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COFORGE LIMITED (COFORGE)

Technology Services · Information Technology Services · 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.82 / 100
Profitability 69Growth 77Balance 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.84 / 100
Price 85Earnings 82

Passes these screensDebt-light & profitableInstitutions in, retail outConsistent compoundersNear 52-week high

Compare withTATA CONSULTANCY SERVICESINFOSYSHCL TECHNOLOGIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,047 latest close · +39.8% over the last 90 sessions

₹1,400₹1,600₹1,800₹2,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,400₹1,600₹1,800₹2,000Jul 3Sep 4Nov 9

₹2,047 month-end · +7.2% over 12 months

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

₹2,047 month-end · +77.7% over 3 years

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

₹2,047 month-end · +681.3% since Jan '19

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

52-week range ₹1008.10 to ₹2127.90 · 1-year volatility 39.0%

Was the rally earned?

+7%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 51 points, but investors now pay less per rupee of profit (P/E 64.0x to 42.1x), which took 43 points back.
  • The share count rose 7%.
Net profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58 ptsNet profit growthP/E change: −43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−43 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +7%+7%Share priceNet profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58ProfitP/E change: −43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−43P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +7%+7%Share price
Net profit growth+58 ptsNet profit rose about 75%, which lifts the price.
P/E change-43 ptsThe P/E fell from 64.0x to 42.1x, which lowers the price.
Share count change-7 ptsShare count rose 7%, which lowers the price.
+78%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 103 points, but investors now pay less per rupee of profit (P/E 50.7x to 42.1x), which took 25 points back.
  • The share count rose 26%.
Net profit growth: +135 pts. Points of the price return explained by net profit growing (or shrinking).+135 ptsNet profit growthP/E change: −25 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−25 ptsP/E changeShare count change: −32 pts. Points of the price return explained by the share count changing. More shares count against the price.−32 ptsShare count changeShare price: +78%+78%Share priceNet profit growth: +135 pts. Points of the price return explained by net profit growing (or shrinking).+135ProfitP/E change: −25 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−25P/EShare count change: −32 pts. Points of the price return explained by the share count changing. More shares count against the price.−32SharesShare price: +78%+78%Share price
Net profit growth+135 ptsNet profit rose about 171%, which lifts the price.
P/E change-25 ptsThe P/E fell from 50.7x to 42.1x, which lowers the price.
Share count change-32 ptsShare count rose 26%, which lowers the price.
+88%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 164 points, but investors now pay less per rupee of profit (P/E 72.2x to 42.1x), which took 75 points back.
  • The share count rose 34%.
Net profit growth: +204 pts. Points of the price return explained by net profit growing (or shrinking).+204 ptsNet profit growthP/E change: −75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−75 ptsP/E changeShare count change: −41 pts. Points of the price return explained by the share count changing. More shares count against the price.−41 ptsShare count changeShare price: +88%+88%Share priceNet profit growth: +204 pts. Points of the price return explained by net profit growing (or shrinking).+204ProfitP/E change: −75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−75P/EShare count change: −41 pts. Points of the price return explained by the share count changing. More shares count against the price.−41SharesShare price: +88%+88%Share price
Net profit growth+204 ptsNet profit rose about 333%, which lifts the price.
P/E change-75 ptsThe P/E fell from 72.2x to 42.1x, which lowers the price.
Share count change-41 ptsShare count rose 34%, 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 TATA CONSULTANCY SERVICES

How rough has the ride been?

Maximum drawdown-57.0%recovered 2020-08
1-year volatility39.0%annualised
Beta vs sector index1.263-year daily, correlation 0.68
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−48.4% 0%−20%−40%2020202220242026−48.4%
Largest drawdowns

-57.0% (2020-01 peak to 2020-03 low, recovered 2020-08)

-47.0% (2022-01 peak to 2022-06 low, recovered 2023-12)

-45.7% (2025-12 peak to 2026-03 low, recovered 2026-08)

Most recent volume spikes

2026-09-09: 5.4x the 50-day median, price -5.4% that day

2026-07-28: 5.4x the 50-day median, price +10.3% 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?

