अApnaFunda
Menu

BHARAT RASAYAN LIMITED (BHARATRAS)

Process Industries · Chemicals: Agricultural · 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.70 / 100
Profitability 69Growth 42Balance 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.23 / 100
Price 3Earnings 38FII/DII 26

Passes these screensDebt-light & profitable

Compare withFERTILIZERS AND CHEMICALS TRAVUPLSUMITOMO CHEMICAL INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹970.35 latest close · −27.7% over the last 90 sessions

₹1,000₹1,200₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,000₹1,200₹1,400Jul 3Sep 4Nov 9

₹970.35 month-end · −62.7% over 12 months

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

₹970.35 month-end · −57.0% over 3 years

₹1,000₹2,000₹3,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹2,000₹3,000Nov '23May '25Nov '26

₹970.35 month-end · −3.3% since Jun '19

₹1,000₹2,000₹3,000Jun '19Dec '20Jun '22Nov '23May '25Nov '26 ₹1,000₹2,000₹3,000Jun '19Mar '23Nov '26

52-week range ₹915.60 to ₹2853.00 · 1-year volatility 41.3%

Was the rally earned?

-63%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 3 points, but investors now pay less per rupee of profit (P/E 31.4x to 11.3x), which took 65 points back.
  • The share count barely moved.
Net profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2 ptsNet profit growthP/E change: −65 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−65 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: −63%−63%Share priceNet profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2ProfitP/E change: −65 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−65P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −63%−63%Share price
Net profit growth+2 ptsNet profit rose about 4%, which lifts the price.
P/E change-65 ptsThe P/E fell from 31.4x to 11.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-57%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 9 points, but investors now pay less per rupee of profit (P/E 30.1x to 11.3x), which took 66 points back.
  • The share count barely moved.
Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsNet profit growthP/E change: −66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−66 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: −57%−57%Share priceNet profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9ProfitP/E change: −66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−66P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −57%−57%Share price
Net profit growth+9 ptsNet profit rose about 15%, which lifts the price.
P/E change-66 ptsThe P/E fell from 30.1x to 11.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-61%share price, 5 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 25.7x to 11.3x); per-share earnings took off 7 points.
  • The share count fell 2%.
Net profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9 ptsNet profit growthP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: −61%−61%Share priceNet profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9ProfitP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −61%−61%Share price
Net profit growth-9 ptsNet profit fell about 13%, which lowers the price.
P/E change-54 ptsThe P/E fell from 25.7x to 11.3x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts 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 FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-73.7%not yet recovered
1-year volatility41.3%annualised
Beta vs sector index1.063-year daily, correlation 0.41
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−73.6% 0%−20%−40%−60%2020202220242026−73.6%
Largest drawdowns

-73.7% (2021-06 peak to 2026-10 low, not yet recovered)

-37.9% (2020-02 peak to 2020-03 low, recovered 2020-07)

-34.7% (2019-01 peak to 2019-02 low, recovered 2019-09)

Most recent volume spikes

2026-09-29: 6.6x the 50-day median, price -3.9% 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?

11.3xP/E todayNear its historic low
Against its own history2nd percentile
CheapestMedian 26.5xDearest

Usual range 17.1x to 35.3x since 2019-06.

Against Process Industries11.3x vs 18.1x
This company
11.3x
Sector median
18.1x

38% below the Process Industries median.

6.8x23.1x39.5x55.9xJun '19Dec '20Jun '22Dec '23Jun '25Nov '266.8x23.1x39.5x55.9xJun '19Dec '21Jun '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

  • ROCE70thflat vs a year ago
  • Op. margin68th▼ 17 pts vs a year ago
  • Revenue growth13th▼ 59 pts vs a year ago
  • EPS growth47th▼ 8 pts vs a year ago
  • Debt/equity ↓95th▲ 17 pts vs a year ago
  • Cash cycle ↓17th▼ 3 pts vs a year ago
  • P/E ↓73rd▲ 39 pts vs a year ago
  • 12M momentum1st▼ 66 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?

