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MADHYA BHARAT AGRO PRODUCT LTD (MBAPL)

Process Industries · Chemicals: Agricultural · 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.53 / 100
Profitability 76Growth 74Balance sheet 8
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.79 / 100
Price 90Earnings 76FII/DII 71

Passes these screensQuality CompounderHigh MomentumNear 52-week high

Compare withFERTILIZERS AND CHEMICALS TRAVUPLSUMITOMO CHEMICAL INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹197.69 latest close · +58.0% over the last 90 sessions

₹150₹200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹150₹200Jul 3Sep 4Nov 9

₹197.69 month-end · +147.6% over 12 months

₹100₹150₹200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹100₹150₹200Nov '25May '26Nov '26

₹197.69 month-end · +282.0% over 3 years

₹50₹100₹150₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹50₹100₹150₹200Nov '23May '25Nov '26

₹197.69 month-end · +7807.6% since Feb '19

₹0₹100₹200Feb '19Sep '20Mar '22Oct '23Apr '25Nov '26 ₹0₹100₹200Feb '19Jan '23Nov '26

52-week range ₹76.55 to ₹202.63 · 1-year volatility 37.9%

Was the rally earned?

+148%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 119 points to the rise, while the multiple moved less (P/E 47.0x to 56.0x).
  • The share count barely moved.
Net profit growth: +120 pts. Points of the price return explained by net profit growing (or shrinking).+120 ptsNet profit growthP/E change: +29 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+29 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +148%+148%Share priceNet profit growth: +120 pts. Points of the price return explained by net profit growing (or shrinking).+120ProfitP/E change: +29 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+29P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +148%+148%Share price
Net profit growth+120 ptsNet profit rose about 110%, which lifts the price.
P/E change+29 ptsThe P/E rose from 47.0x to 56.0x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+282%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 18.3x to 56.0x); per-share earnings added 47 points.
  • The share count barely moved.
Net profit growth: +47 pts. Points of the price return explained by net profit growing (or shrinking).+47 ptsNet profit growthP/E change: +236 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+236 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: +282%+282%Share priceNet profit growth: +47 pts. Points of the price return explained by net profit growing (or shrinking).+47ProfitP/E change: +236 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+236P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +282%+282%Share price
Net profit growth+47 ptsNet profit rose about 25%, which lifts the price.
P/E change+236 ptsThe P/E rose from 18.3x to 56.0x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+2147%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 1406 points and the multiple added 741 points (P/E 19.1x to 56.0x).
  • The share count barely moved.
Net profit growth: +1412 pts. Points of the price return explained by net profit growing (or shrinking).+1412 ptsNet profit growthP/E change: +741 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+741 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +2147%+2147%Share priceNet profit growth: +1412 pts. Points of the price return explained by net profit growing (or shrinking).+1412ProfitP/E change: +741 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+741P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +2147%+2147%Share price
Net profit growth+1412 ptsNet profit rose about 675%, which lifts the price.
P/E change+741 ptsThe P/E rose from 19.1x to 56.0x, which lifts the price.
Share count change-7 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 FERTILIZERS AND CHEMICALS TRAV

How rough has the ride been?

Maximum drawdown-39.7%recovered 2025-05
1-year volatility37.9%annualised
Beta vs sector index0.693-year daily, correlation 0.30
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−38.5% 0%−20%−40%2020202220242026−38.5%
Largest drawdowns

-39.7% (2023-03 peak to 2024-10 low, recovered 2025-05)

-33.3% (2019-09 peak to 2020-06 low, recovered 2021-03)

-28.6% (2021-09 peak to 2021-12 low, recovered 2022-02)

Most recent volume spikes

2026-07-27: 5.2x the 50-day median, price +10.6% that day

2026-07-22: 5.1x the 50-day median, price -3.1% 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?

56.0xP/E todayNear its historic high
Against its own history85th percentile
CheapestMedian 22.9xDearest

Usual range 11.7x to 67.1x since 2019-02.

Against Process Industries56.0x vs 18.1x
This company
56.0x
Sector median
18.1x

210% above the Process Industries median.

