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NEOGEN CHEMICALS LIMITED (NEOGEN)

Process Industries · Chemicals: Specialty · 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.37 / 100
Profitability 54Growth 50Balance sheet 7
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.47 / 100
Price 92Earnings 46FII/DII 3

Passes these screensHigh MomentumNear 52-week high

Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,665.2 latest close · +35.4% over the last 90 sessions

₹2,000₹2,250₹2,500₹2,750Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,000₹2,250₹2,500₹2,750Jul 3Sep 4Nov 9

₹2,665.2 month-end · +136.8% over 12 months

₹1,000₹1,500₹2,000₹2,500Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,500₹2,000₹2,500Nov '25May '26Nov '26

₹2,665.2 month-end · +76.5% over 3 years

₹1,000₹1,500₹2,000₹2,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,500₹2,000₹2,500Nov '23May '25Nov '26

₹2,665.2 month-end · +776.9% since May '19

₹1,000₹2,000May '19Nov '20May '22Nov '23May '25Nov '26 ₹1,000₹2,000May '19Feb '23Nov '26

52-week range ₹966.70 to ₹2785.00 · 1-year volatility 52.7%

Was the rally earned?

+137%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 88.3x to 201.1x); per-share earnings added 6 points.
  • The share count rose 4%.
Net profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13 ptsNet profit growthP/E change: +131 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+131 ptsP/E changeShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6 ptsShare count changeShare price: +137%+137%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: +131 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+131P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: +137%+137%Share price
Net profit growth+13 ptsNet profit rose about 8%, which lifts the price.
P/E change+131 ptsThe P/E rose from 88.3x to 201.1x, which lifts the price.
Share count change-6 ptsShare count rose 4%, which lowers the price.
+77%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 75.4x to 201.1x); per-share earnings took off 56 points.
  • The share count rose 10%.
Net profit growth: −43 pts. Points of the price return explained by net profit growing (or shrinking).−43 ptsNet profit growthP/E change: +132 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+132 ptsP/E changeShare count change: −13 pts. Points of the price return explained by the share count changing. More shares count against the price.−13 ptsShare count changeShare price: +77%+77%Share priceNet profit growth: −43 pts. Points of the price return explained by net profit growing (or shrinking).−43ProfitP/E change: +132 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+132P/EShare count change: −13 pts. Points of the price return explained by the share count changing. More shares count against the price.−13SharesShare price: +77%+77%Share price
Net profit growth-43 ptsNet profit fell about 27%, which lowers the price.
P/E change+132 ptsThe P/E rose from 75.4x to 201.1x, which lifts the price.
Share count change-13 ptsShare count rose 10%, which lowers the price.
+91%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 103.7x to 201.1x); per-share earnings took off 2 points.
  • The share count rose 19%.
Net profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23 ptsNet profit growthP/E change: +93 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+93 ptsP/E changeShare count change: −24 pts. Points of the price return explained by the share count changing. More shares count against the price.−24 ptsShare count changeShare price: +91%+91%Share priceNet profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23ProfitP/E change: +93 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+93P/EShare count change: −24 pts. Points of the price return explained by the share count changing. More shares count against the price.−24SharesShare price: +91%+91%Share price
Net profit growth+23 ptsNet profit rose about 17%, which lifts the price.
P/E change+93 ptsThe P/E rose from 103.7x to 201.1x, which lifts the price.
Share count change-24 ptsShare count rose 19%, which lowers 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-58.4%recovered 2026-09
1-year volatility52.7%annualised
Beta vs sector index1.133-year daily, correlation 0.41
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−55.2% 0%−20%−40%2020202220242026−55.2%
Largest drawdowns

-58.4% (2024-12 peak to 2025-12 low, recovered 2026-09)

-39.8% (2020-02 peak to 2020-03 low, recovered 2020-07)

-38.6% (2022-01 peak to 2023-02 low, recovered 2024-09)

Most recent volume spikes

2026-08-18: 13.3x the 50-day median, price +2.6% that day

2026-08-10: 5.4x the 50-day median, price +7.4% that day

2026-07-28: 8.2x the 50-day median, price -1.9% 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?

201.2xP/E todayNear its historic high
Against its own history97th percentile
CheapestMedian 81.5xDearest

Usual range 38.7x to 148.7x since 2019-05.

