अApnaFunda

NOCIL LIMITED (NOCIL)

Process Industries · Chemicals: Specialty · 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.49 / 100
Profitability 33Growth 16Balance sheet 100
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.42 / 100
Price 19Earnings 39FII/DII 68

Share price

Closing priceAdjusted for splits and bonus issues.

₹138.05 latest close · −25.1% over the last 90 sessions

₹150₹175₹200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹150₹175₹200Jul 3Sep 4Nov 9

₹138.05 month-end · −19.1% over 12 months

₹140₹160₹180Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹140₹160₹180Nov '25May '26Nov '26

₹138.05 month-end · −40.1% over 3 years

₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300Nov '23May '25Nov '26

₹138.05 month-end · −5.1% since Jan '19

₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹125.31 to ₹211.20 · 1-year volatility 43.2%

Was the rally earned?

-19%share price, 1 yearEarnings-driven

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.
Net profit growth: −31 pts. Points of the price return explained by net profit growing (or shrinking).−31 ptsNet profit growthP/E change: +11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+11 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: −19%−19%Share priceNet profit growth: −31 pts. Points of the price return explained by net profit growing (or shrinking).−31ProfitP/E change: +11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+11P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −19%−19%Share price
Net profit growth-31 ptsNet profit fell about 29%, which lowers the price.
P/E change+11 ptsThe P/E rose from 30.7x to 34.9x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-40%share price, 3 yearsEarnings-driven

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.
Net profit growth: −63 pts. Points of the price return explained by net profit growing (or shrinking).−63 ptsNet profit growthP/E change: +24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+24 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: −40%−40%Share priceNet profit growth: −63 pts. Points of the price return explained by net profit growing (or shrinking).−63ProfitP/E change: +24 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+24P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −40%−40%Share price
Net profit growth-63 ptsNet profit fell about 56%, which lowers the price.
P/E change+24 ptsThe P/E rose from 25.8x to 34.9x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-39%share price, 5 yearsEarnings and multiple

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.
Net profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22 ptsNet profit growthP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −39%−39%Share priceNet profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22ProfitP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −39%−39%Share price
Net profit growth-22 ptsNet profit fell about 25%, which lowers the price.
P/E change-15 ptsThe P/E fell from 42.4x to 34.9x, which lowers the price.
Share count change-1 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-68.6%recovered 2021-02
1-year volatility43.2%annualised
Beta vs sector index1.353-year daily, correlation 0.56
Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−64.4% 0%−20%−40%−60%2020202220242026−64.4%
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?

34.9xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 25.5xDearest

Usual range 10.2x to 46.5x since 2019-01.

Against Process Industries34.9x vs 18.1x
This company
34.9x
Sector median
18.1x

93% above the Process Industries median.

5.9x22.1x38.4x54.6xJan '19Aug '20Mar '22Oct '23May '25Nov '265.9x22.1x38.4x54.6xJan '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

  • 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

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?

~12%annual earnings growth implied by the priceAbove delivered growth

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.

Delivered−6.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+18.4 ptsimplied minus delivered
Rank173rdmost demanding of 856

Over time

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

-6%11%27% Jan 2019Nov 2026 -6%11%27% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x13.4%14.4%15.4%
15x11.2%12.2%13.2%
20x8.3%9.3%10.3%

Drag a slider to test other assumptions

Implied: 12.2%/yr

Looking 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

₹125.31₹211.20
15% of the way from its 52-week low to its high

Price risk

1Y volatility
43.2%
Beta vs sector
1-year daily
0.93

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
1.64x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
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.

