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VRL LOGISTICS LIMITED (VRLLOG)

Transportation · Trucking · 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.49 / 100
Profitability 74Growth 43Balance sheet 31
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.59 / 100
Price 86Earnings 66FII/DII 26

Passes these screensQuality CompounderNear 52-week high

Compare withBLACKBUCKTRANSPORT CORPORATION OF INDIAWESTERN CARRIERS INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹323.8 latest close · +36.5% over the last 90 sessions

₹250₹300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹250₹300Jul 3Sep 4Nov 9

₹323.8 month-end · +19.4% over 12 months

₹250₹300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹250₹300Nov '25May '26Nov '26

₹323.8 month-end · −8.7% over 3 years

₹250₹300₹350₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹250₹300₹350₹400Nov '23May '25Nov '26

₹323.8 month-end · +136.8% since Jan '19

₹100₹200₹300₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300₹400Jan '19Dec '22Nov '26

52-week range ₹225.00 to ₹348.25 · 1-year volatility 34.4%

Was the rally earned?

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

Mostly yes, with a catch.

  • Per-share earnings added 21 points, but investors now pay less per rupee of profit (P/E 21.6x to 21.2x), which took 2 points back.
  • The share count barely moved.
Net profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22 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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +19%+19%Share priceNet profit growth: +22 pts. Points of the price return explained by net profit growing (or shrinking).+22ProfitP/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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +19%+19%Share price
Net profit growth+22 ptsNet profit rose about 22%, which lifts the price.
P/E change-2 ptsThe P/E fell from 21.6x to 21.2x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-9%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 17 points, while the multiple moved less (P/E 19.4x to 21.2x).
  • The share count barely moved.
Net profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18 ptsNet profit growthP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9 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: −9%−9%Share priceNet profit growth: −18 pts. Points of the price return explained by net profit growing (or shrinking).−18ProfitP/E change: +9 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+9P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −9%−9%Share price
Net profit growth-18 ptsNet profit fell about 17%, which lowers the price.
P/E change+9 ptsThe P/E rose from 19.4x to 21.2x, which lifts the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+43%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 215 points, but investors now pay less per rupee of profit (P/E 89.1x to 21.2x), which took 172 points back.
  • The share count barely moved.
Net profit growth: +214 pts. Points of the price return explained by net profit growing (or shrinking).+214 ptsNet profit growthP/E change: −172 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−172 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: +43%+43%Share priceNet profit growth: +214 pts. Points of the price return explained by net profit growing (or shrinking).+214ProfitP/E change: −172 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−172P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +43%+43%Share price
Net profit growth+214 ptsNet profit rose about 493%, which lifts the price.
P/E change-172 ptsThe P/E fell from 89.1x to 21.2x, 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 BLACKBUCK

How rough has the ride been?

Maximum drawdown-57.0%recovered 2021-07
1-year volatility34.4%annualised
Beta vs sector index0.443-year daily, correlation 0.33
Volume spikes14last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.1% 0%−20%−40%2020202220242026−53.1%
Largest drawdowns

-57.0% (2019-05 peak to 2020-03 low, recovered 2021-07)

-44.4% (2023-12 peak to 2025-01 low, not yet recovered)

-28.7% (2022-07 peak to 2023-02 low, recovered 2023-05)

Most recent volume spikes

2026-11-09: 43.8x the 50-day median, price +1.8% that day

2026-11-06: 28.2x the 50-day median, price +8.5% that day

2026-11-05: 18.7x the 50-day median, price -5.6% 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?

21.2xP/E todayWithin its usual range
Against its own history36th percentile
CheapestMedian 26.5xDearest

Usual range 16.3x to 71.8x since 2019-01.

Against Transportation21.2x vs 15.9x
This company
21.2x
Sector median
15.9x

33% above the Transportation median.

10.7x49.4x88.0x126.7xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.7x49.4x88.0x126.7xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTransportation median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianTransportation 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 Transportation is valued

Where does it rank among Transportation peers?

Each cell is the company's percentile rank among its Transportation 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

  • ROCE80th▲ 12 pts vs a year ago
  • Op. margin68th▲ 5 pts vs a year ago
  • Revenue growth34th▼ 13 pts vs a year ago
  • EPS growth64th▼ 34 pts vs a year ago
  • Debt/equity ↓29th▲ 7 pts vs a year ago
  • Cash cycle ↓93rd▲ 4 pts vs a year ago
  • P/E ↓42nd▼ 5 pts vs a year ago
  • 12M momentum84th▲ 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 Transportation sector page Watch it move against Transportation in the Observatory

What is the price implying?

~17%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 28.6x, a holder earning 12%/yr needs earnings to grow about 17.3%/yr for 10 years, then trade at 15x.