Against Process Industries201.2x vs 18.1x
This company
201.2x
Sector median
18.1x

1012% above the Process Industries median.

6.8x87.3x167.9x248.4xMay '19Nov '20May '22Nov '23May '25Nov '266.8x87.3x167.9x248.4xMay '19Nov '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

  • ROCE26th▼ 13 pts vs a year ago
  • Op. margin82ndflat vs a year ago
  • Revenue growth73rd▲ 13 pts vs a year ago
  • EPS growth46th▲ 11 pts vs a year ago
  • Debt/equity ↓6th▼ 22 pts vs a year ago
  • Cash cycle ↓12th▼ 23 pts vs a year ago
  • P/E ↓2nd▼ 6 pts vs a year ago
  • 12M momentum99th▲ 90 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

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

At normalised P/E (five-year average earnings) of 183.4x, a holder earning 12%/yr needs earnings to grow about 43.3%/yr for 10 years, then trade at 15x.

Delivered9.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+33.5 ptsimplied minus delivered
Rank37thmost demanding of 856

Over time

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

0%23%47% May 2019Nov 2026 0%23%47% May 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x45.1%46.4%47.7%
15x42.0%43.3%44.6%
20x38.1%39.3%40.6%

Drag a slider to test other assumptions

Implied: 43.3%/yr

Looking back

  • Jan 2020Price implied 31%/yr; EPS has since grown 1%/yr (7.0 yrs)
  • Jan 2021Price implied 36%/yr; EPS has since grown −2%/yr (6.0 yrs)
  • Jan 2022Price implied 44%/yr; EPS has since grown −4%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2665.20
P/E
201.1x
ROCE
6.0%
Market Cap
₹8008 cr
Revenue (TTM)
₹926 cr
P/S
8.7x
P/B
9.8x
ROE
4.9%
Operating Margin
19.3%
Debt / Equity
1.7x
Promoter Holding
53.0%
12M Momentum
136.8%

52-week range

₹966.70₹2785.00
93% of the way from its 52-week low to its high

Price risk

1Y volatility
52.7%
Beta vs sector
1-year daily
1.16

Balance sheet & cash

Interest cover
operating profit ÷ interest
1.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.64x
low
Share count, 1Y
unchanged

Are profits backed by cash?

1 of 7checks within range4 beyond a threshold
Other income reliance18%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 29.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.64xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.64x (cash from operations ₹-64 cr, net profit ₹100 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+67 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 67 days (161 vs 94). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress180% of fixed assetsBeyond threshold

Capital work-in-progress is 180% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+208 days / 2 yrsNear threshold

Days payable changed by +208 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 2 years, promoters trimmed 3.9 pts; DIIs trimmed 3.2 pts.
  • The number of shareholders rose from 47,018 to 61,988 (+32%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters56.9%53.0%-3.9 pts
FIIs4.5%4.1%-0.4 pts
DIIs22.9%19.6%-3.3 pts
Public and others15.8%23.3%+7.5 pts

Number of shareholders

61,988shareholders+32% since Dec '23
46k51k57k62k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 47,018
Mar '24: 48,356
Jun '24: 46,698
Sep '24: 46,470
Dec '24: 47,651
Mar '25: 46,104
Jun '25: 46,321
Sep '25: 45,710
Dec '25: 47,884
Mar '26: 54,332
Jun '26: 61,988
 46k51k57k62k Dec '23Dec '24Dec '25Jun '26
Dec '23: 47,018
Mar '24: 48,356
Jun '24: 46,698
Sep '24: 46,470
Dec '24: 47,651
Mar '25: 46,104
Jun '25: 46,321
Sep '25: 45,710
Dec '25: 47,884
Mar '26: 54,332
Jun '26: 61,988

