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QUESS CORP LIMITED (QUESS)

Commercial Services · Personnel Services · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.53 / 100
Profitability 49Growth 20Balance sheet 88
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.57 / 100
Price 79Earnings 83FII/DII 11

Passes these screensQuality CompounderHigh MomentumDebt-light & profitableInstitutions in, retail out

Compare withTEAMLEASE SERVICESAARVI ENCONSPECTRUM TALENT MANAGEMENT

Share price

Closing priceAdjusted for splits and bonus issues.

₹345.7 latest close · +18.9% over the last 90 sessions

₹300₹350Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹300₹350Jul 3Sep 4Nov 9

₹345.7 month-end · +64.4% over 12 months

₹200₹300₹400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹300₹400Nov '25May '26Nov '26

₹345.7 month-end · +70.0% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹345.7 month-end · +35.1% since Jan '19

₹100₹200₹300₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300₹400Jan '19Dec '22Nov '26

52-week range ₹166.30 to ₹388.75 · 1-year volatility 38.6%

Was the rally earned?

+64%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 215 points, but investors now pay less per rupee of profit (P/E 65.5x to 20.4x), which took 151 points back.
  • The share count fell 2%.
Net profit growth: +213 pts. Points of the price return explained by net profit growing (or shrinking).+213 ptsNet profit growthP/E change: −151 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−151 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: +64%+64%Share priceNet profit growth: +213 pts. Points of the price return explained by net profit growing (or shrinking).+213ProfitP/E change: −151 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−151P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +64%+64%Share price
Net profit growth+213 ptsNet profit rose about 416%, which lifts the price.
P/E change-151 ptsThe P/E fell from 65.5x to 20.4x, which lowers the price.
Share count change+3 ptsShare count fell 2%, which lifts the price.
+70%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 13.4x to 20.4x); per-share earnings added 15 points.
  • The share count barely moved.
Net profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17 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: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2 ptsShare count changeShare price: +70%+70%Share priceNet profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17ProfitP/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: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2SharesShare price: +70%+70%Share price
Net profit growth+17 ptsNet profit rose about 13%, which lifts the price.
P/E change+55 ptsThe P/E rose from 13.4x to 20.4x, which lifts the price.
Share count change-2 ptsShare count was little changed. More shares would count against the price.
-5%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 143 points, but investors now pay less per rupee of profit (P/E 92.9x to 20.4x), which took 148 points back.
  • The share count fell 21%.
Net profit growth: +120 pts. Points of the price return explained by net profit growing (or shrinking).+120 ptsNet profit growthP/E change: −148 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−148 ptsP/E changeShare count change: +23 pts. Points of the price return explained by the share count changing. More shares count against the price.+23 ptsShare count changeShare price: −5%−5%Share priceNet profit growth: +120 pts. Points of the price return explained by net profit growing (or shrinking).+120ProfitP/E change: −148 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−148P/EShare count change: +23 pts. Points of the price return explained by the share count changing. More shares count against the price.+23SharesShare price: −5%−5%Share price
Net profit growth+120 ptsNet profit rose about 242%, which lifts the price.
P/E change-148 ptsThe P/E fell from 92.9x to 20.4x, which lowers the price.
Share count change+23 ptsShare count fell 21%, which lifts the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with TEAMLEASE SERVICES

How rough has the ride been?

Maximum drawdown-79.4%recovered 2021-06
1-year volatility38.6%annualised
Beta vs sector index0.873-year daily, correlation 0.47
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−78.5% 0%−25%−50%−75%2020202220242026−78.5%
Largest drawdowns

-79.4% (2019-03 peak to 2020-05 low, recovered 2021-06)

-64.7% (2021-09 peak to 2023-03 low, not yet recovered)

Most recent volume spikes

2026-08-26: 16.4x the 50-day median, price +6.8% that day

2026-08-03: 5.5x the 50-day median, price +3.8% that day

2026-07-31: 49.4x the 50-day median, price +7.4% 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?