All terms explained in the glossary →

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

GroupSep '23Jun '26Change
Promoters33.8%33.8%-0.1 pts
FIIs6.4%4.8%-1.6 pts
DIIs3.6%7.5%+3.9 pts
Public and others56.2%54.0%-2.2 pts

Number of shareholders

1.6 lakhshareholders-11% since Sep '23
1.6L1.7L1.7L1.8L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.8 lakh
Dec '23: 1.8 lakh
Mar '24: 1.7 lakh
Jun '24: 1.7 lakh
Sep '24: 1.7 lakh
Dec '24: 1.6 lakh
Mar '25: 1.6 lakh
Jun '25: 1.7 lakh
Sep '25: 1.6 lakh
Dec '25: 1.6 lakh
Mar '26: 1.7 lakh
Jun '26: 1.6 lakh
1.6L1.7L1.7L1.8L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.8 lakh
Dec '23: 1.8 lakh
Mar '24: 1.7 lakh
Jun '24: 1.7 lakh
Sep '24: 1.7 lakh
Dec '24: 1.6 lakh
Mar '25: 1.6 lakh
Jun '25: 1.7 lakh
Sep '25: 1.6 lakh
Dec '25: 1.6 lakh
Mar '26: 1.7 lakh
Jun '26: 1.6 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

−2.7%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 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

−100%−50%0%+50%+100%
FMGOETZE · Sep 2020: −59.4% vs market
HPAL · Jul 2024: −49.8% vs market
ORIENTCEM · Jun 2025: −44.8% vs market
SHYAMCENT · Jun 2023: −39.6% vs market
HATHWAY · Feb 2024: −39.4% vs market
LXCHEM · May 2025: −29.0% vs market
PPAP · Feb 2021: −27.9% vs market
FINPIPE · Sep 2025: −24.7% vs market
IKIO · Oct 2025: −18.4% vs market
BOROSCI · Aug 2025: −17.0% vs market
MANALIPETC · Sep 2024: −16.0% vs market
JTEKTINDIA · Dec 2024: −15.8% vs market
CLEDUCATE · May 2023: −15.5% vs market
FORCEMOT · Sep 2020: −15.0% vs market
HINDCON · Oct 2025: −13.8% vs market
LOVABLE · Dec 2022: −13.6% vs market
RHIM · Sep 2025: −13.2% vs market
VARDHACRLC · Feb 2023: −12.5% vs market
BHAGERIA · Nov 2024: −10.9% vs market
SHALBY · Oct 2021: −9.5% vs market
JUSTDIAL · Mar 2023: −9.2% vs market
ELIN · Oct 2024: −5.9% vs market
GRAPHITE · Jun 2023: −4.3% vs market
ENIL · May 2021: −3.5% vs market
SUBROS · Jul 2021: −3.0% vs market
DENTALKART · Oct 2024: −2.4% vs market
NIITLTD · Jul 2024: −0.4% vs market
INDNIPPON · Jul 2022: +3.7% vs market
MOREPENLAB · Mar 2024: +9.8% vs market
HINDCOMPOS · Sep 2020: +11.3% vs market
NAZARA · Sep 2024: +12.1% vs market
DIAMONDYD · Mar 2024: +14.3% vs market
GUJALKALI · Nov 2021: +19.6% vs market
VSTTILLERS · Jun 2025: +22.8% vs market
BEML · Jul 2020: +29.8% vs market
APTECHT · Feb 2020: +37.0% vs market
TTKHLTCARE · Sep 2021: +39.1% vs market
BOROLTD · Jul 2021: +49.5% vs market
AUTOAXLES · Sep 2021: +54.9% vs market
NATIONALUM · Aug 2020: +59.0% vs market
ONMOBILE · Jan 2020: +62.1% vs market
EIMCOELECO · May 2022: +70.5% vs market
IFGLEXPOR · Jun 2020: +76.6% vs market
APCOTEXIND · May 2020: +78.5% vs market
GMDCLTD · May 2021: +96.2% vs market
RISHABH · Jul 2025: +103.0% vs market
GABRIEL · Nov 2024: +123.5% vs market
KABRAEXTRU · Jun 2020: +139.0% vs market
URJA · Apr 2020: +142.3% vs market
NUCLEUS · Jan 2023: +184.3% vs market
Similar setups −2.7%All companies −3.8%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
−2.7%
All companies' median
−3.8%
Beat the market
46% vs 46%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HATHWAY
Consumer Services
Feb 2024 62x2% +50%−16% −39%
HINDCOMPOS
Producer Manufacturing
Sep 2020 24x1% −3%−25% +11%
JTEKTINDIA
Consumer Durables
Dec 2024 51x— +2%−27% −16%
VARDHACRLC
Consumer Non-Durables
Feb 2023 25x6% −6%−31% −13%
NIITLTD
Commercial Services
Jul 2024 43x5% +49%−12% 0%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MOREPENLAB
Health Technology
Mar 2024 55x8% +63%−23% +10%
BEML
Producer Manufacturing
Jul 2020 42x2% −24%−40% +30%
KABRAEXTRU
Producer Manufacturing
Jun 2020 23x3% −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.

