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INNOVANA THINKLABS LIMITED (INNOVANA)

Technology Services

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.58 / 100
Profitability 56Growth 49Balance sheet 69
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.46 / 100
Price 49Earnings 7FII/DII 84
Compare withONE 97 COMMUNICATIONS PAYTMORACLE FINANCIAL SERVICES SOFTMPHASIS LIMITED

Passes these screens: Debt-light & profitable

Share Price
₹293.00
P/E
19.6x
ROCE
16.0%
Market Cap
₹605 cr
Revenue (TTM)
₹139 cr
P/S
4.3x
P/B
2.2x
ROE
11.3%
Operating Margin
17.6%
Debt / Equity
0.2x
Promoter Holding
72.7%
12M Momentum
-39.2%
P/E vs its own history58th percentilesince Feb '19
P/E vs Technology Services0.9xthe sector median

52-week range

₹269.25₹524.95
9% of the way from its 52-week low to its high

Price risk

1Y volatility
44.0%
Beta vs sector
1-year daily
0.31

Balance sheet & cash

Interest cover
operating profit ÷ interest
7.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.54x
Share count, 1Y
+5.0%

Was the rally earned?

-39%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 33 points, while the multiple moved less (P/E 21.0x to 19.6x).
  • The share count fell 7%.
1 year Net profit growth: -39 pts. Points of the price return explained by net profit growing (or shrinking).-39 ptsP/E change: -6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-6 ptsShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 pts -39% 1 year Net profit growth: -39 pts. Points of the price return explained by net profit growing (or shrinking).-39 ptsP/E change: -6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price. -39%
Net profit growth-39 ptsNet profit fell about 39%, which lowers the price.
P/E change-6 ptsThe P/E fell from 21.0x to 19.6x, which lowers the price.
Share count change+5 ptsShare count fell 7%, which lifts the price.
-48%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 10 points, but investors now pay less per rupee of profit (P/E 42.7x to 19.6x), which took 57 points back.
  • The share count fell 6%.
3 years Net profit growth: +5 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: -57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-57 ptsShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price. -48% 3 years Net profit growth: +5 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: -57 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-57 ptsShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price. -48%
Net profit growth+5 ptsNet profit rose about 7%, which lifts the price.
P/E change-57 ptsThe P/E fell from 42.7x to 19.6x, which lowers the price.
Share count change+4 ptsShare count fell 6%, which lifts the price.
+269%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 140 points and the multiple added 129 points (P/E 10.5x to 19.6x).
  • The share count fell 8%.
5 years Net profit growth: +122 pts. Points of the price return explained by net profit growing (or shrinking).+122 ptsP/E change: +129 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+129 ptsShare count change: +17 pts. Points of the price return explained by the share count changing. More shares count against the price. +269% 5 years Net profit growth: +122 pts. Points of the price return explained by net profit growing (or shrinking).+122 ptsP/E change: +129 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+129 ptsShare count change: +17 pts. Points of the price return explained by the share count changing. More shares count against the price. +269%
Net profit growth+122 ptsNet profit rose about 81%, which lifts the price.
P/E change+129 ptsThe P/E rose from 10.5x to 19.6x, which lifts the price.
Share count change+17 ptsShare count fell 8%, which lifts 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 ONE 97 COMMUNICATIONS PAYTM

Is it expensive against its own past and its peers?

19.6xP/E todayWithin its usual range
Against its own history58th percentileMedian 17.8x; usual range 5.7x to 38.7x since 2019-02.
Against Technology Services19.6x vs 20.6xBelow the Technology Services median.
3.5x20.4x37.2x54.1xFeb '19Sep '20Apr '22Nov '23Jun '25Oct '263.5x20.4x37.2x54.1xFeb '19Sep '21Apr '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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

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

What is the price implying?

~13%annual earnings growth implied by the price

At a P/E of 16.6x, the price would imply about 13.1%/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 Technology Services The market-wide Expectations lists

What changed?

