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COSMO FIRST LIMITED (COSMOFIRST)

Process Industries · Containers/Packaging · 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.39 / 100
Profitability 51Growth 49Balance sheet 18
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.45 / 100
Price 36Earnings 60FII/DII 40
Compare withTIME TECHNOPLASTEPLAGI GREENPAC

Share price

Closing priceAdjusted for splits and bonus issues.

₹825.6 latest close · −3.2% over the last 90 sessions

₹700₹800₹900Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹700₹800₹900Jul 3Sep 4Nov 9

₹825.6 month-end · +13.4% over 12 months

₹600₹800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹600₹800Nov '25May '26Nov '26

₹825.6 month-end · +36.0% over 3 years

₹500₹750₹1,000₹1,250Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹500₹750₹1,000₹1,250Nov '23May '25Nov '26

₹825.6 month-end · +531.9% since Jan '19

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

52-week range ₹560.80 to ₹996.00 · 1-year volatility 40.3%

Was the rally earned?

+13%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 15 points, but investors now pay less per rupee of profit (P/E 13.2x to 13.0x), which took 1 point back.
  • The share count barely moved.
Net profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14 ptsNet profit growthP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1 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: +13%+13%Share priceNet profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14ProfitP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +13%+13%Share price
Net profit growth+14 ptsNet profit rose about 14%, which lifts the price.
P/E change-1 ptsThe P/E fell from 13.2x to 13.0x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+36%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 6.5x to 13.0x); per-share earnings took off 44 points.
  • The share count barely moved.
Net profit growth: −44 pts. Points of the price return explained by net profit growing (or shrinking).−44 ptsNet profit growthP/E change: +80 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+80 ptsP/E changeShare price: +36%+36%Share priceNet profit growth: −44 pts. Points of the price return explained by net profit growing (or shrinking).−44ProfitP/E change: +80 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+80P/EShare price: +36%+36%Share price
Net profit growth-44 ptsNet profit fell about 32%, which lowers the price.
P/E change+80 ptsThe P/E rose from 6.5x to 13.0x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-8%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 30 points, while the multiple moved less (P/E 10.4x to 13.0x).
  • The share count fell 4%.
Net profit growth: −34 pts. Points of the price return explained by net profit growing (or shrinking).−34 ptsNet profit growthP/E change: +22 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+22 ptsP/E changeShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4 ptsShare count changeShare price: −8%−8%Share priceNet profit growth: −34 pts. Points of the price return explained by net profit growing (or shrinking).−34ProfitP/E change: +22 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+22P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: −8%−8%Share price
Net profit growth-34 ptsNet profit fell about 30%, which lowers the price.
P/E change+22 ptsThe P/E rose from 10.4x to 13.0x, which lifts the price.
Share count change+4 ptsShare count fell 4%, which lifts the price.
What do "pts" mean?

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

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

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

Compare this with TIME TECHNOPLAST

How rough has the ride been?

Maximum drawdown-66.4%not yet recovered
1-year volatility40.3%annualised
Beta vs sector index1.343-year daily, correlation 0.49
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−65.5% 0%−20%−40%−60%2020202220242026−65.5%
Largest drawdowns

-66.4% (2022-04 peak to 2024-03 low, not yet recovered)

-42.8% (2020-02 peak to 2020-03 low, recovered 2020-07)

-24.5% (2019-01 peak to 2019-02 low, recovered 2019-04)

Most recent volume spikes

2026-11-04: 7.5x the 50-day median, price +3.7% that day

2026-08-07: 7.6x the 50-day median, price +2.4% 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?

13.0xP/E todayWithin its usual range
Against its own history73rd percentile
CheapestMedian 8.7xDearest

Usual range 5.6x to 19.8x since 2019-01.

Against Process Industries13.0x vs 18.1x
This company
13.0x
Sector median
18.1x

28% below the Process Industries median.

4.0x15.9x27.7x39.5xJan '19Aug '20Mar '22Oct '23May '25Nov '264.0x15.9x27.7x39.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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; 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 Process Industries is valued

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).

Where it ranks today

  • ROCE49th▲ 4 pts vs a year ago
  • Op. margin53rd▼ 3 pts vs a year ago
  • Revenue growth89th▲ 20 pts vs a year ago
  • EPS growth56th▼ 32 pts vs a year ago
  • Debt/equity ↓15thflat vs a year ago
  • Cash cycle ↓92nd▲ 4 pts vs a year ago
  • P/E ↓65th▼ 10 pts vs a year ago
  • 12M momentum73rdflat 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~8%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 11.0x, a holder earning 12%/yr needs earnings to grow about 7.9%/yr for 10 years, then trade at 15x.

