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HAVELLS INDIA LIMITED (HAVELLS)

Producer Manufacturing · Electrical Products · 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.69 / 100
Profitability 53Growth 54Balance 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.37 / 100
Price 39Earnings 44FII/DII 27

Passes these screensQuality CompounderDebt-light & profitableConsistent compounders

Compare withBHARAT HEAVY ELECTRICALSABB INDIASIEMENS

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,159.5 latest close · −1.8% over the last 90 sessions

₹1,000₹1,100₹1,200₹1,300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,000₹1,100₹1,200₹1,300Jul 3Sep 4Nov 9

₹1,159.5 month-end · −19.6% over 12 months

₹1,000₹1,200₹1,400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,200₹1,400Nov '25May '26Nov '26

₹1,159.5 month-end · −11.0% over 3 years

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

₹1,159.5 month-end · +62.5% since Jan '19

₹500₹1,000₹1,500₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500₹2,000Jan '19Dec '22Nov '26

52-week range ₹999.20 to ₹1514.70 · 1-year volatility 26.4%

Was the rally earned?

-20%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 13 points, but investors now pay less per rupee of profit (P/E 64.0x to 44.5x), which took 33 points back.
  • The share count barely moved.
Net profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13 ptsNet profit growthP/E change: −33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−33 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: −20%−20%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: −33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−33P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −20%−20%Share price
Net profit growth+13 ptsNet profit rose about 16%, which lifts the price.
P/E change-33 ptsThe P/E fell from 64.0x to 44.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-11%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 40 points, but investors now pay less per rupee of profit (P/E 76.1x to 44.5x), which took 51 points back.
  • The share count barely moved.
Net profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40 ptsNet profit growthP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51 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: −11%−11%Share priceNet profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40ProfitP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −11%−11%Share price
Net profit growth+40 ptsNet profit rose about 52%, which lifts the price.
P/E change-51 ptsThe P/E fell from 76.1x to 44.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-15%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 41 points, but investors now pay less per rupee of profit (P/E 81.6x to 44.5x), which took 56 points back.
  • The share count barely moved.
Net profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41 ptsNet profit growthP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56 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: −15%−15%Share priceNet profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41ProfitP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −15%−15%Share price
Net profit growth+41 ptsNet profit rose about 57%, which lifts the price.
P/E change-56 ptsThe P/E fell from 81.6x to 44.5x, 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 BHARAT HEAVY ELECTRICALS

How rough has the ride been?

Maximum drawdown-51.6%not yet recovered
1-year volatility26.4%annualised
Beta vs sector index0.663-year daily, correlation 0.54
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.3% 0%−20%−40%2020202220242026−51.3%
Largest drawdowns

-51.6% (2024-09 peak to 2026-10 low, not yet recovered)

-42.2% (2019-06 peak to 2020-05 low, recovered 2020-11)

-27.4% (2021-10 peak to 2022-06 low, recovered 2024-02)

Most recent volume spikes

2026-07-17: 5.4x the 50-day median, price +1.4% 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?

44.5xP/E todayNear its historic low
Against its own history6th percentile
CheapestMedian 67.5xDearest

Usual range 48.2x to 88.8x since 2019-01.

Against Producer Manufacturing44.5x vs 29.6x
This company
44.5x
Sector median
29.6x

51% above the Producer Manufacturing median.

10.6x44.2x77.8x111.5xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x44.2x77.8x111.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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

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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

  • ROCE83rd▲ 3 pts vs a year ago
  • Op. margin23rd▼ 10 pts vs a year ago
  • Revenue growth38th▼ 14 pts vs a year ago
  • EPS growth57th▲ 9 pts vs a year ago
  • Debt/equity ↓81stflat vs a year ago
  • Cash cycle ↓76th▼ 3 pts vs a year ago
  • P/E ↓28th▲ 10 pts vs a year ago
  • 12M momentum30th▼ 20 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?

~23%annual earnings growth implied by the priceAbove delivered growth

At P/E of 44.5x, a holder earning 12%/yr needs earnings to grow about 22.6%/yr for 10 years, then trade at 15x.

