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TECHNOCRAFT INDUSTRIES (INDIA) (TIIL)

Producer Manufacturing · Metal Fabrication · 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 73Growth 51Balance sheet 47
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.72 / 100
Price 77Earnings 69FII/DII 70

Passes these screensDebt-light & profitable

Compare withBHARAT FORGESCHAEFFLER INDIAPTC INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,823.1 latest close · +12.5% over the last 90 sessions

₹2,500₹3,000₹3,500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,500₹3,000₹3,500Jul 3Sep 4Nov 9

₹2,823.1 month-end · +19.0% over 12 months

₹2,000₹2,500₹3,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,000₹2,500₹3,000Nov '25May '26Nov '26

₹2,823.1 month-end · +26.7% over 3 years

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

₹2,823.1 month-end · +429.4% since Jan '19

₹0₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹1868.50 to ₹3565.30 · 1-year volatility 39.1%

Was the rally earned?

+19%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 31 points, but investors now pay less per rupee of profit (P/E 21.1x to 18.8x), which took 12 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: −12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−12 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: +19%+19%Share priceNet profit growth: +29 pts. Points of the price return explained by net profit growing (or shrinking).+29ProfitP/E change: −12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−12P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +19%+19%Share price
Net profit growth+29 ptsNet profit rose about 31%, which lifts the price.
P/E change-12 ptsThe P/E fell from 21.1x to 18.8x, which lowers the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+27%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 19.2x to 18.8x), which took 2 points back.
  • The share count fell 5%.
Net profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23 ptsNet profit growthP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2 ptsP/E changeShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6 ptsShare count changeShare price: +27%+27%Share priceNet profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23ProfitP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2P/EShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6SharesShare price: +27%+27%Share price
Net profit growth+23 ptsNet profit rose about 22%, which lifts the price.
P/E change-2 ptsThe P/E fell from 19.2x to 18.8x, which lowers the price.
Share count change+6 ptsShare count fell 5%, which lifts the price.
+228%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 199 points to the rise, while the multiple moved less (P/E 16.2x to 18.8x).
  • The share count fell 10%.
Net profit growth: +179 pts. Points of the price return explained by net profit growing (or shrinking).+179 ptsNet profit growthP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30 ptsP/E changeShare count change: +20 pts. Points of the price return explained by the share count changing. More shares count against the price.+20 ptsShare count changeShare price: +228%+228%Share priceNet profit growth: +179 pts. Points of the price return explained by net profit growing (or shrinking).+179ProfitP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30P/EShare count change: +20 pts. Points of the price return explained by the share count changing. More shares count against the price.+20SharesShare price: +228%+228%Share price
Net profit growth+179 ptsNet profit rose about 153%, which lifts the price.
P/E change+30 ptsThe P/E rose from 16.2x to 18.8x, which lifts the price.
Share count change+20 ptsShare count fell 10%, which lifts 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 BHARAT FORGE

How rough has the ride been?

Maximum drawdown-73.9%recovered 2021-07
1-year volatility39.1%annualised
Beta vs sector index0.953-year daily, correlation 0.42
Volume spikes10last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−72.6% 0%−20%−40%−60%2020202220242026−72.6%
Largest drawdowns

-73.9% (2019-01 peak to 2020-03 low, recovered 2021-07)

-51.0% (2024-08 peak to 2026-01 low, not yet recovered)

-42.2% (2022-04 peak to 2022-10 low, recovered 2023-03)

Most recent volume spikes

2026-08-25: 9.9x the 50-day median, price +0.4% that day

2026-08-24: 8.2x the 50-day median, price +3.7% that day

2026-08-21: 6.2x the 50-day median, price +3.7% 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?

18.9xP/E todayWithin its usual range
Against its own history65th percentile
CheapestMedian 15.3xDearest

Usual range 6.7x to 24.2x since 2019-01.

Against Producer Manufacturing18.9x vs 29.6x
This company
18.9x
Sector median
29.6x

36% below the Producer Manufacturing median.

3.8x17.2x30.6x44.0xJan '19Aug '20Mar '22Oct '23May '25Nov '263.8x17.2x30.6x44.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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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

  • ROCE54th▲ 4 pts vs a year ago
  • Op. margin91st▲ 10 pts vs a year ago
  • Revenue growth43rd▼ 23 pts vs a year ago
  • EPS growth72nd▲ 32 pts vs a year ago
  • Debt/equity ↓36th▲ 4 pts vs a year ago
  • Cash cycle ↓13thflat vs a year ago
  • P/E ↓74thflat vs a year ago
  • 12M momentum72nd▲ 10 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?

