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BHAGERIA INDUSTRIES LIMITED (BHAGERIA)

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

Momentum #18Price #3
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.76 / 100
Profitability 55Growth 93Balance sheet 80
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.88 / 100
Price 100Earnings 76

Passes these screensHigh MomentumNear 52-week high

Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹396.1 latest close · +80.1% over the last 90 sessions

₹200₹300₹400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹300₹400Jul 3Sep 4Nov 9

₹396.1 month-end · +118.3% over 12 months

₹200₹300₹400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹300₹400Nov '25May '26Nov '26

₹396.1 month-end · +138.6% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹396.1 month-end · +257.5% since Jun '20

₹100₹200₹300₹400Jun '20Sep '21Jan '23Apr '24Aug '25Nov '26 ₹100₹200₹300₹400Jun '20Sep '23Nov '26

52-week range ₹127.51 to ₹415.80 · 1-year volatility 52.0%

Was the rally earned?

+118%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings added 62 points and the multiple added 56 points (P/E 17.3x to 25.1x).
  • The share count rose 6%.
Net profit growth: +72 pts. Points of the price return explained by net profit growing (or shrinking).+72 ptsNet profit growthP/E change: +56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+56 ptsP/E changeShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9 ptsShare count changeShare price: +118%+118%Share priceNet profit growth: +72 pts. Points of the price return explained by net profit growing (or shrinking).+72ProfitP/E change: +56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+56P/EShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9SharesShare price: +118%+118%Share price
Net profit growth+72 ptsNet profit rose about 61%, which lifts the price.
P/E change+56 ptsThe P/E rose from 17.3x to 25.1x, which lifts the price.
Share count change-9 ptsShare count rose 6%, which lowers the price.
+139%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 246 points, but investors now pay less per rupee of profit (P/E 49.1x to 25.1x), which took 107 points back.
  • The share count barely moved.
Net profit growth: +243 pts. Points of the price return explained by net profit growing (or shrinking).+243 ptsNet profit growthP/E change: −107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−107 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +139%+139%Share priceNet profit growth: +243 pts. Points of the price return explained by net profit growing (or shrinking).+243ProfitP/E change: −107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−107P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +139%+139%Share price
Net profit growth+243 ptsNet profit rose about 360%, which lifts the price.
P/E change-107 ptsThe P/E fell from 49.1x to 25.1x, which lowers the price.
Share count change+3 ptsShare count was little changed. More shares would count against the price.
+60%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 17.2x to 25.1x); per-share earnings added 12 points.
  • The share count barely moved.
Net profit growth: +12 pts. Points of the price return explained by net profit growing (or shrinking).+12 ptsNet profit growthP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48 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: +60%+60%Share priceNet profit growth: +12 pts. Points of the price return explained by net profit growing (or shrinking).+12ProfitP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +60%+60%Share price
Net profit growth+12 ptsNet profit rose about 9%, which lifts the price.
P/E change+48 ptsThe P/E rose from 17.2x to 25.1x, 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-63.9%recovered 2026-09
1-year volatility52.0%annualised
Beta vs sector index1.183-year daily, correlation 0.39
Volume spikes15last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−62.9% 0%−20%−40%−60%2020202220242026−62.9%
Largest drawdowns

-63.9% (2021-10 peak to 2023-03 low, recovered 2026-09)

-55.0% (2019-01 peak to 2020-03 low, recovered 2020-12)

-20.7% (2021-07 peak to 2021-08 low, recovered 2021-10)

Most recent volume spikes

2026-10-30: 5.6x the 50-day median, price -2.2% that day

2026-09-30: 6x the 50-day median, price +7.6% that day

2026-09-25: 18.1x the 50-day median, price +9.7% 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?

25.1xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 17.4xDearest

Usual range 8.7x to 45.9x since 2020-06.

Against Process Industries25.1x vs 18.1x
This company
25.1x
Sector median
18.1x

39% above the Process Industries median.

