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LIBERTY SHOES LTD (LIBERTSHOE)

Consumer Non-Durables

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.28 / 100
Profitability 43Growth 26Balance sheet 16
Compare withPAGE INDUSTRIES LTDKPR MILL LTDPEARL GLOBAL INDUSTRIES LTD
Share Price
₹187.51
P/E
21.3x
ROCE
9.0%
Market Cap
₹319 cr
Revenue (TTM)
₹220 cr
P/S
1.4x
P/B
2.0x
ROE
9.2%
Operating Margin
13.2%
Debt / Equity
0.9x
Promoter Holding
59.3%
12M Momentum
-41.4%
P/E vs its own history48th percentilesince Jan '19
P/E vs Consumer Non-Durables0.8xthe sector median

52-week range

₹179.00₹331.05
6% of the way from its 52-week low to its high

Price risk

1Y volatility
39.5%
Beta vs sector
1-year daily
1.02

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.88x
Share count, 1Y
unchanged

Was the rally earned?

-41%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 36.4x to 21.3x); per-share earnings added 0 points.
  • The share count fell 6%.
1 year Net profit growth: -5 pts. Points of the price return explained by net profit growing (or shrinking).-5 ptsP/E change: -41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-41 ptsShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 pts -41% 1 year Net profit growth: -5 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: -41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-41 ptsShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price. -41%
Net profit growth-5 ptsNet profit fell about 6%, which lowers the price.
P/E change-41 ptsThe P/E fell from 36.4x to 21.3x, which lowers the price.
Share count change+5 ptsShare count fell 6%, which lifts the price.
-40%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 35.4x to 21.3x); per-share earnings added 0 points.
  • The share count fell 6%.
3 years Net profit growth: -5 pts. Points of the price return explained by net profit growing (or shrinking).-5 ptsP/E change: -40 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-40 ptsShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 pts -40% 3 years Net profit growth: -5 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: -40 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-40 ptsShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price. -40%
Net profit growth-5 ptsNet profit fell about 6%, which lowers the price.
P/E change-40 ptsThe P/E fell from 35.4x to 21.3x, which lowers the price.
Share count change+5 ptsShare count fell 6%, which lifts the price.
+17%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 18.2x to 21.3x); per-share earnings added 0 points.
  • The share count fell 6%.
5 years Net profit growth: -7 pts. Points of the price return explained by net profit growing (or shrinking).-7 ptsP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17 ptsShare count change: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7 pts +17% 5 years Net profit growth: -7 pts. Points of the price return explained by net profit growing (or shrinking).-7 ptsP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17 ptsShare count change: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7 pts +17%
Net profit growth-7 ptsNet profit fell about 6%, which lowers the price.
P/E change+17 ptsThe P/E rose from 18.2x to 21.3x, which lifts the price.
Share count change+7 ptsShare count fell 6%, which lifts 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 PAGE INDUSTRIES

Is it expensive against its own past and its peers?

21.3xP/E todayWithin its usual range
Against its own history48th percentileMedian 23.7x; usual range 14.1x to 43.6x since 2019-01.
Against Consumer Non-Durables21.3x vs 25.4xBelow the Consumer Non-Durables median.
9.5x26.4x43.3x60.1xJan '19Aug '20Mar '22Oct '23May '25Oct '269.5x26.4x43.3x60.1xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

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P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

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P/S (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables 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 Consumer Non-Durables is valued

What is the price implying?

~21%annual earnings growth implied by the price

At a P/E of 31.3x, the price would imply about 20.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Consumer Non-Durables The market-wide Expectations lists

What changed?

  1. Oct '26Fell 68% from the Oct 2024 peak to the Oct 2026 low.
  2. Apr '25P/E crossed above the 90th percentile of its own history to date (43.7x).
  3. Jul '24Regained the 2022-10 peak, 16 months after the low.
  4. Apr '24P/E crossed above the 90th percentile of its own history to date (36.0x).
  5. Apr '24Slipped to the 3rd quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
  6. Aug '23P/E crossed above the 90th percentile of its own history to date (28.7x).
  7. Jun '23Moved into the 2nd quartile of Consumer Non-Durables on EPS growth (from the 3rd quartile).
  8. Apr '23P/E crossed above the 90th percentile of its own history to date (27.0x).
Show 10 earlier events
  1. Mar '23Fell 57% from the Oct 2022 peak to the Mar 2023 low.
  2. Sep '22Regained the 2021-09 peak, 7 months after the low.
  3. Aug '22P/E crossed above the 90th percentile of its own history to date (19.3x).
  4. Apr '22P/E crossed above the 90th percentile of its own history to date (18.9x).
  5. Feb '22Fell 41% from the Sep 2021 peak to the Feb 2022 low.
  6. Aug '21Slipped to the 3rd quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
  7. Jul '21Regained the 2019-01 peak, 16 months after the low.
  8. Jun '21P/E crossed above the 90th percentile of its own history to date (19.4x).
  9. Jun '20Moved into the 2nd quartile of Consumer Non-Durables on EPS growth (from the 3rd quartile).
  10. Mar '20Fell 60% from the Jan 2019 peak to the Mar 2020 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?

