NIBE LIMITED (NIBE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹1,229.3 latest close · −25.4% over the last 90 sessions

₹1,229.3 month-end · +12.8% over 12 months

₹1,229.3 month-end · +24.8% since Feb '25

52-week range ₹809.60 to ₹1848.00 · 1-year volatility 54.2%

How rough has the ride been?

Maximum drawdown-57.3%not yet recovered

1-year volatility54.2%annualised

Beta vs sector index1.403-year daily, correlation 0.42

Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-57.3% (2025-06 peak to 2026-03 low, not yet recovered)

-51.8% (2025-02 peak to 2025-03 low, recovered 2025-05)

Most recent volume spikes

2026-10-14: 29.5x the 50-day median, price +13.7% that day

2026-10-07: 5.4x the 50-day median, price +2.4% that day

2026-09-21: 6.2x the 50-day median, price +6.5% 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).

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

ROCE21st▼ 49 pts vs a year ago
Op. margin2nd▼ 42 pts vs a year ago
Revenue growth13th
EPS growth2nd
Debt/equity ↓52nd▼ 3 pts vs a year ago
Cash cycle ↓63rd▼ 21 pts vs a year ago
P/E ↓2nd▼ 13 pts vs a year ago
12M momentum73rd

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?

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

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

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹1229.30
ROCE: 5.0%
Market Cap: ₹1905 cr
Revenue (TTM): ₹455 cr
P/S: 4.2x
P/B: 5.5x
ROE: -2.3%
Operating Margin: -15.0%
Debt / Equity: 0.3x
Promoter Holding: 52.3%
12M Momentum: 12.8%

52-week range

₹809.60₹1848.00

40% of the way from its 52-week low to its high

Price risk

1Y volatility

54.2%

Beta vs sector

1-year daily

1.52

Balance sheet & cash

Interest cover

operating profit ÷ interest

0.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.17x

low

Share count, 1Y

+7.1%

Are profits backed by cash?

0 of 3checks within range2 beyond a threshold

Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion0.17xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.17x (cash from operations ₹8 cr, net profit ₹46 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 4 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 4: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress31% of fixed assetsNear threshold

Capital work-in-progress is 31% 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 2 years, FIIs added 2.8 pts; promoters trimmed 0.8 pts.
The number of shareholders rose from 31,136 to 44,257 (+42%) between Sep 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '24Jun '26Change

Promoters53.1%52.3%-0.8 pts

FIIs7.8%10.6%+2.8 pts

DIIs0.5%0.6%+0.1 pts

Public and others38.6%36.6%-2.0 pts

Number of shareholders

44,257shareholders+42% since Sep '24

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

−20.0%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like NIBE 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 +20% vs the market, against −2% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −18.2%, 80% range −27.7% to −5.5%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

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

−20.0%

All companies' median

−1.8%

Beat the market

36% vs 48%

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

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
DWARKESH Process Industries	Sep 2022	—	—	+36%	−33%	−6%
JAICORPLTD Process Industries	Jun 2023	—	3%	+44%	−21%	+56%
MANINFRA Finance	Aug 2020	—	2%	+21%	−22%	+64%
WALCHANNAG Producer Manufacturing	Dec 2024	—	0%	+53%	−31%	−38%
ORICONENT Producer Manufacturing	Mar 2022	—	0%	+75%	−28%	−44%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ASHIANA Finance	Apr 2021	—	-1%	+190%	−20%	−1%
MAXIND Health Services	Aug 2023	—	1%	+69%	−17%	+15%
DEN Consumer Services	May 2020	—	-1%	−13%	−46%	−40%

How reliable is this?

