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SAROJA PHARMA INDUST. IND LTD (SAROJA)

Distribution Services · Wholesale Distributors · 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.49 / 100
Profitability 64Growth 55Balance sheet 27
Compare withADANI ENTERPRISESAEGIS LOGISTICSSCHNEIDER ELECTRIC INFRA

Share price

Closing priceAdjusted for splits and bonus issues.

₹40 latest close · −4.8% over the last 90 sessions

₹30₹35₹40Nov 19Feb 3Mar 30Jun 17Aug 24Nov 8 ₹30₹35₹40Nov 19Apr 28Nov 8

₹40 month-end · −4.8% over 12 months

₹30₹35₹40Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹30₹35₹40Nov '25May '26Nov '26

₹40 month-end · −34.7% over 3 years

₹30₹40₹50₹60Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹30₹40₹50₹60Nov '23May '25Nov '26

₹40 month-end · −37.3% since Sep '23

₹40₹60Sep '23May '24Dec '24Aug '25Mar '26Nov '26 ₹40₹60Sep '23Apr '25Nov '26

52-week range ₹28.00 to ₹65.00 · 1-year volatility 79.7%

Was the rally earned?

-5%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-5%).
  • The share count barely moved.
Net profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44 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 price: −5%−5%Share priceNet profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44ProfitP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48P/EShare price: −5%−5%Share price
Net profit growth+44 ptsNet profit rose about 56%, which lifts the price.
P/E change-48 ptsThe P/E fell from 16.4x to 10.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-35%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 8 points, but investors now pay less per rupee of profit (P/E 17.0x to 10.0x), which took 43 points back.
  • The share count rose 37%.
Net profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34 ptsNet profit growthP/E change: −43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−43 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: −35%−35%Share priceNet profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34ProfitP/E change: −43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−43P/EShare count change: −25 pts. Points of the price return explained by the share count changing. More shares count against the price.−25SharesShare price: −35%−35%Share price
Net profit growth+34 ptsNet profit rose about 51%, which lifts the price.
P/E change-43 ptsThe P/E fell from 17.0x to 10.0x, which lowers the price.
Share count change-25 ptsShare count rose 37%, which lowers the price.
What do "pts" mean?

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

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

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

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

Compare this with ADANI ENTERPRISES

How rough has the ride been?

Maximum drawdown-65.0%not yet recovered
1-year volatility79.7%annualised

Drawdown from peak

0%−20%−40%−60%202420252026−65.0% 0%−20%−40%−60%202420252026−65.0%
Largest drawdowns

-65.0% (2023-09 peak to 2026-03 low, not yet recovered)

Is it expensive against its own past and its peers?

10.0xP/E todayNear its historic low
Against its own history13th percentile
CheapestMedian 15.6xDearest

Usual range 9.9x to 24.1x since 2023-09.

Against Distribution Services10.0x vs 16.7x
This company
10.0x
Sector median
16.7x

40% below the Distribution Services median.

7.5x20.6x33.7x46.7xSep '23May '24Jan '25Sep '25May '26Nov '267.5x20.6x33.7x46.7xSep '23Oct '24Nov '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianDistribution Services median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianDistribution 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 Distribution Services is valued

Where does it rank among Distribution Services peers?

Each cell is the company's percentile rank among its Distribution 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

  • ROCE64thflat vs a year ago
  • Revenue growth81stflat vs a year ago
  • EPS growth80th▲ 34 pts vs a year ago
  • Debt/equity ↓22nd▼ 16 pts vs a year ago
  • Cash cycle ↓72nd▲ 24 pts vs a year ago
  • P/E ↓73rd▲ 4 pts vs a year ago
  • 12M momentum62ndflat vs a year ago

Rank history

ROCE
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 Distribution Services sector page Watch it move against Distribution Services in the Observatory

What is the price implying?