42.1xP/E todayWithin its usual range
Against its own history55th percentile
CheapestMedian 41.5xDearest

Usual range 24.0x to 68.9x since 2019-01.

Against Technology Services42.1x vs 21.1x
This company
42.1x
Sector median
21.1x

100% above the Technology Services median.

7.4x31.3x55.2x79.2xJan '19Aug '20Mar '22Oct '23May '25Nov '267.4x31.3x55.2x79.2xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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

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

Where does it rank among Technology Services peers?

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

  • ROCE71st▲ 8 pts vs a year ago
  • Op. margin66th▲ 13 pts vs a year ago
  • Revenue growth83rd▼ 3 pts vs a year ago
  • EPS growth88th▲ 26 pts vs a year ago
  • Debt/equity ↓52nd▲ 17 pts vs a year ago
  • Cash cycle ↓43rdflat vs a year ago
  • P/E ↓23rd▲ 7 pts vs a year ago
  • 12M momentum80th▼ 5 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

~31%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 81.2x, a holder earning 12%/yr needs earnings to grow about 30.5%/yr for 10 years, then trade at 15x.

Delivered18.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+11.9 ptsimplied minus delivered
Rank280thmost demanding of 856

Over time

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

0%17%34% Jan 2019Nov 2026 0%17%34% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x31.9%33.1%34.2%
15x29.3%30.5%31.6%
20x26.0%27.1%28.2%

Drag a slider to test other assumptions

Implied: 30.5%/yr

Looking back

  • Jan 2020Price implied 23%/yr; EPS has since grown 21%/yr (7.0 yrs)
  • Jan 2021Price implied 23%/yr; EPS has since grown 23%/yr (6.0 yrs)
  • Jan 2022Price implied 31%/yr; EPS has since grown 28%/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 Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2047.00
P/E
42.1x
ROCE
24.0%
Market Cap
₹90695 cr
Revenue (TTM)
₹18226 cr
P/S
5.0x
P/B
9.5x
ROE
22.6%
Operating Margin
19.0%
Debt / Equity
0.1x
12M Momentum
7.2%

52-week range

₹1008.10₹2127.90
93% of the way from its 52-week low to its high

Price risk

1Y volatility
39.0%
Beta vs sector
1-year daily
1.28

Balance sheet & cash

Interest cover
operating profit ÷ interest
11.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.12x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 6checks within range1 near a threshold
Other income reliance-8%Within range

Other income as a share of pre-tax profit (trailing twelve months): -7.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.12xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.12x (cash from operations ₹3,932 cr, net profit ₹3,517 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+15 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 15 days (88 vs 73). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% 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 trimmed 11.7 pts; FIIs trimmed 10.1 pts.
  • The number of shareholders rose from 1.2 lakh to 3.4 lakh (+176%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters———
FIIs34.4%24.3%-10.1 pts
DIIs54.3%42.6%-11.7 pts
Public and others11.3%33.1%+21.7 pts

Number of shareholders

3.4 lakhshareholders+176% since Sep '23
1.2L1.9L2.7L3.4L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.2 lakh
Dec '23: 1.2 lakh
Mar '24: 1.3 lakh
Jun '24: 1.6 lakh
Sep '24: 1.4 lakh
Dec '24: 1.4 lakh
Mar '25: 1.4 lakh
Jun '25: 1.9 lakh
Sep '25: 2.2 lakh
Dec '25: 2.4 lakh
Mar '26: 2.9 lakh
Jun '26: 3.4 lakh
 1.2L1.9L2.7L3.4L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.2 lakh
Dec '23: 1.2 lakh
Mar '24: 1.3 lakh
Jun '24: 1.6 lakh
Sep '24: 1.4 lakh
Dec '24: 1.4 lakh
Mar '25: 1.4 lakh
Jun '25: 1.9 lakh
Sep '25: 2.2 lakh
Dec '25: 2.4 lakh
Mar '26: 2.9 lakh
Jun '26: 3.4 lakh

Large shift in the Jun '26 quarter: FII + DII −19.9 pp, Public +19.9 pp.
This can be a holder relabelled as Public, a change in the share base, new shares issued or a block deal, so smart money does not count it as buying or selling.

