52-week range
Price risk
Balance sheet & cash
What is the price implying?
At normalised P/E (five-year average earnings) of 44.9x, a holder earning 12%/yr needs earnings to grow about 24.5%/yr for 10 years, then trade at 15x.
Over time
Implied growth by month (solid) and delivered growth (dashed).
Change the assumptions
| Exit P/E / return | 11% | 12% | 13% |
|---|---|---|---|
| 12x | 26.1% | 27.2% | 28.4% |
| 15x | 23.4% | 24.5% | 25.6% |
| 20x | 20.0% | 21.0% | 22.1% |
“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
What changed?
- Oct '26Fell 34% from the Apr 2026 peak to the Oct 2026 low.
- Aug '26Volume reached 15.5x its 50-day median on 2026-08-12; price -15.9% that day.
- May '26Volume reached 10.6x its 50-day median on 2026-05-06; price -13.3% that day.
- Apr '26Regained the 2025-11 peak, 3 months after the low.
- Feb '26Volume reached 20.9x its 50-day median on 2026-02-02; price +11.7% that day.
- Jan '26Fell 30% from the Nov 2025 peak to the Jan 2026 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?
3 of 5 checks are within range, 2 near a threshold.
Tap a check to see how it is measured.
Other income reliance16%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 15.8%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate26%Within range
Median quarterly effective tax rate over about 2.5 years: 25.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion0.78xNear threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.78x (cash from operations ₹308 cr, net profit ₹397 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow4 of 5 yrsWithin range
Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress9% of fixed assetsWithin range
Capital work-in-progress is 9% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
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.
Who has been buying and selling?
- Since Jun 2025, promoters trimmed 1.9 pts; DIIs added 1.8 pts.
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
-33.5% (2026-04 peak to 2026-10 low, not yet recovered)
-30.1% (2025-11 peak to 2026-01 low, recovered 2026-04)
Most recent volume spikes
2026-08-12: 15.5x the 50-day median, price -15.9% that day
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).
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 else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| STYLAM INDUSTRIES (STYLAMIND) | Non-Energy Minerals | 59% | P/E, market cap |
| KRISHNA DEFENCE AND ALLIED (KRISHNADEF) | Electronic Technology | 57% | promoter holding, volatility |
| SUPRIYA LIFESCIENCE (SUPRIYA) | Health Technology | 55% | debt/equity, revenue |
| GOLDIAM INTERNATIONAL (GOLDIAM) | Consumer Durables | 52% | market cap, promoter holding |
| SIRCA PAINTS INDIA (SIRCA) | Process Industries | 50% | revenue, promoter holding |
| INDO TECH TRANSFORMERS (INDOTECH) | Producer Manufacturing | 63% | P/E, ROCE |
| ROLEX RINGS (ROLEXRINGS) | Producer Manufacturing | 51% | debt/equity, P/E |
| SHANTHI GEARS (SHANTIGEAR) | Producer Manufacturing | 51% | debt/equity, market cap |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
Monthly history (12 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 29.7x | ₹628 cr | 28.1% | 51.0% | 0.0x |
| 2026-09 | 34.0x | ₹628 cr | 28.0% | 51.0% | 0.0x |
| 2026-08 | 29.2x | ₹652 cr | 32.0% | 51.0% | 0.0x |
| 2026-07 | 33.1x | ₹652 cr | 32.0% | 51.0% | 0.0x |
| 2026-06 | 33.1x | ₹652 cr | 32.0% | 51.0% | 0.0x |
| 2026-05 | 24.8x | ₹732 cr | 53.0% | 71.0% | 0.0x |
| 2026-04 | 31.9x | ₹732 cr | 53.0% | 71.0% | 0.0x |
| 2026-03 | 21.9x | ₹732 cr | 53.0% | 71.0% | 0.0x |
| 2026-02 | 26.0x | ₹716 cr | 51.0% | 71.0% | 0.0x |
| 2026-01 | 21.7x | ₹716 cr | 51.0% | 71.0% | 0.0x |
| 2025-12 | 24.6x | ₹716 cr | 51.0% | 71.0% | 0.0x |
| 2025-11 | 28.7x | ₹676 cr | 47.3% | 71.0% | 0.0x |