  1. Oct '26Volume reached 5.0x its 50-day median on 2026-10-05; price +4.2% that day.
  2. Sep '26Moved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  3. Sep '26Volume reached 36.1x its 50-day median on 2026-09-10; price +2.0% that day.
  4. Jun '26Year-on-year EPS growth turned negative.
  5. Jun '26Slipped to the 3rd quartile of Technology Services on operating margin (from the top quartile).
  6. Jun '26Share count is up 5.0% over 12 months.
  7. Jun '26Volume reached 27.7x its 50-day median on 2026-06-10; price +11.6% that day.
  8. Feb '26Volume reached 17.1x its 50-day median on 2026-02-11; price +8.2% that day.
Show 22 earlier events
  1. Nov '25Volume reached 24.1x its 50-day median on 2025-11-19; price +5.8% that day.
  2. Sep '25Moved into the 2nd quartile of Technology Services on EPS growth (from the 3rd quartile).
  3. Jul '25Volume reached 32.5x its 50-day median on 2025-07-01; price +11.0% that day.
  4. Jun '25Revenue (TTM) reached a new high of ₹103 cr.
  5. Jun '25Slipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  6. Jun '25Volume reached 24.4x its 50-day median on 2025-06-23; price +13.8% that day.
  7. Mar '25Fell 64% from the Aug 2023 peak to the Mar 2025 low.
  8. Mar '25Volume reached 32.6x its 50-day median on 2025-03-28; price +8.0% that day.
  9. Nov '24Volume reached 23.1x its 50-day median on 2024-11-01; price +17.1% that day.
  10. Sep '24Slipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  11. Sep '24Volume reached 28.7x its 50-day median on 2024-09-04; price +1.7% that day.
  12. Jun '24Revenue (TTM) reached a new high of ₹101 cr.
  13. Jun '24Moved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  14. Jun '24Dividend payout cut from 2% to 0% of profit.
  15. May '24Volume reached 40.8x its 50-day median on 2024-05-03; price +20.0% that day.
  16. Jan '24Volume reached 43.8x its 50-day median on 2024-01-08; price +0.6% that day.
  17. Nov '23Volume reached 7.4x its 50-day median on 2023-11-01; price +2.0% that day.
  18. Aug '23P/E crossed above the 90th percentile of its own history to date (54.1x).
  19. Aug '23Volume reached 15.4x its 50-day median on 2023-08-04; price +5.0% that day.
  20. Jun '23Revenue (TTM) reached a new high of ₹79 cr.
  21. Jun '23Slipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  22. Jun '23Dividend payout cut from 7% to 2% of profit.

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?

2 of 6 checks are within range, 2 near a threshold, 2 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance41%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 40.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 24.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.54xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.54x (cash from operations ₹66 cr, net profit ₹123 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+73 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 73 days (121 vs 48). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress29% of fixed assetsWithin range

Capital work-in-progress is 29% 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.

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs added 1.5 pts; FIIs added 0.9 pts; promoters trimmed 0.6 pts.
  • The number of shareholders rose from 328 to 2,889 (+781%) between Mar 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupMar '23Jun '26Change
Promoters73.2%72.7%-0.5 pts
FIIs0.1%1.0%+1.0 pts
DIIs0.0%1.5%+1.5 pts
Public and others26.8%24.8%-2.0 pts

Number of shareholders

2,889shareholders+781% since Mar '23
3281k2k3k Mar '23Mar '24Dec '24Jun '25Dec '25Jun '26
Mar '23: 328
Sep '23: 482
Mar '24: 1,073
Sep '24: 1,107
Dec '24: 1,498
Mar '25: 1,943
Jun '25: 2,157
Sep '25: 2,652
Dec '25: 2,669
Mar '26: 2,624
Jun '26: 2,889
 3281k2k3k Mar '23Dec '24Dec '25Jun '26
Mar '23: 328
Sep '23: 482
Mar '24: 1,073
Sep '24: 1,107
Dec '24: 1,498
Mar '25: 1,943
Jun '25: 2,157
Sep '25: 2,652
Dec '25: 2,669
Mar '26: 2,624
Jun '26: 2,889

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-64.0%not yet recovered
1-year volatility44.0%annualised
Beta vs sector index0.273-year daily, correlation 0.10
Volume spikes19last 90 sessions, 5x the 50-day median

