RAIN INDUSTRIES LIMITED (RAIN): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹162.03 latest close · −13.7% over the last 90 sessions

₹162.03 month-end · +48.8% over 12 months

₹162.03 month-end · +11.9% over 3 years

₹162.03 month-end · +35.1% since Jan '19

52-week range ₹99.90 to ₹252.00 · 1-year volatility 57.2%

Was the rally earned?

3 years5 years

+12%share price, 3 yearsMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 3.4x to 10.1x); per-share earnings took off 104 points.
The share count rose 13%.

Net profit growth-91 ptsNet profit fell about 58%, which lowers the price.

P/E change+116 ptsThe P/E rose from 3.4x to 10.1x, which lifts the price.

Share count change-13 ptsShare count rose 13%, which lowers the price.

-18%share price, 5 yearsMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 11.9x to 10.1x); per-share earnings took off 3 points.
The share count rose 18%.

Net profit growth+11 ptsNet profit rose about 13%, which lifts the price.

P/E change-15 ptsThe P/E fell from 11.9x to 10.1x, which lowers the price.

Share count change-15 ptsShare count rose 18%, 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.

Not shown for 1 year: earnings were negative at one end, or there is not enough history.

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

Compare this with ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-65.9%recovered 2020-12

1-year volatility57.2%annualised

Beta vs sector index1.413-year daily, correlation 0.53

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-65.9% (2019-04 peak to 2020-03 low, recovered 2020-12)

-61.8% (2021-07 peak to 2025-12 low, not yet recovered)

-33.2% (2019-01 peak to 2019-02 low, recovered 2019-04)

Most recent volume spikes

2026-08-07: 5.4x the 50-day median, price -8.3% 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?

10.2xP/E todayWithin its usual range

Against its own history63rd percentile

CheapestMedian 9.1xDearest

Usual range 3.8x to 14.5x since 2019-01.

Against Process Industries10.2x vs 18.1x

This company

10.2x

Sector median

18.1x

44% below the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

ROCE38th▲ 21 pts vs a year ago
Op. margin81st▲ 8 pts vs a year ago
Revenue growth72nd▲ 49 pts vs a year ago
EPS growth4th▼ 90 pts vs a year ago
Debt/equity ↓8thflat vs a year ago
Cash cycle ↓39th▼ 11 pts vs a year ago
P/E ↓77th
12M momentum88th▲ 52 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~28%annual earnings growth implied by the price

At a P/E of 58.0x, the price would imply about 28.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹162.03
P/E: 10.1x
Market Cap: ₹5454 cr
Revenue (TTM): ₹18465 cr
P/S: 0.3x
P/B: 0.7x
ROE: 6.7%
Operating Margin: 19.0%
Debt / Equity: 1.4x
Promoter Holding: 41.4%
12M Momentum: 48.8%

52-week range

₹99.90₹252.00

41% of the way from its 52-week low to its high

Price risk

1Y volatility

57.2%

Beta vs sector

1-year daily

1.43

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.1x

Cash from profit, 3Y

operating cash flow ÷ net profit

5.00x

Share count, 1Y

unchanged

Are profits backed by cash?

2 of 4checks within range1 beyond a threshold

Other income reliance16%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 16.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate52%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 51.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

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—Not enough data

Not enough reported data to compute this.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% 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 2 years, FIIs trimmed 4.1 pts; DIIs added 2.3 pts.
The number of shareholders fell from 2.3 lakh to 1.9 lakh (-17%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters41.1%41.4%+0.2 pts

FIIs12.1%8.0%-4.1 pts

DIIs0.3%2.7%+2.3 pts

Public and others46.1%47.6%+1.5 pts

Number of shareholders

1.9 lakhshareholders-17% since Dec '23

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

+2.7%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 RAIN INDUSTRIES LIMITED today on valuation, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −17% to +36% vs the market, against −3% for all non-financial companies in the same months.
The gap against the base rate (+5.4%, 80% range −0.1% to +12.6%) is within what chance and overlapping periods produce.