7 of 7 checks are within range.
Tap a check to see how it is measured.

Other income reliance8%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate19%Within range

Median quarterly effective tax rate over about 2.5 years: 18.6%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.88xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.88x (cash from operations ₹95 cr, net profit ₹33 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (88 vs 88). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 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 added 0.8 pts.
  • The number of shareholders fell from 27,829 to 21,331 (-23%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.5%59.3%+0.8 pts
FIIs0.0%0.1%+0.1 pts
DIIs———
Public and others41.5%40.6%-0.9 pts

Number of shareholders

21,331shareholders-23% since Dec '23
21k23k25k28k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 27,829
Mar '24: 25,183
Jun '24: 23,290
Sep '24: 21,328
Dec '24: 20,693
Mar '25: 20,949
Jun '25: 21,081
Sep '25: 21,561
Dec '25: 21,434
Mar '26: 21,548
Jun '26: 21,331
 21k23k25k28k Dec '23Dec '24Dec '25Jun '26
Dec '23: 27,829
Mar '24: 25,183
Jun '24: 23,290
Sep '24: 21,328
Dec '24: 20,693
Mar '25: 20,949
Jun '25: 21,081
Sep '25: 21,561
Dec '25: 21,434
Mar '26: 21,548
Jun '26: 21,331

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-67.8%not yet recovered
1-year volatility39.5%annualised

