Share price
₹86.51 latest close · +7.7% over the last 90 sessions
₹86.51 month-end · +12.1% over 12 months
₹86.51 month-end · +0.2% over 3 years
₹86.51 month-end · +451.0% since Feb '19
52-week range ₹58.60 to ₹107.90 · 1-year volatility 50.1%
Was the rally earned?
Mostly yes, with a catch.
- Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 10.3x to 8.3x), which took 22 points back.
- The share count barely moved.
- The share price was roughly flat over 3 years (+0%).
- The share count fell 2%.
Mostly yes, with a catch.
- Per-share earnings added 194 points, but investors now pay less per rupee of profit (P/E 18.7x to 8.3x), which took 111 points back.
- The share count barely moved.
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.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-64.9% (2024-08 peak to 2026-03 low, not yet recovered)
-61.3% (2022-01 peak to 2023-06 low, recovered 2024-02)
-58.1% (2019-03 peak to 2020-10 low, recovered 2021-01)
Is it expensive against its own past and its peers?
Usual range 3.7x to 23.6x since 2019-02.
54% below the Process Industries median.
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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.
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
- ROCE45thflat vs a year ago
- Op. margin56th▲ 3 pts vs a year ago
- Revenue growth50th▼ 11 pts vs a year ago
- EPS growth73rd▲ 37 pts vs a year ago
- Debt/equity ↓2ndflat vs a year ago
- Cash cycle ↓44th▲ 7 pts vs a year ago
- P/E ↓85thflat vs a year ago
- 12M momentum73rd▲ 38 pts vs a year ago
Rank history
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Process Industries sector page Watch it move against Process Industries in the Observatory
What is the price implying?
At a P/E of 9.4x, the price would imply about 6.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“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
Key figures
- Share Priceclose 9 Nov
- ₹86.51
- P/E
- 8.3x
- ROCE
- 10.0%
- Market Cap
- ₹153 cr
- Revenue (TTM)
- ₹631 cr
- P/S
- 0.2x
- P/B
- 1.1x
- ROE
- 13.5%
- Operating Margin
- 12.5%
- Debt / Equity
- 2.6x
- Promoter Holding
- 68.5%
- 12M Momentum
- 12.1%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance1%Within range
Other income as a share of pre-tax profit (trailing twelve months): 1.1%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate28%Within range
Median quarterly effective tax rate over about 2.5 years: 27.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion2.83xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 2.83x (cash from operations ₹119 cr, net profit ₹42 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+1 daysWithin range
Debtor days are above the median of the previous three fiscal years by 1 days (42 vs 41). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress2% of fixed assetsWithin range
Capital work-in-progress is 2% 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.
Who has been buying and selling?
- Over 3 years, institutional and promoter holdings were broadly unchanged.
- The number of shareholders fell from 6,049 to 5,317 (-12%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like LAGNAM SPINTEX 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 −27% to +33% vs the market, against −4% for all non-financial companies in the same months.
- The gap against the base rate (−0.7%, 80% range −16.1% to +9.1%) 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 · 2 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 33 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| RAJSREESUG Process Industries |
May 2022 | 4x | 11% | +75% | −17% | −8% |
| MANAKCOAT Non-Energy Minerals |
Oct 2023 | 18x | 10% | +41% | −5% | +69% |
| RBS Process Industries |
May 2025 | 13x | 13% | +15% | −29% | −10% |
| BIL Consumer Non-Durables |
Jun 2023 | 5x | 13% | +41% | −2% | +41% |
| RELCHEMQ Process Industries |
Nov 2023 | 17x | 11% | +50% | −1% | −43% |
Show the other 3 matches
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: ROCE, 12-month momentum 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.
What changed?
30 events since Mar '21
- SepResultsRevenue (TTM) reached a new high of ₹631 cr.
- JunDividendDividend payout cut from 7% to 0% of profit.
- MarResultsYear-on-year EPS growth turned positive.
- MarPriceFell 65% from the Aug 2024 peak to the Mar 2026 low.
- MarPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
- DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
- SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
- JunResultsYear-on-year EPS growth turned negative.
Show 22 earlier events
- JunPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
- MarPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
- JunDividendStarted paying a dividend (payout 6% of profit).
- AprPriceRegained the 2024-02 peak, 1 month after the low.
- MarPriceFell 26% from the Feb 2024 peak to the Mar 2024 low.
- FebPriceRegained the 2022-01 peak, 8 months after the low.
- JunResultsYear-on-year EPS growth turned negative.
- JunPriceFell 61% from the Jan 2022 peak to the Jun 2023 low.
- JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
- JunDividendDividend payout cut from 6% to 0% of profit.
- NovValuationP/E fell below the 10th percentile of its own history to date (3.7x).
- JunResultsRevenue (TTM) reached a new high of ₹348 cr.
- JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
- JunDividendDividend payout cut from 20% to 6% of profit.
- JanValuationP/E crossed above the 90th percentile of its own history to date (36.5x).
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
- JunDividendStarted paying a dividend (payout 20% of profit).
- AprPriceRegained the 2021-01 peak, 1 month after the low.
