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LARSEN AND TOUBRO LIMITED (LT)

Industrial Services · Engineering & Construction · 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.39 / 100
Profitability 48Growth 59Balance 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.48 / 100
Price 71Earnings 43FII/DII 30
Compare withJSW INFRASTRUCTURERAIL VIKAS NIGAMCEMINDIA PROJECTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹4,185 latest close · +3.9% over the last 90 sessions

₹3,600₹3,800₹4,000₹4,200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,600₹3,800₹4,000₹4,200Jul 3Sep 4Nov 9

₹4,185 month-end · +2.8% over 12 months

₹3,500₹3,750₹4,000₹4,250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹3,500₹3,750₹4,000₹4,250Nov '25May '26Nov '26

₹4,185 month-end · +34.6% over 3 years

₹3,000₹3,500₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹3,000₹3,500₹4,000Nov '23May '25Nov '26

₹4,185 month-end · +218.4% since Jan '19

₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹3288.10 to ₹4440.00 · 1-year volatility 26.0%

Was the rally earned?

+3%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+3%).
  • The share count barely moved.
Net profit growth: +5 pts. Points of the price return explained by net profit growing (or shrinking).+5 ptsNet profit growthP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2 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: +3%+3%Share priceNet profit growth: +5 pts. Points of the price return explained by net profit growing (or shrinking).+5ProfitP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +3%+3%Share price
Net profit growth+5 ptsNet profit rose about 5%, which lifts the price.
P/E change-2 ptsThe P/E fell from 35.3x to 34.7x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+35%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 56 points, but investors now pay less per rupee of profit (P/E 41.7x to 34.7x), which took 21 points back.
  • The share count fell 4%.
Net profit growth: +51 pts. Points of the price return explained by net profit growing (or shrinking).+51 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 ptsShare count changeShare price: +35%+35%Share priceNet profit growth: +51 pts. Points of the price return explained by net profit growing (or shrinking).+51ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5SharesShare price: +35%+35%Share price
Net profit growth+51 ptsNet profit rose about 55%, which lifts the price.
P/E change-21 ptsThe P/E fell from 41.7x to 34.7x, which lowers the price.
Share count change+5 ptsShare count fell 4%, which lifts the price.
+137%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 60 points and the multiple added 77 points (P/E 21.4x to 34.7x).
  • The share count rose 3%.
Net profit growth: +65 pts. Points of the price return explained by net profit growing (or shrinking).+65 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: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4 ptsShare count changeShare price: +137%+137%Share priceNet profit growth: +65 pts. Points of the price return explained by net profit growing (or shrinking).+65ProfitP/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: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: +137%+137%Share price
Net profit growth+65 ptsNet profit rose about 50%, which lifts the price.
P/E change+77 ptsThe P/E rose from 21.4x to 34.7x, which lifts the price.
Share count change-4 ptsShare count rose 3%, 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 JSW INFRASTRUCTURE

How rough has the ride been?

Maximum drawdown-55.6%recovered 2021-07
1-year volatility26.0%annualised
Beta vs sector index0.553-year daily, correlation 0.57
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.5% 0%−20%−40%2020202220242026−51.5%
Largest drawdowns

-55.6% (2019-05 peak to 2020-03 low, recovered 2021-07)

-28.9% (2022-01 peak to 2022-06 low, recovered 2022-11)

-24.3% (2026-02 peak to 2026-03 low, not yet recovered)

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?

34.7xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 31.7xDearest

Usual range 18.4x to 39.2x since 2019-01.

Against Industrial Services34.7x vs 14.0x
This company
34.7x
Sector median
14.0x

147% above the Industrial Services median.

8.0x22.1x36.3x50.5xJan '19Aug '20Mar '22Oct '23May '25Nov '268.0x22.1x36.3x50.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services 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 Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services 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

  • ROCE48th▲ 6 pts vs a year ago
  • Op. margin47thflat vs a year ago
  • Revenue growth44th▼ 10 pts vs a year ago
  • EPS growth51st▼ 14 pts vs a year ago
  • Debt/equity ↓9th▼ 4 pts vs a year ago
  • Cash cycle ↓89thflat vs a year ago
  • P/E ↓17th▲ 3 pts vs a year ago
  • 12M momentum77th▼ 8 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~23%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 45.3x, a holder earning 12%/yr needs earnings to grow about 23.4%/yr for 10 years, then trade at 15x.

