52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Earnings helped, the multiple did not.
- Per-share earnings added 12 points, but investors now pay less per rupee of profit (P/E 30.2x to 18.2x), which took 42 points back.
- The share count barely moved.
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.
Is it expensive against its own past and its peers?
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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.
What is the price implying?
At normalised P/E (five-year average earnings) of 28.6x, a holder earning 12%/yr needs earnings to grow about 19.5%/yr for 10 years, then trade at 15x.
Over time
Implied growth by month (solid) and delivered growth (dashed).
Change the assumptions
| Exit P/E / return | 11% | 12% | 13% |
|---|---|---|---|
| 12x | 21.1% | 22.2% | 23.3% |
| 15x | 18.4% | 19.5% | 20.5% |
| 20x | 15.0% | 16.1% | 17.1% |
“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 Producer Manufacturing The market-wide Expectations lists
What changed?
- Oct '26Fell 44% from the Nov 2025 peak to the Oct 2026 low.
- Oct '26Volume reached 5.4x its 50-day median on 2026-10-13; price -4.0% that day.
- Aug '26P/E fell below the 10th percentile of its own history to date (21.2x).
- May '26Volume reached 15.5x its 50-day median on 2026-05-14; price -12.3% that day.
- Feb '26Moved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
- Feb '26Volume reached 5.2x its 50-day median on 2026-02-04; price -4.7% that day.
- Dec '25Slipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
- Nov '25Volume reached 62.4x its 50-day median on 2025-11-07; price +14.9% that day.
Show 7 earlier events
- Aug '25Share count is up 21.4% over 12 months.
- Jun '25FII + DII holding fell 3.6 pts over 2 quarters to 11.2%.
- Jun '25Started paying a dividend (payout 19% of profit).
- May '25Regained the 2024-12 peak, 2 months after the low.
- May '25Volume reached 15.3x its 50-day median on 2025-05-22; price +13.9% that day.
- Mar '25Fell 26% from the Dec 2024 peak to the Mar 2025 low.
- Dec '24Volume reached 6.7x its 50-day median on 2024-12-24; price +10.4% 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
Are profits backed by cash?
5 of 7 checks are within range, 1 near a threshold, 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): 9.7%. 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 conversion0.35xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.35x (cash from operations ₹116 cr, net profit ₹329 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+5 daysWithin range
Debtor days are above the median of the previous three fiscal years by 5 days (55 vs 51). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress20% of fixed assetsWithin range
Capital work-in-progress is 20% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-8 days / 2 yrsWithin range
Days payable changed by -8 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.
Who has been buying and selling?
- Over 2 years, DIIs trimmed 3.2 pts; FIIs trimmed 0.7 pts.
- The number of shareholders rose from 57,076 to 63,547 (+11%) between Sep 2024 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-44.3% (2025-11 peak to 2026-10 low, not yet recovered)
-26.1% (2024-12 peak to 2025-03 low, recovered 2025-05)
-21.9% (2025-07 peak to 2025-10 low, recovered 2025-11)
Most recent volume spikes
2026-10-13: 5.4x the 50-day median, price -4.0% 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 Producer Manufacturing peers?
Each cell is the company's percentile rank among its Producer Manufacturing 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).
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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| D-LINK INDIA (DLINKINDIA) | Electronic Technology | 68% | debt/equity, ROCE |
| STUDDS ACCESSORIES (STUDDS) | Consumer Durables | 64% | ROCE, debt/equity |
| CERA SANITARYWARE (CERA) | Consumer Durables | 62% | revenue, ROCE |
| AHLUWALIA CONTRACTS (INDIA) LT (AHLUCONT) | Industrial Services | 58% | debt/equity, P/E |
| REFEX INDUSTRIES (REFEX) | Energy Minerals | 58% | ROCE, market cap |
| ADOR WELDING (ADOR) | Producer Manufacturing | 72% | market cap, ROCE |
| FIEM INDUSTRIES (FIEMIND) | Producer Manufacturing | 64% | P/E, ROCE |
| DYNAMIC CABLES (DYCL) | Producer Manufacturing | 63% | P/E, ROCE |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like INTERARCH BUILDING SOLUTIONS L 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 −18% to +14% vs the market, against −1% for all non-financial companies in the same months.
