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EPL LIMITED (EPL)

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.72 / 100
Profitability 78Growth 76Balance sheet 62
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.55 / 100
Price 61Earnings 43FII/DII 62

Passes these screensDebt-light & profitableConsistent compounders

Compare withTIME TECHNOPLASTAGI GREENPACUFLEX

Share price

Closing priceAdjusted for splits and bonus issues.

₹224.41 latest close · −5.4% over the last 90 sessions

₹220₹240₹260Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹220₹240₹260Jul 3Sep 4Nov 9

₹224.41 month-end · +10.0% over 12 months

₹200₹225₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹225₹250Nov '25May '26Nov '26

₹224.41 month-end · +14.6% over 3 years

₹200₹250Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹250Nov '23May '25Nov '26

₹224.41 month-end · +106.4% since Jan '19

₹100₹200Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200Jan '19Dec '22Nov '26

52-week range ₹176.40 to ₹274.03 · 1-year volatility 33.5%

Was the rally earned?

+10%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 16.5x to 18.5x); per-share earnings took off 2 points.
  • The share count barely moved.
Net profit growth: −3 pts. Points of the price return explained by net profit growing (or shrinking).−3 ptsNet profit growthP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 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: +10%+10%Share priceNet profit growth: −3 pts. Points of the price return explained by net profit growing (or shrinking).−3ProfitP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +10%+10%Share price
Net profit growth-3 ptsNet profit fell about 3%, which lowers the price.
P/E change+12 ptsThe P/E rose from 16.5x to 18.5x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+15%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 57 points, but investors now pay less per rupee of profit (P/E 27.5x to 18.5x), which took 42 points back.
  • The share count barely moved.
Net profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56 ptsNet profit growthP/E change: −42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−42 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: +15%+15%Share priceNet profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56ProfitP/E change: −42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−42P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +15%+15%Share price
Net profit growth+56 ptsNet profit rose about 68%, which lifts the price.
P/E change-42 ptsThe P/E fell from 27.5x to 18.5x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+13%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 50 points, but investors now pay less per rupee of profit (P/E 26.1x to 18.5x), which took 36 points back.
  • The share count barely moved.
Net profit growth: +49 pts. Points of the price return explained by net profit growing (or shrinking).+49 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: +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: +49 pts. Points of the price return explained by net profit growing (or shrinking).+49ProfitP/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: +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+49 ptsNet profit rose about 59%, which lifts the price.
P/E change-36 ptsThe P/E fell from 26.1x to 18.5x, which lowers the price.
Share count change+1 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 TIME TECHNOPLAST

How rough has the ride been?

Maximum drawdown-50.7%not yet recovered
1-year volatility33.5%annualised
Beta vs sector index0.973-year daily, correlation 0.47
Volume spikes13last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−49.5% 0%−20%−40%2020202220242026−49.5%
Largest drawdowns

-50.7% (2020-09 peak to 2023-02 low, not yet recovered)

-41.0% (2019-04 peak to 2019-08 low, recovered 2019-11)

-26.1% (2020-02 peak to 2020-03 low, recovered 2020-06)

Most recent volume spikes

2026-09-07: 11.7x the 50-day median, price +0.7% that day

2026-09-04: 7.3x the 50-day median, price +0.2% that day

2026-09-03: 20.5x the 50-day median, price +4.3% 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?

18.6xP/E todayNear its historic low
Against its own history16th percentile
CheapestMedian 25.5xDearest

Usual range 18.0x to 36.7x since 2019-01.

Against Process Industries18.6x vs 18.1x
This company
18.6x
Sector median
18.1x

Close to the Process Industries median.

6.8x18.2x29.7x41.2xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x18.2x29.7x41.2xJan '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

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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

  • ROCE76th▲ 3 pts vs a year ago
  • Op. margin81st▼ 6 pts vs a year ago
  • Revenue growth71st▲ 22 pts vs a year ago
  • EPS growth34th▼ 52 pts vs a year ago
  • Debt/equity ↓53rdflat vs a year ago
  • Cash cycle ↓55th▼ 5 pts vs a year ago
  • P/E ↓49th▼ 14 pts vs a year ago
  • 12M momentum71st▲ 18 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?

~15%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 25.7x, a holder earning 12%/yr needs earnings to grow about 14.6%/yr for 10 years, then trade at 15x.