~11%annual earnings growth implied by the price

At a P/E of 14.1x, the price would imply about 11.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

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

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

What prices imply across Distribution Services The market-wide Expectations lists

Key figures

Share Priceclose 8 Nov
₹40.00
P/E
10.0x
ROCE
13.4%
Market Cap
₹16 cr
Revenue (TTM)
₹70 cr
P/S
0.2x
P/B
0.9x
ROE
9.3%
Debt / Equity
0.8x
Promoter Holding
73.0%
12M Momentum
-4.8%

52-week range

₹28.00₹65.00
32% of the way from its 52-week low to its high

Price risk

1Y volatility
79.7%
Beta vs sector
1-year daily
0.52

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.73x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range2 beyond a threshold
Other income reliance1%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion2.73xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.73x (cash from operations ₹9.6 cr, net profit ₹3.5 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-56 daysWithin range

Debtor days are below the median of the previous three fiscal years by 56 days (90 vs 146). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress933% of fixed assetsBeyond threshold

Capital work-in-progress is 933% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-9 days / 2 yrsWithin range

Days payable changed by -9 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 →

What happened next to similar setups

+2.0%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like SAROJA PHARMA INDUST. IND LTD today on valuation, return on capital, debt, growth, price momentum and size.
  • Over the following 12 months the middle half of them returned −10% to +60% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +6.6%, 80% range +1.3% to +22.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
MANGALAM · Apr 2025: −64.6% vs market
PIONEEREMB · Mar 2025: −44.5% vs market
UMA · Dec 2024: −38.3% vs market
BHARATGEAR · May 2023: −37.3% vs market
MARCO · Jun 2025: −35.3% vs market
ESPRIT · Aug 2025: −34.0% vs market
JAIPURKURT · Aug 2025: −32.9% vs market
PIGL · Dec 2022: −27.6% vs market
GLOBE · Nov 2024: −27.2% vs market
AROGRANITE · Apr 2022: −23.7% vs market
BEARDSELL · Jul 2023: −11.4% vs market
PATINTLOG · Mar 2022: −10.2% vs market
JAYSREETEA · Mar 2022: −10.2% vs market
BVCL · Sep 2024: −9.3% vs market
TOTAL · Aug 2025: −8.6% vs market
UNIVASTU · Jul 2020: −8.1% vs market
CORDSCABLE · Jan 2025: −6.8% vs market
HISARMETAL · May 2023: −5.5% vs market
REXPIPES · Mar 2024: −5.1% vs market
DAMODARIND · Oct 2022: −3.2% vs market
PRITIKAUTO · Sep 2023: −2.3% vs market
LAXMICOT · Mar 2023: +1.0% vs market
MOKSH · Nov 2023: +1.2% vs market
CELEBRITY · May 2020: +1.2% vs market
ARCHIDPLY · Jan 2024: +1.8% vs market
MANAKALUCO · Nov 2022: +2.2% vs market
RCDL · Oct 2025: +3.8% vs market
ITALIANE · Mar 2025: +9.3% vs market
GOKUL · Sep 2021: +12.6% vs market
SCML · Oct 2024: +19.4% vs market
ARIES · Feb 2022: +25.2% vs market
RKEC · Sep 2023: +40.3% vs market
IVP · Dec 2022: +41.3% vs market
CENTEXT · Nov 2022: +47.1% vs market
AMDIND · Nov 2021: +48.2% vs market
MHHL · Jan 2022: +52.8% vs market
JETFREIGHT · Jul 2025: +56.8% vs market
ARISTO · Apr 2024: +60.4% vs market
LAMBODHARA · Feb 2021: +61.7% vs market
BSL · Jun 2022: +70.5% vs market
MHLXMIRU · Jul 2023: +83.2% vs market
JFLLIFE · Nov 2023: +84.9% vs market
LOKESHMACH · Jul 2021: +91.7% vs market
GPTINFRA · Apr 2021: +97.1% vs market
RELIABLE · Jan 2025: +120.3% vs market
PRITIKA · Apr 2024: +123.8% vs market
SARVESHWAR · Nov 2021: +128.8% vs market
DSSL · Apr 2020: +180.8% vs market
MANAKCOAT · Oct 2020: +184.6% vs market
GEEKAYWIRE · Sep 2022: +285.6% vs market
Similar setups +2.0%All companies −4.6%← 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 · 6 beyond the range shown, drawn at the edge

Similar setups' median
+2.0%
All companies' median
−4.6%
Beat the market
58% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LAXMICOT
Process Industries		 Mar 2023 6x— −5%−45% +1%
AMDIND
Process Industries		 Nov 2021 9x10% +85%−31% +48%
ARISTO
Process Industries		 Apr 2024 16x16% +36%−14% +60%
REXPIPES
Producer Manufacturing		 Mar 2024 14x— +50%−33% −5%
HISARMETAL
Non-Energy Minerals		 May 2023 6x20% +15%−25% −6%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MHLXMIRU
Process Industries		 Jul 2023 9x10% +40%−40% +83%
GLOBE
Process Industries		 Nov 2024 18x— +32%−30% −27%
BVCL
Non-Energy Minerals		 Sep 2024 18x12% +48%−24% −9%
How reliable is this?

