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BANNARI AMMAN SUGARS LTD (BANARISUG)

Process Industries · Agricultural Commodities/Milling · 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.48 / 100
Profitability 24Growth 20Balance 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.35 / 100
Price 36Earnings 34

Passes these screensCash Rich

Compare withPATANJALI FOODSGODREJ INDUSTRIESAWL AGRI BUSINESS

Share price

Closing priceAdjusted for splits and bonus issues.

₹3,095.2 latest close · −11.1% over the last 90 sessions

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

₹3,095.2 month-end · −14.1% over 12 months

₹3,250₹3,500₹3,750₹4,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹3,250₹3,500₹3,750₹4,000Nov '25May '26Nov '26

₹3,095.2 month-end · +25.2% over 3 years

₹3,000₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹3,000₹4,000Nov '23May '25Nov '26

₹3,095.2 month-end · +109.7% since Jan '19

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

52-week range ₹3061.30 to ₹4338.00 · 1-year volatility 26.4%

Was the rally earned?

-14%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 7 points, but investors now pay less per rupee of profit (P/E 39.8x to 31.9x), which took 21 points back.
  • The share count barely moved.
Net profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −14%−14%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −14%−14%Share price
Net profit growth+7 ptsNet profit rose about 8%, which lifts the price.
P/E change-21 ptsThe P/E fell from 39.8x to 31.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+25%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 21.6x to 31.9x); per-share earnings took off 18 points.
  • The share count barely moved.
Net profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18 ptsNet profit growthP/E change: +44 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+44 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +25%+25%Share priceNet profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18ProfitP/E change: +44 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+44P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +25%+25%Share price
Net profit growth-18 ptsNet profit fell about 15%, which lowers the price.
P/E change+44 ptsThe P/E rose from 21.6x to 31.9x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+45%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 34 points to the rise, while the multiple moved less (P/E 29.0x to 31.9x).
  • The share count barely moved.
Net profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34 ptsNet profit growthP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +45%+45%Share priceNet profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34ProfitP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +45%+45%Share price
Net profit growth+34 ptsNet profit rose about 32%, which lifts the price.
P/E change+12 ptsThe P/E rose from 29.0x to 31.9x, which lifts the price.
Share count change0 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 PATANJALI FOODS

How rough has the ride been?

Maximum drawdown-59.7%recovered 2021-02
1-year volatility26.4%annualised
Beta vs sector index0.453-year daily, correlation 0.25
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.4% 0%−20%−40%2020202220242026−53.4%
Largest drawdowns

-59.7% (2019-03 peak to 2020-03 low, recovered 2021-02)

-32.4% (2022-01 peak to 2022-06 low, recovered 2022-09)

-28.7% (2022-11 peak to 2024-06 low, recovered 2024-06)

Most recent volume spikes

2026-08-24: 43.7x the 50-day median, price -0.5% that day

2026-08-21: 69.7x the 50-day median, price -5.2% that day

2026-08-20: 221.2x the 50-day median, price +17.2% 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?

31.9xP/E todayWithin its usual range
Against its own history60th percentile
CheapestMedian 29.0xDearest

Usual range 18.7x to 44.0x since 2019-01.

Against Process Industries31.9x vs 18.1x
This company
31.9x
Sector median
18.1x

76% above the Process Industries median.

6.8x23.7x40.6x57.5xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x23.7x40.6x57.5xJan '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

  • ROCE41stflat vs a year ago
  • Op. margin6th▼ 38 pts vs a year ago
  • Revenue growth11th▲ 4 pts vs a year ago
  • EPS growth49th▲ 19 pts vs a year ago
  • Debt/equity ↓92nd▲ 15 pts vs a year ago
  • Cash cycle ↓37th▲ 28 pts vs a year ago
  • P/E ↓25thflat vs a year ago
  • 12M momentum42nd▼ 37 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?

~20%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 31.0x, a holder earning 12%/yr needs earnings to grow about 19.8%/yr for 10 years, then trade at 15x.

