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RAIL VIKAS NIGAM LIMITED (RVNL)

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.33 / 100
Profitability 23Growth 30Balance sheet 46
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.27 / 100
Price 31Earnings 37FII/DII 14
Compare withLARSEN AND TOUBROJSW INFRASTRUCTURECEMINDIA PROJECTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹201.7 latest close · −14.5% over the last 90 sessions

₹180₹200₹220₹240Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹180₹200₹220₹240Jul 3Sep 4Nov 9

₹201.7 month-end · −37.8% over 12 months

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

₹201.7 month-end · +22.8% over 3 years

₹200₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹400₹600Nov '23May '25Nov '26

₹201.7 month-end · +814.7% since Apr '19

₹0₹200₹400₹600Apr '19Oct '20Apr '22Nov '23May '25Nov '26 ₹0₹200₹400₹600Apr '19Feb '23Nov '26

52-week range ₹177.86 to ₹400.70 · 1-year volatility 35.0%

Was the rally earned?

-38%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 22 points and the multiple took off 15 points (P/E 56.9x to 46.8x).
  • The share count barely moved.
Net profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22 ptsNet profit growthP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15 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: −38%−38%Share priceNet profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22ProfitP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −38%−38%Share price
Net profit growth-22 ptsNet profit fell about 25%, which lowers the price.
P/E change-15 ptsThe P/E fell from 56.9x to 46.8x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+23%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 25.5x to 46.8x); per-share earnings took off 45 points.
  • The share count barely moved.
Net profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45 ptsNet profit growthP/E change: +67 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+67 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: +23%+23%Share priceNet profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45ProfitP/E change: +67 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+67P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +23%+23%Share price
Net profit growth-45 ptsNet profit fell about 33%, which lowers the price.
P/E change+67 ptsThe P/E rose from 25.5x to 46.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+503%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 7.0x to 46.8x); per-share earnings took off 28 points.
  • The share count barely moved.
Net profit growth: −28 pts. Points of the price return explained by net profit growing (or shrinking).−28 ptsNet profit growthP/E change: +531 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+531 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: +503%+503%Share priceNet profit growth: −28 pts. Points of the price return explained by net profit growing (or shrinking).−28ProfitP/E change: +531 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+531P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +503%+503%Share price
Net profit growth-28 ptsNet profit fell about 10%, which lowers the price.
P/E change+531 ptsThe P/E rose from 7.0x to 46.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against 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-71.5%not yet recovered
1-year volatility35.0%annualised
Beta vs sector index1.243-year daily, correlation 0.57
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−71.5% 0%−20%−40%−60%2020202220242026−71.5%
Largest drawdowns

-71.5% (2024-07 peak to 2026-10 low, not yet recovered)

-62.1% (2019-05 peak to 2020-03 low, recovered 2021-01)

-32.2% (2021-10 peak to 2022-02 low, recovered 2022-11)

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?

46.8xP/E todayWithin its usual range
Against its own history70th percentile
CheapestMedian 13.4xDearest

Usual range 5.9x to 63.3x since 2019-04.

Against Industrial Services46.8x vs 14.0x
This company
46.8x
Sector median
14.0x

233% above the Industrial Services median.

3.9x29.4x54.9x80.5xApr '19Nov '20Jun '22Jan '24Aug '25Nov '263.9x29.4x54.9x80.5xApr '19Nov '21Jun '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

  • ROCE30th▼ 12 pts vs a year ago
  • Op. margin16th▲ 3 pts vs a year ago
  • Revenue growth36th▲ 12 pts vs a year ago
  • EPS growth23rd▼ 12 pts vs a year ago
  • Debt/equity ↓42nd▲ 6 pts vs a year ago
  • Cash cycle ↓49th▼ 22 pts vs a year ago
  • P/E ↓12th▲ 6 pts vs a year ago
  • 12M momentum26th▼ 23 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?

~20%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 34.1x, a holder earning 12%/yr needs earnings to grow about 19.7%/yr for 10 years, then trade at 15x.

