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NUCLEUS SOFTWARE EXPORTS LTD (NUCLEUS)

Technology Services · Information Technology Services · 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.56 / 100
Profitability 36Growth 32Balance 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.22 / 100
Price 40Earnings 10FII/DII 15

Passes these screensDebt-light & profitable

Compare withTATA CONSULTANCY SERVICESINFOSYSHCL TECHNOLOGIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹632.15 latest close · −17.6% over the last 90 sessions

₹600₹650₹700₹750Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹600₹650₹700₹750Jul 3Sep 4Nov 9

₹632.15 month-end · −31.8% over 12 months

₹700₹800₹900Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹700₹800₹900Nov '25May '26Nov '26

₹632.15 month-end · −57.0% over 3 years

₹1,000₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,500Nov '23May '25Nov '26

₹632.15 month-end · +77.9% since Jan '19

₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹609.00 to ₹1064.80 · 1-year volatility 34.2%

Was the rally earned?

-32%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 39 points, while the multiple moved less (P/E 14.5x to 15.8x).
  • The share count barely moved.
Net profit growth: −39 pts. Points of the price return explained by net profit growing (or shrinking).−39 ptsNet profit growthP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7 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: −32%−32%Share priceNet profit growth: −39 pts. Points of the price return explained by net profit growing (or shrinking).−39ProfitP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −32%−32%Share price
Net profit growth-39 ptsNet profit fell about 37%, which lowers the price.
P/E change+7 ptsThe P/E rose from 14.5x to 15.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-57%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 30.8x to 15.8x); per-share earnings took off 12 points.
  • The share count barely moved.
Net profit growth: −13 pts. Points of the price return explained by net profit growing (or shrinking).−13 ptsNet profit growthP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45 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: −57%−57%Share priceNet profit growth: −13 pts. Points of the price return explained by net profit growing (or shrinking).−13ProfitP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −57%−57%Share price
Net profit growth-13 ptsNet profit fell about 18%, which lowers the price.
P/E change-45 ptsThe P/E fell from 30.8x to 15.8x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+26%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 12.4x to 15.8x); per-share earnings took off 2 points.
  • The share count fell 9%.
Net profit growth: −13 pts. Points of the price return explained by net profit growing (or shrinking).−13 ptsNet profit growthP/E change: +27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+27 ptsP/E changeShare count change: +11 pts. Points of the price return explained by the share count changing. More shares count against the price.+11 ptsShare count changeShare price: +26%+26%Share priceNet profit growth: −13 pts. Points of the price return explained by net profit growing (or shrinking).−13ProfitP/E change: +27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+27P/EShare count change: +11 pts. Points of the price return explained by the share count changing. More shares count against the price.+11SharesShare price: +26%+26%Share price
Net profit growth-13 ptsNet profit fell about 11%, which lowers the price.
P/E change+27 ptsThe P/E rose from 12.4x to 15.8x, which lifts the price.
Share count change+11 ptsShare count fell 9%, which lifts 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 TATA CONSULTANCY SERVICES

How rough has the ride been?

Maximum drawdown-64.8%not yet recovered
1-year volatility34.2%annualised
Beta vs sector index0.653-year daily, correlation 0.30
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−63.8% 0%−20%−40%−60%2020202220242026−63.8%
Largest drawdowns

-64.8% (2024-01 peak to 2026-11 low, not yet recovered)

-54.8% (2019-04 peak to 2020-03 low, recovered 2020-08)

-50.3% (2020-10 peak to 2022-06 low, recovered 2023-05)

Most recent volume spikes

2026-08-13: 7.6x the 50-day median, price +3.5% that day

2026-07-31: 6.6x the 50-day median, price -7.1% that day

2026-07-13: 5.1x the 50-day median, price +2.8% 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?

15.8xP/E todayWithin its usual range
Against its own history44th percentile
CheapestMedian 16.5xDearest

Usual range 11.4x to 28.3x since 2019-01.

Against Technology Services15.8x vs 21.1x
This company
15.8x
Sector median
21.1x

25% below the Technology Services median.

7.0x26.9x46.7x66.6xJan '19Aug '20Mar '22Oct '23May '25Nov '267.0x26.9x46.7x66.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianTechnology Services 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 Technology Services is valued

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services 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

  • ROCE55th▼ 15 pts vs a year ago
  • Op. margin17th▼ 36 pts vs a year ago
  • Revenue growth24th▼ 17 pts vs a year ago
  • EPS growth13th▼ 28 pts vs a year ago
  • Debt/equity ↓82nd▼ 5 pts vs a year ago
  • Cash cycle ↓74th▲ 10 pts vs a year ago
  • P/E ↓66th▼ 22 pts vs a year ago
  • 12M momentum36th▼ 23 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

~9%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 13.1x, a holder earning 12%/yr needs earnings to grow about 8.8%/yr for 10 years, then trade at 15x.

