52-week range
Price risk
Balance sheet & cash
What is the price implying?
Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.
“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?
- Jun '26EPS (TTM) turned negative.
- Jun '26Debt / equity rose above 1.0x (4.04x).
- Mar '26EPS (TTM) turned positive.
- Mar '26Fell 87% from the Jun 2022 peak to the Mar 2026 low.
- Mar '26P/E fell below the 10th percentile of its own history to date (2.9x).
- Dec '25Promoter holding fell 3.8 pts to 0.0% (largest drop since 2025-03).
- Dec '25Slipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
- Sep '25Promoter holding fell 2.8 pts to 3.8% (largest drop since 2025-06).
Show 21 earlier events
- Sep '25Slipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
- Jun '25Promoter holding fell 2.9 pts to 6.5% (largest drop since 2025-03).
- Jun '25Moved into the 2nd quartile of Process Industries on operating margin (from the bottom quartile).
- Mar '25Promoter holding fell 42.6 pts to 9.5%.
- Nov '23Debt / equity halved over 12 months to 0.07x.
- Jun '23EPS (TTM) turned negative.
- Jun '23Slipped to the bottom quartile of Process Industries on EPS growth (from the top quartile).
- Apr '23Debt / equity halved over 12 months to 0.46x.
- Sep '22Moved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
- Sep '22Debt / equity halved over 12 months to 0.46x.
- Jun '22Debt / equity fell below 1.0x (0.46x).
- May '22Regained the 2021-10 peak, 3 months after the low.
- Feb '22Fell 39% from the Oct 2021 peak to the Feb 2022 low.
- Oct '21Regained the 2019-11 peak, 16 months after the low.
- Jun '21EPS (TTM) turned positive.
- Jun '20EPS (TTM) turned negative.
- Jun '20Fell 48% from the Nov 2019 peak to the Jun 2020 low.
- Jun '20Slipped to the bottom quartile of Process Industries on ROCE (from the 2nd quartile).
- Oct '19Regained the 2019-04 peak, 2 months after the low.
- Aug '19Fell 33% from the Apr 2019 peak to the Aug 2019 low.
- Jun '19Dividend payout cut from 8% to 0% of profit.
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?
0 of 3 checks are within range, 2 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance—Not enough data
Not enough reported data to compute this.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow2 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+211 daysBeyond threshold
Debtor days are above the median of the previous three fiscal years by 211 days (249 vs 37). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress—Not enough data
Not enough reported data to compute this.
Payable days+229 days / 2 yrsNear threshold
Days payable changed by +229 over two years. Bands: rise of up to 30 days; more than 30 days.
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.
Who has been buying and selling?
- Over 3 years, promoters trimmed 52.1 pts.
- The number of shareholders rose from 3,084 to 11,067 (+259%) between Dec 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-86.7% (2022-06 peak to 2026-03 low, not yet recovered)
-48.1% (2019-11 peak to 2020-06 low, recovered 2021-10)
-39.4% (2021-10 peak to 2022-02 low, recovered 2022-05)
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).
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
- We found 50 past situations where a non-financial company looked like SHANTI OVERSEAS INDIA LTD today on valuation, return on capital, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −14% to +41% vs the market, against −2% for all non-financial companies in the same months.
- The gap against the base rate (+3.9%, 80% range −3.5% to +20.2%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
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 · 8 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 36 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| ARIHANT Finance |
Nov 2020 | — | 1% | −28% | −33% | +81% |
| SOMATEX Process Industries |
Dec 2020 | — | -6% | −14% | −24% | +181% |
| LEXUS Producer Manufacturing |
Jul 2025 | — | -2% | −29% | −38% | −55% |
| NIBL Producer Manufacturing |
Oct 2020 | — | -10% | −29% | −39% | +162% |
| NKIND Process Industries |
Aug 2020 | — | — | −33% | −40% | +15% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| MUKTAARTS Technology Services |
Jan 2022 | — | 2% | +38% | −33% | +31% |
| PALREDTEC Distribution Services |
Oct 2025 | — | -3% | −45% | −46% | −32% |
| AROGRANITE Non-Energy Minerals |
Jul 2023 | — | 2% | −7% | −22% | −3% |
How reliable is this?
Matched on P/S, ROCE, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and ROCE. Not used (unavailable for this company): P/E, operating margin and interest cover. This company is loss-making, so it was only compared with loss-making companies. 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.
