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KANSAI NEROLAC PAINTS (KANSAINER)

Process Industries · Industrial Specialties · 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.71 / 100
Profitability 58Growth 55Balance 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.49 / 100
Price 48Earnings 33FII/DII 65
Compare withASIAN PAINTS INDIASOLAR INDUSTRIES INDIAPIDILITE INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹200.98 latest close · −5.1% over the last 90 sessions

₹180₹200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹180₹200Jul 3Sep 4Nov 9

₹200.98 month-end · −15.0% over 12 months

₹175₹200₹225Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹175₹200₹225Nov '25May '26Nov '26

₹200.98 month-end · −37.2% over 3 years

₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300Nov '23May '25Nov '26

₹200.98 month-end · −32.5% since Jan '19

₹200₹300₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹200₹300₹400Jan '19Dec '22Nov '26

52-week range ₹157.91 to ₹264.00 · 1-year volatility 31.1%

Was the rally earned?

-15%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 59 points, while the multiple moved less (P/E 16.9x to 27.1x).
  • The share count rose 3%.
Net profit growth: −56 pts. Points of the price return explained by net profit growing (or shrinking).−56 ptsNet profit growthP/E change: +44 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+44 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: −15%−15%Share priceNet profit growth: −56 pts. Points of the price return explained by net profit growing (or shrinking).−56ProfitP/E change: +44 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+44P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: −15%−15%Share price
Net profit growth-56 ptsNet profit fell about 45%, which lowers the price.
P/E change+44 ptsThe P/E rose from 16.9x to 27.1x, which lifts the price.
Share count change-3 ptsShare count rose 3%, which lowers the price.
-37%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 19 points, but investors now pay less per rupee of profit (P/E 54.7x to 27.1x), which took 56 points back.
  • The share count barely moved.
Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsNet profit growthP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −37%−37%Share priceNet profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20ProfitP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −37%−37%Share price
Net profit growth+20 ptsNet profit rose about 28%, which lifts the price.
P/E change-56 ptsThe P/E fell from 54.7x to 27.1x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-49%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 9 points, but investors now pay less per rupee of profit (P/E 60.7x to 27.1x), which took 58 points back.
  • The share count barely moved.
Net profit growth: +10 pts. Points of the price return explained by net profit growing (or shrinking).+10 ptsNet profit growthP/E change: −58 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−58 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −49%−49%Share priceNet profit growth: +10 pts. Points of the price return explained by net profit growing (or shrinking).+10ProfitP/E change: −58 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−58P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −49%−49%Share price
Net profit growth+10 ptsNet profit rose about 14%, which lifts the price.
P/E change-58 ptsThe P/E fell from 60.7x to 27.1x, 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.

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

Compare this with ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-64.3%not yet recovered
1-year volatility31.1%annualised
Beta vs sector index0.813-year daily, correlation 0.51
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−62.6% 0%−20%−40%−60%2020202220242026−62.6%
Largest drawdowns

-64.3% (2021-01 peak to 2026-03 low, not yet recovered)

-46.1% (2019-10 peak to 2020-03 low, recovered 2020-12)

-18.9% (2019-01 peak to 2019-05 low, recovered 2019-09)

Most recent volume spikes

2026-11-05: 10.2x the 50-day median, price +4.6% that day

2026-10-07: 9.9x the 50-day median, price +4.6% that day

2026-09-04: 11.6x the 50-day median, price -0.5% 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?

27.1xP/E todayWithin its usual range
Against its own history22nd percentile
CheapestMedian 49.4xDearest

Usual range 17.8x to 63.3x since 2019-01.

Against Process Industries27.1x vs 18.1x
This company
27.1x
Sector median
18.1x

50% above the Process Industries median.

6.8x29.8x52.8x75.9xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x29.8x52.8x75.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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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

  • ROCE54th▼ 5 pts vs a year ago
  • Op. margin63rd▼ 10 pts vs a year ago
  • Revenue growth44th▲ 7 pts vs a year ago
  • EPS growth14th▼ 70 pts vs a year ago
  • Debt/equity ↓84thflat vs a year ago
  • Cash cycle ↓57th▲ 10 pts vs a year ago
  • P/E ↓31st▼ 31 pts vs a year ago
  • 12M momentum40th▼ 20 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?

~14%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 21.7x, a holder earning 12%/yr needs earnings to grow about 14.2%/yr for 10 years, then trade at 15x.

