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PHOENIX MILLS LTD (PHOENIXLTD)

Finance · Real Estate Development · 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.55 / 100
Profitability 69Growth 42Balance sheet 54
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.69 / 100
Price 83Earnings 65FII/DII 59

Passes these screensHigh MomentumNear 52-week high

Compare withDLFLODHA DEVELOPERSPRESTIGE ESTATES PROJECTS LIMI

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,147 latest close · +4.9% over the last 90 sessions

₹1,800₹2,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,800₹2,000Jul 3Sep 4Nov 9

₹2,147 month-end · +23.6% over 12 months

₹1,600₹1,800₹2,000₹2,200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,600₹1,800₹2,000₹2,200Nov '25May '26Nov '26

₹2,147 month-end · +81.1% over 3 years

₹1,500₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000Nov '23May '25Nov '26

₹2,147 month-end · +612.2% since Jan '19

₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1465.60 to ₹2169.80 · 1-year volatility 26.8%

Was the rally earned?

+24%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 28 points, but investors now pay less per rupee of profit (P/E 62.6x to 60.0x), which took 5 points back.
  • The share count fell 3%.
Net profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25 ptsNet profit growthP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +24%+24%Share priceNet profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25ProfitP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +24%+24%Share price
Net profit growth+25 ptsNet profit rose about 25%, which lifts the price.
P/E change-5 ptsThe P/E fell from 62.6x to 60.0x, which lowers the price.
Share count change+3 ptsShare count fell 3%, which lifts the price.
+81%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 31.7x to 60.0x); per-share earnings took off 6 points.
  • The share count rose 16%.
Net profit growth: +15 pts. Points of the price return explained by net profit growing (or shrinking).+15 ptsNet profit growthP/E change: +87 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+87 ptsP/E changeShare count change: −20 pts. Points of the price return explained by the share count changing. More shares count against the price.−20 ptsShare count changeShare price: +81%+81%Share priceNet profit growth: +15 pts. Points of the price return explained by net profit growing (or shrinking).+15ProfitP/E change: +87 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+87P/EShare count change: −20 pts. Points of the price return explained by the share count changing. More shares count against the price.−20SharesShare price: +81%+81%Share price
Net profit growth+15 ptsNet profit rose about 11%, which lifts the price.
P/E change+87 ptsThe P/E rose from 31.7x to 60.0x, which lifts the price.
Share count change-20 ptsShare count rose 16%, which lowers the price.
+353%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 715 points, but investors now pay less per rupee of profit (P/E 282.1x to 60.0x), which took 362 points back.
  • The share count rose 61%.
Net profit growth: +826 pts. Points of the price return explained by net profit growing (or shrinking).+826 ptsNet profit growthP/E change: −362 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−362 ptsP/E changeShare count change: −111 pts. Points of the price return explained by the share count changing. More shares count against the price.−111 ptsShare count changeShare price: +353%+353%Share priceNet profit growth: +826 pts. Points of the price return explained by net profit growing (or shrinking).+826ProfitP/E change: −362 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−362P/EShare count change: −111 pts. Points of the price return explained by the share count changing. More shares count against the price.−111SharesShare price: +353%+353%Share price
Net profit growth+826 ptsNet profit rose about 3325%, which lifts the price.
P/E change-362 ptsThe P/E fell from 282.1x to 60.0x, which lowers the price.
Share count change-111 ptsShare count rose 61%, 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 DLF

How rough has the ride been?

Maximum drawdown-48.1%recovered 2021-09
1-year volatility26.8%annualised
Beta vs sector index0.863-year daily, correlation 0.43
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−47.7% 0%−20%−40%2020202220242026−47.7%
Largest drawdowns

-48.1% (2020-02 peak to 2020-05 low, recovered 2021-09)

-31.7% (2024-07 peak to 2024-11 low, recovered 2026-07)

-20.7% (2022-11 peak to 2023-03 low, recovered 2023-06)

Most recent volume spikes

2026-07-07: 6.4x the 50-day median, price -1.5% 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?

