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IPCA LABORATORIES LTD (IPCALAB)

Health Technology · Pharmaceuticals: Major · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.79 / 100
Profitability 67Growth 79Balance sheet 90
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.84 / 100
Price 88Earnings 83FII/DII 82

Passes these screensDebt-light & profitableConsistent compoundersNear 52-week high

Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIESTORRENT PHARMACEUTICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,959.7 latest close · +10.2% over the last 90 sessions

₹1,700₹1,800₹1,900₹2,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,700₹1,800₹1,900₹2,000Jul 3Sep 4Nov 9

₹1,959.7 month-end · +34.9% over 12 months

₹1,400₹1,600₹1,800₹2,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,400₹1,600₹1,800₹2,000Nov '25May '26Nov '26

₹1,959.7 month-end · +73.0% over 3 years

₹1,500₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000Nov '23May '25Nov '26

₹1,959.7 month-end · +409.4% since Jan '19

₹500₹1,000₹1,500₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500₹2,000Jan '19Dec '22Nov '26

52-week range ₹1276.10 to ₹2038.00 · 1-year volatility 30.1%

Was the rally earned?

+35%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 61 points, but investors now pay less per rupee of profit (P/E 47.3x to 38.0x), which took 26 points back.
  • The share count barely moved.
Net profit growth: +61 pts. Points of the price return explained by net profit growing (or shrinking).+61 ptsNet profit growthP/E change: −26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−26 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +35%+35%Share priceNet profit growth: +61 pts. Points of the price return explained by net profit growing (or shrinking).+61ProfitP/E change: −26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−26P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +35%+35%Share price
Net profit growth+61 ptsNet profit rose about 68%, which lifts the price.
P/E change-26 ptsThe P/E fell from 47.3x to 38.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+73%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 136 points, but investors now pay less per rupee of profit (P/E 61.0x to 38.0x), which took 63 points back.
  • The share count rose 3%.
Net profit growth: +141 pts. Points of the price return explained by net profit growing (or shrinking).+141 ptsNet profit growthP/E change: −63 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−63 ptsP/E changeShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4 ptsShare count changeShare price: +73%+73%Share priceNet profit growth: +141 pts. Points of the price return explained by net profit growing (or shrinking).+141ProfitP/E change: −63 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−63P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: +73%+73%Share price
Net profit growth+141 ptsNet profit rose about 187%, which lifts the price.
P/E change-63 ptsThe P/E fell from 61.0x to 38.0x, which lowers the price.
Share count change-4 ptsShare count rose 3%, which lowers the price.
+87%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 23.4x to 38.0x); per-share earnings added 19 points.
  • The share count rose 5%.
Net profit growth: +26 pts. Points of the price return explained by net profit growing (or shrinking).+26 ptsNet profit growthP/E change: +67 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+67 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +87%+87%Share priceNet profit growth: +26 pts. Points of the price return explained by net profit growing (or shrinking).+26ProfitP/E change: +67 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+67P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +87%+87%Share price
Net profit growth+26 ptsNet profit rose about 21%, which lifts the price.
P/E change+67 ptsThe P/E rose from 23.4x to 38.0x, which lifts the price.
Share count change-7 ptsShare count rose 5%, which lowers 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 SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-48.8%recovered 2024-04
1-year volatility30.1%annualised
Beta vs sector index0.873-year daily, correlation 0.43
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−48.8% 0%−20%−40%2020202220242026−48.8%
Largest drawdowns

-48.8% (2021-09 peak to 2023-05 low, recovered 2024-04)

-27.3% (2025-01 peak to 2025-10 low, recovered 2026-07)

-24.0% (2020-11 peak to 2021-02 low, recovered 2021-08)

Most recent volume spikes

2026-08-17: 41.1x the 50-day median, price +8.7% that day

2026-08-13: 10.8x the 50-day median, price +1.7% 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?

