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HONDA INDIA POWER PRODUCTS LTD (HONDAPOWER)

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.48 / 100
Profitability 32Growth 10Balance 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.49 / 100
Price 56Earnings 47FII/DII 45
Compare withBHARAT HEAVY ELECTRICALSABB INDIASIEMENS

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,024.3 latest close · −7.3% over the last 90 sessions

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

₹2,024.3 month-end · −15.9% over 12 months

₹1,800₹2,000₹2,200₹2,400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,800₹2,000₹2,200₹2,400Nov '25May '26Nov '26

₹2,024.3 month-end · −13.2% over 3 years

₹2,000₹3,000₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹3,000₹4,000Nov '23May '25Nov '26

₹2,024.3 month-end · +90.0% since Jan '19

₹1,000₹2,000₹3,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000₹3,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹1662.20 to ₹2655.20 · 1-year volatility 26.6%

Was the rally earned?

-16%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 10 points and the multiple took off 6 points (P/E 33.3x to 31.2x).
  • The share count barely moved.
Net profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9 ptsNet profit growthP/E change: −6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−6 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: −16%−16%Share priceNet profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9ProfitP/E change: −6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−6P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −16%−16%Share price
Net profit growth-9 ptsNet profit fell about 10%, which lowers the price.
P/E change-6 ptsThe P/E fell from 33.3x to 31.2x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-13%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 24 points, while the multiple moved less (P/E 27.8x to 31.2x).
  • The share count barely moved.
Net profit growth: −24 pts. Points of the price return explained by net profit growing (or shrinking).−24 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 price: −13%−13%Share priceNet profit growth: −24 pts. Points of the price return explained by net profit growing (or shrinking).−24ProfitP/E change: +11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+11P/EShare price: −13%−13%Share price
Net profit growth-24 ptsNet profit fell about 23%, which lowers the price.
P/E change+11 ptsThe P/E rose from 27.8x to 31.2x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+58%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 38 points to the rise, while the multiple moved less (P/E 26.8x to 31.2x).
  • The share count barely moved.
Net profit growth: +37 pts. Points of the price return explained by net profit growing (or shrinking).+37 ptsNet profit growthP/E change: +19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+19 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: +58%+58%Share priceNet profit growth: +37 pts. Points of the price return explained by net profit growing (or shrinking).+37ProfitP/E change: +19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+19P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +58%+58%Share price
Net profit growth+37 ptsNet profit rose about 34%, which lifts the price.
P/E change+19 ptsThe P/E rose from 26.8x to 31.2x, which lifts the price.
Share count change+1 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-58.4%not yet recovered
1-year volatility26.6%annualised
Beta vs sector index0.843-year daily, correlation 0.47
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−58.4% 0%−20%−40%−60%2020202220242026−58.4%
Largest drawdowns

-58.4% (2024-10 peak to 2026-10 low, not yet recovered)

-42.7% (2019-11 peak to 2020-05 low, recovered 2021-10)

-33.6% (2022-12 peak to 2023-02 low, recovered 2023-09)

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?

31.2xP/E todayWithin its usual range
Against its own history71st percentile
CheapestMedian 26.6xDearest

Usual range 15.2x to 36.0x since 2019-01.

Against Producer Manufacturing31.2x vs 29.6x
This company
31.2x
Sector median
29.6x

5% above the Producer Manufacturing median.

10.6x23.0x35.4x47.9xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x23.0x35.4x47.9xJan '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

  • ROCE36thflat vs a year ago
  • Op. margin28th▲ 14 pts vs a year ago
  • Revenue growth41st▲ 33 pts vs a year ago
  • EPS growth28thflat vs a year ago
  • Debt/equity ↓95th▼ 3 pts vs a year ago
  • Cash cycle ↓52nd▼ 5 pts vs a year ago
  • P/E ↓47thflat vs a year ago
  • 12M momentum35th▼ 5 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?

~17%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 26.0x, a holder earning 12%/yr needs earnings to grow about 17.1%/yr for 10 years, then trade at 15x.