60.0xP/E todayWithin its usual range
Against its own history69th percentile
CheapestMedian 54.2xDearest

Usual range 24.7x to 256.9x since 2019-01.

Against Finance60.0x vs 18.1x
This company
60.0x
Sector median
18.1x

231% above the Finance median.

9.5x122.1x234.7x347.3xJan '19Aug '20Mar '22Oct '23May '25Nov '269.5x122.1x234.7x347.3xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance 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 Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance 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

  • ROCE62nd▲ 9 pts vs a year ago
  • Op. margin75th▲ 4 pts vs a year ago
  • Revenue growth57th▲ 23 pts vs a year ago
  • EPS growth73rd▲ 34 pts vs a year ago
  • Debt/equity ↓32ndflat vs a year ago
  • Cash cycle ↓55thflat vs a year ago
  • P/E ↓13th▼ 7 pts vs a year ago
  • 12M momentum88th▲ 8 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 Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~32%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 82.2x, a holder earning 12%/yr needs earnings to grow about 32.4%/yr for 10 years, then trade at 15x.

Delivered19.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+13.3 ptsimplied minus delivered
Rank255thmost demanding of 856

Over time

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

0%23%45% Jan 2019Nov 2026 0%23%45% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x34.1%35.3%36.5%
15x31.2%32.4%33.6%
20x27.6%28.7%29.9%

Drag a slider to test other assumptions

Implied: 32.4%/yr

Looking back

  • Jan 2020Price implied 30%/yr; EPS has since grown 14%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 21%/yr (6.0 yrs)
  • Jan 2022Price implied 26%/yr; EPS has since grown 83%/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 Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2147.00
P/E
60.0x
ROCE
12.0%
Market Cap
₹76805 cr
Revenue (TTM)
₹4544 cr
P/S
16.9x
P/B
7.0x
ROE
11.7%
Operating Margin
60.0%
Debt / Equity
0.5x
Promoter Holding
47.3%
12M Momentum
23.6%

52-week range

₹1465.60₹2169.80
97% of the way from its 52-week low to its high

Price risk

1Y volatility
26.8%
Beta vs sector
1-year daily
0.97

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.59x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 6checks within range1 near a threshold
Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate21%Within range

Median quarterly effective tax rate over about 2.5 years: 21.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.59xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.59x (cash from operations ₹6,671 cr, net profit ₹4,197 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+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (26 vs 25). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress26% of fixed assetsWithin range

Capital work-in-progress is 26% 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, FIIs added 1.7 pts; DIIs trimmed 1.1 pts.
  • The number of shareholders rose from 69,523 to 73,390 (+6%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters47.3%47.3%0.0 pts
FIIs30.0%31.7%+1.7 pts
DIIs18.5%17.4%-1.1 pts
Public and others4.2%3.6%-0.5 pts

Number of shareholders

73,390shareholders+6% since Sep '23
69k76k82k89k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 69,523
Dec '23: 68,847
Mar '24: 76,902
Jun '24: 74,051
Sep '24: 87,748
Dec '24: 89,288
Mar '25: 88,531
Jun '25: 85,498
Sep '25: 86,589
Dec '25: 75,779
Mar '26: 73,876
Jun '26: 73,390
 69k76k82k89k Sep '23Sep '24Sep '25Jun '26
Sep '23: 69,523
Dec '23: 68,847
Mar '24: 76,902
Jun '24: 74,051
Sep '24: 87,748
Dec '24: 89,288
Mar '25: 88,531
Jun '25: 85,498
Sep '25: 86,589
Dec '25: 75,779
Mar '26: 73,876
Jun '26: 73,390

