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INDO COUNT INDUSTRIES LIMITED (ICIL)

Process Industries · Textiles · figures to Nov '26

Divergence: price ahead of business (6 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.46 / 100
Profitability 45Growth 50Balance sheet 44
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.64 / 100
Price 90Earnings 25FII/DII 78

Passes these screensHigh MomentumPrice ahead of businessNear 52-week high

Compare withVARDHMAN TEXTILES LIMTEDARVINDTRIDENT

Share price

Closing priceAdjusted for splits and bonus issues.

₹504.6 latest close · +18.3% over the last 90 sessions

₹400₹450₹500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹400₹450₹500Jul 3Sep 4Nov 9

₹504.6 month-end · +55.6% over 12 months

₹300₹400₹500Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹300₹400₹500Nov '25May '26Nov '26

₹504.6 month-end · +63.1% over 3 years

₹300₹400₹500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹300₹400₹500Nov '23May '25Nov '26

₹504.6 month-end · +982.8% since Jan '19

₹0₹200₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹200₹400Jan '19Dec '22Nov '26

52-week range ₹216.90 to ₹536.00 · 1-year volatility 59.8%

Was the rally earned?

+56%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 30.4x to 66.3x); per-share earnings took off 42 points.
  • The share count barely moved.
Net profit growth: −42 pts. Points of the price return explained by net profit growing (or shrinking).−42 ptsNet profit growthP/E change: +98 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+98 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: +56%+56%Share priceNet profit growth: −42 pts. Points of the price return explained by net profit growing (or shrinking).−42ProfitP/E change: +98 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+98P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +56%+56%Share price
Net profit growth-42 ptsNet profit fell about 29%, which lowers the price.
P/E change+98 ptsThe P/E rose from 30.4x to 66.3x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+63%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 22.1x to 66.3x); per-share earnings took off 78 points.
  • The share count barely moved.
Net profit growth: −78 pts. Points of the price return explained by net profit growing (or shrinking).−78 ptsNet profit growthP/E change: +142 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+142 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: +63%+63%Share priceNet profit growth: −78 pts. Points of the price return explained by net profit growing (or shrinking).−78ProfitP/E change: +142 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+142P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +63%+63%Share price
Net profit growth-78 ptsNet profit fell about 46%, which lowers the price.
P/E change+142 ptsThe P/E rose from 22.1x to 66.3x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+117%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 18.4x to 66.3x); per-share earnings took off 77 points.
  • The share count barely moved.
Net profit growth: −76 pts. Points of the price return explained by net profit growing (or shrinking).−76 ptsNet profit growthP/E change: +194 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+194 ptsP/E changeShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2 ptsShare count changeShare price: +117%+117%Share priceNet profit growth: −76 pts. Points of the price return explained by net profit growing (or shrinking).−76ProfitP/E change: +194 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+194P/EShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2SharesShare price: +117%+117%Share price
Net profit growth-76 ptsNet profit fell about 39%, which lowers the price.
P/E change+194 ptsThe P/E rose from 18.4x to 66.3x, which lifts the price.
Share count change-2 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 VARDHMAN TEXTILES LIMTED

How rough has the ride been?

Maximum drawdown-66.8%recovered 2023-11
1-year volatility59.8%annualised
Beta vs sector index1.433-year daily, correlation 0.43
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−63.8% 0%−20%−40%−60%2020202220242026−63.8%
Largest drawdowns

-66.8% (2021-10 peak to 2023-03 low, recovered 2023-11)

-64.6% (2020-02 peak to 2020-03 low, recovered 2020-07)

-51.1% (2019-03 peak to 2019-07 low, recovered 2020-02)

Most recent volume spikes

2026-11-04: 25.8x the 50-day median, price +12.5% that day

2026-08-31: 6.4x the 50-day median, price +7.9% that day

2026-08-19: 6.5x the 50-day median, price +1.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

66.3xP/E todayNear its historic high
Against its own history98th percentile
CheapestMedian 18.8xDearest

Usual range 7.5x to 39.8x since 2019-01.

Against Process Industries66.3x vs 18.1x
This company
66.3x
Sector median
18.1x

267% above the Process Industries median.

5.8x28.4x50.9x73.5xJan '19Aug '20Mar '22Oct '23May '25Nov '265.8x28.4x50.9x73.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

  • ROCE37th▼ 26 pts vs a year ago
  • Op. margin53rd▼ 10 pts vs a year ago
  • Revenue growth44th▼ 16 pts vs a year ago
  • EPS growth19th▼ 3 pts vs a year ago
  • Debt/equity ↓38th▲ 3 pts vs a year ago
  • Cash cycle ↓18th▲ 6 pts vs a year ago
  • P/E ↓11th▼ 26 pts vs a year ago
  • 12M momentum90th▲ 12 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~22%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 36.8x, a holder earning 12%/yr needs earnings to grow about 21.7%/yr for 10 years, then trade at 15x.