~9%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 11.8x, a holder earning 12%/yr needs earnings to grow about 9.3%/yr for 10 years, then trade at 15x.

Delivered−2.0%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg
Gap+11.3 ptsimplied minus delivered
Rank297thmost demanding of 856

Over time

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

-4%10%24% Jun 2019Nov 2026 -4%10%24% Jun 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x10.8%11.8%12.8%
15x8.3%9.3%10.3%
20x5.3%6.2%7.2%

Drag a slider to test other assumptions

Implied: 9.3%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 4%/yr (7.0 yrs)
  • Jan 2021Price implied 19%/yr; EPS has since grown −1%/yr (6.0 yrs)
  • Jan 2022Price implied 23%/yr; EPS has since grown −2%/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
₹970.35
P/E
11.3x
ROCE
16.0%
Market Cap
₹1612 cr
Revenue (TTM)
₹1202 cr
P/S
1.3x
P/B
1.3x
ROE
11.2%
Operating Margin
15.0%
Debt / Equity
0.0x
Promoter Holding
75.0%
12M Momentum
-62.7%

52-week range

₹915.60₹2853.00
3% of the way from its 52-week low to its high

Price risk

1Y volatility
41.3%
Beta vs sector
1-year daily
1.27

Balance sheet & cash

Interest cover
operating profit ÷ interest
48.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.90x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance23%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 23.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 23.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.90xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.90x (cash from operations ₹345 cr, net profit ₹383 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

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

Receivable days vs history-18 daysWithin range

Debtor days are below the median of the previous three fiscal years by 18 days (113 vs 131). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress19% of fixed assetsWithin range

Capital work-in-progress is 19% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+7 days / 2 yrsWithin range

Days payable changed by +7 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 trimmed 0.6 pts.
  • The number of shareholders rose from 15,398 to 22,445 (+46%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters75.0%75.0%0.0 pts
FIIs0.3%0.4%+0.1 pts
DIIs2.6%2.0%-0.6 pts
Public and others22.1%22.6%+0.5 pts

Number of shareholders

22,445shareholders+46% since Dec '23
15k18k20k22k Dec '23Sep '24Mar '25Sep '25Mar '26Jun '26
Dec '23: 15,398
Jun '24: 15,156
Sep '24: 15,889
Dec '24: 15,857
Mar '25: 15,036
Jun '25: 15,668
Sep '25: 15,388
Dec '25: 21,333
Mar '26: 21,935
Jun '26: 22,445
 15k18k20k22k Dec '23Dec '24Sep '25Jun '26
Dec '23: 15,398
Jun '24: 15,156
Sep '24: 15,889
Dec '24: 15,857
Mar '25: 15,036
Jun '25: 15,668
Sep '25: 15,388
Dec '25: 21,333
Mar '26: 21,935
Jun '26: 22,445