Delivered7.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.7 ptsimplied minus delivered
Rank396thmost demanding of 856

Over time

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

0%12%24% Jan 2019Nov 2026 0%12%24% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x15.7%16.7%17.7%
15x13.6%14.6%15.6%
20x10.8%11.8%12.8%

Drag a slider to test other assumptions

Implied: 14.6%/yr

Looking back

  • Jan 2020Price implied 20%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 23%/yr; EPS has since grown 11%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/yr; EPS has since grown 10%/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
₹224.41
P/E
18.5x
ROCE
18.0%
Market Cap
₹7191 cr
Revenue (TTM)
₹5043 cr
P/S
1.4x
P/B
2.5x
ROE
13.6%
Operating Margin
19.0%
Debt / Equity
0.3x
Promoter Holding
26.4%
12M Momentum
10.0%

52-week range

₹176.40₹274.03
49% of the way from its 52-week low to its high

Price risk

1Y volatility
33.5%
Beta vs sector
1-year daily
1.01

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.17x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate20%Within range

Median quarterly effective tax rate over about 2.5 years: 19.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.17xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.17x (cash from operations ₹2,104 cr, net profit ₹968 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (67 vs 64). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+22 days / 2 yrsWithin range

Days payable changed by +22 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 25.1 pts; FIIs added 3.7 pts; DIIs trimmed 1.7 pts.
  • The number of shareholders rose from 75,040 to 91,469 (+22%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters51.5%26.4%-25.1 pts
FIIs10.4%14.1%+3.7 pts
DIIs15.5%13.8%-1.7 pts
Public and others22.5%45.8%+23.2 pts

Number of shareholders

91,469shareholders+22% since Sep '23
75k89k1.0L1.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 75,040
Dec '23: 82,109
Mar '24: 85,877
Jun '24: 93,063
Sep '24: 96,754
Dec '24: 94,921
Mar '25: 93,172
Jun '25: 1.1 lakh
Sep '25: 1.2 lakh
Dec '25: 1.0 lakh
Mar '26: 95,910
Jun '26: 91,469
 75k89k1.0L1.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 75,040
Dec '23: 82,109
Mar '24: 85,877
Jun '24: 93,063
Sep '24: 96,754
Dec '24: 94,921
Mar '25: 93,172
Jun '25: 1.1 lakh
Sep '25: 1.2 lakh
Dec '25: 1.0 lakh
Mar '26: 95,910
Jun '26: 91,469

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.7%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 EPL 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 −28% to +22% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (−3.9%, 80% range −17.0% to +4.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
NILKAMAL · Jul 2023: −52.6% vs market
VRLLOG · Dec 2023: −44.2% vs market
KIRLOSENG · Jun 2021: −43.3% vs market
GNA · Aug 2023: −43.0% vs market
KPIL · Jan 2020: −40.6% vs market
HGINFRA · Jun 2024: −40.1% vs market
ICIL · Aug 2024: −38.7% vs market
SSWL · Jul 2023: −35.9% vs market
HUHTAMAKI · Aug 2020: −35.5% vs market
BIRLACORPN · Aug 2021: −33.1% vs market
MASTEK · Aug 2025: −33.1% vs market
JKIL · Mar 2021: −30.2% vs market
WELSPUNLIV · Jun 2021: −28.0% vs market
SANDHAR · Feb 2020: −27.0% vs market
ORIENTCEM · Nov 2021: −26.5% vs market
LUMAXIND · Jan 2020: −24.0% vs market
GLENMARK · Mar 2021: −23.0% vs market
TCI · Jan 2020: −21.8% vs market
CYIENT · Jul 2023: −18.8% vs market
KDDL · Aug 2024: −18.7% vs market
TVSSRICHAK · May 2020: −18.5% vs market
HINDWAREAP · Jan 2023: −17.0% vs market
TIIL · Jun 2025: −15.3% vs market
TCPLPACK · Dec 2024: −10.7% vs market
FIEMIND · Feb 2020: −8.8% vs market
LTFOODS · Oct 2025: −4.6% vs market
WELENT · May 2025: +0.2% vs market
SHYAMMETL · Jan 2024: +0.2% vs market
BALRAMCHIN · Jun 2021: +1.0% vs market
JKLAKSHMI · Nov 2021: +2.7% vs market
ALLCARGO · Apr 2020: +3.9% vs market
CEATLTD · Apr 2020: +7.9% vs market
VISHNU · Oct 2025: +11.1% vs market
GULFOILLUB · Feb 2024: +14.2% vs market
DOLLAR · Jul 2021: +19.8% vs market
GRANULES · May 2024: +20.6% vs market
GOKEX · Jul 2023: +21.7% vs market
PRICOLLTD · Jan 2024: +22.0% vs market
MINDACORP · Sep 2023: +24.5% vs market
POWERMECH · May 2024: +27.6% vs market
GENUSPOWER · Dec 2020: +29.7% vs market
PCBL · Oct 2023: +47.8% vs market
KNRCON · Aug 2020: +65.0% vs market
NRBBEARING · Oct 2025: +72.8% vs market
FSL · Jun 2024: +74.7% vs market
SANSERA · Feb 2025: +77.4% vs market
DCMSHRIRAM · Mar 2021: +82.5% vs market
KPRMILL · Apr 2020: +87.5% vs market
CENTURYPLY · Jul 2020: +110.0% vs market
AARTIDRUGS · Jan 2020: +268.2% vs market
Similar setups −6.7%All companies −2.8%← 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
−6.7%
All companies' median
−2.8%
Beat the market
48% vs 47%

