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NATCO PHARMA LIMITED (NATCOPHARM)

Health Technology · Pharmaceuticals: Major · 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.72 / 100
Profitability 69Growth 48Balance 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.42 / 100
Price 36Earnings 6FII/DII 83

Passes these screensCash RichValue PickDebt-light & profitable

Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIESTORRENT PHARMACEUTICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹804.35 latest close · −12.9% over the last 90 sessions

₹800₹900Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹900Jul 3Sep 4Nov 9

₹804.35 month-end · −7.6% over 12 months

₹800₹900₹1,000₹1,100Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹900₹1,000₹1,100Nov '25May '26Nov '26

₹804.35 month-end · +2.3% over 3 years

₹750₹1,000₹1,250₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹750₹1,000₹1,250₹1,500Nov '23May '25Nov '26

₹804.35 month-end · +17.1% since Jan '19

₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹773.60 to ₹1216.80 · 1-year volatility 36.2%

Was the rally earned?

-8%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 38 points, while the multiple moved less (P/E 10.1x to 13.8x).
  • The share count barely moved.
Net profit growth: −38 pts. Points of the price return explained by net profit growing (or shrinking).−38 ptsNet profit growthP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30 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: −8%−8%Share priceNet profit growth: −38 pts. Points of the price return explained by net profit growing (or shrinking).−38ProfitP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −8%−8%Share price
Net profit growth-38 ptsNet profit fell about 32%, which lowers the price.
P/E change+30 ptsThe P/E rose from 10.1x to 13.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+2%share price, 3 yearsRoughly flat
  • The share price was roughly flat over 3 years (+2%).
  • The share count barely moved.
Net profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48 ptsNet profit growthP/E change: −47 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−47 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: +2%+2%Share priceNet profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48ProfitP/E change: −47 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−47P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +2%+2%Share price
Net profit growth+48 ptsNet profit rose about 60%, which lifts the price.
P/E change-47 ptsThe P/E fell from 22.0x to 13.8x, which lowers the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
-3%share price, 5 yearsRoughly flat
  • The share price was roughly flat over 5 years (-3%).
  • The share count fell 2%.
Net profit growth: +94 pts. Points of the price return explained by net profit growing (or shrinking).+94 ptsNet profit growthP/E change: −99 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−99 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: −3%−3%Share priceNet profit growth: +94 pts. Points of the price return explained by net profit growing (or shrinking).+94ProfitP/E change: −99 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−99P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −3%−3%Share price
Net profit growth+94 ptsNet profit rose about 159%, which lifts the price.
P/E change-99 ptsThe P/E fell from 37.6x to 13.8x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts the price.
What do "pts" mean?

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

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

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

Compare this with SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-54.9%recovered 2024-06
1-year volatility36.2%annualised
Beta vs sector index1.133-year daily, correlation 0.45
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−54.8% 0%−20%−40%2020202220242026−54.8%
Largest drawdowns

-54.9% (2021-07 peak to 2023-03 low, recovered 2024-06)

-53.1% (2024-09 peak to 2025-04 low, not yet recovered)

-35.1% (2020-02 peak to 2020-03 low, recovered 2020-07)

Most recent volume spikes

2026-08-14: 6.1x the 50-day median, price -5.1% 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?

13.8xP/E todayWithin its usual range
Against its own history23rd percentile
CheapestMedian 21.6xDearest

Usual range 10.3x to 64.4x since 2019-01.

Against Health Technology13.8x vs 37.0x
This company
13.8x
Sector median
37.0x

63% below the Health Technology median.

7.7x31.7x55.6x79.6xJan '19Aug '20Mar '22Oct '23May '25Nov '267.7x31.7x55.6x79.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

Where does it rank among Health Technology peers?

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

  • ROCE62nd▼ 33 pts vs a year ago
  • Op. margin77th▼ 23 pts vs a year ago
  • Revenue growth4th▼ 31 pts vs a year ago
  • EPS growth19th▼ 28 pts vs a year ago
  • Debt/equity ↓70th▼ 7 pts vs a year ago
  • Cash cycle ↓10th▲ 3 pts vs a year ago
  • P/E ↓88th▼ 6 pts vs a year ago
  • 12M momentum28thflat 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 Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~10%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 14.2x, a holder earning 12%/yr needs earnings to grow about 10.4%/yr for 10 years, then trade at 15x.

