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KHAITAN CHEMICALS & FERTILIZER (KHAICHEM)

Process Industries

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.45 / 100
Profitability 62Growth 57Balance sheet 18
Compare withUPL LIMITEDFERTILIZERS AND CHEMICALS TRAVSUMITOMO CHEMICAL INDIA LTD

Passes these screens: Value Pick

Share Price
₹43.61
P/E
7.8x
ROCE
18.0%
Market Cap
₹423 cr
Revenue (TTM)
₹989 cr
P/S
0.4x
P/B
1.5x
ROE
18.6%
Operating Margin
11.0%
Debt / Equity
1.1x
Promoter Holding
72.7%
12M Momentum
-57.3%
P/E vs its own history10th percentilesince Oct '20
P/E vs Process Industries0.4xthe sector median

52-week range

₹42.92₹132.90
1% of the way from its 52-week low to its high

Price risk

1Y volatility
46.9%
Beta vs sector
1-year daily
1.53

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
-2.00x
low
Share count, 1Y
unchanged

Was the rally earned?

-57%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 21 points, but investors now pay less per rupee of profit (P/E 25.1x to 7.8x), which took 78 points back.
  • The share count barely moved.
1 year Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsP/E change: -78 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-78 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. -57% 1 year Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsP/E change: -78 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-78 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. -57%
Net profit growth+20 ptsNet profit rose about 35%, which lifts the price.
P/E change-78 ptsThe P/E fell from 25.1x to 7.8x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-32%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 21 points, but investors now pay less per rupee of profit (P/E 14.7x to 7.8x), which took 52 points back.
  • The share count barely moved.
3 years Net profit growth: +21 pts. Points of the price return explained by net profit growing (or shrinking).+21 ptsP/E change: -53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-53 ptsShare count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -32% 3 years Net profit growth: +21 pts. Points of the price return explained by net profit growing (or shrinking).+21 ptsP/E change: -53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-53 ptsShare count change: -0 pts. Points of the price return explained by the share count changing. More shares count against the price. -32%
Net profit growth+21 ptsNet profit rose about 29%, which lifts the price.
P/E change-52 ptsThe P/E fell from 14.7x to 7.8x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-31%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 65 points, but investors now pay less per rupee of profit (P/E 24.7x to 7.8x), which took 96 points back.
  • The share count barely moved.
5 years Net profit growth: +64 pts. Points of the price return explained by net profit growing (or shrinking).+64 ptsP/E change: -96 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-96 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. -31% 5 years Net profit growth: +64 pts. Points of the price return explained by net profit growing (or shrinking).+64 ptsP/E change: -96 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-96 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. -31%
Net profit growth+64 ptsNet profit rose about 116%, which lifts the price.
P/E change-96 ptsThe P/E fell from 24.7x to 7.8x, 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 UPL

Is it expensive against its own past and its peers?

7.8xP/E todayNear its historic low
Against its own history10th percentileMedian 15.0x; usual range 8.0x to 42.8x since 2020-10.
Against Process Industries7.8x vs 18.0xBelow the Process Industries median.
5.8x265.2x524.6x783.9xOct '20Jan '22Apr '23Jul '24Oct '25Oct '265.8x265.2x524.6x783.9xOct '20Oct '22Oct '24Oct '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; dashed 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

What is the price implying?

~14%annual earnings growth implied by the price

At a P/E of 17.6x, the price would imply about 13.7%/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

What changed?

