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ASIAN PAINTS INDIA LTD (ASIANPAINT)

Process Industries · Industrial Specialties · 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.73 / 100
Profitability 88Growth 52Balance sheet 80
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.64 / 100
Price 42Earnings 67FII/DII 82

Passes these screensQuality CompounderDebt-light & profitable

Compare withSOLAR INDUSTRIES INDIAPIDILITE INDUSTRIESSRF

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,509.3 latest close · −8.3% over the last 90 sessions

₹2,400₹2,600₹2,800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,400₹2,600₹2,800Jul 3Sep 4Nov 9

₹2,509.3 month-end · −12.7% over 12 months

₹2,250₹2,500₹2,750Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,250₹2,500₹2,750Nov '25May '26Nov '26

₹2,509.3 month-end · −19.6% over 3 years

₹2,500₹3,000₹3,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,500₹3,000₹3,500Nov '23May '25Nov '26

₹2,509.3 month-end · +77.6% since Jan '19

₹2,000₹3,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹2,000₹3,000Jan '19Dec '22Nov '26

52-week range ₹2115.00 to ₹2985.70 · 1-year volatility 24.9%

Was the rally earned?

-13%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 26 points, but investors now pay less per rupee of profit (P/E 76.6x to 50.5x), which took 39 points back.
  • The share count barely moved.
Net profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25 ptsNet profit growthP/E change: −39 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−39 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −13%−13%Share priceNet profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25ProfitP/E change: −39 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−39P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −13%−13%Share price
Net profit growth+25 ptsNet profit rose about 31%, which lifts the price.
P/E change-39 ptsThe P/E fell from 76.6x to 50.5x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-20%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 13 points, but investors now pay less per rupee of profit (P/E 72.9x to 50.5x), which took 33 points back.
  • The share count fell 2%.
Net profit growth: +12 pts. Points of the price return explained by net profit growing (or shrinking).+12 ptsNet profit growthP/E change: −33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−33 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: −20%−20%Share priceNet profit growth: +12 pts. Points of the price return explained by net profit growing (or shrinking).+12ProfitP/E change: −33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−33P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −20%−20%Share price
Net profit growth+12 ptsNet profit rose about 14%, which lifts the price.
P/E change-33 ptsThe P/E fell from 72.9x to 50.5x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts the price.
-20%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 37 points, but investors now pay less per rupee of profit (P/E 96.0x to 50.5x), which took 57 points back.
  • The share count fell 2%.
Net profit growth: +36 pts. Points of the price return explained by net profit growing (or shrinking).+36 ptsNet profit growthP/E change: −57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−57 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: −20%−20%Share priceNet profit growth: +36 pts. Points of the price return explained by net profit growing (or shrinking).+36ProfitP/E change: −57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−57P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −20%−20%Share price
Net profit growth+36 ptsNet profit rose about 49%, which lifts the price.
P/E change-57 ptsThe P/E fell from 96.0x to 50.5x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts 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 SOLAR INDUSTRIES INDIA

How rough has the ride been?

Maximum drawdown-40.7%not yet recovered
1-year volatility24.9%annualised
Beta vs sector index0.503-year daily, correlation 0.41
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−39.4% 0%−20%−40%2020202220242026−39.4%
Largest drawdowns

-40.7% (2022-01 peak to 2026-03 low, not yet recovered)

-20.9% (2020-02 peak to 2020-03 low, recovered 2020-08)

-20.1% (2021-01 peak to 2021-02 low, recovered 2021-05)

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?

50.5xP/E todayNear its historic low
Against its own history7th percentile
CheapestMedian 72.9xDearest

Usual range 53.4x to 98.2x since 2019-01.

Against Process Industries50.5x vs 18.1x
This company
50.5x
Sector median
18.1x

179% above the Process Industries median.

6.8x40.3x73.8x107.4xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x40.3x73.8x107.4xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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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

  • ROCE91stflat vs a year ago
  • Op. margin85thflat vs a year ago
  • Revenue growth56th▲ 38 pts vs a year ago
  • EPS growth69th▲ 43 pts vs a year ago
  • Debt/equity ↓68th▼ 6 pts vs a year ago
  • Cash cycle ↓64th▲ 15 pts vs a year ago
  • P/E ↓14th▲ 4 pts vs a year ago
  • 12M momentum44th▼ 40 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?

~25%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 58.3x, a holder earning 12%/yr needs earnings to grow about 25.4%/yr for 10 years, then trade at 15x.

