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WELSPUN CORP LIMITED (WELCORP)

Producer Manufacturing · Industrial Machinery · 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 78Growth 88Balance sheet 65
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.81 / 100
Price 90Earnings 66FII/DII 86

Passes these screensHigh MomentumDebt-light & profitableLittle growth priced inConsistent compounders

Compare withVOLTASTHERMAXBLUE STAR

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,202.1 latest close · +53.0% over the last 90 sessions

₹1,500₹2,000₹2,500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,500₹2,000₹2,500Jul 3Sep 4Nov 9

₹2,202.1 month-end · +157.1% over 12 months

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

₹2,202.1 month-end · +315.2% over 3 years

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

₹2,202.1 month-end · +2016.4% 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 ₹710.00 to ₹2900.00 · 1-year volatility 45.9%

Was the rally earned?

+157%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 11.2x to 25.2x); per-share earnings added 22 points.
  • The share count barely moved.
Net profit growth: +24 pts. Points of the price return explained by net profit growing (or shrinking).+24 ptsNet profit growthP/E change: +135 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+135 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: +157%+157%Share priceNet profit growth: +24 pts. Points of the price return explained by net profit growing (or shrinking).+24ProfitP/E change: +135 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+135P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +157%+157%Share price
Net profit growth+24 ptsNet profit rose about 15%, which lifts the price.
P/E change+135 ptsThe P/E rose from 11.2x to 25.2x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+315%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 533 points, but investors now pay less per rupee of profit (P/E 67.1x to 25.2x), which took 217 points back.
  • The share count rose 5%.
Net profit growth: +543 pts. Points of the price return explained by net profit growing (or shrinking).+543 ptsNet profit growthP/E change: −217 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−217 ptsP/E changeShare count change: −10 pts. Points of the price return explained by the share count changing. More shares count against the price.−10 ptsShare count changeShare price: +315%+315%Share priceNet profit growth: +543 pts. Points of the price return explained by net profit growing (or shrinking).+543ProfitP/E change: −217 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−217P/EShare count change: −10 pts. Points of the price return explained by the share count changing. More shares count against the price.−10SharesShare price: +315%+315%Share price
Net profit growth+543 ptsNet profit rose about 1061%, which lifts the price.
P/E change-217 ptsThe P/E fell from 67.1x to 25.2x, which lowers the price.
Share count change-10 ptsShare count rose 5%, which lowers the price.
+1234%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 520 points and the multiple added 715 points (P/E 5.6x to 25.2x).
  • The share count fell 6%.
Net profit growth: +489 pts. Points of the price return explained by net profit growing (or shrinking).+489 ptsNet profit growthP/E change: +715 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+715 ptsP/E changeShare count change: +30 pts. Points of the price return explained by the share count changing. More shares count against the price.+30 ptsShare count changeShare price: +1234%+1234%Share priceNet profit growth: +489 pts. Points of the price return explained by net profit growing (or shrinking).+489ProfitP/E change: +715 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+715P/EShare count change: +30 pts. Points of the price return explained by the share count changing. More shares count against the price.+30SharesShare price: +1234%+1234%Share price
Net profit growth+489 ptsNet profit rose about 179%, which lifts the price.
P/E change+715 ptsThe P/E rose from 5.6x to 25.2x, which lifts the price.
Share count change+30 ptsShare count fell 6%, which lifts 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 VOLTAS

How rough has the ride been?

Maximum drawdown-75.3%recovered 2022-05
1-year volatility45.9%annualised
Beta vs sector index1.093-year daily, correlation 0.52
Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−74.9% 0%−25%−50%−75%2020202220242026−74.9%
Largest drawdowns

-75.3% (2020-02 peak to 2020-05 low, recovered 2022-05)

-38.3% (2022-09 peak to 2023-02 low, recovered 2023-07)

-35.7% (2019-01 peak to 2019-02 low, recovered 2019-04)

Most recent volume spikes

2026-08-27: 5.4x the 50-day median, price +4.3% that day

2026-08-26: 7.7x the 50-day median, price -1.7% that day

2026-08-24: 8.4x the 50-day median, price +4.2% 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?

