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BHARAT FORGE LIMITED (BHARATFORG)

Producer Manufacturing · Metal Fabrication · 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.42 / 100
Profitability 56Growth 47Balance sheet 23
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.46 / 100
Price 19Earnings 35FII/DII 85
Compare withSCHAEFFLER INDIAPTC INDUSTRIESSHYAM METALICS AND ENERGY

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,725 latest close · −19.3% over the last 90 sessions

₹1,800₹2,000₹2,200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,800₹2,000₹2,200Jul 3Sep 4Nov 9

₹1,725 month-end · +20.3% over 12 months

₹1,500₹1,750₹2,000₹2,250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,500₹1,750₹2,000₹2,250Nov '25May '26Nov '26

₹1,725 month-end · +54.0% over 3 years

₹1,000₹1,500₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,500₹2,000Nov '23May '25Nov '26

₹1,725 month-end · +249.9% since Jan '19

₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1299.10 to ₹2295.00 · 1-year volatility 30.4%

Was the rally earned?

+20%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 66.7x to 116.8x); per-share earnings took off 41 points.
  • The share count rose 3%.
Net profit growth: −38 pts. Points of the price return explained by net profit growing (or shrinking).−38 ptsNet profit growthP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62 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: +20%+20%Share priceNet profit growth: −38 pts. Points of the price return explained by net profit growing (or shrinking).−38ProfitP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: +20%+20%Share price
Net profit growth-38 ptsNet profit fell about 29%, which lowers the price.
P/E change+62 ptsThe P/E rose from 66.7x to 116.8x, which lifts the price.
Share count change-3 ptsShare count rose 3%, which lowers the price.
+54%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 33 points and the multiple added 21 points (P/E 98.7x to 116.8x).
  • The share count rose 9%.
Net profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44 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: −11 pts. Points of the price return explained by the share count changing. More shares count against the price.−11 ptsShare count changeShare price: +54%+54%Share priceNet profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44ProfitP/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: −11 pts. Points of the price return explained by the share count changing. More shares count against the price.−11SharesShare price: +54%+54%Share price
Net profit growth+44 ptsNet profit rose about 42%, which lifts the price.
P/E change+21 ptsThe P/E rose from 98.7x to 116.8x, which lifts the price.
Share count change-11 ptsShare count rose 9%, which lowers 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SCHAEFFLER INDIA

How rough has the ride been?

Maximum drawdown-59.3%recovered 2020-12
1-year volatility30.4%annualised
Beta vs sector index0.973-year daily, correlation 0.61
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−59.1% 0%−20%−40%−60%2020202220242026−59.1%
Largest drawdowns

-59.3% (2019-03 peak to 2020-04 low, recovered 2020-12)

-46.9% (2024-06 peak to 2025-04 low, recovered 2026-02)

-27.6% (2021-11 peak to 2022-05 low, recovered 2022-10)

Most recent volume spikes

2026-08-10: 6.3x the 50-day median, price -7.6% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

116.8xP/E todayNear its historic high
Against its own history98th percentile
CheapestMedian 63.9xDearest

Usual range 20.6x to 99.4x since 2019-01.

Against Producer Manufacturing116.8x vs 29.6x
This company
116.8x
Sector median
29.6x

295% above the Producer Manufacturing median.

10.6x52.7x94.8x137.0xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x52.7x94.8x137.0xJan '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

  • ROCE41st▲ 9 pts vs a year ago
  • Op. margin70th▼ 8 pts vs a year ago
  • Revenue growth59th▲ 46 pts vs a year ago
  • EPS growth17th▼ 39 pts vs a year ago
  • Debt/equity ↓17th▼ 4 pts vs a year ago
  • Cash cycle ↓41stflat vs a year ago
  • P/E ↓5th▼ 11 pts vs a year ago
  • 12M momentum73rdflat 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?

~33%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 92.8x, a holder earning 12%/yr needs earnings to grow about 32.5%/yr for 10 years, then trade at 15x.

