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LINDE INDIA LIMITED (LINDEINDIA)

Process Industries · Chemicals: Specialty · 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.73 / 100
Profitability 85Growth 33Balance sheet 100
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.48 / 100
Price 57Earnings 47FII/DII 40

Passes these screensDebt-light & profitableLittle growth priced in

Compare withCOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALSNAVIN FLUORINE INTERNATIONAL L

Share price

Closing priceAdjusted for splits and bonus issues.

₹6,794.5 latest close · −5.3% over the last 90 sessions

₹5,500₹6,000₹6,500₹7,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹5,500₹6,000₹6,500₹7,000Jul 3Sep 4Nov 9

₹6,794.5 month-end · +13.9% over 12 months

₹6,000₹7,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹6,000₹7,000Nov '25May '26Nov '26

₹6,794.5 month-end · +18.3% over 3 years

₹6,000₹7,000₹8,000₹9,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹6,000₹7,000₹8,000₹9,000Nov '23May '25Nov '26

₹6,794.5 month-end · +1326.2% since Jan '19

₹0₹2,500₹5,000₹7,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,500₹5,000₹7,500Jan '19Dec '22Nov '26

52-week range ₹5544.00 to ₹8049.00 · 1-year volatility 30.9%

Was the rally earned?

+14%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 21 points, but investors now pay less per rupee of profit (P/E 113.5x to 106.1x), which took 7 points back.
  • The share count barely moved.
Net profit growth: +21 pts. Points of the price return explained by net profit growing (or shrinking).+21 ptsNet profit growthP/E change: −7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−7 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +14%+14%Share priceNet profit growth: +21 pts. Points of the price return explained by net profit growing (or shrinking).+21ProfitP/E change: −7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−7P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +14%+14%Share price
Net profit growth+21 ptsNet profit rose about 22%, which lifts the price.
P/E change-7 ptsThe P/E fell from 113.5x to 106.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+18%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 91.0x to 106.1x); per-share earnings added 2 points.
  • The share count barely moved.
Net profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2 ptsNet profit growthP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17 ptsP/E changeShare price: +18%+18%Share priceNet profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2ProfitP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17P/EShare price: +18%+18%Share price
Net profit growth+2 ptsNet profit rose about 2%, which lifts the price.
P/E change+17 ptsThe P/E rose from 91.0x to 106.1x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+171%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 220 points, but investors now pay less per rupee of profit (P/E 141.5x to 106.1x), which took 49 points back.
  • The share count barely moved.
Net profit growth: +221 pts. Points of the price return explained by net profit growing (or shrinking).+221 ptsNet profit growthP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +171%+171%Share priceNet profit growth: +221 pts. Points of the price return explained by net profit growing (or shrinking).+221ProfitP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +171%+171%Share price
Net profit growth+221 ptsNet profit rose about 262%, which lifts the price.
P/E change-49 ptsThe P/E fell from 141.5x to 106.1x, which lowers the price.
Share count change0 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 COROMANDEL INTERNATIONAL LIMIT

How rough has the ride been?

Maximum drawdown-47.7%recovered 2020-09
1-year volatility30.9%annualised
Beta vs sector index0.843-year daily, correlation 0.41
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−46.4% 0%−20%−40%2020202220242026−46.4%
Largest drawdowns

-47.7% (2019-01 peak to 2020-03 low, recovered 2020-09)

-42.8% (2024-05 peak to 2025-02 low, not yet recovered)

-30.4% (2022-04 peak to 2022-06 low, recovered 2023-03)

Most recent volume spikes

2026-11-06: 18.3x the 50-day median, price +8.7% that day

2026-11-04: 13.7x the 50-day median, price +9.3% that day

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?

106.1xP/E todayWithin its usual range
Against its own history55th percentile
CheapestMedian 103.5xDearest

Usual range 11.0x to 168.8x since 2019-01.

Against Process Industries106.1x vs 18.1x
This company
106.1x
Sector median
18.1x

486% above the Process Industries median.

5.7x90.5x175.2x260.0xJan '19Aug '20Mar '22Oct '23May '25Nov '265.7x90.5x175.2x260.0xJan '19Sep '21May '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

  • ROCE76th▲ 3 pts vs a year ago
  • Op. margin95th▼ 3 pts vs a year ago
  • Revenue growth57th▲ 47 pts vs a year ago
  • EPS growth61st▲ 9 pts vs a year ago
  • Debt/equity ↓88th▼ 4 pts vs a year ago
  • Cash cycle ↓100thflat vs a year ago
  • P/E ↓4thflat vs a year ago
  • 12M momentum74th▲ 11 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~37%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 116.6x, a holder earning 12%/yr needs earnings to grow about 36.6%/yr for 10 years, then trade at 15x.

