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KAJARIA CERAMICS LTD (KAJARIACER)

Producer Manufacturing · Building Products · 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.76 / 100
Profitability 83Growth 44Balance 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.56 / 100
Price 69Earnings 84FII/DII 15

Passes these screensDebt-light & profitableNear 52-week high

Compare withCENTURY PLYBOARDS (INDIA)GREENPLY INDUSTRIESINTERARCH BUILDING SOLUTIONS L

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,199.5 latest close · −0.2% over the last 90 sessions

₹1,100₹1,150₹1,200₹1,250Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,100₹1,150₹1,200₹1,250Jul 3Sep 4Nov 9

₹1,199.5 month-end · +12.4% over 12 months

₹1,000₹1,200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,200Nov '25May '26Nov '26

₹1,199.5 month-end · −10.4% 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

₹1,199.5 month-end · +122.9% since Jan '19

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

52-week range ₹869.60 to ₹1275.00 · 1-year volatility 29.6%

Was the rally earned?

+12%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 59 points, but investors now pay less per rupee of profit (P/E 54.2x to 35.0x), which took 46 points back.
  • The share count fell 3%.
Net profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56 ptsNet profit growthP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +12%+12%Share priceNet profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56ProfitP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +12%+12%Share price
Net profit growth+56 ptsNet profit rose about 69%, which lifts the price.
P/E change-46 ptsThe P/E fell from 54.2x to 35.0x, which lowers the price.
Share count change+3 ptsShare count fell 3%, which lifts the price.
-10%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 44 points, but investors now pay less per rupee of profit (P/E 61.8x to 35.0x), which took 54 points back.
  • The share count barely moved.
Net profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42 ptsNet profit growthP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: −10%−10%Share priceNet profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42ProfitP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −10%−10%Share price
Net profit growth+42 ptsNet profit rose about 56%, which lifts the price.
P/E change-54 ptsThe P/E fell from 61.8x to 35.0x, which lowers the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+5%share price, 5 yearsRoughly flat
  • The share price was roughly flat over 5 years (+5%).
  • The share count barely moved.
Net profit growth: +57 pts. Points of the price return explained by net profit growing (or shrinking).+57 ptsNet profit growthP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: +5%+5%Share priceNet profit growth: +57 pts. Points of the price return explained by net profit growing (or shrinking).+57ProfitP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +5%+5%Share price
Net profit growth+57 ptsNet profit rose about 74%, which lifts the price.
P/E change-53 ptsThe P/E fell from 58.9x to 35.0x, which lowers the price.
Share count change+2 ptsShare count was little changed. More shares would count against 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 CENTURY PLYBOARDS (INDIA)

How rough has the ride been?

Maximum drawdown-53.3%recovered 2020-11
1-year volatility29.6%annualised
Beta vs sector index0.643-year daily, correlation 0.45
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.8% 0%−20%−40%2020202220242026−51.8%
Largest drawdowns

-53.3% (2019-05 peak to 2020-05 low, recovered 2020-11)

-49.6% (2024-09 peak to 2025-04 low, not yet recovered)

-34.5% (2022-01 peak to 2022-03 low, recovered 2023-07)

Most recent volume spikes

2026-10-27: 9.1x the 50-day median, price +2.3% that day

2026-09-30: 16.3x the 50-day median, price +3.7% that day

2026-09-29: 17.1x the 50-day median, price +0.1% 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).

Is it expensive against its own past and its peers?

35.0xP/E todayNear its historic low
Against its own history12th percentile
CheapestMedian 47.5xDearest

Usual range 34.7x to 61.6x since 2019-01.

Against Producer Manufacturing35.0x vs 29.6x
This company
35.0x
Sector median
29.6x

18% above the Producer Manufacturing median.

10.6x30.1x49.6x69.1xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x30.1x49.6x69.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE79th▲ 24 pts vs a year ago
  • Op. margin87th▲ 9 pts vs a year ago
  • Revenue growth34th▲ 3 pts vs a year ago
  • EPS growth86th▲ 63 pts vs a year ago
  • Debt/equity ↓72nd▲ 4 pts vs a year ago
  • Cash cycle ↓58th▲ 6 pts vs a year ago
  • P/E ↓39th▲ 16 pts vs a year ago
  • 12M momentum66th▲ 9 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~24%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 49.2x, a holder earning 12%/yr needs earnings to grow about 23.8%/yr for 10 years, then trade at 15x.