38.0xP/E todayWithin its usual range
Against its own history39th percentile
CheapestMedian 41.4xDearest

Usual range 23.4x to 60.8x since 2019-01.

Against Health Technology38.0x vs 37.0x
This company
38.0x
Sector median
37.0x

Close to the Health Technology median.

16.7x35.2x53.6x72.1xJan '19Aug '20Mar '22Oct '23May '25Nov '2616.7x35.2x53.6x72.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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

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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

  • ROCE62nd▲ 12 pts vs a year ago
  • Op. margin72nd▲ 20 pts vs a year ago
  • Revenue growth48th▼ 15 pts vs a year ago
  • EPS growth83rd▲ 6 pts vs a year ago
  • Debt/equity ↓68th▲ 16 pts vs a year ago
  • Cash cycle ↓15th▲ 4 pts vs a year ago
  • P/E ↓48th▲ 16 pts vs a year ago
  • 12M momentum72nd▲ 10 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?

~30%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 67.6x, a holder earning 12%/yr needs earnings to grow about 29.5%/yr for 10 years, then trade at 15x.

Delivered16.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+13.4 ptsimplied minus delivered
Rank251stmost demanding of 856

Over time

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

0%21%42% Jan 2019Nov 2026 0%21%42% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x31.2%32.3%33.5%
15x28.4%29.5%30.7%
20x24.8%26.0%27.1%

Drag a slider to test other assumptions

Implied: 29.5%/yr

Looking back

  • Jan 2020Price implied 29%/yr; EPS has since grown 15%/yr (7.0 yrs)
  • Jan 2021Price implied 31%/yr; EPS has since grown 12%/yr (6.0 yrs)
  • Jan 2022Price implied 26%/yr; EPS has since grown 1%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1959.70
P/E
38.0x
ROCE
17.0%
Market Cap
₹49713 cr
Revenue (TTM)
₹10124 cr
P/S
4.9x
P/B
6.2x
ROE
16.2%
Operating Margin
24.0%
Debt / Equity
0.1x
Promoter Holding
44.7%
12M Momentum
34.9%

52-week range

₹1276.10₹2038.00
90% of the way from its 52-week low to its high

Price risk

1Y volatility
30.1%
Beta vs sector
1-year daily
0.36

Balance sheet & cash

Interest cover
operating profit ÷ interest
26.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.37x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 28.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.37xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.37x (cash from operations ₹3,408 cr, net profit ₹2,492 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (77 vs 77). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress17% of fixed assetsWithin range

Capital work-in-progress is 17% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+12 days / 2 yrsWithin range

Days payable changed by +12 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 2.9 pts; promoters trimmed 1.6 pts.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters46.3%44.7%-1.6 pts
FIIs10.3%10.7%+0.5 pts
DIIs34.2%37.0%+2.9 pts
Public and others8.9%7.2%-1.7 pts

Number of shareholders

82,060shareholders-1% since Dec '23
78k82k86k90k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 82,809
Mar '24: 81,165
Jun '24: 84,753
Sep '24: 82,975
Dec '24: 90,189
Mar '25: 88,306
Jun '25: 85,582
Sep '25: 82,870
Dec '25: 77,673
Mar '26: 82,184
Jun '26: 82,060
 78k82k86k90k Dec '23Dec '24Dec '25Jun '26
Dec '23: 82,809
Mar '24: 81,165
Jun '24: 84,753
Sep '24: 82,975
Dec '24: 90,189
Mar '25: 88,306
Jun '25: 85,582
Sep '25: 82,870
Dec '25: 77,673
Mar '26: 82,184
Jun '26: 82,060