Delivered54.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−18.1 ptsimplied minus delivered
Rank765thmost demanding of 856

Over time

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

0%92%183% Jan 2019Nov 2026 0%92%183% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x38.2%39.5%40.7%
15x35.3%36.6%37.8%
20x31.7%32.9%34.0%

Drag a slider to test other assumptions

Implied: 36.6%/yr

Looking back

  • Jan 2020Price implied 50%/yr; EPS has since grown 52%/yr (7.2 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown −4%/yr (6.2 yrs)
  • Jan 2022Price implied 37%/yr; EPS has since grown 28%/yr (5.2 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
₹6794.50
P/E
106.1x
ROCE
18.0%
Market Cap
₹57938 cr
Revenue (TTM)
₹2653 cr
P/S
21.8x
P/B
13.6x
ROE
12.8%
Operating Margin
29.0%
Debt / Equity
0.0x
Promoter Holding
75.0%
12M Momentum
13.9%

52-week range

₹5544.00₹8049.00
50% of the way from its 52-week low to its high

Price risk

1Y volatility
30.9%
Beta vs sector
1-year daily
0.78

Balance sheet & cash

Interest cover
operating profit ÷ interest
41.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.26x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range1 beyond a threshold
Other income reliance10%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.26xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.26x (cash from operations ₹1,807 cr, net profit ₹1,438 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+16 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 16 days (73 vs 57). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress64% of fixed assetsBeyond threshold

Capital work-in-progress is 64% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+135 days / 2 yrsNear threshold

Days payable changed by +135 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, FIIs trimmed 0.9 pts; DIIs trimmed 0.7 pts.
  • The number of shareholders rose from 49,724 to 63,024 (+27%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters75.0%75.0%0.0 pts
FIIs2.9%2.0%-0.9 pts
DIIs7.4%6.8%-0.7 pts
Public and others14.7%16.2%+1.5 pts

Number of shareholders

63,024shareholders+27% since Sep '23
50k56k62k69k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 49,724
Dec '23: 54,661
Mar '24: 52,221
Jun '24: 60,138
Sep '24: 63,324
Dec '24: 66,819
Mar '25: 67,569
Jun '25: 68,796
Sep '25: 68,078
Dec '25: 66,620
Mar '26: 63,167
Jun '26: 63,024
 50k56k62k69k Sep '23Sep '24Sep '25Jun '26
Sep '23: 49,724
Dec '23: 54,661
Mar '24: 52,221
Jun '24: 60,138
Sep '24: 63,324
Dec '24: 66,819
Mar '25: 67,569
Jun '25: 68,796
Sep '25: 68,078
Dec '25: 66,620
Mar '26: 63,167
Jun '26: 63,024

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

−17.0%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like LINDE INDIA 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 −29% to −4% vs the market, against +2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −18.5%, 80% range −23.0% to −12.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%
COHANCE · Dec 2024: −56.0% vs market
AETHER · Jun 2023: −41.0% vs market
BATAINDIA · Apr 2020: −37.2% vs market
INDIAMART · Jul 2023: −35.9% vs market
CONCOR · Jan 2020: −35.8% vs market
NATCOPHARM · Nov 2020: −35.6% vs market
SYMPHONY · Feb 2020: −35.1% vs market
RELAXO · Nov 2021: −33.1% vs market
MAPMYINDIA · Oct 2023: −32.7% vs market
NAVINFLUOR · Oct 2022: −31.2% vs market
SUMICHEM · Oct 2022: −31.0% vs market
LTTS · Mar 2022: −30.3% vs market
ZFCVINDIA · Sep 2023: −29.6% vs market
PIIND · Apr 2023: −26.9% vs market
AFFLE · Oct 2025: −26.5% vs market
EMAMILTD · Mar 2021: −25.5% vs market
3MINDIA · Jul 2020: −25.3% vs market
ASTRAL · Jul 2023: −24.7% vs market
DMART · Nov 2021: −21.8% vs market
KANSAINER · Jun 2020: −21.2% vs market
AIAENG · Jun 2020: −18.5% vs market
GLAXO · Feb 2020: −17.9% vs market
PGHL · May 2020: −17.3% vs market
UBL · Jul 2022: −17.2% vs market
TTKPRESTIG · Mar 2020: −17.1% vs market
SHREECEM · Jul 2020: −16.9% vs market
GRINDWELL · Sep 2022: −13.2% vs market
CUMMINSIND · May 2024: −12.4% vs market
SONACOMS · Sep 2023: −12.2% vs market
SAREGAMA · Jul 2022: −12.1% vs market
HAVELLS · Feb 2021: −10.7% vs market
VGUARD · Mar 2020: −9.5% vs market
LALPATHLAB · Apr 2025: −7.4% vs market
HONAUT · Jun 2023: −7.1% vs market
PIDILITIND · Jul 2022: −7.0% vs market
UNITDSPR · Jul 2023: −5.7% vs market
KAJARIACER · Feb 2021: −4.9% vs market
CARBORUNIV · May 2023: −3.5% vs market
VINATIORGA · Dec 2021: −3.2% vs market
EICHERMOT · Nov 2022: −2.2% vs market
ASTRAZEN · Jan 2024: +1.1% vs market
MEDANTA · Oct 2025: +2.4% vs market
MAXHEALTH · Jun 2023: +7.1% vs market
MANKIND · May 2024: +9.7% vs market
DIVISLAB · Oct 2024: +11.5% vs market
FINEORG · Mar 2022: +13.2% vs market
VOLTAS · Mar 2020: +16.9% vs market
CDSL · Nov 2023: +33.9% vs market
SIEMENS · Jun 2023: +39.6% vs market
POLYMED · Oct 2023: +46.7% vs market
Similar setups −17.0%All companies +1.5%← 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