Delivered2.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+5.1 ptsimplied minus delivered
Rank422ndmost demanding of 856

Over time

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

-1%14%30% Jan 2019Nov 2026 -1%14%30% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x9.3%10.3%11.2%
15x6.9%7.9%8.9%
20x4.0%4.9%5.9%

Drag a slider to test other assumptions

Implied: 7.9%/yr

Looking back

  • Jan 2020Price implied 3%/yr; EPS has since grown 9%/yr (7.0 yrs)
  • Jan 2021Price implied 8%/yr; EPS has since grown 0%/yr (6.0 yrs)
  • Jan 2022Price implied 18%/yr; EPS has since grown −15%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹825.60
P/E
13.0x
ROCE
11.0%
Market Cap
₹2167 cr
Revenue (TTM)
₹4005 cr
P/S
0.5x
P/B
1.3x
ROE
10.3%
Operating Margin
12.0%
Debt / Equity
1.0x
Promoter Holding
40.8%
12M Momentum
13.4%

52-week range

₹560.80₹996.00
61% of the way from its 52-week low to its high

Price risk

1Y volatility
40.3%
Beta vs sector
1-year daily
1.24

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.30x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold
Other income reliance37%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 37.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate19%Within range

Median quarterly effective tax rate over about 2.5 years: 19.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.30xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.30x (cash from operations ₹808 cr, net profit ₹351 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (40 vs 37). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-3 days / 2 yrsWithin range

Days payable changed by -3 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, promoters trimmed 4.3 pts; FIIs trimmed 1.3 pts; DIIs added 0.6 pts.
  • The number of shareholders fell from 45,997 to 37,610 (-18%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters45.0%40.8%-4.3 pts
FIIs3.7%2.4%-1.3 pts
DIIs0.9%1.5%+0.6 pts
Public and others49.2%54.2%+5.1 pts

Number of shareholders

37,610shareholders-18% since Sep '23
37k40k44k47k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 45,997
Dec '23: 47,423
Mar '24: 46,304
Jun '24: 41,937
Sep '24: 44,560
Dec '24: 44,065
Mar '25: 42,697
Jun '25: 37,518
Sep '25: 37,330
Dec '25: 36,897
Mar '26: 36,773
Jun '26: 37,610
 37k40k44k47k Sep '23Sep '24Sep '25Jun '26
Sep '23: 45,997
Dec '23: 47,423
Mar '24: 46,304
Jun '24: 41,937
Sep '24: 44,560
Dec '24: 44,065
Mar '25: 42,697
Jun '25: 37,518
Sep '25: 37,330
Dec '25: 36,897
Mar '26: 36,773
Jun '26: 37,610

