Share price
₹190.65 latest close · −25.3% over the last 90 sessions
₹190.65 month-end · −43.2% over 12 months
₹190.65 month-end · −62.3% since Jun '25
52-week range ₹171.00 to ₹384.85 · 1-year volatility 43.1%
Was the rally earned?
Mostly earnings.
- Per-share earnings took off 29 points, while the multiple moved less (P/E 31.4x to 26.0x).
- The share count barely moved.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-68.0% (2025-07 peak to 2026-10 low, not yet recovered)
-22.6% (2025-03 peak to 2025-05 low, recovered 2025-06)
-21.4% (2025-02 peak to 2025-03 low, recovered 2025-03)
Most recent volume spikes
2026-09-22: 7.9x the 50-day median, price +2.0% that day
2026-08-25: 10.4x the 50-day median, price +4.6% 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).
Where does it rank among Producer Manufacturing peers?
Each cell is the company's percentile rank among its Producer Manufacturing 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
- ROCE24th
- Op. margin5th▼ 31 pts vs a year ago
- Revenue growth43rd
- EPS growth17th
- Debt/equity ↓87thflat vs a year ago
- Cash cycle ↓76th▲ 4 pts vs a year ago
- P/E ↓58th▲ 5 pts vs a year ago
- 12M momentum8th
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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory
What is the price implying?
At a P/E of 26.0x, the price would imply about 17.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Producer Manufacturing The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹190.65
- P/E
- 26.0x
- ROCE
- 9.0%
- Market Cap
- ₹609 cr
- Revenue (TTM)
- ₹202 cr
- P/S
- 3.0x
- P/B
- 2.3x
- ROE
- 8.7%
- Operating Margin
- -2.8%
- Debt / Equity
- 0.0x
- Promoter Holding
- 69.6%
- 12M Momentum
- -43.2%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance49%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 48.6%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate16%Within range
Median quarterly effective tax rate over about 2.5 years: 16.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow—Not enough data
Not enough reported data to compute this.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress—Not enough data
Not enough reported data to compute this.
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.
Who has been buying and selling?
- Since Mar 2025, 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 INDEF MANUFACTURING 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 −26% to +22% vs the market, against −1% for all non-financial companies in the same months.
- The analogs' median sat below that base rate (gap −5.3%, 80% range −13.4% to −0.3%), but the matches cluster in only 6 distinct 12-month windows.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 33 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| ENIL Consumer Services |
Mar 2020 | 11x | 8% | −78% | −78% | −33% |
| NIITLTD Commercial Services |
Sep 2025 | 34x | 6% | −39% | −54% | −19% |
| SHALBY Health Services |
Apr 2022 | 32x | 7% | +2% | −41% | +17% |
| APCOTEXIND Process Industries |
Jul 2020 | 16x | — | −41% | −47% | +92% |
| APTECHT Commercial Services |
Nov 2020 | 35x | 7% | −26% | −34% | +112% |
Show the other 3 matches
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, volatility and P/E. Not used (unavailable for this company): interest cover. 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 else looks like this?
Companies with the most similar financial profile today, regardless of industry.
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What changed?
12 events since Jun '25
- OctPriceFell 68% from the Jul 2025 peak to the Oct 2026 low.
- SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
- AugPriceVolume reached 10.4x its 50-day median on 2026-08-25; price +4.6% that day.
- JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
- JunDividendStarted paying a dividend (payout 27% of profit).
- JunPriceVolume reached 9.5x its 50-day median on 2026-06-25; price +2.0% that day.
- MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
- MarPriceVolume reached 20.9x its 50-day median on 2026-03-11; price +5.3% that day.
Show 4 earlier events
- DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
- DecPriceVolume reached 16.0x its 50-day median on 2025-12-05; price +7.6% that day.
- JulPriceVolume reached 25.2x its 50-day median on 2025-07-01; price +4.5% that day.
- JunPriceVolume reached 83.7x its 50-day median on 2025-06-06; price +16.8% 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 history18 months · 2025-06 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 26.0x | ₹202 cr | 8.7% | 9.0% | 0.0x |
| 2026-10 | 24.8x | ₹202 cr | 8.7% | 9.0% | 0.0x |
| 2026-09 | 28.7x | ₹202 cr | 8.7% | 9.0% | 0.0x |
| 2026-08 | 29.9x | ₹208 cr | 8.8% | 9.0% | 0.0x |
| 2026-07 | 31.8x | ₹208 cr | 8.8% | 9.0% | 0.0x |
| 2026-06 | 33.9x | ₹208 cr | 8.8% | 9.0% | 0.0x |
| 2026-05 | 30.0x | ₹193 cr | 10.6% | — | 0.0x |
| 2026-04 | 35.5x | ₹193 cr | 10.6% | — | 0.0x |
| 2026-03 | 25.1x | ₹193 cr | 10.6% | — | 0.0x |
| 2026-02 | 27.4x | ₹187 cr | 11.5% | — | 0.0x |
| 2026-01 | 32.4x | ₹187 cr | 11.5% | — | 0.0x |
| 2025-12 | 37.1x | ₹187 cr | 11.5% | — | 0.0x |
| 2025-11 | 31.4x | ₹180 cr | 13.5% | — | 0.0x |
| 2025-10 | 35.9x | ₹180 cr | 13.5% | — | 0.0x |
| 2025-09 | 34.0x | ₹180 cr | 13.5% | — | 0.0x |
| 2025-08 | 33.9x | ₹179 cr | 13.4% | — | 0.0x |
| 2025-07 | 40.1x | ₹179 cr | 13.4% | — | 0.0x |
| 2025-06 | 47.4x | ₹179 cr | 13.4% | — | 0.0x |