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S H KELKAR AND COMPANY LIMITED (SHK)

Process Industries · Chemicals: Specialty · 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 42Growth 73Balance sheet 31
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.40 / 100
Price 8Earnings 25FII/DII 85
Compare withLINDE INDIACOROMANDEL INTERNATIONAL LIMITGUJARAT FLUOROCHEMICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹130.41 latest close · −1.5% over the last 90 sessions

₹140₹160Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹140₹160Jul 3Sep 4Nov 9

₹130.41 month-end · −23.8% over 12 months

₹125₹150₹175Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹125₹150₹175Nov '25May '26Nov '26

₹130.41 month-end · −16.3% over 3 years

₹100₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200₹300Nov '23May '25Nov '26

₹130.41 month-end · −22.8% since Jan '19

₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹111.98 to ₹226.20 · 1-year volatility 47.0%

Was the rally earned?

-24%share price, 1 yearEarnings-driven

Mostly earnings.

  • Per-share earnings took off 64 points, while the multiple moved less (P/E 12.8x to 20.3x).
  • The share count barely moved.
Net profit growth: −65 pts. Points of the price return explained by net profit growing (or shrinking).−65 ptsNet profit growthP/E change: +41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+41 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −24%−24%Share priceNet profit growth: −65 pts. Points of the price return explained by net profit growing (or shrinking).−65ProfitP/E change: +41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+41P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −24%−24%Share price
Net profit growth-65 ptsNet profit fell about 52%, which lowers the price.
P/E change+41 ptsThe P/E rose from 12.8x to 20.3x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-16%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 34 points, but investors now pay less per rupee of profit (P/E 35.2x to 20.3x), which took 51 points back.
  • The share count fell 3%.
Net profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32 ptsNet profit growthP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51 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: −16%−16%Share priceNet profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32ProfitP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: −16%−16%Share price
Net profit growth+32 ptsNet profit rose about 42%, which lifts the price.
P/E change-51 ptsThe P/E fell from 35.2x to 20.3x, which lowers the price.
Share count change+2 ptsShare count fell 3%, which lifts the price.
-12%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 44 points, while the multiple moved less (P/E 14.4x to 20.3x).
  • The share count barely moved.
Net profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45 ptsNet profit growthP/E change: +32 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+32 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −12%−12%Share priceNet profit growth: −45 pts. Points of the price return explained by net profit growing (or shrinking).−45ProfitP/E change: +32 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+32P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −12%−12%Share price
Net profit growth-45 ptsNet profit fell about 38%, which lowers the price.
P/E change+32 ptsThe P/E rose from 14.4x to 20.3x, which lifts the price.
Share count change+1 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 LINDE INDIA

How rough has the ride been?

Maximum drawdown-73.0%recovered 2021-07
1-year volatility47.0%annualised
Beta vs sector index1.413-year daily, correlation 0.50
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−72.3% 0%−20%−40%−60%2020202220242026−72.3%
Largest drawdowns

-73.0% (2019-01 peak to 2020-05 low, recovered 2021-07)

-65.7% (2024-10 peak to 2026-03 low, not yet recovered)

-57.2% (2021-11 peak to 2023-03 low, recovered 2024-02)

Most recent volume spikes

2026-07-30: 11.6x the 50-day median, price +4.0% that day

2026-07-29: 47.9x the 50-day median, price +13.5% that day

2026-07-21: 16.3x the 50-day median, price +9.7% 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?

20.3xP/E todayWithin its usual range
Against its own history46th percentile
CheapestMedian 21.9xDearest

Usual range 12.5x to 60.3x since 2019-01.

Against Process Industries20.3x vs 18.1x
This company
20.3x
Sector median
18.1x

12% above the Process Industries median.

6.8x243.4x480.1x716.7xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x243.4x480.1x716.7xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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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; 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 Process Industries is valued

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).

Where it ranks today

  • ROCE26th▼ 19 pts vs a year ago
  • Op. margin58th▼ 10 pts vs a year ago
  • Revenue growth56th▼ 17 pts vs a year ago
  • EPS growth13th▼ 87 pts vs a year ago
  • Debt/equity ↓26th▼ 8 pts vs a year ago
  • Cash cycle ↓23rdflat vs a year ago
  • P/E ↓46th▼ 31 pts vs a year ago
  • 12M momentum28th▲ 11 pts 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~13%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 18.9x, a holder earning 12%/yr needs earnings to grow about 13.3%/yr for 10 years, then trade at 15x.

