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SHANTHI GEARS LTD (SHANTIGEAR)

Producer Manufacturing · Auto Parts: OEM · 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.66 / 100
Profitability 72Growth 25Balance sheet 100
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.46 / 100
Price 93Earnings 9FII/DII 38

Passes these screensQuality CompounderDebt-light & profitablePromoters buying

Compare withSAMVARDHANA MOTHERSON INTBOSCHCUMMINS INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹496.1 latest close · +11.6% over the last 90 sessions

₹400₹600Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹400₹600Jul 3Sep 4Nov 9

₹496.1 month-end · +4.7% over 12 months

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

₹496.1 month-end · +0.7% over 3 years

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

₹496.1 month-end · +307.3% since Jan '19

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

52-week range ₹384.00 to ₹743.00 · 1-year volatility 41.8%

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: −43 pts. Points of the price return explained by net profit growing (or shrinking).−43 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 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: +5%+5%Share priceNet profit growth: −43 pts. Points of the price return explained by net profit growing (or shrinking).−43ProfitP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +5%+5%Share price
Net profit growth-43 ptsNet profit fell about 34%, which lowers the price.
P/E change+48 ptsThe P/E rose from 37.4x to 59.7x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+1%share price, 3 yearsRoughly flat
  • The share price was roughly flat over 3 years (+1%).
  • The share count barely moved.
Net profit growth: −5 pts. Points of the price return explained by net profit growing (or shrinking).−5 ptsNet profit growthP/E change: +6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+6 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: +1%+1%Share priceNet profit growth: −5 pts. Points of the price return explained by net profit growing (or shrinking).−5ProfitP/E change: +6 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+6P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +1%+1%Share price
Net profit growth-5 ptsNet profit fell about 5%, which lowers the price.
P/E change+6 ptsThe P/E rose from 56.4x to 59.7x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+236%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 224 points to the rise, while the multiple moved less (P/E 56.1x to 59.7x).
  • The share count barely moved.
Net profit growth: +226 pts. Points of the price return explained by net profit growing (or shrinking).+226 ptsNet profit growthP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 ptsP/E changeShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2 ptsShare count changeShare price: +236%+236%Share priceNet profit growth: +226 pts. Points of the price return explained by net profit growing (or shrinking).+226ProfitP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12P/EShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2SharesShare price: +236%+236%Share price
Net profit growth+226 ptsNet profit rose about 219%, which lifts the price.
P/E change+12 ptsThe P/E rose from 56.1x to 59.7x, which lifts the price.
Share count change-2 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 SAMVARDHANA MOTHERSON INT

How rough has the ride been?

Maximum drawdown-57.6%recovered 2021-02
1-year volatility41.8%annualised
Beta vs sector index0.763-year daily, correlation 0.37
Volume spikes19last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.9% 0%−20%−40%2020202220242026−51.9%
Largest drawdowns

-57.6% (2019-01 peak to 2020-03 low, recovered 2021-02)

-43.6% (2024-07 peak to 2026-08 low, recovered 2026-09)

-35.3% (2026-09 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-09-16: 10.5x the 50-day median, price +1.8% that day

2026-09-15: 5.2x the 50-day median, price -5.0% that day

2026-09-11: 7.5x the 50-day median, price -1.4% 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?

59.7xP/E todayWithin its usual range
Against its own history76th percentile
CheapestMedian 44.4xDearest

Usual range 25.2x to 68.1x since 2019-01.

Against Producer Manufacturing59.7x vs 29.6x
This company
59.7x
Sector median
29.6x

102% above the Producer Manufacturing median.

10.6x39.2x67.9x96.6xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x39.2x67.9x96.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing 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

  • ROCE85th▼ 7 pts vs a year ago
  • Op. margin59th▼ 32 pts vs a year ago
  • Revenue growth6th▼ 43 pts vs a year ago
  • EPS growth16th▼ 47 pts vs a year ago
  • Debt/equity ↓98thflat vs a year ago
  • Cash cycle ↓39th▼ 11 pts vs a year ago
  • P/E ↓18th▼ 25 pts vs a year ago
  • 12M momentum59thflat 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~25%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 52.5x, a holder earning 12%/yr needs earnings to grow about 24.6%/yr for 10 years, then trade at 15x.

