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TECHNO ELECTRIC AND ENGINEERIN (TECHNOE)

Industrial Services · Engineering & Construction · 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.79 / 100
Profitability 55Growth 81Balance 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.24 / 100
Price 37Earnings 27FII/DII 9
Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹946.7 latest close · −12.5% over the last 90 sessions

₹800₹900₹1,000₹1,100Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹900₹1,000₹1,100Jul 3Sep 4Nov 9

₹946.7 month-end · −21.5% over 12 months

₹800₹1,000₹1,200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹1,000₹1,200Nov '25May '26Nov '26

₹946.7 month-end · +33.2% over 3 years

₹1,000₹1,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,500Nov '23May '25Nov '26

₹946.7 month-end · +293.0% 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 ₹802.00 to ₹1383.90 · 1-year volatility 41.0%

Was the rally earned?

-22%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 30.4x to 25.5x); per-share earnings took off 6 points.
  • The share count barely moved.
Net profit growth: −6 pts. Points of the price return explained by net profit growing (or shrinking).−6 ptsNet profit growthP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15 ptsP/E changeShare price: −21%−21%Share priceNet profit growth: −6 pts. Points of the price return explained by net profit growing (or shrinking).−6ProfitP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15P/EShare price: −21%−21%Share price
Net profit growth-6 ptsNet profit fell about 6%, which lowers the price.
P/E change-15 ptsThe P/E fell from 30.4x to 25.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+33%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 88 points, but investors now pay less per rupee of profit (P/E 41.0x to 25.5x), which took 55 points back.
  • The share count rose 8%.
Net profit growth: +97 pts. Points of the price return explained by net profit growing (or shrinking).+97 ptsNet profit growthP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55 ptsP/E changeShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9 ptsShare count changeShare price: +33%+33%Share priceNet profit growth: +97 pts. Points of the price return explained by net profit growing (or shrinking).+97ProfitP/E change: −55 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−55P/EShare count change: −9 pts. Points of the price return explained by the share count changing. More shares count against the price.−9SharesShare price: +33%+33%Share price
Net profit growth+97 ptsNet profit rose about 130%, which lifts the price.
P/E change-55 ptsThe P/E fell from 41.0x to 25.5x, which lowers the price.
Share count change-9 ptsShare count rose 8%, which lowers the price.
+296%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 174 points and the multiple added 123 points (P/E 14.5x to 25.5x).
  • The share count rose 6%.
Net profit growth: +186 pts. Points of the price return explained by net profit growing (or shrinking).+186 ptsNet profit growthP/E change: +123 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+123 ptsP/E changeShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12 ptsShare count changeShare price: +296%+296%Share priceNet profit growth: +186 pts. Points of the price return explained by net profit growing (or shrinking).+186ProfitP/E change: +123 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+123P/EShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12SharesShare price: +296%+296%Share price
Net profit growth+186 ptsNet profit rose about 137%, which lifts the price.
P/E change+123 ptsThe P/E rose from 14.5x to 25.5x, which lifts the price.
Share count change-12 ptsShare count rose 6%, 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 LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-53.7%not yet recovered
1-year volatility41.0%annualised
Beta vs sector index1.013-year daily, correlation 0.50
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.7% 0%−20%−40%2020202220242026−53.7%
Largest drawdowns

-53.7% (2024-10 peak to 2026-10 low, not yet recovered)

-43.3% (2020-01 peak to 2020-05 low, recovered 2021-02)

-35.6% (2021-06 peak to 2021-12 low, recovered 2023-01)

Most recent volume spikes

2026-11-05: 11.1x the 50-day median, price +6.6% that day

2026-08-12: 5.3x the 50-day median, price -7.1% that day

2026-08-07: 5.5x the 50-day median, price +7.5% 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?

25.6xP/E todayWithin its usual range
Against its own history59th percentile
CheapestMedian 20.6xDearest

Usual range 12.3x to 55.2x since 2019-01.

Against Industrial Services25.6x vs 14.0x
This company
25.6x
Sector median
14.0x

82% above the Industrial Services median.