~17%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 23.7x, a holder earning 12%/yr needs earnings to grow about 17.2%/yr for 10 years, then trade at 15x.

Delivered14.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+2.5 ptsimplied minus delivered
Rank483rdmost demanding of 856

Over time

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

-1%12%24% Jan 2019Nov 2026 -1%12%24% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x18.8%19.9%21.0%
15x16.2%17.2%18.3%
20x12.9%13.9%14.9%

Drag a slider to test other assumptions

Implied: 17.2%/yr

Looking back

  • Jan 2020Price implied 5%/yr; EPS has since grown 14%/yr (7.0 yrs)
  • Jan 2021Price implied 5%/yr; EPS has since grown 16%/yr (6.0 yrs)
  • Jan 2022Price implied 14%/yr; EPS has since grown 18%/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
₹2823.10
P/E
18.8x
ROCE
16.0%
Market Cap
₹6400 cr
Revenue (TTM)
₹2931 cr
P/S
2.2x
P/B
3.2x
ROE
16.8%
Operating Margin
22.0%
Debt / Equity
0.4x
Promoter Holding
74.7%
12M Momentum
19.0%

52-week range

₹1868.50₹3565.30
56% of the way from its 52-week low to its high

Price risk

1Y volatility
39.1%
Beta vs sector
1-year daily
0.77

Balance sheet & cash

Interest cover
operating profit ÷ interest
8.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.99x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance23%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 22.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.99xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.99x (cash from operations ₹827 cr, net profit ₹835 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+12 daysWithin range

Debtor days are above the median of the previous three fiscal years by 12 days (88 vs 76). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-2 days / 2 yrsWithin range

Days payable changed by -2 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs added 3.0 pts.
  • The number of shareholders rose from 12,919 to 46,501 (+260%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters74.6%74.7%+0.1 pts
FIIs0.7%0.4%-0.3 pts
DIIs4.2%7.2%+3.0 pts
Public and others20.5%17.7%-2.9 pts

Number of shareholders

46,501shareholders+260% since Sep '23
13k34k54k75k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 12,919
Dec '23: 13,185
Mar '24: 13,783
Jun '24: 14,416
Sep '24: 74,905
Dec '24: 66,319
Mar '25: 60,163
Jun '25: 56,049
Sep '25: 52,071
Dec '25: 49,559
Mar '26: 47,364
Jun '26: 46,501
 13k34k54k75k Sep '23Sep '24Sep '25Jun '26
Sep '23: 12,919
Dec '23: 13,185
Mar '24: 13,783
Jun '24: 14,416
Sep '24: 74,905
Dec '24: 66,319
Mar '25: 60,163
Jun '25: 56,049
Sep '25: 52,071
Dec '25: 49,559
Mar '26: 47,364
Jun '26: 46,501

