Share price
₹237 latest close · −2.4% over the last 90 sessions
₹237 month-end · −0.7% over 12 months
₹237 month-end · +3.9% over 3 years
₹237 month-end · +54.7% since Jan '19
52-week range ₹195.38 to ₹292.51 · 1-year volatility 41.6%
Was the rally earned?
- The share price was roughly flat over 1 year (-1%).
- The share count barely moved.
- The share price was roughly flat over 3 years (+4%).
- The share count barely moved.
Mostly yes, with a catch.
- Per-share earnings added 118 points, but investors now pay less per rupee of profit (P/E 17.0x to 11.8x), which took 48 points back.
- The share count rose 7%.
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.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-54.8% (2019-03 peak to 2020-03 low, recovered 2021-03)
-46.4% (2021-07 peak to 2021-12 low, recovered 2022-09)
-39.2% (2022-09 peak to 2023-03 low, recovered 2024-01)
Is it expensive against its own past and its peers?
Usual range 7.0x to 23.1x since 2019-01.
26% below the Transportation median.
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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.
Where does it rank among Transportation peers?
Each cell is the company's percentile rank among its Transportation 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
- ROCE21st▼ 6 pts vs a year ago
- Op. margin8th▲ 4 pts vs a year ago
- Revenue growth82nd▲ 24 pts vs a year ago
- EPS growth95th▲ 82 pts vs a year ago
- Debt/equity ↓57thflat vs a year ago
- Cash cycle ↓1stflat vs a year ago
- P/E ↓68th▲ 26 pts vs a year ago
- 12M momentum67th▲ 6 pts vs a year ago
Rank history
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 Transportation sector page Watch it move against Transportation in the Observatory
What is the price implying?
At a P/E of 11.2x, the price would imply about 5.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Transportation The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹237.00
- P/E
- 11.8x
- ROCE
- 6.0%
- Market Cap
- ₹185 cr
- Revenue (TTM)
- ₹440 cr
- P/S
- 0.4x
- P/B
- 0.9x
- ROE
- 7.8%
- Operating Margin
- 1.0%
- Debt / Equity
- 0.4x
- Promoter Holding
- 64.5%
- 12M Momentum
- -0.7%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance57%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 56.9%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate8%Near threshold
Median quarterly effective tax rate over about 2.5 years: 7.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion-1.36xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: -1.36x (cash from operations ₹-53 cr, net profit ₹39 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+12 daysWithin range
Debtor days are above the median of the previous three fiscal years by 12 days (44 vs 32). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress2% of fixed assetsWithin range
Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+2 days / 2 yrsWithin range
Days payable changed by +2 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.
Who has been buying and selling?
- Over 3 years, institutional and promoter holdings were broadly unchanged.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like ASPINWALL AND COMPANY 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 −20% to +59% vs the market, against −2% for all non-financial companies in the same months.
- The gap against the base rate (+5.2%, 80% range −4.4% to +11.1%) 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 · 5 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 36 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| UNIVCABLES Electronic Technology |
Sep 2022 | 10x | 9% | +29% | −9% | +95% |
| AARVI Commercial Services |
Aug 2025 | 19x | 11% | −11% | −17% | +3% |
| TCPLPACK Commercial Services |
Jan 2022 | 15x | — | +60% | −8% | +147% |
| BVCL Non-Energy Minerals |
Mar 2021 | 6x | 6% | +132% | −9% | +6% |
| TEXMOPIPES Producer Manufacturing |
Oct 2020 | 11x | 7% | +2% | −9% | +85% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| AAREYDRUGS Health Technology |
Apr 2025 | 26x | 6% | +3% | −27% | +59% |
| BLKASHYAP Industrial Services |
Dec 2022 | 17x | 10% | +11% | −9% | +56% |
| SHREYANIND Process Industries |
Apr 2023 | 23x | 6% | +23% | −8% | +4% |
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, interest cover 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.
What changed?