8.0x44.9x81.9x118.8xJan '19Aug '20Mar '22Oct '23May '25Nov '268.0x44.9x81.9x118.8xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

  • ROCE48thflat vs a year ago
  • Op. margin62ndflat vs a year ago
  • Revenue growth77th▼ 9 pts vs a year ago
  • EPS growth38th▼ 31 pts vs a year ago
  • Debt/equity ↓93rdflat vs a year ago
  • Cash cycle ↓37th▼ 7 pts vs a year ago
  • P/E ↓24th▲ 4 pts vs a year ago
  • 12M momentum53rd▼ 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 Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

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

At normalised P/E (five-year average earnings) of 34.1x, a holder earning 12%/yr needs earnings to grow about 20.2%/yr for 10 years, then trade at 15x.

Delivered26.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−6.0 ptsimplied minus delivered
Rank644thmost demanding of 856

Over time

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

0%21%41% Jan 2019Nov 2026 0%21%41% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x21.6%22.7%23.8%
15x19.1%20.2%21.2%
20x15.9%17.0%18.0%

Drag a slider to test other assumptions

Implied: 20.2%/yr

Looking back

  • Jan 2020Price implied 17%/yr; EPS has since grown 14%/yr (7.0 yrs)
  • Jan 2021Price implied 14%/yr; EPS has since grown 17%/yr (6.0 yrs)
  • Jan 2022Price implied 13%/yr; EPS has since grown 20%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹946.70
P/E
25.5x
ROCE
15.0%
Market Cap
₹11014 cr
Revenue (TTM)
₹3355 cr
P/S
3.3x
P/B
2.6x
ROE
10.4%
Operating Margin
16.0%
Debt / Equity
0.0x
Promoter Holding
56.9%
12M Momentum
-21.5%

52-week range

₹802.00₹1383.90
25% of the way from its 52-week low to its high

Price risk

1Y volatility
41.0%
Beta vs sector
1-year daily
0.98

Balance sheet & cash

Interest cover
operating profit ÷ interest
27.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.29x
low
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 6checks within range1 beyond a threshold
Other income reliance24%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 23.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate19%Within range

Median quarterly effective tax rate over about 2.5 years: 19.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.29xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.29x (cash from operations ₹-335 cr, net profit ₹1,165 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-43 daysWithin range

Debtor days are below the median of the previous three fiscal years by 43 days (137 vs 180). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress14% of fixed assetsWithin range

Capital work-in-progress is 14% 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 added 4.9 pts; promoters trimmed 4.6 pts; DIIs trimmed 2.4 pts.
  • The number of shareholders rose from 43,313 to 1.2 lakh (+171%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters61.5%56.9%-4.6 pts
FIIs3.2%8.1%+4.9 pts
DIIs24.0%21.6%-2.4 pts
Public and others11.3%13.4%+2.1 pts

Number of shareholders

1.2 lakhshareholders+171% since Dec '23
43k68k93k1.2L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 43,313
Mar '24: 53,296
Jun '24: 79,874
Sep '24: 96,863
Dec '24: 98,674
Mar '25: 85,474
Jun '25: 89,544
Sep '25: 1.0 lakh
Dec '25: 1.0 lakh
Mar '26: 1.1 lakh
Jun '26: 1.2 lakh
 43k68k93k1.2L Dec '23Dec '24Dec '25Jun '26
Dec '23: 43,313
Mar '24: 53,296
Jun '24: 79,874
Sep '24: 96,863
Dec '24: 98,674
Mar '25: 85,474
Jun '25: 89,544
Sep '25: 1.0 lakh
Dec '25: 1.0 lakh
Mar '26: 1.1 lakh
Jun '26: 1.2 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

