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BHARTI AIRTEL LTD (BHARTIARTL)

Communications · Wireless Telecommunications · 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.68 / 100
Profitability 88Growth 92Balance sheet 22
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.72 / 100
Price 78Earnings 55FII/DII 83

Passes these screensHigh MomentumConsistent compoundersNear 52-week high

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Share price

Closing priceAdjusted for splits and bonus issues.

₹2,072.1 latest close · +8.5% over the last 90 sessions

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

₹2,072.1 month-end · −1.4% over 12 months

₹1,800₹2,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,800₹2,000Nov '25May '26Nov '26

₹2,072.1 month-end · +104.2% over 3 years

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

₹2,072.1 month-end · +589.0% since Jan '19

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

52-week range ₹1726.30 to ₹2174.50 · 1-year volatility 21.9%

Was the rally earned?

-1%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-1%).
  • The share count rose 16%.
Net profit growth: −10 pts. Points of the price return explained by net profit growing (or shrinking).−10 ptsNet profit growthP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23 ptsP/E changeShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14 ptsShare count changeShare price: −1%−1%Share priceNet profit growth: −10 pts. Points of the price return explained by net profit growing (or shrinking).−10ProfitP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23P/EShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: −1%−1%Share price
Net profit growth-10 ptsNet profit fell about 9%, which lowers the price.
P/E change+23 ptsThe P/E rose from 33.9x to 42.6x, which lifts the price.
Share count change-14 ptsShare count rose 16%, which lowers the price.
+104%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 172 points, but investors now pay less per rupee of profit (P/E 67.8x to 42.6x), which took 68 points back.
  • The share count fell 9%.
Net profit growth: +159 pts. Points of the price return explained by net profit growing (or shrinking).+159 ptsNet profit growthP/E change: −68 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−68 ptsP/E changeShare count change: +14 pts. Points of the price return explained by the share count changing. More shares count against the price.+14 ptsShare count changeShare price: +104%+104%Share priceNet profit growth: +159 pts. Points of the price return explained by net profit growing (or shrinking).+159ProfitP/E change: −68 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−68P/EShare count change: +14 pts. Points of the price return explained by the share count changing. More shares count against the price.+14SharesShare price: +104%+104%Share price
Net profit growth+159 ptsNet profit rose about 196%, which lifts the price.
P/E change-68 ptsThe P/E fell from 67.8x to 42.6x, which lowers the price.
Share count change+14 ptsShare count fell 9%, 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.

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 VODAFONE IDEA

How rough has the ride been?

Maximum drawdown-33.6%recovered 2021-01
1-year volatility21.9%annualised
Beta vs sector index0.313-year daily, correlation 0.39
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%−30%2020202120222023202420252026−32.9% 0%−10%−20%−30%2020202220242026−32.9%
Largest drawdowns

-33.6% (2020-05 peak to 2020-10 low, recovered 2021-01)

-28.5% (2020-02 peak to 2020-03 low, recovered 2020-05)

-19.5% (2025-11 peak to 2026-10 low, not yet recovered)

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?

42.6xP/E todayWithin its usual range
Against its own history25th percentile
CheapestMedian 91.1xDearest

Usual range 33.4x to 496.4x since 2019-01.

Against Communications42.6x vs 42.0x
This company
42.6x
Sector median
42.0x

Close to the Communications median.

11.4x251.9x492.5x733.0xJan '19Aug '20Mar '22Oct '23May '25Nov '2611.4x251.9x492.5x733.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianCommunications median

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianCommunications 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 Communications is valued

Where does it rank among Communications peers?

Each cell is the company's percentile rank among its Communications 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

  • ROCE77th▲ 19 pts vs a year ago
  • Op. margin100thflat vs a year ago
  • Revenue growth86thflat vs a year ago
  • EPS growth57th▼ 43 pts vs a year ago
  • Debt/equity ↓18thflat vs a year ago
  • Cash cycle ↓71st▼ 21 pts vs a year ago
  • P/E ↓44th▲ 6 pts vs a year ago
  • 12M momentum86th▼ 14 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 Communications sector page Watch it move against Communications in the Observatory

What is the price implying?

~30%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 77.2x, a holder earning 12%/yr needs earnings to grow about 30.2%/yr for 10 years, then trade at 15x.

