Share price
₹34.63 latest close · −15.6% over the last 90 sessions
₹34.63 month-end · −34.7% over 12 months
₹34.63 month-end · −55.7% over 3 years
₹34.63 month-end · +89.8% since Jan '19
52-week range ₹31.26 to ₹58.00 · 1-year volatility 44.7%
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-69.7% (2024-01 peak to 2026-10 low, not yet recovered)
-60.3% (2019-01 peak to 2019-10 low, recovered 2021-01)
-49.3% (2021-01 peak to 2021-05 low, recovered 2021-07)
Where does it rank among Utilities peers?
Each cell is the company's percentile rank among its Utilities 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
- ROCE20thflat vs a year ago
- Op. margin6th▲ 4 pts vs a year ago
- Revenue growth17th▼ 11 pts vs a year ago
- Debt/equity ↓55th▲ 7 pts vs a year ago
- Cash cycle ↓24thflat vs a year ago
- 12M momentum22nd▼ 12 pts vs a year ago
Rank history
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 Utilities sector page Watch it move against Utilities in the Observatory
What is the price implying?
Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Utilities The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹34.63
- ROCE
- 4.1%
- Market Cap
- ₹40 cr
- Revenue (TTM)
- ₹32 cr
- P/S
- 1.3x
- P/B
- 1.3x
- ROE
- -5.4%
- Operating Margin
- -37.0%
- Debt / Equity
- 0.6x
- Promoter Holding
- 74.7%
- 12M Momentum
- -34.7%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance—Not enough data
Not enough reported data to compute this.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history0 daysWithin range
Debtor days are below the median of the previous three fiscal years by 0 days (114 vs 114). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days—Not enough data
Not enough reported data to compute this.
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.
Who has been buying and selling?
- Over 2 years, institutional and promoter holdings were broadly unchanged.
- The number of shareholders rose from 8,314 to 11,114 (+34%) between Dec 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like KARMA ENERGY 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 −23% to +23% vs the market, against −4% for all non-financial companies in the same months.
- The gap against the base rate (−2.3%, 80% range −6.8% to +8.7%) 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
50 past situations · 50 companies · 38 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| ALKALI Process Industries |
Sep 2024 | — | 6% | +9% | −22% | −19% |
| TOKYOPLAST Producer Manufacturing |
Jan 2024 | — | 2% | +20% | −14% | −7% |
| BAGFILMS Consumer Services |
Jul 2020 | — | 0% | −27% | −34% | +5% |
| KOHINOOR Process Industries |
May 2024 | — | 3% | +6% | −31% | −10% |
| VITAL Process Industries |
Dec 2024 | — | 0% | −20% | −31% | −25% |
Show the other 3 matches
How reliable is this?
Matched on P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, 12-month momentum and drawdown from 12-month high. Not used (unavailable for this company): P/E. This company is loss-making, so it was only compared with loss-making companies. 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.
What changed?
21 events since Jun '19
- OctPriceFell 70% from the Jan 2024 peak to the Oct 2026 low.
- JunPeer rankSlipped to the bottom quartile of Utilities on ROCE (from the 3rd quartile).
- JanPriceRegained the 2023-12 peak, 0 months after the low.
- JanPriceFell 30% from the Dec 2023 peak to the Jan 2024 low.
- JunPriceRegained the 2022-01 peak, 11 months after the low.
- JunPeer rankMoved into the 3rd quartile of Utilities on ROCE (from the bottom quartile).
- FebDebtDebt / equity halved over 12 months to 0.62x.
- JulPriceFell 46% from the Jan 2022 peak to the Jul 2022 low.
Show 13 earlier events
- JulDebtDebt / equity halved over 12 months to 0.62x.
- JunDebtDebt / equity fell below 1.0x (0.62x).
- DecPriceRegained the 2021-08 peak, 3 months after the low.
- SepPriceFell 49% from the Aug 2021 peak to the Sep 2021 low.
- JulPriceRegained the 2021-01 peak, 2 months after the low.
- JunPeer rankSlipped to the bottom quartile of Utilities on ROCE (from the 3rd quartile).
- MayPriceFell 49% from the Jan 2021 peak to the May 2021 low.
