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S.P. APPARELS LIMITED (SPAL)

Consumer Non-Durables · Apparel/Footwear · 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.56 / 100
Profitability 58Growth 60Balance sheet 49
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.26 / 100
Price 17Earnings 56FII/DII 7

Passes these screensCash Rich

Compare withPAGE INDUSTRIESKPR MILLPEARL GLOBAL INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹871.8 latest close · −22.1% over the last 90 sessions

₹800₹1,000₹1,200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹1,000₹1,200Jul 3Sep 4Nov 9

₹871.8 month-end · +11.4% over 12 months

₹800₹1,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹1,000Nov '25May '26Nov '26

₹871.8 month-end · +40.1% over 3 years

₹600₹800₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹600₹800₹1,000Nov '23May '25Nov '26

₹871.8 month-end · +263.3% since Jan '19

₹0₹500₹1,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹500₹1,000Jan '19Dec '22Nov '26

52-week range ₹600.00 to ₹1221.90 · 1-year volatility 49.2%

Was the rally earned?

+11%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings added 7 points and the multiple added 4 points (P/E 20.1x to 20.8x).
  • The share count barely moved.
Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsNet profit growthP/E change: +4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+4 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: +11%+11%Share priceNet profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9ProfitP/E change: +4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+4P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +11%+11%Share price
Net profit growth+9 ptsNet profit rose about 8%, which lifts the price.
P/E change+4 ptsThe P/E rose from 20.1x to 20.8x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+40%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 29 points to the rise, while the multiple moved less (P/E 18.9x to 20.8x).
  • The share count barely moved.
Net profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28 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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +40%+40%Share priceNet profit growth: +28 pts. Points of the price return explained by net profit growing (or shrinking).+28ProfitP/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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +40%+40%Share price
Net profit growth+28 ptsNet profit rose about 27%, which lifts the price.
P/E change+12 ptsThe P/E rose from 18.9x to 20.8x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+132%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 143 points, but investors now pay less per rupee of profit (P/E 22.3x to 20.8x), which took 11 points back.
  • The share count barely moved.
Net profit growth: +140 pts. Points of the price return explained by net profit growing (or shrinking).+140 ptsNet profit growthP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +132%+132%Share priceNet profit growth: +140 pts. Points of the price return explained by net profit growing (or shrinking).+140ProfitP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +132%+132%Share price
Net profit growth+140 ptsNet profit rose about 145%, which lifts the price.
P/E change-11 ptsThe P/E fell from 22.3x to 20.8x, which lowers the price.
Share count change+3 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 PAGE INDUSTRIES

How rough has the ride been?

Maximum drawdown-82.1%recovered 2021-07
1-year volatility49.2%annualised
Beta vs sector index0.793-year daily, correlation 0.21
Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−82.0% 0%−25%−50%−75%2020202220242026−82.0%
Largest drawdowns

-82.1% (2019-03 peak to 2020-03 low, recovered 2021-07)

-45.6% (2022-02 peak to 2023-02 low, recovered 2023-08)

-43.3% (2024-09 peak to 2026-01 low, recovered 2026-06)

Most recent volume spikes

2026-08-28: 6.9x the 50-day median, price +7.2% that day

2026-07-09: 5.3x the 50-day median, price +1.5% that day

2026-07-08: 13.5x the 50-day median, price +0.8% 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?

20.8xP/E todayNear its historic high
Against its own history80th percentile
CheapestMedian 16.0xDearest

Usual range 7.0x to 24.3x since 2019-01.

Against Consumer Non-Durables20.8x vs 26.8x
This company
20.8x
Sector median
26.8x

22% below the Consumer Non-Durables median.

2.1x17.9x33.7x49.5xJan '19Aug '20Mar '22Oct '23May '25Nov '262.1x17.9x33.7x49.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

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P/S (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables 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 Consumer Non-Durables is valued

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables 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

  • ROCE54thflat vs a year ago
  • Op. margin62nd▲ 5 pts vs a year ago
  • Revenue growth33rd▼ 63 pts vs a year ago
  • EPS growth44th▼ 9 pts vs a year ago
  • Debt/equity ↓41st▲ 4 pts vs a year ago
  • Cash cycle ↓43rd▲ 12 pts vs a year ago
  • P/E ↓61st▼ 16 pts vs a year ago
  • 12M momentum79th▲ 29 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 Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~18%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 24.3x, a holder earning 12%/yr needs earnings to grow about 17.6%/yr for 10 years, then trade at 15x.

