KHANDWALA SECURITIES LIMITED (KHANDSE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹17.43 latest close · −0.7% over the last 90 sessions

₹17.43 month-end · −20.4% over 12 months

₹17.43 month-end · −27.2% over 3 years

₹17.43 month-end · +11.0% since Feb '19

52-week range ₹12.20 to ₹25.50 · 1-year volatility 48.6%

How rough has the ride been?

Maximum drawdown-71.3%not yet recovered

1-year volatility48.6%annualised

Drawdown from peak

Largest drawdowns

-71.3% (2022-11 peak to 2026-03 low, not yet recovered)

-56.7% (2019-03 peak to 2020-09 low, recovered 2020-12)

-47.1% (2022-07 peak to 2022-10 low, recovered 2022-11)

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance 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

ROCE7th▲ 4 pts vs a year ago
Op. margin17th▲ 8 pts vs a year ago
Revenue growth46th▲ 18 pts vs a year ago
EPS growth3rd▼ 70 pts vs a year ago
Debt/equity ↓52nd▼ 7 pts vs a year ago
Cash cycle ↓19thflat vs a year ago
P/E ↓33rd▲ 12 pts vs a year ago
12M momentum40th▲ 8 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 Finance sector page Watch it move against Finance 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 Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹17.43
ROCE: -3.5%
Market Cap: ₹27 cr
Revenue (TTM): ₹9 cr
P/S: 2.9x
P/B: 1.0x
ROE: -2.2%
Operating Margin: -3.5%
Debt / Equity: 0.1x
Promoter Holding: 48.8%
12M Momentum: -20.4%

52-week range

₹12.20₹25.50

39% of the way from its 52-week low to its high

Price risk

1Y volatility

48.6%

Beta vs sector

1-year daily

0.37

Balance sheet & cash

Debt service

no meaningful debt

Cash from profit, 3Y

operating cash flow ÷ net profit

-2.00x

low

Share count, 1Y

unchanged

Are profits backed by cash?

2 of 3checks within range1 near a threshold

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 flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-112 daysWithin range

Debtor days are below the median of the previous three fiscal years by 112 days (167 vs 279). 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.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, promoters added 1.0 pts.
The number of shareholders rose from 3,626 to 4,604 (+27%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters47.8%48.8%+1.0 pts

FIIs———

DIIs———

Public and others52.3%51.2%-1.0 pts

Number of shareholders

4,604shareholders+27% 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

−1.6%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 KHANDWALA SECURITIES 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 −18% to +26% vs the market, against −3% for all non-financial companies in the same months.
The gap against the base rate (+1.4%, 80% range −8.0% to +3.0%) 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median

−1.6%

All companies' median

−3.0%

Beat the market

46% vs 47%

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

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NKIND Process Industries	Jan 2025	—	—	−8%	−31%	−13%
NEXTMEDIA Consumer Services	Jul 2024	—	-8%	+47%	−14%	−8%
SOMATEX Process Industries	Dec 2022	—	0%	−10%	−33%	+87%
KREBSBIO Health Technology	Oct 2024	—	-19%	+19%	−26%	−18%
PEARLPOLY Process Industries	Jan 2024	—	-17%	+32%	−5%	−9%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
PRAENG Consumer Durables	Apr 2020	—	0%	−44%	−44%	+13%
SIL Process Industries	Aug 2025	—	-8%	−34%	−39%	−1%
PALASHSECU Consumer Non-Durables	Oct 2020	—	0%	−11%	−20%	+55%

How reliable is this?

Matched on P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and ROCE. Not used (unavailable for this company): P/E and interest cover. 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.

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 KHANDWALA SECURITIES LIMITED. 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 changed?

27 events since Jun '19

2026
MarPriceFell 71% from the Nov 2022 peak to the Mar 2026 low.
2025
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the 2nd quartile).
2024
DecValuationP/E fell below the 10th percentile of its own history to date (63.5x).
DecPeer rankSlipped to the bottom quartile of Finance on operating margin (from the 3rd quartile).
SepResultsYear-on-year EPS growth turned positive.
SepPeer rankMoved into the 3rd quartile of Finance on EPS growth (from the bottom quartile).
JunResultsYear-on-year EPS growth turned negative.