Delivered17.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+7.6 ptsimplied minus delivered
Rank377thmost demanding of 856

Over time

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

0%18%36% Jan 2019Nov 2026 0%18%36% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.9%27.1%28.2%
15x23.5%24.6%25.7%
20x20.4%21.4%22.5%

Drag a slider to test other assumptions

Implied: 24.6%/yr

Looking back

  • Jan 2020Price implied 20%/yr; EPS has since grown 13%/yr (7.0 yrs)
  • Jan 2021Price implied 20%/yr; EPS has since grown 21%/yr (6.0 yrs)
  • Jan 2022Price implied 22%/yr; EPS has since grown 31%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹496.10
P/E
59.7x
ROCE
26.0%
Market Cap
₹3807 cr
Revenue (TTM)
₹499 cr
P/S
7.6x
P/B
8.7x
ROE
14.5%
Operating Margin
13.0%
Debt / Equity
0.0x
Promoter Holding
70.5%
12M Momentum
4.7%

52-week range

₹384.00₹743.00
31% of the way from its 52-week low to its high

Price risk

1Y volatility
41.8%
Beta vs sector
1-year daily
0.60

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.77x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance18%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.77xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.77x (cash from operations ₹197 cr, net profit ₹255 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (81 vs 80). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress25% of fixed assetsWithin range

Capital work-in-progress is 25% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+29 days / 2 yrsWithin range

Days payable changed by +29 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 3 years, institutional and promoter holdings were broadly unchanged.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters70.5%70.5%0.0 pts
FIIs3.6%3.1%-0.5 pts
DIIs0.6%0.2%-0.4 pts
Public and others25.3%26.2%+0.9 pts

Number of shareholders

28,529shareholders-3% since Sep '23
25k27k29k30k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 29,393
Dec '23: 30,329
Mar '24: 26,240
Jun '24: 25,405
Sep '24: 26,471
Dec '24: 27,759
Mar '25: 28,497
Jun '25: 29,010
Sep '25: 29,461
Dec '25: 30,013
Mar '26: 28,913
Jun '26: 28,529
 25k27k29k30k Sep '23Sep '24Sep '25Jun '26
Sep '23: 29,393
Dec '23: 30,329
Mar '24: 26,240
Jun '24: 25,405
Sep '24: 26,471
Dec '24: 27,759
Mar '25: 28,497
Jun '25: 29,010
Sep '25: 29,461
Dec '25: 30,013
Mar '26: 28,913
Jun '26: 28,529

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

−1.2%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 SHANTHI GEARS 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 −20% to +37% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+4.2%, 80% range −7.7% to +10.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DENORA · Apr 2024: −60.7% vs market
FMGOETZE · Apr 2020: −50.0% vs market
DIAMINESQ · Jan 2025: −48.4% vs market
MOLDTKPAC · May 2023: −43.9% vs market
RAILTEL · Oct 2025: −36.1% vs market
WEALTH · Aug 2025: −34.9% vs market
VSTIND · Jan 2025: −31.0% vs market
DENTALKART · May 2025: −29.6% vs market
AMRUTANJAN · Aug 2022: −26.0% vs market
NBCC · Apr 2021: −24.5% vs market
AVANTIFEED · Mar 2020: −21.7% vs market
SAREGAMA · Apr 2022: −21.1% vs market
VESUVIUS · Jan 2020: −19.9% vs market
MAYURUNIQ · Feb 2021: −19.8% vs market
RITES · Oct 2025: −18.9% vs market
GLAND · May 2024: −17.9% vs market
HONDAPOWER · May 2025: −17.8% vs market
PRIMESECU · Nov 2021: −13.0% vs market
WENDT · Oct 2023: −12.8% vs market
SUPREMEIND · Oct 2025: −12.7% vs market
CARERATING · Nov 2020: −11.1% vs market
ITDC · Dec 2024: −10.6% vs market
MOIL · Mar 2025: −9.9% vs market
KENNAMET · Oct 2022: −8.9% vs market
APCOTEXIND · Nov 2022: −5.3% vs market
LAOPALA · Mar 2022: +3.0% vs market
ESABINDIA · Apr 2023: +3.6% vs market
SUMICHEM · Sep 2024: +3.8% vs market
MONARCH · Apr 2024: +6.1% vs market
FINEORG · Apr 2025: +6.4% vs market
ZFCVINDIA · Sep 2025: +8.2% vs market
ESCORTS · Jan 2021: +12.8% vs market
VINATIORGA · Aug 2021: +14.1% vs market
HBLENGINE · Jul 2025: +16.2% vs market
TDPOWERSYS · Oct 2023: +22.3% vs market
TRITURBINE · Dec 2021: +32.5% vs market
CDSL · Jan 2024: +36.5% vs market
VSTTILLERS · Apr 2025: +36.8% vs market
BASF · Feb 2020: +37.8% vs market
GLAXO · Apr 2024: +39.8% vs market
CUMMINSIND · Oct 2021: +45.0% vs market
HINDCOPPER · Oct 2023: +47.5% vs market
BDL · Aug 2023: +57.1% vs market
INGERRAND · Dec 2021: +58.2% vs market
DELTACORP · Mar 2021: +64.8% vs market
DIACABS · May 2025: +67.6% vs market
FCL · Oct 2025: +71.4% vs market
MCX · Apr 2023: +98.7% vs market
TATAELXSI · Mar 2020: +138.1% vs market
BLS · Jan 2022: +205.6% vs market
Similar setups −1.2%All companies −5.4%← 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
−1.2%
All companies' median
−5.4%
Beat the market
50% vs 44%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BASF
Process Industries		 Feb 2020 44x25% −22%−31% +38%
VSTIND
Consumer Non-Durables		 Jan 2025 84x34% −5%−33% −31%
TRITURBINE
Producer Manufacturing		 Dec 2021 60x25% +133%−14% +33%
SAREGAMA
Consumer Services		 Apr 2022 61x34% +131%−21% −21%
BDL
Electronic Technology		 Aug 2023 59x16% +38%−9% +57%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DIACABS
Producer Manufacturing		 May 2025 145x— +18%−39% +68%
DENTALKART
Retail Trade		 May 2025 51x— +13%−25% −30%
PRIMESECU
Finance		 Nov 2021 34x21% +110%−18% −13%
How reliable is this?