50 past situations · 50 companies · 29 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
WELENT
Industrial Services		 May 2025 24x18% +11%−23% 0%
TCI
Transportation		 Jan 2020 14x17% −4%−18% −22%
FSL
Commercial Services		 Jun 2024 28x16% +65%−4% +75%
JKLAKSHMI
Non-Energy Minerals		 Nov 2021 18x20% +92%−14% +3%
TVSSRICHAK
Consumer Durables		 May 2020 11x18% −31%−33% −19%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKIL
Industrial Services		 Mar 2021 14x13% +157%−8% −30%
KNRCON
Industrial Services		 Aug 2020 13x19% +19%−17% +65%
KPRMILL
Consumer Non-Durables		 Apr 2020 10x21% −23%−35% +88%
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: P/S, ROCE and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 EPL 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.

STRIDES PHARMA SCIENCESTAR
Health Technology
82%similar
ROCErevenue
GRANULES INDIAGRANULES
Health Technology
68%similar
revenuedebt/equity
L G BALKRISHNAN & BROSLGBBROSLTD
Producer Manufacturing
66%similar
P/Epromoter holding
J KUMAR INFRAPROJECTSJKIL
Industrial Services
65%similar
ROCErevenue growth
NATCO PHARMANATCOPHARM
Health Technology
64%similar
EPS growthROCE
TIME TECHNOPLASTTIMETECHNO
Process Industries
69%similar
P/EROCE
LT FOODSLTFOODS
Process Industries
59%similar
ROCEdebt/equity
ATULATUL
Process Industries
58%similar
P/Erevenue

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

What changed?