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

−3.9%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 RASAYAN 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 −26% to +36% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+1.0%, 80% range −12.5% to +7.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BALAXI · Feb 2025: −68.6% vs market
SHYAMCENT · Jan 2025: −50.8% vs market
TRUST · Sep 2025: −45.3% vs market
DPWIRES · Aug 2024: −41.8% vs market
BALAMINES · Dec 2024: −40.6% vs market
APTECHT · Oct 2024: −40.0% vs market
PRINCEPIPE · Nov 2024: −37.9% vs market
BLISSGVS · Mar 2021: −36.7% vs market
HPAL · Feb 2025: −33.5% vs market
DELTACORP · Jul 2024: −33.1% vs market
ANDHRAPAP · Aug 2020: −33.0% vs market
TCIEXP · Dec 2024: −33.0% vs market
FAIRCHEMOR · Nov 2024: −25.7% vs market
UNIPARTS · Jul 2024: −24.9% vs market
TVTODAY · Sep 2023: −23.6% vs market
ATULAUTO · Dec 2020: −23.3% vs market
ONMOBILE · Apr 2023: −22.7% vs market
HATHWAY · Nov 2021: −21.5% vs market
VEEDOL · Jun 2022: −18.3% vs market
TECHNOE · Dec 2020: −17.2% vs market
QUICKHEAL · Jun 2022: −16.2% vs market
KIRIINDUS · Sep 2023: −14.7% vs market
MAHSEAMLES · Nov 2024: −11.7% vs market
GAEL · Sep 2024: −10.1% vs market
KRBL · Jun 2021: −7.5% vs market
MAHEPC · Mar 2022: −0.2% vs market
JAGRAN · Jun 2020: +0.5% vs market
VAIBHAVGBL · Jul 2022: +0.9% vs market
SASKEN · Aug 2022: +3.5% vs market
GTPL · Oct 2022: +4.3% vs market
IPL · Feb 2025: +5.0% vs market
SUPRIYA · Jun 2023: +6.7% vs market
EXCELINDUS · Aug 2023: +7.4% vs market
SRHHYPOLTD · Jun 2024: +14.8% vs market
BAJAJCON · Jun 2022: +16.7% vs market
GRSE · Jul 2021: +20.9% vs market
MOREPENLAB · Sep 2022: +34.1% vs market
SHARDACROP · Jan 2024: +36.5% vs market
NUCLEUS · Apr 2022: +42.5% vs market
MPSLTD · Jun 2020: +44.2% vs market
ROLEXRINGS · Sep 2025: +46.1% vs market
KOPRAN · Feb 2023: +50.1% vs market
HERITGFOOD · Jul 2022: +50.5% vs market
WINDLAS · Aug 2022: +52.4% vs market
AKUMS · Oct 2025: +67.8% vs market
MARKSANS · Jun 2022: +74.2% vs market
SESHAPAPER · Dec 2021: +80.7% vs market
BDL · Jun 2021: +90.2% vs market
ZENSARTECH · Sep 2022: +110.7% vs market
ASIANENE · Jan 2023: +219.1% vs market
Similar setups −3.9%All companies −4.9%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−3.9%
All companies' median
−4.9%
Beat the market
48% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IPL
Process Industries		 Feb 2025 21x11% −66%−66% +5%
EXCELINDUS
Process Industries		 Aug 2023 15x9% −34%−38% +7%
DELTACORP
Consumer Services		 Jul 2024 15x13% −32%−32% −33%
FAIRCHEMOR
Process Industries		 Nov 2024 23x19% −28%−44% −26%
TVTODAY
Consumer Services		 Sep 2023 14x13% −24%−32% −24%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SASKEN
Technology Services		 Aug 2022 10x25% −39%−45% +4%
BLISSGVS
Health Technology		 Mar 2021 11x18% −2%−52% −37%
GAEL
Consumer Non-Durables		 Sep 2024 17x16% −27%−38% −10%
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, P/S and size. 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 RASAYAN 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.

BUTTERFLY GANDHIMATHI APPLIANCBUTTERFLY
Consumer Durables
64%similar
promoter holdingrevenue growth
FEDERAL MOGUL GOETZE INDIAFMGOETZE
Producer Manufacturing
64%similar
debt/equitypromoter holding
GM BREWERIESGMBREW
Consumer Non-Durables
63%similar
P/Edebt/equity
AUTOMOTIVE AXLESAUTOAXLES
Producer Manufacturing
62%similar
revenue growthEPS growth
EXPLEO SOLUTIONSEXPLEOSOL
Technology Services
61%similar
operating marginrevenue
CHAMAN LAL SETIA EXPORTSCLSEL
Process Industries
75%similar
P/EEPS growth
PUDUMJEE PAPER PRODUCTSPDMJEPAPER
Process Industries
65%similar
P/EROCE
SREE RAYALASEEMA HI-STRENGTH HSRHHYPOLTD
Process Industries
58%similar
P/Eoperating margin

