KEC INTERNATIONAL LTD (FORMER (KEC): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹333.7 latest close · −34.7% over the last 90 sessions

₹333.7 month-end · −51.3% over 12 months

₹333.7 month-end · −42.3% over 3 years

₹333.7 month-end · +36.2% since Jan '19

52-week range ₹299.00 to ₹814.40 · 1-year volatility 39.3%

Was the rally earned?

1 year3 years5 years

-51%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 30.0x to 16.0x); per-share earnings took off 7 points.
The share count barely moved.

Net profit growth-7 ptsNet profit fell about 9%, which lowers the price.

P/E change-45 ptsThe P/E fell from 30.0x to 16.0x, which lowers the price.

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

-42%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 85 points, but investors now pay less per rupee of profit (P/E 84.4x to 16.0x), which took 128 points back.
The share count rose 4%.

Net profit growth+88 ptsNet profit rose about 214%, which lifts the price.

P/E change-128 ptsThe P/E fell from 84.4x to 16.0x, which lowers the price.

Share count change-3 ptsShare count rose 4%, which lowers the price.

-22%share price, 5 yearsMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 19.8x to 16.0x); per-share earnings took off 3 points.
The share count rose 3%.

Net profit growth0 ptsNet profit was little changed.

P/E change-19 ptsThe P/E fell from 19.8x to 16.0x, which lowers the price.

Share count change-3 ptsShare count rose 3%, which lowers 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 LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-74.5%not yet recovered

1-year volatility39.3%annualised

Beta vs sector index0.823-year daily, correlation 0.47

Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-74.5% (2024-12 peak to 2026-11 low, not yet recovered)

-55.0% (2020-02 peak to 2020-04 low, recovered 2020-09)

-33.7% (2021-10 peak to 2022-05 low, recovered 2023-05)

Most recent volume spikes

2026-11-04: 11.9x the 50-day median, price +1.6% that day

2026-11-03: 16.2x the 50-day median, price -9.4% that day

2026-10-26: 7.7x the 50-day median, price +2.8% 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?

16.0xP/E todayNear its historic low

Against its own history20th percentile

CheapestMedian 22.3xDearest

Usual range 14.6x to 85.4x since 2019-01.

Against Industrial Services16.0x vs 14.0x

This company

16.0x

Sector median

14.0x

14% above the Industrial Services median.

P/EP/BP/S

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

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services 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 Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services 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

ROCE57thflat vs a year ago
Op. margin22nd▼ 7 pts vs a year ago
Revenue growth35th▼ 13 pts vs a year ago
EPS growth34th▼ 47 pts vs a year ago
Debt/equity ↓17th▼ 11 pts vs a year ago
Cash cycle ↓92nd▼ 4 pts vs a year ago
P/E ↓40th▲ 19 pts vs a year ago
12M momentum14th▼ 21 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 Industrial Services sector page Watch it move against Industrial Services 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 21.9x, a holder earning 12%/yr needs earnings to grow about 14.4%/yr for 10 years, then trade at 15x.

Delivered2.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+12.1 ptsimplied minus delivered

Rank275thmost 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	15.6%	16.7%	17.7%
15x	13.4%	14.4%	15.4%
20x	10.4%	11.4%	12.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 14.4%/yr

Looking back

Jan 2020Price implied 18%/yr; EPS has since grown 2%/yr (7.0 yrs)
Jan 2021Price implied 16%/yr; EPS has since grown 1%/yr (6.0 yrs)
Jan 2022Price implied 18%/yr; EPS has since grown 1%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹333.70
P/E: 16.0x
ROCE: 17.0%
Market Cap: ₹8873 cr
Revenue (TTM): ₹23507 cr
P/S: 0.4x
P/B: 1.4x
ROE: 9.0%
Operating Margin: 6.0%
Debt / Equity: 0.9x
Promoter Holding: 50.1%
12M Momentum: -51.3%

52-week range

₹299.00₹814.40

7% of the way from its 52-week low to its high

Price risk

1Y volatility

39.3%

Beta vs sector

1-year daily

0.91

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.1x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.21x

low

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 7checks within range1 beyond a threshold

Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate22%Within range

Median quarterly effective tax rate over about 2.5 years: 21.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.21xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.21x (cash from operations ₹316 cr, net profit ₹1,524 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

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 history+17 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 17 days (101 vs 84). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-50 days / 2 yrsWithin range

Days payable changed by -50 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, DIIs trimmed 3.8 pts; promoters trimmed 1.8 pts; FIIs trimmed 1.3 pts.
The number of shareholders rose from 1.0 lakh to 2.3 lakh (+120%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters51.9%50.1%-1.8 pts

FIIs11.3%9.9%-1.3 pts

DIIs27.2%23.3%-3.8 pts

Public and others9.7%16.6%+6.9 pts

Number of shareholders

2.3 lakhshareholders+120% 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

+10.8%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a non-financial company looked like KEC INTERNATIONAL LTD (FORMER 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 −7% to +65% vs the market, against −2% for all non-financial companies in the same months.
The analogs' median sat above that base rate (gap +13.1%, 80% range +1.4% to +20.3%), but the matches cluster in only 5 distinct 12-month windows.

