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STL GLOBAL LIMITED (SGL)

Process Industries

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.48 / 100
Profitability 55Growth 40
Share Price
₹9.46
P/E
2.2x
Market Cap
₹26 cr
Revenue (TTM)
₹271 cr
P/S
0.1x
Operating Margin
12.2%
Promoter Holding
65.8%
12M Momentum
-33.6%
P/E vs its own history30th percentilesince Jan '19
P/E vs Process Industries0.1xthe sector median

52-week range

₹8.40₹15.49
15% of the way from its 52-week low to its high

Price risk

1Y volatility
48.2%
Beta vs sector
1-year daily
0.74

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.2x

Was the rally earned?

-34%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 3.3x to 2.2x); per-share earnings added 0 points.
  • The share count barely moved.
1 year P/E change: -34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-34 pts -34% 1 year P/E change: -34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-34 pts -34%
Net profit growth0 ptsNet profit was little changed.
P/E change-34 ptsThe P/E fell from 3.3x to 2.2x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-37%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 3.5x to 2.2x); per-share earnings added 0 points.
  • The share count barely moved.
3 years P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37% 3 years P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37%
Net profit growth0 ptsNet profit was little changed.
P/E change-37 ptsThe P/E fell from 3.5x to 2.2x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-37%share price, 5 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 3.4x to 2.2x); per-share earnings added 0 points.
  • The share count barely moved.
5 years P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37% 5 years P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37%
Net profit growth0 ptsNet profit was little changed.
P/E change-37 ptsThe P/E fell from 3.4x to 2.2x, which lowers 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 VARDHMAN TEXTILES LIMTED

Is it expensive against its own past and its peers?

2.2xP/E todayWithin its usual range
Against its own history30th percentileMedian 3.1x; usual range 1.6x to 5.3x since 2019-01.
Against Process Industries2.2x vs 18.0xBelow the Process Industries median.
1.3x11.8x22.4x32.9xJan '19Aug '20Mar '22Oct '23May '25Oct '261.3x11.8x22.4x32.9xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

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; dashed 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

What is the price implying?

~-8%annual earnings growth implied by the price

At a P/E of 2.2x, the price would imply about −7.7%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

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

What prices imply across Process Industries The market-wide Expectations lists

What changed?

  1. Oct '26Fell 78% from the Feb 2022 peak to the Oct 2026 low.
  2. Jun '25Slipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  3. Jun '24Slipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  4. Sep '23Moved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  5. Jun '23Moved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  6. Mar '23Slipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  7. Jun '22Moved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  8. Mar '22Slipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
Show 10 earlier events
  1. Dec '21Moved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
  2. Oct '21Regained the 2021-08 peak, 2 months after the low.
  3. Aug '21Fell 25% from the Aug 2021 peak to the Aug 2021 low.
  4. May '21Regained the 2019-06 peak, 14 months after the low.
  5. May '21P/E crossed above the 90th percentile of its own history to date (2.9x).
  6. May '21Slipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
  7. Jan '21Moved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
  8. Mar '20Fell 61% from the Jun 2019 peak to the Mar 2020 low.
  9. May '19Regained the 2019-01 peak, 2 months after the low.
  10. Mar '19Fell 30% from the Jan 2019 peak to the Mar 2019 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

Are profits backed by cash?

1 of 2 checks are within range, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate70%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 69.6%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

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.
  • The number of shareholders rose from 13,284 to 14,417 (+9%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters65.8%65.8%0.0 pts
FIIs———
DIIs———
Public and others34.2%34.3%0.0 pts

Number of shareholders

14,417shareholders+9% since Dec '23
13k14k14k15k Dec '23Dec '24Sep '25Jun '26
Dec '23: 13,284
Sep '24: 14,387
Dec '24: 14,577
Jun '25: 14,728
Sep '25: 14,792
Mar '26: 14,408
Jun '26: 14,417
13k14k14k15k Dec '23Dec '24Sep '25Jun '26
Dec '23: 13,284
Sep '24: 14,387
Dec '24: 14,577
Jun '25: 14,728
Sep '25: 14,792
Mar '26: 14,408
Jun '26: 14,417

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

How rough has the ride been?