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

−6.4%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 COFORGE 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 −22% to +8% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (−2.1%, 80% range −12.1% to +0.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−40%−20%0%+20%+40%+60%
BSOFT · Dec 2021: −47.1% vs market
KAJARIACER · May 2023: −34.3% vs market
TIINDIA · Oct 2024: −34.3% vs market
CERA · Aug 2023: −34.2% vs market
IGL · Mar 2023: −32.4% vs market
MPHASIS · Aug 2021: −31.9% vs market
SFL · Feb 2022: −30.8% vs market
RATNAMANI · Nov 2023: −28.8% vs market
VBL · Mar 2025: −26.9% vs market
AIAENG · Feb 2020: −25.3% vs market
EMAMILTD · Jun 2021: −25.0% vs market
SRF · Jul 2022: −22.1% vs market
SUZLON · May 2025: −22.0% vs market
GODREJCP · Aug 2021: −21.5% vs market
KEI · Mar 2024: −19.3% vs market
KPITTECH · Oct 2023: −17.9% vs market
TTKPRESTIG · Oct 2021: −17.9% vs market
GARFIBRES · Jun 2025: −17.4% vs market
KPRMILL · Oct 2023: −16.7% vs market
WIPRO · Apr 2021: −16.5% vs market
MANKIND · Apr 2025: −14.6% vs market
ELECON · Sep 2024: −12.1% vs market
LTTS · Jul 2021: −11.9% vs market
SUMICHEM · Jan 2021: −8.4% vs market
CENTURYPLY · Aug 2022: −6.8% vs market
SAFARI · Aug 2024: −6.1% vs market
PIIND · Aug 2021: −5.5% vs market
CARBORUNIV · Jun 2023: −4.9% vs market
AFFLE · Dec 2024: −4.4% vs market
JBCHEPHARM · Dec 2023: −3.7% vs market
POLYMED · Aug 2024: −3.3% vs market
PRAJIND · Nov 2023: −1.2% vs market
BIKAJI · Jun 2024: +1.3% vs market
ENDURANCE · Jun 2024: +1.3% vs market
MEDANTA · Jul 2025: +1.7% vs market
HAVELLS · Aug 2021: +2.4% vs market
VOLTAS · Nov 2020: +5.5% vs market
TEGA · Sep 2024: +9.3% vs market
POLYCAB · Sep 2025: +9.5% vs market
APLAPOLLO · May 2022: +11.0% vs market
SOLARINDS · Jun 2022: +13.5% vs market
TECHM · Oct 2020: +15.6% vs market
UNOMINDA · Aug 2024: +18.2% vs market
EMCURE · Aug 2025: +23.6% vs market
ESCORTS · Jan 2020: +26.0% vs market
APLLTD · Jan 2020: +26.9% vs market
FINEORG · Jan 2022: +30.2% vs market
PERSISTENT · Aug 2023: +30.7% vs market
RADICO · Aug 2020: +36.6% vs market
POWERINDIA · Apr 2021: +41.0% vs market
Similar setups −6.4%All companies −4.3%← 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
−6.4%
All companies' median
−4.3%
Beat the market
36% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MPHASIS
Technology Services		 Aug 2021 42x25% +171%0% −32%
POLYCAB
Producer Manufacturing		 Sep 2025 50x30% +5%−5% +10%
PERSISTENT
Technology Services		 Aug 2023 45x30% +53%0% +31%
RATNAMANI
Non-Energy Minerals		 Nov 2023 51x27% +93%0% −29%
HAVELLS
Producer Manufacturing		 Aug 2021 76x30% +106%0% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
KEI
Producer Manufacturing		 Mar 2024 65x26% +104%−1% −19%
JBCHEPHARM
Health Technology		 Dec 2023 61x22% +68%0% −4%
BSOFT
Technology Services		 Dec 2021 47x22% +121%0% −47%
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: ROCE, 12-month momentum 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 COFORGE 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.

