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HFCL LIMITED (HFCL)

Electronic Technology · Telecommunications Equipment · 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.51 / 100
Profitability 60Growth 42Balance sheet 52
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.83 / 100
Price 58Earnings 93FII/DII 97

Passes these screensHigh Momentum

Compare withSTERLITE TECHNOLOGIESASTRA MICROWAVE PRODUCTSTEJAS NETWORKS

Share price

Closing priceAdjusted for splits and bonus issues.

₹206.47 latest close · −3.7% over the last 90 sessions

₹200₹250Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹250Jul 3Sep 4Nov 9

₹206.47 month-end · +194.2% over 12 months

₹100₹200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹100₹200Nov '25May '26Nov '26

₹206.47 month-end · +209.8% over 3 years

₹100₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200Nov '23May '25Nov '26

₹206.47 month-end · +805.6% since Jan '19

₹0₹100₹200Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹100₹200Jan '19Dec '22Nov '26

52-week range ₹59.82 to ₹282.25 · 1-year volatility 53.1%

Was the rally earned?

+194%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 496 points, but investors now pay less per rupee of profit (P/E 292.4x to 54.8x), which took 301 points back.
  • The share count rose 13%.
Net profit growth: +518 pts. Points of the price return explained by net profit growing (or shrinking).+518 ptsNet profit growthP/E change: −301 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−301 ptsP/E changeShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22 ptsShare count changeShare price: +194%+194%Share priceNet profit growth: +518 pts. Points of the price return explained by net profit growing (or shrinking).+518ProfitP/E change: −301 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−301P/EShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22SharesShare price: +194%+194%Share price
Net profit growth+518 ptsNet profit rose about 1676%, which lifts the price.
P/E change-301 ptsThe P/E fell from 292.4x to 54.8x, which lowers the price.
Share count change-22 ptsShare count rose 13%, which lowers the price.
+210%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 102 points and the multiple added 108 points (P/E 30.6x to 54.8x).
  • The share count rose 10%.
Net profit growth: +119 pts. Points of the price return explained by net profit growing (or shrinking).+119 ptsNet profit growthP/E change: +108 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+108 ptsP/E changeShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17 ptsShare count changeShare price: +210%+210%Share priceNet profit growth: +119 pts. Points of the price return explained by net profit growing (or shrinking).+119ProfitP/E change: +108 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+108P/EShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17SharesShare price: +210%+210%Share price
Net profit growth+119 ptsNet profit rose about 90%, which lifts the price.
P/E change+108 ptsThe P/E rose from 30.6x to 54.8x, which lifts the price.
Share count change-17 ptsShare count rose 10%, which lowers the price.
+188%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 126 points to the rise, while the multiple moved less (P/E 38.6x to 54.8x).
  • The share count rose 21%.
Net profit growth: +160 pts. Points of the price return explained by net profit growing (or shrinking).+160 ptsNet profit growthP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62 ptsP/E changeShare count change: −34 pts. Points of the price return explained by the share count changing. More shares count against the price.−34 ptsShare count changeShare price: +188%+188%Share priceNet profit growth: +160 pts. Points of the price return explained by net profit growing (or shrinking).+160ProfitP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62P/EShare count change: −34 pts. Points of the price return explained by the share count changing. More shares count against the price.−34SharesShare price: +188%+188%Share price
Net profit growth+160 ptsNet profit rose about 146%, which lifts the price.
P/E change+62 ptsThe P/E rose from 38.6x to 54.8x, which lifts the price.
Share count change-34 ptsShare count rose 21%, which lowers 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 STERLITE TECHNOLOGIES

How rough has the ride been?

Maximum drawdown-65.4%recovered 2020-12
1-year volatility53.1%annualised
Beta vs sector index1.123-year daily, correlation 0.57
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−64.6% 0%−20%−40%−60%2020202220242026−64.6%
Largest drawdowns

-65.4% (2019-01 peak to 2020-03 low, recovered 2020-12)

-62.3% (2024-09 peak to 2026-01 low, recovered 2026-05)

-45.0% (2022-01 peak to 2022-06 low, recovered 2024-01)

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?

