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TECH MAHINDRA LIMITED (TECHM)

Technology Services · Information Technology 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.64 / 100
Profitability 64Growth 28Balance sheet 100
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.71 / 100
Price 82Earnings 71FII/DII 61

Passes these screensHigh MomentumDebt-light & profitableNear 52-week high

Compare withTATA CONSULTANCY SERVICESINFOSYSHCL TECHNOLOGIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,805 latest close · +28.0% over the last 90 sessions

₹1,400₹1,600₹1,800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,400₹1,600₹1,800Jul 3Sep 4Nov 9

₹1,805 month-end · +22.1% over 12 months

₹1,400₹1,600₹1,800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,400₹1,600₹1,800Nov '25May '26Nov '26

₹1,805 month-end · +58.1% over 3 years

₹1,200₹1,400₹1,600₹1,800Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,200₹1,400₹1,600₹1,800Nov '23May '25Nov '26

₹1,805 month-end · +167.9% since Jan '19

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

52-week range ₹1271.10 to ₹1860.00 · 1-year volatility 29.8%

Was the rally earned?

+22%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings added 14 points and the multiple added 9 points (P/E 31.9x to 34.4x).
  • The share count barely moved.
Net profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14 ptsNet profit growthP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9 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: +22%+22%Share priceNet profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14ProfitP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +22%+22%Share price
Net profit growth+14 ptsNet profit rose about 14%, which lifts the price.
P/E change+9 ptsThe P/E rose from 31.9x to 34.4x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+58%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 23.0x to 34.4x); per-share earnings added 7 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: +51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+51 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: +58%+58%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: +51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+51P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +58%+58%Share price
Net profit growth+7 ptsNet profit rose about 6%, which lifts the price.
P/E change+51 ptsThe P/E rose from 23.0x to 34.4x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+25%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 15 points and the multiple added 9 points (P/E 31.7x to 34.4x).
  • The share count rose 3%.
Net profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19 ptsNet profit growthP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9 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: +25%+25%Share priceNet profit growth: +19 pts. Points of the price return explained by net profit growing (or shrinking).+19ProfitP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: +25%+25%Share price
Net profit growth+19 ptsNet profit rose about 18%, which lifts the price.
P/E change+9 ptsThe P/E rose from 31.7x to 34.4x, which lifts 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.

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

Compare this with TATA CONSULTANCY SERVICES

How rough has the ride been?

Maximum drawdown-47.3%recovered 2024-12
1-year volatility29.8%annualised
Beta vs sector index1.043-year daily, correlation 0.75
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−47.3% 0%−20%−40%2020202220242026−47.3%
Largest drawdowns

-47.3% (2021-12 peak to 2022-06 low, recovered 2024-12)

-43.5% (2020-02 peak to 2020-03 low, recovered 2020-10)

-29.2% (2024-12 peak to 2025-04 low, recovered 2026-01)

Most recent volume spikes

2026-10-16: 10.3x the 50-day median, price +8.5% 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?

34.4xP/E todayNear its historic high
Against its own history84th percentile
CheapestMedian 23.1xDearest

Usual range 15.6x to 38.6x since 2019-01.

Against Technology Services34.4x vs 21.1x
This company
34.4x
Sector median
21.1x

63% above the Technology Services median.

7.4x26.5x45.7x64.9xJan '19Aug '20Mar '22Oct '23May '25Nov '267.4x26.5x45.7x64.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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

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

Where does it rank among Technology Services peers?

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

  • ROCE69th▲ 9 pts vs a year ago
  • Op. margin59th▲ 13 pts vs a year ago
  • Revenue growth46th▲ 14 pts vs a year ago
  • EPS growth55th▼ 36 pts vs a year ago
  • Debt/equity ↓54thflat vs a year ago
  • Cash cycle ↓44th▲ 4 pts vs a year ago
  • P/E ↓30th▼ 16 pts vs a year ago
  • 12M momentum88th▲ 19 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

~20%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 40.5x, a holder earning 12%/yr needs earnings to grow about 19.6%/yr for 10 years, then trade at 15x.

