अApnaFunda

PNC INFRATECH (PNCINFRA)

Industrial Services · Engineering & Construction · 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.34 / 100
Profitability 52Growth 27Balance sheet 24
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.21 / 100
Price 1Earnings 48FII/DII 16

Passes these screensCash RichValue PickLittle growth priced in

Share price

Closing priceAdjusted for splits and bonus issues.

₹131.5 latest close · −44.3% over the last 90 sessions

₹150₹200₹250Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹150₹200₹250Jul 3Sep 4Nov 9

₹131.5 month-end · −46.8% over 12 months

₹150₹200₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹150₹200₹250Nov '25May '26Nov '26

₹131.5 month-end · −61.2% over 3 years

₹200₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹400Nov '23May '25Nov '26

₹131.5 month-end · −7.2% since Jan '19

₹200₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹200₹400Jan '19Dec '22Nov '26

52-week range ₹116.40 to ₹291.45 · 1-year volatility 44.5%

Was the rally earned?

-47%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 6 points, but investors now pay less per rupee of profit (P/E 9.4x to 4.6x), which took 53 points back.
  • The share count barely moved.
Net profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7 ptsNet profit growthP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53 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: −47%−47%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −47%−47%Share price
Net profit growth+7 ptsNet profit rose about 9%, which lifts the price.
P/E change-53 ptsThe P/E fell from 9.4x to 4.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-61%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 7 points, but investors now pay less per rupee of profit (P/E 13.2x to 4.6x), which took 68 points back.
  • The share count barely moved.
Net profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7 ptsNet profit growthP/E change: −68 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−68 ptsP/E changeShare price: −61%−61%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: −68 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−68P/EShare price: −61%−61%Share price
Net profit growth+7 ptsNet profit rose about 11%, which lifts the price.
P/E change-68 ptsThe P/E fell from 13.2x to 4.6x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-57%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 26 points, but investors now pay less per rupee of profit (P/E 15.9x to 4.6x), which took 83 points back.
  • The share count barely moved.
Net profit growth: +26 pts. Points of the price return explained by net profit growing (or shrinking).+26 ptsNet profit growthP/E change: −83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−83 ptsP/E changeShare price: −57%−57%Share priceNet profit growth: +26 pts. Points of the price return explained by net profit growing (or shrinking).+26ProfitP/E change: −83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−83P/EShare price: −57%−57%Share price
Net profit growth+26 ptsNet profit rose about 47%, which lifts the price.
P/E change-83 ptsThe P/E fell from 15.9x to 4.6x, which lowers the price.
Share count change0 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 LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-77.8%not yet recovered
1-year volatility44.5%annualised
Beta vs sector index0.903-year daily, correlation 0.49
Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−77.8% 0%−25%−50%−75%2020202220242026−77.8%
Largest drawdowns

-77.8% (2024-05 peak to 2026-10 low, not yet recovered)

-59.9% (2019-07 peak to 2020-03 low, recovered 2021-02)

-43.0% (2021-10 peak to 2022-06 low, recovered 2024-01)

Most recent volume spikes

2026-10-15: 5.3x the 50-day median, price -3.8% that day

2026-10-14: 80x the 50-day median, price -4.4% that day

2026-10-13: 46.1x the 50-day median, price +12.4% 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?

4.6xP/E todayNear its historic low
Against its own history2nd percentile
CheapestMedian 12.4xDearest

Usual range 6.2x to 16.2x since 2019-01.

Against Industrial Services4.6x vs 14.0x
This company
4.6x
Sector median
14.0x

67% below the Industrial Services median.

4.3x14.5x24.7x34.9xJan '19Aug '20Mar '22Oct '23May '25Nov '264.3x14.5x24.7x34.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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

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

Where does it rank among Industrial Services peers?

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

  • ROCE21st▼ 15 pts vs a year ago
  • Op. margin83rd▲ 9 pts vs a year ago
  • Revenue growth18th▲ 12 pts vs a year ago
  • EPS growth56th▲ 36 pts vs a year ago
  • Debt/equity ↓21st▲ 12 pts vs a year ago
  • Cash cycle ↓48th▼ 11 pts vs a year ago
  • P/E ↓95th▲ 10 pts vs a year ago
  • 12M momentum17th▼ 48 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 Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~-1%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 4.5x, a holder earning 12%/yr needs earnings to grow about −1.1%/yr for 10 years, then trade at 15x.