Similar setups' median
−17.0%
All companies' median
+1.5%
Beat the market
20% vs 52%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
COHANCE
Health Technology		 Dec 2024 92x19% +58%−15% −56%
NAVINFLUOR
Process Industries		 Oct 2022 86x19% +36%−5% −31%
ASTRAL
Producer Manufacturing		 Jul 2023 116x24% +44%−2% −25%
HONAUT
Electronic Technology		 Jun 2023 84x20% +23%−4% −7%
KANSAINER
Process Industries		 Jun 2020 46x18% +1%−20% −21%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDIAMART
Retail Trade		 Jul 2023 67x19% +46%−1% −36%
GRINDWELL
Process Industries		 Sep 2022 77x26% +50%−10% −13%
AETHER
Process Industries		 Jun 2023 102x18% +37%−8% −41%
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: drawdown from 12-month high, 12-month momentum and revenue growth. 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 LINDE INDIA 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.

ANTHEM BIOSCIENCESANTHEM
Health Technology
67%similar
debt/equitymarket cap
3M INDIA3MINDIA
Producer Manufacturing
66%similar
promoter holdingvolatility
ALIVUS LIFE SCIENCESALIVUS
Health Technology
65%similar
volatilityEPS growth
BHARAT DYNAMICSBDL
Electronic Technology
56%similar
revenuemarket cap
HAPPY FORGINGSHAPPYFORGE
Producer Manufacturing
54%similar
ROCEoperating margin
FINE ORGANIC INDUSTRIESFINEORG
Process Industries
70%similar
promoter holdingvolatility
SUMITOMO CHEMICAL INDIASUMICHEM
Process Industries
60%similar
promoter holdingdebt/equity
BERGER PAINTS INDIABERGEPAINT
Process Industries
54%similar
market cappromoter holding

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

What changed?

