52-week range
Price risk
Balance sheet & cash
What is the price implying?
At normalised P/E (five-year average earnings) of 105.2x, a holder earning 12%/yr needs earnings to grow about 36.1%/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 | 37.9% | 39.2% | 40.4% |
| 15x | 34.9% | 36.1% | 37.3% |
| 20x | 31.0% | 32.2% | 33.4% |
“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
What changed?
- Oct '26Fell 28% from the Sep 2026 peak to the Oct 2026 low.
- Oct '26Volume reached 5.1x its 50-day median on 2026-10-29; price +1.0% that day.
- Aug '26Volume reached 8.1x its 50-day median on 2026-08-05; price +10.0% that day.
- Jun '26Regained the 2025-11 peak, 5 months after the low.
- Jun '26Volume reached 25.2x its 50-day median on 2026-06-01; price +5.2% that day.
- Jan '26Fell 32% from the Nov 2025 peak to the Jan 2026 low.
- Jan '26Volume reached 6.5x its 50-day median on 2026-01-13; price +3.3% 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
Are profits backed by cash?
2 of 5 checks are within range, 2 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance12%Within range
Other income as a share of pre-tax profit (trailing twelve months): 11.7%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate23%Within range
Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion0.41xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.41x (cash from operations ₹185 cr, net profit ₹446 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow2 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 2. 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 progress55% of fixed assetsNear threshold
Capital work-in-progress is 55% 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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-31.5% (2025-11 peak to 2026-01 low, recovered 2026-06)
-28.4% (2026-09 peak to 2026-10 low, not yet recovered)
Most recent volume spikes
2026-10-29: 5.1x the 50-day median, price +1.0% that day
2026-08-11: 5.3x the 50-day median, price +5.2% that day
2026-08-05: 8.1x the 50-day median, price +10.0% that day
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).
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 else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| SHREEJI SHIPPING GLOBAL LIMITE (SHREEJISPG) | Transportation | 64% | ROCE, market cap |
| HAPPY FORGINGS (HAPPYFORGE) | Producer Manufacturing | 60% | promoter holding, debt/equity |
| AIMTRON ELECTRONICS (AIMTRON) | Electronic Technology | 56% | ROCE, P/E |
| INOX INDIA (INOXINDIA) | Producer Manufacturing | 56% | P/E, ROCE |
| QUALITY POWER ELE EQUIP (QPOWER) | Producer Manufacturing | 56% | market cap, ROCE |
| ALKYL AMINES CHEMICALS (ALKYLAMINE) | Process Industries | 67% | debt/equity, operating margin |
| MONOLITHISCH INDIA (MONOLITH) | Process Industries | 51% | ROCE, operating margin |
| ELLENBARRIE INDUSTRIAL GASES L (ELLEN) | Process Industries | 39% | promoter holding, operating margin |
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 | 63.5x | ₹675 cr | 21.5% | 28.0% | 0.2x |
| 2026-09 | 71.6x | ₹675 cr | 21.0% | 28.0% | 0.2x |
| 2026-08 | 73.7x | ₹642 cr | 19.8% | 28.0% | 0.2x |
| 2026-07 | 53.7x | ₹642 cr | 19.8% | 28.0% | 0.2x |
| 2026-06 | 51.7x | ₹642 cr | 19.8% | 28.0% | 0.2x |
| 2026-05 | 44.7x | ₹618 cr | 34.6% | 36.0% | 0.3x |
| 2026-04 | 42.6x | ₹618 cr | 34.6% | 36.0% | 0.3x |
| 2026-03 | 35.7x | ₹618 cr | 34.6% | 36.0% | 0.3x |
| 2026-02 | 41.6x | ₹562 cr | 30.8% | 36.0% | 0.3x |
| 2026-01 | 39.6x | ₹562 cr | 30.8% | 36.0% | 0.3x |
| 2025-12 | 39.2x | ₹562 cr | 30.8% | 36.0% | 0.3x |
| 2025-11 | 47.0x | ₹548 cr | 31.2% | 36.0% | 0.3x |