25.1xP/E todayNear its historic high
Against its own history81st percentile
CheapestMedian 13.4xDearest

Usual range 4.8x to 48.1x since 2019-01.

Against Producer Manufacturing25.1x vs 29.6x
This company
25.1x
Sector median
29.6x

15% below the Producer Manufacturing median.

3.3x27.0x50.7x74.3xJan '19Aug '20Mar '22Oct '23May '25Nov '263.3x27.0x50.7x74.3xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing 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 Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing 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

  • ROCE79th▲ 10 pts vs a year ago
  • Op. margin78th▲ 9 pts vs a year ago
  • Revenue growth64th▲ 56 pts vs a year ago
  • EPS growth55th▼ 34 pts vs a year ago
  • Debt/equity ↓50th▼ 9 pts vs a year ago
  • Cash cycle ↓61stflat vs a year ago
  • P/E ↓59th▼ 35 pts vs a year ago
  • 12M momentum98th▲ 20 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 Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~27%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 55.0x, a holder earning 12%/yr needs earnings to grow about 26.9%/yr for 10 years, then trade at 15x.

Delivered65.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−33.1 ptsimplied minus delivered
Rank829thmost demanding of 856

Over time

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

0%33%65% Jan 2019Nov 2026 0%33%65% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x28.6%29.7%30.9%
15x25.8%26.9%28.1%
20x22.3%23.4%24.5%

Drag a slider to test other assumptions

Implied: 26.9%/yr

Looking back

  • Jan 2021Price implied 13%/yr; EPS has since grown 16%/yr (6.0 yrs)
  • Jan 2022Price implied 12%/yr; EPS has since grown 14%/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 Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2202.10
P/E
25.2x
ROCE
23.0%
Market Cap
₹58079 cr
Revenue (TTM)
₹17300 cr
P/S
3.4x
P/B
6.3x
ROE
25.2%
Operating Margin
17.0%
Debt / Equity
0.3x
Promoter Holding
49.7%
12M Momentum
157.1%

52-week range

₹710.00₹2900.00
68% of the way from its 52-week low to its high

Price risk

1Y volatility
45.9%
Beta vs sector
1-year daily
1.13

Balance sheet & cash

Interest cover
operating profit ÷ interest
15.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.29x
Share count, 1Y
+0.8%

Are profits backed by cash?

4 of 7checks within range1 beyond a threshold
Other income reliance37%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 37.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate20%Within range

Median quarterly effective tax rate over about 2.5 years: 20.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.29xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.29x (cash from operations ₹6,014 cr, net profit ₹4,658 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-6 daysWithin range

Debtor days are below the median of the previous three fiscal years by 6 days (37 vs 43). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress19% of fixed assetsWithin range

Capital work-in-progress is 19% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+50 days / 2 yrsNear threshold

Days payable changed by +50 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 3 years, DIIs added 8.4 pts; FIIs added 5.2 pts.
  • The number of shareholders rose from 82,058 to 1.4 lakh (+69%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters50.0%49.7%-0.2 pts
FIIs9.4%14.6%+5.2 pts
DIIs11.5%20.0%+8.4 pts
Public and others29.1%15.7%-13.4 pts

Number of shareholders

1.4 lakhshareholders+69% since Sep '23
82k1.0L1.2L1.4L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 82,058
Dec '23: 99,284
Mar '24: 1.2 lakh
Jun '24: 1.2 lakh
Sep '24: 1.2 lakh
Dec '24: 1.2 lakh
Mar '25: 1.3 lakh
Jun '25: 1.3 lakh
Sep '25: 1.3 lakh
Dec '25: 1.3 lakh
Mar '26: 1.2 lakh
Jun '26: 1.4 lakh
 82k1.0L1.2L1.4L Sep '23Sep '24Sep '25Jun '26
Sep '23: 82,058
Dec '23: 99,284
Mar '24: 1.2 lakh
Jun '24: 1.2 lakh
Sep '24: 1.2 lakh
Dec '24: 1.2 lakh
Mar '25: 1.3 lakh
Jun '25: 1.3 lakh
Sep '25: 1.3 lakh
Dec '25: 1.3 lakh
Mar '26: 1.2 lakh
Jun '26: 1.4 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

