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IZMO LIMITED (IZMO)

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.79 / 100
Profitability 60Growth 77Balance sheet 100
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.37 / 100
Price 3Earnings 75FII/DII 32
Compare withONE 97 COMMUNICATIONS PAYTMORACLE FINANCIAL SERVICES SOFTMPHASIS LIMITED
Share Price
₹671.35
P/E
18.7x
ROCE
13.0%
Market Cap
₹1007 cr
Revenue (TTM)
₹293 cr
P/S
3.4x
P/B
2.5x
ROE
13.2%
Operating Margin
25.0%
Debt / Equity
0.0x
Promoter Holding
34.8%
12M Momentum
-18.1%
P/E vs its own history77th percentilesince Jan '19
P/E vs Technology Services0.9xthe sector median

52-week range

₹562.00₹1175.40
18% of the way from its 52-week low to its high

Price risk

1Y volatility
56.0%
Beta vs sector
1-year daily
0.38

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.45x
low
Share count, 1Y
unchanged

Was the rally earned?

-18%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 6 points, but investors now pay less per rupee of profit (P/E 24.2x to 18.7x), which took 24 points back.
  • The share count rose 4%.
1 year Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsP/E change: -24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-24 ptsShare count change: -3 pts. Points of the price return explained by the share count changing. More shares count against the price. -18% 1 year Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsP/E change: -24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-24 ptsShare count change: -3 pts. Points of the price return explained by the share count changing. More shares count against the price. -18%
Net profit growth+9 ptsNet profit rose about 10%, which lifts the price.
P/E change-24 ptsThe P/E fell from 24.2x to 18.7x, which lowers the price.
Share count change-3 ptsShare count rose 4%, which lowers the price.
+235%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 171 points to the rise, while the multiple moved less (P/E 13.4x to 18.7x).
  • The share count rose 12%.
3 years Net profit growth: +193 pts. Points of the price return explained by net profit growing (or shrinking).+193 ptsP/E change: +64 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+64 ptsShare count change: -22 pts. Points of the price return explained by the share count changing. More shares count against the price. +235% 3 years Net profit growth: +193 pts. Points of the price return explained by net profit growing (or shrinking).+193 ptsP/E change: +64 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+64 ptsShare count change: -22 pts. Points of the price return explained by the share count changing. More shares count against the price. +235%
Net profit growth+193 ptsNet profit rose about 169%, which lifts the price.
P/E change+64 ptsThe P/E rose from 13.4x to 18.7x, which lifts the price.
Share count change-22 ptsShare count rose 12%, which lowers the price.
+640%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 4.5x to 18.7x); per-share earnings added 184 points.
  • The share count rose 12%.
5 years Net profit growth: +221 pts. Points of the price return explained by net profit growing (or shrinking).+221 ptsP/E change: +456 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+456 ptsShare count change: -37 pts. Points of the price return explained by the share count changing. More shares count against the price. +640% 5 years Net profit growth: +221 pts. Points of the price return explained by net profit growing (or shrinking).+221 ptsP/E change: +456 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+456 ptsShare count change: -37 pts. Points of the price return explained by the share count changing. More shares count against the price. +640%
Net profit growth+221 ptsNet profit rose about 100%, which lifts the price.
P/E change+456 ptsThe P/E rose from 4.5x to 18.7x, which lifts the price.
Share count change-37 ptsShare count rose 12%, 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 ONE 97 COMMUNICATIONS PAYTM

Is it expensive against its own past and its peers?

18.7xP/E todayWithin its usual range
Against its own history77th percentileMedian 8.6x; usual range 4.1x to 26.1x since 2019-01.
Against Technology Services18.7x vs 20.6xBelow the Technology Services median.
2.2x15.7x29.1x42.6xJan '19Aug '20Mar '22Oct '23May '25Oct '262.2x15.7x29.1x42.6xJan '19Aug '21Mar '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?

~21%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 31.7x, a holder earning 12%/yr needs earnings to grow about 20.7%/yr for 10 years, then trade at 15x.

