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BSE LIMITED (BSE)

Finance · Investment Banks/Brokers · figures to Nov '26

FII/DII #6Balance sheet #5Overall #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.96 / 100
Profitability 90Growth 96Balance 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.87 / 100
Price 78Earnings 84FII/DII 100

Passes these screensQuality CompounderHigh MomentumDebt-light & profitableConsistent compounders

Compare withBILLIONBRAINS GARAGE VENTURESMULTI COMMODITY EXCHANGEMOTILAL OSWAL FINANCIAL SERVIC

Share price

Closing priceAdjusted for splits and bonus issues.

₹3,816.6 latest close · 0.0% over the last 90 sessions

₹3,000₹3,250₹3,500₹3,750Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,000₹3,250₹3,500₹3,750Jul 3Sep 4Nov 9

₹3,816.6 month-end · +31.5% over 12 months

₹2,500₹3,000₹3,500₹4,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,500₹3,000₹3,500₹4,000Nov '25May '26Nov '26

₹3,816.6 month-end · +362.3% over 3 years

₹2,000₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹4,000Nov '23May '25Nov '26

₹3,816.6 month-end · +5726.9% since Jan '19

₹0₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹2377.40 to ₹4446.80 · 1-year volatility 38.8%

Was the rally earned?

+32%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 65 points, but investors now pay less per rupee of profit (P/E 73.7x to 54.9x), which took 34 points back.
  • The share count barely moved.
Net profit growth: +66 pts. Points of the price return explained by net profit growing (or shrinking).+66 ptsNet profit growthP/E change: −34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−34 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: +32%+32%Share priceNet profit growth: +66 pts. Points of the price return explained by net profit growing (or shrinking).+66ProfitP/E change: −34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−34P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +32%+32%Share price
Net profit growth+66 ptsNet profit rose about 78%, which lifts the price.
P/E change-34 ptsThe P/E fell from 73.7x to 54.9x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+362%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 604 points, but investors now pay less per rupee of profit (P/E 152.0x to 54.9x), which took 241 points back.
  • The share count rose 8%.
Net profit growth: +621 pts. Points of the price return explained by net profit growing (or shrinking).+621 ptsNet profit growthP/E change: −241 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−241 ptsP/E changeShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17 ptsShare count changeShare price: +362%+362%Share priceNet profit growth: +621 pts. Points of the price return explained by net profit growing (or shrinking).+621ProfitP/E change: −241 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−241P/EShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17SharesShare price: +362%+362%Share price
Net profit growth+621 ptsNet profit rose about 1278%, which lifts the price.
P/E change-241 ptsThe P/E fell from 152.0x to 54.9x, which lowers the price.
Share count change-17 ptsShare count rose 8%, which lowers the price.
+2100%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 2015 points to the rise, while the multiple moved less (P/E 48.5x to 54.9x).
  • The share count rose 3%.
Net profit growth: +2034 pts. Points of the price return explained by net profit growing (or shrinking).+2034 ptsNet profit growthP/E change: +84 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+84 ptsP/E changeShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19 ptsShare count changeShare price: +2100%+2100%Share priceNet profit growth: +2034 pts. Points of the price return explained by net profit growing (or shrinking).+2034ProfitP/E change: +84 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+84P/EShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19SharesShare price: +2100%+2100%Share price
Net profit growth+2034 ptsNet profit rose about 1898%, which lifts the price.
P/E change+84 ptsThe P/E rose from 48.5x to 54.9x, which lifts the price.
Share count change-19 ptsShare count rose 3%, 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.

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

Compare this with BILLIONBRAINS GARAGE VENTURES

How rough has the ride been?

Maximum drawdown-59.6%recovered 2023-08
1-year volatility38.8%annualised
Beta vs sector index1.143-year daily, correlation 0.41
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−57.8% 0%−20%−40%−60%2020202220242026−57.8%
Largest drawdowns

-59.6% (2022-03 peak to 2023-03 low, recovered 2023-08)

-55.6% (2019-05 peak to 2020-03 low, recovered 2021-01)

-36.5% (2025-01 peak to 2025-03 low, recovered 2025-04)

Most recent volume spikes

2026-09-29: 7.9x the 50-day median, price +3.3% 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?