6.8x35.0x63.2x91.4xFeb '19Sep '20Apr '22Nov '23Jun '25Nov '266.8x35.0x63.2x91.4xFeb '19Sep '21Apr '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

  • ROCE79th▲ 3 pts vs a year ago
  • Op. margin72ndflat vs a year ago
  • Revenue growth94thflat vs a year ago
  • EPS growth88th▼ 5 pts vs a year ago
  • Debt/equity ↓6th▼ 20 pts vs a year ago
  • Cash cycle ↓35th▼ 5 pts vs a year ago
  • P/E ↓13th▼ 6 pts vs a year ago
  • 12M momentum99thflat 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?

~36%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 105.1x, a holder earning 12%/yr needs earnings to grow about 35.9%/yr for 10 years, then trade at 15x.

Delivered35.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+1.0 ptsimplied minus delivered
Rank506thmost demanding of 856

Over time

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

0%20%41% Feb 2019Nov 2026 0%20%41% Feb 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x37.7%39.0%40.2%
15x34.7%35.9%37.2%
20x30.9%32.1%33.3%

Drag a slider to test other assumptions

Implied: 35.9%/yr

Looking back

  • Jan 2020Price implied 14%/yr; EPS has since grown 45%/yr (7.0 yrs)
  • Jan 2021Price implied 12%/yr; EPS has since grown 47%/yr (6.0 yrs)
  • Jan 2022Price implied 21%/yr; EPS has since grown 50%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹197.69
P/E
56.0x
ROCE
19.0%
Market Cap
₹9077 cr
Revenue (TTM)
₹1873 cr
P/S
4.8x
P/B
16.5x
ROE
29.5%
Operating Margin
16.0%
Debt / Equity
1.6x
Promoter Holding
74.8%
12M Momentum
147.6%

52-week range

₹76.55₹202.63
96% of the way from its 52-week low to its high

Price risk

1Y volatility
37.9%
Beta vs sector
1-year daily
0.84

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.50x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range2 beyond a threshold
Other income reliance11%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate37%Near threshold

Median quarterly effective tax rate over about 2.5 years: 36.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.50xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.50x (cash from operations ₹117 cr, net profit ₹232 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. 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 (83 vs 83). 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-4 days / 2 yrsWithin range

Days payable changed by -4 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 2 years, FIIs added 0.7 pts.
  • The number of shareholders rose from 10,227 to 12,260 (+20%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters74.5%74.8%+0.2 pts
FIIs0.0%0.7%+0.7 pts
DIIs0.0%0.0%0.0 pts
Public and others25.5%24.6%-0.9 pts

Number of shareholders

12,260shareholders+20% since Dec '23
9k10k12k13k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 10,227
Mar '24: 10,121
Jun '24: 10,111
Sep '24: 10,433
Dec '24: 9,718
Mar '25: 8,966
Jun '25: 11,822
Sep '25: 12,546
Dec '25: 13,348
Mar '26: 12,758
Jun '26: 12,260
 9k10k12k13k Dec '23Dec '24Dec '25Jun '26
Dec '23: 10,227
Mar '24: 10,121
Jun '24: 10,111
Sep '24: 10,433
Dec '24: 9,718
Mar '25: 8,966
Jun '25: 11,822
Sep '25: 12,546
Dec '25: 13,348
Mar '26: 12,758
Jun '26: 12,260

