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ISGEC HEAVY ENGINEERING LTD (ISGEC)

Industrial Services · Engineering & Construction · 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.41 / 100
Profitability 26Growth 40Balance sheet 59
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.56 / 100
Price 91Earnings 33FII/DII 44

Passes these screensCash RichHigh Momentum

Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹977.9 latest close · +6.2% over the last 90 sessions

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

₹977.9 month-end · +18.5% over 12 months

₹800₹900₹1,000₹1,100Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹900₹1,000₹1,100Nov '25May '26Nov '26

₹977.9 month-end · +5.3% over 3 years

₹750₹1,000₹1,250₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹750₹1,000₹1,250₹1,500Nov '23May '25Nov '26

₹977.9 month-end · +72.8% since May '21

₹500₹1,000₹1,500May '21Jun '22Jul '23Sep '24Oct '25Nov '26 ₹500₹1,000₹1,500May '21Feb '24Nov '26

52-week range ₹683.95 to ₹1113.90 · 1-year volatility 40.7%

Was the rally earned?

+19%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 28.8x to 36.7x); per-share earnings took off 8 points.
  • The share count rose 14%.
Net profit growth: +6 pts. Points of the price return explained by net profit growing (or shrinking).+6 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: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14 ptsShare count changeShare price: +19%+19%Share priceNet profit growth: +6 pts. Points of the price return explained by net profit growing (or shrinking).+6ProfitP/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: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: +19%+19%Share price
Net profit growth+6 ptsNet profit rose about 6%, which lifts the price.
P/E change+26 ptsThe P/E rose from 28.8x to 36.7x, which lifts the price.
Share count change-14 ptsShare count rose 14%, which lowers the price.
+5%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 34.7x to 36.7x); per-share earnings took off 0 points.
  • The share count rose 18%.
Net profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17 ptsNet profit growthP/E change: +6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+6 ptsP/E changeShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17 ptsShare count changeShare price: +5%+5%Share priceNet profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17ProfitP/E change: +6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+6P/EShare count change: −17 pts. Points of the price return explained by the share count changing. More shares count against the price.−17SharesShare price: +5%+5%Share price
Net profit growth+17 ptsNet profit rose about 18%, which lifts the price.
P/E change+6 ptsThe P/E rose from 34.7x to 36.7x, which lifts the price.
Share count change-17 ptsShare count rose 18%, which lowers the price.
+78%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 16.3x to 36.7x); per-share earnings took off 32 points.
  • The share count rose 22%.
Net profit growth: −5 pts. Points of the price return explained by net profit growing (or shrinking).−5 ptsNet profit growthP/E change: +109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+109 ptsP/E changeShare count change: −26 pts. Points of the price return explained by the share count changing. More shares count against the price.−26 ptsShare count changeShare price: +78%+78%Share priceNet profit growth: −5 pts. Points of the price return explained by net profit growing (or shrinking).−5ProfitP/E change: +109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+109P/EShare count change: −26 pts. Points of the price return explained by the share count changing. More shares count against the price.−26SharesShare price: +78%+78%Share price
Net profit growth-5 ptsNet profit fell about 4%, which lowers the price.
P/E change+109 ptsThe P/E rose from 16.3x to 36.7x, which lifts the price.
Share count change-26 ptsShare count rose 22%, 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 LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-56.9%not yet recovered
1-year volatility40.7%annualised
Beta vs sector index0.963-year daily, correlation 0.50
Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%20222023202420252026−54.5% 0%−20%−40%202220242026−54.5%
Largest drawdowns

-56.9% (2024-12 peak to 2026-01 low, not yet recovered)

-50.6% (2021-07 peak to 2023-03 low, recovered 2023-11)

-28.5% (2024-02 peak to 2024-03 low, recovered 2024-05)

Most recent volume spikes

2026-09-25: 5.8x the 50-day median, price +4.8% that day

2026-09-21: 17.4x the 50-day median, price +8.5% that day

2026-08-24: 5.1x the 50-day median, price +3.7% 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?

