अApnaFunda
Menu

ADANI ENERGY SOLUTIONS LIMITED (ADANIENSOL)

Utilities · Electric Utilities · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.54 / 100
Profitability 57Growth 84Balance sheet 20
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.42 / 100
Price 34Earnings 65FII/DII 27

Passes these screensHigh Momentum

Compare withADANI POWERNTPCADANI GREEN ENERGY

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,439.1 latest close · −8.3% over the last 90 sessions

₹1,200₹1,400₹1,600Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,400₹1,600Jul 3Sep 4Nov 9

₹1,439.1 month-end · +44.7% over 12 months

₹1,000₹1,250₹1,500Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,250₹1,500Nov '25May '26Nov '26

₹1,439.1 month-end · +64.9% over 3 years

₹1,000₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,500Nov '23May '25Nov '26

₹1,439.1 month-end · +574.4% since Jan '19

₹0₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹803.10 to ₹1789.00 · 1-year volatility 41.5%

Was the rally earned?

+45%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings added 24 points and the multiple added 21 points (P/E 49.8x to 59.2x).
  • The share count fell 4%.
Net profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18 ptsNet profit growthP/E change: +21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+21 ptsP/E changeShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 ptsShare count changeShare price: +45%+45%Share priceNet profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18ProfitP/E change: +21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+21P/EShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5SharesShare price: +45%+45%Share price
Net profit growth+18 ptsNet profit rose about 16%, which lifts the price.
P/E change+21 ptsThe P/E rose from 49.8x to 59.2x, which lifts the price.
Share count change+5 ptsShare count fell 4%, which lifts the price.
+65%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 100 points, but investors now pay less per rupee of profit (P/E 77.5x to 59.2x), which took 35 points back.
  • The share count rose 12%.
Net profit growth: +114 pts. Points of the price return explained by net profit growing (or shrinking).+114 ptsNet profit growthP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35 ptsP/E changeShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14 ptsShare count changeShare price: +65%+65%Share priceNet profit growth: +114 pts. Points of the price return explained by net profit growing (or shrinking).+114ProfitP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35P/EShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: +65%+65%Share price
Net profit growth+114 ptsNet profit rose about 141%, which lifts the price.
P/E change-35 ptsThe P/E fell from 77.5x to 59.2x, which lowers the price.
Share count change-14 ptsShare count rose 12%, which lowers the price.
-20%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 70 points, but investors now pay less per rupee of profit (P/E 161.7x to 59.2x), which took 90 points back.
  • The share count rose 10%.
Net profit growth: +78 pts. Points of the price return explained by net profit growing (or shrinking).+78 ptsNet profit growthP/E change: −90 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−90 ptsP/E changeShare count change: −8 pts. Points of the price return explained by the share count changing. More shares count against the price.−8 ptsShare count changeShare price: −20%−20%Share priceNet profit growth: +78 pts. Points of the price return explained by net profit growing (or shrinking).+78ProfitP/E change: −90 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−90P/EShare count change: −8 pts. Points of the price return explained by the share count changing. More shares count against the price.−8SharesShare price: −20%−20%Share price
Net profit growth+78 ptsNet profit rose about 139%, which lifts the price.
P/E change-90 ptsThe P/E fell from 161.7x to 59.2x, which lowers the price.
Share count change-8 ptsShare count rose 10%, 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 ADANI POWER

How rough has the ride been?

Maximum drawdown-85.4%not yet recovered
1-year volatility41.5%annualised
Beta vs sector index1.433-year daily, correlation 0.71
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−84.2% 0%−25%−50%−75%2020202220242026−84.2%
Largest drawdowns

-85.4% (2022-09 peak to 2024-11 low, not yet recovered)

-54.1% (2020-01 peak to 2020-03 low, recovered 2020-11)

-44.2% (2021-06 peak to 2021-07 low, recovered 2021-09)

Most recent volume spikes

2026-08-31: 16.1x the 50-day median, price -10.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

59.2xP/E todayWithin its usual range
Against its own history33rd percentile
CheapestMedian 80.9xDearest

Usual range 38.0x to 232.2x since 2019-01.

