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EMAMI PAPER MILLS LIMITED (EMAMIPAP)

Process Industries · Pulp & Paper · 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.35 / 100
Profitability 59Growth 40Balance sheet 6
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.75 / 100
Price 81Earnings 91FII/DII 54

Passes these screensValue PickNear 52-week high

Compare withJK PAPERSESHASAYEE PAPER & BOARDSANDHRA PAPER

Share price

Closing priceAdjusted for splits and bonus issues.

₹117.92 latest close · +40.5% over the last 90 sessions

₹80₹100₹120Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹80₹100₹120Jul 3Sep 4Nov 9

₹117.92 month-end · +34.6% over 12 months

₹60₹80₹100₹120Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹60₹80₹100₹120Nov '25May '26Nov '26

₹117.92 month-end · −6.9% over 3 years

₹50₹75₹100₹125Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹50₹75₹100₹125Nov '23May '25Nov '26

₹117.92 month-end · −20.2% since May '19

₹50₹100₹150May '19Nov '20May '22Nov '23May '25Nov '26 ₹50₹100₹150May '19Feb '23Nov '26

52-week range ₹53.54 to ₹130.99 · 1-year volatility 40.7%

Was the rally earned?

+35%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 183 points, but investors now pay less per rupee of profit (P/E 27.2x to 7.6x), which took 148 points back.
  • The share count fell 2%.
Net profit growth: +180 pts. Points of the price return explained by net profit growing (or shrinking).+180 ptsNet profit growthP/E change: −148 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−148 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +35%+35%Share priceNet profit growth: +180 pts. Points of the price return explained by net profit growing (or shrinking).+180ProfitP/E change: −148 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−148P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +35%+35%Share price
Net profit growth+180 ptsNet profit rose about 370%, which lifts the price.
P/E change-148 ptsThe P/E fell from 27.2x to 7.6x, which lowers the price.
Share count change+3 ptsShare count fell 2%, which lifts the price.
-7%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 29 points, but investors now pay less per rupee of profit (P/E 11.1x to 7.6x), which took 36 points back.
  • The share count barely moved.
Net profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30 ptsNet profit growthP/E change: −36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−36 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: −7%−7%Share priceNet profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30ProfitP/E change: −36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−36P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −7%−7%Share price
Net profit growth+30 ptsNet profit rose about 36%, which lifts the price.
P/E change-36 ptsThe P/E fell from 11.1x to 7.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-8%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 58 points, but investors now pay less per rupee of profit (P/E 15.2x to 7.6x), which took 66 points back.
  • The share count barely moved.
Net profit growth: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59 ptsNet profit growthP/E change: −66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−66 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: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59ProfitP/E change: −66 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−66P/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+59 ptsNet profit rose about 84%, which lifts the price.
P/E change-66 ptsThe P/E fell from 15.2x to 7.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

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

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

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

Compare this with JK PAPER

How rough has the ride been?

Maximum drawdown-72.4%not yet recovered
1-year volatility40.7%annualised
Beta vs sector index1.023-year daily, correlation 0.42
Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−70.2% 0%−20%−40%−60%2020202220242026−70.2%
Largest drawdowns

-72.4% (2021-08 peak to 2026-03 low, not yet recovered)

-68.6% (2019-06 peak to 2020-03 low, recovered 2021-06)

-20.2% (2021-07 peak to 2021-07 low, recovered 2021-08)

Most recent volume spikes

2026-10-30: 30.4x the 50-day median, price -0.3% that day

2026-07-29: 5.1x the 50-day median, price -0.2% that day

2026-07-28: 6.5x the 50-day median, price -5.0% 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?

7.6xP/E todayNear its historic low
Against its own history19th percentile
CheapestMedian 10.4xDearest

Usual range 6.9x to 22.8x since 2019-05.

Against Process Industries7.6x vs 18.1x
This company
7.6x
Sector median
18.1x

58% below the Process Industries median.

