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THERMAX LTD (THERMAX)

Producer Manufacturing · Industrial Machinery · 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.40 / 100
Profitability 28Growth 47Balance sheet 46
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.18 / 100
Price 3Earnings 28FII/DII 24
Compare withWELSPUN CORPVOLTASBLUE STAR

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,785.9 latest close · −39.5% over the last 90 sessions

₹3,000₹4,000₹5,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,000₹4,000₹5,000Jul 3Sep 4Nov 9

₹2,785.9 month-end · −4.6% over 12 months

₹3,000₹4,000₹5,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹3,000₹4,000₹5,000Nov '25May '26Nov '26

₹2,785.9 month-end · +9.9% over 3 years

₹3,000₹4,000₹5,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹3,000₹4,000₹5,000Nov '23May '25Nov '26

₹2,785.9 month-end · +154.3% since Jan '19

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

52-week range ₹2666.60 to ₹5277.80 · 1-year volatility 40.8%

Was the rally earned?

-5%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-5%).
  • The share count barely moved.
Net profit growth: −12 pts. Points of the price return explained by net profit growing (or shrinking).−12 ptsNet profit growthP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7 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: −5%−5%Share priceNet profit growth: −12 pts. Points of the price return explained by net profit growing (or shrinking).−12ProfitP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −5%−5%Share price
Net profit growth-12 ptsNet profit fell about 11%, which lowers the price.
P/E change+7 ptsThe P/E rose from 51.8x to 55.9x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+10%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 29 points, but investors now pay less per rupee of profit (P/E 67.1x to 55.9x), which took 19 points back.
  • The share count barely moved.
Net profit growth: +29 pts. Points of the price return explained by net profit growing (or shrinking).+29 ptsNet profit growthP/E change: −19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−19 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: +10%+10%Share priceNet profit growth: +29 pts. Points of the price return explained by net profit growing (or shrinking).+29ProfitP/E change: −19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−19P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +10%+10%Share price
Net profit growth+29 ptsNet profit rose about 32%, which lifts the price.
P/E change-19 ptsThe P/E fell from 67.1x to 55.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+59%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 134 points, but investors now pay less per rupee of profit (P/E 101.1x to 55.9x), which took 75 points back.
  • The share count barely moved.
Net profit growth: +134 pts. Points of the price return explained by net profit growing (or shrinking).+134 ptsNet profit growthP/E change: −75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−75 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: +59%+59%Share priceNet profit growth: +134 pts. Points of the price return explained by net profit growing (or shrinking).+134ProfitP/E change: −75 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−75P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +59%+59%Share price
Net profit growth+134 ptsNet profit rose about 187%, which lifts the price.
P/E change-75 ptsThe P/E fell from 101.1x to 55.9x, which lowers the price.
Share count change0 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 WELSPUN CORP

How rough has the ride been?

Maximum drawdown-51.5%not yet recovered
1-year volatility40.8%annualised
Beta vs sector index0.713-year daily, correlation 0.37
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.5% 0%−20%−40%2020202220242026−51.5%
Largest drawdowns

-51.5% (2024-07 peak to 2026-11 low, not yet recovered)

-41.5% (2019-11 peak to 2020-03 low, recovered 2021-02)

-28.1% (2022-09 peak to 2022-12 low, recovered 2023-07)

Most recent volume spikes

2026-11-06: 21.1x the 50-day median, price -17.3% that day

2026-07-31: 18.2x the 50-day median, price +1.3% 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?

55.9xP/E todayWithin its usual range
Against its own history28th percentile
CheapestMedian 71.2xDearest

Usual range 40.3x to 100.2x since 2019-01.

Against Producer Manufacturing55.9x vs 29.6x
This company
55.9x
Sector median
29.6x

89% above the Producer Manufacturing median.

10.6x54.7x98.9x143.0xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x54.7x98.9x143.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing 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

  • ROCE46th▲ 4 pts vs a year ago
  • Op. margin9th▼ 32 pts vs a year ago
  • Revenue growth27th▼ 21 pts vs a year ago
  • EPS growth26th▼ 11 pts vs a year ago
  • Debt/equity ↓35th▼ 5 pts vs a year ago
  • Cash cycle ↓94thflat vs a year ago
  • P/E ↓19th▼ 8 pts vs a year ago
  • 12M momentum51st▲ 32 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~27%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 59.9x, a holder earning 12%/yr needs earnings to grow about 27.4%/yr for 10 years, then trade at 15x.

