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MTAR TECHNOLOGIES LIMITED (MTARTECH)

Electronic Technology · Aerospace & Defense · figures to Nov '26

FII/DII #5
Divergence: business ahead of price
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.54 / 100
Profitability 66Growth 52Balance sheet 42
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.68 / 100
Price 14Earnings 90FII/DII 100

Passes these screensHigh MomentumBusiness ahead of price

Compare withHINDUSTAN AERONAUTICSBHARAT ELECTRONICSBHARAT DYNAMICS

Share price

Closing priceAdjusted for splits and bonus issues.

₹5,516.5 latest close · −21.6% over the last 90 sessions

₹5,000₹6,000₹7,000₹8,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹5,000₹6,000₹7,000₹8,000Jul 3Sep 4Nov 9

₹5,516.5 month-end · +117.8% over 12 months

₹2,000₹4,000₹6,000₹8,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,000₹4,000₹6,000₹8,000Nov '25May '26Nov '26

₹5,516.5 month-end · +146.2% over 3 years

₹2,000₹4,000₹6,000₹8,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹4,000₹6,000₹8,000Nov '23May '25Nov '26

₹5,516.5 month-end · +438.9% since Mar '21

₹2,500₹5,000₹7,500Mar '21May '22Jun '23Aug '24Sep '25Nov '26 ₹2,500₹5,000₹7,500Mar '21Jan '24Nov '26

52-week range ₹2217.10 to ₹8714.00 · 1-year volatility 60.5%

Was the rally earned?

+118%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 123 points, but investors now pay less per rupee of profit (P/E 131.5x to 127.1x), which took 5 points back.
  • The share count barely moved.
Net profit growth: +121 pts. Points of the price return explained by net profit growing (or shrinking).+121 ptsNet profit growthP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: +118%+118%Share priceNet profit growth: +121 pts. Points of the price return explained by net profit growing (or shrinking).+121ProfitP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +118%+118%Share price
Net profit growth+121 ptsNet profit rose about 122%, which lifts the price.
P/E change-5 ptsThe P/E fell from 131.5x to 127.1x, which lowers the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+146%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 66.6x to 127.1x); per-share earnings added 41 points.
  • The share count barely moved.
Net profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42 ptsNet profit growthP/E change: +105 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+105 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: +146%+146%Share priceNet profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42ProfitP/E change: +105 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+105P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +146%+146%Share price
Net profit growth+42 ptsNet profit rose about 30%, which lifts the price.
P/E change+105 ptsThe P/E rose from 66.6x to 127.1x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+161%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 179 points, but investors now pay less per rupee of profit (P/E 140.9x to 127.1x), which took 17 points back.
  • The share count barely moved.
Net profit growth: +179 pts. Points of the price return explained by net profit growing (or shrinking).+179 ptsNet profit growthP/E change: −17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−17 ptsP/E changeShare 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: +161%+161%Share priceNet profit growth: +179 pts. Points of the price return explained by net profit growing (or shrinking).+179ProfitP/E change: −17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−17P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +161%+161%Share price
Net profit growth+179 ptsNet profit rose about 190%, which lifts the price.
P/E change-17 ptsThe P/E fell from 140.9x to 127.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

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

Compare this with HINDUSTAN AERONAUTICS

How rough has the ride been?

Maximum drawdown-56.3%recovered 2026-01
1-year volatility60.5%annualised
Beta vs sector index0.813-year daily, correlation 0.45
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%20222023202420252026−55.3% 0%−20%−40%202220242026−55.3%
Largest drawdowns

-56.3% (2023-09 peak to 2025-03 low, recovered 2026-01)

-50.6% (2021-12 peak to 2022-07 low, recovered 2023-09)

-38.0% (2026-06 peak to 2026-07 low, not yet recovered)

Most recent volume spikes

2026-11-04: 6.9x the 50-day median, price -4.4% 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?

127.1xP/E todayWithin its usual range
Against its own history70th percentile
CheapestMedian 96.1xDearest

Usual range 63.9x to 181.2x since 2021-03.