54.8xP/E todayWithin its usual range
Against its own history79th percentile
CheapestMedian 34.3xDearest

Usual range 9.8x to 113.9x since 2019-01.

Against Electronic Technology54.8x vs 55.3x
This company
54.8x
Sector median
55.3x

Close to the Electronic Technology median.

5.2x185.2x365.3x545.3xJan '19Aug '20Mar '22Oct '23May '25Nov '265.2x185.2x365.3x545.3xJan '19Sep '21May '24Nov '26
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

  • ROCE39th▲ 15 pts vs a year ago
  • Op. margin81st▲ 64 pts vs a year ago
  • Revenue growth83rd▲ 75 pts vs a year ago
  • EPS growth100th▲ 90 pts vs a year ago
  • Debt/equity ↓41st▲ 4 pts vs a year ago
  • Cash cycle ↓37th▼ 18 pts vs a year ago
  • P/E ↓52nd▲ 46 pts vs a year ago
  • 12M momentum97th▲ 82 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 Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~37%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 111.5x, a holder earning 12%/yr needs earnings to grow about 36.5%/yr for 10 years, then trade at 15x.

Delivered4.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+32.1 ptsimplied minus delivered
Rank44thmost demanding of 856

Over time

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

0%20%39% Jan 2019Nov 2026 0%20%39% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x38.3%39.5%40.7%
15x35.3%36.5%37.7%
20x31.5%32.7%33.9%

Drag a slider to test other assumptions

Implied: 36.5%/yr

Looking back

  • Jan 2020Price implied 9%/yr; EPS has since grown 2%/yr (7.0 yrs)
  • Jan 2021Price implied 16%/yr; EPS has since grown 3%/yr (6.0 yrs)
  • Jan 2022Price implied 27%/yr; EPS has since grown 2%/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
₹206.47
P/E
54.8x
ROCE
11.0%
Market Cap
₹31547 cr
Revenue (TTM)
₹5993 cr
P/S
5.3x
P/B
6.5x
ROE
11.8%
Operating Margin
22.0%
Debt / Equity
0.4x
Promoter Holding
28.3%
12M Momentum
194.2%

52-week range

₹59.82₹282.25
66% of the way from its 52-week low to its high

Price risk

1Y volatility
53.1%
Beta vs sector
1-year daily
1.21

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.03x
low
Share count, 1Y
+6.3%

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold
Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.3%. 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 conversion-0.03xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.03x (cash from operations ₹-27 cr, net profit ₹840 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-7 daysWithin range

Debtor days are below the median of the previous three fiscal years by 7 days (163 vs 170). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress40% of fixed assetsWithin range

Capital work-in-progress is 40% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-5 days / 2 yrsWithin range

Days payable changed by -5 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, promoters trimmed 9.6 pts; FIIs added 7.4 pts; DIIs added 6.3 pts.
  • The number of shareholders rose from 5.9 lakh to 7.3 lakh (+24%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters37.8%28.3%-9.6 pts
FIIs8.3%15.7%+7.4 pts
DIIs4.6%10.9%+6.3 pts
Public and others49.1%45.0%-4.1 pts

Number of shareholders

7.3 lakhshareholders+24% since Sep '23
5.9L6.8L7.8L8.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 5.9 lakh
Dec '23: 6.5 lakh
Mar '24: 7.3 lakh
Jun '24: 7.7 lakh
Sep '24: 7.7 lakh
Dec '24: 8.2 lakh
Mar '25: 8.4 lakh
Jun '25: 8.6 lakh
Sep '25: 8.7 lakh
Dec '25: 8.4 lakh
Mar '26: 8.0 lakh
Jun '26: 7.3 lakh
 5.9L6.8L7.8L8.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 5.9 lakh
Dec '23: 6.5 lakh
Mar '24: 7.3 lakh
Jun '24: 7.7 lakh
Sep '24: 7.7 lakh
Dec '24: 8.2 lakh
Mar '25: 8.4 lakh
Jun '25: 8.6 lakh
Sep '25: 8.7 lakh
Dec '25: 8.4 lakh
Mar '26: 8.0 lakh
Jun '26: 7.3 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