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

−16.0%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 NEOGEN CHEMICALS 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 −35% to +12% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (−9.6%, 80% range −16.1% to +1.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
COOLCAPS · Feb 2025: −65.7% vs market
GANGAFORGE · Jan 2024: −59.2% vs market
TARIL · Dec 2024: −52.6% vs market
MVKAGRO · Sep 2025: −51.6% vs market
ASALCBR · Mar 2025: −50.8% vs market
BIRLAMONEY · Dec 2024: −50.0% vs market
STAR · Sep 2020: −49.9% vs market
DECCANCE · Sep 2025: −49.1% vs market
IFBIND · Jan 2021: −44.6% vs market
ASIANTILES · Feb 2020: −44.4% vs market
PURVA · Apr 2024: −41.3% vs market
CINELINE · Apr 2022: −40.1% vs market
SPECIALITY · Dec 2022: −35.2% vs market
STEELXIND · Feb 2022: −32.5% vs market
ESTER · Oct 2020: −30.8% vs market
JSWENERGY · Jun 2024: −30.4% vs market
HLEGLAS · Oct 2025: −25.7% vs market
XPROINDIA · Mar 2022: −25.5% vs market
SOBHA · Apr 2024: −24.8% vs market
ITI · Apr 2020: −22.4% vs market
APOLLO · Oct 2023: −20.4% vs market
DYNAMATECH · Mar 2024: −19.6% vs market
CENTUM · Jun 2023: −18.8% vs market
TEXRAIL · Jan 2024: −17.2% vs market
HCG · Oct 2025: −16.7% vs market
ORCHPHARMA · Feb 2024: −15.3% vs market
CANTABIL · May 2022: −14.3% vs market
PGEL · Feb 2023: −12.7% vs market
RKFORGE · Aug 2021: −5.4% vs market
RAMKY · Apr 2023: −3.6% vs market
NH · Jan 2020: −0.9% vs market
LINDEINDIA · Jan 2020: +1.9% vs market
JBMA · Jun 2023: +4.7% vs market
KALYANKJIL · Mar 2024: +5.4% vs market
SHILPAMED · May 2025: +8.3% vs market
SHAILY · Feb 2025: +8.8% vs market
PREMEXPLN · May 2024: +8.9% vs market
V2RETAIL · Mar 2025: +13.1% vs market
AVALON · Apr 2025: +15.1% vs market
NELCO · Sep 2021: +18.8% vs market
GENUSPOWER · May 2024: +19.9% vs market
JINDWORLD · Jan 2022: +21.7% vs market
MARATHON · Mar 2023: +24.8% vs market
ANANTRAJ · Sep 2021: +27.4% vs market
GVT&D · Dec 2024: +42.9% vs market
TARC · Oct 2023: +67.8% vs market
BUTTERFLY · Apr 2021: +72.9% vs market
AXISCADES · May 2025: +75.0% vs market
SCHNEIDER · May 2023: +93.3% vs market
LAURUSLABS · Aug 2025: +107.5% vs market
Similar setups −16.0%All companies −6.4%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−16.0%
All companies' median
−6.4%
Beat the market
38% vs 43%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JBMA
Producer Manufacturing		 Jun 2023 127x12% +214%0% +5%
SOBHA
Finance		 Apr 2024 178x8% +288%0% −25%
STEELXIND
Non-Energy Minerals		 Feb 2022 88x— +355%−7% −33%
TARC
Finance		 Oct 2023 148x6% +128%0% +68%
COOLCAPS
Producer Manufacturing		 Feb 2025 156x9% +97%−7% −66%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PURVA
Finance		 Apr 2024 140x7% +407%−6% −41%
ESTER
Process Industries		 Oct 2020 221x7% +292%−1% −31%
SPECIALITY
Consumer Services		 Dec 2022 132x8% +157%−4% −35%
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: 12-month momentum, P/E and drawdown from 12-month high. 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 NEOGEN CHEMICALS 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.