Delivered11.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+13.7 ptsimplied minus delivered
Rank245thmost demanding of 856

Over time

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

0%19%38% Jan 2019Nov 2026 0%19%38% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x26.6%27.8%28.9%
15x24.3%25.4%26.5%
20x21.2%22.3%23.4%

Drag a slider to test other assumptions

Implied: 25.4%/yr

Looking back

  • Jan 2020Price implied 33%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 35%/yr; EPS has since grown 8%/yr (6.0 yrs)
  • Jan 2022Price implied 37%/yr; EPS has since grown 7%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2509.30
P/E
50.5x
ROCE
26.0%
Market Cap
₹2.41L cr
Revenue (TTM)
₹37187 cr
P/S
6.5x
P/B
11.3x
ROE
22.3%
Operating Margin
21.0%
Debt / Equity
0.2x
Promoter Holding
52.6%
12M Momentum
-12.7%

52-week range

₹2115.00₹2985.70
45% of the way from its 52-week low to its high

Price risk

1Y volatility
24.9%
Beta vs sector
1-year daily
0.66

Balance sheet & cash

Interest cover
operating profit ÷ interest
34.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.29x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 11.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.29xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.29x (cash from operations ₹17,616 cr, net profit ₹13,663 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history-3 daysWithin range

Debtor days are below the median of the previous three fiscal years by 3 days (46 vs 49). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress19% of fixed assetsWithin range

Capital work-in-progress is 19% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 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 10.7 pts; FIIs trimmed 4.3 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters52.6%52.6%0.0 pts
FIIs17.6%13.3%-4.3 pts
DIIs10.0%20.7%+10.7 pts
Public and others19.6%13.2%-6.5 pts

Number of shareholders

9.6 lakhshareholders-3% since Sep '23
9.6L10.4L11.3L12.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 9.9 lakh
Dec '23: 9.8 lakh
Mar '24: 11.1 lakh
Jun '24: 11.1 lakh
Sep '24: 9.8 lakh
Dec '24: 11.9 lakh
Mar '25: 12.1 lakh
Jun '25: 11.7 lakh
Sep '25: 11.1 lakh
Dec '25: 10.0 lakh
Mar '26: 10.0 lakh
Jun '26: 9.6 lakh
 9.6L10.4L11.3L12.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 9.9 lakh
Dec '23: 9.8 lakh
Mar '24: 11.1 lakh
Jun '24: 11.1 lakh
Sep '24: 9.8 lakh
Dec '24: 11.9 lakh
Mar '25: 12.1 lakh
Jun '25: 11.7 lakh
Sep '25: 11.1 lakh
Dec '25: 10.0 lakh
Mar '26: 10.0 lakh
Jun '26: 9.6 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

−10.8%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like ASIAN PAINTS INDIA 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 −23% to −3% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −6.3%, 80% range −13.9% to −3.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%
WIPRO · Oct 2021: −42.4% vs market
BERGEPAINT · May 2023: −40.9% vs market
PIIND · Jul 2025: −38.6% vs market
VOLTAS · Dec 2021: −36.7% vs market
EICHERMOT · Nov 2020: −33.7% vs market
DABUR · May 2023: −31.6% vs market
SRF · Apr 2023: −30.2% vs market
MARICO · Apr 2023: −29.4% vs market
HCLTECH · Sep 2021: −27.4% vs market
BRITANNIA · Jan 2021: −25.8% vs market
INFY · Jun 2022: −23.9% vs market
ENDURANCE · Feb 2021: −23.9% vs market
SUPREMEIND · Apr 2021: −23.2% vs market
CROMPTON · Mar 2021: −22.9% vs market
RELAXO · Jul 2021: −20.6% vs market
KANSAINER · Aug 2020: −18.6% vs market
PAGEIND · Nov 2024: −17.4% vs market
ABBOTINDIA · May 2023: −17.1% vs market
SHREECEM · Dec 2020: −16.7% vs market
TCS · Jun 2022: −15.8% vs market
MANKIND · Nov 2024: −15.4% vs market
UBL · Jan 2020: −13.6% vs market
EMAMILTD · Sep 2021: −12.4% vs market
GODREJCP · Jan 2021: −12.3% vs market
LTTS · Feb 2024: −10.9% vs market
ATUL · Jun 2021: −10.6% vs market
CIPLA · Aug 2023: −10.6% vs market
TECHM · Feb 2020: −8.7% vs market
HAVELLS · Apr 2023: −8.5% vs market
BALKRISIND · Jun 2022: −8.1% vs market
VBL · Apr 2025: −7.8% vs market
KAJARIACER · Nov 2021: −7.7% vs market
HINDUNILVR · Jan 2025: −7.6% vs market
3MINDIA · Jun 2023: −7.0% vs market
ALKEM · Sep 2025: −5.4% vs market
SCHAEFFLER · May 2025: −3.6% vs market
PIDILITIND · Dec 2024: −3.3% vs market
ASTRAL · Oct 2025: −2.2% vs market
UNITDSPR · Sep 2025: +1.7% vs market
CUMMINSIND · Feb 2024: +3.5% vs market
DMART · Aug 2024: +4.7% vs market
LALPATHLAB · May 2025: +12.9% vs market
SUNPHARMA · Sep 2025: +13.3% vs market
MEDANTA · Jun 2025: +15.3% vs market
NESTLEIND · May 2025: +16.1% vs market
TORNTPHARM · Jun 2024: +19.6% vs market
BAJAJ-AUTO · Oct 2025: +23.0% vs market
TITAN · Apr 2021: +33.2% vs market
SIEMENS · Dec 2023: +38.1% vs market
PERSISTENT · Jun 2024: +39.5% vs market
Similar setups −10.8%All companies −4.5%← 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

