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GRINDWELL NORTON LTD (GRINDWELL)

Process Industries · Industrial Specialties · 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.82 / 100
Profitability 83Growth 62Balance 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.50 / 100
Price 47Earnings 60FII/DII 43

Passes these screensQuality CompounderDebt-light & profitable

Compare withASIAN PAINTS INDIASOLAR INDUSTRIES INDIAPIDILITE INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,961.7 latest close · −6.1% over the last 90 sessions

₹1,800₹2,000₹2,200₹2,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,800₹2,000₹2,200₹2,400Jul 3Sep 4Nov 9

₹1,961.7 month-end · +26.1% over 12 months

₹1,500₹1,750₹2,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,500₹1,750₹2,000Nov '25May '26Nov '26

₹1,961.7 month-end · −6.3% over 3 years

₹1,500₹2,000₹2,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000₹2,500Nov '23May '25Nov '26

₹1,961.7 month-end · +261.9% since Jan '19

₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1329.00 to ₹2455.00 · 1-year volatility 36.0%

Was the rally earned?

+26%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 19 points to the rise, while the multiple moved less (P/E 46.5x to 49.8x).
  • The share count barely moved.
Net profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18 ptsNet profit growthP/E change: +8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+8 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: +26%+26%Share priceNet profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18ProfitP/E change: +8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+8P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +26%+26%Share price
Net profit growth+18 ptsNet profit rose about 17%, which lifts the price.
P/E change+8 ptsThe P/E rose from 46.5x to 49.8x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-6%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 18 points, but investors now pay less per rupee of profit (P/E 64.1x to 49.8x), which took 24 points back.
  • The share count barely moved.
Net profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18 ptsNet profit growthP/E change: −24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−24 ptsP/E changeShare price: −6%−6%Share priceNet profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18ProfitP/E change: −24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−24P/EShare price: −6%−6%Share price
Net profit growth+18 ptsNet profit rose about 20%, which lifts the price.
P/E change-24 ptsThe P/E fell from 64.1x to 49.8x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+22%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 66 points, but investors now pay less per rupee of profit (P/E 74.7x to 49.8x), which took 45 points back.
  • The share count barely moved.
Net profit growth: +67 pts. Points of the price return explained by net profit growing (or shrinking).+67 ptsNet profit growthP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45 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: +22%+22%Share priceNet profit growth: +67 pts. Points of the price return explained by net profit growing (or shrinking).+67ProfitP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +22%+22%Share price
Net profit growth+67 ptsNet profit rose about 83%, which lifts the price.
P/E change-45 ptsThe P/E fell from 74.7x to 49.8x, 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 ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-54.1%not yet recovered
1-year volatility36.0%annualised
Beta vs sector index0.753-year daily, correlation 0.38
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.6% 0%−20%−40%2020202220242026−53.6%
Largest drawdowns

-54.1% (2024-07 peak to 2026-03 low, not yet recovered)

-37.4% (2020-02 peak to 2020-03 low, recovered 2020-12)

-23.8% (2022-04 peak to 2022-06 low, recovered 2022-08)

Most recent volume spikes

2026-10-29: 11.6x the 50-day median, price +5.6% that day

2026-10-13: 8.6x the 50-day median, price -1.4% that day

2026-10-08: 5.3x the 50-day median, price -0.6% 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?

49.8xP/E todayWithin its usual range
Against its own history39th percentile
CheapestMedian 56.5xDearest

Usual range 36.7x to 77.8x since 2019-01.

Against Process Industries49.8x vs 18.1x
This company
49.8x
Sector median
18.1x

175% above the Process Industries median.

6.8x34.1x61.4x88.8xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x34.1x61.4x88.8xJan '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

  • ROCE84thflat vs a year ago
  • Op. margin83rdflat vs a year ago
  • Revenue growth62nd▲ 20 pts vs a year ago
  • EPS growth59th▲ 17 pts vs a year ago
  • Debt/equity ↓87thflat vs a year ago
  • Cash cycle ↓84th▲ 12 pts vs a year ago
  • P/E ↓15th▼ 4 pts vs a year ago
  • 12M momentum82nd▲ 40 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?

~26%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 59.5x, a holder earning 12%/yr needs earnings to grow about 26.2%/yr for 10 years, then trade at 15x.