−5.9%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 WELSPUN CORP 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 −24% to +33% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (−2.3%, 80% range −11.1% to +7.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
APLLTD · Aug 2020: −49.9% vs market
AUROPHARMA · Nov 2020: −46.1% vs market
TARIL · Sep 2025: −44.8% vs market
AARTIDRUGS · Aug 2020: −42.9% vs market
EPL · Sep 2020: −39.5% vs market
GLOBUSSPR · Sep 2021: −36.2% vs market
INNOVACAP · Jan 2025: −34.8% vs market
CYIENT · Dec 2023: −31.8% vs market
SONATSOFTW · Dec 2023: −31.4% vs market
GRANULES · Dec 2020: −29.3% vs market
TRIDENT · Jun 2022: −28.5% vs market
USHAMART · Sep 2023: −28.4% vs market
WABAG · Dec 2024: −24.9% vs market
GOKEX · Oct 2023: −22.9% vs market
IONEXCHANG · Aug 2023: −22.3% vs market
COROMANDEL · Sep 2025: −22.2% vs market
DATAMATICS · Oct 2025: −20.3% vs market
HSCL · Oct 2024: −18.0% vs market
PRINCEPIPE · Jun 2021: −16.8% vs market
SHRIPISTON · Apr 2024: −13.6% vs market
INTELLECT · Jun 2021: −12.6% vs market
BSOFT · Jun 2021: −11.6% vs market
ECLERX · Jul 2021: −10.0% vs market
GALLANTT · Aug 2025: −8.4% vs market
ACE · Jun 2021: −7.8% vs market
DEEPAKNTR · Jun 2021: −4.0% vs market
ELECON · Oct 2023: −2.3% vs market
APLAPOLLO · Jul 2021: +1.8% vs market
OAL · Dec 2020: +2.4% vs market
MARKSANS · Jun 2025: +4.1% vs market
ZENSARTECH · Dec 2023: +4.7% vs market
RKFORGE · Sep 2023: +8.0% vs market
KIRLOSBROS · Jun 2024: +8.8% vs market
SARDAEN · Jun 2025: +11.7% vs market
BECTORFOOD · Jun 2023: +16.3% vs market
AURIONPRO · Jan 2024: +23.5% vs market
TEGA · Jul 2023: +31.6% vs market
FSL · Dec 2020: +33.6% vs market
VADILALIND · Sep 2025: +34.2% vs market
POLYCAB · May 2020: +41.5% vs market
KPRMILL · Jul 2021: +45.2% vs market
GRAVITA · Nov 2023: +50.5% vs market
RAJRATAN · Feb 2022: +55.3% vs market
GODFRYPHLP · Sep 2024: +57.7% vs market
NEWGEN · Oct 2023: +63.7% vs market
NEULANDLAB · Jan 2024: +103.7% vs market
MASTEK · Mar 2021: +120.4% vs market
MAZDOCK · Dec 2022: +126.4% vs market
GRSE · Jun 2023: +149.0% vs market
VAIBHAVGBL · Mar 2020: +177.2% vs market
Similar setups −5.9%All companies −3.6%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
−5.9%
All companies' median
−3.6%
Beat the market
46% vs 46%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
USHAMART
Producer Manufacturing		 Sep 2023 30x21% +182%−7% −28%
KPRMILL
Consumer Non-Durables		 Jul 2021 25x25% +349%−6% +45%
CYIENT
Technology Services		 Dec 2023 49x20% +183%−4% −32%
SHRIPISTON
Producer Manufacturing		 Apr 2024 31x25% +257%−6% −14%
KIRLOSBROS
Producer Manufacturing		 Jun 2024 48x27% +248%−5% +9%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TRIDENT
Process Industries		 Jun 2022 23x23% +137%−43% −29%
MARKSANS
Health Technology		 Jun 2025 31x20% +64%−26% +4%
AUROPHARMA
Health Technology		 Nov 2020 18x19% +93%−9% −46%
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: P/S, P/E and revenue growth. 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 WELSPUN CORP 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.

