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DALMIA BHARAT SUGAR AND INDUST (DALMIASUG)

Process Industries · Agricultural Commodities/Milling · figures to Nov '26

Divergence: price ahead of business
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 30Growth 41Balance sheet 45
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.47 / 100
Price 83Earnings 19FII/DII 39

Passes these screensHigh MomentumPrice ahead of business

Compare withPATANJALI FOODSGODREJ INDUSTRIESAWL AGRI BUSINESS

Share price

Closing priceAdjusted for splits and bonus issues.

₹461.5 latest close · +35.3% over the last 90 sessions

₹400₹500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹400₹500Jul 3Sep 4Nov 9

₹461.5 month-end · +49.3% over 12 months

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

₹461.5 month-end · +0.5% over 3 years

₹300₹400₹500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹300₹400₹500Nov '23May '25Nov '26

₹461.5 month-end · +401.9% since Jan '19

₹0₹200₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹200₹400Jan '19Dec '22Nov '26

52-week range ₹261.40 to ₹520.00 · 1-year volatility 49.3%

Was the rally earned?

+49%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 6.9x to 18.2x); per-share earnings took off 70 points.
  • The share count barely moved.
Net profit growth: −70 pts. Points of the price return explained by net profit growing (or shrinking).−70 ptsNet profit growthP/E change: +120 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+120 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: +49%+49%Share priceNet profit growth: −70 pts. Points of the price return explained by net profit growing (or shrinking).−70ProfitP/E change: +120 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+120P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +49%+49%Share price
Net profit growth-70 ptsNet profit fell about 44%, which lowers the price.
P/E change+120 ptsThe P/E rose from 6.9x to 18.2x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+1%share price, 3 yearsRoughly flat
  • The share price was roughly flat over 3 years (+1%).
  • The share count barely moved.
Net profit growth: −20 pts. Points of the price return explained by net profit growing (or shrinking).−20 ptsNet profit growthP/E change: +20 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+20 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: +1%+1%Share priceNet profit growth: −20 pts. Points of the price return explained by net profit growing (or shrinking).−20ProfitP/E change: +20 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+20P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +1%+1%Share price
Net profit growth-20 ptsNet profit fell about 18%, which lowers the price.
P/E change+20 ptsThe P/E rose from 14.9x to 18.2x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+27%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 10.8x to 18.2x); per-share earnings took off 31 points.
  • The share count barely moved.
Net profit growth: −31 pts. Points of the price return explained by net profit growing (or shrinking).−31 ptsNet profit growthP/E change: +59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+59 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: +27%+27%Share priceNet profit growth: −31 pts. Points of the price return explained by net profit growing (or shrinking).−31ProfitP/E change: +59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+59P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +27%+27%Share price
Net profit growth-31 ptsNet profit fell about 24%, which lowers the price.
P/E change+59 ptsThe P/E rose from 10.8x to 18.2x, which lifts 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 PATANJALI FOODS

How rough has the ride been?

Maximum drawdown-69.8%recovered 2020-08
1-year volatility49.3%annualised
Beta vs sector index1.213-year daily, correlation 0.46
Volume spikes15last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−66.7% 0%−20%−40%−60%2020202220242026−66.7%
Largest drawdowns

-69.8% (2019-03 peak to 2020-03 low, recovered 2020-08)

-53.7% (2024-10 peak to 2026-01 low, not yet recovered)

-47.2% (2022-04 peak to 2022-06 low, recovered 2024-10)

Most recent volume spikes

2026-11-04: 24.4x the 50-day median, price +16.5% that day

2026-10-12: 9.1x the 50-day median, price +11.2% that day

2026-08-31: 5.3x the 50-day median, price +1.3% 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?

18.2xP/E todayNear its historic high
Against its own history100th percentile
CheapestMedian 9.7xDearest

Usual range 4.7x to 14.2x since 2019-01.

Against Process Industries18.2x vs 18.1x
This company
18.2x
Sector median
18.1x

Close to the Process Industries median.

2.2x12.4x22.6x32.7xJan '19Aug '20Mar '22Oct '23May '25Nov '262.2x12.4x22.6x32.7xJan '19Sep '21May '24Nov '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

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

  • ROCE37th▼ 8 pts vs a year ago
  • Op. margin23rd▼ 24 pts vs a year ago
  • Revenue growth12th▼ 69 pts vs a year ago
  • EPS growth15th▼ 61 pts vs a year ago
  • Debt/equity ↓38th▼ 16 pts vs a year ago
  • Cash cycle ↓16thflat vs a year ago
  • P/E ↓50th▼ 42 pts vs a year ago
  • 12M momentum89th▲ 55 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~9%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 13.0x, a holder earning 12%/yr needs earnings to grow about 9.4%/yr for 10 years, then trade at 15x.