Delivered2.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+30.3 ptsimplied minus delivered
Rank55thmost demanding of 856

Over time

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

-13%13%39% Jan 2019Nov 2026 -13%13%39% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x34.0%35.2%36.4%
15x31.3%32.5%33.7%
20x27.9%29.1%30.2%

Drag a slider to test other assumptions

Implied: 32.5%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 0%/yr (7.0 yrs)
  • Jan 2021Price implied 22%/yr; EPS has since grown 20%/yr (6.0 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
₹1725.00
P/E
116.8x
ROCE
13.0%
Market Cap
₹84295 cr
Revenue (TTM)
₹17543 cr
P/S
4.8x
P/B
8.8x
ROE
7.5%
Operating Margin
15.0%
Debt / Equity
0.8x
Promoter Holding
44.1%
12M Momentum
20.3%

52-week range

₹1299.10₹2295.00
43% of the way from its 52-week low to its high

Price risk

1Y volatility
30.4%
Beta vs sector
1-year daily
0.91

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.70x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance-24%Within range

Other income as a share of pre-tax profit (trailing twelve months): -23.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate38%Near threshold

Median quarterly effective tax rate over about 2.5 years: 37.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.70xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.70x (cash from operations ₹4,947 cr, net profit ₹2,912 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (85 vs 74). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress16% of fixed assetsWithin range

Capital work-in-progress is 16% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+32 days / 2 yrsNear threshold

Days payable changed by +32 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, DIIs added 4.4 pts; FIIs trimmed 1.6 pts; promoters trimmed 1.2 pts.
  • The number of shareholders rose from 1.8 lakh to 2.3 lakh (+29%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters45.3%44.1%-1.2 pts
FIIs16.6%15.0%-1.6 pts
DIIs27.7%32.2%+4.4 pts
Public and others10.2%8.5%-1.7 pts

Number of shareholders

2.3 lakhshareholders+29% since Dec '23
1.8L2.0L2.3L2.5L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 1.8 lakh
Mar '24: 1.9 lakh
Jun '24: 1.8 lakh
Sep '24: 2.0 lakh
Dec '24: 2.1 lakh
Mar '25: 2.1 lakh
Jun '25: 2.4 lakh
Sep '25: 2.5 lakh
Dec '25: 2.3 lakh
Mar '26: 2.3 lakh
Jun '26: 2.3 lakh
 1.8L2.0L2.3L2.5L Dec '23Dec '24Dec '25Jun '26
Dec '23: 1.8 lakh
Mar '24: 1.9 lakh
Jun '24: 1.8 lakh
Sep '24: 2.0 lakh
Dec '24: 2.1 lakh
Mar '25: 2.1 lakh
Jun '25: 2.4 lakh
Sep '25: 2.5 lakh
Dec '25: 2.3 lakh
Mar '26: 2.3 lakh
Jun '26: 2.3 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

