अApnaFunda
Menu

WINDLAS BIOTECH LIMITED (WINDLAS)

Health Technology · Pharmaceuticals: Major · figures to Nov '26

Divergence: price ahead of business
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.71 / 100
Profitability 47Growth 68Balance 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.50 / 100
Price 88Earnings 35FII/DII 28

Passes these screensDebt-light & profitablePrice ahead of businessConsistent compounders

Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIESTORRENT PHARMACEUTICALS

Share price

Closing priceAdjusted for splits and bonus issues.

₹974.25 latest close · +11.7% over the last 90 sessions

₹800₹900₹1,000₹1,100Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹900₹1,000₹1,100Jul 3Sep 4Nov 9

₹974.25 month-end · +24.3% over 12 months

₹800₹1,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹1,000Nov '25May '26Nov '26

₹974.25 month-end · +131.5% over 3 years

₹500₹750₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹500₹750₹1,000Nov '23May '25Nov '26

₹974.25 month-end · +149.2% since Aug '21

₹500₹1,000Aug '21Sep '22Sep '23Oct '24Oct '25Nov '26 ₹500₹1,000Aug '21Apr '24Nov '26

52-week range ₹697.40 to ₹1181.90 · 1-year volatility 38.5%

Was the rally earned?

+24%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 25.2x to 30.9x); per-share earnings added 2 points.
  • The share count fell 3%.
Net profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1 ptsNet profit growthP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +24%+24%Share priceNet profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1ProfitP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +24%+24%Share price
Net profit growth-1 ptsNet profit fell about 1%, which lowers the price.
P/E change+23 ptsThe P/E rose from 25.2x to 30.9x, which lifts the price.
Share count change+3 ptsShare count fell 3%, which lifts the price.
+132%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 71 points and the multiple added 60 points (P/E 21.0x to 30.9x).
  • The share count fell 4%.
Net profit growth: +65 pts. Points of the price return explained by net profit growing (or shrinking).+65 ptsNet profit growthP/E change: +60 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+60 ptsP/E changeShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6 ptsShare count changeShare price: +132%+132%Share priceNet profit growth: +65 pts. Points of the price return explained by net profit growing (or shrinking).+65ProfitP/E change: +60 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+60P/EShare count change: +6 pts. Points of the price return explained by the share count changing. More shares count against the price.+6SharesShare price: +132%+132%Share price
Net profit growth+65 ptsNet profit rose about 52%, which lifts the price.
P/E change+60 ptsThe P/E rose from 21.0x to 30.9x, which lifts the price.
Share count change+6 ptsShare count fell 4%, which lifts the price.
+244%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 255 points, but investors now pay less per rupee of profit (P/E 32.6x to 30.9x), which took 11 points back.
  • The share count rose 12%.
Net profit growth: +277 pts. Points of the price return explained by net profit growing (or shrinking).+277 ptsNet profit growthP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11 ptsP/E changeShare count change: −23 pts. Points of the price return explained by the share count changing. More shares count against the price.−23 ptsShare count changeShare price: +244%+244%Share priceNet profit growth: +277 pts. Points of the price return explained by net profit growing (or shrinking).+277ProfitP/E change: −11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−11P/EShare count change: −23 pts. Points of the price return explained by the share count changing. More shares count against the price.−23SharesShare price: +244%+244%Share price
Net profit growth+277 ptsNet profit rose about 307%, which lifts the price.
P/E change-11 ptsThe P/E fell from 32.6x to 30.9x, which lowers the price.
Share count change-23 ptsShare count rose 12%, 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 SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-49.6%recovered 2023-11
1-year volatility38.5%annualised
Beta vs sector index1.233-year daily, correlation 0.39
Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%20222023202420252026−48.2% 0%−20%−40%202220242026−48.2%
Largest drawdowns

-49.6% (2021-08 peak to 2022-06 low, recovered 2023-11)

-41.0% (2024-12 peak to 2025-02 low, recovered 2026-09)

-24.4% (2026-09 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-11-06: 23.5x the 50-day median, price +7.9% that day

2026-09-07: 5.5x the 50-day median, price +2.5% that day

2026-09-03: 8.7x the 50-day median, price +2.8% 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 todayWithin its usual range
Against its own history75th percentile
CheapestMedian 26.2xDearest

Usual range 14.2x to 35.0x since 2021-08.

