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MULTI COMMODITY EXCHANGE (MCX)

Finance · Investment Banks/Brokers · figures to Nov '26

Balance sheet #6Overall #13
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.96 / 100
Profitability 92Growth 95Balance 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.77 / 100
Price 95Earnings 92FII/DII 45

Passes these screensQuality CompounderHigh MomentumDebt-light & profitableConsistent compoundersNear 52-week high

Compare withBSEBILLIONBRAINS GARAGE VENTURESMOTILAL OSWAL FINANCIAL SERVIC

Share price

Closing priceAdjusted for splits and bonus issues.

₹3,545 latest close · +26.0% over the last 90 sessions

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

₹3,545 month-end · +75.9% over 12 months

₹2,000₹2,500₹3,000₹3,500Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,000₹2,500₹3,000₹3,500Nov '25May '26Nov '26

₹3,545 month-end · +454.8% over 3 years

₹1,000₹2,000₹3,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹2,000₹3,000Nov '23May '25Nov '26

₹3,545 month-end · +2414.2% since Jan '19

₹0₹1,000₹2,000₹3,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹1,000₹2,000₹3,000Jan '19Dec '22Nov '26

52-week range ₹1762.00 to ₹3604.80 · 1-year volatility 40.4%

Was the rally earned?

+76%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 116 points, but investors now pay less per rupee of profit (P/E 78.8x to 58.6x), which took 40 points back.
  • The share count barely moved.
Net profit growth: +116 pts. Points of the price return explained by net profit growing (or shrinking).+116 ptsNet profit growthP/E change: −40 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−40 ptsP/E changeShare price: +76%+76%Share priceNet profit growth: +116 pts. Points of the price return explained by net profit growing (or shrinking).+116ProfitP/E change: −40 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−40P/EShare price: +76%+76%Share price
Net profit growth+116 ptsNet profit rose about 137%, which lifts the price.
P/E change-40 ptsThe P/E fell from 78.8x to 58.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+455%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 620 points, but investors now pay less per rupee of profit (P/E 109.4x to 58.6x), which took 166 points back.
  • The share count barely moved.
Net profit growth: +620 pts. Points of the price return explained by net profit growing (or shrinking).+620 ptsNet profit growthP/E change: −166 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−166 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: +455%+455%Share priceNet profit growth: +620 pts. Points of the price return explained by net profit growing (or shrinking).+620ProfitP/E change: −166 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−166P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +455%+455%Share price
Net profit growth+620 ptsNet profit rose about 935%, which lifts the price.
P/E change-166 ptsThe P/E fell from 109.4x to 58.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+1008%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 806 points to the rise, while the multiple moved less (P/E 36.2x to 58.6x).
  • The share count barely moved.
Net profit growth: +807 pts. Points of the price return explained by net profit growing (or shrinking).+807 ptsNet profit growthP/E change: +202 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+202 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: +1008%+1008%Share priceNet profit growth: +807 pts. Points of the price return explained by net profit growing (or shrinking).+807ProfitP/E change: +202 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+202P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +1008%+1008%Share price
Net profit growth+807 ptsNet profit rose about 585%, which lifts the price.
P/E change+202 ptsThe P/E rose from 36.2x to 58.6x, which lifts 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 BSE

How rough has the ride been?

Maximum drawdown-44.4%recovered 2023-09
1-year volatility40.4%annualised
Beta vs sector index1.093-year daily, correlation 0.48
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−44.4% 0%−20%−40%2020202220242026−44.4%
Largest drawdowns

-44.4% (2021-10 peak to 2022-05 low, recovered 2023-09)

-38.2% (2020-01 peak to 2020-03 low, recovered 2020-07)

-34.7% (2024-12 peak to 2025-03 low, recovered 2025-06)

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?

58.6xP/E todayWithin its usual range
Against its own history65th percentile
CheapestMedian 51.4xDearest

Usual range 32.6x to 116.1x since 2019-01.

Against Finance58.6x vs 18.1x
This company
58.6x
Sector median
18.1x

224% above the Finance median.

9.5x112.4x215.2x318.1xJan '19Aug '20Mar '22Oct '23May '25Nov '269.5x112.4x215.2x318.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance 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 Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance 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

  • ROCE100th▲ 6 pts vs a year ago
  • Op. margin83rd▲ 5 pts vs a year ago
  • Revenue growth89thflat vs a year ago
  • EPS growth90th▼ 7 pts vs a year ago
  • Debt/equity ↓77thflat vs a year ago
  • Cash cycle ↓67thflat vs a year ago
  • P/E ↓14thflat vs a year ago
  • 12M momentum99th▲ 5 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 Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~43%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 199.3x, a holder earning 12%/yr needs earnings to grow about 43.3%/yr for 10 years, then trade at 15x.