Delivered8.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+0.6 ptsimplied minus delivered
Rank515thmost demanding of 856

Over time

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

-4%12%27% Jan 2019Nov 2026 -4%12%27% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x10.8%11.8%12.8%
15x8.4%9.4%10.4%
20x5.5%6.5%7.4%

Drag a slider to test other assumptions

Implied: 9.4%/yr

Looking back

  • Jan 2020Price implied 5%/yr; EPS has since grown 4%/yr (7.0 yrs)
  • Jan 2021Price implied 4%/yr; EPS has since grown 3%/yr (6.0 yrs)
  • Jan 2022Price implied 14%/yr; EPS has since grown −3%/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
₹461.50
P/E
18.2x
ROCE
8.0%
Market Cap
₹3730 cr
Revenue (TTM)
₹3525 cr
P/S
1.1x
P/B
1.2x
ROE
6.3%
Operating Margin
5.1%
Debt / Equity
0.6x
Promoter Holding
74.9%
12M Momentum
49.3%

52-week range

₹261.40₹520.00
77% of the way from its 52-week low to its high

Price risk

1Y volatility
49.3%
Beta vs sector
1-year daily
0.81

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.45x
low
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold
Other income reliance40%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 39.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.3%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.45xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.45x (cash from operations ₹390 cr, net profit ₹874 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (18 vs 15). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-50 days / 2 yrsWithin range

Days payable changed by -50 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, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders rose from 41,485 to 46,453 (+12%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters74.9%74.9%0.0 pts
FIIs1.0%0.5%-0.4 pts
DIIs0.1%0.3%+0.2 pts
Public and others23.9%24.1%+0.3 pts

Number of shareholders

46,453shareholders+12% since Sep '23
41k44k46k48k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 41,485
Dec '23: 45,070
Mar '24: 47,026
Jun '24: 47,906
Sep '24: 45,953
Dec '24: 45,934
Mar '25: 46,076
Jun '25: 43,981
Sep '25: 46,427
Dec '25: 46,543
Mar '26: 45,646
Jun '26: 46,453
 41k44k46k48k Sep '23Sep '24Sep '25Jun '26
Sep '23: 41,485
Dec '23: 45,070
Mar '24: 47,026
Jun '24: 47,906
Sep '24: 45,953
Dec '24: 45,934
Mar '25: 46,076
Jun '25: 43,981
Sep '25: 46,427
Dec '25: 46,543
Mar '26: 45,646
Jun '26: 46,453

