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MUKTA ARTS LIMITED (MUKTAARTS)

Technology Services · Packaged Software · 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.22 / 100
Profitability 17Growth 27
Compare withONE 97 COMMUNICATIONS PAYTMORACLE FINANCIAL SERVICES SOFTMPHASIS

Share price

Closing priceAdjusted for splits and bonus issues.

₹55.5 latest close · −0.6% over the last 90 sessions

₹45₹50₹55₹60Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹45₹50₹55₹60Jul 3Sep 4Nov 9

₹55.5 month-end · −14.4% over 12 months

₹40₹50₹60Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹40₹50₹60Nov '25May '26Nov '26

₹55.5 month-end · −29.3% over 3 years

₹40₹60₹80₹100Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹40₹60₹80₹100Nov '23May '25Nov '26

₹55.5 month-end · +49.8% since Jan '19

₹50₹100Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹50₹100Jan '19Dec '22Nov '26

52-week range ₹37.01 to ₹72.70 · 1-year volatility 53.6%

How rough has the ride been?

Maximum drawdown-70.0%recovered 2021-11
1-year volatility53.6%annualised

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−67.7% 0%−20%−40%−60%2020202220242026−67.7%
Largest drawdowns

-70.0% (2019-04 peak to 2020-03 low, recovered 2021-11)

-66.4% (2024-09 peak to 2026-03 low, not yet recovered)

-39.1% (2022-04 peak to 2022-05 low, recovered 2023-10)

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE19th▲ 8 pts vs a year ago
  • Op. margin14th▲ 3 pts vs a year ago
  • Revenue growth39th▲ 26 pts vs a year ago
  • EPS growth5th
  • Debt/equity ↓2nd
  • Cash cycle ↓76thflat vs a year ago
  • P/E ↓72nd
  • 12M momentum59th▲ 10 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

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

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

Key figures

Share Priceclose 9 Nov
₹55.50
ROCE
4.0%
Market Cap
₹125 cr
Revenue (TTM)
₹178 cr
P/S
0.7x
Operating Margin
2.2%
Promoter Holding
70.7%
12M Momentum
-14.4%

52-week range

₹37.01₹72.70
52% of the way from its 52-week low to its high

Price risk

1Y volatility
53.6%
Beta vs sector
1-year daily
0.19

Balance sheet & cash

Interest cover
operating profit ÷ interest
0.5x
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 3checks within range1 near a threshold
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+24 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 24 days (44 vs 20). 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, institutional and promoter holdings were broadly unchanged.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters70.7%70.7%0.0 pts
FIIs0.0%0.0%0.0 pts
DIIs———
Public and others29.3%29.3%0.0 pts

Number of shareholders

7,723shareholders+4% since Sep '23
7k8k9k10k Sep '23Sep '24Mar '25Jun '26
Sep '23: 7,435
Jun '24: 7,051
Sep '24: 9,884
Dec '24: 8,826
Mar '25: 8,569
Sep '25: 8,163
Jun '26: 7,723
 7k8k9k10k Sep '23Sep '24Mar '25Jun '26
Sep '23: 7,435
Jun '24: 7,051
Sep '24: 9,884
Dec '24: 8,826
Mar '25: 8,569
Sep '25: 8,163
Jun '26: 7,723