  1. Oct '26P/E fell below the 10th percentile of its own history to date (7.8x).
  2. Sep '26Slipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  3. Jun '26Year-on-year EPS growth turned positive.
  4. Jun '26Moved into the top quartile of Process Industries on ROCE (from the bottom quartile).
  5. Jun '26Started paying a dividend (payout 1% of profit).
  6. Mar '26Fell 71% from the Apr 2022 peak to the Mar 2026 low.
  7. Feb '26P/E fell below the 10th percentile of its own history to date (8.6x).
  8. Dec '25Revenue (TTM) reached a new high of ₹903 cr.
Show 22 earlier events
  1. Sep '25Moved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  2. Jun '25EPS (TTM) turned positive.
  3. Jun '25P/E crossed above the 90th percentile of its own history to date (658.9x).
  4. Mar '25Moved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  5. Dec '24Promoter holding fell 2.5 pts to 72.5%.
  6. Jun '24EPS (TTM) turned negative.
  7. Jun '24Slipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
  8. Jun '24Debt / equity rose above 1.0x (1.43x).
  9. Jun '24Dividend payout cut from 7% to -0% of profit.
  10. Jun '23Year-on-year EPS growth turned negative.
  11. Jun '23Slipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  12. May '23P/E fell below the 10th percentile of its own history to date (8.5x).
  13. Oct '22P/E fell below the 10th percentile of its own history to date (9.2x).
  14. Jun '22Revenue (TTM) reached a new high of ₹824 cr.
  15. Jun '22Dividend payout cut from 10% to 4% of profit.
  16. May '22Debt / equity halved over 12 months to 0.45x.
  17. Jan '22Regained the 2021-08 peak, 5 months after the low.
  18. Oct '21Debt / equity halved over 12 months to 0.45x.
  19. Aug '21Fell 30% from the Aug 2021 peak to the Aug 2021 low.
  20. Jun '21Moved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  21. May '21Regained the 2021-01 peak, 2 months after the low.
  22. Mar '21Fell 30% from the Jan 2021 peak to the Mar 2021 low.

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

Are profits backed by cash?

4 of 6 checks are within range, 1 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance-5%Within range

Other income as a share of pre-tax profit (trailing twelve months): -5.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate0%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 0.0%. 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 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-10 daysWithin range

Debtor days are below the median of the previous three fiscal years by 10 days (23 vs 33). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-16 days / 2 yrsWithin range

Days payable changed by -16 over two years. Bands: rise of up to 30 days; more than 30 days.

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, promoters trimmed 2.3 pts.
  • The number of shareholders fell from 62,410 to 53,311 (-15%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters75.0%72.7%-2.3 pts
FIIs0.1%0.1%0.0 pts
DIIs———
Public and others24.9%27.2%+2.3 pts

Number of shareholders

53,311shareholders-15% since Dec '23
53k62k71k80k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 62,410
Mar '24: 65,909
Jun '24: 64,766
Sep '24: 79,717
Dec '24: 77,003
Mar '25: 75,286
Jun '25: 66,201
Sep '25: 53,882
Dec '25: 53,123
Mar '26: 53,076
Jun '26: 53,311
 53k62k71k80k Dec '23Dec '24Dec '25Jun '26
Dec '23: 62,410
Mar '24: 65,909
Jun '24: 64,766
Sep '24: 79,717
Dec '24: 77,003
Mar '25: 75,286
Jun '25: 66,201
Sep '25: 53,882
Dec '25: 53,123
Mar '26: 53,076
Jun '26: 53,311

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

How rough has the ride been?

