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IG PETROCHEMICALS LIMITED (IGPL)

Process Industries · Chemicals: Specialty · 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.44 / 100
Profitability 47Growth 17Balance sheet 70
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.71 / 100
Price 91Earnings 59FII/DII 62

Passes these screensHigh MomentumNear 52-week high

Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹586.25 latest close · +29.0% over the last 90 sessions

₹500₹600Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹500₹600Jul 3Sep 4Nov 9

₹586.25 month-end · +50.8% over 12 months

₹400₹500₹600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹400₹500₹600Nov '25May '26Nov '26

₹586.25 month-end · +31.3% over 3 years

₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹600Nov '23May '25Nov '26

₹586.25 month-end · +95.7% since Jan '19

₹250₹500₹750Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹250₹500₹750Jan '19Dec '22Nov '26

52-week range ₹315.00 to ₹617.70 · 1-year volatility 41.5%

Was the rally earned?

+51%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 37 points to the rise, while the multiple moved less (P/E 19.7x to 22.1x).
  • The share count barely moved.
Net profit growth: +36 pts. Points of the price return explained by net profit growing (or shrinking).+36 ptsNet profit growthP/E change: +14 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+14 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: +51%+51%Share priceNet profit growth: +36 pts. Points of the price return explained by net profit growing (or shrinking).+36ProfitP/E change: +14 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+14P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +51%+51%Share price
Net profit growth+36 ptsNet profit rose about 34%, which lifts the price.
P/E change+14 ptsThe P/E rose from 19.7x to 22.1x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+31%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 6.9x to 22.1x); per-share earnings took off 103 points.
  • The share count barely moved.
Net profit growth: −103 pts. Points of the price return explained by net profit growing (or shrinking).−103 ptsNet profit growthP/E change: +134 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+134 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: +31%+31%Share priceNet profit growth: −103 pts. Points of the price return explained by net profit growing (or shrinking).−103ProfitP/E change: +134 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+134P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +31%+31%Share price
Net profit growth-103 ptsNet profit fell about 59%, which lowers the price.
P/E change+134 ptsThe P/E rose from 6.9x to 22.1x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-18%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 76 points, while the multiple moved less (P/E 11.7x to 22.1x).
  • The share count barely moved.
Net profit growth: −75 pts. Points of the price return explained by net profit growing (or shrinking).−75 ptsNet profit growthP/E change: +57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+57 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: −18%−18%Share priceNet profit growth: −75 pts. Points of the price return explained by net profit growing (or shrinking).−75ProfitP/E change: +57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+57P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −18%−18%Share price
Net profit growth-75 ptsNet profit fell about 57%, which lowers the price.
P/E change+57 ptsThe P/E rose from 11.7x to 22.1x, 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-79.6%recovered 2020-11
1-year volatility41.5%annualised
Beta vs sector index1.163-year daily, correlation 0.51
Volume spikes12last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−78.0% 0%−25%−50%−75%2020202220242026−78.0%
Largest drawdowns

-79.6% (2019-01 peak to 2020-03 low, recovered 2020-11)

-66.3% (2021-10 peak to 2026-03 low, not yet recovered)

-27.6% (2021-08 peak to 2021-08 low, recovered 2021-09)

Most recent volume spikes

2026-11-06: 5.2x the 50-day median, price +0.9% that day

2026-09-04: 5.2x the 50-day median, price +3.4% that day

2026-08-27: 8.6x the 50-day median, price -0.4% 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?

22.1xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 11.4xDearest

Usual range 4.5x to 56.4x since 2019-01.

Against Process Industries22.1x vs 18.1x
This company
22.1x
Sector median
18.1x

22% above the Process Industries median.

2.5x249.3x496.0x742.8xJan '19Aug '20Mar '22Oct '23May '25Nov '262.5x249.3x496.0x742.8xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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

  • ROCE15th▼ 36 pts vs a year ago
  • Op. margin79th▲ 69 pts vs a year ago
  • Revenue growth20th▼ 3 pts vs a year ago
  • EPS growth70th▼ 12 pts vs a year ago
  • Debt/equity ↓59th▼ 7 pts vs a year ago
  • Cash cycle ↓88thflat vs a year ago
  • P/E ↓41st▼ 12 pts vs a year ago
  • 12M momentum90th▲ 69 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?

~10%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 14.6x, a holder earning 12%/yr needs earnings to grow about 9.6%/yr for 10 years, then trade at 15x.