5.7x22.0x38.3x54.6xMay '19Nov '20May '22Nov '23May '25Nov '265.7x22.0x38.3x54.6xMay '19Nov '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

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

Shaded band: 10th to 90th percentile of the company's own P/E history; 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▲ 20 pts vs a year ago
  • Op. margin68th▲ 29 pts vs a year ago
  • Revenue growth48th▲ 28 pts vs a year ago
  • EPS growth98th▲ 90 pts vs a year ago
  • Debt/equity ↓5thflat vs a year ago
  • Cash cycle ↓51stflat vs a year ago
  • P/E ↓87th▲ 46 pts vs a year ago
  • 12M momentum84th▲ 20 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?

~7%annual earnings growth implied by the price

At a P/E of 10.2x, the price would imply about 6.6%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

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

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

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

Key figures

Share Priceclose 9 Nov
₹117.92
P/E
7.6x
ROCE
11.0%
Market Cap
₹715 cr
Revenue (TTM)
₹2007 cr
P/S
0.4x
P/B
1.4x
ROE
18.9%
Operating Margin
15.0%
Debt / Equity
1.8x
Promoter Holding
75.0%
12M Momentum
34.6%

52-week range

₹53.54₹130.99
83% of the way from its 52-week low to its high

Price risk

1Y volatility
40.7%
Beta vs sector
1-year daily
0.87

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.46x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance13%Within range

Other income as a share of pre-tax profit (trailing twelve months): 13.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 28.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.46xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.46x (cash from operations ₹592 cr, net profit ₹171 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+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (52 vs 45). 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+25 days / 2 yrsWithin range

Days payable changed by +25 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 trimmed 4.3 pts.
  • The number of shareholders rose from 13,072 to 19,122 (+46%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters75.0%75.0%0.0 pts
FIIs0.5%0.5%0.0 pts
DIIs4.3%0.0%-4.3 pts
Public and others20.2%24.5%+4.3 pts

Number of shareholders

19,122shareholders+46% since Sep '23
13k16k19k21k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 13,072
Dec '23: 13,087
Mar '24: 14,409
Jun '24: 16,325
Sep '24: 19,211
Dec '24: 21,275
Mar '25: 21,138
Jun '25: 20,916
Sep '25: 20,191
Dec '25: 19,650
Mar '26: 19,283
Jun '26: 19,122
 13k16k19k21k Sep '23Sep '24Sep '25Jun '26
Sep '23: 13,072
Dec '23: 13,087
Mar '24: 14,409
Jun '24: 16,325
Sep '24: 19,211
Dec '24: 21,275
Mar '25: 21,138
Jun '25: 20,916
Sep '25: 20,191
Dec '25: 19,650
Mar '26: 19,283
Jun '26: 19,122

