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ARIHANT CAPITAL MARKETS LTD (ARIHANTCAP)

Finance · Investment Banks/Brokers · figures to Nov '26

Divergence: price ahead of business (3 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.53 / 100
Profitability 61Growth 49Balance sheet 49
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.62 / 100
Price 95Earnings 36FII/DII 55

Passes these screensPrice ahead of business

Compare withBSEBILLIONBRAINS GARAGE VENTURESMULTI COMMODITY EXCHANGE

Share price

Closing priceAdjusted for splits and bonus issues.

₹97.51 latest close · +37.3% over the last 90 sessions

₹70₹80₹90₹100Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹70₹80₹90₹100Jul 3Sep 4Nov 9

₹97.51 month-end · −2.9% over 12 months

₹60₹80₹100Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹60₹80₹100Nov '25May '26Nov '26

₹97.51 month-end · +36.8% over 3 years

₹60₹80₹100Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹60₹80₹100Nov '23May '25Nov '26

₹97.51 month-end · +284.7% since Jun '21

₹50₹100Jun '21Jul '22Aug '23Sep '24Oct '25Nov '26 ₹50₹100Jun '21Mar '24Nov '26

52-week range ₹56.97 to ₹108.57 · 1-year volatility 43.4%

Was the rally earned?

-3%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-3%).
  • The share count rose 5%.
Net profit growth: −26 pts. Points of the price return explained by net profit growing (or shrinking).−26 ptsNet profit growthP/E change: +27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+27 ptsP/E changeShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4 ptsShare count changeShare price: −3%−3%Share priceNet profit growth: −26 pts. Points of the price return explained by net profit growing (or shrinking).−26ProfitP/E change: +27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+27P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: −3%−3%Share price
Net profit growth-26 ptsNet profit fell about 23%, which lowers the price.
P/E change+27 ptsThe P/E rose from 19.8x to 26.1x, which lifts the price.
Share count change-4 ptsShare count rose 5%, which lowers the price.
+37%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 34 points to the rise, while the multiple moved less (P/E 25.5x to 26.1x).
  • The share count rose 6%.
Net profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40 ptsNet profit growthP/E change: +3 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+3 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +37%+37%Share priceNet profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40ProfitP/E change: +3 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+3P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +37%+37%Share price
Net profit growth+40 ptsNet profit rose about 41%, which lifts the price.
P/E change+3 ptsThe P/E rose from 25.5x to 26.1x, which lifts the price.
Share count change-7 ptsShare count rose 6%, which lowers the price.
+255%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 8.3x to 26.1x); per-share earnings added 23 points.
  • The share count rose 4%.
Net profit growth: +31 pts. Points of the price return explained by net profit growing (or shrinking).+31 ptsNet profit growthP/E change: +232 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+232 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: +255%+255%Share priceNet profit growth: +31 pts. Points of the price return explained by net profit growing (or shrinking).+31ProfitP/E change: +232 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+232P/EShare count change: −8 pts. Points of the price return explained by the share count changing. More shares count against the price.−8SharesShare price: +255%+255%Share price
Net profit growth+31 ptsNet profit rose about 17%, which lifts the price.
P/E change+232 ptsThe P/E rose from 8.3x to 26.1x, which lifts the price.
Share count change-8 ptsShare count rose 4%, 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 BSE

How rough has the ride been?

Maximum drawdown-63.8%recovered 2024-09
1-year volatility43.4%annualised
Beta vs sector index1.303-year daily, correlation 0.46
Volume spikes15last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%20222023202420252026−63.0% 0%−20%−40%−60%202220242026−63.0%
Largest drawdowns

-63.8% (2022-04 peak to 2023-03 low, recovered 2024-09)

-51.3% (2024-10 peak to 2026-03 low, not yet recovered)

-27.3% (2021-07 peak to 2021-08 low, recovered 2021-12)

Most recent volume spikes

2026-10-27: 12.2x the 50-day median, price +2.9% that day

2026-10-26: 5.8x the 50-day median, price +1.3% that day

2026-10-14: 5x the 50-day median, price +2.4% 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?