YASHO INDUSTRIESYASHO
Consumer Non-Durables
66%similar
revenuedebt/equity
DYNAMATIC TECHNOLOGIESDYNAMATECH
Producer Manufacturing
64%similar
P/Emarket cap
BAAZAR STYLE RETAILSTYLEBAAZA
Retail Trade
57%similar
debt/equityROCE
WESTLIFE FOODWORLDWESTLIFE
Consumer Services
54%similar
ROCEP/E
PRIME FOCUSPFOCUS
Consumer Services
53%similar
P/Edebt/equity
TARSONS PRODUCTSTARSONS
Process Industries
62%similar
volatilityP/E
INDO COUNT INDUSTRIESICIL
Process Industries
53%similar
EPS growthmarket cap
GANESHA ECOSPHEREGANECOS
Process Industries
51%similar
ROCEEPS 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. SepResultsYear-on-year EPS growth turned positive.
  2. SepPriceRegained the 2024-12 peak, 9 months after the low.
  3. AugPriceVolume reached 13.3x its 50-day median on 2026-08-18; price +2.6% that day.
  4. JunPeer rankMoved into the 3rd quartile of Process Industries on EPS growth (from the bottom quartile).
  5. JunDebtDebt / equity rose above 1.0x (1.71x).
  6. AprPriceVolume reached 19.1x its 50-day median on 2026-04-22; price +10.0% that day.
  7. MarInstitutionsFII + DII holding fell 3.8 pts over 1 quarter to 26.6%.
  8. MarPriceVolume reached 9.8x its 50-day median on 2026-03-09; price +5.2% that day.
Show 22 earlier events
  1. FebValuationP/E crossed above the 90th percentile of its own history to date (148.4x).
  2. DecPriceFell 58% from the Dec 2024 peak to the Dec 2025 low.
  3. DecPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
  4. DecPriceVolume reached 231.7x its 50-day median on 2025-12-11; price +11.5% that day.
  5. SepPriceVolume reached 15.7x its 50-day median on 2025-09-08; price +6.4% that day.
  6. JunValuationP/E crossed above the 90th percentile of its own history to date (125.5x).
  7. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  8. AprPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  9. FebPriceVolume reached 6.2x its 50-day median on 2025-02-03; price +5.2% that day.
  10. DecPromoterPromoter holding fell 5.7 pts to 51.2%.
  11. DecInstitutionsFII + DII holding rose 3.9 pts over 2 quarters to 30.6%.
  12. OctPriceVolume reached 6.6x its 50-day median on 2024-10-01; price +5.5% that day.
  13. SepPriceRegained the 2022-01 peak, 19 months after the low.
  14. SepPriceVolume reached 53.0x its 50-day median on 2024-09-19; price +15.5% that day.
  15. JunResultsYear-on-year EPS growth turned negative.
  16. JunValuationP/E crossed above the 90th percentile of its own history to date (117.6x).
  17. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  18. JunPriceVolume reached 70.7x its 50-day median on 2024-06-28; price -5.0% that day.
  19. DecPriceVolume reached 5.2x its 50-day median on 2023-12-27; price +0.5% that day.
  20. AugPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  21. AugPriceVolume reached 17.1x its 50-day median on 2023-08-30; price +8.6% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹686 cr.