Delivered13.0%/yrEPS, last 10 fiscal years · fitted trend
Gap+9.6 ptsimplied minus delivered
Rank340thmost demanding of 856

Over time

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

-1%18%37% Jan 2019Nov 2026 -1%18%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x24.0%25.1%26.2%
15x21.5%22.6%23.7%
20x18.4%19.5%20.6%

Drag a slider to test other assumptions

Implied: 22.6%/yr

Looking back

  • Jan 2020Price implied 25%/yr; EPS has since grown 12%/yr (7.0 yrs)
  • Jan 2021Price implied 31%/yr; EPS has since grown 15%/yr (6.0 yrs)
  • Jan 2022Price implied 34%/yr; EPS has since grown 10%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1159.50
P/E
44.5x
ROCE
25.0%
Market Cap
₹72751 cr
Revenue (TTM)
₹23590 cr
P/S
3.1x
P/B
7.7x
ROE
17.3%
Operating Margin
7.0%
Debt / Equity
0.0x
Promoter Holding
59.4%
12M Momentum
-19.6%

52-week range

₹999.20₹1514.70
31% of the way from its 52-week low to its high

Price risk

1Y volatility
26.4%
Beta vs sector
1-year daily
0.70

Balance sheet & cash

Interest cover
operating profit ÷ interest
61.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.14x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance22%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 21.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.14xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.14x (cash from operations ₹5,048 cr, net profit ₹4,430 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-8 daysWithin range

Debtor days are below the median of the previous three fiscal years by 8 days (13 vs 21). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-9 days / 2 yrsWithin range

Days payable changed by -9 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, FIIs trimmed 8.1 pts; DIIs added 8.0 pts.
  • The number of shareholders rose from 2.3 lakh to 3.0 lakh (+31%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters59.4%59.4%-0.1 pts
FIIs24.0%15.9%-8.1 pts
DIIs10.0%18.0%+8.0 pts
Public and others6.5%6.5%0.0 pts

Number of shareholders

3.0 lakhshareholders+31% since Dec '23
2.1L2.4L2.7L3.0L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 2.3 lakh
Mar '24: 2.2 lakh
Jun '24: 2.1 lakh
Sep '24: 2.1 lakh
Dec '24: 2.4 lakh
Mar '25: 2.5 lakh
Jun '25: 2.6 lakh
Sep '25: 2.7 lakh
Dec '25: 2.8 lakh
Mar '26: 2.7 lakh
Jun '26: 3.0 lakh
 2.1L2.4L2.7L3.0L Dec '23Dec '24Dec '25Jun '26
Dec '23: 2.3 lakh
Mar '24: 2.2 lakh
Jun '24: 2.1 lakh
Sep '24: 2.1 lakh
Dec '24: 2.4 lakh
Mar '25: 2.5 lakh
Jun '25: 2.6 lakh
Sep '25: 2.7 lakh
Dec '25: 2.8 lakh
Mar '26: 2.7 lakh
Jun '26: 3.0 lakh