Monthly share price

₹84₹232₹381₹529 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹157.50
2019-02: ₹135.30
2019-03: ₹150.90
2019-04: ₹134.60
2019-05: ₹136.75
2019-06: ₹117.10
2019-07: ₹98.45
2019-08: ₹83.75
2019-09: ₹105.80
2019-10: ₹120.15
2019-11: ₹130.05
2019-12: ₹136.15
2020-01: ₹144.05
2020-02: ₹102.10
2020-03: ₹101.45
2020-04: ₹104.30
2020-05: ₹103.65
2020-06: ₹123.45
2020-07: ₹133.65
2020-08: ₹147.70
2020-09: ₹150.55
2020-10: ₹140.50
2020-11: ₹153.00
2020-12: ₹152.65
2021-01: ₹137.50
2021-02: ₹140.40
2021-03: ₹127.15
2021-04: ₹126.85
2021-05: ₹143.55
2021-06: ₹170.70
2021-07: ₹179.25
2021-08: ₹171.25
2021-09: ₹170.90
2021-10: ₹159.80
2021-11: ₹147.00
2021-12: ₹154.85
2022-01: ₹159.05
2022-02: ₹136.40
2022-03: ₹146.40
2022-04: ₹166.25
2022-05: ₹150.45
2022-06: ₹137.90
2022-07: ₹153.70
2022-08: ₹169.55
2022-09: ₹305.15
2022-10: ₹287.25
2022-11: ₹364.25
2022-12: ₹271.70
2023-01: ₹254.70
2023-02: ₹203.55
2023-03: ₹194.65
2023-04: ₹237.95
2023-05: ₹227.10
2023-06: ₹240.20
2023-07: ₹229.00
2023-08: ₹252.45
2023-09: ₹265.10
2023-10: ₹311.65
2023-11: ₹283.25
2023-12: ₹278.70
2024-01: ₹369.25
2024-02: ₹280.95
2024-03: ₹276.65
2024-04: ₹316.80
2024-05: ₹332.50
2024-06: ₹380.90
2024-07: ₹518.50
2024-08: ₹465.15
2024-09: ₹514.50
2024-10: ₹529.35
2024-11: ₹469.15
2024-12: ₹480.45
2025-01: ₹394.15
2025-02: ₹308.10
2025-03: ₹321.30
2025-04: ₹384.35
2025-05: ₹434.20
2025-06: ₹403.80
2025-07: ₹343.45
2025-08: ₹308.55
2025-09: ₹327.60
2025-10: ₹320.15
2025-11: ₹298.25
2025-12: ₹278.80
2026-01: ₹249.50
2026-02: ₹241.42
2026-03: ₹213.11
2026-04: ₹253.11
2026-05: ₹243.75
2026-06: ₹269.27
2026-07: ₹260.40
2026-08: ₹242.05
2026-09: ₹221.01
2026-10: ₹187.51
 ₹84₹232₹381₹529 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹157.50
2019-02: ₹135.30
2019-03: ₹150.90
2019-04: ₹134.60
2019-05: ₹136.75
2019-06: ₹117.10
2019-07: ₹98.45
2019-08: ₹83.75
2019-09: ₹105.80
2019-10: ₹120.15
2019-11: ₹130.05
2019-12: ₹136.15
2020-01: ₹144.05
2020-02: ₹102.10
2020-03: ₹101.45
2020-04: ₹104.30
2020-05: ₹103.65
2020-06: ₹123.45
2020-07: ₹133.65
2020-08: ₹147.70
2020-09: ₹150.55
2020-10: ₹140.50
2020-11: ₹153.00
2020-12: ₹152.65
2021-01: ₹137.50
2021-02: ₹140.40
2021-03: ₹127.15
2021-04: ₹126.85
2021-05: ₹143.55
2021-06: ₹170.70
2021-07: ₹179.25
2021-08: ₹171.25
2021-09: ₹170.90
2021-10: ₹159.80
2021-11: ₹147.00
2021-12: ₹154.85
2022-01: ₹159.05
2022-02: ₹136.40
2022-03: ₹146.40
2022-04: ₹166.25
2022-05: ₹150.45
2022-06: ₹137.90
2022-07: ₹153.70
2022-08: ₹169.55
2022-09: ₹305.15
2022-10: ₹287.25
2022-11: ₹364.25
2022-12: ₹271.70
2023-01: ₹254.70
2023-02: ₹203.55
2023-03: ₹194.65
2023-04: ₹237.95
2023-05: ₹227.10
2023-06: ₹240.20
2023-07: ₹229.00
2023-08: ₹252.45
2023-09: ₹265.10
2023-10: ₹311.65
2023-11: ₹283.25
2023-12: ₹278.70
2024-01: ₹369.25
2024-02: ₹280.95
2024-03: ₹276.65
2024-04: ₹316.80
2024-05: ₹332.50
2024-06: ₹380.90
2024-07: ₹518.50
2024-08: ₹465.15
2024-09: ₹514.50
2024-10: ₹529.35
2024-11: ₹469.15
2024-12: ₹480.45
2025-01: ₹394.15
2025-02: ₹308.10
2025-03: ₹321.30
2025-04: ₹384.35
2025-05: ₹434.20
2025-06: ₹403.80
2025-07: ₹343.45
2025-08: ₹308.55
2025-09: ₹327.60
2025-10: ₹320.15
2025-11: ₹298.25
2025-12: ₹278.80
2026-01: ₹249.50
2026-02: ₹241.42
2026-03: ₹213.11
2026-04: ₹253.11
2026-05: ₹243.75
2026-06: ₹269.27
2026-07: ₹260.40
2026-08: ₹242.05
2026-09: ₹221.01
2026-10: ₹187.51