36.7xP/E todayWithin its usual range
Against its own history79th percentile
CheapestMedian 31.9xDearest

Usual range 19.6x to 40.0x since 2021-05.

Against Industrial Services36.7x vs 14.0x
This company
36.7x
Sector median
14.0x

161% above the Industrial Services median.

13.1x24.5x35.8x47.1xMay '21Jul '22Sep '23Nov '24Jan '26Nov '2613.1x24.5x35.8x47.1xMay '21Mar '23Jan '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

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

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

Where does it rank among Industrial Services peers?

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

Where it ranks today

  • ROCE30th▲ 3 pts vs a year ago
  • Op. margin22nd▼ 14 pts vs a year ago
  • Revenue growth59th▲ 34 pts vs a year ago
  • EPS growth36thflat vs a year ago
  • Debt/equity ↓53rd▲ 4 pts vs a year ago
  • Cash cycle ↓26thflat vs a year ago
  • P/E ↓15th▼ 8 pts vs a year ago
  • 12M momentum87th▲ 64 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 Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~25%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 47.7x, a holder earning 12%/yr needs earnings to grow about 25.0%/yr for 10 years, then trade at 15x.

Delivered1.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+23.7 ptsimplied minus delivered
Rank97thmost demanding of 856

Over time

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

-6%11%29% Jun 2020Nov 2026 -6%11%29% Jun 2020Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x26.6%27.7%28.9%
15x23.9%25.0%26.1%
20x20.5%21.6%22.7%

Drag a slider to test other assumptions

Implied: 25.0%/yr

Looking back

  • Jan 2022Price implied 18%/yr; EPS has since grown −10%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹977.90
P/E
36.7x
ROCE
11.0%
Market Cap
₹7188 cr
Revenue (TTM)
₹7458 cr
P/S
1.0x
P/B
2.6x
ROE
7.2%
Operating Margin
6.0%
Debt / Equity
0.3x
Promoter Holding
62.4%
12M Momentum
18.4%

52-week range

₹683.95₹1113.90
68% of the way from its 52-week low to its high

Price risk

1Y volatility
40.7%
Beta vs sector
1-year daily
0.66

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.64x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance11%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate33%Within range

Median quarterly effective tax rate over about 2.5 years: 33.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.64xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.64x (cash from operations ₹1,616 cr, net profit ₹613 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-13 daysWithin range

Debtor days are below the median of the previous three fiscal years by 13 days (148 vs 161). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-23 days / 2 yrsWithin range

Days payable changed by -23 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 3 years, DIIs added 1.9 pts.
  • The number of shareholders rose from 32,601 to 38,896 (+19%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters62.4%62.4%0.0 pts
FIIs3.5%3.8%+0.3 pts
DIIs8.3%10.2%+1.9 pts
Public and others25.8%23.6%-2.2 pts

Number of shareholders

38,896shareholders+19% since Sep '23
29k32k36k39k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 32,601
Dec '23: 32,484
Mar '24: 31,635
Jun '24: 30,328
Sep '24: 30,009
Dec '24: 28,925
Mar '25: 32,763
Jun '25: 37,060
Sep '25: 38,449
Dec '25: 39,402
Mar '26: 38,998
Jun '26: 38,896
 29k32k36k39k Sep '23Sep '24Sep '25Jun '26
Sep '23: 32,601
Dec '23: 32,484
Mar '24: 31,635
Jun '24: 30,328
Sep '24: 30,009
Dec '24: 28,925
Mar '25: 32,763
Jun '25: 37,060
Sep '25: 38,449
Dec '25: 39,402
Mar '26: 38,998
Jun '26: 38,896

