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ICE MAKE REFRIGERATION LTD (ICEMAKE)

Producer Manufacturing · Industrial Machinery · 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.27 / 100
Profitability 22Growth 51Balance sheet 8
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.35 / 100
Price 20Earnings 14FII/DII 70
Compare withWELSPUN CORPVOLTASTHERMAX

Share price

Closing priceAdjusted for splits and bonus issues.

₹681.1 latest close · −12.9% over the last 90 sessions

₹600₹700₹800₹900Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹600₹700₹800₹900Jul 3Sep 4Nov 9

₹681.1 month-end · −3.9% over 12 months

₹700₹800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹700₹800Nov '25May '26Nov '26

₹681.1 month-end · +18.5% over 3 years

₹600₹800₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹600₹800₹1,000Nov '23May '25Nov '26

₹681.1 month-end · +929.6% since Feb '19

₹0₹500₹1,000Feb '19Sep '20Mar '22Oct '23Apr '25Nov '26 ₹0₹500₹1,000Feb '19Jan '23Nov '26

52-week range ₹602.00 to ₹920.00 · 1-year volatility 35.9%

Was the rally earned?

-4%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-4%).
  • The share count barely moved.
Net profit growth: −39 pts. Points of the price return explained by net profit growing (or shrinking).−39 ptsNet profit growthP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36 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: −4%−4%Share priceNet profit growth: −39 pts. Points of the price return explained by net profit growing (or shrinking).−39ProfitP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −4%−4%Share price
Net profit growth-39 ptsNet profit fell about 33%, which lowers the price.
P/E change+36 ptsThe P/E rose from 62.2x to 89.7x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+19%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 43.6x to 89.7x); per-share earnings took off 60 points.
  • The share count barely moved.
Net profit growth: −61 pts. Points of the price return explained by net profit growing (or shrinking).−61 ptsNet profit growthP/E change: +79 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+79 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: +19%+19%Share priceNet profit growth: −61 pts. Points of the price return explained by net profit growing (or shrinking).−61ProfitP/E change: +79 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+79P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +19%+19%Share price
Net profit growth-61 ptsNet profit fell about 43%, which lowers the price.
P/E change+79 ptsThe P/E rose from 43.6x to 89.7x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+1050%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 513 points and the multiple added 536 points (P/E 25.8x to 89.7x).
  • The share count barely moved.
Net profit growth: +513 pts. Points of the price return explained by net profit growing (or shrinking).+513 ptsNet profit growthP/E change: +536 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+536 ptsP/E changeShare price: +1050%+1050%Share priceNet profit growth: +513 pts. Points of the price return explained by net profit growing (or shrinking).+513ProfitP/E change: +536 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+536P/EShare price: +1050%+1050%Share price
Net profit growth+513 ptsNet profit rose about 230%, which lifts the price.
P/E change+536 ptsThe P/E rose from 25.8x to 89.7x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with WELSPUN CORP

How rough has the ride been?

Maximum drawdown-70.4%recovered 2020-12
1-year volatility35.9%annualised
Beta vs sector index0.843-year daily, correlation 0.35
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−67.7% 0%−20%−40%−60%2020202220242026−67.7%
Largest drawdowns

-70.4% (2019-04 peak to 2020-03 low, recovered 2020-12)

-49.0% (2020-12 peak to 2021-11 low, recovered 2022-04)

-40.4% (2025-04 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-08-14: 5.6x the 50-day median, price -7.4% that day

2026-07-22: 9.1x the 50-day median, price +4.8% 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?

89.7xP/E todayNear its historic high
Against its own history95th percentile
CheapestMedian 42.1xDearest

Usual range 11.9x to 81.7x since 2019-02.

Against Producer Manufacturing89.7x vs 29.6x
This company
89.7x
Sector median
29.6x

204% above the Producer Manufacturing median.