+0.3%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 TECHNO ELECTRIC AND ENGINEERIN 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 −19% to +30% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (+3.7%, 80% range −5.8% to +8.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DELTACORP · Jul 2023: −54.1% vs market
BHARATRAS · Aug 2025: −53.9% vs market
AURIONPRO · Oct 2025: −52.7% vs market
ZAGGLE · Sep 2025: −50.2% vs market
FINCABLES · Aug 2024: −38.7% vs market
GODFRYPHLP · Aug 2020: −35.8% vs market
ENGINERSIN · Jan 2020: −33.3% vs market
SANOFI · Feb 2025: −33.0% vs market
RALLIS · Jan 2021: −30.0% vs market
PLATIND · Sep 2025: −29.8% vs market
RESPONIND · Aug 2025: −28.4% vs market
SREEL · Feb 2020: −27.1% vs market
ROUTE · Apr 2023: −18.8% vs market
NOCIL · Mar 2023: −18.5% vs market
ADVENZYMES · Jun 2024: −17.5% vs market
BSOFT · May 2022: −15.1% vs market
KIRIINDUS · May 2020: −14.3% vs market
TTKPRESTIG · Apr 2022: −12.6% vs market
RATNAMANI · Mar 2024: −10.5% vs market
LMW · Oct 2023: −9.5% vs market
ATUL · Oct 2025: −7.8% vs market
RATEGAIN · Sep 2024: −4.7% vs market
COCHINSHIP · May 2020: −4.3% vs market
CARBORUNIV · Dec 2023: −2.2% vs market
VESUVIUS · Dec 2024: +0.2% vs market
ESCORTS · Aug 2024: +0.4% vs market
BLSE · May 2025: +2.1% vs market
MAYURUNIQ · Nov 2022: +3.7% vs market
PRAJIND · Jan 2023: +4.3% vs market
INTELLECT · Aug 2024: +6.7% vs market
GRAPHITE · Nov 2022: +11.7% vs market
ADFFOODS · Oct 2025: +13.3% vs market
EXCELINDUS · Jun 2021: +13.7% vs market
GLAND · Jan 2025: +14.2% vs market
ZEEL · Mar 2021: +14.9% vs market
EIHOTEL · Oct 2023: +16.3% vs market
SYNCOMF · Oct 2025: +23.7% vs market
KSB · Jun 2020: +32.5% vs market
LAOPALA · Jun 2022: +33.8% vs market
STARCEMENT · Sep 2024: +37.4% vs market
GREAVESCOT · Apr 2024: +38.8% vs market
SAREGAMA · Mar 2024: +42.2% vs market
NATCOPHARM · Dec 2023: +45.4% vs market
BOROLTD · Feb 2023: +49.4% vs market
KIOCL · May 2023: +54.6% vs market
RSYSTEMS · Feb 2021: +61.4% vs market
IFBIND · May 2020: +63.5% vs market
NEWGEN · Sep 2020: +64.5% vs market
ZENSARTECH · Jul 2020: +66.0% vs market
RAILTEL · Jun 2023: +143.0% vs market
Similar setups +0.3%All companies −3.4%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
+0.3%
All companies' median
−3.4%
Beat the market
52% vs 46%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RALLIS
Process Industries		 Jan 2021 25x16% +16%−17% −30%
KSB
Producer Manufacturing		 Jun 2020 16x16% −35%−38% +33%
AURIONPRO
Technology Services		 Oct 2025 34x18% −27%−35% −53%
RATEGAIN
Technology Services		 Sep 2024 51x17% +24%−19% −5%
INTELLECT
Technology Services		 Aug 2024 42x20% +35%−15% +7%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DELTACORP
Consumer Services		 Jul 2023 21x16% +1%−21% −54%
SANOFI
Health Technology		 Feb 2025 25x— −35%−45% −33%
PRAJIND
Industrial Services		 Jan 2023 42x23% −19%−24% +4%
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 TECHNO ELECTRIC AND ENGINEERIN. 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 PETROCHEMSPLPETRO
Process Industries
70%similar
revenue growthvolatility
ANANT RAJANANTRAJ
Consumer Durables
65%similar
promoter holdingP/E
AFFLE 3IAFFLE
Technology Services
64%similar
revenuepromoter holding
VESUVIUS INDIAVESUVIUS
Non-Energy Minerals
62%similar
operating marginEPS growth
MARKSANS PHARMAMARKSANS
Health Technology
61%similar
revenueP/E
POWER MECH PROJECTSPOWERMECH
Industrial Services
53%similar
promoter holdingmarket cap
DEEP INDUSTRIESDEEPINDS
Industrial Services
48%similar
revenue growthROCE
AHLUWALIA CONTRACTS (INDIA) LTAHLUCONT
Industrial Services
41%similar
promoter holdingvolatility

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

What changed?

