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HCL TECHNOLOGIES LIMITED (HCLTECH)

Technology Services · Information Technology Services · figures to Nov '26

Divergence: price ahead of business (2 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.72 / 100
Profitability 78Growth 39Balance 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.45 / 100
Price 73Earnings 39FII/DII 24

Passes these screensQuality CompounderDebt-light & profitablePrice ahead of businessInstitutions in, retail out

Compare withTATA CONSULTANCY SERVICESINFOSYSWIPRO

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,407 latest close · +23.5% over the last 90 sessions

₹1,200₹1,300₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,300₹1,400Jul 3Sep 4Nov 9

₹1,407 month-end · −13.4% over 12 months

₹1,200₹1,400₹1,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,200₹1,400₹1,600Nov '25May '26Nov '26

₹1,407 month-end · +4.9% over 3 years

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

₹1,407 month-end · +179.9% 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 ₹1030.00 to ₹1780.10 · 1-year volatility 30.9%

Was the rally earned?

-13%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 2 points, but investors now pay less per rupee of profit (P/E 26.0x to 21.9x), which took 16 points back.
  • The share count barely moved.
Net profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 ptsP/E changeShare price: −13%−13%Share priceNet profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare price: −13%−13%Share price
Net profit growth+2 ptsNet profit rose about 3%, which lifts the price.
P/E change-16 ptsThe P/E fell from 26.0x to 21.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+5%share price, 3 yearsRoughly flat
  • The share price was roughly flat over 3 years (+5%).
  • The share count barely moved.
Net profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).+16 ptsNet profit growthP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11 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: +5%+5%Share priceNet profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).+16ProfitP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +5%+5%Share price
Net profit growth+16 ptsNet profit rose about 17%, which lifts the price.
P/E change-11 ptsThe P/E fell from 24.5x to 21.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+24%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 50 points, but investors now pay less per rupee of profit (P/E 27.7x to 21.9x), which took 26 points back.
  • The share count barely moved.
Net profit growth: +50 pts. Points of the price return explained by net profit growing (or shrinking).+50 ptsNet profit growthP/E change: −26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−26 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: +24%+24%Share priceNet profit growth: +50 pts. Points of the price return explained by net profit growing (or shrinking).+50ProfitP/E change: −26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−26P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +24%+24%Share price
Net profit growth+50 ptsNet profit rose about 56%, which lifts the price.
P/E change-26 ptsThe P/E fell from 27.7x to 21.9x, 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 TATA CONSULTANCY SERVICES

How rough has the ride been?

Maximum drawdown-48.2%not yet recovered
1-year volatility30.9%annualised
Beta vs sector index1.003-year daily, correlation 0.73
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−44.8% 0%−20%−40%2020202220242026−44.8%
Largest drawdowns

-48.2% (2025-01 peak to 2026-07 low, not yet recovered)

-35.0% (2021-09 peak to 2022-07 low, recovered 2023-12)

-34.7% (2020-02 peak to 2020-04 low, recovered 2020-07)

Most recent volume spikes

2026-10-13: 9.6x the 50-day median, price +8.4% 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?

21.9xP/E todayWithin its usual range
Against its own history43rd percentile
CheapestMedian 22.3xDearest

Usual range 15.2x to 28.6x since 2019-01.

Against Technology Services21.9x vs 21.1x
This company
21.9x
Sector median
21.1x

Close to the Technology Services median.

7.4x19.2x31.1x42.9xJan '19Aug '20Mar '22Oct '23May '25Nov '267.4x19.2x31.1x42.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

Where does it rank among Technology Services peers?

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

  • ROCE83rdflat vs a year ago
  • Op. margin72ndflat vs a year ago
  • Revenue growth50th▲ 6 pts vs a year ago
  • EPS growth40th▼ 5 pts vs a year ago
  • Debt/equity ↓55th▲ 5 pts vs a year ago
  • Cash cycle ↓43rd▲ 5 pts vs a year ago
  • P/E ↓46th▼ 10 pts vs a year ago
  • 12M momentum61st▼ 4 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

~11%annual earnings growth implied by the priceIn line with delivered growth

At P/E of 21.9x, a holder earning 12%/yr needs earnings to grow about 11.4%/yr for 10 years, then trade at 15x.