Delivered7.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+14.1 ptsimplied minus delivered
Rank242ndmost demanding of 856

Over time

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

-26%-2%23% Jan 2019Nov 2026 -26%-2%23% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.7%21.7%22.8%
20x17.4%18.4%19.5%

Drag a slider to test other assumptions

Implied: 21.7%/yr

Looking back

  • Jan 2020Price implied 2%/yr; EPS has since grown 11%/yr (7.0 yrs)
  • Jan 2021Price implied 13%/yr; EPS has since grown 9%/yr (6.0 yrs)
  • Jan 2022Price implied 20%/yr; EPS has since grown −13%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹504.60
P/E
66.3x
ROCE
8.0%
Market Cap
₹9996 cr
Revenue (TTM)
₹4390 cr
P/S
2.3x
P/B
4.2x
ROE
6.4%
Operating Margin
12.0%
Debt / Equity
0.6x
Promoter Holding
58.7%
12M Momentum
55.6%

52-week range

₹216.90₹536.00
90% of the way from its 52-week low to its high

Price risk

1Y volatility
59.8%
Beta vs sector
1-year daily
1.66

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.56x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance39%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 38.5%. 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 conversion1.56xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.56x (cash from operations ₹1,113 cr, net profit ₹715 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

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

Receivable days vs history-3 daysWithin range

Debtor days are below the median of the previous three fiscal years by 3 days (45 vs 48). 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-2 days / 2 yrsWithin range

Days payable changed by -2 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, DIIs added 5.7 pts.
  • The number of shareholders rose from 61,813 to 75,948 (+23%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters58.7%58.7%0.0 pts
FIIs10.2%10.1%-0.1 pts
DIIs0.1%5.8%+5.7 pts
Public and others30.9%25.3%-5.6 pts

Number of shareholders

75,948shareholders+23% since Sep '23
62k67k73k79k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 61,813
Dec '23: 67,626
Mar '24: 73,384
Jun '24: 69,110
Sep '24: 77,053
Dec '24: 74,189
Mar '25: 73,380
Jun '25: 77,264
Sep '25: 78,854
Dec '25: 76,462
Mar '26: 77,258
Jun '26: 75,948
 62k67k73k79k Sep '23Sep '24Sep '25Jun '26
Sep '23: 61,813
Dec '23: 67,626
Mar '24: 73,384
Jun '24: 69,110
Sep '24: 77,053
Dec '24: 74,189
Mar '25: 73,380
Jun '25: 77,264
Sep '25: 78,854
Dec '25: 76,462
Mar '26: 77,258
Jun '26: 75,948

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

+15.4%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like INDO COUNT INDUSTRIES 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 −16% to +72% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +18.3%, 80% range +8.9% to +28.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ROSSELLIND · Sep 2023: −83.2% vs market
CAMLINFINE · Apr 2023: −58.3% vs market
HFCL · Aug 2024: −49.1% vs market
IFBIND · Jan 2021: −44.6% vs market
AJMERA · Jan 2022: −35.8% vs market
GLOBUSSPR · Jul 2025: −34.5% vs market
SOLARA · Oct 2020: −31.4% vs market
WELSPUNLIV · Oct 2023: −27.4% vs market
HLEGLAS · Oct 2025: −25.7% vs market
DYNAMATECH · Mar 2024: −19.6% vs market
KOKUYOCMLN · Jul 2023: −19.3% vs market
JPPOWER · Jan 2024: −18.6% vs market
SOBHA · Feb 2024: −17.8% vs market
JUBLINGREA · Jul 2025: −10.8% vs market
GOKEX · May 2022: −9.4% vs market
SANGHIIND · Mar 2023: −6.7% vs market
SALASAR · Dec 2022: 0% vs market
ASTRAMICRO · Aug 2022: +2.3% vs market
HIRECT · Dec 2024: +3.5% vs market
POKARNA · Aug 2021: +3.9% vs market
HPL · Apr 2024: +6.4% vs market
KDDL · Dec 2021: +9.7% vs market
JBMA · Dec 2021: +10.6% vs market
VRLLOG · Apr 2022: +12.2% vs market
AVALON · Apr 2025: +15.1% vs market
MINDACORP · Apr 2022: +15.7% vs market
HBLENGINE · May 2022: +18.1% vs market
GRPLTD · May 2024: +20.9% vs market
SKIPPER · Apr 2024: +26.2% vs market
PRICOLLTD · Mar 2023: +26.5% vs market
AMBER · Oct 2024: +29.7% vs market
TRIDENT · Sep 2021: +29.7% vs market
SOMANYCERA · Feb 2021: +40.6% vs market
IRB · Feb 2023: +43.6% vs market
IGPL · Sep 2020: +44.5% vs market
TIRUMALCHM · Nov 2020: +55.9% vs market
FACT · May 2020: +66.5% vs market
AXISCADES · Mar 2025: +74.4% vs market
JINDWORLD · Nov 2021: +76.9% vs market
MARATHON · May 2022: +80.6% vs market
KALYANKJIL · Dec 2023: +84.1% vs market
SCHNEIDER · Jan 2023: +84.5% vs market
ADANIENT · Jan 2020: +85.5% vs market
ELECON · Nov 2021: +102.9% vs market
KIRLOSBROS · May 2023: +109.2% vs market
TEXRAIL · Nov 2022: +109.7% vs market
SYRMA · Oct 2025: +111.1% vs market
NEULANDLAB · Mar 2023: +135.9% vs market
SHAILY · Apr 2024: +137.2% vs market
GVT&D · Sep 2023: +161.6% vs market
Similar setups +15.4%All companies −2.9%← 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 · 7 beyond the range shown, drawn at the edge