Delivered14.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−4.1 ptsimplied minus delivered
Rank612thmost demanding of 856

Over time

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

0%15%30% Jan 2019Nov 2026 0%15%30% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x11.8%12.8%13.8%
15x9.5%10.4%11.4%
20x6.5%7.4%8.4%

Drag a slider to test other assumptions

Implied: 10.4%/yr

Looking back

  • Jan 2020Price implied 19%/yr; EPS has since grown 12%/yr (7.0 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown 21%/yr (6.0 yrs)
  • Jan 2022Price implied 20%/yr; EPS has since grown 26%/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 Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹804.35
P/E
13.8x
ROCE
17.0%
Market Cap
₹15787 cr
Revenue (TTM)
₹3484 cr
P/S
4.5x
P/B
1.7x
ROE
12.4%
Operating Margin
25.0%
Debt / Equity
0.1x
Promoter Holding
49.4%
12M Momentum
-7.6%

52-week range

₹773.60₹1216.80
7% of the way from its 52-week low to its high

Price risk

1Y volatility
36.2%
Beta vs sector
1-year daily
1.06

Balance sheet & cash

Interest cover
operating profit ÷ interest
24.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.00x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance27%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 26.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate17%Within range

Median quarterly effective tax rate over about 2.5 years: 17.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.00xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.00x (cash from operations ₹4,677 cr, net profit ₹4,689 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-30 daysWithin range

Debtor days are below the median of the previous three fiscal years by 30 days (79 vs 109). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress10% of fixed assetsWithin range

Capital work-in-progress is 10% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+96 days / 2 yrsNear threshold

Days payable changed by +96 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, DIIs trimmed 8.4 pts; FIIs added 4.2 pts.
  • The number of shareholders rose from 1.6 lakh to 4.0 lakh (+146%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters49.7%49.4%-0.3 pts
FIIs12.8%17.0%+4.2 pts
DIIs14.0%5.6%-8.4 pts
Public and others23.5%28.0%+4.5 pts

Number of shareholders

4.0 lakhshareholders+146% since Sep '23
1.6L2.5L3.4L4.3L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.6 lakh
Dec '23: 2.1 lakh
Mar '24: 2.3 lakh
Jun '24: 2.5 lakh
Sep '24: 3.0 lakh
Dec '24: 3.5 lakh
Mar '25: 4.1 lakh
Jun '25: 4.3 lakh
Sep '25: 4.2 lakh
Dec '25: 4.2 lakh
Mar '26: 4.1 lakh
Jun '26: 4.0 lakh
 1.6L2.5L3.4L4.3L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.6 lakh
Dec '23: 2.1 lakh
Mar '24: 2.3 lakh
Jun '24: 2.5 lakh
Sep '24: 3.0 lakh
Dec '24: 3.5 lakh
Mar '25: 4.1 lakh
Jun '25: 4.3 lakh
Sep '25: 4.2 lakh
Dec '25: 4.2 lakh
Mar '26: 4.1 lakh
Jun '26: 4.0 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

−0.6%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 NATCO PHARMA 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 −19% to +35% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (+3.5%, 80% range −4.9% to +6.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BLISSGVS · Feb 2021: −65.4% vs market
JUBLPHARMA · May 2021: −59.3% vs market
BALAMINES · Nov 2024: −46.2% vs market
ZEEL · Feb 2023: −44.9% vs market
FINPIPE · Nov 2024: −35.9% vs market
DBCORP · Sep 2025: −33.7% vs market
LAOPALA · Aug 2025: −31.7% vs market
JUSTDIAL · Jan 2022: −29.9% vs market
SANOFI · Sep 2024: −28.5% vs market
DELTACORP · Apr 2025: −27.9% vs market
GUJALKALI · Jun 2020: −25.7% vs market
BALRAMCHIN · Jan 2023: −24.8% vs market
BALMLAWRIE · Sep 2020: −20.6% vs market
ADVENZYMES · Jul 2025: −14.7% vs market
MANINFRA · Sep 2025: −13.9% vs market
JUBLINGREA · Aug 2023: −13.4% vs market
BALKRISIND · Aug 2024: −12.3% vs market
CCL · Jan 2020: −11.2% vs market
MSTCLTD · Apr 2022: −9.2% vs market
MOIL · Feb 2020: −8.5% vs market
USHAMART · Jun 2024: −7.4% vs market
EXCELINDUS · Jun 2020: −7.1% vs market
KSCL · Jan 2020: −3.8% vs market
RITES · Dec 2023: −1.2% vs market
AMBUJACEM · Aug 2024: −1.0% vs market
ACI · Oct 2024: −0.2% vs market
HINDOILEXP · Sep 2025: +0.2% vs market
ACC · Mar 2023: +0.6% vs market
SUNTV · May 2023: +2.9% vs market
BHARATRAS · Jul 2024: +4.0% vs market
TECHNOE · May 2020: +6.2% vs market
GEOJITFSL · Feb 2024: +10.6% vs market
AIAENG · Dec 2024: +11.8% vs market
MPHASIS · Jun 2024: +16.0% vs market
GPIL · Jul 2025: +18.5% vs market
CUMMINSIND · May 2021: +20.7% vs market
KRBL · Jun 2022: +30.1% vs market
GPPL · Aug 2022: +36.4% vs market
AUROPHARMA · Mar 2023: +41.4% vs market
SANDUMA · Feb 2025: +42.0% vs market
MIDHANI · Apr 2023: +45.5% vs market
MAYURUNIQ · Jun 2020: +53.2% vs market
GRANULES · Jun 2025: +63.9% vs market
CYIENT · Jun 2022: +65.2% vs market
GODFRYPHLP · Aug 2022: +77.0% vs market
HINDCOPPER · Jun 2023: +87.4% vs market
GOLDIAM · Dec 2023: +92.5% vs market
SUPRIYA · Jan 2024: +118.7% vs market
LINDEINDIA · Jan 2021: +121.7% vs market
RAILTEL · Feb 2023: +174.7% vs market
Similar setups −0.6%All companies −4.1%← 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
−0.6%
All companies' median
−4.1%
Beat the market
48% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MANINFRA
Finance		 Sep 2025 21x24% −23%−43% −14%
TECHNOE
Industrial Services		 May 2020 11x20% −27%−41% +6%
ACI
Process Industries		 Oct 2024 30x25% +13%−22% 0%
BLISSGVS
Health Technology		 Feb 2021 19x18% +76%−15% −65%
LINDEINDIA
Process Industries		 Jan 2021 11x10% +21%−10% +122%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SANOFI
Health Technology		 Sep 2024 30x— +9%−22% −29%
SUPRIYA
Health Technology		 Jan 2024 27x19% +41%−7% +119%
FINPIPE
Producer Manufacturing		 Nov 2024 19x11% +30%−23% −36%
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 12-month momentum. 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 NATCO PHARMA 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.

