KALYAN JEWELLERS INDIA LIMITED (KALYANKJIL): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹611 latest close · +59.9% over the last 90 sessions

₹611 month-end · +20.9% over 12 months

₹611 month-end · +87.9% over 3 years

₹611 month-end · +797.2% since Mar '21

52-week range ₹327.05 to ₹648.95 · 1-year volatility 48.2%

Was the rally earned?

1 year3 years

+21%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 64 points, but investors now pay less per rupee of profit (P/E 65.0x to 44.0x), which took 43 points back.
The share count barely moved.

Net profit growth+64 ptsNet profit rose about 79%, which lifts the price.

P/E change-43 ptsThe P/E fell from 65.0x to 44.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+88%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 167 points, but investors now pay less per rupee of profit (P/E 77.4x to 44.0x), which took 79 points back.
The share count barely moved.

Net profit growth+167 ptsNet profit rose about 232%, which lifts the price.

P/E change-79 ptsThe P/E fell from 77.4x to 44.0x, which lowers the price.

Share count change-1 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with AVENUE SUPERMARTS LTD DMART

How rough has the ride been?

Maximum drawdown-58.0%not yet recovered

1-year volatility48.2%annualised

Beta vs sector index0.783-year daily, correlation 0.33

Volume spikes10last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-58.0% (2025-01 peak to 2026-06 low, not yet recovered)

-35.3% (2021-06 peak to 2022-06 low, recovered 2022-09)

-24.6% (2021-03 peak to 2021-05 low, recovered 2021-06)

Most recent volume spikes

2026-07-29: 5.7x the 50-day median, price +3.3% that day

2026-07-28: 5.1x the 50-day median, price +7.7% that day

2026-07-17: 8.3x the 50-day median, price +5.1% 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?

44.0xP/E todayWithin its usual range

Against its own history28th percentile

CheapestMedian 54.2xDearest

Usual range 35.1x to 100.7x since 2021-03.

Against Retail Trade44.0x vs 22.4x

This company

44.0x

Sector median

22.4x

96% above the Retail Trade median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianRetail Trade median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianRetail Trade 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 Retail Trade is valued

Where does it rank among Retail Trade peers?

Each cell is the company's percentile rank among its Retail Trade 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

ROCE77th▲ 18 pts vs a year ago
Op. margin34th▼ 4 pts vs a year ago
Revenue growth88th▼ 8 pts vs a year ago
EPS growth81st▲ 10 pts vs a year ago
Debt/equity ↓24thflat vs a year ago
Cash cycle ↓30th▼ 5 pts vs a year ago
P/E ↓34thflat vs a year ago
12M momentum83rd▲ 37 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 Retail Trade sector page Watch it move against Retail Trade in the Observatory

What is the price implying?

~34%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 95.2x, a holder earning 12%/yr needs earnings to grow about 33.9%/yr for 10 years, then trade at 15x.

Delivered40.8%/yrEPS, last 9 fiscal years · 3-yr avg to 3-yr avg

Gap−6.9 ptsimplied minus delivered

Rank666thmost demanding of 856

Over time

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

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	35.5%	36.8%	38.0%
15x	32.7%	33.9%	35.1%
20x	29.1%	30.2%	31.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 33.9%/yr

“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 Retail Trade The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹611.00
P/E: 44.0x
ROCE: 21.0%
Market Cap: ₹63101 cr
Revenue (TTM): ₹39063 cr
P/S: 1.6x
P/B: 10.0x
ROE: 22.8%
Operating Margin: 6.0%
Debt / Equity: 1.0x
Promoter Holding: 62.9%
12M Momentum: 20.9%

52-week range

₹327.05₹648.95

88% of the way from its 52-week low to its high

Price risk

1Y volatility

48.2%

Beta vs sector

1-year daily

1.00

Balance sheet & cash

Interest cover

operating profit ÷ interest

5.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.45x

Share count, 1Y

+0.2%

Are profits backed by cash?

7 of 7checks within rangeAll clear

Other income reliance9%Within range

Other income as a share of pre-tax profit (trailing twelve months): 9.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.45xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.45x (cash from operations ₹3,849 cr, net profit ₹2,660 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 above the median of the previous three fiscal years by 3 days (9 vs 6). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-5 days / 2 yrsWithin range

Days payable changed by -5 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs trimmed 15.4 pts; DIIs added 10.3 pts; promoters added 2.3 pts.
The number of shareholders rose from 3.7 lakh to 7.7 lakh (+107%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters60.5%62.9%+2.3 pts

FIIs26.2%10.8%-15.4 pts

DIIs5.5%15.8%+10.3 pts

Public and others7.8%10.5%+2.7 pts

Number of shareholders

7.7 lakhshareholders+107% since Dec '23

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

−10.2%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 KALYAN JEWELLERS INDIA 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 −26% to +26% vs the market, against −3% for all non-financial companies in the same months.
The gap against the base rate (−7.2%, 80% range −17.4% to +1.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median