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 DALMIA BHARAT SUGAR AND INDUST 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 −19% to +36% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (−0.1%, 80% range −9.8% to +16.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
SARLAPOLY · Jan 2022: −41.6% vs market
RGL · Jan 2025: −39.8% vs market
ISGEC · Oct 2024: −36.4% vs market
POLYPLEX · Mar 2025: −35.7% vs market
GRMOVER · Sep 2025: −34.4% vs market
COSMOFIRST · Dec 2024: −29.1% vs market
NELCAST · Jul 2025: −26.7% vs market
DCMSRIND · May 2024: −25.7% vs market
BCLIND · Sep 2023: −25.1% vs market
HUHTAMAKI · May 2023: −24.3% vs market
MANGLMCEM · Nov 2024: −22.9% vs market
HGS · Dec 2021: −22.4% vs market
SPMLINFRA · Jun 2025: −19.4% vs market
JKIL · Jan 2020: −19.0% vs market
SHK · Mar 2024: −17.1% vs market
SPIC · Mar 2022: −17.0% vs market
BANSWRAS · Jan 2022: −16.1% vs market
TRIVENI · May 2025: −15.9% vs market
SANGHIIND · Apr 2021: −14.3% vs market
SUNFLAG · Nov 2020: −14.2% vs market
JKPAPER · May 2022: −10.4% vs market
MAGADSUGAR · Sep 2023: −10.3% vs market
ICIL · Dec 2023: −9.8% vs market
ARVIND · Jun 2024: −6.6% vs market
SPAL · Nov 2021: −4.9% vs market
SURYAROSNI · Jan 2021: +0.1% vs market
UNIVCABLES · Dec 2024: +2.9% vs market
GESHIP · Apr 2023: +8.9% vs market
TIMETECHNO · Aug 2022: +13.1% vs market
LTFOODS · Oct 2022: +18.7% vs market
NCLIND · Oct 2020: +18.7% vs market
KAMDHENU · Apr 2021: +22.3% vs market
AJMERA · Jun 2023: +22.4% vs market
WELCORP · Jul 2022: +24.2% vs market
RAIN · Aug 2020: +26.9% vs market
INDIANHUME · May 2024: +29.2% vs market
TIIL · Mar 2022: +29.8% vs market
PARADEEP · Nov 2024: +37.4% vs market
TRIDENT · Jun 2020: +43.9% vs market
WABAG · May 2023: +48.7% vs market
JINDRILL · Feb 2023: +50.1% vs market
KIRLOSENG · Dec 2022: +60.0% vs market
SALASAR · Oct 2020: +69.1% vs market
BBL · Jul 2023: +80.4% vs market
WELENT · Nov 2022: +91.5% vs market
DEEPAKFERT · Jun 2020: +103.3% vs market
KIRLOSBROS · Apr 2023: +109.0% vs market
JBMA · Feb 2021: +113.2% vs market
SARDAEN · Mar 2021: +119.0% vs market
NEULANDLAB · Feb 2023: +197.2% vs market
Similar setups −2.4%All companies −2.3%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
−2.4%
All companies' median
−2.3%
Beat the market
50% vs 48%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SARDAEN
Non-Energy Minerals		 Mar 2021 12x8% +256%−2% +119%
ARVIND
Process Industries		 Jun 2024 29x13% +178%−3% −7%
WELCORP
Producer Manufacturing		 Jul 2022 13x13% +63%−8% +24%
MAGADSUGAR
Process Industries		 Sep 2023 19x9% +139%−3% −10%
RGL
Consumer Durables		 Jan 2025 22x8% +49%−16% −40%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HGS
Commercial Services		 Dec 2021 21x1% +193%−5% −22%
SUNFLAG
Non-Energy Minerals		 Nov 2020 11x9% +79%−3% −14%
WABAG
Industrial Services		 May 2023 22x13% +86%−1% +49%
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, P/E and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to DALMIA BHARAT SUGAR AND INDUST. 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.

LUX INDUSTRIESLUXIND
Consumer Non-Durables
71%similar
ROCEmarket cap
MUNJAL AUTO INDUSTRIESMUNJALAU
Producer Manufacturing
68%similar
promoter holdingoperating margin
RAMKY INFRASTRUCTURERAMKY
Industrial Services
60%similar
operating marginrevenue growth
HIKALHIKAL
Health Technology
59%similar
debt/equityvolatility
KIRLOSKAR INDUSTRIESKIRLOSIND
Non-Energy Minerals
57%similar
market caprevenue growth
HUHTAMAKI INDIAHUHTAMAKI
Process Industries
65%similar
volatilityP/E
NRAGARWAL INDUSTRIESNRAIL
Process Industries
64%similar
ROCEP/E
UTTAM SUGAR MILLSUTTAMSUGAR
Process Industries
64%similar
promoter holdingoperating margin

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

What changed?

30 events since Sep '23

  1. NovPriceVolume reached 24.4x its 50-day median on 2026-11-04; price +16.5% that day.
  2. SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the top quartile).
  3. AugValuationP/E crossed above the 90th percentile of its own history to date (16.6x).
  4. AugPriceVolume reached 134.9x its 50-day median on 2026-08-03; price +17.4% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 2nd quartile).
  7. AprPriceVolume reached 156.6x its 50-day median on 2026-04-01; price -2.8% that day.
  8. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. MarPriceVolume reached 382.2x its 50-day median on 2026-03-30; price +14.2% that day.
  2. JanPriceFell 54% from the Oct 2024 peak to the Jan 2026 low.
  3. DecResultsRevenue (TTM) reached a new high of ₹3,783 cr.
  4. DecPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  5. OctPriceVolume reached 7.6x its 50-day median on 2025-10-27; price +4.7% that day.
  6. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the top quartile).
  7. SepPriceVolume reached 15.8x its 50-day median on 2025-09-02; price +1.1% that day.
  8. JunPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  9. MayPriceVolume reached 20.0x its 50-day median on 2025-05-14; price +8.9% that day.
  10. MarResultsRevenue (TTM) reached a new high of ₹3,474 cr.
  11. MarPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  12. DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  13. OctPriceRegained the 2022-04 peak, 28 months after the low.
  14. SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  15. AugValuationP/E crossed above the 90th percentile of its own history to date (13.9x).
  16. AugPriceVolume reached 34.4x its 50-day median on 2024-08-30; price +6.0% that day.
  17. JunResultsYear-on-year EPS growth turned positive.
  18. JunPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  19. JunPriceVolume reached 32.0x its 50-day median on 2024-06-13; price +6.5% that day.
  20. JanDebtDebt / equity halved over 12 months to 0.17x.
  21. NovPriceVolume reached 8.2x its 50-day median on 2023-11-23; price +9.7% that day.
  22. SepValuationP/E crossed above the 90th percentile of its own history to date (14.6x).

