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RELIANCE INDUSTRIAL INFRASTRUC (RIIL)

Industrial Services · Oil & Gas Pipelines · 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.42 / 100
Profitability 7Growth 19Balance sheet 100
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.40 / 100
Price 49Earnings 33FII/DII 37

Share price

Closing priceAdjusted for splits and bonus issues.

₹706.15 latest close · −12.9% over the last 90 sessions

₹650₹700₹750₹800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹650₹700₹750₹800Jul 3Sep 4Nov 9

₹706.15 month-end · −18.7% over 12 months

₹700₹800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹700₹800Nov '25May '26Nov '26

₹706.15 month-end · −35.5% over 3 years

₹750₹1,000₹1,250₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹750₹1,000₹1,250₹1,500Nov '23May '25Nov '26

₹706.15 month-end · +125.0% since Jan '19

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

52-week range ₹617.35 to ₹908.00 · 1-year volatility 35.4%

Was the rally earned?

-19%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 107.8x to 87.9x); per-share earnings took off 0 points.
  • The share count barely moved.
Net profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0 ptsNet profit growthP/E change: −18 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−18 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −19%−19%Share priceNet profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0ProfitP/E change: −18 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−18P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −19%−19%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change-18 ptsThe P/E fell from 107.8x to 87.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-36%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 30 points, while the multiple moved less (P/E 94.1x to 87.9x).
  • The share count fell 2%.
Net profit growth: −32 pts. Points of the price return explained by net profit growing (or shrinking).−32 ptsNet profit growthP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5 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: −35%−35%Share priceNet profit growth: −32 pts. Points of the price return explained by net profit growing (or shrinking).−32ProfitP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −35%−35%Share price
Net profit growth-32 ptsNet profit fell about 33%, which lowers the price.
P/E change-5 ptsThe P/E fell from 94.1x to 87.9x, which lowers the price.
Share count change+2 ptsShare count fell 2%, which lifts the price.
+8%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 24 points, but investors now pay less per rupee of profit (P/E 102.4x to 87.9x), which took 16 points back.
  • The share count fell 4%.
Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 ptsP/E changeShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4 ptsShare count changeShare price: +8%+8%Share priceNet profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: +8%+8%Share price
Net profit growth+20 ptsNet profit rose about 21%, which lifts the price.
P/E change-16 ptsThe P/E fell from 102.4x to 87.9x, which lowers the price.
Share count change+4 ptsShare count fell 4%, 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 with other companies

How rough has the ride been?

Maximum drawdown-62.5%recovered 2021-06
1-year volatility35.4%annualised
Beta vs sector index1.083-year daily, correlation 0.62
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−57.8% 0%−20%−40%−60%2020202220242026−57.8%
Largest drawdowns

-62.5% (2020-01 peak to 2020-03 low, recovered 2021-06)

-58.8% (2024-02 peak to 2026-03 low, not yet recovered)

-39.7% (2022-09 peak to 2023-03 low, recovered 2023-12)

Most recent volume spikes

2026-10-19: 15.9x the 50-day median, price +2.4% that day

2026-10-15: 82x the 50-day median, price +5.0% that day

2026-10-07: 11.4x the 50-day median, price +3.4% 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?

87.9xP/E todayWithin its usual range
Against its own history41st percentile
CheapestMedian 98.0xDearest

Usual range 45.4x to 155.8x since 2019-01.

Against Industrial Services87.9x vs 14.0x
This company
87.9x
Sector median
14.0x

526% above the Industrial Services median.

8.0x71.5x135.0x198.6xJan '19Aug '20Mar '22Oct '23May '25Nov '268.0x71.5x135.0x198.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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

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

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE10th▲ 3 pts vs a year ago
  • Op. margin4thflat vs a year ago
  • Revenue growth15thflat vs a year ago
  • EPS growth44th▲ 4 pts vs a year ago
  • Debt/equity ↓98thflat vs a year ago
  • Cash cycle ↓78th▲ 12 pts vs a year ago
  • P/E ↓4thflat vs a year ago
  • 12M momentum59th▲ 11 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?

~31%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 84.7x, a holder earning 12%/yr needs earnings to grow about 31.3%/yr for 10 years, then trade at 15x.

