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INCREDIBLE INDUSTRIES LTD (INCREDIBLE)

Non-Energy Minerals

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.56 / 100
Profitability 30Growth 64Balance sheet 73
Compare withJSW STEEL LIMITEDTATA STEEL LIMITEDJINDAL STEEL LIMITED

Passes these screens: Value Pick

Share Price
₹29.96
P/E
11.9x
ROCE
10.0%
Market Cap
₹140 cr
Revenue (TTM)
₹834 cr
P/S
0.2x
P/B
0.9x
ROE
7.5%
Operating Margin
3.1%
Debt / Equity
0.2x
Promoter Holding
75.0%
12M Momentum
-34.0%
P/E vs its own history3rd percentilesince Jan '19
P/E vs Non-Energy Minerals0.6xthe sector median

52-week range

₹28.10₹47.95
9% of the way from its 52-week low to its high

Price risk

1Y volatility
40.7%
Beta vs sector
1-year daily
0.54

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.37x
Share count, 1Y
unchanged

Was the rally earned?

-34%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 18 points and the multiple took off 16 points (P/E 14.5x to 11.9x).
  • The share count barely moved.
1 year Net profit growth: -18 pts. Points of the price return explained by net profit growing (or shrinking).-18 ptsP/E change: -16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-16 ptsShare count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -34% 1 year Net profit growth: -18 pts. Points of the price return explained by net profit growing (or shrinking).-18 ptsP/E change: -16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-16 ptsShare count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -34%
Net profit growth-18 ptsNet profit fell about 19%, which lowers the price.
P/E change-16 ptsThe P/E fell from 14.5x to 11.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-19%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 79 points, but investors now pay less per rupee of profit (P/E 35.2x to 11.9x), which took 98 points back.
  • The share count fell 2%.
3 years Net profit growth: +77 pts. Points of the price return explained by net profit growing (or shrinking).+77 ptsP/E change: -98 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-98 ptsShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price. -19% 3 years Net profit growth: +77 pts. Points of the price return explained by net profit growing (or shrinking).+77 ptsP/E change: -98 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-98 ptsShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price. -19%
Net profit growth+77 ptsNet profit rose about 135%, which lifts the price.
P/E change-98 ptsThe P/E fell from 35.2x to 11.9x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts the price.
+23%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 131 points, but investors now pay less per rupee of profit (P/E 31.2x to 11.9x), which took 107 points back.
  • The share count barely moved.
5 years Net profit growth: +131 pts. Points of the price return explained by net profit growing (or shrinking).+131 ptsP/E change: -107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-107 pts +23% 5 years Net profit growth: +131 pts. Points of the price return explained by net profit growing (or shrinking).+131 ptsP/E change: -107 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-107 pts +23%
Net profit growth+131 ptsNet profit rose about 223%, which lifts the price.
P/E change-107 ptsThe P/E fell from 31.2x to 11.9x, which lowers 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 JSW STEEL

Is it expensive against its own past and its peers?

11.9xP/E todayNear its historic low
Against its own history3rd percentileMedian 31.4x; usual range 13.2x to 102.6x since 2019-01.
Against Non-Energy Minerals11.9x vs 21.3xBelow the Non-Energy Minerals median.
8.1x55.9x103.7x151.5xJan '19Aug '20Mar '22Oct '23May '25Oct '268.1x55.9x103.7x151.5xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed 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 Non-Energy Minerals is valued

What is the price implying?

~14%annual earnings growth implied by the price

At a P/E of 17.9x, the price would imply about 14.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

What changed?

  1. Sep '26Slipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  2. Jun '26Year-on-year EPS growth turned negative.
  3. Jun '26Slipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  4. Mar '26Slipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  5. Jan '26Debt / equity halved over 12 months to 0.16x.
  6. Dec '25Revenue (TTM) reached a new high of ₹824 cr.
  7. Jun '25Debt / equity halved over 12 months to 0.16x.
  8. Mar '25Moved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
Show 18 earlier events
  1. Feb '25P/E fell below the 10th percentile of its own history to date (18.5x).
  2. Jun '24Revenue (TTM) reached a new high of ₹818 cr.
  3. Jun '24Slipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  4. Jun '23Year-on-year EPS growth turned positive.
  5. Jun '23P/E fell below the 10th percentile of its own history to date (23.5x).
  6. Jun '23Moved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
  7. Jan '23P/E fell below the 10th percentile of its own history to date (27.8x).
  8. Jun '22Year-on-year EPS growth turned negative.
  9. Jun '22P/E fell below the 10th percentile of its own history to date (26.2x).
  10. Jun '22Slipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  11. Feb '22P/E fell below the 10th percentile of its own history to date (28.6x).
  12. Jun '21Year-on-year EPS growth turned positive.
  13. Jun '21Moved into the top quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  14. May '21P/E crossed above the 90th percentile of its own history to date (129.1x).
  15. Jun '20Slipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  16. Apr '20Fell 90% from the Oct 2019 peak to the Apr 2020 low.
  17. Jan '20Debt / equity halved over 12 months to 0.30x.
  18. Jun '19Slipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).