Delivered−11.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+21.4 ptsimplied minus delivered
Rank128thmost demanding of 856

Over time

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

-12%2%16% Jan 2019Nov 2026 -12%2%16% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x10.8%11.8%12.8%
15x8.6%9.6%10.6%
20x5.8%6.8%7.7%

Drag a slider to test other assumptions

Implied: 9.6%/yr

Looking back

  • Jan 2020Price implied −1%/yr; EPS has since grown −44%/yr (7.0 yrs)
  • Jan 2021Price implied 10%/yr; EPS has since grown −32%/yr (6.0 yrs)
  • Jan 2022Price implied 14%/yr; EPS has since grown −60%/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
₹586.25
P/E
22.1x
ROCE
3.0%
Market Cap
₹1806 cr
Revenue (TTM)
₹2072 cr
P/S
0.9x
P/B
1.4x
ROE
6.1%
Operating Margin
18.0%
Debt / Equity
0.3x
Promoter Holding
68.7%
12M Momentum
50.8%

52-week range

₹315.00₹617.70
90% of the way from its 52-week low to its high

Price risk

1Y volatility
41.5%
Beta vs sector
1-year daily
1.29

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.65x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 7checks within range3 near a threshold
Other income reliance20%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 19.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.65xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.65x (cash from operations ₹400 cr, net profit ₹151 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+16 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 16 days (66 vs 50). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress15% of fixed assetsWithin range

Capital work-in-progress is 15% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+15 days / 2 yrsWithin range

Days payable changed by +15 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, FIIs trimmed 1.1 pts.
  • The number of shareholders fell from 37,086 to 33,319 (-10%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters68.7%68.7%0.0 pts
FIIs3.7%2.7%-1.1 pts
DIIs1.8%1.6%-0.2 pts
Public and others25.7%27.0%+1.3 pts

Number of shareholders

33,319shareholders-10% since Sep '23
33k35k36k38k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 37,086
Dec '23: 37,398
Mar '24: 37,726
Jun '24: 36,045
Sep '24: 34,809
Dec '24: 33,619
Mar '25: 33,901
Jun '25: 34,735
Sep '25: 35,425
Dec '25: 35,243
Mar '26: 34,364
Jun '26: 33,319
 33k35k36k38k Sep '23Sep '24Sep '25Jun '26
Sep '23: 37,086
Dec '23: 37,398
Mar '24: 37,726
Jun '24: 36,045
Sep '24: 34,809
Dec '24: 33,619
Mar '25: 33,901
Jun '25: 34,735
Sep '25: 35,425
Dec '25: 35,243
Mar '26: 34,364
Jun '26: 33,319