30 events since Mar '22

  1. NovPriceVolume reached 18.3x its 50-day median on 2026-11-06; price +8.7% that day.
  2. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  3. JunPriceVolume reached 6.8x its 50-day median on 2026-06-29; price +3.9% that day.
  4. FebPriceVolume reached 35.2x its 50-day median on 2026-02-10; price +3.8% that day.
  5. NovPriceVolume reached 15.8x its 50-day median on 2025-11-19; price +6.7% that day.
  6. AugPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  7. AugPriceVolume reached 7.0x its 50-day median on 2025-08-26; price +2.0% that day.
  8. JunResultsYear-on-year EPS growth turned positive.
Show 22 earlier events
  1. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  2. MayPriceVolume reached 12.7x its 50-day median on 2025-05-26; price +7.2% that day.
  3. FebPriceFell 43% from the May 2024 peak to the Feb 2025 low.
  4. FebPriceVolume reached 17.2x its 50-day median on 2025-02-20; price +5.3% that day.
  5. SepPriceVolume reached 6.8x its 50-day median on 2024-09-13; price +8.5% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  8. AprPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  9. AprPriceVolume reached 7.6x its 50-day median on 2024-04-03; price +4.8% that day.
  10. MarPriceVolume reached 34.3x its 50-day median on 2024-03-12; price +7.0% that day.
  11. NovPriceVolume reached 23.0x its 50-day median on 2023-11-30; price +0.7% that day.
  12. AugPriceVolume reached 30.4x its 50-day median on 2023-08-23; price +3.2% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹3,136 cr.
  14. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  15. JunPriceVolume reached 10.4x its 50-day median on 2023-06-13; price +4.8% that day.
  16. MarPriceRegained the 2022-04 peak, 9 months after the low.
  17. MarPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  18. MarPriceVolume reached 11.5x its 50-day median on 2023-03-09; price +4.2% that day.
  19. DecPriceVolume reached 7.7x its 50-day median on 2022-12-23; price -5.1% that day.
  20. SepPriceVolume reached 7.2x its 50-day median on 2022-09-16; price -2.1% that day.
  21. JunPriceFell 30% from the Apr 2022 peak to the Jun 2022 low.
  22. MarResultsYear-on-year EPS growth 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11106.1x₹2653 cr12.8%18.0%0.0x
2026-1088.2x₹2653 cr12.8%18.0%0.0x
2026-0998.7x₹2653 cr12.8%18.0%0.0x
2026-0899.2x₹2530 cr12.8%18.0%0.0x
2026-07104.8x₹2530 cr12.8%18.0%0.0x
2026-06113.6x₹2530 cr12.8%18.0%0.0x
2026-05104.2x₹2508 cr15.4%17.0%0.0x
2026-04105.8x₹2508 cr15.4%17.0%0.0x
2026-0398.9x₹2508 cr15.4%17.0%0.0x
2026-02111.9x₹2413 cr13.4%17.0%0.0x
2026-0199.9x₹2413 cr13.4%17.0%0.0x
2025-1299.0x₹2413 cr13.4%17.0%0.0x
2025-11113.5x₹2403 cr11.7%17.0%0.0x
2025-10114.4x₹2403 cr11.7%17.0%0.0x
2025-09118.8x₹2403 cr11.7%17.0%0.0x
2025-08119.6x₹2485 cr11.9%17.0%0.0x
2025-07123.3x₹2485 cr11.9%17.0%0.0x
2025-06124.8x₹2485 cr11.9%17.0%0.0x
2025-05144.9x₹2523 cr12.7%17.0%0.0x
2025-04122.3x₹2523 cr12.7%17.0%0.0x
2025-03120.8x₹2523 cr12.7%17.0%0.0x
2025-02113.4x₹2623 cr12.8%17.0%0.0x
2025-01120.0x₹2623 cr12.8%17.0%0.0x
2024-12114.8x₹2623 cr12.8%17.0%0.0x
2024-11131.8x₹2700 cr12.9%17.0%0.0x
2024-10145.7x₹2700 cr12.9%17.0%0.0x
2024-09161.6x₹2700 cr12.9%17.0%0.0x
2024-08142.0x₹2768 cr12.5%17.0%0.0x
2024-07160.4x₹2768 cr12.5%17.0%0.0x
2024-06163.0x₹2768 cr12.5%17.0%0.0x
2024-05138.0x₹3136 cr17.1%21.0%0.0x
2024-04130.9x₹3136 cr17.1%21.0%0.0x
2024-03101.6x₹3136 cr17.1%21.0%0.0x
2024-0285.3x₹3136 cr17.1%21.0%0.0x
2024-0188.6x₹3136 cr17.1%21.0%0.0x
2023-1289.4x₹3136 cr17.1%21.0%0.0x
2023-1191.0x₹3136 cr17.1%21.0%0.0x
2023-1095.0x₹3136 cr17.1%21.0%0.0x
2023-0994.4x₹3136 cr17.1%21.0%0.0x
2023-0899.4x₹3136 cr17.1%21.0%0.0x
2023-0779.1x₹3136 cr17.1%21.0%0.0x
2023-0668.4x₹3136 cr17.1%21.0%0.0x
2023-0566.5x₹2112 cr18.7%17.0%0.0x
2023-0467.0x₹2112 cr18.7%17.0%0.0x
2023-0367.8x₹2112 cr18.7%17.0%0.0x
2023-0262.6x₹2112 cr18.7%17.0%0.0x
2023-0155.8x₹2112 cr18.7%17.0%0.0x
2022-1257.8x₹2112 cr18.7%17.0%0.0x
2022-1151.3x₹2112 cr18.7%17.0%0.0x
2022-1051.7x₹2112 cr18.7%17.0%0.0x
2022-0955.7x₹2112 cr18.7%17.0%0.0x
2022-0857.7x₹2112 cr18.7%17.0%0.0x
2022-0761.2x₹2112 cr18.7%17.0%0.0x
2022-0653.8x₹2112 cr18.7%17.0%0.0x
2022-0550.3x₹2112 cr18.7%17.0%0.0x
2022-0460.2x₹2112 cr18.7%17.0%0.0x
2022-0363.6x₹2112 cr18.7%17.0%0.0x
2022-02155.2x₹1471 cr6.8%10.0%0.0x
2022-01154.3x₹1471 cr6.8%10.0%0.0x
2021-12140.4x₹1471 cr6.8%10.0%0.0x

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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