Delivered9.3%/yrEPS, last 10 fiscal years · fitted trend
Gap+2.1 ptsimplied minus delivered
Rank494thmost demanding of 856

Over time

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

0%11%21% Jan 2019Nov 2026 0%11%21% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x12.2%13.2%14.3%
15x10.4%11.4%12.4%
20x7.9%8.9%9.8%

Drag a slider to test other assumptions

Implied: 11.4%/yr

Looking back

  • Jan 2020Price implied 13%/yr; EPS has since grown 7%/yr (7.0 yrs)
  • Jan 2021Price implied 18%/yr; EPS has since grown 7%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/yr; EPS has since grown 8%/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 Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1407.00
P/E
21.9x
ROCE
30.0%
Market Cap
₹3.82L cr
Revenue (TTM)
₹1.34L cr
P/S
2.8x
P/B
5.1x
ROE
23.2%
Operating Margin
20.0%
Debt / Equity
0.1x
Promoter Holding
60.9%
12M Momentum
-13.4%

52-week range

₹1030.00₹1780.10
50% of the way from its 52-week low to its high

Price risk

1Y volatility
30.9%
Beta vs sector
1-year daily
1.05

Balance sheet & cash

Interest cover
operating profit ÷ interest
31.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.30x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.3%. 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 conversion1.30xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.30x (cash from operations ₹64,684 cr, net profit ₹49,761 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (88 vs 85). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

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 3.9 pts; DIIs added 3.1 pts.
  • The number of shareholders rose from 8.8 lakh to 10.2 lakh (+16%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters60.8%60.9%+0.1 pts
FIIs18.8%14.9%-3.9 pts
DIIs15.6%18.8%+3.1 pts
Public and others4.5%5.1%+0.6 pts

Number of shareholders

10.2 lakhshareholders+16% since Sep '23
8.5L9.1L9.7L10.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 8.8 lakh
Dec '23: 8.5 lakh
Mar '24: 8.6 lakh
Jun '24: 9.5 lakh
Sep '24: 8.8 lakh
Dec '24: 8.7 lakh
Mar '25: 8.8 lakh
Jun '25: 8.9 lakh
Sep '25: 9.3 lakh
Dec '25: 8.8 lakh
Mar '26: 8.8 lakh
Jun '26: 10.2 lakh
 8.5L9.1L9.7L10.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 8.8 lakh
Dec '23: 8.5 lakh
Mar '24: 8.6 lakh
Jun '24: 9.5 lakh
Sep '24: 8.8 lakh
Dec '24: 8.7 lakh
Mar '25: 8.8 lakh
Jun '25: 8.9 lakh
Sep '25: 9.3 lakh
Dec '25: 8.8 lakh
Mar '26: 8.8 lakh
Jun '26: 10.2 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

−7.7%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 HCL TECHNOLOGIES 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 −22% to +12% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (−1.5%, 80% range −8.6% to +5.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
KPITTECH · Oct 2025: −52.0% vs market
ARE&M · Dec 2020: −48.9% vs market
PETRONET · Jul 2020: −43.8% vs market
PIIND · Aug 2025: −40.4% vs market
HINDZINC · Feb 2023: −32.5% vs market
ITC · Apr 2020: −30.3% vs market
WIPRO · Feb 2022: −29.7% vs market
LTTS · Jun 2025: −28.8% vs market
ACC · Oct 2022: −28.0% vs market
INFY · Aug 2025: −26.8% vs market
EMAMILTD · Oct 2024: −25.9% vs market
AIAENG · Nov 2023: −24.7% vs market
RATNAMANI · Jul 2024: −22.4% vs market
HAVELLS · Jan 2023: −21.2% vs market
IGL · Dec 2022: −20.4% vs market
TCS · Apr 2023: −19.7% vs market
MARUTI · Feb 2020: −19.7% vs market
HEROMOTOCO · Jul 2024: −15.5% vs market
DRREDDY · Oct 2023: −14.8% vs market
COROMANDEL · Apr 2023: −13.3% vs market
DEEPAKNTR · Aug 2023: −11.0% vs market
MPHASIS · Sep 2023: −10.7% vs market
COFORGE · Jul 2023: −9.1% vs market
HINDUNILVR · May 2025: −8.5% vs market
BERGEPAINT · Jan 2025: −7.7% vs market
ASIANPAINT · Feb 2025: −7.7% vs market
ZYDUSLIFE · Apr 2025: −5.9% vs market
CENTURYPLY · Jan 2024: −5.2% vs market
ALKEM · Nov 2024: −3.0% vs market
CIPLA · Jun 2024: −0.4% vs market
MANKIND · Sep 2024: +4.7% vs market
LUPIN · Aug 2025: +7.2% vs market
AMBUJACEM · Jul 2022: +7.7% vs market
PERSISTENT · Sep 2025: +8.9% vs market
UNITDSPR · Jun 2024: +9.6% vs market
MARICO · Dec 2024: +11.2% vs market
HSCL · Oct 2025: +11.6% vs market
TECHM · Apr 2020: +12.6% vs market
INDGN · Oct 2025: +15.0% vs market
SUNPHARMA · Aug 2025: +15.6% vs market
ATUL · Feb 2021: +17.6% vs market
EICHERMOT · Jun 2024: +18.5% vs market
POLYCAB · Mar 2022: +28.3% vs market
BAJAJ-AUTO · Aug 2025: +30.5% vs market
SIEMENS · Jan 2024: +35.7% vs market
CUMMINSIND · Dec 2023: +41.8% vs market
AJANTPHARM · Oct 2025: +50.4% vs market
BEL · Oct 2023: +53.5% vs market
SUPREMEIND · Sep 2022: +66.5% vs market
HAL · Oct 2023: +67.2% vs market
Similar setups −7.7%All companies −6.2%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median
−7.7%
All companies' median
−6.2%
Beat the market
40% vs 43%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TECHM
Technology Services		 Apr 2020 11x25% −36%−36% +13%
HINDZINC
Non-Energy Minerals		 Feb 2023 13x37% −3%−20% −33%
WIPRO
Technology Services		 Feb 2022 27x22% +36%−23% −30%
INFY
Technology Services		 Aug 2025 22x38% −24%−27% −27%
BAJAJ-AUTO
Consumer Durables		 Aug 2025 33x28% −19%−30% +31%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CIPLA
Health Technology		 Jun 2024 29x23% +46%−6% 0%
DRREDDY
Health Technology		 Oct 2023 20x27% +21%−10% −15%
LTTS
Technology Services		 Jun 2025 37x27% −10%−24% −29%
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, 12-month momentum 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 HCL TECHNOLOGIES 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.

