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SANGAM (INDIA) LTD (SANGAMIND)

Process Industries · Textiles · 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.38 / 100
Profitability 49Growth 51Balance sheet 13
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.66 / 100
Price 77Earnings 89FII/DII 31

Passes these screensHigh MomentumNear 52-week high

Compare withVARDHMAN TEXTILES LIMTEDARVINDTRIDENT

Share price

Closing priceAdjusted for splits and bonus issues.

₹619.65 latest close · +12.2% over the last 90 sessions

₹550₹600₹650Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹550₹600₹650Jul 3Sep 4Nov 9

₹619.65 month-end · +38.8% over 12 months

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

₹619.65 month-end · +98.9% over 3 years

₹300₹400₹500₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹300₹400₹500₹600Nov '23May '25Nov '26

₹619.65 month-end · +929.3% since Jan '19

₹0₹200₹400₹600Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹200₹400₹600Jan '19Dec '22Nov '26

52-week range ₹410.10 to ₹672.50 · 1-year volatility 34.5%

Was the rally earned?

+39%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 216 points, but investors now pay less per rupee of profit (P/E 102.6x to 23.0x), which took 177 points back.
  • The share count fell 2%.
Net profit growth: +213 pts. Points of the price return explained by net profit growing (or shrinking).+213 ptsNet profit growthP/E change: −177 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−177 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +39%+39%Share priceNet profit growth: +213 pts. Points of the price return explained by net profit growing (or shrinking).+213ProfitP/E change: −177 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−177P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +39%+39%Share price
Net profit growth+213 ptsNet profit rose about 505%, which lifts the price.
P/E change-177 ptsThe P/E fell from 102.6x to 23.0x, which lowers the price.
Share count change+3 ptsShare count fell 2%, which lifts the price.
+99%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 10.8x to 23.0x); per-share earnings took off 10 points.
  • The share count barely moved.
Net profit growth: −11 pts. Points of the price return explained by net profit growing (or shrinking).−11 ptsNet profit growthP/E change: +109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+109 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: +99%+99%Share priceNet profit growth: −11 pts. Points of the price return explained by net profit growing (or shrinking).−11ProfitP/E change: +109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+109P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +99%+99%Share price
Net profit growth-11 ptsNet profit fell about 8%, which lowers the price.
P/E change+109 ptsThe P/E rose from 10.8x to 23.0x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+165%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 563 points, but investors now pay less per rupee of profit (P/E 241.2x to 23.0x), which took 398 points back.
  • The share count rose 16%.
Net profit growth: +588 pts. Points of the price return explained by net profit growing (or shrinking).+588 ptsNet profit growthP/E change: −398 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−398 ptsP/E changeShare count change: −25 pts. Points of the price return explained by the share count changing. More shares count against the price.−25 ptsShare count changeShare price: +165%+165%Share priceNet profit growth: +588 pts. Points of the price return explained by net profit growing (or shrinking).+588ProfitP/E change: −398 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−398P/EShare count change: −25 pts. Points of the price return explained by the share count changing. More shares count against the price.−25SharesShare price: +165%+165%Share price
Net profit growth+588 ptsNet profit rose about 3134%, which lifts the price.
P/E change-398 ptsThe P/E fell from 241.2x to 23.0x, which lowers the price.
Share count change-25 ptsShare count rose 16%, 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 VARDHMAN TEXTILES LIMTED

How rough has the ride been?

Maximum drawdown-59.1%recovered 2021-01
1-year volatility34.5%annualised
Beta vs sector index1.133-year daily, correlation 0.39
Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−58.6% 0%−20%−40%−60%2020202220242026−58.6%
Largest drawdowns

-59.1% (2019-01 peak to 2019-08 low, recovered 2021-01)

-51.7% (2022-01 peak to 2023-02 low, recovered 2023-12)

-50.1% (2024-02 peak to 2025-03 low, recovered 2026-07)

Most recent volume spikes

2026-11-04: 12.9x the 50-day median, price -2.4% that day

2026-09-29: 7.5x the 50-day median, price +2.6% that day

2026-09-25: 20.7x the 50-day median, price +6.9% 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?

23.0xP/E todayWithin its usual range
Against its own history55th percentile
CheapestMedian 21.7xDearest

Usual range 8.3x to 135.5x since 2019-01.

Against Process Industries23.0x vs 18.1x
This company
23.0x
Sector median
18.1x

27% above the Process Industries median.

6.6x136.4x266.3x396.1xJan '19Aug '20Mar '22Oct '23May '25Nov '266.6x136.4x266.3x396.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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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

  • ROCE45th▲ 16 pts vs a year ago
  • Op. margin53rd▲ 18 pts vs a year ago
  • Revenue growth59th▼ 3 pts vs a year ago
  • EPS growth99th▲ 85 pts vs a year ago
  • Debt/equity ↓11thflat vs a year ago
  • Cash cycle ↓79th▲ 5 pts vs a year ago
  • P/E ↓38th▲ 32 pts vs a year ago
  • 12M momentum86thflat 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?