Delivered31.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−0.9 ptsimplied minus delivered
Rank551stmost demanding of 856

Over time

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

-16%17%50% Jan 2019Nov 2026 -16%17%50% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x31.6%32.8%34.0%
15x29.0%30.2%31.3%
20x25.6%26.8%27.9%

Drag a slider to test other assumptions

Implied: 30.2%/yr

Looking back

  • Jan 2020Price implied 49%/yr; EPS has since grown 45%/yr (7.0 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.

The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2072.10
P/E
42.6x
ROCE
18.0%
Market Cap
₹12.93L cr
Revenue (TTM)
₹2.20L cr
P/S
5.9x
P/B
8.7x
ROE
20.4%
Operating Margin
57.0%
Debt / Equity
1.3x
Promoter Holding
50.1%
12M Momentum
-1.4%

52-week range

₹1726.30₹2174.50
77% of the way from its 52-week low to its high

Price risk

1Y volatility
21.9%
Beta vs sector
1-year daily
0.35

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.75x
Share count, 1Y
+5.1%

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance-0%Within range

Other income as a share of pre-tax profit (trailing twelve months): -0.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.75xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.75x (cash from operations ₹2,99,460 cr, net profit ₹79,862 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (14 vs 12). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

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, promoters trimmed 4.7 pts; FIIs added 4.6 pts; DIIs added 0.9 pts.
  • The number of shareholders rose from 6.9 lakh to 9.2 lakh (+35%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters54.8%50.1%-4.7 pts
FIIs21.9%26.5%+4.6 pts
DIIs19.7%20.6%+0.9 pts
Public and others3.5%2.6%-0.9 pts

Number of shareholders

9.2 lakhshareholders+35% since Sep '23
6.8L7.6L8.4L9.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 6.9 lakh
Dec '23: 6.8 lakh
Mar '24: 6.9 lakh
Jun '24: 7.6 lakh
Sep '24: 7.8 lakh
Dec '24: 8.4 lakh
Mar '25: 8.3 lakh
Jun '25: 8.3 lakh
Sep '25: 8.5 lakh
Dec '25: 8.5 lakh
Mar '26: 9.0 lakh
Jun '26: 9.2 lakh
 6.8L7.6L8.4L9.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 6.9 lakh
Dec '23: 6.8 lakh
Mar '24: 6.9 lakh
Jun '24: 7.6 lakh
Sep '24: 7.8 lakh
Dec '24: 8.4 lakh
Mar '25: 8.3 lakh
Jun '25: 8.3 lakh
Sep '25: 8.5 lakh
Dec '25: 8.5 lakh
Mar '26: 9.0 lakh
Jun '26: 9.2 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