Delivered28.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−8.1 ptsimplied minus delivered
Rank663rdmost demanding of 843

Over time

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

-1%47%95% Jan 2019Oct 2026 -1%47%95% Jan 2019Oct 2026

Change the assumptions

Exit P/E / return11%12%13%
12x22.3%23.4%24.5%
15x19.6%20.7%21.8%
20x16.2%17.3%18.3%
Implied: 20.7%/yr

Looking back

  • Jan 2020Price implied 8%/yr; EPS has since grown 29%/yr (7.0 yrs)
  • Jan 2021Price implied 7%/yr; EPS has since grown 25%/yr (6.0 yrs)
  • Jan 2022Price implied 8%/yr; EPS has since grown 9%/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 Technology Services The market-wide Expectations lists

What changed?

  1. Sep '26Year-on-year EPS growth turned positive.
  2. Sep '26Moved into the top quartile of Technology Services on operating margin (from the 3rd quartile).
  3. Sep '26Volume reached 10.5x its 50-day median on 2026-09-02; price +2.5% that day.
  4. Jun '26Revenue (TTM) reached a new high of ₹285 cr.
  5. Jun '26Slipped to the 3rd quartile of Technology Services on operating margin (from the top quartile).
  6. Jun '26Volume reached 15.6x its 50-day median on 2026-06-04; price +1.2% that day.
  7. Mar '26Moved into the top quartile of Technology Services on operating margin (from the 2nd quartile).
  8. Feb '26Fell 58% from the Sep 2025 peak to the Feb 2026 low.
Show 22 earlier events
  1. Feb '26Volume reached 32.4x its 50-day median on 2026-02-06; price +18.5% that day.
  2. Dec '25Year-on-year EPS growth turned negative.
  3. Dec '25Slipped to the bottom quartile of Technology Services on EPS growth (from the top quartile).
  4. Aug '25Regained the 2024-12 peak, 5 months after the low.
  5. Aug '25P/E crossed above the 90th percentile of its own history to date (19.7x).
  6. Aug '25Volume reached 89.2x its 50-day median on 2025-08-26; price +8.3% that day.
  7. Jul '25Share count is up 7.1% over 12 months.
  8. Jun '25Moved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  9. Apr '25Volume reached 5.8x its 50-day median on 2025-04-23; price +4.8% that day.
  10. Mar '25Promoter holding rose 3.2 pts to 35.0% (largest rise since 2024-06).
  11. Mar '25Fell 62% from the Dec 2024 peak to the Mar 2025 low.
  12. Mar '25Slipped to the 3rd quartile of Technology Services on operating margin (from the 2nd quartile).
  13. Feb '25Volume reached 5.5x its 50-day median on 2025-02-19; price -5.0% that day.
  14. Dec '24Regained the 2024-07 peak, 2 months after the low.
  15. Dec '24Moved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
  16. Dec '24Volume reached 32.1x its 50-day median on 2024-12-13; price +7.0% that day.
  17. Nov '24P/E crossed above the 90th percentile of its own history to date (24.6x).
  18. Oct '24Fell 34% from the Jul 2024 peak to the Oct 2024 low.
  19. Sep '24FII + DII holding rose 3.1 pts over 2 quarters to 4.3%.
  20. Sep '24Slipped to the 2nd quartile of Technology Services on operating margin (from the top quartile).
  21. Jul '24Volume reached 17.5x its 50-day median on 2024-07-11; price +11.9% that day.
  22. Jun '24Promoter holding rose 3.4 pts to 31.9%.

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?

1 of 6 checks are within range, 2 near a threshold, 3 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance26%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 25.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate1%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 1.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.45xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.45x (cash from operations ₹55 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+55 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 55 days (165 vs 110). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

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

Payable days—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 2 years, promoters added 6.3 pts; FIIs added 2.2 pts; DIIs added 0.5 pts.
  • The number of shareholders rose from 14,024 to 30,738 (+119%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters28.5%34.8%+6.3 pts
FIIs1.2%3.4%+2.2 pts
DIIs0.0%0.5%+0.5 pts
Public and others70.3%61.3%-9.0 pts

Number of shareholders

30,738shareholders+119% since Dec '23
14k20k27k33k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 14,024
Mar '24: 14,292
Jun '24: 15,547
Sep '24: 20,477
Dec '24: 22,942
Mar '25: 23,374
Jun '25: 22,828
Sep '25: 33,345
Dec '25: 32,308
Mar '26: 32,032
Jun '26: 30,738
 14k20k27k33k Dec '23Dec '24Dec '25Jun '26
Dec '23: 14,024
Mar '24: 14,292
Jun '24: 15,547
Sep '24: 20,477
Dec '24: 22,942
Mar '25: 23,374
Jun '25: 22,828
Sep '25: 33,345
Dec '25: 32,308
Mar '26: 32,032
Jun '26: 30,738

