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BSL LTD (BSL)

Process Industries

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.25 / 100
Profitability 30Growth 43Balance sheet 2
Compare withVARDHMAN TEXTILES LIMTEDARVIND LIMITEDTRIDENT LTD
Share Price
₹116.44
P/E
33.0x
ROCE
6.0%
Market Cap
₹120 cr
Revenue (TTM)
₹669 cr
P/S
0.2x
P/B
1.0x
ROE
3.0%
Operating Margin
8.4%
Debt / Equity
3.7x
Promoter Holding
56.7%
12M Momentum
-41.1%
P/E vs its own history70th percentilesince Jan '19
P/E vs Process Industries1.8xthe sector median

52-week range

₹98.00₹205.00
17% of the way from its 52-week low to its high

Price risk

1Y volatility
37.2%
Beta vs sector
1-year daily
0.86

Balance sheet & cash

Interest cover
operating profit ÷ interest
1.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.19x
Share count, 1Y
unchanged

Was the rally earned?

-41%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 43 points, while the multiple moved less (P/E 32.2x to 33.0x).
  • The share count barely moved.
1 year Net profit growth: -43 pts. Points of the price return explained by net profit growing (or shrinking).-43 ptsP/E change: +2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -41% 1 year Net profit growth: -43 pts. Points of the price return explained by net profit growing (or shrinking).-43 ptsP/E change: +2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -41%
Net profit growth-43 ptsNet profit fell about 42%, which lowers the price.
P/E change+2 ptsThe P/E rose from 32.2x to 33.0x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-34%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 125 points, while the multiple moved less (P/E 10.8x to 33.0x).
  • The share count barely moved.
3 years Net profit growth: -126 pts. Points of the price return explained by net profit growing (or shrinking).-126 ptsP/E change: +91 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+91 pts -34% 3 years Net profit growth: -126 pts. Points of the price return explained by net profit growing (or shrinking).-126 ptsP/E change: +91 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+91 pts -34%
Net profit growth-125 ptsNet profit fell about 79%, which lowers the price.
P/E change+91 ptsThe P/E rose from 10.8x to 33.0x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+51%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 122 points, but investors now pay less per rupee of profit (P/E 58.6x to 33.0x), which took 71 points back.
  • The share count barely moved.
5 years Net profit growth: +122 pts. Points of the price return explained by net profit growing (or shrinking).+122 ptsP/E change: -71 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-71 pts +51% 5 years Net profit growth: +122 pts. Points of the price return explained by net profit growing (or shrinking).+122 ptsP/E change: -71 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-71 pts +51%
Net profit growth+122 ptsNet profit rose about 167%, which lifts the price.
P/E change-71 ptsThe P/E fell from 58.6x to 33.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

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

Compare this with VARDHMAN TEXTILES LIMTED

Is it expensive against its own past and its peers?

33.0xP/E todayWithin its usual range
Against its own history70th percentileMedian 21.8x; usual range 10.9x to 54.9x since 2019-01.
Against Process Industries33.0x vs 18.0xAbove the Process Industries median.
6.7x36.9x67.1x97.3xJan '19Aug '20Mar '22Oct '23May '25Oct '266.7x36.9x67.1x97.3xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed 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

What is the price implying?

~9%annual earnings growth implied by the price

At a P/E of 12.2x, the price would imply about 9.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

What changed?

  1. Sep '26Slipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
  2. Jun '26P/E crossed above the 90th percentile of its own history to date (58.9x).
  3. Jun '26Dividend payout cut from 10% to 0% of profit.
  4. Mar '26Fell 69% from the Dec 2024 peak to the Mar 2026 low.
  5. Jun '25Slipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  6. Mar '25Moved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  7. Sep '24Slipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  8. Jul '24Regained the 2022-11 peak, 16 months after the low.
Show 22 earlier events
  1. Jun '24Year-on-year EPS growth turned negative.
  2. Jun '24Slipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  3. Mar '24P/E fell below the 10th percentile of its own history to date (9.8x).
  4. Jun '23Revenue (TTM) reached a new high of ₹472 cr.
  5. Mar '23Fell 34% from the Nov 2022 peak to the Mar 2023 low.
  6. Mar '23P/E fell below the 10th percentile of its own history to date (13.7x).
  7. Sep '22Regained the 2022-04 peak, 3 months after the low.
  8. Jun '22Year-on-year EPS growth turned positive.
  9. Jun '22Fell 43% from the Apr 2022 peak to the Jun 2022 low.
  10. Jun '22P/E fell below the 10th percentile of its own history to date (8.1x).
  11. Jun '22Moved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
  12. Jun '22Started paying a dividend (payout 11% of profit).
  13. Apr '22Regained the 2021-12 peak, 1 month after the low.
  14. Mar '22Fell 28% from the Dec 2021 peak to the Mar 2022 low.
  15. Jun '21Year-on-year EPS growth turned negative.
  16. Jun '21P/E crossed above the 90th percentile of its own history to date (41.9x).
  17. Jun '21Slipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  18. May '21Regained the 2019-01 peak, 14 months after the low.
  19. Jun '20Year-on-year EPS growth turned positive.
  20. Jun '20Moved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
  21. Mar '20Fell 66% from the Jan 2019 peak to the Mar 2020 low.
  22. Jun '19Dividend payout cut from 100% to 0% of profit.

