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ICRA LIMITED (ICRA)

Commercial Services · Financial Publishing/Services · 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.81 / 100
Profitability 83Growth 60Balance 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.35 / 100
Price 32Earnings 57FII/DII 16

Passes these screensDebt-light & profitableConsistent compounders

Compare withCRISILCARE RATINGSBEACON TRUSTEESHIP

Share price

Closing priceAdjusted for splits and bonus issues.

₹4,463.7 latest close · −13.8% over the last 90 sessions

₹4,500₹5,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹4,500₹5,000Jul 3Sep 4Nov 9

₹4,463.7 month-end · −26.5% over 12 months

₹5,000₹6,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹5,000₹6,000Nov '25May '26Nov '26

₹4,463.7 month-end · −16.5% over 3 years

₹4,000₹5,000₹6,000₹7,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹4,000₹5,000₹6,000₹7,000Nov '23May '25Nov '26

₹4,463.7 month-end · +49.6% since Jan '19

₹2,000₹4,000₹6,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹2,000₹4,000₹6,000Jan '19Dec '22Nov '26

52-week range ₹4198.20 to ₹6416.00 · 1-year volatility 22.1%

Was the rally earned?

-27%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 9 points, but investors now pay less per rupee of profit (P/E 33.1x to 22.1x), which took 35 points back.
  • The share count barely moved.
Net profit growth: +8 pts. Points of the price return explained by net profit growing (or shrinking).+8 ptsNet profit growthP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35 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: −26%−26%Share priceNet profit growth: +8 pts. Points of the price return explained by net profit growing (or shrinking).+8ProfitP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −26%−26%Share price
Net profit growth+8 ptsNet profit rose about 10%, which lifts the price.
P/E change-35 ptsThe P/E fell from 33.1x to 22.1x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-17%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 34 points, but investors now pay less per rupee of profit (P/E 38.2x to 22.1x), which took 50 points back.
  • The share count barely moved.
Net profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32 ptsNet profit growthP/E change: −50 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−50 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: −16%−16%Share priceNet profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32ProfitP/E change: −50 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−50P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −16%−16%Share price
Net profit growth+32 ptsNet profit rose about 42%, which lifts the price.
P/E change-50 ptsThe P/E fell from 38.2x to 22.1x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+27%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 98 points, but investors now pay less per rupee of profit (P/E 41.7x to 22.1x), which took 72 points back.
  • The share count barely moved.
Net profit growth: +96 pts. Points of the price return explained by net profit growing (or shrinking).+96 ptsNet profit growthP/E change: −72 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−72 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: +27%+27%Share priceNet profit growth: +96 pts. Points of the price return explained by net profit growing (or shrinking).+96ProfitP/E change: −72 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−72P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +27%+27%Share price
Net profit growth+96 ptsNet profit rose about 135%, which lifts the price.
P/E change-72 ptsThe P/E fell from 41.7x to 22.1x, which lowers 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 CRISIL

How rough has the ride been?

Maximum drawdown-40.6%not yet recovered
1-year volatility22.1%annualised
Beta vs sector index0.453-year daily, correlation 0.37
Volume spikes9last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−39.6% 0%−20%−40%2020202220242026−39.6%
Largest drawdowns

-40.6% (2024-10 peak to 2026-09 low, not yet recovered)

-37.2% (2019-07 peak to 2020-03 low, recovered 2021-03)

-18.6% (2023-08 peak to 2024-05 low, recovered 2024-09)

Most recent volume spikes

2026-08-03: 8.2x the 50-day median, price +4.6% that day

2026-07-31: 5.1x the 50-day median, price -0.4% that day

2026-07-30: 11.3x the 50-day median, price +3.1% 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?

22.1xP/E todayNear its historic low
Against its own history5th percentile
CheapestMedian 33.2xDearest

Usual range 24.9x to 41.9x since 2019-01.

