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BANCO PRODUCTS (INDIA) LTD (BANCOINDIA)

Producer Manufacturing · Industrial Machinery · 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.71 / 100
Profitability 85Growth 75Balance sheet 52
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.55 / 100
Price 76Earnings 42FII/DII 47

Passes these screensQuality CompounderDebt-light & profitableConsistent compounders

Compare withWELSPUN CORPVOLTASTHERMAX

Share price

Closing priceAdjusted for splits and bonus issues.

₹659.15 latest close · −4.3% over the last 90 sessions

₹550₹600₹650₹700Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹550₹600₹650₹700Jul 3Sep 4Nov 9

₹659.15 month-end · −2.9% over 12 months

₹500₹600₹700Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹500₹600₹700Nov '25May '26Nov '26

₹659.15 month-end · +133.1% over 3 years

₹400₹600₹800Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹600₹800Nov '23May '25Nov '26

₹659.15 month-end · +678.2% since Jan '19

₹0₹250₹500₹750Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹250₹500₹750Jan '19Dec '22Nov '26

52-week range ₹502.00 to ₹865.00 · 1-year volatility 42.9%

Was the rally earned?

-3%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-3%).
  • The share count barely moved.
Net profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 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: −3%−3%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −3%−3%Share price
Net profit growth+13 ptsNet profit rose about 14%, which lifts the price.
P/E change-16 ptsThe P/E fell from 22.4x to 19.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+133%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 117 points to the rise, while the multiple moved less (P/E 17.2x to 19.1x).
  • The share count barely moved.
Net profit growth: +116 pts. Points of the price return explained by net profit growing (or shrinking).+116 ptsNet profit growthP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16 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: +133%+133%Share priceNet profit growth: +116 pts. Points of the price return explained by net profit growing (or shrinking).+116ProfitP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +133%+133%Share price
Net profit growth+116 ptsNet profit rose about 109%, which lifts the price.
P/E change+16 ptsThe P/E rose from 17.2x to 19.1x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+678%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 486 points to the rise, while the multiple moved less (P/E 10.7x to 19.1x).
  • The share count barely moved.
Net profit growth: +485 pts. Points of the price return explained by net profit growing (or shrinking).+485 ptsNet profit growthP/E change: +192 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+192 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: +678%+678%Share priceNet profit growth: +485 pts. Points of the price return explained by net profit growing (or shrinking).+485ProfitP/E change: +192 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+192P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +678%+678%Share price
Net profit growth+485 ptsNet profit rose about 334%, which lifts the price.
P/E change+192 ptsThe P/E rose from 10.7x to 19.1x, which lifts 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 WELSPUN CORP

How rough has the ride been?

Maximum drawdown-68.4%recovered 2021-06
1-year volatility42.9%annualised
Beta vs sector index1.363-year daily, correlation 0.53
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−67.0% 0%−20%−40%−60%2020202220242026−67.0%
Largest drawdowns

-68.4% (2019-01 peak to 2020-03 low, recovered 2021-06)

-46.7% (2024-11 peak to 2025-03 low, recovered 2025-06)

-45.2% (2021-09 peak to 2022-05 low, recovered 2022-08)

Most recent volume spikes

2026-11-09: 51.1x the 50-day median, price -3.7% that day

2026-11-08: 66.3x the 50-day median, price +14.5% 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?

19.1xP/E todayNear its historic high
Against its own history80th percentile
CheapestMedian 12.7xDearest

Usual range 8.6x to 20.9x since 2019-01.

Against Producer Manufacturing19.1x vs 29.6x
This company
19.1x
Sector median
29.6x

36% below the Producer Manufacturing median.

6.7x19.2x31.6x44.0xJan '19Aug '20Mar '22Oct '23May '25Nov '266.7x19.2x31.6x44.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

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

  • ROCE89thflat vs a year ago
  • Op. margin81st▼ 4 pts vs a year ago
  • Revenue growth69th▼ 4 pts vs a year ago
  • EPS growth55th▼ 32 pts vs a year ago
  • Debt/equity ↓40th▲ 6 pts vs a year ago
  • Cash cycle ↓20thflat vs a year ago
  • P/E ↓73rd▲ 3 pts vs a year ago
  • 12M momentum54th▼ 30 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~17%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 30.7x, a holder earning 12%/yr needs earnings to grow about 17.3%/yr for 10 years, then trade at 15x.

