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UNITED BREWERIES LTD (UBL)

Consumer Non-Durables · Beverages: Alcoholic · 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.51 / 100
Profitability 35Growth 54Balance sheet 64
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.32 / 100
Price 35Earnings 24FII/DII 36
Compare withUNITED SPIRITSRADICO KHAITANALLIED BLENDERS AND DISTIL

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,225.5 latest close · −8.9% over the last 90 sessions

₹1,200₹1,300₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,300₹1,400Jul 3Sep 4Nov 9

₹1,225.5 month-end · −27.5% over 12 months

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

₹1,225.5 month-end · −25.6% over 3 years

₹1,500₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000Nov '23May '25Nov '26

₹1,225.5 month-end · −14.2% since Jan '19

₹1,000₹1,500₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹1,500₹2,000Jan '19Dec '22Nov '26

52-week range ₹1128.60 to ₹1827.90 · 1-year volatility 23.5%

Was the rally earned?

-28%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 11 points and the multiple took off 16 points (P/E 98.9x to 81.9x).
  • 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: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 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: −27%−27%Share priceNet profit growth: −12 pts. Points of the price return explained by net profit growing (or shrinking).−12ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −27%−27%Share price
Net profit growth-12 ptsNet profit fell about 13%, which lowers the price.
P/E change-16 ptsThe P/E fell from 98.9x to 81.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-26%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 23 points, but investors now pay less per rupee of profit (P/E 143.2x to 81.9x), which took 48 points back.
  • The share count barely moved.
Net profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23 ptsNet profit growthP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48 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: −26%−26%Share priceNet profit growth: +23 pts. Points of the price return explained by net profit growing (or shrinking).+23ProfitP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −26%−26%Share price
Net profit growth+23 ptsNet profit rose about 30%, which lifts the price.
P/E change-48 ptsThe P/E fell from 143.2x to 81.9x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-19%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 113 points, but investors now pay less per rupee of profit (P/E 351.5x to 81.9x), which took 132 points back.
  • The share count barely moved.
Net profit growth: +113 pts. Points of the price return explained by net profit growing (or shrinking).+113 ptsNet profit growthP/E change: −132 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−132 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: −18%−18%Share priceNet profit growth: +113 pts. Points of the price return explained by net profit growing (or shrinking).+113ProfitP/E change: −132 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−132P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −18%−18%Share price
Net profit growth+113 ptsNet profit rose about 247%, which lifts the price.
P/E change-132 ptsThe P/E fell from 351.5x to 81.9x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

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

Compare this with UNITED SPIRITS

How rough has the ride been?

Maximum drawdown-49.3%not yet recovered
1-year volatility23.5%annualised
Beta vs sector index0.653-year daily, correlation 0.37
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−49.0% 0%−20%−40%2020202220242026−49.0%
Largest drawdowns

-49.3% (2025-04 peak to 2026-10 low, not yet recovered)

-46.0% (2019-01 peak to 2020-03 low, recovered 2021-08)

-26.8% (2021-11 peak to 2022-03 low, recovered 2022-12)

Most recent volume spikes

2026-11-06: 6x the 50-day median, price -0.6% that day

2026-11-05: 6x the 50-day median, price -0.6% that day

2026-10-28: 51.4x the 50-day median, price +4.7% 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?

81.9xP/E todayWithin its usual range
Against its own history28th percentile
CheapestMedian 109.0xDearest

Usual range 59.8x to 341.9x since 2019-01.

Against Consumer Non-Durables81.9x vs 26.8x
This company
81.9x
Sector median
26.8x

206% above the Consumer Non-Durables median.

14.2x138.6x263.1x387.5xJan '19Aug '20Mar '22Oct '23May '25Nov '2614.2x138.6x263.1x387.5xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

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P/S (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables 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 Consumer Non-Durables is valued

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables 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

  • ROCE40th▼ 15 pts vs a year ago
  • Op. margin30th▼ 19 pts vs a year ago
  • Revenue growth33rd▼ 24 pts vs a year ago
  • EPS growth22nd▼ 25 pts vs a year ago
  • Debt/equity ↓53rd▼ 14 pts vs a year ago
  • Cash cycle ↓33rd▼ 9 pts vs a year ago
  • P/E ↓13thflat vs a year ago
  • 12M momentum27th▼ 21 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 Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~30%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 83.5x, a holder earning 12%/yr needs earnings to grow about 30.2%/yr for 10 years, then trade at 15x.