7.2x23.1x38.9x54.7xJun '20Oct '21Feb '23Jun '24Oct '25Nov '267.2x23.1x38.9x54.7xJun '20Aug '22Oct '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

  • ROCE41st▲ 7 pts vs a year ago
  • Op. margin68th▲ 12 pts vs a year ago
  • Revenue growth95th▲ 12 pts vs a year ago
  • EPS growth77th▼ 13 pts vs a year ago
  • Debt/equity ↓68th▼ 10 pts vs a year ago
  • Cash cycle ↓76th▲ 20 pts vs a year ago
  • P/E ↓34th▼ 26 pts vs a year ago
  • 12M momentum97th▲ 25 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?

~24%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 44.7x, a holder earning 12%/yr needs earnings to grow about 23.7%/yr for 10 years, then trade at 15x.

Delivered−15.5%/yrEPS, last 7 fiscal years · 3-yr avg to 3-yr avg
Gap+39.2 ptsimplied minus delivered
Rank24thmost demanding of 856

Over time

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

-29%-2%24% Jun 2020Nov 2026 -29%-2%24% Jun 2020Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.1%26.3%27.4%
15x22.6%23.7%24.8%
20x19.3%20.4%21.4%

Drag a slider to test other assumptions

Implied: 23.7%/yr

Looking back

  • Jan 2021Price implied 6%/yr; EPS has since grown −7%/yr (6.0 yrs)
  • Jan 2022Price implied 12%/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
₹396.10
P/E
25.1x
ROCE
9.0%
Market Cap
₹1731 cr
Revenue (TTM)
₹1003 cr
P/S
1.7x
P/B
2.9x
ROE
11.6%
Operating Margin
15.0%
Debt / Equity
0.2x
Promoter Holding
71.8%
12M Momentum
118.3%

52-week range

₹127.51₹415.80
93% of the way from its 52-week low to its high

Price risk

1Y volatility
52.0%
Beta vs sector
1-year daily
1.09

Balance sheet & cash

Interest cover
operating profit ÷ interest
19.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.68x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance18%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 29.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.68xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.68x (cash from operations ₹171 cr, net profit ₹102 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-49 daysWithin range

Debtor days are below the median of the previous three fiscal years by 49 days (66 vs 115). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress30% of fixed assetsWithin range

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

Payable days-23 days / 2 yrsWithin range

Days payable changed by -23 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 rose from 14,306 to 17,139 (+20%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters71.8%71.8%0.0 pts
FIIs0.0%0.1%+0.1 pts
DIIs———
Public and others28.3%28.2%-0.1 pts

Number of shareholders

17,139shareholders+20% since Sep '23
14k16k18k19k Sep '23Jun '24Dec '24Sep '25Mar '26Jun '26
Sep '23: 14,306
Mar '24: 16,587
Jun '24: 16,196
Sep '24: 16,992
Dec '24: 16,991
Mar '25: 16,932
Sep '25: 17,113
Dec '25: 19,102
Mar '26: 18,219
Jun '26: 17,139
 14k16k18k19k Sep '23Sep '24Sep '25Jun '26
Sep '23: 14,306
Mar '24: 16,587
Jun '24: 16,196
Sep '24: 16,992
Dec '24: 16,991
Mar '25: 16,932
Sep '25: 17,113
Dec '25: 19,102
Mar '26: 18,219
Jun '26: 17,139