Delivered4.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+15.8 ptsimplied minus delivered
Rank219thmost demanding of 856

Over time

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

0%12%25% Jan 2019Nov 2026 0%12%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x21.3%22.4%23.5%
15x18.7%19.8%20.8%
20x15.4%16.5%17.5%

Drag a slider to test other assumptions

Implied: 19.8%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 8%/yr (6.0 yrs)
  • Jan 2022Price implied 21%/yr; EPS has since grown 10%/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
₹3095.20
P/E
31.9x
ROCE
9.0%
Market Cap
₹3882 cr
Revenue (TTM)
₹1670 cr
P/S
2.3x
P/B
2.0x
ROE
6.4%
Operating Margin
-3.0%
Debt / Equity
0.0x
Promoter Holding
58.7%
12M Momentum
-14.1%

52-week range

₹3061.30₹4338.00
3% of the way from its 52-week low to its high

Price risk

1Y volatility
26.4%
Beta vs sector
1-year daily
0.25

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
3.01x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance32%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 32.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate35%Within range

Median quarterly effective tax rate over about 2.5 years: 35.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.01xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.01x (cash from operations ₹1,218 cr, net profit ₹405 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-14 daysWithin range

Debtor days are below the median of the previous three fiscal years by 14 days (6 vs 20). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress9% of fixed assetsWithin range

Capital work-in-progress is 9% 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, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders fell from 8,462 to 6,366 (-25%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters58.7%58.7%0.0 pts
FIIs0.3%0.3%0.0 pts
DIIs———
Public and others41.0%41.0%0.0 pts

Number of shareholders

6,366shareholders-25% since Sep '23
6k7k8k9k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 8,462
Dec '23: 8,766
Mar '24: 8,694
Jun '24: 8,662
Sep '24: 8,718
Dec '24: 8,297
Mar '25: 7,816
Jun '25: 7,763
Sep '25: 7,535
Dec '25: 6,670
Mar '26: 6,358
Jun '26: 6,366
 6k7k8k9k Sep '23Sep '24Sep '25Jun '26
Sep '23: 8,462
Dec '23: 8,766
Mar '24: 8,694
Jun '24: 8,662
Sep '24: 8,718
Dec '24: 8,297
Mar '25: 7,816
Jun '25: 7,763
Sep '25: 7,535
Dec '25: 6,670
Mar '26: 6,358
Jun '26: 6,366

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

−5.1%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 BANNARI AMMAN SUGARS 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 −20% to +27% vs the market, against +2% for all non-financial companies in the same months.
  • The gap against the base rate (−7.2%, 80% range −16.8% to +3.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
PRINCEPIPE · Oct 2023: −46.1% vs market
SUNDROP · May 2023: −41.0% vs market
VAIBHAVGBL · Dec 2023: −40.5% vs market
WHIRLPOOL · Mar 2023: −37.5% vs market
SHOPERSTOP · Mar 2020: −34.1% vs market
NOCIL · Jun 2024: −29.6% vs market
BALMLAWRIE · Aug 2020: −29.6% vs market
TVTODAY · Oct 2025: −29.3% vs market
HONDAPOWER · Oct 2025: −29.1% vs market
VARDHACRLC · Apr 2023: −25.1% vs market
WONDERLA · Mar 2020: −23.4% vs market
SREEL · Jun 2021: −22.7% vs market
ADVENZYMES · May 2024: −20.0% vs market
AVANTIFEED · Sep 2022: −18.8% vs market
FINPIPE · Feb 2024: −18.4% vs market
RALLIS · Nov 2022: −16.3% vs market
BAJAJELEC · May 2023: −16.3% vs market
ZYDUSWELL · May 2023: −16.2% vs market
FMGOETZE · May 2023: −16.0% vs market
EIMCOELECO · Jun 2020: −15.4% vs market
TTKHLTCARE · Jul 2024: −15.3% vs market
LMW · Nov 2024: −10.9% vs market
HEIDELBERG · May 2024: −7.0% vs market
MOIL · Feb 2021: −6.6% vs market
IMPAL · Feb 2020: −6.0% vs market
GRAPHITE · Jun 2023: −4.3% vs market
APLLTD · Jul 2022: −3.8% vs market
HATHWAY · Feb 2023: +0.5% vs market
KSCL · Nov 2022: +3.7% vs market
TECHNOE · Jun 2020: +6.1% vs market
BSE · Mar 2020: +7.0% vs market
FDC · Jan 2023: +13.0% vs market
ATUL · Jun 2024: +13.0% vs market
SASKEN · Feb 2020: +14.7% vs market
ALLDIGI · Apr 2020: +18.4% vs market
NAVNETEDUL · May 2022: +24.3% vs market
VESUVIUS · Sep 2021: +27.3% vs market
SHRIPISTON · Jul 2020: +27.4% vs market
KENNAMET · Nov 2020: +29.4% vs market
ESCORTS · Jun 2022: +29.6% vs market
GPPL · Aug 2022: +36.4% vs market
GMDCLTD · Jan 2021: +52.2% vs market
NATIONALUM · Aug 2020: +59.0% vs market
THERMAX · Sep 2021: +59.0% vs market
THYROCARE · May 2024: +63.0% vs market
MAHLIFE · Mar 2020: +64.6% vs market
GEOJITFSL · May 2020: +91.3% vs market
KKCL · Dec 2021: +111.8% vs market
BDL · Dec 2021: +133.7% vs market
NUCLEUS · Jan 2023: +184.3% vs market
Similar setups −5.1%All companies +2.1%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
−5.1%
All companies' median
+2.1%
Beat the market
46% vs 52%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NAVNETEDUL
Producer Manufacturing		 May 2022 37x5% +7%−24% +24%
RALLIS
Process Industries		 Nov 2022 29x13% −2%−18% −16%
WHIRLPOOL
Consumer Durables		 Mar 2023 30x10% −16%−29% −38%
SHRIPISTON
Producer Manufacturing		 Jul 2020 17x8% −23%−36% +27%
BSE
Finance		 Mar 2020 8x8% −52%−54% +7%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PRINCEPIPE
Producer Manufacturing		 Oct 2023 57x12% +19%−16% −46%
ZYDUSWELL
Consumer Non-Durables		 May 2023 30x6% −5%−18% −16%
GEOJITFSL
Finance		 May 2020 22x11% −45%−49% +91%
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: P/S, drawdown from 12-month high and size. 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.

