HINDUSTAN AERONAUTICS LIMITED (HAL): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹4,999 latest close · +12.9% over the last 90 sessions

₹4,999 month-end · +10.1% over 12 months

₹4,999 month-end · +110.1% over 3 years

₹4,999 month-end · +1306.4% since Jan '19

52-week range ₹3479.10 to ₹5149.90 · 1-year volatility 28.3%

Was the rally earned?

1 year3 years5 years

+10%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 12 points, but investors now pay less per rupee of profit (P/E 36.6x to 35.9x), which took 2 points back.
The share count barely moved.

Net profit growth+12 ptsNet profit rose about 12%, which lifts the price.

P/E change-2 ptsThe P/E fell from 36.6x to 35.9x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+110%share price, 3 yearsEarnings and multiple

Both mattered.

Per-share earnings added 70 points and the multiple added 40 points (P/E 27.3x to 35.9x).
The share count barely moved.

Net profit growth+70 ptsNet profit rose about 60%, which lifts the price.

P/E change+40 ptsThe P/E rose from 27.3x to 35.9x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+683%share price, 5 yearsEarnings and multiple

Both mattered.

Per-share earnings added 351 points and the multiple added 332 points (P/E 13.2x to 35.9x).
The share count barely moved.

Net profit growth+351 ptsNet profit rose about 188%, which lifts the price.

P/E change+332 ptsThe P/E rose from 13.2x to 35.9x, which lifts 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 BHARAT ELECTRONICS

How rough has the ride been?

Maximum drawdown-48.9%recovered 2021-08

1-year volatility28.3%annualised

Beta vs sector index0.993-year daily, correlation 0.74

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-48.9% (2020-08 peak to 2020-11 low, recovered 2021-08)

-45.2% (2020-01 peak to 2020-03 low, recovered 2020-07)

-45.1% (2024-07 peak to 2025-02 low, not yet recovered)

Most recent volume spikes

2026-08-06: 7x the 50-day median, price +5.9% 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?

35.9xP/E todayNear its historic high

Against its own history85th percentile

CheapestMedian 16.9xDearest

Usual range 9.8x to 37.2x since 2019-01.

Against Electronic Technology35.9x vs 55.3x

This company

35.9x

Sector median

55.3x

35% below the Electronic Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianElectronic Technology 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 Electronic Technology is valued

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology 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

ROCE88thflat vs a year ago
Op. margin91stflat vs a year ago
Revenue growth31st▲ 6 pts vs a year ago
EPS growth45th▲ 8 pts vs a year ago
Debt/equity ↓89th▼ 3 pts vs a year ago
Cash cycle ↓3rdflat vs a year ago
P/E ↓64th▼ 3 pts vs a year ago
12M momentum59thflat 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 Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~24%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 46.4x, a holder earning 12%/yr needs earnings to grow about 23.7%/yr for 10 years, then trade at 15x.

Delivered20.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+3.1 ptsimplied minus delivered

Rank473rdmost demanding of 856

Over time

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

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	25.2%	26.3%	27.4%
15x	22.6%	23.7%	24.8%
20x	19.4%	20.5%	21.6%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 23.7%/yr

Looking back

Jan 2020Price implied 7%/yr; EPS has since grown 22%/yr (7.0 yrs)
Jan 2021Price implied 8%/yr; EPS has since grown 21%/yr (6.0 yrs)
Jan 2022Price implied 10%/yr; EPS has since grown 23%/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 Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹4999.00
P/E: 35.9x
ROCE: 32.0%
Market Cap: ₹3.34L cr
Revenue (TTM): ₹33785 cr
P/S: 9.9x
P/B: 8.1x
ROE: 22.7%
Operating Margin: 28.0%
Debt / Equity: 0.0x
Promoter Holding: 71.6%
12M Momentum: 10.1%

52-week range

₹3479.10₹5149.90

91% of the way from its 52-week low to its high

Price risk

1Y volatility

28.3%

Beta vs sector

1-year daily

0.79

Balance sheet & cash

Interest cover

operating profit ÷ interest

100.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.31x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold

Other income reliance31%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 31.4%. 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 conversion1.31xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.31x (cash from operations ₹32,772 cr, net profit ₹25,101 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-10 daysWithin range

Debtor days are below the median of the previous three fiscal years by 10 days (45 vs 55). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress45% of fixed assetsWithin range