Delivered10.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+4.0 ptsimplied minus delivered
Rank455thmost demanding of 856

Over time

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

-4%12%29% Jan 2019Nov 2026 -4%12%29% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x15.5%16.5%17.6%
15x13.2%14.2%15.2%
20x10.3%11.2%12.2%

Drag a slider to test other assumptions

Implied: 14.2%/yr

Looking back

  • Jan 2020Price implied 25%/yr; EPS has since grown 4%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 2%/yr (6.0 yrs)
  • Jan 2022Price implied 27%/yr; EPS has since grown 2%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹200.98
P/E
27.1x
ROCE
12.0%
Market Cap
₹16283 cr
Revenue (TTM)
₹8264 cr
P/S
2.0x
P/B
2.4x
ROE
9.0%
Operating Margin
14.0%
Debt / Equity
0.0x
Promoter Holding
75.0%
12M Momentum
-15.0%

52-week range

₹157.91₹264.00
41% of the way from its 52-week low to its high

Price risk

1Y volatility
31.1%
Beta vs sector
1-year daily
0.92

Balance sheet & cash

Interest cover
operating profit ÷ interest
25.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.86x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.86xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.86x (cash from operations ₹2,469 cr, net profit ₹2,861 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+5 daysWithin range

Debtor days are above the median of the previous three fiscal years by 5 days (67 vs 62). 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 days+3 days / 2 yrsWithin range

Days payable changed by +3 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 rose from 1.1 lakh to 1.5 lakh (+31%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters75.0%75.0%0.0 pts
FIIs4.3%4.0%-0.3 pts
DIIs11.9%11.9%0.0 pts
Public and others8.8%9.1%+0.3 pts

Number of shareholders

1.5 lakhshareholders+31% since Sep '23
1.1L1.3L1.5L1.6L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.1 lakh
Dec '23: 1.1 lakh
Mar '24: 1.1 lakh
Jun '24: 1.4 lakh
Sep '24: 1.4 lakh
Dec '24: 1.5 lakh
Mar '25: 1.6 lakh
Jun '25: 1.6 lakh
Sep '25: 1.5 lakh
Dec '25: 1.5 lakh
Mar '26: 1.5 lakh
Jun '26: 1.5 lakh
 1.1L1.3L1.5L1.6L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.1 lakh
Dec '23: 1.1 lakh
Mar '24: 1.1 lakh
Jun '24: 1.4 lakh
Sep '24: 1.4 lakh
Dec '24: 1.5 lakh
Mar '25: 1.6 lakh
Jun '25: 1.6 lakh
Sep '25: 1.5 lakh
Dec '25: 1.5 lakh
Mar '26: 1.5 lakh
Jun '26: 1.5 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

+0.9%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 KANSAI NEROLAC PAINTS 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 −24% to +20% vs the market, against −8% for all non-financial companies in the same months.
  • The gap against the base rate (+8.5%, 80% range −6.7% to +13.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ZEEL · Mar 2023: −56.1% vs market
PRINCEPIPE · Nov 2023: −52.0% vs market
WHIRLPOOL · Mar 2023: −37.5% vs market
LXCHEM · Nov 2024: −33.5% vs market
DEEPAKNTR · Jan 2025: −33.4% vs market
BALMLAWRIE · Aug 2020: −29.6% vs market
TTKPRESTIG · Feb 2025: −29.1% vs market
ACC · Oct 2022: −28.0% vs market
RHIM · Aug 2025: −27.2% vs market
FINPIPE · Aug 2024: −26.3% vs market
HARSHA · Nov 2024: −25.6% vs market
GALAXYSURF · Jun 2025: −25.2% vs market
SHRIPISTON · Feb 2021: −24.7% vs market
CROMPTON · May 2025: −22.1% vs market
ADVENZYMES · May 2024: −20.0% vs market
BAJAJELEC · Jul 2023: −20.0% vs market
CONCOR · Oct 2025: −19.8% vs market
APLLTD · Apr 2025: −19.2% vs market
GRAPHITE · Jan 2024: −19.2% vs market
AVANTIFEED · Sep 2022: −18.8% vs market
JTEKTINDIA · Aug 2025: −14.1% vs market
ESCORTS · Jul 2025: −12.8% vs market
ZYDUSWELL · Aug 2023: −5.1% vs market
ENDURANCE · Feb 2023: −0.4% vs market
ALKEM · May 2024: +0.8% vs market
KAJARIACER · May 2025: +0.9% vs market
ARE&M · Feb 2023: +1.2% vs market
BOSCHLTD · Sep 2022: +3.6% vs market
EXIDEIND · Sep 2025: +5.0% vs market
ATUL · Feb 2025: +6.5% vs market
FDC · Oct 2023: +8.3% vs market
CIPLA · Apr 2024: +9.0% vs market
FMGOETZE · Jun 2022: +9.3% vs market
SUNDRMFAST · Aug 2025: +9.6% vs market
CYIENT · Mar 2022: +13.0% vs market
CIEINDIA · Mar 2025: +14.9% vs market
IPCALAB · Jan 2024: +19.2% vs market
JYOTHYLAB · Jun 2022: +20.1% vs market
VSTTILLERS · Jun 2025: +22.8% vs market
STARCEMENT · Oct 2024: +24.3% vs market
ZYDUSLIFE · Oct 2023: +25.3% vs market
THERMAX · May 2021: +29.6% vs market
BSOFT · Jun 2023: +31.3% vs market
ZENSARTECH · Jun 2023: +31.8% vs market
AMBUJACEM · Dec 2021: +33.9% vs market
FORTIS · Feb 2024: +56.5% vs market
KSB · Feb 2022: +76.3% vs market
GABRIEL · Dec 2024: +101.8% vs market
RAILTEL · Apr 2023: +135.6% vs market
SANSERA · Sep 2025: +228.8% vs market
Similar setups +0.9%All companies −7.6%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
+0.9%
All companies' median
−7.6%
Beat the market
52% vs 41%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ESCORTS
Producer Manufacturing		 Jul 2025 30x11% −20%−23% −13%
ENDURANCE
Producer Manufacturing		 Feb 2023 38x14% −5%−19% 0%
STARCEMENT
Producer Manufacturing		 Oct 2024 35x16% +28%−18% +24%
FINPIPE
Producer Manufacturing		 Aug 2024 41x11% +30%−11% −26%
APLLTD
Health Technology		 Apr 2025 29x13% −12%−30% −19%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ARE&M
Producer Manufacturing		 Feb 2023 19x16% −1%−16% +1%
FDC
Health Technology		 Oct 2023 31x13% +16%−11% +8%
TTKPRESTIG
Consumer Durables		 Feb 2025 40x14% −17%−38% −29%
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, drawdown from 12-month high and revenue growth. 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 KANSAI NEROLAC PAINTS. 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.