Delivered26.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+16.8 ptsimplied minus delivered
Rank202ndmost demanding of 856

Over time

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

0%25%50% Jan 2019Nov 2026 0%25%50% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x44.9%46.2%47.5%
15x42.0%43.3%44.6%
20x38.3%39.5%40.8%

Drag a slider to test other assumptions

Implied: 43.3%/yr

Looking back

  • Jan 2020Price implied 24%/yr; EPS has since grown 37%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 33%/yr (6.0 yrs)
  • Jan 2022Price implied 22%/yr; EPS has since grown 43%/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 Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹3545.00
P/E
58.6x
ROCE
71.0%
Market Cap
₹90389 cr
Revenue (TTM)
₹2631 cr
P/S
34.4x
P/B
31.7x
ROE
54.1%
Operating Margin
70.0%
Debt / Equity
0.0x
12M Momentum
75.9%

52-week range

₹1762.00₹3604.80
97% of the way from its 52-week low to its high

Price risk

1Y volatility
40.4%
Beta vs sector
1-year daily
0.75

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
2.24x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate21%Within range

Median quarterly effective tax rate over about 2.5 years: 20.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.24xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.24x (cash from operations ₹4,427 cr, net profit ₹1,975 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (10 vs 10). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress7% of fixed assetsWithin range

Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

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, DIIs trimmed 5.6 pts; FIIs added 4.5 pts.
  • The number of shareholders rose from 1.7 lakh to 4.3 lakh (+162%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters———
FIIs25.3%29.9%+4.5 pts
DIIs56.4%50.8%-5.6 pts
Public and others18.1%19.1%+1.1 pts

Number of shareholders

4.3 lakhshareholders+162% since Sep '23
1.7L2.5L3.4L4.3L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.7 lakh
Dec '23: 1.7 lakh
Mar '24: 1.8 lakh
Jun '24: 2.0 lakh
Sep '24: 2.0 lakh
Dec '24: 2.4 lakh
Mar '25: 2.4 lakh
Jun '25: 2.3 lakh
Sep '25: 2.6 lakh
Dec '25: 2.5 lakh
Mar '26: 3.6 lakh
Jun '26: 4.3 lakh
 1.7L2.5L3.4L4.3L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.7 lakh
Dec '23: 1.7 lakh
Mar '24: 1.8 lakh
Jun '24: 2.0 lakh
Sep '24: 2.0 lakh
Dec '24: 2.4 lakh
Mar '25: 2.4 lakh
Jun '25: 2.3 lakh
Sep '25: 2.6 lakh
Dec '25: 2.5 lakh
Mar '26: 3.6 lakh
Jun '26: 4.3 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

−10.0%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like MULTI COMMODITY EXCHANGE 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 −33% to +6% vs the market, against +2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −12.0%, 80% range −25.4% to −7.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
TANLA · Dec 2021: −63.4% vs market
VAIBHAVGBL · Feb 2021: −51.3% vs market
RITES · Mar 2020: −45.6% vs market
PGHL · Nov 2020: −45.0% vs market
TIPSMUSIC · Oct 2024: −42.0% vs market
OFSS · Dec 2024: −41.2% vs market
FINEORG · Sep 2022: −40.8% vs market
THYROCARE · Oct 2020: −37.9% vs market
ASTRAZEN · Jun 2020: −37.7% vs market
ABBOTINDIA · Jun 2020: −34.6% vs market
IEX · Sep 2021: −34.2% vs market
EASEMYTRIP · Jul 2022: −33.5% vs market
KFINTECH · Dec 2024: −33.3% vs market
IGL · Apr 2020: −33.1% vs market
PAGEIND · Jul 2022: −32.6% vs market
PGHH · Mar 2020: −31.3% vs market
CAMS · Dec 2024: −30.9% vs market
GILLETTE · Jun 2025: −28.3% vs market
GMMPFAUDLR · Jul 2020: −28.0% vs market
GLAXO · Apr 2025: −26.1% vs market
BALAMINES · Aug 2021: −20.0% vs market
ASTRAL · Jun 2021: −16.8% vs market
DIXON · Apr 2021: −15.4% vs market
NETWEB · Aug 2024: −12.0% vs market
AJANTPHARM · Jul 2020: −10.2% vs market
COHANCE · Apr 2021: −9.8% vs market
ZENTEC · Jul 2024: −8.8% vs market
BLS · Jan 2024: −3.9% vs market
METROPOLIS · Aug 2020: −3.6% vs market
TCS · Mar 2020: −3.2% vs market
BEL · Jun 2025: −2.5% vs market
PIIND · May 2020: −2.4% vs market
DATAPATTNS · Jan 2023: −1.6% vs market
CDSL · Oct 2024: +0.1% vs market
LLOYDSME · Mar 2025: +1.5% vs market
HONAUT · Mar 2020: +2.0% vs market
CRISIL · May 2022: +2.1% vs market
TRITURBINE · Sep 2023: +7.6% vs market
JUBLFOOD · Mar 2020: +10.0% vs market
CGPOWER · Aug 2023: +10.1% vs market
AFFLE · Nov 2020: +19.1% vs market
LALPATHLAB · Jul 2020: +20.0% vs market
LTTS · Mar 2020: +27.1% vs market
ALKYLAMINE · Nov 2020: +40.7% vs market
DIVISLAB · Jan 2020: +45.0% vs market
BSE · Oct 2025: +49.7% vs market
INDIAMART · Jul 2020: +61.2% vs market
TATAELXSI · Aug 2020: +178.8% vs market
BALAXI · Jun 2020: +190.0% vs market
ATGL · Jan 2021: +251.3% vs market
Similar setups −10.0%All companies +2.0%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
−10.0%
All companies' median
+2.0%
Beat the market
34% vs 52%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IEX
Finance		 Sep 2021 94x55% +211%0% −34%
CDSL
Finance		 Oct 2024 67x40% +112%−3% 0%
TIPSMUSIC
Consumer Services		 Oct 2024 79x104% +151%0% −42%
ZENTEC
Technology Services		 Jul 2024 112x46% +176%0% −9%
LLOYDSME
Non-Energy Minerals		 Mar 2025 43x78% +114%−11% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
COHANCE
Health Technology		 Apr 2021 44x50% +265%−1% −10%
INDIAMART
Retail Trade		 Jul 2020 56x84% +135%0% +61%
NETWEB
Electronic Technology		 Aug 2024 202x38% +222%0% −12%
How reliable is this?

