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NBCC (INDIA) LIMITED (NBCC)

Commercial Services · Miscellaneous Commercial Services · 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.77 / 100
Profitability 67Growth 64Balance 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.41 / 100
Price 24Earnings 54FII/DII 44

Passes these screensQuality CompounderDebt-light & profitableConsistent compounders

Compare withFIRSTSOURCE SOLUTIONSINTL GEMOLOGICAL INSTITUTESYNGENE INTERNATIONAL

Share price

Closing priceAdjusted for splits and bonus issues.

₹80.4 latest close · −21.5% over the last 90 sessions

₹80₹100Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹80₹100Jul 3Sep 4Nov 9

₹80.4 month-end · −31.1% over 12 months

₹80₹100₹120Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹80₹100₹120Nov '25May '26Nov '26

₹80.4 month-end · +58.5% over 3 years

₹50₹75₹100₹125Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹50₹75₹100₹125Nov '23May '25Nov '26

₹80.4 month-end · +105.5% since Jan '19

₹0₹50₹100Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹50₹100Jan '19Dec '22Nov '26

52-week range ₹67.02 to ₹125.85 · 1-year volatility 36.4%

Was the rally earned?

-31%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 22 points, but investors now pay less per rupee of profit (P/E 55.6x to 29.3x), which took 53 points back.
  • The share count barely moved.
Net profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23 ptsNet profit growthP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53 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: −31%−31%Share priceNet profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23ProfitP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −31%−31%Share price
Net profit growth+23 ptsNet profit rose about 31%, which lifts the price.
P/E change-53 ptsThe P/E fell from 55.6x to 29.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+59%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 129 points, but investors now pay less per rupee of profit (P/E 51.2x to 29.3x), which took 71 points back.
  • The share count barely moved.
Net profit growth: +129 pts. Points of the price return explained by net profit growing (or shrinking).+129 ptsNet profit growthP/E change: −71 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−71 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: +59%+59%Share priceNet profit growth: +129 pts. Points of the price return explained by net profit growing (or shrinking).+129ProfitP/E change: −71 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−71P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +59%+59%Share price
Net profit growth+129 ptsNet profit rose about 175%, which lifts the price.
P/E change-71 ptsThe P/E fell from 51.2x to 29.3x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+199%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 215 points, but investors now pay less per rupee of profit (P/E 32.0x to 29.3x), which took 16 points back.
  • The share count fell 2%.
Net profit growth: +211 pts. Points of the price return explained by net profit growing (or shrinking).+211 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 ptsP/E changeShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4 ptsShare count changeShare price: +199%+199%Share priceNet profit growth: +211 pts. Points of the price return explained by net profit growing (or shrinking).+211ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: +199%+199%Share price
Net profit growth+211 ptsNet profit rose about 219%, which lifts the price.
P/E change-16 ptsThe P/E fell from 32.0x to 29.3x, which lowers the price.
Share count change+4 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 FIRSTSOURCE SOLUTIONS

How rough has the ride been?

Maximum drawdown-77.3%recovered 2023-10
1-year volatility36.4%annualised
Beta vs sector index1.313-year daily, correlation 0.54
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−76.2% 0%−25%−50%−75%2020202220242026−76.2%
Largest drawdowns

-77.3% (2019-03 peak to 2020-03 low, recovered 2023-10)

-48.0% (2024-08 peak to 2026-10 low, not yet recovered)

-35.2% (2024-02 peak to 2024-03 low, recovered 2024-07)

Most recent volume spikes

2026-11-05: 5.3x the 50-day median, price +3.3% 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?

29.3xP/E todayWithin its usual range
Against its own history29th percentile
CheapestMedian 37.9xDearest

Usual range 19.4x to 81.0x since 2019-01.

Against Commercial Services29.3x vs 21.1x
This company
29.3x
Sector median
21.1x

39% above the Commercial Services median.

