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TCPL PACKAGING LIMITED (TCPLPACK)

Commercial Services · Commercial Printing/Forms · figures to Nov '26

Divergence: price ahead of business (4 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.38 / 100
Profitability 65Growth 33Balance sheet 15
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.73 / 100
Price 97Earnings 33FII/DII 89

Passes these screensHigh MomentumPrice ahead of businessInstitutions in, retail outNear 52-week high

Compare withSESHAASAI TECHNOLOGIESREPRO INDIACREATIVE GRAPHICS SOLU

Share price

Closing priceAdjusted for splits and bonus issues.

₹4,471 latest close · +51.2% over the last 90 sessions

₹3,000₹3,500₹4,000₹4,500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,000₹3,500₹4,000₹4,500Jul 3Sep 4Nov 9

₹4,471 month-end · +41.9% over 12 months

₹3,000₹4,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹3,000₹4,000Nov '25May '26Nov '26

₹4,471 month-end · +93.1% over 3 years

₹2,000₹3,000₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹3,000₹4,000Nov '23May '25Nov '26

₹4,471 month-end · +1576.7% since Jun '20

₹0₹2,000₹4,000Jun '20Sep '21Jan '23Apr '24Aug '25Nov '26 ₹0₹2,000₹4,000Jun '20Sep '23Nov '26

52-week range ₹2200.00 to ₹4719.00 · 1-year volatility 46.6%

Was the rally earned?

+42%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 21.5x to 35.2x); per-share earnings took off 17 points.
  • The share count barely moved.
Net profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18 ptsNet profit growthP/E change: +59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+59 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: +42%+42%Share priceNet profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18ProfitP/E change: +59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+59P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +42%+42%Share price
Net profit growth-18 ptsNet profit fell about 14%, which lowers the price.
P/E change+59 ptsThe P/E rose from 21.5x to 35.2x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+93%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 19.0x to 35.2x); per-share earnings added 6 points.
  • The share count barely moved.
Net profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7 ptsNet profit growthP/E change: +88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+88 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: +93%+93%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: +88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+88P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +93%+93%Share price
Net profit growth+7 ptsNet profit rose about 5%, which lifts the price.
P/E change+88 ptsThe P/E rose from 19.0x to 35.2x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+806%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 453 points and the multiple added 353 points (P/E 13.4x to 35.2x).
  • The share count barely moved.
Net profit growth: +458 pts. Points of the price return explained by net profit growing (or shrinking).+458 ptsNet profit growthP/E change: +353 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+353 ptsP/E changeShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5 ptsShare count changeShare price: +806%+806%Share priceNet profit growth: +458 pts. Points of the price return explained by net profit growing (or shrinking).+458ProfitP/E change: +353 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+353P/EShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5SharesShare price: +806%+806%Share price
Net profit growth+458 ptsNet profit rose about 250%, which lifts the price.
P/E change+353 ptsThe P/E rose from 13.4x to 35.2x, which lifts the price.
Share count change-5 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 SESHAASAI TECHNOLOGIES

How rough has the ride been?

Maximum drawdown-67.6%recovered 2020-08
1-year volatility46.6%annualised
Beta vs sector index0.553-year daily, correlation 0.26
Volume spikes13last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−64.7% 0%−20%−40%−60%2020202220242026−64.7%
Largest drawdowns

-67.6% (2019-04 peak to 2020-03 low, recovered 2020-08)

-52.6% (2025-03 peak to 2026-03 low, not yet recovered)

-29.5% (2022-09 peak to 2022-09 low, recovered 2022-11)

Most recent volume spikes

2026-10-12: 8.9x the 50-day median, price +3.3% that day

2026-10-09: 8x the 50-day median, price +7.0% that day

2026-10-08: 6.7x the 50-day median, price -0.9% 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?

35.2xP/E todayNear its historic high
Against its own history99th percentile
CheapestMedian 20.2xDearest

Usual range 9.8x to 29.6x since 2020-06.

Against Commercial Services35.2x vs 21.1x
This company
35.2x
Sector median
21.1x

67% above the Commercial Services median.

6.6x16.5x26.5x36.4xJun '20Oct '21Feb '23Jun '24Oct '25Nov '266.6x16.5x26.5x36.4xJun '20Aug '22Oct '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianCommercial Services median

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

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

Where does it rank among Commercial Services peers?

Each cell is the company's percentile rank among its Commercial 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

  • ROCE63rd▼ 7 pts vs a year ago
  • Op. margin67th▲ 7 pts vs a year ago
  • Revenue growth27th▼ 23 pts vs a year ago
  • EPS growth31st▼ 36 pts vs a year ago
  • Debt/equity ↓11thflat vs a year ago
  • Cash cycle ↓46thflat vs a year ago
  • P/E ↓19th▼ 49 pts vs a year ago
  • 12M momentum96th▲ 16 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 Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

~23%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 41.1x, a holder earning 12%/yr needs earnings to grow about 22.9%/yr for 10 years, then trade at 15x.