Delivered10.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.4 ptsimplied minus delivered
Rank402ndmost demanding of 856

Over time

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

-4%12%29% Jan 2019Nov 2026 -4%12%29% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x18.6%19.6%20.7%
15x16.3%17.3%18.4%
20x13.3%14.3%15.3%

Drag a slider to test other assumptions

Implied: 17.3%/yr

Looking back

  • Jan 2020Price implied 17%/yr; EPS has since grown 15%/yr (7.0 yrs)
  • Jan 2021Price implied 12%/yr; EPS has since grown 18%/yr (6.0 yrs)
  • Jan 2022Price implied 24%/yr; EPS has since grown 40%/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 Transportation The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹323.80
P/E
21.2x
ROCE
18.0%
Market Cap
₹5663 cr
Revenue (TTM)
₹3356 cr
P/S
1.7x
P/B
5.0x
ROE
23.4%
Operating Margin
21.0%
Debt / Equity
1.0x
Promoter Holding
60.2%
12M Momentum
19.4%

52-week range

₹225.00₹348.25
80% of the way from its 52-week low to its high

Price risk

1Y volatility
34.4%
Beta vs sector
1-year daily
0.48

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.21x
Share count, 1Y
+0.6%

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance6%Within range

Other income as a share of pre-tax profit (trailing twelve months): 6.4%. 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 conversion3.21xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.21x (cash from operations ₹1,633 cr, net profit ₹509 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-1 daysWithin range

Debtor days are below the median of the previous three fiscal years by 1 days (10 vs 11). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

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, DIIs trimmed 3.2 pts.
  • The number of shareholders rose from 58,744 to 80,971 (+38%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters60.2%60.2%0.0 pts
FIIs2.5%2.7%+0.2 pts
DIIs28.1%24.9%-3.2 pts
Public and others9.1%12.2%+3.1 pts

Number of shareholders

80,971shareholders+38% since Dec '23
59k68k76k85k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 58,744
Mar '24: 62,997
Jun '24: 64,835
Sep '24: 64,718
Dec '24: 65,426
Mar '25: 65,767
Jun '25: 65,729
Sep '25: 78,887
Dec '25: 85,289
Mar '26: 79,810
Jun '26: 80,971
 59k68k76k85k Dec '23Dec '24Dec '25Jun '26
Dec '23: 58,744
Mar '24: 62,997
Jun '24: 64,835
Sep '24: 64,718
Dec '24: 65,426
Mar '25: 65,767
Jun '25: 65,729
Sep '25: 78,887
Dec '25: 85,289
Mar '26: 79,810
Jun '26: 80,971

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

−11.7%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 VRL LOGISTICS 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 −22% to +23% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (−7.7%, 80% range −14.8% to +2.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
HINDWAREAP · May 2023: −51.6% vs market
NACLIND · Jan 2023: −47.9% vs market
SSWL · Sep 2023: −46.8% vs market
CEATLTD · Jan 2021: −45.3% vs market
CESC · Apr 2020: −42.0% vs market
BIRLACORPN · Jul 2021: −39.3% vs market
PNCINFRA · Sep 2021: −31.0% vs market
ROHLTD · Jul 2025: −30.0% vs market
HGINFRA · May 2024: −29.3% vs market
GUFICBIO · Oct 2024: −27.7% vs market
ARVINDFASN · Jul 2025: −23.4% vs market
ORIENTCEM · Oct 2021: −23.1% vs market
LUMAXIND · Jul 2020: −22.0% vs market
GRANULES · Jul 2024: −20.0% vs market
EPIGRAL · Sep 2024: −19.8% vs market
KIRLOSENG · Mar 2024: −19.2% vs market
POKARNA · Oct 2024: −18.1% vs market
HUHTAMAKI · Apr 2020: −17.8% vs market
NCLIND · Apr 2021: −17.7% vs market
TORNTPOWER · Jan 2020: −16.3% vs market
JKCEMENT · May 2023: −15.9% vs market
EPL · May 2025: −15.4% vs market
JKLAKSHMI · Dec 2022: −13.2% vs market
KPIL · Mar 2024: −12.1% vs market
AARTIDRUGS · Sep 2025: −11.9% vs market
GANECOS · Jun 2023: −11.5% vs market
SANSERA · Mar 2023: −8.3% vs market
BALRAMCHIN · Jun 2025: −6.7% vs market
CANTABIL · Jan 2025: −2.6% vs market
KEC · Feb 2020: +2.0% vs market
TCPLPACK · Aug 2024: +9.3% vs market
GREENPLY · Dec 2023: +9.7% vs market
VISHNU · Mar 2025: +10.0% vs market
WELENT · Oct 2025: +16.7% vs market
ASTERDM · Jul 2022: +18.8% vs market
KNRCON · Mar 2020: +20.8% vs market
HIKAL · Apr 2021: +21.3% vs market
JKPAPER · Jul 2021: +23.4% vs market
FSL · Jul 2024: +32.7% vs market
GLENMARK · May 2023: +35.2% vs market
DCMSHRIRAM · Apr 2021: +36.5% vs market
CCL · Jun 2025: +38.8% vs market
ASAHIINDIA · Jan 2025: +39.6% vs market
TCI · May 2021: +43.6% vs market
PITTIENG · Aug 2023: +44.2% vs market
PRIVISCL · Jan 2025: +51.5% vs market
LUMAXTECH · May 2024: +59.1% vs market
DOLLAR · Nov 2020: +63.6% vs market
EVEREADY · May 2020: +172.8% vs market
STEELXIND · Dec 2020: +178.0% vs market
Similar setups −11.7%All companies −4.0%← 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
−11.7%
All companies' median
−4.0%
Beat the market
42% vs 46%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TCPLPACK
Commercial Services		 Aug 2024 30x19% +74%0% +9%
JKLAKSHMI
Non-Energy Minerals		 Dec 2022 21x19% +41%−7% −13%
CESC
Utilities		 Apr 2020 7x14% −6%−22% −42%
ROHLTD
Consumer Services		 Jul 2025 25x17% +18%−3% −30%
PNCINFRA
Industrial Services		 Sep 2021 20x17% +145%0% −31%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKPAPER
Process Industries		 Jul 2021 18x10% +177%−1% +23%
PITTIENG
Producer Manufacturing		 Aug 2023 35x18% +103%0% +44%
ORIENTCEM
Non-Energy Minerals		 Oct 2021 16x19% +152%−4% −23%
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 interest cover. 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 VRL LOGISTICS LIMITED. 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.