KEI INDUSTRIESKEI
Producer Manufacturing
69%similar
P/Erevenue
RADICO KHAITANRADICO
Consumer Non-Durables
68%similar
ROCEmarket cap
POLYCAB INDIAPOLYCAB
Producer Manufacturing
67%similar
revenue growthP/E
MAZAGON DOCK SHIPBUILDERSMAZDOCK
Producer Manufacturing
66%similar
market caprevenue
VARUN BEVERAGESVBL
Consumer Non-Durables
66%similar
EPS growthrevenue
PERSISTENT SYSTEMSPERSISTENT
Technology Services
78%similar
market caprevenue
AFFLE 3IAFFLE
Technology Services
58%similar
revenue growthP/E
KPIT TECHNOLOGIESKPITTECH
Technology Services
58%similar
ROCErevenue growth

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. SepInstitutionsFII + DII holding fell 21.3 pts over 2 quarters to 66.9%.
  2. AugPriceRegained the 2025-12 peak, 5 months after the low.
  3. JulPriceVolume reached 5.4x its 50-day median on 2026-07-28; price +10.3% that day.
  4. MayPriceVolume reached 8.8x its 50-day median on 2026-05-06; price +9.5% that day.
  5. MarPriceFell 46% from the Dec 2025 peak to the Mar 2026 low.
  6. FebPriceVolume reached 7.6x its 50-day median on 2026-02-13; price -4.2% that day.
  7. DecPriceRegained the 2024-12 peak, 8 months after the low.
  8. DecPeer rankMoved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
Show 22 earlier events
  1. DecPriceVolume reached 6.0x its 50-day median on 2025-12-30; price -1.7% that day.
  2. SepResultsYear-on-year EPS growth turned positive.
  3. SepPeer rankMoved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  4. JulPriceVolume reached 8.1x its 50-day median on 2025-07-24; price -9.4% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunDividendDividend payout cut from 58% to 16% of profit.
  7. JunSharesShare count is up 8.1% over 12 months.
  8. MayPeer rankSlipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  9. AprPriceFell 36% from the Dec 2024 peak to the Apr 2025 low.
  10. MarValuationP/E crossed above the 90th percentile of its own history to date (68.3x).
  11. MarPriceVolume reached 9.0x its 50-day median on 2025-03-05; price +8.4% that day.
  12. OctValuationP/E crossed above the 90th percentile of its own history to date (61.4x).
  13. OctPriceVolume reached 10.5x its 50-day median on 2024-10-23; price +11.1% that day.
  14. SepPriceRegained the 2024-02 peak, 4 months after the low.
  15. SepPeer rankMoved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  16. JulPeer rankSlipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  17. JunResultsRevenue (TTM) reached a new high of ₹9,009 cr.
  18. MayPriceFell 36% from the Feb 2024 peak to the May 2024 low.
  19. MayPriceVolume reached 15.5x its 50-day median on 2024-05-03; price -10.1% that day.
  20. DecPriceRegained the 2022-01 peak, 18 months after the low.
  21. AugPriceVolume reached 83.8x its 50-day median on 2023-08-24; price +9.7% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹8,015 cr.