7.8x41.7x75.5x109.4xJan '19Aug '20Mar '22Oct '23May '25Nov '267.8x41.7x75.5x109.4xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianCommercial Services median

The chart loads when you open this tab.

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

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P/S (this company)10th to 90th percentile of its own historyIts medianCommercial Services 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 Commercial Services is valued

Where does it rank among Commercial Services peers?

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

  • ROCE90thflat vs a year ago
  • Op. margin43rd▲ 16 pts vs a year ago
  • Revenue growth24th▼ 33 pts vs a year ago
  • EPS growth76thflat vs a year ago
  • Debt/equity ↓96thflat vs a year ago
  • Cash cycle ↓25th▼ 20 pts vs a year ago
  • P/E ↓31st▲ 11 pts vs a year ago
  • 12M momentum35th▼ 52 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 Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

~25%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 50.4x, a holder earning 12%/yr needs earnings to grow about 24.6%/yr for 10 years, then trade at 15x.

Delivered6.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+18.6 ptsimplied minus delivered
Rank165thmost demanding of 856

Over time

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

-11%14%38% Jan 2019Nov 2026 -11%14%38% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x26.0%27.2%28.3%
15x23.5%24.6%25.7%
20x20.3%21.4%22.5%

Drag a slider to test other assumptions

Implied: 24.6%/yr

Looking back

  • Jan 2020Price implied 11%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 45%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/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 Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹80.40
P/E
29.3x
ROCE
29.0%
Market Cap
₹21695 cr
Revenue (TTM)
₹12756 cr
P/S
1.7x
P/B
7.2x
ROE
24.5%
Operating Margin
7.0%
Debt / Equity
0.0x
Promoter Holding
61.8%
12M Momentum
-31.1%

52-week range

₹67.02₹125.85
23% of the way from its 52-week low to its high

Price risk

1Y volatility
36.4%
Beta vs sector
1-year daily
1.19

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.64x
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 6checks within range2 beyond a threshold
Other income reliance37%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 36.7%. 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 conversion0.64xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.64x (cash from operations ₹1,094 cr, net profit ₹1,713 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+51 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 51 days (144 vs 93). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% 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 added 1.1 pts; FIIs added 0.6 pts.
  • The number of shareholders rose from 5.6 lakh to 12.3 lakh (+121%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters61.8%61.8%0.0 pts
FIIs4.1%4.8%+0.6 pts
DIIs10.2%11.3%+1.1 pts
Public and others23.9%22.2%-1.7 pts

Number of shareholders

12.3 lakhshareholders+121% since Sep '23
5.6L9.1L12.6L16.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 5.6 lakh
Dec '23: 6.4 lakh
Mar '24: 13.2 lakh
Jun '24: 12.8 lakh
Sep '24: 15.2 lakh
Dec '24: 16.0 lakh
Mar '25: 16.1 lakh
Jun '25: 13.9 lakh
Sep '25: 13.5 lakh
Dec '25: 12.8 lakh
Mar '26: 12.8 lakh
Jun '26: 12.3 lakh
 5.6L9.1L12.6L16.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 5.6 lakh
Dec '23: 6.4 lakh
Mar '24: 13.2 lakh
Jun '24: 12.8 lakh
Sep '24: 15.2 lakh
Dec '24: 16.0 lakh
Mar '25: 16.1 lakh
Jun '25: 13.9 lakh
Sep '25: 13.5 lakh
Dec '25: 12.8 lakh
Mar '26: 12.8 lakh
Jun '26: 12.3 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

