ANDHRA PAPER LIMITED (ANDHRAPAP): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹63.69 latest close · +1.9% over the last 90 sessions

₹63.69 month-end · −7.2% over 12 months

₹63.69 month-end · −43.5% over 3 years

₹63.69 month-end · −33.2% since Jan '19

52-week range ₹58.00 to ₹79.79 · 1-year volatility 30.5%

Was the rally earned?

1 year3 years

-7%share price, 1 yearEarnings-driven

Mostly earnings.

Per-share earnings took off 105 points, while the multiple moved less (P/E 16.5x to 45.8x).
The share count barely moved.

Net profit growth-105 ptsNet profit fell about 67%, which lowers the price.

P/E change+98 ptsThe P/E rose from 16.5x to 45.8x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

-44%share price, 3 yearsEarnings-driven

Mostly earnings.

Per-share earnings took off 224 points, while the multiple moved less (P/E 4.3x to 45.8x).
The share count barely moved.

Net profit growth-224 ptsNet profit fell about 95%, which lowers the price.

P/E change+180 ptsThe P/E rose from 4.3x to 45.8x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

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

Compare this with JK PAPER

How rough has the ride been?

Maximum drawdown-75.4%recovered 2022-08

1-year volatility30.5%annualised

Beta vs sector index0.933-year daily, correlation 0.50

Volume spikes15last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-75.4% (2019-03 peak to 2020-03 low, recovered 2022-08)

-54.9% (2023-10 peak to 2026-03 low, not yet recovered)

-24.2% (2022-09 peak to 2022-12 low, recovered 2023-09)

Most recent volume spikes

2026-10-14: 7x the 50-day median, price -2.2% that day

2026-10-12: 13.6x the 50-day median, price +6.1% that day

2026-09-15: 10.3x the 50-day median, price -2.3% 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?

45.8xP/E todayNear its historic high

Against its own history87th percentile

CheapestMedian 8.6xDearest

Usual range 3.7x to 60.2x since 2019-01.

Against Process Industries45.8x vs 18.1x

This company

45.8x

Sector median

18.1x

153% above the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

ROCE8th▼ 9 pts vs a year ago
Op. margin55th▲ 14 pts vs a year ago
Revenue growth43rd▲ 19 pts vs a year ago
EPS growth10thflat vs a year ago
Debt/equity ↓73rdflat vs a year ago
Cash cycle ↓73rd▲ 7 pts vs a year ago
P/E ↓16th▼ 46 pts vs a year ago
12M momentum53rd▲ 20 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~-1%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 5.7x, a holder earning 12%/yr needs earnings to grow about −0.6%/yr for 10 years, then trade at 15x.

Delivered5.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap−5.8 ptsimplied minus delivered

Rank640thmost demanding of 856

Over time

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

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	0.5%	1.4%	2.3%
15x	−1.5%	−0.6%	0.3%
20x	−4.0%	−3.2%	−2.3%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: −0.6%/yr

Looking back

Jan 2020Price implied 13%/yr; EPS has since grown −29%/yr (7.0 yrs)
Jan 2021Price implied 4%/yr; EPS has since grown −33%/yr (6.0 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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹63.69
P/E: 45.8x
ROCE: 0.0%
Market Cap: ₹1266 cr
Revenue (TTM): ₹1702 cr
P/S: 0.7x
P/B: 0.7x
ROE: 1.4%
Operating Margin: 12.4%
Debt / Equity: 0.1x
Promoter Holding: 72.5%
12M Momentum: -7.2%

52-week range

₹58.00₹79.79

26% of the way from its 52-week low to its high

Price risk

1Y volatility

30.5%

Beta vs sector

1-year daily

0.84

Balance sheet & cash

Interest cover

operating profit ÷ interest

3.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.82x

Share count, 1Y

unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold

Other income reliance212%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 212.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.82xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.82x (cash from operations ₹368 cr, net profit ₹448 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (33 vs 26). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress28% of fixed assetsWithin range

Capital work-in-progress is 28% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-45 days / 2 yrsWithin range

Days payable changed by -45 over two years. Bands: rise of up to 30 days; more than 30 days.