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
2026-1142.1x₹18226 cr22.6%24.0%0.1x
2026-1042.0x₹18226 cr21.5%24.0%0.1x
2026-0936.0x₹18226 cr21.5%24.0%0.1x
2026-0842.8x₹16402 cr19.6%24.0%0.1x
2026-0737.1x₹16402 cr19.6%24.0%0.1x
2026-0631.6x₹16402 cr19.6%24.0%0.1x
2026-0539.5x₹15374 cr23.2%20.0%0.2x
2026-0433.2x₹15374 cr23.2%20.0%0.2x
2026-0331.0x₹15374 cr23.2%20.0%0.2x
2026-0233.9x₹14400 cr22.5%20.0%0.2x
2026-0147.3x₹14400 cr22.5%20.0%0.2x
2025-1247.5x₹14400 cr22.5%20.0%0.2x
2025-1164.0x₹13410 cr19.3%20.0%0.2x
2025-1059.6x₹13410 cr19.3%20.0%0.2x
2025-0953.4x₹13410 cr19.3%20.0%0.2x
2025-0870.9x₹12063 cr15.7%20.0%0.2x
2025-0771.9x₹12063 cr15.7%20.0%0.2x
2025-0679.2x₹12063 cr15.7%20.0%0.2x
2025-0572.0x₹10959 cr25.3%29.0%0.2x
2025-0461.5x₹10959 cr25.3%29.0%0.2x
2025-0368.3x₹10959 cr25.3%29.0%0.2x
2025-0258.9x₹10024 cr24.9%29.0%0.2x
2025-0166.1x₹10024 cr24.9%29.0%0.2x
2024-1277.3x₹10024 cr24.9%29.0%0.2x
2024-1170.0x₹9274 cr23.6%29.0%0.2x
2024-1061.4x₹9274 cr23.6%29.0%0.2x
2024-0956.5x₹9274 cr23.6%29.0%0.2x
2024-0848.5x₹9009 cr24.6%29.0%0.2x
2024-0748.2x₹9009 cr24.6%29.0%0.2x
2024-0641.8x₹9009 cr24.6%29.0%0.2x
2024-0543.8x₹8015 cr25.8%31.0%0.2x
2024-0444.9x₹8015 cr25.8%31.0%0.2x
2024-0348.4x₹8015 cr25.8%31.0%0.2x
2024-0257.7x₹8015 cr25.8%31.0%0.2x
2024-0155.0x₹8015 cr25.8%31.0%0.2x
2023-1255.2x₹8015 cr25.8%31.0%0.2x
2023-1150.7x₹8015 cr25.8%31.0%0.2x
2023-1043.9x₹8015 cr25.8%31.0%0.2x
2023-0944.9x₹8015 cr25.8%31.0%0.2x
2023-0848.1x₹8015 cr25.8%31.0%0.2x
2023-0741.4x₹8015 cr25.8%31.0%0.2x
2023-0641.5x₹8015 cr25.8%31.0%0.2x
2023-0541.9x₹6432 cr28.0%32.0%0.2x
2023-0438.5x₹6432 cr28.0%32.0%0.2x
2023-0335.1x₹6432 cr28.0%32.0%0.2x
2023-0239.6x₹6432 cr28.0%32.0%0.2x
2023-0140.3x₹6432 cr28.0%32.0%0.2x
2022-1235.8x₹6432 cr28.0%32.0%0.2x
2022-1137.2x₹6432 cr28.0%32.0%0.2x
2022-1035.1x₹6432 cr28.0%32.0%0.2x
2022-0930.9x₹6432 cr28.0%32.0%0.2x
2022-0832.8x₹6432 cr28.0%32.0%0.2x
2022-0736.4x₹6432 cr28.0%32.0%0.2x
2022-0632.6x₹6432 cr28.0%32.0%0.2x
2022-0552.0x₹4663 cr20.2%25.0%0.0x
2022-0455.9x₹4663 cr20.2%25.0%0.0x
2022-0359.3x₹4663 cr20.2%25.0%0.0x
2022-0260.3x₹4663 cr20.2%25.0%0.0x
2022-0164.0x₹4663 cr20.2%25.0%0.0x
2021-1278.3x₹4663 cr20.2%25.0%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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