Delivered11.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+8.0 ptsimplied minus delivered
Rank367thmost demanding of 856

Over time

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

-2%17%35% Apr 2019Nov 2026 -2%17%35% Apr 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x21.1%22.2%23.3%
15x18.7%19.7%20.8%
20x15.6%16.6%17.7%

Drag a slider to test other assumptions

Implied: 19.7%/yr

Looking back

  • Jan 2020Price implied 7%/yr; EPS has since grown 3%/yr (7.0 yrs)
  • Jan 2021Price implied 7%/yr; EPS has since grown 2%/yr (6.0 yrs)
  • Jan 2022Price implied 6%/yr; EPS has since grown −3%/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
₹201.70
P/E
46.8x
ROCE
11.0%
Market Cap
₹41978 cr
Revenue (TTM)
₹20824 cr
P/S
2.0x
P/B
4.3x
ROE
9.1%
Operating Margin
4.3%
Debt / Equity
0.5x
Promoter Holding
72.8%
12M Momentum
-37.8%

52-week range

₹177.86₹400.70
11% of the way from its 52-week low to its high

Price risk

1Y volatility
35.0%
Beta vs sector
1-year daily
1.02

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.80x
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 6checks within range2 beyond a threshold
Other income reliance63%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 63.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 25.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.80xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.80x (cash from operations ₹2,948 cr, net profit ₹3,700 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+78 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 78 days (96 vs 18). 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, DIIs added 0.8 pts.
  • The number of shareholders rose from 13.4 lakh to 22.1 lakh (+65%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters72.8%72.8%0.0 pts
FIIs2.3%2.4%+0.1 pts
DIIs5.8%6.6%+0.8 pts
Public and others19.0%18.1%-0.9 pts

Number of shareholders

22.1 lakhshareholders+65% since Sep '23
13.4L16.8L20.3L23.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 13.4 lakh
Dec '23: 14.0 lakh
Mar '24: 18.4 lakh
Jun '24: 20.7 lakh
Sep '24: 23.0 lakh
Dec '24: 23.2 lakh
Mar '25: 23.7 lakh
Jun '25: 22.9 lakh
Sep '25: 22.8 lakh
Dec '25: 22.1 lakh
Mar '26: 21.9 lakh
Jun '26: 22.1 lakh
 13.4L16.8L20.3L23.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 13.4 lakh
Dec '23: 14.0 lakh
Mar '24: 18.4 lakh
Jun '24: 20.7 lakh
Sep '24: 23.0 lakh
Dec '24: 23.2 lakh
Mar '25: 23.7 lakh
Jun '25: 22.9 lakh
Sep '25: 22.8 lakh
Dec '25: 22.1 lakh
Mar '26: 21.9 lakh
Jun '26: 22.1 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