ATULATUL
Process Industries
71%similar
market capEPS growth
GREAT EASTERN SHIPPING COGESHIP
Transportation
68%similar
volatilitydebt/equity
INTELLECT DESIGN ARENAINTELLECT
Technology Services
68%similar
revenueROCE
USHA MARTINUSHAMART
Producer Manufacturing
68%similar
market capdebt/equity
BIRLASOFTBSOFT
Technology Services
67%similar
EPS growthP/E
MARKSANS PHARMAMARKSANS
Health Technology
60%similar
operating marginrevenue
GRANULES INDIAGRANULES
Health Technology
58%similar
revenue growthoperating margin
CONCORD BIOTECHCONCORDBIO
Health Technology
53%similar
ROCErevenue growth

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

What changed?

30 events since Jun '23

  1. SepPeer rankMoved into the top quartile of Health Technology on operating margin (from the 3rd quartile).
  2. AugPriceVolume reached 6.1x its 50-day median on 2026-08-14; price -5.1% that day.
  3. JunPeer rankSlipped to the 2nd quartile of Health Technology on ROCE (from the top quartile).
  4. MayPriceVolume reached 6.7x its 50-day median on 2026-05-29; price -13.6% that day.
  5. FebPriceVolume reached 42.3x its 50-day median on 2026-02-16; price +7.0% that day.
  6. DecResultsYear-on-year EPS growth turned negative.
  7. DecInstitutionsFII + DII holding fell 3.2 pts over 2 quarters to 20.0%.
  8. NovPriceVolume reached 52.3x its 50-day median on 2025-11-26; price +11.2% that day.
Show 22 earlier events
  1. SepPeer rankSlipped to the 3rd quartile of Health Technology on EPS growth (from the top quartile).
  2. JulPriceVolume reached 9.8x its 50-day median on 2025-07-03; price +5.6% that day.
  3. JunPeer rankMoved into the top quartile of Health Technology on operating margin (from the bottom quartile).
  4. JunDividendDividend payout cut from 12% to 6% of profit.
  5. AprPriceFell 53% from the Sep 2024 peak to the Apr 2025 low.
  6. AprPriceVolume reached 25.0x its 50-day median on 2025-04-24; price +6.9% that day.
  7. MarPeer rankSlipped to the bottom quartile of Health Technology on operating margin (from the top quartile).
  8. FebPriceVolume reached 20.1x its 50-day median on 2025-02-13; price -20.0% that day.
  9. NovValuationP/E fell below the 10th percentile of its own history to date (16.4x).
  10. AugPriceVolume reached 5.3x its 50-day median on 2024-08-12; price +3.8% that day.
  11. JunResultsRevenue (TTM) reached a new high of ₹3,998 cr.
  12. JunPriceRegained the 2021-07 peak, 15 months after the low.
  13. JunValuationP/E fell below the 10th percentile of its own history to date (16.4x).
  14. JunPeer rankMoved into the top quartile of Health Technology on ROCE (from the 2nd quartile).
  15. MayPriceVolume reached 9.3x its 50-day median on 2024-05-28; price +0.3% that day.
