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PARAG MILK FOODS LIMITED (PARAGMILK)

Consumer Non-Durables · Food: Meat/Fish/Dairy · 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.52 / 100
Profitability 34Growth 75Balance sheet 45
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.51 / 100
Price 99Earnings 42FII/DII 11
Compare withHATSUN AGRO PRODUCTSDODLA DAIRYHERITAGE FOODS

Share price

Closing priceAdjusted for splits and bonus issues.

₹324.64 latest close · +36.3% over the last 90 sessions

₹200₹250₹300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹250₹300Jul 3Sep 4Nov 9

₹324.64 month-end · −2.3% over 12 months

₹200₹250₹300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹250₹300Nov '25May '26Nov '26

₹324.64 month-end · +45.2% over 3 years

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

₹324.64 month-end · +56.3% since Jan '19

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

52-week range ₹177.84 to ₹376.95 · 1-year volatility 50.8%

Was the rally earned?

-2%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-2%).
  • The share count rose 5%.
Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsNet profit growthP/E change: −6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−6 ptsP/E changeShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5 ptsShare count changeShare price: −2%−2%Share priceNet profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9ProfitP/E change: −6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−6P/EShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5SharesShare price: −2%−2%Share price
Net profit growth+9 ptsNet profit rose about 9%, which lifts the price.
P/E change-6 ptsThe P/E fell from 33.3x to 31.4x, which lowers the price.
Share count change-5 ptsShare count rose 5%, which lowers the price.
+45%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 100 points, but investors now pay less per rupee of profit (P/E 49.2x to 31.4x), which took 55 points back.
  • The share count rose 8%.
Net profit growth: +109 pts. Points of the price return explained by net profit growing (or shrinking).+109 ptsNet profit growthP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55 ptsP/E changeShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9 ptsShare count changeShare price: +45%+45%Share priceNet profit growth: +109 pts. Points of the price return explained by net profit growing (or shrinking).+109ProfitP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55P/EShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9SharesShare price: +45%+45%Share price
Net profit growth+109 ptsNet profit rose about 146%, which lifts the price.
P/E change-55 ptsThe P/E fell from 49.2x to 31.4x, which lowers the price.
Share count change-9 ptsShare count rose 8%, which lowers the price.
+165%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 243 points, but investors now pay less per rupee of profit (P/E 49.9x to 31.4x), which took 78 points back.
  • The share count rose 47%.
Net profit growth: +308 pts. Points of the price return explained by net profit growing (or shrinking).+308 ptsNet profit growthP/E change: −78 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−78 ptsP/E changeShare count change: −65 pts. Points of the price return explained by the share count changing. More shares count against the price.−65 ptsShare count changeShare price: +165%+165%Share priceNet profit growth: +308 pts. Points of the price return explained by net profit growing (or shrinking).+308ProfitP/E change: −78 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−78P/EShare count change: −65 pts. Points of the price return explained by the share count changing. More shares count against the price.−65SharesShare price: +165%+165%Share price
Net profit growth+308 ptsNet profit rose about 519%, which lifts the price.
P/E change-78 ptsThe P/E fell from 49.9x to 31.4x, which lowers the price.
Share count change-65 ptsShare count rose 47%, which lowers 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 HATSUN AGRO PRODUCTS

How rough has the ride been?

Maximum drawdown-81.0%recovered 2024-02
1-year volatility50.8%annualised
Beta vs sector index1.273-year daily, correlation 0.35
Volume spikes13last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−78.6% 0%−25%−50%−75%2020202220242026−78.6%
Largest drawdowns

-81.0% (2019-07 peak to 2020-03 low, recovered 2024-02)

-51.6% (2025-11 peak to 2026-03 low, not yet recovered)

-49.6% (2024-02 peak to 2025-03 low, recovered 2025-09)

Most recent volume spikes

2026-11-05: 13.7x the 50-day median, price +10.9% that day

2026-11-04: 9.7x the 50-day median, price +17.0% that day

2026-10-06: 8x the 50-day median, price +9.9% 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?