7.0x40.5x74.0x107.5xFeb '19Sep '20Apr '22Nov '23Jun '25Nov '267.0x40.5x74.0x107.5xFeb '19Sep '21Apr '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

  • ROCE36th▼ 33 pts vs a year ago
  • Op. margin7th▼ 5 pts vs a year ago
  • Revenue growth90th▲ 5 pts vs a year ago
  • EPS growth16th▼ 4 pts vs a year ago
  • Debt/equity ↓6th▼ 17 pts vs a year ago
  • Cash cycle ↓60th▼ 8 pts vs a year ago
  • P/E ↓9th▼ 9 pts vs a year ago
  • 12M momentum53rd▼ 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?

~28%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 60.2x, a holder earning 12%/yr needs earnings to grow about 28.0%/yr for 10 years, then trade at 15x.

Delivered16.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+11.4 ptsimplied minus delivered
Rank296thmost demanding of 856

Over time

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

-7%15%37% Feb 2019Nov 2026 -7%15%37% Feb 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x29.6%30.7%31.9%
15x26.8%28.0%29.1%
20x23.3%24.5%25.6%

Drag a slider to test other assumptions

Implied: 28.0%/yr

Looking back

  • Jan 2020Price implied 7%/yr; EPS has since grown 8%/yr (7.0 yrs)
  • Jan 2021Price implied 13%/yr; EPS has since grown 12%/yr (6.0 yrs)
  • Jan 2022Price implied 15%/yr; EPS has since grown 25%/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
₹681.10
P/E
89.7x
ROCE
12.0%
Market Cap
₹1236 cr
Revenue (TTM)
₹736 cr
P/S
1.7x
P/B
9.3x
ROE
10.4%
Operating Margin
1.7%
Debt / Equity
1.2x
Promoter Holding
74.2%
12M Momentum
-3.9%

52-week range

₹602.00₹920.00
25% of the way from its 52-week low to its high

Price risk

1Y volatility
35.9%
Beta vs sector
1-year daily
0.76

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.48x
low
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range1 beyond a threshold
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 24.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.48xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.48x (cash from operations ₹29 cr, net profit ₹61 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+21 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 21 days (84 vs 63). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress18% of fixed assetsWithin range

Capital work-in-progress is 18% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+32 days / 2 yrsNear threshold

Days payable changed by +32 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 1.4 pts.
  • The number of shareholders rose from 19,285 to 23,616 (+22%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters74.5%74.2%-0.3 pts
FIIs0.0%0.3%+0.3 pts
DIIs0.0%1.4%+1.4 pts
Public and others25.5%24.1%-1.4 pts

Number of shareholders

23,616shareholders+22% since Dec '23
19k21k24k26k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 19,285
Mar '24: 22,668
Jun '24: 23,225
Sep '24: 24,543
Dec '24: 24,776
Mar '25: 24,633
Jun '25: 25,656
Sep '25: 25,194
Dec '25: 24,249
Mar '26: 25,551
Jun '26: 23,616
 19k21k24k26k Dec '23Dec '24Dec '25Jun '26
Dec '23: 19,285
Mar '24: 22,668
Jun '24: 23,225
Sep '24: 24,543
Dec '24: 24,776
Mar '25: 24,633
Jun '25: 25,656
Sep '25: 25,194
Dec '25: 24,249
Mar '26: 25,551
Jun '26: 23,616