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

Are profits backed by cash?

6 of 7 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.

Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 9.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate20%Within range

Median quarterly effective tax rate over about 2.5 years: 20.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.19xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.19x (cash from operations ₹67 cr, net profit ₹21 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (79 vs 75). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress7% of fixed assetsWithin range

Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+13 days / 2 yrsWithin range

Days payable changed by +13 over two years. Bands: rise of up to 30 days; more than 30 days.

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 0.7 pts.
  • The number of shareholders rose from 9,902 to 11,732 (+18%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters56.7%56.7%0.0 pts
FIIs0.0%0.0%0.0 pts
DIIs2.3%1.6%-0.7 pts
Public and others41.0%41.7%+0.7 pts

Number of shareholders

11,732shareholders+18% since Dec '23
10k11k12k13k Dec '23Sep '24Mar '25Dec '25Jun '26
Dec '23: 9,902
Mar '24: 9,849
Sep '24: 12,478
Dec '24: 12,777
Mar '25: 12,726
Sep '25: 12,646
Dec '25: 11,795
Mar '26: 11,713
Jun '26: 11,732
 10k11k12k13k Dec '23Dec '24Dec '25Jun '26
Dec '23: 9,902
Mar '24: 9,849
Sep '24: 12,478
Dec '24: 12,777
Mar '25: 12,726
Sep '25: 12,646
Dec '25: 11,795
Mar '26: 11,713
Jun '26: 11,732

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

How rough has the ride been?

