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NHPC LIMITED (NHPC)

Utilities · Electric Utilities · 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.44 / 100
Profitability 56Growth 38Balance sheet 38
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.69 / 100
Price 74Earnings 64
Compare withADANI POWERNTPCADANI GREEN ENERGY

Share price

Closing priceAdjusted for splits and bonus issues.

₹80.39 latest close · −0.2% over the last 90 sessions

₹70₹75₹80Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹70₹75₹80Jul 3Sep 4Nov 9

₹80.39 month-end · +4.8% over 12 months

₹75₹80Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹75₹80Nov '25May '26Nov '26

₹80.39 month-end · +47.8% over 3 years

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

₹80.39 month-end · +221.6% since Jan '19

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

52-week range ₹68.79 to ₹86.83 · 1-year volatility 24.1%

Was the rally earned?

+5%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+5%).
  • The share count barely moved.
Net profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22 ptsNet profit growthP/E change: −17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−17 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +5%+5%Share priceNet profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22ProfitP/E change: −17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−17P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +5%+5%Share price
Net profit growth+22 ptsNet profit rose about 24%, which lifts the price.
P/E change-17 ptsThe P/E fell from 25.2x to 21.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+48%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 14.0x to 21.3x); per-share earnings took off 3 points.
  • The share count rose 3%.
Net profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0 ptsNet profit growthP/E change: +51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+51 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: +48%+48%Share priceNet profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0ProfitP/E change: +51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+51P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: +48%+48%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change+51 ptsThe P/E rose from 14.0x to 21.3x, which lifts the price.
Share count change-4 ptsShare count rose 3%, which lowers the price.
+159%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 9.5x to 21.3x); per-share earnings added 25 points.
  • The share count rose 2%.
Net profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28 ptsNet profit growthP/E change: +134 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+134 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: +159%+159%Share priceNet profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28ProfitP/E change: +134 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+134P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: +159%+159%Share price
Net profit growth+28 ptsNet profit rose about 19%, which lifts the price.
P/E change+134 ptsThe P/E rose from 9.5x to 21.3x, which lifts the price.
Share count change-4 ptsShare count rose 2%, 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 ADANI POWER

How rough has the ride been?

Maximum drawdown-39.7%not yet recovered
1-year volatility24.1%annualised
Beta vs sector index0.863-year daily, correlation 0.63
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−39.7% 0%−20%−40%2020202220242026−39.7%
Largest drawdowns

-39.7% (2024-07 peak to 2026-10 low, not yet recovered)

-34.4% (2020-01 peak to 2020-03 low, recovered 2021-09)

-24.6% (2024-02 peak to 2024-03 low, recovered 2024-05)

Most recent volume spikes

2026-11-05: 6x the 50-day median, price +2.7% 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?

21.3xP/E todayWithin its usual range
Against its own history68th percentile
CheapestMedian 11.5xDearest

Usual range 8.0x to 27.5x since 2019-01.

Against Utilities21.3x vs 27.3x
This company
21.3x
Sector median
27.3x

22% below the Utilities median.

6.9x21.5x36.2x50.8xJan '19Aug '20Mar '22Oct '23May '25Nov '266.9x21.5x36.2x50.8xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianUtilities median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianUtilities 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 Utilities is valued

Where does it rank among Utilities peers?

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

  • ROCE25th▼ 9 pts vs a year ago
  • Op. margin87th▲ 4 pts vs a year ago
  • Revenue growth59thflat vs a year ago
  • EPS growth74th▲ 51 pts vs a year ago
  • Debt/equity ↓37th▲ 4 pts vs a year ago
  • Cash cycle ↓31stflat vs a year ago
  • P/E ↓54thflat vs a year ago
  • 12M momentum78th▲ 5 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 Utilities sector page Watch it move against Utilities in the Observatory

What is the price implying?

~13%annual earnings growth implied by the priceAbove delivered growth

At P/E of 21.3x, a holder earning 12%/yr needs earnings to grow about 12.7%/yr for 10 years, then trade at 15x.