54.9xP/E todayWithin its usual range
Against its own history61st percentile
CheapestMedian 44.5xDearest

Usual range 13.0x to 103.4x since 2019-01.

Against Finance54.9x vs 18.1x
This company
54.9x
Sector median
18.1x

203% above the Finance median.

4.4x60.0x115.7x171.3xJan '19Aug '20Mar '22Oct '23May '25Nov '264.4x60.0x115.7x171.3xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

Where does it rank among Finance peers?

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

  • ROCE99thflat vs a year ago
  • Op. margin82nd▲ 4 pts vs a year ago
  • Revenue growth85th▼ 8 pts vs a year ago
  • EPS growth84th▼ 11 pts vs a year ago
  • Debt/equity ↓90thflat vs a year ago
  • Cash cycle ↓47th▼ 3 pts vs a year ago
  • P/E ↓16thflat vs a year ago
  • 12M momentum91st▼ 7 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 Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~40%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 153.9x, a holder earning 12%/yr needs earnings to grow about 40.3%/yr for 10 years, then trade at 15x.

Delivered25.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+14.8 ptsimplied minus delivered
Rank229thmost demanding of 856

Over time

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

-7%23%52% Jan 2019Nov 2026 -7%23%52% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x42.0%43.3%44.6%
15x39.1%40.3%41.6%
20x35.3%36.5%37.7%

Drag a slider to test other assumptions

Implied: 40.3%/yr

Looking back

  • Jan 2020Price implied 1%/yr; EPS has since grown 46%/yr (7.0 yrs)
  • Jan 2021Price implied 1%/yr; EPS has since grown 65%/yr (6.0 yrs)
  • Jan 2022Price implied 16%/yr; EPS has since grown 77%/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 Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹3816.60
P/E
54.9x
ROCE
60.0%
Market Cap
₹1.56L cr
Revenue (TTM)
₹5442 cr
P/S
28.6x
P/B
23.3x
ROE
42.5%
Operating Margin
67.0%
Debt / Equity
0.0x
12M Momentum
31.5%

52-week range

₹2377.40₹4446.80
70% of the way from its 52-week low to its high

Price risk

1Y volatility
38.8%
Beta vs sector
1-year daily
1.04

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
1.34x
Share count, 1Y
+1.2%

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 11.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.34xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.34x (cash from operations ₹6,161 cr, net profit ₹4,581 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (39 vs 36). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress12% of fixed assetsWithin range

Capital work-in-progress is 12% 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, DIIs added 16.1 pts; FIIs added 13.4 pts.
  • The number of shareholders rose from 4.1 lakh to 10.0 lakh (+146%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters———
FIIs7.9%21.3%+13.4 pts
DIIs8.1%24.1%+16.1 pts
Public and others58.9%54.5%-4.4 pts

Number of shareholders

10.0 lakhshareholders+146% since Sep '23
4.1L7.0L10.0L12.9L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 4.1 lakh
Dec '23: 4.4 lakh
Mar '24: 4.4 lakh
Jun '24: 5.5 lakh
Sep '24: 5.4 lakh
Dec '24: 5.9 lakh
Mar '25: 6.7 lakh
Jun '25: 9.5 lakh
Sep '25: 12.9 lakh
Dec '25: 10.6 lakh
Mar '26: 9.8 lakh
Jun '26: 10.0 lakh
 4.1L7.0L10.0L12.9L Sep '23Sep '24Sep '25Jun '26
Sep '23: 4.1 lakh
Dec '23: 4.4 lakh
Mar '24: 4.4 lakh
Jun '24: 5.5 lakh
Sep '24: 5.4 lakh
Dec '24: 5.9 lakh
Mar '25: 6.7 lakh
Jun '25: 9.5 lakh
Sep '25: 12.9 lakh
Dec '25: 10.6 lakh
Mar '26: 9.8 lakh
Jun '26: 10.0 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