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

ACUTAAS CHEMICALSACUTAAS
Process Industries
68%similar
EPS growthmarket cap
NEULAND LABORATORIESNEULANDLAB
Health Technology
59%similar
P/Erevenue
HBL ENGINEERINGHBLENGINE
Producer Manufacturing
55%similar
ROCEEPS growth
HINDUSTAN COPPERHINDCOPPER
Non-Energy Minerals
55%similar
operating marginROCE
KFIN TECHNOLOGIESKFINTECH
Technology Services
52%similar
P/Eoperating margin
BSEBSE
Finance
83%similar
revenue growthoperating margin
NIPPON LIFE IND ASSET MANAGEMENAM-INDIA
Finance
73%similar
operating marginvolatility
BILLIONBRAINS GARAGE VENTURESGROWW
Finance
59%similar
P/Eoperating margin

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

What changed?

30 events since Feb '22

  1. MayPriceVolume reached 5.2x its 50-day median on 2026-05-29; price -6.5% that day.
  2. FebPriceVolume reached 8.5x its 50-day median on 2026-02-01; price -11.7% that day.
  3. JunPriceRegained the 2024-12 peak, 3 months after the low.
  4. JunPeer rankMoved into the top quartile of Finance on ROCE (from the 3rd quartile).
  5. JunPriceVolume reached 5.4x its 50-day median on 2025-06-09; price +7.2% that day.
  6. MarPriceFell 35% from the Dec 2024 peak to the Mar 2025 low.
  7. MarPeer rankMoved into the top quartile of Finance on operating margin (from the 2nd quartile).
  8. JanPriceVolume reached 7.5x its 50-day median on 2025-01-21; price -8.6% that day.
Show 22 earlier events
  1. DecPeer rankMoved into the top quartile of Finance on EPS growth (from the 3rd quartile).
  2. SepResultsYear-on-year EPS growth turned positive.
  3. SepPeer rankSlipped to the 2nd quartile of Finance on operating margin (from the top quartile).
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunPeer rankSlipped to the 3rd quartile of Finance on ROCE (from the 2nd quartile).
  6. AprPriceVolume reached 8.1x its 50-day median on 2024-04-25; price +8.3% that day.
  7. OctPriceVolume reached 19.1x its 50-day median on 2023-10-09; price +2.0% that day.
  8. SepPriceRegained the 2021-10 peak, 16 months after the low.
  9. SepPriceVolume reached 31.2x its 50-day median on 2023-09-29; price -2.1% that day.
  10. JunResultsYear-on-year EPS growth turned positive.
  11. JunPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the bottom quartile).
  12. JunPriceVolume reached 21.0x its 50-day median on 2023-06-30; price -8.5% that day.
  13. MayValuationP/E crossed above the 90th percentile of its own history to date (51.7x).
  14. JanPriceVolume reached 6.9x its 50-day median on 2023-01-13; price +6.3% that day.
  15. OctValuationP/E crossed above the 90th percentile of its own history to date (54.5x).
  16. OctPriceVolume reached 15.1x its 50-day median on 2022-10-25; price +9.1% that day.
  17. SepPriceVolume reached 5.1x its 50-day median on 2022-09-20; price +4.9% that day.
  18. JunValuationP/E crossed above the 90th percentile of its own history to date (46.5x).
  19. JunPeer rankSlipped to the 2nd quartile of Finance on ROCE (from the top quartile).
  20. JunPriceVolume reached 7.5x its 50-day median on 2022-06-30; price +2.7% that day.
  21. MayPriceFell 44% from the Oct 2021 peak to the May 2022 low.
  22. FebValuationP/E fell below the 10th percentile of its own history to date (28.8x).