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 BANNARI AMMAN SUGARS 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.

HONDA INDIA POWER PRODUCTSHONDAPOWER
Producer Manufacturing
72%similar
volatilityrevenue growth
PRATAAP SNACKSDIAMONDYD
Consumer Non-Durables
56%similar
revenuepromoter holding
HEIDELBERG CEMENT INDIAHEIDELBERG
Non-Energy Minerals
56%similar
debt/equityvolatility
EUREKA FORBESEUREKAFORB
Consumer Durables
54%similar
debt/equitypromoter holding
TVTODAY NETWORKTVTODAY
Consumer Services
54%similar
debt/equityP/E
RALLIS INDIARALLIS
Process Industries
70%similar
operating marginmarket cap
SESHASAYEE PAPER & BOARDSSESHAPAPER
Process Industries
49%similar
revenuerevenue growth
EXCELL INDUSTRIESEXCELINDUS
Process Industries
48%similar
debt/equityEPS growth

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

What changed?

30 events since Jul '22

  1. NovPriceFell 28% from the May 2025 peak to the Nov 2026 low.
  2. SepPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  3. AugPriceVolume reached 221.2x its 50-day median on 2026-08-20; price +17.2% that day.
  4. JunPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 2nd quartile).
  5. MarResultsYear-on-year EPS growth turned positive.
  6. MarPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
  7. DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  8. OctPriceVolume reached 51.8x its 50-day median on 2025-10-06; price -5.1% that day.
Show 22 earlier events
  1. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  2. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  3. AprPriceVolume reached 19.5x its 50-day median on 2025-04-30; price -0.4% that day.
  4. MarValuationP/E crossed above the 90th percentile of its own history to date (49.9x).
  5. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  6. DecResultsYear-on-year EPS growth turned negative.
  7. DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  8. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  9. AugPriceVolume reached 12.7x its 50-day median on 2024-08-30; price +7.1% that day.
  10. JunPriceRegained the 2022-11 peak, 0 months after the low.
  11. JunPriceFell 29% from the Nov 2022 peak to the Jun 2024 low.
  12. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  13. JunPriceVolume reached 24.0x its 50-day median on 2024-06-14; price +7.8% that day.
  14. OctPriceVolume reached 27.0x its 50-day median on 2023-10-26; price +1.2% that day.
  15. SepPriceVolume reached 11.1x its 50-day median on 2023-09-06; price +1.6% that day.
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
