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ATUL LIMITED (ATUL)

Process Industries · Chemicals: Agricultural · figures to Nov '26

Divergence: business ahead of price (4 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.81 / 100
Profitability 76Growth 69Balance sheet 100
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.43 / 100
Price 9Earnings 81FII/DII 38

Passes these screensBusiness ahead of price

Compare withFERTILIZERS AND CHEMICALS TRAVUPLSUMITOMO CHEMICAL INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹5,290 latest close · −19.3% over the last 90 sessions

₹5,000₹6,000₹7,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹5,000₹6,000₹7,000Jul 3Sep 4Nov 9

₹5,290 month-end · −9.9% over 12 months

₹5,000₹6,000₹7,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹5,000₹6,000₹7,000Nov '25May '26Nov '26

₹5,290 month-end · −19.8% over 3 years

₹5,000₹6,000₹7,000₹8,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹5,000₹6,000₹7,000₹8,000Nov '23May '25Nov '26

₹5,290 month-end · +52.6% since Jan '19

₹5,000₹7,500₹10,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹5,000₹7,500₹10,000Jan '19Dec '22Nov '26

52-week range ₹4995.00 to ₹7180.00 · 1-year volatility 26.7%

Was the rally earned?

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

Earnings helped, the multiple did not.

  • Per-share earnings added 44 points, but investors now pay less per rupee of profit (P/E 34.6x to 19.6x), which took 54 points back.
  • The share count fell 4%.
Net profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41 ptsNet profit growthP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54 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: −10%−10%Share priceNet profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41ProfitP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: −10%−10%Share price
Net profit growth+41 ptsNet profit rose about 53%, which lifts the price.
P/E change-54 ptsThe P/E fell from 34.6x to 19.6x, which lowers the price.
Share count change+4 ptsShare count fell 4%, which lifts the price.
-20%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 39 points, but investors now pay less per rupee of profit (P/E 37.9x to 19.6x), which took 59 points back.
  • The share count barely moved.
Net profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40 ptsNet profit growthP/E change: −59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−59 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: −20%−20%Share priceNet profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40ProfitP/E change: −59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−59P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −20%−20%Share price
Net profit growth+40 ptsNet profit rose about 57%, which lifts the price.
P/E change-59 ptsThe P/E fell from 37.9x to 19.6x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-39%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 16 points, but investors now pay less per rupee of profit (P/E 39.3x to 19.6x), which took 55 points back.
  • The share count barely moved.
Net profit growth: +15 pts. Points of the price return explained by net profit growing (or shrinking).+15 ptsNet profit growthP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55 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: −39%−39%Share priceNet profit growth: +15 pts. Points of the price return explained by net profit growing (or shrinking).+15ProfitP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −39%−39%Share price
Net profit growth+15 ptsNet profit rose about 21%, which lifts the price.
P/E change-55 ptsThe P/E fell from 39.3x to 19.6x, which lowers the price.
Share count change+1 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.

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

Compare this with FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-53.5%not yet recovered
1-year volatility26.7%annualised
Beta vs sector index0.843-year daily, correlation 0.51
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.5% 0%−20%−40%2020202220242026−53.5%
Largest drawdowns

-53.5% (2021-10 peak to 2026-10 low, not yet recovered)

-34.6% (2020-03 peak to 2020-03 low, recovered 2020-08)

-16.5% (2019-06 peak to 2019-09 low, recovered 2019-10)

Most recent volume spikes

2026-10-23: 5.4x the 50-day median, price -7.1% that day

2026-08-07: 5.5x the 50-day median, price -0.3% that day

2026-07-29: 5.3x the 50-day median, price +2.2% 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?

19.6xP/E todayNear its historic low
Against its own history2nd percentile
CheapestMedian 36.1xDearest

Usual range 27.2x to 47.2x since 2019-01.

Against Process Industries19.6x vs 18.1x
This company
19.6x
Sector median
18.1x

8% above the Process Industries median.

6.8x28.7x50.7x72.6xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x28.7x50.7x72.6xJan '19Sep '21May '24Nov '26
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

  • ROCE67th▲ 8 pts vs a year ago
  • Op. margin85th▲ 6 pts vs a year ago
  • Revenue growth69th▼ 5 pts vs a year ago
  • EPS growth80thflat vs a year ago
  • Debt/equity ↓86thflat vs a year ago
  • Cash cycle ↓72nd▲ 13 pts vs a year ago
  • P/E ↓47th▲ 18 pts vs a year ago
  • 12M momentum50th▼ 4 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?

~19%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 30.3x, a holder earning 12%/yr needs earnings to grow about 19.3%/yr for 10 years, then trade at 15x.