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

−4.2%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 MADHYA BHARAT AGRO PRODUCT 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 −28% to +17% vs the market, against 0% for all non-financial companies in the same months.
  • The gap against the base rate (−3.8%, 80% range −10.3% to +2.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SIS · Mar 2020: −49.6% vs market
DECCANCE · Sep 2025: −49.1% vs market
TCPLPACK · Mar 2025: −48.7% vs market
JAIBALAJI · Feb 2024: −46.7% vs market
PVRINOX · Feb 2020: −46.5% vs market
PITTIENG · Nov 2024: −42.5% vs market
KIRLOSENG · Jun 2024: −40.2% vs market
CANTABIL · Aug 2022: −38.6% vs market
V2RETAIL · Oct 2025: −36.2% vs market
STEELXIND · Feb 2022: −32.5% vs market
PCBL · Sep 2024: −29.9% vs market
COROMANDEL · May 2020: −28.6% vs market
PHOENIXLTD · Jan 2020: −28.3% vs market
ARTEMISMED · Jan 2025: −26.0% vs market
VISHNU · Aug 2022: −24.0% vs market
VADILALIND · Jan 2023: −22.8% vs market
SUDARSCHEM · Mar 2020: −22.6% vs market
HINDWAREAP · Oct 2021: −21.6% vs market
PGEL · Feb 2023: −12.7% vs market
RAINBOW · May 2023: −8.4% vs market
BRIGADE · Feb 2020: −8.0% vs market
GREENPANEL · Oct 2021: −7.0% vs market
RKFORGE · Nov 2023: −6.6% vs market
VBL · Feb 2020: −5.8% vs market
RAMASTEEL · Oct 2022: −5.0% vs market
MANINFRA · Oct 2021: −3.3% vs market
CAMLINFINE · Sep 2020: −2.3% vs market
RAJRATAN · May 2022: +0.8% vs market
TI · May 2023: +3.1% vs market
APLAPOLLO · Mar 2021: +5.7% vs market
GRANULES · May 2020: +6.8% vs market
ASTEC · May 2020: +7.1% vs market
KALYANKJIL · Jun 2024: +8.6% vs market
ABDL · Oct 2025: +11.5% vs market
THANGAMAYL · Oct 2023: +14.7% vs market
CCL · May 2025: +16.6% vs market
NEOGEN · May 2020: +17.1% vs market
PRIVISCL · Oct 2025: +17.1% vs market
SRF · Jan 2020: +19.2% vs market
KIMS · Jun 2025: +20.7% vs market
VENUSPIPES · Jun 2023: +22.1% vs market
ARIHANTSUP · Oct 2021: +22.6% vs market
HNDFDS · Sep 2020: +24.6% vs market
CHOICEIN · Apr 2023: +32.8% vs market
JKCEMENT · Jul 2020: +38.7% vs market
KRISHANA · Aug 2025: +53.5% vs market
LUMAXTECH · Aug 2025: +64.3% vs market
AARTIDRUGS · May 2020: +71.8% vs market
DEEPAKNTR · May 2020: +105.8% vs market
LAURUSLABS · Jul 2020: +119.4% vs market
Similar setups −4.2%All companies −0.4%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.2%
All companies' median
−0.4%
Beat the market
46% vs 50%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DEEPAKNTR
Process Industries		 May 2020 39x17% +58%−10% +106%
V2RETAIL
Retail Trade		 Oct 2025 105x17% +117%0% −36%
RKFORGE
Producer Manufacturing		 Nov 2023 52x19% +264%0% −7%
CANTABIL
Consumer Non-Durables		 Aug 2022 66x22% +328%0% −39%
AARTIDRUGS
Health Technology		 May 2020 26x17% +71%0% +72%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NEOGEN
Process Industries		 May 2020 44x26% +50%−14% +17%
PRIVISCL
Process Industries		 Oct 2025 52x16% +68%−1% +17%
KRISHANA
Process Industries		 Aug 2025 41x22% +134%−4% +54%
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: interest cover, drawdown from 12-month high and P/E. 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 MADHYA BHARAT AGRO PRODUCT 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 2026-11-09. 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.

ALLIED BLENDERS AND DISTILABDL
Consumer Non-Durables
60%similar
ROCEpromoter holding
REDTAPEREDTAPE
Retail Trade
59%similar
operating marginrevenue
JBM AUTOJBMA
Producer Manufacturing
57%similar
debt/equityP/E
METRO BRANDSMETROBRAND
Retail Trade
57%similar
P/EROCE
GUFIC BIOSCIENCESGUFICBIO
Health Technology
55%similar
P/Evolatility
PICCADILY AGRO INDUSTRIESPICCADIL
Process Industries
62%similar
ROCEoperating margin
KRISHANA PHOSCHEMKRISHANA
Process Industries
51%similar
debt/equitymarket cap
VISHNU CHEMICALSVISHNU
Process Industries
44%similar
revenueoperating margin

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

What changed?