−16.5%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like BSE 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 −29% to +1% vs the market, against 0% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −16.7%, 80% range −22.9% to −13.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
TANLA · Dec 2021: −63.4% vs market
GLAND · Dec 2021: −60.7% vs market
ASTRAZEN · Dec 2020: −50.3% vs market
CLEAN · Jun 2025: −48.2% vs market
IEX · Nov 2021: −45.5% vs market
PGHL · Dec 2020: −42.0% vs market
TIPSMUSIC · Nov 2024: −38.0% vs market
BATAINDIA · Mar 2020: −36.5% vs market
WHIRLPOOL · Jun 2020: −34.1% vs market
PAGEIND · Sep 2022: −33.7% vs market
HINDUNILVR · Jul 2020: −32.6% vs market
3MINDIA · Jan 2020: −30.0% vs market
FINEORG · Aug 2022: −29.1% vs market
THYROCARE · Nov 2020: −28.7% vs market
ABBOTINDIA · Aug 2020: −26.1% vs market
GILLETTE · Sep 2025: −25.0% vs market
IRCTC · Jun 2024: −22.6% vs market
CDSL · Dec 2024: −22.2% vs market
SUNTV · May 2020: −19.2% vs market
IGL · Feb 2020: −18.3% vs market
GLAXO · Jul 2025: −18.3% vs market
OFSS · Sep 2024: −18.0% vs market
LINDEINDIA · May 2024: −18.0% vs market
DIVISLAB · Jun 2021: −17.7% vs market
ASTRAL · Jun 2021: −16.8% vs market
CUMMINSIND · Jun 2024: −16.1% vs market
PGHH · Feb 2020: −14.8% vs market
AJANTPHARM · Sep 2020: −13.7% vs market
INGERRAND · Aug 2023: −11.0% vs market
ZENTEC · Sep 2024: −9.5% vs market
HAL · Jun 2024: −9.4% vs market
HONAUT · May 2020: −8.9% vs market
METROPOLIS · Sep 2020: −8.0% vs market
TCS · May 2020: −8.0% vs market
CAMS · Jun 2025: −7.3% vs market
BLS · Jan 2024: −3.9% vs market
PIDILITIND · Jun 2020: −3.9% vs market
ERIS · Jul 2020: +2.7% vs market
TRITURBINE · Sep 2023: +7.6% vs market
ESABINDIA · May 2022: +11.3% vs market
INFY · May 2020: +15.8% vs market
CGPOWER · Sep 2023: +18.3% vs market
CRISIL · Feb 2022: +18.8% vs market
JUBLFOOD · Feb 2020: +25.2% vs market
BEL · Jun 2024: +34.9% vs market
LLOYDSME · Apr 2025: +37.5% vs market
LTTS · Jan 2021: +41.7% vs market
LALPATHLAB · Aug 2020: +43.4% vs market
MCX · Sep 2025: +110.5% vs market
TATAELXSI · Jul 2020: +186.9% vs market
Similar setups −16.5%All companies +0.2%← 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
−16.5%
All companies' median
+0.2%
Beat the market
26% vs 50%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MCX
Finance		 Sep 2025 61x43% +38%−14% +111%
CDSL
Finance		 Dec 2024 69x40% +93%−11% −22%
IEX
Finance		 Nov 2021 108x55% +242%−12% −46%
TANLA
Technology Services		 Dec 2021 72x52% +180%−3% −63%
LALPATHLAB
Health Services		 Aug 2020 66x32% +43%−10% +43%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CGPOWER
Producer Manufacturing		 Sep 2023 70x61% +88%−3% +18%
HONAUT
Electronic Technology		 May 2020 67x35% +5%−29% −9%
TIPSMUSIC
Consumer Services		 Nov 2024 77x104% +138%−8% −38%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/E. Not used (unavailable for this company): interest cover. 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 BSE 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.