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

−2.2%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 IG PETROCHEMICALS 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 −23% to +30% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (+0.8%, 80% range −5.9% to +6.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
JAYBARMARU · Jun 2023: −41.7% vs market
PONNIERODE · Mar 2020: −40.6% vs market
HERANBA · Oct 2024: −39.8% vs market
KCPSUGIND · Mar 2020: −37.6% vs market
BALMLAWRIE · Jan 2024: −36.1% vs market
SPAL · Jan 2022: −35.6% vs market
POLYPLEX · Feb 2025: −33.7% vs market
MAGADSUGAR · Oct 2023: −30.6% vs market
RGL · Sep 2021: −28.7% vs market
PRECOT · Nov 2024: −26.4% vs market
LIBERTSHOE · Sep 2022: −25.1% vs market
HUHTAMAKI · May 2023: −24.3% vs market
THEINVEST · Sep 2024: −23.4% vs market
HGS · Dec 2021: −22.4% vs market
MANGLMCEM · Jul 2024: −22.2% vs market
SHK · Mar 2024: −17.1% vs market
VINDHYATEL · Mar 2023: −14.2% vs market
JKIL · Jun 2022: −12.3% vs market
ARVIND · May 2024: −9.8% vs market
DCMSRIND · Sep 2023: −8.8% vs market
UNIVCABLES · Jul 2024: −8.7% vs market
ORICONENT · Aug 2020: −7.4% vs market
BANARISUG · Jan 2025: −6.2% vs market
MANALIPETC · Oct 2025: −2.3% vs market
BANSWRAS · Jul 2021: −2.3% vs market
MANORG · May 2025: −2.1% vs market
KCP · Jan 2024: −1.2% vs market
MANINDS · Oct 2023: +1.6% vs market
ORIENTCEM · Nov 2023: +1.8% vs market
DCMSHRIRAM · Mar 2025: +6.3% vs market
GALLANTT · Feb 2021: +6.5% vs market
SUNFLAG · Jun 2025: +7.3% vs market
APOLLOTYRE · Feb 2023: +10.8% vs market
TIMETECHNO · Jun 2021: +13.4% vs market
GSFC · Feb 2021: +17.5% vs market
ISGEC · May 2023: +27.0% vs market
BBL · Jan 2022: +29.7% vs market
GESHIP · Oct 2022: +29.8% vs market
IOLCP · Jul 2025: +34.6% vs market
MAHSEAMLES · May 2022: +48.4% vs market
WABAG · May 2023: +48.7% vs market
JINDRILL · Feb 2023: +50.1% vs market
HBLENGINE · Oct 2020: +50.8% vs market
WELENT · Dec 2022: +54.5% vs market
TIRUMALCHM · May 2021: +63.1% vs market
KIRLOSBROS · Mar 2023: +79.6% vs market
SARDAEN · Apr 2021: +90.9% vs market
DEEPAKFERT · Feb 2021: +155.2% vs market
APOLLO · Sep 2022: +170.5% vs market
SKMEGGPROD · Nov 2022: +172.1% vs market
Similar setups −2.2%All companies −3.0%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
−2.2%
All companies' median
−3.0%
Beat the market
46% vs 47%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GALLANTT
Non-Energy Minerals		 Feb 2021 18x3% +103%0% +7%
HUHTAMAKI
Process Industries		 May 2023 25x— +69%0% −24%
RGL
Consumer Durables		 Sep 2021 35x6% +219%0% −29%
BBL
Producer Manufacturing		 Jan 2022 43x5% +128%−4% +30%
SUNFLAG
Non-Energy Minerals		 Jun 2025 35x4% +49%0% +7%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HBLENGINE
Producer Manufacturing		 Oct 2020 22x6% +22%0% +51%
WABAG
Industrial Services		 May 2023 22x13% +86%−1% +49%
POLYPLEX
Process Industries		 Feb 2025 22x2% +26%−26% −34%
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: interest cover, P/E 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 IG PETROCHEMICALS 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.

PRINCE PIPES AND FITTINGSPRINCEPIPE
Producer Manufacturing
62%similar
revenue growthrevenue
MAITHAN ALLOYSMAITHANALL
Non-Energy Minerals
60%similar
revenueoperating margin
WEST COAST PAPER MILLSWSTCSTPAPR
Producer Manufacturing
59%similar
revenue growthEPS growth
SAI SILKS KALAMANDIRKALAMANDIR
Retail Trade
58%similar
volatilityP/E
G N A AXLESGNA
Producer Manufacturing
57%similar
debt/equitypromoter holding
LAXMI ORGANIC INDUSTRIESLXCHEM
Process Industries
60%similar
debt/equitypromoter holding
KUANTUM PAPERSKUANTUM
Process Industries
59%similar
revenue growthEPS growth
NAHAR SPINNING MILLSNAHARSPING
Process Industries
58%similar
ROCEpromoter holding

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

What changed?