−5.3%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 HFCL 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 −39% to +22% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (−0.5%, 80% range −19.0% to +10.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
NEULANDLAB · Feb 2021: −56.3% vs market
HATHWAY · Jul 2020: −56.2% vs market
ORCHPHARMA · Oct 2024: −51.4% vs market
HIKAL · Aug 2021: −49.4% vs market
GRANULES · Sep 2020: −49.0% vs market
MOTISONS · Dec 2024: −48.7% vs market
FSL · Jun 2021: −45.0% vs market
OLECTRA · Feb 2024: −43.2% vs market
AARTIDRUGS · Aug 2020: −42.9% vs market
STERTOOLS · Apr 2023: −40.0% vs market
SDBL · Aug 2023: −39.5% vs market
RAMCOSYS · Nov 2020: −39.5% vs market
PGEL · May 2025: −38.8% vs market
TRIDENT · Dec 2021: −38.1% vs market
KAYNES · Apr 2025: −34.0% vs market
TARIL · Feb 2025: −31.9% vs market
SHILPAMED · Aug 2020: −31.2% vs market
JYOTICNC · Jan 2025: −29.3% vs market
COCHINSHIP · Jul 2024: −28.2% vs market
PREMEXPLN · Jun 2024: −26.0% vs market
MANINFRA · Feb 2022: −22.3% vs market
MARINE · Dec 2024: −20.6% vs market
ANANTRAJ · Nov 2024: −17.6% vs market
TITAGARH · Jan 2024: −13.8% vs market
ASTEC · Jul 2020: −5.6% vs market
ELGIEQUIP · Oct 2022: −5.0% vs market
JINDWORLD · Oct 2022: −1.3% vs market
PRESTIGE · Jan 2024: −0.6% vs market
ICIL · Nov 2020: +6.3% vs market
RELTD · Aug 2025: +7.4% vs market
RKFORGE · Sep 2023: +8.0% vs market
AXISCADES · Jul 2025: +11.2% vs market
LAURUSLABS · Nov 2020: +13.8% vs market
JWL · Aug 2023: +13.8% vs market
BECTORFOOD · Nov 2023: +15.0% vs market
GENUSPOWER · Jun 2024: +17.8% vs market
HSCL · Jan 2024: +22.0% vs market
GANESHHOU · Jun 2022: +22.4% vs market
MANORAMA · Sep 2025: +32.2% vs market
FORCEMOT · May 2024: +37.8% vs market
APOLLO · Oct 2025: +52.2% vs market
SHAILY · Apr 2025: +55.2% vs market
TEJASNET · Aug 2021: +56.4% vs market
GREENPANEL · Jul 2021: +61.9% vs market
ADANIENT · Apr 2021: +62.7% vs market
KALYANKJIL · Nov 2023: +72.3% vs market
SERVOTECH · Oct 2023: +72.5% vs market
AMBER · Feb 2020: +73.2% vs market
ACUTAAS · May 2025: +160.5% vs market
AVALON · Aug 2025: +165.3% vs market
Similar setups −5.3%All companies −4.8%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−5.3%
All companies' median
−4.8%
Beat the market
44% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HSCL
Process Industries		 Jan 2024 75x13% +305%−4% +22%
TITAGARH
Producer Manufacturing		 Jan 2024 100x18% +378%−7% −14%
LAURUSLABS
Health Technology		 Nov 2020 66x14% +352%−6% +14%
TARIL
Producer Manufacturing		 Feb 2025 93x15% +123%−38% −32%
MANINFRA
Finance		 Feb 2022 118x10% +330%−21% −22%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NEULANDLAB
Health Technology		 Feb 2021 160x8% +391%−10% −56%
JWL
Producer Manufacturing		 Aug 2023 110x24% +330%−5% +14%
APOLLO
Electronic Technology		 Oct 2025 131x14% +173%−20% +52%
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: debt/equity, P/E and interest cover. 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 HFCL 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.