ACUTAAS CHEMICALSACUTAAS
Process Industries
54%similar
EPS growthROCE
NEULAND LABORATORIESNEULANDLAB
Health Technology
53%similar
P/Evolatility
COFORGECOFORGE
Technology Services
51%similar
volatilitymarket cap
HBL ENGINEERINGHBLENGINE
Producer Manufacturing
51%similar
ROCEEPS growth
HINDUSTAN COPPERHINDCOPPER
Non-Energy Minerals
50%similar
ROCEoperating margin
MULTI COMMODITY EXCHANGEMCX
Finance
83%similar
revenue growthoperating margin
NIPPON LIFE IND ASSET MANAGEMENAM-INDIA
Finance
68%similar
operating marginROCE
HDFC ASSET MANAGEMENT COHDFCAMC
Finance
61%similar
debt/equityoperating margin

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. OctPriceFell 31% from the May 2026 peak to the Oct 2026 low.
  2. SepInstitutionsFII + DII holding rose 4.3 pts over 2 quarters to 45.5%.
  3. SepPriceVolume reached 7.9x its 50-day median on 2026-09-29; price +3.3% that day.
  4. FebPriceRegained the 2025-06 peak, 5 months after the low.
  5. DecInstitutionsFII + DII holding rose 7.0 pts over 2 quarters to 36.2%.
  6. NovPriceVolume reached 5.1x its 50-day median on 2025-11-07; price +9.1% that day.
  7. SepPriceFell 32% from the Jun 2025 peak to the Sep 2025 low.
  8. JunPeer rankMoved into the top quartile of Finance on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. MayValuationP/E crossed above the 90th percentile of its own history to date (115.7x).
  2. AprPriceRegained the 2025-01 peak, 1 month after the low.
  3. MarInstitutionsFII + DII holding rose 5.4 pts over 2 quarters to 28.1%.
  4. MarPriceFell 36% from the Jan 2025 peak to the Mar 2025 low.
  5. MarPeer rankSlipped to the 3rd quartile of Finance on operating margin (from the 2nd quartile).
  6. MarPriceVolume reached 6.8x its 50-day median on 2025-03-28; price +17.0% that day.
  7. OctPriceVolume reached 10.9x its 50-day median on 2024-10-03; price +2.4% that day.
  8. SepPriceRegained the 2024-04 peak, 2 months after the low.
  9. SepPeer rankMoved into the 2nd quartile of Finance on operating margin (from the 3rd quartile).
  10. SepPriceVolume reached 21.0x its 50-day median on 2024-09-18; price +16.9% that day.
  11. JulPriceFell 31% from the Apr 2024 peak to the Jul 2024 low.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPeer rankMoved into the top quartile of Finance on ROCE (from the 2nd quartile).
  14. JunDividendDividend payout cut from 74% to 26% of profit.
  15. AprPriceVolume reached 15.4x its 50-day median on 2024-04-29; price -13.6% that day.
  16. MarInstitutionsFII + DII holding rose 7.3 pts over 1 quarter to 23.3%.
  17. AugPriceRegained the 2022-03 peak, 5 months after the low.