31.4xP/E todayWithin its usual range
Against its own history70th percentile
CheapestMedian 22.8xDearest

Usual range 9.5x to 48.8x since 2019-01.

Against Consumer Non-Durables31.4x vs 26.8x
This company
31.4x
Sector median
26.8x

17% above the Consumer Non-Durables median.

4.5x21.7x39.0x56.3xJan '19Aug '20Mar '22Oct '23May '25Nov '264.5x21.7x39.0x56.3xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

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P/S (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables 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 Consumer Non-Durables is valued

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables 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

  • ROCE49th▼ 6 pts vs a year ago
  • Op. margin20th▼ 6 pts vs a year ago
  • Revenue growth57thflat vs a year ago
  • EPS growth42nd▼ 32 pts vs a year ago
  • Debt/equity ↓38th▲ 16 pts vs a year ago
  • Cash cycle ↓64th▲ 3 pts vs a year ago
  • P/E ↓43rd▼ 9 pts vs a year ago
  • 12M momentum65th▼ 30 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 Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~20%annual earnings growth implied by the priceAbove delivered growth

At P/E of 31.4x, a holder earning 12%/yr needs earnings to grow about 20.2%/yr for 10 years, then trade at 15x.

Delivered1.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+18.5 ptsimplied minus delivered
Rank170thmost demanding of 856

Over time

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

0%18%37% Jan 2019Nov 2026 0%18%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x21.7%22.8%23.9%
15x19.1%20.2%21.2%
20x15.8%16.8%17.9%

Drag a slider to test other assumptions

Implied: 20.2%/yr

Looking back

  • Jan 2020Price implied 15%/yr; EPS has since grown −4%/yr (7.0 yrs)
  • Jan 2021Price implied 10%/yr; EPS has since grown −1%/yr (6.0 yrs)
  • Jan 2022Price implied 11%/yr; EPS has since grown 34%/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 Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹324.64
P/E
31.4x
ROCE
13.0%
Market Cap
₹4081 cr
Revenue (TTM)
₹3911 cr
P/S
1.0x
P/B
3.2x
ROE
10.3%
Operating Margin
7.0%
Debt / Equity
0.5x
Promoter Holding
40.5%
12M Momentum
-2.3%

52-week range

₹177.84₹376.95
74% of the way from its 52-week low to its high

Price risk

1Y volatility
50.8%
Beta vs sector
1-year daily
1.34

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.34x
Share count, 1Y
+5.0%

Are profits backed by cash?

4 of 7checks within range3 near a threshold
Other income reliance27%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 27.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate14%Near threshold

Median quarterly effective tax rate over about 2.5 years: 14.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.34xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.34x (cash from operations ₹463 cr, net profit ₹345 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-5 daysWithin range

Debtor days are below the median of the previous three fiscal years by 5 days (23 vs 28). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% 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 3 years, DIIs trimmed 2.3 pts; FIIs trimmed 1.3 pts; promoters trimmed 1.1 pts.
  • The number of shareholders rose from 62,708 to 88,951 (+42%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters41.6%40.5%-1.1 pts
FIIs8.8%7.5%-1.3 pts
DIIs8.1%5.8%-2.3 pts
Public and others41.4%45.8%+4.4 pts

Number of shareholders

88,951shareholders+42% since Sep '23
63k79k95k1.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 62,708
Dec '23: 67,464
Mar '24: 99,784
Jun '24: 1.1 lakh
Sep '24: 1.1 lakh
Dec '24: 1.1 lakh
Mar '25: 1.1 lakh
Jun '25: 1.0 lakh
Sep '25: 88,012
Dec '25: 86,569
Mar '26: 88,588
Jun '26: 88,951
 63k79k95k1.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 62,708
Dec '23: 67,464
Mar '24: 99,784
Jun '24: 1.1 lakh
Sep '24: 1.1 lakh
Dec '24: 1.1 lakh
Mar '25: 1.1 lakh
Jun '25: 1.0 lakh
Sep '25: 88,012
Dec '25: 86,569
Mar '26: 88,588
Jun '26: 88,951