Delivered21.4%/yrEPS, last 6 fiscal years · 3-yr avg to 3-yr avg
Gap+1.5 ptsimplied minus delivered
Rank502ndmost demanding of 856

Over time

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

0%14%29% Jun 2020Nov 2026 0%14%29% Jun 2020Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x24.4%25.5%26.6%
15x21.8%22.9%24.0%
20x18.5%19.5%20.6%

Drag a slider to test other assumptions

Implied: 22.9%/yr

Looking back

  • Jan 2022Price implied 11%/yr; EPS has since grown 24%/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 Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹4471.00
P/E
35.2x
ROCE
18.0%
Market Cap
₹4069 cr
Revenue (TTM)
₹1878 cr
P/S
2.2x
P/B
5.7x
ROE
16.1%
Operating Margin
17.0%
Debt / Equity
0.9x
Promoter Holding
55.7%
12M Momentum
41.9%

52-week range

₹2200.00₹4719.00
90% of the way from its 52-week low to its high

Price risk

1Y volatility
46.6%
Beta vs sector
1-year daily
0.70

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.88x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 6.7%. 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 conversion1.88xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.88x (cash from operations ₹638 cr, net profit ₹340 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (93 vs 82). 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+5 days / 2 yrsWithin range

Days payable changed by +5 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 added 7.7 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters55.7%55.7%0.0 pts
FIIs0.7%1.0%+0.3 pts
DIIs5.9%13.7%+7.7 pts
Public and others37.4%29.3%-8.0 pts

Number of shareholders

15,413shareholders-2% since Sep '23
14k15k16k17k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 15,674
Dec '23: 15,686
Mar '24: 14,545
Jun '24: 14,082
Sep '24: 13,774
Dec '24: 14,277
Mar '25: 16,185
Jun '25: 16,835
Sep '25: 16,486
Dec '25: 15,988
Mar '26: 15,717
Jun '26: 15,413
 14k15k16k17k Sep '23Sep '24Sep '25Jun '26
Sep '23: 15,674
Dec '23: 15,686
Mar '24: 14,545
Jun '24: 14,082
Sep '24: 13,774
Dec '24: 14,277
Mar '25: 16,185
Jun '25: 16,835
Sep '25: 16,486
Dec '25: 15,988
Mar '26: 15,717
Jun '26: 15,413

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

−14.8%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 TCPL PACKAGING 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 −29% to +20% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (−11.6%, 80% range −19.4% to +3.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DBL · Feb 2021: −67.0% vs market
CAMLINFINE · Apr 2023: −58.3% vs market
DECCANCE · Oct 2025: −52.3% vs market
HINDWAREAP · May 2023: −51.6% vs market
HLEGLAS · Aug 2025: −44.5% vs market
ROHLTD · Sep 2025: −43.2% vs market
KIRLOSBROS · May 2021: −38.8% vs market
CARYSIL · Nov 2023: −35.6% vs market
GRMOVER · Aug 2025: −34.2% vs market
PUNJABCHEM · Oct 2025: −32.7% vs market
GREENLAM · Jan 2020: −32.6% vs market
ICIL · Mar 2024: −30.8% vs market
NRBBEARING · Dec 2023: −29.2% vs market
KIRLOSENG · Apr 2024: −28.1% vs market
ARIHANTSUP · Aug 2022: −27.9% vs market
SOMANYCERA · Sep 2021: −27.8% vs market
GUFICBIO · Oct 2024: −27.7% vs market
ARTEMISMED · Jan 2025: −26.0% vs market
JKLAKSHMI · Mar 2023: −25.5% vs market
ASAHIINDIA · Jun 2022: −24.8% vs market
GREENPLY · Oct 2021: −20.7% vs market
HUHTAMAKI · Feb 2020: −20.0% vs market
EPIGRAL · Sep 2024: −19.8% vs market
VADILALIND · Feb 2020: −18.9% vs market
POKARNA · Oct 2024: −18.1% vs market
PDSL · Jan 2022: −11.5% vs market
FSL · Nov 2024: −9.2% vs market
VRLLOG · Jun 2022: −5.1% vs market
FILATEX · Apr 2021: +2.5% vs market
THANGAMAYL · Feb 2020: +2.5% vs market
KNRCON · Jan 2020: +2.9% vs market
VISHNU · May 2025: +4.0% vs market
PITTIENG · May 2024: +4.5% vs market
JKPAPER · Apr 2022: +6.8% vs market
MMFL · Aug 2021: +12.4% vs market
ABDL · Aug 2025: +13.6% vs market
CCL · Aug 2025: +15.0% vs market
HIKAL · Apr 2021: +21.3% vs market
PRICOLLTD · Mar 2023: +26.5% vs market
DYNAMATECH · Jun 2023: +32.7% vs market
JASH · Mar 2023: +35.8% vs market
STEELXIND · Nov 2021: +40.7% vs market
USHAMART · Apr 2022: +42.7% vs market
SMSPHARMA · Jul 2020: +48.5% vs market
SOLARA · Jun 2020: +55.5% vs market
ONEPOINT · Jul 2023: +82.8% vs market
SHAILY · Jun 2024: +103.2% vs market
ELECON · May 2022: +146.4% vs market
JBMA · Jan 2021: +197.3% vs market
BSHSL · Aug 2022: +297.5% vs market
Similar setups −14.8%All companies −3.2%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−14.8%
All companies' median
−3.2%
Beat the market
44% vs 46%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PITTIENG
Producer Manufacturing		 May 2024 49x18% +155%0% +5%
VRLLOG
Transportation		 Jun 2022 35x22% +122%−6% −5%
HIKAL
Health Technology		 Apr 2021 39x14% +136%0% +21%
VISHNU
Process Industries		 May 2025 31x20% +73%−1% +4%
SOLARA
Health Technology		 Jun 2020 19x12% +48%−5% +56%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GRMOVER
Process Industries		 Aug 2025 36x14% +39%−6% −34%
JKLAKSHMI
Non-Energy Minerals		 Mar 2023 20x19% +67%−10% −26%
NRBBEARING
Producer Manufacturing		 Dec 2023 35x16% +120%0% −29%
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/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 TCPL PACKAGING 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.