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

+4.4%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 ICE MAKE REFRIGERATION 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 −26% to +39% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+6.3%, 80% range −1.8% to +16.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
HINDWAREAP · Sep 2023: −59.5% vs market
RTNINDIA · Aug 2025: −54.5% vs market
WEL · Oct 2025: −50.7% vs market
VISHWARAJ · Jun 2021: −47.9% vs market
REPRO · Feb 2020: −45.3% vs market
GMMPFAUDLR · Mar 2023: −43.3% vs market
RACE · Jul 2024: −40.7% vs market
WESTLIFE · Nov 2023: −34.9% vs market
GOKEX · Feb 2025: −33.4% vs market
MHRIL · Oct 2023: −31.8% vs market
NEOGEN · Jul 2023: −29.3% vs market
JINDWORLD · Feb 2020: −29.1% vs market
SOMANYCERA · Feb 2022: −26.3% vs market
TEMBO · Feb 2022: −26.1% vs market
SHOPERSTOP · Aug 2023: −24.5% vs market
CAMLINFINE · Dec 2020: −21.3% vs market
SAPPHIRE · Apr 2023: −19.5% vs market
EVEREADY · Sep 2023: −19.2% vs market
VMART · Jul 2025: −6.5% vs market
SUZLON · Feb 2022: −4.3% vs market
GREENPLY · Jun 2024: −3.4% vs market
KEC · Jul 2023: −1.0% vs market
ARVINDFASN · May 2024: −0.3% vs market
SAGCEM · Jan 2020: +2.2% vs market
BFUTILITIE · May 2021: +2.7% vs market
APCL · Apr 2021: +6.0% vs market
EIFFL · Oct 2025: +7.4% vs market
STAR · Jul 2020: +12.7% vs market
SNOWMAN · Sep 2023: +13.0% vs market
HCG · Aug 2022: +17.3% vs market
5PAISA · Apr 2023: +17.3% vs market
HNDFDS · Jul 2022: +19.2% vs market
ARIHANTSUP · May 2022: +20.9% vs market
JKLAKSHMI · Mar 2020: +22.9% vs market
NACLIND · May 2021: +31.9% vs market
YUKEN · May 2023: +36.1% vs market
ETHOSLTD · May 2023: +38.4% vs market
SOBHA · Dec 2023: +39.8% vs market
AMBER · Nov 2023: +53.9% vs market
CANTABIL · Dec 2020: +56.7% vs market
THANGAMAYL · Dec 2024: +60.6% vs market
KDDL · Mar 2023: +60.9% vs market
NELCO · Jul 2021: +62.1% vs market
BAJAJELEC · May 2020: +66.2% vs market
PRIVISCL · Jul 2024: +70.0% vs market
NETWORK18 · Apr 2021: +76.4% vs market
SBC · Aug 2025: +104.8% vs market
RKFORGE · May 2022: +114.6% vs market
JBMA · Dec 2022: +123.4% vs market
PGEL · Apr 2024: +293.9% vs market
Similar setups +4.4%All companies −1.9%← 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
+4.4%
All companies' median
−1.9%
Beat the market
54% vs 48%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JINDWORLD
Process Industries		 Feb 2020 39x12% −15%−25% −29%
VISHWARAJ
Process Industries		 Jun 2021 70x8% +96%−5% −48%
ARVINDFASN
Retail Trade		 May 2024 159x14% +54%−16% 0%
RKFORGE
Producer Manufacturing		 May 2022 128x6% +28%−32% +115%
CAMLINFINE
Process Industries		 Dec 2020 54x11% +46%−5% −21%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RACE
Process Industries		 Jul 2024 387x11% +71%−3% −41%
JKLAKSHMI
Non-Energy Minerals		 Mar 2020 45x7% −44%−50% +23%
HNDFDS
Consumer Non-Durables		 Jul 2022 105x17% +7%−16% +19%
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 ROCE. 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 ICE MAKE REFRIGERATION 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.

KAPSTON SERVICESKAPSTON
Commercial Services
67%similar
debt/equityrevenue
ARFIN INDIAARFIN
Non-Energy Minerals
63%similar
P/Erevenue
BHARTIYA INTERNATIONALBIL
Consumer Non-Durables
53%similar
debt/equitymarket cap
SYNERGY GREEN INDUSTRIESSGIL
Non-Energy Minerals
51%similar
debt/equitymarket cap
GLOSTERGLOSTERLTD
Process Industries
50%similar
promoter holdingdebt/equity
PYRAMID TECHNOPLASTPYRAMID
Producer Manufacturing
40%similar
ROCErevenue
ALICON CASTALLOYALICON
Producer Manufacturing
38%similar
market capEPS growth
HLE GLASCOATHLEGLAS
Producer Manufacturing
38%similar
ROCEEPS growth

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

What changed?