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

−8.1%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like TECHNOCRAFT INDUSTRIES (INDIA) 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 −24% to +29% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −7.0%, 80% range −18.4% to −0.5%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
AARTIDRUGS · Jul 2023: −41.8% vs market
EPIGRAL · Dec 2024: −39.0% vs market
GATEWAY · Nov 2023: −38.1% vs market
HINDWAREAP · Apr 2023: −36.8% vs market
VTL · Jan 2022: −36.5% vs market
HUHTAMAKI · Aug 2020: −35.5% vs market
BIRLACORPN · Aug 2021: −33.1% vs market
GNA · Apr 2023: −32.1% vs market
JKIL · Mar 2021: −30.2% vs market
VRLLOG · Feb 2023: −28.6% vs market
SUPRAJIT · Dec 2021: −26.0% vs market
TCI · Mar 2020: −24.2% vs market
GLENMARK · Jan 2021: −24.2% vs market
TIMETECHNO · Oct 2025: −22.1% vs market
APLLTD · Jun 2025: −21.0% vs market
JUBLPHARMA · Aug 2025: −20.0% vs market
CYIENT · Aug 2021: −19.3% vs market
ORIENTCEM · Sep 2021: −18.7% vs market
TVSSRICHAK · May 2020: −18.5% vs market
NRBBEARING · Nov 2023: −18.3% vs market
ICIL · May 2024: −17.4% vs market
MASTEK · Jan 2024: −15.8% vs market
WELSPUNLIV · Apr 2021: −15.5% vs market
JKLAKSHMI · Jan 2023: −8.5% vs market
GRANULES · Nov 2024: −8.4% vs market
EPL · Jun 2025: −7.9% vs market
CEATLTD · May 2020: −6.3% vs market
WELENT · Nov 2024: −4.9% vs market
PCBL · Mar 2021: −3.0% vs market
DCMSHRIRAM · Sep 2021: −1.5% vs market
BALRAMCHIN · Jun 2021: +1.0% vs market
AARTIPHARM · Nov 2024: +6.4% vs market
MINDACORP · Jun 2022: +16.8% vs market
KNRCON · Apr 2020: +19.1% vs market
GOKEX · Jul 2023: +21.7% vs market
PRICOLLTD · Jan 2024: +22.0% vs market
FSL · Aug 2024: +25.5% vs market
GENUSPOWER · Dec 2020: +29.7% vs market
CENTURYPLY · Jan 2020: +30.0% vs market
ZENSARTECH · Jun 2023: +31.8% vs market
AEGISLOG · May 2023: +37.3% vs market
VISHNU · Sep 2025: +46.0% vs market
CCL · Mar 2022: +48.1% vs market
TRIDENT · Apr 2020: +78.2% vs market
HIKAL · Jan 2021: +81.6% vs market
KPRMILL · Apr 2020: +87.5% vs market
SHRIPISTON · Feb 2023: +91.8% vs market
USHAMART · Oct 2022: +92.0% vs market
DOLLAR · Jan 2021: +104.8% vs market
SANSERA · May 2025: +105.7% vs market
Similar setups −8.1%All companies −1.1%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−8.1%
All companies' median
−1.1%
Beat the market
40% vs 49%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GRANULES
Health Technology		 Nov 2024 29x15% +46%−19% −8%
EPL
Process Industries		 Jun 2025 22x17% +23%−15% −8%
NRBBEARING
Producer Manufacturing		 Nov 2023 29x16% +87%−4% −18%
FSL
Commercial Services		 Aug 2024 41x16% +86%−10% +26%
WELENT
Industrial Services		 Nov 2024 25x18% +61%−13% −5%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BALRAMCHIN
Process Industries		 Jun 2021 16x17% +165%−2% +1%
KNRCON
Industrial Services		 Apr 2020 11x19% −12%−31% +19%
CYIENT
Technology Services		 Aug 2021 30x15% +152%−8% −19%
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, ROCE 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 TECHNOCRAFT INDUSTRIES (INDIA). 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.

DATAMATICS GLOBAL SERVICES LIMDATAMATICS
Technology Services
66%similar
P/Eoperating margin
REDTAPEREDTAPE
Retail Trade
65%similar
market caprevenue
KEWAL KIRAN CLOTHINGKKCL
Consumer Non-Durables
63%similar
P/Epromoter holding
SARDA ENERGY & MINERALSSARDAEN
Non-Energy Minerals
63%similar
debt/equityROCE
EPIGRALEPIGRAL
Process Industries
62%similar
revenueROCE
HARSHA ENGINEERS INTHARSHA
Producer Manufacturing
64%similar
EPS growthpromoter holding
BANCO PRODUCTS (INDIA)BANCOINDIA
Producer Manufacturing
56%similar
P/Edebt/equity
STAR CEMENTSTARCEMENT
Producer Manufacturing
51%similar
P/Emarket cap

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

What changed?