WELSPUN ENTERPRISESWELENT
Industrial Services
65%similar
revenue growthpromoter holding
SAMBHV STEEL TUBESSAMBHV
Non-Energy Minerals
64%similar
promoter holdingvolatility
RAJRATAN GLOBAL WIRERAJRATAN
Producer Manufacturing
63%similar
volatilityrevenue growth
S.P. APPARELSSPAL
Consumer Non-Durables
63%similar
revenuevolatility
STEEL STRIPS WHEELSSSWL
Producer Manufacturing
62%similar
EPS growthvolatility
FIRSTSOURCE SOLUTIONSFSL
Commercial Services
54%similar
operating marginpromoter holding
ECLERX SERVICESECLERX
Commercial Services
38%similar
volatilitypromoter holding
SIGNPOST INDIASIGNPOST
Commercial Services
37%similar
volatilitydebt/equity

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

What changed?

30 events since Dec '23

  1. OctPriceVolume reached 8.9x its 50-day median on 2026-10-12; price +3.3% that day.
  2. SepPeer rankMoved into the 3rd quartile of Commercial Services on EPS growth (from the bottom quartile).
  3. AugPriceVolume reached 168.5x its 50-day median on 2026-08-12; price +19.6% that day.
  4. JulValuationP/E crossed above the 90th percentile of its own history to date (29.3x).
  5. JunResultsRevenue (TTM) reached a new high of ₹1,810 cr.
  6. JunPeer rankSlipped to the bottom quartile of Commercial Services on EPS growth (from the 3rd quartile).
  7. JunDebtDebt / equity fell below 1.0x (0.88x).
  8. JunPriceVolume reached 23.6x its 50-day median on 2026-06-29; price -0.2% that day.
Show 22 earlier events
  1. MarResultsYear-on-year EPS growth turned negative.
  2. MarPriceFell 53% from the Mar 2025 peak to the Mar 2026 low.
  3. MarPeer rankSlipped to the 3rd quartile of Commercial Services on EPS growth (from the 2nd quartile).
  4. FebPriceVolume reached 36.6x its 50-day median on 2026-02-10; price +14.4% that day.
  5. NovPriceVolume reached 5.2x its 50-day median on 2025-11-18; price +1.5% that day.
  6. SepPeer rankSlipped to the 2nd quartile of Commercial Services on EPS growth (from the top quartile).
  7. AugPriceVolume reached 5.9x its 50-day median on 2025-08-01; price -5.1% that day.
  8. JunPeer rankMoved into the top quartile of Commercial Services on EPS growth (from the 2nd quartile).
  9. JunDebtDebt / equity rose above 1.0x (1.01x).
  10. MarPeer rankMoved into the 2nd quartile of Commercial Services on EPS growth (from the 3rd quartile).
  11. FebValuationP/E crossed above the 90th percentile of its own history to date (30.9x).
  12. FebPriceVolume reached 30.7x its 50-day median on 2025-02-14; price +8.5% that day.
  13. DecResultsYear-on-year EPS growth turned positive.
  14. DecInstitutionsFII + DII holding rose 3.5 pts over 2 quarters to 12.3%.
  15. JulValuationP/E crossed above the 90th percentile of its own history to date (27.2x).