Delivered7.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+10.0 ptsimplied minus delivered
Rank323rdmost demanding of 856

Over time

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

-3%10%22% Jan 2019Nov 2026 -3%10%22% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x19.1%20.2%21.3%
15x16.5%17.6%18.6%
20x13.2%14.2%15.2%

Drag a slider to test other assumptions

Implied: 17.6%/yr

Looking back

  • Jan 2020Price implied 10%/yr; EPS has since grown 5%/yr (7.0 yrs)
  • Jan 2021Price implied 5%/yr; EPS has since grown 14%/yr (6.0 yrs)
  • Jan 2022Price implied 17%/yr; EPS has since grown 20%/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 Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹871.80
P/E
20.8x
ROCE
14.0%
Market Cap
₹2193 cr
Revenue (TTM)
₹1576 cr
P/S
1.4x
P/B
2.3x
ROE
11.1%
Operating Margin
15.0%
Debt / Equity
0.4x
Promoter Holding
61.8%
12M Momentum
11.4%

52-week range

₹600.00₹1221.90
44% of the way from its 52-week low to its high

Price risk

1Y volatility
49.2%
Beta vs sector
1-year daily
0.65

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.16x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 14.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 27.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.16xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.16x (cash from operations ₹332 cr, net profit ₹286 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (59 vs 55). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-11 days / 2 yrsWithin range

Days payable changed by -11 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 2.3 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters61.9%61.8%-0.1 pts
FIIs1.5%1.5%0.0 pts
DIIs18.5%16.1%-2.3 pts
Public and others18.1%20.6%+2.4 pts

Number of shareholders

17,353shareholders+1% since Sep '23
15k16k17k17k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 17,203
Dec '23: 16,376
Mar '24: 15,677
Jun '24: 15,367
Sep '24: 16,105
Dec '24: 16,823
Mar '25: 16,811
Jun '25: 16,858
Sep '25: 17,095
Dec '25: 15,743
Mar '26: 17,082
Jun '26: 17,353
 15k16k17k17k Sep '23Sep '24Sep '25Jun '26
Sep '23: 17,203
Dec '23: 16,376
Mar '24: 15,677
Jun '24: 15,367
Sep '24: 16,105
Dec '24: 16,823
Mar '25: 16,811
Jun '25: 16,858
Sep '25: 17,095
Dec '25: 15,743
Mar '26: 17,082
Jun '26: 17,353

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

+8.1%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.P. APPARELS 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 −18% to +54% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+9.9%, 80% range −5.6% to +15.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
CAPACITE · Apr 2021: −41.2% vs market
SARLAPOLY · Mar 2022: −37.9% vs market
SDBL · Sep 2025: −37.4% vs market
APEX · Oct 2022: −33.6% vs market
GREENPLY · Dec 2021: −32.3% vs market
AARTIDRUGS · Aug 2023: −30.9% vs market
KIRLOSBROS · Jul 2021: −26.6% vs market
DCXINDIA · Mar 2024: −24.8% vs market
ISGEC · Aug 2024: −23.0% vs market
INDIANHUME · Sep 2024: −21.2% vs market
AWHCL · Feb 2025: −21.2% vs market
AGI · Aug 2025: −19.3% vs market
NRBBEARING · May 2024: −18.4% vs market
JKLAKSHMI · May 2023: −17.6% vs market
ICIL · May 2024: −17.4% vs market
FAZE3Q · Dec 2023: −16.3% vs market
PUNJABCHEM · Aug 2025: −10.9% vs market
SUNFLAG · Feb 2021: −10.9% vs market
WABAG · Mar 2021: −9.5% vs market
TIIL · Oct 2021: −8.1% vs market
KELLTONTEC · Jul 2024: −6.1% vs market
KIRLOSIND · Apr 2021: −4.9% vs market
HUHTAMAKI · Jul 2023: −1.3% vs market
GNA · Feb 2021: +4.4% vs market
NCLIND · Dec 2020: +7.4% vs market
UNIVCABLES · Jun 2024: +8.8% vs market
ARVIND · Mar 2025: +10.5% vs market
VADILALIND · Mar 2020: +10.9% vs market
ORIENTCEM · Sep 2023: +12.2% vs market
VISHNU · Jan 2025: +16.0% vs market
SUBROS · Jan 2020: +18.1% vs market
SHK · May 2024: +20.4% vs market
LTFOODS · May 2023: +24.9% vs market
DOLLAR · May 2021: +38.9% vs market
FIEMIND · Dec 2021: +47.8% vs market
MINDACORP · Dec 2022: +48.7% vs market
THANGAMAYL · Apr 2020: +49.8% vs market
MMFL · May 2021: +55.8% vs market
JKPAPER · Aug 2021: +60.1% vs market
SARDAEN · May 2021: +63.0% vs market
SMSPHARMA · Jun 2025: +64.2% vs market
JBMA · Jul 2020: +64.4% vs market
JKIL · Apr 2023: +67.8% vs market
SIYSIL · May 2021: +80.7% vs market
USHAMART · Dec 2021: +84.3% vs market
HIKAL · Dec 2020: +136.5% vs market
TRIDENT · Sep 2020: +155.5% vs market
ELECON · Mar 2022: +179.9% vs market
BLISSGVS · May 2025: +217.7% vs market
AXISCADES · Jul 2022: +247.1% vs market
Similar setups +8.1%All companies −1.8%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
+8.1%
All companies' median
−1.8%
Beat the market
54% vs 48%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JBMA
Producer Manufacturing		 Jul 2020 13x12% +15%−35% +64%
ICIL
Process Industries		 May 2024 24x15% +94%−16% −17%
JKIL
Industrial Services		 Apr 2023 20x13% +27%−21% +68%
CAPACITE
Industrial Services		 Apr 2021 14x14% +118%−14% −41%
INDIANHUME
Producer Manufacturing		 Sep 2024 26x13% +104%−14% −21%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NRBBEARING
Producer Manufacturing		 May 2024 32x16% +95%−18% −18%
PUNJABCHEM
Process Industries		 Aug 2025 37x15% −12%−25% −11%
AWHCL
Transportation		 Feb 2025 22x14% +6%−40% −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, P/S and ROCE. 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.P. APPARELS 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.