DABUR INDIADABUR
Consumer Non-Durables
71%similar
operating marginEPS growth
HINDUSTAN UNILEVERHINDUNILVR
Consumer Non-Durables
71%similar
market caprevenue
ITCITC
Consumer Non-Durables
69%similar
market caprevenue
COAL INDIACOALINDIA
Energy Minerals
68%similar
revenuepromoter holding
INDIAN RAIL CAT AND TOUR IRCTCIRCTC
Consumer Services
68%similar
promoter holdingROCE
TATA CONSULTANCY SERVICESTCS
Technology Services
74%similar
market caprevenue
L&T TECHNOLOGIESLTTS
Technology Services
62%similar
EPS growthoperating margin
WIPROWIPRO
Technology Services
58%similar
revenuemarket cap

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

What changed?

30 events since Jan '21

  1. OctPriceVolume reached 9.6x its 50-day median on 2026-10-13; price +8.4% that day.
  2. SepResultsYear-on-year EPS growth turned positive.
  3. JulPriceFell 48% from the Jan 2025 peak to the Jul 2026 low.
  4. AprPriceVolume reached 10.7x its 50-day median on 2026-04-22; price -10.8% that day.
  5. MarResultsYear-on-year EPS growth turned negative.
  6. SepPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the 2nd quartile).
  7. JulPriceVolume reached 6.8x its 50-day median on 2025-07-15; price -3.3% that day.
  8. JunPeer rankSlipped to the 2nd quartile of Technology Services on operating margin (from the top quartile).
Show 22 earlier events
  1. AprPriceVolume reached 5.0x its 50-day median on 2025-04-23; price +7.7% that day.
  2. MarPeer rankMoved into the top quartile of Technology Services on operating margin (from the 2nd quartile).
  3. JanPriceVolume reached 6.7x its 50-day median on 2025-01-14; price -8.8% that day.
  4. JulValuationP/E crossed above the 90th percentile of its own history to date (28.4x).
  5. JunResultsRevenue (TTM) reached a new high of ₹109,913 cr.
  6. JunPeer rankMoved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  7. JanValuationP/E crossed above the 90th percentile of its own history to date (28.8x).
  8. DecPriceRegained the 2021-09 peak, 17 months after the low.
  9. JulPriceVolume reached 7.3x its 50-day median on 2023-07-13; price -0.2% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹101,456 cr.
  11. FebPriceVolume reached 9.0x its 50-day median on 2023-02-28; price -0.6% that day.
  12. DecPeer rankMoved into the 2nd quartile of Technology Services on EPS growth (from the 3rd quartile).
  13. DecPriceVolume reached 5.0x its 50-day median on 2022-12-09; price -6.7% that day.
  14. JulPriceFell 35% from the Sep 2021 peak to the Jul 2022 low.
  15. JunResultsRevenue (TTM) reached a new high of ₹85,651 cr.
  16. JunPeer rankSlipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  17. MarValuationP/E crossed above the 90th percentile of its own history to date (28.3x).
  18. OctPriceVolume reached 5.0x its 50-day median on 2021-10-18; price -2.4% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹75,379 cr.
  20. JunPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the 2nd quartile).
  21. MayValuationP/E crossed above the 90th percentile of its own history to date (23.2x).
  22. JanValuationP/E crossed above the 90th percentile of its own history to date (22.4x).