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 3 years, DIIs added 2.9 pts; FIIs trimmed 2.4 pts.
The number of shareholders rose from 27,445 to 40,465 (+47%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters72.3%72.5%+0.1 pts

FIIs2.6%0.3%-2.4 pts

DIIs2.5%5.5%+2.9 pts

Public and others22.5%21.8%-0.7 pts

Number of shareholders

40,465shareholders+47% since Sep '23

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

−15.1%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like ANDHRA PAPER 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 −29% to +25% vs the market, against −7% for all non-financial companies in the same months.
The gap against the base rate (−8.3%, 80% range −14.7% to +8.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

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

Similar setups' median

−15.1%

All companies' median

−6.8%

Beat the market

42% vs 42%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
IGPL Process Industries	Nov 2024	49x	5%	+38%	−13%	−39%
DIAMONDYD Consumer Non-Durables	Feb 2022	69x	3%	+15%	−18%	+12%
SUBROS Producer Manufacturing	Mar 2023	60x	7%	−8%	−24%	+16%
GSFC Process Industries	Apr 2021	33x	3%	+115%	−6%	+47%
ENIL Consumer Services	Aug 2025	67x	3%	−24%	−30%	−42%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
EVERESTIND Distribution Services	May 2021	45x	5%	+103%	−4%	+36%
STYRENIX Process Industries	Apr 2023	74x	—	−6%	−17%	+41%
MANALIPETC Process Industries	Sep 2025	36x	5%	−23%	−23%	+26%

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: drawdown from 12-month high, 12-month momentum and P/S. 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 ANDHRA PAPER 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

TVTODAY NETWORKTVTODAY

Consumer Services

64%similar

volatilityEPS growth

JTEKT INDIAJTEKTINDIA

Consumer Durables

60%similar

revenuedebt/equity

PRINCE PIPES AND FITTINGSPRINCEPIPE

Producer Manufacturing

57%similar

operating margindebt/equity

PRATAAP SNACKSDIAMONDYD

Consumer Non-Durables

52%similar

revenueROCE

HONDA INDIA POWER PRODUCTSHONDAPOWER

Producer Manufacturing

52%similar

revenue growthvolatility

FAIRCHEM ORGANICSFAIRCHEMOR

Process Industries

54%similar

revenue growthEPS growth

IG PETROCHEMICALSIGPL

Process Industries

54%similar

revenue growthROCE

ARCHEAN CHEMICAL INDACI

Process Industries

47%similar

revenue growthEPS growth

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

What changed?

30 events since Jan '23

2026
OctPriceVolume reached 13.6x its 50-day median on 2026-10-12; price +6.1% that day.
SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
SepPriceVolume reached 264.3x its 50-day median on 2026-09-08; price -0.2% that day.
JunPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
AprPriceVolume reached 14.7x its 50-day median on 2026-04-07; price +1.6% that day.
MarPriceFell 55% from the Oct 2023 peak to the Mar 2026 low.
FebPriceVolume reached 11.6x its 50-day median on 2026-02-09; price +4.5% that day.
2025
DecValuationP/E crossed above the 90th percentile of its own history to date (65.2x).

Show 22 earlier events

2025
DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
OctPriceVolume reached 12.9x its 50-day median on 2025-10-03; price +7.9% that day.
AugPriceVolume reached 56.6x its 50-day median on 2025-08-25; price +10.6% that day.
JunValuationP/E crossed above the 90th percentile of its own history to date (18.1x).
JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the top quartile).
MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
MarPriceVolume reached 5.2x its 50-day median on 2025-03-12; price -1.7% that day.
2024
DecPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
DecPriceVolume reached 7.9x its 50-day median on 2024-12-16; price +5.7% that day.
JulPriceVolume reached 16.3x its 50-day median on 2024-07-02; price +5.6% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
AprPriceVolume reached 11.9x its 50-day median on 2024-04-26; price +5.7% that day.
FebPriceVolume reached 14.0x its 50-day median on 2024-02-09; price -1.1% that day.
2023
OctPriceVolume reached 8.3x its 50-day median on 2023-10-11; price +6.8% that day.
SepPriceVolume reached 28.1x its 50-day median on 2023-09-06; price +13.3% that day.
JunResultsRevenue (TTM) reached a new high of ₹2,098 cr.
JunValuationP/E fell below the 10th percentile of its own history to date (3.2x).
JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
JunDividendDividend payout cut from 21% to 10% of profit.
MayPriceVolume reached 12.6x its 50-day median on 2023-05-09; price -0.6% that day.
JanPriceVolume reached 32.5x its 50-day median on 2023-01-31; price +7.5% that day.

