52-week range
Price risk
Balance sheet & cash
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
What changed?
- Sep '26Slipped to the bottom quartile of Process Industries on operating margin (from the top quartile).
- Jun '26Moved into the top quartile of Process Industries on operating margin (from the bottom quartile).
- Mar '25Fell 46% from the Dec 2024 peak to the Mar 2025 low.
- Dec '24Regained the 2023-10 peak, 6 months after the low.
- Dec '24Slipped to the bottom quartile of Process Industries on operating margin (from the top quartile).
- Jun '24Fell 50% from the Oct 2023 peak to the Jun 2024 low.
- Oct '23Regained the 2019-06 peak, 42 months after the low.
- Apr '20Fell 85% from the Jun 2019 peak to the Apr 2020 low.
Show 2 earlier events
- Jun '19Regained the 2019-01 peak, 1 month after the low.
- May '19Fell 37% from the Jan 2019 peak to the May 2019 low.
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
Are profits backed by cash?
1 of 3 checks are within range, 2 beyond a threshold.
Tap a check to see how it is measured.
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 conversion—Not enough data
Not enough reported data to compute this.
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+225 daysBeyond threshold
Debtor days are above the median of the previous three fiscal years by 225 days (694 vs 469). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress4% of fixed assetsWithin range
Capital work-in-progress is 4% 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.
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.
Who has been buying and selling?
- Over 3 years, institutional and promoter holdings were broadly unchanged.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-84.9% (2019-06 peak to 2020-04 low, recovered 2023-10)
-50.3% (2023-10 peak to 2024-06 low, recovered 2024-12)
-45.9% (2024-12 peak to 2025-03 low, not yet recovered)
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).
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
Monthly history (94 months)
| Month | Revenue (TTM) |
|---|---|
| 2026-10 | ₹11 cr |
| 2026-09 | ₹11 cr |
| 2026-08 | ₹13 cr |
| 2026-07 | ₹13 cr |
| 2026-06 | ₹13 cr |
| 2026-05 | ₹15 cr |
| 2026-04 | ₹15 cr |
| 2026-03 | ₹15 cr |
| 2026-02 | ₹16 cr |
| 2026-01 | ₹16 cr |
| 2025-12 | ₹16 cr |
| 2025-11 | ₹16 cr |
| 2025-10 | ₹16 cr |
| 2025-09 | ₹16 cr |
| 2025-08 | ₹17 cr |
| 2025-07 | ₹17 cr |
| 2025-06 | ₹17 cr |
| 2025-05 | ₹18 cr |
| 2025-04 | ₹18 cr |
| 2025-03 | ₹18 cr |
| 2025-02 | ₹19 cr |
| 2025-01 | ₹19 cr |
| 2024-12 | ₹19 cr |
| 2024-11 | ₹19 cr |
| 2024-10 | ₹19 cr |
| 2024-09 | ₹19 cr |
| 2024-08 | ₹20 cr |
| 2024-07 | ₹20 cr |
| 2024-06 | ₹20 cr |
| 2024-05 | ₹18 cr |
| 2024-04 | ₹18 cr |
| 2024-03 | ₹18 cr |
| 2024-02 | ₹18 cr |
| 2024-01 | ₹18 cr |
| 2023-12 | ₹18 cr |
| 2023-11 | ₹18 cr |
| 2023-10 | ₹18 cr |
| 2023-09 | ₹18 cr |
| 2023-08 | ₹18 cr |
| 2023-07 | ₹18 cr |
| 2023-06 | ₹18 cr |
| 2023-05 | ₹20 cr |
| 2023-04 | ₹20 cr |
| 2023-03 | ₹20 cr |
| 2023-02 | ₹20 cr |
| 2023-01 | ₹20 cr |
| 2022-12 | ₹20 cr |
| 2022-11 | ₹20 cr |
| 2022-10 | ₹20 cr |
| 2022-09 | ₹20 cr |
| 2022-08 | ₹20 cr |
| 2022-07 | ₹20 cr |
| 2022-06 | ₹20 cr |
| 2022-05 | ₹22 cr |
| 2022-04 | ₹22 cr |
| 2022-03 | ₹22 cr |
| 2022-02 | ₹22 cr |
| 2022-01 | ₹22 cr |
| 2021-12 | ₹22 cr |
| 2021-11 | ₹22 cr |
| 2021-10 | ₹22 cr |
| 2021-09 | ₹22 cr |
| 2021-08 | ₹22 cr |
| 2021-07 | ₹22 cr |
| 2021-06 | ₹22 cr |
| 2021-05 | ₹114 cr |
| 2021-04 | ₹114 cr |
| 2021-03 | ₹114 cr |
| 2021-02 | ₹114 cr |
| 2021-01 | ₹114 cr |
| 2020-12 | ₹114 cr |
| 2020-11 | ₹114 cr |
| 2020-10 | ₹114 cr |
| 2020-09 | ₹114 cr |
| 2020-08 | ₹114 cr |
| 2020-07 | ₹114 cr |
| 2020-06 | ₹114 cr |
| 2020-05 | ₹493 cr |
| 2020-04 | ₹493 cr |
| 2020-03 | ₹493 cr |
| 2020-02 | ₹493 cr |
| 2020-01 | ₹493 cr |
| 2019-12 | ₹493 cr |
| 2019-11 | ₹493 cr |
| 2019-10 | ₹493 cr |
| 2019-09 | ₹493 cr |
| 2019-08 | ₹493 cr |
| 2019-07 | ₹493 cr |
| 2019-06 | ₹493 cr |
| 2019-05 | ₹134 cr |
| 2019-04 | ₹134 cr |
| 2019-03 | ₹134 cr |
| 2019-02 | ₹134 cr |
| 2019-01 | ₹134 cr |