20.4xP/E todayWithin its usual range
Against its own history69th percentile
CheapestMedian 15.3xDearest

Usual range 10.2x to 85.0x since 2019-01.

Against Commercial Services20.4x vs 21.1x
This company
20.4x
Sector median
21.1x

Close to the Commercial Services median.

4.8x35.0x65.3x95.5xJan '19Aug '20Mar '22Oct '23May '25Nov '264.8x35.0x65.3x95.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianCommercial Services median

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

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

Where does it rank among Commercial Services peers?

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

  • ROCE80th▲ 43 pts vs a year ago
  • Op. margin18th▲ 6 pts vs a year ago
  • Revenue growth28th▲ 20 pts vs a year ago
  • EPS growth100th▲ 91 pts vs a year ago
  • Debt/equity ↓65th▼ 5 pts vs a year ago
  • Cash cycle ↓82ndflat vs a year ago
  • P/E ↓53rd▲ 38 pts vs a year ago
  • 12M momentum97th▲ 45 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 Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

~15%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 25.3x, a holder earning 12%/yr needs earnings to grow about 14.8%/yr for 10 years, then trade at 15x.

Delivered−3.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+18.7 ptsimplied minus delivered
Rank163rdmost demanding of 856

Over time

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

-28%4%36% Jan 2019Nov 2026 -28%4%36% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x15.9%17.0%18.0%
15x13.8%14.8%15.8%
20x11.0%12.0%13.0%

Drag a slider to test other assumptions

Implied: 14.8%/yr

Looking back

  • Jan 2020Price implied 17%/yr; EPS has since grown −2%/yr (7.0 yrs)
  • Jan 2022Price implied 33%/yr; EPS has since grown 24%/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 Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹345.70
P/E
20.4x
ROCE
24.0%
Market Cap
₹5164 cr
Revenue (TTM)
₹15836 cr
P/S
0.3x
P/B
4.4x
ROE
21.7%
Operating Margin
2.0%
Debt / Equity
0.1x
Promoter Holding
56.8%
12M Momentum
64.4%

52-week range

₹166.30₹388.75
81% of the way from its 52-week low to its high

Price risk

1Y volatility
38.6%
Beta vs sector
1-year daily
0.86

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.08x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 6checks within range1 beyond a threshold
Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate1%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 1.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.08xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.08x (cash from operations ₹1,139 cr, net profit ₹548 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history-19 daysWithin range

Debtor days are below the median of the previous three fiscal years by 19 days (38 vs 57). 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—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 trimmed 8.3 pts; DIIs added 1.7 pts.
  • The number of shareholders rose from 85,067 to 1.1 lakh (+26%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters56.7%56.8%+0.2 pts
FIIs16.9%8.6%-8.3 pts
DIIs10.2%11.9%+1.7 pts
Public and others16.2%21.7%+5.5 pts

Number of shareholders

1.1 lakhshareholders+26% since Sep '23
84k98k1.1L1.3L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 85,067
Dec '23: 84,747
Mar '24: 88,925
Jun '24: 83,699
Sep '24: 93,204
Dec '24: 1.1 lakh
Mar '25: 1.2 lakh
Jun '25: 1.3 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 lakh
 84k98k1.1L1.3L Sep '23Sep '24Sep '25Jun '26
Sep '23: 85,067
Dec '23: 84,747
Mar '24: 88,925
Jun '24: 83,699
Sep '24: 93,204
Dec '24: 1.1 lakh
Mar '25: 1.2 lakh
Jun '25: 1.3 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 1.1 lakh
Jun '26: 1.1 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