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

Are profits backed by cash?

6 of 7 checks are within range, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 9.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.37xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.37x (cash from operations ₹71 cr, net profit ₹30 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-6 daysWithin range

Debtor days are below the median of the previous three fiscal years by 6 days (14 vs 20). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress135% of fixed assetsBeyond threshold

Capital work-in-progress is 135% 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.

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, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders rose from 6,561 to 7,169 (+9%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters75.0%75.0%0.0 pts
FIIs———
DIIs———
Public and others25.1%25.0%0.0 pts

Number of shareholders

7,169shareholders+9% since Dec '23
6k7k7k7k Dec '23Jun '24Mar '25Jun '26
Dec '23: 6,561
Mar '24: 6,175
Jun '24: 6,249
Dec '24: 7,286
Mar '25: 7,450
Mar '26: 7,188
Jun '26: 7,169
 6k7k7k7k Dec '23Jun '24Mar '25Jun '26
Dec '23: 6,561
Mar '24: 6,175
Jun '24: 6,249
Dec '24: 7,286
Mar '25: 7,450
Mar '26: 7,188
Jun '26: 7,169

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

How rough has the ride been?

Maximum drawdown-90.3%not yet recovered
1-year volatility40.7%annualised

Monthly share price

₹12₹49₹86₹123 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹43.85
2019-02: ₹54.25
2019-03: ₹55.55
2019-04: ₹66.00
2019-05: ₹84.85
2019-06: ₹81.20
2019-07: ₹87.05
2019-08: ₹83.80
2019-09: ₹95.70
2019-10: ₹122.70
2019-11: ₹116.75
2019-12: ₹49.20
2020-01: ₹39.80
2020-02: ₹34.05
2020-03: ₹12.30
2020-04: ₹22.15
2020-05: ₹19.35
2020-06: ₹24.20
2020-07: ₹19.10
2020-08: ₹22.10
2020-09: ₹19.25
2020-10: ₹18.55
2020-11: ₹17.10
2020-12: ₹25.25
2021-01: ₹23.00
2021-02: ₹21.15
2021-03: ₹19.05
2021-04: ₹24.10
2021-05: ₹28.40
2021-06: ₹40.45
2021-07: ₹34.05
2021-08: ₹27.20
2021-09: ₹26.50
2021-10: ₹24.30
2021-11: ₹22.40
2021-12: ₹26.30
2022-01: ₹27.70
2022-02: ₹22.30
2022-03: ₹20.85
2022-04: ₹23.80
2022-05: ₹22.25
2022-06: ₹19.90
2022-07: ₹24.05
2022-08: ₹24.15
2022-09: ₹22.55
2022-10: ₹22.85
2022-11: ₹22.75
2022-12: ₹22.20