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 · 3 beyond the range shown, drawn at the edge

Similar setups' median

+2.7%

All companies' median

−2.7%

Beat the market

54% vs 47%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
RPSGVENT Finance	Oct 2024	—	12%	+88%	−18%	−22%
MUKANDLTD Non-Energy Minerals	Sep 2023	14x	-8%	+68%	−12%	−33%
AVADHSUGAR Process Industries	May 2022	16x	10%	+99%	−29%	−29%
JISLJALEQS Producer Manufacturing	Jun 2022	7x	4%	+42%	−28%	−11%
HCC Industrial Services	Oct 2022	5x	50%	+51%	−26%	+65%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ASHOKA Industrial Services	Aug 2024	13x	27%	+130%	−12%	−20%
RPOWER Utilities	Dec 2021	17x	7%	+300%	−22%	+2%
INDORAMA Process Industries	Jul 2021	12x	11%	+256%	−14%	+12%

How reliable is this?

Matched on P/E, P/S, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: revenue growth, drawdown from 12-month high and 12-month momentum. Not used (unavailable for this company): ROCE. 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 RAIN INDUSTRIES 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

RELIANCE POWERRPOWER

Utilities

50%similar

debt/equitymarket cap

PNC INFRATECHPNCINFRA

Industrial Services

47%similar

revenue growthP/E

RAYMOND REALTYRAYMONDREL

Finance

43%similar

volatilityP/E

KNR CONSTRUCTIONSKNRCON

Industrial Services

42%similar

P/Erevenue growth

GMR POWER AND URBAN INFRAGMRP&UI

Industrial Services

37%similar

EPS growthP/E

DEEPAK FERTILIZERS &PETROCHEMIDEEPAKFERT

Process Industries

54%similar

revenuepromoter holding

MEGHMANI ORGANICSMOL

Process Industries

41%similar

EPS growthrevenue growth

UFLEXUFLEX

Process Industries

39%similar

revenuedebt/equity

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

What changed?

30 events since Nov '22

2026
SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
AugPriceVolume reached 5.4x its 50-day median on 2026-08-07; price -8.3% that day.
JunInstitutionsFII + DII holding fell 4.8 pts over 2 quarters to 10.2%.
MayPriceVolume reached 27.5x its 50-day median on 2026-05-11; price +13.9% that day.
MarResultsEPS (TTM) turned positive.
MarValuationP/E crossed above the 90th percentile of its own history to date (84.5x).
MarPeer rankMoved into the 3rd quartile of Process Industries on ROCE (from the bottom quartile).
MarDividendStarted paying a dividend (payout 79% of profit).