Delivered15.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+11.2 ptsimplied minus delivered
Rank300thmost demanding of 856

Over time

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

0%18%37% Jan 2019Nov 2026 0%18%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x27.5%28.7%29.8%
15x25.1%26.2%27.3%
20x21.9%23.0%24.1%

Drag a slider to test other assumptions

Implied: 26.2%/yr

Looking back

  • Jan 2020Price implied 26%/yr; EPS has since grown 14%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 15%/yr (6.0 yrs)
  • Jan 2022Price implied 36%/yr; EPS has since grown 12%/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
₹1961.70
P/E
49.8x
ROCE
21.0%
Market Cap
₹21715 cr
Revenue (TTM)
₹3173 cr
P/S
6.8x
P/B
8.6x
ROE
17.2%
Operating Margin
20.0%
Debt / Equity
0.0x
Promoter Holding
58.0%
12M Momentum
26.1%

52-week range

₹1329.00₹2455.00
56% of the way from its 52-week low to its high

Price risk

1Y volatility
36.0%
Beta vs sector
1-year daily
0.80

Balance sheet & cash

Interest cover
operating profit ÷ interest
84.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.17x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance16%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 16.5%. 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 conversion1.17xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.17x (cash from operations ₹1,368 cr, net profit ₹1,172 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 history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (47 vs 47). 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 2 years, DIIs added 4.1 pts; FIIs trimmed 3.2 pts.
  • The number of shareholders fell from 52,199 to 45,545 (-13%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.0%58.0%0.0 pts
FIIs8.4%5.2%-3.2 pts
DIIs15.4%19.6%+4.1 pts
Public and others18.1%17.2%-0.9 pts

Number of shareholders

45,545shareholders-13% since Dec '23
46k48k50k52k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 52,199
Mar '24: 47,954
Jun '24: 47,493
Sep '24: 50,455
Dec '24: 50,300
Mar '25: 46,810
Jun '25: 47,110
Sep '25: 48,557
Dec '25: 49,010
Mar '26: 46,994
Jun '26: 45,545
 46k48k50k52k Dec '23Dec '24Dec '25Jun '26
Dec '23: 52,199
Mar '24: 47,954
Jun '24: 47,493
Sep '24: 50,455
Dec '24: 50,300
Mar '25: 46,810
Jun '25: 47,110
Sep '25: 48,557
Dec '25: 49,010
Mar '26: 46,994
Jun '26: 45,545

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

−9.3%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like GRINDWELL NORTON 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 −20% to +5% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −8.6%, 80% range −16.1% to −6.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%
GODFRYPHLP · Apr 2020: −46.4% vs market
SIEMENS · Oct 2024: −43.2% vs market
BSOFT · Feb 2024: −43.0% vs market
COFORGE · Sep 2021: −36.1% vs market
ACUTAAS · Jun 2023: −30.7% vs market
ARE&M · Jun 2020: −29.9% vs market
INTELLECT · Apr 2024: −28.0% vs market
AFFLE · Oct 2025: −26.5% vs market
JYOTHYLAB · Nov 2023: −25.2% vs market
CERA · Jun 2023: −22.6% vs market
GREAVESCOT · Feb 2020: −22.5% vs market
EIHOTEL · Oct 2025: −22.4% vs market
KSB · Apr 2024: −20.1% vs market
ASTRAL · May 2023: −19.8% vs market
CONCOR · Feb 2020: −19.6% vs market
EMAMILTD · Apr 2021: −19.1% vs market
PIIND · Jan 2023: −19.1% vs market
SUPREMEIND · Nov 2023: −18.8% vs market
VESUVIUS · Sep 2025: −17.7% vs market
CENTURYPLY · Nov 2021: −17.5% vs market
SUMICHEM · Aug 2025: −15.1% vs market
VGUARD · Jan 2020: −14.0% vs market
SAREGAMA · Jul 2022: −12.1% vs market
FINPIPE · Mar 2020: −9.9% vs market
KANSAINER · May 2020: −9.7% vs market
KENNAMET · Oct 2022: −8.9% vs market
3MINDIA · Apr 2023: −8.6% vs market
TTKPRESTIG · Feb 2020: −6.4% vs market
EICHERMOT · Apr 2023: −5.8% vs market
AIAENG · Apr 2023: −5.5% vs market
POLYCAB · Oct 2023: −5.5% vs market
ATUL · Oct 2020: −4.9% vs market
KAJARIACER · Jun 2021: −3.3% vs market
CARBORUNIV · Oct 2021: −2.9% vs market
TRITURBINE · Jan 2023: −0.2% vs market
ZFCVINDIA · Aug 2025: +0.3% vs market
KPRMILL · Sep 2025: +3.0% vs market
LAOPALA · May 2020: +5.1% vs market
MANKIND · May 2024: +9.7% vs market
RHIM · May 2022: +11.9% vs market
AJANTPHARM · Jan 2024: +14.6% vs market
SCHAEFFLER · Mar 2025: +17.0% vs market
DHANUKA · Mar 2020: +18.0% vs market
BALKRISIND · Mar 2020: +18.6% vs market
INGERRAND · Jan 2023: +19.8% vs market
JBCHEPHARM · May 2023: +20.3% vs market
LINDEINDIA · Dec 2022: +29.3% vs market
HSCL · Jun 2025: +30.9% vs market
CUMMINSIND · Apr 2023: +40.7% vs market
PERSISTENT · Feb 2021: +98.0% vs market
Similar setups −9.3%All companies −0.7%← 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
−9.3%
All companies' median
−0.7%
Beat the market
30% vs 49%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CARBORUNIV
Process Industries		 Oct 2021 56x19% +195%−10% −3%
SUMICHEM
Process Industries		 Aug 2025 56x25% +11%−13% −15%
SUPREMEIND
Producer Manufacturing		 Nov 2023 65x26% +82%−6% −19%
SCHAEFFLER
Producer Manufacturing		 Mar 2025 56x25% +20%−30% +17%
CERA
Consumer Durables		 Jun 2023 48x26% +85%−5% −23%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JYOTHYLAB
Consumer Non-Durables		 Nov 2023 56x18% +114%−5% −25%
KANSAINER
Process Industries		 May 2020 43x20% −21%−35% −10%
VGUARD
Producer Manufacturing		 Jan 2020 58x26% +15%−10% −14%
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/E and ROCE. 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 GRINDWELL NORTON 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.