Delivered0.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+18.9 ptsimplied minus delivered
Rank159thmost demanding of 856

Over time

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

0%10%21% Jan 2019Nov 2026 0%10%21% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x20.6%21.7%22.8%
15x18.5%19.6%20.6%
20x15.7%16.8%17.8%

Drag a slider to test other assumptions

Implied: 19.6%/yr

Looking back

  • Jan 2020Price implied 11%/yr; EPS has since grown 2%/yr (7.0 yrs)
  • Jan 2021Price implied 14%/yr; EPS has since grown 3%/yr (6.0 yrs)
  • Jan 2022Price implied 18%/yr; EPS has since grown 2%/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 Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1805.00
P/E
34.4x
ROCE
23.0%
Market Cap
₹1.77L cr
Revenue (TTM)
₹59176 cr
P/S
3.0x
P/B
6.0x
ROE
17.3%
Operating Margin
17.0%
Debt / Equity
0.1x
Promoter Holding
35.0%
12M Momentum
22.1%

52-week range

₹1271.10₹1860.00
91% of the way from its 52-week low to its high

Price risk

1Y volatility
29.8%
Beta vs sector
1-year daily
1.03

Balance sheet & cash

Interest cover
operating profit ÷ interest
19.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.60x
Share count, 1Y
+0.2%

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance-8%Within range

Other income as a share of pre-tax profit (trailing twelve months): -8.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.60xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.60x (cash from operations ₹18,334 cr, net profit ₹11,456 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+6 daysWithin range

Debtor days are above the median of the previous three fiscal years by 6 days (86 vs 80). 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 3 years, DIIs added 9.9 pts; FIIs trimmed 7.6 pts.
  • The number of shareholders fell from 8.9 lakh to 7.4 lakh (-16%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters35.1%35.0%-0.2 pts
FIIs26.2%18.7%-7.6 pts
DIIs27.0%36.9%+9.9 pts
Public and others11.4%9.3%-2.2 pts

Number of shareholders

7.4 lakhshareholders-16% since Sep '23
7.4L7.9L8.4L8.9L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 8.9 lakh
Dec '23: 8.7 lakh
Mar '24: 8.5 lakh
Jun '24: 8.3 lakh
Sep '24: 7.7 lakh
Dec '24: 7.6 lakh
Mar '25: 7.6 lakh
Jun '25: 7.5 lakh
Sep '25: 7.7 lakh
Dec '25: 7.4 lakh
Mar '26: 7.4 lakh
Jun '26: 7.4 lakh
 7.4L7.9L8.4L8.9L Sep '23Sep '24Sep '25Jun '26
Sep '23: 8.9 lakh
Dec '23: 8.7 lakh
Mar '24: 8.5 lakh
Jun '24: 8.3 lakh
Sep '24: 7.7 lakh
Dec '24: 7.6 lakh
Mar '25: 7.6 lakh
Jun '25: 7.5 lakh
Sep '25: 7.7 lakh
Dec '25: 7.4 lakh
Mar '26: 7.4 lakh
Jun '26: 7.4 lakh

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

−9.0%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like TECH MAHINDRA 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 +3% vs the market, against −2% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −6.6%, 80% range −12.6% to −3.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
ARE&M · Nov 2020: −53.7% vs market
BSOFT · Dec 2021: −47.1% vs market
PETRONET · May 2020: −45.1% vs market
DEEPAKNTR · Jul 2024: −36.8% vs market
COROMANDEL · Nov 2020: −36.7% vs market
KAJARIACER · May 2023: −34.3% vs market
SHREECEM · Mar 2023: −34.0% vs market
AMBUJACEM · Nov 2022: −32.7% vs market
EXIDEIND · May 2020: −32.6% vs market
MPHASIS · Aug 2021: −31.9% vs market
SUNDRMFAST · Aug 2023: −27.8% vs market
DRREDDY · Jul 2023: −18.9% vs market
HEROMOTOCO · May 2024: −17.9% vs market
FINPIPE · Feb 2020: −17.1% vs market
BAJAJ-AUTO · Mar 2024: −16.9% vs market
GODREJCP · May 2023: −16.4% vs market
BERGEPAINT · Jun 2025: −14.1% vs market
RADICO · Nov 2021: −13.6% vs market
CARBORUNIV · Mar 2023: −13.4% vs market
MANKIND · Oct 2024: −12.9% vs market
KPRMILL · Apr 2025: −12.0% vs market
VGUARD · Feb 2023: −11.5% vs market
ACC · Aug 2021: −11.1% vs market
UNITDSPR · Jan 2025: −9.8% vs market
LTTS · Jan 2024: −9.7% vs market
LUPIN · Aug 2024: −8.3% vs market
RATNAMANI · Nov 2020: −7.4% vs market
ENDURANCE · Aug 2025: −7.1% vs market
CIPLA · Mar 2024: −7.0% vs market
ALKEM · Aug 2024: −6.8% vs market
ULTRACEMCO · Apr 2025: −6.7% vs market
CUMMINSIND · Mar 2021: −1.3% vs market
SUPREMEIND · Oct 2020: +0.8% vs market
MRF · Jan 2020: +1.3% vs market
USHAMART · Oct 2025: +1.4% vs market
SIEMENS · Jan 2023: +1.7% vs market
BOSCHLTD · Apr 2023: +2.5% vs market
HCLTECH · Apr 2020: +3.5% vs market
JYOTHYLAB · Aug 2023: +5.2% vs market
COFORGE · Nov 2024: +5.8% vs market
VOLTAS · Feb 2020: +10.2% vs market
PERSISTENT · Aug 2024: +11.3% vs market
POLYCAB · Aug 2021: +11.5% vs market
KEI · Aug 2023: +15.6% vs market
WIPRO · Sep 2020: +23.5% vs market
BALKRISIND · Jan 2020: +24.7% vs market
GLENMARK · Jun 2025: +25.4% vs market
ZYDUSLIFE · Jun 2023: +25.7% vs market
HAL · May 2022: +55.3% vs market
BEL · Jun 2023: +66.0% vs market
Similar setups −9.0%All companies −2.4%← 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