Capital work-in-progress is 45% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs trimmed 3.3 pts; DIIs added 2.2 pts.
The number of shareholders rose from 4.9 lakh to 12.1 lakh (+146%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters71.6%71.6%0.0 pts

FIIs12.6%9.3%-3.3 pts

DIIs9.7%11.9%+2.2 pts

Public and others6.0%7.0%+1.0 pts

Number of shareholders

12.1 lakhshareholders+146% since Sep '23

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

−16.8%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like HINDUSTAN AERONAUTICS 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 −26% to +9% vs the market, against −6% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −11.0%, 80% range −16.3% to −6.3%), but the matches cluster in only 4 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median

−16.8%

All companies' median

−5.8%

Beat the market

32% vs 44%

50 past situations · 50 companies · 25 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
BEL Electronic Technology	Feb 2024	50x	30%	+117%	0%	+25%
BAJAJ-AUTO Consumer Durables	Mar 2024	42x	27%	+136%	0%	−17%
CUMMINSIND Producer Manufacturing	Aug 2025	53x	36%	+2%	−2%	+24%
INFY Technology Services	Apr 2020	19x	32%	−5%	−15%	+19%
ITC Consumer Non-Durables	Sep 2022	22x	33%	+41%	−4%	+15%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
EICHERMOT Consumer Durables	Sep 2020	33x	25%	+24%	−5%	−23%
HINDUNILVR Consumer Non-Durables	Jan 2023	67x	25%	+13%	−5%	−31%
TCS Technology Services	Apr 2020	24x	47%	−11%	−12%	−6%

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: 12-month momentum, drawdown from 12-month high and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 4 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 HINDUSTAN AERONAUTICS 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

ABBOTT INDIAABBOTINDIA

Health Technology

78%similar

P/Eoperating margin

PIDILITE INDUSTRIESPIDILITIND

Process Industries

75%similar

ROCEmarket cap

HINDUSTAN UNILEVERHINDUNILVR

Consumer Non-Durables

73%similar

market caprevenue

GLAXOSMITHKLINE PHARMACEUTICALGLAXO

Health Technology

71%similar

volatilityoperating margin

ORACLE FINANCIAL SERVICES SOFTOFSS

Technology Services

70%similar

promoter holdingdebt/equity

BHARAT ELECTRONICSBEL

Electronic Technology

55%similar

market caprevenue

HONEYWELL AUTOMATION INDIAHONAUT

Electronic Technology

51%similar

volatilityrevenue growth

BHARAT DYNAMICSBDL

Electronic Technology

38%similar

debt/equityEPS growth

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

What changed?

30 events since Jun '21

2026
AugPriceVolume reached 7.0x its 50-day median on 2026-08-06; price +5.9% that day.
MarResultsYear-on-year EPS growth turned positive.
FebPriceVolume reached 8.0x its 50-day median on 2026-02-05; price -4.3% that day.
2025
DecResultsYear-on-year EPS growth turned negative.
SepValuationP/E crossed above the 90th percentile of its own history to date (38.2x).
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the 2nd quartile).
MayValuationP/E crossed above the 90th percentile of its own history to date (38.3x).
FebPriceFell 45% from the Jul 2024 peak to the Feb 2025 low.

Show 22 earlier events

2024
NovValuationP/E crossed above the 90th percentile of its own history to date (36.3x).
JunResultsRevenue (TTM) reached a new high of ₹30,381 cr.
JunPeer rankMoved into the 2nd quartile of Electronic Technology on EPS growth (from the 3rd quartile).
JunPriceVolume reached 6.8x its 50-day median on 2024-06-04; price -17.8% that day.
2023
NovPriceVolume reached 6.2x its 50-day median on 2023-11-30; price +1.6% that day.
JunResultsRevenue (TTM) reached a new high of ₹26,927 cr.
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the top quartile).
MayPriceVolume reached 12.0x its 50-day median on 2023-05-31; price +0.5% that day.
FebPriceVolume reached 6.4x its 50-day median on 2023-02-17; price -1.0% that day.
2022
NovPriceVolume reached 5.2x its 50-day median on 2022-11-16; price +6.3% that day.
AugValuationP/E crossed above the 90th percentile of its own history to date (15.1x).
JunResultsRevenue (TTM) reached a new high of ₹24,620 cr.
JunPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 2nd quartile).
JunPriceVolume reached 5.0x its 50-day median on 2022-06-17; price +5.7% that day.
MarPeer rankSlipped to the 2nd quartile of Electronic Technology on EPS growth (from the top quartile).
JanValuationP/E crossed above the 90th percentile of its own history to date (14.9x).
JanDebtDebt / equity halved over 12 months to 0.00x.
2021
AugPriceRegained the 2020-08 peak, 9 months after the low.
AugValuationP/E crossed above the 90th percentile of its own history to date (14.2x).
AugPriceVolume reached 14.9x its 50-day median on 2021-08-27; price +7.1% that day.
JunResultsRevenue (TTM) reached a new high of ₹22,755 cr.
JunPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 2nd 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