- The gap against the base rate (+2.5%, 80% range −6.2% to +4.7%) 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 · 1 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 31 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| JAMNAAUTO Producer Manufacturing |
Dec 2023 | 27x | 28% | +7% | −11% | −26% |
| GOODYEAR Consumer Durables |
Nov 2021 | 16x | 21% | +16% | −27% | +6% |
| AUTOAXLES Producer Manufacturing |
Dec 2023 | 20x | 31% | +8% | −18% | −30% |
| RALLIS Process Industries |
Mar 2022 | 25x | 18% | −6% | −33% | −15% |
| TVTODAY Consumer Services |
Jun 2020 | 8x | 25% | −35% | −46% | −1% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SKFINDIA Producer Manufacturing |
Apr 2025 | 16x | 29% | −16% | −44% | −12% |
| PRAJIND Industrial Services |
Feb 2024 | 38x | 31% | +42% | −22% | +2% |
| HONDAPOWER Producer Manufacturing |
Jan 2021 | 15x | 16% | −15% | −18% | +2% |
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, P/E and ROCE. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
Monthly history (27 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 18.2x | ₹1978 cr | 15.3% | 24.0% | 0.0x |
| 2026-09 | 20.9x | ₹1978 cr | 15.2% | 24.0% | 0.0x |
| 2026-08 | 21.2x | ₹1899 cr | 15.2% | 24.0% | 0.0x |
| 2026-07 | 22.5x | ₹1899 cr | 15.2% | 24.0% | 0.0x |
| 2026-06 | 24.0x | ₹1899 cr | 15.2% | 24.0% | 0.0x |
| 2026-05 | 21.4x | ₹1859 cr | 18.1% | 25.0% | 0.0x |
| 2026-04 | 25.5x | ₹1859 cr | 18.1% | 25.0% | 0.0x |
| 2026-03 | 20.4x | ₹1859 cr | 18.1% | 25.0% | 0.0x |
| 2026-02 | 24.6x | ₹1700 cr | 16.9% | 25.0% | 0.0x |
| 2026-01 | 25.8x | ₹1700 cr | 16.9% | 25.0% | 0.0x |
| 2025-12 | 30.2x | ₹1700 cr | 16.9% | 25.0% | 0.0x |
| 2025-11 | 34.2x | ₹1532 cr | 15.4% | 25.0% | 0.0x |
| 2025-10 | 30.2x | ₹1532 cr | 15.4% | 25.0% | 0.0x |
| 2025-09 | 27.5x | ₹1532 cr | 15.4% | 25.0% | 0.0x |
| 2025-08 | 31.2x | ₹1454 cr | 14.4% | 25.0% | 0.0x |
| 2025-07 | 32.9x | ₹1454 cr | 14.4% | 25.0% | 0.0x |
| 2025-06 | 32.9x | ₹1454 cr | 14.4% | 25.0% | 0.0x |
| 2025-05 | 35.5x | ₹1375 cr | 22.3% | 29.0% | 0.0x |
| 2025-04 | 24.8x | ₹1375 cr | 22.3% | 29.0% | 0.0x |
| 2025-03 | 23.2x | ₹1375 cr | 22.3% | 29.0% | 0.0x |
| 2025-02 | 23.6x | ₹1327 cr | 20.9% | 29.0% | 0.0x |
| 2025-01 | 26.3x | ₹1327 cr | 20.9% | 29.0% | 0.0x |
| 2024-12 | 28.2x | ₹1327 cr | 20.9% | 29.0% | 0.0x |
| 2024-11 | 25.3x | ₹1302 cr | 19.6% | 29.0% | 0.0x |
| 2024-10 | 29.1x | ₹1302 cr | 19.6% | 29.0% | 0.0x |
| 2024-09 | 23.8x | ₹1302 cr | 19.6% | 29.0% | 0.0x |
| 2024-08 | 19.8x | ₹1293 cr | 19.4% | 29.0% | 0.0x |