Delivered4.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+12.6 ptsimplied minus delivered
Rank268thmost demanding of 856

Over time

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

0%13%26% Jan 2019Nov 2026 0%13%26% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x18.5%19.6%20.6%
15x16.1%17.1%18.1%
20x12.9%14.0%15.0%

Drag a slider to test other assumptions

Implied: 17.1%/yr

Looking back

  • Jan 2020Price implied 15%/yr; EPS has since grown 3%/yr (7.0 yrs)
  • Jan 2021Price implied 11%/yr; EPS has since grown −1%/yr (6.0 yrs)
  • Jan 2022Price implied 16%/yr; EPS has since grown 6%/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
₹2024.30
P/E
31.2x
ROCE
12.0%
Market Cap
₹2052 cr
Revenue (TTM)
₹900 cr
P/S
2.3x
P/B
2.6x
ROE
8.2%
Operating Margin
8.0%
Debt / Equity
0.0x
Promoter Holding
66.7%
12M Momentum
-15.9%

52-week range

₹1662.20₹2655.20
36% of the way from its 52-week low to its high

Price risk

1Y volatility
26.6%
Beta vs sector
1-year daily
0.76

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.50x
low
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 7checks within range1 beyond a threshold
Other income reliance27%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 27.3%. 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 conversion0.50xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.50x (cash from operations ₹117 cr, net profit ₹236 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+45 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 45 days (66 vs 21). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress33% of fixed assetsNear threshold

Capital work-in-progress is 33% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+17 days / 2 yrsWithin range

Days payable changed by +17 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs added 3.4 pts; FIIs trimmed 0.6 pts.
  • The number of shareholders rose from 20,177 to 25,099 (+24%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters66.7%66.7%0.0 pts
FIIs1.6%1.0%-0.6 pts
DIIs14.8%18.3%+3.4 pts
Public and others16.9%14.1%-2.8 pts

Number of shareholders

25,099shareholders+24% since Dec '23
18k21k23k25k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 20,177
Mar '24: 20,762
Jun '24: 18,210
Sep '24: 19,092
Dec '24: 20,607
Mar '25: 22,706
Jun '25: 23,419
Sep '25: 25,094
Dec '25: 25,084
Mar '26: 25,273
Jun '26: 25,099
 18k21k23k25k Dec '23Dec '24Dec '25Jun '26
Dec '23: 20,177
Mar '24: 20,762
Jun '24: 18,210
Sep '24: 19,092
Dec '24: 20,607
Mar '25: 22,706
Jun '25: 23,419
Sep '25: 25,094
Dec '25: 25,084
Mar '26: 25,273
Jun '26: 25,099

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

−2.8%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 HONDA INDIA POWER PRODUCTS LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −24% to +22% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−2.2%, 80% range −15.2% to +3.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
PRINCEPIPE · Sep 2023: −44.8% vs market
AHLUCONT · Oct 2025: −41.3% vs market
WHIRLPOOL · Mar 2023: −37.5% vs market
LXCHEM · Nov 2024: −33.5% vs market
DIAMONDYD · May 2020: −32.3% vs market
KANSAINER · Nov 2023: −32.2% vs market
BALMLAWRIE · Aug 2020: −29.6% vs market
TCIEXP · Sep 2025: −29.4% vs market
BAJAJCON · Mar 2024: −28.4% vs market
INDNIPPON · Jan 2022: −27.4% vs market
EXIDEIND · Jul 2020: −26.7% vs market
TTKPRESTIG · Jan 2025: −24.8% vs market
VOLTAMP · Aug 2020: −24.0% vs market
WONDERLA · Mar 2020: −23.4% vs market
ADVENZYMES · May 2024: −20.0% vs market
NOCIL · Jan 2024: −19.9% vs market
HEIDELBERG · May 2025: −19.4% vs market
AVANTIFEED · Sep 2022: −18.8% vs market
RALLIS · Nov 2022: −16.3% vs market
FMGOETZE · May 2023: −16.0% vs market
TTKHLTCARE · Jul 2024: −15.3% vs market
MAYURUNIQ · Nov 2023: −14.6% vs market
SUNDROP · Apr 2022: −10.8% vs market
GALAXYSURF · Aug 2025: −7.5% vs market
GOODYEAR · Jun 2022: −3.6% vs market
WENDT · May 2020: −2.1% vs market
IMPAL · Jul 2020: +0.2% vs market
SANDESH · May 2020: +1.4% vs market
LMW · Jul 2024: +2.6% vs market
TECHNOE · Jun 2020: +6.1% vs market
SHANTIGEAR · Mar 2020: +7.9% vs market
FDC · Oct 2023: +8.3% vs market
ZYDUSWELL · Dec 2024: +9.2% vs market
ARE&M · Jan 2023: +12.8% vs market
ESCORTS · Mar 2024: +12.9% vs market
SASKEN · Feb 2020: +14.7% vs market
DODLA · May 2023: +17.5% vs market
VSTTILLERS · Jun 2025: +22.8% vs market
SREEL · Sep 2025: +26.2% vs market
KSB · May 2021: +28.4% vs market
BOROLTD · Dec 2022: +36.0% vs market
STARCEMENT · Jun 2022: +37.4% vs market
NUCLEUS · Apr 2020: +49.2% vs market
THYROCARE · Jun 2024: +52.3% vs market
XCHANGING · Jul 2020: +56.0% vs market
VESUVIUS · Jun 2022: +94.1% vs market
CARBORUNIV · Sep 2020: +101.4% vs market
ACUTAAS · Mar 2024: +115.4% vs market
PERSISTENT · Apr 2020: +168.9% vs market
BSE · Mar 2021: +300.9% vs market
Similar setups −2.8%All companies −0.6%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−2.8%
All companies' median
−0.6%
Beat the market
48% vs 49%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VESUVIUS
Non-Energy Minerals		 Jun 2022 31x11% −7%−22% +94%
FDC
Health Technology		 Oct 2023 31x13% +16%−11% +8%
TTKHLTCARE
Health Technology		 Jul 2024 35x9% +29%−7% −15%
SHANTIGEAR
Producer Manufacturing		 Mar 2020 16x13% −49%−51% +8%
VSTTILLERS
Producer Manufacturing		 Jun 2025 34x12% −12%−31% +23%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IMPAL
Distribution Services		 Jul 2020 13x5% −5%−26% 0%
AVANTIFEED
Process Industries		 Sep 2022 29x15% −13%−25% −19%
DIAMONDYD
Consumer Non-Durables		 May 2020 26x10% −46%−50% −32%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/S. Not used (unavailable for this company): 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 HONDA INDIA POWER PRODUCTS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

