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WHEELS INDIA LTD (WHEELS)

Producer Manufacturing · Auto Parts: OEM · figures to Nov '26

Price #12
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 47Growth 62Balance sheet 24
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 99Earnings 72FII/DII 7

Passes these screensCash RichHigh MomentumNear 52-week high

Compare withSAMVARDHANA MOTHERSON INTBOSCHCUMMINS INDIA

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,387.5 latest close · +60.1% 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

₹2,387.5 month-end · +177.1% over 12 months

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

₹2,387.5 month-end · +259.4% over 3 years

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

₹2,387.5 month-end · +197.3% since Jan '19

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

52-week range ₹705.85 to ₹2515.80 · 1-year volatility 52.6%

Was the rally earned?

+177%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 18.0x to 35.7x); per-share earnings added 58 points.
  • The share count rose 3%.
Net profit growth: +63 pts. Points of the price return explained by net profit growing (or shrinking).+63 ptsNet profit growthP/E change: +119 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+119 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: +177%+177%Share priceNet profit growth: +63 pts. Points of the price return explained by net profit growing (or shrinking).+63ProfitP/E change: +119 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+119P/EShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5SharesShare price: +177%+177%Share price
Net profit growth+63 ptsNet profit rose about 44%, which lifts the price.
P/E change+119 ptsThe P/E rose from 18.0x to 35.7x, which lifts the price.
Share count change-5 ptsShare count rose 3%, which lowers the price.
+259%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 216 points to the rise, while the multiple moved less (P/E 28.9x to 35.7x).
  • The share count rose 15%.
Net profit growth: +245 pts. Points of the price return explained by net profit growing (or shrinking).+245 ptsNet profit growthP/E change: +43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+43 ptsP/E changeShare count change: −29 pts. Points of the price return explained by the share count changing. More shares count against the price.−29 ptsShare count changeShare price: +259%+259%Share priceNet profit growth: +245 pts. Points of the price return explained by net profit growing (or shrinking).+245ProfitP/E change: +43 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+43P/EShare count change: −29 pts. Points of the price return explained by the share count changing. More shares count against the price.−29SharesShare price: +259%+259%Share price
Net profit growth+245 ptsNet profit rose about 235%, which lifts the price.
P/E change+43 ptsThe P/E rose from 28.9x to 35.7x, which lifts the price.
Share count change-29 ptsShare count rose 15%, which lowers the price.
+272%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 927 points, but investors now pay less per rupee of profit (P/E 843.9x to 35.7x), which took 655 points back.
  • The share count rose 13%.
Net profit growth: +952 pts. Points of the price return explained by net profit growing (or shrinking).+952 ptsNet profit growthP/E change: −655 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−655 ptsP/E changeShare count change: −24 pts. Points of the price return explained by the share count changing. More shares count against the price.−24 ptsShare count changeShare price: +272%+272%Share priceNet profit growth: +952 pts. Points of the price return explained by net profit growing (or shrinking).+952ProfitP/E change: −655 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−655P/EShare count change: −24 pts. Points of the price return explained by the share count changing. More shares count against the price.−24SharesShare price: +272%+272%Share price
Net profit growth+952 ptsNet profit rose about 9797%, which lifts the price.
P/E change-655 ptsThe P/E fell from 843.9x to 35.7x, which lowers the price.
Share count change-24 ptsShare count rose 13%, 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 SAMVARDHANA MOTHERSON INT

How rough has the ride been?

Maximum drawdown-70.9%recovered 2026-03
1-year volatility52.6%annualised
Beta vs sector index1.013-year daily, correlation 0.47
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−69.3% 0%−20%−40%−60%2020202220242026−69.3%
Largest drawdowns

-70.9% (2019-03 peak to 2020-03 low, recovered 2026-03)

-24.2% (2026-06 peak to 2026-08 low, recovered 2026-09)

-17.5% (2019-01 peak to 2019-02 low, recovered 2019-03)

Most recent volume spikes

2026-09-25: 6.1x the 50-day median, price +5.3% that day

2026-09-23: 5.4x the 50-day median, price +3.0% that day

2026-09-10: 30.1x the 50-day median, price -3.6% 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?

35.7xP/E todayNear its historic high
Against its own history87th percentile
CheapestMedian 22.2xDearest

Usual range 16.1x to 768.9x since 2019-01.

Against Producer Manufacturing35.7x vs 29.6x
This company
35.7x
Sector median
29.6x

21% above the Producer Manufacturing median.