Show 19 earlier events

2024
JunPeer rankSlipped to the bottom quartile of Finance on ROCE (from the 3rd quartile).
JanDebtDebt / equity halved over 12 months to 0.09x.
2023
OctValuationP/E fell below the 10th percentile of its own history to date (81.7x).
JunResultsRevenue (TTM) reached a new high of ₹6 cr.
JunPeer rankMoved into the top quartile of Finance on EPS growth (from the bottom quartile).
JunDebtDebt / equity halved over 12 months to 0.09x.
JunSharesShare count is up 27.7% over 12 months.
2022
NovPriceRegained the 2022-07 peak, 1 month after the low.
OctPriceFell 47% from the Jul 2022 peak to the Oct 2022 low.
JunResultsEPS (TTM) turned positive.
JunPriceRegained the 2022-01 peak, 3 months after the low.
JunPeer rankMoved into the 3rd quartile of Finance on ROCE (from the bottom quartile).
MarPriceFell 40% from the Jan 2022 peak to the Mar 2022 low.
JanPriceRegained the 2020-12 peak, 9 months after the low.
2021
AprPriceFell 44% from the Dec 2020 peak to the Apr 2021 low.
2020
DecPriceRegained the 2019-03 peak, 3 months after the low.
SepPriceFell 57% from the Mar 2019 peak to the Sep 2020 low.
JunResultsEPS (TTM) turned negative.
2019
JunResultsEPS (TTM) turned positive.