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 NOCIL 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.

Non-Energy Minerals
58%similar
operating marginROCE
Health Technology
57%similar
ROCEdebt/equity
Producer Manufacturing
56%similar
P/Erevenue growth
Energy Minerals
53%similar
ROCEmarket cap
Industrial Services
53%similar
promoter holdingrevenue growth
Process Industries
62%similar
debt/equityROCE
Process Industries
57%similar
debt/equityROCE
Process Industries
55%similar
revenue growthEPS growth

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

What changed?

30 events since Feb '22

  1. AugPriceVolume reached 39.3x its 50-day median on 2026-08-03; price +6.0% that day.
  2. JunPriceVolume reached 69.5x its 50-day median on 2026-06-22; price +20.0% that day.
  3. MarValuationP/E crossed above the 90th percentile of its own history to date (43.3x).
  4. MarPriceVolume reached 261.9x its 50-day median on 2026-03-23; price +11.4% that day.
  5. JanPriceFell 61% from the Jul 2024 peak to the Jan 2026 low.
  6. DecPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
  7. OctPriceVolume reached 6.9x its 50-day median on 2025-10-07; price +2.4% that day.
  8. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. JulPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
  2. JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  3. JunPriceVolume reached 7.2x its 50-day median on 2025-06-03; price +5.9% that day.
  4. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  5. JulPriceRegained the 2021-10 peak, 29 months after the low.
  6. JulPriceVolume reached 14.4x its 50-day median on 2024-07-16; price +7.7% that day.
  7. JunPriceVolume reached 25.1x its 50-day median on 2024-06-20; price +10.3% that day.
  8. FebPriceVolume reached 5.3x its 50-day median on 2024-02-19; price +5.5% that day.
  9. DecPriceVolume reached 13.0x its 50-day median on 2023-12-08; price +5.2% that day.
  10. AugPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  11. JulPriceVolume reached 11.9x its 50-day median on 2023-07-31; price +3.0% that day.
  12. JunResultsYear-on-year EPS growth turned negative.
  13. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  14. MayPriceVolume reached 7.1x its 50-day median on 2023-05-31; price +2.4% that day.
  15. NovPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  16. AugPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the bottom quartile).
  17. JunResultsYear-on-year EPS growth turned positive.