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

−18.2%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like PHOENIX MILLS 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 −29% to +1% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −17.4%, 80% range −25.0% to −10.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
ANURAS · Apr 2023: −50.1% vs market
SYMPHONY · Feb 2023: −49.3% vs market
UNITDSPR · Feb 2020: −42.7% vs market
LEMONTREE · Aug 2025: −40.5% vs market
THERMAX · May 2024: −40.4% vs market
PVRINOX · Jan 2020: −38.0% vs market
SYNGENE · May 2023: −35.4% vs market
METROBRAND · Sep 2025: −35.1% vs market
FLUOROCHEM · Sep 2022: −33.4% vs market
ERIS · Aug 2025: −33.1% vs market
JKCEMENT · Mar 2021: −32.1% vs market
OBEROIRLTY · Dec 2024: −31.5% vs market
MTARTECH · Apr 2023: −29.6% vs market
SHREECEM · Jun 2020: −27.0% vs market
ZYDUSLIFE · Nov 2020: −26.7% vs market
SUNDRMFAST · May 2023: −26.5% vs market
TORNTPHARM · Jul 2020: −26.4% vs market
INDHOTEL · Mar 2025: −25.5% vs market
DALBHARAT · Mar 2021: −23.8% vs market
GODREJPROP · May 2024: −23.2% vs market
JSWINFRA · Mar 2025: −22.6% vs market
GODREJCP · May 2020: −22.4% vs market
MRF · Mar 2020: −21.3% vs market
RADICO · Jul 2023: −19.5% vs market
CIPLA · Jul 2020: −18.5% vs market
DRREDDY · Apr 2020: −17.9% vs market
CHALET · Aug 2025: −16.9% vs market
BIOCON · Mar 2020: −15.9% vs market
MEDANTA · Nov 2023: −13.1% vs market
SUNPHARMA · Apr 2020: −11.8% vs market
RAINBOW · Jun 2025: −9.6% vs market
RAMCOCEM · Feb 2020: −7.6% vs market
BHARTIHEXA · Oct 2025: −7.1% vs market
KIMS · Jan 2025: −6.6% vs market
TITAN · Feb 2022: −5.9% vs market
ADANIPORTS · May 2024: −5.2% vs market
AARTIIND · May 2020: −1.3% vs market
BHARATFORG · Jan 2023: +1.6% vs market
ULTRACEMCO · Oct 2020: +4.5% vs market
ALKEM · Jan 2020: +5.3% vs market
VOLTAS · Feb 2020: +10.2% vs market
UNOMINDA · Nov 2021: +11.1% vs market
VIJAYA · Sep 2024: +13.0% vs market
MAXHEALTH · Oct 2022: +14.5% vs market
FORTIS · Jun 2025: +20.2% vs market
SOLARINDS · Nov 2021: +28.2% vs market
SRF · Oct 2020: +50.1% vs market
VBL · Jul 2022: +58.9% vs market
NAVINFLUOR · Jun 2025: +59.2% vs market
CHOICEIN · May 2024: +87.3% vs market
Similar setups −18.2%All companies −0.8%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−18.2%
All companies' median
−0.8%
Beat the market
26% vs 49%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDHOTEL
Consumer Services		 Mar 2025 62x15% +33%−12% −26%
TORNTPHARM
Health Technology		 Jul 2020 44x15% +59%0% −26%
SYNGENE
Commercial Services		 May 2023 73x13% +27%0% −35%
JSWINFRA
Industrial Services		 Mar 2025 51x16% +30%−10% −23%
MEDANTA
Health Services		 Nov 2023 79x17% +107%0% −13%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NAVINFLUOR
Process Industries		 Jun 2025 83x11% +35%0% +59%
VBL
Consumer Non-Durables		 Jul 2022 83x17% +74%−1% +59%
ZYDUSLIFE
Health Technology		 Nov 2020 39x11% +77%0% −27%
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: 12-month momentum, P/E and drawdown from 12-month high. 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 PHOENIX MILLS 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.