2023-01: ₹21.10
2023-02: ₹20.25
2023-03: ₹18.25
2023-04: ₹20.10
2023-05: ₹20.35
2023-06: ₹24.65
2023-07: ₹26.75
2023-08: ₹27.75
2023-09: ₹28.35
2023-10: ₹37.00
2023-11: ₹33.20
2023-12: ₹33.50
2024-01: ₹46.00
2024-02: ₹44.90
2024-03: ₹36.80
2024-04: ₹41.25
2024-05: ₹44.05
2024-06: ₹43.69
2024-07: ₹46.93
2024-08: ₹48.53
2024-09: ₹44.41
2024-10: ₹40.02
2024-11: ₹46.61
2024-12: ₹46.07
2025-01: ₹44.01
2025-02: ₹30.64
2025-03: ₹36.23
2025-04: ₹36.96
2025-05: ₹45.90
2025-06: ₹41.42
2025-07: ₹40.00
2025-08: ₹40.72
2025-09: ₹46.56
2025-10: ₹45.40
2025-11: ₹40.09
2025-12: ₹40.66
2026-01: ₹38.16
2026-02: ₹34.98
2026-03: ₹28.58
2026-04: ₹34.17
2026-05: ₹35.52
2026-06: ₹32.47
2026-07: ₹33.15
2026-08: ₹32.04
2026-09: ₹32.61
2026-10: ₹29.96
 ₹12₹49₹86₹123 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹43.85
2019-02: ₹54.25
2019-03: ₹55.55
2019-04: ₹66.00
2019-05: ₹84.85
2019-06: ₹81.20
2019-07: ₹87.05
2019-08: ₹83.80
2019-09: ₹95.70
2019-10: ₹122.70
2019-11: ₹116.75
2019-12: ₹49.20
2020-01: ₹39.80
2020-02: ₹34.05
2020-03: ₹12.30
2020-04: ₹22.15
2020-05: ₹19.35
2020-06: ₹24.20
2020-07: ₹19.10
2020-08: ₹22.10
2020-09: ₹19.25
2020-10: ₹18.55
2020-11: ₹17.10
2020-12: ₹25.25
2021-01: ₹23.00
2021-02: ₹21.15
2021-03: ₹19.05
2021-04: ₹24.10
2021-05: ₹28.40
2021-06: ₹40.45
2021-07: ₹34.05
2021-08: ₹27.20
2021-09: ₹26.50
2021-10: ₹24.30
2021-11: ₹22.40
2021-12: ₹26.30
2022-01: ₹27.70
2022-02: ₹22.30
2022-03: ₹20.85
2022-04: ₹23.80
2022-05: ₹22.25
2022-06: ₹19.90
2022-07: ₹24.05
2022-08: ₹24.15
2022-09: ₹22.55
2022-10: ₹22.85
2022-11: ₹22.75
2022-12: ₹22.20
2023-01: ₹21.10
2023-02: ₹20.25
2023-03: ₹18.25
2023-04: ₹20.10
2023-05: ₹20.35
2023-06: ₹24.65
2023-07: ₹26.75
2023-08: ₹27.75
2023-09: ₹28.35
2023-10: ₹37.00
2023-11: ₹33.20
2023-12: ₹33.50
2024-01: ₹46.00
2024-02: ₹44.90
2024-03: ₹36.80
2024-04: ₹41.25
2024-05: ₹44.05
2024-06: ₹43.69
2024-07: ₹46.93
2024-08: ₹48.53
2024-09: ₹44.41
2024-10: ₹40.02
2024-11: ₹46.61
2024-12: ₹46.07
2025-01: ₹44.01
2025-02: ₹30.64
2025-03: ₹36.23
2025-04: ₹36.96
2025-05: ₹45.90
2025-06: ₹41.42
2025-07: ₹40.00
2025-08: ₹40.72
2025-09: ₹46.56
2025-10: ₹45.40
2025-11: ₹40.09
2025-12: ₹40.66
2026-01: ₹38.16
2026-02: ₹34.98
2026-03: ₹28.58
2026-04: ₹34.17
2026-05: ₹35.52
2026-06: ₹32.47
2026-07: ₹33.15
2026-08: ₹32.04
2026-09: ₹32.61
2026-10: ₹29.96