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. OctPriceFell 74% from the Jun 2021 peak to the Oct 2026 low.
  2. SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  3. SepPriceVolume reached 6.6x its 50-day median on 2026-09-29; price -3.9% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunDividendStarted paying a dividend (payout 1% of profit).
  6. MayPriceVolume reached 6.5x its 50-day median on 2026-05-27; price +2.7% that day.
  7. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  8. FebValuationP/E fell below the 10th percentile of its own history to date (18.8x).
Show 22 earlier events
  1. JanPriceVolume reached 26.7x its 50-day median on 2026-01-20; price -17.2% that day.
  2. DecResultsYear-on-year EPS growth turned negative.
  3. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  4. OctPriceVolume reached 39.9x its 50-day median on 2025-10-20; price +3.1% that day.
  5. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  6. JulPriceVolume reached 6.3x its 50-day median on 2025-07-02; price +4.6% that day.
  7. JunPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  8. JunDividendDividend payout cut from 1% to 0% of profit.
  9. JunPriceVolume reached 34.5x its 50-day median on 2025-06-16; price +12.3% that day.
  10. AprValuationP/E fell below the 10th percentile of its own history to date (21.5x).
  11. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  12. FebPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  13. NovValuationP/E crossed above the 90th percentile of its own history to date (37.4x).
  14. SepResultsYear-on-year EPS growth turned positive.
  15. SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  16. SepPriceVolume reached 11.1x its 50-day median on 2024-09-06; price +10.9% that day.
  17. JunDividendStarted paying a dividend (payout 1% of profit).
  18. MayValuationP/E crossed above the 90th percentile of its own history to date (35.6x).
  19. MayPriceVolume reached 76.8x its 50-day median on 2024-05-31; price +16.3% that day.
  20. JanPriceVolume reached 22.0x its 50-day median on 2024-01-15; price +5.2% that day.
  21. NovPriceVolume reached 6.9x its 50-day median on 2023-11-08; price +7.5% that day.
  22. AugPriceVolume reached 5.6x its 50-day median on 2023-08-24; price +2.9% 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 history90 months · 2019-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1111.3x₹1202 cr11.2%16.0%0.0x
2026-1010.9x₹1202 cr11.2%16.0%0.0x
2026-0911.6x₹1202 cr11.2%16.0%0.0x
2026-0814.2x₹1241 cr11.5%16.0%0.0x
2026-0714.6x₹1241 cr11.5%16.0%0.0x
2026-0615.4x₹1241 cr11.5%16.0%0.0x
2026-0518.2x₹1240 cr11.8%16.0%0.1x
2026-0417.3x₹1240 cr11.8%16.0%0.1x
2026-0315.1x₹1240 cr11.8%16.0%0.1x
2026-0218.8x₹1226 cr11.9%16.0%0.1x
2026-0123.3x₹1226 cr11.9%16.0%0.1x