Delivered14.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+12.9 ptsimplied minus delivered
Rank259thmost demanding of 856

Over time

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

0%22%45% Jan 2019Nov 2026 0%22%45% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x28.9%30.1%31.3%
15x26.3%27.4%28.6%
20x22.9%24.0%25.1%

Drag a slider to test other assumptions

Implied: 27.4%/yr

Looking back

  • Jan 2020Price implied 26%/yr; EPS has since grown 12%/yr (7.0 yrs)
  • Jan 2021Price implied 24%/yr; EPS has since grown 23%/yr (6.0 yrs)
  • Jan 2022Price implied 35%/yr; EPS has since grown 28%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2785.90
P/E
55.9x
ROCE
14.0%
Market Cap
₹33198 cr
Revenue (TTM)
₹10840 cr
P/S
3.1x
P/B
6.0x
ROE
10.7%
Operating Margin
3.0%
Debt / Equity
0.4x
Promoter Holding
62.0%
12M Momentum
-4.6%

52-week range

₹2666.60₹5277.80
5% of the way from its 52-week low to its high

Price risk

1Y volatility
40.8%
Beta vs sector
1-year daily
0.78

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.94x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold
Other income reliance39%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 39.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 28.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.94xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.94x (cash from operations ₹1,869 cr, net profit ₹1,990 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-5 daysWithin range

Debtor days are below the median of the previous three fiscal years by 5 days (75 vs 80). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress47% of fixed assetsWithin range

Capital work-in-progress is 47% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+28 days / 2 yrsWithin range

Days payable changed by +28 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, FIIs trimmed 1.1 pts.
  • The number of shareholders rose from 35,616 to 91,857 (+158%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters62.0%62.0%0.0 pts
FIIs12.5%11.5%-1.1 pts
DIIs15.5%15.2%-0.2 pts
Public and others4.5%5.9%+1.3 pts

Number of shareholders

91,857shareholders+158% since Sep '23
36k54k73k92k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 35,616
Dec '23: 39,547
Mar '24: 40,819
Jun '24: 48,966
Sep '24: 51,876
Dec '24: 50,755
Mar '25: 53,687
Jun '25: 62,986
Sep '25: 71,208
Dec '25: 77,455
Mar '26: 89,964
Jun '26: 91,857
 36k54k73k92k Sep '23Sep '24Sep '25Jun '26
Sep '23: 35,616
Dec '23: 39,547
Mar '24: 40,819
Jun '24: 48,966
Sep '24: 51,876
Dec '24: 50,755
Mar '25: 53,687
Jun '25: 62,986
Sep '25: 71,208
Dec '25: 77,455
Mar '26: 89,964
Jun '26: 91,857

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+1.8%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 THERMAX LTD 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 −23% to +17% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+4.2%, 80% range −6.5% to +7.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
MOTHERSON · Jul 2021: −43.6% vs market
RVNL · Oct 2025: −42.3% vs market
AEGISLOG · Jun 2021: −39.2% vs market
EPL · Dec 2020: −39.1% vs market
AARTIIND · Aug 2024: −35.0% vs market
5PAISA · Apr 2024: −31.5% vs market
SFL · Oct 2022: −29.2% vs market
MIDHANI · Nov 2023: −28.6% vs market
RKFORGE · Jul 2024: −27.9% vs market
HIKAL · Jun 2023: −27.3% vs market
PRIVISCL · May 2023: −27.1% vs market
WHIRLPOOL · Apr 2025: −26.6% vs market
AMBER · Jun 2021: −23.3% vs market
MAHLOG · May 2021: −22.5% vs market
SOBHA · Jun 2022: −22.5% vs market
VOLTAS · Oct 2025: −21.5% vs market
JYOTHYLAB · Jun 2020: −19.4% vs market
RESPONIND · Jul 2024: −18.7% vs market
PHOENIXLTD · Jun 2020: −14.7% vs market
GREENPLY · Jul 2021: −11.4% vs market
THEJO · Dec 2023: −7.0% vs market
SUNDRMFAST · Apr 2021: −6.8% vs market
GREENLAM · Jan 2024: −5.0% vs market
DALBHARAT · Dec 2021: −2.8% vs market
MOTILALOFS · Oct 2020: +1.8% vs market
BAJAJELEC · Oct 2021: +1.9% vs market
LODHA · Aug 2024: +3.1% vs market
CERA · Dec 2021: +4.3% vs market
JSWENERGY · Jul 2022: +5.4% vs market
INDHOTEL · May 2020: +5.8% vs market
TATACHEM · Jun 2021: +9.6% vs market
ASAHIINDIA · Mar 2022: +10.5% vs market
BLUESTARCO · Jun 2021: +10.7% vs market
FINPIPE · Oct 2023: +13.4% vs market
APOLLOHOSP · Jun 2022: +15.3% vs market
UNOMINDA · Apr 2022: +15.5% vs market
RADICO · Sep 2023: +17.1% vs market
SUPRAJIT · May 2021: +17.3% vs market
ANURAS · Aug 2022: +18.2% vs market
HFCL · Jun 2023: +18.9% vs market
VRLLOG · Dec 2021: +21.9% vs market
RAINBOW · Jun 2024: +22.8% vs market
ABREL · Jan 2024: +39.7% vs market
OPTIEMUS · Oct 2025: +42.9% vs market
BEML · Oct 2023: +44.6% vs market
BHARATFORG · Jun 2020: +46.0% vs market
VBL · Jun 2021: +62.4% vs market
AVALON · Apr 2024: +63.8% vs market
ELGIEQUIP · Mar 2022: +65.1% vs market
TRIDENT · Jun 2021: +136.5% vs market
Similar setups +1.8%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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
+1.8%
All companies' median
−2.4%
Beat the market
52% vs 47%