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

−7.3%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like IPCA LABORATORIES 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 −18% to +7% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −6.5%, 80% range −12.4% to −0.1%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%
NATCOPHARM · Oct 2020: −42.5% vs market
BSOFT · Jan 2024: −41.7% vs market
SHREECEM · Mar 2023: −34.0% vs market
AMBUJACEM · Nov 2022: −32.7% vs market
PIIND · May 2023: −31.8% vs market
CONCOR · May 2024: −30.6% vs market
EMAMILTD · Jan 2021: −24.2% vs market
SUNDRMFAST · Jun 2023: −24.1% vs market
EIHOTEL · Oct 2025: −22.4% vs market
CERA · Feb 2023: −22.1% vs market
MRF · Mar 2020: −21.3% vs market
GODREJAGRO · Jan 2020: −19.7% vs market
KANSAINER · Feb 2020: −18.1% vs market
FINPIPE · Feb 2020: −17.1% vs market
GODREJCP · May 2023: −16.4% vs market
RALLIS · Feb 2020: −16.1% vs market
CIPLA · Jan 2021: −15.9% vs market
ZYDUSLIFE · Mar 2024: −15.1% vs market
BERGEPAINT · Jun 2025: −14.1% vs market
CARBORUNIV · Mar 2023: −13.4% vs market
KPRMILL · Apr 2025: −12.0% vs market
VGUARD · Feb 2023: −11.5% vs market
ALKEM · Dec 2023: −7.9% vs market
RAMCOCEM · Feb 2020: −7.6% vs market
KAJARIACER · Aug 2021: −7.5% vs market
RATNAMANI · Feb 2023: −7.1% vs market
ENDURANCE · Aug 2025: −7.1% vs market
RADICO · Mar 2023: −2.7% vs market
CUMMINSIND · Mar 2021: −1.3% vs market
GLENMARK · Jul 2025: −0.6% vs market
USHAMART · Oct 2025: +1.4% vs market
SIEMENS · Jan 2023: +1.7% vs market
BOSCHLTD · Apr 2023: +2.5% vs market
JYOTHYLAB · Oct 2023: +2.8% vs market
LUPIN · Apr 2025: +3.1% vs market
MEDANTA · Sep 2025: +3.3% vs market
CENTURYPLY · Oct 2021: +6.7% vs market
AIAENG · Jan 2023: +7.5% vs market
VOLTAS · Feb 2020: +10.2% vs market
SUPREMEIND · Feb 2020: +12.9% vs market
JBCHEPHARM · Mar 2023: +13.4% vs market
KEI · Aug 2023: +15.6% vs market
POLYCAB · Mar 2023: +18.4% vs market
DRREDDY · Jan 2020: +24.1% vs market
BALKRISIND · Jan 2020: +24.7% vs market
KSB · Sep 2022: +29.0% vs market
MPHASIS · May 2020: +34.6% vs market
THYROCARE · Nov 2024: +43.1% vs market
GLAND · Sep 2025: +44.8% vs market
PERSISTENT · Mar 2020: +94.0% vs market
Similar setups −7.3%All companies −0.8%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−7.3%
All companies' median
−0.8%
Beat the market
40% vs 49%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VOLTAS
Producer Manufacturing		 Feb 2020 44x17% +20%−7% +10%
RADICO
Consumer Non-Durables		 Mar 2023 61x16% +35%−2% −3%
ZYDUSLIFE
Health Technology		 Mar 2024 52x15% +105%−1% −15%
CARBORUNIV
Process Industries		 Mar 2023 56x20% +24%−3% −13%
KAJARIACER
Producer Manufacturing		 Aug 2021 61x21% +169%−1% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SUNDRMFAST
Producer Manufacturing		 Jun 2023 52x19% +68%0% −24%
CERA
Consumer Durables		 Feb 2023 56x21% +51%−3% −22%
CIPLA
Health Technology		 Jan 2021 43x12% +85%−4% −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 5 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 IPCA LABORATORIES 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 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

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

INDIAN HOTELS COINDHOTEL
Consumer Services
77%similar
ROCErevenue
VARUN BEVERAGESVBL
Consumer Non-Durables
72%similar
volatilityoperating margin
EICHER MOTORSEICHERMOT
Consumer Durables
70%similar
operating marginP/E
EIHEIHOTEL
Consumer Services
70%similar
volatilityoperating margin
RADICO KHAITANRADICO
Consumer Non-Durables
69%similar
market capEPS growth
ALKEM LABORATORIESALKEM
Health Technology
72%similar
market caprevenue
AUROBINDO PHARMAAUROPHARMA
Health Technology
70%similar
market capoperating margin
GLENMARK PHARMACEUTICALSGLENMARK
Health Technology
69%similar
promoter holdingmarket cap

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

What changed?