Against Commercial Services22.1x vs 21.1x
This company
22.1x
Sector median
21.1x

Close to the Commercial Services median.

10.3x23.2x36.1x49.0xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.3x23.2x36.1x49.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianCommercial Services median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianCommercial Services median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Commercial Services is valued

Where does it rank among Commercial Services peers?

Each cell is the company's percentile rank among its Commercial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE78thflat vs a year ago
  • Op. margin89thflat vs a year ago
  • Revenue growth76th▲ 34 pts vs a year ago
  • EPS growth51st▼ 14 pts vs a year ago
  • Debt/equity ↓85th▼ 3 pts vs a year ago
  • Cash cycle ↓79th▼ 4 pts vs a year ago
  • P/E ↓47th▲ 10 pts vs a year ago
  • 12M momentum41st▼ 32 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 Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

~13%annual earnings growth implied by the priceAbove delivered growth

At P/E of 22.1x, a holder earning 12%/yr needs earnings to grow about 12.9%/yr for 10 years, then trade at 15x.

Delivered8.4%/yrEPS, last 10 fiscal years · fitted trend
Gap+4.5 ptsimplied minus delivered
Rank434thmost demanding of 856

Over time

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

0%12%25% Jan 2019Nov 2026 0%12%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x13.9%15.0%16.0%
15x11.9%12.9%13.9%
20x9.2%10.2%11.1%

Drag a slider to test other assumptions

Implied: 12.9%/yr

Looking back

  • Jan 2020Price implied 17%/yr; EPS has since grown 8%/yr (7.0 yrs)
  • Jan 2021Price implied 17%/yr; EPS has since grown 11%/yr (6.0 yrs)
  • Jan 2022Price implied 23%/yr; EPS has since grown 17%/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 Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹4463.70
P/E
22.1x
ROCE
23.0%
Market Cap
₹4308 cr
Revenue (TTM)
₹639 cr
P/S
6.7x
P/B
3.6x
ROE
16.5%
Operating Margin
34.0%
Debt / Equity
0.0x
Promoter Holding
51.9%
12M Momentum
-26.5%

52-week range

₹4198.20₹6416.00
12% of the way from its 52-week low to its high

Price risk

1Y volatility
22.1%
Beta vs sector
1-year daily
0.44

Balance sheet & cash

Interest cover
operating profit ÷ interest
90.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.81x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 6checks within range1 near a threshold
Other income reliance28%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 28.4%. 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 conversion0.81xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.81x (cash from operations ₹409 cr, net profit ₹506 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+13 daysWithin range

Debtor days are above the median of the previous three fiscal years by 13 days (48 vs 35). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, FIIs trimmed 1.3 pts.
  • The number of shareholders rose from 17,415 to 23,802 (+37%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters51.9%51.9%0.0 pts
FIIs8.2%6.9%-1.3 pts
DIIs24.2%24.3%+0.1 pts
Public and others15.4%16.7%+1.3 pts

Number of shareholders

23,802shareholders+37% since Dec '23
17k20k22k24k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 17,415
Mar '24: 17,547
Jun '24: 18,526
Sep '24: 19,138
Dec '24: 19,757
Mar '25: 20,521
Jun '25: 21,176
Sep '25: 21,818
Dec '25: 21,929
Mar '26: 22,189
Jun '26: 23,802
 17k20k22k24k Dec '23Dec '24Dec '25Jun '26
Dec '23: 17,415
Mar '24: 17,547
Jun '24: 18,526
Sep '24: 19,138
Dec '24: 19,757
Mar '25: 20,521
Jun '25: 21,176
Sep '25: 21,818
Dec '25: 21,929
Mar '26: 22,189
Jun '26: 23,802