Delivered0.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+31.3 ptsimplied minus delivered
Rank48thmost demanding of 856

Over time

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

-19%12%43% Jan 2019Nov 2026 -19%12%43% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x32.7%33.9%35.1%
15x30.1%31.3%32.4%
20x26.7%27.8%29.0%

Drag a slider to test other assumptions

Implied: 31.3%/yr

Looking back

  • Jan 2020Price implied 21%/yr; EPS has since grown 4%/yr (7.0 yrs)
  • Jan 2021Price implied 23%/yr; EPS has since grown 3%/yr (6.0 yrs)
  • Jan 2022Price implied 36%/yr; EPS has since grown 4%/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
₹706.15
P/E
87.9x
ROCE
3.0%
Market Cap
₹1066 cr
Revenue (TTM)
₹42 cr
P/S
25.6x
P/B
2.2x
ROE
2.6%
Operating Margin
-37.3%
Debt / Equity
0.0x
Promoter Holding
45.4%
12M Momentum
-18.7%

52-week range

₹617.35₹908.00
31% of the way from its 52-week low to its high

Price risk

1Y volatility
35.4%
Beta vs sector
1-year daily
0.99

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
-1.00x
low
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 6checks within range2 beyond a threshold
Other income reliance168%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 168.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate18%Within range

Median quarterly effective tax rate over about 2.5 years: 18.1%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-1.00xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -1.00x (cash from operations ₹-37 cr, net profit ₹37 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (23 vs 21). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% 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, institutional and promoter holdings were broadly unchanged.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters45.4%45.4%0.0 pts
FIIs1.1%0.7%-0.5 pts
DIIs0.0%0.0%0.0 pts
Public and others53.4%53.9%+0.5 pts

Number of shareholders

80,579shareholders-3% since Sep '23
80k82k84k86k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 83,329
Dec '23: 80,168
Mar '24: 81,712
Jun '24: 82,165
Sep '24: 82,700
Dec '24: 84,982
Mar '25: 86,305
Jun '25: 86,144
Sep '25: 84,627
Dec '25: 82,994
Mar '26: 82,388
Jun '26: 80,579
 80k82k84k86k Sep '23Sep '24Sep '25Jun '26
Sep '23: 83,329
Dec '23: 80,168
Mar '24: 81,712
Jun '24: 82,165
Sep '24: 82,700
Dec '24: 84,982
Mar '25: 86,305
Jun '25: 86,144
Sep '25: 84,627
Dec '25: 82,994
Mar '26: 82,388
Jun '26: 80,579

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

−4.9%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 RELIANCE INDUSTRIAL INFRASTRUC 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 −22% to +27% vs the market, against 0% for all non-financial companies in the same months.
  • The gap against the base rate (−4.8%, 80% range −9.9% to +6.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
HARDWYN · Sep 2024: −51.8% vs market
FMGOETZE · Jun 2020: −49.6% vs market
FCSSOFT · Jun 2025: −46.7% vs market
VAKRANGEE · Nov 2020: −36.9% vs market
CCHHL · Aug 2025: −35.9% vs market
SUBEXLTD · Apr 2023: −35.3% vs market
OSWALAGRO · Jan 2025: −31.9% vs market
WONDERLA · Jan 2020: −31.7% vs market
JSWHL · Aug 2021: −31.4% vs market
KICL · Aug 2021: −28.6% vs market
IVC · Feb 2025: −27.4% vs market
DIAMINESQ · Sep 2025: −25.0% vs market
SREEL · Jun 2021: −22.7% vs market
GUJAPOLLO · Jun 2022: −18.9% vs market
TEXINFRA · Dec 2021: −16.4% vs market
SUMMITSEC · Oct 2021: −13.9% vs market
MMTC · Sep 2025: −12.6% vs market
RESPONIND · Mar 2021: −11.9% vs market
ITDC · Feb 2021: −11.8% vs market
STEL · Jun 2021: −10.0% vs market
UNIENTER · Jul 2021: −8.5% vs market
ASHIANA · Feb 2022: −7.2% vs market
MOIL · Feb 2021: −6.6% vs market
INVENTURE · Sep 2020: −5.4% vs market
WENDT · Oct 2020: −4.9% vs market
MOTOGENFIN · Oct 2025: −4.9% vs market
LAOPALA · Jan 2022: −3.4% vs market
TATAINVEST · Dec 2020: +0.7% vs market
KIRLPNU · Apr 2024: +6.5% vs market
APTECHT · Feb 2022: +7.3% vs market
NATCOPHARM · May 2023: +12.3% vs market
ANTELOPUS · Jun 2021: +14.8% vs market
LFIC · Mar 2020: +17.1% vs market
URJA · Nov 2023: +20.8% vs market
PRIMESECU · Apr 2024: +23.2% vs market
ASTRAZEN · Nov 2022: +23.5% vs market
BSE · Jun 2020: +23.6% vs market
MAHSCOOTER · May 2022: +27.8% vs market
ASTRAMICRO · Mar 2020: +38.9% vs market
GEOJITFSL · Apr 2020: +48.7% vs market
SHANTIGEAR · Aug 2021: +49.3% vs market
PILITA · May 2020: +53.5% vs market
LPDC · Sep 2020: +53.6% vs market
LMW · Aug 2020: +54.4% vs market
GEECEE · Nov 2023: +56.8% vs market
MAHAPEXLTD · Jun 2022: +58.8% vs market
ZENTEC · Jul 2021: +72.8% vs market
MCX · Nov 2022: +79.1% vs market
QUICKHEAL · Aug 2023: +117.9% vs market
GKWLIMITED · Jan 2023: +124.3% vs market
Similar setups −4.9%All companies −0.1%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.9%
All companies' median
−0.1%
Beat the market
46% vs 50%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GKWLIMITED
Transportation		 Jan 2023 88x5% −11%−20% +124%
SUMMITSEC
Finance		 Oct 2021 41x1% +75%−15% −14%
TATAINVEST
Finance		 Dec 2020 56x1% +24%−5% +1%
JSWHL
Finance		 Aug 2021 73x1% +106%−17% −31%
MAHAPEXLTD
Finance		 Jun 2022 88x0% −20%−36% +59%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TEXINFRA
Utilities		 Dec 2021 80x1% +54%−6% −16%
ZENTEC
Technology Services		 Jul 2021 242x3% +61%−7% +73%
UNIENTER
Producer Manufacturing		 Jul 2021 37x1% +113%−6% −9%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, 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. Not used (unavailable for this company): 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 RELIANCE INDUSTRIAL INFRASTRUC. 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.