+12.8%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like RAIL VIKAS NIGAM 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 −3% to +39% vs the market, against +3% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +10.1%, 80% range +3.8% to +20.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
SFL · Aug 2023: −43.9% vs market
GVT&D · Jan 2020: −41.4% vs market
LXCHEM · Jul 2023: −35.0% vs market
LUPIN · Aug 2021: −34.8% vs market
SHILPAMED · Sep 2022: −20.1% vs market
MEDPLUS · Jan 2023: −19.0% vs market
PRIVISCL · Dec 2022: −19.0% vs market
TRIDENT · Jul 2023: −17.1% vs market
BIOCON · Mar 2023: −13.8% vs market
TITAGARH · Aug 2025: −8.0% vs market
AARTIIND · Jun 2023: −7.0% vs market
HIKAL · Oct 2025: −6.2% vs market
CROMPTON · Jun 2023: −4.5% vs market
BBTC · Aug 2022: +0.3% vs market
BAJAJELEC · Apr 2022: +1.4% vs market
THERMAX · Oct 2025: +2.2% vs market
IPCALAB · Jun 2023: +3.8% vs market
BALKRISIND · Jan 2024: +4.4% vs market
MOTILALOFS · Jan 2021: +5.2% vs market
EPL · Aug 2022: +5.3% vs market
MOTHERSON · Jan 2023: +7.9% vs market
INDHOTEL · Jun 2020: +8.3% vs market
SOMANYCERA · Sep 2022: +9.1% vs market
BIRLACORPN · Jul 2022: +9.9% vs market
BLUESTARCO · Jun 2021: +10.7% vs market
ANURAS · Jan 2023: +15.0% vs market
CAMLINFINE · Aug 2022: +16.4% vs market
MAHSEAMLES · Dec 2020: +18.5% vs market
RAMCOCEM · Jun 2022: +20.9% vs market
MAHLOG · Jun 2020: +22.9% vs market
SOBHA · Nov 2022: +27.0% vs market
APOLLOTYRE · Jun 2020: +27.5% vs market
ASTERDM · Dec 2021: +28.2% vs market
WELSPUNLIV · Jan 2020: +29.0% vs market
JKCEMENT · Jun 2022: +33.5% vs market
HFCL · Oct 2023: +34.0% vs market
AMBER · Mar 2023: +34.9% vs market
DALBHARAT · Jun 2022: +40.5% vs market
JUBLFOOD · Feb 2024: +40.7% vs market
NAVINFLUOR · Jul 2024: +41.0% vs market
M&M · Jul 2021: +45.7% vs market
EIHOTEL · Apr 2021: +49.6% vs market
INDUSTOWER · Jun 2023: +56.0% vs market
TORNTPOWER · Jan 2023: +66.2% vs market
ELGIEQUIP · Jun 2020: +74.0% vs market
KCP · Jun 2020: +84.1% vs market
BEML · Apr 2023: +95.1% vs market
SAGCEM · Jun 2020: +100.9% vs market
CIEINDIA · Feb 2022: +120.3% vs market
FLUOROCHEM · Oct 2020: +137.1% vs market
Similar setups +12.8%All companies +2.7%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
+12.8%
All companies' median
+2.7%
Beat the market
74% vs 53%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DALBHARAT
Non-Energy Minerals		 Jun 2022 30x7% −32%−48% +41%
INDHOTEL
Consumer Services		 Jun 2020 29x7% −49%−50% +8%
MEDPLUS
Retail Trade		 Jan 2023 79x10% −41%−47% −19%
AARTIIND
Process Industries		 Jun 2023 34x10% −28%−45% −7%
MOTHERSON
Producer Manufacturing		 Jan 2023 59x6% −37%−38% +8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ASTERDM
Health Services		 Dec 2021 59x6% +5%−26% +28%
JKCEMENT
Non-Energy Minerals		 Jun 2022 24x17% −26%−44% +34%
SFL
Process Industries		 Aug 2023 55x14% −25%−31% −44%
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, ROCE and revenue growth. 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 RAIL VIKAS NIGAM 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.

UNITED BREWERIESUBL
Consumer Non-Durables
57%similar
ROCEmarket cap
SISSIS
Commercial Services
56%similar
operating marginrevenue
BELRISE INDUSTRIESBELRISE
Producer Manufacturing
55%similar
revenuemarket cap
PDSPDSL
Consumer Non-Durables
55%similar
operating marginP/E
THERMAXTHERMAX
Producer Manufacturing
55%similar
market capoperating margin
ISGEC HEAVY ENGINEERINGISGEC
Industrial Services
62%similar
ROCEoperating margin
IRCON INTERNATIONALIRCON
Industrial Services
53%similar
EPS growthROCE
AFCONS INFRASTRUCTUREAFCONS
Industrial Services
33%similar
volatilityrevenue

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

What changed?

