VAIDYA SANE AYURVED LAB LTD (MADHAVBAUG): Financials & Fundamentals History

Share Price

₹136.00

P/E

15.9x

ROCE

15.0%

Market Cap

₹143 cr

Revenue (TTM)

₹107 cr

P/S

1.3x

P/B

1.6x

ROE

10.2%

Debt / Equity

0.0x

Promoter Holding

66.3%

12M Momentum

-49.7%

P/E vs its own history2nd percentilesince Jun '23

P/E vs Health Services0.3xthe sector median

52-week range

₹134.00₹335.00

1% of the way from its 52-week low to its high

Price risk

1Y volatility

57.5%

Beta vs sector

1-year daily

0.46

Balance sheet & cash

Interest cover

operating profit ÷ interest

12.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.67x

Share count, 1Y

unchanged

Was the rally earned?

1 year3 years

-50%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 17 points, but investors now pay less per rupee of profit (P/E 39.8x to 15.9x), which took 66 points back.
The share count rose 2%.

Net profit growth+18 ptsNet profit rose about 28%, which lifts the price.

P/E change-66 ptsThe P/E fell from 39.8x to 15.9x, which lowers the price.

Share count change-1 ptsShare count rose 2%, which lowers the price.

-54%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 43 points, but investors now pay less per rupee of profit (P/E 64.0x to 15.9x), which took 97 points back.
The share count fell 4%.

Net profit growth+41 ptsNet profit rose about 80%, which lifts the price.

P/E change-97 ptsThe P/E fell from 64.0x to 15.9x, which lowers the price.

Share count change+3 ptsShare count fell 4%, 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with DR. LAL PATHLABS

Is it expensive against its own past and its peers?

15.9xP/E todayNear its historic low

Against its own history2nd percentileMedian 46.1x; usual range 22.6x to 75.9x since 2023-06.

Against Health Services15.9x vs 46.4xBelow the Health Services median.

P/EP/BP/S

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

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

The chart loads when you open this tab.

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

What is the price implying?

~18%annual earnings growth implied by the price

At a P/E of 24.9x, the price would imply about 17.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

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

What prices imply across Health Services The market-wide Expectations lists

What changed?

Sep '26Moved into the top quartile of Health Services on EPS growth (from the 2nd quartile).
Jun '26Revenue (TTM) reached a new high of ₹107 cr.
Jun '26Slipped to the 3rd quartile of Health Services on ROCE (from the 2nd quartile).
May '26P/E fell below the 10th percentile of its own history to date (26.9x).
Jan '26P/E fell below the 10th percentile of its own history to date (33.4x).
Jun '25Year-on-year EPS growth turned positive.
Jun '25P/E fell below the 10th percentile of its own history to date (23.4x).
Jun '25Moved into the 2nd quartile of Health Services on ROCE (from the bottom quartile).

Show 6 earlier events

Mar '25Fell 76% from the Aug 2023 peak to the Mar 2025 low.
Jun '24Dividend payout cut from 5% to 0% of profit.
Mar '23Regained the 2022-04 peak, 4 months after the low.
Nov '22Fell 44% from the Apr 2022 peak to the Nov 2022 low.
Mar '22Regained the 2022-03 peak, 0 months after the low.
Mar '22Fell 27% from the Mar 2022 peak to the Mar 2022 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?

3 of 6 checks are within range, 2 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance18%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion1.67xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.67x (cash from operations ₹30 cr, net profit ₹18 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 4 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 4: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+13 daysWithin range

Debtor days are above the median of the previous three fiscal years by 13 days (35 vs 22). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+43 days / 2 yrsNear threshold

Days payable changed by +43 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 3 years, institutional and promoter holdings were broadly unchanged.
The number of shareholders rose from 534 to 671 (+26%) between Dec 2022 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupDec '22Mar '26Change

Promoters66.3%66.3%0.0 pts

FIIs———

DIIs0.0%0.0%0.0 pts

Public and others33.7%33.7%0.0 pts

Number of shareholders

671shareholders+26% since Dec '22

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-75.5%not yet recovered

1-year volatility57.5%annualised

Monthly share price

Last 90 trading days

Drawdown from peak

Largest drawdowns

-75.5% (2023-08 peak to 2025-03 low, not yet recovered)

-44.4% (2022-04 peak to 2022-11 low, recovered 2023-03)

-27.1% (2022-03 peak to 2022-03 low, recovered 2022-03)

Where does it rank among Health Services peers?

Each cell is the company's percentile rank among its Health 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).