AKUMS DRUGS AND PHARMAAKUMS
Health Technology
69%similar
debt/equitypromoter holding
GALAXY SURFACTANTSGALAXYSURF
Consumer Non-Durables
67%similar
operating marginrevenue
SHYAM METALICS AND ENERGYSHYAMMETL
Producer Manufacturing
67%similar
operating marginpromoter holding
AMBUJA CEMENTSAMBUJACEM
Non-Energy Minerals
65%similar
volatilityEPS growth
HONEYWELL AUTOMATION INDIAHONAUT
Electronic Technology
65%similar
operating marginEPS growth
VARDHMAN TEXTILES LIMTEDVTL
Process Industries
62%similar
market caprevenue
TRIDENTTRIDENT
Process Industries
61%similar
volatilityrevenue growth
BERGER PAINTS INDIABERGEPAINT
Process Industries
60%similar
promoter holdingrevenue

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

What changed?

30 events since Aug '22

  1. NovPriceVolume reached 10.2x its 50-day median on 2026-11-05; price +4.6% that day.
  2. SepPriceVolume reached 11.6x its 50-day median on 2026-09-04; price -0.5% that day.
  3. MayPriceVolume reached 22.9x its 50-day median on 2026-05-07; price +5.0% that day.
  4. MarResultsYear-on-year EPS growth turned negative.
  5. MarPriceFell 64% from the Jan 2021 peak to the Mar 2026 low.
  6. MarPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the top quartile).
  7. FebPriceVolume reached 15.7x its 50-day median on 2026-02-19; price -0.4% that day.
  8. SepResultsYear-on-year EPS growth turned positive.
Show 22 earlier events
  1. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  2. SepPriceVolume reached 9.7x its 50-day median on 2025-09-19; price -0.6% that day.
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  5. JanPriceVolume reached 14.1x its 50-day median on 2025-01-29; price +2.5% that day.
  6. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  7. DecPriceVolume reached 7.4x its 50-day median on 2024-12-10; price -3.7% that day.
  8. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  9. JulPriceVolume reached 27.8x its 50-day median on 2024-07-30; price +8.1% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹7,802 cr.
  11. MayPriceVolume reached 10.3x its 50-day median on 2024-05-03; price +0.5% that day.
  12. MarValuationP/E fell below the 10th percentile of its own history to date (44.8x).
  13. JanPriceVolume reached 7.4x its 50-day median on 2024-01-25; price -2.2% that day.
  14. DecPriceVolume reached 17.9x its 50-day median on 2023-12-27; price +3.8% that day.
  15. AugPriceVolume reached 7.3x its 50-day median on 2023-08-03; price -4.9% that day.
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  18. MayValuationP/E crossed above the 90th percentile of its own history to date (66.2x).
