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TEAMLEASE SERVICES LIMITED (TEAMLEASE)

Commercial Services · Personnel Services · 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.57 / 100
Profitability 30Growth 57Balance sheet 85
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.28 / 100
Price 13Earnings 61FII/DII 10

Passes these screensCash RichPromoters buying

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Share price

Closing priceAdjusted for splits and bonus issues.

₹995.3 latest close · −30.0% over the last 90 sessions

₹1,000₹1,200₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,000₹1,200₹1,400Jul 3Sep 4Nov 9

₹995.3 month-end · −39.6% over 12 months

₹1,000₹1,200₹1,400₹1,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,200₹1,400₹1,600Nov '25May '26Nov '26

₹995.3 month-end · −60.6% over 3 years

₹1,000₹2,000₹3,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹2,000₹3,000Nov '23May '25Nov '26

₹995.3 month-end · −62.4% since Jan '19

₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹985.00 to ₹1872.20 · 1-year volatility 28.7%

Was the rally earned?

-40%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 20 points, but investors now pay less per rupee of profit (P/E 24.1x to 11.3x), which took 60 points back.
  • The share count barely moved.
Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsNet profit growthP/E change: −60 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−60 ptsP/E changeShare price: −40%−40%Share priceNet profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20ProfitP/E change: −60 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−60P/EShare price: −40%−40%Share price
Net profit growth+20 ptsNet profit rose about 29%, which lifts the price.
P/E change-60 ptsThe P/E fell from 24.1x to 11.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-61%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 20 points, but investors now pay less per rupee of profit (P/E 38.8x to 11.3x), which took 80 points back.
  • The share count barely moved.
Net profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19 ptsNet profit growthP/E change: −80 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−80 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: −61%−61%Share priceNet profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19ProfitP/E change: −80 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−80P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −61%−61%Share price
Net profit growth+19 ptsNet profit rose about 34%, which lifts the price.
P/E change-80 ptsThe P/E fell from 38.8x to 11.3x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-77%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 94.4x to 11.3x), which took 112 points back.
  • The share count barely moved.
Net profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34 ptsNet profit growthP/E change: −112 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−112 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: −77%−77%Share priceNet profit growth: +34 pts. Points of the price return explained by net profit growing (or shrinking).+34ProfitP/E change: −112 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−112P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −77%−77%Share price
Net profit growth+34 ptsNet profit rose about 92%, which lifts the price.
P/E change-112 ptsThe P/E fell from 94.4x to 11.3x, which lowers the price.
Share count change+1 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 QUESS CORP

How rough has the ride been?

Maximum drawdown-81.2%not yet recovered
1-year volatility28.7%annualised
Beta vs sector index0.463-year daily, correlation 0.30
Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−81.2% 0%−25%−50%−75%2020202220242026−81.2%
Largest drawdowns

-81.2% (2021-10 peak to 2026-11 low, not yet recovered)

-53.2% (2019-10 peak to 2020-05 low, recovered 2021-02)

-22.9% (2019-02 peak to 2019-08 low, recovered 2019-10)

Most recent volume spikes

2026-11-06: 5.1x the 50-day median, price -7.4% that day

2026-11-04: 5.3x the 50-day median, price +1.0% that day

2026-10-29: 6.9x 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?

11.3xP/E todayNear its historic low
Against its own history1st percentile
CheapestMedian 49.1xDearest

Usual range 18.5x to 129.0x since 2019-01.

Against Commercial Services11.3x vs 21.1x
This company
11.3x
Sector median
21.1x

46% below the Commercial Services median.

10.3x68.3x126.3x184.3xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.3x68.3x126.3x184.3xJan '19Sep '21May '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

  • ROCE46thflat vs a year ago
  • Op. margin14th▲ 4 pts vs a year ago
  • Revenue growth25th▼ 37 pts vs a year ago
  • EPS growth75th▲ 23 pts vs a year ago
  • Debt/equity ↓63rdflat vs a year ago
  • Cash cycle ↓92nd▲ 3 pts vs a year ago
  • P/E ↓73rd▲ 10 pts vs a year ago
  • 12M momentum16th▼ 11 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?

~13%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 16.4x, a holder earning 12%/yr needs earnings to grow about 13.0%/yr for 10 years, then trade at 15x.

