Share price
₹138.05 latest close · −25.1% over the last 90 sessions
₹138.05 month-end · −19.1% over 12 months
₹138.05 month-end · −40.1% over 3 years
₹138.05 month-end · −5.1% since Jan '19
52-week range ₹125.31 to ₹211.20 · 1-year volatility 43.2%
Was the rally earned?
Mostly earnings.
- Per-share earnings took off 31 points, while the multiple moved less (P/E 30.7x to 34.9x).
- The share count barely moved.
Mostly earnings.
- Per-share earnings took off 64 points, while the multiple moved less (P/E 25.8x to 34.9x).
- The share count barely moved.
Both mattered.
- Per-share earnings took off 23 points and the multiple took off 15 points (P/E 42.4x to 34.9x).
- The share count barely moved.
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.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-68.6% (2019-01 peak to 2020-03 low, recovered 2021-02)
-61.2% (2024-07 peak to 2026-01 low, not yet recovered)
-38.0% (2021-10 peak to 2022-02 low, recovered 2024-07)
Most recent volume spikes
2026-09-24: 10.6x the 50-day median, price -7.2% that day
2026-09-23: 16.7x the 50-day median, price +6.4% that day
2026-09-10: 17.8x the 50-day median, price +3.7% 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?
Usual range 10.2x to 46.5x since 2019-01.
93% above the Process Industries median.
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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.
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
- ROCE17th▼ 6 pts vs a year ago
- Op. margin48th▲ 4 pts vs a year ago
- Revenue growth33rd▲ 16 pts vs a year ago
- EPS growth19th▼ 9 pts vs a year ago
- Debt/equity ↓93rdflat vs a year ago
- Cash cycle ↓64th▲ 35 pts vs a year ago
- P/E ↓23rd▼ 13 pts vs a year ago
- 12M momentum34th▲ 10 pts vs a year ago
Rank history
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?
At normalised P/E (five-year average earnings) of 18.6x, a holder earning 12%/yr needs earnings to grow about 12.2%/yr for 10 years, then trade at 15x.
Over time
Implied growth by month (solid) and delivered growth (dashed).
Change the assumptions
| Exit P/E / return | 11% | 12% | 13% |
|---|---|---|---|
| 12x | 13.4% | 14.4% | 15.4% |
| 15x | 11.2% | 12.2% | 13.2% |
| 20x | 8.3% | 9.3% | 10.3% |
Drag a slider to test other assumptions
Implied: 12.2%/yrLooking back
- Jan 2020Price implied 9%/yr; EPS has since grown −16%/yr (7.0 yrs)
- Jan 2021Price implied 12%/yr; EPS has since grown −13%/yr (6.0 yrs)
- Jan 2022Price implied 18%/yr; EPS has since grown −9%/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
- ₹138.05
- P/E
- 34.9x
- ROCE
- 4.0%
- Market Cap
- ₹2308 cr
- Revenue (TTM)
- ₹1370 cr
- P/S
- 1.7x
- P/B
- 1.3x
- ROE
- 3.7%
- Operating Margin
- 11.0%
- Debt / Equity
- 0.0x
- Promoter Holding
- 33.8%
- 12M Momentum
- -19.1%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance34%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 34.4%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate25%Within range
Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion1.64xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 1.64x (cash from operations ₹479 cr, net profit ₹292 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 history0 daysWithin range
Debtor days are below the median of the previous three fiscal years by 0 days (81 vs 81). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress27% of fixed assetsWithin range
Capital work-in-progress is 27% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+19 days / 2 yrsWithin range
Days payable changed by +19 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.
Who has been buying and selling?
- Over 3 years, DIIs added 3.9 pts; FIIs trimmed 1.6 pts.
- The number of shareholders fell from 1.8 lakh to 1.6 lakh (-11%) between Sep 2023 and Jun 2026.
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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like NOCIL 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 −15% to +47% vs the market, against −4% for all non-financial companies in the same months.