WOCKHARDTWOCKPHARMA
Health Technology
70%similar
market capoperating margin
SANSERA ENGINEERINGSANSERA
Producer Manufacturing
61%similar
promoter holdingmarket cap
KIRLOSKAR OIL ENGINESKIRLOSENG
Producer Manufacturing
60%similar
market capEPS growth
AARTI PHARMALABSAARTIPHARM
Health Technology
55%similar
ROCEdebt/equity
AEGIS LOGISTICSAEGISLOG
Distribution Services
53%similar
market caprevenue
STERLITE TECHNOLOGIESSTLTECH
Electronic Technology
59%similar
market caprevenue
MTAR TECHNOLOGIESMTARTECH
Electronic Technology
49%similar
promoter holdingoperating margin
KAYNES TECHNOLOGY INDKAYNES
Electronic Technology
45%similar
market capP/E

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

What changed?

30 events since Jan '24

  1. SepPeer rankMoved into the top quartile of Electronic Technology on operating margin (from the 2nd quartile).
  2. AugValuationP/E crossed above the 90th percentile of its own history to date (120.9x).
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankSlipped to the 2nd quartile of Electronic Technology on operating margin (from the top quartile).
  5. JunSharesShare count is up 6.2% over 12 months.
  6. MayPriceRegained the 2024-09 peak, 4 months after the low.
  7. AprPriceVolume reached 11.6x its 50-day median on 2026-04-30; price +8.3% that day.
  8. MarInstitutionsFII + DII holding fell 5.2 pts over 2 quarters to 16.6%.
Show 22 earlier events
  1. MarPeer rankMoved into the top quartile of Electronic Technology on operating margin (from the 2nd quartile).
  2. JanPriceFell 62% from the Sep 2024 peak to the Jan 2026 low.
  3. DecPeer rankMoved into the 3rd quartile of Electronic Technology on ROCE (from the bottom quartile).
  4. DecPriceVolume reached 16.9x its 50-day median on 2025-12-29; price +5.5% that day.
  5. SepPromoterPromoter holding fell 2.8 pts to 31.6% (largest drop in the history since 2019-01).
  6. SepPriceVolume reached 10.5x its 50-day median on 2025-09-18; price +3.4% that day.
  7. AugPeer rankSlipped to the bottom quartile of Electronic Technology on ROCE (from the 3rd quartile).
  8. JunResultsYear-on-year EPS growth turned negative.
  9. JunValuationP/E crossed above the 90th percentile of its own history to date (70.4x).
  10. JunPeer rankSlipped to the bottom quartile of Electronic Technology on operating margin (from the 2nd quartile).
  11. MayPriceVolume reached 5.3x its 50-day median on 2025-05-23; price +3.1% that day.
  12. MarInstitutionsFII + DII holding rose 3.2 pts over 2 quarters to 17.7%.
  13. DecPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the 2nd quartile).
  14. OctPeer rankSlipped to the 3rd quartile of Electronic Technology on ROCE (from the 2nd quartile).
  15. SepPeer rankSlipped to the 2nd quartile of Electronic Technology on operating margin (from the top quartile).
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPriceRegained the 2024-02 peak, 0 months after the low.
  18. JunPriceFell 28% from the Feb 2024 peak to the Jun 2024 low.
  19. JunPriceVolume reached 9.7x its 50-day median on 2024-06-18; price +5.3% that day.
  20. FebPeer rankMoved into the 2nd quartile of Electronic Technology on ROCE (from the 3rd quartile).
  21. JanPriceRegained the 2022-01 peak, 19 months after the low.
  22. JanValuationP/E crossed above the 90th percentile of its own history to date (47.3x).