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

−5.0%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like HAVELLS INDIA 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 −23% to +15% vs the market, against 0% for all non-financial companies in the same months.
  • The gap against the base rate (−4.9%, 80% range −11.5% to +0.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
ARE&M · Mar 2021: −49.1% vs market
KANSAINER · Jul 2021: −40.6% vs market
TTKPRESTIG · Feb 2023: −33.8% vs market
TIINDIA · Jan 2025: −33.7% vs market
DABUR · May 2023: −31.6% vs market
MPHASIS · Jun 2022: −31.6% vs market
GRINDWELL · Aug 2024: −30.5% vs market
AIAENG · Dec 2020: −29.7% vs market
TECHM · Sep 2021: −27.7% vs market
CENTURYPLY · Jul 2023: −27.1% vs market
EXIDEIND · Jul 2020: −26.7% vs market
SUMICHEM · Jun 2023: −24.9% vs market
IPCALAB · Jul 2022: −23.9% vs market
INFY · Jan 2023: −22.1% vs market
ENDURANCE · Dec 2021: −21.5% vs market
GLAXO · Apr 2022: −19.9% vs market
PIIND · Nov 2023: −16.6% vs market
LTTS · Oct 2023: −15.2% vs market
HONAUT · Oct 2025: −14.6% vs market
ATUL · Nov 2021: −12.1% vs market
VOLTAS · Jul 2021: −11.8% vs market
BAJAJ-AUTO · Jun 2021: −10.4% vs market
BOSCHLTD · Jan 2020: −7.3% vs market
RATNAMANI · Jan 2021: −5.9% vs market
DEEPAKNTR · Sep 2023: −5.6% vs market
VGUARD · Jun 2020: −4.5% vs market
DMART · Jun 2025: 0% vs market
KAJARIACER · Feb 2022: +0.4% vs market
UNITDSPR · Jul 2024: +0.7% vs market
CIPLA · Jan 2024: +1.3% vs market
SCHAEFFLER · Jul 2024: +2.6% vs market
HCLTECH · Nov 2022: +4.6% vs market
UBL · Apr 2021: +5.8% vs market
ESCORTS · Mar 2021: +6.3% vs market
MANKIND · Jun 2024: +6.7% vs market
ACC · Sep 2021: +6.8% vs market
ABBOTINDIA · Aug 2022: +12.7% vs market
AJANTPHARM · Jul 2022: +15.7% vs market
POLYCAB · Jul 2021: +16.4% vs market
EICHERMOT · Aug 2021: +17.0% vs market
KSB · Jun 2025: +17.0% vs market
EMAMILTD · Jul 2023: +19.6% vs market
AMBUJACEM · Sep 2021: +28.4% vs market
SIEMENS · Jan 2024: +35.7% vs market
JBCHEPHARM · Aug 2022: +44.0% vs market
BEL · Oct 2023: +53.5% vs market
CERA · Jun 2022: +54.4% vs market
CUMMINSIND · Mar 2020: +56.6% vs market
SUPREMEIND · Sep 2022: +66.5% vs market
CARBORUNIV · Oct 2020: +85.0% vs market
Similar setups −5.0%All companies −0.1%← 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
−5.0%
All companies' median
−0.1%
Beat the market
46% vs 50%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SIEMENS
Producer Manufacturing		 Jan 2024 57x21% +42%−4% +36%
ATUL
Process Industries		 Nov 2021 39x24% +38%−20% −12%
VGUARD
Producer Manufacturing		 Jun 2020 39x26% −30%−32% −5%
SUPREMEIND
Producer Manufacturing		 Sep 2022 28x35% −9%−18% +67%
CUMMINSIND
Producer Manufacturing		 Mar 2020 12x24% −56%−59% +57%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DEEPAKNTR
Process Industries		 Sep 2023 34x30% +4%−10% −6%
KAJARIACER
Producer Manufacturing		 Feb 2022 56x21% +14%−21% 0%
TTKPRESTIG
Consumer Durables		 Feb 2023 34x24% −4%−27% −34%
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 revenue growth. 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 HAVELLS INDIA LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MARUTI SUZUKI INDIAMARUTI
Consumer Durables
72%similar
volatilitypromoter holding
UNITED SPIRITSUNITDSPR
Consumer Non-Durables
67%similar
volatilityROCE
NBCC (INDIA)NBCC
Commercial Services
63%similar
operating marginrevenue growth
APL APOLLO TUBESAPLAPOLLO
Non-Energy Minerals
61%similar
operating marginrevenue
COROMANDEL INTERNATIONAL LIMITCOROMANDEL
Process Industries
59%similar
revenuemarket cap
MOTHERSON SUMI WIRING INDMSUMI
Producer Manufacturing
72%similar
operating marginP/E
ZF COMMERCIAL VEHICLE CONTROLZFCVINDIA
Producer Manufacturing
68%similar
promoter holdingEPS growth
BOSCHBOSCHLTD
Producer Manufacturing
67%similar
revenuerevenue growth