Against Electronic Technology127.1x vs 55.3x
This company
127.1x
Sector median
55.3x

130% above the Electronic Technology median.

16.6x138.4x260.2x381.9xMar '21May '22Jul '23Sep '24Nov '25Nov '2616.6x138.4x260.2x381.9xMar '21Feb '23Jan '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianElectronic Technology 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 Electronic Technology is valued

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology 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

  • ROCE51st▲ 22 pts vs a year ago
  • Op. margin82nd▲ 5 pts vs a year ago
  • Revenue growth80th▲ 24 pts vs a year ago
  • EPS growth89th▲ 26 pts vs a year ago
  • Debt/equity ↓33rd▼ 16 pts vs a year ago
  • Cash cycle ↓17thflat vs a year ago
  • P/E ↓15thflat vs a year ago
  • 12M momentum95th▲ 13 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 Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~47%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 230.4x, a holder earning 12%/yr needs earnings to grow about 47.2%/yr for 10 years, then trade at 15x.

Delivered9.2%/yrEPS, last 7 fiscal years · 3-yr avg to 3-yr avg
Gap+37.9 ptsimplied minus delivered
Rank25thmost demanding of 856

Over time

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

0%27%55% Mar 2021Nov 2026 0%27%55% Mar 2021Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x49.2%50.5%51.8%
15x45.9%47.2%48.5%
20x41.7%43.0%44.3%

Drag a slider to test other assumptions

Implied: 47.2%/yr

Looking back

  • Jan 2022Price implied 39%/yr; EPS has since grown 15%/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 Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹5516.50
P/E
127.1x
ROCE
15.0%
Market Cap
₹16968 cr
Revenue (TTM)
₹1081 cr
P/S
15.7x
P/B
20.6x
ROE
16.2%
Operating Margin
24.0%
Debt / Equity
0.5x
Promoter Holding
29.4%
12M Momentum
117.8%

52-week range

₹2217.10₹8714.00
51% of the way from its 52-week low to its high

Price risk

1Y volatility
60.5%
Beta vs sector
1-year daily
1.28

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.75x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range4 near a threshold
Other income reliance15%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 15.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

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

Cash conversion1.75xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.75x (cash from operations ₹355 cr, net profit ₹203 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+27 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 27 days (140 vs 113). 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+44 days / 2 yrsNear threshold

Days payable changed by +44 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 added 16.0 pts; promoters trimmed 9.8 pts; DIIs trimmed 1.7 pts.
  • The number of shareholders fell from 2.8 lakh to 2.6 lakh (-6%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters39.1%29.4%-9.8 pts
FIIs8.8%24.8%+16.0 pts
DIIs24.1%22.4%-1.7 pts
Public and others28.0%23.5%-4.5 pts

Number of shareholders

2.6 lakhshareholders-6% since Sep '23
2.1L2.5L2.9L3.4L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 2.8 lakh
Dec '23: 3.1 lakh
Mar '24: 3.1 lakh
Jun '24: 3.4 lakh
Sep '24: 3.2 lakh
Dec '24: 3.0 lakh
Mar '25: 3.0 lakh
Jun '25: 3.0 lakh
Sep '25: 2.8 lakh
Dec '25: 2.2 lakh
Mar '26: 2.1 lakh
Jun '26: 2.6 lakh
 2.1L2.5L2.9L3.4L Sep '23Sep '24Sep '25Jun '26
Sep '23: 2.8 lakh
Dec '23: 3.1 lakh
Mar '24: 3.1 lakh
Jun '24: 3.4 lakh
Sep '24: 3.2 lakh
Dec '24: 3.0 lakh
Mar '25: 3.0 lakh
Jun '25: 3.0 lakh
Sep '25: 2.8 lakh
Dec '25: 2.2 lakh
Mar '26: 2.1 lakh
Jun '26: 2.6 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