Monthly share price

₹37₹261₹486₹710 Feb '19Sep '20Apr '22Nov '23Jun '25Oct '26
2019-02: ₹68.40
2019-03: ₹77.00
2019-04: ₹77.00
2019-05: ₹62.00
2019-06: ₹51.15
2019-07: ₹50.60
2019-08: ₹43.20
2019-09: ₹46.05
2019-10: ₹50.00
2019-11: ₹59.00
2019-12: ₹66.50
2020-01: ₹54.05
2020-02: ₹52.00
2020-03: ₹36.50
2020-04: ₹47.20
2020-05: ₹41.10
2020-06: ₹43.30
2020-07: ₹43.75
2020-08: ₹57.20
2020-09: ₹44.00
2020-10: ₹41.50
2020-11: ₹37.00
2020-12: ₹37.55
2021-01: ₹42.10
2021-02: ₹47.00
2021-03: ₹49.30
2021-04: ₹94.00
2021-05: ₹87.85
2021-06: ₹101.75
2021-07: ₹99.80
2021-08: ₹67.35
2021-09: ₹76.50
2021-10: ₹79.40
2021-11: ₹120.45
2021-12: ₹138.60
2022-01: ₹133.85
2022-02: ₹185.50
2022-03: ₹227.50
2022-04: ₹219.50
2022-05: ₹203.75
2022-06: ₹170.50
2022-07: ₹140.55
2022-08: ₹132.15
2022-09: ₹191.85
2022-10: ₹141.95
2022-11: ₹241.30
2022-12: ₹232.00
2023-01: ₹287.60
2023-02: ₹341.00
2023-03: ₹311.00
2023-04: ₹299.10
2023-05: ₹348.10
2023-06: ₹339.95
2023-07: ₹364.80
2023-08: ₹710.00
2023-09: ₹604.45
2023-10: ₹560.70
2023-11: ₹565.00
2023-12: ₹560.05
2024-01: ₹556.05
2024-02: ₹592.45
2024-03: ₹540.00
2024-04: ₹525.00
2024-05: ₹522.10
2024-06: ₹516.00
2024-07: ₹501.00
2024-08: ₹510.00
2024-09: ₹450.00
2024-10: ₹450.00
2024-11: ₹422.05
2024-12: ₹427.05
2025-01: ₹419.45
2025-02: ₹356.95
2025-03: ₹296.95
2025-04: ₹321.65
2025-05: ₹359.30
2025-06: ₹549.35
2025-07: ₹509.35
2025-08: ₹501.25
2025-09: ₹490.30
2025-10: ₹482.00
2025-11: ₹464.40
2025-12: ₹408.75
2026-01: ₹341.00
2026-02: ₹403.00
2026-03: ₹322.05
2026-04: ₹405.35
2026-05: ₹335.60
2026-06: ₹326.35
2026-07: ₹327.90
2026-08: ₹304.35
2026-09: ₹292.55
2026-10: ₹293.00
 ₹37₹261₹486₹710 Feb '19Sep '21Apr '24Oct '26
2019-02: ₹68.40
2019-03: ₹77.00
2019-04: ₹77.00
2019-05: ₹62.00
2019-06: ₹51.15
2019-07: ₹50.60
2019-08: ₹43.20
2019-09: ₹46.05
2019-10: ₹50.00
2019-11: ₹59.00
2019-12: ₹66.50
2020-01: ₹54.05
2020-02: ₹52.00
2020-03: ₹36.50
2020-04: ₹47.20
2020-05: ₹41.10
2020-06: ₹43.30
2020-07: ₹43.75
2020-08: ₹57.20
2020-09: ₹44.00
2020-10: ₹41.50
2020-11: ₹37.00
2020-12: ₹37.55
2021-01: ₹42.10
2021-02: ₹47.00
2021-03: ₹49.30
2021-04: ₹94.00
2021-05: ₹87.85
2021-06: ₹101.75
2021-07: ₹99.80
2021-08: ₹67.35
2021-09: ₹76.50
2021-10: ₹79.40
2021-11: ₹120.45
2021-12: ₹138.60
2022-01: ₹133.85
2022-02: ₹185.50
2022-03: ₹227.50
2022-04: ₹219.50
2022-05: ₹203.75
2022-06: ₹170.50
2022-07: ₹140.55
2022-08: ₹132.15
2022-09: ₹191.85
2022-10: ₹141.95
2022-11: ₹241.30
2022-12: ₹232.00
2023-01: ₹287.60
2023-02: ₹341.00
2023-03: ₹311.00
2023-04: ₹299.10
2023-05: ₹348.10
2023-06: ₹339.95
2023-07: ₹364.80
2023-08: ₹710.00
2023-09: ₹604.45
2023-10: ₹560.70
2023-11: ₹565.00
2023-12: ₹560.05
2024-01: ₹556.05
2024-02: ₹592.45
2024-03: ₹540.00
2024-04: ₹525.00
2024-05: ₹522.10
2024-06: ₹516.00
2024-07: ₹501.00
2024-08: ₹510.00
2024-09: ₹450.00
2024-10: ₹450.00
2024-11: ₹422.05
2024-12: ₹427.05
2025-01: ₹419.45
2025-02: ₹356.95
2025-03: ₹296.95
2025-04: ₹321.65
2025-05: ₹359.30
2025-06: ₹549.35
2025-07: ₹509.35
2025-08: ₹501.25
2025-09: ₹490.30
2025-10: ₹482.00
2025-11: ₹464.40
2025-12: ₹408.75
2026-01: ₹341.00
2026-02: ₹403.00
2026-03: ₹322.05
2026-04: ₹405.35
2026-05: ₹335.60
2026-06: ₹326.35
2026-07: ₹327.90
2026-08: ₹304.35
2026-09: ₹292.55
2026-10: ₹293.00

