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BALAJI AMINES LIMITED (BALAMINES)

Process Industries · Chemicals: Specialty · 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.62 / 100
Profitability 70Growth 16Balance 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.41 / 100
Price 33Earnings 73FII/DII 17

Passes these screensHigh Momentum

Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,796.7 latest close · −18.1% over the last 90 sessions

₹1,750₹2,000₹2,250₹2,500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,750₹2,000₹2,250₹2,500Jul 3Sep 4Nov 9

₹1,796.7 month-end · +55.9% over 12 months

₹1,000₹1,500₹2,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,500₹2,000Nov '25May '26Nov '26

₹1,796.7 month-end · −10.9% over 3 years

₹1,000₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹2,000Nov '23May '25Nov '26

₹1,796.7 month-end · +327.9% since Jan '19

₹0₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹968.10 to ₹2629.80 · 1-year volatility 58.2%

Was the rally earned?

+56%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 37 points to the rise, while the multiple moved less (P/E 24.5x to 28.5x).
  • The share count rose 6%.
Net profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44 ptsNet profit growthP/E change: +19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+19 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: +56%+56%Share priceNet profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44ProfitP/E change: +19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+19P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +56%+56%Share price
Net profit growth+44 ptsNet profit rose about 42%, which lifts the price.
P/E change+19 ptsThe P/E rose from 24.5x to 28.5x, which lifts the price.
Share count change-7 ptsShare count rose 6%, which lowers the price.
-11%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 44 points, while the multiple moved less (P/E 20.1x to 28.5x).
  • The share count fell 17%.
Net profit growth: −62 pts. Points of the price return explained by net profit growing (or shrinking).−62 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: +18 pts. Points of the price return explained by the share count changing. More shares count against the price.+18 ptsShare count changeShare price: −11%−11%Share priceNet profit growth: −62 pts. Points of the price return explained by net profit growing (or shrinking).−62ProfitP/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: +18 pts. Points of the price return explained by the share count changing. More shares count against the price.+18SharesShare price: −11%−11%Share price
Net profit growth-62 ptsNet profit fell about 48%, which lowers the price.
P/E change+33 ptsThe P/E rose from 20.1x to 28.5x, which lifts the price.
Share count change+18 ptsShare count fell 17%, which lifts the price.
-40%share price, 5 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 40.8x to 28.5x); per-share earnings took off 12 points.
  • The share count barely moved.
Net profit growth: −11 pts. Points of the price return explained by net profit growing (or shrinking).−11 ptsNet profit growthP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28 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: −40%−40%Share priceNet profit growth: −11 pts. Points of the price return explained by net profit growing (or shrinking).−11ProfitP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −40%−40%Share price
Net profit growth-11 ptsNet profit fell about 13%, which lowers the price.
P/E change-28 ptsThe P/E fell from 40.8x to 28.5x, 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-80.4%not yet recovered
1-year volatility58.2%annualised
Beta vs sector index1.453-year daily, correlation 0.53
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−79.9% 0%−25%−50%−75%2020202220242026−79.9%
Largest drawdowns

-80.4% (2021-09 peak to 2026-03 low, not yet recovered)

-58.6% (2019-04 peak to 2020-03 low, recovered 2020-06)

-25.7% (2019-01 peak to 2019-02 low, recovered 2019-03)

Most recent volume spikes

2026-11-03: 6.9x the 50-day median, price -2.0% that day

2026-10-06: 15.2x the 50-day median, price +16.9% that day

2026-07-08: 8.5x the 50-day median, price +6.2% 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?

28.5xP/E todayWithin its usual range
Against its own history59th percentile
CheapestMedian 25.3xDearest

Usual range 11.2x to 44.4x since 2019-01.

Against Process Industries28.5x vs 18.1x
This company
28.5x
Sector median
18.1x

58% above the Process Industries median.

6.5x33.3x60.0x86.8xJan '19Aug '20Mar '22Oct '23May '25Nov '266.5x33.3x60.0x86.8xJan '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

  • ROCE49thflat vs a year ago
  • Op. margin90th▲ 12 pts vs a year ago
  • Revenue growth59th▲ 50 pts vs a year ago
  • EPS growth70th▲ 40 pts vs a year ago
  • Debt/equity ↓81st▼ 13 pts vs a year ago
  • Cash cycle ↓28thflat vs a year ago
  • P/E ↓30th▼ 15 pts vs a year ago
  • 12M momentum91st▲ 80 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?

~15%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 21.7x, a holder earning 12%/yr needs earnings to grow about 15.1%/yr for 10 years, then trade at 15x.

