SURAJ ESTATE DEVELOPERS LIMITE (SURAJEST): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹188.84 latest close · −7.7% over the last 90 sessions

₹188.84 month-end · −30.2% over 12 months

₹188.84 month-end · −42.9% since Dec '23

52-week range ₹165.00 to ₹297.70 · 1-year volatility 44.1%

Was the rally earned?

-30%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 13.8x to 9.8x); per-share earnings took off 2 points.
The share count rose 3%.

Net profit growth+1 ptsNet profit rose about 1%, which lifts the price.

P/E change-28 ptsThe P/E fell from 13.8x to 9.8x, which lowers the price.

Share count change-3 ptsShare count rose 3%, which lowers 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.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-79.4%not yet recovered

1-year volatility44.1%annualised

Beta vs sector index1.083-year daily, correlation 0.51

Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-79.4% (2024-08 peak to 2026-09 low, not yet recovered)

-26.8% (2024-01 peak to 2024-03 low, recovered 2024-04)

-25.2% (2024-05 peak to 2024-06 low, recovered 2024-06)

Most recent volume spikes

2026-09-22: 6.3x the 50-day median, price +0.3% that day

2026-09-21: 31.3x the 50-day median, price +12.6% that day

2026-09-18: 8.1x the 50-day median, price +8.4% 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?

9.8xP/E todayNear its historic low

Against its own history8th percentile

CheapestMedian 14.0xDearest

Usual range 10.2x to 39.3x since 2023-12.

Against Industrial Services9.8x vs 14.0x

This company

9.8x

Sector median

14.0x

30% below the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services 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 Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services 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

ROCE43rd▼ 6 pts vs a year ago
Op. margin89th▲ 3 pts vs a year ago
Revenue growth33rd▼ 30 pts vs a year ago
EPS growth42nd▼ 8 pts vs a year ago
Debt/equity ↓31st▼ 10 pts vs a year ago
Cash cycle ↓57th▼ 12 pts vs a year ago
P/E ↓71st▲ 6 pts vs a year ago
12M momentum39th▲ 31 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 Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~12%annual earnings growth implied by the price

At a P/E of 14.3x, the price would imply about 11.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹188.84
P/E: 9.8x
ROCE: 14.0%
Market Cap: ₹905 cr
Revenue (TTM): ₹569 cr
P/S: 1.6x
P/B: 0.9x
ROE: 9.3%
Operating Margin: 37.0%
Debt / Equity: 0.6x
Promoter Holding: 69.8%
12M Momentum: -30.2%

52-week range

₹165.00₹297.70

18% of the way from its 52-week low to its high

Price risk

1Y volatility

44.1%

Beta vs sector

1-year daily

1.08

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

-1.37x

low

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold

Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.7%. 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 conversion-1.37xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -1.37x (cash from operations ₹-351 cr, net profit ₹257 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (77 vs 66). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% 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.

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, FIIs trimmed 5.8 pts; promoters trimmed 5.2 pts; DIIs trimmed 3.0 pts.
The number of shareholders fell from 82,282 to 38,247 (-54%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters75.0%69.8%-5.2 pts

FIIs7.1%1.3%-5.8 pts

DIIs4.0%1.0%-3.0 pts

Public and others13.9%27.9%+14.0 pts

Number of shareholders

38,247shareholders-54% since Dec '23

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

+1.6%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 SURAJ ESTATE DEVELOPERS LIMITE 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 +49% vs the market, against 0% for all non-financial companies in the same months.
The gap against the base rate (+1.7%, 80% range −6.0% to +17.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

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 · 6 beyond the range shown, drawn at the edge

Similar setups' median

+1.6%

All companies' median

−0.1%

Beat the market

52% vs 50%

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

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
AJMERA Finance	Mar 2020	3x	11%	−66%	−67%	+1%
MUFTI Retail Trade	Mar 2025	13x	19%	−25%	−45%	−46%
POKARNA Producer Manufacturing	Apr 2024	22x	15%	+34%	−20%	+89%
TIIL Producer Manufacturing	Jan 2020	7x	15%	−36%	−42%	−11%
FAZE3Q Process Industries	Mar 2024	15x	19%	+14%	−27%	−7%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NCLIND Non-Energy Minerals	Jul 2020	7x	12%	−26%	−35%	+107%
MARATHON Finance	Feb 2025	12x	16%	−19%	−44%	−7%
WELENT Industrial Services	Aug 2021	11x	9%	+49%	−23%	+8%

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: drawdown from 12-month high, 12-month momentum and size. 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 SURAJ ESTATE DEVELOPERS LIMITE. 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

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

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.

NAVKAR CORPORATIONNAVKARCORP

Transportation

65%similar

operating marginpromoter holding

KAMAT HOTELS (INDIA)KAMATHOTEL

Consumer Services

61%similar

debt/equityrevenue

AJMERA REALTY & INFRA INDIA LIAJMERA

Finance

60%similar

ROCEpromoter holding

ALLCARGO TERMINALSATL

Transportation

59%similar

market cappromoter holding

ARIHANT CAPITAL MARKETSARIHANTCAP

Finance

56%similar

operating marginvolatility

SUYOG TELEMATICSSUYOG

Industrial Services

53%similar

P/Edebt/equity

ENVIRO INFRA ENGINEERSEIEL

Industrial Services

42%similar

promoter holdingvolatility

GPT INFRAPROJECTSGPTINFRA

Industrial Services

42%similar

promoter holdingdebt/equity

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

What changed?