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

+5.6%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 COSMO FIRST 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 −20% to +61% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (+9.1%, 80% range −3.4% to +15.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
AFSL · Aug 2024: −58.7% vs market
DHAMPURSUG · Sep 2023: −48.5% vs market
TNPL · Feb 2020: −41.1% vs market
MAGADSUGAR · May 2025: −38.8% vs market
BANSWRAS · May 2023: −37.6% vs market
RITCO · Dec 2024: −33.9% vs market
EMAMIPAP · Oct 2022: −31.6% vs market
MIRZAINT · Feb 2020: −31.2% vs market
EUROBOND · Oct 2025: −29.6% vs market
ALICON · Oct 2024: −27.9% vs market
UTTAMSUGAR · May 2025: −24.7% vs market
RPSGVENT · Aug 2024: −23.0% vs market
SPORTKING · Aug 2024: −20.6% vs market
RGL · Mar 2020: −20.0% vs market
JAYSREETEA · Jun 2021: −16.9% vs market
MANORG · Sep 2025: −16.2% vs market
VARROC · Jun 2024: −14.6% vs market
PGIL · Mar 2020: −13.5% vs market
PARADEEP · Jun 2023: −9.8% vs market
NITINSPIN · Jul 2024: −8.2% vs market
RCF · Aug 2020: −4.4% vs market
SANDHAR · Jun 2024: −4.2% vs market
DBL · Oct 2024: −3.9% vs market
DEEPAKFERT · Mar 2022: +2.9% vs market
PARAGMILK · May 2025: +3.1% vs market
LTFOODS · Mar 2021: +8.1% vs market
NECLIFE · Apr 2020: +10.0% vs market
JKTYRE · Sep 2021: +10.2% vs market
GOODLUCK · Sep 2022: +11.1% vs market
MUKANDLTD · Dec 2022: +13.9% vs market
SPIC · Apr 2020: +16.1% vs market
RANEHOLDIN · Dec 2023: +17.1% vs market
RAIN · Feb 2020: +17.8% vs market
MANOMAY · Oct 2025: +25.8% vs market
UFLEX · Apr 2020: +37.8% vs market
PENIND · May 2024: +40.6% vs market
NFL · May 2020: +58.7% vs market
TBZ · Oct 2023: +61.4% vs market
NLCINDIA · Jul 2023: +66.9% vs market
MWL · Oct 2025: +72.9% vs market
JSL · Apr 2020: +79.1% vs market
BLKASHYAP · Feb 2023: +82.5% vs market
ALLCARGO · Nov 2020: +87.3% vs market
UNIVCABLES · Oct 2022: +92.9% vs market
TCPLPACK · Feb 2022: +96.0% vs market
LUMAXIND · Apr 2025: +102.6% vs market
LUMAXTECH · Jan 2025: +134.0% vs market
ELECTCAST · May 2023: +139.5% vs market
SALZERELEC · Dec 2023: +188.8% vs market
POWERMECH · Jun 2022: +214.2% vs market
Similar setups +5.6%All companies −3.5%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
+5.6%
All companies' median
−3.5%
Beat the market
54% vs 46%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NITINSPIN
Process Industries		 Jul 2024 18x12% +84%−3% −8%
ELECTCAST
Non-Energy Minerals		 May 2023 8x10% +34%−3% +140%
GOODLUCK
Non-Energy Minerals		 Sep 2022 16x16% +50%−12% +11%
SANDHAR
Consumer Durables		 Jun 2024 30x12% +74%−4% −4%
JKTYRE
Consumer Durables		 Sep 2021 12x12% +154%−7% +10%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BLKASHYAP
Industrial Services		 Feb 2023 14x10% +21%−21% +83%
PARADEEP
Process Industries		 Jun 2023 17x11% +60%−8% −10%
MUKANDLTD
Non-Energy Minerals		 Dec 2022 11x8% +8%−12% +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: drawdown from 12-month high, 12-month momentum and P/S. 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 COSMO FIRST 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.

GLOBUS SPIRITSGLOBUSSPR
Consumer Non-Durables
74%similar
ROCEmarket cap
HAPPIEST MINDS TECHNOLOGIESHAPPSTMNDS
Technology Services
61%similar
volatilitydebt/equity
ANTONY WASTE HANDLING CELLAWHCL
Transportation
59%similar
ROCErevenue growth
JK LAKSHMI CEMENTJKLAKSHMI
Non-Energy Minerals
58%similar
ROCEpromoter holding
PATEL ENGINEERINGPATELENG
Industrial Services
58%similar
revenue growthmarket cap
RSWMRSWM
Process Industries
67%similar
debt/equityrevenue
NITIN SPINNERSNITINSPIN
Process Industries
59%similar
revenueROCE
JK PAPERJKPAPER
Process Industries
58%similar
EPS growthoperating margin

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

What changed?