30 events since Feb '23

  1. OctValuationP/E fell below the 10th percentile of its own history to date (17.9x).
  2. SepResultsYear-on-year EPS growth turned negative.
  3. SepPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  4. SepPriceVolume reached 291.4x its 50-day median on 2026-09-01; price -8.3% that day.
  5. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  6. JunDividendDividend payout cut from 44% to 21% of profit.
  7. AprPriceVolume reached 6.6x its 50-day median on 2026-04-01; price +4.9% that day.
  8. MarPriceVolume reached 18.5x its 50-day median on 2026-03-30; price +3.4% that day.
Show 22 earlier events
  1. NovPriceVolume reached 6.4x its 50-day median on 2025-11-12; price +3.9% that day.
  2. SepPromoterPromoter holding fell 24.9 pts to 26.4% (largest drop in the history since 2019-01).
  3. AugPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  4. AugPriceVolume reached 10.7x its 50-day median on 2025-08-06; price +2.7% that day.
  5. JulValuationP/E fell below the 10th percentile of its own history to date (19.8x).
  6. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  7. MayPriceVolume reached 7.8x its 50-day median on 2025-05-12; price +10.8% that day.
  8. MarInstitutionsFII + DII holding rose 3.6 pts over 2 quarters to 26.5%.
  9. DecResultsYear-on-year EPS growth turned positive.
  10. DecPriceVolume reached 8.5x its 50-day median on 2024-12-03; price +10.0% that day.
  11. AugValuationP/E crossed above the 90th percentile of its own history to date (37.1x).
  12. AugPriceVolume reached 39.0x its 50-day median on 2024-08-14; price +12.0% that day.
  13. JunResultsYear-on-year EPS growth turned negative.
  14. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  15. MayPriceVolume reached 10.8x its 50-day median on 2024-05-06; price +7.2% that day.
  16. JanPriceVolume reached 6.5x its 50-day median on 2024-01-15; price +1.5% that day.
  17. NovPriceVolume reached 9.5x its 50-day median on 2023-11-21; price +2.9% that day.
  18. JunResultsYear-on-year EPS growth turned positive.
  19. JunPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the bottom quartile).
  20. MayPriceVolume reached 65.1x its 50-day median on 2023-05-10; price +11.4% that day.
  21. MarPriceVolume reached 12.2x its 50-day median on 2023-03-27; price +4.4% that day.
  22. FebPriceFell 51% from the Sep 2020 peak to the Feb 2023 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1118.5x₹5043 cr13.6%18.0%0.3x
2026-1017.9x₹5043 cr13.8%18.0%0.3x
2026-0919.6x₹5043 cr13.8%18.0%0.3x
2026-0821.6x₹4763 cr13.8%18.0%0.3x
2026-0718.3x₹4763 cr13.8%18.0%0.3x
2026-0618.5x₹4763 cr13.8%18.0%0.3x
2026-0517.1x₹4568 cr17.2%17.0%0.3x
2026-0418.1x₹4568 cr17.2%17.0%0.3x
2026-0316.4x₹4568 cr17.2%17.0%0.3x
2026-0216.8x₹4433 cr17.7%17.0%0.3x
2026-0114.9x₹4433 cr17.7%17.0%0.3x
2025-1216.7x₹4433 cr17.7%17.0%0.3x
2025-1116.5x₹4313 cr16.9%17.0%0.3x
2025-1016.3x₹4313 cr16.9%17.0%0.3x
2025-0916.6x₹4313 cr16.9%17.0%0.3x
2025-0820.0x₹4212 cr15.5%17.0%0.3x
2025-0719.8x₹4212 cr15.5%17.0%0.3x
2025-0621.6x₹4212 cr15.5%17.0%0.3x
2025-0529.5x₹4136 cr12.6%15.0%0.4x
2025-0422.6x₹4136 cr12.6%15.0%0.4x
2025-0324.1x₹4136 cr12.6%15.0%0.4x
2025-0224.0x₹4097 cr12.2%15.0%0.4x
2025-0128.0x₹4097 cr12.2%15.0%0.4x
2024-1231.8x₹4097 cr12.2%15.0%0.4x
2024-1136.5x₹4013 cr10.5%15.0%0.4x
2024-1038.6x₹4013 cr10.5%15.0%0.4x
2024-0937.0x₹4013 cr10.5%15.0%0.4x
2024-0837.1x₹3916 cr10.0%15.0%0.4x
2024-0733.6x₹3916 cr10.0%15.0%0.4x
2024-0629.5x₹3916 cr10.0%15.0%0.4x
2024-0525.6x₹3694 cr11.6%12.0%0.4x
2024-0425.5x₹3694 cr11.6%12.0%0.4x
2024-0325.2x₹3694 cr11.6%12.0%0.4x
2024-0226.3x₹3694 cr11.6%12.0%0.4x
2024-0128.4x₹3694 cr11.6%12.0%0.4x
2023-1228.4x₹3694 cr11.6%12.0%0.4x
2023-1127.5x₹3694 cr11.6%12.0%0.4x
2023-1025.4x₹3694 cr11.6%12.0%0.4x
2023-0926.2x₹3694 cr11.6%12.0%0.4x
2023-0827.6x₹3694 cr11.6%12.0%0.4x
2023-0732.0x₹3694 cr11.6%12.0%0.4x
2023-0630.1x₹3694 cr11.6%12.0%0.4x
2023-0526.7x₹3433 cr12.1%13.0%0.4x
2023-0425.8x₹3433 cr12.1%13.0%0.4x
2023-0323.9x₹3433 cr12.1%13.0%0.4x
2023-0223.6x₹3433 cr12.1%13.0%0.4x
2023-0123.0x₹3433 cr12.1%13.0%0.4x
2022-1225.1x₹3433 cr12.1%13.0%0.4x
2022-1123.9x₹3433 cr12.1%13.0%0.4x
2022-1022.6x₹3433 cr12.1%13.0%0.4x
2022-0926.0x₹3433 cr12.1%13.0%0.4x
2022-0825.1x₹3433 cr12.1%13.0%0.4x
2022-0725.6x₹3433 cr12.1%13.0%0.4x
2022-0622.0x₹3433 cr12.1%13.0%0.4x
2022-0521.7x₹3092 cr14.4%17.0%0.4x
2022-0422.3x₹3092 cr14.4%17.0%0.4x
2022-0325.5x₹3092 cr14.4%17.0%0.4x
2022-0220.9x₹3092 cr14.4%17.0%0.4x
2022-0125.1x₹3092 cr14.4%17.0%0.4x
2021-1227.3x₹3092 cr14.4%17.0%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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