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SOLAR INDUSTRIES INDIA LIMITED (SOLARINDS)

Process Industries · Industrial Specialties · 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.85 / 100
Profitability 96Growth 86Balance sheet 72
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.57 / 100
Price 69Earnings 71FII/DII 31

Passes these screensQuality CompounderHigh MomentumDebt-light & profitableConsistent compounders

Compare withASIAN PAINTS INDIAPIDILITE INDUSTRIESSRF

Share price

Closing priceAdjusted for splits and bonus issues.

₹19,024 latest close · +2.8% over the last 90 sessions

₹18,000₹20,000₹22,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹18,000₹20,000₹22,000Jul 3Sep 4Nov 9

₹19,024 month-end · +43.3% over 12 months

₹12,500₹15,000₹17,500₹20,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹12,500₹15,000₹17,500₹20,000Nov '25May '26Nov '26

₹19,024 month-end · +202.5% over 3 years

₹5,000₹10,000₹15,000₹20,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹5,000₹10,000₹15,000₹20,000Nov '23May '25Nov '26

₹19,024 month-end · +1786.8% since Jan '19

₹0₹10,000₹20,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹10,000₹20,000Jan '19Dec '22Nov '26

52-week range ₹11646.00 to ₹22700.00 · 1-year volatility 37.2%

Was the rally earned?

+43%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 55 points, but investors now pay less per rupee of profit (P/E 95.2x to 86.4x), which took 12 points back.
  • The share count fell 6%.
Net profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48 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: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7 ptsShare count changeShare price: +43%+43%Share priceNet profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48ProfitP/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: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7SharesShare price: +43%+43%Share price
Net profit growth+48 ptsNet profit rose about 49%, which lifts the price.
P/E change-12 ptsThe P/E fell from 95.2x to 86.4x, which lowers the price.
Share count change+7 ptsShare count fell 6%, which lifts the price.
+203%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 177 points to the rise, while the multiple moved less (P/E 75.2x to 86.4x).
  • The share count fell 7%.
Net profit growth: +164 pts. Points of the price return explained by net profit growing (or shrinking).+164 ptsNet profit growthP/E change: +26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+26 ptsP/E changeShare count change: +13 pts. Points of the price return explained by the share count changing. More shares count against the price.+13 ptsShare count changeShare price: +203%+203%Share priceNet profit growth: +164 pts. Points of the price return explained by net profit growing (or shrinking).+164ProfitP/E change: +26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+26P/EShare count change: +13 pts. Points of the price return explained by the share count changing. More shares count against the price.+13SharesShare price: +203%+203%Share price
Net profit growth+164 ptsNet profit rose about 145%, which lifts the price.
P/E change+26 ptsThe P/E rose from 75.2x to 86.4x, which lifts the price.
Share count change+13 ptsShare count fell 7%, which lifts the price.
+587%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 602 points, but investors now pay less per rupee of profit (P/E 90.6x to 86.4x), which took 14 points back.
  • The share count fell 4%.
Net profit growth: +589 pts. Points of the price return explained by net profit growing (or shrinking).+589 ptsNet profit growthP/E change: −14 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−14 ptsP/E changeShare count change: +13 pts. Points of the price return explained by the share count changing. More shares count against the price.+13 ptsShare count changeShare price: +587%+587%Share priceNet profit growth: +589 pts. Points of the price return explained by net profit growing (or shrinking).+589ProfitP/E change: −14 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−14P/EShare count change: +13 pts. Points of the price return explained by the share count changing. More shares count against the price.+13SharesShare price: +587%+587%Share price
Net profit growth+589 ptsNet profit rose about 591%, which lifts the price.
P/E change-14 ptsThe P/E fell from 90.6x to 86.4x, which lowers the price.
Share count change+13 ptsShare count fell 4%, which lifts 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 ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-34.3%recovered 2021-02
1-year volatility37.2%annualised
Beta vs sector index0.953-year daily, correlation 0.42
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%−30%2020202120222023202420252026−34.3% 0%−10%−20%−30%2020202220242026−34.3%
Largest drawdowns

-34.3% (2020-01 peak to 2020-04 low, recovered 2021-02)

-33.1% (2025-06 peak to 2025-12 low, recovered 2026-05)

-30.4% (2024-07 peak to 2025-02 low, recovered 2025-04)

Most recent volume spikes

2026-09-16: 5.4x the 50-day median, price -1.8% that day

2026-09-15: 13.5x the 50-day median, price -13.6% that day

2026-08-13: 7x the 50-day median, price +8.5% 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?

