52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Mostly the multiple.
- Most of the fall came from investors paying a lower multiple (P/E 19.9x to 12.1x); per-share earnings took off 9 points.
- The share count barely moved.
Earnings helped, the multiple did not.
- Per-share earnings added 27 points, but investors now pay less per rupee of profit (P/E 60.1x to 12.1x), which took 95 points back.
- The share count fell 11%.
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.
Not shown for 5 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
Is it expensive against its own past and its peers?
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dashed 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.
What is the price implying?
At a P/E of 13.6x, the price would imply about 10.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Process Industries The market-wide Expectations lists
What changed?
- Jul '26Fell 87% from the Feb 2023 peak to the Jul 2026 low.
- Jun '26Year-on-year EPS growth turned negative.
- Jun '26Slipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
- Jun '26Debt / equity fell below 1.0x (0.87x).
- Jun '26Share count is up 42.9% over 12 months.
- Jan '26P/E fell below the 10th percentile of its own history to date (16.7x).
- Jun '25Revenue (TTM) reached a new high of ₹136 cr.
- Jun '25Slipped to the 2nd quartile of Process Industries on EPS growth (from the top quartile).
Show 8 earlier events
- Aug '24P/E fell below the 10th percentile of its own history to date (27.3x).
- Jun '24Year-on-year EPS growth turned positive.
- Jun '24Moved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
- Oct '23Slipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
- Aug '23Share count is up 40.0% over 12 months.
- Jun '23Slipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
- Jan '23Regained the 2022-10 peak, 1 month after the low.
- Dec '22Fell 39% from the Oct 2022 peak to the Dec 2022 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
Are profits backed by cash?
4 of 6 checks are within range, 1 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance0%Within range
Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion0.55xNear threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.55x (cash from operations ₹12 cr, net profit ₹22 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow1 of 5 yrsBeyond threshold
Fiscal years with positive free cash flow in the last 5: 1. 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 (25 vs 13). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-16 days / 2 yrsWithin range
Days payable changed by -16 over two years. Bands: rise of up to 30 days; more than 30 days.
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-86.8% (2023-02 peak to 2026-07 low, not yet recovered)
-38.9% (2022-10 peak to 2022-12 low, recovered 2023-01)
-19.0% (2022-09 peak to 2022-09 low, recovered 2022-09)
Where does it rank among Process Industries peers?
Each cell is the company's percentile rank among its Process Industries 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).
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 Process Industries sector page Watch it move against Process Industries in the Observatory
Monthly history (51 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 12.1x | ₹110 cr | 12.1% | 11.0% | 0.9x |
| 2026-09 | 12.0x | ₹110 cr | 12.1% | 11.0% | 0.9x |
| 2026-08 | 12.9x | ₹110 cr | 12.1% | 11.0% | 0.9x |
| 2026-07 | 11.6x | ₹110 cr | 12.1% | 11.0% | 0.9x |
| 2026-06 | 12.5x | ₹110 cr | 12.1% | 11.0% | 0.9x |
| 2026-05 | 11.3x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2026-04 | 13.0x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2026-03 | 10.7x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2026-02 | 13.7x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2026-01 | 16.7x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-12 | 18.9x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-11 | 17.9x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-10 | 19.9x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-09 | 21.2x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-08 | 22.0x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-07 | 15.4x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-06 | 13.3x | ₹136 cr | 15.8% | 13.0% | 1.0x |
| 2025-05 | 17.0x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2025-04 | 15.6x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2025-03 | 13.6x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2025-02 | 17.0x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2025-01 | 19.5x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-12 | 22.7x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-11 | 23.3x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-10 | 23.9x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-09 | 27.0x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-08 | 27.3x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-07 | 27.2x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-06 | 26.6x | ₹133 cr | 16.3% | 13.0% | 1.0x |
| 2024-05 | 43.1x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2024-04 | 44.9x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2024-03 | 43.8x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2024-02 | 53.4x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2024-01 | 54.3x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-12 | 60.2x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-11 | 54.2x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-10 | 60.1x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-09 | 53.2x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-08 | 51.6x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-07 | 60.2x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-06 | 59.7x | ₹83 cr | 13.7% | 13.0% | 1.3x |
| 2023-05 | 66.6x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2023-04 | 78.5x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2023-03 | 63.0x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2023-02 | 55.3x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2023-01 | 98.2x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2022-12 | 46.6x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2022-11 | 32.1x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2022-10 | 36.6x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2022-09 | 41.1x | ₹76 cr | 24.5% | 29.0% | 1.4x |
| 2022-08 | 25.4x | ₹76 cr | 24.5% | 29.0% | 1.4x |