−15.0%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 MTAR TECHNOLOGIES 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 −36% to +16% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (−8.1%, 80% range −19.8% to +0.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SALASAR · Feb 2024: −63.5% vs market
NEULANDLAB · Feb 2021: −56.3% vs market
HATHWAY · Jul 2020: −56.2% vs market
RAMCOSYS · Jan 2021: −54.1% vs market
JSLL · Oct 2025: −52.4% vs market
MOTISONS · Dec 2024: −48.7% vs market
INOXWIND · Jun 2025: −48.0% vs market
AARTIDRUGS · Oct 2020: −46.1% vs market
MATRIMONY · Feb 2021: −45.4% vs market
DHANI · Oct 2020: −42.9% vs market
ITI · Sep 2020: −39.1% vs market
PGEL · May 2025: −38.8% vs market
HINDCOPPER · Jul 2021: −37.7% vs market
TARIL · Feb 2025: −31.9% vs market
KAYNES · Jan 2025: −31.6% vs market
JYOTICNC · Jan 2025: −29.3% vs market
COCHINSHIP · Jul 2024: −28.2% vs market
HNDFDS · Feb 2021: −26.5% vs market
PREMEXPLN · Jun 2024: −26.0% vs market
TARC · Jan 2024: −22.9% vs market
SERVOTECH · Jun 2023: −22.5% vs market
MARINE · Dec 2024: −20.6% vs market
ANANTRAJ · Jan 2025: −20.5% vs market
MANINFRA · Apr 2022: −20.3% vs market
KPIGREEN · Jun 2024: −16.2% vs market
TITAGARH · Jan 2024: −13.8% vs market
ARVSMART · Jul 2024: −12.8% vs market
AZAD · Jan 2025: −10.3% vs market
HBLENGINE · Apr 2024: −7.4% vs market
NELCO · Nov 2021: −7.1% vs market
ASTEC · Nov 2020: −1.4% vs market
NEOGEN · Jul 2022: +1.9% vs market
OLECTRA · Nov 2023: +3.4% vs market
ELGIEQUIP · Sep 2022: +4.2% vs market
TRENT · May 2020: +4.3% vs market
JWL · Nov 2023: +9.1% vs market
PTCIL · Jul 2024: +13.9% vs market
RELTD · Jul 2025: +17.2% vs market
GENUSPOWER · Jun 2024: +17.8% vs market
KRISHNADEF · Mar 2025: +22.0% vs market
PARAS · Mar 2025: +27.7% vs market
LAURUSLABS · Feb 2021: +28.8% vs market
MANORAMA · Sep 2025: +32.2% vs market
APOLLO · Oct 2025: +52.2% vs market
KRN · Oct 2025: +54.0% vs market
POWERINDIA · Aug 2024: +71.4% vs market
SHAILY · Jul 2025: +83.2% vs market
ZENTEC · Oct 2023: +88.3% vs market
AVALON · Aug 2025: +165.3% vs market
ATGL · Feb 2020: +180.7% vs market
Similar setups −15.0%All companies −6.9%← 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
−15.0%
All companies' median
−6.9%
Beat the market
38% vs 42%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
APOLLO
Electronic Technology		 Oct 2025 131x14% +173%−20% +52%
PREMEXPLN
Process Industries		 Jun 2024 142x18% +757%−16% −26%
OLECTRA
Consumer Durables		 Nov 2023 150x13% +139%−14% +3%
JYOTICNC
Producer Manufacturing		 Jan 2025 87x21% +94%−25% −29%
KAYNES
Electronic Technology		 Jan 2025 129x15% +69%−37% −32%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JWL
Producer Manufacturing		 Nov 2023 112x24% +304%−13% +9%
PTCIL
Producer Manufacturing		 Jul 2024 455x11% +234%−7% +14%
HNDFDS
Consumer Non-Durables		 Feb 2021 208x17% +242%−14% −27%
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, ROCE 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 MTAR TECHNOLOGIES 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.