Against Health Technology30.9x vs 37.0x
This company
30.9x
Sector median
37.0x

17% below the Health Technology median.

12.1x23.0x34.0x44.9xAug '21Sep '22Oct '23Nov '24Dec '25Nov '2612.1x23.0x34.0x44.9xAug '21May '23Feb '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology 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 Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology 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

  • ROCE59th▼ 3 pts vs a year ago
  • Op. margin34th▼ 3 pts vs a year ago
  • Revenue growth57th▼ 25 pts vs a year ago
  • EPS growth44th▼ 6 pts vs a year ago
  • Debt/equity ↓73rdflat vs a year ago
  • Cash cycle ↓99th▲ 5 pts vs a year ago
  • P/E ↓60th▼ 5 pts vs a year ago
  • 12M momentum64th▲ 29 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 Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~22%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 38.9x, a holder earning 12%/yr needs earnings to grow about 22.1%/yr for 10 years, then trade at 15x.

Delivered9.6%/yrEPS, last 9 fiscal years · 3-yr avg to 3-yr avg
Gap+12.5 ptsimplied minus delivered
Rank270thmost demanding of 856

Over time

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

-3%13%29% Aug 2021Nov 2026 -3%13%29% Aug 2021Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x23.6%24.7%25.8%
15x21.0%22.1%23.2%
20x17.7%18.8%19.9%

Drag a slider to test other assumptions

Implied: 22.1%/yr

Looking back

  • Jan 2022Price implied 14%/yr; EPS has since grown 29%/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 Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹974.25
P/E
30.9x
ROCE
16.0%
Market Cap
₹2011 cr
Revenue (TTM)
₹903 cr
P/S
2.2x
P/B
3.5x
ROE
11.2%
Operating Margin
11.0%
Debt / Equity
0.1x
Promoter Holding
63.3%
12M Momentum
24.3%

52-week range

₹697.40₹1181.90
57% of the way from its 52-week low to its high

Price risk

1Y volatility
38.5%
Beta vs sector
1-year daily
0.84

Balance sheet & cash

Interest cover
operating profit ÷ interest
23.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.52x
Share count, 1Y
+10.0%

Are profits backed by cash?

4 of 7checks within range3 near a threshold
Other income reliance21%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 20.7%. 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 conversion1.52xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.52x (cash from operations ₹282 cr, net profit ₹185 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+12 daysWithin range

Debtor days are above the median of the previous three fiscal years by 12 days (92 vs 80). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress28% of fixed assetsWithin range

Capital work-in-progress is 28% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+35 days / 2 yrsNear threshold

Days payable changed by +35 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 trimmed 1.7 pts; FIIs added 1.2 pts.
  • The number of shareholders fell from 68,798 to 44,996 (-35%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters62.8%63.3%+0.5 pts
FIIs0.8%2.0%+1.2 pts
DIIs11.5%9.8%-1.7 pts
Public and others24.9%24.8%-0.1 pts

Number of shareholders

44,996shareholders-35% since Sep '23
45k53k61k69k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 68,798
Dec '23: 61,900
Mar '24: 51,277
Jun '24: 45,824
Sep '24: 45,706
Dec '24: 46,590
Mar '25: 46,383
Jun '25: 45,887
Sep '25: 45,433
Dec '25: 45,461
Mar '26: 44,769
Jun '26: 44,996
 45k53k61k69k Sep '23Sep '24Sep '25Jun '26
Sep '23: 68,798
Dec '23: 61,900
Mar '24: 51,277
Jun '24: 45,824
Sep '24: 45,706
Dec '24: 46,590
Mar '25: 46,383
Jun '25: 45,887
Sep '25: 45,433
Dec '25: 45,461
Mar '26: 44,769
Jun '26: 44,996