30 events since Feb '23

  1. OctPriceFell 72% from the Jul 2024 peak to the Oct 2026 low.
  2. AugPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
  3. MayPriceVolume reached 9.4x its 50-day median on 2026-05-29; price -2.7% that day.
  4. FebPriceVolume reached 5.2x its 50-day median on 2026-02-01; price -4.9% that day.
  5. DecValuationP/E crossed above the 90th percentile of its own history to date (65.9x).
  6. DecPriceVolume reached 31.9x its 50-day median on 2025-12-26; price +12.2% that day.
  7. SepPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
  8. SepPriceVolume reached 5.3x its 50-day median on 2025-09-02; price +5.1% that day.
Show 22 earlier events
  1. AugPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
  2. JunPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  3. MayValuationP/E crossed above the 90th percentile of its own history to date (65.0x).
  4. MayPriceVolume reached 6.9x its 50-day median on 2025-05-16; price +8.9% that day.
  5. MarResultsYear-on-year EPS growth turned negative.
  6. FebPriceVolume reached 11.0x its 50-day median on 2025-02-01; price -9.0% that day.
  7. DecPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
  8. SepPeer rankSlipped to the bottom quartile of Industrial Services on operating margin (from the 3rd quartile).
  9. JulPriceVolume reached 10.1x its 50-day median on 2024-07-10; price +12.4% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹21,889 cr.
  11. MayPriceRegained the 2024-01 peak, 2 months after the low.
  12. MayPriceVolume reached 9.7x its 50-day median on 2024-05-21; price +14.0% that day.
  13. MarPriceFell 30% from the Jan 2024 peak to the Mar 2024 low.
  14. JanPriceVolume reached 12.4x its 50-day median on 2024-01-19; price +19.6% that day.
  15. SepPriceVolume reached 19.6x its 50-day median on 2023-09-04; price +11.6% that day.
  16. JunResultsRevenue (TTM) reached a new high of ₹20,282 cr.
  17. JunPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
  18. JunDebtDebt / equity fell below 1.0x (0.89x).
  19. AprPriceRegained the 2022-11 peak, 2 months after the low.
  20. AprPriceVolume reached 41.5x its 50-day median on 2023-04-26; price +0.1% that day.
  21. MarPriceVolume reached 11.8x its 50-day median on 2023-03-02; price +12.2% that day.
  22. FebPriceFell 28% from the Nov 2022 peak to the Feb 2023 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 history92 months · 2019-04 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1146.8x₹20824 cr9.1%11.0%0.5x
2026-1041.7x₹20824 cr9.1%11.0%0.5x
2026-0946.8x₹20824 cr9.1%11.0%0.5x
2026-0850.0x₹20412 cr8.9%11.0%0.5x
2026-0753.7x₹20412 cr8.9%11.0%0.5x
2026-0656.1x₹20412 cr8.9%11.0%0.5x
2026-0544.8x₹20143 cr12.0%15.0%0.6x
2026-0454.3x₹20143 cr12.0%15.0%0.6x
2026-0345.6x₹20143 cr12.0%15.0%0.6x
2026-0258.4x₹20026 cr11.8%15.0%0.6x
2026-0163.4x₹20026 cr11.8%15.0%0.6x
2025-1265.9x₹20026 cr11.8%15.0%0.6x
2025-1156.9x₹19758 cr12.4%15.0%0.6x