Maximum drawdown-77.6%not yet recovered
1-year volatility48.2%annualised

Monthly share price

₹6₹16₹27₹37 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹7.50
2019-02: ₹6.30
2019-03: ₹6.00
2019-04: ₹6.90
2019-05: ₹9.90
2019-06: ₹10.25
2019-07: ₹11.15
2019-08: ₹8.95
2019-09: ₹7.95
2019-10: ₹7.90
2019-11: ₹6.10
2019-12: ₹5.95
2020-01: ₹7.25
2020-02: ₹6.50
2020-03: ₹5.80
2020-04: ₹6.65
2020-05: ₹6.30
2020-06: ₹9.20
2020-07: ₹8.15
2020-08: ₹9.40
2020-09: ₹8.10
2020-10: ₹7.05
2020-11: ₹6.55
2020-12: ₹8.40
2021-01: ₹9.35
2021-02: ₹9.40
2021-03: ₹8.15
2021-04: ₹8.40
2021-05: ₹12.70
2021-06: ₹14.15
2021-07: ₹14.55
2021-08: ₹13.60
2021-09: ₹12.65
2021-10: ₹15.00
2021-11: ₹16.15
2021-12: ₹23.60
2022-01: ₹37.15
2022-02: ₹24.30
2022-03: ₹33.75
2022-04: ₹27.65
2022-05: ₹24.25
2022-06: ₹24.40
2022-07: ₹28.75
2022-08: ₹25.25
2022-09: ₹24.15
2022-10: ₹20.80
2022-11: ₹20.55
2022-12: ₹17.95
2023-01: ₹17.20
2023-02: ₹11.80
2023-03: ₹15.35
2023-04: ₹16.75
2023-05: ₹13.95
2023-06: ₹13.95
2023-07: ₹13.70
2023-08: ₹14.25
2023-09: ₹15.50
2023-10: ₹15.10
2023-11: ₹14.50
2023-12: ₹16.20
2024-01: ₹18.95
2024-02: ₹17.00
2024-03: ₹14.55
2024-04: ₹15.70
2024-05: ₹14.95
2024-06: ₹17.56
2024-07: ₹20.12
2024-08: ₹21.96
2024-09: ₹17.73
2024-10: ₹15.68
2024-11: ₹16.05
2024-12: ₹18.29
2025-01: ₹16.04
2025-02: ₹12.16
2025-03: ₹10.57
2025-04: ₹13.58
2025-05: ₹15.52
2025-06: ₹15.99
2025-07: ₹13.44
2025-08: ₹13.76
2025-09: ₹15.32
2025-10: ₹14.25
2025-11: ₹13.54
2025-12: ₹12.89
2026-01: ₹10.61
2026-02: ₹12.58
2026-03: ₹8.54
2026-04: ₹11.92
2026-05: ₹11.66
2026-06: ₹10.06
2026-07: ₹9.82
2026-08: ₹10.39
2026-09: ₹8.56
2026-10: ₹9.46
₹6₹16₹27₹37 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹7.50
2019-02: ₹6.30
2019-03: ₹6.00
2019-04: ₹6.90
2019-05: ₹9.90
2019-06: ₹10.25
2019-07: ₹11.15
2019-08: ₹8.95
2019-09: ₹7.95
2019-10: ₹7.90
2019-11: ₹6.10
2019-12: ₹5.95
2020-01: ₹7.25
2020-02: ₹6.50
2020-03: ₹5.80
2020-04: ₹6.65
2020-05: ₹6.30
2020-06: ₹9.20
2020-07: ₹8.15
2020-08: ₹9.40
2020-09: ₹8.10
2020-10: ₹7.05
2020-11: ₹6.55
2020-12: ₹8.40
2021-01: ₹9.35
2021-02: ₹9.40
2021-03: ₹8.15
2021-04: ₹8.40
2021-05: ₹12.70
2021-06: ₹14.15
2021-07: ₹14.55
2021-08: ₹13.60
2021-09: ₹12.65
2021-10: ₹15.00
2021-11: ₹16.15
2021-12: ₹23.60
2022-01: ₹37.15
2022-02: ₹24.30
2022-03: ₹33.75
2022-04: ₹27.65
2022-05: ₹24.25
2022-06: ₹24.40
2022-07: ₹28.75
2022-08: ₹25.25
2022-09: ₹24.15
2022-10: ₹20.80
2022-11: ₹20.55
2022-12: ₹17.95
2023-01: ₹17.20
2023-02: ₹11.80
2023-03: ₹15.35
2023-04: ₹16.75
2023-05: ₹13.95
2023-06: ₹13.95
2023-07: ₹13.70
2023-08: ₹14.25
2023-09: ₹15.50
2023-10: ₹15.10
2023-11: ₹14.50
2023-12: ₹16.20
2024-01: ₹18.95
2024-02: ₹17.00
2024-03: ₹14.55
2024-04: ₹15.70
2024-05: ₹14.95
2024-06: ₹17.56
2024-07: ₹20.12
2024-08: ₹21.96
2024-09: ₹17.73
2024-10: ₹15.68
2024-11: ₹16.05
2024-12: ₹18.29
2025-01: ₹16.04
2025-02: ₹12.16
2025-03: ₹10.57
2025-04: ₹13.58
2025-05: ₹15.52
2025-06: ₹15.99
2025-07: ₹13.44
2025-08: ₹13.76
2025-09: ₹15.32
2025-10: ₹14.25
2025-11: ₹13.54
2025-12: ₹12.89
2026-01: ₹10.61
2026-02: ₹12.58
2026-03: ₹8.54
2026-04: ₹11.92
2026-05: ₹11.66
2026-06: ₹10.06
2026-07: ₹9.82
2026-08: ₹10.39
2026-09: ₹8.56
2026-10: ₹9.46