26.1xP/E todayNear its historic high
Against its own history97th percentile
CheapestMedian 16.0xDearest

Usual range 8.4x to 25.0x since 2021-06.

Against Finance26.1x vs 18.1x
This company
26.1x
Sector median
18.1x

44% above the Finance median.

7.3x13.8x20.4x26.9xJun '21Jul '22Aug '23Sep '24Oct '25Nov '267.3x13.8x20.4x26.9xJun '21Apr '23Feb '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance 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 Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance 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

  • ROCE59th▼ 20 pts vs a year ago
  • Op. margin64th▲ 5 pts vs a year ago
  • Revenue growth35th▲ 14 pts vs a year ago
  • EPS growth27th▲ 3 pts vs a year ago
  • Debt/equity ↓30th▼ 12 pts vs a year ago
  • Cash cycle ↓18thflat vs a year ago
  • P/E ↓40th▼ 22 pts vs a year ago
  • 12M momentum65th▼ 6 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 Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~15%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 21.2x, a holder earning 12%/yr needs earnings to grow about 15.4%/yr for 10 years, then trade at 15x.

Delivered16.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−0.9 ptsimplied minus delivered
Rank549thmost demanding of 856

Over time

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

0%12%23% Jun 2020Nov 2026 0%12%23% Jun 2020Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x16.8%17.9%18.9%
15x14.3%15.4%16.4%
20x11.2%12.2%13.2%

Drag a slider to test other assumptions

Implied: 15.4%/yr

Looking back

  • Jan 2022Price implied 18%/yr; EPS has since grown −4%/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 Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹97.51
P/E
26.1x
ROCE
11.0%
Market Cap
₹1069 cr
Revenue (TTM)
₹233 cr
P/S
4.6x
P/B
2.4x
ROE
9.3%
Operating Margin
45.0%
Debt / Equity
0.5x
Promoter Holding
67.7%
12M Momentum
-2.9%

52-week range

₹56.97₹108.57
79% of the way from its 52-week low to its high

Price risk

1Y volatility
43.4%
Beta vs sector
1-year daily
1.22

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.75x
low
Share count, 1Y
+10.0%

Are profits backed by cash?

3 of 6checks within range1 beyond a threshold
Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 1.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.75xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.75x (cash from operations ₹-120 cr, net profit ₹161 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+24 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 24 days (174 vs 150). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% 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 3 years, promoters trimmed 4.0 pts.
  • The number of shareholders rose from 13,219 to 30,214 (+129%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters71.6%67.7%-4.0 pts
FIIs0.1%0.0%0.0 pts
DIIs0.0%0.0%0.0 pts
Public and others28.3%32.2%+3.9 pts

Number of shareholders

30,214shareholders+129% since Sep '23
13k20k26k33k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 13,219
Dec '23: 14,753
Mar '24: 18,099
Jun '24: 22,030
Sep '24: 26,637
Dec '24: 28,725
Mar '25: 29,259
Jun '25: 28,520
Sep '25: 24,874
Dec '25: 32,586
Mar '26: 30,812
Jun '26: 30,214
 13k20k26k33k Sep '23Sep '24Sep '25Jun '26
Sep '23: 13,219
Dec '23: 14,753
Mar '24: 18,099
Jun '24: 22,030
Sep '24: 26,637
Dec '24: 28,725
Mar '25: 29,259
Jun '25: 28,520
Sep '25: 24,874
Dec '25: 32,586
Mar '26: 30,812
Jun '26: 30,214