30 events since Aug '22

  1. AugPriceVolume reached 41.1x its 50-day median on 2026-08-17; price +8.7% that day.
  2. JulPriceRegained the 2025-01 peak, 9 months after the low.
  3. JunPeer rankMoved into the 2nd quartile of Health Technology on ROCE (from the 3rd quartile).
  4. JunDividendDividend payout cut from 14% to 0% of profit.
  5. MayPriceVolume reached 5.7x its 50-day median on 2026-05-15; price +1.3% that day.
  6. AprPeer rankSlipped to the 3rd quartile of Health Technology on ROCE (from the 2nd quartile).
  7. FebPeer rankMoved into the top quartile of Health Technology on EPS growth (from the 2nd quartile).
  8. FebPriceVolume reached 5.5x its 50-day median on 2026-02-26; price -0.1% that day.
Show 22 earlier events
  1. DecPeer rankSlipped to the 2nd quartile of Health Technology on EPS growth (from the top quartile).
  2. NovPriceVolume reached 34.9x its 50-day median on 2025-11-14; price +13.6% that day.
  3. OctPriceFell 27% from the Jan 2025 peak to the Oct 2025 low.
  4. SepPriceVolume reached 7.9x its 50-day median on 2025-09-19; price +7.5% that day.
  5. JunPeer rankMoved into the 2nd quartile of Health Technology on ROCE (from the 3rd quartile).
  6. FebPriceVolume reached 6.4x its 50-day median on 2025-02-13; price +5.0% that day.
  7. DecPeer rankMoved into the 2nd quartile of Health Technology on EPS growth (from the 3rd quartile).
  8. DecPriceVolume reached 11.7x its 50-day median on 2024-12-18; price -2.9% that day.
  9. JulValuationP/E crossed above the 90th percentile of its own history to date (60.6x).
  10. JunResultsYear-on-year EPS growth turned positive.
  11. AprPriceRegained the 2021-09 peak, 11 months after the low.
  12. AprPriceVolume reached 9.6x its 50-day median on 2024-04-05; price +3.0% that day.
  13. FebPriceVolume reached 9.0x its 50-day median on 2024-02-06; price +5.7% that day.
  14. OctPriceVolume reached 15.2x its 50-day median on 2023-10-23; price +6.7% that day.
  15. JulValuationP/E crossed above the 90th percentile of its own history to date (47.0x).
  16. JunResultsRevenue (TTM) reached a new high of ₹6,204 cr.
  17. JunPeer rankSlipped to the 3rd quartile of Health Technology on ROCE (from the 2nd quartile).
  18. MayPriceFell 49% from the Sep 2021 peak to the May 2023 low.
  19. AprPriceVolume reached 28.6x its 50-day median on 2023-04-25; price -10.3% that day.
  20. FebValuationP/E fell below the 10th percentile of its own history to date (23.2x).