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 WINDLAS BIOTECH 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 −21% to +28% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (+1.3%, 80% range −7.5% to +14.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
FMGOETZE · Feb 2020: −56.7% vs market
BHARATRAS · Jul 2025: −56.1% vs market
SDBL · Jul 2025: −55.1% vs market
DOLLAR · Apr 2022: −39.4% vs market
MOREPENLAB · Aug 2024: −36.6% vs market
GANESHBE · Apr 2023: −31.5% vs market
MAYURUNIQ · Apr 2023: −30.0% vs market
JTEKTINDIA · Sep 2025: −29.0% vs market
HONDAPOWER · Jan 2020: −28.1% vs market
ALBERTDAVD · Jun 2020: −27.1% vs market
FLAIR · Aug 2025: −25.4% vs market
SUBROS · Aug 2025: −23.7% vs market
INTELLECT · Oct 2023: −22.2% vs market
VRLLOG · Feb 2020: −17.6% vs market
TTKHLTCARE · Apr 2020: −15.0% vs market
BSOFT · Sep 2023: −14.2% vs market
DICIND · Jun 2020: −13.2% vs market
CYIENT · Jun 2021: −12.0% vs market
NILKAMAL · Jan 2020: −11.9% vs market
SUNDROP · Sep 2020: −9.6% vs market
PLASTIBLEN · Feb 2020: −7.0% vs market
FIEMIND · Dec 2022: −4.8% vs market
FDC · Sep 2023: −3.1% vs market
STARCEMENT · Jul 2023: −1.9% vs market
AUTOAXLES · Nov 2022: −0.7% vs market
SJS · Sep 2023: +0.8% vs market
CIGNITITEC · May 2023: +10.9% vs market
BHAGCHEM · Jun 2023: +11.4% vs market
KSB · Apr 2020: +12.6% vs market
GRAUWEIL · Oct 2022: +14.3% vs market
ZENSARTECH · Apr 2024: +15.4% vs market
AEGISLOG · Jan 2020: +15.5% vs market
ADOR · Feb 2023: +16.3% vs market
DODLA · Nov 2023: +16.8% vs market
FINPIPE · Apr 2020: +17.8% vs market
PRICOLLTD · Dec 2023: +21.6% vs market
INDNIPPON · Oct 2025: +24.8% vs market
GEOJITFSL · Nov 2020: +28.6% vs market
NEWGEN · Mar 2021: +33.2% vs market
RSYSTEMS · Jan 2020: +38.9% vs market
MARKSANS · Mar 2024: +41.3% vs market
JAMNAAUTO · Jun 2021: +44.2% vs market
APCOTEXIND · Aug 2021: +60.8% vs market
CONTROLPR · Jan 2023: +60.9% vs market
TDPOWERSYS · Dec 2022: +72.6% vs market
NRBBEARING · Oct 2025: +72.8% vs market
GABRIEL · Jan 2025: +91.1% vs market
SHRIPISTON · Feb 2023: +91.8% vs market
RAILTEL · Jul 2023: +105.7% vs market
ACE · Dec 2022: +114.9% vs market
Similar setups +0.1%All companies −1.2%← 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
−1.2%
Beat the market
50% vs 49%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GRAUWEIL
Process Industries		 Oct 2022 27x19% +55%−6% +14%
MAYURUNIQ
Process Industries		 Apr 2023 24x18% +36%−6% −30%
ACE
Producer Manufacturing		 Dec 2022 35x21% +37%−12% +115%
STARCEMENT
Producer Manufacturing		 Jul 2023 24x17% +66%−3% −2%
SJS
Producer Manufacturing		 Sep 2023 31x21% +59%−5% +1%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DODLA
Consumer Non-Durables		 Nov 2023 40x16% +68%−3% +17%
KSB
Producer Manufacturing		 Apr 2020 17x16% −26%−34% +13%
TDPOWERSYS
Producer Manufacturing		 Dec 2022 26x16% +32%−12% +73%
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, ROCE and 12-month momentum. 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 WINDLAS BIOTECH 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.