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+3.0%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 BHAGERIA INDUSTRIES 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 −27% to +45% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (+6.8%, 80% range −11.6% to +10.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DYNAMIC · Nov 2024: −63.4% vs market
STERTOOLS · Nov 2024: −61.0% vs market
EKC · Dec 2021: −59.3% vs market
VASCONEQ · Oct 2023: −48.5% vs market
NIITLTD · Mar 2022: −44.7% vs market
IMFA · Jul 2021: −42.1% vs market
OMINFRAL · Jul 2024: −40.6% vs market
BBL · Aug 2024: −40.2% vs market
MINDTECK · Dec 2021: −37.7% vs market
SYNCOMF · May 2025: −33.5% vs market
WINDLAS · Nov 2024: −31.0% vs market
DATAMATICS · Aug 2025: −28.1% vs market
TIMETECHNO · Dec 2024: −27.8% vs market
DBCORP · Oct 2023: −22.8% vs market
CHEMFAB · Sep 2022: −22.6% vs market
SANGHVIMOV · Oct 2023: −20.5% vs market
SMSPHARMA · Jul 2024: −18.2% vs market
JINDRILL · Nov 2023: −18.0% vs market
SRHHYPOLTD · Nov 2020: −15.6% vs market
BIRLANU · Apr 2021: −14.0% vs market
SESHAPAPER · Oct 2022: −4.0% vs market
ORBTEXP · Oct 2022: −2.3% vs market
FAZE3Q · Jun 2025: −1.1% vs market
PARACABLES · Aug 2023: +1.1% vs market
CHEMBOND · Jun 2023: +3.0% vs market
FORCEMOT · Feb 2024: +3.0% vs market
KITEX · Oct 2024: +4.9% vs market
ADSL · Oct 2021: +6.0% vs market
KRISHANA · Mar 2020: +6.1% vs market
AVTNPL · Jun 2020: +9.2% vs market
SHREEPUSHK · Sep 2025: +10.3% vs market
GAEL · Jan 2021: +11.0% vs market
VIMTALABS · Nov 2021: +14.4% vs market
SOUTHWEST · Oct 2025: +17.5% vs market
TERASOFT · Jun 2025: +40.5% vs market
ANUP · Jun 2023: +41.3% vs market
NDRAUTO · May 2023: +42.2% vs market
GALLANTT · Apr 2024: +45.2% vs market
GABRIEL · Mar 2025: +46.5% vs market
KKCL · Aug 2022: +49.4% vs market
KABRAEXTRU · Jun 2021: +54.3% vs market
DEEPINDS · Oct 2022: +54.3% vs market
GOLDIAM · Feb 2020: +59.0% vs market
ANANTRAJ · Jun 2023: +65.4% vs market
HSCL · Jun 2023: +102.8% vs market
TDPOWERSYS · May 2022: +107.5% vs market
REPL · Sep 2020: +148.8% vs market
GRSE · Jul 2023: +162.6% vs market
HBLENGINE · Nov 2022: +174.6% vs market
GLOBUSSPR · Jan 2021: +204.3% vs market
Similar setups +3.0%All companies −3.8%← 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 · 6 beyond the range shown, drawn at the edge

Similar setups' median
+3.0%
All companies' median
−3.8%
Beat the market
54% vs 46%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GALLANTT
Non-Energy Minerals		 Apr 2024 51x10% +380%0% +45%
NDRAUTO
Producer Manufacturing		 May 2023 33x10% +97%0% +42%
KABRAEXTRU
Producer Manufacturing		 Jun 2021 27x12% +291%0% +54%
BBL
Producer Manufacturing		 Aug 2024 46x11% +161%−2% −40%
OMINFRAL
Industrial Services		 Jul 2024 44x12% +308%0% −41%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TDPOWERSYS
Producer Manufacturing		 May 2022 31x12% +133%−3% +108%
VASCONEQ
Industrial Services		 Oct 2023 17x11% +176%−6% −49%
GAEL
Consumer Non-Durables		 Jan 2021 22x— +84%−2% +11%
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, P/S 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 BHAGERIA INDUSTRIES 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.