Delivered8.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+15.8 ptsimplied minus delivered
Rank218thmost demanding of 856

Over time

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

0%15%30% Jan 2019Nov 2026 0%15%30% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.1%26.3%27.4%
15x22.7%23.8%24.9%
20x19.6%20.7%21.7%

Drag a slider to test other assumptions

Implied: 23.8%/yr

Looking back

  • Jan 2020Price implied 23%/yr; EPS has since grown 11%/yr (7.0 yrs)
  • Jan 2021Price implied 26%/yr; EPS has since grown 12%/yr (6.0 yrs)
  • Jan 2022Price implied 30%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1199.50
P/E
35.0x
ROCE
23.0%
Market Cap
₹18852 cr
Revenue (TTM)
₹5055 cr
P/S
3.7x
P/B
6.1x
ROE
17.6%
Operating Margin
20.0%
Debt / Equity
0.1x
Promoter Holding
47.7%
12M Momentum
12.4%

52-week range

₹869.60₹1275.00
81% of the way from its 52-week low to its high

Price risk

1Y volatility
29.6%
Beta vs sector
1-year daily
0.68

Balance sheet & cash

Interest cover
operating profit ÷ interest
34.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.45x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 1.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 28.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.45xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.45x (cash from operations ₹1,767 cr, net profit ₹1,219 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 history-3 daysWithin range

Debtor days are below the median of the previous three fiscal years by 3 days (47 vs 50). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress7% of fixed assetsWithin range

Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 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, FIIs trimmed 6.9 pts; DIIs added 0.8 pts.
  • The number of shareholders rose from 71,396 to 1.3 lakh (+75%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters47.5%47.7%+0.2 pts
FIIs18.5%11.6%-6.9 pts
DIIs25.4%26.2%+0.8 pts
Public and others8.6%14.5%+5.9 pts

Number of shareholders

1.3 lakhshareholders+75% since Sep '23
71k89k1.1L1.3L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 71,396
Dec '23: 74,777
Mar '24: 80,081
Jun '24: 83,280
Sep '24: 77,587
Dec '24: 82,462
Mar '25: 89,567
Jun '25: 93,310
Sep '25: 92,814
Dec '25: 91,388
Mar '26: 92,831
Jun '26: 1.3 lakh
 71k89k1.1L1.3L Sep '23Sep '24Sep '25Jun '26
Sep '23: 71,396
Dec '23: 74,777
Mar '24: 80,081
Jun '24: 83,280
Sep '24: 77,587
Dec '24: 82,462
Mar '25: 89,567
Jun '25: 93,310
Sep '25: 92,814
Dec '25: 91,388
Mar '26: 92,831
Jun '26: 1.3 lakh

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

−1.6%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 KAJARIA CERAMICS 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 −21% to +13% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−1.0%, 80% range −9.0% to +1.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
VEEDOL · May 2021: −47.4% vs market
BSOFT · Dec 2021: −47.1% vs market
ARE&M · Oct 2020: −44.4% vs market
ZENSARTECH · May 2025: −42.0% vs market
PIIND · Jul 2025: −38.6% vs market
DEEPAKNTR · Jul 2024: −36.8% vs market
SUMICHEM · Dec 2022: −34.8% vs market
EXIDEIND · May 2020: −32.6% vs market
AIAENG · Aug 2020: −29.5% vs market
ATUL · Mar 2022: −28.8% vs market
SUNDRMFAST · Aug 2023: −27.8% vs market
EIHOTEL · Oct 2025: −22.4% vs market
EMAMILTD · Jul 2024: −21.9% vs market
GODREJAGRO · Jan 2020: −19.7% vs market
HEROMOTOCO · May 2024: −17.9% vs market
FINPIPE · Feb 2020: −17.1% vs market
MOLDTKPAC · Aug 2025: −16.1% vs market
ENDURANCE · Sep 2020: −16.0% vs market
BERGEPAINT · Jun 2025: −14.1% vs market
KPRMILL · Apr 2025: −12.0% vs market
VGUARD · Feb 2023: −11.5% vs market
ECLERX · Feb 2025: −5.2% vs market
TTKPRESTIG · Jul 2020: −3.5% vs market
RADICO · Jul 2021: −3.2% vs market
ALKEM · Sep 2024: −2.9% vs market
TECHM · Mar 2020: −0.3% vs market
CUMMINSIND · Feb 2021: +1.2% vs market
USHAMART · Oct 2025: +1.4% vs market
SUPREMEIND · Sep 2020: +1.9% vs market
AJANTPHARM · May 2024: +2.4% vs market
GARFIBRES · Jan 2021: +3.9% vs market
LTTS · Jun 2021: +4.3% vs market
RATNAMANI · Oct 2020: +6.0% vs market
CENTURYPLY · Oct 2021: +6.7% vs market
NILKAMAL · Mar 2020: +8.8% vs market
CERA · Jan 2023: +12.7% vs market
CARBORUNIV · Apr 2021: +13.2% vs market
JBCHEPHARM · Mar 2023: +13.4% vs market
GALAXYSURF · Aug 2020: +13.4% vs market
KEI · Aug 2023: +15.6% vs market
KIMS · Oct 2022: +15.7% vs market
BALKRISIND · Jan 2020: +24.7% vs market
POLYCAB · Feb 2022: +31.0% vs market
MPHASIS · May 2020: +34.6% vs market
JYOTHYLAB · Jun 2023: +36.5% vs market
KSB · Aug 2021: +49.9% vs market
INGERRAND · Feb 2022: +63.3% vs market
PERSISTENT · Feb 2020: +74.7% vs market
RHIM · Jan 2022: +80.4% vs market
HAPPYFORGE · Oct 2025: +80.9% vs market
Similar setups −1.6%All companies −0.6%← 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

