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KRISHANA PHOSCHEM LIMITED (KRISHANA)

Process Industries · Chemicals: Agricultural · 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.64 / 100
Profitability 84Growth 98Balance sheet 10
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.66 / 100
Price 96Earnings 75FII/DII 25

Passes these screensQuality CompounderHigh MomentumConsistent compoundersNear 52-week high

Compare withFERTILIZERS AND CHEMICALS TRAVUPLSUMITOMO CHEMICAL INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹245.21 latest close · +61.5% over the last 90 sessions

₹150₹200₹250Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹150₹200₹250Jul 3Sep 4Nov 9

₹245.21 month-end · +145.1% over 12 months

₹100₹150₹200₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹100₹150₹200₹250Nov '25May '26Nov '26

₹245.21 month-end · +421.7% over 3 years

₹100₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200Nov '23May '25Nov '26

₹245.21 month-end · +4127.8% since Feb '19

₹0₹100₹200Feb '19Sep '20Mar '22Oct '23Apr '25Nov '26 ₹0₹100₹200Feb '19Jan '23Nov '26

52-week range ₹90.85 to ₹254.00 · 1-year volatility 42.5%

Was the rally earned?

+145%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 109 points to the rise, while the multiple moved less (P/E 30.8x to 38.6x).
  • The share count barely moved.
Net profit growth: +106 pts. Points of the price return explained by net profit growing (or shrinking).+106 ptsNet profit growthP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36 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: +145%+145%Share priceNet profit growth: +106 pts. Points of the price return explained by net profit growing (or shrinking).+106ProfitP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +145%+145%Share price
Net profit growth+106 ptsNet profit rose about 92%, which lifts the price.
P/E change+36 ptsThe P/E rose from 30.8x to 38.6x, which lifts the price.
Share count change+3 ptsShare count was little changed. More shares would count against the price.
+422%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 499 points, but investors now pay less per rupee of profit (P/E 52.2x to 38.6x), which took 77 points back.
  • The share count rose 3%.
Net profit growth: +506 pts. Points of the price return explained by net profit growing (or shrinking).+506 ptsNet profit growthP/E change: −77 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−77 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +422%+422%Share priceNet profit growth: +506 pts. Points of the price return explained by net profit growing (or shrinking).+506ProfitP/E change: −77 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−77P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +422%+422%Share price
Net profit growth+506 ptsNet profit rose about 627%, which lifts the price.
P/E change-77 ptsThe P/E fell from 52.2x to 38.6x, which lowers the price.
Share count change-7 ptsShare count rose 3%, which lowers the price.
+1400%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 1105 points to the rise, while the multiple moved less (P/E 21.8x to 38.6x).
  • The share count rose 16%.
Net profit growth: +1180 pts. Points of the price return explained by net profit growing (or shrinking).+1180 ptsNet profit growthP/E change: +295 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+295 ptsP/E changeShare count change: −75 pts. Points of the price return explained by the share count changing. More shares count against the price.−75 ptsShare count changeShare price: +1400%+1400%Share priceNet profit growth: +1180 pts. Points of the price return explained by net profit growing (or shrinking).+1180ProfitP/E change: +295 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+295P/EShare count change: −75 pts. Points of the price return explained by the share count changing. More shares count against the price.−75SharesShare price: +1400%+1400%Share price
Net profit growth+1180 ptsNet profit rose about 881%, which lifts the price.
P/E change+295 ptsThe P/E rose from 21.8x to 38.6x, which lifts the price.
Share count change-75 ptsShare count rose 16%, 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 FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-41.0%recovered 2025-05
1-year volatility42.5%annualised
Beta vs sector index0.903-year daily, correlation 0.37
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−40.6% 0%−20%−40%2020202220242026−40.6%
Largest drawdowns

-41.0% (2024-06 peak to 2025-02 low, recovered 2025-05)

-37.1% (2020-01 peak to 2020-06 low, recovered 2020-10)

-33.3% (2022-05 peak to 2022-07 low, recovered 2022-09)

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?

38.6xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 29.6xDearest

Usual range 10.1x to 50.6x since 2019-02.

Against Process Industries38.6x vs 18.1x
This company
38.6x
Sector median
18.1x

113% above the Process Industries median.

6.8x23.1x39.5x55.8xFeb '19Sep '20Apr '22Nov '23Jun '25Nov '266.8x23.1x39.5x55.8xFeb '19Sep '21Apr '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

  • ROCE92nd▲ 7 pts vs a year ago
  • Op. margin76th▼ 6 pts vs a year ago
  • Revenue growth96th▲ 5 pts vs a year ago
  • EPS growth86th▼ 5 pts vs a year ago
  • Debt/equity ↓9th▼ 8 pts vs a year ago
  • Cash cycle ↓43rd▼ 13 pts vs a year ago
  • P/E ↓19th▼ 17 pts vs a year ago
  • 12M momentum99thflat 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?