Delivered3.7%/yrEPS, last 10 fiscal years · fitted trend
Gap+9.0 ptsimplied minus delivered
Rank348thmost demanding of 856

Over time

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

-1%9%18% Jan 2019Nov 2026 -1%9%18% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x13.7%14.8%15.8%
15x11.6%12.7%13.7%
20x8.9%9.9%10.9%

Drag a slider to test other assumptions

Implied: 12.7%/yr

Looking back

  • Jan 2020Price implied 2%/yr; EPS has since grown 6%/yr (7.0 yrs)
  • Jan 2021Price implied 2%/yr; EPS has since grown 4%/yr (6.0 yrs)
  • Jan 2022Price implied 3%/yr; EPS has since grown 3%/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 Utilities The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹80.39
P/E
21.3x
ROCE
6.0%
Market Cap
₹80794 cr
Revenue (TTM)
₹12210 cr
P/S
6.6x
P/B
1.9x
ROE
9.2%
Operating Margin
62.0%
Debt / Equity
1.3x
Promoter Holding
61.4%
12M Momentum
4.8%

52-week range

₹68.79₹86.83
64% of the way from its 52-week low to its high

Price risk

1Y volatility
24.1%
Beta vs sector
1-year daily
0.62

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.34x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold
Other income reliance66%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 66.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.34xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.34x (cash from operations ₹15,572 cr, net profit ₹11,632 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

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

Receivable days vs history-85 daysWithin range

Debtor days are below the median of the previous three fiscal years by 85 days (83 vs 168). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress69% of fixed assetsWithin range

Capital work-in-progress is 69% 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, promoters trimmed 9.6 pts; FIIs added 4.7 pts; DIIs added 1.6 pts.
  • The number of shareholders rose from 9.6 lakh to 33.1 lakh (+245%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters71.0%61.4%-9.6 pts
FIIs7.6%12.3%+4.7 pts
DIIs12.9%14.5%+1.6 pts
Public and others7.0%10.6%+3.6 pts

Number of shareholders

33.1 lakhshareholders+245% since Sep '23
9.6L19.9L30.3L40.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 9.6 lakh
Dec '23: 10.3 lakh
Mar '24: 33.4 lakh
Jun '24: 36.3 lakh
Sep '24: 39.1 lakh
Dec '24: 40.7 lakh
Mar '25: 39.9 lakh
Jun '25: 37.7 lakh
Sep '25: 36.1 lakh
Dec '25: 34.7 lakh
Mar '26: 33.7 lakh
Jun '26: 33.1 lakh
 9.6L19.9L30.3L40.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 9.6 lakh
Dec '23: 10.3 lakh
Mar '24: 33.4 lakh
Jun '24: 36.3 lakh
Sep '24: 39.1 lakh
Dec '24: 40.7 lakh
Mar '25: 39.9 lakh
Jun '25: 37.7 lakh
Sep '25: 36.1 lakh
Dec '25: 34.7 lakh
Mar '26: 33.7 lakh
Jun '26: 33.1 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