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

At normalised P/E (five-year average earnings) of 32.6x, a holder earning 12%/yr needs earnings to grow about 20.3%/yr for 10 years, then trade at 15x.

Delivered3.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+16.7 ptsimplied minus delivered
Rank204thmost demanding of 856

Over time

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

-3%13%29% Jan 2019Nov 2026 -3%13%29% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x21.8%22.9%24.0%
15x19.3%20.3%21.4%
20x16.0%17.0%18.1%

Drag a slider to test other assumptions

Implied: 20.3%/yr

Looking back

  • Jan 2020Price implied 3%/yr; EPS has since grown 26%/yr (7.0 yrs)
  • Jan 2021Price implied 8%/yr; EPS has since grown 31%/yr (6.0 yrs)
  • Jan 2022Price implied 29%/yr; EPS has since grown 78%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹619.65
P/E
23.0x
ROCE
10.0%
Market Cap
₹3112 cr
Revenue (TTM)
₹3305 cr
P/S
0.9x
P/B
2.9x
ROE
12.6%
Operating Margin
12.0%
Debt / Equity
1.2x
Promoter Holding
70.5%
12M Momentum
38.8%

52-week range

₹410.10₹672.50
80% of the way from its 52-week low to its high

Price risk

1Y volatility
34.5%
Beta vs sector
1-year daily
0.81

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
5.00x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance-2%Within range

Other income as a share of pre-tax profit (trailing twelve months): -2.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion5.52xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 5.52x (cash from operations ₹861 cr, net profit ₹156 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+10 daysWithin range

Debtor days are above the median of the previous three fiscal years by 10 days (72 vs 62). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+32 days / 2 yrsNear threshold

Days payable changed by +32 over two years. Bands: rise of up to 30 days; more than 30 days.

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 added 2.3 pts.
  • The number of shareholders fell from 10,761 to 9,684 (-10%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters70.2%70.5%+0.3 pts
FIIs0.2%2.5%+2.3 pts
DIIs0.3%0.1%-0.2 pts
Public and others28.5%25.0%-3.4 pts

Number of shareholders

9,684shareholders-10% since Dec '23
9k10k11k12k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 10,761
Mar '24: 10,145
Jun '24: 10,480
Sep '24: 11,315
Dec '24: 11,968
Mar '25: 11,228
Jun '25: 10,589
Sep '25: 10,380
Dec '25: 9,722
Mar '26: 9,333
Jun '26: 9,684
 9k10k11k12k Dec '23Dec '24Dec '25Jun '26
Dec '23: 10,761
Mar '24: 10,145
Jun '24: 10,480
Sep '24: 11,315
Dec '24: 11,968
Mar '25: 11,228
Jun '25: 10,589
Sep '25: 10,380
Dec '25: 9,722
Mar '26: 9,333
Jun '26: 9,684

