KANORIA CHEMICALS & INDUSTRIES (KANORICHEM): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹164 latest close · +20.6% over the last 90 sessions

₹164 month-end · +118.1% over 12 months

₹164 month-end · +29.2% over 3 years

₹164 month-end · +142.6% since Jan '19

52-week range ₹56.00 to ₹206.00 · 1-year volatility 46.5%

Was the rally earned?

+4%share price, 5 yearsRoughly flat

The share price was roughly flat over 5 years (+4%).
The share count fell 8%.

Net profit growth+233 ptsNet profit rose about 886%, which lifts the price.

P/E change-237 ptsThe P/E fell from 47.6x to 4.6x, which lowers the price.

Share count change+8 ptsShare count fell 8%, which lifts 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 1 year and 3 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-73.7%not yet recovered

1-year volatility46.5%annualised

Beta vs sector index1.373-year daily, correlation 0.51

Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-73.7% (2021-09 peak to 2026-03 low, not yet recovered)

-70.2% (2019-01 peak to 2020-03 low, recovered 2021-02)

-30.4% (2021-07 peak to 2021-08 low, recovered 2021-09)

Most recent volume spikes

2026-10-15: 5.1x the 50-day median, price +4.9% that day

2026-09-16: 7.2x the 50-day median, price +5.0% 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?

4.6xP/E todayNear its historic low

Against its own history2nd percentile

CheapestMedian 41.2xDearest

Usual range 5.1x to 88.0x since 2019-01.

Against Process Industries4.6x vs 18.1x

This company

4.6x

Sector median

18.1x

74% below the Process Industries median.

P/EP/BP/S

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

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

ROCE26th▲ 16 pts vs a year ago
Op. margin43rdflat vs a year ago
Revenue growth84th▲ 80 pts vs a year ago
EPS growth1st▼ 4 pts vs a year ago
Debt/equity ↓40th▲ 28 pts vs a year ago
Cash cycle ↓85th▲ 46 pts vs a year ago
P/E ↓97th
12M momentum97th▲ 75 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~0%annual earnings growth implied by the price

At a P/E of 4.6x, the price would imply about −0.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹164.00
P/E: 4.6x
ROCE: 6.0%
Market Cap: ₹729 cr
Revenue (TTM): ₹1240 cr
P/S: 0.6x
P/B: 1.3x
ROE: 27.5%
Operating Margin: 10.0%
Debt / Equity: 0.5x
Promoter Holding: 74.4%
12M Momentum: 118.1%

52-week range

₹56.00₹206.00

72% of the way from its 52-week low to its high

Price risk

1Y volatility

46.5%

Beta vs sector

1-year daily

1.23

Balance sheet & cash

Interest cover

operating profit ÷ interest

5.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

5.00x

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold

Other income reliance80%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 79.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate16%Within range

Median quarterly effective tax rate over about 2.5 years: 15.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

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+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (50 vs 46). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-12 days / 2 yrsWithin range

Days payable changed by -12 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, institutional and promoter holdings were broadly unchanged.
The number of shareholders fell from 17,292 to 15,700 (-9%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters74.4%74.4%0.0 pts

FIIs0.0%0.1%0.0 pts

DIIs0.1%0.1%0.0 pts

Public and others25.5%25.5%0.0 pts

Number of shareholders

15,700shareholders-9% since Sep '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

+2.1%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 KANORIA CHEMICALS & INDUSTRIES 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 −19% to +42% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (+6.2%, 80% range −3.6% to +11.1%) 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median

+2.1%

All companies' median

−4.1%

Beat the market

54% vs 45%

50 past situations · 50 companies · 29 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SCI Transportation	Aug 2020	5x	5%	+110%	−14%	+13%
RPSGVENT Finance	Sep 2021	—	9%	+322%	−11%	−48%
GILLANDERS Consumer Non-Durables	Sep 2025	8x	7%	+38%	−21%	−1%
ZUARIIND Process Industries	Apr 2024	3x	11%	+173%	−7%	−18%
MAWANASUG Process Industries	Mar 2022	7x	7%	+272%	−19%	−29%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
INDIAGLYCO Process Industries	Mar 2025	5x	11%	+47%	−26%	+57%
SUNFLAG Non-Energy Minerals	Jun 2023	3x	12%	+101%	−7%	−10%
KECL Producer Manufacturing	Jun 2020	2x	1%	+7%	−25%	−17%

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, interest cover and P/S. 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 KANORIA CHEMICALS & INDUSTRIES. 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.