30 events since May '23

  1. NovPriceVolume reached 11.1x its 50-day median on 2026-11-05; price +6.6% that day.
  2. OctPriceFell 54% from the Oct 2024 peak to the Oct 2026 low.
  3. SepResultsYear-on-year EPS growth turned negative.
  4. SepPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  5. AugPriceVolume reached 5.5x its 50-day median on 2026-08-07; price +7.5% that day.
  6. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  7. MayPriceVolume reached 11.5x its 50-day median on 2026-05-27; price -10.7% that day.
  8. FebPriceVolume reached 10.0x its 50-day median on 2026-02-18; price +7.0% that day.
Show 22 earlier events
  1. OctPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  2. JunPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
  3. MayPriceVolume reached 26.1x its 50-day median on 2025-05-28; price +15.0% that day.
  4. AprPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 2nd quartile).
  5. MarResultsRevenue (TTM) reached a new high of ₹1,892 cr.
  6. FebPriceVolume reached 8.5x its 50-day median on 2025-02-04; price +11.7% that day.
  7. DecPromoterPromoter holding fell 4.6 pts to 56.9%.
  8. DecInstitutionsFII + DII holding rose 6.8 pts over 1 quarter to 33.9%.
  9. DecPriceVolume reached 5.8x its 50-day median on 2024-12-20; price +5.4% that day.
  10. SepPriceVolume reached 9.5x its 50-day median on 2024-09-20; price -0.4% that day.
  11. JunResultsYear-on-year EPS growth turned positive.
  12. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  13. AprValuationP/E crossed above the 90th percentile of its own history to date (58.5x).
  14. AprPriceVolume reached 11.6x its 50-day median on 2024-04-29; price +5.1% that day.
  15. FebPriceVolume reached 8.3x its 50-day median on 2024-02-19; price -5.5% that day.
  16. DecPriceVolume reached 16.3x its 50-day median on 2023-12-29; price +2.0% that day.
  17. NovValuationP/E crossed above the 90th percentile of its own history to date (41.0x).
  18. AugPriceVolume reached 5.3x its 50-day median on 2023-08-30; price +6.0% that day.
  19. JunResultsYear-on-year EPS growth turned negative.
  20. JunValuationP/E crossed above the 90th percentile of its own history to date (21.0x).
  21. JunPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the top quartile).
  22. MayPriceVolume reached 12.8x its 50-day median on 2023-05-30; price -6.8% 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 history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1125.5x₹3355 cr10.4%15.0%0.0x
2026-1022.4x₹3355 cr10.4%15.0%0.0x
2026-0927.2x₹3355 cr10.4%15.0%0.0x
2026-0824.1x₹3251 cr11.4%15.0%0.0x
2026-0724.1x₹3251 cr11.4%15.0%0.0x
2026-0625.9x₹3251 cr11.4%15.0%0.0x
2026-0525.4x₹3057 cr13.2%17.0%0.0x
2026-0430.2x₹3057 cr13.2%17.0%0.0x
2026-0323.2x₹3057 cr13.2%17.0%0.0x
2026-0229.0x₹2821 cr12.6%17.0%0.0x
2026-0124.1x₹2821 cr12.6%17.0%0.0x
2025-1226.7x₹2821 cr12.6%17.0%0.0x
2025-1130.4x₹2419 cr12.3%17.0%0.0x