10.6x379.3x748.1x1116.8xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x379.3x748.1x1116.8xJan '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

  • ROCE66th▲ 16 pts vs a year ago
  • Op. margin28th▲ 6 pts vs a year ago
  • Revenue growth58th▲ 38 pts vs a year ago
  • EPS growth74th▼ 12 pts vs a year ago
  • Debt/equity ↓19thflat vs a year ago
  • Cash cycle ↓94th▲ 3 pts vs a year ago
  • P/E ↓38th▼ 44 pts vs a year ago
  • 12M momentum99th▲ 14 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?

~29%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 65.7x, a holder earning 12%/yr needs earnings to grow about 28.6%/yr for 10 years, then trade at 15x.

Delivered6.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+22.2 ptsimplied minus delivered
Rank116thmost demanding of 856

Over time

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

-10%9%29% Jan 2019Nov 2026 -10%9%29% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x30.1%31.3%32.5%
15x27.4%28.6%29.7%
20x24.0%25.1%26.3%

Drag a slider to test other assumptions

Implied: 28.6%/yr

Looking back

  • Jan 2020Price implied 13%/yr; EPS has since grown 11%/yr (7.0 yrs)
  • Jan 2021Price implied 13%/yr; EPS has since grown 22%/yr (6.0 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
₹2387.50
P/E
35.7x
ROCE
19.0%
Market Cap
₹6415 cr
Revenue (TTM)
₹5690 cr
P/S
1.1x
P/B
6.2x
ROE
17.3%
Operating Margin
8.0%
Debt / Equity
0.7x
Promoter Holding
58.3%
12M Momentum
177.1%

52-week range

₹705.85₹2515.80
93% of the way from its 52-week low to its high

Price risk

1Y volatility
52.6%
Beta vs sector
1-year daily
1.01

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.67x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 13.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.67xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.67x (cash from operations ₹1,206 cr, net profit ₹329 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-5 daysWithin range

Debtor days are below the median of the previous three fiscal years by 5 days (55 vs 60). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+10 days / 2 yrsWithin range

Days payable changed by +10 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 2 years, DIIs trimmed 11.9 pts; FIIs added 1.8 pts.
  • The number of shareholders rose from 16,775 to 29,271 (+74%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.3%58.3%0.0 pts
FIIs0.2%2.0%+1.8 pts
DIIs18.3%6.4%-11.9 pts
Public and others23.2%33.3%+10.1 pts

Number of shareholders

29,271shareholders+74% since Dec '23
17k21k25k29k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 16,775
Mar '24: 20,434
Jun '24: 21,226
Sep '24: 22,686
Dec '24: 23,193
Mar '25: 23,657
Jun '25: 22,873
Sep '25: 22,558
Dec '25: 22,678
Mar '26: 22,677
Jun '26: 29,271
 17k21k25k29k Dec '23Dec '24Dec '25Jun '26
Dec '23: 16,775
Mar '24: 20,434
Jun '24: 21,226
Sep '24: 22,686
Dec '24: 23,193
Mar '25: 23,657
Jun '25: 22,873
Sep '25: 22,558
Dec '25: 22,678
Mar '26: 22,677
Jun '26: 29,271

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

+3.5%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 WHEELS INDIA LTD 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 −23% to +63% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (+7.9%, 80% range −1.6% to +21.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ACCURACY · May 2022: −63.0% vs market
NAHARSPING · Jan 2022: −58.9% vs market
REFEX · Jan 2025: −54.8% vs market
KHAICHEM · Mar 2022: −43.8% vs market
SALZERELEC · Nov 2024: −38.6% vs market
PATELENG · Jan 2024: −33.6% vs market
ELECTCAST · Jan 2024: −32.2% vs market
PARADEEP · Aug 2025: −31.7% vs market
DYCL · Nov 2024: −31.1% vs market
TIMETECHNO · Dec 2024: −27.8% vs market
KDDL · Nov 2023: −26.8% vs market
ASHAPURMIN · Nov 2023: −24.6% vs market
VADILALIND · Jan 2023: −22.8% vs market
HINDWAREAP · Oct 2021: −21.6% vs market
PARAGMILK · Oct 2025: −20.9% vs market
PITTIENG · Mar 2022: −11.6% vs market
LTFOODS · Jul 2020: −7.3% vs market
RKFORGE · Nov 2023: −6.6% vs market
VRLLOG · Jun 2022: −5.1% vs market
RAMASTEEL · Oct 2022: −5.0% vs market
EIDPARRY · Jul 2020: −4.0% vs market
PGIL · Feb 2025: −2.9% vs market
KECL · Jun 2023: +0.8% vs market
POWERMECH · May 2023: +1.6% vs market
DPABHUSHAN · Jun 2024: +1.8% vs market
LUMAXIND · Oct 2025: +5.2% vs market
VISHNU · Feb 2022: +5.6% vs market
RAMRAT · Jul 2025: +9.5% vs market
GPTINFRA · Apr 2024: +14.0% vs market
MANAKCOAT · Jan 2025: +14.5% vs market
TCPLPACK · Nov 2022: +23.0% vs market
STEELXIND · Aug 2020: +32.9% vs market
GPIL · Apr 2021: +45.1% vs market
KIRLOSENG · Mar 2023: +46.0% vs market
GRMOVER · Apr 2025: +47.8% vs market
GRAVITA · Jan 2022: +54.6% vs market
SKIPPER · Jul 2023: +57.0% vs market
LUMAXTECH · Sep 2025: +65.2% vs market
KALYANKJIL · Aug 2023: +65.9% vs market
CEMPRO · May 2023: +71.2% vs market
THANGAMAYL · Apr 2025: +76.9% vs market
RVNL · Apr 2023: +80.2% vs market
APARINDS · Feb 2023: +82.1% vs market
SKYGOLD · Jun 2024: +87.7% vs market
RAJRATAN · Jun 2021: +125.5% vs market
JAIBALAJI · Aug 2023: +129.1% vs market
ICIL · Jul 2020: +158.6% vs market
XPROINDIA · Aug 2021: +173.5% vs market
GVT&D · Dec 2023: +250.8% vs market
TARIL · Dec 2023: +319.0% vs market
Similar setups +3.5%All companies −4.4%← 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 · 6 beyond the range shown, drawn at the edge