Matched on 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, interest cover and drawdown from 12-month high. Not used (unavailable for this company): P/E. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to NIBE 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

KABRA EXTRUSION TECHNIKKABRAEXTRU

Producer Manufacturing

70%similar

revenuedebt/equity

SOM DISTILLERIES N BREWERIES LSDBL

Consumer Non-Durables

63%similar

volatilityROCE

APOLLO PIPESAPOLLOPIPE

Producer Manufacturing

60%similar

promoter holdingoperating margin

ZOTA HEALTH CAREZOTA

Health Technology

57%similar

operating margindebt/equity

KOPRANKOPRAN

Health Technology

55%similar

volatilitydebt/equity

GEM AROMATICSGEMAROMA

Process Industries

58%similar

debt/equityrevenue

XPRO INDIAXPROINDIA

Process Industries

58%similar

ROCErevenue

KITEX GARMENTSKITEX

Process Industries

53%similar

ROCErevenue

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

What changed?

21 events since Mar '25

2026
OctPriceVolume reached 29.5x its 50-day median on 2026-10-14; price +13.7% that day.
SepResultsEPS (TTM) turned negative.
SepInstitutionsFII + DII holding rose 4.8 pts over 2 quarters to 11.1%.
SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the top quartile).
SepPriceVolume reached 6.2x its 50-day median on 2026-09-21; price +6.5% that day.
JunResultsEPS (TTM) turned positive.
JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
MayPriceVolume reached 35.5x its 50-day median on 2026-05-21; price +9.9% that day.

Show 13 earlier events

2026
MarResultsEPS (TTM) turned negative.
MarPriceFell 57% from the Jun 2025 peak to the Mar 2026 low.
FebSharesShare count is up 7.7% over 12 months.
JanPriceVolume reached 11.8x its 50-day median on 2026-01-05; price +4.9% that day.
2025
DecInstitutionsFII + DII holding fell 3.7 pts over 2 quarters to 5.5%.
DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the top quartile).
SepPriceVolume reached 7.2x its 50-day median on 2025-09-29; price +4.4% that day.
JunPeer rankMoved into the top quartile of Process Industries on operating margin (from the 3rd quartile).
JunPriceVolume reached 11.3x its 50-day median on 2025-06-10; price +8.3% that day.
MayPriceRegained the 2025-02 peak, 2 months after the low.
MarPriceFell 52% from the Feb 2025 peak to the Mar 2025 low.
MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).

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 history22 months · 2025-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	—	₹455 cr	-2.3%	5.0%	0.3x
2026-10	—	₹455 cr	-2.3%	5.0%	0.3x
2026-09	—	₹455 cr	-2.3%	5.0%	0.3x
2026-08	416.9x	₹474 cr	1.5%	5.0%	0.3x
2026-07	419.1x	₹474 cr	1.5%	5.0%	0.3x
2026-06	505.7x	₹474 cr	1.5%	5.0%	0.3x
2026-05	—	₹327 cr	-5.1%	16.0%	0.3x
2026-04	—	₹327 cr	-5.1%	16.0%	0.3x
2026-03	—	₹327 cr	-5.1%	16.0%	0.3x
2026-02	442.9x	₹417 cr	1.4%	16.0%	0.3x
2026-01	451.8x	₹417 cr	1.4%	16.0%	0.3x
2025-12	487.0x	₹417 cr	1.4%	16.0%	0.3x
2025-11	75.2x	₹480 cr	5.7%	16.0%	0.3x
2025-10	83.4x	₹480 cr	5.7%	16.0%	0.3x
2025-09	101.8x	₹480 cr	5.7%	16.0%	0.3x
2025-08	62.0x	₹508 cr	7.6%	16.0%	0.3x
2025-07	85.0x	₹508 cr	7.6%	16.0%	0.3x
2025-06	86.4x	₹508 cr	7.6%	16.0%	0.3x
2025-05	79.4x	₹547 cr	11.3%	16.0%	0.5x
2025-04	59.5x	₹547 cr	11.3%	16.0%	0.5x
2025-03	47.0x	₹547 cr	11.3%	16.0%	0.5x
2025-02	41.0x	₹461 cr	12.0%	16.0%	0.5x

Methodology and data notes