30 events since Feb '24

  1. OctPriceFell 40% from the Apr 2025 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 9.1x its 50-day median on 2026-07-22; price +4.8% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  5. JunDebtDebt / equity rose above 1.0x (1.19x).
  6. MayPriceVolume reached 22.7x its 50-day median on 2026-05-26; price +8.6% that day.
  7. FebPriceVolume reached 8.0x its 50-day median on 2026-02-16; price +7.3% that day.
  8. DecPriceVolume reached 12.5x its 50-day median on 2025-12-12; price +1.1% that day.
Show 22 earlier events
  1. SepValuationP/E crossed above the 90th percentile of its own history to date (65.0x).
  2. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  3. AugPriceVolume reached 7.1x its 50-day median on 2025-08-07; price +2.8% that day.
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
  6. AprPriceRegained the 2024-11 peak, 1 month after the low.
  7. AprPriceVolume reached 13.2x its 50-day median on 2025-04-17; price +10.3% that day.
  8. MarPriceFell 36% from the Nov 2024 peak to the Mar 2025 low.
  9. MarValuationP/E crossed above the 90th percentile of its own history to date (55.3x).
  10. MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  11. MarPriceVolume reached 13.4x its 50-day median on 2025-03-10; price +11.7% that day.
  12. NovPriceRegained the 2024-06 peak, 2 months after the low.
  13. OctPriceVolume reached 15.5x its 50-day median on 2024-10-10; price +8.8% that day.
  14. SepPriceFell 29% from the Jun 2024 peak to the Sep 2024 low.
  15. SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  16. SepPriceVolume reached 11.9x its 50-day median on 2024-09-23; price +11.1% that day.
  17. JunResultsRevenue (TTM) reached a new high of ₹378 cr.
  18. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  19. MayPriceRegained the 2023-10 peak, 2 months after the low.
  20. MayPriceVolume reached 43.5x its 50-day median on 2024-05-30; price +10.7% that day.
  21. MarPriceFell 38% from the Oct 2023 peak to the Mar 2024 low.
  22. FebPriceVolume reached 5.5x its 50-day median on 2024-02-12; price -12.9% 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 history94 months · 2019-02 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1189.7x₹736 cr10.4%12.0%1.2x
2026-1086.0x₹736 cr10.4%12.0%1.2x
2026-0982.9x₹736 cr10.4%12.0%1.2x
2026-0896.9x₹668 cr10.5%12.0%1.2x
2026-07107.5x₹668 cr10.5%12.0%1.2x
2026-06103.0x₹668 cr10.5%12.0%1.2x
2026-0595.6x₹593 cr12.7%21.0%0.7x
2026-0491.3x₹593 cr12.7%21.0%0.7x
2026-0376.1x₹593 cr12.7%21.0%0.7x
2026-0285.7x₹550 cr14.0%21.0%0.7x
2026-0175.3x₹550 cr14.0%21.0%0.7x
2025-1284.1x₹550 cr14.0%21.0%0.7x
2025-1162.2x₹506 cr16.6%21.0%0.7x
2025-1063.4x₹506 cr16.6%21.0%0.7x
2025-0965.0x₹506 cr16.6%21.0%0.7x