ROCE

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 Health Services sector page Watch it move against Health Services in the Observatory

What happened next to similar setups

−16.6%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like VAIDYA SANE AYURVED LAB LTD today on valuation, return on capital, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −36% to +18% vs the market, against −4% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −12.2%, 80% range −19.1% to −2.5%), but the matches cluster in only 6 distinct 12-month windows.

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

Similar setups' median

−16.6%

All companies' median

−4.4%

Beat the market

36% vs 45%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
CANARYS Technology Services	Jun 2025	22x	14%	−37%	−52%	−38%
SPCL Producer Manufacturing	Sep 2025	20x	—	−52%	−62%	−39%
DEVIT Technology Services	May 2024	28x	15%	−18%	−33%	−13%
APTECHT Commercial Services	Oct 2025	29x	14%	−39%	−46%	−21%
ALANKIT Technology Services	Jun 2025	20x	11%	−30%	−50%	−44%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ICEMAKE Producer Manufacturing	Jun 2020	10x	15%	−53%	−61%	+42%
FROG Miscellaneous	May 2025	24x	14%	−25%	−45%	−32%
MMP Non-Energy Minerals	Jun 2021	15x	11%	+23%	−14%	+56%

How reliable is this?

Matched on P/E, P/S, ROCE, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S and drawdown from 12-month high. Not used (unavailable for this company): operating margin. 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 VAIDYA SANE AYURVED LAB 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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 (41 months)

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-10	15.9x	₹107 cr	10.2%	15.0%	0.0x
2026-09	20.2x	₹107 cr	10.2%	15.0%	0.0x
2026-08	19.8x	₹107 cr	10.2%	15.0%	0.0x
2026-07	22.6x	₹107 cr	10.2%	15.0%	0.0x
2026-06	21.1x	₹107 cr	10.2%	15.0%	0.0x
2026-05	26.9x	₹90 cr	11.1%	20.0%	0.0x
2026-04	36.2x	₹90 cr	11.1%	20.0%	0.0x
2026-03	24.5x	₹90 cr	11.1%	20.0%	0.0x
2026-02	31.8x	₹90 cr	11.1%	20.0%	0.0x
2026-01	33.4x	₹90 cr	11.1%	20.0%	0.0x
2025-12	41.9x	₹90 cr	11.1%	20.0%	0.0x
2025-11	40.2x	₹90 cr	11.1%	20.0%	0.0x
2025-10	39.8x	₹90 cr	11.1%	20.0%	0.0x
2025-09	42.7x	₹90 cr	11.1%	20.0%	0.0x
2025-08	41.7x	₹90 cr	11.1%	20.0%	0.0x
2025-07	34.3x	₹90 cr	11.1%	20.0%	0.0x
2025-06	23.4x	₹90 cr	11.1%	20.0%	0.0x
2025-05	80.2x	₹99 cr	3.5%	6.0%	0.0x
2025-04	66.5x	₹99 cr	3.5%	6.0%	0.0x
2025-03	49.8x	₹99 cr	3.5%	6.0%	0.0x
2025-02	51.7x	₹99 cr	3.5%	6.0%	0.0x
2025-01	66.2x	₹99 cr	3.5%	6.0%	0.0x
2024-12	73.7x	₹99 cr	3.5%	6.0%	0.0x
2024-11	77.7x	₹99 cr	3.5%	6.0%	0.0x
2024-10	72.3x	₹99 cr	3.5%	6.0%	0.0x
2024-09	75.9x	₹99 cr	3.5%	6.0%	0.0x
2024-08	79.8x	₹99 cr	3.5%	6.0%	0.0x
2024-07	73.1x	₹99 cr	3.5%	6.0%	0.0x
2024-06	89.4x	₹99 cr	3.5%	6.0%	0.0x
2024-05	34.6x	₹99 cr	12.2%	—	0.0x
2024-04	43.1x	₹99 cr	12.2%	—	0.0x
2024-03	37.9x	₹99 cr	12.2%	—	0.0x
2024-02	46.5x	₹99 cr	12.2%	—	0.0x
2024-01	47.2x	₹99 cr	12.2%	—	0.0x
2023-12	46.1x	₹99 cr	12.2%	—	0.0x
2023-11	50.0x	₹99 cr	12.2%	—	0.0x
2023-10	64.0x	₹99 cr	12.2%	—	0.0x
2023-09	67.5x	₹99 cr	12.2%	—	0.0x
2023-08	75.6x	₹99 cr	12.2%	—	0.0x
2023-07	68.6x	₹99 cr	12.2%	—	0.0x
2023-06	53.7x	₹99 cr	12.2%	—	0.0x

Methodology and data notes