30 events since Mar '21
- SepResultsYear-on-year EPS growth turned positive.
- SepPeer rankSlipped to the bottom quartile of Transportation on operating margin (from the 3rd quartile).
- JunPeer rankSlipped to the bottom quartile of Transportation on ROCE (from the 3rd quartile).
- MarPriceFell 39% from the Feb 2024 peak to the Mar 2026 low.
- MarPeer rankMoved into the 3rd quartile of Transportation on operating margin (from the bottom quartile).
- SepResultsYear-on-year EPS growth turned negative.
- SepValuationP/E crossed above the 90th percentile of its own history to date (26.6x).
- SepPeer rankSlipped to the bottom quartile of Transportation on EPS growth (from the 2nd quartile).
Show 22 earlier events
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankSlipped to the bottom quartile of Transportation on operating margin (from the 3rd quartile).
- MarPeer rankMoved into the 3rd quartile of Transportation on EPS growth (from the bottom quartile).
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the bottom quartile of Transportation on EPS growth (from the top quartile).
- JanPriceRegained the 2022-09 peak, 10 months after the low.
- AugPeer rankSlipped to the 3rd quartile of Transportation on ROCE (from the 2nd quartile).
- JunResultsRevenue (TTM) reached a new high of ₹295 cr.
- JunValuationP/E fell below the 10th percentile of its own history to date (6.3x).
- JunPeer rankMoved into the 2nd quartile of Transportation on ROCE (from the 3rd quartile).
- MarPriceFell 39% from the Sep 2022 peak to the Mar 2023 low.
- SepPriceRegained the 2021-07 peak, 9 months after the low.
- JunResultsYear-on-year EPS growth turned positive.
- JunValuationP/E fell below the 10th percentile of its own history to date (8.1x).
- JunPeer rankMoved into the top quartile of Transportation on EPS growth (from the bottom quartile).
- FebValuationP/E crossed above the 90th percentile of its own history to date (23.3x).
- DecPriceFell 46% from the Jul 2021 peak to the Dec 2021 low.
- OctPeer rankSlipped to the 3rd quartile of Transportation on ROCE (from the 2nd quartile).
- JunResultsEPS (TTM) turned positive.
- JunPeer rankMoved into the 2nd quartile of Transportation on ROCE (from the bottom quartile).
- JunDividendStarted paying a dividend (payout 43% of profit).
- MarPriceRegained the 2019-03 peak, 12 months after the low.
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Monthly history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 11.8x | ₹440 cr | 7.8% | 6.0% | 0.4x |
| 2026-10 | 11.3x | ₹440 cr | 7.8% | 6.0% | 0.4x |
| 2026-09 | 12.0x | ₹440 cr | 7.8% | 6.0% | 0.4x |
| 2026-08 | 15.7x | ₹417 cr | 6.5% | 6.0% | 0.4x |
| 2026-07 | 13.9x | ₹417 cr | 6.5% | 6.0% | 0.4x |
| 2026-06 | 14.3x | ₹417 cr | 6.5% | 6.0% | 0.4x |
| 2026-05 | 19.5x | ₹376 cr | 4.9% | 9.0% | 0.4x |
| 2026-04 | 18.6x | ₹376 cr | 4.9% | 9.0% | 0.4x |
| 2026-03 | 16.9x | ₹376 cr | 4.9% | 9.0% | 0.4x |
| 2026-02 | 24.9x | ₹352 cr | 3.4% | 9.0% | 0.4x |
| 2026-01 | 24.4x | ₹352 cr | 3.4% | 9.0% | 0.4x |
| 2025-12 | 30.1x | ₹352 cr | 3.4% | 9.0% | 0.4x |
| 2025-11 | 24.6x | ₹343 cr | 3.9% | 9.0% | 0.4x |
| 2025-10 | 26.4x | ₹343 cr | 3.9% | 9.0% | 0.4x |
| 2025-09 | 26.6x | ₹343 cr | 3.9% | 9.0% | 0.4x |
| 2025-08 | 14.0x | ₹336 cr | 7.5% | 9.0% | 0.4x |
| 2025-07 | 15.0x | ₹336 cr | 7.5% | 9.0% | 0.4x |
| 2025-06 | 15.8x | ₹336 cr | 7.5% | 9.0% | 0.4x |
| 2025-05 | 12.0x | ₹325 cr | 9.8% | 7.0% | 0.1x |
| 2025-04 | 11.9x | ₹325 cr | 9.8% | 7.0% | 0.1x |
| 2025-03 | 9.9x | ₹325 cr | 9.8% | 7.0% | 0.1x |
| 2025-02 | 12.2x | ₹321 cr | 8.6% | 7.0% | 0.1x |
| 2025-01 | 14.6x | ₹321 cr | 8.6% | 7.0% | 0.1x |
| 2024-12 | 14.9x | ₹321 cr | 8.6% | 7.0% | 0.1x |
| 2024-11 | 16.8x | ₹306 cr | 7.0% | 7.0% | 0.1x |
| 2024-10 | 16.9x | ₹306 cr | 7.0% | 7.0% | 0.1x |
| 2024-09 | 17.1x | ₹306 cr | 7.0% | 7.0% | 0.1x |
| 2024-08 | 21.1x | ₹296 cr | 5.8% | 7.0% | 0.1x |
| 2024-07 | 21.1x | ₹296 cr | 5.8% | 7.0% | 0.1x |
| 2024-06 | 19.6x | ₹296 cr | 5.8% | 7.0% | 0.1x |