Similar setups' median
+3.5%
All companies' median
−4.4%
Beat the market
56% vs 45%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PGIL
Consumer Non-Durables		 Feb 2025 28x21% +105%−21% −3%
POWERMECH
Industrial Services		 May 2023 34x18% +226%−1% +2%
GPIL
Non-Energy Minerals		 Apr 2021 20x15% +635%0% +45%
LUMAXTECH
Producer Manufacturing		 Sep 2025 45x19% +122%−6% +65%
RVNL
Industrial Services		 Apr 2023 20x16% +220%0% +80%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HINDWAREAP
Producer Manufacturing		 Oct 2021 66x21% +504%−3% −22%
JAIBALAJI
Non-Energy Minerals		 Aug 2023 68x18% +469%0% +129%
APARINDS
Electronic Technology		 Feb 2023 34x27% +266%−5% +82%
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: drawdown from 12-month high, interest cover and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 WHEELS INDIA LTD. 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.

GOODLUCK INDIAGOODLUCK
Non-Energy Minerals
68%similar
debt/equitymarket cap
PEARL GLOBAL INDUSTRIESPGIL
Consumer Non-Durables
67%similar
revenueROCE
BLACK BOXBBOX
Technology Services
63%similar
revenueoperating margin
PARAG MILK FOODSPARAGMILK
Consumer Non-Durables
63%similar
operating marginvolatility
SAMBHV STEEL TUBESSAMBHV
Non-Energy Minerals
58%similar
ROCEpromoter holding
RANE (MADRAS)RML
Producer Manufacturing
55%similar
operating marginEPS growth
MAN INDUSTRIES INDIAMANINDS
Producer Manufacturing
53%similar
market capEPS growth
STEEL STRIPS WHEELSSSWL
Producer Manufacturing
53%similar
revenuemarket cap