ASTRALASTRAL
Producer Manufacturing
76%similar
EPS growthrevenue growth
GARWARE TECHNICAL FIBRESGARFIBRES
Producer Manufacturing
74%similar
revenue growthdebt/equity
TIMKEN INDIATIMKEN
Producer Manufacturing
72%similar
market capP/E
ZF COMMERCIAL VEHICLE CONTROLZFCVINDIA
Producer Manufacturing
71%similar
P/Erevenue growth
KPR MILLKPRMILL
Consumer Non-Durables
68%similar
ROCEoperating margin
INDIGO PAINTSINDIGOPNTS
Process Industries
61%similar
EPS growthdebt/equity
ASIAN PAINTS INDIAASIANPAINT
Process Industries
56%similar
P/EEPS growth
CLEAN SCIENCE AND TECHNOLOGYCLEAN
Process Industries
54%similar
ROCEvolatility

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

What changed?

30 events since Nov '21

  1. OctPriceVolume reached 11.6x its 50-day median on 2026-10-29; price +5.6% that day.
  2. JulPriceVolume reached 10.2x its 50-day median on 2026-07-08; price -0.8% that day.
  3. MayPriceVolume reached 26.8x its 50-day median on 2026-05-11; price +6.7% that day.
  4. MarPriceFell 54% from the Jul 2024 peak to the Mar 2026 low.
  5. FebPriceVolume reached 17.9x its 50-day median on 2026-02-27; price -0.1% that day.
  6. DecResultsYear-on-year EPS growth turned positive.
  7. DecPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  8. OctPriceVolume reached 15.0x its 50-day median on 2025-10-30; price +6.5% that day.
Show 22 earlier events
  1. JulPriceVolume reached 14.3x its 50-day median on 2025-07-01; price -0.4% that day.
  2. JunResultsYear-on-year EPS growth turned negative.
  3. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  4. MayPriceVolume reached 21.5x its 50-day median on 2025-05-08; price +14.7% that day.
  5. MarPriceVolume reached 10.1x its 50-day median on 2025-03-27; price -5.7% that day.
  6. NovPriceVolume reached 25.9x its 50-day median on 2024-11-25; price +1.8% that day.
  7. JunResultsRevenue (TTM) reached a new high of ₹2,687 cr.
  8. JunValuationP/E crossed above the 90th percentile of its own history to date (78.9x).
  9. MayPriceVolume reached 25.4x its 50-day median on 2024-05-30; price -3.2% that day.
  10. JanPriceVolume reached 9.3x its 50-day median on 2024-01-25; price +3.8% that day.
  11. DecPriceVolume reached 32.3x its 50-day median on 2023-12-20; price -0.6% that day.
  12. AugPriceVolume reached 12.1x its 50-day median on 2023-08-01; price +5.2% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹2,541 cr.
  14. JunPriceVolume reached 5.5x its 50-day median on 2023-06-07; price +2.5% that day.
  15. JanPriceVolume reached 11.9x its 50-day median on 2023-01-18; price -1.2% that day.
  16. OctPriceVolume reached 11.0x its 50-day median on 2022-10-31; price +1.8% that day.