Similar setups' median
−9.0%
All companies' median
−2.4%
Beat the market
36% vs 47%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HEROMOTOCO
Consumer Durables		 May 2024 36x23% +93%−1% −18%
WIPRO
Technology Services		 Sep 2020 18x20% +31%−1% +24%
POLYCAB
Producer Manufacturing		 Aug 2021 35x23% +132%0% +12%
BERGEPAINT
Process Industries		 Jun 2025 59x25% +18%−5% −14%
AMBUJACEM
Non-Energy Minerals		 Nov 2022 41x17% +52%−3% −33%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ZYDUSLIFE
Health Technology		 Jun 2023 30x15% +63%0% +26%
ALKEM
Health Technology		 Aug 2024 41x20% +69%0% −7%
ENDURANCE
Producer Manufacturing		 Aug 2025 48x17% +16%−1% −7%
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, P/E and 12-month momentum. 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 TECH MAHINDRA 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.

SUPREME INDUSTRIESSUPREMEIND
Producer Manufacturing
75%similar
volatilityROCE
SUNDRAM FASTENERSSUNDRMFAST
Producer Manufacturing
73%similar
operating marginP/E
CIPLACIPLA
Health Technology
71%similar
operating marginP/E
ASIAN PAINTS INDIAASIANPAINT
Process Industries
70%similar
market caprevenue
BRITANNIA INDUSTRIESBRITANNIA
Consumer Non-Durables
67%similar
operating marginmarket cap
MPHASISMPHASIS
Technology Services
75%similar
volatilityROCE
INFOSYSINFY
Technology Services
62%similar
revenuemarket cap
TATA TECHNOLOGIESTATATECH
Technology Services
58%similar
operating marginROCE

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

What changed?

30 events since Sep '20

  1. OctPriceVolume reached 10.3x its 50-day median on 2026-10-16; price +8.5% that day.
  2. JunPeer rankMoved into the 2nd quartile of Technology Services on operating margin (from the 3rd quartile).
  3. AprPriceVolume reached 6.4x its 50-day median on 2026-04-22; price -2.5% that day.
  4. JanPriceRegained the 2024-12 peak, 9 months after the low.
  5. JanPriceVolume reached 7.1x its 50-day median on 2026-01-19; price +2.9% that day.
  6. SepResultsRevenue (TTM) reached a new high of ₹53,334 cr.
  7. JunResultsYear-on-year EPS growth turned positive.
  8. JunPeer rankMoved into the 2nd quartile of Technology Services on ROCE (from the 3rd quartile).
Show 22 earlier events
  1. AprPriceFell 29% from the Dec 2024 peak to the Apr 2025 low.
  2. DecPriceRegained the 2021-12 peak, 30 months after the low.
  3. JunValuationP/E crossed above the 90th percentile of its own history to date (55.6x).
  4. JunPeer rankSlipped to the 3rd quartile of Technology Services on ROCE (from the 2nd quartile).
  5. AprPriceVolume reached 11.4x its 50-day median on 2024-04-26; price +7.6% that day.
  6. JulPriceVolume reached 7.7x its 50-day median on 2023-07-27; price -3.9% that day.
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the 2nd quartile).
  9. FebPriceVolume reached 8.1x its 50-day median on 2023-02-16; price +5.6% that day.
  10. OctPeer rankMoved into the 2nd quartile of Technology Services on EPS growth (from the 3rd quartile).
  11. JunResultsRevenue (TTM) reached a new high of ₹44,646 cr.
  12. JunPriceFell 47% from the Dec 2021 peak to the Jun 2022 low.
  13. JunPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the 2nd quartile).
  14. MarValuationP/E crossed above the 90th percentile of its own history to date (30.8x).
  15. OctPriceVolume reached 5.8x its 50-day median on 2021-10-26; price +2.6% that day.
  16. JulPriceVolume reached 8.6x its 50-day median on 2021-07-30; price +7.4% that day.
  17. JunResultsYear-on-year EPS growth turned positive.
  18. JunPeer rankMoved into the 2nd quartile of Technology Services on EPS growth (from the 3rd quartile).
  19. JanValuationP/E crossed above the 90th percentile of its own history to date (21.4x).
  20. DecPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the 2nd quartile).
  21. OctPriceRegained the 2020-02 peak, 7 months after the low.
  22. SepPeer rankMoved into the 2nd quartile of Technology Services on EPS growth (from the 3rd quartile).

