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NITIN SPINNERS LTD (NITINSPIN)

Process Industries · Textiles · 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.55 / 100
Profitability 66Growth 69Balance sheet 30
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 89Earnings 61FII/DII 58

Passes these screensHigh MomentumNear 52-week high

Compare withVARDHMAN TEXTILES LIMTEDARVINDTRIDENT

Share price

Closing priceAdjusted for splits and bonus issues.

₹653.7 latest close · +16.0% over the last 90 sessions

₹550₹600₹650Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹550₹600₹650Jul 3Sep 4Nov 9

₹653.7 month-end · +98.6% over 12 months

₹400₹600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹400₹600Nov '25May '26Nov '26

₹653.7 month-end · +82.5% over 3 years

₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹600Nov '23May '25Nov '26

₹653.7 month-end · +685.7% since Jan '19

₹0₹200₹400₹600Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹200₹400₹600Jan '19Dec '22Nov '26

52-week range ₹302.20 to ₹697.15 · 1-year volatility 38.1%

Was the rally earned?

+99%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 10.6x to 17.3x); per-share earnings added 28 points.
  • The share count barely moved.
Net profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28 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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +99%+99%Share priceNet profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28ProfitP/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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +99%+99%Share price
Net profit growth+28 ptsNet profit rose about 22%, which lifts the price.
P/E change+71 ptsThe P/E rose from 10.6x to 17.3x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+83%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 34 points and the multiple added 48 points (P/E 12.2x to 17.3x).
  • The share count barely moved.
Net profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34 ptsNet profit growthP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48 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: +83%+83%Share priceNet profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34ProfitP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +83%+83%Share price
Net profit growth+34 ptsNet profit rose about 28%, which lifts the price.
P/E change+48 ptsThe P/E rose from 12.2x to 17.3x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+178%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 196 points, but investors now pay less per rupee of profit (P/E 19.2x to 17.3x), which took 18 points back.
  • The share count barely moved.
Net profit growth: +195 pts. Points of the price return explained by net profit growing (or shrinking).+195 ptsNet profit growthP/E change: −18 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−18 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: +178%+178%Share priceNet profit growth: +195 pts. Points of the price return explained by net profit growing (or shrinking).+195ProfitP/E change: −18 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−18P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +178%+178%Share price
Net profit growth+195 ptsNet profit rose about 207%, which lifts the price.
P/E change-18 ptsThe P/E fell from 19.2x to 17.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against 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 VARDHMAN TEXTILES LIMTED

How rough has the ride been?

Maximum drawdown-73.5%recovered 2021-05
1-year volatility38.1%annualised
Beta vs sector index1.073-year daily, correlation 0.46
Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−71.6% 0%−20%−40%−60%2020202220242026−71.6%
Largest drawdowns

-73.5% (2019-01 peak to 2020-03 low, recovered 2021-05)

-46.0% (2022-02 peak to 2022-11 low, recovered 2023-11)

-38.0% (2024-12 peak to 2025-03 low, recovered 2026-05)

Most recent volume spikes

2026-11-03: 5.6x the 50-day median, price -0.8% that day

2026-11-02: 6.9x the 50-day median, price +2.0% that day

2026-10-16: 6.9x the 50-day median, price +5.2% 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?

17.4xP/E todayNear its historic high
Against its own history81st percentile
CheapestMedian 11.1xDearest

Usual range 3.6x to 19.0x since 2019-01.

Against Process Industries17.4x vs 18.1x
This company
17.4x
Sector median
18.1x

Close to the Process Industries median.

2.5x12.5x22.6x32.7xJan '19Aug '20Mar '22Oct '23May '25Nov '262.5x12.5x22.6x32.7xJan '19Sep '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

  • ROCE54th▼ 5 pts vs a year ago
  • Op. margin79th▲ 6 pts vs a year ago
  • Revenue growth27th▼ 21 pts vs a year ago
  • EPS growth61st▼ 5 pts vs a year ago
  • Debt/equity ↓26th▲ 7 pts vs a year ago
  • Cash cycle ↓36thflat vs a year ago
  • P/E ↓53rd▼ 31 pts vs a year ago
  • 12M momentum96th▲ 41 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?

~14%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 18.8x, a holder earning 12%/yr needs earnings to grow about 13.8%/yr for 10 years, then trade at 15x.