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

+1.7%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 ARIHANT CAPITAL MARKETS LTD 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 −22% to +44% vs the market, against +1% for all non-financial companies in the same months.
  • The gap against the base rate (+1.2%, 80% range −6.7% to +16.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SOLARA · Apr 2021: −66.1% vs market
SOUTHWEST · Oct 2023: −54.4% vs market
BAJAJHCARE · Sep 2023: −45.0% vs market
THEINVEST · Nov 2024: −41.9% vs market
AARTIDRUGS · Jul 2023: −41.8% vs market
CAMLINFINE · Jan 2023: −40.6% vs market
CARYSIL · Mar 2024: −38.7% vs market
SAKAR · Dec 2023: −37.0% vs market
AJMERA · Oct 2025: −34.6% vs market
EPL · Jul 2023: −32.8% vs market
LIBERTSHOE · Mar 2020: −30.3% vs market
DCXINDIA · Nov 2023: −28.0% vs market
PIXTRANS · Jul 2023: −22.2% vs market
GREENPLY · Oct 2021: −20.7% vs market
POKARNA · Oct 2024: −18.1% vs market
NRBBEARING · Nov 2021: −14.3% vs market
ORIENTHOT · Aug 2024: −8.5% vs market
SATIA · Apr 2022: −8.3% vs market
GOCLCORP · Jul 2021: −7.4% vs market
NIPPOBATRY · Apr 2020: −7.3% vs market
5PAISA · Jun 2023: −5.6% vs market
MMFL · Apr 2022: −5.2% vs market
SHALBY · Jul 2023: −2.8% vs market
BANARISUG · Jan 2022: −0.8% vs market
ADOR · May 2020: +0.8% vs market
GREENLAM · Nov 2021: +2.6% vs market
MINDACORP · May 2023: +4.3% vs market
MIDHANI · Jun 2023: +7.5% vs market
CCL · Sep 2022: +10.7% vs market
ARIHANTSUP · Jan 2024: +22.6% vs market
EPIGRAL · Jul 2024: +24.3% vs market
SINTERCOM · Mar 2020: +25.2% vs market
RUPA · Jan 2021: +26.8% vs market
KCP · Nov 2020: +27.3% vs market
ASAHIINDIA · Dec 2020: +29.1% vs market
JKPAPER · Mar 2022: +32.3% vs market
ASTRAMICRO · Sep 2023: +35.3% vs market
JASH · Jun 2022: +46.3% vs market
MAHSEAMLES · Oct 2021: +53.3% vs market
SMSPHARMA · Jun 2020: +70.1% vs market
ARVSMART · Dec 2023: +71.9% vs market
DOLLAR · Feb 2021: +81.4% vs market
BECTORFOOD · Dec 2022: +109.9% vs market
HIKAL · Jul 2020: +119.5% vs market
GENUSPOWER · May 2023: +138.4% vs market
MARATHON · Mar 2022: +146.2% vs market
ELECON · May 2022: +146.4% vs market
APOLLO · Sep 2022: +170.5% vs market
FLUOROCHEM · Apr 2021: +183.8% vs market
SHAILY · Jan 2024: +259.5% vs market
Similar setups +1.7%All companies +0.5%← 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 · 8 beyond the range shown, drawn at the edge

Similar setups' median
+1.7%
All companies' median
+0.5%
Beat the market
52% vs 51%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
5PAISA
Finance		 Jun 2023 39x12% +26%−3% −6%
ORIENTHOT
Consumer Services		 Aug 2024 59x11% +84%0% −9%
LIBERTSHOE
Consumer Non-Durables		 Mar 2020 12x9% −33%−35% −30%
AJMERA
Finance		 Oct 2025 31x13% +19%−8% −35%
NRBBEARING
Producer Manufacturing		 Nov 2021 28x11% +89%−7% −14%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CAMLINFINE
Process Industries		 Jan 2023 44x10% +3%−6% −41%
JASH
Producer Manufacturing		 Jun 2022 24x17% +14%−8% +46%
MMFL
Producer Manufacturing		 Apr 2022 47x8% +100%−5% −5%
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: revenue growth, 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 ARIHANT CAPITAL MARKETS LTD. 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.