Maximum drawdown-71.4%not yet recovered
1-year volatility46.9%annualised

Monthly share price

₹21₹56₹91₹127 Oct '20Jan '22Apr '23Jul '24Oct '25Oct '26
2020-10: ₹23.85
2020-11: ₹20.65
2020-12: ₹27.30
2021-01: ₹27.05
2021-02: ₹24.55
2021-03: ₹21.95
2021-04: ₹22.30
2021-05: ₹33.95
2021-06: ₹51.95
2021-07: ₹75.75
2021-08: ₹63.80
2021-09: ₹58.70
2021-10: ₹63.30
2021-11: ₹59.50
2021-12: ₹64.15
2022-01: ₹109.55
2022-02: ₹104.75
2022-03: ₹125.75
2022-04: ₹126.80
2022-05: ₹111.80
2022-06: ₹97.95
2022-07: ₹84.45
2022-08: ₹85.25
2022-09: ₹73.50
2022-10: ₹75.40
2022-11: ₹74.50
2022-12: ₹78.10
2023-01: ₹71.45
2023-02: ₹57.50
2023-03: ₹67.05
2023-04: ₹75.95
2023-05: ₹69.80
2023-06: ₹66.70
2023-07: ₹63.15
2023-08: ₹68.70
2023-09: ₹65.15
2023-10: ₹63.95
2023-11: ₹64.90
2023-12: ₹69.05
2024-01: ₹87.65
2024-02: ₹76.80
2024-03: ₹64.35
2024-04: ₹72.20
2024-05: ₹65.55
2024-06: ₹71.33
2024-07: ₹85.68
2024-08: ₹85.85
2024-09: ₹80.26
2024-10: ₹71.18
2024-11: ₹72.84
2024-12: ₹71.81
2025-01: ₹69.44
2025-02: ₹51.56
2025-03: ₹46.28
2025-04: ₹54.04
2025-05: ₹78.88
2025-06: ₹92.25
2025-07: ₹109.75
2025-08: ₹108.66
2025-09: ₹122.27
2025-10: ₹102.11
2025-11: ₹84.23
2025-12: ₹78.60
2026-01: ₹64.95
2026-02: ₹56.66
2026-03: ₹43.24
2026-04: ₹54.53
2026-05: ₹55.08
2026-06: ₹53.54
2026-07: ₹47.15
2026-08: ₹55.55
2026-09: ₹48.76
2026-10: ₹43.61
 ₹21₹56₹91₹127 Oct '20Oct '22Oct '24Oct '26
2020-10: ₹23.85
2020-11: ₹20.65
2020-12: ₹27.30
2021-01: ₹27.05
2021-02: ₹24.55
2021-03: ₹21.95
2021-04: ₹22.30
2021-05: ₹33.95
2021-06: ₹51.95
2021-07: ₹75.75
2021-08: ₹63.80
2021-09: ₹58.70
2021-10: ₹63.30
2021-11: ₹59.50
2021-12: ₹64.15
2022-01: ₹109.55
2022-02: ₹104.75
2022-03: ₹125.75
2022-04: ₹126.80
2022-05: ₹111.80
2022-06: ₹97.95
2022-07: ₹84.45
2022-08: ₹85.25
2022-09: ₹73.50
2022-10: ₹75.40
2022-11: ₹74.50
2022-12: ₹78.10
2023-01: ₹71.45
2023-02: ₹57.50
2023-03: ₹67.05
2023-04: ₹75.95
2023-05: ₹69.80
2023-06: ₹66.70
2023-07: ₹63.15
2023-08: ₹68.70
2023-09: ₹65.15
2023-10: ₹63.95
2023-11: ₹64.90
2023-12: ₹69.05
2024-01: ₹87.65
2024-02: ₹76.80
2024-03: ₹64.35
2024-04: ₹72.20
2024-05: ₹65.55
2024-06: ₹71.33
2024-07: ₹85.68
2024-08: ₹85.85
2024-09: ₹80.26
2024-10: ₹71.18
2024-11: ₹72.84
2024-12: ₹71.81
2025-01: ₹69.44
2025-02: ₹51.56
2025-03: ₹46.28
2025-04: ₹54.04
2025-05: ₹78.88
2025-06: ₹92.25
2025-07: ₹109.75
2025-08: ₹108.66
2025-09: ₹122.27
2025-10: ₹102.11
2025-11: ₹84.23
2025-12: ₹78.60
2026-01: ₹64.95
2026-02: ₹56.66
2026-03: ₹43.24
2026-04: ₹54.53
2026-05: ₹55.08
2026-06: ₹53.54
2026-07: ₹47.15
2026-08: ₹55.55
2026-09: ₹48.76
2026-10: ₹43.61