Delivered14.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−0.9 ptsimplied minus delivered
Rank547thmost demanding of 856

Over time

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

-7%7%22% Jan 2019Nov 2026 -7%7%22% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x15.3%16.3%17.4%
15x12.8%13.8%14.9%
20x9.7%10.7%11.7%

Drag a slider to test other assumptions

Implied: 13.8%/yr

Looking back

  • Jan 2020Price implied 1%/yr; EPS has since grown 16%/yr (7.0 yrs)
  • Jan 2021Price implied 6%/yr; EPS has since grown 40%/yr (6.0 yrs)
  • Jan 2022Price implied 20%/yr; EPS has since grown 21%/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
₹653.70
P/E
17.3x
ROCE
12.0%
Market Cap
₹3676 cr
Revenue (TTM)
₹3296 cr
P/S
1.1x
P/B
2.5x
ROE
14.4%
Operating Margin
18.0%
Debt / Equity
0.8x
Promoter Holding
56.7%
12M Momentum
98.6%

52-week range

₹302.20₹697.15
89% of the way from its 52-week low to its high

Price risk

1Y volatility
38.1%
Beta vs sector
1-year daily
0.91

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.82x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.1%. 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 conversion1.82xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.82x (cash from operations ₹881 cr, net profit ₹485 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+9 daysWithin range

Debtor days are above the median of the previous three fiscal years by 9 days (49 vs 40). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress7% of fixed assetsWithin range

Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+4 days / 2 yrsWithin range

Days payable changed by +4 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, DIIs added 1.4 pts; FIIs added 0.8 pts.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters56.4%56.7%+0.3 pts
FIIs1.1%1.9%+0.8 pts
DIIs13.3%14.7%+1.4 pts
Public and others29.2%26.7%-2.5 pts

Number of shareholders

31,698shareholders-2% since Dec '23
29k32k35k37k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 32,334
Mar '24: 30,716
Jun '24: 29,275
Sep '24: 34,597
Dec '24: 35,934
Mar '25: 37,266
Jun '25: 36,483
Sep '25: 35,876
Dec '25: 35,365
Mar '26: 35,002
Jun '26: 31,698
 29k32k35k37k Dec '23Dec '24Dec '25Jun '26
Dec '23: 32,334
Mar '24: 30,716
Jun '24: 29,275
Sep '24: 34,597
Dec '24: 35,934
Mar '25: 37,266
Jun '25: 36,483
Sep '25: 35,876
Dec '25: 35,365
Mar '26: 35,002
Jun '26: 31,698

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

−6.5%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like NITIN SPINNERS LTD 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 −22% to +24% vs the market, against −2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −4.8%, 80% range −9.7% to −1.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
RGL · Dec 2021: −50.9% vs market
ELECTCAST · Jul 2024: −45.6% vs market
CESC · Apr 2020: −42.0% vs market
TCPLPACK · May 2025: −40.6% vs market
GRMOVER · Aug 2025: −34.2% vs market
GHCL · May 2022: −31.5% vs market
ICIL · Mar 2024: −30.8% vs market
MAGADSUGAR · Oct 2023: −30.6% vs market
JKLAKSHMI · Mar 2023: −25.5% vs market
TRIVENI · Jan 2020: −24.3% vs market
HUHTAMAKI · May 2023: −24.3% vs market
GODREJAGRO · Feb 2025: −24.2% vs market
MANGLMCEM · Jul 2024: −22.2% vs market
JUBLPHARMA · Jun 2025: −20.0% vs market
VADILALIND · Jan 2020: −18.3% vs market
SSWL · Jun 2025: −16.0% vs market
LUMAXIND · Apr 2023: −15.8% vs market
SURYAROSNI · Apr 2021: −15.0% vs market
DCMSRIND · Nov 2023: −14.2% vs market
NCLIND · Feb 2021: −13.4% vs market
JKPAPER · May 2022: −10.4% vs market
ARVIND · May 2024: −9.8% vs market
DEEPAKFERT · Apr 2025: −7.3% vs market
BALRAMCHIN · Jun 2025: −6.7% vs market
NIITLTD · Mar 2020: −6.7% vs market
BANARISUG · Jan 2025: −6.2% vs market
JKIL · Jul 2022: −6.2% vs market
SALASAR · Mar 2021: −5.8% vs market
SKMEGGPROD · Oct 2025: −2.0% vs market
EVEREADY · Feb 2021: +0.4% vs market
HITECH · Mar 2021: +2.8% vs market
TIIL · Aug 2021: +3.2% vs market
VISHNU · May 2025: +4.0% vs market
GPTINFRA · Jan 2024: +5.1% vs market
UFLEX · Oct 2020: +6.0% vs market
GESHIP · Dec 2022: +14.6% vs market
LTFOODS · Oct 2022: +18.7% vs market
ISGEC · Dec 2023: +25.0% vs market
PITTIENG · Nov 2021: +33.3% vs market
KPIL · Mar 2023: +34.8% vs market
WABAG · May 2023: +48.7% vs market
DALMIASUG · Apr 2021: +49.9% vs market
JINDALSAW · May 2023: +54.0% vs market
TIMETECHNO · Mar 2024: +61.5% vs market
GPIL · Mar 2021: +74.0% vs market
SARDAEN · Apr 2021: +90.9% vs market
KIRLOSENG · Feb 2023: +94.0% vs market
USHAMART · Feb 2022: +103.0% vs market
COSMOFIRST · Oct 2020: +116.0% vs market
RVNL · Jan 2023: +191.3% vs market
Similar setups −6.5%All companies −1.7%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median
−6.5%
All companies' median
−1.7%
Beat the market
42% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SARDAEN
Non-Energy Minerals		 Apr 2021 15x8% +261%0% +91%
ARVIND
Process Industries		 May 2024 24x13% +195%−1% −10%
TRIVENI
Process Industries		 Jan 2020 8x13% +89%−6% −24%
GPIL
Non-Energy Minerals		 Mar 2021 15x15% +585%−1% +74%
SALASAR
Producer Manufacturing		 Mar 2021 22x14% +387%−3% −6%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MANGLMCEM
Non-Energy Minerals		 Jul 2024 45x12% +220%0% −22%
JKPAPER
Process Industries		 May 2022 24x10% +124%−9% −10%
DEEPAKFERT
Process Industries		 Apr 2025 18x11% +112%−10% −7%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, ROCE and 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 NITIN SPINNERS LTD. 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.

