ARIHANT ACADEMY LIMITED (ARIHANTACA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹220 latest close · 0.0% over the last 90 sessions

₹220 month-end · −10.2% over 12 months

₹220 month-end · +257.7% over 3 years

₹220 month-end · +232.3% since Dec '22

52-week range ₹112.50 to ₹277.50 · 1-year volatility 55.8%

Was the rally earned?

1 year3 years

-10%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 91 points, but investors now pay less per rupee of profit (P/E 66.6x to 22.9x), which took 101 points back.
The share count barely moved.

Net profit growth+91 ptsNet profit rose about 161%, which lifts the price.

P/E change-101 ptsThe P/E fell from 66.6x to 22.9x, which lowers the price.

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

+258%share price, 3 yearsMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 0.1x to 22.9x); per-share earnings took off 941 points.
The share count rose 60500%.

Net profit growth+355 ptsNet profit rose about 477%, which lifts the price.

P/E change+1199 ptsThe P/E rose from 0.1x to 22.9x, which lifts the price.

Share count change-1295 ptsShare count rose 60500%, 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.

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 NBCC (INDIA)

How rough has the ride been?

Maximum drawdown-37.7%recovered 2024-08

1-year volatility55.8%annualised

Drawdown from peak

Largest drawdowns

-37.7% (2024-02 peak to 2024-07 low, recovered 2024-08)

-37.2% (2023-01 peak to 2023-07 low, recovered 2023-07)

-29.0% (2023-08 peak to 2023-11 low, recovered 2023-12)

Where does it rank among Commercial Services peers?

Each cell is the company's percentile rank among its Commercial Services 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

ROCE94th
Op. margin64th
Revenue growth100thflat vs a year ago
EPS growth95th
Debt/equity ↓96thflat vs a year ago
Cash cycle ↓81st▼ 14 pts vs a year ago
P/E ↓43rd▲ 31 pts vs a year ago
12M momentum65th▼ 32 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 Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

~17%annual earnings growth implied by the price

At a P/E of 22.9x, the price would imply about 16.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

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

What prices imply across Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 8 Nov: ₹220.00
P/E: 22.9x
ROCE: 42.5%
Market Cap: ₹267 cr
Revenue (TTM): ₹94 cr
P/S: 2.8x
P/B: 8.0x
ROE: 34.8%
Operating Margin: 16.2%
Debt / Equity: 0.0x
Promoter Holding: 64.7%
12M Momentum: -10.2%

52-week range

₹112.50₹277.50

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

Price risk

1Y volatility

55.8%

Beta vs sector

1-year daily

0.04

Balance sheet & cash

Debt service

no meaningful debt

Cash from profit, 3Y

operating cash flow ÷ net profit

0.98x

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 6checks within range2 near a threshold

Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 22.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.16xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.16x (cash from operations ₹18 cr, net profit ₹15.6 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+42 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 42 days (42 vs 0). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress17% of fixed assetsWithin range

Capital work-in-progress is 17% 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, promoters trimmed 2.8 pts.
The number of shareholders fell from 871 to 371 (-57%) between Dec 2022 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupDec '22Mar '26Change

Promoters73.0%64.7%-8.3 pts

FIIs0.1%0.0%-0.1 pts

DIIs———

Public and others26.9%35.3%+8.3 pts

Number of shareholders

371shareholders-57% since Dec '22

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

−21.1%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like ARIHANT ACADEMY LIMITED today on valuation, return on capital, margins, debt, growth, price momentum and size.
Over the following 12 months the middle half of them returned −36% to +5% vs the market, against −5% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −16.3%, 80% range −21.6% to −7.6%), but the matches cluster in only 6 distinct 12-month windows.

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 · 2 beyond the range shown, drawn at the edge

Similar setups' median

−21.1%

All companies' median

−4.8%

Beat the market

30% vs 45%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
PRIMESECU Finance	Oct 2020	15x	27%	−8%	−14%	+75%
GANDHITUBE Non-Energy Minerals	Jun 2021	15x	30%	+118%	−2%	−11%
NIRMAN Process Industries	Dec 2024	30x	34%	+44%	−15%	−85%
DENTALKART Retail Trade	May 2025	51x	—	+13%	−25%	−30%
SIGMA Technology Services	May 2023	29x	58%	+1%	−17%	+9%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SWARAJENG Producer Manufacturing	May 2022	20x	48%	+4%	−19%	+7%
WEALTH Finance	Sep 2021	21x	44%	+76%	−3%	+5%
EXPLEOSOL Technology Services	Feb 2023	18x	36%	0%	−18%	−36%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high and size. Closest on: P/E, drawdown from 12-month high and 12-month momentum. Not used (unavailable for this company): interest cover and volatility. 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 ARIHANT ACADEMY 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 changed?