Maximum drawdown-68.6%not yet recovered
1-year volatility37.2%annualised

Monthly share price

₹19₹104₹189₹274 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹46.95
2019-02: ₹40.65
2019-03: ₹42.90
2019-04: ₹41.05
2019-05: ₹37.55
2019-06: ₹34.65
2019-07: ₹24.15
2019-08: ₹25.30
2019-09: ₹28.10
2019-10: ₹26.00
2019-11: ₹28.75
2019-12: ₹27.95
2020-01: ₹34.30
2020-02: ₹29.10
2020-03: ₹18.60
2020-04: ₹21.85
2020-05: ₹19.95
2020-06: ₹25.45
2020-07: ₹23.10
2020-08: ₹25.25
2020-09: ₹25.20
2020-10: ₹33.05
2020-11: ₹30.20
2020-12: ₹33.45
2021-01: ₹32.00
2021-02: ₹31.30
2021-03: ₹32.80
2021-04: ₹36.60
2021-05: ₹49.70
2021-06: ₹55.30
2021-07: ₹73.05
2021-08: ₹59.10
2021-09: ₹63.15
2021-10: ₹77.35
2021-11: ₹96.10
2021-12: ₹114.40
2022-01: ₹112.20
2022-02: ₹96.05
2022-03: ₹112.30
2022-04: ₹128.45
2022-05: ₹107.75
2022-06: ₹90.30
2022-07: ₹110.55
2022-08: ₹118.90
2022-09: ₹119.60
2022-10: ₹138.85
2022-11: ₹207.75
2022-12: ₹194.15
2023-01: ₹169.20
2023-02: ₹161.00
2023-03: ₹152.80
2023-04: ₹179.85
2023-05: ₹189.05
2023-06: ₹184.90
2023-07: ₹172.00
2023-08: ₹176.25
2023-09: ₹172.40
2023-10: ₹177.40
2023-11: ₹185.25
2023-12: ₹210.50
2024-01: ₹211.15
2024-02: ₹182.45
2024-03: ₹160.80
2024-04: ₹187.55
2024-05: ₹174.55
2024-06: ₹203.73
2024-07: ₹235.73
2024-08: ₹220.18
2024-09: ₹215.56
2024-10: ₹241.37
2024-11: ₹238.76
2024-12: ₹273.59
2025-01: ₹201.85
2025-02: ₹174.24
2025-03: ₹164.01
2025-04: ₹152.10
2025-05: ₹148.38
2025-06: ₹143.72
2025-07: ₹155.00
2025-08: ₹163.38
2025-09: ₹159.15
2025-10: ₹197.65
2025-11: ₹174.79
2025-12: ₹155.04
2026-01: ₹139.99
2026-02: ₹130.15
2026-03: ₹102.79
2026-04: ₹124.60
2026-05: ₹131.41
2026-06: ₹136.67
2026-07: ₹124.80
2026-08: ₹123.06
2026-09: ₹118.28
2026-10: ₹116.44
 ₹19₹104₹189₹274 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹46.95
2019-02: ₹40.65
2019-03: ₹42.90
2019-04: ₹41.05
2019-05: ₹37.55
2019-06: ₹34.65
2019-07: ₹24.15
2019-08: ₹25.30
2019-09: ₹28.10
2019-10: ₹26.00
2019-11: ₹28.75
2019-12: ₹27.95
2020-01: ₹34.30
2020-02: ₹29.10
2020-03: ₹18.60
2020-04: ₹21.85
2020-05: ₹19.95
2020-06: ₹25.45
2020-07: ₹23.10
2020-08: ₹25.25
2020-09: ₹25.20
2020-10: ₹33.05
2020-11: ₹30.20
2020-12: ₹33.45
2021-01: ₹32.00
2021-02: ₹31.30
2021-03: ₹32.80
2021-04: ₹36.60
2021-05: ₹49.70
2021-06: ₹55.30
2021-07: ₹73.05
2021-08: ₹59.10
2021-09: ₹63.15
2021-10: ₹77.35
2021-11: ₹96.10
2021-12: ₹114.40
2022-01: ₹112.20
2022-02: ₹96.05
2022-03: ₹112.30
2022-04: ₹128.45
2022-05: ₹107.75
2022-06: ₹90.30
2022-07: ₹110.55
2022-08: ₹118.90
2022-09: ₹119.60
2022-10: ₹138.85
2022-11: ₹207.75
2022-12: ₹194.15
2023-01: ₹169.20
2023-02: ₹161.00
2023-03: ₹152.80
2023-04: ₹179.85
2023-05: ₹189.05
2023-06: ₹184.90
2023-07: ₹172.00
2023-08: ₹176.25
2023-09: ₹172.40
2023-10: ₹177.40
2023-11: ₹185.25
2023-12: ₹210.50
2024-01: ₹211.15
2024-02: ₹182.45
2024-03: ₹160.80
2024-04: ₹187.55
2024-05: ₹174.55
2024-06: ₹203.73
2024-07: ₹235.73
2024-08: ₹220.18
2024-09: ₹215.56
2024-10: ₹241.37
2024-11: ₹238.76
2024-12: ₹273.59
2025-01: ₹201.85
2025-02: ₹174.24
2025-03: ₹164.01
2025-04: ₹152.10
2025-05: ₹148.38
2025-06: ₹143.72
2025-07: ₹155.00
2025-08: ₹163.38
2025-09: ₹159.15
2025-10: ₹197.65
2025-11: ₹174.79
2025-12: ₹155.04
2026-01: ₹139.99
2026-02: ₹130.15
2026-03: ₹102.79
2026-04: ₹124.60
2026-05: ₹131.41
2026-06: ₹136.67
2026-07: ₹124.80
2026-08: ₹123.06
2026-09: ₹118.28
2026-10: ₹116.44