−6.9%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 NHPC 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 −18% to +21% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−5.7%, 80% range −12.4% to +1.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
UPL · Jan 2023: −48.9% vs market
TATACHEM · Jan 2020: −46.5% vs market
DALBHARAT · Sep 2023: −44.6% vs market
CESC · Apr 2020: −42.0% vs market
AARTIIND · Jul 2024: −40.4% vs market
JMFINANCIL · Jan 2020: −36.3% vs market
NTPC · May 2020: −35.2% vs market
LEMONTREE · Jul 2025: −30.7% vs market
RAMCOCEM · Mar 2023: −27.9% vs market
PHOENIXLTD · Mar 2020: −23.9% vs market
JSWENERGY · Sep 2024: −21.5% vs market
OBEROIRLTY · Nov 2024: −21.0% vs market
RELIANCE · Jun 2022: −18.2% vs market
GODREJIND · Jun 2020: −16.3% vs market
POWERGRID · Apr 2020: −14.1% vs market
TATAPOWER · Jan 2024: −13.5% vs market
ASAHIINDIA · Feb 2020: −13.0% vs market
APOLLOHOSP · May 2023: −12.0% vs market
HATSUN · Aug 2021: −11.6% vs market
ADANIPORTS · Jul 2022: −11.2% vs market
BHARTIARTL · Aug 2025: −10.9% vs market
TORNTPOWER · Jul 2020: −10.7% vs market
GRASIM · May 2021: −10.1% vs market
SAPPHIRE · Mar 2024: −9.4% vs market
ZYDUSLIFE · Mar 2020: −8.2% vs market
BHARATFORG · Feb 2023: −5.6% vs market
CHALET · Nov 2024: −4.1% vs market
KIMS · Dec 2024: −3.6% vs market
ULTRACEMCO · Jan 2021: −0.4% vs market
SANSERA · Jul 2023: +0.5% vs market
JKCEMENT · Jan 2024: +2.5% vs market
INDUSTOWER · May 2024: +5.0% vs market
BIOCON · Aug 2025: +9.8% vs market
M&M · Nov 2022: +10.4% vs market
LT · Feb 2023: +10.4% vs market
JSWINFRA · Sep 2025: +12.5% vs market
ASTERDM · Jul 2022: +18.8% vs market
TVSMOTOR · May 2024: +21.4% vs market
TORNTPHARM · Dec 2023: +24.0% vs market
GODREJPROP · Oct 2023: +24.4% vs market
JSWSTEEL · Mar 2021: +26.6% vs market
GESHIP · Sep 2022: +35.1% vs market
BRIGADE · Oct 2023: +37.5% vs market
ERIS · Aug 2024: +40.6% vs market
ORCHPHARMA · Jun 2023: +55.5% vs market
SRF · Apr 2021: +57.9% vs market
INDHOTEL · May 2021: +61.0% vs market
PRESTIGE · Aug 2023: +91.1% vs market
SJVN · Jun 2023: +119.7% vs market
MOTILALOFS · Oct 2023: +159.2% vs market
Similar setups −6.9%All companies −1.2%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−6.9%
All companies' median
−1.2%
Beat the market
42% vs 49%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
POWERGRID
Utilities		 Apr 2020 8x9% −14%−25% −14%
NTPC
Utilities		 May 2020 7x7% −27%−32% −35%
BHARTIARTL
Communications		 Aug 2025 32x13% +19%−7% −11%
ERIS
Health Technology		 Aug 2024 48x11% +71%0% +41%
ADANIPORTS
Transportation		 Jul 2022 33x11% +13%−16% −11%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
M&M
Consumer Durables		 Nov 2022 25x11% +56%−4% +10%
RAMCOCEM
Non-Energy Minerals		 Mar 2023 20x9% −2%−7% −28%
BIOCON
Health Technology		 Aug 2025 41x6% −3%−13% +10%
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, drawdown from 12-month high and 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 NHPC 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.

OIL INDIAOIL
Energy Minerals
66%similar
market capEPS growth
DALMIA BHARATDALBHARAT
Non-Energy Minerals
64%similar
revenueEPS growth
IRB INFRASTRUCTURE DEVELOPERSIRB
Industrial Services
58%similar
operating marginROCE
PIRAMAL FINANCEPIRAMALFIN
Finance
56%similar
operating marginROCE
BALKRISHNA INDUSTRIESBALKRISIND
Consumer Durables
55%similar
revenuerevenue growth
POWER GRID CORPORATION OF INDIPOWERGRID
Utilities
75%similar
operating marginvolatility
TATA POWER COTATAPOWER
Utilities
61%similar
revenue growthvolatility
NTPCNTPC
Utilities
60%similar
debt/equityvolatility

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

What changed?