  16. FebPriceVolume reached 30.3x its 50-day median on 2024-02-16; price +15.7% that day.
  17. NovPriceVolume reached 7.7x its 50-day median on 2023-11-15; price -4.5% that day.
  18. AugPriceVolume reached 5.3x its 50-day median on 2023-08-09; price +2.0% that day.
  19. JunResultsYear-on-year EPS growth turned positive.
  20. JunPeer rankMoved into the 2nd quartile of Health Technology on ROCE (from the bottom quartile).
  21. JunDividendDividend payout cut from 48% to 14% of profit.
  22. JunPriceVolume reached 15.2x its 50-day median on 2023-06-23; price +7.5% 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
2026-1113.8x₹3484 cr12.4%17.0%0.1x
2026-1013.4x₹3484 cr12.4%17.0%0.1x
2026-0914.1x₹3484 cr12.4%17.0%0.1x
2026-0811.5x₹4078 cr15.4%17.0%0.1x
2026-0712.6x₹4078 cr15.4%17.0%0.1x
2026-0612.8x₹4078 cr15.4%17.0%0.1x
2026-0512.7x₹4560 cr20.4%33.0%0.0x
2026-0413.7x₹4560 cr20.4%33.0%0.0x
2026-0312.2x₹4560 cr20.4%33.0%0.0x
2026-0212.5x₹4388 cr20.2%33.0%0.0x
2026-0110.6x₹4388 cr20.2%33.0%0.0x
2025-1211.4x₹4388 cr20.2%33.0%0.0x
2025-1110.1x₹4396 cr22.3%33.0%0.0x
2025-109.4x₹4396 cr22.3%33.0%0.0x
2025-099.1x₹4396 cr22.3%33.0%0.0x
2025-088.9x₹4430 cr24.7%33.0%0.0x
2025-079.8x₹4430 cr24.7%33.0%0.0x
2025-069.6x₹4430 cr24.7%33.0%0.0x
2025-059.2x₹4277 cr31.8%30.0%0.1x
2025-048.9x₹4277 cr31.8%30.0%0.1x
2025-038.3x₹4277 cr31.8%30.0%0.1x
2025-027.7x₹4561 cr33.2%30.0%0.1x
2025-0111.7x₹4561 cr33.2%30.0%0.1x
2024-1213.9x₹4561 cr33.2%30.0%0.1x
2024-1116.4x₹4221 cr28.0%30.0%0.1x
2024-1016.7x₹4221 cr28.0%30.0%0.1x
2024-0916.9x₹4221 cr28.0%30.0%0.1x
2024-0821.6x₹3998 cr23.7%30.0%0.1x
2024-0719.1x₹3998 cr23.7%30.0%0.1x
2024-0616.4x₹3998 cr23.7%30.0%0.1x
2024-0527.7x₹2707 cr14.7%18.0%0.0x
2024-0428.2x₹2707 cr14.7%18.0%0.0x
2024-0326.4x₹2707 cr14.7%18.0%0.0x
2024-0227.6x₹2707 cr14.7%18.0%0.0x
2024-0124.0x₹2707 cr14.7%18.0%0.0x
2023-1222.5x₹2707 cr14.7%18.0%0.0x
2023-1122.0x₹2707 cr14.7%18.0%0.0x
2023-1022.2x₹2707 cr14.7%18.0%0.0x
2023-0924.2x₹2707 cr14.7%18.0%0.0x
2023-0825.3x₹2707 cr14.7%18.0%0.0x
2023-0723.1x₹2707 cr14.7%18.0%0.0x
2023-0619.2x₹2707 cr14.7%18.0%0.0x
2023-0572.2x₹1945 cr4.0%4.0%0.1x
2023-0467.1x₹1945 cr4.0%4.0%0.1x
2023-0365.7x₹1945 cr4.0%4.0%0.1x
2023-0262.8x₹1945 cr4.0%4.0%0.1x
2023-0162.2x₹1945 cr4.0%4.0%0.1x
2022-1265.5x₹1945 cr4.0%4.0%0.1x
2022-1165.4x₹1945 cr4.0%4.0%0.1x
2022-1070.1x₹1945 cr4.0%4.0%0.1x
2022-0970.7x₹1945 cr4.0%4.0%0.1x
2022-0871.8x₹1945 cr4.0%4.0%0.1x
2022-0779.6x₹1945 cr4.0%4.0%0.1x
2022-0675.8x₹1945 cr4.0%4.0%0.1x
2022-0531.0x₹2052 cr10.7%13.0%0.1x
2022-0435.3x₹2052 cr10.7%13.0%0.1x
2022-0334.0x₹2052 cr10.7%13.0%0.1x
2022-0239.1x₹2052 cr10.7%13.0%0.1x
2022-0140.9x₹2052 cr10.7%13.0%0.1x
2021-1240.6x₹2052 cr10.7%13.0%0.1x

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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