Delivered20.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−21.1 ptsimplied minus delivered
Rank783rdmost demanding of 856

Over time

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

-2%18%37% Jan 2019Nov 2026 -2%18%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x0.2%1.2%2.1%
15x−1.9%−1.1%−0.2%
20x−4.7%−3.8%−3.0%

Drag a slider to test other assumptions

Implied: −1.1%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 13%/yr (7.0 yrs)
  • Jan 2021Price implied 13%/yr; EPS has since grown 7%/yr (6.0 yrs)
  • Jan 2022Price implied 16%/yr; EPS has since grown 11%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹131.50
P/E
4.6x
ROCE
8.0%
Market Cap
₹3371 cr
Revenue (TTM)
₹5634 cr
P/S
0.6x
P/B
0.5x
ROE
10.7%
Operating Margin
31.0%
Debt / Equity
0.8x
Promoter Holding
56.1%
12M Momentum
-46.9%

52-week range

₹116.40₹291.45
9% of the way from its 52-week low to its high

Price risk

1Y volatility
44.5%
Beta vs sector
1-year daily
0.95

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.68x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range2 beyond a threshold
Other income reliance35%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 35.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate30%Within range

Median quarterly effective tax rate over about 2.5 years: 30.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.68xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.68x (cash from operations ₹4,306 cr, net profit ₹2,556 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+35 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 35 days (103 vs 68). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+40 days / 2 yrsNear threshold

Days payable changed by +40 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 4.3 pts; FIIs trimmed 3.5 pts.
  • The number of shareholders rose from 79,243 to 1.6 lakh (+107%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters56.1%56.1%0.0 pts
FIIs10.8%7.3%-3.5 pts
DIIs28.1%23.8%-4.3 pts
Public and others5.1%12.8%+7.8 pts

Number of shareholders

1.6 lakhshareholders+107% since Sep '23
79k1.2L1.6L2.0L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 79,243
Dec '23: 92,706
Mar '24: 98,897
Jun '24: 1.4 lakh
Sep '24: 1.6 lakh
Dec '24: 2.0 lakh
Mar '25: 1.9 lakh
Jun '25: 1.9 lakh
Sep '25: 1.8 lakh
Dec '25: 1.7 lakh
Mar '26: 1.7 lakh
Jun '26: 1.6 lakh
79k1.2L1.6L2.0L Sep '23Sep '24Sep '25Jun '26
Sep '23: 79,243
Dec '23: 92,706
Mar '24: 98,897
Jun '24: 1.4 lakh
Sep '24: 1.6 lakh
Dec '24: 2.0 lakh
Mar '25: 1.9 lakh
Jun '25: 1.9 lakh
Sep '25: 1.8 lakh
Dec '25: 1.7 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

+32.2%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like PNC INFRATECH 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 −13% to +90% vs the market, against +1% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +31.2%, 80% range +7.9% to +53.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
ALLCARGO · Dec 2023: −46.9% vs market
VALIANTORG · Mar 2024: −33.9% vs market
DHAMPURSUG · Jun 2024: −32.4% vs market
ELECTCAST · Oct 2025: −26.4% vs market
STLTECH · May 2022: −21.6% vs market
COSMOFIRST · Sep 2023: −20.9% vs market
TNPL · Oct 2020: −19.4% vs market
VISHWARAJ · Jul 2022: −19.1% vs market
KUANTUM · Nov 2024: −16.7% vs market
EMAMIPAP · Jun 2024: −16.0% vs market
RGL · May 2023: −15.9% vs market
MOL · Sep 2023: −13.3% vs market
JINDALPOLY · Oct 2023: −12.8% vs market
RSWM · Jul 2023: −11.8% vs market
NAHARSPING · Jul 2023: −2.1% vs market
INDIAGLYCO · Jun 2023: −1.3% vs market
UCAL · Mar 2022: +1.9% vs market
JINDALSAW · Jan 2021: +4.2% vs market
UFLEX · Aug 2023: +8.4% vs market
ASIANTILES · Mar 2023: +9.7% vs market
HTMEDIA · Apr 2020: +12.8% vs market
JISLJALEQS · Mar 2024: +13.3% vs market
KCPSUGIND · Nov 2021: +19.8% vs market
JAYAGROGN · Feb 2020: +23.5% vs market
UNIVCABLES · Sep 2021: +28.7% vs market
NLCINDIA · Nov 2021: +35.7% vs market
ESTER · Mar 2024: +36.5% vs market
NFL · Feb 2022: +38.8% vs market
PTC · Sep 2022: +49.0% vs market
PRAKASH · Jul 2022: +51.6% vs market
SCI · Feb 2025: +57.6% vs market
WELENT · Feb 2022: +57.8% vs market
VINDHYATEL · Nov 2021: +63.8% vs market
SHEMAROO · Mar 2021: +68.5% vs market
WABAG · May 2020: +69.1% vs market
NAVA · Jul 2020: +71.6% vs market
ARVIND · Mar 2020: +86.4% vs market
MMFL · Aug 2025: +91.1% vs market
AVADHSUGAR · Aug 2025: +93.1% vs market
SARDAEN · Mar 2020: +98.1% vs market
DCMSRIND · Apr 2023: +100.0% vs market
DALMIASUG · Mar 2020: +115.0% vs market
GESHIP · Dec 2021: +117.0% vs market
USHAMART · Jul 2020: +133.5% vs market
NITINSPIN · May 2020: +137.4% vs market
ELECON · Apr 2020: +163.6% vs market
VEDL · Mar 2020: +169.5% vs market
ASHAPURMIN · Sep 2022: +178.2% vs market
SURYAROSNI · Jun 2020: +180.5% vs market
INDSWFTLAB · Feb 2020: +200.1% vs market
Similar setups +32.2%All companies +1.0%← 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 · 9 beyond the range shown, drawn at the edge