14 events since Jul '23

2026
NovPriceFell 27% from the Nov 2025 peak to the Nov 2026 low.
SepPeer rankSlipped to the 2nd quartile of Commercial Services on operating margin (from the top quartile).
JunPeer rankMoved into the top quartile of Commercial Services on operating margin (from the 2nd quartile).
2025
DecResultsRevenue (TTM) reached a new high of ₹78 cr.
JunResultsRevenue (TTM) reached a new high of ₹41 cr.
JunDividendStarted paying a dividend (payout 14% of profit).
JunSharesShare count is up 200.0% over 12 months.
2024
AugPriceRegained the 2024-02 peak, 1 month after the low.

Show 6 earlier events

2024
JulPriceFell 38% from the Feb 2024 peak to the Jul 2024 low.
JunPromoterPromoter holding fell 5.5 pts to 67.5%.
2023
DecPriceRegained the 2023-08 peak, 1 month after the low.
NovPriceFell 29% from the Aug 2023 peak to the Nov 2023 low.
JulPriceRegained the 2023-01 peak, 0 months after the low.
JulPriceFell 37% from the Jan 2023 peak to the Jul 2023 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 history48 months · 2022-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	22.9x	₹94 cr	34.8%	42.5%	0.0x
2026-10	22.0x	₹94 cr	35.9%	42.5%	0.0x
2026-09	26.8x	₹94 cr	35.9%	42.5%	0.0x
2026-08	25.2x	₹89 cr	35.3%	42.5%	0.0x
2026-07	23.6x	₹89 cr	35.3%	42.5%	0.0x
2026-06	24.6x	₹89 cr	35.3%	42.5%	0.0x
2026-05	29.6x	₹83 cr	37.8%	—	0.0x
2026-04	31.6x	₹83 cr	37.8%	—	0.0x
2026-03	35.3x	₹83 cr	37.8%	—	0.0x
2026-02	34.9x	₹78 cr	35.4%	—	0.0x
2026-01	32.0x	₹78 cr	35.4%	—	0.0x
2025-12	35.2x	₹78 cr	35.4%	—	0.0x
2025-11	66.6x	₹41 cr	17.8%	—	0.0x
2025-10	66.6x	₹41 cr	17.8%	—	0.0x
2025-09	59.9x	₹41 cr	17.8%	—	0.0x
2025-08	51.0x	₹41 cr	17.8%	—	0.0x
2025-07	44.9x	₹41 cr	17.8%	—	0.0x
2025-06	37.4x	₹41 cr	17.8%	—	0.0x
2025-05	—	₹15 cr	41.0%	57.0%	0.3x
2025-04	—	₹15 cr	41.0%	57.0%	0.3x
2025-03	—	₹15 cr	41.0%	57.0%	0.3x
2025-02	—	₹15 cr	41.0%	57.0%	0.3x
2025-01	—	₹15 cr	41.0%	57.0%	0.3x
2024-12	—	₹15 cr	41.0%	57.0%	0.3x
2024-11	—	₹15 cr	41.0%	57.0%	0.3x
2024-10	—	₹15 cr	41.0%	57.0%	0.3x
2024-09	—	₹15 cr	41.0%	57.0%	0.3x
2024-08	—	₹15 cr	41.0%	57.0%	0.3x
2024-07	—	₹15 cr	41.0%	57.0%	0.3x
2024-06	—	₹15 cr	41.0%	57.0%	0.3x
2024-05	—	₹15 cr	41.0%	57.0%	0.3x
2024-04	—	₹15 cr	41.0%	57.0%	0.3x
2024-03	—	₹15 cr	41.0%	57.0%	0.3x
2024-02	—	₹15 cr	41.0%	57.0%	0.3x
2024-01	—	₹15 cr	41.0%	57.0%	0.3x
2023-12	—	₹15 cr	41.0%	57.0%	0.3x
2023-11	—	₹15 cr	41.0%	57.0%	0.3x
2023-10	—	₹15 cr	41.0%	57.0%	0.3x
2023-09	—	₹15 cr	41.0%	57.0%	0.3x
2023-08	—	₹15 cr	41.0%	57.0%	0.3x
2023-07	—	₹15 cr	41.0%	57.0%	0.3x
2023-06	—	₹15 cr	41.0%	57.0%	0.3x
2023-05	—	₹15 cr	41.0%	57.0%	0.3x
2023-04	—	₹15 cr	41.0%	57.0%	0.3x
2023-03	—	₹15 cr	41.0%	57.0%	0.3x
2023-02	—	₹15 cr	41.0%	57.0%	0.3x
2023-01	—	₹15 cr	41.0%	57.0%	0.3x
2022-12	—	₹15 cr	41.0%	57.0%	0.3x

Methodology and data notes