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

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

What is compared

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

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

How closeness and the sample are defined

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

Base rate

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

Limits you should know

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

Does it work? A walk-forward check

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

Disclaimer

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

What else looks like this?

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

BANNARI AMMAN SUGARSBANARISUG
Process Industries
72%similar
volatilityrevenue growth
HEIDELBERG CEMENT INDIAHEIDELBERG
Non-Energy Minerals
65%similar
volatilitydebt/equity
TVTODAY NETWORKTVTODAY
Consumer Services
64%similar
operating marginrevenue
RALLIS INDIARALLIS
Process Industries
57%similar
ROCEEPS growth
TCI EXPRESSTCIEXP
Transportation
55%similar
market capEPS growth
VSTTILLERS TRACTORSVSTTILLERS
Producer Manufacturing
55%similar
P/Edebt/equity
PRINCE PIPES AND FITTINGSPRINCEPIPE
Producer Manufacturing
51%similar
EPS growthP/E
AUTOMOTIVE AXLESAUTOAXLES
Producer Manufacturing
50%similar
market capdebt/equity

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

What changed?

30 events since Aug '23

  1. OctPriceFell 58% from the Oct 2024 peak to the Oct 2026 low.
  2. SepPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  5. MayPriceVolume reached 9.6x its 50-day median on 2026-05-27; price +2.0% that day.
  6. MarPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  7. FebPriceVolume reached 21.0x its 50-day median on 2026-02-13; price +0.3% that day.
  8. DecResultsYear-on-year EPS growth turned positive.
Show 22 earlier events
  1. DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  2. SepValuationP/E crossed above the 90th percentile of its own history to date (38.1x).
  3. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  4. JulPriceVolume reached 12.8x its 50-day median on 2025-07-10; price +3.3% that day.
  5. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  6. MayValuationP/E crossed above the 90th percentile of its own history to date (47.9x).
  7. MayPriceVolume reached 56.9x its 50-day median on 2025-05-21; price +9.9% that day.
  8. MarPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  9. MarPriceVolume reached 14.3x its 50-day median on 2025-03-13; price +2.4% that day.
  10. DecResultsYear-on-year EPS growth turned negative.
  11. DecPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  12. SepPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  13. AugPriceVolume reached 77.0x its 50-day median on 2024-08-29; price +6.9% that day.
  14. JunPriceRegained the 2023-10 peak, 3 months after the low.
  15. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  16. MayValuationP/E crossed above the 90th percentile of its own history to date (30.8x).
  17. MayPriceVolume reached 34.5x its 50-day median on 2024-05-15; price +14.3% that day.
  18. MarPriceFell 30% from the Oct 2023 peak to the Mar 2024 low.
  19. FebPriceVolume reached 8.4x its 50-day median on 2024-02-23; price +1.9% that day.
  20. OctPriceVolume reached 10.0x its 50-day median on 2023-10-04; price +3.3% that day.
  21. SepPriceRegained the 2022-12 peak, 7 months after the low.
  22. AugValuationP/E crossed above the 90th percentile of its own history to date (30.5x).