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-84.3%recovered 2021-04
1-year volatility56.0%annualised
Beta vs sector index0.443-year daily, correlation 0.15
Volume spikes2last 90 sessions, 5x the 50-day median

Monthly share price

₹11₹413₹815₹1,217 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹59.15
2019-02: ₹52.20
2019-03: ₹58.25
2019-04: ₹52.10
2019-05: ₹54.85
2019-06: ₹44.45
2019-07: ₹25.10
2019-08: ₹28.80
2019-09: ₹31.45
2019-10: ₹32.70
2019-11: ₹26.15
2019-12: ₹24.20
2020-01: ₹24.05
2020-02: ₹23.60
2020-03: ₹11.30
2020-04: ₹14.85
2020-05: ₹14.70
2020-06: ₹22.45
2020-07: ₹20.45
2020-08: ₹31.60
2020-09: ₹34.50
2020-10: ₹37.85
2020-11: ₹48.25
2020-12: ₹47.05
2021-01: ₹46.65
2021-02: ₹57.25
2021-03: ₹50.90
2021-04: ₹68.15
2021-05: ₹76.15
2021-06: ₹84.25
2021-07: ₹142.10
2021-08: ₹99.35
2021-09: ₹91.60
2021-10: ₹90.75
2021-11: ₹70.70
2021-12: ₹88.35
2022-01: ₹89.70
2022-02: ₹84.15
2022-03: ₹83.15
2022-04: ₹85.50
2022-05: ₹73.85
2022-06: ₹70.35
2022-07: ₹73.70
2022-08: ₹71.40
2022-09: ₹70.55
2022-10: ₹67.95
2022-11: ₹84.40
2022-12: ₹74.10
2023-01: ₹71.25
2023-02: ₹81.40
2023-03: ₹121.25
2023-04: ₹124.65
2023-05: ₹171.90
2023-06: ₹190.10
2023-07: ₹190.95
2023-08: ₹199.60
2023-09: ₹186.20
2023-10: ₹200.60
2023-11: ₹263.90
2023-12: ₹250.90
2024-01: ₹304.00
2024-02: ₹291.70
2024-03: ₹270.45
2024-04: ₹334.95
2024-05: ₹291.10
2024-06: ₹347.35
2024-07: ₹494.10
2024-08: ₹408.10
2024-09: ₹432.20
2024-10: ₹360.10
2024-11: ₹482.30
2024-12: ₹545.70
2025-01: ₹432.40
2025-02: ₹254.45
2025-03: ₹267.25
2025-04: ₹289.25
2025-05: ₹310.05
2025-06: ₹357.90
2025-07: ₹369.00
2025-08: ₹671.35
2025-09: ₹1217.25
2025-10: ₹819.70
2025-11: ₹897.65
2025-12: ₹812.15
2026-01: ₹599.30
2026-02: ₹741.55
2026-03: ₹615.90
2026-04: ₹709.40
2026-05: ₹750.90
2026-06: ₹1019.65
2026-07: ₹992.90
2026-08: ₹833.00
2026-09: ₹874.80
2026-10: ₹671.35
 ₹11₹413₹815₹1,217 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹59.15
2019-02: ₹52.20
2019-03: ₹58.25
2019-04: ₹52.10
2019-05: ₹54.85
2019-06: ₹44.45
2019-07: ₹25.10
2019-08: ₹28.80
2019-09: ₹31.45
2019-10: ₹32.70
2019-11: ₹26.15
2019-12: ₹24.20
2020-01: ₹24.05
2020-02: ₹23.60
2020-03: ₹11.30
2020-04: ₹14.85
2020-05: ₹14.70
2020-06: ₹22.45
2020-07: ₹20.45
2020-08: ₹31.60
2020-09: ₹34.50
2020-10: ₹37.85
2020-11: ₹48.25
2020-12: ₹47.05
2021-01: ₹46.65
2021-02: ₹57.25
2021-03: ₹50.90
2021-04: ₹68.15
2021-05: ₹76.15
2021-06: ₹84.25
2021-07: ₹142.10
2021-08: ₹99.35
2021-09: ₹91.60
2021-10: ₹90.75
2021-11: ₹70.70
2021-12: ₹88.35
2022-01: ₹89.70
2022-02: ₹84.15
2022-03: ₹83.15
2022-04: ₹85.50
2022-05: ₹73.85
2022-06: ₹70.35
2022-07: ₹73.70
2022-08: ₹71.40
2022-09: ₹70.55
2022-10: ₹67.95
2022-11: ₹84.40
2022-12: ₹74.10
2023-01: ₹71.25
2023-02: ₹81.40
2023-03: ₹121.25
2023-04: ₹124.65
2023-05: ₹171.90
2023-06: ₹190.10
2023-07: ₹190.95
2023-08: ₹199.60
2023-09: ₹186.20
2023-10: ₹200.60
2023-11: ₹263.90
2023-12: ₹250.90
2024-01: ₹304.00
2024-02: ₹291.70
2024-03: ₹270.45
2024-04: ₹334.95
2024-05: ₹291.10
2024-06: ₹347.35
2024-07: ₹494.10
2024-08: ₹408.10
2024-09: ₹432.20
2024-10: ₹360.10
2024-11: ₹482.30
2024-12: ₹545.70
2025-01: ₹432.40
2025-02: ₹254.45
2025-03: ₹267.25
2025-04: ₹289.25
2025-05: ₹310.05
2025-06: ₹357.90
2025-07: ₹369.00
2025-08: ₹671.35
2025-09: ₹1217.25
2025-10: ₹819.70
2025-11: ₹897.65
2025-12: ₹812.15
2026-01: ₹599.30
2026-02: ₹741.55
2026-03: ₹615.90
2026-04: ₹709.40
2026-05: ₹750.90
2026-06: ₹1019.65
2026-07: ₹992.90
2026-08: ₹833.00
2026-09: ₹874.80
2026-10: ₹671.35