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

−4.7%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 SANGAM (INDIA) LTD 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 −21% to +24% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (+1.2%, 80% range −4.0% to +8.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
AFSL · Jul 2024: −58.9% vs market
ABCIND · Sep 2025: −54.7% vs market
NACLIND · Jan 2023: −47.9% vs market
CESC · Apr 2020: −42.0% vs market
GRMOVER · Aug 2025: −34.2% vs market
NITINSPIN · Jan 2022: −31.1% vs market
TVSSRICHAK · Oct 2023: −28.3% vs market
GODREJAGRO · Apr 2025: −27.4% vs market
JKTYRE · Oct 2025: −26.2% vs market
ARVINDFASN · Jul 2025: −23.4% vs market
MANGLMCEM · Jul 2024: −22.2% vs market
RCF · Feb 2021: −22.0% vs market
RANEHOLDIN · Jun 2023: −21.5% vs market
SPORTKING · Aug 2024: −20.6% vs market
TCPLPACK · Jan 2025: −20.2% vs market
PARAGMILK · Jul 2025: −17.3% vs market
TORNTPOWER · Jan 2020: −16.3% vs market
SSWL · Jun 2025: −16.0% vs market
GANECOS · Jun 2023: −11.5% vs market
KOLTEPATIL · Aug 2025: −11.3% vs market
GODREJIND · Jan 2024: −8.5% vs market
MANAKCOAT · May 2025: −7.5% vs market
BALRAMCHIN · Mar 2025: −6.7% vs market
SANDHAR · Sep 2023: −5.9% vs market
CEATLTD · Jun 2025: −5.7% vs market
MMFL · May 2022: −3.7% vs market
PNCINFRA · Jan 2023: +0.1% vs market
SALZERELEC · Jun 2024: +0.3% vs market
DYNAMATECH · Dec 2024: +4.9% vs market
GPTINFRA · Jan 2024: +5.1% vs market
ORIENTCEM · Apr 2021: +5.9% vs market
PARADEEP · Mar 2025: +6.6% vs market
BIL · Sep 2025: +17.4% vs market
KIRLOSENG · Jan 2024: +17.5% vs market
ASTERDM · Jul 2022: +18.8% vs market
APOLLOTYRE · Jan 2023: +21.0% vs market
JKPAPER · Jul 2021: +23.4% vs market
EIDPARRY · Jan 2020: +24.3% vs market
ISGEC · Dec 2023: +25.0% vs market
INDIANHUME · Jun 2023: +25.7% vs market
THANGAMAYL · May 2023: +27.4% vs market
LUMAXIND · Jul 2025: +28.6% vs market
KPIL · Mar 2023: +34.8% vs market
COMSYN · May 2025: +37.2% vs market
PITTIENG · Aug 2023: +44.2% vs market
JBMA · Oct 2021: +63.6% vs market
COSMOFIRST · May 2020: +66.3% vs market
TATAPOWER · Feb 2021: +95.3% vs market
KALYANKJIL · Nov 2022: +168.5% vs market
STEELXIND · Dec 2020: +178.0% vs market
Similar setups −4.7%All companies −5.9%← 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
−4.7%
All companies' median
−5.9%
Beat the market
48% vs 44%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SANDHAR
Consumer Durables		 Sep 2023 34x9% +81%−1% −6%
STEELXIND
Non-Energy Minerals		 Dec 2020 17x— +82%0% +178%
JKTYRE
Consumer Durables		 Oct 2025 26x13% +9%−1% −26%
GODREJIND
Process Industries		 Jan 2024 31x8% +110%0% −9%
KPIL
Industrial Services		 Mar 2023 15x13% +46%−8% +35%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
COSMOFIRST
Process Industries		 May 2020 9x8% +19%−19% +66%
AFSL
Finance		 Jul 2024 35x9% +112%0% −59%
KALYANKJIL
Retail Trade		 Nov 2022 49x10% +58%−2% +169%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and 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 SANGAM (INDIA) LTD. 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.

SHOPPERS STOPSHOPERSTOP
Retail Trade
67%similar
market caprevenue growth
PRISM JOHNSONPRSMJOHNSN
Non-Energy Minerals
65%similar
operating margindebt/equity
NILKAMALNILKAMAL
Consumer Durables
64%similar
EPS growthmarket cap
SHALBYSHALBY
Health Services
60%similar
volatilityoperating margin
IRCON INTERNATIONALIRCON
Industrial Services
59%similar
ROCEdebt/equity
VISHNU CHEMICALSVISHNU
Process Industries
68%similar
revenue growthvolatility
NAHAR SPINNING MILLSNAHARSPING
Process Industries
60%similar
revenuerevenue growth
SHEELA FOAMSFL
Process Industries
60%similar
EPS growthoperating margin

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

What changed?