Against Utilities59.2x vs 27.3x
This company
59.2x
Sector median
27.3x

117% above the Utilities median.

7.4x278.6x549.7x820.9xJan '19Aug '20Mar '22Oct '23May '25Nov '267.4x278.6x549.7x820.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianUtilities median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted 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 Utilities is valued

Where does it rank among Utilities peers?

Each cell is the company's percentile rank among its Utilities 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).

Where it ranks today

  • ROCE53rd▲ 6 pts vs a year ago
  • Op. margin61stflat vs a year ago
  • Revenue growth70th▼ 15 pts vs a year ago
  • EPS growth71st▼ 29 pts vs a year ago
  • Debt/equity ↓20th▲ 5 pts vs a year ago
  • Cash cycle ↓37th▼ 13 pts vs a year ago
  • P/E ↓26thflat vs a year ago
  • 12M momentum93rd▲ 3 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

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 Utilities sector page Watch it move against Utilities in the Observatory

What is the price implying?

~39%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 130.2x, a holder earning 12%/yr needs earnings to grow about 39.0%/yr for 10 years, then trade at 15x.

Delivered10.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+28.7 ptsimplied minus delivered
Rank64thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

0%29%58% Jan 2019Nov 2026 0%29%58% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x40.9%42.2%43.4%
15x37.8%39.0%40.3%
20x33.9%35.1%36.3%

Drag a slider to test other assumptions

Implied: 39.0%/yr

Looking back

  • Jan 2020Price implied 31%/yr; EPS has since grown 22%/yr (7.0 yrs)
  • Jan 2021Price implied 32%/yr; EPS has since grown 21%/yr (6.0 yrs)
  • Jan 2022Price implied 50%/yr; EPS has since grown 11%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Utilities The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1439.10
P/E
59.2x
ROCE
10.0%
Market Cap
₹1.76L cr
Revenue (TTM)
₹30480 cr
P/S
5.8x
P/B
6.9x
ROE
11.7%
Operating Margin
31.0%
Debt / Equity
1.9x
Promoter Holding
74.7%
12M Momentum
44.7%

52-week range

₹803.10₹1789.00
65% of the way from its 52-week low to its high

Price risk

1Y volatility
41.5%
Beta vs sector
1-year daily
1.52

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
5.00x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold
Other income reliance20%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 20.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate18%Within range

Median quarterly effective tax rate over about 2.5 years: 18.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion5.78xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 5.78x (cash from operations ₹26,080 cr, net profit ₹4,511 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (76 vs 65). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

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, DIIs added 7.9 pts; FIIs trimmed 7.3 pts; promoters added 1.5 pts.
  • The number of shareholders fell from 4.8 lakh to 3.9 lakh (-19%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters73.2%74.7%+1.5 pts
FIIs17.5%10.1%-7.3 pts
DIIs3.8%11.8%+7.9 pts
Public and others5.5%3.4%-2.1 pts

Number of shareholders

3.9 lakhshareholders-19% since Dec '23
3.9L4.4L4.9L5.5L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 4.8 lakh
Mar '24: 4.8 lakh
Jun '24: 4.9 lakh
Sep '24: 4.5 lakh
Dec '24: 5.5 lakh
Mar '25: 5.3 lakh
Jun '25: 5.0 lakh
Sep '25: 4.9 lakh
Dec '25: 4.4 lakh
Mar '26: 4.0 lakh
Jun '26: 3.9 lakh
 3.9L4.4L4.9L5.5L Dec '23Dec '24Dec '25Jun '26
Dec '23: 4.8 lakh
Mar '24: 4.8 lakh
Jun '24: 4.9 lakh
Sep '24: 4.5 lakh
Dec '24: 5.5 lakh
Mar '25: 5.3 lakh
Jun '25: 5.0 lakh
Sep '25: 4.9 lakh
Dec '25: 4.4 lakh
Mar '26: 4.0 lakh
Jun '26: 3.9 lakh