Last 90 trading days

₹9₹9₹10₹11 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹10.17
2026-06-25: ₹10.21
2026-06-30: ₹10.06
2026-07-02: ₹10.09
2026-07-06: ₹9.76
2026-07-08: ₹9.70
2026-07-10: ₹10.27
2026-07-14: ₹10.51
2026-07-16: ₹10.39
2026-07-20: ₹9.93
2026-07-22: ₹9.99
2026-07-24: ₹9.74
2026-07-28: ₹9.72
2026-07-30: ₹9.83
2026-08-03: ₹9.88
2026-08-05: ₹9.77
2026-08-07: ₹10.19
2026-08-11: ₹9.87
2026-08-13: ₹9.74
2026-08-17: ₹9.91
2026-08-19: ₹9.76
2026-08-21: ₹9.80
2026-08-25: ₹10.48
2026-08-27: ₹10.04
2026-08-31: ₹10.39
2026-09-02: ₹10.21
2026-09-04: ₹10.05
2026-09-08: ₹9.87
2026-09-10: ₹9.90
2026-09-15: ₹9.82
2026-09-17: ₹9.68
2026-09-21: ₹9.43
2026-09-23: ₹8.93
2026-09-25: ₹9.03
2026-09-29: ₹9.35
2026-10-01: ₹8.50
2026-10-06: ₹8.80
2026-10-08: ₹9.14
2026-10-12: ₹9.49
2026-10-14: ₹9.53
2026-10-16: ₹9.56
2026-10-21: ₹9.56
2026-10-23: ₹8.89
2026-10-27: ₹9.28
2026-10-29: ₹9.06
2026-10-30: ₹9.46
₹9₹9₹10₹11 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹10.17
2026-06-25: ₹10.21
2026-06-30: ₹10.06
2026-07-02: ₹10.09
2026-07-06: ₹9.76
2026-07-08: ₹9.70
2026-07-10: ₹10.27
2026-07-14: ₹10.51
2026-07-16: ₹10.39
2026-07-20: ₹9.93
2026-07-22: ₹9.99
2026-07-24: ₹9.74
2026-07-28: ₹9.72
2026-07-30: ₹9.83
2026-08-03: ₹9.88
2026-08-05: ₹9.77
2026-08-07: ₹10.19
2026-08-11: ₹9.87
2026-08-13: ₹9.74
2026-08-17: ₹9.91
2026-08-19: ₹9.76
2026-08-21: ₹9.80
2026-08-25: ₹10.48
2026-08-27: ₹10.04
2026-08-31: ₹10.39
2026-09-02: ₹10.21
2026-09-04: ₹10.05
2026-09-08: ₹9.87
2026-09-10: ₹9.90
2026-09-15: ₹9.82
2026-09-17: ₹9.68
2026-09-21: ₹9.43
2026-09-23: ₹8.93
2026-09-25: ₹9.03
2026-09-29: ₹9.35
2026-10-01: ₹8.50
2026-10-06: ₹8.80
2026-10-08: ₹9.14
2026-10-12: ₹9.49
2026-10-14: ₹9.53
2026-10-16: ₹9.56
2026-10-21: ₹9.56
2026-10-23: ₹8.89
2026-10-27: ₹9.28
2026-10-29: ₹9.06
2026-10-30: ₹9.46