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

−7.4%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 PARAG MILK FOODS 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 −27% to +27% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−6.0%, 80% range −11.9% to +4.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
NACLIND · May 2023: −54.1% vs market
FILATEX · Mar 2022: −46.6% vs market
CAMLINFINE · Feb 2023: −44.6% vs market
APEX · Aug 2022: −41.9% vs market
AARTIDRUGS · Jul 2023: −41.8% vs market
EMIL · Aug 2024: −39.5% vs market
HITECH · Oct 2024: −38.5% vs market
EPL · Jun 2023: −37.0% vs market
EVERESTIND · Aug 2023: −35.1% vs market
CEMPRO · Feb 2021: −28.8% vs market
TVSSRICHAK · Oct 2023: −28.3% vs market
DCXINDIA · Nov 2023: −28.0% vs market
BLKASHYAP · Jun 2024: −28.0% vs market
NELCAST · Aug 2025: −25.4% vs market
PUNJABCHEM · Sep 2025: −22.6% vs market
HFCL · May 2024: −19.7% vs market
GREENPLY · Jul 2025: −16.2% vs market
ALICON · Oct 2022: −15.8% vs market
WABAG · Feb 2021: −12.6% vs market
SHK · Feb 2024: −12.5% vs market
GLOBUSSPR · Feb 2025: −12.4% vs market
FAZE3Q · Apr 2025: −12.2% vs market
GREENLAM · May 2024: −11.7% vs market
NIPPOBATRY · Mar 2020: −8.5% vs market
SHANKARA · Jul 2022: −7.8% vs market
SANDHAR · May 2024: −7.1% vs market
GOKEX · Jul 2024: −6.2% vs market
LUMAXIND · May 2023: −5.9% vs market
TRIVENI · Mar 2025: +1.4% vs market
ISGEC · May 2024: +7.4% vs market
KIRLOSBROS · Apr 2021: +7.4% vs market
BANARISUG · Mar 2022: +7.4% vs market
SUBROS · Feb 2020: +7.7% vs market
GOODLUCK · Aug 2025: +8.6% vs market
INDIACEM · Oct 2021: +12.7% vs market
CEATLTD · Dec 2023: +13.3% vs market
ACLGATI · Mar 2020: +16.9% vs market
PURVA · Nov 2020: +29.8% vs market
MINDACORP · Mar 2023: +30.7% vs market
KAMDHENU · Mar 2021: +34.5% vs market
NRBBEARING · Oct 2022: +40.4% vs market
ORIENTCEM · Jan 2021: +46.0% vs market
SALASAR · Sep 2022: +46.2% vs market
PRICOLLTD · Jun 2022: +47.9% vs market
UNIVCABLES · Jun 2025: +61.5% vs market
HIKAL · Jan 2021: +81.6% vs market
KIRLOSENG · Oct 2022: +90.0% vs market
ELECON · Apr 2022: +133.8% vs market
JBMA · Nov 2020: +144.9% vs market
JINDWORLD · Sep 2021: +191.1% vs market
Similar setups −7.4%All companies −1.4%← 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
−7.4%
All companies' median
−1.4%
Beat the market
44% vs 48%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ISGEC
Industrial Services		 May 2024 40x11% +82%−11% +7%
KIRLOSBROS
Producer Manufacturing		 Apr 2021 27x12% +134%−6% +7%
ELECON
Producer Manufacturing		 Apr 2022 37x11% +105%−11% +134%
GREENPLY
Producer Manufacturing		 Jul 2025 44x12% −9%−20% −16%
SALASAR
Producer Manufacturing		 Sep 2022 28x13% +8%−12% +46%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ORIENTCEM
Non-Energy Minerals		 Jan 2021 20x11% +9%−5% +46%
GOKEX
Consumer Non-Durables		 Jul 2024 45x11% +80%−4% −6%
KIRLOSENG
Producer Manufacturing		 Oct 2022 22x10% +29%−9% +90%
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: P/E, drawdown from 12-month high and 12-month momentum. 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 PARAG MILK FOODS 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.