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

What happened next to similar setups

−16.1%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like ADANI ENERGY SOLUTIONS LIMITED 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 −25% to +7% vs the market, against −4% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −12.3%, 80% range −18.6% to −8.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
AWFIS · Jun 2025: −53.0% vs market
ADANIGREEN · Aug 2024: −46.1% vs market
WESTLIFE · Jul 2023: −40.0% vs market
JMFINANCIL · Feb 2020: −36.8% vs market
JUBLFOOD · May 2025: −36.2% vs market
JBMA · May 2024: −34.8% vs market
KIRLOSENG · May 2024: −30.9% vs market
MHRIL · Aug 2023: −30.7% vs market
TORNTPHARM · Oct 2020: −30.2% vs market
LEMONTREE · Oct 2025: −30.1% vs market
JSWSTEEL · May 2021: −28.2% vs market
ERIS · Sep 2025: −25.3% vs market
IRB · Jun 2024: −25.1% vs market
JSWENERGY · Jul 2024: −24.9% vs market
SAMHI · Jul 2025: −24.5% vs market
PHOENIXLTD · Mar 2020: −23.9% vs market
ASTERDM · Jun 2020: −23.9% vs market
BHARATFORG · Jun 2024: −23.3% vs market
RELIANCE · Oct 2020: −22.7% vs market
UPL · Feb 2020: −20.6% vs market
BRIGADE · Jun 2024: −19.4% vs market
ADANIPOWER · Apr 2022: −18.7% vs market
JKCEMENT · Oct 2025: −18.6% vs market
LT · Jan 2020: −18.1% vs market
TATAPOWER · May 2022: −16.8% vs market
DEVYANI · Oct 2022: −15.4% vs market
BHARTIHEXA · Sep 2025: −14.7% vs market
SOBHA · Jan 2024: −13.0% vs market
MOTILALOFS · Jul 2020: −11.7% vs market
JSWINFRA · Oct 2024: −10.3% vs market
ADANIPORTS · Apr 2024: −9.6% vs market
PRESTIGE · Mar 2024: −2.3% vs market
VBL · Jan 2020: −1.6% vs market
ULTRACEMCO · Jan 2020: +1.3% vs market
KIMS · Oct 2025: +2.9% vs market
PURVA · Jan 2024: +4.5% vs market
LODHA · Jun 2022: +5.9% vs market
SRF · May 2020: +7.3% vs market
BIOCON · Mar 2025: +8.5% vs market
DLF · Feb 2020: +10.2% vs market
CHALET · Jun 2024: +12.3% vs market
BHARTIARTL · Jul 2022: +14.4% vs market
HATSUN · Nov 2020: +32.5% vs market
BLUEDART · Jun 2021: +34.5% vs market
KALYANKJIL · May 2024: +37.3% vs market
TVSMOTOR · Jan 2023: +38.8% vs market
APOLLOHOSP · Mar 2020: +41.7% vs market
TRENT · Jan 2024: +72.4% vs market
ADANIENT · Jan 2022: +74.6% vs market
LAURUSLABS · Sep 2025: +133.9% vs market
Similar setups −16.1%All companies −3.8%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−16.1%
All companies' median
−3.8%
Beat the market
34% vs 46%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JSWENERGY
Utilities		 Jul 2024 70x9% +152%−3% −25%
TATAPOWER
Utilities		 May 2022 67x8% +121%−19% −17%
PRESTIGE
Finance		 Mar 2024 50x10% +190%−15% −2%
BHARTIHEXA
Communications		 Sep 2025 60x17% +15%−16% −15%
AWFIS
Finance		 Jun 2025 67x13% +25%−29% −53%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ADANIPORTS
Transportation		 Apr 2024 54x10% +95%−6% −10%
LODHA
Finance		 Jun 2022 43x10% +56%−28% +6%
ERIS
Health Technology		 Sep 2025 56x12% +19%−14% −25%
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: ROCE, 12-month momentum and drawdown from 12-month high. 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 ADANI ENERGY SOLUTIONS LIMITED. 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 2026-11-09. 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: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 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.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MOTILAL OSWAL FINANCIAL SERVICMOTILALOFS
Finance
71%similar
revenue growthdebt/equity
JSW INFRASTRUCTUREJSWINFRA
Industrial Services
64%similar
promoter holdingmarket cap
ADANI PORT AND SPECIAL ECONOADANIPORTS
Transportation
56%similar
revenuemarket cap
GMR AIRPORTSGMRAIRPORT
Transportation
56%similar
revenue growthmarket cap
LODHA DEVELOPERSLODHA
Finance
55%similar
market caprevenue
ADANI GREEN ENERGYADANIGREEN
Utilities
66%similar
market capdebt/equity
JSW ENERGYJSWENERGY
Utilities
57%similar
debt/equityrevenue
ACME SOLAR HOLDINGSACMESOLAR
Utilities
50%similar
debt/equityROCE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jul '22

