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VA TECH WABAG LIMITED (WABAG)

Industrial Services · Engineering & Construction · 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.77 / 100
Profitability 53Growth 78Balance sheet 100
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.70 / 100
Price 70Earnings 50FII/DII 89

Passes these screensHigh MomentumDebt-light & profitableConsistent compounders

Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,009.9 latest close · −3.4% over the last 90 sessions

₹1,800₹2,000₹2,200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,800₹2,000₹2,200Jul 3Sep 4Nov 9

₹2,009.9 month-end · +48.3% over 12 months

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

₹2,009.9 month-end · +228.8% over 3 years

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

₹2,009.9 month-end · +573.3% since Jan '19

₹0₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1033.00 to ₹2319.00 · 1-year volatility 43.4%

Was the rally earned?

+48%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings added 31 points and the multiple added 17 points (P/E 27.5x to 31.7x).
  • The share count barely moved.
Net profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32 ptsNet profit growthP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17 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: +48%+48%Share priceNet profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32ProfitP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +48%+48%Share price
Net profit growth+32 ptsNet profit rose about 30%, which lifts the price.
P/E change+17 ptsThe P/E rose from 27.5x to 31.7x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+229%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 656 points, but investors now pay less per rupee of profit (P/E 292.5x to 31.7x), which took 427 points back.
  • The share count rose 19%.
Net profit growth: +689 pts. Points of the price return explained by net profit growing (or shrinking).+689 ptsNet profit growthP/E change: −427 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−427 ptsP/E changeShare count change: −33 pts. Points of the price return explained by the share count changing. More shares count against the price.−33 ptsShare count changeShare price: +229%+229%Share priceNet profit growth: +689 pts. Points of the price return explained by net profit growing (or shrinking).+689ProfitP/E change: −427 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−427P/EShare count change: −33 pts. Points of the price return explained by the share count changing. More shares count against the price.−33SharesShare price: +229%+229%Share price
Net profit growth+689 ptsNet profit rose about 3503%, which lifts the price.
P/E change-427 ptsThe P/E fell from 292.5x to 31.7x, which lowers the price.
Share count change-33 ptsShare count rose 19%, which lowers the price.
+505%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 358 points to the rise, while the multiple moved less (P/E 18.8x to 31.7x).
  • The share count rose 10%.
Net profit growth: +384 pts. Points of the price return explained by net profit growing (or shrinking).+384 ptsNet profit growthP/E change: +147 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+147 ptsP/E changeShare count change: −26 pts. Points of the price return explained by the share count changing. More shares count against the price.−26 ptsShare count changeShare price: +505%+505%Share priceNet profit growth: +384 pts. Points of the price return explained by net profit growing (or shrinking).+384ProfitP/E change: +147 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+147P/EShare count change: −26 pts. Points of the price return explained by the share count changing. More shares count against the price.−26SharesShare price: +505%+505%Share price
Net profit growth+384 ptsNet profit rose about 292%, which lifts the price.
P/E change+147 ptsThe P/E rose from 18.8x to 31.7x, which lifts the price.
Share count change-26 ptsShare count rose 10%, which lowers 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 LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-78.9%recovered 2021-06
1-year volatility43.4%annualised
Beta vs sector index0.983-year daily, correlation 0.50
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−78.9% 0%−25%−50%−75%2020202220242026−78.9%
Largest drawdowns

-78.9% (2019-03 peak to 2020-04 low, recovered 2021-06)

-45.0% (2024-12 peak to 2026-01 low, recovered 2026-06)

-42.6% (2021-08 peak to 2022-06 low, recovered 2023-05)

Most recent volume spikes

2026-07-07: 5x the 50-day median, price +7.2% 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?

31.7xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 18.8xDearest

Usual range 11.0x to 232.9x since 2019-01.

Against Industrial Services31.7x vs 14.0x
This company
31.7x
Sector median
14.0x

126% above the Industrial Services median.