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
2026-1158.6x₹2631 cr54.1%71.0%0.0x
2026-1052.7x₹2631 cr54.1%71.0%0.0x
2026-0954.6x₹2631 cr54.1%71.0%0.0x
2026-0865.1x₹2302 cr46.7%71.0%0.0x
2026-0751.6x₹2302 cr46.7%71.0%0.0x
2026-0654.3x₹2302 cr46.7%71.0%0.0x
2026-0580.4x₹1704 cr49.7%43.0%0.0x
2026-0480.9x₹1704 cr49.7%43.0%0.0x
2026-0365.0x₹1704 cr49.7%43.0%0.0x
2026-0289.5x₹1339 cr36.9%43.0%0.0x
2026-0192.6x₹1339 cr36.9%43.0%0.0x
2025-1281.6x₹1339 cr36.9%43.0%0.0x
2025-1178.8x₹1251 cr34.6%43.0%0.0x
2025-1072.3x₹1251 cr34.6%43.0%0.0x
2025-0960.9x₹1251 cr34.6%43.0%0.0x
2025-0867.3x₹1112 cr29.7%43.0%0.0x
2025-0770.1x₹1112 cr29.7%43.0%0.0x
2025-0681.5x₹1112 cr29.7%43.0%0.0x
2025-0565.7x₹1002 cr37.2%7.0%0.0x
2025-0461.0x₹1002 cr37.2%7.0%0.0x
2025-0352.8x₹1002 cr37.2%7.0%0.0x
2025-0273.3x₹893 cr25.3%7.0%0.0x
2025-0184.3x₹893 cr25.3%7.0%0.0x
2024-1291.6x₹893 cr25.3%7.0%0.0x
2024-11180.8x₹772 cr12.7%7.0%0.0x
2024-10190.5x₹772 cr12.7%7.0%0.0x
2024-09165.5x₹772 cr12.7%7.0%0.0x
2024-08318.1x₹684 cr6.1%7.0%0.0x
2024-07263.2x₹684 cr6.1%7.0%0.0x
2024-06240.8x₹684 cr6.1%7.0%0.0x
2024-05124.3x₹514 cr10.1%13.0%0.0x
2024-04140.8x₹514 cr10.1%13.0%0.0x
2024-03114.7x₹514 cr10.1%13.0%0.0x
2024-02128.9x₹514 cr10.1%13.0%0.0x
2024-01117.0x₹514 cr10.1%13.0%0.0x
2023-12109.6x₹514 cr10.1%13.0%0.0x
2023-11109.4x₹514 cr10.1%13.0%0.0x
2023-1079.8x₹514 cr10.1%13.0%0.0x
2023-0970.2x₹514 cr10.1%13.0%0.0x
2023-0857.9x₹514 cr10.1%13.0%0.0x
2023-0756.8x₹514 cr10.1%13.0%0.0x
2023-0651.4x₹514 cr10.1%13.0%0.0x
2023-0551.7x₹367 cr10.1%14.0%0.0x
2023-0449.7x₹367 cr10.1%14.0%0.0x
2023-0353.8x₹367 cr10.1%14.0%0.0x
2023-0249.9x₹367 cr10.1%14.0%0.0x
2023-0153.8x₹367 cr10.1%14.0%0.0x
2022-1255.2x₹367 cr10.1%14.0%0.0x
2022-1155.4x₹367 cr10.1%14.0%0.0x
2022-1054.5x₹367 cr10.1%14.0%0.0x
2022-0943.3x₹367 cr10.1%14.0%0.0x
2022-0845.8x₹367 cr10.1%14.0%0.0x
2022-0749.6x₹367 cr10.1%14.0%0.0x
2022-0646.5x₹367 cr10.1%14.0%0.0x
2022-0531.0x₹391 cr15.9%16.0%0.0x
2022-0432.4x₹391 cr15.9%16.0%0.0x
2022-0332.0x₹391 cr15.9%16.0%0.0x
2022-0228.8x₹391 cr15.9%16.0%0.0x
2022-0134.9x₹391 cr15.9%16.0%0.0x
2021-1235.9x₹391 cr15.9%16.0%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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