Monthly history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	35.9x	₹33785 cr	22.7%	32.0%	0.0x
2026-10	34.8x	₹33785 cr	22.7%	32.0%	0.0x
2026-09	33.5x	₹33785 cr	22.7%	32.0%	0.0x
2026-08	35.2x	₹33089 cr	22.2%	32.0%	0.0x
2026-07	34.1x	₹33089 cr	22.2%	32.0%	0.0x
2026-06	32.1x	₹33089 cr	22.2%	32.0%	0.0x
2026-05	32.4x	₹32847 cr	25.4%	34.0%	0.0x
2026-04	32.6x	₹32847 cr	25.4%	34.0%	0.0x
2026-03	26.2x	₹32847 cr	25.4%	34.0%	0.0x
2026-02	30.9x	₹32105 cr	24.2%	34.0%	0.0x
2026-01	36.5x	₹32105 cr	24.2%	34.0%	0.0x
2025-12	34.7x	₹32105 cr	24.2%	34.0%	0.0x
2025-11	36.6x	₹31452 cr	23.8%	34.0%	0.0x
2025-10	37.7x	₹31452 cr	23.8%	34.0%	0.0x
2025-09	38.2x	₹31452 cr	23.8%	34.0%	0.0x
2025-08	34.6x	₹30981 cr	23.9%	34.0%	0.0x
2025-07	36.3x	₹30981 cr	23.9%	34.0%	0.0x
2025-06	38.9x	₹30981 cr	23.9%	34.0%	0.0x
2025-05	38.3x	₹32050 cr	29.8%	39.0%	0.0x
2025-04	34.5x	₹32050 cr	29.8%	39.0%	0.0x
2025-03	32.1x	₹32050 cr	29.8%	39.0%	0.0x
2025-02	24.2x	₹31154 cr	29.2%	39.0%	0.0x
2025-01	30.9x	₹31154 cr	29.2%	39.0%	0.0x
2024-12	32.8x	₹31154 cr	29.2%	39.0%	0.0x
2024-11	36.3x	₹30814 cr	28.3%	39.0%	0.0x
2024-10	34.5x	₹30814 cr	28.3%	39.0%	0.0x
2024-09	35.9x	₹30814 cr	28.3%	39.0%	0.0x
2024-08	41.1x	₹30381 cr	26.2%	39.0%	0.0x
2024-07	43.2x	₹30381 cr	26.2%	39.0%	0.0x
2024-06	46.2x	₹30381 cr	26.2%	39.0%	0.0x
2024-05	57.1x	₹26927 cr	24.7%	31.0%	0.0x
2024-04	45.2x	₹26927 cr	24.7%	31.0%	0.0x
2024-03	38.2x	₹26927 cr	24.7%	31.0%	0.0x
2024-02	35.4x	₹26927 cr	24.7%	31.0%	0.0x
2024-01	34.4x	₹26927 cr	24.7%	31.0%	0.0x
2023-12	32.2x	₹26927 cr	24.7%	31.0%	0.0x
2023-11	27.3x	₹26927 cr	24.7%	31.0%	0.0x
2023-10	20.9x	₹26927 cr	24.7%	31.0%	0.0x
2023-09	22.1x	₹26927 cr	24.7%	31.0%	0.0x
2023-08	22.4x	₹26927 cr	24.7%	31.0%	0.0x
2023-07	22.7x	₹26927 cr	24.7%	31.0%	0.0x
2023-06	21.8x	₹26927 cr	24.7%	31.0%	0.0x
2023-05	20.5x	₹24620 cr	26.3%	30.0%	0.0x
2023-04	19.2x	₹24620 cr	26.3%	30.0%	0.0x
2023-03	18.0x	₹24620 cr	26.3%	30.0%	0.0x
2023-02	16.9x	₹24620 cr	26.3%	30.0%	0.0x
2023-01	16.8x	₹24620 cr	26.3%	30.0%	0.0x