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

−8.4%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like ISGEC HEAVY ENGINEERING 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 −27% to +17% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −5.3%, 80% range −10.3% to −2.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
UDS · Nov 2024: −57.6% vs market
NILKAMAL · Jul 2023: −52.6% vs market
EVERESTIND · Dec 2023: −52.0% vs market
HITECH · Oct 2024: −38.5% vs market
SOMANYCERA · Jan 2022: −38.3% vs market
GOKEX · Dec 2024: −37.9% vs market
QUESS · Aug 2021: −37.0% vs market
EPL · Jun 2023: −37.0% vs market
KOLTEPATIL · Aug 2023: −33.9% vs market
NACLIND · Nov 2022: −32.7% vs market
SIS · Jan 2020: −32.3% vs market
TVSSRICHAK · Oct 2023: −28.3% vs market
DCMSHRIRAM · Oct 2025: −27.9% vs market
ORIENTELEC · Apr 2025: −25.7% vs market
BANSALWIRE · Jul 2025: −24.7% vs market
HUHTAMAKI · Jul 2020: −20.6% vs market
SHK · Mar 2024: −17.1% vs market
SUDARSCHEM · Apr 2025: −16.3% vs market
GREENPLY · Jul 2025: −16.2% vs market
APOLLOTYRE · Jul 2023: −13.0% vs market
BANARISUG · Aug 2022: −10.1% vs market
GANECOS · Jan 2023: −9.8% vs market
SHANKARA · Jun 2022: −9.5% vs market
BBL · Feb 2024: −8.9% vs market
BAJAJELEC · Jul 2021: −8.6% vs market
ENTERO · Jul 2025: −8.2% vs market
GLOBUSSPR · Sep 2024: −8.2% vs market
SANDHAR · May 2024: −7.1% vs market
CEATLTD · May 2020: −6.3% vs market
LUMAXIND · May 2023: −5.9% vs market
KPIL · Oct 2024: −3.9% vs market
SUPRAJIT · Sep 2025: +3.4% vs market
MINDACORP · May 2023: +4.3% vs market
GODREJAGRO · Jul 2024: +5.7% vs market
TCI · Oct 2021: +9.4% vs market
ORIENTCEM · Jan 2024: +11.5% vs market
HERITGFOOD · Feb 2024: +13.6% vs market
GREENLAM · Jul 2022: +18.5% vs market
BEML · Aug 2022: +22.0% vs market
LUMAXTECH · Aug 2022: +23.2% vs market
ALLCARGO · Sep 2020: +32.1% vs market
BIRLACORPN · May 2020: +39.0% vs market
CEMPRO · Oct 2022: +50.4% vs market
KIRLOSENG · Nov 2022: +57.5% vs market
JBMA · Oct 2021: +63.6% vs market
FSL · Oct 2020: +76.9% vs market
HSCL · Jul 2023: +107.7% vs market
KIRLOSBROS · Apr 2023: +109.0% vs market
THANGAMAYL · Aug 2025: +122.8% vs market
GRPLTD · Jun 2022: +134.2% vs market
Similar setups −8.4%All companies −3.1%← 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
−8.4%
All companies' median
−3.1%
Beat the market
38% vs 47%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HERITGFOOD
Consumer Non-Durables		 Feb 2024 53x10% +131%−4% +14%
DCMSHRIRAM
Process Industries		 Oct 2025 32x11% +22%−11% −28%
SANDHAR
Consumer Durables		 May 2024 44x9% +97%−6% −7%
TVSSRICHAK
Consumer Durables		 Oct 2023 38x9% +56%−4% −28%
ENTERO
Distribution Services		 Jul 2025 59x9% +8%−17% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ORIENTCEM
Non-Energy Minerals		 Jan 2024 47x12% +130%0% +12%
CEATLTD
Consumer Durables		 May 2020 13x13% −17%−24% −6%
BANARISUG
Process Industries		 Aug 2022 43x7% +54%−7% −10%
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: drawdown from 12-month high, 12-month momentum 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.

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 ISGEC HEAVY ENGINEERING 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.