ASTER DM QUALITY CAREASTERDM
Health Services
73%similar
ROCEmarket cap
MAX HEALTHCARE INSTITUTEMAXHEALTH
Health Services
68%similar
volatilityP/E
ASAHI INDIA GLASSASAHIINDIA
Consumer Durables
66%similar
P/Erevenue
ANUPAM RASAYAN INDIAANURAS
Health Technology
65%similar
volatilityEPS growth
DR AGARWALS HEALTH CAREAGARWALEYE
Health Services
64%similar
volatilitydebt/equity
PRESTIGE ESTATES PROJECTS LIMIPRESTIGE
Finance
64%similar
P/Emarket cap
360 ONE WAM360ONE
Finance
56%similar
ROCErevenue
JIO FINANCIAL SERVICESJIOFIN
Finance
56%similar
revenueoperating margin

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

What changed?

30 events since Sep '21

  1. SepPeer rankSlipped to the 2nd quartile of Finance on operating margin (from the top quartile).
  2. JulPriceRegained the 2024-07 peak, 20 months after the low.
  3. JulPriceVolume reached 6.4x its 50-day median on 2026-07-07; price -1.5% that day.
  4. MayPeer rankMoved into the top quartile of Finance on operating margin (from the 2nd quartile).
  5. MarResultsRevenue (TTM) reached a new high of ₹4,205 cr.
  6. DecResultsYear-on-year EPS growth turned positive.
  7. DecPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the 3rd quartile).
  8. SepPeer rankSlipped to the 2nd quartile of Finance on operating margin (from the top quartile).
Show 22 earlier events
  1. JulPriceVolume reached 9.4x its 50-day median on 2025-07-25; price +5.4% that day.
  2. JunPeer rankMoved into the 3rd quartile of Finance on EPS growth (from the bottom quartile).
  3. JunPriceVolume reached 6.7x its 50-day median on 2025-06-09; price +1.1% that day.
  4. MarPeer rankMoved into the top quartile of Finance on operating margin (from the 2nd quartile).
  5. NovPriceFell 32% from the Jul 2024 peak to the Nov 2024 low.
  6. OctPriceVolume reached 5.2x its 50-day median on 2024-10-28; price -1.3% that day.
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the top quartile).
  9. MayPriceVolume reached 24.0x its 50-day median on 2024-05-31; price +1.0% that day.
  10. NovPriceVolume reached 7.0x its 50-day median on 2023-11-15; price +5.6% that day.
  11. SepPriceVolume reached 6.2x its 50-day median on 2023-09-15; price +1.8% that day.
  12. JunResultsRevenue (TTM) reached a new high of ₹2,616 cr.
  13. JunValuationP/E fell below the 10th percentile of its own history to date (20.9x).
  14. JunPeer rankMoved into the 2nd quartile of Finance on ROCE (from the 3rd quartile).
  15. JunDividendDividend payout cut from 18% to 7% of profit.
  16. MarPriceVolume reached 30.3x its 50-day median on 2023-03-31; price -3.0% that day.
  17. AugPriceVolume reached 9.0x its 50-day median on 2022-08-12; price +3.1% that day.
