INNOVA CAPTAB LIMITED (INNOVACAP): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹1,068.9 latest close · +11.6% over the last 90 sessions

₹1,068.9 month-end · +48.8% over 12 months

₹1,068.9 month-end · +97.4% since Dec '23

52-week range ₹622.00 to ₹1353.50 · 1-year volatility 37.0%

Was the rally earned?

+49%share price, 1 yearEarnings and multiple

Both mattered.

Per-share earnings added 21 points and the multiple added 28 points (P/E 31.7x to 39.7x).
The share count barely moved.

Net profit growth+21 ptsNet profit rose about 18%, which lifts the price.

P/E change+28 ptsThe P/E rose from 31.7x to 39.7x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

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

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

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

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

Compare this with SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-48.0%recovered 2026-09

1-year volatility37.0%annualised

Beta vs sector index0.923-year daily, correlation 0.35

Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-48.0% (2025-01 peak to 2026-01 low, recovered 2026-09)

-24.5% (2026-09 peak to 2026-10 low, not yet recovered)

-20.5% (2024-01 peak to 2024-03 low, recovered 2024-07)

Most recent volume spikes

2026-09-30: 12.1x the 50-day median, price -8.8% that day

2026-09-23: 10.3x the 50-day median, price +5.8% that day

2026-09-04: 7.4x the 50-day median, price +4.4% 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?

39.7xP/E todayWithin its usual range

Against its own history72nd percentile

CheapestMedian 37.8xDearest

Usual range 31.7x to 43.4x since 2023-12.

Against Health Technology39.7x vs 37.0x

This company

39.7x

Sector median

37.0x

7% above the Health Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology 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 Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology 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

ROCE54th▲ 4 pts vs a year ago
Op. margin48th▲ 6 pts vs a year ago
Revenue growth86th▲ 17 pts vs a year ago
EPS growth63rdflat vs a year ago
Debt/equity ↓41st▲ 5 pts vs a year ago
Cash cycle ↓77th▲ 13 pts vs a year ago
P/E ↓45th▼ 5 pts vs a year ago
12M momentum76th▲ 44 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 Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~29%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 61.8x, a holder earning 12%/yr needs earnings to grow about 29.0%/yr for 10 years, then trade at 15x.

Delivered30.0%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg

Gap−0.9 ptsimplied minus delivered

Rank550thmost demanding of 856

Over time

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

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	30.8%	31.9%	33.1%
15x	27.9%	29.0%	30.2%
20x	24.3%	25.4%	26.5%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 29.0%/yr

“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 Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹1068.90
P/E: 39.7x
ROCE: 15.0%
Market Cap: ₹6118 cr
Revenue (TTM): ₹1749 cr
P/S: 3.5x
P/B: 5.6x
ROE: 14.1%
Operating Margin: 16.0%
Debt / Equity: 0.3x
Promoter Holding: 50.9%
12M Momentum: 48.8%

52-week range

₹622.00₹1353.50

61% of the way from its 52-week low to its high

Price risk

1Y volatility

37.0%

Beta vs sector

1-year daily

0.98

Balance sheet & cash

Interest cover

operating profit ÷ interest

11.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.90x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold

Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.9%. 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 conversion0.90xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.90x (cash from operations ₹327 cr, net profit ₹363 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (98 vs 97). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+28 days / 2 yrsWithin range

Days payable changed by +28 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, DIIs added 9.6 pts; FIIs trimmed 3.2 pts.
The number of shareholders fell from 1.4 lakh to 35,881 (-74%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters50.9%50.9%0.0 pts

FIIs3.6%0.3%-3.2 pts

DIIs10.3%19.9%+9.6 pts

Public and others35.2%28.8%-6.4 pts

Number of shareholders

35,881shareholders-74% since Dec '23

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

−1.8%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 INNOVA CAPTAB 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 −30% to +23% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (−0.3%, 80% range −8.8% to +2.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

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

−1.8%

All companies' median

−1.5%

Beat the market

42% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SUDARSCHEM Process Industries	May 2020	20x	17%	+17%	−22%	−1%
ETHOSLTD Retail Trade	Jul 2024	96x	15%	+125%	−4%	−4%
RADICO Consumer Non-Durables	Jun 2020	22x	18%	+18%	−14%	+24%
TEGA Producer Manufacturing	Jul 2023	36x	21%	+107%	−8%	+32%
HSCL Process Industries	May 2024	67x	13%	+160%	−15%	+35%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
AMBER Producer Manufacturing	Apr 2020	36x	14%	+37%	−35%	+81%
GREENPANEL Non-Energy Minerals	Dec 2021	75x	12%	+233%	−3%	−23%
BECTORFOOD Consumer Non-Durables	Jun 2023	53x	21%	+199%	−5%	+16%

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: P/S, 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 INNOVA CAPTAB 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

ARTEMIS MEDICARE SERVICESARTEMISMED

Health Services

74%similar

ROCEP/E

MRS BECTORS FOOD SPECIALITIESBECTORFOOD

Consumer Non-Durables

68%similar

market capP/E

ETHOSETHOSLTD

Retail Trade

64%similar

revenuepromoter holding

SAFARI INDUSTRIES INDIASAFARI

Consumer Durables

64%similar

market capP/E

KDDLKDDL

Consumer Durables

63%similar

promoter holdingmarket cap

AARTI DRUGSAARTIDRUGS

Health Technology

64%similar

debt/equitymarket cap

SENORES PHARMACEUTICALSSENORES

Health Technology

52%similar

ROCEmarket cap

AARTI PHARMALABSAARTIPHARM

Health Technology

49%similar

P/Edebt/equity

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

What changed?

