अApnaFunda
Menu

RAMKY INFRASTRUCTURE LIMITED (RAMKY)

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.41 / 100
Profitability 32Growth 24Balance sheet 67
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.56 / 100
Price 66Earnings 29FII/DII 73

Passes these screensLittle growth priced in

Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹401.3 latest close · −0.5% over the last 90 sessions

₹250₹300₹350₹400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹250₹300₹350₹400Jul 3Sep 4Nov 9

₹401.3 month-end · −32.4% over 12 months

₹300₹400₹500₹600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹300₹400₹500₹600Nov '25May '26Nov '26

₹401.3 month-end · −44.9% over 3 years

₹400₹600₹800Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹600₹800Nov '23May '25Nov '26

₹401.3 month-end · +200.4% since Jan '19

₹0₹500₹1,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹500₹1,000Jan '19Dec '22Nov '26

52-week range ₹244.00 to ₹653.00 · 1-year volatility 41.9%

Was the rally earned?

-32%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 16 points, but investors now pay less per rupee of profit (P/E 21.0x to 11.8x), which took 48 points back.
  • The share count fell 2%.
Net profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14 ptsNet profit growthP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48 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: −32%−32%Share priceNet profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14ProfitP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −32%−32%Share price
Net profit growth+14 ptsNet profit rose about 18%, which lifts the price.
P/E change-48 ptsThe P/E fell from 21.0x to 11.8x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts the price.
-45%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 119 points, while the multiple moved less (P/E 4.4x to 11.8x).
  • The share count rose 3%.
Net profit growth: −117 pts. Points of the price return explained by net profit growing (or shrinking).−117 ptsNet profit growthP/E change: +74 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+74 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: −45%−45%Share priceNet profit growth: −117 pts. Points of the price return explained by net profit growing (or shrinking).−117ProfitP/E change: +74 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+74P/EShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2SharesShare price: −45%−45%Share price
Net profit growth-117 ptsNet profit fell about 79%, which lowers the price.
P/E change+74 ptsThe P/E rose from 4.4x to 11.8x, which lifts the price.
Share count change-2 ptsShare count rose 3%, which lowers the price.
+170%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 426 points, but investors now pay less per rupee of profit (P/E 52.4x to 11.8x), which took 256 points back.
  • The share count rose 7%.
Net profit growth: +438 pts. Points of the price return explained by net profit growing (or shrinking).+438 ptsNet profit growthP/E change: −256 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−256 ptsP/E changeShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12 ptsShare count changeShare price: +170%+170%Share priceNet profit growth: +438 pts. Points of the price return explained by net profit growing (or shrinking).+438ProfitP/E change: −256 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−256P/EShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12SharesShare price: +170%+170%Share price
Net profit growth+438 ptsNet profit rose about 1190%, which lifts the price.
P/E change-256 ptsThe P/E fell from 52.4x to 11.8x, which lowers the price.
Share count change-12 ptsShare count rose 7%, which lowers the price.
What do "pts" mean?

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

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

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

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-89.6%recovered 2021-06
1-year volatility41.9%annualised
Beta vs sector index1.003-year daily, correlation 0.47
Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−88.7% 0%−25%−50%−75%2020202220242026−88.7%
Largest drawdowns

-89.6% (2019-01 peak to 2020-03 low, recovered 2021-06)

-75.2% (2024-02 peak to 2026-10 low, not yet recovered)

-50.1% (2022-01 peak to 2022-06 low, recovered 2022-10)

Most recent volume spikes

2026-11-09: 7x the 50-day median, price -1.9% that day

2026-11-08: 10.9x the 50-day median, price +4.3% that day

2026-11-06: 104.6x the 50-day median, price +13.0% 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?

11.8xP/E todayWithin its usual range
Against its own history25th percentile
CheapestMedian 18.3xDearest

Usual range 3.8x to 79.8x since 2019-01.

Against Industrial Services11.8x vs 14.0x
This company
11.8x
Sector median
14.0x

16% below the Industrial Services median.

2.3x40.5x78.7x116.9xJan '19Aug '20Mar '22Oct '23May '25Nov '262.3x40.5x78.7x116.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

  • ROCE43rd▼ 6 pts vs a year ago
  • Op. margin22nd▼ 44 pts vs a year ago
  • Revenue growth34th▲ 24 pts vs a year ago
  • EPS growth64th▲ 36 pts vs a year ago
  • Debt/equity ↓61stflat vs a year ago
  • Cash cycle ↓32nd▼ 25 pts vs a year ago
  • P/E ↓60th▲ 22 pts vs a year ago
  • 12M momentum33rd▼ 42 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?