WELSPUN ENTERPRISESWELENT
Industrial Services
75%similar
revenuerevenue growth
VISHNU CHEMICALSVISHNU
Process Industries
67%similar
volatilityEPS growth
NITIN SPINNERSNITINSPIN
Process Industries
66%similar
revenuedebt/equity
HAPPIEST MINDS TECHNOLOGIESHAPPSTMNDS
Technology Services
59%similar
P/Edebt/equity
GMR POWER AND URBAN INFRAGMRP&UI
Industrial Services
58%similar
revenue growthmarket cap
BLUE DART EXPRESSBLUEDART
Transportation
50%similar
EPS growthrevenue growth
TRANSPORT CORPORATION OF INDIATCI
Transportation
39%similar
market capROCE
CONTAINER CORPORATION OF INDIACONCOR
Transportation
38%similar
operating marginpromoter holding

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

What changed?

30 events since May '23

  1. NovPriceVolume reached 119.6x its 50-day median on 2026-11-03; price +6.0% that day.
  2. SepPeer rankSlipped to the 2nd quartile of Transportation on EPS growth (from the top quartile).
  3. AugPriceVolume reached 41.3x its 50-day median on 2026-08-04; price +3.0% that day.
  4. JunResultsRevenue (TTM) reached a new high of ₹3,221 cr.
  5. JunPeer rankMoved into the top quartile of Transportation on ROCE (from the 2nd quartile).
  6. FebPriceVolume reached 12.7x its 50-day median on 2026-02-27; price -3.6% that day.
  7. NovPriceVolume reached 10.5x its 50-day median on 2025-11-04; price -3.8% that day.
  8. AugPeer rankSlipped to the 2nd quartile of Transportation on operating margin (from the top quartile).
Show 22 earlier events
  1. AugPriceVolume reached 8.7x its 50-day median on 2025-08-06; price -5.5% that day.
  2. JunResultsYear-on-year EPS growth turned positive.
  3. JunPeer rankMoved into the 2nd quartile of Transportation on ROCE (from the 3rd quartile).
  4. JunDividendStarted paying a dividend (payout 72% of profit).
  5. MayPriceVolume reached 80.1x its 50-day median on 2025-05-22; price +5.3% that day.
  6. FebPriceVolume reached 65.7x its 50-day median on 2025-02-06; price +11.4% that day.
  7. JanPriceFell 44% from the Dec 2023 peak to the Jan 2025 low.
  8. NovPriceVolume reached 9.7x its 50-day median on 2024-11-14; price -3.3% that day.
  9. SepPriceVolume reached 41.1x its 50-day median on 2024-09-03; price +15.7% that day.
  10. JunResultsYear-on-year EPS growth turned negative.
  11. JunPeer rankSlipped to the 3rd quartile of Transportation on ROCE (from the 2nd quartile).
  12. JunDebtDebt / equity rose above 1.0x (1.10x).
  13. JunDividendDividend payout cut from 14% to 0% of profit.
  14. JunPriceVolume reached 14.2x its 50-day median on 2024-06-26; price +0.4% that day.
  15. MarPriceVolume reached 7.0x its 50-day median on 2024-03-07; price -1.9% that day.
  16. FebValuationP/E fell below the 10th percentile of its own history to date (15.9x).