−9.2%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 BHARAT FORGE 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 −23% to +14% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−8.4%, 80% range −16.7% to +3.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
ASIANTILES · Apr 2020: −41.9% vs market
PVRINOX · Mar 2020: −41.3% vs market
ZYDUSLIFE · Jan 2021: −33.8% vs market
SIS · May 2020: −32.9% vs market
SYNGENE · Jul 2023: −31.2% vs market
HNDFDS · Jan 2023: −30.9% vs market
AARTIIND · Oct 2021: −30.1% vs market
DALBHARAT · May 2021: −28.6% vs market
INDHOTEL · Jan 2020: −28.2% vs market
JUBLFOOD · Oct 2025: −25.4% vs market
KALYANKJIL · Oct 2024: −24.4% vs market
SFL · Jun 2022: −24.2% vs market
BATAINDIA · Jul 2022: −22.8% vs market
RELIANCE · Oct 2020: −22.7% vs market
UNITDSPR · Jan 2020: −21.5% vs market
UPL · Feb 2020: −20.6% vs market
TORNTPHARM · Nov 2020: −17.5% vs market
THERMAX · Jul 2024: −17.5% vs market
PHOENIXLTD · Apr 2020: −17.2% vs market
SRF · Aug 2025: −16.2% vs market
RAMCOCEM · Jan 2020: −16.0% vs market
APOLLOHOSP · Dec 2021: −13.9% vs market
MOTILALOFS · Jul 2020: −11.7% vs market
UNOMINDA · Jan 2022: −10.9% vs market
LODHA · Jun 2024: −9.8% vs market
JKCEMENT · Jul 2023: −8.6% vs market
MEDANTA · May 2024: −5.1% vs market
ULTRACEMCO · Jan 2020: +1.3% vs market
MANKIND · Sep 2025: +2.2% vs market
KIMS · Oct 2025: +2.9% vs market
ASAHIINDIA · Feb 2022: +3.5% vs market
CENTURYPLY · Jul 2025: +3.7% vs market
METROBRAND · Jan 2023: +4.2% vs market
ASTERDM · Oct 2025: +6.2% vs market
ANURAS · Jul 2022: +6.7% vs market
NH · Jul 2020: +7.8% vs market
BIOCON · Sep 2025: +8.0% vs market
FLUOROCHEM · Jul 2025: +15.3% vs market
ELGIEQUIP · Jan 2022: +15.4% vs market
TITAN · May 2022: +16.7% vs market
TATACHEM · Oct 2021: +21.1% vs market
FORTIS · Jun 2020: +22.1% vs market
GLENMARK · Oct 2025: +28.5% vs market
BBTC · Mar 2023: +30.0% vs market
BLUESTARCO · May 2023: +52.3% vs market
RADICO · Sep 2024: +53.0% vs market
TIINDIA · Jan 2022: +55.0% vs market
VBL · Sep 2022: +56.1% vs market
BLUEDART · May 2020: +72.4% vs market
SOLARINDS · Dec 2021: +74.6% vs market
Similar setups −9.2%All companies −0.8%← 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

Similar setups' median
−9.2%
All companies' median
−0.8%
Beat the market
46% vs 49%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
UNOMINDA
Producer Manufacturing		 Jan 2022 145x11% +142%−11% −11%
APOLLOHOSP
Health Services		 Dec 2021 479x8% +108%−13% −14%
VBL
Consumer Non-Durables		 Sep 2022 98x17% +75%−11% +56%
DALBHARAT
Non-Energy Minerals		 May 2021 152x4% +218%−6% −29%
CENTURYPLY
Producer Manufacturing		 Jul 2025 88x10% +3%−20% +4%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TITAN
Consumer Durables		 May 2022 202x13% +39%−18% +17%
MEDANTA
Health Services		 May 2024 98x17% +101%−20% −5%
NH
Health Services		 Jul 2020 50x14% +30%−23% +8%
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, interest cover and ROCE. 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 BHARAT FORGE 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.

ASAHI INDIA GLASSASAHIINDIA
Consumer Durables
68%similar
revenue growthvolatility
FORTIS HEALTHCAREFORTIS
Health Services
66%similar
ROCEmarket cap
ASTER DM QUALITY CAREASTERDM
Health Services
65%similar
P/Emarket cap
JK CEMENTJKCEMENT
Non-Energy Minerals
65%similar
revenuepromoter holding
JUBILANT FOODWORKSJUBLFOOD
Consumer Services
65%similar
promoter holdingEPS growth
CRAFTSMAN AUTOMATIONCRAFTSMAN
Producer Manufacturing
59%similar
promoter holdingROCE
SUPRAJIT ENGINEERINGSUPRAJIT
Producer Manufacturing
56%similar
promoter holdingvolatility
TITAGARH RAIL SYSTEMSTITAGARH
Producer Manufacturing
54%similar
EPS growthpromoter holding