~4%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 7.2x, a holder earning 12%/yr needs earnings to grow about 4.1%/yr for 10 years, then trade at 15x.

Delivered63.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−55.9 ptsimplied minus delivered
Rank855thmost demanding of 856

Over time

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

0%32%64% Jan 2019Nov 2026 0%32%64% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x5.5%6.4%7.4%
15x3.2%4.1%5.0%
20x0.2%1.1%2.0%

Drag a slider to test other assumptions

Implied: 4.1%/yr

Looking back

  • Jan 2022Price implied 33%/yr; EPS has since grown 72%/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
₹401.30
P/E
11.8x
ROCE
14.0%
Market Cap
₹2778 cr
Revenue (TTM)
₹1939 cr
P/S
1.4x
P/B
1.3x
ROE
10.9%
Operating Margin
6.0%
Debt / Equity
0.3x
Promoter Holding
69.8%
12M Momentum
-32.4%

52-week range

₹244.00₹653.00
38% of the way from its 52-week low to its high

Price risk

1Y volatility
41.9%
Beta vs sector
1-year daily
1.04

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.60x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 6checks within range2 beyond a threshold
Other income reliance86%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 86.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate31%Within range

Median quarterly effective tax rate over about 2.5 years: 31.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.60xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.60x (cash from operations ₹481 cr, net profit ₹806 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+82 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 82 days (152 vs 70). 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 added 1.3 pts; DIIs added 0.5 pts.
  • The number of shareholders rose from 16,366 to 23,063 (+41%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters69.8%69.8%0.0 pts
FIIs0.6%1.9%+1.3 pts
DIIs0.4%0.9%+0.5 pts
Public and others29.2%27.4%-1.9 pts

Number of shareholders

23,063shareholders+41% since Sep '23
16k19k21k24k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 16,366
Dec '23: 16,984
Mar '24: 20,751
Jun '24: 23,839
Sep '24: 24,037
Dec '24: 23,881
Mar '25: 23,251
Jun '25: 23,241
Sep '25: 23,162
Dec '25: 22,278
Mar '26: 23,216
Jun '26: 23,063
 16k19k21k24k Sep '23Sep '24Sep '25Jun '26
Sep '23: 16,366
Dec '23: 16,984
Mar '24: 20,751
Jun '24: 23,839
Sep '24: 24,037
Dec '24: 23,881
Mar '25: 23,251
Jun '25: 23,241
Sep '25: 23,162
Dec '25: 22,278
Mar '26: 23,216
Jun '26: 23,063

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

+8.2%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 RAMKY INFRASTRUCTURE 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 −15% to +51% vs the market, against +3% for all non-financial companies in the same months.
  • The gap against the base rate (+5.7%, 80% range −6.5% to +16.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
PAKKA · Jul 2025: −65.6% vs market
JAGRAN · Jan 2020: −49.4% vs market
DALMIASUG · Mar 2023: −32.3% vs market
GATEWAY · Aug 2024: −30.1% vs market
INDOCO · Oct 2023: −29.9% vs market
SIYSIL · Mar 2020: −29.7% vs market
GHCL · Apr 2023: −28.3% vs market
GTPL · Aug 2023: −26.3% vs market
DBCORP · Jun 2021: −26.0% vs market
AARTIDRUGS · Mar 2024: −24.4% vs market
CAPACITE · Oct 2020: −24.0% vs market
BLISSGVS · May 2022: −18.1% vs market
BIRLACORPN · Apr 2022: −14.6% vs market
TRIVENI · Nov 2024: −14.2% vs market
AVTNPL · Sep 2024: −10.3% vs market
TIMETECHNO · Feb 2020: −9.9% vs market
APEX · May 2021: −9.8% vs market
TVSSRICHAK · Aug 2020: −8.0% vs market
FAZE3Q · Mar 2024: −6.8% vs market
WELENT · Aug 2020: −6.3% vs market
SHK · Oct 2022: −4.0% vs market
BALRAMCHIN · Aug 2022: +1.7% vs market
TIIL · Feb 2020: +2.6% vs market
BODALCHEM · Jun 2020: +3.9% vs market
HARSHA · Dec 2023: +7.7% vs market
VINDHYATEL · Jun 2020: +8.7% vs market
EPL · Feb 2024: +9.0% vs market
KELLTONTEC · Apr 2023: +14.8% vs market
KNRCON · Dec 2023: +14.8% vs market
JKIL · Jun 2020: +20.9% vs market
NRBBEARING · Mar 2022: +22.4% vs market
PCBL · Nov 2021: +24.4% vs market
GLENMARK · Mar 2020: +25.6% vs market
FSL · Jan 2023: +36.2% vs market
JUBLPHARMA · Mar 2023: +37.5% vs market
JKLAKSHMI · Jun 2022: +42.4% vs market
TIRUMALCHM · Nov 2023: +45.3% vs market
KIRLOSBROS · Mar 2022: +52.6% vs market
KCP · May 2020: +54.0% vs market
SPAL · Sep 2020: +54.9% vs market
TCI · Jul 2020: +55.3% vs market
ORIENTCEM · Jan 2023: +65.0% vs market
LGBBROSLTD · May 2021: +72.3% vs market
GANECOS · Dec 2021: +75.0% vs market
DOLLAR · Jul 2020: +78.6% vs market
GNA · Dec 2020: +97.9% vs market
NCLIND · Jul 2020: +106.7% vs market
GRWRHITECH · Feb 2023: +107.5% vs market
MAHSEAMLES · Jun 2021: +112.2% vs market
SMSPHARMA · Feb 2020: +170.5% vs market
Similar setups +8.2%All companies +2.5%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+8.2%
All companies' median
+2.5%
Beat the market
58% vs 52%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKIL
Industrial Services		 Jun 2020 7x13% −41%−44% +21%
DALMIASUG
Process Industries		 Mar 2023 9x13% −30%−38% −32%
BODALCHEM
Process Industries		 Jun 2020 8x11% −40%−40% +4%
INDOCO
Health Technology		 Oct 2023 21x17% −10%−24% −30%
SIYSIL
Process Industries		 Mar 2020 7x17% −67%−68% −30%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SMSPHARMA
Health Technology		 Feb 2020 8x17% −45%−47% +171%
TIIL
Producer Manufacturing		 Feb 2020 6x15% −44%−50% +3%
JAGRAN
Consumer Services		 Jan 2020 7x17% −34%−46% −49%
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 ROCE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 RAMKY INFRASTRUCTURE 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.