Similar setups' median
+32.2%
All companies' median
+1.0%
Beat the market
68% vs 51%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JINDALPOLY
Process Industries
Oct 2023 9x12% −26%−29% −13%
ESTER
Process Industries
Mar 2024 5x4% −2%−36% +37%
ARVIND
Process Industries
Mar 2020 2x9% −78%−79% +86%
INDIAGLYCO
Process Industries
Jun 2023 5x8% −17%−37% −1%
NAVA
Utilities
Jul 2020 2x13% −48%−51% +72%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JINDALSAW
Non-Energy Minerals
Jan 2021 4x10% −21%−26% +4%
SCI
Transportation
Feb 2025 6x8% −38%−58% +58%
DHAMPURSUG
Process Industries
Jun 2024 11x11% −17%−30% −32%
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, drawdown from 12-month high and 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 PNC INFRATECH. 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.

Process Industries
60%similar
debt/equityvolatility
UFLEXUFLEX
Process Industries
59%similar
P/EROCE
Producer Manufacturing
55%similar
promoter holdingmarket cap
Non-Energy Minerals
55%similar
P/EEPS growth
Producer Manufacturing
53%similar
promoter holdingvolatility
Industrial Services
64%similar
revenue growthmarket cap
Industrial Services
53%similar
operating marginrevenue
Industrial Services
47%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 May '24

  1. OctPriceFell 78% from the May 2024 peak to the Oct 2026 low.
  2. OctPriceVolume reached 80.0x its 50-day median on 2026-10-14; price -4.4% that day.
  3. SepPeer rankMoved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
  4. SepPriceVolume reached 45.2x its 50-day median on 2026-09-16; price -4.2% that day.
  5. AugValuationP/E fell below the 10th percentile of its own history to date (5.8x).
  6. JulDebtDebt / equity halved over 12 months to 0.76x.
  7. JunResultsYear-on-year EPS growth turned positive.
  8. JunPeer rankSlipped to the bottom quartile of Industrial Services on ROCE (from the 3rd quartile).
Show 22 earlier events
  1. JunDebtDebt / equity fell below 1.0x (0.76x).
  2. AprPriceVolume reached 19.7x its 50-day median on 2026-04-22; price +6.5% that day.
  3. MarPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
  4. FebValuationP/E fell below the 10th percentile of its own history to date (6.6x).
  5. FebPriceVolume reached 11.9x its 50-day median on 2026-02-19; price +0.3% that day.
  6. DecPriceVolume reached 5.4x its 50-day median on 2025-12-09; price +4.5% that day.
  7. SepPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
  8. JulPriceVolume reached 17.7x its 50-day median on 2025-07-17; price +2.5% that day.
  9. JunResultsYear-on-year EPS growth turned negative.
  10. JunPeer rankSlipped to the 2nd quartile of Industrial Services on operating margin (from the top quartile).
  11. JunPriceVolume reached 34.0x its 50-day median on 2025-06-05; price +4.8% that day.
  12. FebPriceVolume reached 22.1x its 50-day median on 2025-02-10; price +2.1% that day.
  13. DecInstitutionsFII + DII holding fell 3.3 pts over 2 quarters to 35.5%.
  14. DecPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
  15. DecPriceVolume reached 40.9x its 50-day median on 2024-12-11; price +12.4% that day.
  16. OctValuationP/E fell below the 10th percentile of its own history to date (6.3x).
  17. SepPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 2nd quartile).
  18. AugPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  19. JulPriceVolume reached 6.6x its 50-day median on 2024-07-09; price +4.3% that day.
  20. JunResultsRevenue (TTM) reached a new high of ₹8,650 cr.
  21. JunPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
  22. MayPriceVolume reached 44.0x its 50-day median on 2024-05-22; price +13.1% that day.