Delivered14.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−5.9 ptsimplied minus delivered
Rank642ndmost demanding of 856

Over time

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

0%12%24% Jan 2019Nov 2026 0%12%24% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x10.1%11.1%12.1%
15x7.9%8.8%9.8%
20x5.0%6.0%6.9%

Drag a slider to test other assumptions

Implied: 8.8%/yr

Looking back

  • Jan 2020Price implied 9%/yr; EPS has since grown 8%/yr (7.0 yrs)
  • Jan 2021Price implied 16%/yr; EPS has since grown 7%/yr (6.0 yrs)
  • Jan 2022Price implied 14%/yr; EPS has since grown 2%/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 Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹632.15
P/E
15.8x
ROCE
17.0%
Market Cap
₹1663 cr
Revenue (TTM)
₹869 cr
P/S
1.9x
P/B
1.8x
ROE
11.6%
Operating Margin
3.8%
Debt / Equity
0.0x
Promoter Holding
73.6%
12M Momentum
-31.8%

52-week range

₹609.00₹1064.80
5% of the way from its 52-week low to its high

Price risk

1Y volatility
34.2%
Beta vs sector
1-year daily
0.53

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
1.04x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 6checks within range1 beyond a threshold
Other income reliance39%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 39.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.04xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.04x (cash from operations ₹490 cr, net profit ₹472 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-23 daysWithin range

Debtor days are below the median of the previous three fiscal years by 23 days (50 vs 73). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% 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 3 years, DIIs added 0.9 pts.
  • The number of shareholders rose from 33,318 to 40,028 (+20%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters73.3%73.6%+0.3 pts
FIIs3.7%3.3%-0.4 pts
DIIs0.6%1.5%+0.9 pts
Public and others22.4%21.6%-0.8 pts

Number of shareholders

40,028shareholders+20% since Sep '23
30k35k40k46k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 33,318
Dec '23: 30,418
Mar '24: 29,900
Jun '24: 36,281
Sep '24: 45,592
Dec '24: 44,405
Mar '25: 44,686
Jun '25: 42,545
Sep '25: 42,192
Dec '25: 41,157
Mar '26: 39,648
Jun '26: 40,028
 30k35k40k46k Sep '23Sep '24Sep '25Jun '26
Sep '23: 33,318
Dec '23: 30,418
Mar '24: 29,900
Jun '24: 36,281
Sep '24: 45,592
Dec '24: 44,405
Mar '25: 44,686
Jun '25: 42,545
Sep '25: 42,192
Dec '25: 41,157
Mar '26: 39,648
Jun '26: 40,028