Show 22 earlier events

2026
JanPriceVolume reached 20.7x its 50-day median on 2026-01-29; price +13.8% that day.
2025
DecPriceFell 62% from the Jul 2021 peak to the Dec 2025 low.
DecPriceVolume reached 19.5x its 50-day median on 2025-12-19; price +12.2% that day.
AugPriceVolume reached 53.9x its 50-day median on 2025-08-07; price +7.4% that day.
JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
JunPriceVolume reached 7.5x its 50-day median on 2025-06-11; price +4.3% that day.
2024
DecPriceVolume reached 10.0x its 50-day median on 2024-12-06; price +9.0% that day.
SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
SepPriceVolume reached 7.0x its 50-day median on 2024-09-13; price +5.5% that day.
MarResultsEPS (TTM) turned negative.
MarPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
MarDividendDividend payout cut from 2% to -4% of profit.
FebPriceVolume reached 19.3x its 50-day median on 2024-02-16; price +11.2% that day.
2023
DecPriceVolume reached 6.2x its 50-day median on 2023-12-27; price +4.5% that day.
SepPriceVolume reached 10.5x its 50-day median on 2023-09-08; price +4.2% that day.
MayPriceVolume reached 8.6x its 50-day median on 2023-05-10; price -4.5% that day.
MarResultsRevenue (TTM) reached a new high of ₹21,011 cr.
MarValuationP/E fell below the 10th percentile of its own history to date (3.5x).
MarPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
MarDividendDividend payout cut from 6% to 2% of profit.
MarPriceVolume reached 9.6x its 50-day median on 2023-03-01; price +8.3% that day.
2022
NovPriceVolume reached 5.3x its 50-day median on 2022-11-04; price +0.9% 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 history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	10.1x	₹18465 cr	6.7%	—	1.4x
2026-10	12.2x	₹18465 cr	6.7%	—	1.4x
2026-09	13.4x	₹18465 cr	6.7%	—	1.4x
2026-08	21.8x	₹17699 cr	4.4%	8.0%	1.3x
2026-07	24.9x	₹17699 cr	4.4%	8.0%	1.3x
2026-06	20.3x	₹17699 cr	4.4%	8.0%	1.3x
2026-05	149.3x	₹16946 cr	1.5%	8.0%	1.3x
2026-04	100.2x	₹16946 cr	1.5%	8.0%	1.3x
2026-03	84.5x	₹16946 cr	1.5%	8.0%	1.3x
2026-02	—	₹16321 cr	-0.4%	4.0%	1.3x
2026-01	—	₹16321 cr	-0.4%	4.0%	1.3x
2025-12	—	₹16321 cr	-0.4%	4.0%	1.3x
2025-11	—	₹15779 cr	-3.9%	4.0%	1.3x
2025-10	—	₹15779 cr	-3.9%	4.0%	1.3x
2025-09	—	₹15779 cr	-3.9%	4.0%	1.3x
2025-08	—	₹15472 cr	-5.5%	4.0%	1.3x
2025-07	—	₹15472 cr	-5.5%	4.0%	1.3x
2025-06	—	₹15472 cr	-5.5%	4.0%	1.3x
2025-05	—	₹15374 cr	-5.5%	4.0%	1.3x
2025-04	—	₹15374 cr	-5.5%	4.0%	1.3x
2025-03	—	₹15374 cr	-5.5%	4.0%	1.3x
2025-02	—	₹15799 cr	-15.3%	2.0%	1.2x
2025-01	—	₹15799 cr	-15.3%	2.0%	1.2x
2024-12	—	₹15799 cr	-15.3%	2.0%	1.2x
2024-11	—	₹16025 cr	-14.3%	2.0%	1.2x
2024-10	—	₹16025 cr	-14.3%	2.0%	1.2x
2024-09	—	₹16025 cr	-14.3%	2.0%	1.2x