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
2026-114.6x₹5634 cr10.7%8.0%0.8x
2026-104.3x₹5634 cr10.8%8.0%0.8x
2026-094.7x₹5634 cr10.8%8.0%0.8x
2026-085.8x₹5369 cr12.2%8.0%0.8x
2026-077.6x₹5369 cr12.2%8.0%0.8x
2026-067.0x₹5369 cr12.2%8.0%0.8x
2026-056.6x₹5456 cr13.3%14.0%1.6x
2026-046.9x₹5456 cr13.3%14.0%1.6x
2026-035.2x₹5456 cr13.3%14.0%1.6x
2026-026.6x₹5725 cr13.4%14.0%1.6x
2026-017.0x₹5725 cr13.4%14.0%1.6x
2025-128.0x₹5725 cr13.4%14.0%1.6x
2025-119.4x₹6024 cr11.2%14.0%1.6x
2025-1010.7x₹6024 cr11.2%14.0%1.6x
2025-0911.2x₹6024 cr11.2%14.0%1.6x
2025-089.6x₹6769 cr13.6%14.0%1.6x
2025-079.9x₹6769 cr13.6%14.0%1.6x
2025-069.7x₹6769 cr13.6%14.0%1.6x
2025-056.6x₹7665 cr21.9%16.0%1.5x
2025-046.0x₹7665 cr21.9%16.0%1.5x
2025-035.7x₹7665 cr21.9%16.0%1.5x
2025-025.4x₹8242 cr23.9%16.0%1.5x
2025-016.6x₹8242 cr23.9%16.0%1.5x
2024-126.9x₹8242 cr23.9%16.0%1.5x
2024-115.8x₹8726 cr25.1%16.0%1.5x
2024-106.3x₹8726 cr25.1%16.0%1.5x
2024-098.8x₹8726 cr25.1%16.0%1.5x
2024-0812.7x₹8650 cr17.5%16.0%1.5x
2024-0714.3x₹8650 cr17.5%16.0%1.5x
2024-0613.6x₹8650 cr17.5%16.0%1.5x
2024-0520.2x₹7956 cr15.4%15.0%1.5x
2024-0417.5x₹7956 cr15.4%15.0%1.5x
2024-0317.0x₹7956 cr15.4%15.0%1.5x
2024-0216.6x₹7956 cr15.4%15.0%1.5x
2024-0117.8x₹7956 cr15.4%15.0%1.5x
2023-1213.7x₹7956 cr15.4%15.0%1.5x
2023-1113.2x₹7956 cr15.4%15.0%1.5x
2023-1013.0x₹7956 cr15.4%15.0%1.5x
2023-0914.2x₹7956 cr15.4%15.0%1.5x
2023-0812.9x₹7956 cr15.4%15.0%1.5x
2023-0713.5x₹7956 cr15.4%15.0%1.5x
2023-0612.8x₹7956 cr15.4%15.0%1.5x
2023-0513.9x₹7208 cr16.0%15.0%1.3x
2023-0412.5x₹7208 cr16.0%15.0%1.3x
2023-0312.8x₹7208 cr16.0%15.0%1.3x
2023-0212.1x₹7208 cr16.0%15.0%1.3x
2023-0114.5x₹7208 cr16.0%15.0%1.3x
2022-1212.7x₹7208 cr16.0%15.0%1.3x
2022-1112.2x₹7208 cr16.0%15.0%1.3x
2022-1011.4x₹7208 cr16.0%15.0%1.3x
2022-0911.7x₹7208 cr16.0%15.0%1.3x
2022-0812.6x₹7208 cr16.0%15.0%1.3x
2022-0711.3x₹7208 cr16.0%15.0%1.3x
2022-0610.7x₹7208 cr16.0%15.0%1.3x
2022-0512.6x₹5788 cr16.3%17.0%1.4x
2022-0413.2x₹5788 cr16.3%17.0%1.4x
2022-0313.4x₹5788 cr16.3%17.0%1.4x
2022-0213.6x₹5788 cr16.3%17.0%1.4x
2022-0115.2x₹5788 cr16.3%17.0%1.4x
2021-1213.6x₹5788 cr16.3%17.0%1.4x

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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