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

15 events since Jun '24

  1. SepPeer rankMoved into the top quartile of Distribution Services on EPS growth (from the 2nd quartile).
  2. JunResultsRevenue (TTM) reached a new high of ₹70 cr.
  3. JunPeer rankMoved into the 2nd quartile of Distribution Services on EPS growth (from the 3rd quartile).
  4. MayValuationP/E fell below the 10th percentile of its own history to date (12.7x).
  5. MarPriceFell 65% from the Sep 2023 peak to the Mar 2026 low.
  6. JanValuationP/E fell below the 10th percentile of its own history to date (12.8x).
  7. OctPeer rankSlipped to the 3rd quartile of Distribution Services on EPS growth (from the 2nd quartile).
  8. JunResultsYear-on-year EPS growth turned positive.
Show 7 earlier events
  1. JunPeer rankSlipped to the 2nd quartile of Distribution Services on ROCE (from the top quartile).
  2. AprDebtDebt / equity halved over 12 months to 0.39x.
  3. OctPeer rankMoved into the top quartile of Distribution Services on ROCE (from the 2nd quartile).
  4. SepDebtDebt / equity halved over 12 months to 0.39x.
  5. SepSharesShare count is up 36.7% over 12 months.
  6. JunPeer rankSlipped to the 2nd quartile of Distribution Services on ROCE (from the top quartile).
  7. JunDebtDebt / equity fell below 1.0x (0.39x).

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 history39 months · 2023-09 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1110.0x₹70 cr9.3%13.4%0.8x
2026-109.7x₹70 cr9.3%13.4%0.8x
2026-0910.2x₹70 cr9.3%13.4%0.8x
2026-0810.2x₹70 cr9.3%13.4%0.8x
2026-077.5x₹70 cr9.3%13.4%0.8x
2026-068.3x₹70 cr9.3%13.4%0.8x
2026-0512.7x₹54 cr6.6%12.6%0.6x
2026-0412.9x₹54 cr6.6%12.6%0.6x
2026-0310.9x₹54 cr6.6%12.6%0.6x
2026-0213.1x₹54 cr6.6%12.6%0.6x
2026-0112.8x₹54 cr6.6%12.6%0.6x
2025-1215.6x₹54 cr6.6%12.6%0.6x
2025-1116.4x₹54 cr6.6%12.6%0.6x
2025-1016.9x₹54 cr6.6%12.6%0.6x
2025-0917.6x₹54 cr6.6%12.6%0.6x
2025-0818.7x₹54 cr6.6%12.6%0.6x
2025-0714.0x₹54 cr6.6%12.6%0.6x
2025-0614.2x₹54 cr6.6%12.6%0.6x
2025-0519.1x₹41 cr6.0%14.9%0.4x
2025-0417.6x₹41 cr6.0%14.9%0.4x
2025-0317.2x₹41 cr6.0%14.9%0.4x
2025-0221.5x₹41 cr6.0%14.9%0.4x
2025-0125.8x₹41 cr6.0%14.9%0.4x
2024-1227.4x₹41 cr6.0%14.9%0.4x
2024-1124.2x₹41 cr6.0%14.9%0.4x
2024-1024.1x₹41 cr6.0%14.9%0.4x
2024-0926.6x₹41 cr6.0%14.9%0.4x
2024-0821.0x₹41 cr6.0%14.9%0.4x
2024-0720.5x₹41 cr6.0%14.9%0.4x
2024-0619.4x₹41 cr6.0%14.9%0.4x
2024-0511.4x₹50 cr20.9%22.1%2.0x
2024-0412.9x₹50 cr20.9%22.1%2.0x
2024-039.7x₹50 cr20.9%22.1%2.0x
2024-0213.6x₹50 cr20.9%22.1%2.0x
2024-0114.0x₹50 cr20.9%22.1%2.0x
2023-1214.7x₹50 cr20.9%22.1%2.0x
2023-1117.0x₹50 cr20.9%22.1%2.0x
2023-1016.6x₹50 cr20.9%22.1%2.0x
2023-0917.7x₹50 cr20.9%22.1%2.0x

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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