Delivered22.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−4.8 ptsimplied minus delivered
Rank626thmost demanding of 856

Over time

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

-7%9%24% Jan 2019Nov 2026 -7%9%24% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x18.5%19.5%20.6%
15x16.3%17.3%18.3%
20x13.4%14.4%15.4%

Drag a slider to test other assumptions

Implied: 17.3%/yr

Looking back

  • Jan 2020Price implied −1%/yr; EPS has since grown 32%/yr (7.0 yrs)
  • Jan 2021Price implied 3%/yr; EPS has since grown 36%/yr (6.0 yrs)
  • Jan 2022Price implied 6%/yr; EPS has since grown 34%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹659.15
P/E
19.1x
ROCE
31.0%
Market Cap
₹9423 cr
Revenue (TTM)
₹4110 cr
P/S
2.3x
P/B
5.6x
ROE
29.3%
Operating Margin
18.0%
Debt / Equity
0.4x
Promoter Holding
67.9%
12M Momentum
-2.9%

52-week range

₹502.00₹865.00
43% of the way from its 52-week low to its high

Price risk

1Y volatility
42.9%
Beta vs sector
1-year daily
1.31

Balance sheet & cash

Interest cover
operating profit ÷ interest
32.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.88x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance17%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 17.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 24.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.88xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.88x (cash from operations ₹1,002 cr, net profit ₹1,145 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+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (69 vs 65). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+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 2 years, FIIs added 1.6 pts.
  • The number of shareholders rose from 47,751 to 76,328 (+60%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters67.9%67.9%0.0 pts
FIIs2.4%3.9%+1.6 pts
DIIs0.1%0.2%+0.2 pts
Public and others29.7%28.0%-1.7 pts

Number of shareholders

76,328shareholders+60% since Dec '23
48k57k67k77k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 47,751
Mar '24: 51,172
Jun '24: 52,823
Sep '24: 58,795
Dec '24: 60,527
Mar '25: 67,945
Jun '25: 69,540
Sep '25: 72,708
Dec '25: 76,314
Mar '26: 76,781
Jun '26: 76,328
 48k57k67k77k Dec '23Dec '24Dec '25Jun '26
Dec '23: 47,751
Mar '24: 51,172
Jun '24: 52,823
Sep '24: 58,795
Dec '24: 60,527
Mar '25: 67,945
Jun '25: 69,540
Sep '25: 72,708
Dec '25: 76,314
Mar '26: 76,781
Jun '26: 76,328

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

−12.8%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like BANCO PRODUCTS (INDIA) 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 −30% to +21% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −7.7%, 80% range −14.9% to −5.0%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SONATSOFTW · Mar 2024: −53.8% vs market
RUPA · Mar 2022: −50.9% vs market
GTPL · Oct 2021: −48.4% vs market
BBTC · Sep 2020: −46.2% vs market
BLISSGVS · Mar 2020: −45.6% vs market
EPIGRAL · Oct 2025: −45.3% vs market
SATIA · Oct 2020: −44.4% vs market
DHANUKA · Aug 2025: −43.4% vs market
KKCL · Dec 2023: −35.2% vs market
IONEXCHANG · May 2025: −34.9% vs market
BLS · Jun 2025: −32.2% vs market
JTLIND · Dec 2023: −31.4% vs market
ELECON · Jul 2025: −30.3% vs market
SAKSOFT · Oct 2025: −30.1% vs market
NAVNETEDUL · May 2020: −28.6% vs market
DOLLAR · Sep 2022: −28.2% vs market
INSECTICID · Apr 2020: −26.6% vs market
BHARATRAS · Oct 2022: −26.5% vs market
RATNAMANI · Jun 2024: −20.5% vs market
NIITMTS · Nov 2024: −18.4% vs market
MASTEK · Jan 2024: −15.8% vs market
SUDARSCHEM · Nov 2020: −15.3% vs market
INDGN · May 2025: −15.0% vs market
GULFOILLUB · Jun 2025: −14.2% vs market
JAMNAAUTO · Oct 2022: −12.8% vs market
HEIDELBERG · Jun 2020: −12.7% vs market
KIRLOSBROS · May 2025: −11.8% vs market
VADILALIND · May 2025: −11.2% vs market
BALRAMCHIN · May 2022: −11.0% vs market
POWERMECH · Sep 2025: −8.5% vs market
CAPLIPOINT · May 2022: −7.7% vs market
USHAMART · Feb 2024: −6.3% vs market
ALLDIGI · Aug 2024: −5.3% vs market
ANGELONE · Sep 2023: −4.6% vs market
GARFIBRES · Oct 2025: +3.8% vs market
BECTORFOOD · Jul 2024: +14.4% vs market
ECLERX · Feb 2024: +17.1% vs market
RSYSTEMS · Apr 2023: +22.3% vs market
ASKAUTOLTD · Oct 2025: +23.7% vs market
SHRIPISTON · Jul 2024: +25.7% vs market
KPRMILL · Oct 2022: +32.9% vs market
ENDURANCE · Mar 2020: +34.7% vs market
KINGFA · Nov 2024: +39.3% vs market
STYLAMIND · Oct 2025: +40.9% vs market
SUNDRMFAST · May 2020: +48.3% vs market
MARKSANS · Jun 2024: +61.0% vs market
APLAPOLLO · Aug 2022: +61.6% vs market
TI · Sep 2024: +61.9% vs market
GRAVITA · Mar 2024: +77.0% vs market
GODFRYPHLP · Mar 2024: +111.4% vs market
Similar setups −12.8%All companies −5.1%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−12.8%
All companies' median
−5.1%
Beat the market
32% vs 44%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BBTC
Consumer Non-Durables		 Sep 2020 15x24% +15%−15% −46%
ECLERX
Commercial Services		 Feb 2024 25x36% +81%−10% +17%
SHRIPISTON
Producer Manufacturing		 Jul 2024 20x28% +50%−6% +26%
SONATSOFTW
Technology Services		 Mar 2024 45x39% +73%−16% −54%
KPRMILL
Consumer Non-Durables		 Oct 2022 23x31% +23%−27% +33%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDGN
Health Technology		 May 2025 37x29% +15%−18% −15%
RSYSTEMS
Technology Services		 Apr 2023 21x31% +1%−10% +22%
DOLLAR
Consumer Non-Durables		 Sep 2022 19x27% +32%−24% −28%
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 BANCO PRODUCTS (INDIA) 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.