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

+8.4%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like EMAMI PAPER MILLS 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 +36% vs the market, against −4% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +12.4%, 80% range +3.6% to +16.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ANMOL · Dec 2023: −66.2% vs market
AGARIND · Dec 2024: −47.5% vs market
SALSTEEL · Jul 2021: −44.1% vs market
RELCHEMQ · Nov 2023: −43.0% vs market
AVADHSUGAR · Oct 2023: −41.0% vs market
SMCGLOBAL · Apr 2024: −32.4% vs market
BANSWRAS · Jan 2020: −27.5% vs market
JINDALSAW · May 2021: −25.5% vs market
RAIN · Jun 2021: −24.8% vs market
SURYALAXMI · Dec 2021: −24.2% vs market
RPSGVENT · Aug 2024: −23.0% vs market
IVP · Nov 2023: −21.0% vs market
SPORTKING · Aug 2024: −20.6% vs market
RANEHOLDIN · Aug 2024: −18.3% vs market
MANORG · Sep 2025: −16.2% vs market
DBL · May 2025: −15.6% vs market
TVSHLTD · Jan 2021: −12.6% vs market
JSL · Jun 2021: −9.0% vs market
DCMSRIND · Sep 2023: −8.8% vs market
NLCINDIA · Apr 2022: +0.9% vs market
PRECOT · Oct 2024: +2.3% vs market
MUNJALAU · Nov 2023: +3.1% vs market
INDIAGLYCO · Sep 2021: +3.2% vs market
PTC · Aug 2023: +3.8% vs market
CESC · Jun 2024: +6.6% vs market
JKTYRE · Sep 2021: +10.2% vs market
ZUARI · Nov 2024: +10.6% vs market
ZEELEARN · Jul 2024: +11.2% vs market
ELECTCAST · Sep 2020: +11.4% vs market
MAGADSUGAR · Aug 2023: +15.2% vs market
INDSWFTLAB · Jul 2023: +16.0% vs market
TBZ · Aug 2023: +16.5% vs market
JAYBARMARU · Sep 2025: +18.1% vs market
RAJSREESUG · Nov 2022: +18.7% vs market
INDIANHUME · Jun 2023: +25.7% vs market
MANOMAY · Oct 2025: +25.8% vs market
UFLEX · Jul 2020: +30.2% vs market
NITINSPIN · Jun 2021: +38.0% vs market
BIL · Jun 2023: +40.9% vs market
PARADEEP · Dec 2024: +41.5% vs market
MARALOVER · Jun 2021: +45.4% vs market
ARVIND · Aug 2023: +55.3% vs market
PGIL · Jun 2023: +57.0% vs market
EDELWEISS · Sep 2023: +59.8% vs market
NAVA · Mar 2022: +62.9% vs market
WHEELS · Apr 2025: +70.1% vs market
COSMOFIRST · Jun 2020: +91.4% vs market
HITECH · Dec 2020: +95.5% vs market
GOODLUCK · Apr 2021: +159.6% vs market
VISHNU · Jul 2020: +211.6% vs market
Similar setups +8.4%All companies −4.0%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
+8.4%
All companies' median
−4.0%
Beat the market
62% vs 46%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDSWFTLAB
Health Technology		 Jul 2023 12x13% +64%0% +16%
INDIAGLYCO
Process Industries		 Sep 2021 6x10% +191%0% +3%
AVADHSUGAR
Process Industries		 Oct 2023 15x10% +59%0% −41%
RPSGVENT
Finance		 Aug 2024 —12% +91%−2% −23%
RANEHOLDIN
Producer Manufacturing		 Aug 2024 22x13% +99%0% −18%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PTC
Producer Manufacturing		 Aug 2023 8x9% +64%0% +4%
MARALOVER
Process Industries		 Jun 2021 16x12% +244%0% +45%
TVSHLTD
Consumer Durables		 Jan 2021 10x12% +44%−5% −13%
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: interest cover, ROCE 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 EMAMI PAPER MILLS 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.

MUKKA PROTEINSMUKKA
Consumer Non-Durables
73%similar
debt/equityvolatility
SICAL LOGISTICSSICALLOG
Transportation
54%similar
P/Edebt/equity
INDIAN HUME PIPE CO.INDIANHUME
Producer Manufacturing
52%similar
revenue growthROCE
RUPA & COMPANYRUPA
Consumer Non-Durables
50%similar
EPS growthROCE
BMW VENTURES LIMITEDBMWVENTLTD
Non-Energy Minerals
47%similar
volatilityROCE
NAHAR INDUSTRIAL ENTERPRISESNAHARINDUS
Process Industries
61%similar
P/Evolatility
KANORIA CHEMICALS & INDUSTRIESKANORICHEM
Process Industries
60%similar
market caprevenue growth
HERANBA INDUSTRIESHERANBA
Process Industries
52%similar
promoter holdingmarket cap

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

What changed?