Last 90 trading days

₹44₹49₹54₹60 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹56.26
2026-06-25: ₹55.62
2026-06-30: ₹53.54
2026-07-02: ₹53.95
2026-07-06: ₹53.25
2026-07-08: ₹51.80
2026-07-10: ₹51.58
2026-07-14: ₹50.24
2026-07-16: ₹48.03
2026-07-20: ₹48.93
2026-07-22: ₹48.00
2026-07-24: ₹47.95
2026-07-28: ₹48.08
2026-07-30: ₹47.43
2026-08-03: ₹49.35
2026-08-05: ₹52.68
2026-08-07: ₹52.00
2026-08-11: ₹51.15
2026-08-13: ₹51.19
2026-08-17: ₹59.75
2026-08-19: ₹57.65
2026-08-21: ₹55.82
2026-08-25: ₹56.75
2026-08-27: ₹55.52
2026-08-31: ₹55.55
2026-09-02: ₹54.00
2026-09-04: ₹54.86
2026-09-08: ₹52.83
2026-09-10: ₹52.68
2026-09-15: ₹50.60
2026-09-17: ₹49.97
2026-09-21: ₹49.55
2026-09-23: ₹50.13
2026-09-25: ₹49.59
2026-09-29: ₹49.22
2026-10-01: ₹49.22
2026-10-06: ₹48.73
2026-10-08: ₹47.60
2026-10-12: ₹48.29
2026-10-14: ₹48.85
2026-10-16: ₹48.48
2026-10-21: ₹46.92
2026-10-23: ₹44.73
2026-10-27: ₹44.54
2026-10-29: ₹44.75
2026-10-30: ₹43.61
 ₹44₹49₹54₹60 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹56.26
2026-06-25: ₹55.62
2026-06-30: ₹53.54
2026-07-02: ₹53.95
2026-07-06: ₹53.25
2026-07-08: ₹51.80
2026-07-10: ₹51.58
2026-07-14: ₹50.24
2026-07-16: ₹48.03
2026-07-20: ₹48.93
2026-07-22: ₹48.00
2026-07-24: ₹47.95
2026-07-28: ₹48.08
2026-07-30: ₹47.43
2026-08-03: ₹49.35
2026-08-05: ₹52.68
2026-08-07: ₹52.00
2026-08-11: ₹51.15
2026-08-13: ₹51.19
2026-08-17: ₹59.75
2026-08-19: ₹57.65
2026-08-21: ₹55.82
2026-08-25: ₹56.75
2026-08-27: ₹55.52
2026-08-31: ₹55.55
2026-09-02: ₹54.00
2026-09-04: ₹54.86
2026-09-08: ₹52.83
2026-09-10: ₹52.68
2026-09-15: ₹50.60
2026-09-17: ₹49.97
2026-09-21: ₹49.55
2026-09-23: ₹50.13
2026-09-25: ₹49.59
2026-09-29: ₹49.22
2026-10-01: ₹49.22
2026-10-06: ₹48.73
2026-10-08: ₹47.60
2026-10-12: ₹48.29
2026-10-14: ₹48.85
2026-10-16: ₹48.48
2026-10-21: ₹46.92
2026-10-23: ₹44.73
2026-10-27: ₹44.54
2026-10-29: ₹44.75
2026-10-30: ₹43.61

Drawdown from peak

0% -36% -71% Oct '20Oct '23Oct '26 0% -36% -71% Oct '20Oct '23Oct '26
Largest drawdowns

-71.4% (2022-04 peak to 2026-03 low, not yet recovered)

-30.1% (2021-08 peak to 2021-08 low, recovered 2022-01)

-29.9% (2021-01 peak to 2021-03 low, recovered 2021-05)

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).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 happened next to similar setups