Similar setups' median
+15.4%
All companies' median
−2.9%
Beat the market
68% vs 47%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SOMANYCERA
Producer Manufacturing		 Feb 2021 123x7% +159%−3% +41%
JINDWORLD
Process Industries		 Nov 2021 84x10% +264%−1% +77%
SKIPPER
Producer Manufacturing		 Apr 2024 114x12% +210%−2% +26%
SYRMA
Electronic Technology		 Oct 2025 72x12% +57%−5% +111%
HLEGLAS
Producer Manufacturing		 Oct 2025 70x13% +55%0% −26%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VRLLOG
Transportation		 Apr 2022 112x10% +163%−8% +12%
IFBIND
Consumer Durables		 Jan 2021 204x5% +130%−3% −45%
KIRLOSBROS
Producer Manufacturing		 May 2023 48x11% +116%0% +109%
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, P/S and drawdown from 12-month high. 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 INDO COUNT INDUSTRIES 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.

STEEL STRIPS WHEELSSSWL
Producer Manufacturing
62%similar
market capoperating margin
HLE GLASCOATHLEGLAS
Producer Manufacturing
61%similar
EPS growthrevenue growth
DISHMAN CARBOGEN AMCISDCAL
Health Technology
60%similar
promoter holdingdebt/equity
JUPITER WAGONSJWL
Producer Manufacturing
58%similar
market capROCE
GOKALDAS EXPORTSGOKEX
Consumer Non-Durables
57%similar
ROCEdebt/equity
PCBL CHEMICALPCBL
Process Industries
66%similar
ROCEEPS growth
JINDAL WORLDWIDEJINDWORLD
Process Industries
61%similar
volatilityROCE
NEOGEN CHEMICALSNEOGEN
Process Industries
53%similar
EPS growthmarket cap

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

What changed?

30 events since Jun '23

  1. NovPriceVolume reached 25.8x its 50-day median on 2026-11-04; price +12.5% that day.
  2. SepResultsRevenue (TTM) reached a new high of ₹4,390 cr.
  3. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  4. AugPriceRegained the 2024-07 peak, 11 months after the low.
  5. AugPriceVolume reached 64.9x its 50-day median on 2026-08-18; price +12.6% that day.
  6. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  7. JunPriceVolume reached 35.4x its 50-day median on 2026-06-24; price +10.3% that day.
  8. MarValuationP/E crossed above the 90th percentile of its own history to date (40.1x).
Show 22 earlier events
  1. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  2. FebPriceVolume reached 63.7x its 50-day median on 2026-02-04; price +14.2% that day.
  3. DecPriceVolume reached 56.6x its 50-day median on 2025-12-30; price +14.7% that day.
  4. NovValuationP/E crossed above the 90th percentile of its own history to date (30.4x).
  5. SepPriceFell 50% from the Jul 2024 peak to the Sep 2025 low.
  6. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  7. SepPriceVolume reached 29.2x its 50-day median on 2025-09-11; price +2.9% that day.
  8. JunResultsYear-on-year EPS growth turned negative.
  9. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  10. MayPriceVolume reached 11.1x its 50-day median on 2025-05-07; price +11.3% that day.
  11. MarPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  12. FebPriceVolume reached 23.5x its 50-day median on 2025-02-12; price +20.0% that day.
  13. DecPriceVolume reached 12.1x its 50-day median on 2024-12-09; price +14.4% that day.
  14. SepPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  15. JulPriceVolume reached 30.3x its 50-day median on 2024-07-01; price +14.7% that day.
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  18. FebPriceVolume reached 25.4x its 50-day median on 2024-02-26; price +8.6% that day.
  19. NovPriceRegained the 2021-10 peak, 8 months after the low.
  20. OctPriceVolume reached 20.7x its 50-day median on 2023-10-27; price +9.9% that day.
  21. JulPriceVolume reached 6.3x its 50-day median on 2023-07-14; price +6.3% that day.
  22. JunResultsYear-on-year EPS growth turned negative.