4.3x159.2x314.0x468.9xJan '19Aug '20Mar '22Oct '23May '25Nov '264.3x159.2x314.0x468.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services 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 Industrial Services is valued

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).

Where it ranks today

  • ROCE70th▲ 6 pts vs a year ago
  • Op. margin35th▼ 13 pts vs a year ago
  • Revenue growth61st▲ 6 pts vs a year ago
  • EPS growth72nd▲ 5 pts vs a year ago
  • Debt/equity ↓84th▲ 12 pts vs a year ago
  • Cash cycle ↓21stflat vs a year ago
  • P/E ↓19th▼ 9 pts vs a year ago
  • 12M momentum91st▲ 39 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 Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~28%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 59.0x, a holder earning 12%/yr needs earnings to grow about 28.4%/yr for 10 years, then trade at 15x.

Delivered13.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+15.1 ptsimplied minus delivered
Rank225thmost demanding of 856

Over time

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

-6%15%35% Jan 2019Nov 2026 -6%15%35% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x30.2%31.3%32.5%
15x27.3%28.4%29.6%
20x23.7%24.8%25.9%

Drag a slider to test other assumptions

Implied: 28.4%/yr

Looking back

  • Jan 2020Price implied 5%/yr; EPS has since grown 21%/yr (7.0 yrs)
  • Jan 2021Price implied 5%/yr; EPS has since grown 26%/yr (6.0 yrs)
  • Jan 2022Price implied 12%/yr; EPS has since grown 30%/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 Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2009.90
P/E
31.7x
ROCE
21.0%
Market Cap
₹12567 cr
Revenue (TTM)
₹4096 cr
P/S
3.1x
P/B
4.9x
ROE
15.4%
Operating Margin
9.0%
Debt / Equity
0.1x
Promoter Holding
19.1%
12M Momentum
48.3%

52-week range

₹1033.00₹2319.00
76% of the way from its 52-week low to its high

Price risk

1Y volatility
43.4%
Beta vs sector
1-year daily
0.98

Balance sheet & cash

Interest cover
operating profit ÷ interest
8.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.76x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range2 near a threshold
Other income reliance29%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 29.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.76xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.76x (cash from operations ₹696 cr, net profit ₹915 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (234 vs 223). 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—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 3 years, DIIs added 2.8 pts; FIIs added 2.6 pts.
  • The number of shareholders rose from 98,506 to 2.1 lakh (+109%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters19.1%19.1%0.0 pts
FIIs15.6%18.3%+2.6 pts
DIIs3.5%6.3%+2.8 pts
Public and others61.7%56.3%-5.4 pts

Number of shareholders

2.1 lakhshareholders+109% since Sep '23
98k1.3L1.7L2.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 98,506
Dec '23: 98,026
Mar '24: 1.1 lakh
Jun '24: 1.3 lakh
Sep '24: 1.5 lakh
Dec '24: 1.8 lakh
Mar '25: 1.9 lakh
Jun '25: 1.9 lakh
Sep '25: 1.9 lakh
Dec '25: 1.9 lakh
Mar '26: 2.0 lakh
Jun '26: 2.1 lakh
 98k1.3L1.7L2.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 98,506
Dec '23: 98,026
Mar '24: 1.1 lakh
Jun '24: 1.3 lakh
Sep '24: 1.5 lakh
Dec '24: 1.8 lakh
Mar '25: 1.9 lakh
Jun '25: 1.9 lakh
Sep '25: 1.9 lakh
Dec '25: 1.9 lakh
Mar '26: 2.0 lakh
Jun '26: 2.1 lakh