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

−10.7%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like ICRA 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 −25% to +25% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (−7.4%, 80% range −16.3% to +6.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
CELLO · Jul 2025: −45.2% vs market
ARE&M · Apr 2021: −43.9% vs market
IGL · Feb 2021: −41.3% vs market
ATUL · Apr 2023: −41.1% vs market
TTKPRESTIG · Mar 2023: −35.4% vs market
LATENTVIEW · Jun 2025: −34.3% vs market
WONDERLA · May 2025: −29.5% vs market
KKCL · Jun 2020: −29.0% vs market
FDC · Apr 2021: −28.5% vs market
ADVENZYMES · Oct 2021: −27.3% vs market
TATATECH · Feb 2025: −26.2% vs market
CLEAN · Oct 2025: −25.0% vs market
DHANUKA · Apr 2021: −24.9% vs market
SIRCA · Jan 2024: −23.7% vs market
ENGINERSIN · May 2020: −23.0% vs market
STARCEMENT · Jun 2020: −21.9% vs market
VINATIORGA · Oct 2023: −18.1% vs market
INDIGOPNTS · Jun 2024: −17.1% vs market
GPPL · Jan 2021: −17.1% vs market
IPCALAB · Feb 2022: −16.9% vs market
PIIND · Dec 2024: −16.8% vs market
EIHOTEL · Feb 2025: −16.8% vs market
VGUARD · Jul 2021: −15.6% vs market
EMAMILTD · May 2022: −13.8% vs market
ERIS · Jan 2022: −12.0% vs market
AIAENG · May 2024: −9.5% vs market
NESCO · May 2021: −8.1% vs market
GARFIBRES · Apr 2022: −3.0% vs market
INDIAMART · Jan 2025: +0.5% vs market
FINCABLES · Mar 2020: +4.0% vs market
AJANTPHARM · May 2022: +4.9% vs market
BALKRISIND · Feb 2022: +11.6% vs market
NATCOPHARM · Jun 2023: +14.9% vs market
MIDHANI · Mar 2022: +17.4% vs market
CRISIL · Aug 2024: +21.2% vs market
VEEDOL · Nov 2020: +23.2% vs market
SUMICHEM · Apr 2024: +24.8% vs market
EICHERMOT · Jan 2024: +25.1% vs market
JBCHEPHARM · Mar 2022: +31.0% vs market
PGHL · Aug 2024: +32.4% vs market
MANKIND · Jul 2024: +34.4% vs market
AFFLE · Apr 2024: +39.2% vs market
INGERRAND · Feb 2021: +48.9% vs market
NUCLEUS · Apr 2020: +49.2% vs market
CUMMINSIND · Mar 2020: +56.6% vs market
GRINDWELL · Aug 2020: +60.6% vs market
CARERATING · Sep 2024: +63.4% vs market
HAPPYFORGE · Apr 2025: +64.1% vs market
CARBORUNIV · Aug 2020: +93.4% vs market
ACUTAAS · Feb 2024: +102.8% vs market
Similar setups −10.7%All companies −3.3%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−10.7%
All companies' median
−3.3%
Beat the market
44% vs 46%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ERIS
Health Technology		 Jan 2022 27x27% +15%−17% −12%
HAPPYFORGE
Producer Manufacturing		 Apr 2025 27x23% −18%−40% +64%
PIIND
Process Industries		 Dec 2024 32x24% +5%−22% −17%
INDIGOPNTS
Process Industries		 Jun 2024 44x23% −4%−14% −17%
VINATIORGA
Process Industries		 Oct 2023 42x28% −9%−20% −18%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDIAMART
Retail Trade		 Jan 2025 29x24% −18%−35% +1%
AJANTPHARM
Health Technology		 May 2022 23x32% −11%−29% +5%
CARERATING
Commercial Services		 Sep 2024 29x21% +15%−17% +63%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and 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 ICRA 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.