2025-1057.7x₹19758 cr12.4%15.0%0.6x
2025-0959.6x₹19758 cr12.4%15.0%0.6x
2025-0849.4x₹19923 cr13.4%15.0%0.6x
2025-0756.9x₹19923 cr13.4%15.0%0.6x
2025-0665.0x₹19923 cr13.4%15.0%0.6x
2025-0565.0x₹20210 cr14.9%18.0%0.7x
2025-0456.1x₹20210 cr14.9%18.0%0.7x
2025-0356.4x₹20210 cr14.9%18.0%0.7x
2025-0251.4x₹20332 cr15.5%18.0%0.7x
2025-0173.6x₹20332 cr15.5%18.0%0.7x
2024-1265.3x₹20332 cr15.5%18.0%0.7x
2024-1162.4x₹20391 cr16.7%18.0%0.7x
2024-1067.6x₹20391 cr16.7%18.0%0.7x
2024-0976.1x₹20391 cr16.7%18.0%0.7x
2024-0880.5x₹21889 cr18.0%18.0%0.7x
2024-0779.7x₹21889 cr18.0%18.0%0.7x
2024-0655.2x₹21889 cr18.0%18.0%0.7x
2024-0559.3x₹20282 cr18.5%17.0%0.9x
2024-0444.5x₹20282 cr18.5%17.0%0.9x
2024-0339.3x₹20282 cr18.5%17.0%0.9x
2024-0237.9x₹20282 cr18.5%17.0%0.9x
2024-0147.9x₹20282 cr18.5%17.0%0.9x
2023-1228.2x₹20282 cr18.5%17.0%0.9x
2023-1125.5x₹20282 cr18.5%17.0%0.9x
2023-1023.9x₹20282 cr18.5%17.0%0.9x
2023-0926.3x₹20282 cr18.5%17.0%0.9x
2023-0820.3x₹20282 cr18.5%17.0%0.9x
2023-0719.3x₹20282 cr18.5%17.0%0.9x
2023-0618.9x₹20282 cr18.5%17.0%0.9x
2023-0522.6x₹19382 cr17.5%16.0%1.1x
2023-0420.2x₹19382 cr17.5%16.0%1.1x
2023-0312.9x₹19382 cr17.5%16.0%1.1x
2023-0210.8x₹19382 cr17.5%16.0%1.1x
2023-0114.3x₹19382 cr17.5%16.0%1.1x
2022-1212.8x₹19382 cr17.5%16.0%1.1x
2022-1113.9x₹19382 cr17.5%16.0%1.1x
2022-107.5x₹19382 cr17.5%16.0%1.1x
2022-096.3x₹19382 cr17.5%16.0%1.1x
2022-086.2x₹19382 cr17.5%16.0%1.1x
2022-075.8x₹19382 cr17.5%16.0%1.1x
2022-065.6x₹19382 cr17.5%16.0%1.1x
2022-056.8x₹15404 cr17.6%16.0%1.1x
2022-047.1x₹15404 cr17.6%16.0%1.1x
2022-036.9x₹15404 cr17.6%16.0%1.1x
2022-026.5x₹15404 cr17.6%16.0%1.1x
2022-017.6x₹15404 cr17.6%16.0%1.1x
2021-127.3x₹15404 cr17.6%16.0%1.1x
2021-117.0x₹15404 cr17.6%16.0%1.1x
2021-107.4x₹15404 cr17.6%16.0%1.1x
2021-096.3x₹15404 cr17.6%16.0%1.1x
2021-085.9x₹15404 cr17.6%16.0%1.1x
2021-076.2x₹15404 cr17.6%16.0%1.1x
2021-067.1x₹15404 cr17.6%16.0%1.1x
2021-058.1x₹14531 cr14.8%12.0%0.8x
2021-047.5x₹14531 cr14.8%12.0%0.8x
2021-038.0x₹14531 cr14.8%12.0%0.8x
2021-028.7x₹14531 cr14.8%12.0%0.8x
2021-018.6x₹14531 cr14.8%12.0%0.8x
2020-126.6x₹14531 cr14.8%12.0%0.8x
2020-116.0x₹14531 cr14.8%12.0%0.8x
2020-105.0x₹14531 cr14.8%12.0%0.8x
2020-095.3x₹14531 cr14.8%12.0%0.8x
2020-085.9x₹14531 cr14.8%12.0%0.8x
2020-075.3x₹14531 cr14.8%12.0%0.8x
2020-065.2x₹14531 cr14.8%12.0%0.8x
2020-055.2x₹10069 cr15.7%13.0%0.7x
2020-045.2x₹10069 cr15.7%13.0%0.7x
2020-033.9x₹10069 cr15.7%13.0%0.7x
2020-026.4x₹10069 cr15.7%13.0%0.7x
2020-018.3x₹10069 cr15.7%13.0%0.7x
2019-127.0x₹10069 cr15.7%13.0%0.7x
2019-117.3x₹10069 cr15.7%13.0%0.7x
2019-107.2x₹10069 cr15.7%13.0%0.7x
2019-097.3x₹10069 cr15.7%13.0%0.7x
2019-087.5x₹10069 cr15.7%13.0%0.7x
2019-077.1x₹10069 cr15.7%13.0%0.7x
2019-068.4x₹10069 cr15.7%13.0%0.7x
2019-059.9x₹7597 cr14.5%12.0%0.6x
2019-048.1x₹7597 cr14.5%12.0%0.6x

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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