−11.9%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like BHARTI AIRTEL 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 −23% to +1% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −9.1%, 80% range −16.0% to −5.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
ZYDUSLIFE · Apr 2021: −50.2% vs market
WIPRO · Dec 2021: −47.0% vs market
BATAINDIA · Feb 2025: −45.3% vs market
DEVYANI · Aug 2023: −39.0% vs market
BERGEPAINT · Aug 2023: −35.3% vs market
NTPC · May 2020: −35.2% vs market
BLUEDART · Sep 2022: −34.9% vs market
LEMONTREE · Jul 2025: −30.7% vs market
RAMCOCEM · Nov 2020: −25.2% vs market
SUNDRMFAST · Mar 2023: −24.7% vs market
SHREECEM · Nov 2020: −23.9% vs market
POWERGRID · Mar 2020: −23.8% vs market
RELIANCE · Oct 2020: −22.7% vs market
TITAN · Mar 2024: −22.2% vs market
UNITDSPR · Jan 2020: −21.5% vs market
VBL · May 2024: −20.7% vs market
ULTRACEMCO · Aug 2021: −20.4% vs market
AARTIIND · Aug 2021: −17.4% vs market
METROBRAND · May 2025: −17.0% vs market
GODREJIND · Jun 2020: −16.3% vs market
NHPC · Sep 2025: −16.1% vs market
INDIGO · Aug 2025: −13.9% vs market
TATAPOWER · Jan 2024: −13.5% vs market
GODREJCP · Sep 2020: −13.2% vs market
APOLLOHOSP · May 2023: −12.0% vs market
JKCEMENT · Feb 2021: −11.8% vs market
JUBLFOOD · Nov 2023: −11.1% vs market
TORNTPOWER · Jul 2020: −10.7% vs market
UPL · Apr 2022: −8.8% vs market
BHARTIHEXA · Oct 2025: −7.1% vs market
LT · May 2024: −4.7% vs market
RAINBOW · May 2025: −3.7% vs market
KIMS · Dec 2024: −3.6% vs market
GRASIM · Oct 2021: −3.6% vs market
BRITANNIA · Dec 2022: −2.4% vs market
ALKEM · Mar 2023: −2.1% vs market
JSWSTEEL · Mar 2022: −1.1% vs market
BHARATFORG · Jan 2023: +1.6% vs market
MANKIND · Sep 2025: +2.2% vs market
CHALET · Oct 2024: +6.3% vs market
ERIS · Nov 2024: +6.7% vs market
TORNTPHARM · Jul 2023: +7.4% vs market
NH · Mar 2023: +11.6% vs market
JSWINFRA · Sep 2025: +12.5% vs market
M&M · May 2024: +13.0% vs market
INDHOTEL · Sep 2024: +14.0% vs market
TVSMOTOR · Jul 2024: +17.5% vs market
ADANIPORTS · Oct 2025: +34.7% vs market
SRF · Apr 2021: +57.9% vs market
SOLARINDS · Sep 2021: +84.3% vs market
Similar setups −11.9%All companies −2.8%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−11.9%
All companies' median
−2.8%
Beat the market
26% vs 47%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TORNTPHARM
Health Technology		 Jul 2023 54x20% +31%0% +7%
ULTRACEMCO
Non-Energy Minerals		 Aug 2021 41x15% +101%0% −20%
LT
Industrial Services		 May 2024 49x12% +66%−4% −5%
ADANIPORTS
Transportation		 Oct 2025 28x15% +6%−2% +35%
APOLLOHOSP
Health Services		 May 2023 63x17% +16%−5% −12%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TITAN
Consumer Durables		 Mar 2024 104x25% +51%−2% −22%
TVSMOTOR
Consumer Durables		 Jul 2024 71x15% +84%0% +18%
SRF
Process Industries		 Apr 2021 36x14% +73%0% +58%
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, revenue growth 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 BHARTI AIRTEL 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.

ADANI PORT AND SPECIAL ECONOADANIPORTS
Transportation
61%similar
operating marginmarket cap
APOLLO HOSPITALS ENTERPRISES LAPOLLOHOSP
Health Services
61%similar
volatilityrevenue growth
BAJAJ AUTOBAJAJ-AUTO
Consumer Durables
60%similar
market caprevenue
JK CEMENTJKCEMENT
Non-Energy Minerals
59%similar
P/Epromoter holding
TORRENT PHARMACEUTICALSTORNTPHARM
Health Technology
58%similar
volatilitymarket cap
INDUS TOWERSINDUSTOWER
Communications
50%similar
operating marginEPS growth
BHARTI HEXACOMBHARTIHEXA
Communications
47%similar
operating marginP/E
TATA COMMUNICATIONSTATACOMM
Communications
30%similar
revenuedebt/equity

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

What changed?