−5.9%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 NBCC (INDIA) 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 −17% to +16% vs the market, against +1% for all non-financial companies in the same months.
  • The gap against the base rate (−6.5%, 80% range −15.2% to +0.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BUTTERFLY · Jul 2023: −49.5% vs market
ARE&M · Apr 2021: −43.9% vs market
BALAMINES · Mar 2024: −43.0% vs market
EXIDEIND · Aug 2020: −38.3% vs market
FDC · Jun 2021: −32.6% vs market
TTKPRESTIG · May 2023: −31.3% vs market
HEROMOTOCO · Apr 2021: −28.5% vs market
TCIEXP · Apr 2025: −27.1% vs market
ADOR · May 2024: −26.1% vs market
IGL · May 2025: −24.0% vs market
AVANTIFEED · Feb 2022: −22.7% vs market
SWARAJENG · Jan 2021: −20.2% vs market
VEEDOL · May 2025: −17.2% vs market
AHLUCONT · Jun 2025: −15.9% vs market
SKFINDIA · Nov 2023: −15.8% vs market
SUNTV · Mar 2021: −15.7% vs market
BSOFT · Jun 2022: −15.4% vs market
TVTODAY · Jan 2020: −15.4% vs market
GRSE · Dec 2020: −14.9% vs market
VESUVIUS · Nov 2020: −14.1% vs market
ENGINERSIN · Aug 2021: −13.3% vs market
HONDAPOWER · Mar 2024: −11.7% vs market
BOSCHLTD · Feb 2020: −10.0% vs market
ZEEL · Dec 2022: −9.9% vs market
MOIL · Jan 2021: −6.7% vs market
DHANUKA · Jul 2022: −5.0% vs market
RITES · Oct 2023: −4.4% vs market
MPHASIS · Oct 2023: −0.1% vs market
ACC · Feb 2023: +1.7% vs market
LMW · Jul 2024: +2.6% vs market
POLYCAB · Feb 2024: +3.4% vs market
DEEPAKNTR · Jul 2023: +4.3% vs market
SUMICHEM · Nov 2023: +4.8% vs market
FINCABLES · Jun 2020: +11.4% vs market
SHREDIGCEM · Jun 2022: +12.5% vs market
INTELLECT · Aug 2022: +13.4% vs market
SHARDACROP · Feb 2020: +15.3% vs market
SCHAEFFLER · Mar 2024: +15.9% vs market
ESCORTS · Apr 2021: +18.1% vs market
EMAMILTD · Feb 2024: +18.5% vs market
ZFCVINDIA · Jan 2025: +28.1% vs market
DODLA · Aug 2022: +32.2% vs market
BASF · Jan 2020: +32.6% vs market
AJANTPHARM · Dec 2022: +35.4% vs market
NOCIL · Feb 2020: +35.5% vs market
BEL · Oct 2020: +48.9% vs market
TRITURBINE · May 2021: +55.5% vs market
ECLERX · Apr 2020: +67.7% vs market
SUPREMEIND · Aug 2022: +107.2% vs market
NEWGEN · Jan 2023: +186.1% vs market
Similar setups −5.9%All companies +0.6%← 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
−5.9%
All companies' median
+0.6%
Beat the market
44% vs 51%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ESCORTS
Producer Manufacturing		 Apr 2021 29x21% +57%−22% +18%
AVANTIFEED
Process Industries		 Feb 2022 18x26% 0%−27% −23%
FINCABLES
Producer Manufacturing		 Jun 2020 11x18% −35%−37% +11%
SUPREMEIND
Producer Manufacturing		 Aug 2022 26x35% −10%−25% +107%
DEEPAKNTR
Process Industries		 Jul 2023 32x30% +5%−14% +4%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LMW
Producer Manufacturing		 Jul 2024 45x18% +11%−10% +3%
BOSCHLTD
Producer Manufacturing		 Feb 2020 22x25% −36%−37% −10%
MPHASIS
Technology Services		 Oct 2023 23x29% +8%−16% 0%
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, drawdown from 12-month high and revenue growth. 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 NBCC (INDIA) 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.