GOODLUCK INDIAGOODLUCK
Non-Energy Minerals
73%similar
revenueROCE
MAN INDUSTRIES INDIAMANINDS
Producer Manufacturing
65%similar
revenueEPS growth
TEXMACO RAIL & ENGINEERING LIMTEXRAIL
Producer Manufacturing
65%similar
market caprevenue
PENNAR INDUSTRIESPENIND
Non-Energy Minerals
64%similar
promoter holdingrevenue
WHEELS INDIAWHEELS
Producer Manufacturing
63%similar
operating marginvolatility
HERITAGE FOODSHERITGFOOD
Consumer Non-Durables
59%similar
EPS growthpromoter holding
MRS BECTORS FOOD SPECIALITIESBECTORFOOD
Consumer Non-Durables
54%similar
ROCEmarket cap
PEARL GLOBAL INDUSTRIESPGIL
Consumer Non-Durables
52%similar
volatilityEPS growth

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

What changed?

30 events since Jun '23

  1. NovPriceVolume reached 13.7x its 50-day median on 2026-11-05; price +10.9% that day.
  2. SepPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
  3. SepPriceVolume reached 14.6x its 50-day median on 2026-09-10; price +4.4% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on ROCE (from the 2nd quartile).
  5. JunSharesShare count is up 5.0% over 12 months.
  6. MarPriceFell 52% from the Nov 2025 peak to the Mar 2026 low.
  7. MarPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
  8. DecPeer rankMoved into the top quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
Show 22 earlier events
  1. NovPriceVolume reached 14.1x its 50-day median on 2025-11-12; price +13.3% that day.
  2. SepPriceRegained the 2024-02 peak, 6 months after the low.
  3. SepPeer rankSlipped to the 2nd quartile of Consumer Non-Durables on EPS growth (from the top quartile).
  4. SepPriceVolume reached 17.5x its 50-day median on 2025-09-15; price +7.5% that day.
  5. JunPeer rankMoved into the 2nd quartile of Consumer Non-Durables on ROCE (from the 3rd quartile).
  6. MayPriceVolume reached 22.4x its 50-day median on 2025-05-05; price +14.3% that day.
  7. MarPriceFell 50% from the Feb 2024 peak to the Mar 2025 low.
  8. DecPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
  9. OctPriceVolume reached 23.4x its 50-day median on 2024-10-03; price +5.3% that day.
  10. SepPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
  11. JulPriceVolume reached 13.3x its 50-day median on 2024-07-16; price +6.2% that day.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPeer rankMoved into the top quartile of Consumer Non-Durables on EPS growth (from the bottom quartile).
  14. JunDividendStarted paying a dividend (payout 7% of profit).
  15. MayPriceVolume reached 7.1x its 50-day median on 2024-05-21; price -13.7% that day.
  16. FebPriceRegained the 2019-07 peak, 47 months after the low.
  17. FebPriceVolume reached 17.0x its 50-day median on 2024-02-12; price +7.2% that day.
  18. DecValuationP/E crossed above the 90th percentile of its own history to date (51.2x).
  19. DecPriceVolume reached 6.8x its 50-day median on 2023-12-06; price +7.7% that day.
  20. JulSharesShare count is up 23.2% over 12 months.
  21. JulPriceVolume reached 9.7x its 50-day median on 2023-07-21; price +4.3% that day.
  22. JunResultsEPS (TTM) turned positive.