INDIAN HUME PIPE CO.INDIANHUME

Producer Manufacturing

70%similar

operating marginrevenue growth

HT MEDIAHTMEDIA

Consumer Services

65%similar

ROCEdebt/equity

HIKALHIKAL

Health Technology

58%similar

operating marginrevenue growth

MUKKA PROTEINSMUKKA

Consumer Non-Durables

58%similar

operating marginmarket cap

RUPA & COMPANYRUPA

Consumer Non-Durables

54%similar

revenuepromoter holding

NAHAR INDUSTRIAL ENTERPRISESNAHARINDUS

Process Industries

79%similar

revenue growthP/E

EMAMI PAPER MILLSEMAMIPAP

Process Industries

60%similar

market caprevenue growth

JAYANT AGRO-ORGANICSJAYAGROGN

Process Industries

56%similar

market caprevenue growth

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

What changed?

30 events since Jan '23

2026
OctPriceVolume reached 5.1x its 50-day median on 2026-10-15; price +4.9% that day.
SepPriceVolume reached 7.2x its 50-day median on 2026-09-16; price +5.0% that day.
JulDebtDebt / equity halved over 12 months to 0.51x.
JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
JunDebtDebt / equity fell below 1.0x (0.51x).
MayPriceVolume reached 8.5x its 50-day median on 2026-05-06; price +6.9% that day.
MarPriceFell 74% from the Sep 2021 peak to the Mar 2026 low.
MarPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).

Show 22 earlier events

2026
JanPriceVolume reached 21.2x its 50-day median on 2026-01-09; price -3.5% that day.
2025
DecResultsEPS (TTM) turned positive.
DecValuationP/E fell below the 10th percentile of its own history to date (10.4x).
DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
DecPriceVolume reached 17.0x its 50-day median on 2025-12-12; price +8.0% that day.
SepPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
SepPriceVolume reached 5.5x its 50-day median on 2025-09-24; price -0.0% that day.
JunPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
JunDebtDebt / equity rose above 1.0x (1.14x).
MarPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
MarPriceVolume reached 13.8x its 50-day median on 2025-03-20; price +0.6% that day.
2024
OctPriceVolume reached 6.6x its 50-day median on 2024-10-01; price +8.4% that day.
SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
SepPriceVolume reached 86.5x its 50-day median on 2024-09-16; price +16.5% that day.
JunPriceVolume reached 12.6x its 50-day median on 2024-06-21; price +4.3% that day.
JanPriceVolume reached 11.9x its 50-day median on 2024-01-15; price +7.6% that day.
2023
DecPriceVolume reached 41.7x its 50-day median on 2023-12-06; price +11.3% that day.
JulPriceVolume reached 79.0x its 50-day median on 2023-07-18; price +15.7% that day.
JunResultsEPS (TTM) turned negative.
JunDividendDividend payout cut from 64% to 0% of profit.
AprPriceVolume reached 15.8x its 50-day median on 2023-04-03; price +19.7% that day.
JanPriceVolume reached 32.4x its 50-day median on 2023-01-10; price +5.7% that day.