ACTION CONSTRUCTION EQUIPMENTSACE
Producer Manufacturing
67%similar
EPS growthROCE
HAVELLS INDIAHAVELLS
Producer Manufacturing
63%similar
operating marginrevenue growth
MARUTI SUZUKI INDIAMARUTI
Consumer Durables
62%similar
P/Edebt/equity
DODLA DAIRYDODLA
Consumer Non-Durables
60%similar
promoter holdingoperating margin
POLYCAB INDIAPOLYCAB
Producer Manufacturing
60%similar
promoter holdingROCE
QUESS CORPQUESS
Commercial Services
36%similar
revenueROCE
ECLERX SERVICESECLERX
Commercial Services
31%similar
ROCEmarket cap
CRISILCRISIL
Commercial Services
23%similar
revenue growthmarket cap

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

What changed?

30 events since Jun '22

  1. NovPriceVolume reached 5.3x its 50-day median on 2026-11-05; price +3.3% that day.
  2. OctPriceFell 48% from the Aug 2024 peak to the Oct 2026 low.
  3. MarPeer rankMoved into the 3rd quartile of Commercial Services on operating margin (from the bottom quartile).
  4. DecPeer rankSlipped to the bottom quartile of Commercial Services on operating margin (from the 3rd quartile).
  5. NovPriceVolume reached 7.1x its 50-day median on 2025-11-24; price +3.4% that day.
  6. SepInstitutionsFII + DII holding rose 3.1 pts over 2 quarters to 16.2%.
  7. SepPeer rankMoved into the top quartile of Commercial Services on EPS growth (from the 2nd quartile).
  8. SepPriceVolume reached 5.9x its 50-day median on 2025-09-22; price +3.7% that day.
Show 22 earlier events
  1. JunPeer rankSlipped to the 2nd quartile of Commercial Services on EPS growth (from the top quartile).
  2. MayPriceVolume reached 5.8x its 50-day median on 2025-05-30; price +6.2% that day.
  3. JanPriceVolume reached 8.8x its 50-day median on 2025-01-17; price +8.5% that day.
  4. AugPriceVolume reached 11.7x its 50-day median on 2024-08-28; price +10.2% that day.
  5. JulPriceRegained the 2024-02 peak, 4 months after the low.
  6. JunResultsRevenue (TTM) reached a new high of ₹10,397 cr.
  7. JunPeer rankMoved into the top quartile of Commercial Services on ROCE (from the 2nd quartile).
  8. JunPriceVolume reached 8.6x its 50-day median on 2024-06-11; price +9.5% that day.
  9. MarPriceFell 35% from the Feb 2024 peak to the Mar 2024 low.
  10. MarPeer rankSlipped to the 2nd quartile of Commercial Services on ROCE (from the top quartile).
  11. JanValuationP/E crossed above the 90th percentile of its own history to date (87.2x).
  12. JanPriceVolume reached 8.8x its 50-day median on 2024-01-25; price +9.0% that day.
  13. OctPriceRegained the 2019-03 peak, 43 months after the low.
  14. OctPriceVolume reached 8.3x its 50-day median on 2023-10-19; price +9.5% that day.
  15. SepPriceVolume reached 8.1x its 50-day median on 2023-09-14; price +7.7% that day.
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPeer rankMoved into the 2nd quartile of Commercial Services on EPS growth (from the 3rd quartile).
  18. MayPriceVolume reached 6.3x its 50-day median on 2023-05-24; price +7.6% that day.
  19. MarPriceVolume reached 7.1x its 50-day median on 2023-03-29; price +13.4% that day.
  20. NovPriceVolume reached 27.6x its 50-day median on 2022-11-23; price +10.5% that day.
  21. JulPriceVolume reached 10.5x its 50-day median on 2022-07-07; price +9.4% that day.
  22. JunResultsYear-on-year EPS growth turned negative.