INDIAMART INTERMESHINDIAMART
Retail Trade
74%similar
operating marginvolatility
INDIAN ENERGY EXCHANGEIEX
Finance
69%similar
revenuerevenue growth
GUJARAT PIPAVAV PORTGPPL
Transportation
68%similar
debt/equityROCE
PROCTER AND GAMBLE HEALTHPGHL
Health Technology
62%similar
promoter holdingdebt/equity
PIX TRANSMISSIONSPIXTRANS
Producer Manufacturing
62%similar
revenueROCE
CARE RATINGSCARERATING
Commercial Services
74%similar
market capoperating margin
LATENT VIEW ANALYTICSLATENTVIEW
Commercial Services
39%similar
market capP/E
GLOBAL EDUCATIONGLOBAL
Commercial Services
35%similar
operating marginrevenue growth

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

What changed?

30 events since Jun '22

  1. SepPriceFell 41% from the Oct 2024 peak to the Sep 2026 low.
  2. SepValuationP/E fell below the 10th percentile of its own history to date (20.9x).
  3. SepPeer rankMoved into the 2nd quartile of Commercial Services on EPS growth (from the 3rd quartile).
  4. JulPriceVolume reached 19.8x its 50-day median on 2026-07-13; price -0.3% that day.
  5. JunPeer rankMoved into the top quartile of Commercial Services on ROCE (from the 2nd quartile).
  6. JunPriceVolume reached 23.7x its 50-day median on 2026-06-19; price +1.9% that day.
  7. MarPeer rankSlipped to the 2nd quartile of Commercial Services on ROCE (from the top quartile).
  8. MarPriceVolume reached 6.1x its 50-day median on 2026-03-02; price +3.2% that day.
Show 22 earlier events
  1. DecPeer rankMoved into the top quartile of Commercial Services on EPS growth (from the 2nd quartile).
  2. OctPriceVolume reached 23.0x its 50-day median on 2025-10-31; price -1.4% that day.
  3. JulPriceVolume reached 28.5x its 50-day median on 2025-07-03; price +1.3% that day.
  4. JunPeer rankMoved into the top quartile of Commercial Services on ROCE (from the 2nd quartile).
  5. JunPriceVolume reached 20.7x its 50-day median on 2025-06-12; price +0.1% that day.
  6. MarPriceVolume reached 19.1x its 50-day median on 2025-03-19; price +2.6% that day.
  7. OctPriceVolume reached 10.4x its 50-day median on 2024-10-24; price +4.7% that day.
  8. SepValuationP/E crossed above the 90th percentile of its own history to date (46.8x).
  9. SepPriceVolume reached 12.7x its 50-day median on 2024-09-18; price +5.4% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹446 cr.
  11. MayPriceVolume reached 28.7x its 50-day median on 2024-05-24; price +2.5% that day.
  12. FebPriceVolume reached 15.9x its 50-day median on 2024-02-02; price +2.5% that day.
  13. AugPriceVolume reached 14.7x its 50-day median on 2023-08-31; price -1.3% that day.
  14. JunResultsRevenue (TTM) reached a new high of ₹403 cr.
  15. MayPriceVolume reached 19.9x its 50-day median on 2023-05-29; price +2.5% that day.