2025-1033.3x₹2419 cr12.3%17.0%0.0x
2025-0933.6x₹2419 cr12.3%17.0%0.0x
2025-0840.8x₹2268 cr11.3%17.0%0.0x
2025-0739.3x₹2268 cr11.3%17.0%0.0x
2025-0643.2x₹2268 cr11.3%17.0%0.0x
2025-0543.1x₹1892 cr16.9%17.0%0.0x
2025-0432.5x₹1892 cr16.9%17.0%0.0x
2025-0330.7x₹1892 cr16.9%17.0%0.0x
2025-0229.5x₹1583 cr16.7%17.0%0.0x
2025-0132.7x₹1583 cr16.7%17.0%0.0x
2024-1247.6x₹1583 cr16.7%17.0%0.0x
2024-1146.5x₹1604 cr15.8%17.0%0.0x
2024-1049.3x₹1604 cr15.8%17.0%0.0x
2024-0950.4x₹1604 cr15.8%17.0%0.0x
2024-0865.5x₹1503 cr12.4%17.0%0.0x
2024-0768.4x₹1503 cr12.4%17.0%0.0x
2024-0662.2x₹1503 cr12.4%17.0%0.0x
2024-0581.7x₹830 cr9.7%8.0%0.0x
2024-0458.5x₹830 cr9.7%8.0%0.0x
2024-0344.5x₹830 cr9.7%8.0%0.0x
2024-0240.7x₹830 cr9.7%8.0%0.0x
2024-0147.1x₹830 cr9.7%8.0%0.0x
2023-1246.1x₹830 cr9.7%8.0%0.0x
2023-1141.0x₹830 cr9.7%8.0%0.0x
2023-1028.9x₹830 cr9.7%8.0%0.0x
2023-0929.1x₹830 cr9.7%8.0%0.0x
2023-0830.8x₹830 cr9.7%8.0%0.0x
2023-0728.3x₹830 cr9.7%8.0%0.0x
2023-0621.0x₹830 cr9.7%8.0%0.0x
2023-0516.5x₹999 cr14.4%18.0%0.0x
2023-0415.5x₹999 cr14.4%18.0%0.0x
2023-0314.1x₹999 cr14.4%18.0%0.0x
2023-0213.5x₹999 cr14.4%18.0%0.0x
2023-0114.7x₹999 cr14.4%18.0%0.0x
2022-1213.8x₹999 cr14.4%18.0%0.0x
2022-1113.1x₹999 cr14.4%18.0%0.0x
2022-1011.7x₹999 cr14.4%18.0%0.0x
2022-0911.0x₹999 cr14.4%18.0%0.0x
2022-0812.0x₹999 cr14.4%18.0%0.0x
2022-0712.2x₹999 cr14.4%18.0%0.0x
2022-0611.8x₹999 cr14.4%18.0%0.0x
2022-0516.9x₹884 cr11.3%12.0%0.0x
2022-0417.5x₹884 cr11.3%12.0%0.0x
2022-0315.0x₹884 cr11.3%12.0%0.0x
2022-0214.5x₹884 cr11.3%12.0%0.0x
2022-0115.0x₹884 cr11.3%12.0%0.0x
2021-1214.6x₹884 cr11.3%12.0%0.0x
2021-1114.5x₹884 cr11.3%12.0%0.0x
2021-1015.6x₹884 cr11.3%12.0%0.0x
2021-0916.9x₹884 cr11.3%12.0%0.0x
2021-0817.4x₹884 cr11.3%12.0%0.0x
2021-0718.6x₹884 cr11.3%12.0%0.0x
2021-0620.0x₹884 cr11.3%12.0%0.0x
2021-0520.6x₹871 cr12.0%13.0%0.0x
2021-0418.1x₹871 cr12.0%13.0%0.0x
2021-0318.8x₹871 cr12.0%13.0%0.0x
2021-0217.9x₹871 cr12.0%13.0%0.0x
2021-0115.3x₹871 cr12.0%13.0%0.0x
2020-1213.2x₹871 cr12.0%13.0%0.0x
2020-1113.3x₹871 cr12.0%13.0%0.0x
2020-1011.8x₹871 cr12.0%13.0%0.0x
2020-0912.4x₹871 cr12.0%13.0%0.0x
2020-0812.5x₹871 cr12.0%13.0%0.0x
2020-0711.0x₹871 cr12.0%13.0%0.0x
2020-0611.7x₹871 cr12.0%13.0%0.0x
2020-0510.5x₹986 cr13.5%20.0%0.0x
2020-0411.9x₹986 cr13.5%20.0%0.0x
2020-0313.9x₹986 cr13.5%20.0%0.0x
2020-0217.4x₹986 cr13.5%20.0%0.0x
2020-0117.5x₹986 cr13.5%20.0%0.0x
2019-1216.5x₹986 cr13.5%20.0%0.0x
2019-1115.7x₹986 cr13.5%20.0%0.0x
2019-1015.7x₹986 cr13.5%20.0%0.0x
2019-0915.4x₹986 cr13.5%20.0%0.0x
2019-0814.7x₹986 cr13.5%20.0%0.0x
2019-0714.8x₹986 cr13.5%20.0%0.0x
2019-0615.7x₹986 cr13.5%20.0%0.0x
2019-05108.0x₹1283 cr16.7%26.0%0.1x
2019-04102.6x₹1283 cr16.7%26.0%0.1x
2019-03118.8x₹1283 cr16.7%26.0%0.1x
2019-02101.3x₹1283 cr16.7%26.0%0.1x
2019-01104.3x₹1283 cr16.7%26.0%0.1x

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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