  16. JulPriceVolume reached 34.5x its 50-day median on 2024-07-30; price +19.0% that day.
  17. JunResultsYear-on-year EPS growth turned negative.
  18. JunPeer rankSlipped to the 3rd quartile of Commercial Services on EPS growth (from the top quartile).
  19. JunDebtDebt / equity fell below 1.0x (0.96x).
  20. JunPriceVolume reached 16.7x its 50-day median on 2024-06-24; price +2.8% that day.
  21. FebPriceVolume reached 12.7x its 50-day median on 2024-02-08; price +8.2% that day.
  22. DecPriceVolume reached 13.9x its 50-day median on 2023-12-27; price +8.8% 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
2026-1135.2x₹1878 cr16.1%18.0%0.9x
2026-1034.7x₹1878 cr16.1%18.0%0.9x
2026-0932.3x₹1878 cr16.1%18.0%0.9x
2026-0836.4x₹1810 cr13.6%18.0%0.9x
2026-0729.3x₹1810 cr13.6%18.0%0.9x
2026-0627.6x₹1810 cr13.6%18.0%0.9x
2026-0520.4x₹1778 cr17.7%20.0%1.0x
2026-0421.2x₹1778 cr17.7%20.0%1.0x
2026-0318.2x₹1778 cr17.7%20.0%1.0x
2026-0219.1x₹1787 cr19.7%20.0%1.0x
2026-0118.7x₹1787 cr19.7%20.0%1.0x
2025-1221.6x₹1787 cr19.7%20.0%1.0x
2025-1121.5x₹1790 cr20.8%20.0%1.0x
2025-1022.6x₹1790 cr20.8%20.0%1.0x
2025-0922.7x₹1790 cr20.8%20.0%1.0x
2025-0821.3x₹1771 cr22.4%20.0%1.0x
2025-0723.0x₹1771 cr22.4%20.0%1.0x
2025-0623.6x₹1771 cr22.4%20.0%1.0x
2025-0528.7x₹1750 cr25.8%19.0%1.0x
2025-0424.7x₹1750 cr25.8%19.0%1.0x
2025-0331.1x₹1750 cr25.8%19.0%1.0x
2025-0230.9x₹1634 cr22.2%19.0%1.0x
2025-0124.4x₹1634 cr22.2%19.0%1.0x
2024-1225.2x₹1634 cr22.2%19.0%1.0x
2024-1126.3x₹1577 cr20.7%19.0%1.0x
2024-1025.9x₹1577 cr20.7%19.0%1.0x
2024-0928.6x₹1577 cr20.7%19.0%1.0x
2024-0830.2x₹1542 cr19.1%19.0%1.0x
2024-0727.2x₹1542 cr19.1%19.0%1.0x
2024-0622.8x₹1542 cr19.1%19.0%1.0x
2024-0517.6x₹1475 cr24.9%21.0%1.1x
2024-0417.2x₹1475 cr24.9%21.0%1.1x
2024-0318.3x₹1475 cr24.9%21.0%1.1x
2024-0218.2x₹1475 cr24.9%21.0%1.1x
2024-0117.6x₹1475 cr24.9%21.0%1.1x
2023-1218.5x₹1475 cr24.9%21.0%1.1x
2023-1119.0x₹1475 cr24.9%21.0%1.1x
2023-1017.0x₹1475 cr24.9%21.0%1.1x
2023-0917.7x₹1475 cr24.9%21.0%1.1x
2023-0815.6x₹1475 cr24.9%21.0%1.1x
2023-0713.9x₹1475 cr24.9%21.0%1.1x
2023-0611.7x₹1475 cr24.9%21.0%1.1x
2023-0527.7x₹1086 cr13.8%14.0%1.4x
2023-0429.1x₹1086 cr13.8%14.0%1.4x
2023-0327.1x₹1086 cr13.8%14.0%1.4x
2023-0225.5x₹1086 cr13.8%14.0%1.4x
2023-0125.6x₹1086 cr13.8%14.0%1.4x
2022-1229.3x₹1086 cr13.8%14.0%1.4x
2022-1131.6x₹1086 cr13.8%14.0%1.4x
2022-1022.5x₹1086 cr13.8%14.0%1.4x
2022-0922.6x₹1086 cr13.8%14.0%1.4x
2022-0825.7x₹1086 cr13.8%14.0%1.4x
2022-0719.9x₹1086 cr13.8%14.0%1.4x
2022-0616.3x₹1086 cr13.8%14.0%1.4x
2022-0524.9x₹904 cr11.0%—1.1x
2022-0421.6x₹904 cr11.0%—1.1x
2022-0319.6x₹904 cr11.0%—1.1x
2022-0218.6x₹904 cr11.0%—1.1x
2022-0114.7x₹904 cr11.0%—1.1x
2021-1214.0x₹904 cr11.0%—1.1x

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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