  18. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  19. MayPriceVolume reached 7.2x its 50-day median on 2022-05-18; price +4.5% that day.
  20. MarValuationP/E crossed above the 90th percentile of its own history to date (46.8x).
  21. MarPriceVolume reached 6.2x its 50-day median on 2022-03-31; price +8.3% that day.
  22. 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
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1134.9x₹1370 cr3.7%4.0%0.0x
2026-1034.6x₹1370 cr3.7%4.0%0.0x
2026-0943.2x₹1370 cr3.7%4.0%0.0x
2026-0851.5x₹1303 cr3.1%4.0%0.0x
2026-0749.3x₹1303 cr3.1%4.0%0.0x
2026-0654.0x₹1303 cr3.1%4.0%0.0x
2026-0547.4x₹1313 cr3.3%6.0%0.0x
2026-0450.5x₹1313 cr3.3%6.0%0.0x
2026-0343.3x₹1313 cr3.3%6.0%0.0x
2026-0238.3x₹1315 cr3.6%6.0%0.0x
2026-0135.1x₹1315 cr3.6%6.0%0.0x
2025-1240.9x₹1315 cr3.6%6.0%0.0x
2025-1130.7x₹1357 cr5.3%6.0%0.0x
2025-1033.3x₹1357 cr5.3%6.0%0.0x
2025-0931.3x₹1357 cr5.3%6.0%0.0x
2025-0828.8x₹1393 cr5.8%6.0%0.0x
2025-0730.2x₹1393 cr5.8%6.0%0.0x
2025-0632.2x₹1393 cr5.8%6.0%0.0x
2025-0524.2x₹1409 cr7.3%10.0%0.0x
2025-0423.8x₹1409 cr7.3%10.0%0.0x
2025-0323.6x₹1409 cr7.3%10.0%0.0x
2025-0220.5x₹1432 cr8.3%10.0%0.0x
2025-0127.7x₹1432 cr8.3%10.0%0.0x
2024-1228.9x₹1432 cr8.3%10.0%0.0x
2024-1135.0x₹1420 cr7.4%10.0%0.0x
2024-1038.2x₹1420 cr7.4%10.0%0.0x
2024-0938.5x₹1420 cr7.4%10.0%0.0x
2024-0835.4x₹1445 cr7.8%10.0%0.0x
2024-0741.4x₹1445 cr7.8%10.0%0.0x
2024-0634.6x₹1445 cr7.8%10.0%0.0x
2024-0528.3x₹1617 cr9.6%13.0%0.0x
2024-0430.1x₹1617 cr9.6%13.0%0.0x
2024-0327.9x₹1617 cr9.6%13.0%0.0x
2024-0229.3x₹1617 cr9.6%13.0%0.0x
2024-0130.1x₹1617 cr9.6%13.0%0.0x
2023-1230.6x₹1617 cr9.6%13.0%0.0x
2023-1125.8x₹1617 cr9.6%13.0%0.0x
2023-1024.7x₹1617 cr9.6%13.0%0.0x
2023-0925.5x₹1617 cr9.6%13.0%0.0x
2023-0825.1x₹1617 cr9.6%13.0%0.0x
2023-0724.7x₹1617 cr9.6%13.0%0.0x
2023-0624.7x₹1617 cr9.6%13.0%0.0x
2023-0520.8x₹1571 cr12.2%18.0%0.0x
2023-0420.1x₹1571 cr12.2%18.0%0.0x
2023-0319.6x₹1571 cr12.2%18.0%0.0x
2023-0220.9x₹1571 cr12.2%18.0%0.0x
2023-0119.8x₹1571 cr12.2%18.0%0.0x
2022-1222.0x₹1571 cr12.2%18.0%0.0x
2022-1122.4x₹1571 cr12.2%18.0%0.0x
2022-1023.0x₹1571 cr12.2%18.0%0.0x
2022-0923.9x₹1571 cr12.2%18.0%0.0x
2022-0825.0x₹1571 cr12.2%18.0%0.0x
2022-0726.2x₹1571 cr12.2%18.0%0.0x
2022-0624.0x₹1571 cr12.2%18.0%0.0x
2022-0546.0x₹925 cr6.8%9.0%0.0x
2022-0442.6x₹925 cr6.8%9.0%0.0x
2022-0346.8x₹925 cr6.8%9.0%0.0x
2022-0239.4x₹925 cr6.8%9.0%0.0x
2022-0143.8x₹925 cr6.8%9.0%0.0x
2021-1243.7x₹925 cr6.8%9.0%0.0x

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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