  17. AugValuationP/E crossed above the 90th percentile of its own history to date (82.4x).
  18. AugPriceVolume reached 11.3x its 50-day median on 2022-08-01; price +7.6% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹2,013 cr.
  20. JunPriceVolume reached 5.8x its 50-day median on 2022-06-27; price +3.8% that day.
  21. MarPriceVolume reached 25.7x its 50-day median on 2022-03-17; price -0.1% that day.
  22. NovPriceVolume reached 8.8x its 50-day median on 2021-11-30; price +0.8% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1149.8x₹3173 cr17.2%21.0%0.0x
2026-1047.7x₹3173 cr17.2%21.0%0.0x
2026-0950.6x₹3173 cr17.2%21.0%0.0x
2026-0853.9x₹3073 cr16.4%21.0%0.0x
2026-0756.5x₹3073 cr16.4%21.0%0.0x
2026-0657.8x₹3073 cr16.4%21.0%0.0x
2026-0552.4x₹2941 cr17.3%21.0%0.0x
2026-0444.8x₹2941 cr17.3%21.0%0.0x
2026-0338.5x₹2941 cr17.3%21.0%0.0x
2026-0248.4x₹2891 cr16.9%21.0%0.0x
2026-0144.9x₹2891 cr16.9%21.0%0.0x
2025-1245.5x₹2891 cr16.9%21.0%0.0x
2025-1146.5x₹2810 cr16.5%21.0%0.0x
2025-1050.5x₹2810 cr16.5%21.0%0.0x
2025-0947.5x₹2810 cr16.5%21.0%0.0x
2025-0847.0x₹2813 cr16.5%21.0%0.0x
2025-0746.3x₹2813 cr16.5%21.0%0.0x
2025-0651.9x₹2813 cr16.5%21.0%0.0x
2025-0554.0x₹2794 cr18.1%25.0%0.0x
2025-0450.6x₹2794 cr18.1%25.0%0.0x
2025-0351.0x₹2794 cr18.1%25.0%0.0x
2025-0242.6x₹2751 cr18.2%25.0%0.0x
2025-0157.1x₹2751 cr18.2%25.0%0.0x
2024-1256.8x₹2751 cr18.2%25.0%0.0x
2024-1161.3x₹2724 cr18.5%25.0%0.0x
2024-1064.6x₹2724 cr18.5%25.0%0.0x
2024-0970.2x₹2724 cr18.5%25.0%0.0x
2024-0870.4x₹2687 cr18.7%25.0%0.0x
2024-0774.7x₹2687 cr18.7%25.0%0.0x
2024-0678.9x₹2687 cr18.7%25.0%0.0x
2024-0578.4x₹2541 cr20.1%28.0%0.0x
2024-0465.1x₹2541 cr20.1%28.0%0.0x
2024-0358.2x₹2541 cr20.1%28.0%0.0x
2024-0263.9x₹2541 cr20.1%28.0%0.0x
2024-0172.5x₹2541 cr20.1%28.0%0.0x
2023-1271.2x₹2541 cr20.1%28.0%0.0x
2023-1164.1x₹2541 cr20.1%28.0%0.0x
2023-1065.6x₹2541 cr20.1%28.0%0.0x
2023-0963.6x₹2541 cr20.1%28.0%0.0x
2023-0869.6x₹2541 cr20.1%28.0%0.0x
2023-0770.9x₹2541 cr20.1%28.0%0.0x
2023-0669.8x₹2541 cr20.1%28.0%0.0x
2023-0578.2x₹2013 cr18.8%26.0%0.0x
2023-0471.2x₹2013 cr18.8%26.0%0.0x
2023-0370.4x₹2013 cr18.8%26.0%0.0x
2023-0267.6x₹2013 cr18.8%26.0%0.0x
2023-0174.8x₹2013 cr18.8%26.0%0.0x
2022-1266.8x₹2013 cr18.8%26.0%0.0x
2022-1171.9x₹2013 cr18.8%26.0%0.0x
2022-1078.8x₹2013 cr18.8%26.0%0.0x
2022-0977.3x₹2013 cr18.8%26.0%0.0x
2022-0882.4x₹2013 cr18.8%26.0%0.0x
2022-0765.8x₹2013 cr18.8%26.0%0.0x
2022-0663.0x₹2013 cr18.8%26.0%0.0x
2022-0579.4x₹1638 cr17.4%23.0%0.0x
2022-0479.3x₹1638 cr17.4%23.0%0.0x
2022-0383.3x₹1638 cr17.4%23.0%0.0x
2022-0274.4x₹1638 cr17.4%23.0%0.0x
2022-0187.4x₹1638 cr17.4%23.0%0.0x
2021-1288.8x₹1638 cr17.4%23.0%0.0x

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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