30 events since Feb '21

  1. JunResultsYear-on-year EPS growth turned negative.
  2. JunPeer rankMoved into the top quartile of Communications on ROCE (from the 2nd quartile).
  3. JunSharesShare count is up 5.1% over 12 months.
  4. MayPriceVolume reached 5.8x its 50-day median on 2026-05-29; price -1.3% that day.
  5. MarPeer rankSlipped to the 2nd quartile of Communications on EPS growth (from the top quartile).
  6. NovPriceVolume reached 15.8x its 50-day median on 2025-11-07; price -4.5% that day.
  7. AugPriceVolume reached 18.4x its 50-day median on 2025-08-08; price -3.3% that day.
  8. JunDividendDividend payout cut from 62% to 28% of profit.
Show 22 earlier events
  1. MayPriceVolume reached 16.0x its 50-day median on 2025-05-16; price -2.8% that day.
  2. MarValuationP/E fell below the 10th percentile of its own history to date (40.1x).
  3. SepResultsYear-on-year EPS growth turned positive.
  4. SepPeer rankMoved into the top quartile of Communications on EPS growth (from the 3rd quartile).
  5. AugPriceVolume reached 6.4x its 50-day median on 2024-08-30; price +1.5% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 3rd quartile of Communications on EPS growth (from the top quartile).
  8. JunPriceVolume reached 7.1x its 50-day median on 2024-06-21; price +2.5% that day.
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunValuationP/E fell below the 10th percentile of its own history to date (58.7x).
  11. JunPeer rankMoved into the top quartile of Communications on EPS growth (from the bottom quartile).
  12. MayPriceVolume reached 11.2x its 50-day median on 2023-05-31; price +3.8% that day.
  13. FebValuationP/E fell below the 10th percentile of its own history to date (102.7x).
  14. JanPriceVolume reached 6.6x its 50-day median on 2023-01-11; price -3.4% that day.
  15. SepPriceVolume reached 20.3x its 50-day median on 2022-09-07; price -1.1% that day.
  16. JunResultsEPS (TTM) turned positive.
  17. JunPeer rankMoved into the 2nd quartile of Communications on ROCE (from the 3rd quartile).
  18. JunDividendStarted paying a dividend (payout 39% of profit).
  19. MayPriceVolume reached 7.6x its 50-day median on 2022-05-31; price +0.2% that day.
  20. AugPriceVolume reached 8.7x its 50-day median on 2021-08-05; price +4.2% that day.
  21. JunResultsRevenue (TTM) reached a new high of ₹100,616 cr.
  22. FebPeer rankSlipped to the 3rd quartile of Communications on ROCE (from the 2nd quartile).