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
2026-1131.2x₹900 cr8.2%12.0%0.0x
2026-1027.0x₹900 cr8.2%12.0%0.0x
2026-0928.9x₹900 cr8.2%12.0%0.0x
2026-0831.9x₹866 cr8.0%12.0%0.0x
2026-0733.1x₹866 cr8.0%12.0%0.0x
2026-0634.4x₹866 cr8.0%12.0%0.0x
2026-0532.6x₹870 cr8.5%13.0%0.0x
2026-0431.9x₹870 cr8.5%13.0%0.0x
2026-0325.5x₹870 cr8.5%13.0%0.0x
2026-0228.4x₹804 cr8.7%13.0%0.0x
2026-0127.2x₹804 cr8.7%13.0%0.0x
2025-1231.4x₹804 cr8.7%13.0%0.0x
2025-1133.3x₹805 cr8.5%13.0%0.0x
2025-1036.2x₹805 cr8.5%13.0%0.0x
2025-0938.1x₹805 cr8.5%13.0%0.0x
2025-0835.4x₹794 cr9.3%13.0%0.0x
2025-0735.4x₹794 cr9.3%13.0%0.0x
2025-0636.2x₹794 cr9.3%13.0%0.0x
2025-0547.9x₹756 cr7.4%15.0%0.0x
2025-0433.4x₹756 cr7.4%15.0%0.0x
2025-0333.4x₹756 cr7.4%15.0%0.0x
2025-0227.8x₹815 cr8.5%15.0%0.0x
2025-0135.8x₹815 cr8.5%15.0%0.0x
2024-1240.7x₹815 cr8.5%15.0%0.0x
2024-1134.3x₹923 cr11.2%15.0%0.0x
2024-1040.3x₹923 cr11.2%15.0%0.0x
2024-0943.5x₹923 cr11.2%15.0%0.0x
2024-0841.0x₹989 cr11.3%15.0%0.0x
2024-0742.6x₹989 cr11.3%15.0%0.0x
2024-0639.8x₹989 cr11.3%15.0%0.0x
2024-0530.8x₹1246 cr11.5%19.0%0.0x
2024-0428.0x₹1246 cr11.5%19.0%0.0x
2024-0325.6x₹1246 cr11.5%19.0%0.0x
2024-0229.0x₹1246 cr11.5%19.0%0.0x
2024-0128.3x₹1246 cr11.5%19.0%0.0x
2023-1227.6x₹1246 cr11.5%19.0%0.0x
2023-1127.8x₹1246 cr11.5%19.0%0.0x
2023-1033.2x₹1246 cr11.5%19.0%0.0x
2023-0932.5x₹1246 cr11.5%19.0%0.0x
2023-0830.5x₹1246 cr11.5%19.0%0.0x
2023-0725.3x₹1246 cr11.5%19.0%0.0x
2023-0625.7x₹1246 cr11.5%19.0%0.0x
2023-0529.3x₹1156 cr11.2%16.0%0.0x
2023-0432.5x₹1156 cr11.2%16.0%0.0x
2023-0326.6x₹1156 cr11.2%16.0%0.0x
2023-0224.2x₹1156 cr11.2%16.0%0.0x
2023-0127.3x₹1156 cr11.2%16.0%0.0x
2022-1229.3x₹1156 cr11.2%16.0%0.0x
2022-1135.2x₹1156 cr11.2%16.0%0.0x
2022-1022.5x₹1156 cr11.2%16.0%0.0x
2022-0919.7x₹1156 cr11.2%16.0%0.0x
2022-0819.4x₹1156 cr11.2%16.0%0.0x
2022-0720.5x₹1156 cr11.2%16.0%0.0x
2022-0619.5x₹1156 cr11.2%16.0%0.0x
2022-0531.3x₹939 cr8.1%11.0%0.0x
2022-0429.0x₹939 cr8.1%11.0%0.0x
2022-0324.9x₹939 cr8.1%11.0%0.0x
2022-0224.8x₹939 cr8.1%11.0%0.0x
2022-0128.7x₹939 cr8.1%11.0%0.0x
2021-1226.4x₹939 cr8.1%11.0%0.0x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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