SHIPPING CORP OF IND LANDSCILAL
Finance
56%similar
debt/equityrevenue
BOMBAY DYEING & MFG COBOMDYEING
Process Industries
55%similar
revenue growthP/E
HINDUSTAN OIL EXPLORATION COHINDOILEXP
Energy Minerals
55%similar
ROCErevenue growth
DPSCDPSCLTD
Utilities
54%similar
ROCEoperating margin
WS INDUSTRIES (INDIA)WSI
Producer Manufacturing
54%similar
revenueoperating margin
PRAJ INDUSTRIESPRAJIND
Industrial Services
33%similar
P/EROCE
VASCON ENGINEERSVASCONEQ
Industrial Services
29%similar
ROCErevenue growth
CONSOLIDATED CONSTRUCTION CONSCCCL
Industrial Services
25%similar
debt/equityoperating margin

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

What changed?

30 events since Jun '22

  1. OctPriceVolume reached 82.0x its 50-day median on 2026-10-15; price +5.0% that day.
  2. SepResultsYear-on-year EPS growth turned negative.
  3. AugPriceVolume reached 23.1x its 50-day median on 2026-08-21; price +6.5% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
  6. JunPriceVolume reached 20.5x its 50-day median on 2026-06-16; price +7.2% that day.
  7. MarPriceFell 59% from the Feb 2024 peak to the Mar 2026 low.
  8. MarPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. MarPriceVolume reached 53.3x its 50-day median on 2026-03-20; price +12.3% that day.
  2. OctPriceVolume reached 9.8x its 50-day median on 2025-10-08; price +2.2% that day.
  3. SepPriceVolume reached 7.1x its 50-day median on 2025-09-03; price +2.3% that day.
  4. JunPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
  5. JunPriceVolume reached 10.2x its 50-day median on 2025-06-05; price +2.4% that day.
  6. JanPriceVolume reached 17.4x its 50-day median on 2025-01-02; price +11.4% that day.
  7. NovPriceVolume reached 9.9x its 50-day median on 2024-11-25; price +13.5% that day.
  8. SepPriceVolume reached 26.5x its 50-day median on 2024-09-23; price +19.1% that day.
  9. JunResultsYear-on-year EPS growth turned negative.
  10. JunPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the top quartile).
  11. JunPriceVolume reached 14.7x its 50-day median on 2024-06-11; price +11.8% that day.
  12. DecPriceRegained the 2022-09 peak, 9 months after the low.
  13. OctPriceVolume reached 16.2x its 50-day median on 2023-10-13; price +11.0% that day.
  14. AugPriceVolume reached 7.7x its 50-day median on 2023-08-01; price +4.6% that day.
  15. JunResultsYear-on-year EPS growth turned positive.
  16. JunPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 3rd quartile).
  17. MayPriceVolume reached 13.0x its 50-day median on 2023-05-04; price +6.9% that day.
  18. MarPriceFell 40% from the Sep 2022 peak to the Mar 2023 low.
  19. SepPriceRegained the 2022-04 peak, 3 months after the low.
  20. SepPriceVolume reached 9.1x its 50-day median on 2022-09-05; price +10.3% that day.
  21. JunPriceFell 34% from the Apr 2022 peak to the Jun 2022 low.
  22. JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).

