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CIPLA LIMITED (CIPLA)

Health Technology · Pharmaceuticals: Other · 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.64 / 100
Profitability 53Growth 37Balance 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.43 / 100
Price 54Earnings 9FII/DII 66
Compare withAUROBINDO PHARMALUPINGRANULES INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,403.8 latest close · −3.7% over the last 90 sessions

₹1,300₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,300₹1,400Jul 3Sep 4Nov 9

₹1,403.8 month-end · −8.3% over 12 months

₹1,200₹1,300₹1,400₹1,500Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,200₹1,300₹1,400₹1,500Nov '25May '26Nov '26

₹1,403.8 month-end · +15.8% over 3 years

₹1,200₹1,400₹1,600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,200₹1,400₹1,600Nov '23May '25Nov '26

₹1,403.8 month-end · +171.4% since Jan '19

₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹1165.70 to ₹1539.70 · 1-year volatility 19.6%

Was the rally earned?

-8%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 45 points, while the multiple moved less (P/E 22.9x to 33.6x).
  • The share count barely moved.
Net profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45 ptsNet profit growthP/E change: +37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+37 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: −8%−8%Share priceNet profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45ProfitP/E change: +37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+37P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −8%−8%Share price
Net profit growth-45 ptsNet profit fell about 37%, which lowers the price.
P/E change+37 ptsThe P/E rose from 22.9x to 33.6x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+16%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 20 points, but investors now pay less per rupee of profit (P/E 34.9x to 33.6x), which took 4 points back.
  • The share count barely moved.
Net profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19 ptsNet profit growthP/E change: −4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−4 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: +16%+16%Share priceNet profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19ProfitP/E change: −4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−4P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +16%+16%Share price
Net profit growth+19 ptsNet profit rose about 19%, which lifts the price.
P/E change-4 ptsThe P/E fell from 34.9x to 33.6x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+45%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 41 points to the rise, while the multiple moved less (P/E 32.6x to 33.6x).
  • The share count barely moved.
Net profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42 ptsNet profit growthP/E change: +4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+4 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: +45%+45%Share priceNet profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42ProfitP/E change: +4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+4P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +45%+45%Share price
Net profit growth+42 ptsNet profit rose about 41%, which lifts the price.
P/E change+4 ptsThe P/E rose from 32.6x to 33.6x, which lifts the price.
Share count change-1 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 AUROBINDO PHARMA

How rough has the ride been?

Maximum drawdown-35.3%recovered 2020-04
1-year volatility19.6%annualised
Beta vs sector index0.773-year daily, correlation 0.51
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%−30%2020202120222023202420252026−32.1% 0%−10%−20%−30%2020202220242026−32.1%
Largest drawdowns

-35.3% (2019-05 peak to 2020-03 low, recovered 2020-04)

-29.0% (2024-10 peak to 2026-04 low, not yet recovered)

-26.5% (2022-11 peak to 2023-03 low, recovered 2023-07)

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?

33.6xP/E todayWithin its usual range
Against its own history71st percentile
CheapestMedian 31.1xDearest

Usual range 23.0x to 40.4x since 2019-01.

Against Health Technology33.6x vs 37.0x
This company
33.6x
Sector median
37.0x

9% below the Health Technology median.

16.7x27.6x38.6x49.5xJan '19Aug '20Mar '22Oct '23May '25Nov '2616.7x27.6x38.6x49.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology 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 Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology 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

  • ROCE54th▼ 25 pts vs a year ago
  • Op. margin52nd▼ 27 pts vs a year ago
  • Revenue growth26th▼ 16 pts vs a year ago
  • EPS growth17th▼ 53 pts vs a year ago
  • Debt/equity ↓86th▼ 3 pts vs a year ago
  • Cash cycle ↓36thflat vs a year ago
  • P/E ↓56th▼ 16 pts vs a year ago
  • 12M momentum28th▼ 39 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 Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~19%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 30.2x, a holder earning 12%/yr needs earnings to grow about 18.7%/yr for 10 years, then trade at 15x.