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
2026-1142.6x₹2.20L cr20.4%18.0%1.3x
2026-1040.6x₹2.20L cr20.4%18.0%1.3x
2026-0936.1x₹2.20L cr20.4%18.0%1.3x
2026-0839.4x₹2.11L cr18.9%18.0%1.3x
2026-0742.9x₹2.11L cr18.9%18.0%1.3x
2026-0640.3x₹2.11L cr18.9%18.0%1.3x
2026-0534.3x₹2.03L cr27.2%13.0%1.9x
2026-0435.4x₹2.03L cr27.2%13.0%1.9x
2026-0333.4x₹2.03L cr27.2%13.0%1.9x
2026-0227.8x₹1.95L cr32.8%13.0%1.9x
2026-0129.1x₹1.95L cr32.8%13.0%1.9x
2025-1231.1x₹1.95L cr32.8%13.0%1.9x
2025-1133.9x₹1.84L cr29.5%13.0%1.9x
2025-1033.1x₹1.84L cr29.5%13.0%1.9x
2025-0930.3x₹1.84L cr29.5%13.0%1.9x
2025-0832.1x₹1.73L cr27.5%13.0%1.9x
2025-0732.5x₹1.73L cr27.5%13.0%1.9x
2025-0634.1x₹1.73L cr27.5%13.0%1.9x
2025-0542.9x₹1.63L cr27.5%13.0%2.6x
2025-0443.1x₹1.63L cr27.5%13.0%2.6x
2025-0340.1x₹1.63L cr27.5%13.0%2.6x
2025-0272.6x₹1.55L cr14.0%13.0%2.6x
2025-0175.2x₹1.55L cr14.0%13.0%2.6x
2024-1273.4x₹1.55L cr14.0%13.0%2.6x
2024-1191.9x₹1.51L cr11.9%13.0%2.6x
2024-1091.1x₹1.51L cr11.9%13.0%2.6x
2024-0996.6x₹1.51L cr11.9%13.0%2.6x
2024-08119.7x₹1.50L cr8.7%13.0%2.6x
2024-07112.3x₹1.50L cr8.7%13.0%2.6x
2024-06108.7x₹1.50L cr8.7%13.0%2.6x
2024-0591.7x₹1.39L cr13.2%12.0%2.9x
2024-0488.3x₹1.39L cr13.2%12.0%2.9x
2024-0382.1x₹1.39L cr13.2%12.0%2.9x
2024-0275.0x₹1.39L cr13.2%12.0%2.9x
2024-0178.2x₹1.39L cr13.2%12.0%2.9x
2023-1269.0x₹1.39L cr13.2%12.0%2.9x
2023-1167.8x₹1.39L cr13.2%12.0%2.9x
2023-1061.1x₹1.39L cr13.2%12.0%2.9x
2023-0961.9x₹1.39L cr13.2%12.0%2.9x
2023-0857.2x₹1.39L cr13.2%12.0%2.9x
2023-0759.4x₹1.39L cr13.2%12.0%2.9x
2023-0658.7x₹1.39L cr13.2%12.0%2.9x
2023-05117.6x₹1.17L cr10.4%11.0%2.5x
2023-04110.6x₹1.17L cr10.4%11.0%2.5x
2023-03103.6x₹1.17L cr10.4%11.0%2.5x
2023-02102.7x₹1.17L cr10.4%11.0%2.5x
2023-01106.5x₹1.17L cr10.4%11.0%2.5x
2022-12111.5x₹1.17L cr10.4%11.0%2.5x
2022-11117.4x₹1.17L cr10.4%11.0%2.5x
2022-10115.1x₹1.17L cr10.4%11.0%2.5x
2022-09110.6x₹1.17L cr10.4%11.0%2.5x
2022-08100.5x₹1.17L cr10.4%11.0%2.5x
2022-0793.8x₹1.17L cr10.4%11.0%2.5x
2022-0694.7x₹1.17L cr10.4%11.0%2.5x
2022-05—₹1.01L cr-17.5%7.0%2.8x
2022-04—₹1.01L cr-17.5%7.0%2.8x
2022-03—₹1.01L cr-17.5%7.0%2.8x
2022-02—₹1.01L cr-17.5%7.0%2.8x
2022-01—₹1.01L cr-17.5%7.0%2.8x
2021-12—₹1.01L cr-17.5%7.0%2.8x
2021-11—₹1.01L cr-17.5%7.0%2.8x
2021-10—₹1.01L cr-17.5%7.0%2.8x
2021-09—₹1.01L cr-17.5%7.0%2.8x
2021-08—₹1.01L cr-17.5%7.0%2.8x
2021-07—₹1.01L cr-17.5%7.0%2.8x
2021-06—₹1.01L cr-17.5%7.0%2.8x
2021-05—₹87539 cr-33.1%5.0%1.9x
2021-04—₹87539 cr-33.1%5.0%1.9x
2021-03—₹87539 cr-33.1%5.0%1.9x
2021-02—₹87539 cr-33.1%5.0%1.9x
2021-01—₹87539 cr-33.1%5.0%1.9x
2020-12—₹87539 cr-33.1%5.0%1.9x
2020-11—₹87539 cr-33.1%5.0%1.9x
2020-10—₹87539 cr-33.1%5.0%1.9x
2020-09—₹87539 cr-33.1%5.0%1.9x
2020-08—₹87539 cr-33.1%5.0%1.9x
2020-07—₹87539 cr-33.1%5.0%1.9x
2020-06—₹87539 cr-33.1%5.0%1.9x
2020-05733.0x₹80780 cr2.0%3.0%1.8x
2020-04682.2x₹80780 cr2.0%3.0%1.8x
2020-03584.8x₹80780 cr2.0%3.0%1.8x
2020-02694.4x₹80780 cr2.0%3.0%1.8x
2020-01658.5x₹80780 cr2.0%3.0%1.8x
2019-12604.6x₹80780 cr2.0%3.0%1.8x
2019-11586.9x₹80780 cr2.0%3.0%1.8x
2019-10496.4x₹80780 cr2.0%3.0%1.8x
2019-09486.9x₹80780 cr2.0%3.0%1.8x
2019-08460.0x₹80780 cr2.0%3.0%1.8x
2019-07447.8x₹80780 cr2.0%3.0%1.8x
2019-06459.8x₹80780 cr2.0%3.0%1.8x
2019-05171.2x₹82639 cr2.6%7.0%1.6x
2019-04157.2x₹82639 cr2.6%7.0%1.6x
2019-03163.5x₹82639 cr2.6%7.0%1.6x
2019-02156.1x₹82639 cr2.6%7.0%1.6x
2019-01150.4x₹82639 cr2.6%7.0%1.6x

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.

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