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
2026-1166.3x₹4390 cr6.4%8.0%0.6x
2026-1058.1x₹4390 cr6.4%8.0%0.6x
2026-0960.5x₹4390 cr6.4%8.0%0.6x
2026-0873.5x₹4142 cr5.3%8.0%0.6x
2026-0762.8x₹4142 cr5.3%8.0%0.6x
2026-0668.6x₹4142 cr5.3%8.0%0.6x
2026-0550.1x₹4107 cr5.4%14.0%0.6x
2026-0444.5x₹4107 cr5.4%14.0%0.6x
2026-0340.1x₹4107 cr5.4%14.0%0.6x
2026-0231.0x₹4196 cr7.4%14.0%0.6x
2026-0127.5x₹4196 cr7.4%14.0%0.6x
2025-1233.0x₹4196 cr7.4%14.0%0.6x
2025-1130.4x₹4170 cr9.2%14.0%0.6x
2025-1026.6x₹4170 cr9.2%14.0%0.6x
2025-0925.4x₹4170 cr9.2%14.0%0.6x
2025-0818.3x₹4152 cr11.0%14.0%0.6x
2025-0721.5x₹4152 cr11.0%14.0%0.6x
2025-0623.5x₹4152 cr11.0%14.0%0.6x
2025-0518.0x₹4222 cr15.4%18.0%0.5x
2025-0418.8x₹4222 cr15.4%18.0%0.5x
2025-0315.7x₹4222 cr15.4%18.0%0.5x
2025-0217.0x₹3783 cr14.7%18.0%0.5x
2025-0119.1x₹3783 cr14.7%18.0%0.5x
2024-1221.0x₹3783 cr14.7%18.0%0.5x
2024-1118.8x₹3756 cr16.4%18.0%0.5x
2024-1022.5x₹3756 cr16.4%18.0%0.5x
2024-0922.3x₹3756 cr16.4%18.0%0.5x
2024-0824.0x₹3556 cr16.2%18.0%0.5x
2024-0723.3x₹3556 cr16.2%18.0%0.5x
2024-0622.8x₹3556 cr16.2%18.0%0.5x
2024-0524.1x₹3012 cr15.4%15.0%0.5x
2024-0428.1x₹3012 cr15.4%15.0%0.5x
2024-0325.3x₹3012 cr15.4%15.0%0.5x
2024-0224.3x₹3012 cr15.4%15.0%0.5x
2024-0119.9x₹3012 cr15.4%15.0%0.5x
2023-1222.0x₹3012 cr15.4%15.0%0.5x
2023-1122.1x₹3012 cr15.4%15.0%0.5x
2023-1020.4x₹3012 cr15.4%15.0%0.5x
2023-0916.0x₹3012 cr15.4%15.0%0.5x
2023-0817.6x₹3012 cr15.4%15.0%0.5x
2023-0715.8x₹3012 cr15.4%15.0%0.5x
2023-0614.8x₹3012 cr15.4%15.0%0.5x
2023-059.5x₹2842 cr22.6%22.0%0.8x
2023-047.5x₹2842 cr22.6%22.0%0.8x
2023-036.2x₹2842 cr22.6%22.0%0.8x
2023-027.1x₹2842 cr22.6%22.0%0.8x
2023-016.9x₹2842 cr22.6%22.0%0.8x
2022-127.4x₹2842 cr22.6%22.0%0.8x
2022-117.5x₹2842 cr22.6%22.0%0.8x
2022-107.7x₹2842 cr22.6%22.0%0.8x
2022-097.5x₹2842 cr22.6%22.0%0.8x
2022-089.0x₹2842 cr22.6%22.0%0.8x
2022-077.6x₹2842 cr22.6%22.0%0.8x
2022-067.2x₹2842 cr22.6%22.0%0.8x
2022-0511.7x₹2519 cr19.4%23.0%0.4x
2022-0412.3x₹2519 cr19.4%23.0%0.4x
2022-0312.5x₹2519 cr19.4%23.0%0.4x
2022-0213.7x₹2519 cr19.4%23.0%0.4x
2022-0119.1x₹2519 cr19.4%23.0%0.4x
2021-1219.7x₹2519 cr19.4%23.0%0.4x

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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