  1. SepPeer rankSlipped to the 2nd quartile of Utilities on EPS growth (from the top quartile).
  2. AugPriceVolume reached 16.1x its 50-day median on 2026-08-31; price -10.4% that day.
  3. JunPeer rankMoved into the 2nd quartile of Utilities on ROCE (from the 3rd quartile).
  4. AprPriceVolume reached 5.2x its 50-day median on 2026-04-10; price +7.3% that day.
  5. JanPriceVolume reached 8.4x its 50-day median on 2026-01-23; price -12.1% that day.
  6. OctPriceVolume reached 5.9x its 50-day median on 2025-10-29; price +5.0% that day.
  7. SepResultsYear-on-year EPS growth turned positive.
  8. SepPeer rankSlipped to the 3rd quartile of Utilities on ROCE (from the 2nd quartile).
Show 22 earlier events
  1. SepPriceVolume reached 20.0x its 50-day median on 2025-09-22; price +6.9% that day.
  2. JunPeer rankMoved into the 2nd quartile of Utilities on ROCE (from the 3rd quartile).
  3. JunSharesShare count is up 7.7% over 12 months.
  4. JanPriceVolume reached 5.0x its 50-day median on 2025-01-14; price +12.0% that day.
  5. DecPromoterPromoter holding fell 5.0 pts to 69.9%.
  6. DecInstitutionsFII + DII holding rose 4.5 pts over 1 quarter to 24.0%.
  7. DecPeer rankMoved into the 2nd quartile of Utilities on operating margin (from the 3rd quartile).
  8. NovPriceFell 85% from the Sep 2022 peak to the Nov 2024 low.
  9. NovPriceVolume reached 13.8x its 50-day median on 2024-11-29; price +15.6% that day.
  10. SepValuationP/E crossed above the 90th percentile of its own history to date (820.9x).
  11. AugPriceVolume reached 26.7x its 50-day median on 2024-08-01; price +12.1% that day.
  12. JunResultsYear-on-year EPS growth turned negative.
  13. JunPeer rankSlipped to the 3rd quartile of Utilities on ROCE (from the 2nd quartile).
  14. JunPriceVolume reached 10.6x its 50-day median on 2024-06-05; price -2.6% that day.
  15. JanPriceVolume reached 14.4x its 50-day median on 2024-01-03; price +11.4% that day.
  16. DecPriceVolume reached 73.7x its 50-day median on 2023-12-06; price +7.4% that day.
  17. AugPriceVolume reached 8.8x its 50-day median on 2023-08-22; price +4.0% that day.
  18. JunResultsYear-on-year EPS growth turned positive.
  19. JunPeer rankMoved into the 2nd quartile of Utilities on EPS growth (from the 3rd quartile).
  20. JunPriceVolume reached 34.2x its 50-day median on 2023-06-30; price -6.3% that day.
  21. FebPriceVolume reached 10.0x its 50-day median on 2023-02-28; price -5.0% that day.
  22. JulPriceRegained the 2022-05 peak, 1 month after the low.