+5.3%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 KHAITAN CHEMICALS & FERTILIZER 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 −25% to +57% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (+6.3%, 80% range −8.3% to +18.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
RKEC · Jul 2025: −63.5% vs market
AVG · Feb 2025: −50.7% vs market
DHAMPURSUG · Mar 2024: −44.4% vs market
MANORG · Feb 2023: −43.1% vs market
UGARSUGAR · Jan 2024: −41.3% vs market
DBOL · Dec 2023: −36.8% vs market
BCLIND · Feb 2025: −33.0% vs market
EMAMIPAP · Aug 2023: −32.7% vs market
FOODSIN · Aug 2024: −29.2% vs market
RSWM · Apr 2023: −28.4% vs market
GEEKAYWIRE · Aug 2025: −27.2% vs market
SARVESHWAR · Oct 2025: −26.1% vs market
UTTAMSUGAR · Oct 2024: −25.6% vs market
MVGJL · Nov 2024: −21.2% vs market
TBI · Sep 2025: −20.3% vs market
BASML · Feb 2023: −19.4% vs market
NAHARINDUS · Apr 2023: −19.3% vs market
SUTLEJTEX · May 2023: −18.4% vs market
ATL · Mar 2025: −8.5% vs market
VISHWARAJ · Nov 2022: −7.0% vs market
MONTECARLO · Feb 2024: −6.5% vs market
RANEHOLDIN · Apr 2020: −5.7% vs market
ZEELEARN · Feb 2021: −5.6% vs market
RAYMOND · May 2020: −5.6% vs market
KANPRPLA · Oct 2022: +2.1% vs market
PENIND · Nov 2020: +8.6% vs market
GINNIFILA · Feb 2023: +9.3% vs market
GVT&D · Feb 2022: +15.0% vs market
AUTOIND · Aug 2025: +16.2% vs market
BHARATGEAR · Apr 2020: +20.5% vs market
BIL · Jul 2020: +22.2% vs market
MANOMAY · Jul 2025: +23.6% vs market
NAVA · Apr 2020: +29.7% vs market
HUHTAMAKI · Mar 2022: +32.3% vs market
ALICON · Mar 2020: +34.1% vs market
AXISCADES · Feb 2021: +52.2% vs market
KDDL · May 2020: +53.1% vs market
KAMATHOTEL · Sep 2024: +58.5% vs market
MANGLMCEM · Sep 2020: +59.6% vs market
POWERMECH · Dec 2020: +60.7% vs market
TIMETECHNO · May 2020: +61.5% vs market
NACLIND · Mar 2024: +74.5% vs market
VARROC · May 2020: +84.5% vs market
SPAL · Aug 2020: +94.8% vs market
HIMATSEIDE · May 2020: +105.5% vs market
GRMOVER · May 2024: +107.7% vs market
RKFORGE · May 2020: +144.3% vs market
ASHAPURMIN · Oct 2024: +172.6% vs market
KIRLOSENG · Mar 2022: +216.2% vs market
GREENPOWER · May 2021: +248.7% vs market
Similar setups +5.3%All companies −1.0%← 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 · 6 beyond the range shown, drawn at the edge