50 past situations · 50 companies · 29 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BAJAJELEC
Consumer Durables		 Oct 2021 45x12% +127%−28% +2%
UNOMINDA
Producer Manufacturing		 Apr 2022 120x11% +74%−27% +16%
SFL
Process Industries		 Oct 2022 62x18% +12%−30% −29%
RADICO
Consumer Non-Durables		 Sep 2023 73x12% +15%−17% +17%
AMBER
Producer Manufacturing		 Jun 2021 121x9% +104%−18% −23%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ELGIEQUIP
Producer Manufacturing		 Mar 2022 87x13% +47%−33% +65%
ASAHIINDIA
Consumer Durables		 Mar 2022 79x11% +39%−28% +11%
JSWENERGY
Utilities		 Jul 2022 23x12% −6%−40% +5%
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, P/S 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 THERMAX LTD. 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.

ISGEC HEAVY ENGINEERINGISGEC
Industrial Services
66%similar
volatilitypromoter holding
ENTERO HEALTHCARE SOLENTERO
Distribution Services
63%similar
debt/equityoperating margin
WELSPUN LIVINGWELSPUNLIV
Consumer Non-Durables
62%similar
revenuedebt/equity
MAHINDRA LOGISTICSMAHLOG
Transportation
61%similar
volatilityrevenue
SG MARTSGMART
Utilities
61%similar
volatilityoperating margin
STEEL STRIPS WHEELSSSWL
Producer Manufacturing
63%similar
revenue growthpromoter holding
GREAVES COTTONGREAVESCOT
Producer Manufacturing
62%similar
revenue growthEPS growth
JUPITER WAGONSJWL
Producer Manufacturing
60%similar
P/EEPS growth

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

What changed?

30 events since Jul '23

  1. NovPriceFell 52% from the Jul 2024 peak to the Nov 2026 low.
  2. NovPriceVolume reached 21.1x its 50-day median on 2026-11-06; price -17.3% that day.
  3. SepResultsYear-on-year EPS growth turned negative.
  4. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  5. JulPriceVolume reached 18.2x its 50-day median on 2026-07-31; price +1.3% that day.
  6. JunResultsRevenue (TTM) reached a new high of ₹10,695 cr.
  7. JunDividendDividend payout cut from 25% to 3% of profit.
  8. MayPriceVolume reached 24.3x its 50-day median on 2026-05-08; price +11.8% that day.
Show 22 earlier events
  1. MarResultsYear-on-year EPS growth turned positive.
  2. MarPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  3. MarPriceVolume reached 6.8x its 50-day median on 2026-03-16; price +1.2% that day.
  4. DecPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  5. NovPriceVolume reached 7.7x its 50-day median on 2025-11-12; price -3.4% that day.
  6. AugPriceVolume reached 57.8x its 50-day median on 2025-08-26; price -0.4% that day.
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  9. JunPriceVolume reached 6.1x its 50-day median on 2025-06-20; price -3.2% that day.
  10. MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  11. FebPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  12. DecPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  13. NovPriceVolume reached 6.0x its 50-day median on 2024-11-25; price -0.9% that day.
  14. SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  15. JunResultsRevenue (TTM) reached a new high of ₹9,323 cr.
  16. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  17. MayPriceVolume reached 28.6x its 50-day median on 2024-05-31; price -0.4% that day.
  18. MarValuationP/E crossed above the 90th percentile of its own history to date (110.9x).
  19. MarPriceVolume reached 6.8x its 50-day median on 2024-03-15; price -3.5% that day.
  20. FebPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  21. NovPriceVolume reached 25.7x its 50-day median on 2023-11-30; price +0.6% that day.
  22. JulPriceRegained the 2022-09 peak, 7 months after the low.