Last 90 trading days

₹183₹214₹245₹276 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹255.51
2026-06-25: ₹269.59
2026-06-30: ₹269.27
2026-07-02: ₹263.95
2026-07-06: ₹271.20
2026-07-08: ₹270.00
2026-07-10: ₹274.05
2026-07-14: ₹265.05
2026-07-16: ₹255.55
2026-07-20: ₹269.80
2026-07-22: ₹262.20
2026-07-24: ₹258.25
2026-07-28: ₹262.85
2026-07-30: ₹261.55
2026-08-03: ₹261.90
2026-08-05: ₹268.20
2026-08-07: ₹262.30
2026-08-11: ₹245.30
2026-08-13: ₹238.55
2026-08-17: ₹248.05
2026-08-19: ₹244.25
2026-08-21: ₹246.75
2026-08-25: ₹247.15
2026-08-27: ₹245.10
2026-08-31: ₹242.05
2026-09-02: ₹234.79
2026-09-04: ₹233.27
2026-09-08: ₹226.85
2026-09-10: ₹229.41
2026-09-15: ₹218.62
2026-09-17: ₹216.00
2026-09-21: ₹220.75
2026-09-23: ₹235.48
2026-09-25: ₹235.92
2026-09-29: ₹225.54
2026-10-01: ₹216.78
2026-10-06: ₹218.57
2026-10-08: ₹210.18
2026-10-12: ₹210.48
2026-10-14: ₹209.08
2026-10-16: ₹210.75
2026-10-21: ₹197.17
2026-10-23: ₹183.19
2026-10-27: ₹193.34
2026-10-29: ₹193.20
2026-10-30: ₹187.51
 ₹183₹214₹245₹276 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹255.51
2026-06-25: ₹269.59
2026-06-30: ₹269.27
2026-07-02: ₹263.95
2026-07-06: ₹271.20
2026-07-08: ₹270.00
2026-07-10: ₹274.05
2026-07-14: ₹265.05
2026-07-16: ₹255.55
2026-07-20: ₹269.80
2026-07-22: ₹262.20
2026-07-24: ₹258.25
2026-07-28: ₹262.85
2026-07-30: ₹261.55
2026-08-03: ₹261.90
2026-08-05: ₹268.20
2026-08-07: ₹262.30
2026-08-11: ₹245.30
2026-08-13: ₹238.55
2026-08-17: ₹248.05
2026-08-19: ₹244.25
2026-08-21: ₹246.75
2026-08-25: ₹247.15
2026-08-27: ₹245.10
2026-08-31: ₹242.05
2026-09-02: ₹234.79
2026-09-04: ₹233.27
2026-09-08: ₹226.85
2026-09-10: ₹229.41
2026-09-15: ₹218.62
2026-09-17: ₹216.00
2026-09-21: ₹220.75
2026-09-23: ₹235.48
2026-09-25: ₹235.92
2026-09-29: ₹225.54
2026-10-01: ₹216.78
2026-10-06: ₹218.57
2026-10-08: ₹210.18
2026-10-12: ₹210.48
2026-10-14: ₹209.08
2026-10-16: ₹210.75
2026-10-21: ₹197.17
2026-10-23: ₹183.19
2026-10-27: ₹193.34
2026-10-29: ₹193.20
2026-10-30: ₹187.51

Drawdown from peak

0% -34% -68% Jan '19Dec '22Oct '26 0% -34% -68% Jan '19Dec '22Oct '26
Largest drawdowns

-67.8% (2024-10 peak to 2026-10 low, not yet recovered)

-60.2% (2019-01 peak to 2020-03 low, recovered 2021-07)

-56.9% (2022-10 peak to 2023-03 low, recovered 2024-07)

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables 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 Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What happened next to similar setups