Monthly history (93 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | — | ₹10 cr | -193.3% | 4.2% | 4.0x |
| 2026-09 | — | ₹10 cr | -193.3% | 4.2% | 4.0x |
| 2026-08 | — | ₹14 cr | -189.8% | 4.2% | 4.0x |
| 2026-07 | — | ₹14 cr | -189.8% | 4.2% | 4.0x |
| 2026-06 | — | ₹14 cr | -189.8% | 4.2% | 4.0x |
| 2026-05 | 3.8x | ₹9 cr | 16.9% | -23.7% | 0.1x |
| 2026-04 | 4.0x | ₹9 cr | 16.9% | -23.7% | 0.1x |
| 2026-03 | 2.9x | ₹9 cr | 16.9% | -23.7% | 0.1x |
| 2026-02 | — | ₹25 cr | -18.0% | -23.7% | 0.1x |
| 2026-01 | — | ₹25 cr | -18.0% | -23.7% | 0.1x |
| 2025-12 | — | ₹25 cr | -18.0% | -23.7% | 0.1x |
| 2025-11 | — | ₹25 cr | -20.4% | -23.7% | 0.1x |
| 2025-10 | — | ₹25 cr | -20.4% | -23.7% | 0.1x |
| 2025-09 | — | ₹25 cr | -20.4% | -23.7% | 0.1x |
| 2025-08 | — | ₹24 cr | -26.1% | -23.7% | 0.1x |
| 2025-07 | — | ₹24 cr | -26.1% | -23.7% | 0.1x |
| 2025-06 | — | ₹24 cr | -26.1% | -23.7% | 0.1x |
| 2025-05 | — | ₹24 cr | -24.1% | -8.2% | 0.1x |
| 2025-04 | — | ₹24 cr | -24.1% | -8.2% | 0.1x |
| 2025-03 | — | ₹24 cr | -24.1% | -8.2% | 0.1x |
| 2025-02 | — | ₹8 cr | -10.1% | -8.2% | 0.1x |
| 2025-01 | — | ₹8 cr | -10.1% | -8.2% | 0.1x |
| 2024-12 | — | ₹8 cr | -10.1% | -8.2% | 0.1x |
| 2024-11 | — | ₹6 cr | -11.5% | -8.2% | 0.1x |
| 2024-10 | — | ₹6 cr | -11.5% | -8.2% | 0.1x |
| 2024-09 | — | ₹6 cr | -11.5% | -8.2% | 0.1x |
| 2024-08 | — | ₹11 cr | -11.0% | -8.2% | 0.1x |
| 2024-07 | — | ₹11 cr | -11.0% | -8.2% | 0.1x |
| 2024-06 | — | ₹11 cr | -11.0% | -8.2% | 0.1x |
| 2024-05 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2024-04 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2024-03 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2024-02 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2024-01 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-12 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-11 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-10 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-09 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-08 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-07 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-06 | — | ₹149 cr | -109.0% | -30.5% | 0.1x |
| 2023-05 | 6.1x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2023-04 | 5.4x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2023-03 | 6.6x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2023-02 | 6.1x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2023-01 | 7.2x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-12 | 7.6x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-11 | 7.4x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-10 | 7.9x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-09 | 7.8x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-08 | 8.3x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-07 | 8.9x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-06 | 11.2x | ₹203 cr | 9.6% | 9.4% | 0.5x |
| 2022-05 | 501.4x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2022-04 | 342.9x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2022-03 | 337.9x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2022-02 | 263.6x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2022-01 | 290.7x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-12 | 285.0x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-11 | 297.9x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-10 | 317.1x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-09 | 295.0x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-08 | — | — | — | — | — |
| 2021-07 | — | — | — | — | — |
| 2021-06 | 310.0x | ₹210 cr | 0.3% | 4.8% | 1.1x |
| 2021-05 | — | — | — | — | — |
| 2021-04 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2021-03 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2021-02 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2021-01 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2020-12 | — | — | — | — | — |
| 2020-11 | — | — | — | — | — |
| 2020-10 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2020-09 | — | — | — | — | — |
| 2020-08 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2020-07 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2020-06 | — | ₹159 cr | -0.6% | 4.8% | 1.4x |
| 2020-05 | — | — | — | — | — |
| 2020-04 | — | — | — | — | — |
| 2020-03 | 2.6x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2020-02 | — | — | — | — | — |
| 2020-01 | 3.6x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-12 | 3.8x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-11 | 4.2x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-10 | 4.7x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-09 | 3.5x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-08 | 3.2x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-07 | 3.0x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-06 | 3.3x | ₹173 cr | 21.5% | 18.2% | 1.8x |
| 2019-05 | 4.7x | ₹133 cr | 13.5% | 18.8% | 2.0x |
| 2019-04 | 4.5x | ₹133 cr | 13.5% | 18.8% | 2.0x |
| 2019-03 | 3.8x | ₹133 cr | 13.5% | 18.8% | 2.0x |
| 2019-02 | 4.1x | ₹133 cr | 13.5% | 18.8% | 2.0x |