30 events since Mar '24

2026
OctValuationP/E fell below the 10th percentile of its own history to date (9.0x).
SepPriceFell 79% from the Aug 2024 peak to the Sep 2026 low.
SepPriceVolume reached 31.3x its 50-day median on 2026-09-21; price +12.6% that day.
AprPriceVolume reached 66.2x its 50-day median on 2026-04-16; price +7.6% that day.
JanValuationP/E fell below the 10th percentile of its own history to date (11.6x).
JanSharesShare count is up 9.5% over 12 months.
2025
DecResultsRevenue (TTM) reached a new high of ₹583 cr.
DecPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).

Show 22 earlier events

2025
OctPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
OctPriceVolume reached 88.9x its 50-day median on 2025-10-28; price +8.3% that day.
SepResultsYear-on-year EPS growth turned negative.
SepPeer rankMoved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
AugPriceVolume reached 13.5x its 50-day median on 2025-08-21; price +3.6% that day.
JunPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
JunDividendDividend payout cut from 6% to 0% of profit.
JunPriceVolume reached 9.7x its 50-day median on 2025-06-04; price +7.2% that day.
MarPromoterPromoter holding fell 5.4 pts to 69.6%.
MarPriceVolume reached 13.6x its 50-day median on 2025-03-21; price +14.5% that day.
2024
DecDebtDebt / equity halved over 12 months to 0.85x.
DecSharesShare count is up 31.2% over 12 months.
OctPriceVolume reached 7.6x its 50-day median on 2024-10-11; price +2.0% that day.
SepInstitutionsFII + DII holding fell 7.2 pts over 2 quarters to 3.9%.
SepPriceVolume reached 5.4x its 50-day median on 2024-09-17; price +1.9% that day.
JunPriceRegained the 2024-05 peak, 0 months after the low.
JunPriceFell 25% from the May 2024 peak to the Jun 2024 low.
JunDebtDebt / equity fell below 1.0x (0.85x).
JunDividendStarted paying a dividend (payout 6% of profit).
AprPriceRegained the 2024-01 peak, 1 month after the low.
AprPriceVolume reached 9.8x its 50-day median on 2024-04-18; price +6.1% that day.
MarPriceFell 27% from the Jan 2024 peak to the Mar 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history36 months · 2023-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	9.8x	₹569 cr	9.3%	14.0%	0.6x
2026-10	9.0x	₹569 cr	9.3%	14.0%	0.6x
2026-09	10.8x	₹569 cr	9.3%	14.0%	0.6x
2026-08	10.1x	₹556 cr	9.1%	14.0%	0.6x
2026-07	10.4x	₹556 cr	9.1%	14.0%	0.6x
2026-06	10.5x	₹556 cr	9.1%	14.0%	0.6x
2026-05	11.0x	₹593 cr	10.7%	17.0%	0.5x
2026-04	11.4x	₹593 cr	10.7%	17.0%	0.5x
2026-03	8.6x	₹593 cr	10.7%	17.0%	0.5x
2026-02	11.3x	₹583 cr	10.2%	17.0%	0.5x
2026-01	11.6x	₹583 cr	10.2%	17.0%	0.5x
2025-12	13.6x	₹583 cr	10.2%	17.0%	0.5x
2025-11	13.8x	₹547 cr	10.1%	17.0%	0.5x
2025-10	14.7x	₹547 cr	10.1%	17.0%	0.5x
2025-09	14.2x	₹547 cr	10.1%	17.0%	0.5x
2025-08	13.3x	₹549 cr	11.1%	17.0%	0.5x
2025-07	13.2x	₹549 cr	11.1%	17.0%	0.5x
2025-06	16.8x	₹549 cr	11.1%	17.0%	0.5x
2025-05	14.3x	₹513 cr	19.6%	29.0%	0.9x
2025-04	13.0x	₹513 cr	19.6%	29.0%	0.9x
2025-03	13.5x	₹513 cr	19.6%	29.0%	0.9x
2025-02	13.5x	₹449 cr	19.0%	29.0%	0.9x
2025-01	18.6x	₹449 cr	19.0%	29.0%	0.9x
2024-12	27.5x	₹449 cr	19.0%	29.0%	0.9x
2024-11	32.8x	₹443 cr	16.1%	29.0%	0.9x
2024-10	35.1x	₹443 cr	16.1%	29.0%	0.9x
2024-09	39.0x	₹443 cr	16.1%	29.0%	0.9x
2024-08	52.4x	₹412 cr	13.0%	29.0%	0.9x
2024-07	45.7x	₹412 cr	13.0%	29.0%	0.9x
2024-06	32.8x	₹412 cr	13.0%	29.0%	0.9x
2024-05	39.6x	₹306 cr	44.4%	22.0%	8.2x
2024-04	40.6x	₹306 cr	44.4%	22.0%	8.2x
2024-03	27.0x	₹306 cr	44.4%	22.0%	8.2x
2024-02	35.1x	₹306 cr	44.4%	22.0%	8.2x
2024-01	35.4x	₹306 cr	44.4%	22.0%	8.2x
2023-12	34.2x	₹306 cr	44.4%	22.0%	8.2x

Methodology and data notes