SIYARAM SILK MILLSSIYSIL
Process Industries
73%similar
debt/equityP/E
KRYSTAL INTEGRATED SERVICEKRYSTAL
Commercial Services
67%similar
operating marginpromoter holding
TCI EXPRESSTCIEXP
Transportation
66%similar
ROCEvolatility
NILKAMALNILKAMAL
Consumer Durables
64%similar
debt/equitymarket cap
MONTE CARLO FASHIONSMONTECARLO
Consumer Non-Durables
61%similar
ROCErevenue growth
VIKRAN ENGINEERINGVIKRAN
Industrial Services
47%similar
debt/equityoperating margin
IRCON INTERNATIONALIRCON
Industrial Services
46%similar
volatilitypromoter holding
ISGEC HEAVY ENGINEERINGISGEC
Industrial Services
45%similar
operating marginrevenue growth

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

What changed?

30 events since Apr '23

  1. OctPriceFell 75% from the Feb 2024 peak to the Oct 2026 low.
  2. OctPriceVolume reached 197.6x its 50-day median on 2026-10-28; price +17.4% that day.
  3. SepPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 2nd quartile).
  6. JunDividendStarted paying a dividend (payout 3% of profit).
  7. MarPriceVolume reached 486.4x its 50-day median on 2026-03-05; price +11.9% that day.
  8. OctPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
Show 22 earlier events
  1. OctPriceVolume reached 158.3x its 50-day median on 2025-10-07; price +7.4% that day.
  2. SepPeer rankMoved into the 2nd quartile of Industrial Services on operating margin (from the bottom quartile).
  3. SepPriceVolume reached 22.9x its 50-day median on 2025-09-19; price +2.3% that day.
  4. JunPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 2nd quartile).
  5. JunPriceVolume reached 7.5x its 50-day median on 2025-06-25; price +5.1% that day.
  6. MarDebtDebt / equity halved over 12 months to 0.49x.
  7. MarPriceVolume reached 5.6x its 50-day median on 2025-03-27; price -3.2% that day.
  8. NovPriceVolume reached 6.9x its 50-day median on 2024-11-27; price +11.5% that day.
  9. AugDebtDebt / equity halved over 12 months to 0.49x.
  10. JulPriceVolume reached 7.7x its 50-day median on 2024-07-12; price +5.9% that day.
  11. JunResultsYear-on-year EPS growth turned negative.
  12. JunPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the top quartile).
  13. JunDebtDebt / equity fell below 1.0x (0.49x).
  14. JunPriceVolume reached 9.9x its 50-day median on 2024-06-20; price +12.2% that day.
  15. FebValuationP/E fell below the 10th percentile of its own history to date (3.6x).
  16. FebPriceVolume reached 12.9x its 50-day median on 2024-02-02; price -20.0% that day.
  17. JanDebtDebt / equity halved over 12 months to 1.17x.