30 events since Dec '22

  1. OctPriceVolume reached 30.4x its 50-day median on 2026-10-30; price -0.3% that day.
  2. JulPriceVolume reached 188.7x its 50-day median on 2026-07-23; price +3.6% that day.
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
  5. MayPriceVolume reached 9.2x its 50-day median on 2026-05-29; price +9.0% that day.
  6. MarPriceFell 72% from the Aug 2021 peak to the Mar 2026 low.
  7. MarPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  8. FebPriceVolume reached 7.7x its 50-day median on 2026-02-13; price -1.5% that day.
Show 22 earlier events
  1. OctPriceVolume reached 6.1x its 50-day median on 2025-10-03; price +5.9% that day.
  2. AugPriceVolume reached 59.3x its 50-day median on 2025-08-26; price -6.9% that day.
  3. JunValuationP/E crossed above the 90th percentile of its own history to date (22.7x).
  4. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  5. MarResultsYear-on-year EPS growth turned negative.
  6. MarPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  7. MarPriceVolume reached 9.9x its 50-day median on 2025-03-03; price +5.6% that day.
  8. FebValuationP/E fell below the 10th percentile of its own history to date (6.0x).
  9. DecPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  10. DecPriceVolume reached 45.0x its 50-day median on 2024-12-16; price +13.3% that day.
  11. OctValuationP/E fell below the 10th percentile of its own history to date (6.5x).
  12. JulPriceVolume reached 26.5x its 50-day median on 2024-07-05; price +8.2% that day.
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  15. MayPriceVolume reached 8.8x its 50-day median on 2024-05-03; price -4.3% that day.
  16. JanPriceVolume reached 39.2x its 50-day median on 2024-01-19; price +10.5% that day.
  17. DecPriceVolume reached 7.6x its 50-day median on 2023-12-20; price -3.3% that day.
  18. SepPriceVolume reached 15.2x its 50-day median on 2023-09-06; price +9.1% that day.
  19. JunResultsYear-on-year EPS growth turned negative.
  20. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  21. FebPriceVolume reached 9.5x its 50-day median on 2023-02-13; price -10.0% that day.
  22. DecPriceVolume reached 7.0x its 50-day median on 2022-12-20; price +1.9% 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 history91 months · 2019-05 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-117.6x₹2007 cr18.9%11.0%1.8x
2026-107.6x₹2007 cr19.2%11.0%1.8x
2026-097.7x₹2007 cr19.2%11.0%1.8x
2026-0811.0x₹1907 cr12.5%11.0%1.8x
2026-0710.5x₹1907 cr12.5%11.0%1.8x
2026-068.4x₹1907 cr12.5%11.0%1.8x
2026-0515.2x₹1886 cr6.7%7.0%1.8x
2026-0413.7x₹1886 cr6.7%7.0%1.8x
2026-039.9x₹1886 cr6.7%7.0%1.8x
2026-0226.9x₹1840 cr3.7%7.0%1.8x
2026-0126.6x₹1840 cr3.7%7.0%1.8x
2025-1227.8x₹1840 cr3.7%7.0%1.8x