Drawdown from peak

0% -39% -78% Jan '19Dec '22Oct '26 0% -39% -78% Jan '19Dec '22Oct '26
Largest drawdowns

-77.6% (2022-02 peak to 2026-10 low, not yet recovered)

-61.0% (2019-06 peak to 2020-03 low, recovered 2021-05)

-29.7% (2019-01 peak to 2019-03 low, recovered 2019-05)

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).

Op. margin
Revenue growth
EPS growth
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 happened next to similar setups

−2.8%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 STL GLOBAL LIMITED today on valuation, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −22% to +29% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (+3.8%, 80% range −6.2% to +11.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SADBHAV · May 2021: −67.2% vs market
MANGALAM · May 2025: −64.6% vs market
ACCURACY · Mar 2025: −52.2% vs market
JALAN · Feb 2023: −50.2% vs market
DANGEE · Mar 2025: −43.6% vs market
BHARATGEAR · Mar 2024: −37.7% vs market
TNPL · Jul 2024: −34.7% vs market
LIBAS · Feb 2025: −31.7% vs market
AURUS · Jan 2020: −29.8% vs market
MHHL · Dec 2024: −27.9% vs market
RSWM · Mar 2024: −26.9% vs market
EMAMIPAP · Dec 2024: −24.6% vs market
DAMODARIND · Oct 2025: −22.6% vs market
SHANTI · Nov 2022: −20.9% vs market
BALKRISHNA · Jul 2025: −20.6% vs market
ZEELEARN · Feb 2025: −20.2% vs market
SPMLINFRA · Oct 2020: −18.0% vs market
SALONA · Apr 2024: −16.0% vs market
ELECTHERM · May 2022: −12.3% vs market
SAKHTISUG · Jan 2020: −12.0% vs market
IVP · Sep 2023: −11.3% vs market
JAYSREETEA · Apr 2025: −10.7% vs market
JMA · Jul 2025: −9.3% vs market
KOTHARIPRO · Feb 2020: −5.3% vs market
SURYALAXMI · May 2024: −3.0% vs market
KMSUGAR · Jul 2025: −2.7% vs market
TEXMOPIPES · Sep 2025: +0.7% vs market
RANASUG · Aug 2025: +2.0% vs market
HISARMETAL · Aug 2024: +6.9% vs market
NAHARINDUS · May 2024: +8.3% vs market
LAXMICOT · May 2023: +9.1% vs market
LAGNAM · Oct 2025: +9.2% vs market
MAWANASUG · Apr 2025: +19.2% vs market
CORDSCABLE · Apr 2021: +20.6% vs market
JETFREIGHT · Feb 2025: +23.9% vs market
ZUARI · Oct 2024: +26.8% vs market
MAHESHWARI · Jun 2025: +27.2% vs market
INDIAGLYCO · Oct 2023: +28.9% vs market
SUPERHOUSE · Nov 2021: +30.8% vs market
CELEBRITY · Oct 2020: +34.3% vs market
AUSOMENT · Oct 2025: +46.2% vs market
NDL · Dec 2023: +54.1% vs market
RAJSREESUG · May 2021: +62.0% vs market
GOODLUCK · Jun 2020: +76.9% vs market
UMAEXPORTS · Aug 2023: +87.9% vs market
BIL · Sep 2023: +103.7% vs market
BANSWRAS · Apr 2021: +106.4% vs market
SALSTEEL · Sep 2020: +115.1% vs market
NAHARSPING · May 2020: +163.6% vs market
MANINDS · Dec 2022: +189.0% vs market
Similar setups −2.8%All companies −6.6%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
−2.8%
All companies' median
−6.6%
Beat the market
48% vs 43%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SURYALAXMI
Process Industries
May 2024 3x14% +16%−19% −3%
BALKRISHNA
Process Industries
Jul 2025 4x-6% −21%−29% −21%
RAJSREESUG
Process Industries
May 2021 2x11% +68%−13% +62%
JALAN
Transportation
Feb 2023 2x19% −36%−50% −50%
RANASUG
Process Industries
Aug 2025 5x7% −39%−39% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ELECTHERM
Non-Energy Minerals
May 2022 3x9% −14%−46% −12%
SALSTEEL
Non-Energy Minerals
Sep 2020 2x11% −10%−34% +115%
LIBAS
Consumer Non-Durables
Feb 2025 4x7% −43%−44% −32%
How reliable is this?