Last 90 trading days

₹671₹822₹973₹1,124 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹1010.10
2026-06-25: ₹1015.70
2026-06-30: ₹1019.65
2026-07-02: ₹1013.10
2026-07-06: ₹993.20
2026-07-08: ₹916.10
2026-07-10: ₹1009.90
2026-07-14: ₹1072.30
2026-07-16: ₹1119.50
2026-07-20: ₹1080.40
2026-07-22: ₹1084.10
2026-07-24: ₹1104.50
2026-07-28: ₹1095.90
2026-07-30: ₹1002.80
2026-08-03: ₹988.90
2026-08-05: ₹1031.80
2026-08-07: ₹984.25
2026-08-11: ₹943.50
2026-08-13: ₹949.75
2026-08-17: ₹916.25
2026-08-19: ₹871.55
2026-08-21: ₹854.70
2026-08-25: ₹848.10
2026-08-27: ₹829.60
2026-08-31: ₹833.00
2026-09-02: ₹938.80
2026-09-04: ₹902.45
2026-09-08: ₹927.15
2026-09-10: ₹900.20
2026-09-15: ₹896.05
2026-09-17: ₹913.25
2026-09-21: ₹930.10
2026-09-23: ₹931.15
2026-09-25: ₹903.95
2026-09-29: ₹888.20
2026-10-01: ₹855.95
2026-10-06: ₹864.30
2026-10-08: ₹861.40
2026-10-12: ₹853.05
2026-10-14: ₹839.50
2026-10-16: ₹820.70
2026-10-21: ₹757.30
2026-10-23: ₹707.10
2026-10-27: ₹717.30
2026-10-29: ₹711.80
2026-10-30: ₹671.35
 ₹671₹822₹973₹1,124 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹1010.10
2026-06-25: ₹1015.70
2026-06-30: ₹1019.65
2026-07-02: ₹1013.10
2026-07-06: ₹993.20
2026-07-08: ₹916.10
2026-07-10: ₹1009.90
2026-07-14: ₹1072.30
2026-07-16: ₹1119.50
2026-07-20: ₹1080.40
2026-07-22: ₹1084.10
2026-07-24: ₹1104.50
2026-07-28: ₹1095.90
2026-07-30: ₹1002.80
2026-08-03: ₹988.90
2026-08-05: ₹1031.80
2026-08-07: ₹984.25
2026-08-11: ₹943.50
2026-08-13: ₹949.75
2026-08-17: ₹916.25
2026-08-19: ₹871.55
2026-08-21: ₹854.70
2026-08-25: ₹848.10
2026-08-27: ₹829.60
2026-08-31: ₹833.00
2026-09-02: ₹938.80
2026-09-04: ₹902.45
2026-09-08: ₹927.15
2026-09-10: ₹900.20
2026-09-15: ₹896.05
2026-09-17: ₹913.25
2026-09-21: ₹930.10
2026-09-23: ₹931.15
2026-09-25: ₹903.95
2026-09-29: ₹888.20
2026-10-01: ₹855.95
2026-10-06: ₹864.30
2026-10-08: ₹861.40
2026-10-12: ₹853.05
2026-10-14: ₹839.50
2026-10-16: ₹820.70
2026-10-21: ₹757.30
2026-10-23: ₹707.10
2026-10-27: ₹717.30
2026-10-29: ₹711.80
2026-10-30: ₹671.35