30 events since Jun '22

  1. AugPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  2. JulPriceVolume reached 5.2x its 50-day median on 2026-07-27; price +10.6% that day.
  3. JunPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  4. JunDebtDebt / equity rose above 1.0x (1.56x).
  5. JunDividendDividend payout cut from 8% to 3% of profit.
  6. JanPriceVolume reached 8.5x its 50-day median on 2026-01-08; price -6.4% that day.
  7. OctPriceVolume reached 5.2x its 50-day median on 2025-10-08; price +3.3% that day.
  8. JulPriceVolume reached 8.5x its 50-day median on 2025-07-11; price +0.3% that day.
Show 22 earlier events
  1. JunResultsYear-on-year EPS growth turned positive.
  2. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  3. JunDividendDividend payout cut from 18% to 8% of profit.
  4. JunPriceVolume reached 48.6x its 50-day median on 2025-06-23; price +11.1% that day.
  5. MayPriceRegained the 2023-03 peak, 7 months after the low.
  6. JanPriceVolume reached 27.9x its 50-day median on 2025-01-15; price +7.6% that day.
  7. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  8. OctPriceFell 40% from the Mar 2023 peak to the Oct 2024 low.
  9. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  10. JulPriceVolume reached 20.7x its 50-day median on 2024-07-29; price +9.9% that day.
  11. JunResultsYear-on-year EPS growth turned negative.
  12. JunValuationP/E crossed above the 90th percentile of its own history to date (80.1x).
  13. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  14. JunPriceVolume reached 7.4x its 50-day median on 2024-06-04; price -4.9% that day.
  15. MarPriceVolume reached 6.1x its 50-day median on 2024-03-01; price +7.2% that day.
  16. DecPriceVolume reached 13.6x its 50-day median on 2023-12-18; price +5.5% that day.
  17. AugPriceVolume reached 11.8x its 50-day median on 2023-08-07; price -0.9% that day.
  18. JunResultsRevenue (TTM) reached a new high of ₹981 cr.
  19. JunPriceVolume reached 5.9x its 50-day median on 2023-06-14; price +3.4% that day.
  20. JunResultsRevenue (TTM) reached a new high of ₹490 cr.
  21. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the 2nd quartile).
  22. JunDividendDividend payout cut from 5% to 2% of profit.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history94 months · 2019-02 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1156.0x₹1873 cr29.5%19.0%1.6x
2026-1050.2x₹1873 cr29.5%19.0%1.6x
2026-0948.3x₹1873 cr29.5%19.0%1.6x
2026-0847.2x₹1867 cr28.5%19.0%1.6x
2026-0746.8x₹1867 cr28.5%19.0%1.6x
2026-0632.9x₹1867 cr28.5%19.0%1.6x
2026-0544.3x₹1769 cr26.9%18.0%0.8x
2026-0444.0x₹1769 cr26.9%18.0%0.8x
2026-0338.5x₹1769 cr26.9%18.0%0.8x
2026-0245.1x₹1441 cr23.3%18.0%0.8x
2026-0139.5x₹1441 cr23.3%18.0%0.8x
2025-1240.6x₹1441 cr23.3%18.0%0.8x
2025-1147.0x₹1269 cr19.2%18.0%0.8x