Delivered6.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.2 ptsimplied minus delivered
Rank403rdmost demanding of 856

Over time

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

0%19%37% Jan 2019Nov 2026 0%19%37% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x14.5%15.6%16.6%
15x12.0%13.0%14.0%
20x8.8%9.8%10.8%

Drag a slider to test other assumptions

Implied: 13.0%/yr

Looking back

  • Jan 2020Price implied 32%/yr; EPS has since grown 5%/yr (7.0 yrs)
  • Jan 2021Price implied 33%/yr; EPS has since grown 26%/yr (6.0 yrs)
  • Jan 2022Price implied 37%/yr; EPS has since grown 13%/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
₹995.30
P/E
11.3x
ROCE
15.0%
Market Cap
₹1522 cr
Revenue (TTM)
₹11982 cr
P/S
0.1x
P/B
1.5x
ROE
12.9%
Operating Margin
1.0%
Debt / Equity
0.1x
Promoter Holding
31.1%
12M Momentum
-39.6%

52-week range

₹985.00₹1872.20
1% of the way from its 52-week low to its high

Price risk

1Y volatility
28.7%
Beta vs sector
1-year daily
0.56

Balance sheet & cash

Interest cover
operating profit ÷ interest
12.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.44x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range2 beyond a threshold
Other income reliance46%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 45.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate5%Beyond threshold

Median quarterly effective tax rate over about 2.5 years: 4.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.44xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.44x (cash from operations ₹524 cr, net profit ₹364 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-1 daysWithin range

Debtor days are below the median of the previous three fiscal years by 1 days (17 vs 18). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% 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 19.3 pts; DIIs added 12.5 pts; promoters trimmed 0.5 pts.
  • The number of shareholders rose from 19,908 to 47,581 (+139%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters31.6%31.1%-0.5 pts
FIIs26.3%7.0%-19.3 pts
DIIs35.3%47.8%+12.5 pts
Public and others6.8%14.1%+7.3 pts

Number of shareholders

47,581shareholders+139% since Dec '23
18k28k38k48k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 19,908
Mar '24: 18,325
Jun '24: 18,798
Sep '24: 21,242
Dec '24: 23,264
Mar '25: 24,236
Jun '25: 26,303
Sep '25: 27,619
Dec '25: 29,276
Mar '26: 27,149
Jun '26: 47,581
 18k28k38k48k Dec '23Dec '24Dec '25Jun '26
Dec '23: 19,908
Mar '24: 18,325
Jun '24: 18,798
Sep '24: 21,242
Dec '24: 23,264
Mar '25: 24,236
Jun '25: 26,303
Sep '25: 27,619
Dec '25: 29,276
Mar '26: 27,149
Jun '26: 47,581

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

+8.8%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like TEAMLEASE SERVICES 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 −9% to +66% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +13.3%, 80% range +1.5% to +18.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
ALLCARGO · May 2024: −56.9% vs market
HMAAGRO · Jul 2025: −36.0% vs market
TVTODAY · Aug 2025: −28.2% vs market
ANDHRSUGAR · Jul 2023: −26.4% vs market
RAJESHEXPO · Sep 2020: −19.8% vs market
POLYPLEX · Oct 2023: −19.3% vs market
GNA · Jun 2024: −18.5% vs market
APEX · Nov 2023: −15.5% vs market
TRIGYN · Apr 2023: −14.5% vs market
BIRLANU · Jan 2023: −14.3% vs market
TNPETRO · Jul 2023: −13.8% vs market
NILKAMAL · Mar 2024: −13.0% vs market
UDS · Oct 2025: −9.4% vs market
SUKHJITS · Sep 2025: −6.5% vs market
QUESS · Mar 2023: −5.3% vs market
NRAIL · Jun 2021: −4.5% vs market
SIS · Aug 2024: −3.6% vs market
KNAGRI · Sep 2025: −3.2% vs market
ISFT · Sep 2025: −3.2% vs market
SAHYADRI · Mar 2025: −3.0% vs market
EIDPARRY · May 2023: −1.3% vs market
DALMIASUG · Mar 2024: +2.4% vs market
JAYAGROGN · Aug 2023: +2.9% vs market
GTPL · Jun 2023: +7.6% vs market
VENKEYS · Aug 2025: +7.9% vs market
AARVI · Apr 2025: +9.7% vs market
ISGEC · May 2022: +10.2% vs market
IFBAGRO · Jan 2024: +10.5% vs market
MUNJALAU · Jul 2022: +14.0% vs market
DICIND · Apr 2022: +16.4% vs market
NCLIND · Aug 2022: +18.2% vs market
HERITGFOOD · Nov 2022: +28.9% vs market
RAMAPHO · May 2024: +33.9% vs market
PLASTIBLEN · Jan 2023: +34.3% vs market
SIYSIL · Aug 2024: +36.8% vs market
MANGCHEFER · Mar 2024: +49.1% vs market
SHRIPISTON · Apr 2022: +65.9% vs market
REDINGTON · Sep 2024: +66.3% vs market
TVSSRICHAK · Apr 2022: +68.6% vs market
MANINDS · Jun 2022: +70.6% vs market
APARINDS · Jun 2021: +79.2% vs market
SHANKARA · Jul 2024: +80.9% vs market
EVERESTIND · Nov 2021: +82.6% vs market
NCC · Mar 2022: +90.8% vs market
WABAG · Jul 2022: +91.4% vs market
GANDHAR · Oct 2025: +97.2% vs market
KIRLOSENG · Apr 2022: +145.7% vs market
JINDALSAW · May 2022: +156.7% vs market
UNIVCABLES · Mar 2022: +173.2% vs market
SURYAROSNI · Jun 2020: +180.5% vs market
Similar setups +8.8%All companies −4.5%← 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
+8.8%
All companies' median
−4.5%
Beat the market
58% vs 45%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
QUESS
Commercial Services		 Mar 2023 9x13% −44%−48% −5%
TNPETRO
Process Industries		 Jul 2023 8x15% −17%−27% −14%
GANDHAR
Process Industries		 Oct 2025 17x11% −41%−45% +97%
SHANKARA
Retail Trade		 Jul 2024 20x17% −9%−25% +81%
HMAAGRO
Distribution Services		 Jul 2025 18x12% −43%−43% −36%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JAYAGROGN
Process Industries		 Aug 2023 13x13% −9%−13% +3%
TVSSRICHAK
Consumer Durables		 Apr 2022 18x12% −5%−33% +69%
VENKEYS
Process Industries		 Aug 2025 18x11% −37%−42% +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: 12-month momentum, drawdown from 12-month high 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 TEAMLEASE SERVICES 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.