86.5xP/E todayWithin its usual range
Against its own history66th percentile
CheapestMedian 77.8xDearest

Usual range 36.7x to 106.9x since 2019-01.

Against Process Industries86.5x vs 18.1x
This company
86.5x
Sector median
18.1x

378% above the Process Industries median.

6.8x48.4x90.0x131.7xJan '19Aug '20Mar '22Oct '23May '25Nov '266.8x48.4x90.0x131.7xJan '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

  • ROCE99thflat vs a year ago
  • Op. margin94thflat vs a year ago
  • Revenue growth92nd▲ 4 pts vs a year ago
  • EPS growth79th▲ 4 pts vs a year ago
  • Debt/equity ↓61st▼ 3 pts vs a year ago
  • Cash cycle ↓31st▼ 16 pts vs a year ago
  • P/E ↓7thflat vs a year ago
  • 12M momentum88thflat 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?

~43%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 171.5x, a holder earning 12%/yr needs earnings to grow about 42.5%/yr for 10 years, then trade at 15x.

Delivered27.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+14.9 ptsimplied minus delivered
Rank228thmost demanding of 856

Over time

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

0%25%50% Jan 2019Nov 2026 0%25%50% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x44.4%45.7%47.0%
15x41.3%42.5%43.8%
20x37.3%38.6%39.8%

Drag a slider to test other assumptions

Implied: 42.5%/yr

Looking back

  • Jan 2020Price implied 27%/yr; EPS has since grown 30%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 36%/yr (6.0 yrs)
  • Jan 2022Price implied 32%/yr; EPS has since grown 43%/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
₹19024.00
P/E
86.4x
ROCE
38.0%
Market Cap
₹1.72L cr
Revenue (TTM)
₹11351 cr
P/S
15.2x
P/B
27.4x
ROE
31.7%
Operating Margin
28.0%
Debt / Equity
0.2x
Promoter Holding
73.2%
12M Momentum
43.3%

52-week range

₹11646.00₹22700.00
67% of the way from its 52-week low to its high

Price risk

1Y volatility
37.2%
Beta vs sector
1-year daily
0.95

Balance sheet & cash

Interest cover
operating profit ÷ interest
20.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.15x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.15xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.15x (cash from operations ₹4,495 cr, net profit ₹3,900 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+18 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 18 days (69 vs 51). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress18% of fixed assetsWithin range

Capital work-in-progress is 18% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+10 days / 2 yrsWithin range

Days payable changed by +10 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, DIIs trimmed 1.9 pts; FIIs added 0.5 pts.
  • The number of shareholders rose from 50,103 to 1.2 lakh (+133%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters73.2%73.2%0.0 pts
FIIs5.9%6.4%+0.5 pts
DIIs15.2%13.4%-1.9 pts
Public and others5.7%7.1%+1.4 pts

Number of shareholders

1.2 lakhshareholders+133% since Sep '23
50k72k95k1.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 50,103
Dec '23: 57,926
Mar '24: 64,377
Jun '24: 72,853
Sep '24: 78,402
Dec '24: 83,959
Mar '25: 95,380
Jun '25: 97,712
Sep '25: 1.1 lakh
Dec '25: 1.1 lakh
Mar '26: 1.2 lakh
Jun '26: 1.2 lakh
 50k72k95k1.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 50,103
Dec '23: 57,926
Mar '24: 64,377
Jun '24: 72,853
Sep '24: 78,402
Dec '24: 83,959
Mar '25: 95,380
Jun '25: 97,712
Sep '25: 1.1 lakh
Dec '25: 1.1 lakh
Mar '26: 1.2 lakh
Jun '26: 1.2 lakh

