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EMKAY TAPS AND CUTTING TOOLS (EMKAYTOOLS)

Producer Manufacturing · Industrial Machinery · 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.71 / 100
Profitability 66Growth 46Balance sheet 100
Compare withWELSPUN CORPVOLTASTHERMAX

Share price

Closing priceAdjusted for splits and bonus issues.

₹92.5 latest close · −2.6% over the last 90 sessions

₹90₹95Jun 22Jul 20Aug 14Sep 9Oct 9Nov 9 ₹90₹95Jun 22Aug 28Nov 9

₹92.5 month-end · −27.7% over 12 months

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

₹92.5 month-end · −82.4% over 3 years

₹0₹500₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹0₹500₹1,000Nov '23May '25Nov '26

₹92.5 month-end · −75.9% since Jun '23

₹0₹500₹1,000Jun '23Feb '24Oct '24Jul '25Mar '26Nov '26 ₹0₹500₹1,000Jun '23Mar '25Nov '26

52-week range ₹83.10 to ₹154.00 · 1-year volatility 45.1%

Was the rally earned?

-28%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 1.9x to 1.4x); per-share earnings added 0 points.
  • The share count barely moved.
Net profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1 ptsNet profit growthP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28 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: −28%−28%Share priceNet profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1ProfitP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −28%−28%Share price
Net profit growth-1 ptsNet profit was little changed.
P/E change-28 ptsThe P/E fell from 1.9x to 1.4x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-82%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 23 points, but investors now pay less per rupee of profit (P/E 12.7x to 1.4x), which took 105 points back.
  • The share count barely moved.
Net profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23 ptsNet profit growthP/E change: −105 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−105 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: −82%−82%Share priceNet profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23ProfitP/E change: −105 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−105P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −82%−82%Share price
Net profit growth+23 ptsNet profit rose about 62%, which lifts the price.
P/E change-105 ptsThe P/E fell from 12.7x to 1.4x, 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

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

Compare this with WELSPUN CORP

How rough has the ride been?

Maximum drawdown-93.1%not yet recovered
1-year volatility45.1%annualised

Drawdown from peak

0%−50%−100%2020202120222023202420252026−92.7% 0%−50%−100%2020202220242026−92.7%
Largest drawdowns

-93.1% (2024-11 peak to 2026-03 low, not yet recovered)

-64.0% (2020-02 peak to 2020-08 low, recovered 2021-07)

-43.5% (2021-12 peak to 2022-03 low, recovered 2022-03)

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing 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

  • ROCE66th▲ 6 pts vs a year ago
  • Revenue growth17th▼ 8 pts vs a year ago
  • EPS growth39th▼ 4 pts vs a year ago
  • Debt/equity ↓83rdflat vs a year ago
  • Cash cycle ↓9thflat vs a year ago
  • P/E ↓90th▼ 7 pts vs a year ago
  • 12M momentum21st▲ 21 pts vs a year ago

Rank history

ROCE
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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

Earnings figures have not updated recently, so the company is left out of the lists.

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

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹92.50
ROCE
19.0%
Market Cap
₹98 cr
Revenue (TTM)
₹103 cr
ROE
23.9%
Debt / Equity
0.0x
Promoter Holding
75.0%
12M Momentum
-27.7%

52-week range

₹83.10₹154.00
13% of the way from its 52-week low to its high

Price risk

1Y volatility
45.1%
Beta vs sector
1-year daily
0.62

Balance sheet & cash

Debt service
no meaningful debt
Share count, 1Y
unchanged

Per-share figures around a recent split, bonus issue or demerger may not yet be consistent.

Are profits backed by cash?

2 of 3checks within range1 beyond a threshold
Other income reliance50%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 50.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (84 vs 84). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 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 2 years, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders rose from 96 to 1,314 (+1269%) between Mar 2021 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupMar '21Mar '26Change
Promoters74.6%75.0%+0.4 pts
FIIs———
DIIs———
Public and others25.4%25.0%-0.4 pts

Number of shareholders

1,314shareholders+1269% since Mar '21
965029081k Mar '21Sep '21Mar '22Mar '24Sep '24Mar '26
Mar '21: 96
Sep '21: 107
Mar '22: 135
Mar '24: 338
Sep '24: 398
Mar '26: 1,314
 965029081k Mar '21Mar '22Sep '24Mar '26
Mar '21: 96
Sep '21: 107
Mar '22: 135
Mar '24: 338
Sep '24: 398
Mar '26: 1,314

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

Not enough comparable history to show analogs for this company yet.