  18. AprValuationP/E crossed above the 90th percentile of its own history to date (45.2x).
  19. JanPriceVolume reached 13.2x its 50-day median on 2023-01-12; price +0.0% that day.
  20. DecPriceVolume reached 48.8x its 50-day median on 2022-12-22; price +0.5% that day.
  21. SepPriceRegained the 2022-01 peak, 3 months after the low.
  22. JulPriceVolume reached 10.3x its 50-day median on 2022-07-29; price +4.4% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1131.9x₹1670 cr6.4%9.0%0.0x
2026-1031.9x₹1670 cr6.4%9.0%0.0x
2026-0934.0x₹1670 cr6.4%9.0%0.0x
2026-0833.3x₹1917 cr7.7%9.0%0.0x
2026-0729.5x₹1917 cr7.7%9.0%0.0x
2026-0629.1x₹1917 cr7.7%9.0%0.0x
2026-0531.9x₹2129 cr7.9%9.0%0.1x
2026-0433.0x₹2129 cr7.9%9.0%0.1x
2026-0331.9x₹2129 cr7.9%9.0%0.1x
2026-0237.1x₹1906 cr6.9%9.0%0.1x
2026-0137.0x₹1906 cr6.9%9.0%0.1x
2025-1237.0x₹1906 cr6.9%9.0%0.1x
2025-1139.8x₹1808 cr6.4%9.0%0.1x
2025-1039.8x₹1808 cr6.4%9.0%0.1x
2025-0940.3x₹1808 cr6.4%9.0%0.1x
2025-0844.9x₹1793 cr5.8%9.0%0.1x
2025-0745.0x₹1793 cr5.8%9.0%0.1x
2025-0646.8x₹1793 cr5.8%9.0%0.1x
2025-0557.5x₹1720 cr5.4%12.0%0.3x
2025-0456.4x₹1720 cr5.4%12.0%0.3x
2025-0349.9x₹1720 cr5.4%12.0%0.3x
2025-0231.2x₹2067 cr7.7%12.0%0.3x
2025-0134.7x₹2067 cr7.7%12.0%0.3x
2024-1235.2x₹2067 cr7.7%12.0%0.3x
2024-1130.3x₹2193 cr8.6%12.0%0.3x
2024-1030.3x₹2193 cr8.6%12.0%0.3x
2024-0932.0x₹2193 cr8.6%12.0%0.3x
2024-0827.4x₹2220 cr9.1%12.0%0.3x
2024-0726.4x₹2220 cr9.1%12.0%0.3x
2024-0625.9x₹2220 cr9.1%12.0%0.3x
2024-0520.8x₹2526 cr9.2%12.0%0.4x
2024-0423.2x₹2526 cr9.2%12.0%0.4x
2024-0320.1x₹2526 cr9.2%12.0%0.4x
2024-0223.0x₹2526 cr9.2%12.0%0.4x
2024-0121.1x₹2526 cr9.2%12.0%0.4x
2023-1222.4x₹2526 cr9.2%12.0%0.4x
2023-1121.6x₹2526 cr9.2%12.0%0.4x
2023-1022.5x₹2526 cr9.2%12.0%0.4x
2023-0923.2x₹2526 cr9.2%12.0%0.4x
2023-0823.7x₹2526 cr9.2%12.0%0.4x
2023-0724.6x₹2526 cr9.2%12.0%0.4x
2023-0624.1x₹2526 cr9.2%12.0%0.4x
2023-0543.4x₹1998 cr5.6%7.0%0.7x
2023-0445.2x₹1998 cr5.6%7.0%0.7x
2023-0342.5x₹1998 cr5.6%7.0%0.7x
2023-0243.1x₹1998 cr5.6%7.0%0.7x
2023-0143.2x₹1998 cr5.6%7.0%0.7x
2022-1243.8x₹1998 cr5.6%7.0%0.7x
2022-1148.3x₹1998 cr5.6%7.0%0.7x
2022-1044.1x₹1998 cr5.6%7.0%0.7x
2022-0944.5x₹1998 cr5.6%7.0%0.7x
2022-0843.2x₹1998 cr5.6%7.0%0.7x
2022-0738.5x₹1998 cr5.6%7.0%0.7x
2022-0634.0x₹1998 cr5.6%7.0%0.7x
2022-0534.0x₹1563 cr6.8%7.0%0.6x
2022-0436.3x₹1563 cr6.8%7.0%0.6x
2022-0336.2x₹1563 cr6.8%7.0%0.6x
2022-0232.3x₹1563 cr6.8%7.0%0.6x
2022-0138.1x₹1563 cr6.8%7.0%0.6x
2021-1236.4x₹1563 cr6.8%7.0%0.6x

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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