  19. MayPriceVolume reached 45.4x its 50-day median on 2023-05-09; price -1.4% that day.
  20. MarPriceVolume reached 18.9x its 50-day median on 2023-03-08; price -1.7% that day.
  21. DecPriceVolume reached 7.5x its 50-day median on 2022-12-27; price +0.8% that day.
  22. AugPriceVolume reached 29.6x its 50-day median on 2022-08-02; price +17.8% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1127.1x₹8264 cr9.0%12.0%0.0x
2026-1023.8x₹8264 cr8.8%12.0%0.0x
2026-0924.0x₹8264 cr8.8%12.0%0.0x
2026-0826.4x₹8052 cr8.6%12.0%0.0x
2026-0727.0x₹8052 cr8.6%12.0%0.0x
2026-0628.0x₹8052 cr8.6%12.0%0.0x
2026-0530.1x₹7915 cr8.8%13.0%0.0x
2026-0427.2x₹7915 cr8.8%13.0%0.0x
2026-0323.1x₹7915 cr8.8%13.0%0.0x
2026-0214.4x₹7855 cr17.3%13.0%0.0x
2026-0116.3x₹7855 cr17.3%13.0%0.0x
2025-1216.6x₹7855 cr17.3%13.0%0.0x
2025-1116.9x₹7852 cr17.1%13.0%0.0x
2025-1017.7x₹7852 cr17.1%13.0%0.0x
2025-0917.7x₹7852 cr17.1%13.0%0.0x
2025-0817.0x₹7823 cr17.3%13.0%0.0x
2025-0717.3x₹7823 cr17.3%13.0%0.0x
2025-0617.8x₹7823 cr17.3%13.0%0.0x
2025-0517.8x₹7775 cr20.1%17.0%0.0x
2025-0418.1x₹7775 cr20.1%17.0%0.0x
2025-0316.4x₹7775 cr20.1%17.0%0.0x
2025-0229.3x₹7772 cr10.9%17.0%0.0x
2025-0130.2x₹7772 cr10.9%17.0%0.0x
2024-1234.3x₹7772 cr10.9%17.0%0.0x
2024-1133.4x₹7778 cr11.9%17.0%0.0x
2024-1033.9x₹7778 cr11.9%17.0%0.0x
2024-0936.8x₹7778 cr11.9%17.0%0.0x
2024-0820.2x₹7802 cr21.0%17.0%0.0x
2024-0720.9x₹7802 cr21.0%17.0%0.0x
2024-0618.4x₹7802 cr21.0%17.0%0.0x
2024-0546.0x₹7543 cr10.3%14.0%0.0x
2024-0447.7x₹7543 cr10.3%14.0%0.0x
2024-0344.8x₹7543 cr10.3%14.0%0.0x
2024-0249.4x₹7543 cr10.3%14.0%0.0x
2024-0158.3x₹7543 cr10.3%14.0%0.0x
2023-1256.9x₹7543 cr10.3%14.0%0.0x
2023-1154.7x₹7543 cr10.3%14.0%0.0x
2023-1053.8x₹7543 cr10.3%14.0%0.0x
2023-0954.2x₹7543 cr10.3%14.0%0.0x
2023-0856.8x₹7543 cr10.3%14.0%0.0x
2023-0757.2x₹7543 cr10.3%14.0%0.0x
2023-0651.2x₹7543 cr10.3%14.0%0.0x
2023-0566.2x₹6369 cr8.3%11.0%0.0x
2023-0457.1x₹6369 cr8.3%11.0%0.0x
2023-0358.1x₹6369 cr8.3%11.0%0.0x
2023-0260.5x₹6369 cr8.3%11.0%0.0x
2023-0163.5x₹6369 cr8.3%11.0%0.0x
2022-1266.0x₹6369 cr8.3%11.0%0.0x
2022-1167.3x₹6369 cr8.3%11.0%0.0x
2022-1073.0x₹6369 cr8.3%11.0%0.0x
2022-0973.5x₹6369 cr8.3%11.0%0.0x
2022-0875.9x₹6369 cr8.3%11.0%0.0x
2022-0760.1x₹6369 cr8.3%11.0%0.0x
2022-0655.6x₹6369 cr8.3%11.0%0.0x
2022-0540.7x₹5074 cr13.0%17.0%0.0x
2022-0447.8x₹5074 cr13.0%17.0%0.0x
2022-0347.6x₹5074 cr13.0%17.0%0.0x
2022-0246.3x₹5074 cr13.0%17.0%0.0x
2022-0157.7x₹5074 cr13.0%17.0%0.0x
2021-1260.2x₹5074 cr13.0%17.0%0.0x

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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