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. SepResultsYear-on-year EPS growth turned negative.
  2. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  3. AugPriceVolume reached 6.3x its 50-day median on 2026-08-10; price -7.6% that day.
  4. JulValuationP/E crossed above the 90th percentile of its own history to date (97.4x).
  5. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  6. JunPriceVolume reached 7.3x its 50-day median on 2026-06-29; price +1.2% that day.
  7. MarResultsRevenue (TTM) reached a new high of ₹16,137 cr.
  8. FebPriceRegained the 2024-06 peak, 10 months after the low.
Show 22 earlier events
  1. FebPriceVolume reached 9.0x its 50-day median on 2026-02-03; price +6.6% that day.
  2. NovPriceVolume reached 6.5x its 50-day median on 2025-11-11; price +5.5% that day.
  3. SepResultsYear-on-year EPS growth turned positive.
  4. SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  5. SepPriceVolume reached 13.3x its 50-day median on 2025-09-29; price +2.8% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  8. JunDebtDebt / equity fell below 1.0x (0.72x).
  9. AprPriceFell 47% from the Jun 2024 peak to the Apr 2025 low.
  10. AprPriceVolume reached 5.3x its 50-day median on 2025-04-04; price -8.2% that day.
  11. MarPriceVolume reached 6.2x its 50-day median on 2025-03-27; price -2.0% that day.
  12. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on ROCE (from the bottom quartile).
  15. MayPriceVolume reached 11.3x its 50-day median on 2024-05-08; price +13.3% that day.
  16. FebPriceVolume reached 9.9x its 50-day median on 2024-02-12; price -13.9% that day.
  17. NovPriceVolume reached 6.0x its 50-day median on 2023-11-07; price -1.9% that day.
  18. AugPriceVolume reached 7.1x its 50-day median on 2023-08-09; price +6.3% that day.
  19. JulValuationP/E crossed above the 90th percentile of its own history to date (82.1x).
  20. JunResultsRevenue (TTM) reached a new high of ₹12,910 cr.
  21. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  22. JunDebtDebt / equity rose above 1.0x (1.09x).