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

−15.5%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like SOLAR INDUSTRIES INDIA 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 −28% to −1% vs the market, against +2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −17.8%, 80% range −23.0% to −15.7%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%
VAIBHAVGBL · Apr 2021: −54.6% vs market
BRITANNIA · Jul 2020: −42.9% vs market
ALKYLAMINE · Aug 2021: −35.3% vs market
LALPATHLAB · Jun 2021: −34.0% vs market
LTTS · Nov 2021: −33.9% vs market
POLYMED · Nov 2024: −32.9% vs market
IPCALAB · Nov 2020: −31.3% vs market
KPITTECH · Nov 2023: −29.4% vs market
FINEORG · Aug 2022: −29.1% vs market
THYROCARE · Nov 2020: −28.7% vs market
PERSISTENT · Jun 2025: −28.5% vs market
HAPPSTMNDS · Sep 2021: −28.2% vs market
VIPIND · Feb 2020: −28.2% vs market
ABBOTINDIA · Aug 2020: −26.1% vs market
EASEMYTRIP · Oct 2022: −25.5% vs market
SAFARI · Oct 2023: −23.4% vs market
IGL · Jun 2020: −22.8% vs market
SUZLON · May 2025: −22.0% vs market
TRENT · Jun 2025: −21.0% vs market
DOMS · Feb 2025: −17.9% vs market
ASTRAL · Jun 2021: −16.8% vs market
ASTRAZEN · Jul 2025: −16.3% vs market
MAXHEALTH · Aug 2025: −16.2% vs market
CUMMINSIND · Jun 2024: −16.1% vs market
DEEPAKNTR · Sep 2021: −15.7% vs market
SRF · Jun 2022: −15.3% vs market
HONAUT · Jun 2020: −14.8% vs market
CAMS · Oct 2024: −13.5% vs market
BIKAJI · Sep 2024: −12.5% vs market
METROBRAND · Jul 2023: −11.4% vs market
DIXON · May 2021: −11.4% vs market
INDHOTEL · Aug 2025: −9.7% vs market
PAGEIND · Jun 2020: −9.3% vs market
DMART · Feb 2020: −5.4% vs market
PIDILITIND · Jun 2020: −3.9% vs market
VBL · Jan 2024: −3.1% vs market
HAVELLS · Sep 2021: −2.1% vs market
TASTYBITE · Jul 2020: −0.8% vs market
TITAN · Jan 2020: +0.4% vs market
CRISIL · May 2022: +2.1% vs market
BERGEPAINT · Jul 2020: +2.3% vs market
INDIAMART · Nov 2020: +3.8% vs market
ASIANPAINT · Jun 2020: +8.5% vs market
RELAXO · Jun 2020: +11.3% vs market
METROPOLIS · Jul 2020: +15.4% vs market
PIIND · Aug 2020: +15.9% vs market
CGPOWER · Apr 2023: +21.4% vs market
AFFLE · Jan 2021: +32.1% vs market
JUBLFOOD · Jul 2020: +40.1% vs market
ATGL · Dec 2020: +239.6% vs market
Similar setups −15.5%All companies +2.3%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−15.5%
All companies' median
+2.3%
Beat the market
24% vs 52%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BERGEPAINT
Process Industries		 Jul 2020 78x28% +59%−11% +2%
KPITTECH
Technology Services		 Nov 2023 108x30% +110%−8% −29%
TITAN
Consumer Durables		 Jan 2020 75x26% +19%−14% 0%
PIIND
Process Industries		 Aug 2020 56x23% +61%−11% +16%
ATGL
Utilities		 Dec 2020 95x34% +131%−1% +240%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BRITANNIA
Consumer Non-Durables		 Jul 2020 66x37% +47%−4% −43%
METROPOLIS
Health Services		 Jul 2020 63x40% +55%−21% +15%
CGPOWER
Producer Manufacturing		 Apr 2023 49x42% +56%−8% +21%
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, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 SOLAR INDUSTRIES INDIA 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.