NILKAMALNILKAMAL
Consumer Durables
73%similar
ROCErevenue growth
PDSPDSL
Consumer Non-Durables
72%similar
promoter holdingROCE
GREAVES COTTONGREAVESCOT
Producer Manufacturing
69%similar
operating marginROCE
SHEELA FOAMSFL
Process Industries
69%similar
EPS growthvolatility
STEEL STRIPS WHEELSSSWL
Producer Manufacturing
68%similar
promoter holdingmarket cap
RAIL VIKAS NIGAMRVNL
Industrial Services
62%similar
ROCEoperating margin
IRCON INTERNATIONALIRCON
Industrial Services
60%similar
revenuevolatility
PSP PROJECTSPSPPROJECT
Industrial Services
55%similar
operating marginP/E

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

What changed?

30 events since Jun '23

  1. SepPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
  2. SepPriceVolume reached 17.4x its 50-day median on 2026-09-21; price +8.5% that day.
  3. JunResultsRevenue (TTM) reached a new high of ₹6,834 cr.
  4. MarPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
  5. FebPriceVolume reached 56.5x its 50-day median on 2026-02-10; price +18.1% that day.
  6. JanPriceFell 57% from the Dec 2024 peak to the Jan 2026 low.
  7. DecValuationP/E crossed above the 90th percentile of its own history to date (41.3x).
  8. DecPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. OctPriceVolume reached 25.6x its 50-day median on 2025-10-10; price +4.6% that day.
  2. SepResultsYear-on-year EPS growth turned negative.
  3. MarInstitutionsFII + DII holding rose 3.1 pts over 2 quarters to 15.8%.
  4. MarPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
  5. FebPriceVolume reached 35.7x its 50-day median on 2025-02-20; price -1.9% that day.
  6. DecResultsRevenue (TTM) reached a new high of ₹6,545 cr.
  7. DecPriceVolume reached 18.5x its 50-day median on 2024-12-10; price +3.0% that day.
  8. NovValuationP/E crossed above the 90th percentile of its own history to date (40.8x).
  9. JunPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
  10. MayPriceRegained the 2024-02 peak, 2 months after the low.
  11. MayPriceVolume reached 13.7x its 50-day median on 2024-05-31; price +8.9% that day.
  12. AprValuationP/E crossed above the 90th percentile of its own history to date (41.1x).
  13. AprPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 2nd quartile).
  14. MarPriceFell 28% from the Feb 2024 peak to the Mar 2024 low.
  15. MarPriceVolume reached 8.8x its 50-day median on 2024-03-04; price +8.0% that day.
  16. NovPriceRegained the 2021-07 peak, 8 months after the low.
  17. NovValuationP/E crossed above the 90th percentile of its own history to date (34.7x).
  18. NovPriceVolume reached 15.2x its 50-day median on 2023-11-17; price +8.0% that day.