+5.0%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 QUESS CORP 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 −20% to +57% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (+8.0%, 80% range −0.1% to +19.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SHANKARA · Jun 2025: −87.6% vs market
VENKEYS · Jun 2021: −47.1% vs market
SSWL · Sep 2023: −46.8% vs market
PSPPROJECT · Aug 2023: −43.4% vs market
EIDPARRY · Aug 2025: −34.1% vs market
PDSL · Oct 2023: −32.2% vs market
INSECTICID · Jun 2025: −31.9% vs market
DICIND · Feb 2025: −30.7% vs market
MANGCHEFER · Sep 2022: −25.5% vs market
WCIL · Oct 2025: −25.1% vs market
JAYAGROGN · Jul 2021: −25.1% vs market
KNAGRI · Jul 2025: −23.9% vs market
IMFA · Apr 2024: −21.0% vs market
LUMAXTECH · Mar 2021: −16.4% vs market
CEATLTD · May 2025: −16.1% vs market
ORIENTCEM · Jun 2024: −13.9% vs market
ALLCARGO · Feb 2020: −12.9% vs market
AHLUCONT · Nov 2023: −5.4% vs market
AGARIND · Jul 2023: −4.7% vs market
GOKULAGRO · Jun 2022: −4.7% vs market
SURYAROSNI · Jun 2023: −1.6% vs market
20MICRONS · Nov 2023: −1.6% vs market
CLSEL · Feb 2023: +1.4% vs market
HGS · Feb 2020: +4.0% vs market
RAMRAT · Sep 2024: +4.2% vs market
INDRAMEDCO · Apr 2020: +5.8% vs market
EVERESTIND · Mar 2022: +11.8% vs market
ARVIND · Apr 2024: +13.6% vs market
FIEMIND · Aug 2020: +15.3% vs market
LTFOODS · Oct 2022: +18.7% vs market
VSSL · Oct 2025: +21.1% vs market
REDINGTON · Feb 2020: +22.4% vs market
TRIVENI · Dec 2021: +22.8% vs market
LGBBROSLTD · May 2022: +24.5% vs market
HERITGFOOD · May 2023: +30.1% vs market
WABAG · May 2023: +48.7% vs market
NCC · Jul 2023: +52.9% vs market
PRECWIRE · Mar 2021: +58.8% vs market
DPWIRES · Aug 2022: +58.9% vs market
BANCOINDIA · Apr 2023: +63.5% vs market
TNPETRO · May 2020: +63.9% vs market
JSL · Jun 2023: +69.9% vs market
TIMETECHNO · Feb 2024: +71.5% vs market
MANINDS · May 2023: +80.9% vs market
SHRIPISTON · Jan 2023: +94.5% vs market
POWERMECH · Sep 2022: +100.6% vs market
USHAMART · Feb 2022: +103.0% vs market
PGIL · May 2024: +116.9% vs market
APARINDS · Dec 2021: +121.8% vs market
KIRLOSBROS · Jun 2023: +137.3% vs market
Similar setups +5.0%All companies −3.0%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
+5.0%
All companies' median
−3.0%
Beat the market
56% vs 47%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
APARINDS
Electronic Technology		 Dec 2021 19x22% +124%−5% +122%
SURYAROSNI
Non-Energy Minerals		 Jun 2023 14x23% +143%−3% −2%
REDINGTON
Distribution Services		 Feb 2020 8x18% +30%−18% +22%
SHANKARA
Retail Trade		 Jun 2025 39x17% +50%−6% −88%
EIDPARRY
Process Industries		 Aug 2025 23x17% +36%−9% −34%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PDSL
Consumer Non-Durables		 Oct 2023 30x23% +100%−6% −32%
JSL
Non-Energy Minerals		 Jun 2023 13x21% +231%−1% +70%
BANCOINDIA
Producer Manufacturing		 Apr 2023 12x24% +83%−3% +64%
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: drawdown from 12-month high, P/E 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 QUESS CORP 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.