J KUMAR INFRAPROJECTSJKIL
Industrial Services
59%similar
EPS growthP/E
PTC INDIAPTC
Producer Manufacturing
59%similar
operating marginrevenue
NCCNCC
Consumer Durables
55%similar
P/Epromoter holding
AMARA RAJA ENERGY & MOBILITYARE&M
Producer Manufacturing
54%similar
promoter holdingrevenue
HERITAGE FOODSHERITGFOOD
Consumer Non-Durables
53%similar
ROCErevenue growth
QUESS CORPQUESS
Commercial Services
33%similar
operating margindebt/equity
UPDATER SERVICESUDS
Commercial Services
29%similar
market caprevenue growth
NIIT LEARNING SYSTEMSNIITMTS
Commercial Services
24%similar
revenue growthpromoter holding

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

What changed?

30 events since Jun '22

  1. NovPriceFell 81% from the Oct 2021 peak to the Nov 2026 low.
  2. OctPriceVolume reached 144.4x its 50-day median on 2026-10-15; price +5.6% that day.
  3. FebPriceVolume reached 17.1x its 50-day median on 2026-02-04; price +4.5% that day.
  4. NovPriceVolume reached 280.9x its 50-day median on 2025-11-24; price +1.7% that day.
  5. SepResultsYear-on-year EPS growth turned positive.
  6. SepPeer rankMoved into the 2nd quartile of Commercial Services on EPS growth (from the 3rd quartile).
  7. AugPriceVolume reached 14.7x its 50-day median on 2025-08-01; price -0.1% that day.
  8. MayPriceVolume reached 14.7x its 50-day median on 2025-05-30; price +0.7% that day.
Show 22 earlier events
  1. FebValuationP/E fell below the 10th percentile of its own history to date (31.5x).
  2. FebPriceVolume reached 13.3x its 50-day median on 2025-02-28; price +2.8% that day.
  3. NovPriceVolume reached 15.4x its 50-day median on 2024-11-07; price -3.8% that day.
  4. SepResultsYear-on-year EPS growth turned negative.
  5. SepPeer rankSlipped to the 3rd quartile of Commercial Services on EPS growth (from the 2nd quartile).
  6. JulPriceVolume reached 23.6x its 50-day median on 2024-07-23; price +11.5% that day.
  7. JunResultsRevenue (TTM) reached a new high of ₹9,322 cr.
  8. JunPeer rankSlipped to the 2nd quartile of Commercial Services on EPS growth (from the top quartile).
  9. MayPriceVolume reached 6.2x its 50-day median on 2024-05-22; price +3.2% that day.
  10. JanPriceVolume reached 6.4x its 50-day median on 2024-01-12; price +1.6% that day.
  11. DecPriceVolume reached 28.7x its 50-day median on 2023-12-18; price +8.0% that day.
  12. OctValuationP/E fell below the 10th percentile of its own history to date (36.0x).
  13. AugPriceVolume reached 10.8x its 50-day median on 2023-08-22; price +4.4% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunValuationP/E fell below the 10th percentile of its own history to date (38.3x).
  16. JunPeer rankSlipped to the 3rd quartile of Commercial Services on ROCE (from the 2nd quartile).
  17. MayPriceVolume reached 18.7x its 50-day median on 2023-05-11; price +9.6% that day.
  18. MarPriceVolume reached 7.3x its 50-day median on 2023-03-22; price +1.3% that day.
  19. NovPriceVolume reached 37.3x its 50-day median on 2022-11-10; price -12.4% that day.
  20. SepPriceVolume reached 6.8x its 50-day median on 2022-09-05; price +0.0% that day.
  21. JunResultsYear-on-year EPS growth turned negative.
  22. JunValuationP/E crossed above the 90th percentile of its own history to date (144.0x).