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 · 8 beyond the range shown, drawn at the edge

Similar setups' median

+10.8%

All companies' median

−2.3%

Beat the market

58% vs 48%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
LANDMARK Retail Trade	Aug 2024	42x	12%	−18%	−33%	+13%
EMIL Retail Trade	May 2025	27x	13%	−40%	−51%	−7%
STLTECH Electronic Technology	Feb 2022	11x	12%	−15%	−43%	−9%
RAYMOND Process Industries	Apr 2020	5x	11%	−69%	−72%	−17%
KIRLOSENG Producer Manufacturing	Jun 2022	11x	10%	−43%	−50%	+142%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
FILATEX Process Industries	Mar 2023	16x	17%	−49%	−51%	+23%
DBL Industrial Services	Jan 2022	19x	13%	−14%	−50%	−41%
WELSPUNLIV Consumer Non-Durables	Jan 2023	11x	14%	−53%	−53%	+75%

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 volatility. 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 KEC INTERNATIONAL LTD (FORMER. 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.

JK TYRE AND INDUSTRIESJKTYRE

Consumer Durables

80%similar

P/Edebt/equity

CEATCEATLTD

Consumer Durables

79%similar

EPS growthrevenue

PARADEEP PHOSPHATESPARADEEP

Process Industries

68%similar

revenueEPS growth

HERITAGE FOODSHERITGFOOD

Consumer Non-Durables

62%similar

operating marginEPS growth

GOODLUCK INDIAGOODLUCK

Non-Energy Minerals

61%similar

debt/equityrevenue growth

KALPATARU PROJECTS INTL.KPIL

Industrial Services

61%similar

revenueROCE

POWER MECH PROJECTSPOWERMECH

Industrial Services

55%similar

volatilitymarket cap

PATEL ENGINEERINGPATELENG

Industrial Services

42%similar

revenue growthvolatility

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

What changed?

30 events since Dec '22

2026
NovPriceFell 74% from the Dec 2024 peak to the Nov 2026 low.
OctPriceVolume reached 22.5x its 50-day median on 2026-10-09; price +5.8% that day.
SepResultsYear-on-year EPS growth turned negative.
SepInstitutionsFII + DII holding fell 4.0 pts over 2 quarters to 33.3%.
SepPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
SepPriceVolume reached 6.8x its 50-day median on 2026-09-15; price +0.1% that day.
JunPeer rankMoved into the 3rd quartile of Industrial Services on operating margin (from the bottom quartile).
AprPriceVolume reached 18.5x its 50-day median on 2026-04-09; price +1.9% that day.

Show 22 earlier events

2026
MarPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
MarPriceVolume reached 8.5x its 50-day median on 2026-03-12; price +2.3% that day.
2025
NovPriceVolume reached 21.2x its 50-day median on 2025-11-19; price -9.1% that day.
SepPriceVolume reached 47.9x its 50-day median on 2025-09-23; price +2.0% that day.
JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
MayPriceVolume reached 14.0x its 50-day median on 2025-05-27; price +0.0% that day.
MarPriceVolume reached 22.6x its 50-day median on 2025-03-20; price +8.6% that day.
2024
DecPeer rankMoved into the 3rd quartile of Industrial Services on operating margin (from the bottom quartile).
NovPriceVolume reached 13.1x its 50-day median on 2024-11-07; price +7.6% that day.
AugPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
AugPriceVolume reached 48.5x its 50-day median on 2024-08-29; price +3.8% that day.
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
AprPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
AprPriceVolume reached 56.9x its 50-day median on 2024-04-04; price +5.6% that day.
MarPriceVolume reached 14.0x its 50-day median on 2024-03-11; price +6.6% that day.
2023
NovPriceVolume reached 6.0x its 50-day median on 2023-11-21; price -0.6% that day.
AugPriceVolume reached 28.5x its 50-day median on 2023-08-02; price +1.4% that day.
JunResultsRevenue (TTM) reached a new high of ₹17,282 cr.
MayPriceRegained the 2021-10 peak, 12 months after the low.
MayPriceVolume reached 40.3x its 50-day median on 2023-05-19; price +12.4% that day.
2022
DecPriceVolume reached 20.1x its 50-day median on 2022-12-08; price +10.4% 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

