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WELSPUN ENTERPRISES LIMITED (WELENT)

Industrial Services · Engineering & Construction · figures to Nov '26

Divergence: price ahead of business (3 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.44 / 100
Profitability 65Growth 34Balance sheet 33
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.52 / 100
Price 89Earnings 31FII/DII 36

Passes these screensHigh MomentumPrice ahead of businessLittle growth priced in

Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹681.15 latest close · +12.9% over the last 90 sessions

₹600₹700₹800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹600₹700₹800Jul 3Sep 4Nov 9

₹681.15 month-end · +29.6% over 12 months

₹400₹500₹600₹700Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹400₹500₹600₹700Nov '25May '26Nov '26

₹681.15 month-end · +106.0% over 3 years

₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹600Nov '23May '25Nov '26

₹681.15 month-end · +593.3% since Jan '19

₹0₹250₹500₹750Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹250₹500₹750Jan '19Dec '22Nov '26

52-week range ₹412.00 to ₹841.90 · 1-year volatility 39.0%

Was the rally earned?

+30%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 23.1x to 30.8x); per-share earnings took off 4 points.
  • The share count rose 4%.
Net profit growth: +1 pts. Points of the price return explained by net profit growing (or shrinking).+1 ptsNet profit growthP/E change: +33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+33 ptsP/E changeShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5 ptsShare count changeShare price: +30%+30%Share priceNet profit growth: +1 pts. Points of the price return explained by net profit growing (or shrinking).+1ProfitP/E change: +33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+33P/EShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5SharesShare price: +30%+30%Share price
Net profit growth+1 ptsNet profit was little changed.
P/E change+33 ptsThe P/E rose from 23.1x to 30.8x, which lifts the price.
Share count change-5 ptsShare count rose 4%, which lowers the price.
+106%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 6.9x to 30.8x); per-share earnings took off 114 points.
  • The share count rose 5%.
Net profit growth: −108 pts. Points of the price return explained by net profit growing (or shrinking).−108 ptsNet profit growthP/E change: +221 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+221 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: +106%+106%Share priceNet profit growth: −108 pts. Points of the price return explained by net profit growing (or shrinking).−108ProfitP/E change: +221 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+221P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: +106%+106%Share price
Net profit growth-108 ptsNet profit fell about 52%, which lowers the price.
P/E change+221 ptsThe P/E rose from 6.9x to 30.8x, which lifts the price.
Share count change-7 ptsShare count rose 5%, which lowers the price.
+627%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 296 points and the multiple added 331 points (P/E 10.8x to 30.8x).
  • The share count rose 5%.
Net profit growth: +311 pts. Points of the price return explained by net profit growing (or shrinking).+311 ptsNet profit growthP/E change: +331 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+331 ptsP/E changeShare count change: −15 pts. Points of the price return explained by the share count changing. More shares count against the price.−15 ptsShare count changeShare price: +627%+627%Share priceNet profit growth: +311 pts. Points of the price return explained by net profit growing (or shrinking).+311ProfitP/E change: +331 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+331P/EShare count change: −15 pts. Points of the price return explained by the share count changing. More shares count against the price.−15SharesShare price: +627%+627%Share price
Net profit growth+311 ptsNet profit rose about 168%, which lifts the price.
P/E change+331 ptsThe P/E rose from 10.8x to 30.8x, which lifts the price.
Share count change-15 ptsShare count rose 5%, 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-75.1%recovered 2022-09
1-year volatility39.0%annualised
Beta vs sector index0.833-year daily, correlation 0.47
Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−72.2% 0%−20%−40%−60%2020202220242026−72.2%
Largest drawdowns

-75.1% (2019-05 peak to 2020-03 low, recovered 2022-09)

-36.2% (2025-01 peak to 2026-03 low, recovered 2026-08)

-30.1% (2023-01 peak to 2023-02 low, recovered 2023-06)

Most recent volume spikes

2026-11-06: 7.3x the 50-day median, price -6.2% that day

2026-09-21: 6x the 50-day median, price -4.7% that day

2026-09-18: 5.2x the 50-day median, price +5.7% 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?