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

+11.5%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 NUCLEUS SOFTWARE EXPORTS 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 +36% vs the market, against +2% for all non-financial companies in the same months.
  • The gap against the base rate (+9.9%, 80% range −13.2% to +13.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
ZEEL · May 2023: −46.8% vs market
BHAGERIA · May 2022: −42.0% vs market
FAIRCHEMOR · Aug 2024: −35.6% vs market
DBCORP · Feb 2020: −33.6% vs market
ORBTEXP · Apr 2020: −32.9% vs market
ATULAUTO · Jun 2020: −32.2% vs market
ADOR · May 2024: −26.1% vs market
PLASTIBLEN · May 2021: −26.1% vs market
GUJALKALI · Jun 2020: −25.7% vs market
TCIEXP · Aug 2025: −25.5% vs market
BALMLAWRIE · Apr 2021: −24.8% vs market
GMDCLTD · Jan 2020: −24.4% vs market
INDNIPPON · Dec 2020: −21.9% vs market
BAJAJCON · Jan 2024: −20.1% vs market
HEIDELBERG · May 2023: −18.0% vs market
AVTNPL · Dec 2024: −16.6% vs market
TECHNOE · Oct 2020: −15.7% vs market
NOCIL · Aug 2023: −14.5% vs market
ROSSARI · Nov 2023: −12.5% vs market
CYBERTECH · Feb 2023: −11.9% vs market
HONDAPOWER · Mar 2024: −11.7% vs market
TVTODAY · Aug 2021: −9.0% vs market
KSCL · Jul 2022: +4.7% vs market
HARSHA · Dec 2023: +7.7% vs market
SHRIPISTON · Mar 2020: +11.0% vs market
RALLIS · Oct 2023: +12.1% vs market
AVANTIFEED · Jul 2023: +13.1% vs market
STARCEMENT · Dec 2021: +13.8% vs market
MAYURUNIQ · May 2022: +15.3% vs market
EXCELINDUS · May 2021: +17.4% vs market
VEEDOL · Jan 2023: +18.0% vs market
KRSNAA · Apr 2024: +25.2% vs market
FINCABLES · Nov 2020: +30.2% vs market
FDC · Aug 2022: +31.7% vs market
DODLA · Aug 2022: +32.2% vs market
GPPL · Apr 2022: +32.5% vs market
WINDLAS · Oct 2022: +34.9% vs market
LMW · Jan 2020: +36.4% vs market
KIRLOSENG · Jun 2020: +36.5% vs market
SASKEN · Nov 2023: +47.0% vs market
SJS · Jan 2024: +51.9% vs market
BSOFT · Apr 2023: +61.2% vs market
ECLERX · Mar 2020: +67.9% vs market
QUICKHEAL · Nov 2022: +72.5% vs market
MARKSANS · Aug 2022: +97.6% vs market
MAITHANALL · Mar 2021: +99.9% vs market
ANUP · Sep 2022: +106.8% vs market
VOLTAMP · Jul 2021: +108.8% vs market
GRSE · Dec 2021: +109.3% vs market
AMBIKCO · Feb 2021: +115.0% vs market
Similar setups +11.5%All companies +1.6%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+11.5%
All companies' median
+1.6%
Beat the market
56% vs 52%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDNIPPON
Producer Manufacturing		 Dec 2020 15x15% −5%−21% −22%
HONDAPOWER
Producer Manufacturing		 Mar 2024 26x19% +10%−29% −12%
BAJAJCON
Consumer Non-Durables		 Jan 2024 23x21% +29%−15% −20%
NOCIL
Process Industries		 Aug 2023 25x13% −15%−22% −15%
EXCELINDUS
Process Industries		 May 2021 13x17% +63%−13% +17%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GRSE
Producer Manufacturing		 Dec 2021 17x21% +15%−18% +109%
TVTODAY
Consumer Services		 Aug 2021 13x21% +26%−21% −9%
AVANTIFEED
Process Industries		 Jul 2023 20x18% −7%−21% +13%
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, P/S and P/E. 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 NUCLEUS SOFTWARE EXPORTS 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.

ANUH PHARMAANUHPHR
Health Technology
69%similar
revenuepromoter holding
TTK HEALTHCARETTKHLTCARE
Health Technology
65%similar
revenuevolatility
BUTTERFLY GANDHIMATHI APPLIANCBUTTERFLY
Consumer Durables
60%similar
ROCErevenue
ROUTE MOBILEROUTE
Communications
59%similar
ROCEdebt/equity
INDIA PESTICIDESIPL
Process Industries
57%similar
ROCEvolatility
EXPLEO SOLUTIONSEXPLEOSOL
Technology Services
59%similar
debt/equitymarket cap
BLS E-SERVICESBLSE
Technology Services
42%similar
debt/equityROCE
DATAMATICS GLOBAL SERVICES LIMDATAMATICS
Technology Services
36%similar
revenue growthP/E

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

What changed?