  19. SepPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  20. SepPriceVolume reached 16.0x its 50-day median on 2023-09-08; price +11.2% that day.
  21. JunResultsYear-on-year EPS growth turned positive.
  22. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history67 months · 2021-05 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1136.7x₹7458 cr7.2%11.0%0.3x
2026-1034.5x₹7458 cr7.2%11.0%0.3x
2026-0933.1x₹7458 cr7.2%11.0%0.3x
2026-0830.0x₹6834 cr7.0%11.0%0.3x
2026-0731.3x₹6834 cr7.0%11.0%0.3x
2026-0635.0x₹6834 cr7.0%11.0%0.3x
2026-0532.3x₹6530 cr7.6%11.0%0.4x
2026-0437.8x₹6530 cr7.6%11.0%0.4x
2026-0329.9x₹6530 cr7.6%11.0%0.4x
2026-0240.3x₹6286 cr5.7%11.0%0.4x
2026-0134.3x₹6286 cr5.7%11.0%0.4x
2025-1241.3x₹6286 cr5.7%11.0%0.4x
2025-1128.8x₹6239 cr6.9%11.0%0.4x
2025-1030.7x₹6239 cr6.9%11.0%0.4x
2025-0930.6x₹6239 cr6.9%11.0%0.4x
2025-0826.7x₹6423 cr8.5%11.0%0.4x
2025-0729.8x₹6423 cr8.5%11.0%0.4x
2025-0633.8x₹6423 cr8.5%11.0%0.4x
2025-0535.8x₹6547 cr8.2%13.0%0.3x
2025-0433.3x₹6547 cr8.2%13.0%0.3x
2025-0330.9x₹6547 cr8.2%13.0%0.3x
2025-0223.5x₹6545 cr9.7%13.0%0.3x
2025-0129.2x₹6545 cr9.7%13.0%0.3x
2024-1236.4x₹6545 cr9.7%13.0%0.3x
2024-1140.8x₹6374 cr8.6%13.0%0.3x
2024-1038.3x₹6374 cr8.6%13.0%0.3x
2024-0939.3x₹6374 cr8.6%13.0%0.3x
2024-0841.6x₹6220 cr8.2%13.0%0.3x
2024-0747.2x₹6220 cr8.2%13.0%0.3x
2024-0637.6x₹6220 cr8.2%13.0%0.3x
2024-0540.2x₹6399 cr7.2%11.0%0.5x
2024-0441.1x₹6399 cr7.2%11.0%0.5x
2024-0333.6x₹6399 cr7.2%11.0%0.5x
2024-0231.9x₹6399 cr7.2%11.0%0.5x
2024-0138.6x₹6399 cr7.2%11.0%0.5x
2023-1236.7x₹6399 cr7.2%11.0%0.5x
2023-1134.7x₹6399 cr7.2%11.0%0.5x
2023-1025.2x₹6399 cr7.2%11.0%0.5x
2023-0927.2x₹6399 cr7.2%11.0%0.5x
2023-0826.0x₹6399 cr7.2%11.0%0.5x
2023-0727.6x₹6399 cr7.2%11.0%0.5x
2023-0626.0x₹6399 cr7.2%11.0%0.5x
2023-0539.8x₹5499 cr4.4%8.0%0.6x
2023-0432.9x₹5499 cr4.4%8.0%0.6x
2023-0329.5x₹5499 cr4.4%8.0%0.6x
2023-0229.8x₹5499 cr4.4%8.0%0.6x
2023-0129.4x₹5499 cr4.4%8.0%0.6x
2022-1232.4x₹5499 cr4.4%8.0%0.6x
2022-1135.1x₹5499 cr4.4%8.0%0.6x
2022-1033.1x₹5499 cr4.4%8.0%0.6x
2022-0934.2x₹5499 cr4.4%8.0%0.6x
2022-0832.3x₹5499 cr4.4%8.0%0.6x
2022-0731.6x₹5499 cr4.4%8.0%0.6x
2022-0633.0x₹5499 cr4.4%8.0%0.6x
2022-0514.5x₹5426 cr10.1%14.0%0.5x
2022-0416.2x₹5426 cr10.1%14.0%0.5x
2022-0315.2x₹5426 cr10.1%14.0%0.5x
2022-0217.0x₹5426 cr10.1%14.0%0.5x
2022-0119.5x₹5426 cr10.1%14.0%0.5x
2021-1218.0x₹5426 cr10.1%14.0%0.5x
2021-1116.3x₹5426 cr10.1%14.0%0.5x
2021-1019.7x₹5426 cr10.1%14.0%0.5x
2021-0921.4x₹5426 cr10.1%14.0%0.5x
2021-0821.6x₹5426 cr10.1%14.0%0.5x
2021-0723.6x₹5426 cr10.1%14.0%0.5x
2021-0622.8x₹5426 cr10.1%14.0%0.5x
2021-0528.8x₹5882 cr6.7%11.0%0.6x

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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