Delivered0.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+29.3 ptsimplied minus delivered
Rank59thmost demanding of 856

Over time

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

-0%20%41% Jan 2019Nov 2026 -0%20%41% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x31.5%32.7%33.9%
15x29.0%30.2%31.3%
20x25.8%26.9%28.1%

Drag a slider to test other assumptions

Implied: 30.2%/yr

Looking back

  • Jan 2020Price implied 34%/yr; EPS has since grown −4%/yr (7.0 yrs)
  • Jan 2021Price implied 33%/yr; EPS has since grown −1%/yr (6.0 yrs)
  • Jan 2022Price implied 38%/yr; EPS has since grown 29%/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 Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1225.50
P/E
81.9x
ROCE
11.0%
Market Cap
₹32411 cr
Revenue (TTM)
₹9443 cr
P/S
3.4x
P/B
7.2x
ROE
8.7%
Operating Margin
9.0%
Debt / Equity
0.3x
Promoter Holding
70.8%
12M Momentum
-27.5%

52-week range

₹1128.60₹1827.90
14% of the way from its 52-week low to its high

Price risk

1Y volatility
23.5%
Beta vs sector
1-year daily
0.43

Balance sheet & cash

Interest cover
operating profit ÷ interest
7.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.57x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 7checks within range4 near a threshold
Other income reliance26%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 26.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.57xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.57x (cash from operations ₹719 cr, net profit ₹1,266 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+12 daysWithin range

Debtor days are above the median of the previous three fiscal years by 12 days (116 vs 104). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress25% of fixed assetsWithin range

Capital work-in-progress is 25% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+154 days / 2 yrsNear threshold

Days payable changed by +154 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 2 years, FIIs trimmed 1.8 pts; DIIs added 1.7 pts.
  • The number of shareholders rose from 65,418 to 93,908 (+44%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters70.8%70.8%0.0 pts
FIIs6.7%4.9%-1.8 pts
DIIs16.1%17.8%+1.7 pts
Public and others5.2%5.4%+0.2 pts

Number of shareholders

93,908shareholders+44% since Dec '23
65k75k84k94k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 65,418
Mar '24: 66,914
Jun '24: 67,868
Sep '24: 66,794
Dec '24: 68,483
Mar '25: 68,802
Jun '25: 71,177
Sep '25: 78,877
Dec '25: 81,332
Mar '26: 79,464
Jun '26: 93,908
 65k75k84k94k Dec '23Dec '24Dec '25Jun '26
Dec '23: 65,418
Mar '24: 66,914
Jun '24: 67,868
Sep '24: 66,794
Dec '24: 68,483
Mar '25: 68,802
Jun '25: 71,177
Sep '25: 78,877
Dec '25: 81,332
Mar '26: 79,464
Jun '26: 93,908

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

+3.9%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 UNITED BREWERIES 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 −14% to +19% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+6.3%, 80% range −0.7% to +11.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%+100%
BAJAJELEC · Oct 2024: −42.5% vs market
AMBER · Nov 2021: −41.9% vs market
RELAXO · Jan 2024: −40.9% vs market
SHOPERSTOP · Mar 2020: −34.1% vs market
SFL · Jan 2023: −31.0% vs market
JYOTHYLAB · Oct 2020: −27.8% vs market
ORIENTELEC · Jun 2023: −22.9% vs market
ZYDUSWELL · Jul 2022: −20.9% vs market
SUNDRMFAST · Jan 2024: −20.8% vs market
BIOCON · Sep 2022: −19.4% vs market
TTKPRESTIG · Sep 2025: −19.2% vs market
TATACHEM · Jun 2024: −16.8% vs market
SYMPHONY · Sep 2022: −14.4% vs market
INDHOTEL · Apr 2020: −12.7% vs market
UNITDSPR · Jan 2022: −10.7% vs market
KANSAINER · Dec 2022: −10.4% vs market
WHIRLPOOL · Jun 2023: −7.5% vs market
GODREJCP · Nov 2023: −4.5% vs market
TASTYBITE · Aug 2025: −1.2% vs market
SOTL · May 2020: −0.9% vs market
TATACONSUM · Jun 2024: −0.7% vs market
ASTRAL · Sep 2025: −0.3% vs market
EXIDEIND · Jun 2025: −0.2% vs market
IPCALAB · Jul 2023: +1.5% vs market
LALPATHLAB · Feb 2024: +2.4% vs market
MRF · May 2024: +5.3% vs market
CENTURYPLY · Dec 2024: +6.3% vs market
DALBHARAT · Jul 2022: +6.5% vs market
BLUESTARCO · Jul 2021: +8.6% vs market
KAJARIACER · Jun 2025: +11.8% vs market
SHREECEM · May 2024: +14.1% vs market
VOLTAS · May 2023: +15.3% vs market
VGUARD · Jan 2024: +15.3% vs market
APOLLOHOSP · Apr 2024: +15.4% vs market
ALKEM · Sep 2023: +15.6% vs market
RADICO · Sep 2023: +17.1% vs market
LUPIN · Jan 2020: +17.8% vs market
NATCOPHARM · Apr 2023: +19.8% vs market
DRREDDY · Aug 2022: +20.7% vs market
THERMAX · Jul 2020: +21.5% vs market
SYNGENE · Sep 2022: +23.6% vs market
SRF · Jun 2024: +30.3% vs market
CARBORUNIV · Sep 2025: +34.7% vs market
BBTC · Oct 2022: +41.2% vs market
CIPLA · Feb 2020: +43.8% vs market
ABB · Oct 2020: +48.6% vs market
FORTIS · Feb 2024: +56.5% vs market
VBL · Jun 2021: +62.4% vs market
ELGIEQUIP · Jul 2020: +75.3% vs market
BHARATFORG · Jul 2025: +78.6% vs market
Similar setups +3.9%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
+3.9%
All companies' median
−2.4%
Beat the market
54% vs 47%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RELAXO
Consumer Non-Durables		 Jan 2024 139x12% +5%−10% −41%
TTKPRESTIG
Consumer Durables		 Sep 2025 90x12% −27%−31% −19%
ABB
Producer Manufacturing		 Oct 2020 134x10% −22%−35% +49%
IPCALAB
Health Technology		 Jul 2023 47x11% −13%−15% +2%
WHIRLPOOL
Consumer Durables		 Jun 2023 85x8% −6%−20% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
APOLLOHOSP
Health Services		 Apr 2024 104x14% +32%−12% +15%
SFL
Process Industries		 Jan 2023 55x18% −25%−38% −31%
TATACONSUM
Consumer Non-Durables		 Jun 2024 93x11% +28%−13% −1%
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 drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 UNITED BREWERIES 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.