30 events since May '23

  1. NovPriceFell 65% from the Jan 2024 peak to the Nov 2026 low.
  2. SepPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the 2nd quartile).
  3. AugPriceVolume reached 7.6x its 50-day median on 2026-08-13; price +3.5% that day.
  4. JunPeer rankMoved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  5. JunPriceVolume reached 90.9x its 50-day median on 2026-06-10; price +14.6% that day.
  6. MarResultsYear-on-year EPS growth turned negative.
  7. MarPriceVolume reached 49.7x its 50-day median on 2026-03-13; price +3.9% that day.
  8. DecPeer rankSlipped to the 3rd quartile of Technology Services on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. NovPriceVolume reached 7.0x its 50-day median on 2025-11-10; price -4.0% that day.
  2. SepResultsYear-on-year EPS growth turned positive.
  3. SepPeer rankSlipped to the 2nd quartile of Technology Services on operating margin (from the top quartile).
  4. JulPriceVolume reached 36.3x its 50-day median on 2025-07-31; price +6.5% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPeer rankSlipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  7. MayPriceVolume reached 46.8x its 50-day median on 2025-05-19; price +12.3% that day.
  8. FebPriceVolume reached 8.0x its 50-day median on 2025-02-14; price -0.5% that day.
  9. DecPeer rankMoved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  10. SepPeer rankSlipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  11. AugPriceVolume reached 30.2x its 50-day median on 2024-08-21; price +8.1% that day.
  12. JunResultsRevenue (TTM) reached a new high of ₹826 cr.
  13. JunInstitutionsFII + DII holding rose 3.3 pts over 2 quarters to 7.6%.
  14. JunPeer rankMoved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  15. MayPriceVolume reached 9.3x its 50-day median on 2024-05-23; price +6.8% that day.
  16. FebPriceVolume reached 7.2x its 50-day median on 2024-02-16; price +2.1% that day.
  17. OctValuationP/E crossed above the 90th percentile of its own history to date (31.9x).
  18. OctPriceVolume reached 9.9x its 50-day median on 2023-10-20; price +2.2% that day.
  19. JunResultsYear-on-year EPS growth turned positive.
  20. JunPeer rankMoved into the 2nd quartile of Technology Services on ROCE (from the 3rd quartile).
  21. JunDividendDividend payout cut from 46% to 21% of profit.
  22. MayPriceRegained the 2020-10 peak, 11 months after the 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
2026-1115.8x₹869 cr11.6%17.0%0.0x
2026-1016.3x₹869 cr11.7%17.0%0.0x
2026-0916.2x₹869 cr11.7%17.0%0.0x
2026-0816.8x₹877 cr12.9%17.0%0.0x
2026-0715.5x₹877 cr12.9%17.0%0.0x
2026-0617.0x₹877 cr12.9%17.0%0.0x
2026-0513.7x₹881 cr18.1%23.0%0.0x
2026-0414.4x₹881 cr18.1%23.0%0.0x
2026-0312.9x₹881 cr18.1%23.0%0.0x
2026-0212.9x₹867 cr19.8%23.0%0.0x
2026-0114.8x₹867 cr19.8%23.0%0.0x
2025-1214.9x₹867 cr19.8%23.0%0.0x
2025-1114.5x₹855 cr20.6%23.0%0.0x
2025-1015.8x₹855 cr20.6%23.0%0.0x
2025-0915.6x₹855 cr20.6%23.0%0.0x
2025-0816.4x₹832 cr20.0%23.0%0.0x
2025-0717.5x₹832 cr20.0%23.0%0.0x
2025-0619.3x₹832 cr20.0%23.0%0.0x
2025-0522.7x₹813 cr19.3%32.0%0.0x
2025-0415.4x₹813 cr19.3%32.0%0.0x
2025-0314.2x₹813 cr19.3%32.0%0.0x
2025-0214.5x₹811 cr20.1%32.0%0.0x
2025-0115.8x₹811 cr20.1%32.0%0.0x
2024-1217.3x₹811 cr20.1%32.0%0.0x
2024-1117.6x₹814 cr21.6%32.0%0.0x
2024-1019.0x₹814 cr21.6%32.0%0.0x
2024-0919.8x₹814 cr21.6%32.0%0.0x
2024-0819.6x₹826 cr24.7%32.0%0.0x
2024-0721.4x₹826 cr24.7%32.0%0.0x
2024-0619.8x₹826 cr24.7%32.0%0.0x
2024-0524.5x₹634 cr20.9%27.0%0.0x
2024-0429.0x₹634 cr20.9%27.0%0.0x
2024-0324.8x₹634 cr20.9%27.0%0.0x
2024-0229.4x₹634 cr20.9%27.0%0.0x
2024-0133.5x₹634 cr20.9%27.0%0.0x
2023-1230.8x₹634 cr20.9%27.0%0.0x
2023-1130.8x₹634 cr20.9%27.0%0.0x
2023-1031.9x₹634 cr20.9%27.0%0.0x
2023-0921.0x₹634 cr20.9%27.0%0.0x
2023-0821.1x₹634 cr20.9%27.0%0.0x
2023-0723.3x₹634 cr20.9%27.0%0.0x
2023-0622.5x₹634 cr20.9%27.0%0.0x
2023-0566.6x₹497 cr8.3%6.0%0.0x
2023-0439.6x₹497 cr8.3%6.0%0.0x
2023-0341.8x₹497 cr8.3%6.0%0.0x
2023-0237.2x₹497 cr8.3%6.0%0.0x
2023-0126.4x₹497 cr8.3%6.0%0.0x
2022-1225.2x₹497 cr8.3%6.0%0.0x
2022-1125.3x₹497 cr8.3%6.0%0.0x
2022-1025.5x₹497 cr8.3%6.0%0.0x
2022-0925.9x₹497 cr8.3%6.0%0.0x
2022-0826.5x₹497 cr8.3%6.0%0.0x
2022-0727.1x₹497 cr8.3%6.0%0.0x
2022-0625.2x₹497 cr8.3%6.0%0.0x
2022-0510.2x₹514 cr17.6%22.0%0.0x
2022-0410.6x₹514 cr17.6%22.0%0.0x
2022-0310.2x₹514 cr17.6%22.0%0.0x
2022-0211.3x₹514 cr17.6%22.0%0.0x
2022-0114.5x₹514 cr17.6%22.0%0.0x
2021-1213.8x₹514 cr17.6%22.0%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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