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
2026-1129.3x₹12756 cr24.5%29.0%0.0x
2026-1025.4x₹12756 cr24.5%29.0%0.0x
2026-0928.6x₹12756 cr24.5%29.0%0.0x
2026-0832.4x₹12887 cr23.8%29.0%0.0x
2026-0735.6x₹12887 cr23.8%29.0%0.0x
2026-0639.4x₹12887 cr23.8%29.0%0.0x
2026-0541.4x₹12971 cr26.2%33.0%0.0x
2026-0437.9x₹12971 cr26.2%33.0%0.0x
2026-0332.0x₹12971 cr26.2%33.0%0.0x
2026-0241.7x₹12758 cr24.0%33.0%0.0x
2026-0144.5x₹12758 cr24.0%33.0%0.0x
2025-1254.9x₹12758 cr24.0%33.0%0.0x
2025-1155.6x₹12290 cr22.8%33.0%0.0x
2025-1055.9x₹12290 cr22.8%33.0%0.0x
2025-0951.0x₹12290 cr22.8%33.0%0.0x
2025-0849.1x₹12042 cr21.7%33.0%0.0x
2025-0754.1x₹12042 cr21.7%33.0%0.0x
2025-0661.4x₹12042 cr21.7%33.0%0.0x
2025-0566.7x₹11394 cr22.3%32.0%0.0x
2025-0451.5x₹11394 cr22.3%32.0%0.0x
2025-0344.3x₹11394 cr22.3%32.0%0.0x
2025-0241.6x₹11009 cr21.1%32.0%0.0x
2025-0157.0x₹11009 cr21.1%32.0%0.0x
2024-1253.1x₹11009 cr21.1%32.0%0.0x
2024-1162.4x₹10622 cr19.3%32.0%0.0x
2024-1061.1x₹10622 cr19.3%32.0%0.0x
2024-0975.2x₹10622 cr19.3%32.0%0.0x
2024-0884.0x₹10397 cr18.0%32.0%0.0x
2024-0781.6x₹10397 cr18.0%32.0%0.0x
2024-0670.7x₹10397 cr18.0%32.0%0.0x
2024-0595.9x₹8876 cr13.8%27.0%0.0x
2024-0494.1x₹8876 cr13.8%27.0%0.0x
2024-0380.1x₹8876 cr13.8%27.0%0.0x
2024-0291.1x₹8876 cr13.8%27.0%0.0x
2024-0187.2x₹8876 cr13.8%27.0%0.0x
2023-1254.9x₹8876 cr13.8%27.0%0.0x
2023-1151.2x₹8876 cr13.8%27.0%0.0x
2023-1044.2x₹8876 cr13.8%27.0%0.0x
2023-0939.4x₹8876 cr13.8%27.0%0.0x
2023-0834.6x₹8876 cr13.8%27.0%0.0x
2023-0731.1x₹8876 cr13.8%27.0%0.0x
2023-0626.7x₹8876 cr13.8%27.0%0.0x
2023-0534.0x₹7691 cr13.0%21.0%0.0x
2023-0431.6x₹7691 cr13.0%21.0%0.0x
2023-0328.5x₹7691 cr13.0%21.0%0.0x
2023-0226.7x₹7691 cr13.0%21.0%0.0x
2023-0129.4x₹7691 cr13.0%21.0%0.0x
2022-1231.2x₹7691 cr13.0%21.0%0.0x
2022-1134.2x₹7691 cr13.0%21.0%0.0x
2022-1026.1x₹7691 cr13.0%21.0%0.0x
2022-0924.7x₹7691 cr13.0%21.0%0.0x
2022-0827.7x₹7691 cr13.0%21.0%0.0x
2022-0726.5x₹7691 cr13.0%21.0%0.0x
2022-0622.8x₹7691 cr13.0%21.0%0.0x
2022-0526.6x₹6953 cr14.1%18.0%0.0x
2022-0430.1x₹6953 cr14.1%18.0%0.0x
2022-0328.8x₹6953 cr14.1%18.0%0.0x
2022-0230.8x₹6953 cr14.1%18.0%0.0x
2022-0137.0x₹6953 cr14.1%18.0%0.0x
2021-1236.5x₹6953 cr14.1%18.0%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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