  18. AugValuationP/E crossed above the 90th percentile of its own history to date (65.2x).
  19. JulPriceVolume reached 12.3x its 50-day median on 2023-07-03; price +9.9% that day.
  20. JunResultsYear-on-year EPS growth turned negative.
  21. JunPeer rankSlipped to the 3rd quartile of Finance on EPS growth (from the 2nd quartile).
  22. JunPriceVolume reached 11.2x its 50-day median on 2023-06-22; price +5.5% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1154.9x₹5442 cr42.5%60.0%0.0x
2026-1050.5x₹5442 cr42.3%60.0%0.0x
2026-0944.5x₹5442 cr42.3%60.0%0.0x
2026-0853.5x₹4834 cr37.3%60.0%0.0x
2026-0759.4x₹4834 cr37.3%60.0%0.0x
2026-0663.0x₹4834 cr37.3%60.0%0.0x
2026-0576.8x₹4117 cr49.4%47.0%0.0x
2026-0467.4x₹4117 cr49.4%47.0%0.0x
2026-0349.7x₹4117 cr49.4%47.0%0.0x
2026-0260.7x₹3641 cr40.9%47.0%0.0x
2026-0162.7x₹3641 cr40.9%47.0%0.0x
2025-1259.0x₹3641 cr40.9%47.0%0.0x
2025-1173.7x₹3386 cr36.1%47.0%0.0x
2025-1062.9x₹3386 cr36.1%47.0%0.0x
2025-0951.8x₹3386 cr36.1%47.0%0.0x
2025-0864.2x₹3030 cr29.9%47.0%0.0x
2025-0774.3x₹3030 cr29.9%47.0%0.0x
2025-0684.8x₹3030 cr29.9%47.0%0.0x
2025-05115.7x₹2722 cr28.3%23.0%0.0x
2025-0491.7x₹2722 cr28.3%23.0%0.0x
2025-0379.0x₹2722 cr28.3%23.0%0.0x
2025-0275.8x₹2380 cr24.9%23.0%0.0x
2025-0186.8x₹2380 cr24.9%23.0%0.0x
2024-1287.1x₹2380 cr24.9%23.0%0.0x
2024-11105.2x₹1929 cr18.0%23.0%0.0x
2024-10100.6x₹1929 cr18.0%23.0%0.0x
2024-0983.0x₹1929 cr18.0%23.0%0.0x
2024-0849.3x₹1587 cr23.3%23.0%0.0x
2024-0744.5x₹1587 cr23.3%23.0%0.0x
2024-0644.9x₹1587 cr23.3%23.0%0.0x
2024-05165.4x₹925 cr7.6%12.0%0.0x
2024-04171.3x₹925 cr7.6%12.0%0.0x
2024-03154.4x₹925 cr7.6%12.0%0.0x
2024-02145.3x₹925 cr7.6%12.0%0.0x
2024-01142.6x₹925 cr7.6%12.0%0.0x
2023-12136.4x₹925 cr7.6%12.0%0.0x
2023-11152.0x₹925 cr7.6%12.0%0.0x
2023-10114.4x₹925 cr7.6%12.0%0.0x
2023-0979.7x₹925 cr7.6%12.0%0.0x
2023-0865.2x₹925 cr7.6%12.0%0.0x
2023-0749.7x₹925 cr7.6%12.0%0.0x
2023-0637.4x₹925 cr7.6%12.0%0.0x
2023-0529.7x₹841 cr9.2%15.0%0.0x
2023-0427.8x₹841 cr9.2%15.0%0.0x
2023-0322.9x₹841 cr9.2%15.0%0.0x
2023-0223.4x₹841 cr9.2%15.0%0.0x
2023-0127.3x₹841 cr9.2%15.0%0.0x
2022-1228.9x₹841 cr9.2%15.0%0.0x
2022-1130.7x₹841 cr9.2%15.0%0.0x
2022-1031.3x₹841 cr9.2%15.0%0.0x
2022-0932.2x₹841 cr9.2%15.0%0.0x
2022-0834.6x₹841 cr9.2%15.0%0.0x
2022-0736.0x₹841 cr9.2%15.0%0.0x
2022-0631.7x₹841 cr9.2%15.0%0.0x
2022-0570.4x₹630 cr5.7%8.0%0.0x
2022-0483.8x₹630 cr5.7%8.0%0.0x
2022-0387.8x₹630 cr5.7%8.0%0.0x
2022-0260.9x₹630 cr5.7%8.0%0.0x
2022-0160.6x₹630 cr5.7%8.0%0.0x
2021-1259.5x₹630 cr5.7%8.0%0.0x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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