Last 90 trading days

₹29₹31₹33₹34 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹33.97
2026-06-25: ₹32.90
2026-06-30: ₹32.47
2026-07-02: ₹32.96
2026-07-06: ₹32.50
2026-07-08: ₹33.38
2026-07-10: ₹33.16
2026-07-14: ₹33.98
2026-07-16: ₹33.14
2026-07-20: ₹32.43
2026-07-22: ₹34.00
2026-07-24: ₹33.39
2026-07-28: ₹33.44
2026-07-30: ₹32.61
2026-08-03: ₹33.10
2026-08-05: ₹33.02
2026-08-07: ₹32.51
2026-08-11: ₹32.36
2026-08-13: ₹31.92
2026-08-17: ₹31.84
2026-08-19: ₹31.99
2026-08-21: ₹33.01
2026-08-25: ₹33.48
2026-08-27: ₹32.85
2026-08-31: ₹32.04
2026-09-02: ₹32.08
2026-09-04: ₹32.54
2026-09-08: ₹31.78
2026-09-10: ₹30.98
2026-09-15: ₹33.46
2026-09-17: ₹33.31
2026-09-21: ₹33.11
2026-09-23: ₹32.08
2026-09-25: ₹32.74
2026-09-29: ₹31.60
2026-10-01: ₹31.37
2026-10-06: ₹31.42
2026-10-08: ₹30.00
2026-10-12: ₹31.05
2026-10-14: ₹30.92
2026-10-16: ₹31.05
2026-10-21: ₹30.01
2026-10-23: ₹29.21
2026-10-27: ₹30.14
2026-10-29: ₹29.39
2026-10-30: ₹29.96
 ₹29₹31₹33₹34 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹33.97
2026-06-25: ₹32.90
2026-06-30: ₹32.47
2026-07-02: ₹32.96
2026-07-06: ₹32.50
2026-07-08: ₹33.38
2026-07-10: ₹33.16
2026-07-14: ₹33.98
2026-07-16: ₹33.14
2026-07-20: ₹32.43
2026-07-22: ₹34.00
2026-07-24: ₹33.39
2026-07-28: ₹33.44
2026-07-30: ₹32.61
2026-08-03: ₹33.10
2026-08-05: ₹33.02
2026-08-07: ₹32.51
2026-08-11: ₹32.36
2026-08-13: ₹31.92
2026-08-17: ₹31.84
2026-08-19: ₹31.99
2026-08-21: ₹33.01
2026-08-25: ₹33.48
2026-08-27: ₹32.85
2026-08-31: ₹32.04
2026-09-02: ₹32.08
2026-09-04: ₹32.54
2026-09-08: ₹31.78
2026-09-10: ₹30.98
2026-09-15: ₹33.46
2026-09-17: ₹33.31
2026-09-21: ₹33.11
2026-09-23: ₹32.08
2026-09-25: ₹32.74
2026-09-29: ₹31.60
2026-10-01: ₹31.37
2026-10-06: ₹31.42
2026-10-08: ₹30.00
2026-10-12: ₹31.05
2026-10-14: ₹30.92
2026-10-16: ₹31.05
2026-10-21: ₹30.01
2026-10-23: ₹29.21
2026-10-27: ₹30.14
2026-10-29: ₹29.39
2026-10-30: ₹29.96

Drawdown from peak

0% -45% -90% Jan '19Dec '22Oct '26 0% -45% -90% Jan '19Dec '22Oct '26
Largest drawdowns

-90.3% (2019-10 peak to 2020-04 low, not yet recovered)

-21.0% (2019-01 peak to 2019-02 low, recovered 2019-02)

-15.0% (2019-06 peak to 2019-06 low, recovered 2019-07)

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals 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).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What happened next to similar setups