Delivered−0.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+13.7 ptsimplied minus delivered
Rank246thmost demanding of 856

Over time

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

-5%8%21% Jan 2019Nov 2026 -5%8%21% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x14.7%15.7%16.7%
15x12.3%13.3%14.3%
20x9.3%10.3%11.3%

Drag a slider to test other assumptions

Implied: 13.3%/yr

Looking back

  • Jan 2020Price implied 13%/yr; EPS has since grown −3%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 12%/yr (6.0 yrs)
  • Jan 2022Price implied 16%/yr; EPS has since grown −13%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹130.41
P/E
20.3x
ROCE
6.0%
Market Cap
₹1810 cr
Revenue (TTM)
₹2450 cr
P/S
0.7x
P/B
1.3x
ROE
6.6%
Operating Margin
13.0%
Debt / Equity
0.8x
Promoter Holding
54.9%
12M Momentum
-23.8%

52-week range

₹111.98₹226.20
16% of the way from its 52-week low to its high

Price risk

1Y volatility
47.0%
Beta vs sector
1-year daily
1.70

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.45x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance50%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 50.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate34%Within range

Median quarterly effective tax rate over about 2.5 years: 33.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.45xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.45x (cash from operations ₹386 cr, net profit ₹266 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+5 daysWithin range

Debtor days are above the median of the previous three fiscal years by 5 days (98 vs 93). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-34 days / 2 yrsWithin range

Days payable changed by -34 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 2 years, DIIs added 4.7 pts; promoters trimmed 4.1 pts; FIIs trimmed 2.3 pts.
  • The number of shareholders rose from 41,946 to 55,913 (+33%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters59.0%54.9%-4.1 pts
FIIs8.2%5.9%-2.3 pts
DIIs1.3%6.0%+4.7 pts
Public and others31.5%33.2%+1.7 pts

Number of shareholders

55,913shareholders+33% since Dec '23
42k47k51k56k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 41,946
Mar '24: 46,379
Jun '24: 46,912
Sep '24: 42,014
Dec '24: 45,639
Mar '25: 47,229
Jun '25: 50,450
Sep '25: 50,971
Dec '25: 54,088
Mar '26: 53,911
Jun '26: 55,913
 42k47k51k56k Dec '23Dec '24Dec '25Jun '26
Dec '23: 41,946
Mar '24: 46,379
Jun '24: 46,912
Sep '24: 42,014
Dec '24: 45,639
Mar '25: 47,229
Jun '25: 50,450
Sep '25: 50,971
Dec '25: 54,088
Mar '26: 53,911
Jun '26: 55,913

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

−1.0%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 S H KELKAR AND COMPANY LIMITED 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 −30% to +30% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (+5.9%, 80% range −9.4% to +13.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DUCON · Dec 2024: −56.7% vs market
CONFIPET · Jan 2025: −55.4% vs market
RPPL · Oct 2024: −52.5% vs market
AFSL · Nov 2024: −46.8% vs market
RAYMOND · Feb 2020: −45.9% vs market
RUSHIL · Jun 2025: −40.6% vs market
UFO · Aug 2024: −39.3% vs market
BIL · Jan 2020: −33.5% vs market
RICOAUTO · Jan 2020: −33.2% vs market
OAL · Dec 2024: −33.0% vs market
BODALCHEM · Dec 2021: −31.8% vs market
ALICON · Jul 2025: −30.1% vs market
SOMANYCERA · Mar 2024: −29.9% vs market
GULPOLY · Aug 2023: −28.9% vs market
HUHTAMAKI · Dec 2024: −26.7% vs market
SAGCEM · May 2023: −24.7% vs market
HPL · Jan 2020: −24.6% vs market
DYNPRO · Apr 2025: −22.7% vs market
KANORICHEM · May 2022: −22.6% vs market
NIPPOBATRY · Jul 2024: −18.2% vs market
HARIOMPIPE · Mar 2025: −15.2% vs market
WELENT · Jun 2021: −11.7% vs market
GVT&D · Apr 2021: −10.9% vs market
SANGAMIND · Aug 2024: −3.3% vs market
DMCC · May 2025: −3.0% vs market
JAYBARMARU · Oct 2021: +1.0% vs market
GOKEX · Feb 2020: +2.2% vs market
RGL · Oct 2025: +6.2% vs market
TVSSRICHAK · Aug 2023: +9.2% vs market
TIRUMALCHM · Oct 2023: +9.8% vs market
ORICONENT · May 2020: +10.2% vs market
NELCAST · Jul 2024: +12.9% vs market
CEATLTD · Nov 2023: +13.4% vs market
GLOBUSSPR · Nov 2024: +16.0% vs market
SHIVATEX · Aug 2020: +27.1% vs market
SANGHIIND · Feb 2022: +28.1% vs market
KHADIM · Jul 2023: +28.2% vs market
INDIACEM · Aug 2021: +30.3% vs market
PURVA · Jun 2020: +31.9% vs market
KCP · Aug 2023: +39.3% vs market
PARAGMILK · Jan 2025: +40.3% vs market
BASML · May 2020: +40.4% vs market
ORIENTCEM · Aug 2020: +46.9% vs market
ZIMLAB · Aug 2025: +51.1% vs market
DEEPAKFERT · Feb 2020: +58.2% vs market
UNIVCABLES · Apr 2025: +75.9% vs market
SUTLEJTEX · Aug 2020: +76.2% vs market
WELSPUNLIV · Mar 2020: +108.2% vs market
HSCL · Dec 2021: +115.3% vs market
JPPOWER · May 2023: +123.5% vs market
Similar setups −1.0%All companies −6.9%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
−1.0%
All companies' median
−6.9%
Beat the market
50% vs 42%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DEEPAKFERT
Process Industries		 Feb 2020 12x6% −32%−46% +58%
GVT&D
Producer Manufacturing		 Apr 2021 15x— +35%−20% −11%
HARIOMPIPE
Non-Energy Minerals		 Mar 2025 17x— −26%−62% −15%
BODALCHEM
Process Industries		 Dec 2021 33x5% +41%−24% −32%
SUTLEJTEX
Process Industries		 Aug 2020 13x5% −15%−41% +76%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HUHTAMAKI
Process Industries		 Dec 2024 24x— −5%−38% −27%
JAYBARMARU
Distribution Services		 Oct 2021 31x9% +64%−27% +1%
SANGAMIND
Process Industries		 Aug 2024 46x7% +23%−30% −3%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, interest cover and P/S. 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 S H KELKAR AND COMPANY 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 2026-11-09. 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.