  18. AugPriceVolume reached 7.6x its 50-day median on 2023-08-04; price +4.7% that day.
  19. JunValuationP/E fell below the 10th percentile of its own history to date (2.3x).
  20. JunPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
  21. JunDebtDebt / equity halved over 12 months to 1.17x.
  22. AprPriceRegained the 2022-12 peak, 4 months after the low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1111.8x₹1939 cr10.9%14.0%0.3x
2026-109.0x₹1939 cr10.9%14.0%0.3x
2026-098.2x₹1939 cr10.9%14.0%0.3x
2026-089.0x₹1847 cr12.6%14.0%0.3x
2026-079.7x₹1847 cr12.6%14.0%0.3x
2026-0610.2x₹1847 cr12.6%14.0%0.3x
2026-0514.4x₹1829 cr11.1%17.0%0.3x
2026-0416.2x₹1829 cr11.1%17.0%0.3x
2026-0313.7x₹1829 cr11.1%17.0%0.3x
2026-0216.4x₹1799 cr10.2%17.0%0.3x
2026-0117.1x₹1799 cr10.2%17.0%0.3x
2025-1220.0x₹1799 cr10.2%17.0%0.3x
2025-1121.0x₹1854 cr10.6%17.0%0.3x
2025-1022.5x₹1854 cr10.6%17.0%0.3x
2025-0919.8x₹1854 cr10.6%17.0%0.3x
2025-0820.0x₹2044 cr10.3%17.0%0.3x
2025-0721.5x₹2044 cr10.3%17.0%0.3x
2025-0620.7x₹2044 cr10.3%17.0%0.3x
2025-0512.7x₹2136 cr15.3%21.0%0.5x
2025-0412.5x₹2136 cr15.3%21.0%0.5x
2025-0312.0x₹2136 cr15.3%21.0%0.5x
2025-0212.3x₹2118 cr14.1%21.0%0.5x
2025-0116.1x₹2118 cr14.1%21.0%0.5x
2024-1218.3x₹2118 cr14.1%21.0%0.5x
2024-1115.6x₹2173 cr16.2%21.0%0.5x
2024-1015.9x₹2173 cr16.2%21.0%0.5x
2024-0916.7x₹2173 cr16.2%21.0%0.5x
2024-0816.0x₹2161 cr18.1%21.0%0.5x
2024-0717.2x₹2161 cr18.1%21.0%0.5x
2024-0613.0x₹2161 cr18.1%21.0%0.5x
2024-053.1x₹1705 cr78.7%16.0%1.2x
2024-043.4x₹1705 cr78.7%16.0%1.2x
2024-032.9x₹1705 cr78.7%16.0%1.2x
2024-023.6x₹1705 cr78.7%16.0%1.2x
2024-015.6x₹1705 cr78.7%16.0%1.2x
2023-124.8x₹1705 cr78.7%16.0%1.2x
2023-114.4x₹1705 cr78.7%16.0%1.2x
2023-103.7x₹1705 cr78.7%16.0%1.2x
2023-093.6x₹1705 cr78.7%16.0%1.2x
2023-083.4x₹1705 cr78.7%16.0%1.2x
2023-072.6x₹1705 cr78.7%16.0%1.2x
2023-062.3x₹1705 cr78.7%16.0%1.2x
2023-05113.2x₹1459 cr14.0%19.0%7.7x
2023-04116.9x₹1459 cr14.0%19.0%7.7x
2023-0385.5x₹1459 cr14.0%19.0%7.7x
2023-0281.6x₹1459 cr14.0%19.0%7.7x
2023-0183.8x₹1459 cr14.0%19.0%7.7x
2022-1283.8x₹1459 cr14.0%19.0%7.7x
2022-1181.8x₹1459 cr14.0%19.0%7.7x
2022-1083.4x₹1459 cr14.0%19.0%7.7x
2022-0961.1x₹1459 cr14.0%19.0%7.7x
2022-0857.2x₹1459 cr14.0%19.0%7.7x
2022-0746.2x₹1459 cr14.0%19.0%7.7x
2022-0643.6x₹1459 cr14.0%19.0%7.7x
2022-0561.6x₹1056 cr5.4%9.0%6.8x
2022-0475.2x₹1056 cr5.4%9.0%6.8x
2022-0362.3x₹1056 cr5.4%9.0%6.8x
2022-0266.3x₹1056 cr5.4%9.0%6.8x
2022-0181.0x₹1056 cr5.4%9.0%6.8x
2021-1268.6x₹1056 cr5.4%9.0%6.8x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

Feedback