−10.2%

All companies' median

−3.0%

Beat the market

42% vs 47%

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

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
THANGAMAYL Consumer Durables	Mar 2025	54x	20%	+61%	−20%	+75%
WELSPUNLIV Consumer Non-Durables	Sep 2021	32x	15%	+153%	0%	−57%
AMBER Producer Manufacturing	Oct 2025	99x	14%	+33%	−6%	−23%
CRAFTSMAN Producer Manufacturing	Oct 2023	41x	21%	+55%	−2%	−25%
AEGISLOG Distribution Services	May 2024	54x	16%	+97%	−6%	+7%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TORNTPOWER Utilities	Mar 2024	31x	18%	+166%	−4%	+6%
RKFORGE Producer Manufacturing	Feb 2024	50x	19%	+203%	−2%	−14%
SENCO Consumer Durables	Sep 2024	54x	14%	+132%	−2%	−48%

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, interest cover and drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to KALYAN JEWELLERS INDIA 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 2026-11-09. 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

THANGAMAYIL JEWELLERYTHANGAMAYL

Consumer Durables

72%similar

revenue growthoperating margin

SKY GOLD AND DIAMONDSSKYGOLD

Consumer Durables

71%similar

P/Evolatility

CEMINDIA PROJECTSCEMPRO

Industrial Services

70%similar

EPS growthP/E

PEARL GLOBAL INDUSTRIESPGIL

Consumer Non-Durables

66%similar

volatilityROCE

LUMAX AUTO TECHNOLOGIESLUMAXTECH

Producer Manufacturing

65%similar

ROCErevenue growth

V2 RETAILV2RETAIL

Retail Trade

45%similar

debt/equityrevenue growth

FSN ECOMMERCE VENTURES NYKAANYKAA

Retail Trade

39%similar

debt/equitymarket cap

ELECTRONICS MART INDIAEMIL

Retail Trade

36%similar

volatilitydebt/equity

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

What changed?

30 events since Oct '22

2026
JulPriceVolume reached 28.8x its 50-day median on 2026-07-13; price +7.2% that day.
JunPriceFell 58% from the Jan 2025 peak to the Jun 2026 low.
JunPeer rankMoved into the top quartile of Retail Trade on ROCE (from the 2nd quartile).
JunDebtDebt / equity fell below 1.0x (0.97x).
MayPriceVolume reached 13.8x its 50-day median on 2026-05-29; price +0.1% that day.
MarValuationP/E fell below the 10th percentile of its own history to date (34.4x).
FebPriceVolume reached 28.6x its 50-day median on 2026-02-09; price +15.0% that day.
2025
DecPeer rankMoved into the top quartile of Retail Trade on EPS growth (from the 2nd quartile).

Show 22 earlier events

2025
AugPriceVolume reached 10.6x its 50-day median on 2025-08-08; price -10.6% that day.
JanPriceVolume reached 11.3x its 50-day median on 2025-01-31; price +14.2% that day.
2024
DecPromoterPromoter holding rose 2.3 pts to 62.9%.
DecInstitutionsFII + DII holding fell 3.5 pts over 1 quarter to 29.5%.
NovPriceVolume reached 7.1x its 50-day median on 2024-11-25; price -1.0% that day.
SepPeer rankSlipped to the 3rd quartile of Retail Trade on operating margin (from the 2nd quartile).
AugPriceVolume reached 20.3x its 50-day median on 2024-08-22; price +9.5% that day.
JulValuationP/E crossed above the 90th percentile of its own history to date (99.9x).
JunResultsRevenue (TTM) reached a new high of ₹18,539 cr.
JunPeer rankMoved into the 2nd quartile of Retail Trade on ROCE (from the 3rd quartile).
JunPriceVolume reached 12.1x its 50-day median on 2024-06-21; price +5.1% that day.
MarValuationP/E crossed above the 90th percentile of its own history to date (101.9x).
FebPriceVolume reached 7.9x its 50-day median on 2024-02-08; price +4.4% that day.
2023
DecPeer rankSlipped to the 3rd quartile of Retail Trade on ROCE (from the 2nd quartile).
OctPriceVolume reached 5.4x its 50-day median on 2023-10-06; price +10.1% that day.
JulPriceVolume reached 12.2x its 50-day median on 2023-07-07; price +5.7% that day.
JunResultsRevenue (TTM) reached a new high of ₹14,071 cr.
JunPeer rankMoved into the top quartile of Retail Trade on EPS growth (from the 3rd quartile).
JunDividendStarted paying a dividend (payout 12% of profit).
JunPriceVolume reached 32.3x its 50-day median on 2023-06-16; price +14.8% that day.
MarPriceVolume reached 22.0x its 50-day median on 2023-03-28; price -9.7% that day.
2022
OctPriceVolume reached 9.3x its 50-day median on 2022-10-07; price +2.3% that day.