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

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

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1155.9x₹10840 cr10.7%14.0%0.4x
2026-1062.5x₹10840 cr10.6%14.0%0.4x
2026-0968.1x₹10840 cr10.6%14.0%0.4x
2026-0864.5x₹10695 cr13.0%14.0%0.4x
2026-0771.2x₹10695 cr13.0%14.0%0.4x
2026-0685.3x₹10695 cr13.0%14.0%0.4x
2026-0587.0x₹10313 cr13.8%14.0%0.3x
2026-0471.2x₹10313 cr13.8%14.0%0.3x
2026-0357.0x₹10313 cr13.8%14.0%0.3x
2026-0262.6x₹10207 cr12.0%14.0%0.3x
2026-0157.8x₹10207 cr12.0%14.0%0.3x
2025-1260.7x₹10207 cr12.0%14.0%0.3x
2025-1151.8x₹10349 cr13.6%14.0%0.3x
2025-1057.1x₹10349 cr13.6%14.0%0.3x
2025-0956.3x₹10349 cr13.6%14.0%0.3x
2025-0860.2x₹10375 cr12.7%14.0%0.3x
2025-0774.0x₹10375 cr12.7%14.0%0.3x
2025-0664.2x₹10375 cr12.7%14.0%0.3x
2025-0565.2x₹10093 cr13.7%17.0%0.3x
2025-0463.3x₹10093 cr13.7%17.0%0.3x
2025-0370.3x₹10093 cr13.7%17.0%0.3x
2025-0252.2x₹9888 cr16.5%17.0%0.3x
2025-0162.1x₹9888 cr16.5%17.0%0.3x
2024-1264.9x₹9888 cr16.5%17.0%0.3x
2024-1177.9x₹9574 cr15.6%17.0%0.3x
2024-1083.6x₹9574 cr15.6%17.0%0.3x
2024-0986.5x₹9574 cr15.6%17.0%0.3x
2024-0880.8x₹9323 cr14.5%17.0%0.3x
2024-0793.7x₹9323 cr14.5%17.0%0.3x
2024-0698.8x₹9323 cr14.5%17.0%0.3x
2024-05143.0x₹8090 cr11.7%15.0%0.2x
2024-04123.6x₹8090 cr11.7%15.0%0.2x
2024-03110.9x₹8090 cr11.7%15.0%0.2x
2024-0296.2x₹8090 cr11.7%15.0%0.2x
2024-0184.2x₹8090 cr11.7%15.0%0.2x
2023-1281.5x₹8090 cr11.7%15.0%0.2x
2023-1167.1x₹8090 cr11.7%15.0%0.2x
2023-1074.9x₹8090 cr11.7%15.0%0.2x
2023-0982.3x₹8090 cr11.7%15.0%0.2x
2023-0874.3x₹8090 cr11.7%15.0%0.2x
2023-0768.8x₹8090 cr11.7%15.0%0.2x
2023-0660.4x₹8090 cr11.7%15.0%0.2x
2023-0589.1x₹6128 cr8.9%12.0%0.1x
2023-0487.2x₹6128 cr8.9%12.0%0.1x
2023-0387.5x₹6128 cr8.9%12.0%0.1x
2023-0282.1x₹6128 cr8.9%12.0%0.1x
2023-0173.5x₹6128 cr8.9%12.0%0.1x
2022-1275.1x₹6128 cr8.9%12.0%0.1x
2022-1178.2x₹6128 cr8.9%12.0%0.1x
2022-1082.9x₹6128 cr8.9%12.0%0.1x
2022-0982.8x₹6128 cr8.9%12.0%0.1x
2022-0892.2x₹6128 cr8.9%12.0%0.1x
2022-0778.5x₹6128 cr8.9%12.0%0.1x
2022-0680.0x₹6128 cr8.9%12.0%0.1x
2022-05115.0x₹4791 cr6.4%10.0%0.1x
2022-04122.3x₹4791 cr6.4%10.0%0.1x
2022-03111.8x₹4791 cr6.4%10.0%0.1x
2022-02104.5x₹4791 cr6.4%10.0%0.1x
2022-01120.0x₹4791 cr6.4%10.0%0.1x
2021-12103.1x₹4791 cr6.4%10.0%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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