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GARWARE TECHNICAL FIBRES LTD (GARFIBRES)

Producer Manufacturing · Miscellaneous Manufacturing · figures to Nov '26

Divergence: price ahead of business (2 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.74 / 100
Profitability 80Growth 41Balance sheet 100
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.30 / 100
Price 43Earnings 31FII/DII 15

Passes these screensDebt-light & profitablePrice ahead of business

Compare withSUPREME INDUSTRIESASTRALGARDEN REACH SHIPBUILD ENG

Share price

Closing priceAdjusted for splits and bonus issues.

₹730.75 latest close · 0.0% over the last 90 sessions

₹700₹750₹800₹850Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹700₹750₹800₹850Jul 3Sep 4Nov 9

₹730.75 month-end · +4.0% over 12 months

₹600₹700₹800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹600₹700₹800Nov '25May '26Nov '26

₹730.75 month-end · +7.5% over 3 years

₹600₹800Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹600₹800Nov '23May '25Nov '26

₹730.75 month-end · +224.7% since Jan '19

₹250₹500₹750₹1,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹250₹500₹750₹1,000Jan '19Dec '22Nov '26

52-week range ₹579.75 to ₹863.40 · 1-year volatility 37.8%

Was the rally earned?

+4%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+4%).
  • The share count barely moved.
Net profit growth: −14 pts. Points of the price return explained by net profit growing (or shrinking).−14 ptsNet profit growthP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: +4%+4%Share priceNet profit growth: −14 pts. Points of the price return explained by net profit growing (or shrinking).−14ProfitP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +4%+4%Share price
Net profit growth-14 ptsNet profit fell about 13%, which lowers the price.
P/E change+16 ptsThe P/E rose from 29.3x to 34.3x, which lifts the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+8%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 24 points, but investors now pay less per rupee of profit (P/E 40.2x to 34.3x), which took 16 points back.
  • The share count fell 4%.
Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 ptsP/E changeShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4 ptsShare count changeShare price: +8%+8%Share priceNet profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: +8%+8%Share price
Net profit growth+20 ptsNet profit rose about 21%, which lifts the price.
P/E change-16 ptsThe P/E fell from 40.2x to 34.3x, which lowers the price.
Share count change+4 ptsShare count fell 4%, which lifts the price.
+14%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 41.7x to 34.3x), which took 21 points back.
  • The share count fell 5%.
Net profit growth: +29 pts. Points of the price return explained by net profit growing (or shrinking).+29 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6 ptsShare count changeShare price: +14%+14%Share priceNet profit growth: +29 pts. Points of the price return explained by net profit growing (or shrinking).+29ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6SharesShare price: +14%+14%Share price
Net profit growth+29 ptsNet profit rose about 32%, which lifts the price.
P/E change-21 ptsThe P/E fell from 41.7x to 34.3x, which lowers the price.
Share count change+6 ptsShare count fell 5%, which lifts the price.
What do "pts" mean?

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

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

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

Compare this with SUPREME INDUSTRIES

How rough has the ride been?

Maximum drawdown-42.3%recovered 2020-07
1-year volatility37.8%annualised
Beta vs sector index0.593-year daily, correlation 0.31
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−39.2% 0%−20%−40%2020202220242026−39.2%
Largest drawdowns

-42.3% (2020-02 peak to 2020-03 low, recovered 2020-07)

-39.2% (2024-12 peak to 2026-03 low, not yet recovered)

-30.5% (2021-10 peak to 2023-03 low, recovered 2024-06)

Most recent volume spikes

2026-10-30: 9.5x the 50-day median, price -0.9% that day

2026-09-10: 5.3x the 50-day median, price -3.7% that day

2026-08-06: 12x the 50-day median, price +5.2% 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?

34.3xP/E todayWithin its usual range
Against its own history36th percentile
CheapestMedian 37.2xDearest

Usual range 22.0x to 42.8x since 2019-01.

Against Producer Manufacturing34.3x vs 29.6x
This company
34.3x
Sector median
29.6x

16% above the Producer Manufacturing median.

10.6x22.0x33.5x45.0xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x22.0x33.5x45.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

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

  • ROCE76th▼ 4 pts vs a year ago
  • Op. margin85thflat vs a year ago
  • Revenue growth25th▼ 45 pts vs a year ago
  • EPS growth27th▼ 37 pts vs a year ago
  • Debt/equity ↓81st▲ 5 pts vs a year ago
  • Cash cycle ↓29th▼ 32 pts vs a year ago
  • P/E ↓41st▼ 15 pts vs a year ago
  • 12M momentum59th▲ 22 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~21%annual earnings growth implied by the priceAbove delivered growth

At P/E of 34.3x, a holder earning 12%/yr needs earnings to grow about 21.4%/yr for 10 years, then trade at 15x.