Similar setups' median
−10.8%
All companies' median
−4.5%
Beat the market
24% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DABUR
Consumer Non-Durables		 May 2023 56x27% +7%−8% −32%
UNITDSPR
Consumer Non-Durables		 Sep 2025 64x26% −17%−22% +2%
BERGEPAINT
Process Industries		 May 2023 76x26% +6%−8% −41%
HAVELLS
Producer Manufacturing		 Apr 2023 64x27% −6%−12% −9%
NESTLEIND
Consumer Non-Durables		 May 2025 77x— +2%−13% +16%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PIDILITIND
Process Industries		 Dec 2024 77x30% +7%−14% −3%
HINDUNILVR
Consumer Non-Durables		 Jan 2025 55x27% −1%−19% −8%
MARICO
Consumer Non-Durables		 Apr 2023 52x43% −5%−10% −29%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S 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 ASIAN PAINTS INDIA 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.

BRITANNIA INDUSTRIESBRITANNIA
Consumer Non-Durables
80%similar
EPS growthmarket cap
GODREJ CONSUMER PRODUCTSGODREJCP
Consumer Non-Durables
79%similar
promoter holdingvolatility
PAGE INDUSTRIESPAGEIND
Consumer Non-Durables
73%similar
volatilitydebt/equity
TECH MAHINDRATECHM
Technology Services
70%similar
market caprevenue
SUNDRAM FASTENERSSUNDRMFAST
Producer Manufacturing
69%similar
volatilityEPS growth
SRFSRF
Process Industries
64%similar
revenuemarket cap
COROMANDEL INTERNATIONAL LIMITCOROMANDEL
Process Industries
56%similar
revenuerevenue growth
GRINDWELL NORTONGRINDWELL
Process Industries
56%similar
P/EEPS growth

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

What changed?

30 events since Mar '21

  1. SepValuationP/E fell below the 10th percentile of its own history to date (48.4x).
  2. JunResultsYear-on-year EPS growth turned positive.
  3. JunPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  4. MarPriceFell 41% from the Jan 2022 peak to the Mar 2026 low.
  5. MarValuationP/E fell below the 10th percentile of its own history to date (54.0x).
  6. NovPriceVolume reached 8.2x its 50-day median on 2025-11-13; price +4.0% that day.
  7. SepInstitutionsFII + DII holding rose 5.2 pts over 2 quarters to 32.8%.
  8. SepPeer rankMoved into the 3rd quartile of Process Industries on EPS growth (from the bottom quartile).
Show 22 earlier events
  1. AugPriceVolume reached 7.8x its 50-day median on 2025-08-26; price -0.5% that day.
  2. JunResultsYear-on-year EPS growth turned negative.
  3. JunPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 2nd quartile).
  4. NovPriceVolume reached 9.1x its 50-day median on 2024-11-11; price -8.2% that day.
  5. SepPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  6. JunResultsRevenue (TTM) reached a new high of ₹35,495 cr.
  7. JunValuationP/E fell below the 10th percentile of its own history to date (51.2x).
  8. FebValuationP/E fell below the 10th percentile of its own history to date (65.9x).
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
  11. MayValuationP/E crossed above the 90th percentile of its own history to date (101.1x).
  12. JunResultsYear-on-year EPS growth turned negative.
  13. JunPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 2nd quartile).
  14. AprValuationP/E crossed above the 90th percentile of its own history to date (98.9x).
  15. MarPriceVolume reached 8.0x its 50-day median on 2022-03-04; price -4.7% that day.
  16. DecValuationP/E crossed above the 90th percentile of its own history to date (103.4x).
  17. OctPriceVolume reached 5.9x its 50-day median on 2021-10-21; price -5.3% that day.
  18. JulPriceVolume reached 6.1x its 50-day median on 2021-07-20; price +5.9% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹21,713 cr.
  20. JunPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  21. MayPriceVolume reached 6.7x its 50-day median on 2021-05-14; price +8.5% that day.
  22. MarPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).