~36%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 104.1x, a holder earning 12%/yr needs earnings to grow about 35.7%/yr for 10 years, then trade at 15x.

Delivered43.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−7.3 ptsimplied minus delivered
Rank672ndmost demanding of 856

Over time

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

0%30%60% Feb 2019Nov 2026 0%30%60% Feb 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x37.5%38.7%40.0%
15x34.5%35.7%36.9%
20x30.7%31.9%33.1%

Drag a slider to test other assumptions

Implied: 35.7%/yr

Looking back

  • Jan 2020Price implied 20%/yr; EPS has since grown 41%/yr (7.0 yrs)
  • Jan 2021Price implied 18%/yr; EPS has since grown 48%/yr (6.0 yrs)
  • Jan 2022Price implied 24%/yr; EPS has since grown 51%/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
₹245.21
P/E
38.6x
ROCE
27.0%
Market Cap
₹7565 cr
Revenue (TTM)
₹2554 cr
P/S
3.0x
P/B
13.5x
ROE
35.0%
Operating Margin
17.0%
Debt / Equity
1.3x
Promoter Holding
72.9%
12M Momentum
145.1%

52-week range

₹90.85₹254.00
95% of the way from its 52-week low to its high

Price risk

1Y volatility
42.5%
Beta vs sector
1-year daily
1.06

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.39x
low
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold
Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate30%Within range

Median quarterly effective tax rate over about 2.5 years: 29.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.39xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.39x (cash from operations ₹-120 cr, net profit ₹307 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+6 daysWithin range

Debtor days are above the median of the previous three fiscal years by 6 days (108 vs 102). 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+12 days / 2 yrsWithin range

Days payable changed by +12 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, promoters added 6.7 pts.
  • The number of shareholders rose from 8,236 to 19,162 (+133%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters66.2%72.9%+6.7 pts
FIIs0.0%0.4%+0.4 pts
DIIs0.0%0.0%0.0 pts
Public and others33.8%26.7%-7.1 pts

Number of shareholders

19,162shareholders+133% since Sep '23
8k12k16k19k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 8,236
Dec '23: 9,153
Mar '24: 8,937
Jun '24: 8,349
Sep '24: 8,595
Dec '24: 8,835
Mar '25: 9,594
Jun '25: 13,128
Sep '25: 13,987
Dec '25: 13,804
Mar '26: 12,975
Jun '26: 19,162
 8k12k16k19k Sep '23Sep '24Sep '25Jun '26
Sep '23: 8,236
Dec '23: 9,153
Mar '24: 8,937
Jun '24: 8,349
Sep '24: 8,595
Dec '24: 8,835
Mar '25: 9,594
Jun '25: 13,128
Sep '25: 13,987
Dec '25: 13,804
Mar '26: 12,975
Jun '26: 19,162