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

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

Monthly history69 months · 2021-03 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	44.0x	₹39063 cr	22.8%	21.0%	1.0x
2026-10	35.8x	₹39063 cr	22.8%	21.0%	1.0x
2026-09	39.8x	₹39063 cr	22.8%	21.0%	1.0x
2026-08	45.9x	₹35742 cr	21.4%	21.0%	1.0x
2026-07	46.8x	₹35742 cr	21.4%	21.0%	1.0x
2026-06	29.6x	₹35742 cr	21.4%	21.0%	1.0x
2026-05	32.5x	₹31649 cr	23.5%	15.0%	1.0x
2026-04	37.8x	₹31649 cr	23.5%	15.0%	1.0x
2026-03	34.4x	₹31649 cr	23.5%	15.0%	1.0x
2026-02	45.5x	₹28584 cr	19.4%	15.0%	1.0x
2026-01	40.1x	₹28584 cr	19.4%	15.0%	1.0x
2025-12	53.8x	₹28584 cr	19.4%	15.0%	1.0x
2025-11	65.0x	₹26793 cr	16.7%	15.0%	1.0x
2025-10	65.6x	₹26793 cr	16.7%	15.0%	1.0x
2025-09	58.5x	₹26793 cr	16.7%	15.0%	1.0x
2025-08	72.7x	₹25053 cr	14.9%	15.0%	1.0x
2025-07	85.8x	₹25053 cr	14.9%	15.0%	1.0x
2025-06	80.2x	₹25053 cr	14.9%	15.0%	1.0x
2025-05	86.9x	₹23396 cr	15.9%	14.0%	1.1x
2025-04	80.1x	₹23396 cr	15.9%	14.0%	1.1x
2025-03	72.4x	₹23396 cr	15.9%	14.0%	1.1x
2025-02	76.0x	₹21341 cr	14.9%	14.0%	1.1x
2025-01	82.7x	₹21341 cr	14.9%	14.0%	1.1x
2024-12	126.0x	₹21341 cr	14.9%	14.0%	1.1x
2024-11	118.4x	₹19691 cr	15.0%	14.0%	1.1x
2024-10	107.4x	₹19691 cr	15.0%	14.0%	1.1x
2024-09	119.3x	₹19691 cr	15.0%	14.0%	1.1x
2024-08	106.1x	₹18539 cr	14.2%	14.0%	1.1x
2024-07	99.9x	₹18539 cr	14.2%	14.0%	1.1x
2024-06	86.4x	₹18539 cr	14.2%	14.0%	1.1x
2024-05	92.5x	₹14071 cr	11.9%	13.0%	1.2x
2024-04	98.6x	₹14071 cr	11.9%	13.0%	1.2x
2024-03	101.9x	₹14071 cr	11.9%	13.0%	1.2x
2024-02	94.5x	₹14071 cr	11.9%	13.0%	1.2x
2024-01	83.4x	₹14071 cr	11.9%	13.0%	1.2x
2023-12	84.3x	₹14071 cr	11.9%	13.0%	1.2x
2023-11	77.4x	₹14071 cr	11.9%	13.0%	1.2x
2023-10	68.7x	₹14071 cr	11.9%	13.0%	1.2x
2023-09	54.2x	₹14071 cr	11.9%	13.0%	1.2x
2023-08	60.0x	₹14071 cr	11.9%	13.0%	1.2x
2023-07	41.6x	₹14071 cr	11.9%	13.0%	1.2x
2023-06	35.0x	₹14071 cr	11.9%	13.0%	1.2x
2023-05	48.5x	₹10818 cr	7.1%	10.0%	1.3x
2023-04	47.1x	₹10818 cr	7.1%	10.0%	1.3x
2023-03	48.3x	₹10818 cr	7.1%	10.0%	1.3x
2023-02	52.1x	₹10818 cr	7.1%	10.0%	1.3x
2023-01	54.1x	₹10818 cr	7.1%	10.0%	1.3x
2022-12	58.1x	₹10818 cr	7.1%	10.0%	1.3x
2022-11	48.6x	₹10818 cr	7.1%	10.0%	1.3x
2022-10	47.0x	₹10818 cr	7.1%	10.0%	1.3x
2022-09	44.2x	₹10818 cr	7.1%	10.0%	1.3x
2022-08	37.5x	₹10818 cr	7.1%	10.0%	1.3x
2022-07	29.8x	₹10818 cr	7.1%	10.0%	1.3x
2022-06	27.5x	₹10818 cr	7.1%	10.0%	1.3x
2022-05	—	₹8573 cr	-0.2%	7.0%	1.2x
2022-04	—	₹8573 cr	-0.2%	7.0%	1.2x
2022-03	—	₹8573 cr	-0.2%	7.0%	1.2x
2022-02	—	₹8573 cr	-0.2%	7.0%	1.2x
2022-01	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-12	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-11	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-10	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-09	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-08	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-07	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-06	—	₹8573 cr	-0.2%	7.0%	1.2x
2021-05	39.3x	₹10101 cr	7.0%	11.0%	1.8x
2021-04	35.2x	₹10101 cr	7.0%	11.0%	1.8x
2021-03	40.1x	₹10101 cr	7.0%	11.0%	1.8x

Methodology and data notes