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. OctPriceFell 52% from the Sep 2024 peak to the Oct 2026 low.
  2. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  3. JulPriceVolume reached 5.4x its 50-day median on 2026-07-17; price +1.4% that day.
  4. AprPriceVolume reached 7.1x its 50-day median on 2026-04-23; price -6.6% that day.
  5. MarResultsRevenue (TTM) reached a new high of ₹22,366 cr.
  6. MarValuationP/E fell below the 10th percentile of its own history to date (50.2x).
  7. JanPriceVolume reached 7.3x its 50-day median on 2026-01-20; price -7.0% that day.
  8. DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  2. JulPriceVolume reached 6.1x its 50-day median on 2025-07-22; price +3.1% that day.
  3. JunPeer rankMoved into the top quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  4. AprPriceVolume reached 5.9x its 50-day median on 2025-04-23; price -3.2% that day.
  5. FebPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
  6. FebPriceVolume reached 9.0x its 50-day median on 2025-02-27; price -6.2% that day.
  7. SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  8. JunResultsYear-on-year EPS growth turned positive.
  9. JunPeer rankMoved into the top quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  10. MarPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
  11. FebPriceRegained the 2021-10 peak, 20 months after the low.
  12. FebValuationP/E crossed above the 90th percentile of its own history to date (89.5x).
  13. FebPriceVolume reached 9.5x its 50-day median on 2024-02-28; price +4.4% that day.
  14. OctPriceVolume reached 5.0x its 50-day median on 2023-10-20; price -5.1% that day.
  15. JulPriceVolume reached 6.8x its 50-day median on 2023-07-18; price +2.8% that day.
  16. JunResultsYear-on-year EPS growth turned negative.
  17. OctPriceVolume reached 5.4x its 50-day median on 2022-10-20; price -3.1% that day.
  18. JunResultsRevenue (TTM) reached a new high of ₹13,938 cr.
  19. JunPriceFell 27% from the Oct 2021 peak to the Jun 2022 low.
  20. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  21. MarPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  22. NovPriceVolume reached 6.5x its 50-day median on 2021-11-30; price +2.3% 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
2026-1144.5x₹23590 cr17.3%25.0%0.0x
2026-1038.9x₹23590 cr17.2%25.0%0.0x
2026-0939.0x₹23590 cr17.2%25.0%0.0x
2026-0846.1x₹22527 cr17.9%25.0%0.0x
2026-0746.7x₹22527 cr17.9%25.0%0.0x
2026-0643.0x₹22527 cr17.9%25.0%0.0x
2026-0549.7x₹22366 cr17.8%25.0%0.0x
2026-0452.3x₹22366 cr17.8%25.0%0.0x
2026-0350.2x₹22366 cr17.8%25.0%0.0x
2026-0259.9x₹21667 cr17.6%25.0%0.0x
2026-0155.1x₹21667 cr17.6%25.0%0.0x
2025-1261.0x₹21667 cr17.6%25.0%0.0x
2025-1164.0x₹21427 cr17.0%25.0%0.0x
2025-1066.3x₹21427 cr17.0%25.0%0.0x
2025-0966.7x₹21427 cr17.0%25.0%0.0x
2025-0864.9x₹21778 cr17.7%25.0%0.0x
2025-0763.9x₹21778 cr17.7%25.0%0.0x
2025-0666.0x₹21778 cr17.7%25.0%0.0x
2025-0568.3x₹20676 cr18.8%24.0%0.0x
2025-0471.6x₹20676 cr18.8%24.0%0.0x
2025-0368.4x₹20676 cr18.8%24.0%0.0x
2025-0263.2x₹20201 cr18.9%24.0%0.0x
2025-0169.6x₹20201 cr18.9%24.0%0.0x
2024-1274.4x₹20201 cr18.9%24.0%0.0x
2024-1177.4x₹19562 cr18.7%24.0%0.0x
2024-1073.8x₹19562 cr18.7%24.0%0.0x
2024-0990.7x₹19562 cr18.7%24.0%0.0x
2024-0893.7x₹18590 cr17.1%24.0%0.0x
2024-0791.2x₹18590 cr17.1%24.0%0.0x
2024-0689.9x₹18590 cr17.1%24.0%0.0x
2024-05111.5x₹16911 cr16.2%22.0%0.0x
2024-0497.3x₹16911 cr16.2%22.0%0.0x
2024-0388.5x₹16911 cr16.2%22.0%0.0x
2024-0289.5x₹16911 cr16.2%22.0%0.0x
2024-0175.7x₹16911 cr16.2%22.0%0.0x
2023-1280.0x₹16911 cr16.2%22.0%0.0x
2023-1176.1x₹16911 cr16.2%22.0%0.0x
2023-1072.8x₹16911 cr16.2%22.0%0.0x
2023-0981.2x₹16911 cr16.2%22.0%0.0x
2023-0880.9x₹16911 cr16.2%22.0%0.0x
2023-0778.0x₹16911 cr16.2%22.0%0.0x
2023-0675.0x₹16911 cr16.2%22.0%0.0x
2023-0568.5x₹13938 cr19.9%27.0%0.1x
2023-0464.4x₹13938 cr19.9%27.0%0.1x
2023-0362.2x₹13938 cr19.9%27.0%0.1x
2023-0262.7x₹13938 cr19.9%27.0%0.1x
2023-0161.9x₹13938 cr19.9%27.0%0.1x
2022-1257.6x₹13938 cr19.9%27.0%0.1x
2022-1165.6x₹13938 cr19.9%27.0%0.1x
2022-1063.7x₹13938 cr19.9%27.0%0.1x
2022-0970.6x₹13938 cr19.9%27.0%0.1x
2022-0872.9x₹13938 cr19.9%27.0%0.1x
2022-0765.4x₹13938 cr19.9%27.0%0.1x
2022-0657.5x₹13938 cr19.9%27.0%0.1x
2022-0572.1x₹10457 cr20.2%30.0%0.1x
2022-0478.6x₹10457 cr20.2%30.0%0.1x
2022-0369.1x₹10457 cr20.2%30.0%0.1x
2022-0271.1x₹10457 cr20.2%30.0%0.1x
2022-0171.0x₹10457 cr20.2%30.0%0.1x
2021-1283.8x₹10457 cr20.2%30.0%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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