INNOVANA THINKLABSINNOVANA
Technology Services
57%similar
volatilityrevenue
SURAJ ESTATE DEVELOPERS LIMITESURAJEST
Industrial Services
56%similar
operating marginvolatility
VINSYS IT SERVICESVINSYS
Commercial Services
56%similar
EPS growthrevenue
ROYAL ORCHID HOTELSROHLTD
Consumer Services
55%similar
ROCEP/E
DOLPHIN OFFSHORE ENTERPRISES (DOLPHIN
Industrial Services
53%similar
debt/equityoperating margin
ELDECO HOUSING & INDELDEHSG
Finance
63%similar
revenuevolatility
ARIHANT SUPERSTRUCTURES LIMITEARIHANTSUP
Finance
61%similar
ROCEmarket cap
AJMERA REALTY & INFRA INDIA LIAJMERA
Finance
58%similar
debt/equitypromoter holding

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

What changed?

30 events since Jul '23

  1. NovValuationP/E crossed above the 90th percentile of its own history to date (26.1x).
  2. OctPriceVolume reached 12.2x its 50-day median on 2026-10-27; price +2.9% that day.
  3. SepPeer rankMoved into the 2nd quartile of Finance on operating margin (from the 3rd quartile).
  4. SepPriceVolume reached 63.9x its 50-day median on 2026-09-23; price +3.4% that day.
  5. JulValuationP/E crossed above the 90th percentile of its own history to date (26.2x).
  6. JunPeer rankSlipped to the 2nd quartile of Finance on ROCE (from the top quartile).
  7. JunSharesShare count is up 10.0% over 12 months.
  8. JunPriceVolume reached 13.0x its 50-day median on 2026-06-12; price +11.4% that day.
Show 22 earlier events
  1. MarPromoterPromoter holding fell 2.1 pts to 67.7%.
  2. MarPriceFell 51% from the Oct 2024 peak to the Mar 2026 low.
  3. FebPriceVolume reached 26.6x its 50-day median on 2026-02-23; price +12.0% that day.
  4. OctPriceVolume reached 185.5x its 50-day median on 2025-10-27; price +7.9% that day.
  5. SepPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the 3rd quartile).
  6. JulPriceVolume reached 41.0x its 50-day median on 2025-07-22; price +17.0% that day.
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankSlipped to the 3rd quartile of Finance on EPS growth (from the top quartile).
  9. JunPriceVolume reached 23.6x its 50-day median on 2025-06-25; price +9.4% that day.
  10. MarPriceVolume reached 7.2x its 50-day median on 2025-03-17; price +2.9% that day.
  11. FebValuationP/E fell below the 10th percentile of its own history to date (8.1x).
  12. SepPriceRegained the 2022-04 peak, 18 months after the low.
  13. JulPriceVolume reached 17.6x its 50-day median on 2024-07-24; price +9.2% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunPeer rankMoved into the top quartile of Finance on EPS growth (from the bottom quartile).
  16. JunDividendDividend payout cut from 14% to 7% of profit.