BLS INTERNATIONAL SERVICESBLS
Technology Services
71%similar
market capROCE
SANDUR MANGANESE & IRON ORES LSANDUMA
Non-Energy Minerals
71%similar
market capdebt/equity
REDTAPEREDTAPE
Retail Trade
67%similar
operating marginrevenue growth
VADILAL INDUSTRIESVADILALIND
Consumer Non-Durables
67%similar
EPS growthpromoter holding
ECLERX SERVICESECLERX
Commercial Services
65%similar
P/Erevenue
TRANSRAIL LIGHTINGTRANSRAILL
Producer Manufacturing
66%similar
ROCEvolatility
SKIPPERSKIPPER
Producer Manufacturing
64%similar
volatilitypromoter holding
ASK AUTOMOTIVEASKAUTOLTD
Producer Manufacturing
58%similar
revenue growthrevenue

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

What changed?

30 events since Aug '23

  1. NovPriceVolume reached 66.3x its 50-day median on 2026-11-08; price +14.5% that day.
  2. JunPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  3. MayPriceVolume reached 13.5x its 50-day median on 2026-05-29; price +4.9% that day.
  4. MarPriceFell 42% from the Oct 2025 peak to the Mar 2026 low.
  5. FebPriceVolume reached 6.7x its 50-day median on 2026-02-11; price +5.6% that day.
  6. DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  7. NovPriceVolume reached 32.9x its 50-day median on 2025-11-04; price +11.9% that day.
  8. SepPriceVolume reached 71.9x its 50-day median on 2025-09-18; price +7.9% that day.
Show 22 earlier events
  1. JunPriceRegained the 2024-11 peak, 3 months after the low.
  2. JunPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  3. JunSharesShare count is up 107.1% over 12 months.
  4. MayValuationP/E crossed above the 90th percentile of its own history to date (26.6x).
  5. MayPriceVolume reached 45.5x its 50-day median on 2025-05-21; price +11.2% that day.
  6. MarPriceFell 47% from the Nov 2024 peak to the Mar 2025 low.
  7. MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the top quartile).
  8. FebPriceVolume reached 10.4x its 50-day median on 2025-02-10; price -19.6% that day.
  9. DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  10. NovPriceVolume reached 61.9x its 50-day median on 2024-11-18; price +18.1% that day.
  11. OctValuationP/E crossed above the 90th percentile of its own history to date (19.2x).
  12. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  13. JulPriceRegained the 2024-01 peak, 4 months after the low.
  14. JulPriceVolume reached 28.5x its 50-day median on 2024-07-26; price +10.7% that day.
  15. JunResultsRevenue (TTM) reached a new high of ₹2,769 cr.
  16. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  17. JunPriceVolume reached 23.7x its 50-day median on 2024-06-26; price +6.1% that day.