30 events since Jan '24

  1. NovPriceVolume reached 5.2x its 50-day median on 2026-11-06; price +0.9% that day.
  2. SepResultsYear-on-year EPS growth turned positive.
  3. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  4. AugPriceVolume reached 16.2x its 50-day median on 2026-08-06; price -2.2% that day.
  5. JunResultsEPS (TTM) turned positive.
  6. JunValuationP/E crossed above the 90th percentile of its own history to date (633.8x).
  7. JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
  8. AprPriceVolume reached 6.1x its 50-day median on 2026-04-10; price +5.8% that day.
Show 22 earlier events
  1. MarResultsEPS (TTM) turned negative.
  2. MarPriceFell 66% from the Oct 2021 peak to the Mar 2026 low.
  3. MarPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
  4. MarPriceVolume reached 6.4x its 50-day median on 2026-03-17; price +6.1% that day.
  5. FebPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  6. DecResultsYear-on-year EPS growth turned negative.
  7. DecPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  8. DecPriceVolume reached 5.5x its 50-day median on 2025-12-24; price +2.4% that day.
  9. SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 2nd quartile).
  10. JulPriceVolume reached 7.6x its 50-day median on 2025-07-18; price +5.7% that day.
  11. JunResultsYear-on-year EPS growth turned positive.
  12. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the bottom quartile).
  13. JunDividendDividend payout cut from 58% to 28% of profit.
  14. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  15. FebPriceVolume reached 5.8x its 50-day median on 2025-02-14; price +0.6% that day.
  16. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  17. AugValuationP/E crossed above the 90th percentile of its own history to date (52.6x).
  18. AugPriceVolume reached 12.0x its 50-day median on 2024-08-20; price +12.7% that day.
  19. JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
  20. JunPriceVolume reached 12.0x its 50-day median on 2024-06-18; price +4.9% that day.
  21. AprPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  22. JanPriceVolume reached 5.6x its 50-day median on 2024-01-03; price +4.1% 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₹2072 cr6.1%3.0%0.3x
2026-1020.0x₹2072 cr6.1%3.0%0.3x
2026-0921.9x₹2072 cr6.1%3.0%0.3x
2026-08742.8x₹1924 cr0.2%3.0%0.3x
2026-07654.5x₹1924 cr0.2%3.0%0.3x
2026-06633.8x₹1924 cr0.2%3.0%0.3x
2026-05—₹1880 cr-0.5%11.0%0.2x
2026-04—₹1880 cr-0.5%11.0%0.2x
2026-03—₹1880 cr-0.5%11.0%0.2x
2026-0234.2x₹1973 cr2.5%11.0%0.2x
2026-0134.3x₹1973 cr2.5%11.0%0.2x
2025-1237.6x₹1973 cr2.5%11.0%0.2x
2025-1119.7x₹2091 cr4.6%11.0%0.2x
2025-1021.1x₹2091 cr4.6%11.0%0.2x
2025-0921.3x₹2091 cr4.6%11.0%0.2x
2025-0812.1x₹2206 cr8.1%11.0%0.2x
2025-0713.7x₹2206 cr8.1%11.0%0.2x
2025-0613.5x₹2206 cr8.1%11.0%0.2x
2025-0514.3x₹2280 cr7.9%5.0%0.3x
2025-0412.7x₹2280 cr7.9%5.0%0.3x
2025-0313.3x₹2280 cr7.9%5.0%0.3x
2025-0224.2x₹2210 cr4.4%5.0%0.3x
2025-0124.4x₹2210 cr4.4%5.0%0.3x
2024-1231.3x₹2210 cr4.4%5.0%0.3x
2024-1148.6x₹2129 cr3.1%5.0%0.3x
2024-1045.6x₹2129 cr3.1%5.0%0.3x
2024-0947.4x₹2129 cr3.1%5.0%0.3x
2024-0852.6x₹2099 cr3.2%5.0%0.3x
2024-0748.3x₹2099 cr3.2%5.0%0.3x
2024-0647.0x₹2099 cr3.2%5.0%0.3x
2024-057.5x₹2352 cr16.2%21.0%0.2x
2024-048.3x₹2352 cr16.2%21.0%0.2x
2024-036.6x₹2352 cr16.2%21.0%0.2x
2024-027.1x₹2352 cr16.2%21.0%0.2x
2024-017.7x₹2352 cr16.2%21.0%0.2x
2023-127.2x₹2352 cr16.2%21.0%0.2x
2023-116.9x₹2352 cr16.2%21.0%0.2x
2023-107.5x₹2352 cr16.2%21.0%0.2x
2023-098.2x₹2352 cr16.2%21.0%0.2x
2023-087.7x₹2352 cr16.2%21.0%0.2x
2023-076.7x₹2352 cr16.2%21.0%0.2x
2023-067.9x₹2352 cr16.2%21.0%0.2x
2023-055.4x₹1883 cr24.9%33.0%0.2x
2023-045.6x₹1883 cr24.9%33.0%0.2x
2023-034.8x₹1883 cr24.9%33.0%0.2x
2023-024.7x₹1883 cr24.9%33.0%0.2x
2023-015.6x₹1883 cr24.9%33.0%0.2x
2022-126.0x₹1883 cr24.9%33.0%0.2x
2022-116.2x₹1883 cr24.9%33.0%0.2x
2022-106.0x₹1883 cr24.9%33.0%0.2x
2022-096.6x₹1883 cr24.9%33.0%0.2x
2022-086.9x₹1883 cr24.9%33.0%0.2x
2022-077.4x₹1883 cr24.9%33.0%0.2x
2022-066.9x₹1883 cr24.9%33.0%0.2x
2022-0510.2x₹1124 cr22.9%29.0%0.2x
2022-0412.4x₹1124 cr22.9%29.0%0.2x
2022-0311.5x₹1124 cr22.9%29.0%0.2x
2022-0210.9x₹1124 cr22.9%29.0%0.2x
2022-0112.1x₹1124 cr22.9%29.0%0.2x
2021-1211.4x₹1124 cr22.9%29.0%0.2x

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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