2024-08	—	₹16558 cr	-11.6%	2.0%	1.2x
2024-07	—	₹16558 cr	-11.6%	2.0%	1.2x
2024-06	—	₹16558 cr	-11.6%	2.0%	1.2x
2024-05	—	₹18141 cr	-8.7%	2.0%	1.2x
2024-04	—	₹18141 cr	-8.7%	2.0%	1.2x
2024-03	—	₹18141 cr	-8.7%	2.0%	1.2x
2024-02	4.3x	₹21011 cr	15.1%	17.0%	1.2x
2024-01	4.1x	₹21011 cr	15.1%	17.0%	1.2x
2023-12	3.6x	₹21011 cr	15.1%	17.0%	1.2x
2023-11	3.4x	₹21011 cr	15.1%	17.0%	1.2x
2023-10	3.6x	₹21011 cr	15.1%	17.0%	1.2x
2023-09	3.8x	₹21011 cr	15.1%	17.0%	1.2x
2023-08	3.8x	₹21011 cr	15.1%	17.0%	1.2x
2023-07	4.0x	₹21011 cr	15.1%	17.0%	1.2x
2023-06	3.8x	₹21011 cr	15.1%	17.0%	1.2x
2023-05	3.6x	₹21011 cr	15.1%	17.0%	1.2x
2023-04	3.8x	₹21011 cr	15.1%	17.0%	1.2x
2023-03	3.5x	₹21011 cr	15.1%	17.0%	1.2x
2023-02	8.9x	₹14527 cr	9.2%	12.0%	1.4x
2023-01	9.8x	₹14527 cr	9.2%	12.0%	1.4x
2022-12	9.9x	₹14527 cr	9.2%	12.0%	1.4x
2022-11	10.5x	₹14527 cr	9.2%	12.0%	1.4x
2022-10	9.7x	₹14527 cr	9.2%	12.0%	1.4x
2022-09	9.5x	₹14527 cr	9.2%	12.0%	1.4x
2022-08	11.6x	₹14527 cr	9.2%	12.0%	1.4x
2022-07	10.2x	₹14527 cr	9.2%	12.0%	1.4x
2022-06	8.5x	₹14527 cr	9.2%	12.0%	1.4x
2022-05	9.7x	₹14527 cr	9.2%	12.0%	1.4x
2022-04	9.9x	₹14527 cr	9.2%	12.0%	1.4x
2022-03	11.2x	₹14527 cr	9.2%	12.0%	1.4x
2022-02	11.1x	₹10465 cr	8.6%	10.0%	1.6x
2022-01	13.0x	₹10465 cr	8.6%	10.0%	1.6x
2021-12	14.4x	₹10465 cr	8.6%	10.0%	1.6x
2021-11	11.9x	₹10465 cr	8.6%	10.0%	1.6x
2021-10	13.7x	₹10465 cr	8.6%	10.0%	1.6x
2021-09	14.5x	₹10465 cr	8.6%	10.0%	1.6x
2021-08	13.6x	₹10465 cr	8.6%	10.0%	1.6x
2021-07	15.8x	₹10465 cr	8.6%	10.0%	1.6x
2021-06	11.7x	₹10465 cr	8.6%	10.0%	1.6x
2021-05	10.6x	₹10465 cr	8.6%	10.0%	1.6x
2021-04	10.8x	₹10465 cr	8.6%	10.0%	1.6x
2021-03	8.6x	₹10465 cr	8.6%	10.0%	1.6x
2021-02	14.2x	₹12361 cr	7.5%	8.0%	1.6x
2021-01	10.9x	₹12361 cr	7.5%	8.0%	1.6x
2020-12	10.9x	₹12361 cr	7.5%	8.0%	1.6x
2020-11	9.9x	₹12361 cr	7.5%	8.0%	1.6x
2020-10	9.1x	₹12361 cr	7.5%	8.0%	1.6x
2020-09	8.8x	₹12361 cr	7.5%	8.0%	1.6x
2020-08	9.6x	₹12361 cr	7.5%	8.0%	1.6x
2020-07	7.9x	₹12361 cr	7.5%	8.0%	1.6x
2020-06	6.5x	₹12361 cr	7.5%	8.0%	1.6x
2020-05	6.2x	₹12361 cr	7.5%	8.0%	1.6x
2020-04	6.1x	₹12361 cr	7.5%	8.0%	1.6x
2020-03	4.8x	₹12361 cr	7.5%	8.0%	1.6x
2020-02	6.0x	₹14049 cr	11.0%	12.0%	1.7x
2020-01	6.3x	₹14049 cr	11.0%	12.0%	1.7x
2019-12	5.7x	₹14049 cr	11.0%	12.0%	1.7x
2019-11	6.1x	₹14049 cr	11.0%	12.0%	1.7x
2019-10	5.7x	₹14049 cr	11.0%	12.0%	1.7x
2019-09	5.5x	₹14049 cr	11.0%	12.0%	1.7x
2019-08	4.7x	₹14049 cr	11.0%	12.0%	1.7x
2019-07	5.2x	₹14049 cr	11.0%	12.0%	1.7x
2019-06	5.8x	₹14049 cr	11.0%	12.0%	1.7x
2019-05	6.6x	₹14049 cr	11.0%	12.0%	1.7x
2019-04	6.6x	₹14049 cr	11.0%	12.0%	1.7x
2019-03	5.9x	₹14049 cr	11.0%	12.0%	1.7x
2019-02	4.0x	₹11303 cr	16.2%	17.0%	1.9x
2019-01	5.3x	₹11303 cr	16.2%	17.0%	1.9x

Methodology and data notes