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 changed?

16 events since Dec '19

  1. MarPriceFell 93% from the Nov 2024 peak to the Mar 2026 low.
  2. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  3. DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  4. JunResultsRevenue (TTM) reached a new high of ₹103 cr.
  5. NovPriceRegained the 2023-07 peak, 2 months after the low.
  6. SepPriceFell 37% from the Jul 2023 peak to the Sep 2023 low.
  7. MayPriceRegained the 2022-09 peak, 6 months after the low.
  8. NovPriceFell 28% from the Sep 2022 peak to the Nov 2022 low.
Show 8 earlier events
  1. JulPriceRegained the 2022-04 peak, 2 months after the low.
  2. MayPriceFell 42% from the Apr 2022 peak to the May 2022 low.
  3. MarPriceRegained the 2021-12 peak, 0 months after the low.
  4. MarPriceFell 44% from the Dec 2021 peak to the Mar 2022 low.
  5. JulPriceRegained the 2020-02 peak, 11 months after the low.
  6. AugPriceFell 64% from the Feb 2020 peak to the Aug 2020 low.
  7. FebPriceRegained the 2019-03 peak, 2 months after the low.
  8. DecPriceFell 42% from the Mar 2019 peak to the Dec 2019 low.

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 history42 months · 2023-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹103 cr23.9%19.0%0.0x
2026-10—₹103 cr24.1%19.0%0.0x
2026-09—₹103 cr24.1%19.0%0.0x
2026-08—₹103 cr24.1%19.0%0.0x
2026-07—₹103 cr24.1%19.0%0.0x
2026-06—₹103 cr24.1%19.0%0.0x
2026-05—₹103 cr24.1%19.0%0.0x
2026-04—₹103 cr24.1%19.0%0.0x
2026-03—₹103 cr24.1%19.0%0.0x
2026-02—₹103 cr24.1%19.0%0.0x
2026-01—₹103 cr24.1%19.0%0.0x
2025-12—₹103 cr24.1%19.0%0.0x
2025-11—₹103 cr24.1%19.0%0.0x
2025-10—₹103 cr24.1%19.0%0.0x
2025-09—₹103 cr24.1%19.0%0.0x
2025-08—₹103 cr24.1%19.0%0.0x
2025-07—₹103 cr24.1%19.0%0.0x
2025-06—₹103 cr24.1%19.0%0.0x
2025-05—₹103 cr24.1%19.0%0.0x
2025-04—₹103 cr24.1%19.0%0.0x
2025-03—₹103 cr24.1%19.0%0.0x
2025-02—₹103 cr24.1%19.0%0.0x
2025-01—₹103 cr24.1%19.0%0.0x
2024-12—₹103 cr24.1%19.0%0.0x
2024-1116.5x₹103 cr24.1%19.0%0.0x
2024-1015.1x₹103 cr24.1%19.0%0.0x
2024-0911.7x₹103 cr24.1%19.0%0.0x
2024-0812.3x₹103 cr24.1%19.0%0.0x
2024-0712.6x₹103 cr24.1%19.0%0.0x
2024-0612.9x₹103 cr24.1%19.0%0.0x
2024-0518.9x₹89 cr19.5%—0.0x
2024-0415.0x₹89 cr19.5%—0.0x
2024-0313.8x₹89 cr19.5%—0.0x
2024-0214.2x₹89 cr19.5%—0.0x
2024-0115.0x₹89 cr19.5%—0.0x
2023-1214.7x₹89 cr19.5%—0.0x
2023-1112.7x₹89 cr19.5%—0.0x
2023-1011.6x₹89 cr19.5%—0.0x
2023-0910.7x₹89 cr19.5%—0.0x
2023-089.2x₹89 cr19.5%—0.0x
2023-0711.6x₹89 cr19.5%—0.0x
2023-069.3x₹89 cr19.5%—0.0x

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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