SOMANY CERAMICSSOMANYCERA
Producer Manufacturing
70%similar
volatilityrevenue
HAPPIEST MINDS TECHNOLOGIESHAPPSTMNDS
Technology Services
68%similar
operating margindebt/equity
VRL LOGISTICSVRLLOG
Transportation
66%similar
revenuedebt/equity
MMFORGINGSMMFL
Producer Manufacturing
64%similar
operating marginpromoter holding
PITTI ENGINEERINGPITTIENG
Producer Manufacturing
62%similar
market capdebt/equity
ROSSARI BIOTECHROSSARI
Process Industries
63%similar
P/EROCE
S H KELKAR AND COMPANYSHK
Process Industries
62%similar
debt/equitypromoter holding
VISHNU CHEMICALSVISHNU
Process Industries
59%similar
market capdebt/equity

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

What changed?

30 events since Apr '23

  1. OctPriceVolume reached 6.9x its 50-day median on 2026-10-16; price +5.2% that day.
  2. SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  3. AugValuationP/E crossed above the 90th percentile of its own history to date (19.9x).
  4. AugPriceVolume reached 42.3x its 50-day median on 2026-08-18; price +9.6% that day.
  5. JunResultsYear-on-year EPS growth turned positive.
  6. JunPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  7. MayPriceRegained the 2024-12 peak, 14 months after the low.
  8. MayPriceVolume reached 8.8x its 50-day median on 2026-05-13; price +2.0% that day.
Show 22 earlier events
  1. MarResultsYear-on-year EPS growth turned negative.
  2. MarPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  3. FebPriceVolume reached 569.5x its 50-day median on 2026-02-20; price +1.7% that day.
  4. NovPriceVolume reached 7.6x its 50-day median on 2025-11-07; price -1.7% that day.
  5. JunDebtDebt / equity fell below 1.0x (0.89x).
  6. MayPriceVolume reached 6.9x its 50-day median on 2025-05-14; price +5.1% that day.
  7. MarResultsYear-on-year EPS growth turned positive.
  8. MarPriceFell 38% from the Dec 2024 peak to the Mar 2025 low.
  9. MarPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  10. DecPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  11. NovPriceVolume reached 8.8x its 50-day median on 2024-11-07; price -5.6% that day.
  12. JulPriceVolume reached 28.2x its 50-day median on 2024-07-22; price +11.2% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹2,902 cr.
  14. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  15. JunDebtDebt / equity rose above 1.0x (1.17x).
  16. FebPriceVolume reached 8.2x its 50-day median on 2024-02-06; price +13.9% that day.
  17. NovPriceRegained the 2022-02 peak, 12 months after the low.
  18. NovPriceVolume reached 38.9x its 50-day median on 2023-11-22; price +8.7% that day.