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
2026-1150.5x₹37187 cr22.3%26.0%0.2x
2026-1046.7x₹37187 cr22.6%26.0%0.2x
2026-0948.4x₹37187 cr22.6%26.0%0.2x
2026-0858.8x₹35584 cr20.6%26.0%0.2x
2026-0760.9x₹35584 cr20.6%26.0%0.2x
2026-0658.4x₹35584 cr20.6%26.0%0.2x
2026-0566.6x₹34696 cr20.2%26.0%0.1x
2026-0461.0x₹34696 cr20.2%26.0%0.1x
2026-0354.0x₹34696 cr20.2%26.0%0.1x
2026-0258.5x₹34378 cr20.4%26.0%0.1x
2026-0159.8x₹34378 cr20.4%26.0%0.1x
2025-1268.2x₹34378 cr20.4%26.0%0.1x
2025-1176.6x₹33875 cr18.8%26.0%0.1x
2025-1066.9x₹33875 cr18.8%26.0%0.1x
2025-0962.6x₹33875 cr18.8%26.0%0.1x
2025-0865.9x₹33906 cr19.1%26.0%0.1x
2025-0762.7x₹33906 cr19.1%26.0%0.1x
2025-0661.2x₹33906 cr19.1%26.0%0.1x
2025-0551.2x₹34278 cr22.9%38.0%0.1x
2025-0455.0x₹34278 cr22.9%38.0%0.1x
2025-0353.1x₹34278 cr22.9%38.0%0.1x
2025-0245.8x₹34832 cr24.7%38.0%0.1x
2025-0148.3x₹34832 cr24.7%38.0%0.1x
2024-1247.9x₹34832 cr24.7%38.0%0.1x
2024-1146.8x₹35283 cr27.6%38.0%0.1x
2024-1055.4x₹35283 cr27.6%38.0%0.1x
2024-0962.9x₹35283 cr27.6%38.0%0.1x
2024-0854.9x₹35495 cr29.7%38.0%0.1x
2024-0754.2x₹35495 cr29.7%38.0%0.1x
2024-0651.2x₹35495 cr29.7%38.0%0.1x
2024-0567.3x₹34489 cr26.2%34.0%0.1x
2024-0467.2x₹34489 cr26.2%34.0%0.1x
2024-0366.5x₹34489 cr26.2%34.0%0.1x
2024-0265.9x₹34489 cr26.2%34.0%0.1x
2024-0169.1x₹34489 cr26.2%34.0%0.1x
2023-1279.5x₹34489 cr26.2%34.0%0.1x
2023-1172.9x₹34489 cr26.2%34.0%0.1x
2023-1070.0x₹34489 cr26.2%34.0%0.1x
2023-0973.8x₹34489 cr26.2%34.0%0.1x
2023-0876.1x₹34489 cr26.2%34.0%0.1x
2023-0778.9x₹34489 cr26.2%34.0%0.1x
2023-0678.5x₹34489 cr26.2%34.0%0.1x
2023-05101.1x₹29101 cr22.3%29.0%0.1x
2023-0491.9x₹29101 cr22.3%29.0%0.1x
2023-0387.4x₹29101 cr22.3%29.0%0.1x
2023-0289.5x₹29101 cr22.3%29.0%0.1x
2023-0186.3x₹29101 cr22.3%29.0%0.1x
2022-1297.7x₹29101 cr22.3%29.0%0.1x
2022-11100.5x₹29101 cr22.3%29.0%0.1x
2022-1098.4x₹29101 cr22.3%29.0%0.1x
2022-09105.8x₹29101 cr22.3%29.0%0.1x
2022-08107.4x₹29101 cr22.3%29.0%0.1x
2022-07105.5x₹29101 cr22.3%29.0%0.1x
2022-0685.3x₹29101 cr22.3%29.0%0.1x
2022-0587.4x₹21713 cr25.0%34.0%0.1x
2022-0498.9x₹21713 cr25.0%34.0%0.1x
2022-0394.1x₹21713 cr25.0%34.0%0.1x
2022-0297.0x₹21713 cr25.0%34.0%0.1x
2022-0196.3x₹21713 cr25.0%34.0%0.1x
2021-12103.4x₹21713 cr25.0%34.0%0.1x

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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