SURYA ROSHNISURYAROSNI
Non-Energy Minerals
70%similar
volatilitymarket cap
COROMANDEL INTERNATIONAL LIMITCOROMANDEL
Process Industries
57%similar
promoter holdingdebt/equity
VIKRAM SOLARVIKRAMSOLR
Process Industries
57%similar
market capROCE
RALLIS INDIARALLIS
Process Industries
56%similar
operating marginpromoter holding
SIYARAM SILK MILLSSIYSIL
Process Industries
53%similar
operating marginvolatility
NBCC (INDIA)NBCC
Commercial Services
36%similar
revenueROCE
TEAMLEASE SERVICESTEAMLEASE
Commercial Services
33%similar
operating margindebt/equity
RITESRITES
Commercial Services
29%similar
revenue growthROCE

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

What changed?

30 events since Dec '22

  1. JulPriceVolume reached 49.4x its 50-day median on 2026-07-31; price +7.4% that day.
  2. JunResultsYear-on-year EPS growth turned positive.
  3. JunInstitutionsFII + DII holding fell 3.2 pts over 2 quarters to 20.7%.
  4. JunPeer rankMoved into the top quartile of Commercial Services on ROCE (from the 3rd quartile).
  5. JunDividendDividend payout cut from 325% to 74% of profit.
  6. MayPriceVolume reached 108.0x its 50-day median on 2026-05-05; price +5.6% that day.
  7. OctPriceVolume reached 12.4x its 50-day median on 2025-10-28; price +1.2% that day.
  8. SepPriceVolume reached 5.7x its 50-day median on 2025-09-17; price +3.7% that day.
Show 22 earlier events
  1. JunResultsYear-on-year EPS growth turned negative.
  2. JunValuationP/E crossed above the 90th percentile of its own history to date (95.5x).
  3. JunPeer rankMoved into the 3rd quartile of Commercial Services on ROCE (from the bottom quartile).
  4. AprPriceVolume reached 24.9x its 50-day median on 2025-04-02; price +3.9% that day.
  5. JanPriceVolume reached 17.6x its 50-day median on 2025-01-03; price +3.2% that day.
  6. DecPeer rankSlipped to the 2nd quartile of Commercial Services on EPS growth (from the top quartile).
  7. DecPriceVolume reached 40.8x its 50-day median on 2024-12-17; price +7.4% that day.
  8. AugPriceVolume reached 20.5x its 50-day median on 2024-08-26; price +6.8% that day.
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankSlipped to the bottom quartile of Commercial Services on ROCE (from the 3rd quartile).
  11. AprPriceVolume reached 10.1x its 50-day median on 2024-04-12; price +5.9% that day.
  12. FebPriceVolume reached 24.2x its 50-day median on 2024-02-19; price +7.8% that day.
  13. NovPriceVolume reached 17.5x its 50-day median on 2023-11-23; price +1.0% that day.
  14. SepPriceVolume reached 22.7x its 50-day median on 2023-09-12; price -0.2% that day.
  15. AugPeer rankMoved into the 3rd quartile of Commercial Services on EPS growth (from the bottom quartile).
  16. JunResultsYear-on-year EPS growth turned negative.