MARKSANS PHARMAMARKSANS
Health Technology
60%similar
revenue growthP/E
KPIT TECHNOLOGIESKPITTECH
Technology Services
59%similar
P/Edebt/equity
HIMADRI SPECIALITY CHEMHSCL
Process Industries
57%similar
ROCEmarket cap
APAR INDUSTRIESAPARINDS
Electronic Technology
56%similar
market caprevenue
COFORGECOFORGE
Technology Services
56%similar
revenueROCE
SPR AUTO TECHNOLOGIESSHRIPISTON
Producer Manufacturing
60%similar
operating marginROCE
R R KABELRRKABEL
Producer Manufacturing
59%similar
revenuerevenue growth
PRICOLPRICOLLTD
Producer Manufacturing
56%similar
ROCEdebt/equity

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

What changed?

30 events since Jun '23

  1. SepResultsYear-on-year EPS growth turned positive.
  2. SepPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  3. AugPriceVolume reached 27.9x its 50-day median on 2026-08-21; price +15.3% that day.
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunPeer rankMoved into the top quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  6. AprPriceRegained the 2025-06 peak, 3 months after the low.
  7. AprPriceVolume reached 9.7x its 50-day median on 2026-04-23; price +5.7% that day.
  8. MarPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
Show 22 earlier events
  1. MarDebtDebt / equity halved over 12 months to 0.15x.
  2. JanPriceFell 25% from the Jun 2025 peak to the Jan 2026 low.
  3. JanPriceVolume reached 7.8x its 50-day median on 2026-01-19; price +6.9% that day.
  4. OctPriceVolume reached 24.7x its 50-day median on 2025-10-31; price +4.3% that day.
  5. AugDebtDebt / equity halved over 12 months to 0.15x.
  6. JulPriceVolume reached 5.5x its 50-day median on 2025-07-02; price +2.9% that day.
  7. MayPriceVolume reached 35.2x its 50-day median on 2025-05-29; price +10.0% that day.
  8. MarInstitutionsFII + DII holding rose 11.7 pts over 2 quarters to 31.9%.
  9. MarPriceVolume reached 8.0x its 50-day median on 2025-03-20; price +7.7% that day.
  10. JanDebtDebt / equity halved over 12 months to 0.35x.
  11. JulPriceRegained the 2024-05 peak, 1 month after the low.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPriceFell 25% from the May 2024 peak to the Jun 2024 low.
  14. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on ROCE (from the bottom quartile).
  15. JunDebtDebt / equity halved over 12 months to 0.35x.
  16. JunDividendDividend payout cut from 63% to 12% of profit.
  17. MayPriceVolume reached 9.5x its 50-day median on 2024-05-02; price +7.2% that day.
  18. NovPriceVolume reached 8.4x its 50-day median on 2023-11-09; price +5.0% that day.
  19. JulPriceRegained the 2022-09 peak, 5 months after the low.
  20. JulPriceVolume reached 6.8x its 50-day median on 2023-07-05; price +7.0% that day.
  21. JunValuationP/E crossed above the 90th percentile of its own history to date (33.0x).
  22. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the 3rd quartile).