  19. AugPriceVolume reached 13.2x its 50-day median on 2023-08-29; price +10.6% that day.
  20. JunResultsYear-on-year EPS growth turned negative.
  21. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the top quartile).
  22. AprPriceVolume reached 6.0x its 50-day median on 2023-04-03; price +9.3% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1117.3x₹3296 cr14.4%12.0%0.8x
2026-1017.3x₹3296 cr14.3%12.0%0.8x
2026-0915.9x₹3296 cr14.3%12.0%0.8x
2026-0819.9x₹3214 cr12.0%12.0%0.8x
2026-0717.2x₹3214 cr12.0%12.0%0.8x
2026-0618.1x₹3214 cr12.0%12.0%0.8x
2026-0516.5x₹3195 cr12.7%13.0%0.9x
2026-0415.6x₹3195 cr12.7%13.0%0.9x
2026-0311.6x₹3195 cr12.7%13.0%0.9x
2026-0212.8x₹3233 cr12.7%13.0%0.9x
2026-0111.1x₹3233 cr12.7%13.0%0.9x
2025-1210.6x₹3233 cr12.7%13.0%0.9x
2025-1110.6x₹3296 cr13.3%13.0%0.9x
2025-1010.7x₹3296 cr13.3%13.0%0.9x
2025-0910.5x₹3296 cr13.3%13.0%0.9x
2025-0811.2x₹3306 cr13.3%13.0%0.9x
2025-0711.8x₹3306 cr13.3%13.0%0.9x
2025-0612.6x₹3306 cr13.3%13.0%0.9x
2025-0513.0x₹3266 cr14.7%12.0%1.2x
2025-0411.8x₹3266 cr14.7%12.0%1.2x
2025-0310.7x₹3266 cr14.7%12.0%1.2x
2025-0211.1x₹3177 cr13.5%12.0%1.2x
2025-0115.0x₹3177 cr13.5%12.0%1.2x
2024-1216.1x₹3177 cr13.5%12.0%1.2x
2024-1115.7x₹3091 cr12.7%12.0%1.2x
2024-1016.2x₹3091 cr12.7%12.0%1.2x
2024-0914.9x₹3091 cr12.7%12.0%1.2x
2024-0818.0x₹2902 cr11.5%12.0%1.2x
2024-0718.2x₹2902 cr11.5%12.0%1.2x
2024-0615.3x₹2902 cr11.5%12.0%1.2x
2024-0510.7x₹2404 cr16.0%12.0%1.0x
2024-0412.7x₹2404 cr16.0%12.0%1.0x
2024-0311.1x₹2404 cr16.0%12.0%1.0x
2024-0212.1x₹2404 cr16.0%12.0%1.0x
2024-0112.3x₹2404 cr16.0%12.0%1.0x
2023-1211.0x₹2404 cr16.0%12.0%1.0x
2023-1112.2x₹2404 cr16.0%12.0%1.0x
2023-109.7x₹2404 cr16.0%12.0%1.0x
2023-0910.0x₹2404 cr16.0%12.0%1.0x
2023-0810.8x₹2404 cr16.0%12.0%1.0x
2023-077.9x₹2404 cr16.0%12.0%1.0x
2023-069.1x₹2404 cr16.0%12.0%1.0x
2023-054.5x₹2690 cr37.2%37.0%0.8x
2023-044.2x₹2690 cr37.2%37.0%0.8x
2023-033.9x₹2690 cr37.2%37.0%0.8x
2023-023.6x₹2690 cr37.2%37.0%0.8x
2023-013.5x₹2690 cr37.2%37.0%0.8x
2022-123.5x₹2690 cr37.2%37.0%0.8x
2022-113.6x₹2690 cr37.2%37.0%0.8x
2022-103.5x₹2690 cr37.2%37.0%0.8x
2022-093.8x₹2690 cr37.2%37.0%0.8x
2022-083.8x₹2690 cr37.2%37.0%0.8x
2022-073.6x₹2690 cr37.2%37.0%0.8x
2022-063.5x₹2690 cr37.2%37.0%0.8x
2022-0517.9x₹1622 cr12.3%11.0%1.7x
2022-0420.1x₹1622 cr12.3%11.0%1.7x
2022-0318.5x₹1622 cr12.3%11.0%1.7x
2022-0221.6x₹1622 cr12.3%11.0%1.7x
2022-0124.4x₹1622 cr12.3%11.0%1.7x
2021-1221.3x₹1622 cr12.3%11.0%1.7x

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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