30 events since Jun '23

  1. AugValuationP/E crossed above the 90th percentile of its own history to date (26.1x).
  2. AugPriceVolume reached 100.7x its 50-day median on 2026-08-14; price +7.0% that day.
  3. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  4. MayPriceVolume reached 7.6x its 50-day median on 2026-05-29; price -6.4% that day.
  5. MarPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  6. FebPriceVolume reached 25.4x its 50-day median on 2026-02-12; price +9.6% that day.
  7. JanPriceFell 51% from the Aug 2024 peak to the Jan 2026 low.
  8. JanPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
Show 22 earlier events
  1. DecResultsYear-on-year EPS growth turned positive.
  2. DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  3. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  4. JulPriceVolume reached 11.5x its 50-day median on 2025-07-18; price +4.5% that day.
  5. JunDividendStarted paying a dividend (payout 18% of profit).
  6. MayPriceVolume reached 19.5x its 50-day median on 2025-05-30; price +8.4% that day.
  7. MarValuationP/E crossed above the 90th percentile of its own history to date (24.5x).
  8. DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  9. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  10. AugPriceVolume reached 14.3x its 50-day median on 2024-08-14; price +10.5% that day.
  11. JunResultsYear-on-year EPS growth turned negative.
  12. JunPriceRegained the 2023-12 peak, 3 months after the low.
  13. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  14. JunPriceVolume reached 13.8x its 50-day median on 2024-06-19; price +4.5% that day.
  15. AprValuationP/E crossed above the 90th percentile of its own history to date (19.6x).
  16. MarPriceFell 41% from the Dec 2023 peak to the Mar 2024 low.
  17. FebPriceVolume reached 12.3x its 50-day median on 2024-02-14; price -4.6% that day.
  18. OctPriceVolume reached 9.2x its 50-day median on 2023-10-16; price +9.4% that day.
  19. AugValuationP/E crossed above the 90th percentile of its own history to date (18.1x).
  20. AugPriceVolume reached 21.0x its 50-day median on 2023-08-14; price +16.8% that day.
  21. JunResultsRevenue (TTM) reached a new high of ₹1,985 cr.
  22. JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top 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
2026-1118.8x₹2931 cr16.8%16.0%0.4x
2026-1017.3x₹2931 cr17.3%16.0%0.4x
2026-0919.4x₹2931 cr17.3%16.0%0.4x
2026-0826.1x₹2759 cr14.5%16.0%0.4x
2026-0720.5x₹2759 cr14.5%16.0%0.4x
2026-0620.4x₹2759 cr14.5%16.0%0.4x
2026-0520.3x₹2749 cr15.8%16.0%0.5x
2026-0420.5x₹2749 cr15.8%16.0%0.5x
2026-0318.0x₹2749 cr15.8%16.0%0.5x
2026-0219.7x₹2731 cr15.1%16.0%0.5x
2026-0117.5x₹2731 cr15.1%16.0%0.5x
2025-1219.4x₹2731 cr15.1%16.0%0.5x
2025-1121.1x₹2608 cr14.7%16.0%0.5x
2025-1021.6x₹2608 cr14.7%16.0%0.5x
2025-0919.6x₹2608 cr14.7%16.0%0.5x
2025-0821.9x₹2595 cr14.8%16.0%0.5x
2025-0727.7x₹2595 cr14.8%16.0%0.5x
2025-0626.9x₹2595 cr14.8%16.0%0.5x
2025-0529.1x₹2486 cr15.1%19.0%0.4x
2025-0421.8x₹2486 cr15.1%19.0%0.4x
2025-0324.5x₹2486 cr15.1%19.0%0.4x
2025-0221.6x₹2355 cr16.3%19.0%0.4x
2025-0123.2x₹2355 cr16.3%19.0%0.4x
2024-1223.8x₹2355 cr16.3%19.0%0.4x
2024-1122.6x₹2246 cr16.2%19.0%0.4x
2024-1026.4x₹2246 cr16.2%19.0%0.4x
2024-0929.0x₹2246 cr16.2%19.0%0.4x
2024-0830.2x₹2183 cr16.7%19.0%0.4x
2024-0732.2x₹2183 cr16.7%19.0%0.4x
2024-0625.1x₹2183 cr16.7%19.0%0.4x
2024-0521.2x₹1985 cr19.6%20.0%0.5x
2024-0419.6x₹1985 cr19.6%20.0%0.5x
2024-0317.0x₹1985 cr19.6%20.0%0.5x
2024-0216.6x₹1985 cr19.6%20.0%0.5x
2024-0120.6x₹1985 cr19.6%20.0%0.5x
2023-1221.8x₹1985 cr19.6%20.0%0.5x
2023-1119.2x₹1985 cr19.6%20.0%0.5x
2023-1017.9x₹1985 cr19.6%20.0%0.5x
2023-0917.2x₹1985 cr19.6%20.0%0.5x
2023-0818.1x₹1985 cr19.6%20.0%0.5x
2023-0714.4x₹1985 cr19.6%20.0%0.5x
2023-0613.4x₹1985 cr19.6%20.0%0.5x
2023-0513.5x₹1911 cr20.5%22.0%0.4x
2023-0414.0x₹1911 cr20.5%22.0%0.4x
2023-0311.1x₹1911 cr20.5%22.0%0.4x
2023-029.2x₹1911 cr20.5%22.0%0.4x
2023-018.6x₹1911 cr20.5%22.0%0.4x
2022-128.3x₹1911 cr20.5%22.0%0.4x
2022-118.1x₹1911 cr20.5%22.0%0.4x
2022-107.1x₹1911 cr20.5%22.0%0.4x
2022-097.4x₹1911 cr20.5%22.0%0.4x
2022-088.3x₹1911 cr20.5%22.0%0.4x
2022-078.9x₹1911 cr20.5%22.0%0.4x
2022-068.0x₹1911 cr20.5%22.0%0.4x
2022-0519.3x₹1295 cr12.5%12.0%0.4x
2022-0419.8x₹1295 cr12.5%12.0%0.4x
2022-0318.5x₹1295 cr12.5%12.0%0.4x
2022-0216.6x₹1295 cr12.5%12.0%0.4x
2022-0115.5x₹1295 cr12.5%12.0%0.4x
2021-1214.7x₹1295 cr12.5%12.0%0.4x

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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