Similar setups' median
+5.3%
All companies' median
−1.0%
Beat the market
52% vs 49%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NACLIND
Process Industries		 Mar 2024 13x15% −31%−45% +75%
UTTAMSUGAR
Process Industries		 Oct 2024 12x— −30%−38% −26%
FOODSIN
Consumer Non-Durables		 Aug 2024 20x15% −26%−38% −29%
ZEELEARN
Consumer Services		 Feb 2021 9x14% −25%−38% −6%
BASML
Process Industries		 Feb 2023 6x14% −46%−57% −19%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
AVG
Transportation		 Feb 2025 11x15% −60%−60% −51%
HIMATSEIDE
Process Industries		 May 2020 2x12% −77%−78% +106%
GRMOVER
Process Industries		 May 2024 13x17% −18%−38% +108%
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/S and size. 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 KHAITAN CHEMICALS & FERTILIZER. 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 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (73 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-107.8x₹989 cr18.6%18.0%1.1x
2026-098.8x₹989 cr18.2%18.0%1.1x
2026-088.3x₹1002 cr21.6%18.0%1.1x
2026-077.1x₹1002 cr21.6%18.0%1.1x
2026-068.0x₹1002 cr21.6%18.0%1.1x
2026-057.4x₹970 cr31.8%2.0%1.4x
2026-047.3x₹970 cr31.8%2.0%1.4x
2026-035.8x₹970 cr31.8%2.0%1.4x
2026-028.6x₹903 cr28.7%2.0%1.4x
2026-019.8x₹903 cr28.7%2.0%1.4x
2025-1211.9x₹903 cr28.7%2.0%1.4x
2025-1120.7x₹825 cr17.9%2.0%1.4x
2025-1025.1x₹825 cr17.9%2.0%1.4x
2025-0930.0x₹825 cr17.9%2.0%1.4x
2025-08776.1x₹721 cr0.6%2.0%1.4x
2025-07783.9x₹721 cr0.6%2.0%1.4x
2025-06658.9x₹721 cr0.6%2.0%1.4x
2025-05—₹611 cr-19.9%-8.0%1.4x
2025-04—₹611 cr-19.9%-8.0%1.4x
2025-03—₹611 cr-19.9%-8.0%1.4x
2025-02—₹539 cr-38.0%-8.0%1.4x
2025-01—₹539 cr-38.0%-8.0%1.4x
2024-12—₹539 cr-38.0%-8.0%1.4x
2024-11—₹501 cr-36.7%-8.0%1.4x
2024-10—₹501 cr-36.7%-8.0%1.4x
2024-09—₹501 cr-36.7%-8.0%1.4x
2024-08—₹535 cr-31.7%-8.0%1.4x
2024-07—₹535 cr-31.7%-8.0%1.4x
2024-06—₹535 cr-31.7%-8.0%1.4x
2024-0515.1x₹888 cr14.3%15.0%0.8x
2024-0416.6x₹888 cr14.3%15.0%0.8x
2024-0314.8x₹888 cr14.3%15.0%0.8x
2024-0217.7x₹888 cr14.3%15.0%0.8x
2024-0120.2x₹888 cr14.3%15.0%0.8x
2023-1215.9x₹888 cr14.3%15.0%0.8x
2023-1115.0x₹888 cr14.3%15.0%0.8x
2023-1014.7x₹888 cr14.3%15.0%0.8x
2023-0915.0x₹888 cr14.3%15.0%0.8x
2023-0815.8x₹888 cr14.3%15.0%0.8x
2023-0714.6x₹888 cr14.3%15.0%0.8x
2023-0615.4x₹888 cr14.3%15.0%0.8x
2023-058.5x₹824 cr31.6%36.0%0.6x
2023-049.3x₹824 cr31.6%36.0%0.6x
2023-038.2x₹824 cr31.6%36.0%0.6x
2023-027.0x₹824 cr31.6%36.0%0.6x
2023-018.7x₹824 cr31.6%36.0%0.6x
2022-129.5x₹824 cr31.6%36.0%0.6x
2022-119.1x₹824 cr31.6%36.0%0.6x
2022-109.2x₹824 cr31.6%36.0%0.6x
2022-099.0x₹824 cr31.6%36.0%0.6x
2022-0810.4x₹824 cr31.6%36.0%0.6x
2022-0710.3x₹824 cr31.6%36.0%0.6x
2022-0611.9x₹824 cr31.6%36.0%0.6x
2022-0543.7x₹481 cr14.3%20.0%0.5x
2022-0449.5x₹481 cr14.3%20.0%0.5x
2022-0349.1x₹481 cr14.3%20.0%0.5x
2022-0240.9x₹481 cr14.3%20.0%0.5x
2022-0142.8x₹481 cr14.3%20.0%0.5x
2021-1225.1x₹481 cr14.3%20.0%0.5x
2021-1123.2x₹481 cr14.3%20.0%0.5x
2021-1024.7x₹481 cr14.3%20.0%0.5x
2021-0922.9x₹481 cr14.3%20.0%0.5x
2021-0824.9x₹481 cr14.3%20.0%0.5x
2021-0729.6x₹481 cr14.3%20.0%0.5x
2021-0620.3x₹481 cr14.3%20.0%0.5x
2021-0521.9x₹437 cr9.8%14.0%0.9x
2021-0414.4x₹437 cr9.8%14.0%0.9x
2021-0314.2x₹437 cr9.8%14.0%0.9x
2021-0215.8x₹437 cr9.8%14.0%0.9x
2021-0117.5x₹437 cr9.8%14.0%0.9x
2020-1217.6x₹437 cr9.8%14.0%0.9x
2020-1113.3x₹437 cr9.8%14.0%0.9x
2020-1015.4x₹437 cr9.8%14.0%0.9x

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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