30.9xP/E todayNear its historic high
Against its own history99th percentile
CheapestMedian 12.4xDearest

Usual range 6.4x to 25.2x since 2019-01.

Against Industrial Services30.9x vs 14.0x
This company
30.9x
Sector median
14.0x

120% above the Industrial Services median.

4.2x14.4x24.7x34.9xJan '19Aug '20Mar '22Oct '23May '25Nov '264.2x14.4x24.7x34.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

  • ROCE57thflat vs a year ago
  • Op. margin72nd▲ 3 pts vs a year ago
  • Revenue growth22nd▼ 35 pts vs a year ago
  • EPS growth42nd▼ 12 pts vs a year ago
  • Debt/equity ↓30th▼ 4 pts vs a year ago
  • Cash cycle ↓95thflat vs a year ago
  • P/E ↓20th▼ 14 pts vs a year ago
  • 12M momentum89th▲ 13 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?

~18%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 28.0x, a holder earning 12%/yr needs earnings to grow about 18.4%/yr for 10 years, then trade at 15x.

Delivered28.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−10.0 ptsimplied minus delivered
Rank704thmost demanding of 856

Over time

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

0%136%272% Jan 2019Nov 2026 0%136%272% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x19.8%20.9%22.0%
15x17.3%18.4%19.4%
20x14.1%15.1%16.2%

Drag a slider to test other assumptions

Implied: 18.4%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 19%/yr (7.0 yrs)
  • Jan 2021Price implied 11%/yr; EPS has since grown 19%/yr (6.0 yrs)
  • Jan 2022Price implied 11%/yr; EPS has since grown 27%/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
₹681.15
P/E
30.8x
ROCE
17.0%
Market Cap
₹9429 cr
Revenue (TTM)
₹3544 cr
P/S
2.7x
P/B
3.1x
ROE
10.0%
Operating Margin
19.0%
Debt / Equity
0.7x
Promoter Holding
56.1%
12M Momentum
29.6%

52-week range

₹412.00₹841.90
63% of the way from its 52-week low to its high

Price risk

1Y volatility
39.0%
Beta vs sector
1-year daily
0.72

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.47x
low
Share count, 1Y
-0.7%

Are profits backed by cash?

4 of 7checks within range1 beyond a threshold
Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 4.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 29.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.47xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.47x (cash from operations ₹-505 cr, net profit ₹1,066 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+8 daysWithin range

Debtor days are above the median of the previous three fiscal years by 8 days (51 vs 43). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+59 days / 2 yrsNear threshold

Days payable changed by +59 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 7.0 pts; promoters added 1.6 pts; FIIs trimmed 0.5 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters54.5%56.1%+1.6 pts
FIIs4.5%3.9%-0.5 pts
DIIs2.3%9.3%+7.0 pts
Public and others37.3%28.7%-8.6 pts

Number of shareholders

51,191shareholders-4% since Sep '23
51k56k61k65k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 53,284
Dec '23: 58,035
Mar '24: 58,167
Jun '24: 63,961
Sep '24: 65,441
Dec '24: 63,886
Mar '25: 57,369
Jun '25: 58,625
Sep '25: 55,813
Dec '25: 53,447
Mar '26: 51,521
Jun '26: 51,191
 51k56k61k65k Sep '23Sep '24Sep '25Jun '26
Sep '23: 53,284
Dec '23: 58,035
Mar '24: 58,167
Jun '24: 63,961
Sep '24: 65,441
Dec '24: 63,886
Mar '25: 57,369
Jun '25: 58,625
Sep '25: 55,813
Dec '25: 53,447
Mar '26: 51,521
Jun '26: 51,191