Drawdown from peak

0% -42% -84% Jan '19Dec '22Oct '26 0% -42% -84% Jan '19Dec '22Oct '26
Largest drawdowns

-84.3% (2019-01 peak to 2020-03 low, recovered 2021-04)

-61.9% (2024-12 peak to 2025-03 low, recovered 2025-08)

-57.5% (2025-09 peak to 2026-02 low, not yet recovered)

Most recent volume spikes

2026-09-02: 10.5x the 50-day median, price +2.5% that day

2026-07-14: 5.2x the 50-day median, price +1.1% 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
LAXMI DENTAL (LAXMIDENTL)Health Technology62%revenue, market cap
MEDI ASSIST HEALTHCARE SER (MEDIASSIST)Finance59%ROCE, debt/equity
ADVANCED ENZYME TECHNO (ADVENZYMES)Consumer Non-Durables56%P/E, operating margin
OCCL (OCCLLTD)Process Industries56%ROCE, operating margin
SYNCOM FORMULATIONS (INDIA) LT (SYNCOMF)Health Technology50%P/E, revenue growth
EMUDHRA (EMUDHRA)Technology Services55%operating margin, debt/equity
AURIONPRO SOLUTIONS (AURIONPRO)Technology Services53%debt/equity, revenue growth
EXCELSOFT TECHNOLOGIES (EXCELSOFT)Technology Services50%revenue, P/E