R SYSTEMS INTERNATIONALRSYSTEMS
Technology Services
68%similar
revenue growthrevenue
MMFORGINGSMMFL
Producer Manufacturing
67%similar
volatilitypromoter holding
S.P. APPARELSSPAL
Consumer Non-Durables
67%similar
revenue growthP/E
UNIVERSAL CABLESUNIVCABLES
Electronic Technology
63%similar
P/Erevenue growth
DIGITIDE SOLUTIONSDIGITIDE
Technology Services
62%similar
promoter holdingdebt/equity
BODAL CHEMICALSBODALCHEM
Process Industries
73%similar
ROCErevenue growth
ESTER INDUSTRIESESTER
Process Industries
68%similar
volatilitydebt/equity
GRM OVERSEASGRMOVER
Process Industries
63%similar
market capvolatility

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

What changed?

30 events since Jun '23

  1. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  2. JulPriceVolume reached 47.9x its 50-day median on 2026-07-29; price +13.5% that day.
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the top quartile).
  5. MarPriceFell 66% from the Oct 2024 peak to the Mar 2026 low.
  6. MarValuationP/E fell below the 10th percentile of its own history to date (9.1x).
  7. DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  8. NovPriceVolume reached 8.7x its 50-day median on 2025-11-10; price -13.1% that day.
Show 22 earlier events
  1. SepResultsYear-on-year EPS growth turned positive.
  2. SepPeer rankMoved into the top quartile of Process Industries on EPS growth (from the bottom quartile).
  3. AugPriceVolume reached 27.6x its 50-day median on 2025-08-26; price +6.4% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  5. AprPriceVolume reached 11.1x its 50-day median on 2025-04-15; price +13.9% that day.
  6. MarPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  7. JanPriceVolume reached 7.6x its 50-day median on 2025-01-07; price -7.8% that day.
  8. DecPromoterPromoter holding fell 3.1 pts to 55.6%.
  9. SepResultsYear-on-year EPS growth turned negative.
  10. SepValuationP/E crossed above the 90th percentile of its own history to date (459.5x).
  11. SepPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the top quartile).
  12. SepPriceVolume reached 24.9x its 50-day median on 2024-09-24; price +16.9% that day.
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
  15. JunDividendDividend payout cut from 45% to 8% of profit.
  16. AprPriceVolume reached 7.0x its 50-day median on 2024-04-23; price +6.3% that day.
  17. FebPriceRegained the 2021-11 peak, 11 months after the low.
  18. FebValuationP/E crossed above the 90th percentile of its own history to date (44.6x).
  19. JanPriceVolume reached 18.2x its 50-day median on 2024-01-02; price +12.2% that day.
  20. DecPriceVolume reached 10.3x its 50-day median on 2023-12-01; price +6.3% that day.
  21. AugPriceVolume reached 39.8x its 50-day median on 2023-08-10; price +14.0% that day.
  22. JunResultsYear-on-year EPS growth turned negative.