+3.8%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like LIBERTY SHOES LTD 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 −19% to +40% vs the market, against −6% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.3%, 80% range +1.4% to +14.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SHIGAN · Dec 2024: −61.7% vs market
STANLEY · Oct 2025: −48.7% vs market
SDBL · Apr 2020: −47.7% vs market
SULA · Oct 2025: −45.8% vs market
BODALCHEM · May 2022: −37.4% vs market
REMSONSIND · Mar 2025: −32.2% vs market
APEX · Feb 2023: −31.0% vs market
BAJAJHCARE · Jul 2023: −30.8% vs market
RUPA · Jul 2025: −28.0% vs market
SPECIALITY · Aug 2024: −26.7% vs market
INDIANHUME · Dec 2021: −23.1% vs market
ATL · Jul 2025: −22.6% vs market
KRISHANA · Jan 2024: −19.3% vs market
HIKAL · Aug 2024: −16.1% vs market
HESTERBIO · Mar 2024: −13.2% vs market
INDOCO · Oct 2024: −12.4% vs market
EVEREADY · Jun 2024: −11.8% vs market
AARTIDRUGS · Jan 2025: −11.4% vs market
BBTCL · Aug 2024: −7.6% vs market
GOACARBON · Oct 2025: −2.2% vs market
REPRO · May 2021: −2.1% vs market
ASALCBR · Mar 2023: −1.5% vs market
SOMANYCERA · May 2025: +0.9% vs market
HLEGLAS · Mar 2025: +3.0% vs market
SAGCEM · Jul 2022: +3.4% vs market
ALICON · Sep 2025: +4.1% vs market
TVSSRICHAK · Oct 2024: +5.9% vs market
GOCLCORP · Apr 2021: +7.0% vs market
SUDARSCHEM · Dec 2022: +10.9% vs market
WHEELS · Jan 2021: +10.9% vs market
SHK · Jul 2023: +11.3% vs market
ZIMLAB · May 2025: +11.8% vs market
HUHTAMAKI · Jul 2022: +17.6% vs market
NRBBEARING · Oct 2020: +20.1% vs market
BANARISUG · Jul 2021: +26.7% vs market
MANGLMCEM · Jul 2025: +27.2% vs market
BBL · Jun 2021: +27.8% vs market
SATIA · Dec 2021: +43.4% vs market
STEELXIND · May 2025: +50.4% vs market
SANDHAR · Aug 2022: +60.1% vs market
GREENPLY · Aug 2023: +61.5% vs market
MBAPL · Nov 2024: +73.1% vs market
MMFL · Aug 2020: +73.7% vs market
GANECOS · Dec 2023: +74.8% vs market
KCP · Jun 2020: +84.2% vs market
AJMERA · Apr 2021: +155.0% vs market
THANGAMAYL · Oct 2022: +167.0% vs market
ARIHANTSUP · Aug 2020: +171.3% vs market
SKMEGGPROD · Jul 2022: +246.4% vs market
CANTABIL · Aug 2021: +299.4% vs market
Similar setups +3.8%All companies −5.5%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
+3.8%
All companies' median
−5.5%
Beat the market
56% vs 44%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SHIGAN
Electronic Technology		 Dec 2024 43x11% −12%−30% −62%
KRISHANA
Process Industries		 Jan 2024 52x11% +6%−16% −19%
EVEREADY
Producer Manufacturing		 Jun 2024 38x16% +1%−19% −12%
GREENPLY
Producer Manufacturing		 Aug 2023 22x11% −14%−20% +62%
HUHTAMAKI
Process Industries		 Jul 2022 17x— −35%−38% +18%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BANARISUG
Process Industries		 Jul 2021 25x7% +41%−13% +27%
SULA
Process Industries		 Oct 2025 37x13% −39%−44% −46%
MBAPL
Process Industries		 Nov 2024 67x12% −14%−30% +73%
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, drawdown from 12-month high and ROCE. 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 LIBERTY SHOES LTD. 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 (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1021.3x₹220 cr9.2%9.0%0.9x