ADOR WELDINGADOR
Producer Manufacturing
67%similar
revenue growthoperating margin
INDIA NIPPON ELECTRICALSINDNIPPON
Producer Manufacturing
67%similar
operating marginROCE
THEJO ENGINEERINGTHEJO
Distribution Services
67%similar
market capEPS growth
TALBROS AUTOMOTIVE COMPONENTSTALBROAUTO
Producer Manufacturing
66%similar
revenuemarket cap
NDR AUTO COMPONENTSNDRAUTO
Producer Manufacturing
65%similar
operating marginrevenue
ANUH PHARMAANUHPHR
Health Technology
52%similar
volatilityrevenue
LINCOLN PHARMACEUTICALSLINCOLN
Health Technology
48%similar
ROCErevenue
KILITCH DRUGS (I)KILITCH
Health Technology
47%similar
promoter holdingrevenue growth

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

What changed?

30 events since Aug '22

  1. NovPriceVolume reached 23.5x its 50-day median on 2026-11-06; price +7.9% that day.
  2. SepPriceRegained the 2024-12 peak, 19 months after the low.
  3. SepPeer rankSlipped to the 3rd quartile of Health Technology on EPS growth (from the 2nd quartile).
  4. AugPriceVolume reached 58.7x its 50-day median on 2026-08-11; price +12.3% that day.
  5. JunSharesShare count is up 10.0% over 12 months.
  6. AprPriceVolume reached 8.0x its 50-day median on 2026-04-17; price -0.5% that day.
  7. NovPriceVolume reached 9.6x its 50-day median on 2025-11-07; price -5.7% that day.
  8. SepPeer rankMoved into the 2nd quartile of Health Technology on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. AugPriceVolume reached 33.0x its 50-day median on 2025-08-13; price +11.9% that day.
  2. MayPriceVolume reached 7.0x its 50-day median on 2025-05-23; price -5.5% that day.
  3. MarPeer rankSlipped to the 3rd quartile of Health Technology on EPS growth (from the 2nd quartile).
  4. FebPriceFell 41% from the Dec 2024 peak to the Feb 2025 low.
  5. FebPriceVolume reached 23.7x its 50-day median on 2025-02-20; price +18.1% that day.
  6. OctValuationP/E crossed above the 90th percentile of its own history to date (39.0x).
  7. AugPriceVolume reached 7.6x its 50-day median on 2024-08-13; price -12.0% that day.
  8. JunPeer rankSlipped to the 2nd quartile of Health Technology on EPS growth (from the top quartile).
  9. MayPriceVolume reached 16.7x its 50-day median on 2024-05-21; price +9.9% that day.
  10. MarResultsRevenue (TTM) reached a new high of ₹601 cr.
  11. MarPeer rankMoved into the top quartile of Health Technology on EPS growth (from the 2nd quartile).
  12. JanPriceVolume reached 40.5x its 50-day median on 2024-01-02; price +10.8% that day.
  13. NovPriceRegained the 2021-08 peak, 17 months after the low.
  14. NovPriceVolume reached 14.7x its 50-day median on 2023-11-20; price +4.1% that day.
  15. SepPeer rankSlipped to the 2nd quartile of Health Technology on EPS growth (from the top quartile).
  16. JulPriceVolume reached 40.6x its 50-day median on 2023-07-07; price +9.6% that day.
  17. JunResultsRevenue (TTM) reached a new high of ₹513 cr.
  18. JunPriceVolume reached 39.0x its 50-day median on 2023-06-16; price +8.9% that day.
  19. MarPriceVolume reached 8.7x its 50-day median on 2023-03-01; price -3.2% that day.
  20. OctPriceVolume reached 11.1x its 50-day median on 2022-10-25; price -5.5% that day.
  21. SepPriceVolume reached 16.3x its 50-day median on 2022-09-13; price +6.4% that day.
  22. AugSharesShare count is up 83.3% over 12 months.