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

+3.0%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 MUKTA ARTS 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 −15% to +33% vs the market, against 0% for all non-financial companies in the same months.
  • The gap against the base rate (+2.8%, 80% range −8.5% to +14.3%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
PPAP · Sep 2023: −43.1% vs market
BASML · Jan 2022: −41.7% vs market
PALREDTEC · Mar 2023: −41.5% vs market
NIBL · Oct 2023: −36.7% vs market
KOHINOOR · May 2025: −33.7% vs market
AXISCADES · Feb 2020: −33.2% vs market
BIL · Apr 2022: −33.1% vs market
SUNDARAM · Jul 2024: −33.0% vs market
DYNPRO · Aug 2023: −27.9% vs market
ORIENTLTD · Aug 2023: −26.2% vs market
AKSHOPTFBR · Jan 2022: −21.5% vs market
HMVL · Nov 2023: −15.8% vs market
KARMAENG · Apr 2020: −15.5% vs market
TOKYOPLAST · Jan 2023: −13.9% vs market
ZUARIIND · Apr 2025: −13.6% vs market
MAHEPC · Feb 2025: −13.5% vs market
NIPPOBATRY · Jul 2023: −12.2% vs market
MANAKALUCO · May 2022: −11.6% vs market
BEARDSELL · May 2020: −11.3% vs market
RML · Aug 2021: −9.0% vs market
MITCON · Dec 2021: −7.5% vs market
ADL · Sep 2025: −7.4% vs market
GENUSPAPER · Aug 2023: −4.8% vs market
ASPINWALL · Feb 2021: −1.6% vs market
SHIVAMAUTO · Dec 2023: +1.5% vs market
HARRMALAYA · Jun 2024: +4.5% vs market
SAMPANN · Nov 2023: +9.0% vs market
ZENITHSTL · Oct 2023: +10.1% vs market
ONIDA · Aug 2024: +12.5% vs market
AUTOIND · Apr 2022: +18.0% vs market
VASCONEQ · Feb 2022: +18.8% vs market
ELGIRUBCO · Feb 2023: +20.8% vs market
KHADIM · Mar 2021: +22.2% vs market
BAGFILMS · Nov 2023: +22.6% vs market
CLEDUCATE · Sep 2020: +24.9% vs market
DGCONTENT · Aug 2023: +28.0% vs market
SCHAND · Oct 2021: +32.1% vs market
JAYSREETEA · Apr 2020: +32.7% vs market
AYMSYNTEX · Feb 2020: +34.3% vs market
VIPCLOTHNG · Jun 2021: +34.9% vs market
BALPHARMA · Jun 2020: +45.4% vs market
MINDTECK · Jun 2020: +47.7% vs market
PRAENG · Oct 2020: +48.7% vs market
CHEMFAB · Feb 2022: +53.6% vs market
PALASHSECU · Oct 2020: +55.2% vs market
DCW · Sep 2020: +93.0% vs market
SPECIALITY · May 2021: +114.9% vs market
KANORICHEM · Dec 2020: +140.5% vs market
GSS · Sep 2021: +195.4% vs market
TRANSWORLD · Apr 2021: +275.6% vs market
Similar setups +3.0%All companies +0.2%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+3.0%
All companies' median
+0.2%
Beat the market
52% vs 50%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ELGIRUBCO
Producer Manufacturing		 Feb 2023 —2% +1%−24% +21%
AKSHOPTFBR
Electronic Technology		 Jan 2022 —1% +80%−16% −22%
HARRMALAYA
Process Industries		 Jun 2024 —5% +44%−7% +5%
ASPINWALL
Transportation		 Feb 2021 —2% +27%−6% −2%
CLEDUCATE
Commercial Services		 Sep 2020 —-2% −8%−15% +25%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TRANSWORLD
Transportation		 Apr 2021 —3% +65%−12% +276%
PPAP
Producer Manufacturing		 Sep 2023 —2% +21%−10% −43%
KOHINOOR
Process Industries		 May 2025 —5% −6%−26% −34%
How reliable is this?

Matched on P/S, ROCE, operating margin, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, ROCE and drawdown from 12-month high. Not used (unavailable for this company): P/E and debt/equity. This company is loss-making, so it was only compared with loss-making companies. 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 MUKTA ARTS 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 changed?