Matched on P/E, P/S, operating margin, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and interest cover. Not used (unavailable for this company): ROCE and debt/equity. 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 STL GLOBAL 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 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (94 months)
MonthP/ERevenue (TTM)
2026-102.2x₹271 cr
2026-092.0x₹271 cr
2026-082.4x₹271 cr
2026-072.3x₹271 cr
2026-062.3x₹271 cr
2026-052.7x₹271 cr
2026-042.7x₹271 cr
2026-032.0x₹271 cr
2026-022.9x₹271 cr
2026-012.4x₹271 cr
2025-123.0x₹271 cr
2025-113.1x₹271 cr
2025-103.3x₹271 cr
2025-093.5x₹271 cr
2025-083.2x₹271 cr
2025-073.1x₹271 cr
2025-063.7x₹271 cr
2025-053.6x₹271 cr
2025-043.1x₹271 cr
2025-032.4x₹271 cr
2025-022.8x₹271 cr
2025-013.7x₹271 cr
2024-124.2x₹271 cr
2024-113.7x₹271 cr
2024-103.6x₹271 cr
2024-094.1x₹271 cr
2024-085.0x₹271 cr
2024-074.6x₹271 cr
2024-064.0x₹271 cr
2024-053.4x₹271 cr
2024-043.6x₹271 cr
2024-033.3x₹271 cr
2024-023.9x₹271 cr
2024-014.4x₹271 cr
2023-123.7x₹271 cr
2023-113.3x₹271 cr
2023-103.5x₹271 cr
2023-093.6x₹271 cr
2023-083.3x₹271 cr
2023-073.1x₹271 cr
2023-063.2x₹271 cr
2023-053.2x₹271 cr
2023-043.9x₹271 cr
2023-033.5x₹271 cr
2023-022.7x₹271 cr
2023-014.0x₹271 cr
2022-124.1x₹271 cr
2022-114.7x₹271 cr
2022-104.8x₹271 cr
2022-095.6x₹271 cr
2022-085.8x₹271 cr
2022-076.6x₹271 cr
2022-065.6x₹271 cr
2022-055.6x₹271 cr
2022-046.4x₹271 cr
2022-037.8x₹271 cr
2022-025.6x₹271 cr
2022-018.5x₹271 cr
2021-125.4x₹271 cr
2021-113.7x₹271 cr
2021-103.4x₹271 cr
2021-092.9x₹271 cr
2021-083.1x₹271 cr
2021-073.3x₹271 cr
2021-063.3x₹271 cr
2021-052.9x₹271 cr
2021-041.9x₹271 cr
2021-031.9x₹271 cr
2021-022.2x₹271 cr
2021-012.1x₹271 cr
2020-121.9x₹271 cr
2020-111.5x₹271 cr
2020-101.6x₹271 cr
2020-091.9x₹271 cr
2020-082.2x₹271 cr
2020-071.9x₹271 cr
2020-062.1x₹271 cr
2020-051.4x₹271 cr
2020-041.5x₹271 cr
2020-031.3x₹271 cr
2020-021.5x₹271 cr
2020-011.7x₹271 cr
2019-121.4x₹271 cr
2019-111.4x₹271 cr
2019-101.8x₹271 cr
2019-091.8x₹271 cr
2019-082.1x₹271 cr
2019-072.6x₹271 cr
2019-062.4x₹271 cr
2019-052.3x₹271 cr
2019-041.6x₹271 cr
2019-031.4x₹271 cr
2019-021.4x₹271 cr
2019-011.7x₹271 cr

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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