ALL TIME PLASTICSALLTIME
Producer Manufacturing
66%similar
promoter holdingoperating margin
INDO FARM EQUIPMENTINDOFARM
Producer Manufacturing
64%similar
P/Epromoter holding
YATRA ONLINEYATRA
Consumer Services
61%similar
revenuerevenue growth
KROSSKROSS
Producer Manufacturing
60%similar
market capvolatility
MMP INDUSTRIESMMP
Non-Energy Minerals
60%similar
revenueP/E
SHREE PUSHKAR CHEMICALSSHREEPUSHK
Process Industries
67%similar
revenueP/E
HITECH CORPORATIONHITECHCORP
Process Industries
51%similar
ROCErevenue
DMCC SPECIALITY CHEMICALSDMCC
Process Industries
50%similar
EPS growthrevenue growth

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

What changed?

30 events since Jun '23

  1. OctPriceVolume reached 5.6x its 50-day median on 2026-10-30; price -2.2% that day.
  2. SepPriceRegained the 2021-10 peak, 42 months after the low.
  3. SepPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  4. SepPriceVolume reached 20.9x its 50-day median on 2026-09-02; price +5.0% that day.
  5. JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  6. JunPriceVolume reached 71.4x its 50-day median on 2026-06-05; price +15.8% that day.
  7. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  8. MarPriceVolume reached 8.6x its 50-day median on 2026-03-18; price +4.9% that day.
Show 22 earlier events
  1. OctPriceVolume reached 84.4x its 50-day median on 2025-10-23; price +17.4% that day.
  2. SepResultsRevenue (TTM) reached a new high of ₹639 cr.
  3. SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  4. SepPriceVolume reached 79.4x its 50-day median on 2025-09-19; price -4.1% that day.
  5. JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
  6. JunPriceVolume reached 19.7x its 50-day median on 2025-06-30; price +10.8% that day.
  7. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  8. FebPriceVolume reached 68.4x its 50-day median on 2025-02-03; price +11.1% that day.
  9. OctPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  10. AugValuationP/E crossed above the 90th percentile of its own history to date (54.5x).
  11. AugPriceVolume reached 91.8x its 50-day median on 2024-08-28; price +15.3% that day.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
  14. AprValuationP/E crossed above the 90th percentile of its own history to date (51.6x).
  15. AprPriceVolume reached 17.1x its 50-day median on 2024-04-16; price +15.2% that day.
  16. FebPriceVolume reached 33.5x its 50-day median on 2024-02-21; price +6.7% that day.
  17. NovPriceVolume reached 49.7x its 50-day median on 2023-11-30; price +11.2% that day.
  18. AugPriceVolume reached 7.4x its 50-day median on 2023-08-29; price +5.5% that day.
  19. JunResultsYear-on-year EPS growth turned negative.
  20. JunValuationP/E crossed above the 90th percentile of its own history to date (46.6x).
  21. JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