2022-12	16.7x	₹24620 cr	26.3%	30.0%	0.0x
2022-11	18.1x	₹24620 cr	26.3%	30.0%	0.0x
2022-10	16.7x	₹24620 cr	26.3%	30.0%	0.0x
2022-09	15.4x	₹24620 cr	26.3%	30.0%	0.0x
2022-08	15.1x	₹24620 cr	26.3%	30.0%	0.0x
2022-07	13.3x	₹24620 cr	26.3%	30.0%	0.0x
2022-06	11.6x	₹24620 cr	26.3%	30.0%	0.0x
2022-05	19.0x	₹22755 cr	21.0%	26.0%	0.0x
2022-04	16.5x	₹22755 cr	21.0%	26.0%	0.0x
2022-03	15.3x	₹22755 cr	21.0%	26.0%	0.0x
2022-02	14.3x	₹22755 cr	21.0%	26.0%	0.0x
2022-01	14.9x	₹22755 cr	21.0%	26.0%	0.0x
2021-12	12.5x	₹22755 cr	21.0%	26.0%	0.0x
2021-11	13.2x	₹22755 cr	21.0%	26.0%	0.0x
2021-10	13.5x	₹22755 cr	21.0%	26.0%	0.0x
2021-09	14.0x	₹22755 cr	21.0%	26.0%	0.0x
2021-08	14.2x	₹22755 cr	21.0%	26.0%	0.0x
2021-07	11.5x	₹22755 cr	21.0%	26.0%	0.0x
2021-06	10.5x	₹22755 cr	21.0%	26.0%	0.0x
2021-05	11.8x	₹21445 cr	21.8%	24.0%	0.4x
2021-04	11.1x	₹21445 cr	21.8%	24.0%	0.4x
2021-03	11.5x	₹21445 cr	21.8%	24.0%	0.4x
2021-02	12.6x	₹21445 cr	21.8%	24.0%	0.4x
2021-01	10.7x	₹21445 cr	21.8%	24.0%	0.4x
2020-12	9.8x	₹21445 cr	21.8%	24.0%	0.4x
2020-11	9.5x	₹21445 cr	21.8%	24.0%	0.4x
2020-10	8.0x	₹21445 cr	21.8%	24.0%	0.4x
2020-09	9.4x	₹21445 cr	21.8%	24.0%	0.4x
2020-08	10.7x	₹21445 cr	21.8%	24.0%	0.4x
2020-07	10.1x	₹21445 cr	21.8%	24.0%	0.4x
2020-06	9.0x	₹21445 cr	21.8%	24.0%	0.4x
2020-05	8.0x	₹20008 cr	19.3%	29.0%	0.3x
2020-04	7.6x	₹20008 cr	19.3%	29.0%	0.3x
2020-03	7.5x	₹20008 cr	19.3%	29.0%	0.3x
2020-02	9.9x	₹20008 cr	19.3%	29.0%	0.3x
2020-01	11.5x	₹20008 cr	19.3%	29.0%	0.3x
2019-12	10.5x	₹20008 cr	19.3%	29.0%	0.3x
2019-11	11.1x	₹20008 cr	19.3%	29.0%	0.3x
2019-10	11.0x	₹20008 cr	19.3%	29.0%	0.3x
2019-09	10.1x	₹20008 cr	19.3%	29.0%	0.3x
2019-08	9.3x	₹20008 cr	19.3%	29.0%	0.3x
2019-07	9.5x	₹20008 cr	19.3%	29.0%	0.3x
2019-06	10.3x	₹20008 cr	19.3%	29.0%	0.3x
2019-05	11.9x	₹18520 cr	20.9%	27.0%	0.1x
2019-04	11.2x	₹18520 cr	20.9%	27.0%	0.1x
2019-03	11.9x	₹18520 cr	20.9%	27.0%	0.1x
2019-02	11.0x	₹18520 cr	20.9%	27.0%	0.1x
2019-01	11.9x	₹18520 cr	20.9%	27.0%	0.1x

Methodology and data notes