Last 90 trading days

₹277₹300₹324₹348 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹306.80
2026-06-25: ₹309.60
2026-06-30: ₹326.35
2026-07-02: ₹332.00
2026-07-06: ₹310.55
2026-07-08: ₹308.15
2026-07-10: ₹320.10
2026-07-14: ₹319.15
2026-07-16: ₹341.10
2026-07-20: ₹334.20
2026-07-22: ₹328.20
2026-07-24: ₹344.35
2026-07-28: ₹335.90
2026-07-30: ₹321.05
2026-08-03: ₹322.00
2026-08-05: ₹331.05
2026-08-07: ₹330.00
2026-08-11: ₹332.35
2026-08-13: ₹329.20
2026-08-17: ₹307.15
2026-08-19: ₹310.05
2026-08-21: ₹318.00
2026-08-25: ₹310.30
2026-08-27: ₹313.60
2026-08-31: ₹304.35
2026-09-02: ₹298.05
2026-09-04: ₹305.20
2026-09-08: ₹300.55
2026-09-10: ₹309.30
2026-09-15: ₹306.10
2026-09-17: ₹298.95
2026-09-21: ₹304.50
2026-09-23: ₹299.10
2026-09-25: ₹301.00
2026-09-29: ₹291.50
2026-10-01: ₹290.20
2026-10-06: ₹294.85
2026-10-08: ₹283.20
2026-10-12: ₹300.95
2026-10-14: ₹304.20
2026-10-16: ₹297.15
2026-10-21: ₹290.65
2026-10-23: ₹276.70
2026-10-27: ₹284.00
2026-10-29: ₹282.90
2026-10-30: ₹293.00
 ₹277₹300₹324₹348 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹306.80
2026-06-25: ₹309.60
2026-06-30: ₹326.35
2026-07-02: ₹332.00
2026-07-06: ₹310.55
2026-07-08: ₹308.15
2026-07-10: ₹320.10
2026-07-14: ₹319.15
2026-07-16: ₹341.10
2026-07-20: ₹334.20
2026-07-22: ₹328.20
2026-07-24: ₹344.35
2026-07-28: ₹335.90
2026-07-30: ₹321.05
2026-08-03: ₹322.00
2026-08-05: ₹331.05
2026-08-07: ₹330.00
2026-08-11: ₹332.35
2026-08-13: ₹329.20
2026-08-17: ₹307.15
2026-08-19: ₹310.05
2026-08-21: ₹318.00
2026-08-25: ₹310.30
2026-08-27: ₹313.60
2026-08-31: ₹304.35
2026-09-02: ₹298.05
2026-09-04: ₹305.20
2026-09-08: ₹300.55
2026-09-10: ₹309.30
2026-09-15: ₹306.10
2026-09-17: ₹298.95
2026-09-21: ₹304.50
2026-09-23: ₹299.10
2026-09-25: ₹301.00
2026-09-29: ₹291.50
2026-10-01: ₹290.20
2026-10-06: ₹294.85
2026-10-08: ₹283.20
2026-10-12: ₹300.95
2026-10-14: ₹304.20
2026-10-16: ₹297.15
2026-10-21: ₹290.65
2026-10-23: ₹276.70
2026-10-27: ₹284.00
2026-10-29: ₹282.90
2026-10-30: ₹293.00