- The gap against the base rate (+1.1%, 80% range −6.2% to +12.6%) is within what chance and overlapping periods produce.
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 · 5 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 35 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| HATHWAY Consumer Services |
Feb 2024 | 62x | 2% | +50% | −16% | −39% |
| HINDCOMPOS Producer Manufacturing |
Sep 2020 | 24x | 1% | −3% | −25% | +11% |
| JTEKTINDIA Consumer Durables |
Dec 2024 | 51x | — | +2% | −27% | −16% |
| VARDHACRLC Consumer Non-Durables |
Feb 2023 | 25x | 6% | −6% | −31% | −13% |
| NIITLTD Commercial Services |
Jul 2024 | 43x | 5% | +49% | −12% | 0% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| MOREPENLAB Health Technology |
Mar 2024 | 55x | 8% | +63% | −23% | +10% |
| BEML Producer Manufacturing |
Jul 2020 | 42x | 2% | −24% | −40% | +30% |
| KABRAEXTRU Producer Manufacturing |
Jun 2020 | 23x | 3% | −31% | −35% | +139% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/S. Not used (unavailable for this company): 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.
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What changed?
30 events since Feb '22
- AugPriceVolume reached 39.3x its 50-day median on 2026-08-03; price +6.0% that day.
- JunPriceVolume reached 69.5x its 50-day median on 2026-06-22; price +20.0% that day.
- MarValuationP/E crossed above the 90th percentile of its own history to date (43.3x).
- MarPriceVolume reached 261.9x its 50-day median on 2026-03-23; price +11.4% that day.
- JanPriceFell 61% from the Jul 2024 peak to the Jan 2026 low.
- DecPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
- OctPriceVolume reached 6.9x its 50-day median on 2025-10-07; price +2.4% that day.
- SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
Show 22 earlier events
- JulPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
- JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
- JunPriceVolume reached 7.2x its 50-day median on 2025-06-03; price +5.9% that day.
- MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
- JulPriceRegained the 2021-10 peak, 29 months after the low.
- JulPriceVolume reached 14.4x its 50-day median on 2024-07-16; price +7.7% that day.
- JunPriceVolume reached 25.1x its 50-day median on 2024-06-20; price +10.3% that day.
- FebPriceVolume reached 5.3x its 50-day median on 2024-02-19; price +5.5% that day.
- DecPriceVolume reached 13.0x its 50-day median on 2023-12-08; price +5.2% that day.
- AugPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
- JulPriceVolume reached 11.9x its 50-day median on 2023-07-31; price +3.0% that day.
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
- MayPriceVolume reached 7.1x its 50-day median on 2023-05-31; price +2.4% that day.
- NovPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
- AugPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the bottom quartile).
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
- MayPriceVolume reached 7.2x its 50-day median on 2022-05-18; price +4.5% that day.
- MarValuationP/E crossed above the 90th percentile of its own history to date (46.8x).
- MarPriceVolume reached 6.2x its 50-day median on 2022-03-31; price +8.3% that day.