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 history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	45.8x	₹1702 cr	1.4%	0.0%	0.1x
2026-10	48.1x	₹1702 cr	1.4%	0.0%	0.1x
2026-09	52.3x	₹1702 cr	1.4%	0.0%	0.1x
2026-08	64.6x	₹1701 cr	1.0%	0.0%	0.1x
2026-07	64.9x	₹1701 cr	1.0%	0.0%	0.1x
2026-06	67.0x	₹1701 cr	1.0%	0.0%	0.1x
2026-05	67.4x	₹1582 cr	1.0%	4.0%	0.1x
2026-04	70.8x	₹1582 cr	1.0%	4.0%	0.1x
2026-03	62.2x	₹1582 cr	1.0%	4.0%	0.1x
2026-02	66.8x	₹1549 cr	1.1%	4.0%	0.1x
2026-01	63.0x	₹1549 cr	1.1%	4.0%	0.1x
2025-12	65.2x	₹1549 cr	1.1%	4.0%	0.1x
2025-11	16.5x	₹1619 cr	4.3%	4.0%	0.1x
2025-10	18.7x	₹1619 cr	4.3%	4.0%	0.1x
2025-09	18.6x	₹1619 cr	4.3%	4.0%	0.1x
2025-08	17.4x	₹1541 cr	4.6%	4.0%	0.1x
2025-07	17.2x	₹1541 cr	4.6%	4.0%	0.1x
2025-06	18.1x	₹1541 cr	4.6%	4.0%	0.1x
2025-05	12.8x	₹1498 cr	6.3%	25.0%	0.1x
2025-04	12.4x	₹1498 cr	6.3%	25.0%	0.1x
2025-03	11.5x	₹1498 cr	6.3%	25.0%	0.1x
2025-02	7.9x	₹1589 cr	10.1%	25.0%	0.1x
2025-01	9.0x	₹1589 cr	10.1%	25.0%	0.1x
2024-12	9.9x	₹1589 cr	10.1%	25.0%	0.1x
2024-11	7.9x	₹1639 cr	13.1%	25.0%	0.1x
2024-10	8.0x	₹1639 cr	13.1%	25.0%	0.1x
2024-09	8.5x	₹1639 cr	13.1%	25.0%	0.1x
2024-08	6.6x	₹1801 cr	18.0%	25.0%	0.1x
2024-07	6.7x	₹1801 cr	18.0%	25.0%	0.1x
2024-06	6.6x	₹1801 cr	18.0%	25.0%	0.1x
2024-05	3.8x	₹2098 cr	33.0%	52.0%	0.0x
2024-04	4.0x	₹2098 cr	33.0%	52.0%	0.0x
2024-03	3.7x	₹2098 cr	33.0%	52.0%	0.0x
2024-02	3.9x	₹2098 cr	33.0%	52.0%	0.0x
2024-01	4.7x	₹2098 cr	33.0%	52.0%	0.0x
2023-12	4.6x	₹2098 cr	33.0%	52.0%	0.0x
2023-11	4.3x	₹2098 cr	33.0%	52.0%	0.0x
2023-10	4.2x	₹2098 cr	33.0%	52.0%	0.0x
2023-09	4.5x	₹2098 cr	33.0%	52.0%	0.0x
2023-08	3.4x	₹2098 cr	33.0%	52.0%	0.0x
2023-07	3.2x	₹2098 cr	33.0%	52.0%	0.0x
2023-06	3.2x	₹2098 cr	33.0%	52.0%	0.0x
2023-05	12.6x	₹1380 cr	12.8%	18.0%	0.1x
2023-04	12.9x	₹1380 cr	12.8%	18.0%	0.1x
2023-03	11.8x	₹1380 cr	12.8%	18.0%	0.1x
2023-02	12.0x	₹1380 cr	12.8%	18.0%	0.1x