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. SepPriceVolume reached 75.0x its 50-day median on 2026-09-09; price +14.0% that day.
  2. AugPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  3. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  4. MayPriceVolume reached 27.1x its 50-day median on 2026-05-18; price +8.4% that day.
  5. MarResultsRevenue (TTM) reached a new high of ₹5,178 cr.
  6. MarPriceRegained the 2019-03 peak, 72 months after the low.
  7. MarPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
  8. JanValuationP/E fell below the 10th percentile of its own history to date (15.0x).
Show 22 earlier events
  1. JanPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  2. JanPriceVolume reached 12.9x its 50-day median on 2026-01-29; price +1.9% that day.
  3. OctPriceVolume reached 26.4x its 50-day median on 2025-10-08; price +4.5% that day.
  4. SepPriceVolume reached 80.8x its 50-day median on 2025-09-24; price +6.6% that day.
  5. JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  6. JunPriceVolume reached 9.5x its 50-day median on 2025-06-30; price +2.9% that day.
  7. MarPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
  8. JanPriceVolume reached 7.1x its 50-day median on 2025-01-27; price -3.1% that day.
  9. DecValuationP/E fell below the 10th percentile of its own history to date (17.1x).
  10. DecPeer rankMoved into the top quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  11. OctPriceVolume reached 5.2x its 50-day median on 2024-10-28; price +6.2% that day.
  12. SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
  13. JulPriceVolume reached 15.3x its 50-day median on 2024-07-02; price +8.1% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunInstitutionsFII + DII holding fell 5.1 pts over 1 quarter to 13.4%.
  16. JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
  17. JunDebtDebt / equity fell below 1.0x (0.93x).
  18. MayPriceVolume reached 29.6x its 50-day median on 2024-05-21; price +19.7% that day.
  19. JanPriceVolume reached 48.9x its 50-day median on 2024-01-09; price +3.0% that day.
  20. SepPriceVolume reached 8.9x its 50-day median on 2023-09-12; price -3.4% that day.
  21. JunResultsYear-on-year EPS growth turned negative.
  22. JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the top 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
2026-1135.7x₹5690 cr17.3%19.0%0.7x
2026-1030.5x₹5690 cr16.9%19.0%0.7x
2026-0933.2x₹5690 cr16.9%19.0%0.7x
2026-0824.4x₹5465 cr16.1%19.0%0.7x
2026-0722.2x₹5465 cr16.1%19.0%0.7x
2026-0628.2x₹5465 cr16.1%19.0%0.7x
2026-0528.5x₹5178 cr15.9%16.0%0.8x
2026-0422.2x₹5178 cr15.9%16.0%0.8x
2026-0318.0x₹5178 cr15.9%16.0%0.8x
2026-0217.8x₹4932 cr14.5%16.0%0.8x
2026-0115.0x₹4932 cr14.5%16.0%0.8x
2025-1216.9x₹4932 cr14.5%16.0%0.8x
2025-1118.0x₹4844 cr13.6%16.0%0.8x
2025-1018.8x₹4844 cr13.6%16.0%0.8x
2025-0918.9x₹4844 cr13.6%16.0%0.8x
2025-0816.2x₹4744 cr12.8%16.0%0.8x
2025-0716.9x₹4744 cr12.8%16.0%0.8x
2025-0617.9x₹4744 cr12.8%16.0%0.8x
2025-0516.3x₹4738 cr13.9%12.0%0.9x
2025-0414.9x₹4738 cr13.9%12.0%0.9x
2025-0312.7x₹4738 cr13.9%12.0%0.9x
2025-0214.3x₹4823 cr11.9%12.0%0.9x
2025-0117.8x₹4823 cr11.9%12.0%0.9x
2024-1217.1x₹4823 cr11.9%12.0%0.9x
2024-1123.0x₹4931 cr9.3%12.0%0.9x
2024-1021.9x₹4931 cr9.3%12.0%0.9x
2024-0924.4x₹4931 cr9.3%12.0%0.9x
2024-0831.2x₹4977 cr7.4%12.0%0.9x
2024-0732.6x₹4977 cr7.4%12.0%0.9x
2024-0630.9x₹4977 cr7.4%12.0%0.9x
2024-0528.7x₹4640 cr7.1%11.0%1.1x
2024-0425.7x₹4640 cr7.1%11.0%1.1x
2024-0326.0x₹4640 cr7.1%11.0%1.1x
2024-0227.1x₹4640 cr7.1%11.0%1.1x
2024-0128.6x₹4640 cr7.1%11.0%1.1x
2023-1230.2x₹4640 cr7.1%11.0%1.1x
2023-1128.9x₹4640 cr7.1%11.0%1.1x
2023-1030.5x₹4640 cr7.1%11.0%1.1x
2023-0934.3x₹4640 cr7.1%11.0%1.1x
2023-0830.7x₹4640 cr7.1%11.0%1.1x
2023-0733.1x₹4640 cr7.1%11.0%1.1x
2023-0635.4x₹4640 cr7.1%11.0%1.1x
2023-0519.2x₹3966 cr10.6%11.0%1.2x
2023-0416.2x₹3966 cr10.6%11.0%1.2x
2023-0314.1x₹3966 cr10.6%11.0%1.2x
2023-0216.0x₹3966 cr10.6%11.0%1.2x
2023-0117.6x₹3966 cr10.6%11.0%1.2x
2022-1218.1x₹3966 cr10.6%11.0%1.2x
2022-1118.9x₹3966 cr10.6%11.0%1.2x
2022-1019.8x₹3966 cr10.6%11.0%1.2x
2022-0919.6x₹3966 cr10.6%11.0%1.2x
2022-0821.7x₹3966 cr10.6%11.0%1.2x
2022-0722.8x₹3966 cr10.6%11.0%1.2x
2022-0620.0x₹3966 cr10.6%11.0%1.2x
2022-05794.4x₹2413 cr0.3%4.0%1.1x
2022-04824.0x₹2413 cr0.3%4.0%1.1x
2022-03673.9x₹2413 cr0.3%4.0%1.1x
2022-02780.3x₹2413 cr0.3%4.0%1.1x
2022-01938.8x₹2413 cr0.3%4.0%1.1x
2021-12816.2x₹2413 cr0.3%4.0%1.1x

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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