  22. JunPriceVolume reached 8.4x its 50-day median on 2023-06-28; price +6.5% 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 history78 months · 2020-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1125.1x₹1003 cr11.6%9.0%0.2x
2026-1023.0x₹1003 cr11.2%9.0%0.2x
2026-0925.7x₹1003 cr11.2%9.0%0.2x
2026-0823.8x₹874 cr7.4%9.0%0.2x
2026-0720.1x₹874 cr7.4%9.0%0.2x
2026-0620.0x₹874 cr7.4%9.0%0.2x
2026-0513.9x₹786 cr8.6%8.0%0.1x
2026-0415.1x₹786 cr8.6%8.0%0.1x
2026-0311.2x₹786 cr8.6%8.0%0.1x
2026-0213.2x₹714 cr8.6%8.0%0.1x
2026-0115.5x₹714 cr8.6%8.0%0.1x
2025-1215.5x₹714 cr8.6%8.0%0.1x
2025-1117.3x₹639 cr7.7%8.0%0.1x
2025-1021.4x₹639 cr7.7%8.0%0.1x
2025-0916.5x₹639 cr7.7%8.0%0.1x
2025-0820.8x₹595 cr6.8%8.0%0.1x
2025-0721.7x₹595 cr6.8%8.0%0.1x
2025-0622.6x₹595 cr6.8%8.0%0.1x
2025-0525.8x₹594 cr5.5%5.0%0.1x
2025-0421.1x₹594 cr5.5%5.0%0.1x
2025-0320.2x₹594 cr5.5%5.0%0.1x
2025-0224.7x₹536 cr5.0%5.0%0.1x
2025-0128.1x₹536 cr5.0%5.0%0.1x
2024-1230.7x₹536 cr5.0%5.0%0.1x
2024-1136.1x₹510 cr4.4%5.0%0.1x
2024-1037.2x₹510 cr4.4%5.0%0.1x
2024-0944.1x₹510 cr4.4%5.0%0.1x
2024-0854.5x₹494 cr3.6%5.0%0.1x
2024-0740.2x₹494 cr3.6%5.0%0.1x
2024-0638.8x₹494 cr3.6%5.0%0.1x
2024-0545.3x₹501 cr3.0%4.0%0.1x
2024-0451.6x₹501 cr3.0%4.0%0.1x
2024-0342.9x₹501 cr3.0%4.0%0.1x
2024-0254.7x₹501 cr3.0%4.0%0.1x
2024-0149.1x₹501 cr3.0%4.0%0.1x
2023-1248.4x₹501 cr3.0%4.0%0.1x
2023-1149.1x₹501 cr3.0%4.0%0.1x
2023-1043.4x₹501 cr3.0%4.0%0.1x
2023-0945.1x₹501 cr3.0%4.0%0.1x
2023-0848.7x₹501 cr3.0%4.0%0.1x
2023-0745.6x₹501 cr3.0%4.0%0.1x
2023-0646.6x₹501 cr3.0%4.0%0.1x
2023-057.9x₹601 cr14.0%19.0%0.1x
2023-048.2x₹601 cr14.0%19.0%0.1x
2023-037.2x₹601 cr14.0%19.0%0.1x
2023-027.8x₹601 cr14.0%19.0%0.1x
2023-018.8x₹601 cr14.0%19.0%0.1x
2022-1210.0x₹601 cr14.0%19.0%0.1x
2022-1110.4x₹601 cr14.0%19.0%0.1x
2022-109.9x₹601 cr14.0%19.0%0.1x
2022-0910.9x₹601 cr14.0%19.0%0.1x
2022-0810.7x₹601 cr14.0%19.0%0.1x
2022-0711.2x₹601 cr14.0%19.0%0.1x
2022-0610.8x₹601 cr14.0%19.0%0.1x
2022-0514.1x₹402 cr13.9%18.0%0.1x
2022-0417.6x₹402 cr13.9%18.0%0.1x
2022-0315.5x₹402 cr13.9%18.0%0.1x
2022-0215.6x₹402 cr13.9%18.0%0.1x
2022-0116.8x₹402 cr13.9%18.0%0.1x
2021-1217.2x₹402 cr13.9%18.0%0.1x
2021-1117.2x₹402 cr13.9%18.0%0.1x
2021-1018.9x₹402 cr13.9%18.0%0.1x
2021-0918.8x₹402 cr13.9%18.0%0.1x
2021-0816.8x₹402 cr13.9%18.0%0.1x
2021-0719.1x₹402 cr13.9%18.0%0.1x
2021-0618.1x₹402 cr13.9%18.0%0.1x
2021-0513.0x₹414 cr16.4%—0.1x
2021-0410.8x₹414 cr16.4%—0.1x
2021-0310.5x₹414 cr16.4%—0.1x
2021-0211.0x₹414 cr16.4%—0.1x
2021-0110.4x₹414 cr16.4%—0.1x
2020-1210.4x₹414 cr16.4%—0.1x
2020-119.1x₹414 cr16.4%—0.1x
2020-108.6x₹414 cr16.4%—0.1x
2020-098.6x₹414 cr16.4%—0.1x
2020-088.7x₹414 cr16.4%—0.1x
2020-077.9x₹414 cr16.4%—0.1x
2020-067.3x₹414 cr16.4%—0.1x

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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