−0.3%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like INCREDIBLE INDUSTRIES 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 −15% to +29% vs the market, against −7% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +7.1%, 80% range +1.9% to +13.5%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SHANKARA · Jan 2025: −84.4% vs market
BABAFP · Mar 2025: −47.4% vs market
RANASUG · Jan 2025: −41.4% vs market
IFBAGRO · Jun 2023: −41.2% vs market
HMAAGRO · Aug 2025: −35.1% vs market
BIRLANU · Feb 2024: −35.0% vs market
UMA · Sep 2024: −33.7% vs market
ASTRON · Nov 2022: −26.1% vs market
MWL · Jul 2023: −23.5% vs market
JOCIL · Aug 2023: −23.3% vs market
STARPAPER · May 2025: −21.4% vs market
PIONEEREMB · May 2023: −17.6% vs market
SUNDRMBRAK · Dec 2021: −15.6% vs market
VINNY · Oct 2025: −14.5% vs market
BANSWRAS · Nov 2024: −12.4% vs market
UCAL · May 2023: −7.9% vs market
MHHL · Feb 2021: −7.9% vs market
PATINTLOG · Jun 2022: −6.8% vs market
SAHYADRI · May 2025: −6.6% vs market
APEX · Apr 2024: −5.6% vs market
TBZ · Apr 2022: −3.1% vs market
KNAGRI · Sep 2025: −3.0% vs market
SUKHJITS · Jun 2025: −2.5% vs market
ISFT · Sep 2025: −0.9% vs market
NCLIND · Apr 2024: −0.8% vs market
TEXMOPIPES · Dec 2022: +0.2% vs market
POLYPLEX · Oct 2025: +1.9% vs market
JAGRAN · Jun 2025: +2.3% vs market
SUPERHOUSE · Aug 2025: +5.4% vs market
VENKEYS · Aug 2025: +8.0% vs market
AARVI · Apr 2025: +9.7% vs market
JAYAGROGN · Feb 2024: +12.3% vs market
PLASTIBLEN · Feb 2023: +14.8% vs market
ARIES · Sep 2022: +17.4% vs market
QUESS · Jun 2024: +17.8% vs market
KALYANIFRG · Mar 2020: +21.7% vs market
TNPETRO · Dec 2024: +24.0% vs market
AAREYDRUGS · Jan 2025: +30.2% vs market
HARRMALAYA · Nov 2023: +33.0% vs market
IGPL · Oct 2025: +36.8% vs market
HMVL · Feb 2023: +46.8% vs market
DICIND · Feb 2024: +47.2% vs market
GOKUL · Nov 2020: +56.3% vs market
TVSSRICHAK · May 2022: +58.4% vs market
GANDHAR · Aug 2025: +64.0% vs market
MUNJALAU · Oct 2023: +75.1% vs market
DCMSRIND · Jun 2023: +83.8% vs market
PGIL · Feb 2021: +97.6% vs market
RAYMOND · Apr 2021: +109.1% vs market
UNIVCABLES · Apr 2022: +142.6% vs market
Similar setups −0.3%All companies −7.4%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−0.3%
All companies' median
−7.4%
Beat the market
50% vs 42%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
AARVI
Commercial Services		 Apr 2025 16x12% −30%−33% +10%
JAYAGROGN
Process Industries		 Feb 2024 14x13% +42%−18% +12%
SAHYADRI
Non-Energy Minerals		 May 2025 16x10% −22%−34% −7%
MUNJALAU
Producer Manufacturing		 Oct 2023 10x9% +6%−17% +75%
GANDHAR
Process Industries		 Aug 2025 18x11% −35%−40% +64%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NCLIND
Non-Energy Minerals		 Apr 2024 21x11% +11%−16% −1%
PIONEEREMB
Consumer Non-Durables		 May 2023 9x12% −14%−26% −18%
KNAGRI
Process Industries		 Sep 2025 14x15% −23%−33% −3%
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 P/E. 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 INCREDIBLE INDUSTRIES 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 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1011.9x₹834 cr7.5%10.0%0.2x