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
2026-1134.4x₹59176 cr17.3%23.0%0.1x
2026-1034.2x₹59176 cr17.4%23.0%0.1x
2026-0929.1x₹59176 cr17.4%23.0%0.1x
2026-0833.2x₹56815 cr16.2%23.0%0.1x
2026-0733.6x₹56815 cr16.2%23.0%0.1x
2026-0627.9x₹56815 cr16.2%23.0%0.1x
2026-0530.6x₹55123 cr16.8%19.0%0.1x
2026-0430.4x₹55123 cr16.8%19.0%0.1x
2026-0328.6x₹55123 cr16.8%19.0%0.1x
2026-0228.9x₹54016 cr16.3%19.0%0.1x
2026-0137.1x₹54016 cr16.3%19.0%0.1x
2025-1233.8x₹54016 cr16.3%19.0%0.1x
2025-1131.9x₹53334 cr16.5%19.0%0.1x
2025-1029.9x₹53334 cr16.5%19.0%0.1x
2025-0929.4x₹53334 cr16.5%19.0%0.1x
2025-0833.2x₹52989 cr15.5%19.0%0.1x
2025-0732.8x₹52989 cr15.5%19.0%0.1x
2025-0637.2x₹52989 cr15.5%19.0%0.1x
2025-0539.3x₹52476 cr14.2%12.0%0.1x
2025-0437.6x₹52476 cr14.2%12.0%0.1x
2025-0335.4x₹52476 cr14.2%12.0%0.1x
2025-0242.5x₹52291 cr12.4%12.0%0.1x
2025-0147.9x₹52291 cr12.4%12.0%0.1x
2024-1248.8x₹52291 cr12.4%12.0%0.1x
2024-1163.6x₹51842 cr9.6%12.0%0.1x
2024-1059.8x₹51842 cr9.6%12.0%0.1x
2024-0958.6x₹51842 cr9.6%12.0%0.1x
2024-0864.9x₹51996 cr9.0%12.0%0.1x
2024-0761.6x₹51996 cr9.0%12.0%0.1x
2024-0655.6x₹51996 cr9.0%12.0%0.1x
2024-0523.2x₹53290 cr17.4%22.0%0.1x
2024-0423.8x₹53290 cr17.4%22.0%0.1x
2024-0323.5x₹53290 cr17.4%22.0%0.1x
2024-0224.0x₹53290 cr17.4%22.0%0.1x
2024-0125.2x₹53290 cr17.4%22.0%0.1x
2023-1224.0x₹53290 cr17.4%22.0%0.1x
2023-1123.0x₹53290 cr17.4%22.0%0.1x
2023-1021.3x₹53290 cr17.4%22.0%0.1x
2023-0923.1x₹53290 cr17.4%22.0%0.1x
2023-0822.7x₹53290 cr17.4%22.0%0.1x
2023-0721.0x₹53290 cr17.4%22.0%0.1x
2023-0621.3x₹53290 cr17.4%22.0%0.1x
2023-0518.2x₹44646 cr20.9%26.0%0.1x
2023-0416.6x₹44646 cr20.9%26.0%0.1x
2023-0317.9x₹44646 cr20.9%26.0%0.1x
2023-0217.9x₹44646 cr20.9%26.0%0.1x
2023-0116.5x₹44646 cr20.9%26.0%0.1x
2022-1216.5x₹44646 cr20.9%26.0%0.1x
2022-1117.5x₹44646 cr20.9%26.0%0.1x
2022-1017.3x₹44646 cr20.9%26.0%0.1x
2022-0916.4x₹44646 cr20.9%26.0%0.1x
2022-0817.5x₹44646 cr20.9%26.0%0.1x
2022-0717.1x₹44646 cr20.9%26.0%0.1x
2022-0616.2x₹44646 cr20.9%26.0%0.1x
2022-0524.1x₹37855 cr17.5%23.0%0.1x
2022-0425.8x₹37855 cr17.5%23.0%0.1x
2022-0330.8x₹37855 cr17.5%23.0%0.1x
2022-0228.9x₹37855 cr17.5%23.0%0.1x
2022-0130.4x₹37855 cr17.5%23.0%0.1x
2021-1236.9x₹37855 cr17.5%23.0%0.1x

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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