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

−8.4%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like KRISHANA PHOSCHEM 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 −33% to +33% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −5.9%, 80% range −19.6% to −2.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SOLEX · Sep 2025: −59.8% vs market
ABCIND · Apr 2025: −54.2% vs market
DECCANCE · Sep 2025: −49.1% vs market
TCPLPACK · Mar 2025: −48.7% vs market
JAIBALAJI · Feb 2024: −46.7% vs market
FSL · Jun 2021: −45.0% vs market
SDBL · Sep 2023: −43.3% vs market
PITTIENG · Nov 2024: −42.5% vs market
KIRLOSENG · Jun 2024: −40.2% vs market
JASH · Feb 2025: −37.0% vs market
V2RETAIL · Oct 2025: −36.2% vs market
EPIGRAL · Aug 2022: −35.7% vs market
PUNJABCHEM · Aug 2021: −33.7% vs market
KEI · Jan 2020: −31.2% vs market
VIVIANA · Sep 2025: −30.3% vs market
PCBL · Sep 2024: −29.9% vs market
CANTABIL · Jul 2022: −27.3% vs market
KDDL · Nov 2023: −26.8% vs market
VADILALIND · Dec 2022: −24.3% vs market
VISHNU · Aug 2022: −24.0% vs market
HINDWAREAP · Oct 2021: −21.6% vs market
ANGELONE · Mar 2022: −20.3% vs market
GSPL · Apr 2020: −18.3% vs market
CRAFTSMAN · Aug 2023: −16.6% vs market
ROLEXRINGS · Sep 2022: −8.7% vs market
BRIGADE · Feb 2020: −8.0% vs market
RKFORGE · Nov 2023: −6.6% vs market
BCONCEPTS · Sep 2023: −6.4% vs market
RAMASTEEL · Oct 2022: −5.0% vs market
CAMLINFINE · Sep 2020: −2.3% vs market
AMBER · Sep 2020: −2.2% vs market
THANGAMAYL · Oct 2023: +14.7% vs market
SHAREINDIA · Dec 2021: +15.0% vs market
MBAPL · Sep 2022: +16.0% vs market
NEOGEN · May 2020: +17.1% vs market
GRANULES · Mar 2020: +17.5% vs market
GRAVITA · May 2023: +21.8% vs market
AARTIDRUGS · Jun 2020: +36.3% vs market
GREENPANEL · Sep 2021: +37.1% vs market
KPIGREEN · Dec 2023: +41.7% vs market
PRIVISCL · Sep 2025: +49.5% vs market
CGPOWER · Jul 2022: +56.4% vs market
LUMAXTECH · Aug 2025: +64.3% vs market
RAJRATAN · Jul 2021: +79.9% vs market
APLAPOLLO · Feb 2020: +102.7% vs market
DEEPAKNTR · Jan 2020: +112.7% vs market
PGEL · Nov 2023: +134.5% vs market
TITAGARH · Jun 2023: +152.0% vs market
JWL · Jun 2023: +170.7% vs market
ALKYLAMINE · Jan 2020: +206.0% vs market
Similar setups −8.4%All companies −2.5%← 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
−8.4%
All companies' median
−2.5%
Beat the market
38% vs 47%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LUMAXTECH
Producer Manufacturing		 Aug 2025 45x19% +123%−2% +64%
VISHNU
Process Industries		 Aug 2022 29x24% +209%−2% −24%
RKFORGE
Producer Manufacturing		 Nov 2023 52x19% +264%0% −7%
MBAPL
Process Industries		 Sep 2022 35x30% +356%−1% +16%
GRAVITA
Non-Energy Minerals		 May 2023 31x31% +128%0% +22%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DECCANCE
Non-Energy Minerals		 Sep 2025 77x— +85%−3% −49%
DEEPAKNTR
Process Industries		 Jan 2020 30x17% +75%−5% +113%
AARTIDRUGS
Health Technology		 Jun 2020 21x21% +140%−1% +36%
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: P/E, P/S and interest cover. 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 KRISHANA PHOSCHEM 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

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.

SKIPPERSKIPPER
Producer Manufacturing
65%similar
volatilityEPS growth
ASK AUTOMOTIVEASKAUTOLTD
Producer Manufacturing
64%similar
P/EROCE
NETWEB TECHNOLOGIES INDIANETWEB
Electronic Technology
58%similar
revenue growthrevenue
REDTAPEREDTAPE
Retail Trade
57%similar
operating marginrevenue
FUJIYAMA POWER SYSTEMSUTLSOLAR
Producer Manufacturing
57%similar
revenueP/E
PICCADILY AGRO INDUSTRIESPICCADIL
Process Industries
59%similar
operating marginP/E
PRIVI SPECIALITY CHEMICALSPRIVISCL
Process Industries
56%similar
P/Erevenue
MADHYA BHARAT AGRO PRODUCTMBAPL
Process Industries
51%similar
debt/equitymarket cap

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

What changed?