Delivered8.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.4 ptsimplied minus delivered
Rank399thmost demanding of 856

Over time

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

0%18%37% Jan 2019Nov 2026 0%18%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x16.5%17.6%18.6%
15x14.1%15.1%16.2%
20x11.0%12.0%13.0%

Drag a slider to test other assumptions

Implied: 15.1%/yr

Looking back

  • Jan 2020Price implied 12%/yr; EPS has since grown 5%/yr (7.0 yrs)
  • Jan 2021Price implied 22%/yr; EPS has since grown 10%/yr (6.0 yrs)
  • Jan 2022Price implied 33%/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
₹1796.70
P/E
28.5x
ROCE
11.0%
Market Cap
₹5820 cr
Revenue (TTM)
₹1523 cr
P/S
3.8x
P/B
2.9x
ROE
10.3%
Operating Margin
25.0%
Debt / Equity
0.1x
Promoter Holding
54.6%
12M Momentum
55.9%

52-week range

₹968.10₹2629.80
50% of the way from its 52-week low to its high

Price risk

1Y volatility
58.2%
Beta vs sector
1-year daily
1.55

Balance sheet & cash

Interest cover
operating profit ÷ interest
49.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.38x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance9%Within range

Other income as a share of pre-tax profit (trailing twelve months): 9.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 25.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.38xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.38x (cash from operations ₹773 cr, net profit ₹560 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+18 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 18 days (89 vs 71). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress49% of fixed assetsNear threshold

Capital work-in-progress is 49% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+8 days / 2 yrsWithin range

Days payable changed by +8 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, FIIs trimmed 1.3 pts; promoters added 0.9 pts; DIIs added 0.7 pts.
  • The number of shareholders fell from 1.4 lakh to 1.1 lakh (-23%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters53.7%54.6%+0.9 pts
FIIs4.5%3.2%-1.3 pts
DIIs0.9%1.6%+0.7 pts
Public and others40.9%40.7%-0.2 pts

Number of shareholders

1.1 lakhshareholders-23% since Sep '23
1.1L1.2L1.3L1.4L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.4 lakh
Dec '23: 1.4 lakh
Mar '24: 1.4 lakh
Jun '24: 1.3 lakh
Sep '24: 1.3 lakh
Dec '24: 1.3 lakh
Mar '25: 1.3 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.2 lakh
Jun '26: 1.1 lakh
 1.1L1.2L1.3L1.4L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.4 lakh
Dec '23: 1.4 lakh
Mar '24: 1.4 lakh
Jun '24: 1.3 lakh
Sep '24: 1.3 lakh
Dec '24: 1.3 lakh
Mar '25: 1.3 lakh
Jun '25: 1.2 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.2 lakh
Jun '26: 1.1 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

−7.9%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like BALAJI AMINES 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 −24% to +14% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −3.4%, 80% range −9.7% to −1.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
IFGLEXPOR · Jan 2024: −54.5% vs market
KRBL · May 2023: −49.0% vs market
JUSTDIAL · Aug 2021: −42.0% vs market
INTELLECT · Sep 2025: −37.4% vs market
GODFRYPHLP · Jan 2020: −36.4% vs market
SEAMECLTD · Jun 2022: −36.2% vs market
SHALBY · Dec 2023: −35.4% vs market
MOTISONS · Jul 2025: −34.8% vs market
XCHANGING · Feb 2024: −31.2% vs market
RAILTEL · Apr 2024: −27.1% vs market
GUJALKALI · May 2022: −26.1% vs market
HONDAPOWER · Mar 2023: −26.1% vs market
DBCORP · Jan 2024: −24.5% vs market
TAJGVK · Oct 2025: −23.9% vs market
ANUP · Jul 2025: −22.0% vs market
CHEMFAB · Aug 2024: −21.0% vs market
NIITLTD · May 2022: −20.3% vs market
CONFIPET · Jun 2021: −18.3% vs market
DCAL · Oct 2020: −15.7% vs market
JYOTHYLAB · Apr 2024: −15.3% vs market
PRECAM · Oct 2023: −12.7% vs market
ONMOBILE · Jul 2021: −11.7% vs market
JINDRILL · Dec 2023: −11.0% vs market
ANANTRAJ · Jun 2025: −8.2% vs market
BEML · Jul 2024: −7.9% vs market
MARKSANS · May 2025: −7.9% vs market
GOLDIAM · Jan 2022: −7.6% vs market
DATAMATICS · Oct 2021: −7.1% vs market
ZEEL · Aug 2022: −6.8% vs market
ENGINERSIN · Jun 2024: −6.0% vs market
KABRAEXTRU · Oct 2022: −0.8% vs market
GEOJITFSL · Feb 2021: +3.7% vs market
BOROLTD · Mar 2022: +4.2% vs market
ADFFOODS · Jul 2025: +4.7% vs market
TCI · Feb 2022: +6.1% vs market
GALLANTT · Oct 2025: +12.5% vs market
MANALIPETC · May 2021: +13.0% vs market
INNOVACAP · Jun 2025: +13.7% vs market
INFOBEAN · Sep 2025: +20.6% vs market
VIMTALABS · Jun 2025: +30.4% vs market
GRSE · Feb 2023: +32.0% vs market
MOREPENLAB · Dec 2020: +35.7% vs market
ZENSARTECH · Jan 2024: +40.1% vs market
TI · Apr 2025: +51.8% vs market
BORORENEW · Aug 2021: +79.7% vs market
MASTEK · Feb 2021: +99.3% vs market
ELECON · Dec 2022: +100.2% vs market
GRWRHITECH · Feb 2024: +106.5% vs market
NEULANDLAB · Sep 2023: +131.4% vs market
HBLENGINE · Oct 2022: +157.7% vs market
Similar setups −7.9%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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−7.9%
All companies' median
−4.5%
Beat the market
38% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RAILTEL
Communications		 Apr 2024 60x— +248%−15% −27%
ONMOBILE
Communications		 Jul 2021 32x10% +373%−7% −12%
BORORENEW
Process Industries		 Aug 2021 50x10% +281%−14% +80%
NIITLTD
Commercial Services		 May 2022 20x8% +145%−30% −20%
BEML
Producer Manufacturing		 Jul 2024 68x15% +127%−12% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GEOJITFSL
Finance		 Feb 2021 28x13% +107%−12% +4%
VIMTALABS
Commercial Services		 Jun 2025 33x— +89%−22% +30%
MASTEK
Technology Services		 Feb 2021 26x16% +189%−14% +99%
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: P/E, 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 BALAJI AMINES 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.