RAJRATAN GLOBAL WIRERAJRATAN
Producer Manufacturing
75%similar
market capdebt/equity
GRM OVERSEASGRMOVER
Process Industries
73%similar
ROCEpromoter holding
R SYSTEMS INTERNATIONALRSYSTEMS
Technology Services
73%similar
revenue growthvolatility
HARIOM PIPE INDUSTRIESHARIOMPIPE
Non-Energy Minerals
72%similar
revenuevolatility
S H KELKAR AND COMPANYSHK
Process Industries
67%similar
revenue growthP/E
BCL INDUSTRIESBCLIND
Consumer Non-Durables
59%similar
ROCErevenue growth
DOLLAR INDUSTRIESDOLLAR
Consumer Non-Durables
55%similar
ROCErevenue
IFB AGRO INDUSTRIESIFBAGRO
Consumer Non-Durables
54%similar
revenueEPS growth

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

What changed?

30 events since Aug '23

  1. OctPriceFell 31% from the Jul 2026 peak to the Oct 2026 low.
  2. AugPeer rankMoved into the 2nd quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
  3. JulPriceVolume reached 13.5x its 50-day median on 2026-07-08; price +0.8% that day.
  4. JunPriceRegained the 2024-09 peak, 5 months after the low.
  5. JunInstitutionsFII + DII holding fell 3.2 pts over 2 quarters to 18.1%.
  6. JunValuationP/E crossed above the 90th percentile of its own history to date (28.1x).
  7. JunPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on operating margin (from the 2nd quartile).
  8. JunDividendStarted paying a dividend (payout 7% of profit).
Show 22 earlier events
  1. JunPriceVolume reached 188.7x its 50-day median on 2026-06-15; price +9.0% that day.
  2. MarPeer rankSlipped to the 2nd quartile of Consumer Non-Durables on EPS growth (from the top quartile).
  3. FebPriceVolume reached 25.7x its 50-day median on 2026-02-03; price +14.5% that day.
  4. JanPriceFell 43% from the Sep 2024 peak to the Jan 2026 low.
  5. DecPeer rankMoved into the top quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
  6. NovPriceVolume reached 27.5x its 50-day median on 2025-11-17; price +5.3% that day.
  7. AugPriceVolume reached 10.7x its 50-day median on 2025-08-11; price +11.0% that day.
  8. JunPeer rankMoved into the 2nd quartile of Consumer Non-Durables on ROCE (from the 3rd quartile).
  9. MayPriceVolume reached 22.6x its 50-day median on 2025-05-07; price +15.8% that day.
  10. DecResultsRevenue (TTM) reached a new high of ₹1,183 cr.
  11. DecPriceVolume reached 26.2x its 50-day median on 2024-12-16; price +1.8% that day.
  12. AugPriceVolume reached 40.3x its 50-day median on 2024-08-07; price +4.7% that day.
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunValuationP/E crossed above the 90th percentile of its own history to date (20.4x).
  15. JunPeer rankMoved into the 2nd quartile of Consumer Non-Durables on EPS growth (from the 3rd quartile).
  16. JunDividendDividend payout cut from 9% to 0% of profit.