| 2024-05 | 7.0x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2024-04 | 7.5x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2024-03 | 6.7x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2024-02 | 6.8x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2024-01 | 8.1x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-12 | 6.6x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-11 | 6.2x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-10 | 6.4x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-09 | 7.3x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-08 | 6.2x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-07 | 6.7x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-06 | 6.3x | ₹295 cr | 16.4% | 12.0% | 0.1x |
| 2023-05 | 10.6x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2023-04 | 10.2x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2023-03 | 9.4x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2023-02 | 10.3x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2023-01 | 11.2x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-12 | 11.6x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-11 | 10.6x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-10 | 11.4x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-09 | 12.7x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-08 | 12.0x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-07 | 11.3x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-06 | 8.1x | ₹260 cr | 9.7% | 10.0% | 0.2x |
| 2022-05 | 20.7x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2022-04 | 21.8x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2022-03 | 20.4x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2022-02 | 23.3x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2022-01 | 21.9x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-12 | 17.8x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-11 | 17.0x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-10 | 20.9x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-09 | 21.3x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-08 | 23.3x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-07 | 26.5x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-06 | 22.6x | ₹253 cr | 4.2% | 8.0% | 0.2x |
| 2021-05 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2021-04 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2021-03 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2021-02 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2021-01 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-12 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-11 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-10 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-09 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-08 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-07 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-06 | — | ₹256 cr | -0.3% | 2.0% | 0.3x |
| 2020-05 | 10.9x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2020-04 | 11.5x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2020-03 | 9.1x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2020-02 | 13.7x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2020-01 | 16.3x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-12 | 14.6x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-11 | 15.1x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-10 | 15.0x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-09 | 13.7x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-08 | 14.7x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-07 | 13.5x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-06 | 15.3x | ₹276 cr | 5.0% | 8.0% | 0.5x |
| 2019-05 | 9.2x | ₹283 cr | 9.5% | 16.0% | 0.5x |
| 2019-04 | 9.1x | ₹283 cr | 9.5% | 16.0% | 0.5x |
| 2019-03 | 9.9x | ₹283 cr | 9.5% | 16.0% | 0.5x |
| 2019-02 | 8.7x | ₹283 cr | 9.5% | 16.0% | 0.5x |
| 2019-01 | 9.3x | ₹283 cr | 9.5% | 16.0% | 0.5x |