20 events since Jun '24

2026
SepPriceRegained the 2025-01 peak, 8 months after the low.
AugValuationP/E crossed above the 90th percentile of its own history to date (43.8x).
AugPriceVolume reached 17.1x its 50-day median on 2026-08-12; price -0.7% that day.
JunPeer rankMoved into the 2nd quartile of Health Technology on ROCE (from the 3rd quartile).
JunDividendStarted paying a dividend (payout 8% of profit).
MayPriceVolume reached 29.6x its 50-day median on 2026-05-04; price +12.3% that day.
AprPeer rankSlipped to the 3rd quartile of Health Technology on ROCE (from the 2nd quartile).
JanPriceFell 48% from the Jan 2025 peak to the Jan 2026 low.

Show 12 earlier events

2026
JanValuationP/E fell below the 10th percentile of its own history to date (32.0x).
JanPriceVolume reached 74.9x its 50-day median on 2026-01-23; price +3.6% that day.
2025
DecPriceVolume reached 15.3x its 50-day median on 2025-12-18; price +0.3% that day.
JunPriceVolume reached 15.8x its 50-day median on 2025-06-13; price -4.0% that day.
MarPriceVolume reached 6.2x its 50-day median on 2025-03-05; price +4.7% that day.
2024
DecDebtDebt / equity halved over 12 months to 0.29x.
DecSharesShare count is up 18.8% over 12 months.
NovPriceVolume reached 16.5x its 50-day median on 2024-11-08; price +10.4% that day.
JulPriceVolume reached 12.1x its 50-day median on 2024-07-09; price -1.4% that day.
JunInstitutionsFII + DII holding rose 8.8 pts over 1 quarter to 22.7%.
JunPeer rankSlipped to the 2nd quartile of Health Technology on ROCE (from the top quartile).
JunPriceVolume reached 18.9x its 50-day median on 2024-06-19; price +2.7% 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 history36 months · 2023-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	39.7x	₹1749 cr	14.1%	15.0%	0.3x
2026-10	38.1x	₹1749 cr	14.1%	15.0%	0.3x
2026-09	43.1x	₹1749 cr	14.1%	15.0%	0.3x
2026-08	43.8x	₹1630 cr	12.9%	15.0%	0.3x
2026-07	39.6x	₹1630 cr	12.9%	15.0%	0.3x
2026-06	39.7x	₹1630 cr	12.9%	15.0%	0.3x
2026-05	36.8x	₹1497 cr	13.9%	15.0%	0.4x
2026-04	32.5x	₹1497 cr	13.9%	15.0%	0.4x
2026-03	29.8x	₹1497 cr	13.9%	15.0%	0.4x
2026-02	30.7x	₹1363 cr	13.0%	15.0%	0.4x
2026-01	32.0x	₹1363 cr	13.0%	15.0%	0.4x
2025-12	33.1x	₹1363 cr	13.0%	15.0%	0.4x
2025-11	31.7x	₹1301 cr	13.6%	15.0%	0.4x
2025-10	36.6x	₹1301 cr	13.6%	15.0%	0.4x
2025-09	37.6x	₹1301 cr	13.6%	15.0%	0.4x
2025-08	40.2x	₹1243 cr	13.3%	15.0%	0.4x
2025-07	40.6x	₹1243 cr	13.3%	15.0%	0.4x
2025-06	38.3x	₹1243 cr	13.3%	15.0%	0.4x
2025-05	39.4x	₹1191 cr	15.3%	19.0%	0.3x
2025-04	39.7x	₹1191 cr	15.3%	19.0%	0.3x
2025-03	39.5x	₹1191 cr	15.3%	19.0%	0.3x
2025-02	35.1x	₹1177 cr	14.2%	19.0%	0.3x
2025-01	48.6x	₹1177 cr	14.2%	19.0%	0.3x
2024-12	53.9x	₹1177 cr	14.2%	19.0%	0.3x
2024-11	52.9x	₹1142 cr	12.8%	19.0%	0.3x
2024-10	40.2x	₹1142 cr	12.8%	19.0%	0.3x
2024-09	40.0x	₹1142 cr	12.8%	19.0%	0.3x
2024-08	36.9x	₹1081 cr	11.4%	19.0%	0.3x
2024-07	35.5x	₹1081 cr	11.4%	19.0%	0.3x
2024-06	28.5x	₹1081 cr	11.4%	19.0%	0.3x
2024-05	33.9x	₹926 cr	24.5%	24.0%	0.9x
2024-04	33.4x	₹926 cr	24.5%	24.0%	0.9x
2024-03	31.7x	₹926 cr	24.5%	24.0%	0.9x
2024-02	37.4x	₹926 cr	24.5%	24.0%	0.9x
2024-01	36.5x	₹926 cr	24.5%	24.0%	0.9x
2023-12	38.2x	₹926 cr	24.5%	24.0%	0.9x

Methodology and data notes