30 events since Aug '22

  1. NovPriceVolume reached 6.0x its 50-day median on 2026-11-05; price +2.7% that day.
  2. OctPriceFell 40% from the Jul 2024 peak to the Oct 2026 low.
  3. SepPromoterPromoter holding fell 6.0 pts to 61.4%.
  4. SepInstitutionsFII + DII holding rose 6.1 pts over 2 quarters to 26.8%.
  5. SepPeer rankMoved into the top quartile of Utilities on operating margin (from the 2nd quartile).
  6. AugPeer rankMoved into the 3rd quartile of Utilities on ROCE (from the bottom quartile).
  7. JunResultsRevenue (TTM) reached a new high of ₹11,616 cr.
  8. JunPeer rankSlipped to the bottom quartile of Utilities on ROCE (from the 3rd quartile).
Show 22 earlier events
  1. JunDebtDebt / equity rose above 1.0x (1.26x).
  2. JunPriceVolume reached 14.1x its 50-day median on 2026-06-02; price -6.4% that day.
  3. MarPeer rankSlipped to the 3rd quartile of Utilities on operating margin (from the top quartile).
  4. JanPriceVolume reached 7.1x its 50-day median on 2026-01-16; price -1.3% that day.
  5. DecResultsYear-on-year EPS growth turned positive.
  6. DecPeer rankMoved into the 2nd quartile of Utilities on EPS growth (from the bottom quartile).
  7. SepResultsRevenue (TTM) reached a new high of ₹10,900 cr.
  8. SepValuationP/E crossed above the 90th percentile of its own history to date (28.4x).
  9. SepPeer rankSlipped to the bottom quartile of Utilities on EPS growth (from the 3rd quartile).
  10. JunPeer rankMoved into the 3rd quartile of Utilities on EPS growth (from the bottom quartile).
  11. MarPriceVolume reached 6.0x its 50-day median on 2025-03-27; price +0.4% that day.
  12. DecValuationP/E crossed above the 90th percentile of its own history to date (27.4x).
  13. JunPromoterPromoter holding fell 3.5 pts to 67.4%.
  14. JunResultsYear-on-year EPS growth turned negative.
  15. JunPeer rankSlipped to the bottom quartile of Utilities on EPS growth (from the 2nd quartile).
  16. MayPriceVolume reached 7.6x its 50-day median on 2024-05-31; price +6.1% that day.
  17. FebPriceVolume reached 15.4x its 50-day median on 2024-02-05; price +3.0% that day.
  18. SepPriceVolume reached 7.0x its 50-day median on 2023-09-11; price +3.6% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹10,607 cr.
  20. AprPriceVolume reached 6.6x its 50-day median on 2023-04-27; price +1.2% that day.
  21. OctPriceVolume reached 5.8x its 50-day median on 2022-10-21; price +4.0% that day.
  22. AugValuationP/E crossed above the 90th percentile of its own history to date (10.9x).