  17. JunPriceVolume reached 25.0x its 50-day median on 2024-06-19; price +9.9% that day.
  18. FebPriceVolume reached 13.6x its 50-day median on 2024-02-16; price +7.3% that day.
  19. DecPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on ROCE (from the 2nd quartile).
  20. OctPriceVolume reached 10.3x its 50-day median on 2023-10-20; price +3.8% that day.
  21. AugPriceRegained the 2022-02 peak, 6 months after the low.
  22. AugPriceVolume reached 29.1x its 50-day median on 2023-08-21; price +13.2% 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
2026-1120.8x₹1576 cr11.1%14.0%0.4x
2026-1019.4x₹1576 cr11.2%14.0%0.4x
2026-0923.1x₹1576 cr11.2%14.0%0.4x
2026-0826.0x₹1578 cr10.8%14.0%0.4x
2026-0724.5x₹1578 cr10.8%14.0%0.4x
2026-0628.1x₹1578 cr10.8%14.0%0.4x
2026-0517.3x₹1612 cr13.2%14.0%0.4x
2026-0417.9x₹1612 cr13.2%14.0%0.4x
2026-0315.4x₹1612 cr13.2%14.0%0.4x
2026-0216.0x₹1588 cr12.9%14.0%0.4x
2026-0115.3x₹1588 cr12.9%14.0%0.4x
2025-1215.9x₹1588 cr12.9%14.0%0.4x
2025-1120.1x₹1552 cr11.3%14.0%0.4x
2025-1018.9x₹1552 cr11.3%14.0%0.4x
2025-0918.5x₹1552 cr11.3%14.0%0.4x
2025-0819.3x₹1394 cr11.0%14.0%0.4x
2025-0721.8x₹1394 cr11.0%14.0%0.4x
2025-0622.8x₹1394 cr11.0%14.0%0.4x
2025-0521.8x₹1290 cr12.0%13.0%0.3x
2025-0419.8x₹1290 cr12.0%13.0%0.3x
2025-0318.4x₹1290 cr12.0%13.0%0.3x
2025-0219.8x₹1183 cr11.3%13.0%0.3x
2025-0124.0x₹1183 cr11.3%13.0%0.3x
2024-1226.7x₹1183 cr11.3%13.0%0.3x
2024-1124.0x₹1084 cr12.2%13.0%0.3x
2024-1024.7x₹1084 cr12.2%13.0%0.3x
2024-0926.4x₹1084 cr12.2%13.0%0.3x
2024-0824.4x₹1087 cr11.8%13.0%0.3x
2024-0724.4x₹1087 cr11.8%13.0%0.3x
2024-0620.4x₹1087 cr11.8%13.0%0.3x
2024-0517.3x₹1081 cr12.3%15.0%0.4x
2024-0418.0x₹1081 cr12.3%15.0%0.4x
2024-0317.7x₹1081 cr12.3%15.0%0.4x
2024-0218.6x₹1081 cr12.3%15.0%0.4x
2024-0118.9x₹1081 cr12.3%15.0%0.4x
2023-1218.5x₹1081 cr12.3%15.0%0.4x
2023-1118.9x₹1081 cr12.3%15.0%0.4x
2023-1017.3x₹1081 cr12.3%15.0%0.4x
2023-0915.4x₹1081 cr12.3%15.0%0.4x
2023-0816.9x₹1081 cr12.3%15.0%0.4x
2023-0713.8x₹1081 cr12.3%15.0%0.4x
2023-0614.2x₹1081 cr12.3%15.0%0.4x
2023-0512.6x₹859 cr13.3%16.0%0.4x
2023-0411.3x₹859 cr13.3%16.0%0.4x
2023-039.8x₹859 cr13.3%16.0%0.4x
2023-029.5x₹859 cr13.3%16.0%0.4x
2023-019.4x₹859 cr13.3%16.0%0.4x
2022-129.9x₹859 cr13.3%16.0%0.4x
2022-1111.8x₹859 cr13.3%16.0%0.4x
2022-1011.0x₹859 cr13.3%16.0%0.4x
2022-0913.0x₹859 cr13.3%16.0%0.4x
2022-0813.7x₹859 cr13.3%16.0%0.4x
2022-0711.3x₹859 cr13.3%16.0%0.4x
2022-0611.3x₹859 cr13.3%16.0%0.4x
2022-0519.3x₹652 cr7.7%10.0%0.3x
2022-0421.5x₹652 cr7.7%10.0%0.3x
2022-0320.3x₹652 cr7.7%10.0%0.3x
2022-0223.7x₹652 cr7.7%10.0%0.3x
2022-0128.7x₹652 cr7.7%10.0%0.3x
2021-1225.8x₹652 cr7.7%10.0%0.3x

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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