2026-0925.1x₹220 cr9.8%9.0%0.9x
2026-0827.5x₹220 cr9.8%9.0%0.9x
2026-0729.6x₹220 cr9.8%9.0%0.9x
2026-0630.6x₹220 cr9.8%9.0%0.9x
2026-0527.7x₹220 cr9.8%9.0%0.9x
2026-0428.8x₹220 cr9.8%9.0%0.9x
2026-0324.2x₹220 cr9.8%9.0%0.9x
2026-0227.4x₹220 cr9.8%9.0%0.9x
2026-0128.4x₹220 cr9.8%9.0%0.9x
2025-1231.7x₹220 cr9.8%9.0%0.9x
2025-1133.9x₹220 cr9.8%9.0%0.9x
2025-1036.4x₹220 cr9.8%9.0%0.9x
2025-0937.2x₹220 cr9.8%9.0%0.9x
2025-0835.1x₹220 cr9.8%9.0%0.9x
2025-0739.0x₹220 cr9.8%9.0%0.9x
2025-0645.9x₹220 cr9.8%9.0%0.9x
2025-0549.3x₹220 cr9.8%9.0%0.9x
2025-0443.7x₹220 cr9.8%9.0%0.9x
2025-0336.5x₹220 cr9.8%9.0%0.9x
2025-0235.0x₹220 cr9.8%9.0%0.9x
2025-0144.8x₹220 cr9.8%9.0%0.9x
2024-1254.6x₹220 cr9.8%9.0%0.9x
2024-1153.3x₹220 cr9.8%9.0%0.9x
2024-1060.2x₹220 cr9.8%9.0%0.9x
2024-0958.5x₹220 cr9.8%9.0%0.9x
2024-0852.9x₹220 cr9.8%9.0%0.9x
2024-0758.9x₹220 cr9.8%9.0%0.9x
2024-0643.3x₹220 cr9.8%9.0%0.9x
2024-0537.8x₹220 cr9.8%9.0%0.9x
2024-0436.0x₹220 cr9.8%9.0%0.9x
2024-0331.4x₹220 cr9.8%9.0%0.9x
2024-0231.9x₹220 cr9.8%9.0%0.9x
2024-0142.0x₹220 cr9.8%9.0%0.9x
2023-1231.7x₹220 cr9.8%9.0%0.9x
2023-1132.2x₹220 cr9.8%9.0%0.9x
2023-1035.4x₹220 cr9.8%9.0%0.9x
2023-0930.1x₹220 cr9.8%9.0%0.9x
2023-0828.7x₹220 cr9.8%9.0%0.9x
2023-0726.0x₹220 cr9.8%9.0%0.9x
2023-0627.3x₹220 cr9.8%9.0%0.9x
2023-0525.8x₹220 cr9.8%9.0%0.9x
2023-0427.0x₹220 cr9.8%9.0%0.9x
2023-0322.1x₹220 cr9.8%9.0%0.9x
2023-0223.1x₹220 cr9.8%9.0%0.9x
2023-0128.9x₹220 cr9.8%9.0%0.9x
2022-1230.9x₹220 cr9.8%9.0%0.9x
2022-1141.4x₹220 cr9.8%9.0%0.9x
2022-1032.6x₹220 cr9.8%9.0%0.9x
2022-0934.7x₹220 cr9.8%9.0%0.9x
2022-0819.3x₹220 cr9.8%9.0%0.9x
2022-0717.5x₹220 cr9.8%9.0%0.9x
2022-0615.7x₹220 cr9.8%9.0%0.9x
2022-0517.1x₹220 cr9.8%9.0%0.9x
2022-0418.9x₹220 cr9.8%9.0%0.9x
2022-0316.6x₹220 cr9.8%9.0%0.9x
2022-0215.5x₹220 cr9.8%9.0%0.9x
2022-0118.1x₹220 cr9.8%9.0%0.9x
2021-1217.6x₹220 cr9.8%9.0%0.9x
2021-1116.7x₹220 cr9.8%9.0%0.9x
2021-1018.2x₹220 cr9.8%9.0%0.9x
2021-0919.4x₹220 cr9.8%9.0%0.9x
2021-0819.5x₹220 cr9.8%9.0%0.9x
2021-0720.4x₹220 cr9.8%9.0%0.9x
2021-0619.4x₹220 cr9.8%9.0%0.9x
2021-0516.3x₹220 cr9.8%9.0%0.9x
2021-0414.4x₹220 cr9.8%9.0%0.9x
2021-0314.4x₹220 cr9.8%9.0%0.9x
2021-0216.0x₹220 cr9.8%9.0%0.9x
2021-0115.6x₹220 cr9.8%9.0%0.9x
2020-1217.3x₹220 cr9.8%9.0%0.9x
2020-1117.4x₹220 cr9.8%9.0%0.9x
2020-1016.0x₹220 cr9.8%9.0%0.9x
2020-0917.1x₹220 cr9.8%9.0%0.9x
2020-0816.8x₹220 cr9.8%9.0%0.9x
2020-0715.2x₹220 cr9.8%9.0%0.9x
2020-0614.0x₹220 cr9.8%9.0%0.9x
2020-0511.8x₹220 cr9.8%9.0%0.9x
2020-0411.9x₹220 cr9.8%9.0%0.9x
2020-0311.5x₹220 cr9.8%9.0%0.9x
2020-0211.6x₹220 cr9.8%9.0%0.9x
2020-0116.4x₹220 cr9.8%9.0%0.9x
2019-1215.5x₹220 cr9.8%9.0%0.9x
2019-1114.8x₹220 cr9.8%9.0%0.9x
2019-1013.7x₹220 cr9.8%9.0%0.9x
2019-0912.0x₹220 cr9.8%9.0%0.9x
2019-089.5x₹220 cr9.8%9.0%0.9x
2019-0711.2x₹220 cr9.8%9.0%0.9x
2019-0613.3x₹220 cr9.8%9.0%0.9x
2019-0515.5x₹220 cr9.8%9.0%0.9x
2019-0415.3x₹220 cr9.8%9.0%0.9x
2019-0317.1x₹220 cr9.8%9.0%0.9x
2019-0215.4x₹220 cr9.8%9.0%0.9x
2019-0117.9x₹220 cr9.8%9.0%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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