Delivered6.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+13.3 ptsimplied minus delivered
Rank254thmost demanding of 856

Over time

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

0%15%29% Jan 2019Nov 2026 0%15%29% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x20.7%21.8%22.9%
15x18.2%19.3%20.3%
20x15.0%16.0%17.0%

Drag a slider to test other assumptions

Implied: 19.3%/yr

Looking back

  • Jan 2020Price implied 25%/yr; EPS has since grown 7%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 1%/yr (6.0 yrs)
  • Jan 2022Price implied 28%/yr; EPS has since grown 2%/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
₹5290.00
P/E
19.6x
ROCE
15.0%
Market Cap
₹15576 cr
Revenue (TTM)
₹6644 cr
P/S
2.3x
P/B
2.5x
ROE
12.8%
Operating Margin
21.0%
Debt / Equity
0.0x
Promoter Holding
45.3%
12M Momentum
-9.9%

52-week range

₹4995.00₹7180.00
14% of the way from its 52-week low to its high

Price risk

1Y volatility
26.7%
Beta vs sector
1-year daily
0.65

Balance sheet & cash

Interest cover
operating profit ÷ interest
64.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.52x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance20%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 20.3%. 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 conversion1.52xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.52x (cash from operations ₹2,293 cr, net profit ₹1,512 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (74 vs 72). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+10 days / 2 yrsWithin range

Days payable changed by +10 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 trimmed 0.6 pts.
  • The number of shareholders fell from 66,776 to 56,570 (-15%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters45.0%45.3%+0.3 pts
FIIs7.7%7.4%-0.3 pts
DIIs26.5%25.9%-0.6 pts
Public and others20.7%21.3%+0.6 pts

Number of shareholders

56,570shareholders-15% since Sep '23
56k60k64k68k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 66,776
Dec '23: 65,757
Mar '24: 66,589
Jun '24: 67,753
Sep '24: 60,354
Dec '24: 59,110
Mar '25: 59,642
Jun '25: 55,505
Sep '25: 56,951
Dec '25: 57,263
Mar '26: 56,855
Jun '26: 56,570
 56k60k64k68k Sep '23Sep '24Sep '25Jun '26
Sep '23: 66,776
Dec '23: 65,757
Mar '24: 66,589
Jun '24: 67,753
Sep '24: 60,354
Dec '24: 59,110
Mar '25: 59,642
Jun '25: 55,505
Sep '25: 56,951
Dec '25: 57,263
Mar '26: 56,855
Jun '26: 56,570

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

−3.2%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 ATUL 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 −15% to +19% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (+0.3%, 80% range −9.0% to +4.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
DBCORP · Mar 2020: −37.2% vs market
TTKPRESTIG · Mar 2023: −35.4% vs market
DEEPAKNTR · Jan 2025: −33.4% vs market
RALLIS · Jan 2021: −30.0% vs market
KANSAINER · Sep 2025: −28.5% vs market
EXIDEIND · Jun 2020: −24.7% vs market
BAJAJCON · Sep 2023: −24.5% vs market
HONDAPOWER · Sep 2020: −24.0% vs market
CONCOR · Oct 2025: −19.8% vs market
COCHINSHIP · Feb 2020: −19.4% vs market
ADVENZYMES · Jun 2024: −17.5% vs market
RATNAMANI · Jul 2025: −15.5% vs market
SHRIPISTON · May 2020: −14.9% vs market
MAYURUNIQ · Nov 2023: −14.6% vs market
STARCEMENT · May 2020: −13.6% vs market
MRF · Aug 2020: −13.6% vs market
SUNDRMFAST · Apr 2025: −13.5% vs market
PIIND · Jan 2025: −13.5% vs market
FINCABLES · Feb 2020: −11.7% vs market
BALMLAWRIE · Feb 2020: −11.4% vs market
GALAXYSURF · Aug 2025: −7.5% vs market
ACC · Jan 2023: −7.1% vs market
KKCL · Aug 2025: −6.9% vs market
APLLTD · Aug 2024: −4.1% vs market
KIRLOSENG · Apr 2020: −3.3% vs market
ALKEM · Jun 2024: −3.1% vs market
INDIGOPNTS · Aug 2025: −2.7% vs market
ENDURANCE · Feb 2024: −0.9% vs market
CIPLA · Jun 2024: −0.4% vs market
ESCORTS · Aug 2024: +0.4% vs market
FDC · Jan 2024: +4.1% vs market
FINPIPE · Aug 2020: +4.4% vs market
INTELLECT · Sep 2024: +9.8% vs market
DHANUKA · Jan 2024: +11.3% vs market
AMBUJACEM · Dec 2020: +12.4% vs market
POLYCAB · Jul 2021: +16.4% vs market
GLAND · Apr 2025: +17.2% vs market
TCI · Dec 2023: +18.9% vs market
ZYDUSLIFE · Oct 2023: +25.3% vs market
NATCOPHARM · Jan 2024: +25.4% vs market
HEROMOTOCO · Aug 2023: +31.5% vs market
BOSCHLTD · Aug 2024: +33.8% vs market
ARE&M · May 2023: +36.9% vs market
MPHASIS · Jan 2020: +41.7% vs market
NUCLEUS · Mar 2020: +49.0% vs market
CUMMINSIND · Mar 2020: +56.6% vs market
HAPPYFORGE · Apr 2025: +64.1% vs market
RAILTEL · Oct 2022: +74.2% vs market
CARBORUNIV · Sep 2020: +101.4% vs market
PERSISTENT · Apr 2020: +168.9% vs market
Similar setups −3.2%All companies −3.5%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−3.2%
All companies' median
−3.5%
Beat the market
42% vs 46%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
FDC
Health Technology		 Jan 2024 36x13% +57%−6% +4%
STARCEMENT
Producer Manufacturing		 May 2020 10x18% −39%−43% −14%
CARBORUNIV
Process Industries		 Sep 2020 19x18% −10%−23% +101%
PERSISTENT
Technology Services		 Apr 2020 11x20% −25%−36% +169%
ESCORTS
Producer Manufacturing		 Aug 2024 40x14% +22%−11% 0%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NATCOPHARM
Health Technology		 Jan 2024 24x18% +62%−5% +25%
ZYDUSLIFE
Health Technology		 Oct 2023 30x15% +32%−13% +25%
DEEPAKNTR
Process Industries		 Jan 2025 37x22% +1%−25% −33%
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, drawdown from 12-month high and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 ATUL 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