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

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

Monthly history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	4.6x	₹1240 cr	27.5%	6.0%	0.5x
2026-10	4.7x	₹1240 cr	27.5%	6.0%	0.5x
2026-09	5.6x	₹1240 cr	26.9%	6.0%	0.5x
2026-08	5.8x	₹981 cr	19.9%	6.0%	0.5x
2026-07	5.1x	₹981 cr	19.9%	6.0%	0.5x
2026-06	4.8x	₹981 cr	19.9%	6.0%	0.5x
2026-05	8.2x	₹1108 cr	8.1%	1.0%	1.1x
2026-04	7.3x	₹1108 cr	8.1%	1.0%	1.1x
2026-03	4.6x	₹1108 cr	8.1%	1.0%	1.1x
2026-02	9.2x	₹1022 cr	1.7%	1.0%	1.1x
2026-01	9.3x	₹1022 cr	1.7%	1.0%	1.1x
2025-12	10.4x	₹1022 cr	1.7%	1.0%	1.1x
2025-11	—	₹989 cr	-19.0%	1.0%	1.1x
2025-10	—	₹989 cr	-19.0%	1.0%	1.1x
2025-09	—	₹989 cr	-19.0%	1.0%	1.1x
2025-08	—	₹1172 cr	-20.7%	1.0%	1.1x
2025-07	—	₹1172 cr	-20.7%	1.0%	1.1x
2025-06	—	₹1172 cr	-20.7%	1.0%	1.1x
2025-05	—	₹1102 cr	-14.0%	1.0%	0.8x
2025-04	—	₹1102 cr	-14.0%	1.0%	0.8x
2025-03	—	₹1102 cr	-14.0%	1.0%	0.8x
2025-02	—	₹1264 cr	-11.6%	1.0%	0.8x
2025-01	—	₹1264 cr	-11.6%	1.0%	0.8x
2024-12	—	₹1264 cr	-11.6%	1.0%	0.8x
2024-11	—	₹1458 cr	-12.5%	1.0%	0.8x
2024-10	—	₹1458 cr	-12.5%	1.0%	0.8x
2024-09	—	₹1458 cr	-12.5%	1.0%	0.8x
2024-08	—	₹1475 cr	-9.3%	1.0%	0.8x
2024-07	—	₹1475 cr	-9.3%	1.0%	0.8x
2024-06	—	₹1475 cr	-9.3%	1.0%	0.8x
2024-05	—	₹1578 cr	-2.1%	1.0%	0.8x
2024-04	—	₹1578 cr	-2.1%	1.0%	0.8x
2024-03	—	₹1578 cr	-2.1%	1.0%	0.8x
2024-02	—	₹1578 cr	-2.1%	1.0%	0.8x
2024-01	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-12	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-11	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-10	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-09	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-08	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-07	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-06	—	₹1578 cr	-2.1%	1.0%	0.8x
2023-05	70.9x	₹1369 cr	1.2%	4.0%	0.8x
2023-04	75.4x	₹1369 cr	1.2%	4.0%	0.8x
2023-03	68.3x	₹1369 cr	1.2%	4.0%	0.8x
2023-02	79.3x	₹1369 cr	1.2%	4.0%	0.8x
2023-01	83.5x	₹1369 cr	1.2%	4.0%	0.8x
2022-12	101.9x	₹1369 cr	1.2%	4.0%	0.8x
2022-11	84.5x	₹1369 cr	1.2%	4.0%	0.8x
2022-10	96.9x	₹1369 cr	1.2%	4.0%	0.8x
2022-09	92.3x	₹1369 cr	1.2%	4.0%	0.8x
2022-08	92.5x	₹1369 cr	1.2%	4.0%	0.8x
2022-07	88.0x	₹1369 cr	1.2%	4.0%	0.8x
2022-06	72.9x	₹1369 cr	1.2%	4.0%	0.8x
2022-05	39.4x	₹1095 cr	2.7%	4.0%	0.8x
2022-04	38.0x	₹1095 cr	2.7%	4.0%	0.8x
2022-03	41.2x	₹1095 cr	2.7%	4.0%	0.8x
2022-02	37.3x	₹1095 cr	2.7%	4.0%	0.8x
2022-01	45.9x	₹1095 cr	2.7%	4.0%	0.8x
2021-12	48.3x	₹1095 cr	2.7%	4.0%	0.8x
2021-11	47.6x	₹1095 cr	2.7%	4.0%	0.8x
2021-10	52.2x	₹1095 cr	2.7%	4.0%	0.8x
2021-09	59.4x	₹1095 cr	2.7%	4.0%	0.8x
2021-08	44.9x	₹1095 cr	2.7%	4.0%	0.8x
2021-07	56.3x	₹1095 cr	2.7%	4.0%	0.8x
2021-06	44.3x	₹1095 cr	2.7%	4.0%	0.8x
2021-05	—	₹1005 cr	-5.6%	-1.0%	0.9x
2021-04	—	₹1005 cr	-5.6%	-1.0%	0.9x
2021-03	—	₹1005 cr	-5.6%	-1.0%	0.9x
2021-02	—	₹1005 cr	-5.6%	-1.0%	0.9x
2021-01	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-12	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-11	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-10	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-09	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-08	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-07	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-06	—	₹1005 cr	-5.6%	-1.0%	0.9x
2020-05	—	₹1072 cr	-3.3%	2.0%	0.8x
2020-04	—	₹1072 cr	-3.3%	2.0%	0.8x
2020-03	—	₹1072 cr	-3.3%	2.0%	0.8x
2020-02	—	₹1072 cr	-3.3%	2.0%	0.8x
2020-01	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-12	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-11	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-10	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-09	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-08	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-07	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-06	—	₹1072 cr	-3.3%	2.0%	0.8x
2019-05	20.5x	₹837 cr	2.0%	3.0%	0.7x
2019-04	18.6x	₹837 cr	2.0%	3.0%	0.7x
2019-03	19.4x	₹837 cr	2.0%	3.0%	0.7x
2019-02	18.4x	₹837 cr	2.0%	3.0%	0.7x
2019-01	21.0x	₹837 cr	2.0%	3.0%	0.7x

Methodology and data notes