- MarPriceFell 26% 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
Monthly history94 months · 2019-02 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 8.3x | ₹631 cr | 13.5% | 10.0% | 2.6x |
| 2026-10 | 7.7x | ₹631 cr | 13.5% | 10.0% | 2.6x |
| 2026-09 | 7.0x | ₹631 cr | 13.5% | 10.0% | 2.6x |
| 2026-08 | 9.4x | ₹605 cr | 10.6% | 10.0% | 2.6x |
| 2026-07 | 10.6x | ₹605 cr | 10.6% | 10.0% | 2.6x |
| 2026-06 | 9.8x | ₹605 cr | 10.6% | 10.0% | 2.6x |
| 2026-05 | 9.4x | ₹588 cr | 12.0% | 10.0% | 3.2x |
| 2026-04 | 10.0x | ₹588 cr | 12.0% | 10.0% | 3.2x |
| 2026-03 | 7.3x | ₹588 cr | 12.0% | 10.0% | 3.2x |
| 2026-02 | 9.9x | ₹584 cr | 10.9% | 10.0% | 3.2x |
| 2026-01 | 8.9x | ₹584 cr | 10.9% | 10.0% | 3.2x |
| 2025-12 | 9.9x | ₹584 cr | 10.9% | 10.0% | 3.2x |
| 2025-11 | 10.3x | ₹586 cr | 10.9% | 10.0% | 3.2x |
| 2025-10 | 10.8x | ₹586 cr | 10.9% | 10.0% | 3.2x |
| 2025-09 | 11.2x | ₹586 cr | 10.9% | 10.0% | 3.2x |
| 2025-08 | 12.2x | ₹606 cr | 10.6% | 10.0% | 3.2x |
| 2025-07 | 13.4x | ₹606 cr | 10.6% | 10.0% | 3.2x |
| 2025-06 | 14.4x | ₹606 cr | 10.6% | 10.0% | 3.2x |
| 2025-05 | 16.2x | ₹592 cr | 10.7% | 9.0% | 3.5x |
| 2025-04 | 17.5x | ₹592 cr | 10.7% | 9.0% | 3.5x |
| 2025-03 | 14.2x | ₹592 cr | 10.7% | 9.0% | 3.5x |
| 2025-02 | 13.0x | ₹568 cr | 12.7% | 9.0% | 3.5x |
| 2025-01 | 14.7x | ₹568 cr | 12.7% | 9.0% | 3.5x |
| 2024-12 | 16.6x | ₹568 cr | 12.7% | 9.0% | 3.5x |
| 2024-11 | 13.2x | ₹526 cr | 13.6% | 9.0% | 3.5x |
| 2024-10 | 13.2x | ₹526 cr | 13.6% | 9.0% | 3.5x |
| 2024-09 | 13.7x | ₹526 cr | 13.6% | 9.0% | 3.5x |
| 2024-08 | 15.3x | ₹437 cr | 13.8% | 9.0% | 3.5x |
| 2024-07 | 20.3x | ₹437 cr | 13.8% | 9.0% | 3.5x |
| 2024-06 | 17.8x | ₹437 cr | 13.8% | 9.0% | 3.5x |
| 2024-05 | 23.7x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2024-04 | 29.0x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2024-03 | 20.9x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2024-02 | 21.7x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2024-01 | 16.6x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-12 | 16.0x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-11 | 15.6x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-10 | 12.9x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-09 | 11.8x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-08 | 12.2x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-07 | 11.9x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-06 | 8.8x | ₹305 cr | 10.5% | 9.0% | 1.9x |
| 2023-05 | 2.6x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2023-04 | 3.4x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2023-03 | 3.0x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2023-02 | 3.1x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2023-01 | 3.7x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-12 | 3.8x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-11 | 3.7x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-10 | 4.2x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-09 | 4.4x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-08 | 4.9x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-07 | 4.6x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-06 | 4.5x | ₹348 cr | 33.7% | 22.0% | 1.9x |
| 2022-05 | 31.7x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2022-04 | 32.2x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2022-03 | 34.5x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2022-02 | 32.7x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2022-01 | 36.5x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-12 | 22.0x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-11 | 18.7x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-10 | 20.5x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-09 | 17.8x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-08 | 15.5x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-07 | 18.0x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-06 | 11.3x | ₹205 cr | 7.6% | 9.0% | 2.8x |
| 2021-05 | 41.7x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2021-04 | 33.4x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2021-03 | 23.3x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2021-02 | 23.7x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2021-01 | 23.3x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-12 | 17.5x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-11 | 12.7x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-10 | 11.1x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-09 | 13.3x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-08 | 13.9x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-07 | 13.7x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-06 | 13.3x | ₹176 cr | 2.1% | 5.0% | 2.9x |
| 2020-05 | 2.8x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2020-04 | 2.8x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2020-03 | 2.8x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2020-02 | 4.4x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2020-01 | 3.9x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-12 | 3.9x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-11 | 3.9x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-10 | 3.9x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-09 | 3.9x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-08 | 4.4x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-07 | 4.8x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-06 | 5.4x | ₹80 cr | 9.3% | 7.0% | 2.3x |
| 2019-05 | 3.6x | ₹84 cr | 18.5% | 12.0% | 1.8x |
| 2019-04 | 3.6x | ₹84 cr | 18.5% | 12.0% | 1.8x |
| 2019-03 | 3.9x | ₹84 cr | 18.5% | 12.0% | 1.8x |
| 2019-02 | 3.9x | ₹84 cr | 18.5% | 12.0% | 1.8x |