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.

CASTROL INDIACASTROLIND
Energy Minerals
82%similar
debt/equityrevenue
USHA MARTINUSHAMART
Producer Manufacturing
73%similar
market capoperating margin
NATCO PHARMANATCOPHARM
Health Technology
71%similar
market capEPS growth
SAGILITYSAGILITY
Technology Services
69%similar
revenueoperating margin
CONTAINER CORPORATION OF INDIACONCOR
Transportation
68%similar
operating marginvolatility
P I INDUSTRIESPIIND
Process Industries
62%similar
ROCErevenue
EPLEPL
Process Industries
58%similar
P/Erevenue
TIME TECHNOPLASTTIMETECHNO
Process Industries
57%similar
revenueP/E

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

What changed?

30 events since Jun '22

  1. OctPriceFell 54% from the Oct 2021 peak to the Oct 2026 low.
  2. OctPriceVolume reached 5.4x its 50-day median on 2026-10-23; price -7.1% that day.
  3. SepValuationP/E fell below the 10th percentile of its own history to date (21.9x).
  4. JulPriceVolume reached 18.8x its 50-day median on 2026-07-24; price +4.5% that day.
  5. AprPriceVolume reached 15.0x its 50-day median on 2026-04-24; price -0.7% that day.
  6. MarPriceVolume reached 5.8x its 50-day median on 2026-03-24; price +0.3% that day.
  7. OctPriceVolume reached 15.6x its 50-day median on 2025-10-17; price +2.1% that day.
  8. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. JulPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  2. JulPriceVolume reached 6.0x its 50-day median on 2025-07-18; price -4.6% that day.
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  5. MayValuationP/E crossed above the 90th percentile of its own history to date (50.5x).
  6. AprPriceVolume reached 17.0x its 50-day median on 2025-04-11; price +10.2% that day.
  7. JanPriceVolume reached 8.6x its 50-day median on 2025-01-24; price -3.0% that day.
  8. OctPriceVolume reached 7.8x its 50-day median on 2024-10-25; price -3.1% that day.
  9. JulPriceVolume reached 10.5x its 50-day median on 2024-07-19; price -2.5% that day.
  10. JunValuationP/E crossed above the 90th percentile of its own history to date (59.1x).
  11. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  12. AprPriceVolume reached 6.4x its 50-day median on 2024-04-10; price +5.4% that day.
  13. OctPriceVolume reached 5.8x its 50-day median on 2023-10-23; price -4.3% that day.
  14. JulPriceVolume reached 11.9x its 50-day median on 2023-07-21; price +6.6% that day.
  15. JunResultsRevenue (TTM) reached a new high of ₹5,428 cr.
  16. JunPeer rankMoved into the 3rd quartile of Process Industries on EPS growth (from the bottom quartile).
  17. MayPriceVolume reached 9.9x its 50-day median on 2023-05-02; price -4.1% that day.