  17. MayPriceVolume reached 22.6x its 50-day median on 2024-05-24; price +8.6% that day.
  18. FebPriceVolume reached 12.1x its 50-day median on 2024-02-05; price +1.0% that day.
  19. JanValuationP/E crossed above the 90th percentile of its own history to date (26.9x).
  20. DecPriceVolume reached 13.8x its 50-day median on 2023-12-18; price +5.8% that day.
  21. SepValuationP/E crossed above the 90th percentile of its own history to date (25.1x).
  22. JulPriceVolume reached 32.1x its 50-day median on 2023-07-20; price +6.4% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1126.1x₹233 cr9.3%11.0%0.5x
2026-1022.9x₹233 cr8.8%11.0%0.5x
2026-0924.1x₹233 cr8.8%11.0%0.5x
2026-0826.0x₹206 cr7.0%11.0%0.5x
2026-0726.2x₹206 cr7.0%11.0%0.5x
2026-0622.8x₹206 cr7.0%11.0%0.5x
2026-0518.2x₹203 cr10.2%21.0%0.3x
2026-0419.1x₹203 cr10.2%21.0%0.3x
2026-0315.8x₹203 cr10.2%21.0%0.3x
2026-0218.3x₹206 cr12.0%21.0%0.3x
2026-0118.3x₹206 cr12.0%21.0%0.3x
2025-1220.5x₹206 cr12.0%21.0%0.3x
2025-1119.8x₹225 cr13.8%21.0%0.3x
2025-1020.3x₹225 cr13.8%21.0%0.3x
2025-0921.5x₹225 cr13.8%21.0%0.3x
2025-0819.5x₹247 cr15.4%21.0%0.3x
2025-0717.5x₹247 cr15.4%21.0%0.3x
2025-0614.9x₹247 cr15.4%21.0%0.3x
2025-059.6x₹265 cr23.6%29.0%0.3x
2025-049.1x₹265 cr23.6%29.0%0.3x
2025-039.4x₹265 cr23.6%29.0%0.3x
2025-028.1x₹286 cr26.1%29.0%0.3x
2025-0111.2x₹286 cr26.1%29.0%0.3x
2024-1212.3x₹286 cr26.1%29.0%0.3x
2024-1114.2x₹266 cr24.5%29.0%0.3x
2024-1014.9x₹266 cr24.5%29.0%0.3x
2024-0914.5x₹266 cr24.5%29.0%0.3x
2024-0813.1x₹235 cr22.0%29.0%0.3x
2024-0711.4x₹235 cr22.0%29.0%0.3x
2024-0610.4x₹235 cr22.0%29.0%0.3x
2024-0523.1x₹138 cr11.3%16.0%0.2x
2024-0422.8x₹138 cr11.3%16.0%0.2x
2024-0319.6x₹138 cr11.3%16.0%0.2x
2024-0223.5x₹138 cr11.3%16.0%0.2x
2024-0126.9x₹138 cr11.3%16.0%0.2x
2023-1224.8x₹138 cr11.3%16.0%0.2x
2023-1125.5x₹138 cr11.3%16.0%0.2x
2023-1024.3x₹138 cr11.3%16.0%0.2x
2023-0925.1x₹138 cr11.3%16.0%0.2x
2023-0819.7x₹138 cr11.3%16.0%0.2x
2023-0717.2x₹138 cr11.3%16.0%0.2x
2023-0613.9x₹138 cr11.3%16.0%0.2x
2023-057.3x₹170 cr21.9%27.0%0.4x
2023-048.3x₹170 cr21.9%27.0%0.4x
2023-038.0x₹170 cr21.9%27.0%0.4x
2023-028.7x₹170 cr21.9%27.0%0.4x
2023-0110.6x₹170 cr21.9%27.0%0.4x
2022-1213.3x₹170 cr21.9%27.0%0.4x
2022-1114.0x₹170 cr21.9%27.0%0.4x
2022-1014.7x₹170 cr21.9%27.0%0.4x
2022-0915.2x₹170 cr21.9%27.0%0.4x
2022-0815.8x₹170 cr21.9%27.0%0.4x
2022-0715.3x₹170 cr21.9%27.0%0.4x
2022-0616.6x₹170 cr21.9%27.0%0.4x
2022-0525.1x₹116 cr19.2%22.0%0.3x
2022-0425.0x₹116 cr19.2%22.0%0.3x
2022-0323.8x₹116 cr19.2%22.0%0.3x
2022-0221.1x₹116 cr19.2%22.0%0.3x
2022-0116.3x₹116 cr19.2%22.0%0.3x
2021-1211.8x₹116 cr19.2%22.0%0.3x

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.

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