Similar setups' median
−1.6%
All companies' median
−0.6%
Beat the market
48% vs 49%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
POLYCAB
Producer Manufacturing		 Feb 2022 40x23% +78%−12% +31%
ENDURANCE
Producer Manufacturing		 Sep 2020 29x21% +14%−4% −16%
VGUARD
Producer Manufacturing		 Feb 2023 47x22% +26%−10% −12%
FINPIPE
Producer Manufacturing		 Feb 2020 18x21% +14%−12% −17%
RATNAMANI
Non-Energy Minerals		 Oct 2020 19x24% +32%−6% +6%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ARE&M
Producer Manufacturing		 Oct 2020 20x23% +12%−5% −44%
KSB
Producer Manufacturing		 Aug 2021 44x18% +127%−2% +50%
MPHASIS
Technology Services		 May 2020 13x24% −14%−15% +35%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/E and ROCE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

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 KAJARIA CERAMICS 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.

INDEGENEINDGN
Health Technology
75%similar
P/Evolatility
EMAMIEMAMILTD
Consumer Non-Durables
74%similar
revenue growthmarket cap
ALKEM LABORATORIESALKEM
Health Technology
73%similar
operating marginpromoter holding
PAGE INDUSTRIESPAGEIND
Consumer Non-Durables
72%similar
operating marginrevenue
UNITED SPIRITSUNITDSPR
Consumer Non-Durables
70%similar
EPS growthrevenue growth
USHA MARTINUSHAMART
Producer Manufacturing
83%similar
operating margindebt/equity
SUNDRAM FASTENERSSUNDRMFAST
Producer Manufacturing
77%similar
promoter holdingrevenue growth
SUPREME INDUSTRIESSUPREMEIND
Producer Manufacturing
72%similar
promoter holdingvolatility

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. OctValuationP/E fell below the 10th percentile of its own history to date (32.4x).
  2. OctPriceVolume reached 9.1x its 50-day median on 2026-10-27; price +2.3% that day.
  3. SepPriceVolume reached 17.1x its 50-day median on 2026-09-29; price +0.1% that day.
  4. JunPeer rankMoved into the top quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  5. AprPriceVolume reached 5.7x its 50-day median on 2026-04-01; price +7.8% that day.
  6. MarResultsYear-on-year EPS growth turned positive.
  7. FebPriceVolume reached 6.0x its 50-day median on 2026-02-18; price +3.3% that day.
  8. DecPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
Show 22 earlier events
  1. DecPriceVolume reached 6.7x its 50-day median on 2025-12-24; price -4.1% that day.
  2. SepInstitutionsFII + DII holding fell 4.0 pts over 2 quarters to 39.9%.
  3. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  4. JulValuationP/E crossed above the 90th percentile of its own history to date (63.7x).
  5. JulPriceVolume reached 16.6x its 50-day median on 2025-07-31; price +0.7% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  8. AprPriceFell 50% from the Sep 2024 peak to the Apr 2025 low.
  9. AprPriceVolume reached 9.4x its 50-day median on 2025-04-22; price -0.6% that day.
  10. JanPriceVolume reached 6.4x its 50-day median on 2025-01-15; price +1.3% that day.
  11. DecPriceVolume reached 7.7x its 50-day median on 2024-12-30; price +2.6% that day.
  12. SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  13. SepPriceVolume reached 7.9x its 50-day median on 2024-09-04; price +4.8% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  16. MayPriceVolume reached 8.1x its 50-day median on 2024-05-08; price -2.7% that day.
  17. FebPriceVolume reached 5.7x its 50-day median on 2024-02-13; price +2.0% that day.
  18. NovValuationP/E crossed above the 90th percentile of its own history to date (61.8x).
  19. AugPriceVolume reached 6.7x its 50-day median on 2023-08-29; price -1.9% that day.
  20. JulPriceRegained the 2022-01 peak, 16 months after the low.
  21. JulValuationP/E crossed above the 90th percentile of its own history to date (66.4x).
  22. JunResultsYear-on-year EPS growth turned negative.