Delivered10.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+12.9 ptsimplied minus delivered
Rank261stmost demanding of 856

Over time

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

0%13%26% Jan 2019Nov 2026 0%13%26% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x24.8%26.0%27.1%
15x22.3%23.4%24.5%
20x19.1%20.2%21.3%

Drag a slider to test other assumptions

Implied: 23.4%/yr

Looking back

  • Jan 2020Price implied 19%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 17%/yr; EPS has since grown 10%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/yr; EPS has since grown 8%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹4185.00
P/E
34.7x
ROCE
15.0%
Market Cap
₹5.76L cr
Revenue (TTM)
₹2.90L cr
P/S
2.0x
P/B
5.3x
ROE
15.2%
Operating Margin
12.0%
Debt / Equity
1.1x
12M Momentum
2.8%

52-week range

₹3288.10₹4440.00
78% of the way from its 52-week low to its high

Price risk

1Y volatility
26.0%
Beta vs sector
1-year daily
0.68

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.85x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance19%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.7%. 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 conversion0.85xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.85x (cash from operations ₹44,158 cr, net profit ₹52,174 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 history-4 daysWithin range

Debtor days are below the median of the previous three fiscal years by 4 days (77 vs 81). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress11% of fixed assetsWithin range

Capital work-in-progress is 11% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+10 days / 2 yrsWithin range

Days payable changed by +10 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 6.6 pts; DIIs added 5.9 pts.
  • The number of shareholders rose from 14.1 lakh to 18.0 lakh (+28%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters———
FIIs25.7%19.1%-6.6 pts
DIIs37.2%43.0%+5.9 pts
Public and others36.9%37.6%+0.7 pts

Number of shareholders

18.0 lakhshareholders+28% since Sep '23
14.1L15.4L16.7L18.0L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 14.1 lakh
Dec '23: 14.5 lakh
Mar '24: 15.6 lakh
Jun '24: 17.4 lakh
Sep '24: 16.9 lakh
Dec '24: 16.8 lakh
Mar '25: 17.1 lakh
Jun '25: 16.8 lakh
Sep '25: 16.7 lakh
Dec '25: 16.3 lakh
Mar '26: 18.0 lakh
Jun '26: 18.0 lakh
 14.1L15.4L16.7L18.0L Sep '23Sep '24Sep '25Jun '26
Sep '23: 14.1 lakh
Dec '23: 14.5 lakh
Mar '24: 15.6 lakh
Jun '24: 17.4 lakh
Sep '24: 16.9 lakh
Dec '24: 16.8 lakh
Mar '25: 17.1 lakh
Jun '25: 16.8 lakh
Sep '25: 16.7 lakh
Dec '25: 16.3 lakh
Mar '26: 18.0 lakh
Jun '26: 18.0 lakh

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

−2.5%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like LARSEN AND TOUBRO 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 −16% to +19% vs the market, against −8% for all non-financial companies in the same months.
  • The gap against the base rate (+5.9%, 80% range −5.7% to +13.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
UPL · Jan 2023: −48.9% vs market
BATAINDIA · Feb 2025: −45.3% vs market
MOTHERSON · May 2021: −43.7% vs market
GODREJAGRO · Jul 2025: −37.6% vs market
WIPRO · Feb 2025: −37.1% vs market
NTPC · May 2020: −35.2% vs market
HINDALCO · Mar 2022: −25.0% vs market
JKLAKSHMI · Apr 2025: −22.2% vs market
BLUEDART · Oct 2024: −21.3% vs market
ULTRACEMCO · Aug 2021: −20.4% vs market
BALKRISIND · Oct 2023: −20.3% vs market
APOLLOTYRE · Oct 2025: −20.0% vs market
GODREJIND · Jun 2020: −16.3% vs market
MRF · Sep 2025: −14.6% vs market
RELIANCE · Jun 2025: −13.9% vs market
TATAPOWER · Jan 2024: −13.5% vs market
TECHM · Nov 2024: −13.1% vs market
INDIGO · Sep 2025: −11.4% vs market
ADANIPORTS · Jul 2022: −11.2% vs market
POWERGRID · May 2024: −11.1% vs market
TORNTPOWER · Jul 2020: −10.7% vs market
GRASIM · May 2021: −10.1% vs market
ZYDUSLIFE · Mar 2020: −8.2% vs market
TATACOMM · Oct 2025: −5.6% vs market
HATSUN · Oct 2025: −4.9% vs market
DALBHARAT · Feb 2025: −0.1% vs market
JSL · Sep 2025: +0.7% vs market
BBTC · Apr 2023: +1.7% vs market
RAMCOCEM · Mar 2025: +5.4% vs market
UNOMINDA · Jul 2025: +7.6% vs market
TATASTEEL · Sep 2025: +8.6% vs market
JKCEMENT · Feb 2025: +9.2% vs market
BHARTIARTL · Jun 2023: +12.2% vs market
INDUSTOWER · Apr 2024: +13.2% vs market
APOLLOHOSP · Oct 2025: +16.2% vs market
JINDALSTEL · Aug 2025: +17.1% vs market
ASAHIINDIA · May 2025: +18.0% vs market
TITAN · Jun 2025: +19.1% vs market
ADANIENT · Jun 2025: +19.3% vs market
MINDACORP · Sep 2025: +21.0% vs market
JSWSTEEL · Jan 2025: +21.2% vs market
ASTERDM · Oct 2022: +21.4% vs market
TORNTPHARM · Dec 2023: +24.0% vs market
GLENMARK · Jun 2025: +25.4% vs market
ASHOKLEY · Aug 2025: +28.4% vs market
M&M · May 2023: +32.3% vs market
BHARATFORG · Oct 2025: +37.2% vs market
TVSMOTOR · Jul 2025: +46.1% vs market
SRF · Apr 2021: +57.9% vs market
PRESTIGE · Aug 2023: +91.1% vs market
Similar setups −2.5%All companies −8.4%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−2.5%
All companies' median
−8.4%
Beat the market
48% vs 41%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
M&M
Consumer Durables		 May 2023 25x11% +28%−5% +32%
JSWSTEEL
Non-Energy Minerals		 Jan 2025 46x13% +15%−9% +21%
TVSMOTOR
Consumer Durables		 Jul 2025 60x15% +11%−5% +46%
JKCEMENT
Non-Energy Minerals		 Feb 2025 42x16% −3%−11% +9%
TATAPOWER
Utilities		 Jan 2024 37x12% +83%0% −14%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
UPL
Process Industries		 Jan 2023 17x14% −3%−9% −49%
BHARTIARTL
Communications		 Jun 2023 59x12% +28%0% +12%
GRASIM
Non-Energy Minerals		 May 2021 23x8% +150%0% −10%
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 LARSEN AND TOUBRO 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.