Drawdown from peak

0% -32% -64% Feb '19Dec '22Oct '26 0% -32% -64% Feb '19Dec '22Oct '26
Largest drawdowns

-64.0% (2023-08 peak to 2025-03 low, not yet recovered)

-57.4% (2019-04 peak to 2020-10 low, recovered 2021-04)

-44.9% (2022-04 peak to 2022-09 low, recovered 2022-11)

Most recent volume spikes

2026-10-05: 5x the 50-day median, price +4.2% that day

2026-09-30: 5.7x the 50-day median, price +0.4% that day

2026-09-29: 8.3x the 50-day median, price +0.6% 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).

Where does it rank among Technology Services peers?

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

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 Technology Services sector page Watch it move against Technology Services in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
AVT NATURAL PRODUCTS (AVTNPL)Consumer Non-Durables63%debt/equity, operating margin
VINSYS IT SERVICES (VINSYS)Commercial Services61%volatility, revenue
DOLAT ALGOTECH (DOLATALGO)Finance54%debt/equity, EPS growth
MALLCOM INDIA (MALLCOM)Consumer Non-Durables54%market cap, P/E
MENON BEARINGS (MENONBE)Producer Manufacturing54%debt/equity, revenue
XCHANGING SOLUTIONS (XCHANGING)Technology Services48%market cap, revenue
SAKSOFT (SAKSOFT)Technology Services44%operating margin, revenue growth
ALLDIGI TECH (ALLDIGI)Technology Services42%promoter holding, revenue growth