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

INDIA TOURISM DEVELOPMENT CORPITDC
Consumer Services
59%similar
revenueP/E
MOILMOIL
Non-Energy Minerals
56%similar
debt/equityEPS growth
RPG LIFE SCIENCESRPGLIFE
Health Technology
55%similar
ROCEmarket cap
TASTY BITE EATABLESTASTYBITE
Consumer Non-Durables
55%similar
revenueP/E
BLS E-SERVICESBLSE
Technology Services
52%similar
promoter holdingmarket cap
KENNAMETAL INDIA LIMTIEDKENNAMET
Producer Manufacturing
62%similar
debt/equityROCE
ESAB INDIAESABINDIA
Producer Manufacturing
58%similar
debt/equityEPS growth
ROLEX RINGSROLEXRINGS
Producer Manufacturing
48%similar
debt/equityEPS growth

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

What changed?

30 events since Aug '22

  1. OctPriceFell 35% from the Sep 2026 peak to the Oct 2026 low.
  2. SepPriceRegained the 2024-07 peak, 1 month after the low.
  3. SepValuationP/E crossed above the 90th percentile of its own history to date (69.8x).
  4. SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  5. AugPriceFell 44% from the Jul 2024 peak to the Aug 2026 low.
  6. AugPriceVolume reached 773.6x its 50-day median on 2026-08-24; price +18.3% that day.
  7. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  8. MayPriceVolume reached 10.3x its 50-day median on 2026-05-05; price -4.5% that day.
Show 22 earlier events
  1. MarResultsYear-on-year EPS growth turned negative.
  2. MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  3. JanPriceVolume reached 34.5x its 50-day median on 2026-01-22; price +14.2% that day.
  4. OctPriceVolume reached 21.2x its 50-day median on 2025-10-20; price +2.9% that day.
  5. JulPriceVolume reached 13.9x its 50-day median on 2025-07-24; price +3.9% that day.
  6. AprPriceVolume reached 10.8x its 50-day median on 2025-04-24; price -4.2% that day.
  7. JanPriceVolume reached 19.4x its 50-day median on 2025-01-30; price +17.1% that day.
  8. OctPriceVolume reached 8.0x its 50-day median on 2024-10-22; price -0.4% that day.
  9. JulPriceVolume reached 13.0x its 50-day median on 2024-07-01; price +3.1% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹536 cr.
  11. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  12. MayPriceVolume reached 13.1x its 50-day median on 2024-05-09; price -1.7% that day.
  13. JanPriceVolume reached 14.9x its 50-day median on 2024-01-04; price -7.7% that day.
  14. NovPriceVolume reached 43.0x its 50-day median on 2023-11-22; price +17.8% that day.
  15. SepPriceVolume reached 10.1x its 50-day median on 2023-09-01; price +8.0% that day.
  16. JunResultsRevenue (TTM) reached a new high of ₹446 cr.
  17. MayValuationP/E crossed above the 90th percentile of its own history to date (78.1x).
  18. MayPriceVolume reached 27.6x its 50-day median on 2023-05-15; price +10.5% that day.
  19. MarPriceVolume reached 6.9x its 50-day median on 2023-03-21; price +4.2% that day.
  20. OctValuationP/E crossed above the 90th percentile of its own history to date (70.2x).
  21. AugPriceRegained the 2022-05 peak, 2 months after the low.
  22. AugPriceVolume reached 22.7x its 50-day median on 2022-08-23; price +18.0% that day.