30 events since May '23

  1. NovPriceVolume reached 7.5x its 50-day median on 2026-11-04; price +3.7% that day.
  2. AugPriceVolume reached 7.6x its 50-day median on 2026-08-07; price +2.4% that day.
  3. JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  4. JunDebtDebt / equity rose above 1.0x (1.04x).
  5. MayPriceVolume reached 13.4x its 50-day median on 2026-05-21; price +0.3% that day.
  6. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  7. FebPriceVolume reached 18.5x its 50-day median on 2026-02-25; price +7.2% that day.
  8. DecResultsRevenue (TTM) reached a new high of ₹3,166 cr.
Show 22 earlier events
  1. DecPriceVolume reached 11.0x its 50-day median on 2025-12-09; price +10.6% that day.
  2. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
  5. MayValuationP/E crossed above the 90th percentile of its own history to date (25.6x).
  6. MayPriceVolume reached 39.3x its 50-day median on 2025-05-23; price +18.4% that day.
  7. MarPromoterPromoter holding fell 4.1 pts to 41.0%.
  8. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  9. DecPriceVolume reached 75.3x its 50-day median on 2024-12-16; price +14.1% that day.
  10. OctPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  11. AugPriceVolume reached 6.4x its 50-day median on 2024-08-09; price +6.6% that day.
  12. JunValuationP/E crossed above the 90th percentile of its own history to date (33.2x).
  13. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  14. JunPriceVolume reached 25.2x its 50-day median on 2024-06-20; price +11.1% that day.
  15. MarPriceFell 66% from the Apr 2022 peak to the Mar 2024 low.
  16. FebPriceVolume reached 5.1x its 50-day median on 2024-02-14; price -3.5% that day.
  17. AugPriceVolume reached 18.8x its 50-day median on 2023-08-30; price +13.7% that day.
  18. JunResultsYear-on-year EPS growth turned negative.
  19. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  20. JunDividendDividend payout cut from 16% to 5% of profit.
  21. JunSharesShare count is up 44.4% over 12 months.
  22. MayPriceVolume reached 8.5x its 50-day median on 2023-05-05; price +4.8% 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
2026-1113.0x₹4005 cr10.3%11.0%1.0x
2026-1011.2x₹4005 cr10.4%11.0%1.0x
2026-0913.3x₹4005 cr10.4%11.0%1.0x
2026-0815.6x₹3639 cr9.7%11.0%1.0x
2026-0715.0x₹3639 cr9.7%11.0%1.0x
2026-0613.3x₹3639 cr9.7%11.0%1.0x
2026-0513.1x₹3364 cr10.0%10.0%1.0x
2026-0412.8x₹3364 cr10.0%10.0%1.0x
2026-0310.7x₹3364 cr10.0%10.0%1.0x
2026-0212.8x₹3166 cr10.0%10.0%1.0x
2026-0110.7x₹3166 cr10.0%10.0%1.0x
2025-1212.3x₹3166 cr10.0%10.0%1.0x
2025-1113.2x₹3006 cr10.0%10.0%1.0x
2025-1015.0x₹3006 cr10.0%10.0%1.0x
2025-0915.3x₹3006 cr10.0%10.0%1.0x
2025-0819.5x₹2896 cr9.1%10.0%1.0x
2025-0720.0x₹2896 cr9.1%10.0%1.0x
2025-0622.9x₹2896 cr9.1%10.0%1.0x
2025-0525.6x₹2791 cr9.1%7.0%0.8x
2025-0412.7x₹2791 cr9.1%7.0%0.8x
2025-0313.3x₹2791 cr9.1%7.0%0.8x
2025-0215.2x₹2715 cr7.6%7.0%0.8x
2025-0119.1x₹2715 cr7.6%7.0%0.8x
2024-1223.3x₹2715 cr7.6%7.0%0.8x
2024-1125.9x₹2620 cr5.9%7.0%0.8x
2024-1025.7x₹2620 cr5.9%7.0%0.8x
2024-0926.1x₹2620 cr5.9%7.0%0.8x
2024-0832.9x₹2588 cr4.6%7.0%0.8x
2024-0739.6x₹2588 cr4.6%7.0%0.8x
2024-0633.2x₹2588 cr4.6%7.0%0.8x
2024-056.0x₹3065 cr18.8%17.0%0.7x
2024-046.5x₹3065 cr18.8%17.0%0.7x
2024-035.4x₹3065 cr18.8%17.0%0.7x
2024-025.6x₹3065 cr18.8%17.0%0.7x
2024-016.7x₹3065 cr18.8%17.0%0.7x
2023-126.6x₹3065 cr18.8%17.0%0.7x
2023-116.5x₹3065 cr18.8%17.0%0.7x
2023-106.9x₹3065 cr18.8%17.0%0.7x
2023-097.4x₹3065 cr18.8%17.0%0.7x
2023-087.8x₹3065 cr18.8%17.0%0.7x
2023-076.7x₹3065 cr18.8%17.0%0.7x
2023-067.6x₹3065 cr18.8%17.0%0.7x
2023-054.1x₹3038 cr33.3%31.0%0.7x
2023-044.3x₹3038 cr33.3%31.0%0.7x
2023-034.0x₹3038 cr33.3%31.0%0.7x
2023-024.4x₹3038 cr33.3%31.0%0.7x
2023-014.9x₹3038 cr33.3%31.0%0.7x
2022-125.3x₹3038 cr33.3%31.0%0.7x
2022-115.5x₹3038 cr33.3%31.0%0.7x
2022-105.0x₹3038 cr33.3%31.0%0.7x
2022-096.0x₹3038 cr33.3%31.0%0.7x
2022-086.3x₹3038 cr33.3%31.0%0.7x
2022-076.1x₹3038 cr33.3%31.0%0.7x
2022-066.8x₹3038 cr33.3%31.0%0.7x
2022-0513.0x₹2285 cr27.8%23.0%0.9x
2022-0414.6x₹2285 cr27.8%23.0%0.9x
2022-0313.3x₹2285 cr27.8%23.0%0.9x
2022-0211.6x₹2285 cr27.8%23.0%0.9x
2022-0113.2x₹2285 cr27.8%23.0%0.9x
2021-1210.7x₹2285 cr27.8%23.0%0.9x

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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