- FebPriceFell 38% from the Oct 2021 peak to the Feb 2022 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
Monthly history60 months · 2021-12 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 34.9x | ₹1370 cr | 3.7% | 4.0% | 0.0x |
| 2026-10 | 34.6x | ₹1370 cr | 3.7% | 4.0% | 0.0x |
| 2026-09 | 43.2x | ₹1370 cr | 3.7% | 4.0% | 0.0x |
| 2026-08 | 51.5x | ₹1303 cr | 3.1% | 4.0% | 0.0x |
| 2026-07 | 49.3x | ₹1303 cr | 3.1% | 4.0% | 0.0x |
| 2026-06 | 54.0x | ₹1303 cr | 3.1% | 4.0% | 0.0x |
| 2026-05 | 47.4x | ₹1313 cr | 3.3% | 6.0% | 0.0x |
| 2026-04 | 50.5x | ₹1313 cr | 3.3% | 6.0% | 0.0x |
| 2026-03 | 43.3x | ₹1313 cr | 3.3% | 6.0% | 0.0x |
| 2026-02 | 38.3x | ₹1315 cr | 3.6% | 6.0% | 0.0x |
| 2026-01 | 35.1x | ₹1315 cr | 3.6% | 6.0% | 0.0x |
| 2025-12 | 40.9x | ₹1315 cr | 3.6% | 6.0% | 0.0x |
| 2025-11 | 30.7x | ₹1357 cr | 5.3% | 6.0% | 0.0x |
| 2025-10 | 33.3x | ₹1357 cr | 5.3% | 6.0% | 0.0x |
| 2025-09 | 31.3x | ₹1357 cr | 5.3% | 6.0% | 0.0x |
| 2025-08 | 28.8x | ₹1393 cr | 5.8% | 6.0% | 0.0x |
| 2025-07 | 30.2x | ₹1393 cr | 5.8% | 6.0% | 0.0x |
| 2025-06 | 32.2x | ₹1393 cr | 5.8% | 6.0% | 0.0x |
| 2025-05 | 24.2x | ₹1409 cr | 7.3% | 10.0% | 0.0x |
| 2025-04 | 23.8x | ₹1409 cr | 7.3% | 10.0% | 0.0x |
| 2025-03 | 23.6x | ₹1409 cr | 7.3% | 10.0% | 0.0x |
| 2025-02 | 20.5x | ₹1432 cr | 8.3% | 10.0% | 0.0x |
| 2025-01 | 27.7x | ₹1432 cr | 8.3% | 10.0% | 0.0x |
| 2024-12 | 28.9x | ₹1432 cr | 8.3% | 10.0% | 0.0x |
| 2024-11 | 35.0x | ₹1420 cr | 7.4% | 10.0% | 0.0x |
| 2024-10 | 38.2x | ₹1420 cr | 7.4% | 10.0% | 0.0x |
| 2024-09 | 38.5x | ₹1420 cr | 7.4% | 10.0% | 0.0x |
| 2024-08 | 35.4x | ₹1445 cr | 7.8% | 10.0% | 0.0x |
| 2024-07 | 41.4x | ₹1445 cr | 7.8% | 10.0% | 0.0x |
| 2024-06 | 34.6x | ₹1445 cr | 7.8% | 10.0% | 0.0x |
| 2024-05 | 28.3x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2024-04 | 30.1x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2024-03 | 27.9x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2024-02 | 29.3x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2024-01 | 30.1x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-12 | 30.6x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-11 | 25.8x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-10 | 24.7x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-09 | 25.5x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-08 | 25.1x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-07 | 24.7x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-06 | 24.7x | ₹1617 cr | 9.6% | 13.0% | 0.0x |
| 2023-05 | 20.8x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2023-04 | 20.1x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2023-03 | 19.6x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2023-02 | 20.9x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2023-01 | 19.8x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-12 | 22.0x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-11 | 22.4x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-10 | 23.0x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-09 | 23.9x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-08 | 25.0x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-07 | 26.2x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-06 | 24.0x | ₹1571 cr | 12.2% | 18.0% | 0.0x |
| 2022-05 | 46.0x | ₹925 cr | 6.8% | 9.0% | 0.0x |
| 2022-04 | 42.6x | ₹925 cr | 6.8% | 9.0% | 0.0x |
| 2022-03 | 46.8x | ₹925 cr | 6.8% | 9.0% | 0.0x |
| 2022-02 | 39.4x | ₹925 cr | 6.8% | 9.0% | 0.0x |
| 2022-01 | 43.8x | ₹925 cr | 6.8% | 9.0% | 0.0x |
| 2021-12 | 43.7x | ₹925 cr | 6.8% | 9.0% | 0.0x |
Older months are in the live observatory.