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

What happened next to similar setups

−7.2%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 IZMO 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 −27% to +19% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (−4.8%, 80% range −13.2% to +0.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
REPL · May 2025: −63.8% vs market
DELTACORP · Jul 2023: −54.1% vs market
ORIENTBELL · Mar 2023: −53.7% vs market
SIGACHI · Jun 2025: −51.2% vs market
MAHEPC · Mar 2021: −48.4% vs market
AURIONPRO · Sep 2025: −45.6% vs market
ONMOBILE · Mar 2022: −44.5% vs market
EXCELINDUS · May 2022: −40.5% vs market
EIMCOELECO · Nov 2024: −37.4% vs market
KABRAEXTRU · May 2023: −37.2% vs market
XCHANGING · Feb 2022: −35.1% vs market
NINSYS · Jan 2025: −27.5% vs market
PARKHOTELS · Sep 2025: −26.8% vs market
DEVIT · Aug 2023: −26.7% vs market
ADVENZYMES · Nov 2024: −20.7% vs market
SREEL · May 2020: −20.3% vs market
RESPONIND · Jul 2024: −18.8% vs market
ORBTEXP · Mar 2023: −18.2% vs market
AEROENTER · Mar 2025: −17.3% vs market
INDNIPPON · May 2022: −16.2% vs market
KIRIINDUS · Mar 2020: −15.1% vs market
FROG · Sep 2024: −13.3% vs market
TECHNOE · Jul 2021: −11.1% vs market
NIITLTD · Oct 2021: −9.7% vs market
NEULANDLAB · Nov 2021: −8.4% vs market
SHALBY · Mar 2021: −6.0% vs market
AIRAN · Jul 2024: −3.3% vs market
NOCIL · Dec 2021: −3.2% vs market
ALLDIGI · Feb 2022: −1.1% vs market
KINGFA · May 2021: −0.5% vs market
GOLDIAM · Apr 2022: +0.6% vs market
MAYURUNIQ · Oct 2022: +1.9% vs market
GEOJITFSL · Apr 2021: +2.7% vs market
SHREEPUSHK · Oct 2021: +5.3% vs market
GRAPHITE · Nov 2022: +11.7% vs market
VIMTALABS · Apr 2022: +11.9% vs market
KRSNAA · Jan 2024: +12.0% vs market
CONTROLPR · Nov 2021: +21.9% vs market
ADFFOODS · Sep 2025: +23.1% vs market
BOROLTD · Jun 2022: +29.3% vs market
AVTNPL · Jan 2021: +42.6% vs market
ANUP · Jul 2024: +56.9% vs market
MAZDA · May 2020: +59.8% vs market
INTELLECT · Jan 2020: +62.3% vs market
ONEPOINT · Oct 2025: +64.2% vs market
APTECHT · Jul 2020: +67.8% vs market
BFUTILITIE · Mar 2023: +74.9% vs market
CHEMFAB · Mar 2023: +94.1% vs market
TDPOWERSYS · May 2021: +116.0% vs market
BORORENEW · Jan 2020: +289.7% vs market
Similar setups −7.2%All companies −2.4%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−7.2%
All companies' median
−2.4%
Beat the market
40% vs 47%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SREEL
Consumer Non-Durables		 May 2020 10x14% −41%−46% −20%
XCHANGING
Technology Services		 Feb 2022 15x13% +28%−36% −35%
REPL
Industrial Services		 May 2025 24x17% +8%−43% −64%
BFUTILITIE
Industrial Services		 Mar 2023 22x16% −4%−36% +75%
AEROENTER
Producer Manufacturing		 Mar 2025 19x14% −7%−46% −17%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ANUP
Producer Manufacturing		 Jul 2024 48x17% +71%−13% +57%
AVTNPL
Consumer Non-Durables		 Jan 2021 19x15% +25%−19% +43%
AIRAN
Technology Services		 Jul 2024 30x13% +47%−14% −3%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, ROCE and drawdown from 12-month high. Not used (unavailable for this company): interest cover. 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 IZMO 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 (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1018.7x₹293 cr13.2%13.0%0.0x