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
2026-1120.3x₹2450 cr6.6%6.0%0.8x
2026-1019.5x₹2450 cr6.5%6.0%0.8x
2026-0921.9x₹2450 cr6.5%6.0%0.8x
2026-0830.3x₹2368 cr5.1%6.0%0.8x
2026-0732.9x₹2368 cr5.1%6.0%0.8x
2026-0625.7x₹2368 cr5.1%6.0%0.8x
2026-0510.8x₹2285 cr13.4%10.0%0.7x
2026-0411.9x₹2285 cr13.4%10.0%0.7x
2026-039.1x₹2285 cr13.4%10.0%0.7x
2026-0213.2x₹2244 cr12.3%10.0%0.7x
2026-0113.0x₹2244 cr12.3%10.0%0.7x
2025-1216.0x₹2244 cr12.3%10.0%0.7x
2025-1112.8x₹2232 cr14.7%10.0%0.7x
2025-1016.5x₹2232 cr14.7%10.0%0.7x
2025-0917.2x₹2232 cr14.7%10.0%0.7x
2025-0847.0x₹2122 cr5.8%10.0%0.7x
2025-0748.5x₹2122 cr5.8%10.0%0.7x
2025-0644.3x₹2122 cr5.8%10.0%0.7x
2025-05716.7x₹2068 cr0.4%12.0%0.5x
2025-04584.4x₹2068 cr0.4%12.0%0.5x
2025-03519.4x₹2068 cr0.4%12.0%0.5x
2025-02118.2x₹1997 cr1.5%12.0%0.5x
2025-01153.0x₹1997 cr1.5%12.0%0.5x
2024-12176.2x₹1997 cr1.5%12.0%0.5x
2024-11433.8x₹1910 cr0.7%12.0%0.5x
2024-10445.8x₹1910 cr0.7%12.0%0.5x
2024-09459.5x₹1910 cr0.7%12.0%0.5x
2024-0827.9x₹1863 cr10.1%12.0%0.5x
2024-0722.0x₹1863 cr10.1%12.0%0.5x
2024-0620.9x₹1863 cr10.1%12.0%0.5x
2024-0543.6x₹1687 cr5.9%8.0%0.6x
2024-0445.0x₹1687 cr5.9%8.0%0.6x
2024-0346.5x₹1687 cr5.9%8.0%0.6x
2024-0244.6x₹1687 cr5.9%8.0%0.6x
2024-0137.9x₹1687 cr5.9%8.0%0.6x
2023-1232.9x₹1687 cr5.9%8.0%0.6x
2023-1135.2x₹1687 cr5.9%8.0%0.6x
2023-1032.6x₹1687 cr5.9%8.0%0.6x
2023-0934.9x₹1687 cr5.9%8.0%0.6x
2023-0836.9x₹1687 cr5.9%8.0%0.6x
2023-0726.8x₹1687 cr5.9%8.0%0.6x
2023-0626.5x₹1687 cr5.9%8.0%0.6x
2023-0510.3x₹1564 cr14.7%10.0%0.7x
2023-0410.7x₹1564 cr14.7%10.0%0.7x
2023-039.3x₹1564 cr14.7%10.0%0.7x
2023-0210.6x₹1564 cr14.7%10.0%0.7x
2023-0112.9x₹1564 cr14.7%10.0%0.7x
2022-1213.3x₹1564 cr14.7%10.0%0.7x
2022-1112.9x₹1564 cr14.7%10.0%0.7x
2022-1012.8x₹1564 cr14.7%10.0%0.7x
2022-0913.1x₹1564 cr14.7%10.0%0.7x
2022-0813.5x₹1564 cr14.7%10.0%0.7x
2022-0713.0x₹1564 cr14.7%10.0%0.7x
2022-0612.6x₹1564 cr14.7%10.0%0.7x
2022-0512.7x₹1322 cr15.1%15.0%0.5x
2022-0415.2x₹1322 cr15.1%15.0%0.5x
2022-0314.0x₹1322 cr15.1%15.0%0.5x
2022-0214.2x₹1322 cr15.1%15.0%0.5x
2022-0115.6x₹1322 cr15.1%15.0%0.5x
2021-1215.1x₹1322 cr15.1%15.0%0.5x

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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