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
2026-1111.3x₹11982 cr12.9%15.0%0.1x
2026-1012.2x₹11982 cr12.9%15.0%0.1x
2026-0913.0x₹11982 cr12.9%15.0%0.1x
2026-0815.4x₹11838 cr12.1%15.0%0.1x
2026-0714.8x₹11838 cr12.1%15.0%0.1x
2026-0617.3x₹11838 cr12.1%15.0%0.1x
2026-0517.7x₹11771 cr13.2%13.0%0.1x
2026-0415.8x₹11771 cr13.2%13.0%0.1x
2026-0314.5x₹11771 cr13.2%13.0%0.1x
2026-0217.4x₹11702 cr11.8%13.0%0.1x
2026-0119.8x₹11702 cr11.8%13.0%0.1x
2025-1222.2x₹11702 cr11.8%13.0%0.1x
2025-1124.1x₹11467 cr11.5%13.0%0.1x
2025-1024.6x₹11467 cr11.5%13.0%0.1x
2025-0926.1x₹11467 cr11.5%13.0%0.1x
2025-0827.5x₹11156 cr10.9%13.0%0.1x
2025-0728.3x₹11156 cr10.9%13.0%0.1x
2025-0631.3x₹11156 cr10.9%13.0%0.1x
2025-0532.4x₹10730 cr11.3%13.0%0.1x
2025-0431.3x₹10730 cr11.3%13.0%0.1x
2025-0330.0x₹10730 cr11.3%13.0%0.1x
2025-0231.5x₹10254 cr11.6%13.0%0.1x
2025-0139.4x₹10254 cr11.6%13.0%0.1x
2024-1247.3x₹10254 cr11.6%13.0%0.1x
2024-1145.6x₹9730 cr11.9%13.0%0.1x
2024-1043.9x₹9730 cr11.9%13.0%0.1x
2024-0949.2x₹9730 cr11.9%13.0%0.1x
2024-0847.1x₹9322 cr12.7%13.0%0.1x
2024-0752.6x₹9322 cr12.7%13.0%0.1x
2024-0644.2x₹9322 cr12.7%13.0%0.1x
2024-0544.8x₹7870 cr12.5%14.0%0.1x
2024-0451.0x₹7870 cr12.5%14.0%0.1x
2024-0342.1x₹7870 cr12.5%14.0%0.1x
2024-0246.3x₹7870 cr12.5%14.0%0.1x
2024-0144.0x₹7870 cr12.5%14.0%0.1x
2023-1249.1x₹7870 cr12.5%14.0%0.1x
2023-1138.8x₹7870 cr12.5%14.0%0.1x
2023-1036.0x₹7870 cr12.5%14.0%0.1x
2023-0939.9x₹7870 cr12.5%14.0%0.1x
2023-0837.2x₹7870 cr12.5%14.0%0.1x
2023-0736.2x₹7870 cr12.5%14.0%0.1x
2023-0638.3x₹7870 cr12.5%14.0%0.1x
2023-0598.8x₹6480 cr5.1%16.0%0.1x
2023-0494.7x₹6480 cr5.1%16.0%0.1x
2023-0399.6x₹6480 cr5.1%16.0%0.1x
2023-02111.8x₹6480 cr5.1%16.0%0.1x
2023-01102.5x₹6480 cr5.1%16.0%0.1x
2022-12112.2x₹6480 cr5.1%16.0%0.1x
2022-11111.0x₹6480 cr5.1%16.0%0.1x
2022-10129.5x₹6480 cr5.1%16.0%0.1x
2022-09133.6x₹6480 cr5.1%16.0%0.1x
2022-08150.6x₹6480 cr5.1%16.0%0.1x
2022-07155.7x₹6480 cr5.1%16.0%0.1x
2022-06144.0x₹6480 cr5.1%16.0%0.1x
2022-0572.8x₹4881 cr10.8%14.0%0.0x
2022-0485.6x₹4881 cr10.8%14.0%0.0x
2022-0395.7x₹4881 cr10.8%14.0%0.0x
2022-0290.6x₹4881 cr10.8%14.0%0.0x
2022-0195.4x₹4881 cr10.8%14.0%0.0x
2021-1291.9x₹4881 cr10.8%14.0%0.0x

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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