AVENUE SUPERMARTS LTD DMARTDMART
Retail Trade
61%similar
EPS growthvolatility
CENTURY PLYBOARDS (INDIA)CENTURYPLY
Producer Manufacturing
60%similar
ROCEpromoter holding
MINDA CORPORATIONMINDACORP
Producer Manufacturing
58%similar
revenuemarket cap
RAIL VIKAS NIGAMRVNL
Industrial Services
57%similar
ROCEmarket cap
SHYAM METALICS AND ENERGYSHYAMMETL
Producer Manufacturing
57%similar
market capEPS growth
BIKAJI FOODS INTBIKAJI
Consumer Non-Durables
52%similar
volatilitypromoter holding
HINDUSTAN FOODSHNDFDS
Consumer Non-Durables
47%similar
operating marginvolatility
DABUR INDIADABUR
Consumer Non-Durables
45%similar
volatilityrevenue

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

What changed?

30 events since Jun '22

  1. OctPriceFell 49% from the Apr 2025 peak to the Oct 2026 low.
  2. OctPriceVolume reached 51.4x its 50-day median on 2026-10-28; price +4.7% that day.
  3. SepResultsRevenue (TTM) reached a new high of ₹9,443 cr.
  4. SepPeer rankSlipped to the bottom quartile of Consumer Non-Durables on EPS growth (from the 3rd quartile).
  5. AugPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
  6. JunPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on ROCE (from the 2nd quartile).
  7. MayPriceVolume reached 9.6x its 50-day median on 2026-05-06; price -2.8% that day.
  8. MarResultsRevenue (TTM) reached a new high of ₹9,313 cr.
Show 22 earlier events
  1. MarPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
  2. MarPriceVolume reached 23.3x its 50-day median on 2026-03-24; price +1.7% that day.
  3. DecResultsYear-on-year EPS growth turned negative.
  4. DecPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
  5. OctPriceVolume reached 5.9x its 50-day median on 2025-10-30; price -2.8% that day.
  6. SepPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on EPS growth (from the 2nd quartile).
  7. JulPriceVolume reached 6.3x its 50-day median on 2025-07-23; price -0.9% that day.
  8. JunPeer rankMoved into the 2nd quartile of Consumer Non-Durables on ROCE (from the 3rd quartile).
  9. JunPriceVolume reached 5.7x its 50-day median on 2025-06-25; price +0.5% that day.
  10. FebPriceVolume reached 10.6x its 50-day median on 2025-02-14; price +0.5% that day.
  11. DecPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on operating margin (from the 2nd quartile).
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPeer rankMoved into the top quartile of Consumer Non-Durables on EPS growth (from the 3rd quartile).
  14. AprPriceVolume reached 16.3x its 50-day median on 2024-04-24; price +9.2% that day.
  15. OctPriceVolume reached 14.3x its 50-day median on 2023-10-20; price +2.8% that day.
  16. SepPriceVolume reached 8.5x its 50-day median on 2023-09-07; price +5.1% that day.
  17. JunResultsYear-on-year EPS growth turned negative.
  18. JunPeer rankSlipped to the 3rd quartile of Consumer Non-Durables on EPS growth (from the top quartile).
  19. MayPriceVolume reached 6.0x its 50-day median on 2023-05-05; price -2.2% that day.
  20. FebPriceVolume reached 7.7x its 50-day median on 2023-02-10; price -4.5% that day.
  21. DecPriceRegained the 2021-11 peak, 9 months after the low.
  22. JunResultsYear-on-year EPS growth turned positive.