Delivered18.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−0.2 ptsimplied minus delivered
Rank531stmost demanding of 856

Over time

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

0%14%27% Jan 2019Nov 2026 0%14%27% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x20.1%21.1%22.2%
15x17.6%18.7%19.7%
20x14.5%15.5%16.6%

Drag a slider to test other assumptions

Implied: 18.7%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 15%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 17%/yr (6.0 yrs)
  • Jan 2022Price implied 25%/yr; EPS has since grown 10%/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 Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1403.80
P/E
33.6x
ROCE
15.0%
Market Cap
₹1.13L cr
Revenue (TTM)
₹28323 cr
P/S
4.0x
P/B
3.3x
ROE
9.8%
Operating Margin
17.0%
Debt / Equity
0.0x
Promoter Holding
29.2%
12M Momentum
-8.3%

52-week range

₹1165.70₹1539.70
64% of the way from its 52-week low to its high

Price risk

1Y volatility
19.6%
Beta vs sector
1-year daily
0.69

Balance sheet & cash

Interest cover
operating profit ÷ interest
80.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.98x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.98xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.98x (cash from operations ₹13,079 cr, net profit ₹13,285 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+5 daysWithin range

Debtor days are above the median of the previous three fiscal years by 5 days (73 vs 68). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress16% of fixed assetsWithin range

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

Payable days+21 days / 2 yrsWithin range

Days payable changed by +21 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 3 years, DIIs added 10.5 pts; FIIs trimmed 5.5 pts; promoters trimmed 4.2 pts.
  • The number of shareholders rose from 4.3 lakh to 5.8 lakh (+36%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters33.5%29.2%-4.2 pts
FIIs25.7%20.2%-5.5 pts
DIIs23.9%34.4%+10.5 pts
Public and others16.7%15.9%-0.8 pts

Number of shareholders

5.8 lakhshareholders+36% since Sep '23
4.3L4.8L5.3L5.8L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 4.3 lakh
Dec '23: 4.3 lakh
Mar '24: 4.4 lakh
Jun '24: 4.6 lakh
Sep '24: 4.7 lakh
Dec '24: 5.3 lakh
Mar '25: 5.4 lakh
Jun '25: 5.5 lakh
Sep '25: 5.3 lakh
Dec '25: 5.4 lakh
Mar '26: 5.8 lakh
Jun '26: 5.8 lakh
 4.3L4.8L5.3L5.8L Sep '23Sep '24Sep '25Jun '26
Sep '23: 4.3 lakh
Dec '23: 4.3 lakh
Mar '24: 4.4 lakh
Jun '24: 4.6 lakh
Sep '24: 4.7 lakh
Dec '24: 5.3 lakh
Mar '25: 5.4 lakh
Jun '25: 5.5 lakh
Sep '25: 5.3 lakh
Dec '25: 5.4 lakh
Mar '26: 5.8 lakh
Jun '26: 5.8 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

−2.4%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 CIPLA 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 −17% to +11% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+2.4%, 80% range −2.5% to +4.3%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
PIIND · Jul 2025: −38.6% vs market
VOLTAS · Apr 2022: −35.8% vs market
CONCOR · Feb 2024: −33.5% vs market
DEEPAKNTR · Sep 2024: −31.6% vs market
SUNDRMFAST · Oct 2024: −31.2% vs market
TTKPRESTIG · Jul 2024: −30.6% vs market
UBL · Dec 2024: −24.6% vs market
KANSAINER · Feb 2025: −23.9% vs market
IPCALAB · Jul 2022: −23.9% vs market
DABUR · Oct 2025: −20.8% vs market
TATACONSUM · Oct 2023: −19.1% vs market
GODREJCP · Dec 2023: −18.6% vs market
VINATIORGA · Feb 2025: −18.2% vs market
HONAUT · Aug 2025: −14.8% vs market
BERGEPAINT · Sep 2025: −12.1% vs market
ACC · Aug 2021: −11.1% vs market
ATUL · Jun 2021: −10.6% vs market
EICHERMOT · Aug 2022: −9.2% vs market
SHREECEM · Jan 2025: −8.5% vs market
HINDUNILVR · Jan 2025: −7.6% vs market
ERIS · Feb 2023: −6.8% vs market
ESCORTS · Apr 2024: −4.5% vs market
LMW · Jun 2024: −3.9% vs market
KAJARIACER · Oct 2025: −2.9% vs market
AMBUJACEM · Apr 2021: −2.6% vs market
BALKRISIND · Apr 2021: −2.1% vs market
ALKEM · Oct 2025: −1.9% vs market
BOSCHLTD · Jan 2023: −0.5% vs market
HEROMOTOCO · Jul 2022: −0.5% vs market
HCLTECH · Jan 2023: +1.0% vs market
DRREDDY · Jan 2023: +1.8% vs market
TECHM · Mar 2025: +2.1% vs market
AJANTPHARM · Jun 2023: +5.5% vs market
FDC · Oct 2022: +5.7% vs market
MARUTI · May 2022: +7.7% vs market
ENDURANCE · May 2023: +7.8% vs market
BAJAJ-AUTO · Jul 2022: +9.8% vs market
THERMAX · Feb 2021: +11.1% vs market
SIEMENS · Dec 2022: +12.1% vs market
SUNPHARMA · Aug 2022: +13.7% vs market
GLAND · Jul 2025: +15.1% vs market
NESTLEIND · May 2025: +16.1% vs market
ZYDUSLIFE · Jan 2024: +18.0% vs market
AIAENG · Sep 2022: +20.6% vs market
UNITDSPR · Apr 2024: +30.7% vs market
JBCHEPHARM · Dec 2022: +32.0% vs market
WIPRO · May 2020: +45.4% vs market
DIVISLAB · May 2024: +46.1% vs market
CUMMINSIND · May 2022: +57.1% vs market
CARBORUNIV · Nov 2020: +87.5% vs market
Similar setups −2.4%All companies −4.8%← 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
−2.4%
All companies' median
−4.8%
Beat the market
42% vs 45%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BOSCHLTD
Producer Manufacturing		 Jan 2023 41x15% +3%−6% −1%
ACC
Non-Energy Minerals		 Aug 2021 32x16% +83%−1% −11%
AMBUJACEM
Non-Energy Minerals		 Apr 2021 26x14% +80%−4% −3%
SIEMENS
Producer Manufacturing		 Dec 2022 50x16% +20%−9% +12%
CUMMINSIND
Producer Manufacturing		 May 2022 45x17% +30%−10% +57%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DRREDDY
Health Technology		 Jan 2023 33x14% +1%−6% +2%
BAJAJ-AUTO
Consumer Durables		 Jul 2022 18x23% +2%−4% +10%
SUNPHARMA
Health Technology		 Aug 2022 66x17% +13%−5% +14%
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 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 CIPLA 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.