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

What happened next to similar setups

+4.2%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 INNOVANA THINKLABS 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 −28% to +43% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+9.2%, 80% range −2.1% to +22.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SOLARA · Nov 2021: −67.1% vs market
SIGACHI · Apr 2025: −54.7% vs market
SULA · Aug 2024: −45.8% vs market
SDBL · Mar 2020: −40.6% vs market
HAPPSTMNDS · May 2025: −38.8% vs market
INFOBEAN · Sep 2023: −36.4% vs market
IKIO · Jan 2025: −35.3% vs market
RESPONIND · Mar 2025: −31.0% vs market
MATRIMONY · Jan 2023: −30.0% vs market
GANESHBE · Oct 2023: −29.2% vs market
NGLFINE · Aug 2024: −28.4% vs market
SREEL · Feb 2020: −27.6% vs market
5PAISA · Aug 2024: −27.5% vs market
NINSYS · Jan 2025: −27.5% vs market
SHALBY · Aug 2024: −22.6% vs market
ARVSMART · Jan 2020: −12.9% vs market
AWHCL · Jan 2022: −9.7% vs market
INDOCO · May 2022: −8.7% vs market
MASTEK · Sep 2024: −8.6% vs market
ELDEHSG · May 2025: −6.0% vs market
TECHNOE · Sep 2021: −5.8% vs market
KKCL · Jun 2025: −3.7% vs market
KILITCH · Jan 2025: −3.6% vs market
VIDHIING · Oct 2025: −2.2% vs market
CARYSIL · Jun 2024: +1.2% vs market
ROTO · Feb 2024: +7.1% vs market
INTLCONV · Feb 2023: +8.8% vs market
KRSNAA · Jun 2024: +13.7% vs market
SUPRAJIT · Feb 2022: +13.7% vs market
ADFFOODS · Oct 2025: +18.1% vs market
NRBBEARING · Apr 2025: +22.4% vs market
MAYURUNIQ · Feb 2022: +22.9% vs market
SAFARI · Oct 2020: +26.4% vs market
CCL · Sep 2021: +30.4% vs market
AVTNPL · May 2021: +37.1% vs market
REPL · Jan 2024: +37.7% vs market
SIRCA · Jul 2021: +40.1% vs market
IRISDOREME · Apr 2025: +44.2% vs market
MOLDTKPAC · Jun 2020: +45.9% vs market
SJS · Jan 2024: +51.8% vs market
KSB · Sep 2020: +55.9% vs market
APCOTEXIND · Jun 2020: +62.5% vs market
CARERATING · Sep 2024: +63.4% vs market
GREENLAM · Dec 2020: +69.8% vs market
NEWGEN · Aug 2020: +78.6% vs market
MBAPL · Dec 2020: +85.3% vs market
BECTORFOOD · Apr 2022: +106.0% vs market
THEMISMED · Jan 2021: +120.3% vs market
BHAGCHEM · Aug 2023: +127.4% vs market
INTELLECT · Feb 2020: +175.8% vs market
Similar setups +4.2%All companies −5.0%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+4.2%
All companies' median
−5.0%
Beat the market
52% vs 44%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IKIO
Electronic Technology		 Jan 2025 31x22% −35%−35% −35%
RESPONIND
Non-Energy Minerals		 Mar 2025 27x15% −32%−42% −31%
VIDHIING
Consumer Non-Durables		 Oct 2025 35x19% −28%−41% −2%
NGLFINE
Health Technology		 Aug 2024 32x20% −3%−21% −28%
THEMISMED
Health Technology		 Jan 2021 12x15% −17%−28% +120%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INFOBEAN
Technology Services		 Sep 2023 31x19% −18%−22% −36%
SIGACHI
Health Technology		 Apr 2025 19x17% −38%−43% −55%
KKCL
Consumer Non-Durables		 Jun 2025 22x18% −30%−32% −4%
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 INNOVANA THINKLABS 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 2026-10-30. 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 (93 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1019.6x₹139 cr11.3%16.0%0.2x