Delivered11.9%/yrEPS, last 10 fiscal years · fitted trend
Gap+9.5 ptsimplied minus delivered
Rank343rdmost demanding of 856

Over time

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

0%13%27% Jan 2019Nov 2026 0%13%27% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x23.0%24.1%25.2%
15x20.3%21.4%22.5%
20x16.9%18.0%19.0%

Drag a slider to test other assumptions

Implied: 21.4%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 8%/yr (7.0 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown 8%/yr (6.0 yrs)
  • Jan 2022Price implied 24%/yr; EPS has since grown 5%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹730.75
P/E
34.3x
ROCE
22.0%
Market Cap
₹7139 cr
Revenue (TTM)
₹1643 cr
P/S
4.3x
P/B
5.3x
ROE
15.4%
Operating Margin
19.0%
Debt / Equity
0.0x
Promoter Holding
54.3%
12M Momentum
4.0%

52-week range

₹579.75₹863.40
53% of the way from its 52-week low to its high

Price risk

1Y volatility
37.8%
Beta vs sector
1-year daily
0.69

Balance sheet & cash

Interest cover
operating profit ÷ interest
23.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.90x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance11%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.90xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.90x (cash from operations ₹577 cr, net profit ₹641 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-6 daysWithin range

Debtor days are below the median of the previous three fiscal years by 6 days (66 vs 72). 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-12 days / 2 yrsWithin range

Days payable changed by -12 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 added 1.5 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters52.7%54.3%+1.5 pts
FIIs8.6%8.7%+0.1 pts
DIIs9.6%10.1%+0.5 pts
Public and others29.1%27.0%-2.1 pts

Number of shareholders

39,254shareholders-5% since Sep '23
37k55k74k92k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 41,185
Dec '23: 38,111
Mar '24: 92,445
Jun '24: 37,164
Sep '24: 36,832
Dec '24: 42,654
Mar '25: 46,773
Jun '25: 43,980
Sep '25: 43,116
Dec '25: 41,958
Mar '26: 41,415
Jun '26: 39,254
 37k55k74k92k Sep '23Sep '24Sep '25Jun '26
Sep '23: 41,185
Dec '23: 38,111
Mar '24: 92,445
Jun '24: 37,164
Sep '24: 36,832
Dec '24: 42,654
Mar '25: 46,773
Jun '25: 43,980
Sep '25: 43,116
Dec '25: 41,958
Mar '26: 41,415
Jun '26: 39,254

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

+7.6%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like GARWARE TECHNICAL FIBRES LTD 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 −14% to +30% vs the market, against −2% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.8%, 80% range +1.4% to +13.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
VEEDOL · Jun 2021: −58.5% vs market
FMGOETZE · Feb 2020: −56.7% vs market
RSYSTEMS · Aug 2025: −50.7% vs market
ZENSARTECH · Jun 2025: −49.6% vs market
PRAJIND · Aug 2024: −44.7% vs market
VRLLOG · Jan 2020: −41.4% vs market
SYMPHONY · Sep 2024: −37.5% vs market
RAILTEL · Oct 2025: −36.1% vs market
ARE&M · Jul 2020: −35.2% vs market
AHLUCONT · Jan 2020: −33.2% vs market
TTKPRESTIG · Sep 2022: −29.6% vs market
ACUTAAS · Aug 2023: −28.7% vs market
VGUARD · Jan 2023: −14.8% vs market
ADFFOODS · Jun 2023: −11.8% vs market
MOLDTKPAC · Sep 2025: −10.0% vs market
INDGN · Jun 2025: −8.7% vs market
GREAVESCOT · Apr 2021: −7.9% vs market
INTELLECT · Sep 2023: −6.2% vs market
JAMNAAUTO · Apr 2022: −3.8% vs market
RATNAMANI · Apr 2021: −1.8% vs market
KEI · Feb 2024: −0.3% vs market
KPRMILL · Jun 2025: +3.0% vs market
KSCL · May 2020: +3.7% vs market
VESUVIUS · Apr 2025: +4.8% vs market
RHIM · Apr 2022: +7.0% vs market
MAYURUNIQ · Aug 2020: +8.1% vs market
CARBORUNIV · May 2021: +11.4% vs market
HSCL · Oct 2025: +11.6% vs market
RADICO · Aug 2021: +11.8% vs market
CERA · Jan 2023: +12.7% vs market
FINPIPE · Jun 2020: +13.0% vs market
DHANUKA · Feb 2020: +13.7% vs market
JYOTHYLAB · Jul 2023: +14.5% vs market
ESCORTS · Feb 2021: +17.6% vs market
USHAMART · Mar 2025: +19.3% vs market
CUMMINSIND · Sep 2021: +20.2% vs market
SJS · Oct 2023: +28.7% vs market
POLYCAB · Apr 2022: +30.7% vs market
RATEGAIN · Sep 2025: +31.3% vs market
TDPOWERSYS · Mar 2024: +33.5% vs market
SBCL · Jun 2025: +35.7% vs market
KAJARIACER · Mar 2020: +37.2% vs market
TRITURBINE · Aug 2021: +48.1% vs market
CENTURYPLY · Aug 2021: +55.6% vs market
THYROCARE · Aug 2024: +59.2% vs market
KSB · Sep 2021: +63.1% vs market
ADVENZYMES · May 2020: +63.8% vs market
INGERRAND · Nov 2021: +70.0% vs market
PERSISTENT · Jan 2020: +82.6% vs market
NEWGEN · Mar 2023: +137.5% vs market
Similar setups +7.6%All companies −2.2%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
+7.6%
All companies' median
−2.2%
Beat the market
58% vs 48%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RHIM
Producer Manufacturing		 Apr 2022 54x23% +92%−8% +7%
INGERRAND
Producer Manufacturing		 Nov 2021 51x26% +81%−11% +70%
ADVENZYMES
Consumer Non-Durables		 May 2020 15x24% −30%−33% +64%
CARBORUNIV
Process Industries		 May 2021 42x18% +169%−2% +11%
KSB
Producer Manufacturing		 Sep 2021 45x18% +155%−4% +63%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
FMGOETZE
Producer Manufacturing		 Feb 2020 28x19% +8%−22% −57%
VESUVIUS
Non-Energy Minerals		 Apr 2025 36x25% +2%−21% +5%
FINPIPE
Producer Manufacturing		 Jun 2020 19x17% −2%−19% +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: drawdown from 12-month high, P/S and P/E. 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 GARWARE TECHNICAL FIBRES LTD. 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.