30 events since Jun '23

  1. NovPriceVolume reached 12.9x its 50-day median on 2026-11-04; price -2.4% that day.
  2. JulPriceRegained the 2024-02 peak, 16 months after the low.
  3. JulPriceVolume reached 135.5x its 50-day median on 2026-07-13; price +11.4% that day.
  4. JunDividendDividend payout cut from 32% to 12% of profit.
  5. AprPriceVolume reached 72.5x its 50-day median on 2026-04-23; price -1.5% that day.
  6. MarResultsYear-on-year EPS growth turned positive.
  7. MarPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
  8. FebPriceVolume reached 22.3x its 50-day median on 2026-02-03; price +8.9% that day.
Show 22 earlier events
  1. DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  2. OctPriceVolume reached 111.3x its 50-day median on 2025-10-10; price +7.4% that day.
  3. SepPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
  4. AugPriceVolume reached 7.3x its 50-day median on 2025-08-28; price +7.9% that day.
  5. JunPeer rankMoved into the 3rd quartile of Process Industries on EPS growth (from the bottom quartile).
  6. JunPriceVolume reached 15.1x its 50-day median on 2025-06-27; price +11.6% that day.
  7. MarResultsRevenue (TTM) reached a new high of ₹2,824 cr.
  8. MarPriceFell 50% from the Feb 2024 peak to the Mar 2025 low.
  9. MarPriceVolume reached 17.6x its 50-day median on 2025-03-24; price +20.0% that day.
  10. DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  11. DecPriceVolume reached 6.5x its 50-day median on 2024-12-17; price +4.3% that day.
  12. SepPriceVolume reached 19.1x its 50-day median on 2024-09-26; price +1.8% that day.
  13. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  14. JunDebtDebt / equity rose above 1.0x (1.08x).
  15. JunSharesShare count is up 11.1% over 12 months.
  16. JunPriceVolume reached 10.3x its 50-day median on 2024-06-12; price +7.9% that day.
  17. JanPriceVolume reached 32.7x its 50-day median on 2024-01-25; price +6.3% that day.
  18. DecPriceRegained the 2022-01 peak, 10 months after the low.
  19. DecPriceVolume reached 64.1x its 50-day median on 2023-12-22; price +19.7% that day.
  20. JulPriceVolume reached 14.8x its 50-day median on 2023-07-19; price +6.5% that day.
  21. JunResultsYear-on-year EPS growth turned negative.
  22. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top 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
2026-1123.0x₹3305 cr12.6%10.0%1.2x
2026-1022.6x₹3305 cr12.6%10.0%1.2x
2026-0923.2x₹3305 cr12.6%10.0%1.2x
2026-0832.7x₹3235 cr8.5%10.0%1.2x
2026-0733.3x₹3235 cr8.5%10.0%1.2x
2026-0629.7x₹3235 cr8.5%10.0%1.2x
2026-0539.3x₹3085 cr6.6%7.0%1.1x
2026-0439.4x₹3085 cr6.6%7.0%1.1x
2026-0331.6x₹3085 cr6.6%7.0%1.1x
2026-0256.6x₹3064 cr4.1%7.0%1.1x
2026-0155.1x₹3064 cr4.1%7.0%1.1x
2025-1260.4x₹3064 cr4.1%7.0%1.1x
2025-11102.6x₹2954 cr2.2%7.0%1.1x
2025-10103.6x₹2954 cr2.2%7.0%1.1x
2025-09100.2x₹2954 cr2.2%7.0%1.1x
2025-0852.8x₹2857 cr3.6%7.0%1.1x
2025-0761.5x₹2857 cr3.6%7.0%1.1x
2025-0669.1x₹2857 cr3.6%7.0%1.1x
2025-0551.0x₹2824 cr4.1%7.0%1.1x
2025-0448.9x₹2824 cr4.1%7.0%1.1x
2025-0354.6x₹2824 cr4.1%7.0%1.1x
2025-0238.5x₹2691 cr4.3%7.0%1.1x
2025-0147.5x₹2691 cr4.3%7.0%1.1x
2024-1250.1x₹2691 cr4.3%7.0%1.1x
2024-1138.9x₹2644 cr4.9%7.0%1.1x
2024-1041.8x₹2644 cr4.9%7.0%1.1x
2024-0949.5x₹2644 cr4.9%7.0%1.1x
2024-0846.1x₹2628 cr4.8%7.0%1.1x
2024-0746.6x₹2628 cr4.8%7.0%1.1x
2024-0645.2x₹2628 cr4.8%7.0%1.1x
2024-0512.5x₹2712 cr16.6%15.0%0.9x
2024-0415.2x₹2712 cr16.6%15.0%0.9x
2024-0315.3x₹2712 cr16.6%15.0%0.9x
2024-0216.9x₹2712 cr16.6%15.0%0.9x
2024-0116.4x₹2712 cr16.6%15.0%0.9x
2023-1214.7x₹2712 cr16.6%15.0%0.9x
2023-1110.8x₹2712 cr16.6%15.0%0.9x
2023-1010.6x₹2712 cr16.6%15.0%0.9x
2023-0911.8x₹2712 cr16.6%15.0%0.9x
2023-0811.8x₹2712 cr16.6%15.0%0.9x
2023-0711.3x₹2712 cr16.6%15.0%0.9x
2023-0610.4x₹2712 cr16.6%15.0%0.9x
2023-057.2x₹2438 cr21.9%20.0%0.9x
2023-048.4x₹2438 cr21.9%20.0%0.9x
2023-036.7x₹2438 cr21.9%20.0%0.9x
2023-026.7x₹2438 cr21.9%20.0%0.9x
2023-016.6x₹2438 cr21.9%20.0%0.9x
2022-127.6x₹2438 cr21.9%20.0%0.9x
2022-118.2x₹2438 cr21.9%20.0%0.9x
2022-108.6x₹2438 cr21.9%20.0%0.9x
2022-098.7x₹2438 cr21.9%20.0%0.9x
2022-0810.1x₹2438 cr21.9%20.0%0.9x
2022-078.3x₹2438 cr21.9%20.0%0.9x
2022-068.4x₹2438 cr21.9%20.0%0.9x
2022-05288.5x₹1359 cr0.8%4.0%1.1x
2022-04396.1x₹1359 cr0.8%4.0%1.1x
2022-03267.0x₹1359 cr0.8%4.0%1.1x
2022-02314.5x₹1359 cr0.8%4.0%1.1x
2022-01384.0x₹1359 cr0.8%4.0%1.1x
2021-12358.6x₹1359 cr0.8%4.0%1.1x

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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