  16. JanPriceVolume reached 12.4x its 50-day median on 2023-01-02; price +12.4% that day.
  17. OctPeer rankSlipped to the 2nd quartile of Commercial Services on ROCE (from the top quartile).
  18. OctPriceVolume reached 25.9x its 50-day median on 2022-10-20; price +2.5% that day.
  19. SepPriceVolume reached 30.3x its 50-day median on 2022-09-16; price +3.8% that day.
  20. JunResultsYear-on-year EPS growth turned positive.
  21. JunPeer rankMoved into the top quartile of Commercial Services on ROCE (from the 2nd quartile).
  22. JunPriceVolume reached 9.0x its 50-day median on 2022-06-29; price +0.2% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1122.1x₹639 cr16.5%23.0%0.0x
2026-1021.3x₹639 cr16.6%23.0%0.0x
2026-0920.9x₹639 cr16.6%23.0%0.0x
2026-0826.1x₹600 cr15.5%23.0%0.0x
2026-0726.1x₹600 cr15.5%23.0%0.0x
2026-0627.3x₹600 cr15.5%23.0%0.0x
2026-0527.5x₹561 cr17.6%23.0%0.0x
2026-0427.7x₹561 cr17.6%23.0%0.0x
2026-0325.6x₹561 cr17.6%23.0%0.0x
2026-0227.8x₹518 cr17.9%23.0%0.0x
2026-0131.7x₹518 cr17.9%23.0%0.0x
2025-1230.5x₹518 cr17.9%23.0%0.0x
2025-1133.1x₹507 cr16.9%23.0%0.0x
2025-1034.3x₹507 cr16.9%23.0%0.0x
2025-0933.9x₹507 cr16.9%23.0%0.0x
2025-0834.8x₹498 cr16.2%23.0%0.0x
2025-0736.9x₹498 cr16.2%23.0%0.0x
2025-0637.6x₹498 cr16.2%23.0%0.0x
2025-0539.5x₹486 cr16.6%21.0%0.0x
2025-0432.6x₹486 cr16.6%21.0%0.0x
2025-0332.3x₹486 cr16.6%21.0%0.0x
2025-0233.2x₹480 cr15.6%21.0%0.0x
2025-0138.9x₹480 cr15.6%21.0%0.0x
2024-1239.9x₹480 cr15.6%21.0%0.0x
2024-1144.2x₹459 cr15.0%21.0%0.0x
2024-1046.5x₹459 cr15.0%21.0%0.0x
2024-0946.8x₹459 cr15.0%21.0%0.0x
2024-0837.5x₹446 cr15.6%21.0%0.0x
2024-0735.1x₹446 cr15.6%21.0%0.0x
2024-0636.5x₹446 cr15.6%21.0%0.0x
2024-0539.3x₹403 cr14.4%20.0%0.0x
2024-0437.0x₹403 cr14.4%20.0%0.0x
2024-0338.1x₹403 cr14.4%20.0%0.0x
2024-0241.1x₹403 cr14.4%20.0%0.0x
2024-0138.4x₹403 cr14.4%20.0%0.0x
2023-1240.0x₹403 cr14.4%20.0%0.0x
2023-1138.2x₹403 cr14.4%20.0%0.0x
2023-1038.2x₹403 cr14.4%20.0%0.0x
2023-0938.3x₹403 cr14.4%20.0%0.0x
2023-0840.9x₹403 cr14.4%20.0%0.0x
2023-0739.4x₹403 cr14.4%20.0%0.0x
2023-0637.3x₹403 cr14.4%20.0%0.0x
2023-0541.9x₹343 cr13.5%19.0%0.0x
2023-0439.8x₹343 cr13.5%19.0%0.0x
2023-0337.2x₹343 cr13.5%19.0%0.0x
2023-0237.5x₹343 cr13.5%19.0%0.0x
2023-0137.8x₹343 cr13.5%19.0%0.0x
2022-1238.6x₹343 cr13.5%19.0%0.0x
2022-1137.1x₹343 cr13.5%19.0%0.0x
2022-1034.9x₹343 cr13.5%19.0%0.0x
2022-0933.4x₹343 cr13.5%19.0%0.0x
2022-0831.4x₹343 cr13.5%19.0%0.0x
2022-0732.8x₹343 cr13.5%19.0%0.0x
2022-0631.1x₹343 cr13.5%19.0%0.0x
2022-0545.4x₹301 cr10.9%15.0%0.0x
2022-0447.3x₹301 cr10.9%15.0%0.0x
2022-0349.0x₹301 cr10.9%15.0%0.0x
2022-0243.2x₹301 cr10.9%15.0%0.0x
2022-0142.6x₹301 cr10.9%15.0%0.0x
2021-1239.3x₹301 cr10.9%15.0%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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