JK CEMENTJKCEMENT
Non-Energy Minerals
68%similar
ROCEdebt/equity
MAHINDRA & MAHINDRAM&M
Consumer Durables
67%similar
ROCErevenue
APOLLO HOSPITALS ENTERPRISES LAPOLLOHOSP
Health Services
66%similar
revenue growthdebt/equity
MINDA CORPORATIONMINDACORP
Producer Manufacturing
65%similar
P/Erevenue growth
TVS MOTOR COMPANYTVSMOTOR
Consumer Durables
65%similar
market caprevenue
KALPATARU PROJECTS INTL.KPIL
Industrial Services
56%similar
revenuerevenue growth
AFCONS INFRASTRUCTUREAFCONS
Industrial Services
38%similar
ROCErevenue
JSW INFRASTRUCTUREJSWINFRA
Industrial Services
38%similar
ROCEEPS growth

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

What changed?

30 events since Mar '20

  1. SepPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  2. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  3. MarPeer rankSlipped to the 3rd quartile of Industrial Services on operating margin (from the 2nd quartile).
  4. MarPriceVolume reached 5.2x its 50-day median on 2026-03-13; price -7.5% that day.
  5. DecPeer rankMoved into the 2nd quartile of Industrial Services on operating margin (from the 3rd quartile).
  6. SepPeer rankSlipped to the 3rd quartile of Industrial Services on operating margin (from the 2nd quartile).
  7. JulPriceVolume reached 6.0x its 50-day median on 2025-07-30; price +4.8% that day.
  8. JunPeer rankMoved into the 2nd quartile of Industrial Services on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. FebPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
  2. SepPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
  3. JunResultsRevenue (TTM) reached a new high of ₹221,113 cr.
  4. JunPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
  5. MayPriceVolume reached 5.5x its 50-day median on 2024-05-09; price -6.1% that day.
  6. AprPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  7. JanPriceVolume reached 5.4x its 50-day median on 2024-01-31; price -4.2% that day.
  8. SepPriceVolume reached 5.4x its 50-day median on 2023-09-12; price +1.7% that day.
  9. JulValuationP/E crossed above the 90th percentile of its own history to date (36.0x).
  10. JunResultsYear-on-year EPS growth turned positive.
  11. NovPriceRegained the 2022-01 peak, 5 months after the low.
  12. JunResultsYear-on-year EPS growth turned negative.
  13. JunPriceFell 29% from the Jan 2022 peak to the Jun 2022 low.
  14. JunValuationP/E crossed above the 90th percentile of its own history to date (25.3x).
  15. JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the top quartile).
  16. NovPriceVolume reached 6.1x its 50-day median on 2021-11-03; price +4.1% that day.
  17. JulPriceRegained the 2019-05 peak, 16 months after the low.