Last 90 trading days

₹114₹121₹129₹137 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹131.06
2026-06-25: ₹127.38
2026-06-30: ₹136.67
2026-07-02: ₹133.04
2026-07-06: ₹130.62
2026-07-08: ₹126.85
2026-07-10: ₹127.99
2026-07-14: ₹127.69
2026-07-16: ₹126.12
2026-07-20: ₹127.10
2026-07-22: ₹125.10
2026-07-24: ₹124.74
2026-07-28: ₹126.18
2026-07-30: ₹124.70
2026-08-03: ₹123.65
2026-08-05: ₹126.26
2026-08-07: ₹123.53
2026-08-11: ₹122.76
2026-08-13: ₹122.08
2026-08-17: ₹123.72
2026-08-19: ₹121.23
2026-08-21: ₹122.23
2026-08-25: ₹122.04
2026-08-27: ₹123.42
2026-08-31: ₹123.06
2026-09-02: ₹122.12
2026-09-04: ₹123.58
2026-09-08: ₹123.33
2026-09-10: ₹122.06
2026-09-15: ₹119.35
2026-09-17: ₹117.32
2026-09-21: ₹126.15
2026-09-23: ₹124.24
2026-09-25: ₹120.64
2026-09-29: ₹118.16
2026-10-01: ₹118.20
2026-10-06: ₹119.76
2026-10-08: ₹119.57
2026-10-12: ₹120.90
2026-10-14: ₹120.83
2026-10-16: ₹124.07
2026-10-21: ₹119.32
2026-10-23: ₹113.84
2026-10-27: ₹117.44
2026-10-29: ₹118.79
2026-10-30: ₹116.44
 ₹114₹121₹129₹137 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹131.06
2026-06-25: ₹127.38
2026-06-30: ₹136.67
2026-07-02: ₹133.04
2026-07-06: ₹130.62
2026-07-08: ₹126.85
2026-07-10: ₹127.99
2026-07-14: ₹127.69
2026-07-16: ₹126.12
2026-07-20: ₹127.10
2026-07-22: ₹125.10
2026-07-24: ₹124.74
2026-07-28: ₹126.18
2026-07-30: ₹124.70
2026-08-03: ₹123.65
2026-08-05: ₹126.26
2026-08-07: ₹123.53
2026-08-11: ₹122.76
2026-08-13: ₹122.08
2026-08-17: ₹123.72
2026-08-19: ₹121.23
2026-08-21: ₹122.23
2026-08-25: ₹122.04
2026-08-27: ₹123.42
2026-08-31: ₹123.06
2026-09-02: ₹122.12
2026-09-04: ₹123.58
2026-09-08: ₹123.33
2026-09-10: ₹122.06
2026-09-15: ₹119.35
2026-09-17: ₹117.32
2026-09-21: ₹126.15
2026-09-23: ₹124.24
2026-09-25: ₹120.64
2026-09-29: ₹118.16
2026-10-01: ₹118.20
2026-10-06: ₹119.76
2026-10-08: ₹119.57
2026-10-12: ₹120.90
2026-10-14: ₹120.83
2026-10-16: ₹124.07
2026-10-21: ₹119.32
2026-10-23: ₹113.84
2026-10-27: ₹117.44
2026-10-29: ₹118.79
2026-10-30: ₹116.44

Drawdown from peak

0% -34% -68% Jan '19Dec '22Oct '26 0% -34% -68% Jan '19Dec '22Oct '26
Largest drawdowns

-68.6% (2024-12 peak to 2026-03 low, not yet recovered)

-65.6% (2019-01 peak to 2020-03 low, recovered 2021-05)

-43.4% (2022-04 peak to 2022-06 low, recovered 2022-09)

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).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 happened next to similar setups