2026-0919.6x₹139 cr11.3%16.0%0.2x
2026-0816.4x₹132 cr14.3%16.0%0.2x
2026-0717.7x₹132 cr14.3%16.0%0.2x
2026-0617.6x₹132 cr14.3%16.0%0.2x
2026-0514.8x₹126 cr24.1%26.0%0.2x
2026-0417.9x₹126 cr24.1%26.0%0.2x
2026-0314.2x₹126 cr24.1%26.0%0.2x
2026-0217.0x₹120 cr25.5%26.0%0.2x
2026-0114.3x₹120 cr25.5%26.0%0.2x
2025-1217.2x₹120 cr25.5%26.0%0.2x
2025-1120.3x₹110 cr24.7%26.0%0.2x
2025-1021.0x₹110 cr24.7%26.0%0.2x
2025-0921.4x₹110 cr24.7%26.0%0.2x
2025-0823.3x₹103 cr23.2%26.0%0.2x
2025-0723.7x₹103 cr23.2%26.0%0.2x
2025-0625.5x₹103 cr23.2%26.0%0.2x
2025-0517.8x₹99 cr27.5%32.0%0.1x
2025-0416.0x₹99 cr27.5%32.0%0.1x
2025-0314.7x₹99 cr27.5%32.0%0.1x
2025-0217.9x₹96 cr27.1%32.0%0.1x
2025-0121.0x₹96 cr27.1%32.0%0.1x
2024-1221.4x₹96 cr27.1%32.0%0.1x
2024-1121.1x₹98 cr27.2%32.0%0.1x
2024-1022.5x₹98 cr27.2%32.0%0.1x
2024-0922.5x₹98 cr27.2%32.0%0.1x
2024-0825.5x₹101 cr27.0%32.0%0.1x
2024-0725.1x₹101 cr27.0%32.0%0.1x
2024-0625.8x₹101 cr27.0%32.0%0.1x
2024-0539.8x₹79 cr25.9%26.0%0.1x
2024-0440.0x₹79 cr25.9%26.0%0.1x
2024-0341.2x₹79 cr25.9%26.0%0.1x
2024-0245.2x₹79 cr25.9%26.0%0.1x
2024-0142.4x₹79 cr25.9%26.0%0.1x
2023-1242.7x₹79 cr25.9%26.0%0.1x
2023-1143.1x₹79 cr25.9%26.0%0.1x
2023-1042.7x₹79 cr25.9%26.0%0.1x
2023-0946.1x₹79 cr25.9%26.0%0.1x
2023-0854.1x₹79 cr25.9%26.0%0.1x
2023-0727.8x₹79 cr25.9%26.0%0.1x
2023-0625.9x₹79 cr25.9%26.0%0.1x
2023-0534.3x₹58 cr26.0%31.0%0.2x
2023-0429.5x₹58 cr26.0%31.0%0.2x
2023-0330.7x₹58 cr26.0%31.0%0.2x
2023-0233.6x₹58 cr26.0%31.0%0.2x
2023-0128.4x₹58 cr26.0%31.0%0.2x
2022-1222.9x₹58 cr26.0%31.0%0.2x
2022-1123.8x₹58 cr26.0%31.0%0.2x
2022-1014.0x₹58 cr26.0%31.0%0.2x
2022-0918.9x₹58 cr26.0%31.0%0.2x
2022-0813.0x₹58 cr26.0%31.0%0.2x
2022-0713.9x₹58 cr26.0%31.0%0.2x
2022-0616.8x₹58 cr26.0%31.0%0.2x
2022-0526.8x₹57 cr25.8%31.0%0.0x
2022-0428.9x₹57 cr25.8%31.0%0.0x
2022-0330.0x₹57 cr25.8%31.0%0.0x
2022-0224.4x₹57 cr25.8%31.0%0.0x
2022-0117.6x₹57 cr25.8%31.0%0.0x
2021-1218.3x₹57 cr25.8%31.0%0.0x
2021-1115.9x₹57 cr25.8%31.0%0.0x
2021-1010.5x₹57 cr25.8%31.0%0.0x
2021-0910.1x₹57 cr25.8%31.0%0.0x
2021-088.9x₹57 cr25.8%31.0%0.0x
2021-0713.1x₹57 cr25.8%31.0%0.0x
2021-0613.4x₹57 cr25.8%31.0%0.0x
2021-058.3x₹64 cr46.9%63.0%0.0x
2021-048.9x₹64 cr46.9%63.0%0.0x
2021-034.6x₹64 cr46.9%63.0%0.0x
2021-024.4x₹64 cr46.9%63.0%0.0x
2021-014.0x₹64 cr46.9%63.0%0.0x
2020-123.5x₹64 cr46.9%63.0%0.0x
2020-113.5x₹64 cr46.9%63.0%0.0x
2020-103.9x₹64 cr46.9%63.0%0.0x
2020-094.1x₹64 cr46.9%63.0%0.0x
2020-085.4x₹64 cr46.9%63.0%0.0x
2020-074.1x₹64 cr46.9%63.0%0.0x
2020-064.1x₹64 cr46.9%63.0%0.0x
2020-057.9x₹45 cr40.4%58.0%0.0x
2020-049.1x₹45 cr40.4%58.0%0.0x
2020-037.0x₹45 cr40.4%58.0%0.0x
2020-0210.0x₹45 cr40.4%58.0%0.0x
2020-0110.4x₹45 cr40.4%58.0%0.0x
2019-1212.8x₹45 cr40.4%58.0%0.0x
2019-1111.3x₹45 cr40.4%58.0%0.0x
2019-109.6x₹45 cr40.4%58.0%0.0x
2019-098.9x₹45 cr40.4%58.0%0.0x
2019-088.3x₹45 cr40.4%58.0%0.0x
2019-079.7x₹45 cr40.4%58.0%0.0x
2019-069.8x₹45 cr40.4%58.0%0.0x
2019-0516.8x₹31 cr47.4%100.0%0.0x
2019-0420.9x₹31 cr47.4%100.0%0.0x
2019-0320.9x₹31 cr47.4%100.0%0.0x
2019-0218.5x₹31 cr47.4%100.0%0.0x

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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