0.2x
2022-0314.9x₹348 cr8.1%9.0%0.2x
2022-0215.8x₹348 cr8.1%9.0%0.2x
2022-0118.6x₹348 cr8.1%9.0%0.2x
2021-1215.4x₹348 cr8.1%9.0%0.2x
2021-1112.2x₹348 cr8.1%9.0%0.2x
2021-1011.8x₹348 cr8.1%9.0%0.2x
2021-0913.0x₹348 cr8.1%9.0%0.2x
2021-0813.5x₹348 cr8.1%9.0%0.2x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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