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
2026-1125.2x₹17300 cr25.2%23.0%0.3x
2026-1026.7x₹17300 cr25.3%23.0%0.3x
2026-0931.0x₹17300 cr25.3%23.0%0.3x
2026-0839.1x₹16770 cr17.7%23.0%0.3x
2026-0727.0x₹16770 cr17.7%23.0%0.3x
2026-0624.9x₹16770 cr17.7%23.0%0.3x
2026-0518.7x₹16382 cr26.2%21.0%0.2x
2026-0417.2x₹16382 cr26.2%21.0%0.2x
2026-0311.0x₹16382 cr26.2%21.0%0.2x
2026-0210.0x₹15464 cr29.1%21.0%0.2x
2026-018.9x₹15464 cr29.1%21.0%0.2x
2025-129.9x₹15464 cr29.1%21.0%0.2x
2025-1111.2x₹14392 cr26.9%21.0%0.2x
2025-1012.6x₹14392 cr26.9%21.0%0.2x
2025-0911.2x₹14392 cr26.9%21.0%0.2x
2025-0811.6x₹13978 cr25.6%21.0%0.2x
2025-0712.8x₹13978 cr25.6%21.0%0.2x
2025-0612.7x₹13978 cr25.6%21.0%0.2x
2025-0516.6x₹14514 cr26.6%20.0%0.4x
2025-0413.6x₹14514 cr26.6%20.0%0.4x
2025-0315.4x₹14514 cr26.6%20.0%0.4x
2025-0217.6x₹15650 cr19.9%20.0%0.4x
2025-0117.8x₹15650 cr19.9%20.0%0.4x
2024-1219.5x₹15650 cr19.9%20.0%0.4x
2024-1117.0x₹16407 cr21.7%20.0%0.4x
2024-1016.0x₹16407 cr21.7%20.0%0.4x
2024-0916.8x₹16407 cr21.7%20.0%0.4x
2024-0816.7x₹17340 cr20.3%20.0%0.4x
2024-0715.1x₹17340 cr20.3%20.0%0.4x
2024-0612.9x₹17340 cr20.3%20.0%0.4x
2024-0569.5x₹9758 cr4.2%6.0%0.7x
2024-0471.4x₹9758 cr4.2%6.0%0.7x
2024-0365.2x₹9758 cr4.2%6.0%0.7x
2024-0264.6x₹9758 cr4.2%6.0%0.7x
2024-0174.4x₹9758 cr4.2%6.0%0.7x
2023-1269.4x₹9758 cr4.2%6.0%0.7x
2023-1167.1x₹9758 cr4.2%6.0%0.7x
2023-1053.8x₹9758 cr4.2%6.0%0.7x
2023-0949.8x₹9758 cr4.2%6.0%0.7x
2023-0841.4x₹9758 cr4.2%6.0%0.7x
2023-0740.8x₹9758 cr4.2%6.0%0.7x
2023-0633.0x₹9758 cr4.2%6.0%0.7x
2023-0515.0x₹6505 cr10.0%13.0%0.5x
2023-0413.4x₹6505 cr10.0%13.0%0.5x
2023-0311.9x₹6505 cr10.0%13.0%0.5x
2023-0211.0x₹6505 cr10.0%13.0%0.5x
2023-0112.5x₹6505 cr10.0%13.0%0.5x
2022-1214.1x₹6505 cr10.0%13.0%0.5x
2022-1114.9x₹6505 cr10.0%13.0%0.5x
2022-1013.2x₹6505 cr10.0%13.0%0.5x
2022-0915.8x₹6505 cr10.0%13.0%0.5x
2022-0813.5x₹6505 cr10.0%13.0%0.5x
2022-0713.4x₹6505 cr10.0%13.0%0.5x
2022-0613.0x₹6505 cr10.0%13.0%0.5x
2022-057.7x₹7153 cr20.3%20.0%0.3x
2022-047.0x₹7153 cr20.3%20.0%0.3x
2022-035.7x₹7153 cr20.3%20.0%0.3x
2022-024.8x₹7153 cr20.3%20.0%0.3x
2022-016.3x₹7153 cr20.3%20.0%0.3x
2021-126.1x₹7153 cr20.3%20.0%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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