SHILPA MEDICARESHILPAMED
Health Technology
52%similar
market capoperating margin
SHIVALIK BIMETAL CONTROLSSBCL
Non-Energy Minerals
51%similar
operating marginEPS growth
SANSERA ENGINEERINGSANSERA
Producer Manufacturing
49%similar
ROCEpromoter holding
KDDLKDDL
Consumer Durables
48%similar
debt/equityrevenue growth
SHAILY ENGINEERING PLASTICS LTSHAILY
Process Industries
46%similar
revenuemarket cap
APOLLO MICRO SYSTEMSAPOLLO
Electronic Technology
59%similar
ROCEP/E
AVALON TECHNOLOGIESAVALON
Electronic Technology
55%similar
revenue growthP/E
HFCLHFCL
Electronic Technology
49%similar
promoter holdingoperating margin

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

What changed?

30 events since Feb '24

  1. NovPriceVolume reached 6.9x its 50-day median on 2026-11-04; price -4.4% that day.
  2. JulPriceFell 38% from the Jun 2026 peak to the Jul 2026 low.
  3. JunPeer rankMoved into the 2nd quartile of Electronic Technology on ROCE (from the 3rd quartile).
  4. MayPriceVolume reached 9.2x its 50-day median on 2026-05-14; price +12.2% that day.
  5. MarResultsRevenue (TTM) reached a new high of ₹754 cr.
  6. MarInstitutionsFII + DII holding rose 11.1 pts over 2 quarters to 42.2%.
  7. MarPeer rankMoved into the top quartile of Electronic Technology on operating margin (from the 2nd quartile).
  8. JanPriceRegained the 2023-09 peak, 10 months after the low.
Show 22 earlier events
  1. JanPriceVolume reached 15.6x its 50-day median on 2026-01-09; price +6.8% that day.
  2. DecPeer rankSlipped to the 2nd quartile of Electronic Technology on operating margin (from the top quartile).
  3. OctValuationP/E crossed above the 90th percentile of its own history to date (132.3x).
  4. OctPriceVolume reached 37.8x its 50-day median on 2025-10-14; price +12.6% that day.
  5. SepResultsYear-on-year EPS growth turned positive.
  6. SepPeer rankMoved into the top quartile of Electronic Technology on operating margin (from the 2nd quartile).
  7. SepPriceVolume reached 50.1x its 50-day median on 2025-09-12; price +9.6% that day.
  8. JunPeer rankMoved into the 3rd quartile of Electronic Technology on EPS growth (from the bottom quartile).
  9. MayPriceVolume reached 6.8x its 50-day median on 2025-05-23; price -0.0% that day.
  10. MarPromoterPromoter holding fell 5.0 pts to 31.4%.
  11. MarResultsRevenue (TTM) reached a new high of ₹635 cr.
  12. MarInstitutionsFII + DII holding rose 6.5 pts over 2 quarters to 30.2%.
  13. MarPriceFell 56% from the Sep 2023 peak to the Mar 2025 low.
  14. FebPriceVolume reached 14.1x its 50-day median on 2025-02-20; price +14.1% that day.
  15. DecPriceVolume reached 24.4x its 50-day median on 2024-12-12; price -3.9% that day.
  16. SepValuationP/E crossed above the 90th percentile of its own history to date (133.6x).