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
2026-1121.9x₹1.34L cr23.2%30.0%0.1x
2026-1022.2x₹1.34L cr23.2%30.0%0.1x
2026-0919.2x₹1.34L cr23.2%30.0%0.1x
2026-0821.4x₹1.30L cr22.2%30.0%0.1x
2026-0722.0x₹1.30L cr22.2%30.0%0.1x
2026-0617.5x₹1.30L cr22.2%30.0%0.1x
2026-0519.5x₹1.26L cr23.6%32.0%0.1x
2026-0419.8x₹1.26L cr23.6%32.0%0.1x
2026-0322.1x₹1.26L cr23.6%32.0%0.1x
2026-0222.2x₹1.22L cr24.4%32.0%0.1x
2026-0127.1x₹1.22L cr24.4%32.0%0.1x
2025-1225.9x₹1.22L cr24.4%32.0%0.1x
2025-1126.0x₹1.19L cr24.4%32.0%0.1x
2025-1024.6x₹1.19L cr24.4%32.0%0.1x
2025-0922.1x₹1.19L cr24.4%32.0%0.1x
2025-0822.7x₹1.17L cr25.0%32.0%0.1x
2025-0722.9x₹1.17L cr25.0%32.0%0.1x
2025-0627.0x₹1.17L cr25.0%32.0%0.1x
2025-0526.0x₹1.15L cr25.0%30.0%0.1x
2025-0424.9x₹1.15L cr25.0%30.0%0.1x
2025-0325.3x₹1.15L cr25.0%30.0%0.1x
2025-0225.4x₹1.14L cr24.7%30.0%0.1x
2025-0127.8x₹1.14L cr24.7%30.0%0.1x
2024-1230.9x₹1.14L cr24.7%30.0%0.1x
2024-1130.5x₹1.12L cr24.1%30.0%0.1x
2024-1029.2x₹1.12L cr24.1%30.0%0.1x
2024-0929.7x₹1.12L cr24.1%30.0%0.1x
2024-0830.3x₹1.10L cr23.0%30.0%0.1x
2024-0728.4x₹1.10L cr23.0%30.0%0.1x
2024-0625.2x₹1.10L cr23.0%30.0%0.1x
2024-0524.2x₹1.01L cr22.7%28.0%0.1x
2024-0425.0x₹1.01L cr22.7%28.0%0.1x
2024-0328.2x₹1.01L cr22.7%28.0%0.1x
2024-0230.4x₹1.01L cr22.7%28.0%0.1x
2024-0128.8x₹1.01L cr22.7%28.0%0.1x
2023-1226.8x₹1.01L cr22.7%28.0%0.1x
2023-1124.5x₹1.01L cr22.7%28.0%0.1x
2023-1023.3x₹1.01L cr22.7%28.0%0.1x
2023-0922.6x₹1.01L cr22.7%28.0%0.1x
2023-0821.4x₹1.01L cr22.7%28.0%0.1x
2023-0720.4x₹1.01L cr22.7%28.0%0.1x
2023-0621.7x₹1.01L cr22.7%28.0%0.1x
2023-0523.0x₹85651 cr21.8%25.0%0.1x
2023-0421.4x₹85651 cr21.8%25.0%0.1x
2023-0321.8x₹85651 cr21.8%25.0%0.1x
2023-0221.7x₹85651 cr21.8%25.0%0.1x
2023-0122.6x₹85651 cr21.8%25.0%0.1x
2022-1220.9x₹85651 cr21.8%25.0%0.1x
2022-1122.5x₹85651 cr21.8%25.0%0.1x
2022-1020.9x₹85651 cr21.8%25.0%0.1x
2022-0918.7x₹85651 cr21.8%25.0%0.1x
2022-0818.9x₹85651 cr21.8%25.0%0.1x
2022-0719.1x₹85651 cr21.8%25.0%0.1x
2022-0619.6x₹85651 cr21.8%25.0%0.1x
2022-0525.3x₹75379 cr18.6%26.0%0.1x
2022-0426.3x₹75379 cr18.6%26.0%0.1x
2022-0328.3x₹75379 cr18.6%26.0%0.1x
2022-0227.4x₹75379 cr18.6%26.0%0.1x
2022-0126.8x₹75379 cr18.6%26.0%0.1x
2021-1232.1x₹75379 cr18.6%26.0%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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