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
2026-1118.2x₹3525 cr6.3%8.0%0.6x
2026-1015.6x₹3525 cr6.3%8.0%0.6x
2026-0916.1x₹3525 cr6.3%8.0%0.6x
2026-0816.6x₹3618 cr7.3%8.0%0.6x
2026-0712.0x₹3618 cr7.3%8.0%0.6x
2026-0611.1x₹3618 cr7.3%8.0%0.6x
2026-058.3x₹3643 cr10.8%10.0%0.3x
2026-049.7x₹3643 cr10.8%10.0%0.3x
2026-039.6x₹3643 cr10.8%10.0%0.3x
2026-027.6x₹3783 cr10.5%10.0%0.3x
2026-017.0x₹3783 cr10.5%10.0%0.3x
2025-127.6x₹3783 cr10.5%10.0%0.3x
2025-116.9x₹3720 cr11.9%10.0%0.3x
2025-107.7x₹3720 cr11.9%10.0%0.3x
2025-097.8x₹3720 cr11.9%10.0%0.3x
2025-088.0x₹3740 cr12.4%10.0%0.3x
2025-077.9x₹3740 cr12.4%10.0%0.3x
2025-068.6x₹3740 cr12.4%10.0%0.3x
2025-0512.9x₹3474 cr9.3%10.0%0.5x
2025-0411.2x₹3474 cr9.3%10.0%0.5x
2025-0310.8x₹3474 cr9.3%10.0%0.5x
2025-029.0x₹3220 cr9.5%10.0%0.5x
2025-0110.2x₹3220 cr9.5%10.0%0.5x
2024-1210.6x₹3220 cr9.5%10.0%0.5x
2024-1113.5x₹3026 cr9.1%10.0%0.5x
2024-1014.0x₹3026 cr9.1%10.0%0.5x
2024-0916.5x₹3026 cr9.1%10.0%0.5x
2024-0813.9x₹2899 cr9.3%10.0%0.5x
2024-0712.1x₹2899 cr9.3%10.0%0.5x
2024-0612.2x₹2899 cr9.3%10.0%0.5x
2024-0512.0x₹3252 cr9.2%12.0%0.2x
2024-0413.2x₹3252 cr9.2%12.0%0.2x
2024-0311.0x₹3252 cr9.2%12.0%0.2x
2024-0212.5x₹3252 cr9.2%12.0%0.2x
2024-0113.0x₹3252 cr9.2%12.0%0.2x
2023-1213.3x₹3252 cr9.2%12.0%0.2x
2023-1114.9x₹3252 cr9.2%12.0%0.2x
2023-1014.6x₹3252 cr9.2%12.0%0.2x
2023-0914.6x₹3252 cr9.2%12.0%0.2x
2023-0812.1x₹3252 cr9.2%12.0%0.2x
2023-0712.3x₹3252 cr9.2%12.0%0.2x
2023-0612.0x₹3252 cr9.2%12.0%0.2x
2023-059.7x₹3018 cr12.5%13.0%0.3x
2023-0410.1x₹3018 cr12.5%13.0%0.3x
2023-039.2x₹3018 cr12.5%13.0%0.3x
2023-028.7x₹3018 cr12.5%13.0%0.3x
2023-019.7x₹3018 cr12.5%13.0%0.3x
2022-1210.4x₹3018 cr12.5%13.0%0.3x
2022-119.7x₹3018 cr12.5%13.0%0.3x
2022-108.7x₹3018 cr12.5%13.0%0.3x
2022-098.9x₹3018 cr12.5%13.0%0.3x
2022-089.5x₹3018 cr12.5%13.0%0.3x
2022-0710.3x₹3018 cr12.5%13.0%0.3x
2022-068.5x₹3018 cr12.5%13.0%0.3x
2022-0511.5x₹2685 cr12.6%15.0%0.4x
2022-0414.0x₹2685 cr12.6%15.0%0.4x
2022-0314.4x₹2685 cr12.6%15.0%0.4x
2022-0211.8x₹2685 cr12.6%15.0%0.4x
2022-0113.3x₹2685 cr12.6%15.0%0.4x
2021-1211.4x₹2685 cr12.6%15.0%0.4x

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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