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
2026-1135.0x₹5055 cr17.6%23.0%0.1x
2026-1032.4x₹5055 cr17.9%23.0%0.1x
2026-0936.0x₹5055 cr17.9%23.0%0.1x
2026-0840.8x₹4830 cr15.9%23.0%0.1x
2026-0739.3x₹4830 cr15.9%23.0%0.1x
2026-0639.7x₹4830 cr15.9%23.0%0.1x
2026-0545.9x₹4679 cr13.6%17.0%0.1x
2026-0450.8x₹4679 cr13.6%17.0%0.1x
2026-0339.4x₹4679 cr13.6%17.0%0.1x
2026-0242.1x₹4667 cr13.3%17.0%0.1x
2026-0139.7x₹4667 cr13.3%17.0%0.1x
2025-1242.6x₹4667 cr13.3%17.0%0.1x
2025-1154.2x₹4660 cr11.6%17.0%0.1x
2025-1061.4x₹4660 cr11.6%17.0%0.1x
2025-0959.3x₹4660 cr11.6%17.0%0.1x
2025-0865.5x₹4653 cr10.9%17.0%0.1x
2025-0763.7x₹4653 cr10.9%17.0%0.1x
2025-0658.5x₹4653 cr10.9%17.0%0.1x
2025-0546.8x₹4639 cr13.8%21.0%0.1x
2025-0436.2x₹4639 cr13.8%21.0%0.1x
2025-0338.6x₹4639 cr13.8%21.0%0.1x
2025-0235.7x₹4635 cr14.9%21.0%0.1x
2025-0141.5x₹4635 cr14.9%21.0%0.1x
2024-1248.5x₹4635 cr14.9%21.0%0.1x
2024-1147.5x₹4578 cr15.9%21.0%0.1x
2024-1047.3x₹4578 cr15.9%21.0%0.1x
2024-0957.7x₹4578 cr15.9%21.0%0.1x
2024-0851.0x₹4474 cr16.5%21.0%0.1x
2024-0755.9x₹4474 cr16.5%21.0%0.1x
2024-0653.1x₹4474 cr16.5%21.0%0.1x
2024-0555.7x₹4382 cr14.9%20.0%0.1x
2024-0455.7x₹4382 cr14.9%20.0%0.1x
2024-0353.4x₹4382 cr14.9%20.0%0.1x
2024-0259.0x₹4382 cr14.9%20.0%0.1x
2024-0164.0x₹4382 cr14.9%20.0%0.1x
2023-1260.2x₹4382 cr14.9%20.0%0.1x
2023-1161.8x₹4382 cr14.9%20.0%0.1x
2023-1058.3x₹4382 cr14.9%20.0%0.1x
2023-0961.1x₹4382 cr14.9%20.0%0.1x
2023-0868.0x₹4382 cr14.9%20.0%0.1x
2023-0766.4x₹4382 cr14.9%20.0%0.1x
2023-0658.1x₹4382 cr14.9%20.0%0.1x
2023-0554.0x₹3705 cr18.0%24.0%0.1x
2023-0446.2x₹3705 cr18.0%24.0%0.1x
2023-0344.5x₹3705 cr18.0%24.0%0.1x
2023-0245.4x₹3705 cr18.0%24.0%0.1x
2023-0144.5x₹3705 cr18.0%24.0%0.1x
2022-1249.0x₹3705 cr18.0%24.0%0.1x
2022-1148.6x₹3705 cr18.0%24.0%0.1x
2022-1045.7x₹3705 cr18.0%24.0%0.1x
2022-0950.7x₹3705 cr18.0%24.0%0.1x
2022-0849.2x₹3705 cr18.0%24.0%0.1x
2022-0749.7x₹3705 cr18.0%24.0%0.1x
2022-0640.0x₹3705 cr18.0%24.0%0.1x
2022-0553.3x₹2781 cr16.5%21.0%0.1x
2022-0453.4x₹2781 cr16.5%21.0%0.1x
2022-0352.6x₹2781 cr16.5%21.0%0.1x
2022-0255.8x₹2781 cr16.5%21.0%0.1x
2022-0169.1x₹2781 cr16.5%21.0%0.1x
2021-1266.6x₹2781 cr16.5%21.0%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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