  18. JunResultsYear-on-year EPS growth turned positive.
  19. JunPeer rankMoved into the top quartile of Finance on EPS growth (from the bottom quartile).
  20. MarPriceVolume reached 6.1x its 50-day median on 2022-03-30; price +1.4% that day.
  21. NovPriceVolume reached 7.7x its 50-day median on 2021-11-08; price +7.4% that day.
  22. SepPriceRegained the 2020-02 peak, 16 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
2026-1160.0x₹4544 cr11.7%12.0%0.5x
2026-1054.7x₹4544 cr11.5%12.0%0.5x
2026-0954.1x₹4544 cr11.5%12.0%0.5x
2026-0855.5x₹4422 cr11.0%12.0%0.5x
2026-0755.3x₹4422 cr11.0%12.0%0.5x
2026-0656.9x₹4422 cr11.0%12.0%0.5x
2026-0558.1x₹4205 cr10.6%11.0%0.4x
2026-0457.9x₹4205 cr10.6%11.0%0.4x
2026-0349.5x₹4205 cr10.6%11.0%0.4x
2026-0255.0x₹4059 cr10.5%11.0%0.4x
2026-0155.4x₹4059 cr10.5%11.0%0.4x
2025-1261.5x₹4059 cr10.5%11.0%0.4x
2025-1162.6x₹3862 cr9.8%11.0%0.4x
2025-1060.6x₹3862 cr9.8%11.0%0.4x
2025-0956.0x₹3862 cr9.8%11.0%0.4x
2025-0854.6x₹3813 cr9.7%11.0%0.4x
2025-0753.9x₹3813 cr9.7%11.0%0.4x
2025-0656.7x₹3813 cr9.7%11.0%0.4x
2025-0552.7x₹4103 cr11.1%12.0%0.5x
2025-0457.1x₹4103 cr11.1%12.0%0.5x
2025-0356.4x₹4103 cr11.1%12.0%0.5x
2025-0252.4x₹4114 cr11.1%12.0%0.5x
2025-0155.5x₹4114 cr11.1%12.0%0.5x
2024-1255.3x₹4114 cr11.1%12.0%0.5x
2024-1154.2x₹4071 cr11.2%12.0%0.5x
2024-1049.9x₹4071 cr11.2%12.0%0.5x
2024-0960.5x₹4071 cr11.2%12.0%0.5x
2024-0861.3x₹3972 cr11.0%12.0%0.5x
2024-0758.5x₹3972 cr11.0%12.0%0.5x
2024-0658.3x₹3972 cr11.0%12.0%0.5x
2024-0541.5x₹2616 cr13.7%10.0%0.5x
2024-0442.2x₹2616 cr13.7%10.0%0.5x
2024-0337.2x₹2616 cr13.7%10.0%0.5x
2024-0236.9x₹2616 cr13.7%10.0%0.5x
2024-0132.4x₹2616 cr13.7%10.0%0.5x
2023-1230.0x₹2616 cr13.7%10.0%0.5x
2023-1131.7x₹2616 cr13.7%10.0%0.5x
2023-1024.3x₹2616 cr13.7%10.0%0.5x
2023-0924.3x₹2616 cr13.7%10.0%0.5x
2023-0824.1x₹2616 cr13.7%10.0%0.5x
2023-0723.2x₹2616 cr13.7%10.0%0.5x
2023-0620.9x₹2616 cr13.7%10.0%0.5x
2023-05110.3x₹1460 cr3.2%5.0%0.6x
2023-04108.7x₹1460 cr3.2%5.0%0.6x
2023-0397.8x₹1460 cr3.2%5.0%0.6x
2023-02104.0x₹1460 cr3.2%5.0%0.6x
2023-01102.9x₹1460 cr3.2%5.0%0.6x
2022-12107.0x₹1460 cr3.2%5.0%0.6x
2022-11109.7x₹1460 cr3.2%5.0%0.6x
2022-10107.4x₹1460 cr3.2%5.0%0.6x
2022-09105.2x₹1460 cr3.2%5.0%0.6x
2022-08105.8x₹1460 cr3.2%5.0%0.6x
2022-0794.3x₹1460 cr3.2%5.0%0.6x
2022-0689.0x₹1460 cr3.2%5.0%0.6x
2022-05347.3x₹1040 cr0.7%4.0%0.8x
2022-04323.3x₹1040 cr0.7%4.0%0.8x
2022-03327.4x₹1040 cr0.7%4.0%0.8x
2022-02285.4x₹1040 cr0.7%4.0%0.8x
2022-01296.4x₹1040 cr0.7%4.0%0.8x
2021-12293.3x₹1040 cr0.7%4.0%0.8x

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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