EMCURE PHARMACEUTICALSEMCURE
Health Technology
62%similar
revenuedebt/equity
COFORGECOFORGE
Technology Services
61%similar
market caprevenue
COCHIN SHIPYARDCOCHINSHIP
Producer Manufacturing
58%similar
volatilitydebt/equity
SIEMENS ENERGY INDIAENRIN
Producer Manufacturing
58%similar
revenuemarket cap
VARUN BEVERAGESVBL
Consumer Non-Durables
58%similar
market capoperating margin
PIDILITE INDUSTRIESPIDILITIND
Process Industries
59%similar
market capoperating margin
PRIVI SPECIALITY CHEMICALSPRIVISCL
Process Industries
47%similar
revenue growthoperating margin
BERGER PAINTS INDIABERGEPAINT
Process Industries
46%similar
revenuemarket cap

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

What changed?

30 events since Dec '22

  1. SepPriceVolume reached 13.5x its 50-day median on 2026-09-15; price -13.6% that day.
  2. AugPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  3. MayPriceRegained the 2025-06 peak, 5 months after the low.
  4. MayValuationP/E crossed above the 90th percentile of its own history to date (113.7x).
  5. MarPriceVolume reached 5.1x its 50-day median on 2026-03-04; price +3.8% that day.
  6. DecPriceFell 33% from the Jun 2025 peak to the Dec 2025 low.
  7. DecPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  8. DecPriceVolume reached 9.7x its 50-day median on 2025-12-30; price -2.5% that day.
Show 22 earlier events
  1. SepPriceVolume reached 6.6x its 50-day median on 2025-09-29; price -1.6% that day.
  2. MayPriceVolume reached 7.3x its 50-day median on 2025-05-21; price +5.2% that day.
  3. AprPriceRegained the 2024-07 peak, 2 months after the low.
  4. AprValuationP/E crossed above the 90th percentile of its own history to date (106.2x).
  5. MarResultsRevenue (TTM) reached a new high of ₹6,985 cr.
  6. FebPriceFell 30% from the Jul 2024 peak to the Feb 2025 low.
  7. FebPriceVolume reached 8.0x its 50-day median on 2025-02-06; price -5.6% that day.
  8. DecPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  9. DecPriceVolume reached 11.9x its 50-day median on 2024-12-03; price -0.6% that day.
  10. JulPriceVolume reached 6.1x its 50-day median on 2024-07-02; price +9.1% that day.
  11. JunPeer rankSlipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
  12. MayPriceVolume reached 22.5x its 50-day median on 2024-05-31; price +2.1% that day.
  13. MarValuationP/E crossed above the 90th percentile of its own history to date (104.9x).
  14. MarPriceVolume reached 8.0x its 50-day median on 2024-03-15; price +8.7% that day.
  15. NovPriceVolume reached 17.1x its 50-day median on 2023-11-30; price -3.8% that day.
  16. AugPriceVolume reached 5.1x its 50-day median on 2023-08-08; price +0.3% that day.
  17. JunResultsRevenue (TTM) reached a new high of ₹6,918 cr.