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 history91 months · 2019-05 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11201.1x₹926 cr4.9%6.0%1.7x
2026-10163.9x₹926 cr4.8%6.0%1.7x
2026-09185.0x₹926 cr4.8%6.0%1.7x
2026-08202.1x₹862 cr3.8%6.0%1.7x
2026-07185.8x₹862 cr3.8%6.0%1.7x
2026-06185.9x₹862 cr3.8%6.0%1.7x
2026-05248.4x₹818 cr2.7%9.0%0.8x
2026-04218.9x₹818 cr2.7%9.0%0.8x
2026-03148.7x₹818 cr2.7%9.0%0.8x
2026-02148.4x₹800 cr3.6%9.0%0.8x
2026-01123.3x₹800 cr3.6%9.0%0.8x
2025-12120.0x₹800 cr3.6%9.0%0.8x
2025-1188.3x₹784 cr4.7%9.0%0.8x
2025-10113.2x₹784 cr4.7%9.0%0.8x
2025-09117.8x₹784 cr4.7%9.0%0.8x
2025-08106.4x₹778 cr4.8%9.0%0.8x
2025-07116.8x₹778 cr4.8%9.0%0.8x
2025-06125.5x₹778 cr4.8%9.0%0.8x
2025-0589.8x₹774 cr7.1%9.0%0.5x
2025-0481.5x₹774 cr7.1%9.0%0.5x
2025-0382.5x₹774 cr7.1%9.0%0.5x
2025-02108.9x₹737 cr5.8%9.0%0.5x
2025-01124.4x₹737 cr5.8%9.0%0.5x
2024-12145.6x₹737 cr5.8%9.0%0.5x
2024-11146.1x₹706 cr5.4%9.0%0.5x
2024-10151.1x₹706 cr5.4%9.0%0.5x
2024-09144.0x₹706 cr5.4%9.0%0.5x
2024-08110.1x₹691 cr5.2%9.0%0.5x
2024-07123.5x₹691 cr5.2%9.0%0.5x
2024-06117.6x₹691 cr5.2%9.0%0.5x
2024-0573.9x₹686 cr11.3%13.0%0.8x
2024-0477.0x₹686 cr11.3%13.0%0.8x
2024-0359.7x₹686 cr11.3%13.0%0.8x
2024-0266.0x₹686 cr11.3%13.0%0.8x
2024-0173.0x₹686 cr11.3%13.0%0.8x
2023-1273.9x₹686 cr11.3%13.0%0.8x
2023-1175.4x₹686 cr11.3%13.0%0.8x
2023-1079.4x₹686 cr11.3%13.0%0.8x
2023-0987.7x₹686 cr11.3%13.0%0.8x
2023-0885.2x₹686 cr11.3%13.0%0.8x
2023-0779.9x₹686 cr11.3%13.0%0.8x
2023-0680.5x₹686 cr11.3%13.0%0.8x
2023-0589.8x₹487 cr11.2%14.0%0.5x
2023-0487.9x₹487 cr11.2%14.0%0.5x
2023-0371.9x₹487 cr11.2%14.0%0.5x
2023-0270.7x₹487 cr11.2%14.0%0.5x
2023-0167.9x₹487 cr11.2%14.0%0.5x
2022-1269.9x₹487 cr11.2%14.0%0.5x
2022-1171.4x₹487 cr11.2%14.0%0.5x
2022-1083.5x₹487 cr11.2%14.0%0.5x
2022-0982.7x₹487 cr11.2%14.0%0.5x
2022-0883.2x₹487 cr11.2%14.0%0.5x
2022-0776.5x₹487 cr11.2%14.0%0.5x
2022-0672.7x₹487 cr11.2%14.0%0.5x
2022-05110.3x₹336 cr18.5%17.0%1.2x
2022-04115.3x₹336 cr18.5%17.0%1.2x
2022-03129.9x₹336 cr18.5%17.0%1.2x
2022-02114.1x₹336 cr18.5%17.0%1.2x
2022-01123.6x₹336 cr18.5%17.0%1.2x
2021-12122.5x₹336 cr18.5%17.0%1.2x
2021-11103.7x₹336 cr18.5%17.0%1.2x
2021-1088.4x₹336 cr18.5%17.0%1.2x
2021-0992.2x₹336 cr18.5%17.0%1.2x
2021-0871.8x₹336 cr18.5%17.0%1.2x
2021-0768.2x₹336 cr18.5%17.0%1.2x
2021-0663.4x₹336 cr18.5%17.0%1.2x
2021-0575.5x₹306 cr20.3%22.0%0.9x
2021-0470.4x₹306 cr20.3%22.0%0.9x
2021-0370.1x₹306 cr20.3%22.0%0.9x
2021-0266.7x₹306 cr20.3%22.0%0.9x
2021-0157.6x₹306 cr20.3%22.0%0.9x
2020-1259.2x₹306 cr20.3%22.0%0.9x
2020-1151.4x₹306 cr20.3%22.0%0.9x
2020-1050.3x₹306 cr20.3%22.0%0.9x
2020-0954.6x₹306 cr20.3%22.0%0.9x
2020-0855.3x₹306 cr20.3%22.0%0.9x
2020-0743.9x₹306 cr20.3%22.0%0.9x
2020-0638.7x₹306 cr20.3%22.0%0.9x
2020-0543.6x₹239 cr32.8%26.0%1.7x
2020-0445.7x₹239 cr32.8%26.0%1.7x
2020-0332.7x₹239 cr32.8%26.0%1.7x
2020-0247.6x₹239 cr32.8%26.0%1.7x
2020-0136.8x₹239 cr32.8%26.0%1.7x
2019-1234.2x₹239 cr32.8%26.0%1.7x
2019-1135.6x₹239 cr32.8%26.0%1.7x
2019-1037.1x₹239 cr32.8%26.0%1.7x
2019-0933.5x₹239 cr32.8%26.0%1.7x
2019-0829.8x₹239 cr32.8%26.0%1.7x
2019-0731.6x₹239 cr32.8%26.0%1.7x
2019-0634.5x₹239 cr32.8%26.0%1.7x
2019-0555.4x₹161 cr24.1%23.0%1.6x

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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