−1.8%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like BSL 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 −17% to +19% vs the market, against −12% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.7%, 80% range +2.7% to +15.1%), but the matches cluster in only 4 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
LOYALTEX · Feb 2024: −61.6% vs market
VISHWARAJ · Jul 2024: −43.8% vs market
ACCURACY · Oct 2025: −38.6% vs market
AROGRANITE · Nov 2024: −37.3% vs market
RANASUG · Nov 2024: −35.8% vs market
SAKHTISUG · Jul 2025: −33.0% vs market
RELCHEMQ · Apr 2025: −32.9% vs market
DAMODARIND · Feb 2025: −28.0% vs market
PVSL · May 2025: −24.7% vs market
LANDMARK · Feb 2025: −21.5% vs market
BASML · Jun 2025: −19.6% vs market
DCMNVL · Jun 2025: −18.8% vs market
CELEBRITY · Jul 2024: −17.2% vs market
AIROLAM · May 2025: −15.7% vs market
PIONEEREMB · Aug 2024: −14.8% vs market
SUTLEJTEX · Aug 2023: −14.7% vs market
GLOBALVECT · May 2021: −13.1% vs market
TNPL · May 2025: −10.8% vs market
MAWANASUG · Apr 2024: −10.2% vs market
BANSWRAS · Oct 2025: −9.3% vs market
BBTCL · Jan 2025: −8.7% vs market
SUPERHOUSE · Jul 2025: −8.6% vs market
SALSTEEL · Apr 2024: −5.4% vs market
GOACARBON · Oct 2025: −2.2% vs market
MALUPAPER · May 2021: −2.0% vs market
WHEELS · Jan 2024: −1.6% vs market
SALONA · Jun 2025: +1.2% vs market
CENTUM · Jun 2021: +1.6% vs market
ROML · May 2023: +2.4% vs market
BALPHARMA · Oct 2023: +2.6% vs market
BVCL · Jan 2022: +7.4% vs market
AMBICAAGAR · May 2024: +8.3% vs market
EMAMIPAP · Jul 2025: +8.4% vs market
AUTOIND · Sep 2025: +12.6% vs market
MUKANDLTD · May 2025: +15.8% vs market
NAHARINDUS · Aug 2025: +16.2% vs market
UFLEX · Aug 2025: +16.8% vs market
BHARATGEAR · Jan 2025: +19.4% vs market
NECLIFE · Apr 2023: +27.4% vs market
TVSSRICHAK · Mar 2025: +30.9% vs market
NAHARSPING · Oct 2025: +33.0% vs market
TBZ · Oct 2022: +36.9% vs market
DBOL · May 2025: +39.1% vs market
MANAKALUCO · Jan 2025: +42.3% vs market
MANORG · Jun 2024: +58.4% vs market
RICOAUTO · Jul 2025: +89.1% vs market
MSPL · May 2023: +103.6% vs market
JAYBARMARU · Jul 2025: +104.5% vs market
MANGLMCEM · Jul 2023: +117.0% vs market
KANPRPLA · May 2024: +134.7% vs market
Similar setups −1.8%All companies −11.5%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−1.8%
All companies' median
−11.5%
Beat the market
48% vs 36%