  17. OctPriceVolume reached 5.9x its 50-day median on 2023-10-12; price -1.6% that day.
  18. JulPriceVolume reached 7.9x its 50-day median on 2023-07-14; price +4.6% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹2,649 cr.
  20. JunPeer rankSlipped to the 2nd quartile of Transportation on ROCE (from the top quartile).
  21. JunDividendDividend payout cut from 44% to 14% of profit.
  22. MayPriceRegained the 2022-07 peak, 3 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
2026-1121.2x₹3356 cr23.4%18.0%1.0x
2026-1017.0x₹3356 cr23.4%18.0%1.0x
2026-0918.8x₹3356 cr23.4%18.0%1.0x
2026-0822.4x₹3221 cr20.7%18.0%1.0x
2026-0719.6x₹3221 cr20.7%18.0%1.0x
2026-0617.4x₹3221 cr20.7%18.0%1.0x
2026-0517.1x₹3177 cr22.0%16.0%1.1x
2026-0418.5x₹3177 cr22.0%16.0%1.1x
2026-0317.1x₹3177 cr22.0%16.0%1.1x
2026-0220.8x₹3175 cr21.5%16.0%1.1x
2026-0120.2x₹3175 cr21.5%16.0%1.1x
2025-1220.1x₹3175 cr21.5%16.0%1.1x
2025-1121.6x₹3177 cr20.2%16.0%1.1x
2025-1022.3x₹3177 cr20.2%16.0%1.1x
2025-0921.8x₹3177 cr20.2%16.0%1.1x
2025-0825.2x₹3160 cr16.8%16.0%1.1x
2025-0729.7x₹3160 cr16.8%16.0%1.1x
2025-0627.6x₹3160 cr16.8%16.0%1.1x
2025-0538.2x₹3119 cr13.8%11.0%1.1x
2025-0430.8x₹3119 cr13.8%11.0%1.1x
2025-0331.8x₹3119 cr13.8%11.0%1.1x
2025-0246.7x₹3031 cr9.0%11.0%1.1x
2025-0148.8x₹3031 cr9.0%11.0%1.1x
2024-1252.3x₹3031 cr9.0%11.0%1.1x
2024-1169.4x₹2941 cr7.3%11.0%1.1x
2024-1071.4x₹2941 cr7.3%11.0%1.1x
2024-0972.1x₹2941 cr7.3%11.0%1.1x
2024-0852.1x₹2888 cr9.5%11.0%1.1x
2024-0756.7x₹2888 cr9.5%11.0%1.1x
2024-0655.5x₹2888 cr9.5%11.0%1.1x
2024-0515.0x₹2649 cr33.1%18.0%0.7x
2024-0415.3x₹2649 cr33.1%18.0%0.7x
2024-0315.0x₹2649 cr33.1%18.0%0.7x
2024-0215.9x₹2649 cr33.1%18.0%0.7x
2024-0120.4x₹2649 cr33.1%18.0%0.7x
2023-1221.1x₹2649 cr33.1%18.0%0.7x
2023-1119.4x₹2649 cr33.1%18.0%0.7x
2023-1018.2x₹2649 cr33.1%18.0%0.7x
2023-0919.7x₹2649 cr33.1%18.0%0.7x
2023-0818.4x₹2649 cr33.1%18.0%0.7x
2023-0720.1x₹2649 cr33.1%18.0%0.7x
2023-0619.5x₹2649 cr33.1%18.0%0.7x
2023-0541.1x₹2164 cr24.6%22.0%0.8x
2023-0434.8x₹2164 cr24.6%22.0%0.8x
2023-0334.9x₹2164 cr24.6%22.0%0.8x
2023-0230.2x₹2164 cr24.6%22.0%0.8x
2023-0129.6x₹2164 cr24.6%22.0%0.8x
2022-1229.9x₹2164 cr24.6%22.0%0.8x
2022-1130.8x₹2164 cr24.6%22.0%0.8x
2022-1033.5x₹2164 cr24.6%22.0%0.8x
2022-0933.7x₹2164 cr24.6%22.0%0.8x
2022-0834.3x₹2164 cr24.6%22.0%0.8x
2022-0734.5x₹2164 cr24.6%22.0%0.8x
2022-0634.5x₹2164 cr24.6%22.0%0.8x
2022-05126.7x₹1763 cr7.5%10.0%0.7x
2022-04111.6x₹1763 cr7.5%10.0%0.7x
2022-0396.9x₹1763 cr7.5%10.0%0.7x
2022-0289.8x₹1763 cr7.5%10.0%0.7x
2022-0187.1x₹1763 cr7.5%10.0%0.7x
2021-1284.0x₹1763 cr7.5%10.0%0.7x

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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