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

−0.1%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 VA TECH WABAG 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 −19% to +23% vs the market, against +1% for all non-financial companies in the same months.
  • The gap against the base rate (−1.2%, 80% range −8.2% to +8.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DOLLAR · Feb 2022: −42.5% vs market
INTELLECT · Jan 2022: −42.4% vs market
RALLIS · Aug 2020: −39.7% vs market
MARKSANS · Apr 2021: −39.2% vs market
SUBROS · Sep 2025: −35.9% vs market
STYLAMIND · May 2023: −31.1% vs market
SHARDACROP · Jun 2022: −27.0% vs market
CYIENT · Nov 2023: −25.9% vs market
RSYSTEMS · Dec 2021: −24.6% vs market
USHAMART · Jul 2023: −23.7% vs market
COROMANDEL · Aug 2025: −23.4% vs market
DCMSHRIRAM · Feb 2022: −21.4% vs market
POWERMECH · May 2025: −21.3% vs market
BSOFT · Jun 2021: −11.6% vs market
FIEMIND · Nov 2022: −10.5% vs market
FINPIPE · Mar 2020: −9.9% vs market
ECLERX · Nov 2021: −9.1% vs market
TCI · Nov 2021: −7.7% vs market
KKCL · Jun 2023: −7.6% vs market
HEIDELBERG · Jan 2020: −7.4% vs market
IONEXCHANG · Jun 2023: −5.0% vs market
EPL · Jun 2020: −4.8% vs market
ZENSARTECH · Feb 2021: −2.3% vs market
KINGFA · Sep 2023: −2.1% vs market
RATNAMANI · Apr 2023: −0.5% vs market
KIRLOSBROS · May 2024: +0.3% vs market
RADICO · May 2020: +6.1% vs market
APLAPOLLO · Aug 2021: +6.5% vs market
POWERINDIA · Jul 2022: +6.6% vs market
AEGISLOG · Apr 2020: +11.5% vs market
RHIM · May 2022: +11.9% vs market
TEGA · Jun 2023: +15.1% vs market
ELECON · Dec 2023: +16.4% vs market
HSCL · Jul 2024: +17.0% vs market
KPRMILL · Oct 2021: +18.1% vs market
SHRIPISTON · May 2024: +21.5% vs market
PRICOLLTD · Dec 2023: +21.6% vs market
ESCORTS · Feb 2020: +23.4% vs market
POLYCAB · Apr 2020: +26.9% vs market
GARFIBRES · Mar 2020: +32.9% vs market
NEWGEN · Nov 2020: +42.4% vs market
OAL · Sep 2020: +56.5% vs market
CENTURYPLY · Feb 2021: +61.5% vs market
TDPOWERSYS · Jan 2023: +65.5% vs market
KEI · Jul 2022: +71.1% vs market
PRINCEPIPE · Dec 2020: +73.9% vs market
GABRIEL · Apr 2025: +77.5% vs market
NEULANDLAB · Mar 2024: +84.3% vs market
GODFRYPHLP · May 2024: +113.3% vs market
ACE · Feb 2023: +145.8% vs market
Similar setups −0.1%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
−0.1%
All companies' median
+1.1%
Beat the market
50% vs 51%

50 past situations · 50 companies · 39 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
KEI
Producer Manufacturing		 Jul 2022 30x24% +75%−6% +71%
ZENSARTECH
Technology Services		 Feb 2021 25x18% +116%−1% −2%
ACE
Producer Manufacturing		 Feb 2023 39x21% +58%−10% +146%
PRINCEPIPE
Producer Manufacturing		 Dec 2020 29x21% +96%0% +74%
ECLERX
Commercial Services		 Nov 2021 27x24% +202%−12% −9%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
USHAMART
Producer Manufacturing		 Jul 2023 29x21% +133%0% −24%
ELECON
Producer Manufacturing		 Dec 2023 44x25% +154%−3% +16%
RADICO
Consumer Non-Durables		 May 2020 23x19% −2%−24% +6%
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, revenue growth and drawdown from 12-month high. 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 VA TECH WABAG 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.