2025-0850.5x₹480 cr21.3%21.0%0.7x
2025-0755.2x₹480 cr21.3%21.0%0.7x
2025-0654.5x₹480 cr21.3%21.0%0.7x
2025-0552.2x₹439 cr28.3%34.0%0.3x
2025-0458.9x₹439 cr28.3%34.0%0.3x
2025-0355.3x₹439 cr28.3%34.0%0.3x
2025-0240.8x₹411 cr27.4%34.0%0.3x
2025-0143.8x₹411 cr27.4%34.0%0.3x
2024-1247.5x₹411 cr27.4%34.0%0.3x
2024-1151.1x₹384 cr27.1%34.0%0.3x
2024-1055.3x₹384 cr27.1%34.0%0.3x
2024-0945.1x₹384 cr27.1%34.0%0.3x
2024-0842.5x₹378 cr29.0%34.0%0.3x
2024-0749.1x₹378 cr29.0%34.0%0.3x
2024-0651.6x₹378 cr29.0%34.0%0.3x
2024-0552.2x₹312 cr29.9%37.0%0.1x
2024-0439.0x₹312 cr29.9%37.0%0.1x
2024-0335.9x₹312 cr29.9%37.0%0.1x
2024-0237.6x₹312 cr29.9%37.0%0.1x
2024-0144.0x₹312 cr29.9%37.0%0.1x
2023-1246.8x₹312 cr29.9%37.0%0.1x
2023-1143.6x₹312 cr29.9%37.0%0.1x
2023-1049.5x₹312 cr29.9%37.0%0.1x
2023-0942.0x₹312 cr29.9%37.0%0.1x
2023-0837.6x₹312 cr29.9%37.0%0.1x
2023-0735.1x₹312 cr29.9%37.0%0.1x
2023-0629.6x₹312 cr29.9%37.0%0.1x
2023-0578.7x₹206 cr13.0%17.0%0.2x
2023-0470.1x₹206 cr13.0%17.0%0.2x
2023-0356.3x₹206 cr13.0%17.0%0.2x
2023-0256.1x₹206 cr13.0%17.0%0.2x
2023-0156.1x₹206 cr13.0%17.0%0.2x
2022-1254.2x₹206 cr13.0%17.0%0.2x
2022-1157.9x₹206 cr13.0%17.0%0.2x
2022-1061.2x₹206 cr13.0%17.0%0.2x
2022-0953.4x₹206 cr13.0%17.0%0.2x
2022-0843.7x₹206 cr13.0%17.0%0.2x
2022-0727.2x₹206 cr13.0%17.0%0.2x
2022-0625.8x₹206 cr13.0%17.0%0.2x
2022-0555.3x₹135 cr7.3%10.0%0.2x
2022-0450.1x₹135 cr7.3%10.0%0.2x
2022-0342.2x₹135 cr7.3%10.0%0.2x
2022-0231.1x₹135 cr7.3%10.0%0.2x
2022-0131.9x₹135 cr7.3%10.0%0.2x
2021-1231.3x₹135 cr7.3%10.0%0.2x
2021-1125.8x₹135 cr7.3%10.0%0.2x
2021-1028.2x₹135 cr7.3%10.0%0.2x
2021-0932.3x₹135 cr7.3%10.0%0.2x
2021-0830.9x₹135 cr7.3%10.0%0.2x
2021-0737.2x₹135 cr7.3%10.0%0.2x
2021-0634.8x₹135 cr7.3%10.0%0.2x
2021-0520.3x₹138 cr12.8%15.0%0.3x
2021-0418.8x₹138 cr12.8%15.0%0.3x
2021-0318.3x₹138 cr12.8%15.0%0.3x
2021-0219.6x₹138 cr12.8%15.0%0.3x
2021-0120.1x₹138 cr12.8%15.0%0.3x
2020-1228.9x₹138 cr12.8%15.0%0.3x
2020-1123.8x₹138 cr12.8%15.0%0.3x
2020-1022.4x₹138 cr12.8%15.0%0.3x
2020-0914.6x₹138 cr12.8%15.0%0.3x
2020-0816.0x₹138 cr12.8%15.0%0.3x
2020-0711.8x₹138 cr12.8%15.0%0.3x
2020-069.5x₹138 cr12.8%15.0%0.3x
2020-057.7x₹132 cr16.1%22.0%0.1x
2020-047.5x₹132 cr16.1%22.0%0.1x
2020-037.0x₹132 cr16.1%22.0%0.1x
2020-029.7x₹132 cr16.1%22.0%0.1x
2020-0110.9x₹132 cr16.1%22.0%0.1x
2019-1211.2x₹132 cr16.1%22.0%0.1x
2019-1111.4x₹132 cr16.1%22.0%0.1x
2019-1011.8x₹132 cr16.1%22.0%0.1x
2019-0912.1x₹132 cr16.1%22.0%0.1x
2019-0813.2x₹132 cr16.1%22.0%0.1x
2019-0714.0x₹132 cr16.1%22.0%0.1x
2019-0615.4x₹132 cr16.1%22.0%0.1x
2019-0518.0x₹103 cr17.9%27.0%0.2x
2019-0419.3x₹103 cr17.9%27.0%0.2x
2019-0318.9x₹103 cr17.9%27.0%0.2x
2019-0215.6x₹103 cr17.9%27.0%0.2x

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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