2025-1127.2x₹1884 cr3.9%7.0%1.8x
2025-1029.9x₹1884 cr3.9%7.0%1.8x
2025-0928.7x₹1884 cr3.9%7.0%1.8x
2025-0823.0x₹1928 cr5.3%7.0%1.8x
2025-0721.7x₹1928 cr5.3%7.0%1.8x
2025-0622.7x₹1928 cr5.3%7.0%1.8x
2025-0511.8x₹1937 cr9.4%12.0%1.6x
2025-0410.9x₹1937 cr9.4%12.0%1.6x
2025-0310.0x₹1937 cr9.4%12.0%1.6x
2025-026.0x₹1998 cr16.4%12.0%1.6x
2025-017.1x₹1998 cr16.4%12.0%1.6x
2024-127.4x₹1998 cr16.4%12.0%1.6x
2024-116.4x₹1940 cr17.9%12.0%1.6x
2024-106.5x₹1940 cr17.9%12.0%1.6x
2024-097.1x₹1940 cr17.9%12.0%1.6x
2024-089.1x₹1994 cr15.8%12.0%1.6x
2024-079.6x₹1994 cr15.8%12.0%1.6x
2024-068.2x₹1994 cr15.8%12.0%1.6x
2024-059.4x₹2381 cr15.2%10.0%2.4x
2024-049.8x₹2381 cr15.2%10.0%2.4x
2024-039.7x₹2381 cr15.2%10.0%2.4x
2024-0211.1x₹2381 cr15.2%10.0%2.4x
2024-0111.1x₹2381 cr15.2%10.0%2.4x
2023-1210.1x₹2381 cr15.2%10.0%2.4x
2023-1111.1x₹2381 cr15.2%10.0%2.4x
2023-1011.3x₹2381 cr15.2%10.0%2.4x
2023-0911.5x₹2381 cr15.2%10.0%2.4x
2023-0811.2x₹2381 cr15.2%10.0%2.4x
2023-0710.4x₹2381 cr15.2%10.0%2.4x
2023-0610.3x₹2381 cr15.2%10.0%2.4x
2023-056.1x₹1958 cr28.1%17.0%2.5x
2023-046.2x₹1958 cr28.1%17.0%2.5x
2023-035.7x₹1958 cr28.1%17.0%2.5x
2023-025.8x₹1958 cr28.1%17.0%2.5x
2023-017.6x₹1958 cr28.1%17.0%2.5x
2022-127.3x₹1958 cr28.1%17.0%2.5x
2022-117.8x₹1958 cr28.1%17.0%2.5x
2022-109.1x₹1958 cr28.1%17.0%2.5x
2022-098.5x₹1958 cr28.1%17.0%2.5x
2022-089.1x₹1958 cr28.1%17.0%2.5x
2022-077.9x₹1958 cr28.1%17.0%2.5x
2022-067.0x₹1958 cr28.1%17.0%2.5x
2022-0516.9x₹1216 cr17.2%8.0%3.9x
2022-0419.4x₹1216 cr17.2%8.0%3.9x
2022-0318.9x₹1216 cr17.2%8.0%3.9x
2022-0215.1x₹1216 cr17.2%8.0%3.9x
2022-0119.6x₹1216 cr17.2%8.0%3.9x
2021-1215.6x₹1216 cr17.2%8.0%3.9x
2021-1115.2x₹1216 cr17.2%8.0%3.9x
2021-1017.5x₹1216 cr17.2%8.0%3.9x
2021-0919.4x₹1216 cr17.2%8.0%3.9x
2021-0819.9x₹1216 cr17.2%8.0%3.9x
2021-0721.3x₹1216 cr17.2%8.0%3.9x
2021-0618.3x₹1216 cr17.2%8.0%3.9x
2021-05—₹1515 cr-4.6%8.0%6.4x
2021-04—₹1515 cr-4.6%8.0%6.4x
2021-03—₹1515 cr-4.6%8.0%6.4x
2021-02—₹1515 cr-4.6%8.0%6.4x
2021-01—₹1515 cr-4.6%8.0%6.4x
2020-12—₹1515 cr-4.6%8.0%6.4x
2020-11—₹1515 cr-4.6%8.0%6.4x
2020-10—₹1515 cr-4.6%8.0%6.4x
2020-09—₹1515 cr-4.6%8.0%6.4x
2020-08—₹1515 cr-4.6%8.0%6.4x
2020-07—₹1515 cr-4.6%8.0%6.4x
2020-06—₹1515 cr-4.6%8.0%6.4x
2020-059.3x₹1538 cr17.1%10.0%6.0x
2020-0410.5x₹1538 cr17.1%10.0%6.0x
2020-036.6x₹1538 cr17.1%10.0%6.0x
2020-0211.2x₹1538 cr17.1%10.0%6.0x
2020-0115.8x₹1538 cr17.1%10.0%6.0x
2019-129.9x₹1538 cr17.1%10.0%6.0x
2019-119.4x₹1538 cr17.1%10.0%6.0x
2019-1010.2x₹1538 cr17.1%10.0%6.0x
2019-0913.5x₹1538 cr17.1%10.0%6.0x
2019-089.9x₹1538 cr17.1%10.0%6.0x
2019-079.1x₹1538 cr17.1%10.0%6.0x
2019-0614.7x₹1538 cr17.1%10.0%6.0x
2019-0554.6x₹1356 cr6.6%6.0%6.3x

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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