2026-0912.9x₹834 cr7.5%10.0%0.2x
2026-0813.0x₹840 cr7.3%10.0%0.2x
2026-0713.4x₹840 cr7.3%10.0%0.2x
2026-0613.1x₹840 cr7.3%10.0%0.2x
2026-0512.9x₹851 cr8.9%10.0%0.2x
2026-0412.4x₹851 cr8.9%10.0%0.2x
2026-0310.4x₹851 cr8.9%10.0%0.2x
2026-0211.6x₹824 cr9.7%10.0%0.2x
2026-0112.6x₹824 cr9.7%10.0%0.2x
2025-1213.5x₹824 cr9.7%10.0%0.2x
2025-1112.8x₹793 cr10.1%10.0%0.2x
2025-1014.5x₹793 cr10.1%10.0%0.2x
2025-0914.9x₹793 cr10.1%10.0%0.2x
2025-0815.2x₹756 cr8.6%10.0%0.2x
2025-0714.9x₹756 cr8.6%10.0%0.2x
2025-0615.5x₹756 cr8.6%10.0%0.2x
2025-0521.9x₹748 cr7.3%9.0%0.3x
2025-0417.6x₹748 cr7.3%9.0%0.3x
2025-0317.3x₹748 cr7.3%9.0%0.3x
2025-0218.5x₹745 cr5.8%9.0%0.3x
2025-0126.5x₹745 cr5.8%9.0%0.3x
2024-1227.8x₹745 cr5.8%9.0%0.3x
2024-1134.8x₹773 cr4.7%9.0%0.3x
2024-1029.9x₹773 cr4.7%9.0%0.3x
2024-0933.1x₹773 cr4.7%9.0%0.3x
2024-0838.2x₹818 cr4.5%9.0%0.3x
2024-0737.0x₹818 cr4.5%9.0%0.3x
2024-0634.4x₹818 cr4.5%9.0%0.3x
2024-0542.0x₹736 cr3.9%7.0%0.4x
2024-0439.3x₹736 cr3.9%7.0%0.4x
2024-0335.0x₹736 cr3.9%7.0%0.4x
2024-0242.8x₹736 cr3.9%7.0%0.4x
2024-0143.8x₹736 cr3.9%7.0%0.4x
2023-1231.9x₹736 cr3.9%7.0%0.4x
2023-1131.6x₹736 cr3.9%7.0%0.4x
2023-1035.2x₹736 cr3.9%7.0%0.4x
2023-0927.0x₹736 cr3.9%7.0%0.4x
2023-0826.4x₹736 cr3.9%7.0%0.4x
2023-0725.5x₹736 cr3.9%7.0%0.4x
2023-0623.5x₹736 cr3.9%7.0%0.4x
2023-0526.8x₹531 cr2.9%7.0%0.4x
2023-0426.4x₹531 cr2.9%7.0%0.4x
2023-0324.0x₹531 cr2.9%7.0%0.4x
2023-0226.6x₹531 cr2.9%7.0%0.4x
2023-0127.8x₹531 cr2.9%7.0%0.4x
2022-1229.2x₹531 cr2.9%7.0%0.4x
2022-1129.9x₹531 cr2.9%7.0%0.4x
2022-1030.1x₹531 cr2.9%7.0%0.4x
2022-0929.7x₹531 cr2.9%7.0%0.4x
2022-0831.8x₹531 cr2.9%7.0%0.4x
2022-0731.6x₹531 cr2.9%7.0%0.4x
2022-0626.2x₹531 cr2.9%7.0%0.4x
2022-0528.5x₹484 cr3.1%7.0%0.3x
2022-0430.5x₹484 cr3.1%7.0%0.3x
2022-0326.7x₹484 cr3.1%7.0%0.3x
2022-0228.6x₹484 cr3.1%7.0%0.3x
2022-0135.5x₹484 cr3.1%7.0%0.3x
2021-1233.7x₹484 cr3.1%7.0%0.3x
2021-1128.7x₹484 cr3.1%7.0%0.3x
2021-1031.2x₹484 cr3.1%7.0%0.3x
2021-0934.0x₹484 cr3.1%7.0%0.3x
2021-0834.9x₹484 cr3.1%7.0%0.3x
2021-0743.7x₹484 cr3.1%7.0%0.3x
2021-0651.9x₹484 cr3.1%7.0%0.3x
2021-05129.1x₹496 cr0.9%4.0%0.2x
2021-04109.5x₹496 cr0.9%4.0%0.2x
2021-0386.6x₹496 cr0.9%4.0%0.2x
2021-0296.1x₹496 cr0.9%4.0%0.2x
2021-01104.5x₹496 cr0.9%4.0%0.2x
2020-12114.8x₹496 cr0.9%4.0%0.2x
2020-1177.7x₹496 cr0.9%4.0%0.2x
2020-1084.3x₹496 cr0.9%4.0%0.2x
2020-0987.5x₹496 cr0.9%4.0%0.2x
2020-08100.5x₹496 cr0.9%4.0%0.2x
2020-0786.8x₹496 cr0.9%4.0%0.2x
2020-06110.0x₹496 cr0.9%4.0%0.2x
2020-0523.9x₹666 cr3.3%9.0%0.3x
2020-0427.3x₹666 cr3.3%9.0%0.3x
2020-0315.2x₹666 cr3.3%9.0%0.3x
2020-0242.0x₹666 cr3.3%9.0%0.3x
2020-0149.1x₹666 cr3.3%9.0%0.3x
2019-1260.7x₹666 cr3.3%9.0%0.3x
2019-11144.1x₹666 cr3.3%9.0%0.3x
2019-10151.5x₹666 cr3.3%9.0%0.3x
2019-09118.1x₹666 cr3.3%9.0%0.3x
2019-08103.5x₹666 cr3.3%9.0%0.3x
2019-07107.5x₹666 cr3.3%9.0%0.3x
2019-06100.2x₹666 cr3.3%9.0%0.3x
2019-0581.6x₹478 cr4.5%12.0%0.7x
2019-0463.5x₹478 cr4.5%12.0%0.7x
2019-0353.4x₹478 cr4.5%12.0%0.7x
2019-0252.2x₹478 cr4.5%12.0%0.7x
2019-0142.2x₹478 cr4.5%12.0%0.7x

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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