- JanPriceRegained the 2019-01 peak, 15 months after the low.
- JunPeer rankMoved into the 3rd quartile of Utilities on ROCE (from the bottom quartile).
- MarResultsRevenue (TTM) reached a new high of ₹42 cr.
- OctPriceFell 60% from the Jan 2019 peak to the Oct 2019 low.
- JunPeer rankSlipped to the bottom quartile of Utilities on ROCE (from the 3rd quartile).
- JunDebtDebt / equity rose above 1.0x (2.07x).
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 | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|
| 2026-11 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-10 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-09 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-08 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-07 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-06 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-05 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-04 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-03 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-02 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2026-01 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-12 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-11 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-10 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-09 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-08 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-07 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-06 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-05 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-04 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-03 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-02 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2025-01 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-12 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-11 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-10 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-09 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-08 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-07 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-06 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-05 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-04 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-03 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-02 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2024-01 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-12 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-11 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-10 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-09 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-08 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-07 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-06 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-05 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-04 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-03 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-02 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2023-01 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-12 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-11 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-10 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-09 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-08 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-07 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-06 | ₹32 cr | -5.4% | 4.1% | 0.6x |
| 2022-05 | ₹32 cr | -59.0% | -6.2% | 9.4x |
| 2022-04 | ₹32 cr | -59.0% | -6.2% | 9.4x |
| 2022-03 | ₹32 cr | -59.0% | -6.2% | 9.4x |
| 2022-02 | ₹26 cr | -112.0% | -6.2% | 9.4x |
| 2022-01 | ₹26 cr | -112.0% | -6.2% | 9.4x |
| 2021-12 | ₹26 cr | -112.0% | -6.2% | 9.4x |
| 2021-11 | ₹25 cr | -124.2% | -6.2% | 9.4x |
| 2021-10 | ₹25 cr | -124.2% | -6.2% | 9.4x |
| 2021-09 | ₹25 cr | -124.2% | -6.2% | 9.4x |
| 2021-08 | ₹25 cr | -134.4% | -6.2% | 9.4x |
| 2021-07 | ₹25 cr | -134.4% | -6.2% | 9.4x |
| 2021-06 | ₹25 cr | -134.4% | -6.2% | 9.4x |
| 2021-05 | ₹29 cr | -27.6% | 6.0% | 3.7x |
| 2021-04 | ₹29 cr | -27.6% | 6.0% | 3.7x |
| 2021-03 | ₹29 cr | -27.6% | 6.0% | 3.7x |
| 2021-02 | ₹32 cr | -21.7% | 6.0% | 3.7x |
| 2021-01 | ₹32 cr | -21.7% | 6.0% | 3.7x |
| 2020-12 | ₹32 cr | -21.7% | 6.0% | 3.7x |
| 2020-11 | ₹40 cr | -9.4% | 6.0% | 3.7x |
| 2020-10 | ₹40 cr | -9.4% | 6.0% | 3.7x |
| 2020-09 | ₹40 cr | -9.4% | 6.0% | 3.7x |
| 2020-08 | ₹42 cr | -1.1% | 6.0% | 3.7x |
| 2020-07 | ₹42 cr | -1.1% | 6.0% | 3.7x |
| 2020-06 | ₹42 cr | -1.1% | 6.0% | 3.7x |
| 2020-05 | ₹42 cr | -6.7% | 1.8% | 2.1x |
| 2020-04 | ₹42 cr | -6.7% | 1.8% | 2.1x |
| 2020-03 | ₹42 cr | -6.7% | 1.8% | 2.1x |
| 2020-02 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2020-01 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-12 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-11 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-10 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-09 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-08 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-07 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-06 | ₹35 cr | -27.9% | 1.8% | 2.1x |
| 2019-05 | ₹40 cr | -3.0% | 3.8% | 0.9x |
| 2019-04 | ₹40 cr | -3.0% | 3.8% | 0.9x |
| 2019-03 | ₹40 cr | -3.0% | 3.8% | 0.9x |
| 2019-02 | ₹40 cr | -3.0% | 3.8% | 0.9x |
| 2019-01 | ₹40 cr | -3.0% | 3.8% | 0.9x |