  18. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  19. SepPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  20. JunResultsRevenue (TTM) reached a new high of ₹145,452 cr.
  21. MarPriceFell 56% from the May 2019 peak to the Mar 2020 low.
  22. MarPriceVolume reached 5.1x its 50-day median on 2020-03-25; price +8.2% 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
2026-1134.7x₹2.90L cr15.2%15.0%1.1x
2026-1032.1x₹2.90L cr15.4%15.0%1.1x
2026-0931.2x₹2.90L cr15.4%15.0%1.1x
2026-0834.6x₹2.86L cr14.8%15.0%1.1x
2026-0733.7x₹2.86L cr14.8%15.0%1.1x
2026-0635.4x₹2.86L cr14.8%15.0%1.1x
2026-0534.5x₹2.78L cr16.6%15.0%1.4x
2026-0434.0x₹2.78L cr16.6%15.0%1.4x
2026-0329.7x₹2.78L cr16.6%15.0%1.4x
2026-0235.9x₹2.71L cr16.7%15.0%1.4x
2026-0133.0x₹2.71L cr16.7%15.0%1.4x
2025-1234.2x₹2.71L cr16.7%15.0%1.4x
2025-1135.3x₹2.64L cr16.2%15.0%1.4x
2025-1034.9x₹2.64L cr16.2%15.0%1.4x
2025-0931.7x₹2.64L cr16.2%15.0%1.4x
2025-0832.9x₹2.56L cr15.5%15.0%1.4x
2025-0733.3x₹2.56L cr15.5%15.0%1.4x
2025-0633.6x₹2.56L cr15.5%15.0%1.4x
2025-0536.3x₹2.48L cr16.4%13.0%1.3x
2025-0433.0x₹2.48L cr16.4%13.0%1.3x
2025-0334.5x₹2.48L cr16.4%13.0%1.3x
2025-0232.2x₹2.39L cr16.0%13.0%1.3x
2025-0136.3x₹2.39L cr16.0%13.0%1.3x
2024-1236.7x₹2.39L cr16.0%13.0%1.3x
2024-1138.3x₹2.28L cr15.7%13.0%1.3x
2024-1037.3x₹2.28L cr15.7%13.0%1.3x
2024-0937.8x₹2.28L cr15.7%13.0%1.3x
2024-0839.0x₹2.21L cr15.4%13.0%1.3x
2024-0740.2x₹2.21L cr15.4%13.0%1.3x
2024-0637.4x₹2.21L cr15.4%13.0%1.3x
2024-0549.3x₹1.83L cr12.0%12.0%1.4x
2024-0448.2x₹1.83L cr12.0%12.0%1.4x
2024-0350.5x₹1.83L cr12.0%12.0%1.4x
2024-0246.7x₹1.83L cr12.0%12.0%1.4x
2024-0146.7x₹1.83L cr12.0%12.0%1.4x
2023-1247.3x₹1.83L cr12.0%12.0%1.4x
2023-1141.7x₹1.83L cr12.0%12.0%1.4x
2023-1039.3x₹1.83L cr12.0%12.0%1.4x
2023-0940.6x₹1.83L cr12.0%12.0%1.4x
2023-0836.3x₹1.83L cr12.0%12.0%1.4x
2023-0736.0x₹1.83L cr12.0%12.0%1.4x
2023-0633.2x₹1.83L cr12.0%12.0%1.4x
2023-0535.7x₹1.57L cr10.8%10.0%1.5x
2023-0438.3x₹1.57L cr10.8%10.0%1.5x
2023-0335.1x₹1.57L cr10.8%10.0%1.5x
2023-0234.2x₹1.57L cr10.8%10.0%1.5x
2023-0134.4x₹1.57L cr10.8%10.0%1.5x
2022-1233.8x₹1.57L cr10.8%10.0%1.5x
2022-1133.6x₹1.57L cr10.8%10.0%1.5x
2022-1032.8x₹1.57L cr10.8%10.0%1.5x
2022-0929.9x₹1.57L cr10.8%10.0%1.5x
2022-0831.2x₹1.57L cr10.8%10.0%1.5x
2022-0729.3x₹1.57L cr10.8%10.0%1.5x
2022-0625.3x₹1.57L cr10.8%10.0%1.5x
2022-0520.1x₹1.36L cr14.6%10.0%1.8x
2022-0420.5x₹1.36L cr14.6%10.0%1.8x
2022-0321.4x₹1.36L cr14.6%10.0%1.8x
2022-0222.0x₹1.36L cr14.6%10.0%1.8x
2022-0123.2x₹1.36L cr14.6%10.0%1.8x
2021-1223.0x₹1.36L cr14.6%10.0%1.8x

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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