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
2026-1181.9x₹9443 cr8.7%11.0%0.3x
2026-1078.9x₹9443 cr8.7%11.0%0.3x
2026-0977.4x₹9443 cr8.7%11.0%0.3x
2026-0883.8x₹9240 cr9.1%11.0%0.3x
2026-0790.8x₹9240 cr9.1%11.0%0.3x
2026-0685.6x₹9240 cr9.1%11.0%0.3x
2026-0585.4x₹9313 cr9.4%14.0%0.1x
2026-0494.3x₹9313 cr9.4%14.0%0.1x
2026-0399.6x₹9313 cr9.4%14.0%0.1x
2026-02115.9x₹9240 cr8.4%14.0%0.1x
2026-01106.0x₹9240 cr8.4%14.0%0.1x
2025-12117.1x₹9240 cr8.4%14.0%0.1x
2025-1198.9x₹9304 cr10.4%14.0%0.1x
2025-10105.2x₹9304 cr10.4%14.0%0.1x
2025-09105.4x₹9304 cr10.4%14.0%0.1x
2025-08110.8x₹8915 cr10.2%14.0%0.1x
2025-07116.5x₹8915 cr10.2%14.0%0.1x
2025-06116.8x₹8915 cr10.2%14.0%0.1x
2025-05122.9x₹8725 cr10.2%13.0%0.0x
2025-04134.3x₹8725 cr10.2%13.0%0.0x
2025-03124.3x₹8725 cr10.2%13.0%0.0x
2025-02109.0x₹8549 cr11.3%13.0%0.0x
2025-01120.2x₹8549 cr11.3%13.0%0.0x
2024-12114.1x₹8549 cr11.3%13.0%0.0x
2024-11115.3x₹8322 cr10.7%13.0%0.0x
2024-10113.6x₹8322 cr10.7%13.0%0.0x
2024-09128.6x₹8322 cr10.7%13.0%0.0x
2024-08132.2x₹8123 cr9.8%13.0%0.0x
2024-07129.9x₹8123 cr9.8%13.0%0.0x
2024-06128.0x₹8123 cr9.8%13.0%0.0x
2024-05161.8x₹7500 cr7.7%11.0%0.0x
2024-04177.2x₹7500 cr7.7%11.0%0.0x
2024-03151.0x₹7500 cr7.7%11.0%0.0x
2024-02147.6x₹7500 cr7.7%11.0%0.0x
2024-01157.2x₹7500 cr7.7%11.0%0.0x
2023-12155.2x₹7500 cr7.7%11.0%0.0x
2023-11143.2x₹7500 cr7.7%11.0%0.0x
2023-10140.4x₹7500 cr7.7%11.0%0.0x
2023-09135.4x₹7500 cr7.7%11.0%0.0x
2023-08131.9x₹7500 cr7.7%11.0%0.0x
2023-07133.9x₹7500 cr7.7%11.0%0.0x
2023-06131.5x₹7500 cr7.7%11.0%0.0x
2023-05105.3x₹5838 cr9.3%13.0%0.0x
2023-04107.1x₹5838 cr9.3%13.0%0.0x
2023-03103.1x₹5838 cr9.3%13.0%0.0x
2023-02104.7x₹5838 cr9.3%13.0%0.0x
2023-01115.2x₹5838 cr9.3%13.0%0.0x
2022-12123.0x₹5838 cr9.3%13.0%0.0x
2022-11122.0x₹5838 cr9.3%13.0%0.0x
2022-10119.6x₹5838 cr9.3%13.0%0.0x
2022-09123.5x₹5838 cr9.3%13.0%0.0x
2022-08118.8x₹5838 cr9.3%13.0%0.0x
2022-07117.4x₹5838 cr9.3%13.0%0.0x
2022-06105.1x₹5838 cr9.3%13.0%0.0x
2022-05360.4x₹4243 cr3.2%5.0%0.1x
2022-04370.5x₹4243 cr3.2%5.0%0.1x
2022-03348.0x₹4243 cr3.2%5.0%0.1x
2022-02350.7x₹4243 cr3.2%5.0%0.1x
2022-01378.3x₹4243 cr3.2%5.0%0.1x
2021-12370.6x₹4243 cr3.2%5.0%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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