25 events since Jun '19

  1. SepPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the 3rd quartile).
  2. MarPriceFell 66% from the Sep 2024 peak to the Mar 2026 low.
  3. DecPeer rankMoved into the 3rd quartile of Technology Services on operating margin (from the bottom quartile).
  4. JunPeer rankSlipped to the bottom quartile of Technology Services on ROCE (from the 3rd quartile).
  5. MarPeer rankMoved into the 3rd quartile of Technology Services on operating margin (from the bottom quartile).
  6. SepPriceRegained the 2024-01 peak, 3 months after the low.
  7. JunResultsRevenue (TTM) reached a new high of ₹195 cr.
  8. JunPriceFell 38% from the Jan 2024 peak to the Jun 2024 low.
Show 17 earlier events
  1. JunPeer rankMoved into the 3rd quartile of Technology Services on ROCE (from the bottom quartile).
  2. OctPriceRegained the 2022-04 peak, 17 months after the low.
  3. JunResultsEPS (TTM) turned negative.
  4. JunPeer rankSlipped to the bottom quartile of Technology Services on ROCE (from the 3rd quartile).
  5. JunResultsEPS (TTM) turned positive.
  6. JunPeer rankMoved into the 3rd quartile of Technology Services on ROCE (from the bottom quartile).
  7. MayPriceFell 39% from the Apr 2022 peak to the May 2022 low.
  8. AprPriceRegained the 2021-12 peak, 2 months after the low.
  9. FebPriceFell 39% from the Dec 2021 peak to the Feb 2022 low.
  10. NovPriceRegained the 2019-04 peak, 20 months after the low.
  11. JunPeer rankSlipped to the bottom quartile of Technology Services on ROCE (from the 3rd quartile).
  12. JunResultsEPS (TTM) turned negative.
  13. JunDividendDividend payout cut from 110% to 0% of profit.
  14. MarPriceFell 70% from the Apr 2019 peak to the Mar 2020 low.
  15. JunResultsEPS (TTM) turned positive.
  16. JunPeer rankMoved into the 3rd quartile of Technology Services on ROCE (from the bottom quartile).
  17. JunDividendStarted paying a dividend (payout 110% 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 history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹178 cr—4.0%—
2026-10—₹178 cr—4.0%—
2026-09—₹178 cr—4.0%—
2026-08—₹174 cr—4.0%—
2026-07—₹174 cr—4.0%—
2026-06—₹174 cr—4.0%—
2026-05—₹167 cr—-2.0%—
2026-04—₹167 cr—-2.0%—
2026-03—₹167 cr—-2.0%—
2026-02—₹168 cr—-2.0%—
2026-01—₹168 cr—-2.0%—
2025-12—₹168 cr—-2.0%—
2025-11—₹165 cr—-2.0%—
2025-10—₹165 cr—-2.0%—
2025-09—₹165 cr—-2.0%—
2025-08—₹167 cr—-2.0%—
2025-07—₹167 cr—-2.0%—
2025-06—₹167 cr—-2.0%—
2025-05—₹168 cr—8.0%—
2025-04—₹168 cr—8.0%—
2025-03—₹168 cr—8.0%—
2025-02—₹174 cr—8.0%—
2025-01—₹174 cr—8.0%—
2024-12—₹174 cr—8.0%—
2024-11—₹193 cr—8.0%—
2024-10—₹193 cr—8.0%—
2024-09—₹193 cr—8.0%—
2024-08—₹195 cr—8.0%—
2024-07—₹195 cr—8.0%—
2024-06—₹195 cr—8.0%—
2024-05—₹163 cr—-3.0%—
2024-04—₹163 cr—-3.0%—
2024-03—₹163 cr—-3.0%—
2024-02—₹163 cr—-3.0%—
2024-01—₹163 cr—-3.0%—
2023-12—₹163 cr—-3.0%—
2023-11—₹163 cr—-3.0%—
2023-10—₹163 cr—-3.0%—
2023-09—₹163 cr—-3.0%—
2023-08—₹163 cr—-3.0%—
2023-07—₹163 cr—-3.0%—
2023-06—₹163 cr—-3.0%—
2023-0518.5x₹132 cr150.0%14.0%29.5x
2023-0419.3x₹132 cr150.0%14.0%29.5x
2023-0316.1x₹132 cr150.0%14.0%29.5x
2023-0217.9x₹132 cr150.0%14.0%29.5x
2023-0119.9x₹132 cr150.0%14.0%29.5x
2022-1219.3x₹132 cr150.0%14.0%29.5x
2022-1120.7x₹132 cr150.0%14.0%29.5x
2022-1021.1x₹132 cr150.0%14.0%29.5x
2022-0920.6x₹132 cr150.0%14.0%29.5x
2022-0820.2x₹132 cr150.0%14.0%29.5x
2022-0720.9x₹132 cr150.0%14.0%29.5x
2022-0617.4x₹132 cr150.0%14.0%29.5x
2022-05—₹73 cr—2.0%—
2022-04—₹73 cr—2.0%—
2022-03—₹73 cr—2.0%—
2022-02—₹73 cr—2.0%—
2022-01—₹73 cr—2.0%—
2021-12—₹73 cr—2.0%—
2021-11—₹73 cr—2.0%—
2021-10—₹73 cr—2.0%—
2021-09—₹73 cr—2.0%—
2021-08—₹73 cr—2.0%—
2021-07—₹73 cr—2.0%—
2021-06—₹73 cr—2.0%—
2021-05—₹172 cr-100.0%8.0%10.5x
2021-04—₹172 cr-100.0%8.0%10.5x
2021-03—₹172 cr-100.0%8.0%10.5x
2021-02—₹172 cr-100.0%8.0%10.5x
2021-01—₹172 cr-100.0%8.0%10.5x
2020-12—₹172 cr-100.0%8.0%10.5x
2020-11—₹172 cr-100.0%8.0%10.5x
2020-10—₹172 cr-100.0%8.0%10.5x
2020-09—₹172 cr-100.0%8.0%10.5x
2020-08—₹172 cr-100.0%8.0%10.5x
2020-07—₹172 cr-100.0%8.0%10.5x
2020-06—₹172 cr-100.0%8.0%10.5x
2020-0516.9x₹162 cr9.5%13.0%3.0x
2020-0418.4x₹162 cr9.5%13.0%3.0x
2020-0315.8x₹162 cr9.5%13.0%3.0x
2020-0228.1x₹162 cr9.5%13.0%3.0x
2020-0133.6x₹162 cr9.5%13.0%3.0x
2019-1231.9x₹162 cr9.5%13.0%3.0x
2019-1133.4x₹162 cr9.5%13.0%3.0x
2019-1036.3x₹162 cr9.5%13.0%3.0x
2019-0934.5x₹162 cr9.5%13.0%3.0x
2019-0832.1x₹162 cr9.5%13.0%3.0x
2019-0732.9x₹162 cr9.5%13.0%3.0x
2019-0634.7x₹162 cr9.5%13.0%3.0x
2019-05—₹124 cr-14.7%2.0%2.4x
2019-04—₹124 cr-14.7%2.0%2.4x
2019-03—₹124 cr-14.7%2.0%2.4x
2019-02—₹124 cr-14.7%2.0%2.4x
2019-01—₹124 cr-14.7%2.0%2.4x

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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