50 past situations · 50 companies · 27 months · 2021–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RELCHEMQ
Process Industries		 Apr 2025 45x7% −30%−37% −33%
DAMODARIND
Process Industries		 Feb 2025 30x8% −44%−48% −28%
EMAMIPAP
Process Industries		 Jul 2025 22x7% −30%−30% +8%
AMBICAAGAR
Process Industries		 May 2024 37x— +8%−36% +8%
BHARATGEAR
Producer Manufacturing		 Jan 2025 30x2% −26%−33% +19%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SALONA
Process Industries		 Jun 2025 43x7% −16%−21% +1%
BALPHARMA
Health Technology		 Oct 2023 53x10% −5%−15% +3%
SAKHTISUG
Process Industries		 Jul 2025 —-7% −40%−44% −33%
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: operating margin, 12-month momentum and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 4 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 BSL 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 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1033.0x₹669 cr3.0%6.0%3.7x
2026-0933.5x₹669 cr3.0%6.0%3.7x
2026-0853.0x₹657 cr2.0%6.0%3.7x
2026-0753.8x₹657 cr2.0%6.0%3.7x
2026-0658.9x₹657 cr2.0%6.0%3.7x
2026-0537.0x₹665 cr3.1%8.0%3.5x
2026-0435.1x₹665 cr3.1%8.0%3.5x
2026-0329.0x₹665 cr3.1%8.0%3.5x
2026-0224.3x₹668 cr4.6%8.0%3.5x
2026-0126.1x₹668 cr4.6%8.0%3.5x
2025-1228.9x₹668 cr4.6%8.0%3.5x
2025-1128.5x₹661 cr5.3%8.0%3.5x
2025-1032.2x₹661 cr5.3%8.0%3.5x
2025-0925.9x₹661 cr5.3%8.0%3.5x
2025-0820.6x₹667 cr6.9%8.0%3.5x
2025-0719.6x₹667 cr6.9%8.0%3.5x
2025-0618.1x₹667 cr6.9%8.0%3.5x
2025-0514.7x₹668 cr9.3%9.0%3.9x
2025-0415.1x₹668 cr9.3%9.0%3.9x
2025-0316.2x₹668 cr9.3%9.0%3.9x
2025-0215.9x₹669 cr10.1%9.0%3.9x
2025-0118.4x₹669 cr10.1%9.0%3.9x
2024-1225.0x₹669 cr10.1%9.0%3.9x
2024-1121.8x₹670 cr10.1%9.0%3.9x
2024-1022.0x₹670 cr10.1%9.0%3.9x
2024-0919.7x₹670 cr10.1%9.0%3.9x
2024-0820.2x₹666 cr10.0%9.0%3.9x
2024-0721.6x₹666 cr10.0%9.0%3.9x
2024-0618.7x₹666 cr10.0%9.0%3.9x
2024-0510.6x₹472 cr16.3%12.0%3.3x
2024-0411.4x₹472 cr16.3%12.0%3.3x
2024-039.8x₹472 cr16.3%12.0%3.3x
2024-0211.1x₹472 cr16.3%12.0%3.3x
2024-0112.9x₹472 cr16.3%12.0%3.3x
2023-1212.8x₹472 cr16.3%12.0%3.3x
2023-1111.3x₹472 cr16.3%12.0%3.3x
2023-1010.8x₹472 cr16.3%12.0%3.3x
2023-0910.5x₹472 cr16.3%12.0%3.3x
2023-0810.7x₹472 cr16.3%12.0%3.3x
2023-0710.5x₹472 cr16.3%12.0%3.3x
2023-0611.3x₹472 cr16.3%12.0%3.3x
2023-0517.0x₹436 cr12.4%12.0%2.1x
2023-0416.1x₹436 cr12.4%12.0%2.1x
2023-0313.7x₹436 cr12.4%12.0%2.1x
2023-0214.4x₹436 cr12.4%12.0%2.1x
2023-0115.2x₹436 cr12.4%12.0%2.1x
2022-1217.4x₹436 cr12.4%12.0%2.1x
2022-1118.6x₹436 cr12.4%12.0%2.1x
2022-1012.5x₹436 cr12.4%12.0%2.1x
2022-0910.7x₹436 cr12.4%12.0%2.1x
2022-0810.7x₹436 cr12.4%12.0%2.1x
2022-079.9x₹436 cr12.4%12.0%2.1x
2022-068.1x₹436 cr12.4%12.0%2.1x
2022-0581.6x₹321 cr1.8%8.0%2.1x
2022-0497.3x₹321 cr1.8%8.0%2.1x
2022-0385.1x₹321 cr1.8%8.0%2.1x
2022-0272.8x₹321 cr1.8%8.0%2.1x
2022-0185.0x₹321 cr1.8%8.0%2.1x
2021-1286.7x₹321 cr1.8%8.0%2.1x
2021-1172.8x₹321 cr1.8%8.0%2.1x
2021-1058.6x₹321 cr1.8%8.0%2.1x
2021-0947.8x₹321 cr1.8%8.0%2.1x
2021-0844.8x₹321 cr1.8%8.0%2.1x
2021-0755.3x₹321 cr1.8%8.0%2.1x
2021-0641.9x₹321 cr1.8%8.0%2.1x
2021-0530.9x₹390 cr2.2%7.0%2.1x
2021-0422.7x₹390 cr2.2%7.0%2.1x
2021-0320.4x₹390 cr2.2%7.0%2.1x
2021-0219.4x₹390 cr2.2%7.0%2.1x
2021-0119.9x₹390 cr2.2%7.0%2.1x
2020-1220.8x₹390 cr2.2%7.0%2.1x
2020-1118.8x₹390 cr2.2%7.0%2.1x
2020-1020.5x₹390 cr2.2%7.0%2.1x
2020-0915.7x₹390 cr2.2%7.0%2.1x
2020-0815.7x₹390 cr2.2%7.0%2.1x
2020-0714.3x₹390 cr2.2%7.0%2.1x
2020-0615.8x₹390 cr2.2%7.0%2.1x
2020-0523.5x₹437 cr1.2%6.0%2.3x
2020-0425.7x₹437 cr1.2%6.0%2.3x
2020-0321.9x₹437 cr1.2%6.0%2.3x
2020-0234.2x₹437 cr1.2%6.0%2.3x
2020-0140.4x₹437 cr1.2%6.0%2.3x
2019-1232.9x₹437 cr1.2%6.0%2.3x
2019-1133.8x₹437 cr1.2%6.0%2.3x
2019-1030.6x₹437 cr1.2%6.0%2.3x
2019-0933.1x₹437 cr1.2%6.0%2.3x
2019-0829.8x₹437 cr1.2%6.0%2.3x
2019-0728.4x₹437 cr1.2%6.0%2.3x
2019-0640.8x₹437 cr1.2%6.0%2.3x
2019-0537.5x₹403 cr1.3%5.0%2.7x
2019-0441.0x₹403 cr1.3%5.0%2.7x
2019-0342.9x₹403 cr1.3%5.0%2.7x
2019-0240.6x₹403 cr1.3%5.0%2.7x
2019-0147.0x₹403 cr1.3%5.0%2.7x

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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