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

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1159.2x₹30480 cr11.7%10.0%1.9x
2026-1055.5x₹30480 cr11.7%10.0%1.9x
2026-0954.1x₹30480 cr11.7%10.0%1.9x
2026-0874.6x₹27588 cr9.1%10.0%1.9x
2026-0786.6x₹27588 cr9.1%10.0%1.9x
2026-0678.5x₹27588 cr9.1%10.0%1.9x
2026-0580.9x₹26520 cr10.4%10.0%1.8x
2026-0471.8x₹26520 cr10.4%10.0%1.8x
2026-0350.0x₹26520 cr10.4%10.0%1.8x
2026-0253.9x₹25620 cr10.6%10.0%1.8x
2026-0147.6x₹25620 cr10.6%10.0%1.8x
2025-1254.7x₹25620 cr10.6%10.0%1.8x
2025-1149.8x₹25208 cr11.6%10.0%1.8x
2025-1049.4x₹25208 cr11.6%10.0%1.8x
2025-0943.7x₹25208 cr11.6%10.0%1.8x
2025-0892.1x₹23768 cr4.0%10.0%1.8x
2025-0797.4x₹23768 cr4.0%10.0%1.8x
2025-06106.2x₹23768 cr4.0%10.0%1.8x
2025-05141.0x₹22100 cr4.5%9.0%2.9x
2025-04146.3x₹22100 cr4.5%9.0%2.9x
2025-03141.8x₹22100 cr4.5%9.0%2.9x
2025-02148.6x₹20833 cr2.4%9.0%2.9x
2025-01170.9x₹20833 cr2.4%9.0%2.9x
2024-12184.1x₹20833 cr2.4%9.0%2.9x
2024-11683.3x₹18323 cr1.1%9.0%2.9x
2024-10793.7x₹18323 cr1.1%9.0%2.9x
2024-09820.9x₹18323 cr1.1%9.0%2.9x
2024-0898.8x₹16607 cr9.1%9.0%2.9x
2024-07111.6x₹16607 cr9.1%9.0%2.9x
2024-0697.8x₹16607 cr9.1%9.0%2.9x
2024-0599.7x₹13293 cr10.5%10.0%2.9x
2024-0494.6x₹13293 cr10.5%10.0%2.9x
2024-0391.2x₹13293 cr10.5%10.0%2.9x
2024-0294.6x₹13293 cr10.5%10.0%2.9x
2024-0194.8x₹13293 cr10.5%10.0%2.9x
2023-1292.9x₹13293 cr10.5%10.0%2.9x
2023-1177.5x₹13293 cr10.5%10.0%2.9x
2023-1068.4x₹13293 cr10.5%10.0%2.9x
2023-0972.0x₹13293 cr10.5%10.0%2.9x
2023-0872.1x₹13293 cr10.5%10.0%2.9x
2023-0772.9x₹13293 cr10.5%10.0%2.9x
2023-0668.1x₹13293 cr10.5%10.0%2.9x
2023-0570.9x₹11258 cr12.0%10.0%3.0x
2023-0494.0x₹11258 cr12.0%10.0%3.0x
2023-0390.7x₹11258 cr12.0%10.0%3.0x
2023-0258.7x₹11258 cr12.0%10.0%3.0x
2023-01162.0x₹11258 cr12.0%10.0%3.0x
2022-12236.5x₹11258 cr12.0%10.0%3.0x
2022-11265.6x₹11258 cr12.0%10.0%3.0x
2022-10305.8x₹11258 cr12.0%10.0%3.0x
2022-09300.4x₹11258 cr12.0%10.0%3.0x
2022-08361.7x₹11258 cr12.0%10.0%3.0x
2022-07284.0x₹11258 cr12.0%10.0%3.0x
2022-06225.9x₹11258 cr12.0%10.0%3.0x
2022-05184.6x₹9926 cr13.9%11.0%3.0x
2022-04250.6x₹9926 cr13.9%11.0%3.0x
2022-03212.8x₹9926 cr13.9%11.0%3.0x
2022-02191.8x₹9926 cr13.9%11.0%3.0x
2022-01177.1x₹9926 cr13.9%11.0%3.0x
2021-12156.4x₹9926 cr13.9%11.0%3.0x

Older months are in the live observatory.

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.

Feedback