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
2026-1187.9x₹42 cr2.6%3.0%0.0x
2026-1083.5x₹42 cr2.6%3.0%0.0x
2026-0984.4x₹42 cr2.6%3.0%0.0x
2026-0891.8x₹45 cr2.6%3.0%0.0x
2026-0790.6x₹45 cr2.6%3.0%0.0x
2026-0699.4x₹45 cr2.6%3.0%0.0x
2026-0591.8x₹49 cr2.7%2.0%0.0x
2026-0495.7x₹49 cr2.7%2.0%0.0x
2026-0376.2x₹49 cr2.7%2.0%0.0x
2026-0287.8x₹49 cr2.6%2.0%0.0x
2026-0189.0x₹49 cr2.6%2.0%0.0x
2025-12100.6x₹49 cr2.6%2.0%0.0x
2025-11107.8x₹50 cr2.6%2.0%0.0x
2025-10111.2x₹50 cr2.6%2.0%0.0x
2025-09106.9x₹50 cr2.6%2.0%0.0x
2025-08111.1x₹50 cr2.6%2.0%0.0x
2025-07109.6x₹50 cr2.6%2.0%0.0x
2025-06122.5x₹50 cr2.6%2.0%0.0x
2025-05113.9x₹52 cr2.6%4.0%0.0x
2025-04103.5x₹52 cr2.6%4.0%0.0x
2025-0398.0x₹52 cr2.6%4.0%0.0x
2025-0289.2x₹54 cr2.8%4.0%0.0x
2025-01109.8x₹54 cr2.8%4.0%0.0x
2024-12122.7x₹54 cr2.8%4.0%0.0x
2024-11132.3x₹56 cr2.8%4.0%0.0x
2024-10126.1x₹56 cr2.8%4.0%0.0x
2024-09141.5x₹56 cr2.8%4.0%0.0x
2024-08135.1x₹58 cr2.8%4.0%0.0x
2024-07149.0x₹58 cr2.8%4.0%0.0x
2024-06153.5x₹58 cr2.8%4.0%0.0x
2024-05101.5x₹68 cr4.2%3.0%0.0x
2024-04113.8x₹68 cr4.2%3.0%0.0x
2024-03109.6x₹68 cr4.2%3.0%0.0x
2024-02122.0x₹68 cr4.2%3.0%0.0x
2024-01121.2x₹68 cr4.2%3.0%0.0x
2023-12115.8x₹68 cr4.2%3.0%0.0x
2023-1194.1x₹68 cr4.2%3.0%0.0x
2023-1086.4x₹68 cr4.2%3.0%0.0x
2023-0982.7x₹68 cr4.2%3.0%0.0x
2023-0887.4x₹68 cr4.2%3.0%0.0x
2023-0783.3x₹68 cr4.2%3.0%0.0x
2023-0681.9x₹68 cr4.2%3.0%0.0x
2023-05164.3x₹65 cr1.8%3.0%0.0x
2023-04152.4x₹65 cr1.8%3.0%0.0x
2023-03141.4x₹65 cr1.8%3.0%0.0x
2023-02145.0x₹65 cr1.8%3.0%0.0x
2023-01157.3x₹65 cr1.8%3.0%0.0x
2022-12170.8x₹65 cr1.8%3.0%0.0x
2022-11190.8x₹65 cr1.8%3.0%0.0x
2022-10198.6x₹65 cr1.8%3.0%0.0x
2022-09194.7x₹65 cr1.8%3.0%0.0x
2022-08185.2x₹65 cr1.8%3.0%0.0x
2022-07177.6x₹65 cr1.8%3.0%0.0x
2022-06172.3x₹65 cr1.8%3.0%0.0x
2022-05144.8x₹54 cr2.4%3.0%0.0x
2022-04173.1x₹54 cr2.4%3.0%0.0x
2022-03121.8x₹54 cr2.4%3.0%0.0x
2022-02109.3x₹54 cr2.4%3.0%0.0x
2022-01137.7x₹54 cr2.4%3.0%0.0x
2021-12134.5x₹54 cr2.4%3.0%0.0x

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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