2025-1227.8x₹1226 cr11.9%16.0%0.1x
2025-1131.4x₹1268 cr12.2%16.0%0.1x
2025-1032.8x₹1268 cr12.2%16.0%0.1x
2025-0929.8x₹1268 cr12.2%16.0%0.1x
2025-0829.6x₹1173 cr12.5%16.0%0.1x
2025-0732.6x₹1173 cr12.5%16.0%0.1x
2025-0632.4x₹1173 cr12.5%16.0%0.1x
2025-0520.5x₹1176 cr18.5%12.0%0.1x
2025-0421.5x₹1176 cr18.5%12.0%0.1x
2025-0324.0x₹1176 cr18.5%12.0%0.1x
2025-0225.7x₹1153 cr15.9%12.0%0.1x
2025-0127.0x₹1153 cr15.9%12.0%0.1x
2024-1226.4x₹1153 cr15.9%12.0%0.1x
2024-1137.4x₹1088 cr13.3%12.0%0.1x
2024-1035.2x₹1088 cr13.3%12.0%0.1x
2024-0935.4x₹1088 cr13.3%12.0%0.1x
2024-0855.9x₹1045 cr9.6%12.0%0.1x
2024-0749.1x₹1045 cr9.6%12.0%0.1x
2024-0650.5x₹1045 cr9.6%12.0%0.1x
2024-0535.6x₹1234 cr14.0%20.0%0.0x
2024-0432.1x₹1234 cr14.0%20.0%0.0x
2024-0328.2x₹1234 cr14.0%20.0%0.0x
2024-0229.9x₹1234 cr14.0%20.0%0.0x
2024-0130.0x₹1234 cr14.0%20.0%0.0x
2023-1230.0x₹1234 cr14.0%20.0%0.0x
2023-1130.1x₹1234 cr14.0%20.0%0.0x
2023-1029.4x₹1234 cr14.0%20.0%0.0x
2023-0930.6x₹1234 cr14.0%20.0%0.0x
2023-0831.3x₹1234 cr14.0%20.0%0.0x
2023-0729.8x₹1234 cr14.0%20.0%0.0x
2023-0631.9x₹1234 cr14.0%20.0%0.0x
2023-0523.4x₹1301 cr22.9%28.0%0.2x
2023-0423.4x₹1301 cr22.9%28.0%0.2x
2023-0321.4x₹1301 cr22.9%28.0%0.2x
2023-0220.8x₹1301 cr22.9%28.0%0.2x
2023-0121.8x₹1301 cr22.9%28.0%0.2x
2022-1223.4x₹1301 cr22.9%28.0%0.2x
2022-1123.8x₹1301 cr22.9%28.0%0.2x
2022-1025.8x₹1301 cr22.9%28.0%0.2x
2022-0927.0x₹1301 cr22.9%28.0%0.2x
2022-0828.6x₹1301 cr22.9%28.0%0.2x
2022-0728.6x₹1301 cr22.9%28.0%0.2x
2022-0625.8x₹1301 cr22.9%28.0%0.2x
2022-0531.3x₹1091 cr22.6%31.0%0.1x
2022-0436.0x₹1091 cr22.6%31.0%0.1x
2022-0331.6x₹1091 cr22.6%31.0%0.1x
2022-0231.4x₹1091 cr22.6%31.0%0.1x
2022-0132.4x₹1091 cr22.6%31.0%0.1x
2021-1230.2x₹1091 cr22.6%31.0%0.1x
2021-1125.7x₹1091 cr22.6%31.0%0.1x
2021-1026.5x₹1091 cr22.6%31.0%0.1x
2021-0931.5x₹1091 cr22.6%31.0%0.1x
2021-0833.3x₹1091 cr22.6%31.0%0.1x
2021-0734.5x₹1091 cr22.6%31.0%0.1x
2021-0636.8x₹1091 cr22.6%31.0%0.1x
2021-0536.1x₹1213 cr28.0%34.0%0.2x
2021-0433.0x₹1213 cr28.0%34.0%0.2x
2021-0325.4x₹1213 cr28.0%34.0%0.2x
2021-0226.9x₹1213 cr28.0%34.0%0.2x
2021-0126.9x₹1213 cr28.0%34.0%0.2x
2020-1226.2x₹1213 cr28.0%34.0%0.2x
2020-1125.7x₹1213 cr28.0%34.0%0.2x
2020-1023.2x₹1213 cr28.0%34.0%0.2x
2020-0924.4x₹1213 cr28.0%34.0%0.2x
2020-0824.8x₹1213 cr28.0%34.0%0.2x
2020-0725.3x₹1213 cr28.0%34.0%0.2x
2020-0620.1x₹1213 cr28.0%34.0%0.2x
2020-0525.8x₹989 cr27.4%—0.6x
2020-0426.1x₹989 cr27.4%—0.6x
2020-0319.7x₹989 cr27.4%—0.6x
2020-0227.4x₹989 cr27.4%—0.6x
2020-0124.6x₹989 cr27.4%—0.6x
2019-1224.0x₹989 cr27.4%—0.6x
2019-1123.2x₹989 cr27.4%—0.6x
2019-1021.9x₹989 cr27.4%—0.6x
2019-0922.9x₹989 cr27.4%—0.6x
2019-0818.8x₹989 cr27.4%—0.6x
2019-0715.4x₹989 cr27.4%—0.6x
2019-0615.3x₹989 cr27.4%—0.6x

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.

Feedback