INDIGO PAINTSINDIGOPNTS
Process Industries
83%similar
promoter holdingvolatility
STYLAM INDUSTRIESSTYLAMIND
Non-Energy Minerals
77%similar
debt/equityrevenue growth
GRINDWELL NORTONGRINDWELL
Process Industries
74%similar
revenue growthdebt/equity
CERA SANITARYWARECERA
Consumer Durables
65%similar
ROCEpromoter holding
JYOTHY LABSJYOTHYLAB
Consumer Non-Durables
65%similar
debt/equitymarket cap
NRB BEARINGSNRBBEARING
Producer Manufacturing
66%similar
revenuerevenue growth
USHA MARTINUSHAMART
Producer Manufacturing
66%similar
operating margindebt/equity
KAJARIA CERAMICSKAJARIACER
Producer Manufacturing
62%similar
P/EROCE

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

What changed?

30 events since Aug '22

  1. OctPriceVolume reached 9.5x its 50-day median on 2026-10-30; price -0.9% that day.
  2. SepResultsRevenue (TTM) reached a new high of ₹1,643 cr.
  3. AugPriceVolume reached 12.0x its 50-day median on 2026-08-06; price +5.2% that day.
  4. JunPriceVolume reached 107.4x its 50-day median on 2026-06-19; price +14.2% that day.
  5. MarPriceFell 39% from the Dec 2024 peak to the Mar 2026 low.
  6. MarPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  7. FebPriceVolume reached 44.7x its 50-day median on 2026-02-12; price +4.6% that day.
  8. DecResultsYear-on-year EPS growth turned negative.
Show 22 earlier events
  1. DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  2. NovPriceVolume reached 11.3x its 50-day median on 2025-11-10; price -3.3% that day.
  3. JulPriceVolume reached 6.1x its 50-day median on 2025-07-22; price +4.5% that day.
  4. JunPeer rankMoved into the top quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  5. JunPriceVolume reached 9.6x its 50-day median on 2025-06-24; price +5.2% that day.
  6. MarPriceVolume reached 8.9x its 50-day median on 2025-03-27; price +15.0% that day.
  7. DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  8. NovValuationP/E crossed above the 90th percentile of its own history to date (44.3x).
  9. NovPriceVolume reached 24.6x its 50-day median on 2024-11-18; price +18.7% that day.
  10. SepPriceVolume reached 50.9x its 50-day median on 2024-09-19; price +6.8% that day.
  11. JunResultsRevenue (TTM) reached a new high of ₹1,326 cr.
  12. JunPriceRegained the 2021-10 peak, 15 months after the low.
  13. MayPriceVolume reached 32.4x its 50-day median on 2024-05-28; price +9.1% that day.
  14. JanPriceVolume reached 21.6x its 50-day median on 2024-01-08; price +9.6% that day.
  15. JunResultsRevenue (TTM) reached a new high of ₹1,306 cr.
  16. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
  17. JunDividendDividend payout cut from 9% to 4% of profit.
  18. MayPriceVolume reached 29.8x its 50-day median on 2023-05-16; price +0.4% that day.
  19. MarPriceFell 30% from the Oct 2021 peak to the Mar 2023 low.
  20. FebPriceVolume reached 5.7x its 50-day median on 2023-02-10; price -5.4% that day.
  21. SepPriceVolume reached 11.5x its 50-day median on 2022-09-16; price -0.3% that day.
  22. AugValuationP/E crossed above the 90th percentile of its own history to date (43.6x).