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

−4.7%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 WELSPUN ENTERPRISES 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 +10% vs the market, against −3% for all non-financial companies in the same months.
  • The gap against the base rate (−2.2%, 80% range −10.0% to +1.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SOLARA · May 2021: −78.1% vs market
RAMKY · Oct 2025: −48.9% vs market
JUBLPHARMA · Sep 2020: −47.9% vs market
AARTIDRUGS · Jul 2023: −41.8% vs market
EPL · Jun 2023: −37.0% vs market
BRIGADE · Oct 2025: −28.4% vs market
EVEREADY · Jan 2023: −25.2% vs market
PRIVISCL · Aug 2021: −22.5% vs market
LUMAXIND · Jul 2020: −22.0% vs market
GREENPLY · Oct 2021: −20.7% vs market
HFCL · May 2024: −19.7% vs market
BLUEDART · Feb 2025: −19.7% vs market
POKARNA · Sep 2024: −19.3% vs market
NRBBEARING · Nov 2023: −18.3% vs market
HUHTAMAKI · Apr 2020: −17.8% vs market
ORIENTCEM · May 2021: −16.6% vs market
GUFICBIO · May 2025: −16.5% vs market
JUBLINGREA · Aug 2025: −13.6% vs market
SATIA · May 2022: −13.4% vs market
GREENLAM · Dec 2021: −12.7% vs market
JKCEMENT · Apr 2023: −9.6% vs market
BAJAJELEC · Jul 2021: −8.6% vs market
JKLAKSHMI · Jan 2023: −8.5% vs market
AEGISLOG · Jul 2024: −7.9% vs market
BALRAMCHIN · Jul 2025: −5.2% vs market
TORNTPOWER · Jun 2024: −4.1% vs market
GRANULES · Jan 2025: −3.3% vs market
KEC · May 2023: −1.6% vs market
VRLLOG · Oct 2022: −0.1% vs market
SUPRAJIT · Jun 2022: +2.3% vs market
ARTEMISMED · Jun 2025: +3.9% vs market
SARDAEN · Nov 2024: +5.4% vs market
EPIGRAL · Aug 2024: +5.6% vs market
ASAHIINDIA · Sep 2020: +6.2% vs market
MIDHANI · Jun 2023: +7.5% vs market
AARTIPHARM · Oct 2025: +8.3% vs market
VADILALIND · May 2020: +9.7% vs market
VISHNU · Mar 2025: +10.0% vs market
RUPA · Mar 2021: +15.4% vs market
KNRCON · Apr 2020: +19.1% vs market
JKIL · Sep 2022: +23.8% vs market
FSL · Aug 2023: +26.2% vs market
GLENMARK · May 2023: +35.2% vs market
MMFL · Mar 2021: +38.5% vs market
MOTILALOFS · Mar 2024: +42.5% vs market
ASTRAMICRO · Jun 2023: +76.4% vs market
HIKAL · Jan 2021: +81.6% vs market
MBAPL · Apr 2025: +85.8% vs market
DOLLAR · Jan 2021: +104.8% vs market
JBMA · Mar 2021: +109.9% vs market
Similar setups −4.7%All companies −2.5%← 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
−4.7%
All companies' median
−2.5%
Beat the market
42% vs 47%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GUFICBIO
Health Technology		 May 2025 48x— +27%−20% −17%
GRANULES
Health Technology		 Jan 2025 28x15% +34%−23% −3%
HUHTAMAKI
Process Industries		 Apr 2020 18x— −7%−29% −18%
LUMAXIND
Producer Manufacturing		 Jul 2020 16x17% +26%−19% −22%
EPIGRAL
Process Industries		 Aug 2024 40x17% +85%−7% +6%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKLAKSHMI
Non-Energy Minerals		 Jan 2023 19x19% +31%−17% −9%
VISHNU
Process Industries		 Mar 2025 26x20% +43%−17% +10%
ASAHIINDIA
Consumer Durables		 Sep 2020 33x11% +15%−22% +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: ROCE, drawdown from 12-month high and P/S. 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 ENTERPRISES 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.