2025-1047.9x₹1269 cr19.2%18.0%0.8x
2025-0944.6x₹1269 cr19.2%18.0%0.8x
2025-0863.7x₹1059 cr14.8%18.0%0.8x
2025-0767.6x₹1059 cr14.8%18.0%0.8x
2025-0663.1x₹1059 cr14.8%18.0%0.8x
2025-0566.6x₹908 cr13.1%12.0%0.8x
2025-0452.0x₹908 cr13.1%12.0%0.8x
2025-0355.1x₹908 cr13.1%12.0%0.8x
2025-0290.2x₹868 cr8.0%12.0%0.8x
2025-0191.4x₹868 cr8.0%12.0%0.8x
2024-1271.7x₹868 cr8.0%12.0%0.8x
2024-1167.3x₹868 cr8.3%12.0%0.8x
2024-1068.5x₹868 cr8.3%12.0%0.8x
2024-0965.2x₹868 cr8.3%12.0%0.8x
2024-0877.0x₹817 cr7.2%12.0%0.8x
2024-0784.2x₹817 cr7.2%12.0%0.8x
2024-0680.1x₹817 cr7.2%12.0%0.8x
2024-0516.3x₹981 cr39.4%38.0%1.0x
2024-0416.8x₹981 cr39.4%38.0%1.0x
2024-0317.0x₹981 cr39.4%38.0%1.0x
2024-0219.0x₹981 cr39.4%38.0%1.0x
2024-0119.2x₹981 cr39.4%38.0%1.0x
2023-1220.9x₹981 cr39.4%38.0%1.0x
2023-1118.3x₹981 cr39.4%38.0%1.0x
2023-1021.2x₹981 cr39.4%38.0%1.0x
2023-0921.6x₹981 cr39.4%38.0%1.0x
2023-0822.2x₹981 cr39.4%38.0%1.0x
2023-0721.4x₹981 cr39.4%38.0%1.0x
2023-0620.9x₹981 cr39.4%38.0%1.0x
2023-0547.6x₹490 cr29.1%30.0%0.8x
2023-0445.8x₹490 cr29.1%30.0%0.8x
2023-0343.7x₹490 cr29.1%30.0%0.8x
2023-0248.5x₹490 cr29.1%30.0%0.8x
2023-0149.1x₹490 cr29.1%30.0%0.8x
2022-1242.2x₹490 cr29.1%30.0%0.8x
2022-1137.6x₹490 cr29.1%30.0%0.8x
2022-1035.1x₹490 cr29.1%30.0%0.8x
2022-0934.9x₹490 cr29.1%30.0%0.8x
2022-0831.3x₹490 cr29.1%30.0%0.8x
2022-0729.5x₹490 cr29.1%30.0%0.8x
2022-0624.5x₹490 cr29.1%30.0%0.8x
2022-0570.0x₹185 cr14.0%17.0%0.5x
2022-0450.4x₹185 cr14.0%17.0%0.5x
2022-0344.0x₹185 cr14.0%17.0%0.5x
2022-0231.5x₹185 cr14.0%17.0%0.5x
2022-0120.9x₹185 cr14.0%17.0%0.5x
2021-1219.0x₹185 cr14.0%17.0%0.5x
2021-1119.1x₹185 cr14.0%17.0%0.5x
2021-1018.7x₹185 cr14.0%17.0%0.5x
2021-0921.6x₹185 cr14.0%17.0%0.5x
2021-0822.5x₹185 cr14.0%17.0%0.5x
2021-0716.0x₹185 cr14.0%17.0%0.5x
2021-0613.8x₹185 cr14.0%17.0%0.5x
2021-0512.5x₹129 cr12.1%16.0%0.3x
2021-0412.1x₹129 cr12.1%16.0%0.3x
2021-0314.6x₹129 cr12.1%16.0%0.3x
2021-0211.9x₹129 cr12.1%16.0%0.3x
2021-0110.6x₹129 cr12.1%16.0%0.3x
2020-1210.3x₹129 cr12.1%16.0%0.3x
2020-1110.0x₹129 cr12.1%16.0%0.3x
2020-108.8x₹129 cr12.1%16.0%0.3x
2020-098.8x₹129 cr12.1%16.0%0.3x
2020-0810.1x₹129 cr12.1%16.0%0.3x
2020-079.0x₹129 cr12.1%16.0%0.3x
2020-068.8x₹129 cr12.1%16.0%0.3x
2020-0511.9x₹107 cr9.8%14.0%0.2x
2020-0411.9x₹107 cr9.8%14.0%0.2x
2020-0312.7x₹107 cr9.8%14.0%0.2x
2020-0213.1x₹107 cr9.8%14.0%0.2x
2020-0114.2x₹107 cr9.8%14.0%0.2x
2019-1215.2x₹107 cr9.8%14.0%0.2x
2019-1113.5x₹107 cr9.8%14.0%0.2x
2019-1014.8x₹107 cr9.8%14.0%0.2x
2019-0915.4x₹107 cr9.8%14.0%0.2x
2019-0814.4x₹107 cr9.8%14.0%0.2x
2019-0711.5x₹107 cr9.8%14.0%0.2x
2019-0610.4x₹107 cr9.8%14.0%0.2x
2019-0521.3x₹90 cr4.9%9.0%0.3x
2019-0420.8x₹90 cr4.9%9.0%0.3x
2019-0323.3x₹90 cr4.9%9.0%0.3x
2019-0220.8x₹90 cr4.9%9.0%0.3x

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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