SUBROSSUBROS
Producer Manufacturing
71%similar
revenue growthrevenue
KEI INDUSTRIESKEI
Producer Manufacturing
58%similar
ROCEpromoter holding
ORIENT ELECTRICORIENTELEC
Consumer Durables
58%similar
revenue growthROCE
PRICOLPRICOLLTD
Producer Manufacturing
58%similar
P/Erevenue
NAZARA TECHNOLOGIESNAZARA
Technology Services
56%similar
debt/equitymarket cap
ENGINEERS INDIAENGINERSIN
Industrial Services
54%similar
revenuemarket cap
KALPATARU PROJECTS INTL.KPIL
Industrial Services
43%similar
operating marginpromoter holding
POWER MECH PROJECTSPOWERMECH
Industrial Services
43%similar
ROCEoperating margin

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

What changed?

30 events since Sep '22

  1. OctPriceFell 25% from the Sep 2026 peak to the Oct 2026 low.
  2. JulPriceVolume reached 5.0x its 50-day median on 2026-07-07; price +7.2% that day.
  3. JunPriceRegained the 2024-12 peak, 5 months after the low.
  4. JunPriceVolume reached 11.0x its 50-day median on 2026-06-16; price +7.7% that day.
  5. MarPriceVolume reached 8.1x its 50-day median on 2026-03-11; price +4.5% that day.
  6. JanPriceFell 45% from the Dec 2024 peak to the Jan 2026 low.
  7. DecResultsRevenue (TTM) reached a new high of ₹3,535 cr.
  8. DecPriceVolume reached 6.4x its 50-day median on 2025-12-31; price +2.5% that day.
Show 22 earlier events
  1. JulPriceVolume reached 5.2x its 50-day median on 2025-07-24; price +3.0% that day.
  2. JunPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
  3. JunDividendStarted paying a dividend (payout 8% of profit).
  4. MayPriceVolume reached 11.7x its 50-day median on 2025-05-22; price +8.3% that day.
  5. MarInstitutionsFII + DII holding rose 4.4 pts over 2 quarters to 20.9%.
  6. FebPriceVolume reached 9.0x its 50-day median on 2025-02-10; price +1.6% that day.
  7. DecPriceVolume reached 23.6x its 50-day median on 2024-12-18; price -11.3% that day.
  8. SepPeer rankSlipped to the 3rd quartile of Industrial Services on operating margin (from the 2nd quartile).
  9. SepPriceVolume reached 6.2x its 50-day median on 2024-09-20; price +8.3% that day.
  10. JunResultsYear-on-year EPS growth turned positive.
  11. JunPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the bottom quartile).
  12. AprPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
  13. AprPriceVolume reached 12.2x its 50-day median on 2024-04-16; price +15.5% that day.
  14. OctPriceVolume reached 18.4x its 50-day median on 2023-10-17; price +13.3% that day.
  15. JunResultsYear-on-year EPS growth turned negative.
  16. JunPeer rankMoved into the top quartile of Industrial Services on ROCE (from the 2nd quartile).
  17. MayPriceRegained the 2021-08 peak, 11 months after the low.
  18. AprValuationP/E crossed above the 90th percentile of its own history to date (18.4x).
  19. AprPriceVolume reached 13.6x its 50-day median on 2023-04-17; price +9.2% that day.
  20. MarPriceVolume reached 8.8x its 50-day median on 2023-03-23; price +6.5% that day.
  21. DecPriceVolume reached 29.6x its 50-day median on 2022-12-12; price +10.4% that day.
  22. SepPriceVolume reached 6.8x its 50-day median on 2022-09-05; price +3.8% 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