  21. FebPriceVolume reached 8.2x its 50-day median on 2023-02-17; price -3.7% that day.
  22. AugPriceVolume reached 16.4x its 50-day median on 2022-08-12; price -8.7% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1138.0x₹10124 cr16.2%17.0%0.1x
2026-1037.3x₹10124 cr16.2%17.0%0.1x
2026-0937.3x₹10124 cr16.2%17.0%0.1x
2026-0843.9x₹9645 cr14.0%17.0%0.1x
2026-0738.9x₹9645 cr14.0%17.0%0.1x
2026-0637.8x₹9645 cr14.0%17.0%0.1x
2026-0542.5x₹9504 cr12.9%15.0%0.2x
2026-0442.7x₹9504 cr12.9%15.0%0.2x
2026-0344.7x₹9504 cr12.9%15.0%0.2x
2026-0246.6x₹9357 cr11.7%15.0%0.2x
2026-0144.9x₹9357 cr11.7%15.0%0.2x
2025-1243.3x₹9357 cr11.7%15.0%0.2x
2025-1147.3x₹9156 cr11.2%15.0%0.2x
2025-1041.4x₹9156 cr11.2%15.0%0.2x
2025-0943.6x₹9156 cr11.2%15.0%0.2x
2025-0847.6x₹8940 cr10.8%15.0%0.2x
2025-0750.7x₹8940 cr10.8%15.0%0.2x
2025-0647.8x₹8940 cr10.8%15.0%0.2x
2025-0549.5x₹8726 cr10.9%13.0%0.2x
2025-0448.7x₹8726 cr10.9%13.0%0.2x
2025-0352.2x₹8726 cr10.9%13.0%0.2x
2025-0252.0x₹8534 cr10.0%13.0%0.2x
2025-0155.4x₹8534 cr10.0%13.0%0.2x
2024-1265.0x₹8534 cr10.0%13.0%0.2x
2024-1167.8x₹8213 cr8.4%13.0%0.2x
2024-1069.9x₹8213 cr8.4%13.0%0.2x
2024-0965.9x₹8213 cr8.4%13.0%0.2x
2024-0864.2x₹7705 cr7.8%13.0%0.2x
2024-0760.6x₹7705 cr7.8%13.0%0.2x
2024-0652.3x₹7705 cr7.8%13.0%0.2x
2024-0562.0x₹6204 cr7.8%11.0%0.3x
2024-0472.1x₹6204 cr7.8%11.0%0.3x
2024-0366.6x₹6204 cr7.8%11.0%0.3x
2024-0264.2x₹6204 cr7.8%11.0%0.3x
2024-0160.3x₹6204 cr7.8%11.0%0.3x
2023-1259.9x₹6204 cr7.8%11.0%0.3x
2023-1161.0x₹6204 cr7.8%11.0%0.3x
2023-1052.9x₹6204 cr7.8%11.0%0.3x
2023-0950.4x₹6204 cr7.8%11.0%0.3x
2023-0847.0x₹6204 cr7.8%11.0%0.3x
2023-0747.0x₹6204 cr7.8%11.0%0.3x
2023-0640.0x₹6204 cr7.8%11.0%0.3x
2023-0520.1x₹5797 cr15.4%20.0%0.1x
2023-0420.4x₹5797 cr15.4%20.0%0.1x
2023-0323.3x₹5797 cr15.4%20.0%0.1x
2023-0223.2x₹5797 cr15.4%20.0%0.1x
2023-0124.4x₹5797 cr15.4%20.0%0.1x
2022-1224.2x₹5797 cr15.4%20.0%0.1x
2022-1124.9x₹5797 cr15.4%20.0%0.1x
2022-1026.0x₹5797 cr15.4%20.0%0.1x
2022-0926.3x₹5797 cr15.4%20.0%0.1x
2022-0826.0x₹5797 cr15.4%20.0%0.1x
2022-0728.7x₹5797 cr15.4%20.0%0.1x
2022-0625.8x₹5797 cr15.4%20.0%0.1x
2022-0520.1x₹5395 cr23.1%31.0%0.1x
2022-0422.5x₹5395 cr23.1%31.0%0.1x
2022-0323.7x₹5395 cr23.1%31.0%0.1x
2022-0221.8x₹5395 cr23.1%31.0%0.1x
2022-0123.0x₹5395 cr23.1%31.0%0.1x
2021-1224.1x₹5395 cr23.1%31.0%0.1x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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