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 24.0x to 15.3x); per-share earnings took off 15 points.
- The share count rose 40%.
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 3 years and 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.
What is the price implying?
At a P/E of 15.3x, the price would imply about 11.8%/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 Industrial Services The market-wide Expectations lists
What changed?
- Oct '26Volume reached 88.0x its 50-day median on 2026-10-13; price +12.8% that day.
- Sep '26Slipped to the 3rd quartile of Industrial Services on operating margin (from the 2nd quartile).
- Sep '26Debt / equity halved over 12 months to 0.24x.
- Sep '26Share count is up 44.4% over 12 months.
- Sep '26Volume reached 36.0x its 50-day median on 2026-09-24; price +8.6% that day.
- Jun '26Volume reached 24.9x its 50-day median on 2026-06-29; price +6.0% that day.
- Mar '26FII + DII holding fell 4.9 pts over 1 quarter to 10.1%.
- Mar '26Fell 55% from the Sep 2025 peak to the Mar 2026 low.
Show 1 earlier event
- Dec '25Volume reached 18.5x its 50-day median on 2025-12-24; price +11.2% that day.
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Are profits backed by cash?
0 of 1 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.
Other income reliance20%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 19.7%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow—Not enough data
Not enough reported data to compute this.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress—Not enough data
Not enough reported data to compute this.
Payable days—Not enough data
Not enough reported data to compute this.
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.
Who has been buying and selling?
- Since Sep 2025, DIIs trimmed 6.9 pts; FIIs trimmed 1.1 pts.
- The number of shareholders rose from 1.1 lakh to 1.3 lakh (+16%) between Sep 2025 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-54.8% (2025-09 peak to 2026-03 low, not yet recovered)
Most recent volume spikes
2026-10-14: 5x the 50-day median, price -3.8% that day
2026-10-13: 88x the 50-day median, price +12.8% that day
2026-09-29: 7.1x the 50-day median, price +6.3% that day
Where does it rank among Industrial Services peers?
Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Industrial Services sector page Watch it move against Industrial Services in the Observatory
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| ASSOCIATED ALCOHOLS & BREWERIE (ASALCBR) | Consumer Non-Durables | 66% | ROCE, revenue |
| GREENPANEL INDUSTRIES (GREENPANEL) | Non-Energy Minerals | 61% | debt/equity, promoter holding |
| HARIOM PIPE INDUSTRIES (HARIOMPIPE) | Non-Energy Minerals | 61% | promoter holding, P/E |
| SOLARWORLD ENERGY SOLUTIONS LT (SOLARWORLD) | Utilities | 60% | operating margin, revenue |
| LINC (LINC) | Consumer Non-Durables | 58% | operating margin, P/E |
| RAMKY INFRASTRUCTURE (RAMKY) | Industrial Services | 50% | debt/equity, operating margin |
| SATHLOKHAR SYNERGY EnC GLO (SSEGL) | Industrial Services | 45% | debt/equity, promoter holding |
| FABTECH TECHNOLOGIES (FABTECH) | Industrial Services | 44% | operating margin, debt/equity |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like VIKRAN ENGINEERING LIMITED 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 −13% to +27% vs the market, against −2% for all non-financial companies in the same months.
- The gap against the base rate (+2.0%, 80% range −6.4% to +6.5%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
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
50 past situations · 50 companies · 34 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| CAPACITE Industrial Services |
Apr 2020 | 6x | 19% | −62% | −68% | +37% |
| ASIANTILES Producer Manufacturing |
Mar 2022 | 16x | 12% | −19% | −42% | −50% |
| PARAGMILK Consumer Non-Durables |
Jan 2020 | 10x | 18% | −33% | −49% | −33% |
| AWHCL Transportation |
Apr 2022 | 17x | 18% | −8% | −39% | −2% |
| TEXRAIL Producer Manufacturing |
Oct 2025 | 25x | 14% | −39% | −41% | −19% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| NGLFINE Health Technology |
Nov 2024 | 27x | 20% | −8% | −33% | −29% |
| GNA Producer Manufacturing |
Sep 2022 | 15x | 17% | −32% | −41% | +27% |
| SHAKTIPUMP Producer Manufacturing |
Jan 2020 | 10x | 19% | −39% | −48% | +30% |
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, ROCE and P/E. 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.
Monthly history (14 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 15.3x | ₹1215 cr | 7.2% | 17.0% | 0.2x |
| 2026-09 | 17.4x | ₹1215 cr | 7.0% | 17.0% | 0.2x |
| 2026-08 | 11.0x | ₹1428 cr | 9.7% | 17.0% | 0.2x |
| 2026-07 | 13.5x | ₹1428 cr | 9.7% | 17.0% | 0.2x |
| 2026-06 | 14.2x | ₹1428 cr | 9.7% | 17.0% | 0.2x |
| 2026-05 | 16.7x | ₹916 cr | 16.7% | — | 0.6x |
| 2026-04 | 17.0x | ₹916 cr | 16.7% | — | 0.6x |
| 2026-03 | 12.2x | ₹916 cr | 16.7% | — | 0.6x |
| 2026-02 | 16.1x | ₹916 cr | 16.7% | — | 0.6x |
| 2026-01 | 20.9x | ₹916 cr | 16.7% | — | 0.6x |
| 2025-12 | 23.6x | ₹916 cr | 16.7% | — | 0.6x |
| 2025-11 | 25.1x | ₹916 cr | 16.7% | — | 0.6x |
| 2025-10 | 24.0x | ₹916 cr | 16.7% | — | 0.6x |
| 2025-09 | 22.4x | ₹916 cr | 16.7% | — | 0.6x |