  18. JunPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 2nd quartile).
  19. JunPriceVolume reached 6.2x its 50-day median on 2023-06-28; price +2.6% that day.
  20. MarPriceVolume reached 8.2x its 50-day median on 2023-03-17; price +4.1% that day.
  21. DecValuationP/E crossed above the 90th percentile of its own history to date (89.9x).
  22. DecPriceVolume reached 5.1x its 50-day median on 2022-12-30; price +5.1% 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
2026-1186.4x₹11351 cr31.7%38.0%0.2x
2026-1085.4x₹11351 cr32.7%38.0%0.2x
2026-0989.5x₹11351 cr32.7%38.0%0.2x
2026-08108.5x₹9837 cr27.7%38.0%0.2x
2026-0799.2x₹9837 cr27.7%38.0%0.2x
2026-06100.9x₹9837 cr27.7%38.0%0.2x
2026-05113.7x₹8951 cr34.6%38.0%0.2x
2026-0496.2x₹8951 cr34.6%38.0%0.2x
2026-0375.3x₹8951 cr34.6%38.0%0.2x
2026-0292.5x₹8376 cr31.7%38.0%0.2x
2026-0192.4x₹8376 cr31.7%38.0%0.2x
2025-1283.9x₹8376 cr31.7%38.0%0.2x
2025-1195.2x₹8010 cr30.4%38.0%0.2x
2025-1099.5x₹8010 cr30.4%38.0%0.2x
2025-0995.6x₹8010 cr30.4%38.0%0.2x
2025-08103.2x₹7541 cr29.2%38.0%0.2x
2025-07106.4x₹7541 cr29.2%38.0%0.2x
2025-06131.7x₹7541 cr29.2%38.0%0.2x
2025-05129.8x₹6985 cr35.9%32.0%0.3x
2025-04106.2x₹6985 cr35.9%32.0%0.3x
2025-0390.7x₹6985 cr35.9%32.0%0.3x
2025-0278.0x₹6441 cr32.4%32.0%0.3x
2025-0191.3x₹6441 cr32.4%32.0%0.3x
2024-1287.6x₹6441 cr32.4%32.0%0.3x
2024-11104.5x₹6072 cr29.5%32.0%0.3x
2024-10100.1x₹6072 cr29.5%32.0%0.3x
2024-09112.8x₹6072 cr29.5%32.0%0.3x
2024-08116.1x₹6069 cr26.5%32.0%0.3x
2024-07116.7x₹6069 cr26.5%32.0%0.3x
2024-06108.5x₹6069 cr26.5%32.0%0.3x
2024-05112.0x₹6918 cr31.1%36.0%0.5x
2024-04107.2x₹6918 cr31.1%36.0%0.5x
2024-03104.9x₹6918 cr31.1%36.0%0.5x
2024-0280.4x₹6918 cr31.1%36.0%0.5x
2024-0177.2x₹6918 cr31.1%36.0%0.5x
2023-1280.4x₹6918 cr31.1%36.0%0.5x
2023-1175.2x₹6918 cr31.1%36.0%0.5x
2023-1065.7x₹6918 cr31.1%36.0%0.5x
2023-0957.6x₹6918 cr31.1%36.0%0.5x
2023-0857.8x₹6918 cr31.1%36.0%0.5x
2023-0745.4x₹6918 cr31.1%36.0%0.5x
2023-0644.7x₹6918 cr31.1%36.0%0.5x
2023-0576.9x₹3948 cr23.8%25.0%0.5x
2023-0478.4x₹3948 cr23.8%25.0%0.5x
2023-0377.8x₹3948 cr23.8%25.0%0.5x
2023-0280.4x₹3948 cr23.8%25.0%0.5x
2023-0182.1x₹3948 cr23.8%25.0%0.5x
2022-1289.9x₹3948 cr23.8%25.0%0.5x
2022-1179.5x₹3948 cr23.8%25.0%0.5x
2022-1080.0x₹3948 cr23.8%25.0%0.5x
2022-0980.3x₹3948 cr23.8%25.0%0.5x
2022-0868.3x₹3948 cr23.8%25.0%0.5x
2022-0756.2x₹3948 cr23.8%25.0%0.5x
2022-0656.3x₹3948 cr23.8%25.0%0.5x
2022-0585.8x₹2516 cr18.2%19.0%0.5x
2022-0490.4x₹2516 cr18.2%19.0%0.5x
2022-0391.6x₹2516 cr18.2%19.0%0.5x
2022-0275.7x₹2516 cr18.2%19.0%0.5x
2022-0175.6x₹2516 cr18.2%19.0%0.5x
2021-1279.3x₹2516 cr18.2%19.0%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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