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
2026-1154.8x₹5993 cr11.8%11.0%0.4x
2026-1061.4x₹5993 cr11.8%11.0%0.4x
2026-0960.2x₹5993 cr11.8%11.0%0.4x
2026-08120.9x₹4949 cr6.4%11.0%0.4x
2026-0794.1x₹4949 cr6.4%11.0%0.4x
2026-06103.3x₹4949 cr6.4%11.0%0.4x
2026-05545.3x₹3926 cr1.4%8.0%0.4x
2026-04351.6x₹3926 cr1.4%8.0%0.4x
2026-03205.6x₹3926 cr1.4%8.0%0.4x
2026-02342.6x₹3727 cr0.8%8.0%0.4x
2026-01343.1x₹3727 cr0.8%8.0%0.4x
2025-12338.9x₹3727 cr0.8%8.0%0.4x
2025-11292.4x₹3778 cr0.8%8.0%0.4x
2025-10306.3x₹3778 cr0.8%8.0%0.4x
2025-09303.7x₹3778 cr0.8%8.0%0.4x
2025-0857.1x₹4065 cr4.1%8.0%0.4x
2025-0761.4x₹4065 cr4.1%8.0%0.4x
2025-0670.4x₹4065 cr4.1%8.0%0.4x
2025-0534.3x₹4590 cr8.8%13.0%0.3x
2025-0431.1x₹4590 cr8.8%13.0%0.3x
2025-0331.0x₹4590 cr8.8%13.0%0.3x
2025-0230.2x₹4610 cr9.0%13.0%0.3x
2025-0137.4x₹4610 cr9.0%13.0%0.3x
2024-1243.0x₹4610 cr9.0%13.0%0.3x
2024-1149.6x₹4627 cr9.0%13.0%0.3x
2024-1046.8x₹4627 cr9.0%13.0%0.3x
2024-0957.1x₹4627 cr9.0%13.0%0.3x
2024-0864.5x₹4464 cr8.1%13.0%0.3x
2024-0758.0x₹4464 cr8.1%13.0%0.3x
2024-0648.8x₹4464 cr8.1%13.0%0.3x
2024-0547.6x₹4743 cr9.8%15.0%0.3x
2024-0446.1x₹4743 cr9.8%15.0%0.3x
2024-0342.1x₹4743 cr9.8%15.0%0.3x
2024-0249.2x₹4743 cr9.8%15.0%0.3x
2024-0147.3x₹4743 cr9.8%15.0%0.3x
2023-1238.6x₹4743 cr9.8%15.0%0.3x
2023-1130.6x₹4743 cr9.8%15.0%0.3x
2023-1029.9x₹4743 cr9.8%15.0%0.3x
2023-0935.4x₹4743 cr9.8%15.0%0.3x
2023-0835.0x₹4743 cr9.8%15.0%0.3x
2023-0729.3x₹4743 cr9.8%15.0%0.3x
2023-0629.8x₹4743 cr9.8%15.0%0.3x
2023-0528.5x₹4727 cr11.1%19.0%0.3x
2023-0428.5x₹4727 cr11.1%19.0%0.3x
2023-0326.9x₹4727 cr11.1%19.0%0.3x
2023-0228.1x₹4727 cr11.1%19.0%0.3x
2023-0130.5x₹4727 cr11.1%19.0%0.3x
2022-1232.5x₹4727 cr11.1%19.0%0.3x
2022-1135.0x₹4727 cr11.1%19.0%0.3x
2022-1036.4x₹4727 cr11.1%19.0%0.3x
2022-0932.1x₹4727 cr11.1%19.0%0.3x
2022-0832.7x₹4727 cr11.1%19.0%0.3x
2022-0729.3x₹4727 cr11.1%19.0%0.3x
2022-0624.3x₹4727 cr11.1%19.0%0.3x
2022-0533.8x₹4423 cr12.2%20.0%0.5x
2022-0439.9x₹4423 cr12.2%20.0%0.5x
2022-0342.3x₹4423 cr12.2%20.0%0.5x
2022-0239.1x₹4423 cr12.2%20.0%0.5x
2022-0142.7x₹4423 cr12.2%20.0%0.5x
2021-1242.4x₹4423 cr12.2%20.0%0.5x

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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