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1131.7x₹4096 cr15.4%21.0%0.1x
2026-1028.6x₹4096 cr15.3%21.0%0.1x
2026-0932.5x₹4096 cr15.3%21.0%0.1x
2026-0833.3x₹3943 cr14.4%21.0%0.1x
2026-0733.2x₹3943 cr14.4%21.0%0.1x
2026-0633.8x₹3943 cr14.4%21.0%0.1x
2026-0527.8x₹3685 cr16.0%20.0%0.2x
2026-0427.5x₹3685 cr16.0%20.0%0.2x
2026-0321.1x₹3685 cr16.0%20.0%0.2x
2026-0224.6x₹3535 cr15.0%20.0%0.2x
2026-0120.9x₹3535 cr15.0%20.0%0.2x
2025-1225.3x₹3535 cr15.0%20.0%0.2x
2025-1127.5x₹3401 cr14.3%20.0%0.2x
2025-1028.7x₹3401 cr14.3%20.0%0.2x
2025-0929.2x₹3401 cr14.3%20.0%0.2x
2025-0830.7x₹3293 cr13.8%20.0%0.2x
2025-0733.4x₹3293 cr13.8%20.0%0.2x
2025-0631.2x₹3293 cr13.8%20.0%0.2x
2025-0537.8x₹3071 cr15.0%20.0%0.2x
2025-0429.8x₹3071 cr15.0%20.0%0.2x
2025-0333.7x₹3071 cr15.0%20.0%0.2x
2025-0231.1x₹2964 cr14.6%20.0%0.2x
2025-0132.7x₹2964 cr14.6%20.0%0.2x
2024-1239.2x₹2964 cr14.6%20.0%0.2x
2024-1144.6x₹2929 cr14.1%20.0%0.2x
2024-1044.2x₹2929 cr14.1%20.0%0.2x
2024-0937.5x₹2929 cr14.1%20.0%0.2x
2024-0832.2x₹2856 cr13.8%20.0%0.2x
2024-0734.0x₹2856 cr13.8%20.0%0.2x
2024-0632.5x₹2856 cr13.8%20.0%0.2x
2024-05468.9x₹2960 cr0.7%20.0%0.1x
2024-04462.2x₹2960 cr0.7%20.0%0.1x
2024-03365.3x₹2960 cr0.7%20.0%0.1x
2024-02350.0x₹2960 cr0.7%20.0%0.1x
2024-01322.7x₹2960 cr0.7%20.0%0.1x
2023-12300.4x₹2960 cr0.7%20.0%0.1x
2023-11292.5x₹2960 cr0.7%20.0%0.1x
2023-10230.8x₹2960 cr0.7%20.0%0.1x
2023-09219.4x₹2960 cr0.7%20.0%0.1x
2023-08236.7x₹2960 cr0.7%20.0%0.1x
2023-07253.2x₹2960 cr0.7%20.0%0.1x
2023-06234.4x₹2960 cr0.7%20.0%0.1x
2023-0521.7x₹2979 cr8.6%13.0%0.3x
2023-0418.4x₹2979 cr8.6%13.0%0.3x
2023-0316.6x₹2979 cr8.6%13.0%0.3x
2023-0214.5x₹2979 cr8.6%13.0%0.3x
2023-0115.0x₹2979 cr8.6%13.0%0.3x
2022-1215.4x₹2979 cr8.6%13.0%0.3x
2022-1116.3x₹2979 cr8.6%13.0%0.3x
2022-1012.4x₹2979 cr8.6%13.0%0.3x
2022-0912.0x₹2979 cr8.6%13.0%0.3x
2022-0812.5x₹2979 cr8.6%13.0%0.3x
2022-0711.4x₹2979 cr8.6%13.0%0.3x
2022-0611.1x₹2979 cr8.6%13.0%0.3x
2022-0514.0x₹2834 cr7.2%13.0%0.3x
2022-0416.4x₹2834 cr7.2%13.0%0.3x
2022-0315.8x₹2834 cr7.2%13.0%0.3x
2022-0216.9x₹2834 cr7.2%13.0%0.3x
2022-0117.7x₹2834 cr7.2%13.0%0.3x
2021-1217.5x₹2834 cr7.2%13.0%0.3x

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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