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
2026-1159.7x₹499 cr14.5%26.0%0.0x
2026-1056.5x₹499 cr14.5%26.0%0.0x
2026-0969.8x₹499 cr14.5%26.0%0.0x
2026-0852.6x₹519 cr17.5%26.0%0.0x
2026-0741.3x₹519 cr17.5%26.0%0.0x
2026-0644.4x₹519 cr17.5%26.0%0.0x
2026-0540.8x₹537 cr20.6%35.0%0.0x
2026-0444.5x₹537 cr20.6%35.0%0.0x
2026-0339.9x₹537 cr20.6%35.0%0.0x
2026-0237.1x₹578 cr23.1%35.0%0.0x
2026-0137.3x₹578 cr23.1%35.0%0.0x
2025-1238.8x₹578 cr23.1%35.0%0.0x
2025-1137.4x₹601 cr24.1%35.0%0.0x
2025-1038.8x₹601 cr24.1%35.0%0.0x
2025-0941.0x₹601 cr24.1%35.0%0.0x
2025-0844.7x₹605 cr23.8%35.0%0.0x
2025-0744.3x₹605 cr23.8%35.0%0.0x
2025-0639.3x₹605 cr23.8%35.0%0.0x
2025-0538.3x₹606 cr28.9%33.0%0.0x
2025-0436.7x₹606 cr28.9%33.0%0.0x
2025-0336.4x₹606 cr28.9%33.0%0.0x
2025-0236.0x₹574 cr26.3%33.0%0.0x
2025-0142.4x₹574 cr26.3%33.0%0.0x
2024-1243.0x₹574 cr26.3%33.0%0.0x
2024-1146.8x₹554 cr24.9%33.0%0.0x
2024-1049.9x₹554 cr24.9%33.0%0.0x
2024-0956.4x₹554 cr24.9%33.0%0.0x
2024-0856.1x₹536 cr23.7%33.0%0.0x
2024-0759.8x₹536 cr23.7%33.0%0.0x
2024-0655.1x₹536 cr23.7%33.0%0.0x
2024-0559.7x₹446 cr22.1%32.0%0.0x
2024-0464.6x₹446 cr22.1%32.0%0.0x
2024-0363.4x₹446 cr22.1%32.0%0.0x
2024-0259.5x₹446 cr22.1%32.0%0.0x
2024-0162.5x₹446 cr22.1%32.0%0.0x
2023-1268.7x₹446 cr22.1%32.0%0.0x
2023-1156.4x₹446 cr22.1%32.0%0.0x
2023-1052.0x₹446 cr22.1%32.0%0.0x
2023-0952.3x₹446 cr22.1%32.0%0.0x
2023-0852.1x₹446 cr22.1%32.0%0.0x
2023-0752.5x₹446 cr22.1%32.0%0.0x
2023-0653.9x₹446 cr22.1%32.0%0.0x
2023-0578.1x₹337 cr16.2%24.0%0.0x
2023-0464.7x₹337 cr16.2%24.0%0.0x
2023-0366.3x₹337 cr16.2%24.0%0.0x
2023-0261.9x₹337 cr16.2%24.0%0.0x
2023-0162.5x₹337 cr16.2%24.0%0.0x
2022-1262.3x₹337 cr16.2%24.0%0.0x
2022-1168.4x₹337 cr16.2%24.0%0.0x
2022-1070.2x₹337 cr16.2%24.0%0.0x
2022-0959.8x₹337 cr16.2%24.0%0.0x
2022-0851.4x₹337 cr16.2%24.0%0.0x
2022-0742.6x₹337 cr16.2%24.0%0.0x
2022-0639.2x₹337 cr16.2%24.0%0.0x
2022-0596.6x₹216 cr8.4%11.0%0.0x
2022-0489.4x₹216 cr8.4%11.0%0.0x
2022-0368.5x₹216 cr8.4%11.0%0.0x
2022-0271.0x₹216 cr8.4%11.0%0.0x
2022-0159.0x₹216 cr8.4%11.0%0.0x
2021-1256.2x₹216 cr8.4%11.0%0.0x

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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