VRL LOGISTICSVRLLOG
Transportation
75%similar
revenuerevenue growth
TCPL PACKAGINGTCPLPACK
Commercial Services
65%similar
revenue growthpromoter holding
HAPPIEST MINDS TECHNOLOGIESHAPPSTMNDS
Technology Services
62%similar
operating marginvolatility
INNOVA CAPTABINNOVACAP
Health Technology
61%similar
volatilityROCE
TATA TECHNOLOGIESTATATECH
Technology Services
61%similar
promoter holdingrevenue growth
GMR POWER AND URBAN INFRAGMRP&UI
Industrial Services
54%similar
EPS growthvolatility
ISGEC HEAVY ENGINEERINGISGEC
Industrial Services
48%similar
market capvolatility
IRCON INTERNATIONALIRCON
Industrial Services
45%similar
market capvolatility

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

What changed?

30 events since Nov '23

  1. NovPriceVolume reached 7.3x its 50-day median on 2026-11-06; price -6.2% that day.
  2. SepResultsYear-on-year EPS growth turned negative.
  3. SepPeer rankSlipped to the 2nd quartile of Industrial Services on operating margin (from the top quartile).
  4. AugPriceRegained the 2025-01 peak, 5 months after the low.
  5. AugValuationP/E crossed above the 90th percentile of its own history to date (27.1x).
  6. AugPriceVolume reached 26.4x its 50-day median on 2026-08-21; price +8.0% that day.
  7. JunPeer rankMoved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
  8. AprValuationP/E crossed above the 90th percentile of its own history to date (24.2x).
Show 22 earlier events
  1. AprPriceVolume reached 15.3x its 50-day median on 2026-04-29; price +4.4% that day.
  2. MarPriceFell 36% from the Jan 2025 peak to the Mar 2026 low.
  3. JanPriceVolume reached 9.3x its 50-day median on 2026-01-19; price +10.3% that day.
  4. OctValuationP/E crossed above the 90th percentile of its own history to date (24.6x).
  5. OctPriceVolume reached 11.9x its 50-day median on 2025-10-15; price +6.7% that day.
  6. SepPriceVolume reached 13.5x its 50-day median on 2025-09-17; price +7.8% that day.
  7. AugPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
  8. JunResultsYear-on-year EPS growth turned positive.
  9. JunPeer rankMoved into the 3rd quartile of Industrial Services on EPS growth (from the bottom quartile).
  10. MayValuationP/E crossed above the 90th percentile of its own history to date (23.5x).
  11. MayPriceVolume reached 7.9x its 50-day median on 2025-05-15; price +0.4% that day.
  12. FebPriceVolume reached 10.3x its 50-day median on 2025-02-04; price -2.7% that day.
  13. DecPriceRegained the 2024-08 peak, 1 month after the low.
  14. DecInstitutionsFII + DII holding rose 3.3 pts over 1 quarter to 9.7%.
  15. NovPriceFell 27% from the Aug 2024 peak to the Nov 2024 low.
  16. JunResultsYear-on-year EPS growth turned negative.