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
2026-1134.3x₹1643 cr15.4%22.0%0.0x
2026-1035.0x₹1643 cr15.5%22.0%0.0x
2026-0936.2x₹1643 cr15.5%22.0%0.0x
2026-0840.7x₹1528 cr14.6%22.0%0.0x
2026-0736.6x₹1528 cr14.6%22.0%0.0x
2026-0638.2x₹1528 cr14.6%22.0%0.0x
2026-0530.8x₹1535 cr17.1%25.0%0.1x
2026-0428.7x₹1535 cr17.1%25.0%0.1x
2026-0328.3x₹1535 cr17.1%25.0%0.1x
2026-0231.3x₹1499 cr16.4%25.0%0.1x
2026-0131.9x₹1499 cr16.4%25.0%0.1x
2025-1234.0x₹1499 cr16.4%25.0%0.1x
2025-1129.3x₹1572 cr19.2%25.0%0.1x
2025-1031.7x₹1572 cr19.2%25.0%0.1x
2025-0931.0x₹1572 cr19.2%25.0%0.1x
2025-0832.8x₹1541 cr18.7%25.0%0.1x
2025-0738.5x₹1541 cr18.7%25.0%0.1x
2025-0639.7x₹1541 cr18.7%25.0%0.1x
2025-0537.3x₹1490 cr18.7%23.0%0.1x
2025-0437.4x₹1490 cr18.7%23.0%0.1x
2025-0337.5x₹1490 cr18.7%23.0%0.1x
2025-0233.5x₹1428 cr18.3%23.0%0.1x
2025-0136.5x₹1428 cr18.3%23.0%0.1x
2024-1242.3x₹1428 cr18.3%23.0%0.1x
2024-1144.3x₹1335 cr17.2%23.0%0.1x
2024-1038.5x₹1335 cr17.2%23.0%0.1x
2024-0938.7x₹1335 cr17.2%23.0%0.1x
2024-0837.2x₹1326 cr17.0%23.0%0.1x
2024-0737.2x₹1326 cr17.0%23.0%0.1x
2024-0637.3x₹1326 cr17.0%23.0%0.1x
2024-0541.1x₹1306 cr16.9%21.0%0.1x
2024-0438.3x₹1306 cr16.9%21.0%0.1x
2024-0339.4x₹1306 cr16.9%21.0%0.1x
2024-0243.0x₹1306 cr16.9%21.0%0.1x
2024-0141.0x₹1306 cr16.9%21.0%0.1x
2023-1239.8x₹1306 cr16.9%21.0%0.1x
2023-1140.2x₹1306 cr16.9%21.0%0.1x
2023-1037.4x₹1306 cr16.9%21.0%0.1x
2023-0937.6x₹1306 cr16.9%21.0%0.1x
2023-0837.8x₹1306 cr16.9%21.0%0.1x
2023-0737.5x₹1306 cr16.9%21.0%0.1x
2023-0636.8x₹1306 cr16.9%21.0%0.1x
2023-0537.9x₹1189 cr17.0%23.0%0.1x
2023-0436.5x₹1189 cr17.0%23.0%0.1x
2023-0336.4x₹1189 cr17.0%23.0%0.1x
2023-0236.8x₹1189 cr17.0%23.0%0.1x
2023-0136.5x₹1189 cr17.0%23.0%0.1x
2022-1239.0x₹1189 cr17.0%23.0%0.1x
2022-1142.5x₹1189 cr17.0%23.0%0.1x
2022-1043.8x₹1189 cr17.0%23.0%0.1x
2022-0943.1x₹1189 cr17.0%23.0%0.1x
2022-0843.6x₹1189 cr17.0%23.0%0.1x
2022-0741.3x₹1189 cr17.0%23.0%0.1x
2022-0638.5x₹1189 cr17.0%23.0%0.1x
2022-0538.7x₹1035 cr19.5%24.0%0.1x
2022-0439.7x₹1035 cr19.5%24.0%0.1x
2022-0336.7x₹1035 cr19.5%24.0%0.1x
2022-0238.5x₹1035 cr19.5%24.0%0.1x
2022-0141.4x₹1035 cr19.5%24.0%0.1x
2021-1241.4x₹1035 cr19.5%24.0%0.1x

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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