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 history94 months · 2019-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	—	₹9 cr	-2.2%	-3.5%	0.1x
2026-10	—	₹9 cr	-2.2%	-3.5%	0.1x
2026-09	—	₹9 cr	-2.2%	-3.5%	0.1x
2026-08	—	₹8 cr	-4.6%	-3.5%	0.1x
2026-07	—	₹8 cr	-4.6%	-3.5%	0.1x
2026-06	—	₹8 cr	-4.6%	-3.5%	0.1x
2026-05	—	₹7 cr	-10.0%	-14.5%	0.1x
2026-04	—	₹7 cr	-10.0%	-14.5%	0.1x
2026-03	—	₹7 cr	-10.0%	-14.5%	0.1x
2026-02	—	₹8 cr	-6.4%	-14.5%	0.1x
2026-01	—	₹8 cr	-6.4%	-14.5%	0.1x
2025-12	—	₹8 cr	-6.4%	-14.5%	0.1x
2025-11	—	₹8 cr	-6.4%	-14.5%	0.1x
2025-10	—	₹8 cr	-6.4%	-14.5%	0.1x
2025-09	—	₹8 cr	-6.4%	-14.5%	0.1x
2025-08	—	₹10 cr	-2.7%	-14.5%	0.1x
2025-07	—	₹10 cr	-2.7%	-14.5%	0.1x
2025-06	—	₹10 cr	-2.7%	-14.5%	0.1x
2025-05	38.1x	₹11 cr	3.1%	1.4%	0.1x
2025-04	37.4x	₹11 cr	3.1%	1.4%	0.1x
2025-03	34.9x	₹11 cr	3.1%	1.4%	0.1x
2025-02	53.2x	₹11 cr	2.2%	1.4%	0.1x
2025-01	65.3x	₹11 cr	2.2%	1.4%	0.1x
2024-12	63.5x	₹11 cr	2.2%	1.4%	0.1x
2024-11	86.8x	₹9 cr	1.7%	1.4%	0.1x
2024-10	89.4x	₹9 cr	1.7%	1.4%	0.1x
2024-09	91.8x	₹9 cr	1.7%	1.4%	0.1x
2024-08	299.4x	₹9 cr	0.6%	1.4%	0.1x
2024-07	287.3x	₹9 cr	0.6%	1.4%	0.1x
2024-06	256.1x	₹9 cr	0.6%	1.4%	0.1x
2024-05	95.3x	₹6 cr	1.5%	2.9%	0.1x
2024-04	103.1x	₹6 cr	1.5%	2.9%	0.1x
2024-03	101.2x	₹6 cr	1.5%	2.9%	0.1x
2024-02	115.2x	₹6 cr	1.5%	2.9%	0.1x
2024-01	101.4x	₹6 cr	1.5%	2.9%	0.1x
2023-12	88.4x	₹6 cr	1.5%	2.9%	0.1x
2023-11	82.6x	₹6 cr	1.5%	2.9%	0.1x
2023-10	81.7x	₹6 cr	1.5%	2.9%	0.1x
2023-09	86.2x	₹6 cr	1.5%	2.9%	0.1x
2023-08	93.6x	₹6 cr	1.5%	2.9%	0.1x
2023-07	95.3x	₹6 cr	1.5%	2.9%	0.1x
2023-06	102.4x	₹6 cr	1.5%	2.9%	0.1x
2023-05	377.0x	₹6 cr	0.6%	2.9%	0.3x
2023-04	240.5x	₹6 cr	0.6%	2.9%	0.3x
2023-03	226.0x	₹6 cr	0.6%	2.9%	0.3x
2023-02	293.5x	₹6 cr	0.6%	2.9%	0.3x
2023-01	336.5x	₹6 cr	0.6%	2.9%	0.3x
2022-12	334.0x	₹6 cr	0.6%	2.9%	0.3x
2022-11	385.0x	₹6 cr	0.6%	2.9%	0.3x
2022-10	293.0x	₹6 cr	0.6%	2.9%	0.3x
2022-09	281.5x	₹6 cr	0.6%	2.9%	0.3x
2022-08	298.5x	₹6 cr	0.6%	2.9%	0.3x
2022-07	353.5x	₹6 cr	0.6%	2.9%	0.3x
2022-06	349.5x	₹6 cr	0.6%	2.9%	0.3x
2022-05	—	₹4 cr	-8.3%	-3.4%	0.3x
2022-04	—	₹4 cr	-8.3%	-3.4%	0.3x
2022-03	—	₹4 cr	-8.3%	-3.4%	0.3x
2022-02	—	₹4 cr	-8.3%	-3.4%	0.3x
2022-01	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-12	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-11	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-10	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-09	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-08	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-07	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-06	—	₹4 cr	-8.3%	-3.4%	0.3x
2021-05	—	₹3 cr	-16.6%	-9.2%	0.4x
2021-04	—	₹3 cr	-16.6%	-9.2%	0.4x
2021-03	—	₹3 cr	-16.6%	-9.2%	0.4x
2021-02	—	₹3 cr	-16.6%	-9.2%	0.4x
2021-01	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-12	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-11	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-10	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-09	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-08	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-07	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-06	—	₹3 cr	-16.6%	-9.2%	0.4x
2020-05	62.8x	₹4 cr	0.8%	-4.7%	0.3x
2020-04	68.8x	₹4 cr	0.8%	-4.7%	0.3x
2020-03	82.8x	₹4 cr	0.8%	-4.7%	0.3x
2020-02	86.9x	₹4 cr	0.8%	-4.7%	0.3x
2020-01	87.5x	₹4 cr	0.8%	-4.7%	0.3x
2019-12	88.4x	₹4 cr	0.8%	-4.7%	0.3x
2019-11	84.4x	₹4 cr	0.8%	-4.7%	0.3x
2019-10	88.8x	₹4 cr	0.8%	-4.7%	0.3x
2019-09	93.1x	₹4 cr	0.8%	-4.7%	0.3x
2019-08	90.3x	₹4 cr	0.8%	-4.7%	0.3x
2019-07	86.3x	₹4 cr	0.8%	-4.7%	0.3x
2019-06	95.0x	₹4 cr	0.8%	-4.7%	0.3x
2019-05	—	₹4 cr	-3.0%	-1.6%	0.2x
2019-04	—	₹4 cr	-3.0%	-1.6%	0.2x
2019-03	—	₹4 cr	-3.0%	-1.6%	0.2x
2019-02	—	₹4 cr	-3.0%	-1.6%	0.2x

Methodology and data notes