  17. JunPeer rankSlipped to the bottom quartile of Commercial Services on EPS growth (from the top quartile).
  18. MayPriceVolume reached 16.3x its 50-day median on 2023-05-11; price +5.5% that day.
  19. MarPriceFell 65% from the Sep 2021 peak to the Mar 2023 low.
  20. MarPriceVolume reached 58.0x its 50-day median on 2023-03-29; price +4.1% that day.
  21. DecValuationP/E fell below the 10th percentile of its own history to date (10.3x).
  22. DecPriceVolume reached 9.8x its 50-day median on 2022-12-07; price +1.3% 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
2026-1120.4x₹15836 cr21.7%24.0%0.1x
2026-1018.1x₹15836 cr21.7%24.0%0.1x
2026-0919.8x₹15836 cr21.7%24.0%0.1x
2026-0825.7x₹15305 cr19.0%24.0%0.1x
2026-0722.4x₹15305 cr19.0%24.0%0.1x
2026-0618.0x₹15305 cr19.0%24.0%0.1x
2026-0550.4x₹15069 cr5.8%12.0%0.1x
2026-0447.6x₹15069 cr5.8%12.0%0.1x
2026-0340.9x₹15069 cr5.8%12.0%0.1x
2026-0259.9x₹15158 cr4.6%12.0%0.1x
2026-0162.2x₹15158 cr4.6%12.0%0.1x
2025-1261.4x₹15158 cr4.6%12.0%0.1x
2025-1165.5x₹15031 cr4.5%12.0%0.1x
2025-1073.0x₹15031 cr4.5%12.0%0.1x
2025-0977.5x₹15031 cr4.5%12.0%0.1x
2025-0884.8x₹14967 cr4.3%12.0%0.1x
2025-0793.2x₹14967 cr4.3%12.0%0.1x
2025-0695.5x₹14967 cr4.3%12.0%0.1x
2025-0519.3x₹14848 cr8.6%5.0%0.3x
2025-0420.4x₹14848 cr8.6%5.0%0.3x
2025-0316.7x₹14848 cr8.6%5.0%0.3x
2025-0214.0x₹15671 cr9.4%5.0%0.3x
2025-0114.0x₹15671 cr9.4%5.0%0.3x
2024-1215.5x₹15671 cr9.4%5.0%0.3x
2024-1115.3x₹16714 cr10.1%5.0%0.3x
2024-1015.7x₹16714 cr10.1%5.0%0.3x
2024-0916.8x₹16714 cr10.1%5.0%0.3x
2024-0817.0x₹13695 cr10.0%5.0%0.3x
2024-0715.6x₹13695 cr10.0%5.0%0.3x
2024-0613.1x₹13695 cr10.0%5.0%0.3x
2024-0515.3x₹17158 cr8.7%9.0%0.4x
2024-0416.8x₹17158 cr8.7%9.0%0.4x
2024-0314.0x₹17158 cr8.7%9.0%0.4x
2024-0213.8x₹17158 cr8.7%9.0%0.4x
2024-0113.6x₹17158 cr8.7%9.0%0.4x
2023-1214.1x₹17158 cr8.7%9.0%0.4x
2023-1113.4x₹17158 cr8.7%9.0%0.4x
2023-1011.4x₹17158 cr8.7%9.0%0.4x
2023-0911.3x₹17158 cr8.7%9.0%0.4x
2023-0811.5x₹17158 cr8.7%9.0%0.4x
2023-0711.5x₹17158 cr8.7%9.0%0.4x
2023-0612.1x₹17158 cr8.7%9.0%0.4x
2023-0510.1x₹13692 cr10.3%13.0%0.4x
2023-049.1x₹13692 cr10.3%13.0%0.4x
2023-039.2x₹13692 cr10.3%13.0%0.4x
2023-028.8x₹13692 cr10.3%13.0%0.4x
2023-018.9x₹13692 cr10.3%13.0%0.4x
2022-1210.3x₹13692 cr10.3%13.0%0.4x
2022-1110.9x₹13692 cr10.3%13.0%0.4x
2022-1013.8x₹13692 cr10.3%13.0%0.4x
2022-0916.1x₹13692 cr10.3%13.0%0.4x
2022-0814.3x₹13692 cr10.3%13.0%0.4x
2022-0714.8x₹13692 cr10.3%13.0%0.4x
2022-0615.3x₹13692 cr10.3%13.0%0.4x
2022-0573.2x₹10837 cr3.2%8.0%0.3x
2022-0473.7x₹10837 cr3.2%8.0%0.3x
2022-0368.5x₹10837 cr3.2%8.0%0.3x
2022-0265.9x₹10837 cr3.2%8.0%0.3x
2022-0175.3x₹10837 cr3.2%8.0%0.3x
2021-1289.0x₹10837 cr3.2%8.0%0.3x

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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