SUPREME INDUSTRIESSUPREMEIND
Producer Manufacturing
72%similar
EPS growthrevenue growth
TECH MAHINDRATECHM
Technology Services
71%similar
operating marginP/E
SUNDRAM FASTENERSSUNDRMFAST
Producer Manufacturing
68%similar
EPS growthoperating margin
ATULATUL
Process Industries
65%similar
ROCErevenue growth
CONTAINER CORPORATION OF INDIACONCOR
Transportation
64%similar
EPS growthmarket cap
DR REDDYS LABORATORIESDRREDDY
Health Technology
62%similar
market caprevenue
GRANULES INDIAGRANULES
Health Technology
60%similar
revenue growthEPS growth
SUN PHARMACEUTICAL INDUSTRIESSUNPHARMA
Health Technology
60%similar
volatilityrevenue

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

What changed?

30 events since Jun '21

  1. SepPeer rankMoved into the 2nd quartile of Health Technology on operating margin (from the 3rd quartile).
  2. JunPeer rankSlipped to the 2nd quartile of Health Technology on ROCE (from the top quartile).
  3. MayPriceVolume reached 6.7x its 50-day median on 2026-05-29; price -1.2% that day.
  4. AprPriceFell 29% from the Oct 2024 peak to the Apr 2026 low.
  5. MarResultsYear-on-year EPS growth turned negative.
  6. MarPeer rankSlipped to the 2nd quartile of Health Technology on operating margin (from the top quartile).
  7. JanPriceVolume reached 6.2x its 50-day median on 2026-01-23; price -4.0% that day.
  8. SepPeer rankMoved into the top quartile of Health Technology on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. JulPeer rankSlipped to the 2nd quartile of Health Technology on EPS growth (from the top quartile).
  2. JunPeer rankSlipped to the 2nd quartile of Health Technology on operating margin (from the top quartile).
  3. MayPriceVolume reached 5.0x its 50-day median on 2025-05-30; price -0.8% that day.
  4. MarPeer rankMoved into the top quartile of Health Technology on EPS growth (from the 2nd quartile).
  5. FebValuationP/E fell below the 10th percentile of its own history to date (25.4x).
  6. OctPriceVolume reached 12.7x its 50-day median on 2024-10-31; price +9.4% that day.
  7. SepPromoterPromoter holding fell 2.6 pts to 30.9%.
  8. JunResultsRevenue (TTM) reached a new high of ₹25,774 cr.
  9. JunPeer rankMoved into the top quartile of Health Technology on ROCE (from the 2nd quartile).
  10. MayPriceVolume reached 5.5x its 50-day median on 2024-05-13; price +5.6% that day.
  11. FebValuationP/E crossed above the 90th percentile of its own history to date (42.6x).
  12. NovPriceVolume reached 6.0x its 50-day median on 2023-11-23; price -7.9% that day.
  13. JulPriceRegained the 2022-11 peak, 4 months after the low.
  14. JulPriceVolume reached 10.4x its 50-day median on 2023-07-27; price +9.6% that day.
  15. JunResultsRevenue (TTM) reached a new high of ₹22,753 cr.
  16. MarPriceFell 26% from the Nov 2022 peak to the Mar 2023 low.