HEGHEG
Producer Manufacturing
68%similar
EPS growthpromoter holding
WEST COAST PAPER MILLSWSTCSTPAPR
Producer Manufacturing
64%similar
promoter holdingmarket cap
INDIABULLSIBULLSLTD
Finance
57%similar
volatilitymarket cap
IND-SWIFT LABORATORIESINDSWFTLAB
Health Technology
57%similar
revenue growthvolatility
ROLEX RINGSROLEXRINGS
Producer Manufacturing
57%similar
market capoperating margin
IOL CHEMICALS & PHARMACEUTICALIOLCP
Process Industries
55%similar
ROCEmarket cap
MEGHMANI ORGANICSMOL
Process Industries
50%similar
revenue growthrevenue
STALLION INDIA FLUOROCHEMISTALLION
Process Industries
49%similar
debt/equityvolatility

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

What changed?

30 events since Jan '22

  1. OctPriceVolume reached 15.2x its 50-day median on 2026-10-06; price +16.9% that day.
  2. AugValuationP/E crossed above the 90th percentile of its own history to date (45.0x).
  3. JulPriceVolume reached 8.5x its 50-day median on 2026-07-08; price +6.2% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  6. MayPriceVolume reached 24.2x its 50-day median on 2026-05-15; price +5.1% that day.
  7. MarPriceFell 80% from the Sep 2021 peak to the Mar 2026 low.
  8. FebPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
Show 22 earlier events
  1. JanPriceVolume reached 300.5x its 50-day median on 2026-01-08; price +14.3% that day.
  2. NovPriceVolume reached 12.0x its 50-day median on 2025-11-24; price -4.3% that day.
  3. JulPriceVolume reached 9.1x its 50-day median on 2025-07-07; price +6.5% that day.
  4. JunPriceVolume reached 51.6x its 50-day median on 2025-06-25; price +12.3% that day.
  5. JanPriceVolume reached 108.2x its 50-day median on 2025-01-09; price +9.7% that day.
  6. DecPriceVolume reached 9.0x its 50-day median on 2024-12-30; price -10.3% that day.
  7. SepPriceVolume reached 7.7x its 50-day median on 2024-09-18; price +1.9% that day.
  8. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  9. MayPriceVolume reached 18.6x its 50-day median on 2024-05-08; price +9.9% that day.
  10. MarPriceVolume reached 21.3x its 50-day median on 2024-03-05; price +9.0% that day.
  11. DecPriceVolume reached 51.7x its 50-day median on 2023-12-06; price +12.2% that day.
  12. AugPriceVolume reached 10.1x its 50-day median on 2023-08-29; price +6.8% that day.
  13. JunResultsYear-on-year EPS growth turned negative.
  14. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  15. MayPriceVolume reached 16.6x its 50-day median on 2023-05-22; price -6.0% that day.
  16. FebPriceVolume reached 5.0x its 50-day median on 2023-02-07; price -5.6% that day.
  17. AugPriceVolume reached 10.9x its 50-day median on 2022-08-12; price -3.8% that day.
  18. JunResultsRevenue (TTM) reached a new high of ₹2,314 cr.
  19. JunPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  20. MayPriceVolume reached 7.0x its 50-day median on 2022-05-11; price +6.8% that day.
  21. MarPriceVolume reached 5.5x its 50-day median on 2022-03-16; price +6.2% that day.
  22. JanDebtDebt / equity halved over 12 months to 0.14x.

