Share price
₹131.5 latest close · −44.3% over the last 90 sessions
₹131.5 month-end · −46.8% over 12 months
₹131.5 month-end · −61.2% over 3 years
₹131.5 month-end · −7.2% since Jan '19
52-week range ₹116.40 to ₹291.45 · 1-year volatility 44.5%
Was the rally earned?
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.
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.
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.
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.
How rough has the ride been?
Drawdown from peak
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?
Usual range 6.2x to 16.2x since 2019-01.
67% below the Industrial Services median.
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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.
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
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?
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.
Over time
Implied growth by month (solid) and delivered growth (dashed).
Change the assumptions
| Exit P/E / return | 11% | 12% | 13% |
|---|---|---|---|
| 12x | 0.2% | 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%/yrLooking 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
Price risk
Balance sheet & cash
Are profits backed by cash?
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.
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
Number of shareholders
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.
What happened next to similar setups
- 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
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
50 past situations · 50 companies · 32 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| JINDALPOLY Process Industries |
Oct 2023 | 9x | 12% | −26% | −29% | −13% |
| ESTER Process Industries |
Mar 2024 | 5x | 4% | −2% | −36% | +37% |
| ARVIND Process Industries |
Mar 2020 | 2x | 9% | −78% | −79% | +86% |
| INDIAGLYCO Process Industries |
Jun 2023 | 5x | 8% | −17% | −37% | −1% |
| NAVA Utilities |
Jul 2020 | 2x | 13% | −48% | −51% | +72% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| JINDALSAW Non-Energy Minerals |
Jan 2021 | 4x | 10% | −21% | −26% | +4% |
| SCI Transportation |
Feb 2025 | 6x | 8% | −38% | −58% | +58% |
| DHAMPURSUG Process Industries |
Jun 2024 | 11x | 11% | −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.
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What changed?
30 events since May '24
- OctPriceFell 78% from the May 2024 peak to the Oct 2026 low.
- OctPriceVolume reached 80.0x its 50-day median on 2026-10-14; price -4.4% that day.
- SepPeer rankMoved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
- SepPriceVolume reached 45.2x its 50-day median on 2026-09-16; price -4.2% that day.
- AugValuationP/E fell below the 10th percentile of its own history to date (5.8x).
- JulDebtDebt / equity halved over 12 months to 0.76x.
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankSlipped to the bottom quartile of Industrial Services on ROCE (from the 3rd quartile).
Show 22 earlier events
- JunDebtDebt / equity fell below 1.0x (0.76x).
- AprPriceVolume reached 19.7x its 50-day median on 2026-04-22; price +6.5% that day.
- MarPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
- FebValuationP/E fell below the 10th percentile of its own history to date (6.6x).
- FebPriceVolume reached 11.9x its 50-day median on 2026-02-19; price +0.3% that day.
- DecPriceVolume reached 5.4x its 50-day median on 2025-12-09; price +4.5% that day.
- SepPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
- JulPriceVolume reached 17.7x its 50-day median on 2025-07-17; price +2.5% that day.
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the 2nd quartile of Industrial Services on operating margin (from the top quartile).
- JunPriceVolume reached 34.0x its 50-day median on 2025-06-05; price +4.8% that day.
- FebPriceVolume reached 22.1x its 50-day median on 2025-02-10; price +2.1% that day.
- DecInstitutionsFII + DII holding fell 3.3 pts over 2 quarters to 35.5%.
- DecPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
- DecPriceVolume reached 40.9x its 50-day median on 2024-12-11; price +12.4% that day.
- OctValuationP/E fell below the 10th percentile of its own history to date (6.3x).
- SepPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 2nd quartile).
- AugPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
- JulPriceVolume reached 6.6x its 50-day median on 2024-07-09; price +4.3% that day.
- JunResultsRevenue (TTM) reached a new high of ₹8,650 cr.
- JunPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
- 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
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 4.6x | ₹5634 cr | 10.7% | 8.0% | 0.8x |
| 2026-10 | 4.3x | ₹5634 cr | 10.8% | 8.0% | 0.8x |
| 2026-09 | 4.7x | ₹5634 cr | 10.8% | 8.0% | 0.8x |
| 2026-08 | 5.8x | ₹5369 cr | 12.2% | 8.0% | 0.8x |
| 2026-07 | 7.6x | ₹5369 cr | 12.2% | 8.0% | 0.8x |
| 2026-06 | 7.0x | ₹5369 cr | 12.2% | 8.0% | 0.8x |
| 2026-05 | 6.6x | ₹5456 cr | 13.3% | 14.0% | 1.6x |
| 2026-04 | 6.9x | ₹5456 cr | 13.3% | 14.0% | 1.6x |
| 2026-03 | 5.2x | ₹5456 cr | 13.3% | 14.0% | 1.6x |
| 2026-02 | 6.6x | ₹5725 cr | 13.4% | 14.0% | 1.6x |
| 2026-01 | 7.0x | ₹5725 cr | 13.4% | 14.0% | 1.6x |
| 2025-12 | 8.0x | ₹5725 cr | 13.4% | 14.0% | 1.6x |
| 2025-11 | 9.4x | ₹6024 cr | 11.2% | 14.0% | 1.6x |
| 2025-10 | 10.7x | ₹6024 cr | 11.2% | 14.0% | 1.6x |
| 2025-09 | 11.2x | ₹6024 cr | 11.2% | 14.0% | 1.6x |
| 2025-08 | 9.6x | ₹6769 cr | 13.6% | 14.0% | 1.6x |
| 2025-07 | 9.9x | ₹6769 cr | 13.6% | 14.0% | 1.6x |
| 2025-06 | 9.7x | ₹6769 cr | 13.6% | 14.0% | 1.6x |
| 2025-05 | 6.6x | ₹7665 cr | 21.9% | 16.0% | 1.5x |
| 2025-04 | 6.0x | ₹7665 cr | 21.9% | 16.0% | 1.5x |
| 2025-03 | 5.7x | ₹7665 cr | 21.9% | 16.0% | 1.5x |
| 2025-02 | 5.4x | ₹8242 cr | 23.9% | 16.0% | 1.5x |
| 2025-01 | 6.6x | ₹8242 cr | 23.9% | 16.0% | 1.5x |
| 2024-12 | 6.9x | ₹8242 cr | 23.9% | 16.0% | 1.5x |
| 2024-11 | 5.8x | ₹8726 cr | 25.1% | 16.0% | 1.5x |
| 2024-10 | 6.3x | ₹8726 cr | 25.1% | 16.0% | 1.5x |
| 2024-09 | 8.8x | ₹8726 cr | 25.1% | 16.0% | 1.5x |
| 2024-08 | 12.7x | ₹8650 cr | 17.5% | 16.0% | 1.5x |
| 2024-07 | 14.3x | ₹8650 cr | 17.5% | 16.0% | 1.5x |
| 2024-06 | 13.6x | ₹8650 cr | 17.5% | 16.0% | 1.5x |
| 2024-05 | 20.2x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2024-04 | 17.5x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2024-03 | 17.0x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2024-02 | 16.6x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2024-01 | 17.8x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-12 | 13.7x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-11 | 13.2x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-10 | 13.0x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-09 | 14.2x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-08 | 12.9x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-07 | 13.5x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-06 | 12.8x | ₹7956 cr | 15.4% | 15.0% | 1.5x |
| 2023-05 | 13.9x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2023-04 | 12.5x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2023-03 | 12.8x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2023-02 | 12.1x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2023-01 | 14.5x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-12 | 12.7x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-11 | 12.2x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-10 | 11.4x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-09 | 11.7x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-08 | 12.6x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-07 | 11.3x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-06 | 10.7x | ₹7208 cr | 16.0% | 15.0% | 1.3x |
| 2022-05 | 12.6x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
| 2022-04 | 13.2x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
| 2022-03 | 13.4x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
| 2022-02 | 13.6x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
| 2022-01 | 15.2x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
| 2021-12 | 13.6x | ₹5788 cr | 16.3% | 17.0% | 1.4x |
Older months are in the live observatory.