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 history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11116.8x₹17543 cr7.5%13.0%0.8x
2026-10116.5x₹17543 cr7.5%13.0%0.8x
2026-09130.4x₹17543 cr7.5%13.0%0.8x
2026-0893.2x₹16812 cr11.4%13.0%0.8x
2026-0797.4x₹16812 cr11.4%13.0%0.8x
2026-0695.0x₹16812 cr11.4%13.0%0.8x
2026-0582.9x₹16137 cr12.3%12.0%0.7x
2026-0479.7x₹16137 cr12.3%12.0%0.7x
2026-0370.9x₹16137 cr12.3%12.0%0.7x
2026-0284.8x₹15270 cr11.7%12.0%0.7x
2026-0163.9x₹15270 cr11.7%12.0%0.7x
2025-1265.2x₹15270 cr11.7%12.0%0.7x
2025-1166.7x₹14927 cr11.1%12.0%0.7x
2025-1061.6x₹14927 cr11.1%12.0%0.7x
2025-0956.4x₹14927 cr11.1%12.0%0.7x
2025-0855.5x₹15124 cr9.9%12.0%0.7x
2025-0758.6x₹15124 cr9.9%12.0%0.7x
2025-0665.6x₹15124 cr9.9%12.0%0.7x
2025-0564.9x₹15435 cr12.0%13.0%1.1x
2025-0457.8x₹15435 cr12.0%13.0%1.1x
2025-0361.2x₹15435 cr12.0%13.0%1.1x
2025-0250.0x₹15825 cr12.5%13.0%1.1x
2025-0160.2x₹15825 cr12.5%13.0%1.1x
2024-1263.9x₹15825 cr12.5%13.0%1.1x
2024-1166.6x₹15910 cr12.1%13.0%1.1x
2024-1070.5x₹15910 cr12.1%13.0%1.1x
2024-0975.9x₹15910 cr12.1%13.0%1.1x
2024-0877.7x₹15681 cr12.7%13.0%1.1x
2024-0784.9x₹15681 cr12.7%13.0%1.1x
2024-0681.8x₹15681 cr12.7%13.0%1.1x
2024-05137.0x₹12910 cr7.6%8.0%1.1x
2024-04112.0x₹12910 cr7.6%8.0%1.1x
2024-0399.5x₹12910 cr7.6%8.0%1.1x
2024-02101.4x₹12910 cr7.6%8.0%1.1x
2024-01108.8x₹12910 cr7.6%8.0%1.1x
2023-12109.1x₹12910 cr7.6%8.0%1.1x
2023-1198.7x₹12910 cr7.6%8.0%1.1x
2023-1089.8x₹12910 cr7.6%8.0%1.1x
2023-0996.2x₹12910 cr7.6%8.0%1.1x
2023-0894.3x₹12910 cr7.6%8.0%1.1x
2023-0782.1x₹12910 cr7.6%8.0%1.1x
2023-0673.7x₹12910 cr7.6%8.0%1.1x
2023-0534.1x₹10461 cr16.4%11.0%0.9x
2023-0434.5x₹10461 cr16.4%11.0%0.9x
2023-0333.2x₹10461 cr16.4%11.0%0.9x
2023-0235.1x₹10461 cr16.4%11.0%0.9x
2023-0137.6x₹10461 cr16.4%11.0%0.9x
2022-1237.9x₹10461 cr16.4%11.0%0.9x
2022-1137.0x₹10461 cr16.4%11.0%0.9x
2022-1035.9x₹10461 cr16.4%11.0%0.9x
2022-0929.9x₹10461 cr16.4%11.0%0.9x
2022-0831.9x₹10461 cr16.4%11.0%0.9x
2022-0731.6x₹10461 cr16.4%11.0%0.9x
2022-0628.1x₹10461 cr16.4%11.0%0.9x
2022-05—₹6336 cr-2.3%3.0%1.0x
2022-04—₹6336 cr-2.3%3.0%1.0x
2022-03—₹6336 cr-2.3%3.0%1.0x
2022-02—₹6336 cr-2.3%3.0%1.0x
2022-01—₹6336 cr-2.3%3.0%1.0x
2021-12—₹6336 cr-2.3%3.0%1.0x
2021-11—₹6336 cr-2.3%3.0%1.0x
2021-10—₹6336 cr-2.3%3.0%1.0x
2021-09—₹6336 cr-2.3%3.0%1.0x
2021-08—₹6336 cr-2.3%3.0%1.0x
2021-07—₹6336 cr-2.3%3.0%1.0x
2021-06—₹6336 cr-2.3%3.0%1.0x
2021-0590.3x₹8056 cr6.7%7.0%0.9x
2021-0481.3x₹8056 cr6.7%7.0%0.9x
2021-0379.4x₹8056 cr6.7%7.0%0.9x
2021-0281.2x₹8056 cr6.7%7.0%0.9x
2021-0177.7x₹8056 cr6.7%7.0%0.9x
2020-1269.9x₹8056 cr6.7%7.0%0.9x
2020-1167.7x₹8056 cr6.7%7.0%0.9x
2020-1060.1x₹8056 cr6.7%7.0%0.9x
2020-0959.6x₹8056 cr6.7%7.0%0.9x
2020-0865.4x₹8056 cr6.7%7.0%0.9x
2020-0750.9x₹8056 cr6.7%7.0%0.9x
2020-0642.5x₹8056 cr6.7%7.0%0.9x
2020-0514.7x₹10146 cr19.2%20.0%0.7x
2020-0413.9x₹10146 cr19.2%20.0%0.7x
2020-0310.6x₹10146 cr19.2%20.0%0.7x
2020-0219.6x₹10146 cr19.2%20.0%0.7x
2020-0122.1x₹10146 cr19.2%20.0%0.7x
2019-1221.8x₹10146 cr19.2%20.0%0.7x
2019-1120.9x₹10146 cr19.2%20.0%0.7x
2019-1020.5x₹10146 cr19.2%20.0%0.7x
2019-0920.1x₹10146 cr19.2%20.0%0.7x
2019-0817.3x₹10146 cr19.2%20.0%0.7x
2019-0719.1x₹10146 cr19.2%20.0%0.7x
2019-0620.3x₹10146 cr19.2%20.0%0.7x
2019-0528.5x₹8358 cr16.2%18.0%0.7x
2019-0428.8x₹8358 cr16.2%18.0%0.7x
2019-0331.3x₹8358 cr16.2%18.0%0.7x
2019-0231.3x₹8358 cr16.2%18.0%0.7x
2019-0130.1x₹8358 cr16.2%18.0%0.7x

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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