2023-01	12.9x	₹1380 cr	12.8%	18.0%	0.1x
2022-12	11.9x	₹1380 cr	12.8%	18.0%	0.1x
2022-11	12.1x	₹1380 cr	12.8%	18.0%	0.1x
2022-10	14.0x	₹1380 cr	12.8%	18.0%	0.1x
2022-09	12.6x	₹1380 cr	12.8%	18.0%	0.1x
2022-08	14.0x	₹1380 cr	12.8%	18.0%	0.1x
2022-07	9.9x	₹1380 cr	12.8%	18.0%	0.1x
2022-06	8.7x	₹1380 cr	12.8%	18.0%	0.1x
2022-05	—	₹887 cr	-0.5%	0.0%	0.0x
2022-04	—	₹887 cr	-0.5%	0.0%	0.0x
2022-03	—	₹887 cr	-0.5%	0.0%	0.0x
2022-02	—	₹887 cr	-0.5%	0.0%	0.0x
2022-01	—	₹887 cr	-0.5%	0.0%	0.0x
2021-12	—	₹887 cr	-0.5%	0.0%	0.0x
2021-11	—	₹887 cr	-0.5%	0.0%	0.0x
2021-10	—	₹887 cr	-0.5%	0.0%	0.0x
2021-09	—	₹887 cr	-0.5%	0.0%	0.0x
2021-08	—	₹887 cr	-0.5%	0.0%	0.0x
2021-07	—	₹887 cr	-0.5%	0.0%	0.0x
2021-06	—	₹887 cr	-0.5%	0.0%	0.0x
2021-05	4.5x	₹1270 cr	21.8%	27.0%	0.0x
2021-04	4.0x	₹1270 cr	21.8%	27.0%	0.0x
2021-03	4.1x	₹1270 cr	21.8%	27.0%	0.0x
2021-02	4.3x	₹1270 cr	21.8%	27.0%	0.0x
2021-01	3.9x	₹1270 cr	21.8%	27.0%	0.0x
2020-12	4.0x	₹1270 cr	21.8%	27.0%	0.0x
2020-11	3.7x	₹1270 cr	21.8%	27.0%	0.0x
2020-10	3.5x	₹1270 cr	21.8%	27.0%	0.0x
2020-09	3.6x	₹1270 cr	21.8%	27.0%	0.0x
2020-08	4.0x	₹1270 cr	21.8%	27.0%	0.0x
2020-07	4.1x	₹1270 cr	21.8%	27.0%	0.0x
2020-06	4.5x	₹1270 cr	21.8%	27.0%	0.0x
2020-05	3.5x	₹1427 cr	26.2%	42.0%	0.0x
2020-04	3.8x	₹1427 cr	26.2%	42.0%	0.0x
2020-03	2.8x	₹1427 cr	26.2%	42.0%	0.0x
2020-02	5.1x	₹1427 cr	26.2%	42.0%	0.0x
2020-01	5.8x	₹1427 cr	26.2%	42.0%	0.0x
2019-12	5.7x	₹1427 cr	26.2%	42.0%	0.0x
2019-11	5.8x	₹1427 cr	26.2%	42.0%	0.0x
2019-10	6.3x	₹1427 cr	26.2%	42.0%	0.0x
2019-09	7.3x	₹1427 cr	26.2%	42.0%	0.0x
2019-08	8.8x	₹1427 cr	26.2%	42.0%	0.0x
2019-07	8.6x	₹1427 cr	26.2%	42.0%	0.0x
2019-06	8.5x	₹1427 cr	26.2%	42.0%	0.0x
2019-05	20.4x	₹1264 cr	14.7%	21.0%	0.4x
2019-04	21.2x	₹1264 cr	14.7%	21.0%	0.4x
2019-03	21.4x	₹1264 cr	14.7%	21.0%	0.4x
2019-02	21.3x	₹1264 cr	14.7%	21.0%	0.4x
2019-01	22.8x	₹1264 cr	14.7%	21.0%	0.4x

Methodology and data notes