  17. FebPriceVolume reached 5.3x its 50-day median on 2023-02-20; price -6.0% that day.
  18. JunResultsRevenue (TTM) reached a new high of ₹21,763 cr.
  19. MarPriceVolume reached 5.5x its 50-day median on 2022-03-11; price +5.8% that day.
  20. NovPriceVolume reached 7.9x its 50-day median on 2021-11-26; price +7.4% that day.
  21. JunResultsRevenue (TTM) reached a new high of ₹19,160 cr.
  22. JunPeer rankMoved into the 2nd quartile of Health Technology on ROCE (from the 3rd 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1133.6x₹28323 cr9.8%15.0%0.0x
2026-1033.0x₹28323 cr9.7%15.0%0.0x
2026-0932.2x₹28323 cr9.7%15.0%0.0x
2026-0829.3x₹28161 cr11.2%15.0%0.0x
2026-0730.7x₹28161 cr11.2%15.0%0.0x
2026-0630.5x₹28161 cr11.2%15.0%0.0x
2026-0524.9x₹28350 cr14.5%23.0%0.0x
2026-0423.3x₹28350 cr14.5%23.0%0.0x
2026-0321.7x₹28350 cr14.5%23.0%0.0x
2026-0220.0x₹28349 cr17.4%23.0%0.0x
2026-0119.7x₹28349 cr17.4%23.0%0.0x
2025-1222.4x₹28349 cr17.4%23.0%0.0x
2025-1122.9x₹27811 cr17.3%23.0%0.0x
2025-1022.5x₹27811 cr17.3%23.0%0.0x
2025-0922.5x₹27811 cr17.3%23.0%0.0x
2025-0824.3x₹27548 cr16.9%23.0%0.0x
2025-0723.8x₹27548 cr16.9%23.0%0.0x
2025-0623.1x₹27548 cr16.9%23.0%0.0x
2025-0523.7x₹26981 cr18.7%23.0%0.0x
2025-0425.1x₹26981 cr18.7%23.0%0.0x
2025-0323.3x₹26981 cr18.7%23.0%0.0x
2025-0225.4x₹26512 cr16.8%23.0%0.0x
2025-0126.7x₹26512 cr16.8%23.0%0.0x
2024-1227.6x₹26512 cr16.8%23.0%0.0x
2024-1128.8x₹26139 cr16.2%23.0%0.0x
2024-1029.1x₹26139 cr16.2%23.0%0.0x
2024-0931.0x₹26139 cr16.2%23.0%0.0x
2024-0832.4x₹25774 cr15.6%23.0%0.0x
2024-0730.3x₹25774 cr15.6%23.0%0.0x
2024-0629.0x₹25774 cr15.6%23.0%0.0x
2024-0541.7x₹22753 cr12.1%18.0%0.0x
2024-0440.3x₹22753 cr12.1%18.0%0.0x
2024-0343.1x₹22753 cr12.1%18.0%0.0x
2024-0242.6x₹22753 cr12.1%18.0%0.0x
2024-0138.9x₹22753 cr12.1%18.0%0.0x
2023-1235.9x₹22753 cr12.1%18.0%0.0x
2023-1134.9x₹22753 cr12.1%18.0%0.0x
2023-1034.6x₹22753 cr12.1%18.0%0.0x
2023-0934.2x₹22753 cr12.1%18.0%0.0x
2023-0836.2x₹22753 cr12.1%18.0%0.0x
2023-0733.9x₹22753 cr12.1%18.0%0.0x
2023-0629.2x₹22753 cr12.1%18.0%0.0x
2023-0530.6x₹21763 cr12.2%17.0%0.1x
2023-0429.1x₹21763 cr12.2%17.0%0.1x
2023-0328.9x₹21763 cr12.2%17.0%0.1x
2023-0229.1x₹21763 cr12.2%17.0%0.1x
2023-0132.6x₹21763 cr12.2%17.0%0.1x
2022-1234.5x₹21763 cr12.2%17.0%0.1x
2022-1136.5x₹21763 cr12.2%17.0%0.1x
2022-1037.4x₹21763 cr12.2%17.0%0.1x
2022-0935.7x₹21763 cr12.2%17.0%0.1x
2022-0833.3x₹21763 cr12.2%17.0%0.1x
2022-0731.3x₹21763 cr12.2%17.0%0.1x
2022-0629.4x₹21763 cr12.2%17.0%0.1x
2022-0533.3x₹19160 cr13.0%17.0%0.1x
2022-0432.9x₹19160 cr13.0%17.0%0.1x
2022-0334.1x₹19160 cr13.0%17.0%0.1x
2022-0231.0x₹19160 cr13.0%17.0%0.1x
2022-0131.7x₹19160 cr13.0%17.0%0.1x
2021-1231.7x₹19160 cr13.0%17.0%0.1x

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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