52-week range
Price risk
Balance sheet & cash
What is the price implying?
At a P/E of 163.1x, the price would imply about 42.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“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
What changed?
- Oct '26Volume reached 133.9x its 50-day median on 2026-10-15; price +5.1% that day.
- Sep '26Revenue (TTM) reached a new high of ₹2,013 cr.
- Sep '26Slipped to the bottom quartile of Process Industries on operating margin (from the 2nd quartile).
- Sep '26Volume reached 97.6x its 50-day median on 2026-09-16; price +4.5% that day.
- Jun '26Moved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
- May '26Debt / equity halved over 12 months to 0.63x.
- Apr '26Volume reached 6.9x its 50-day median on 2026-04-15; price +0.7% that day.
- Mar '26Moved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
Show 14 earlier events
- Feb '26Volume reached 44.9x its 50-day median on 2026-02-27; price +3.9% that day.
- Dec '25EPS (TTM) turned positive.
- Dec '25Moved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
- Dec '25Volume reached 63.1x its 50-day median on 2025-12-05; price +2.8% that day.
- Oct '25Debt / equity halved over 12 months to 0.63x.
- Oct '25Share count is up 21.4% over 12 months.
- Sep '25Slipped to the bottom quartile of Process Industries on operating margin (from the top quartile).
- Jul '25Volume reached 18.6x its 50-day median on 2025-07-04; price +5.0% that day.
- Jun '25Slipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
- Jun '25Debt / equity fell below 1.0x (0.63x).
- May '25Volume reached 36.9x its 50-day median on 2025-05-27; price +14.6% that day.
- Mar '25EPS (TTM) turned negative.
- Mar '25Fell 62% from the Dec 2024 peak to the Mar 2025 low.
- Mar '25Moved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
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
Are profits backed by cash?
3 of 4 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.
Other income reliance—Not enough data
Not enough reported data to compute this.
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 flow2 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history-13 daysWithin range
Debtor days are below the median of the previous three fiscal years by 13 days (21 vs 34). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress17% of fixed assetsWithin range
Capital work-in-progress is 17% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-49 days / 2 yrsWithin range
Days payable changed by -49 over two years. Bands: rise of up to 30 days; more than 30 days.
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.
Who has been buying and selling?
- Over 2 years, DIIs trimmed 4.9 pts; FIIs trimmed 0.9 pts.
- The number of shareholders fell from 1.0 lakh to 89,419 (-11%) between Dec 2024 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-62.5% (2024-12 peak to 2025-03 low, not yet recovered)
-22.1% (2024-11 peak to 2024-11 low, recovered 2024-12)
Most recent volume spikes
2026-10-15: 133.9x the 50-day median, price +5.1% that day
2026-09-17: 14.4x the 50-day median, price +2.7% that day
2026-09-16: 97.6x the 50-day median, price +4.5% 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).
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).
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 else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| BAJEL PROJECTS (BAJEL) | Utilities | 70% | promoter holding, operating margin |
| HT MEDIA (HTMEDIA) | Consumer Services | 66% | ROCE, revenue |
| INDOCO REMEDIES (INDOCO) | Health Technology | 60% | P/E, revenue |
| B L KASHYAP AND SONS (BLKASHYAP) | Industrial Services | 58% | P/E, market cap |
| HLE GLASCOAT (HLEGLAS) | Producer Manufacturing | 52% | debt/equity, promoter holding |
| AYM SYNTEX (AYMSYNTEX) | Process Industries | 58% | ROCE, promoter holding |
| PASHUPATI COTSPIN (PASHUPATI) | Process Industries | 54% | debt/equity, P/E |
| ORIENTAL AROMATICS (OAL) | Process Industries | 51% | P/E, debt/equity |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like GODAVARI BIOREFINERIES 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 −9% to +58% vs the market, against −3% for all non-financial companies in the same months.
- The analogs' median sat above that base rate (gap +18.8%, 80% range +7.9% to +26.0%), but the matches cluster in only 6 distinct 12-month windows.
Where the 50 outcomes landed
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 · 7 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 35 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| WHEELS Producer Manufacturing |
May 2022 | 794x | 4% | +9% | −39% | −8% |
| POWERMECH Industrial Services |
Jul 2021 | — | 1% | +94% | −9% | +4% |
| MSPL Non-Energy Minerals |
Dec 2020 | — | 2% | +7% | −23% | +49% |
| IMFA Non-Energy Minerals |
Jun 2020 | — | 0% | −18% | −34% | +123% |
| ACLGATI Transportation |
Aug 2020 | — | 0% | +8% | −35% | +97% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| WSTCSTPAPR Producer Manufacturing |
Dec 2021 | — | 2% | +32% | −17% | +115% |
| BIRLANU Producer Manufacturing |
May 2025 | — | 2% | −8% | −25% | −43% |
| ZUARIIND Process Industries |
May 2025 | — | 4% | +1% | −32% | −12% |
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, 12-month momentum and drawdown from 12-month high. This company is loss-making, so it was only compared with loss-making companies. 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.
Monthly history (25 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 6797.0x | ₹2013 cr | 0.0% | 6.0% | 0.7x |
| 2026-09 | 7733.7x | ₹2013 cr | 0.0% | 6.0% | 0.7x |
| 2026-08 | 344.6x | ₹1988 cr | 0.4% | 6.0% | 0.7x |
| 2026-07 | 383.7x | ₹1988 cr | 0.4% | 6.0% | 0.7x |
| 2026-06 | 423.4x | ₹1988 cr | 0.4% | 6.0% | 0.7x |
| 2026-05 | 63.6x | ₹2004 cr | 2.8% | 6.0% | 0.6x |
| 2026-04 | 72.2x | ₹2004 cr | 2.8% | 6.0% | 0.6x |
| 2026-03 | 67.0x | ₹2004 cr | 2.8% | 6.0% | 0.6x |
| 2026-02 | 75.0x | ₹1991 cr | 2.6% | 6.0% | 0.6x |
| 2026-01 | 64.0x | ₹1991 cr | 2.6% | 6.0% | 0.6x |
| 2025-12 | 71.1x | ₹1991 cr | 2.6% | 6.0% | 0.6x |
| 2025-11 | — | ₹1881 cr | -1.7% | 6.0% | 0.6x |
| 2025-10 | — | ₹1881 cr | -1.7% | 6.0% | 0.6x |
| 2025-09 | — | ₹1881 cr | -1.7% | 6.0% | 0.6x |
| 2025-08 | — | ₹1871 cr | -2.9% | 6.0% | 0.6x |
| 2025-07 | — | ₹1871 cr | -2.9% | 6.0% | 0.6x |
| 2025-06 | — | ₹1871 cr | -2.9% | 6.0% | 0.6x |
| 2025-05 | — | ₹1906 cr | -6.0% | 7.0% | 1.3x |
| 2025-04 | — | ₹1906 cr | -6.0% | 7.0% | 1.3x |
| 2025-03 | — | ₹1906 cr | -6.0% | 7.0% | 1.3x |
| 2025-02 | 272.0x | ₹1857 cr | 0.5% | 7.0% | 1.3x |
| 2025-01 | 416.6x | ₹1857 cr | 0.5% | 7.0% | 1.3x |
| 2024-12 | 533.7x | ₹1857 cr | 0.5% | 7.0% | 1.3x |
| 2024-11 | 120.3x | ₹1775 cr | 2.4% | 7.0% | 1.3x |
| 2024-10 | 119.7x | ₹1775 cr | 2.4% | 7.0% | 1.3x |