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	16.0x	₹23507 cr	9.0%	17.0%	0.9x
2026-10	15.8x	₹23507 cr	9.0%	17.0%	0.9x
2026-09	18.1x	₹23507 cr	9.0%	17.0%	0.9x
2026-08	18.3x	₹23506 cr	9.8%	17.0%	0.9x
2026-07	20.6x	₹23506 cr	9.8%	17.0%	0.9x
2026-06	22.9x	₹23506 cr	9.8%	17.0%	0.9x
2026-05	19.5x	₹23988 cr	12.7%	18.0%	0.7x
2026-04	21.9x	₹23988 cr	12.7%	18.0%	0.7x
2026-03	20.0x	₹23988 cr	12.7%	18.0%	0.7x
2026-02	22.8x	₹23336 cr	12.8%	18.0%	0.7x
2026-01	26.0x	₹23336 cr	12.8%	18.0%	0.7x
2025-12	28.7x	₹23336 cr	12.8%	18.0%	0.7x
2025-11	30.0x	₹22357 cr	11.4%	18.0%	0.7x
2025-10	35.8x	₹22357 cr	11.4%	18.0%	0.7x
2025-09	38.2x	₹22357 cr	11.4%	18.0%	0.7x
2025-08	37.5x	₹21846 cr	10.7%	18.0%	0.7x
2025-07	39.9x	₹21846 cr	10.7%	18.0%	0.7x
2025-06	42.6x	₹21846 cr	10.7%	18.0%	0.7x
2025-05	47.9x	₹21139 cr	11.1%	16.0%	1.0x
2025-04	40.1x	₹21139 cr	11.1%	16.0%	1.0x
2025-03	45.0x	₹21139 cr	11.1%	16.0%	1.0x
2025-02	42.1x	₹20797 cr	10.3%	16.0%	1.0x
2025-01	51.6x	₹20797 cr	10.3%	16.0%	1.0x
2024-12	73.6x	₹20797 cr	10.3%	16.0%	1.0x
2024-11	69.1x	₹20183 cr	9.6%	16.0%	1.0x
2024-10	64.6x	₹20183 cr	9.6%	16.0%	1.0x
2024-09	68.1x	₹20183 cr	9.6%	16.0%	1.0x
2024-08	70.2x	₹19915 cr	8.5%	16.0%	1.0x
2024-07	68.6x	₹19915 cr	8.5%	16.0%	1.0x
2024-06	65.7x	₹19915 cr	8.5%	16.0%	1.0x
2024-05	107.8x	₹17282 cr	4.7%	12.0%	0.9x
2024-04	109.3x	₹17282 cr	4.7%	12.0%	0.9x
2024-03	101.4x	₹17282 cr	4.7%	12.0%	0.9x
2024-02	106.1x	₹17282 cr	4.7%	12.0%	0.9x
2024-01	96.0x	₹17282 cr	4.7%	12.0%	0.9x
2023-12	86.0x	₹17282 cr	4.7%	12.0%	0.9x
2023-11	84.4x	₹17282 cr	4.7%	12.0%	0.9x
2023-10	91.7x	₹17282 cr	4.7%	12.0%	0.9x
2023-09	96.7x	₹17282 cr	4.7%	12.0%	0.9x
2023-08	98.0x	₹17282 cr	4.7%	12.0%	0.9x
2023-07	92.5x	₹17282 cr	4.7%	12.0%	0.9x
2023-06	80.5x	₹17282 cr	4.7%	12.0%	0.9x
2023-05	40.4x	₹13742 cr	9.2%	14.0%	0.8x
2023-04	35.5x	₹13742 cr	9.2%	14.0%	0.8x
2023-03	35.3x	₹13742 cr	9.2%	14.0%	0.8x
2023-02	34.8x	₹13742 cr	9.2%	14.0%	0.8x
2023-01	35.2x	₹13742 cr	9.2%	14.0%	0.8x
2022-12	38.3x	₹13742 cr	9.2%	14.0%	0.8x
2022-11	32.3x	₹13742 cr	9.2%	14.0%	0.8x
2022-10	34.1x	₹13742 cr	9.2%	14.0%	0.8x
2022-09	34.8x	₹13742 cr	9.2%	14.0%	0.8x
2022-08	31.5x	₹13742 cr	9.2%	14.0%	0.8x
2022-07	35.6x	₹13742 cr	9.2%	14.0%	0.8x
2022-06	30.3x	₹13742 cr	9.2%	14.0%	0.8x
2022-05	18.4x	₹13114 cr	16.5%	21.0%	0.6x
2022-04	18.5x	₹13114 cr	16.5%	21.0%	0.6x
2022-03	17.6x	₹13114 cr	16.5%	21.0%	0.6x
2022-02	21.7x	₹13114 cr	16.5%	21.0%	0.6x
2022-01	23.0x	₹13114 cr	16.5%	21.0%	0.6x
2021-12	22.3x	₹13114 cr	16.5%	21.0%	0.6x

Older months are in the live observatory.

Methodology and data notes