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
2026-1128.5x₹1523 cr10.3%11.0%0.1x
2026-1028.0x₹1523 cr10.3%11.0%0.1x
2026-0933.6x₹1523 cr10.3%11.0%0.1x
2026-0845.0x₹1425 cr8.3%11.0%0.1x
2026-0741.3x₹1425 cr8.3%11.0%0.1x
2026-0639.4x₹1425 cr8.3%11.0%0.1x
2026-0539.9x₹1383 cr7.6%11.0%0.0x
2026-0430.0x₹1383 cr7.6%11.0%0.0x
2026-0322.0x₹1383 cr7.6%11.0%0.0x
2026-0224.2x₹1365 cr7.6%11.0%0.0x
2026-0124.8x₹1365 cr7.6%11.0%0.0x
2025-1224.9x₹1365 cr7.6%11.0%0.0x
2025-1124.5x₹1371 cr7.8%11.0%0.0x
2025-1030.0x₹1371 cr7.8%11.0%0.0x
2025-0929.6x₹1371 cr7.8%11.0%0.0x
2025-0830.0x₹1398 cr8.3%11.0%0.0x
2025-0736.4x₹1398 cr8.3%11.0%0.0x
2025-0637.9x₹1398 cr8.3%11.0%0.0x
2025-0525.3x₹1459 cr10.7%17.0%0.0x
2025-0422.1x₹1459 cr10.7%17.0%0.0x
2025-0321.1x₹1459 cr10.7%17.0%0.0x
2025-0220.8x₹1529 cr12.1%17.0%0.0x
2025-0127.6x₹1529 cr12.1%17.0%0.0x
2024-1228.7x₹1529 cr12.1%17.0%0.0x
2024-1134.2x₹1563 cr11.8%17.0%0.0x
2024-1035.3x₹1563 cr11.8%17.0%0.0x
2024-0937.9x₹1563 cr11.8%17.0%0.0x
2024-0835.2x₹1642 cr13.0%17.0%0.0x
2024-0739.5x₹1642 cr13.0%17.0%0.0x
2024-0636.2x₹1642 cr13.0%17.0%0.0x
2024-0520.8x₹2346 cr25.3%36.0%0.0x
2024-0421.8x₹2346 cr25.3%36.0%0.0x
2024-0320.4x₹2346 cr25.3%36.0%0.0x
2024-0221.6x₹2346 cr25.3%36.0%0.0x
2024-0124.3x₹2346 cr25.3%36.0%0.0x
2023-1226.6x₹2346 cr25.3%36.0%0.0x
2023-1120.1x₹2346 cr25.3%36.0%0.0x
2023-1020.4x₹2346 cr25.3%36.0%0.0x
2023-0921.6x₹2346 cr25.3%36.0%0.0x
2023-0822.4x₹2346 cr25.3%36.0%0.0x
2023-0721.8x₹2346 cr25.3%36.0%0.0x
2023-0623.1x₹2346 cr25.3%36.0%0.0x
2023-0518.5x₹2314 cr32.4%49.0%0.1x
2023-0418.5x₹2314 cr32.4%49.0%0.1x
2023-0317.1x₹2314 cr32.4%49.0%0.1x
2023-0219.3x₹2314 cr32.4%49.0%0.1x
2023-0121.0x₹2314 cr32.4%49.0%0.1x
2022-1223.8x₹2314 cr32.4%49.0%0.1x
2022-1126.8x₹2314 cr32.4%49.0%0.1x
2022-1026.6x₹2314 cr32.4%49.0%0.1x
2022-0927.9x₹2314 cr32.4%49.0%0.1x
2022-0830.5x₹2314 cr32.4%49.0%0.1x
2022-0729.9x₹2314 cr32.4%49.0%0.1x
2022-0625.2x₹2314 cr32.4%49.0%0.1x
2022-0543.7x₹1308 cr26.3%35.0%0.1x
2022-0444.0x₹1308 cr26.3%35.0%0.1x
2022-0339.5x₹1308 cr26.3%35.0%0.1x
2022-0238.9x₹1308 cr26.3%35.0%0.1x
2022-0144.3x₹1308 cr26.3%35.0%0.1x
2021-1246.4x₹1308 cr26.3%35.0%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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