30 events since Aug '23

  1. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  2. JunDebtDebt / equity rose above 1.0x (1.31x).
  3. JunDividendDividend payout cut from 4% to 2% of profit.
  4. AprPriceRegained the 2025-08 peak, 6 months after the low.
  5. AprPriceVolume reached 8.3x its 50-day median on 2026-04-27; price +7.6% that day.
  6. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  7. OctPriceFell 26% from the Aug 2025 peak to the Oct 2025 low.
  8. OctPriceVolume reached 5.8x its 50-day median on 2025-10-13; price +1.1% that day.
Show 22 earlier events
  1. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  2. SepPriceVolume reached 6.8x its 50-day median on 2025-09-29; price -12.8% that day.
  3. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  4. JunDebtDebt / equity fell below 1.0x (0.98x).
  5. JunDividendDividend payout cut from 8% to 4% of profit.
  6. MayPriceRegained the 2024-06 peak, 3 months after the low.
  7. MayPriceVolume reached 23.0x its 50-day median on 2025-05-08; price +12.4% that day.
  8. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  9. FebPriceFell 41% from the Jun 2024 peak to the Feb 2025 low.
  10. JanPriceVolume reached 21.4x its 50-day median on 2025-01-16; price +0.6% that day.
  11. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  12. DecPriceVolume reached 6.1x its 50-day median on 2024-12-24; price -0.5% that day.
  13. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunPriceRegained the 2023-03 peak, 9 months after the low.
  16. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  17. JunPriceVolume reached 9.6x its 50-day median on 2024-06-20; price +5.0% that day.
  18. MayValuationP/E crossed above the 90th percentile of its own history to date (55.8x).
  19. MarPromoterPromoter holding rose 3.7 pts to 69.9%.
  20. FebPriceVolume reached 8.4x its 50-day median on 2024-02-23; price +7.5% that day.
  21. SepPriceFell 25% from the Mar 2023 peak to the Sep 2023 low.
  22. AugPriceVolume reached 15.6x its 50-day median on 2023-08-07; price +5.7% 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
2026-1138.6x₹2554 cr35.0%27.0%1.3x
2026-1035.9x₹2554 cr34.9%27.0%1.3x
2026-0929.6x₹2554 cr34.9%27.0%1.3x
2026-0832.8x₹2418 cr32.1%27.0%1.3x
2026-0731.4x₹2418 cr32.1%27.0%1.3x
2026-0623.6x₹2418 cr32.1%27.0%1.3x
2026-0531.8x₹2136 cr33.9%22.0%1.0x
2026-0428.6x₹2136 cr33.9%22.0%1.0x
2026-0322.4x₹2136 cr33.9%22.0%1.0x
2026-0225.6x₹1781 cr30.7%22.0%1.0x
2026-0125.7x₹1781 cr30.7%22.0%1.0x
2025-1228.2x₹1781 cr30.7%22.0%1.0x
2025-1130.8x₹1474 cr26.6%22.0%1.0x
2025-1031.1x₹1474 cr26.6%22.0%1.0x
2025-0927.7x₹1474 cr26.6%22.0%1.0x
2025-0841.4x₹1359 cr22.7%22.0%1.0x
2025-0740.1x₹1359 cr22.7%22.0%1.0x
2025-0635.8x₹1359 cr22.7%22.0%1.0x
2025-0539.2x₹1149 cr19.9%15.0%1.4x
2025-0429.6x₹1149 cr19.9%15.0%1.4x
2025-0324.6x₹1149 cr19.9%15.0%1.4x
2025-0228.9x₹1075 cr14.3%15.0%1.4x
2025-0129.6x₹1075 cr14.3%15.0%1.4x
2024-1229.2x₹1075 cr14.3%15.0%1.4x
2024-1128.8x₹1039 cr15.0%15.0%1.4x
2024-1030.2x₹1039 cr15.0%15.0%1.4x
2024-0932.4x₹1039 cr15.0%15.0%1.4x
2024-0837.5x₹923 cr13.6%15.0%1.4x
2024-0742.7x₹923 cr13.6%15.0%1.4x
2024-0644.1x₹923 cr13.6%15.0%1.4x
2024-0555.8x₹323 cr10.3%11.0%1.1x
2024-0451.1x₹323 cr10.3%11.0%1.1x
2024-0354.2x₹323 cr10.3%11.0%1.1x
2024-0255.8x₹323 cr10.3%11.0%1.1x
2024-0151.6x₹323 cr10.3%11.0%1.1x
2023-1255.1x₹323 cr10.3%11.0%1.1x
2023-1152.2x₹323 cr10.3%11.0%1.1x
2023-1054.7x₹323 cr10.3%11.0%1.1x
2023-0954.3x₹323 cr10.3%11.0%1.1x
2023-0847.1x₹323 cr10.3%11.0%1.1x
2023-0747.4x₹323 cr10.3%11.0%1.1x
2023-0649.3x₹323 cr10.3%11.0%1.1x
2023-0546.7x₹318 cr13.1%20.0%0.3x
2023-0447.5x₹318 cr13.1%20.0%0.3x
2023-0349.1x₹318 cr13.1%20.0%0.3x
2023-0254.8x₹318 cr13.1%20.0%0.3x
2023-0144.1x₹318 cr13.1%20.0%0.3x
2022-1243.5x₹318 cr13.1%20.0%0.3x
2022-1137.3x₹318 cr13.1%20.0%0.3x
2022-1035.1x₹318 cr13.1%20.0%0.3x
2022-0934.3x₹318 cr13.1%20.0%0.3x
2022-0832.5x₹318 cr13.1%20.0%0.3x
2022-0728.1x₹318 cr13.1%20.0%0.3x
2022-0627.5x₹318 cr13.1%20.0%0.3x
2022-0542.4x₹188 cr13.6%20.0%0.1x
2022-0442.8x₹188 cr13.6%20.0%0.1x
2022-0337.1x₹188 cr13.6%20.0%0.1x
2022-0223.8x₹188 cr13.6%20.0%0.1x
2022-0123.3x₹188 cr13.6%20.0%0.1x
2021-1222.0x₹188 cr13.6%20.0%0.1x

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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