  18. JanPriceVolume reached 6.5x its 50-day median on 2023-01-23; price -3.9% that day.
  19. JulValuationP/E crossed above the 90th percentile of its own history to date (43.5x).
  20. JulPriceVolume reached 12.5x its 50-day median on 2022-07-22; price +5.5% that day.
  21. JunResultsRevenue (TTM) reached a new high of ₹5,081 cr.
  22. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top 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
2026-1119.6x₹6644 cr12.8%15.0%0.0x
2026-1018.6x₹6644 cr13.0%15.0%0.0x
2026-0921.9x₹6644 cr13.0%15.0%0.0x
2026-0827.8x₹6274 cr11.1%15.0%0.0x
2026-0729.3x₹6274 cr11.1%15.0%0.0x
2026-0628.1x₹6274 cr11.1%15.0%0.0x
2026-0534.0x₹6056 cr10.9%13.0%0.0x
2026-0433.8x₹6056 cr10.9%13.0%0.0x
2026-0331.6x₹6056 cr10.9%13.0%0.0x
2026-0236.2x₹5899 cr10.0%13.0%0.0x
2026-0133.7x₹5899 cr10.0%13.0%0.0x
2025-1233.3x₹5899 cr10.0%13.0%0.0x
2025-1134.6x₹5740 cr9.3%13.0%0.0x
2025-1033.9x₹5740 cr9.3%13.0%0.0x
2025-0935.7x₹5740 cr9.3%13.0%0.0x
2025-0838.2x₹5584 cr8.9%13.0%0.0x
2025-0740.3x₹5584 cr8.9%13.0%0.0x
2025-0645.5x₹5584 cr8.9%13.0%0.0x
2025-0550.5x₹5344 cr8.4%9.0%0.0x
2025-0447.8x₹5344 cr8.4%9.0%0.0x
2025-0343.4x₹5344 cr8.4%9.0%0.0x
2025-0241.4x₹5065 cr7.5%9.0%0.0x
2025-0149.0x₹5065 cr7.5%9.0%0.0x
2024-1254.2x₹5065 cr7.5%9.0%0.0x
2024-1164.9x₹4866 cr6.5%9.0%0.0x
2024-1069.7x₹4866 cr6.5%9.0%0.0x
2024-0968.4x₹4866 cr6.5%9.0%0.0x
2024-0872.6x₹4726 cr6.3%9.0%0.0x
2024-0772.6x₹4726 cr6.3%9.0%0.0x
2024-0659.1x₹4726 cr6.3%9.0%0.0x
2024-0532.3x₹5428 cr10.9%15.0%0.0x
2024-0434.4x₹5428 cr10.9%15.0%0.0x
2024-0333.0x₹5428 cr10.9%15.0%0.0x
2024-0235.7x₹5428 cr10.9%15.0%0.0x
2024-0136.9x₹5428 cr10.9%15.0%0.0x
2023-1241.1x₹5428 cr10.9%15.0%0.0x
2023-1137.9x₹5428 cr10.9%15.0%0.0x
2023-1035.8x₹5428 cr10.9%15.0%0.0x
2023-0940.4x₹5428 cr10.9%15.0%0.0x
2023-0842.1x₹5428 cr10.9%15.0%0.0x
2023-0739.0x₹5428 cr10.9%15.0%0.0x
2023-0640.2x₹5428 cr10.9%15.0%0.0x
2023-0533.0x₹5081 cr13.7%19.0%0.0x
2023-0433.6x₹5081 cr13.7%19.0%0.0x
2023-0334.1x₹5081 cr13.7%19.0%0.0x
2023-0234.4x₹5081 cr13.7%19.0%0.0x
2023-0134.9x₹5081 cr13.7%19.0%0.0x
2022-1240.4x₹5081 cr13.7%19.0%0.0x
2022-1141.0x₹5081 cr13.7%19.0%0.0x
2022-1041.0x₹5081 cr13.7%19.0%0.0x
2022-0944.2x₹5081 cr13.7%19.0%0.0x
2022-0844.9x₹5081 cr13.7%19.0%0.0x
2022-0743.5x₹5081 cr13.7%19.0%0.0x
2022-0639.3x₹5081 cr13.7%19.0%0.0x
2022-0536.7x₹3731 cr17.2%24.0%0.0x
2022-0440.4x₹3731 cr17.2%24.0%0.0x
2022-0346.4x₹3731 cr17.2%24.0%0.0x
2022-0241.8x₹3731 cr17.2%24.0%0.0x
2022-0143.1x₹3731 cr17.2%24.0%0.0x
2021-1240.8x₹3731 cr17.2%24.0%0.0x

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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