  17. JulPriceVolume reached 7.9x its 50-day median on 2024-07-05; price +4.2% that day.
  18. JunResultsYear-on-year EPS growth turned negative.
  19. JunInstitutionsFII + DII holding fell 4.2 pts over 2 quarters to 28.6%.
  20. JunPeer rankSlipped to the 3rd quartile of Electronic Technology on ROCE (from the 2nd quartile).
  21. MayPriceVolume reached 13.8x its 50-day median on 2024-05-29; price -10.9% that day.
  22. FebPriceVolume reached 12.5x its 50-day median on 2024-02-14; price -9.0% 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
2026-11127.1x₹1081 cr16.2%15.0%0.5x
2026-10157.6x₹1081 cr16.2%15.0%0.5x
2026-09179.7x₹1081 cr16.2%15.0%0.5x
2026-08230.4x₹877 cr11.4%15.0%0.5x
2026-07187.3x₹877 cr11.4%15.0%0.5x
2026-06249.3x₹877 cr11.4%15.0%0.5x
2026-05381.9x₹754 cr8.8%10.0%0.2x
2026-04313.0x₹754 cr8.8%10.0%0.2x
2026-03168.1x₹754 cr8.8%10.0%0.2x
2026-02261.8x₹650 cr6.2%10.0%0.2x
2026-01201.6x₹650 cr6.2%10.0%0.2x
2025-12166.2x₹650 cr6.2%10.0%0.2x
2025-11131.5x₹704 cr8.2%10.0%0.2x
2025-10132.3x₹704 cr8.2%10.0%0.2x
2025-0996.1x₹704 cr8.2%10.0%0.2x
2025-0881.2x₹675 cr7.3%10.0%0.2x
2025-0785.3x₹675 cr7.3%10.0%0.2x
2025-0692.3x₹675 cr7.3%10.0%0.2x
2025-05114.7x₹635 cr6.5%11.0%0.3x
2025-0499.3x₹635 cr6.5%11.0%0.3x
2025-0389.5x₹635 cr6.5%11.0%0.3x
2025-02102.9x₹579 cr5.6%11.0%0.3x
2025-01129.7x₹579 cr5.6%11.0%0.3x
2024-12132.4x₹579 cr5.6%11.0%0.3x
2024-11136.8x₹556 cr5.8%11.0%0.3x
2024-10127.8x₹556 cr5.8%11.0%0.3x
2024-09133.6x₹556 cr5.8%11.0%0.3x
2024-08100.1x₹581 cr8.1%11.0%0.3x
2024-07104.4x₹581 cr8.1%11.0%0.3x
2024-06101.9x₹581 cr8.1%11.0%0.3x
2024-0553.6x₹574 cr16.6%22.0%0.2x
2024-0456.1x₹574 cr16.6%22.0%0.2x
2024-0350.1x₹574 cr16.6%22.0%0.2x
2024-0257.0x₹574 cr16.6%22.0%0.2x
2024-0162.5x₹574 cr16.6%22.0%0.2x
2023-1265.7x₹574 cr16.6%22.0%0.2x
2023-1166.6x₹574 cr16.6%22.0%0.2x
2023-1072.5x₹574 cr16.6%22.0%0.2x
2023-0975.5x₹574 cr16.6%22.0%0.2x
2023-0873.2x₹574 cr16.6%22.0%0.2x
2023-0763.4x₹574 cr16.6%22.0%0.2x
2023-0657.0x₹574 cr16.6%22.0%0.2x
2023-0596.0x₹322 cr11.7%16.0%0.2x
2023-0491.6x₹322 cr11.7%16.0%0.2x
2023-0379.9x₹322 cr11.7%16.0%0.2x
2023-0285.7x₹322 cr11.7%16.0%0.2x
2023-0187.8x₹322 cr11.7%16.0%0.2x
2022-1281.7x₹322 cr11.7%16.0%0.2x
2022-1180.2x₹322 cr11.7%16.0%0.2x
2022-1081.1x₹322 cr11.7%16.0%0.2x
2022-0980.0x₹322 cr11.7%16.0%0.2x
2022-0883.1x₹322 cr11.7%16.0%0.2x
2022-0764.0x₹322 cr11.7%16.0%0.2x
2022-0664.2x₹322 cr11.7%16.0%0.2x
2022-0595.2x₹246 cr9.6%19.0%0.0x
2022-04112.2x₹246 cr9.6%19.0%0.0x
2022-03117.1x₹246 cr9.6%19.0%0.0x
2022-02120.7x₹246 cr9.6%19.0%0.0x
2022-01144.4x₹246 cr9.6%19.0%0.0x
2021-12164.4x₹246 cr9.6%19.0%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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