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
2026-1121.3x₹12210 cr9.2%6.0%1.3x
2026-1020.6x₹12210 cr9.2%6.0%1.3x
2026-0919.3x₹12210 cr9.2%6.0%1.3x
2026-0820.5x₹11616 cr9.1%6.0%1.3x
2026-0721.0x₹11616 cr9.1%6.0%1.3x
2026-0621.7x₹11616 cr9.1%6.0%1.3x
2026-0525.0x₹11147 cr8.1%7.0%1.0x
2026-0426.4x₹11147 cr8.1%7.0%1.0x
2026-0323.4x₹11147 cr8.1%7.0%1.0x
2026-0223.8x₹11213 cr8.1%7.0%1.0x
2026-0124.7x₹11213 cr8.1%7.0%1.0x
2025-1225.1x₹11213 cr8.1%7.0%1.0x
2025-1125.2x₹10900 cr7.7%7.0%1.0x
2025-1027.9x₹10900 cr7.7%7.0%1.0x
2025-0928.4x₹10900 cr7.7%7.0%1.0x
2025-0825.7x₹10380 cr7.7%7.0%1.0x
2025-0727.8x₹10380 cr7.7%7.0%1.0x
2025-0628.6x₹10380 cr7.7%7.0%1.0x
2025-0532.5x₹9920 cr7.1%8.0%0.8x
2025-0431.9x₹9920 cr7.1%8.0%0.8x
2025-0330.6x₹9920 cr7.1%8.0%0.8x
2025-0224.8x₹9689 cr7.8%8.0%0.8x
2025-0127.4x₹9689 cr7.8%8.0%0.8x
2024-1227.4x₹9689 cr7.8%8.0%0.8x
2024-1122.7x₹9568 cr9.3%8.0%0.8x
2024-1023.1x₹9568 cr9.3%8.0%0.8x
2024-0926.5x₹9568 cr9.3%8.0%0.8x
2024-0826.8x₹9631 cr9.2%8.0%0.8x
2024-0729.3x₹9631 cr9.2%8.0%0.8x
2024-0628.1x₹9631 cr9.2%8.0%0.8x
2024-0527.6x₹10607 cr10.3%8.0%0.8x
2024-0424.7x₹10607 cr10.3%8.0%0.8x
2024-0323.1x₹10607 cr10.3%8.0%0.8x
2024-0222.7x₹10607 cr10.3%8.0%0.8x
2024-0123.4x₹10607 cr10.3%8.0%0.8x
2023-1216.6x₹10607 cr10.3%8.0%0.8x
2023-1114.0x₹10607 cr10.3%8.0%0.8x
2023-1012.9x₹10607 cr10.3%8.0%0.8x
2023-0913.6x₹10607 cr10.3%8.0%0.8x
2023-0812.9x₹10607 cr10.3%8.0%0.8x
2023-0713.2x₹10607 cr10.3%8.0%0.8x
2023-0611.8x₹10607 cr10.3%8.0%0.8x
2023-0512.4x₹9144 cr9.6%6.0%0.7x
2023-0412.6x₹9144 cr9.6%6.0%0.7x
2023-0311.5x₹9144 cr9.6%6.0%0.7x
2023-0211.2x₹9144 cr9.6%6.0%0.7x
2023-0112.5x₹9144 cr9.6%6.0%0.7x
2022-1211.3x₹9144 cr9.6%6.0%0.7x
2022-1112.0x₹9144 cr9.6%6.0%0.7x
2022-1012.1x₹9144 cr9.6%6.0%0.7x
2022-0910.2x₹9144 cr9.6%6.0%0.7x
2022-0810.9x₹9144 cr9.6%6.0%0.7x
2022-079.7x₹9144 cr9.6%6.0%0.7x
2022-068.8x₹9144 cr9.6%6.0%0.7x
2022-0510.3x₹9648 cr9.7%9.0%0.7x
2022-0410.2x₹9648 cr9.7%9.0%0.7x
2022-038.5x₹9648 cr9.7%9.0%0.7x
2022-028.4x₹9648 cr9.7%9.0%0.7x
2022-019.2x₹9648 cr9.7%9.0%0.7x
2021-129.5x₹9648 cr9.7%9.0%0.7x
2021-119.5x₹9648 cr9.7%9.0%0.7x
2021-109.4x₹9648 cr9.7%9.0%0.7x
2021-099.2x₹9648 cr9.7%9.0%0.7x
2021-088.3x₹9648 cr9.7%9.0%0.7x
2021-078.1x₹9648 cr9.7%9.0%0.7x
2021-068.0x₹9648 cr9.7%9.0%0.7x
2021-059.1x₹10008 cr9.5%8.0%0.7x
2021-048.4x₹10008 cr9.5%8.0%0.7x
2021-038.5x₹10008 cr9.5%8.0%0.7x
2021-028.4x₹10008 cr9.5%8.0%0.7x
2021-018.4x₹10008 cr9.5%8.0%0.7x
2020-127.9x₹10008 cr9.5%8.0%0.7x
2020-117.5x₹10008 cr9.5%8.0%0.7x
2020-106.9x₹10008 cr9.5%8.0%0.7x
2020-097.0x₹10008 cr9.5%8.0%0.7x
2020-087.5x₹10008 cr9.5%8.0%0.7x
2020-077.1x₹10008 cr9.5%8.0%0.7x
2020-067.0x₹10008 cr9.5%8.0%0.7x
2020-057.6x₹8983 cr8.2%10.0%0.6x
2020-048.1x₹8983 cr8.2%10.0%0.6x
2020-037.7x₹8983 cr8.2%10.0%0.6x
2020-028.0x₹8983 cr8.2%10.0%0.6x
2020-019.5x₹8983 cr8.2%10.0%0.6x
2019-129.3x₹8983 cr8.2%10.0%0.6x
2019-119.2x₹8983 cr8.2%10.0%0.6x
2019-109.1x₹8983 cr8.2%10.0%0.6x
2019-098.6x₹8983 cr8.2%10.0%0.6x
2019-089.0x₹8983 cr8.2%10.0%0.6x
2019-078.6x₹8983 cr8.2%10.0%0.6x
2019-069.6x₹8983 cr8.2%10.0%0.6x
2019-0510.2x₹7755 cr8.3%8.0%0.6x
2019-049.5x₹7755 cr8.3%8.0%0.6x
2019-0310.1x₹7755 cr8.3%8.0%0.6x
2019-029.4x₹7755 cr8.3%8.0%0.6x
2019-0110.2x₹7755 cr8.3%8.0%0.6x

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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