  18. MarPriceFell 27% from the Jan 2024 peak to the Mar 2024 low.
  19. JanPeer rankMoved into the top quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  20. NovPriceVolume reached 7.3x its 50-day median on 2023-11-13; price +6.3% that day.
  21. AugValuationP/E crossed above the 90th percentile of its own history to date (15.5x).
  22. AugPriceVolume reached 20.9x its 50-day median on 2023-08-08; price +20.0% 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
2026-1119.1x₹4110 cr29.3%31.0%0.4x
2026-1016.6x₹4110 cr29.3%31.0%0.4x
2026-0917.5x₹4110 cr29.3%31.0%0.4x
2026-0818.6x₹3896 cr28.6%31.0%0.4x
2026-0718.9x₹3896 cr28.6%31.0%0.4x
2026-0619.9x₹3896 cr28.6%31.0%0.4x
2026-0519.2x₹3672 cr37.5%32.0%0.4x
2026-0418.1x₹3672 cr37.5%32.0%0.4x
2026-0314.8x₹3672 cr37.5%32.0%0.4x
2026-0220.6x₹3522 cr33.3%32.0%0.4x
2026-0119.6x₹3522 cr33.3%32.0%0.4x
2025-1222.8x₹3522 cr33.3%32.0%0.4x
2025-1122.4x₹3379 cr33.3%32.0%0.4x
2025-1023.5x₹3379 cr33.3%32.0%0.4x
2025-0927.5x₹3379 cr33.3%32.0%0.4x
2025-0821.0x₹3213 cr30.2%32.0%0.4x
2025-0721.6x₹3213 cr30.2%32.0%0.4x
2025-0623.4x₹3213 cr30.2%32.0%0.4x
2025-0526.6x₹3062 cr29.2%27.0%0.4x
2025-0417.1x₹3062 cr29.2%27.0%0.4x
2025-0316.1x₹3062 cr29.2%27.0%0.4x
2025-0213.1x₹2994 cr32.7%27.0%0.4x
2025-0118.7x₹2994 cr32.7%27.0%0.4x
2024-1219.8x₹2994 cr32.7%27.0%0.4x
2024-1130.5x₹2824 cr25.8%27.0%0.4x
2024-1019.2x₹2824 cr25.8%27.0%0.4x
2024-0917.8x₹2824 cr25.8%27.0%0.4x
2024-0817.9x₹2769 cr25.8%27.0%0.4x
2024-0720.0x₹2769 cr25.8%27.0%0.4x
2024-0618.1x₹2769 cr25.8%27.0%0.4x
2024-0518.0x₹2332 cr23.6%26.0%0.4x
2024-0418.9x₹2332 cr23.6%26.0%0.4x
2024-0318.1x₹2332 cr23.6%26.0%0.4x
2024-0220.1x₹2332 cr23.6%26.0%0.4x
2024-0121.7x₹2332 cr23.6%26.0%0.4x
2023-1219.4x₹2332 cr23.6%26.0%0.4x
2023-1117.2x₹2332 cr23.6%26.0%0.4x
2023-1013.6x₹2332 cr23.6%26.0%0.4x
2023-0915.1x₹2332 cr23.6%26.0%0.4x
2023-0815.5x₹2332 cr23.6%26.0%0.4x
2023-0710.7x₹2332 cr23.6%26.0%0.4x
2023-069.2x₹2332 cr23.6%26.0%0.4x
2023-0512.9x₹1958 cr15.5%24.0%0.1x
2023-0412.1x₹1958 cr15.5%24.0%0.1x
2023-0310.5x₹1958 cr15.5%24.0%0.1x
2023-0210.3x₹1958 cr15.5%24.0%0.1x
2023-019.4x₹1958 cr15.5%24.0%0.1x
2022-129.4x₹1958 cr15.5%24.0%0.1x
2022-119.5x₹1958 cr15.5%24.0%0.1x
2022-109.1x₹1958 cr15.5%24.0%0.1x
2022-098.6x₹1958 cr15.5%24.0%0.1x
2022-0812.4x₹1958 cr15.5%24.0%0.1x
2022-078.8x₹1958 cr15.5%24.0%0.1x
2022-068.3x₹1958 cr15.5%24.0%0.1x
2022-0510.3x₹1533 cr13.8%19.0%0.0x
2022-048.9x₹1533 cr13.8%19.0%0.0x
2022-038.6x₹1533 cr13.8%19.0%0.0x
2022-029.3x₹1533 cr13.8%19.0%0.0x
2022-0111.4x₹1533 cr13.8%19.0%0.0x
2021-1210.9x₹1533 cr13.8%19.0%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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