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
2026-1131.4x₹3911 cr10.3%13.0%0.5x
2026-1022.5x₹3911 cr10.3%13.0%0.5x
2026-0926.2x₹3911 cr10.3%13.0%0.5x
2026-0823.3x₹3818 cr10.8%13.0%0.5x
2026-0719.7x₹3818 cr10.8%13.0%0.5x
2026-0621.4x₹3818 cr10.8%13.0%0.5x
2026-0521.1x₹3791 cr12.7%14.0%0.6x
2026-0421.3x₹3791 cr12.7%14.0%0.6x
2026-0317.1x₹3791 cr12.7%14.0%0.6x
2026-0218.1x₹3663 cr13.3%14.0%0.6x
2026-0122.6x₹3663 cr13.3%14.0%0.6x
2025-1226.0x₹3663 cr13.3%14.0%0.6x
2025-1133.3x₹3526 cr11.6%14.0%0.6x
2025-1031.2x₹3526 cr11.6%14.0%0.6x
2025-0926.0x₹3526 cr11.6%14.0%0.6x
2025-0822.8x₹3432 cr11.5%14.0%0.6x
2025-0724.7x₹3432 cr11.5%14.0%0.6x
2025-0622.3x₹3432 cr11.5%14.0%0.6x
2025-0524.6x₹3304 cr11.2%11.0%0.7x
2025-0421.0x₹3304 cr11.2%11.0%0.7x
2025-0317.4x₹3304 cr11.2%11.0%0.7x
2025-0217.0x₹3220 cr11.0%11.0%0.7x
2025-0120.1x₹3220 cr11.0%11.0%0.7x
2024-1222.2x₹3220 cr11.0%11.0%0.7x
2024-1125.4x₹3147 cr10.5%11.0%0.7x
2024-1025.3x₹3147 cr10.5%11.0%0.7x
2024-0923.6x₹3147 cr10.5%11.0%0.7x
2024-0824.8x₹3139 cr9.9%11.0%0.7x
2024-0725.2x₹3139 cr9.9%11.0%0.7x
2024-0622.8x₹3139 cr9.9%11.0%0.7x
2024-0537.2x₹2893 cr6.6%9.0%0.8x
2024-0446.7x₹2893 cr6.6%9.0%0.8x
2024-0345.8x₹2893 cr6.6%9.0%0.8x
2024-0253.5x₹2893 cr6.6%9.0%0.8x
2024-0145.3x₹2893 cr6.6%9.0%0.8x
2023-1251.2x₹2893 cr6.6%9.0%0.8x
2023-1149.2x₹2893 cr6.6%9.0%0.8x
2023-1044.9x₹2893 cr6.6%9.0%0.8x
2023-0947.1x₹2893 cr6.6%9.0%0.8x
2023-0842.8x₹2893 cr6.6%9.0%0.8x
2023-0737.9x₹2893 cr6.6%9.0%0.8x
2023-0632.4x₹2893 cr6.6%9.0%0.8x
2023-05—₹2072 cr-96.0%-39.0%0.9x
2023-04—₹2072 cr-96.0%-39.0%0.9x
2023-03—₹2072 cr-96.0%-39.0%0.9x
2023-02—₹2072 cr-96.0%-39.0%0.9x
2023-01—₹2072 cr-96.0%-39.0%0.9x
2022-12—₹2072 cr-96.0%-39.0%0.9x
2022-11—₹2072 cr-96.0%-39.0%0.9x
2022-10—₹2072 cr-96.0%-39.0%0.9x
2022-09—₹2072 cr-96.0%-39.0%0.9x
2022-08—₹2072 cr-96.0%-39.0%0.9x
2022-07—₹2072 cr-96.0%-39.0%0.9x
2022-06—₹2072 cr-96.0%-39.0%0.9x
2022-0536.3x₹1842 cr2.3%7.0%0.4x
2022-0441.0x₹1842 cr2.3%7.0%0.4x
2022-0339.3x₹1842 cr2.3%7.0%0.4x
2022-0240.9x₹1842 cr2.3%7.0%0.4x
2022-0144.7x₹1842 cr2.3%7.0%0.4x
2021-1245.4x₹1842 cr2.3%7.0%0.4x

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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