2026-0924.3x₹293 cr13.2%13.0%0.0x
2026-0826.2x₹285 cr11.7%13.0%0.0x
2026-0731.2x₹285 cr11.7%13.0%0.0x
2026-0632.0x₹285 cr11.7%13.0%0.0x
2026-0530.1x₹236 cr10.6%8.0%0.0x
2026-0428.5x₹236 cr10.6%8.0%0.0x
2026-0324.7x₹236 cr10.6%8.0%0.0x
2026-0235.0x₹236 cr8.9%8.0%0.0x
2026-0128.3x₹236 cr8.9%8.0%0.0x
2025-1238.4x₹236 cr8.9%8.0%0.0x
2025-1126.5x₹235 cr13.6%8.0%0.0x
2025-1024.2x₹235 cr13.6%8.0%0.0x
2025-0935.9x₹235 cr13.6%8.0%0.0x
2025-0819.7x₹226 cr13.6%8.0%0.0x
2025-0710.8x₹226 cr13.6%8.0%0.0x
2025-0610.5x₹226 cr13.6%8.0%0.0x
2025-058.6x₹216 cr16.7%10.0%0.0x
2025-048.1x₹216 cr16.7%10.0%0.0x
2025-037.5x₹216 cr16.7%10.0%0.0x
2025-026.9x₹207 cr17.0%10.0%0.0x
2025-0111.7x₹207 cr17.0%10.0%0.0x
2024-1214.8x₹207 cr17.0%10.0%0.0x
2024-1124.6x₹193 cr8.8%10.0%0.0x
2024-1018.4x₹193 cr8.8%10.0%0.0x
2024-0922.1x₹193 cr8.8%10.0%0.0x
2024-0821.4x₹186 cr8.5%10.0%0.0x
2024-0725.9x₹186 cr8.5%10.0%0.0x
2024-0618.2x₹186 cr8.5%10.0%0.0x
2024-0519.5x₹154 cr7.3%8.0%0.0x
2024-0422.4x₹154 cr7.3%8.0%0.0x
2024-0318.1x₹154 cr7.3%8.0%0.0x
2024-0219.5x₹154 cr7.3%8.0%0.0x
2024-0120.3x₹154 cr7.3%8.0%0.0x
2023-1216.8x₹154 cr7.3%8.0%0.0x
2023-1117.7x₹154 cr7.3%8.0%0.0x
2023-1013.4x₹154 cr7.3%8.0%0.0x
2023-0912.5x₹154 cr7.3%8.0%0.0x
2023-0813.4x₹154 cr7.3%8.0%0.0x
2023-0712.8x₹154 cr7.3%8.0%0.0x
2023-0612.7x₹154 cr7.3%8.0%0.0x
2023-0514.3x₹132 cr6.3%7.0%0.0x
2023-0410.4x₹132 cr6.3%7.0%0.0x
2023-0310.1x₹132 cr6.3%7.0%0.0x
2023-026.8x₹132 cr6.3%7.0%0.0x
2023-015.9x₹132 cr6.3%7.0%0.0x
2022-126.2x₹132 cr6.3%7.0%0.0x
2022-117.0x₹132 cr6.3%7.0%0.0x
2022-105.7x₹132 cr6.3%7.0%0.0x
2022-095.9x₹132 cr6.3%7.0%0.0x
2022-085.9x₹132 cr6.3%7.0%0.0x
2022-076.1x₹132 cr6.3%7.0%0.0x
2022-065.9x₹132 cr6.3%7.0%0.0x
2022-053.7x₹116 cr11.5%12.0%0.1x
2022-044.2x₹116 cr11.5%12.0%0.1x
2022-034.1x₹116 cr11.5%12.0%0.1x
2022-024.2x₹116 cr11.5%12.0%0.1x
2022-014.4x₹116 cr11.5%12.0%0.1x
2021-124.4x₹116 cr11.5%12.0%0.1x
2021-113.5x₹116 cr11.5%12.0%0.1x
2021-104.5x₹116 cr11.5%12.0%0.1x
2021-094.5x₹116 cr11.5%12.0%0.1x
2021-084.9x₹116 cr11.5%12.0%0.1x
2021-077.0x₹116 cr11.5%12.0%0.1x
2021-064.2x₹116 cr11.5%12.0%0.1x
2021-058.9x₹101 cr5.3%6.0%0.0x
2021-048.0x₹101 cr5.3%6.0%0.0x
2021-036.0x₹101 cr5.3%6.0%0.0x
2021-026.7x₹101 cr5.3%6.0%0.0x
2021-015.5x₹101 cr5.3%6.0%0.0x
2020-125.5x₹101 cr5.3%6.0%0.0x
2020-115.7x₹101 cr5.3%6.0%0.0x
2020-104.4x₹101 cr5.3%6.0%0.0x
2020-094.0x₹101 cr5.3%6.0%0.0x
2020-083.7x₹101 cr5.3%6.0%0.0x
2020-072.4x₹101 cr5.3%6.0%0.0x
2020-062.6x₹101 cr5.3%6.0%0.0x
2020-052.8x₹92 cr3.6%4.0%0.1x
2020-042.9x₹92 cr3.6%4.0%0.1x
2020-032.2x₹92 cr3.6%4.0%0.1x
2020-024.6x₹92 cr3.6%4.0%0.1x
2020-014.7x₹92 cr3.6%4.0%0.1x
2019-124.7x₹92 cr3.6%4.0%0.1x
2019-115.1x₹92 cr3.6%4.0%0.1x
2019-106.3x₹92 cr3.6%4.0%0.1x
2019-096.1x₹92 cr3.6%4.0%0.1x
2019-085.6x₹92 cr3.6%4.0%0.1x
2019-074.9x₹92 cr3.6%4.0%0.1x
2019-068.6x₹92 cr3.6%4.0%0.1x
2019-0511.6x₹63 cr3.2%4.0%0.1x
2019-0411.0x₹63 cr3.2%4.0%0.1x
2019-0312.3x₹63 cr3.2%4.0%0.1x
2019-0211.1x₹63 cr3.2%4.0%0.1x
2019-0112.5x₹63 cr3.2%4.0%0.1x

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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