  17. JunValuationP/E crossed above the 90th percentile of its own history to date (21.1x).
  18. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  19. MayPriceVolume reached 9.2x its 50-day median on 2024-05-16; price +6.6% that day.
  20. FebDebtDebt / equity halved over 12 months to 0.32x.
  21. JanPriceVolume reached 6.9x its 50-day median on 2024-01-29; price +8.5% that day.
  22. NovPriceVolume reached 5.1x its 50-day median on 2023-11-09; price +0.6% 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
2026-1130.8x₹3544 cr10.0%17.0%0.7x
2026-1028.0x₹3544 cr10.0%17.0%0.7x
2026-0933.6x₹3544 cr10.0%17.0%0.7x
2026-0827.1x₹3615 cr11.3%17.0%0.7x
2026-0723.4x₹3615 cr11.3%17.0%0.7x
2026-0623.8x₹3615 cr11.3%17.0%0.7x
2026-0523.9x₹3470 cr11.6%18.0%0.6x
2026-0424.2x₹3470 cr11.6%18.0%0.6x
2026-0319.2x₹3470 cr11.6%18.0%0.6x
2026-0219.3x₹3579 cr13.2%18.0%0.6x
2026-0118.8x₹3579 cr13.2%18.0%0.6x
2025-1220.7x₹3579 cr13.2%18.0%0.6x
2025-1123.1x₹3610 cr11.9%18.0%0.6x
2025-1024.6x₹3610 cr11.9%18.0%0.6x
2025-0921.9x₹3610 cr11.9%18.0%0.6x
2025-0820.1x₹3695 cr12.2%18.0%0.6x
2025-0721.1x₹3695 cr12.2%18.0%0.6x
2025-0623.2x₹3695 cr12.2%18.0%0.6x
2025-0523.5x₹3462 cr12.4%18.0%0.3x
2025-0422.1x₹3462 cr12.4%18.0%0.3x
2025-0322.5x₹3462 cr12.4%18.0%0.3x
2025-0219.4x₹3273 cr12.5%18.0%0.3x
2025-0128.1x₹3273 cr12.5%18.0%0.3x
2024-1228.5x₹3273 cr12.5%18.0%0.3x
2024-1124.5x₹3104 cr12.7%18.0%0.3x
2024-1022.9x₹3104 cr12.7%18.0%0.3x
2024-0925.6x₹3104 cr12.7%18.0%0.3x
2024-0827.6x₹2873 cr12.1%18.0%0.3x
2024-0726.1x₹2873 cr12.1%18.0%0.3x
2024-0621.1x₹2873 cr12.1%18.0%0.3x
2024-059.4x₹2758 cr27.1%10.0%0.3x
2024-047.6x₹2758 cr27.1%10.0%0.3x
2024-036.3x₹2758 cr27.1%10.0%0.3x
2024-026.5x₹2758 cr27.1%10.0%0.3x
2024-017.4x₹2758 cr27.1%10.0%0.3x
2023-126.8x₹2758 cr27.1%10.0%0.3x
2023-116.9x₹2758 cr27.1%10.0%0.3x
2023-105.4x₹2758 cr27.1%10.0%0.3x
2023-095.9x₹2758 cr27.1%10.0%0.3x
2023-085.8x₹2758 cr27.1%10.0%0.3x
2023-074.9x₹2758 cr27.1%10.0%0.3x
2023-064.2x₹2758 cr27.1%10.0%0.3x
2023-0518.2x₹1342 cr6.2%5.0%1.4x
2023-0417.1x₹1342 cr6.2%5.0%1.4x
2023-0315.1x₹1342 cr6.2%5.0%1.4x
2023-0214.8x₹1342 cr6.2%5.0%1.4x
2023-0117.4x₹1342 cr6.2%5.0%1.4x
2022-1220.0x₹1342 cr6.2%5.0%1.4x
2022-1118.1x₹1342 cr6.2%5.0%1.4x
2022-1015.4x₹1342 cr6.2%5.0%1.4x
2022-0915.3x₹1342 cr6.2%5.0%1.4x
2022-0813.6x₹1342 cr6.2%5.0%1.4x
2022-0712.1x₹1342 cr6.2%5.0%1.4x
2022-0611.7x₹1342 cr6.2%5.0%1.4x
2022-0511.0x₹1530 cr6.8%9.0%1.3x
2022-0410.3x₹1530 cr6.8%9.0%1.3x
2022-038.4x₹1530 cr6.8%9.0%1.3x
2022-029.1x₹1530 cr6.8%9.0%1.3x
2022-0111.4x₹1530 cr6.8%9.0%1.3x
2021-1211.0x₹1530 cr6.8%9.0%1.3x

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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