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
2026-1130.9x₹903 cr11.2%16.0%0.1x
2026-1027.7x₹903 cr11.5%16.0%0.1x
2026-0934.6x₹903 cr11.5%16.0%0.1x
2026-0831.5x₹903 cr11.5%16.0%0.1x
2026-0727.2x₹903 cr11.5%16.0%0.1x
2026-0627.2x₹903 cr11.5%16.0%0.1x
2026-0526.2x₹868 cr13.3%17.0%0.1x
2026-0426.8x₹868 cr13.3%17.0%0.1x
2026-0323.2x₹868 cr13.3%17.0%0.1x
2026-0223.5x₹830 cr13.5%17.0%0.1x
2026-0126.4x₹830 cr13.5%17.0%0.1x
2025-1224.8x₹830 cr13.5%17.0%0.1x
2025-1125.2x₹795 cr13.1%17.0%0.1x
2025-1030.4x₹795 cr13.1%17.0%0.1x
2025-0929.1x₹795 cr13.1%17.0%0.1x
2025-0834.2x₹760 cr12.1%17.0%0.1x
2025-0733.9x₹760 cr12.1%17.0%0.1x
2025-0630.5x₹760 cr12.1%17.0%0.1x
2025-0530.9x₹728 cr13.8%18.0%0.0x
2025-0432.7x₹728 cr13.8%18.0%0.0x
2025-0335.2x₹728 cr13.8%18.0%0.0x
2025-0226.0x₹695 cr13.6%18.0%0.0x
2025-0133.0x₹695 cr13.6%18.0%0.0x
2024-1235.4x₹695 cr13.6%18.0%0.0x
2024-1138.2x₹661 cr13.1%18.0%0.0x
2024-1039.0x₹661 cr13.1%18.0%0.0x
2024-0929.2x₹661 cr13.1%18.0%0.0x
2024-0829.3x₹631 cr12.9%18.0%0.0x
2024-0729.5x₹631 cr12.9%18.0%0.0x
2024-0625.6x₹631 cr12.9%18.0%0.0x
2024-0525.1x₹601 cr12.9%14.0%0.0x
2024-0421.9x₹601 cr12.9%14.0%0.0x
2024-0320.3x₹601 cr12.9%14.0%0.0x
2024-0225.1x₹513 cr10.7%14.0%0.0x
2024-0124.4x₹513 cr10.7%14.0%0.0x
2023-1221.4x₹513 cr10.7%14.0%0.0x
2023-1121.0x₹513 cr10.7%14.0%0.0x
2023-1016.7x₹513 cr10.7%14.0%0.0x
2023-0917.8x₹513 cr10.7%14.0%0.0x
2023-0818.6x₹513 cr10.7%14.0%0.0x
2023-0716.7x₹513 cr10.7%14.0%0.0x
2023-0614.9x₹513 cr10.7%14.0%0.0x
2023-0515.0x₹466 cr9.6%15.0%0.0x
2023-0414.5x₹466 cr9.6%15.0%0.0x
2023-0312.9x₹466 cr9.6%15.0%0.0x
2023-0214.6x₹466 cr9.6%15.0%0.0x
2023-0114.1x₹466 cr9.6%15.0%0.0x
2022-1214.3x₹466 cr9.6%15.0%0.0x
2022-1115.1x₹466 cr9.6%15.0%0.0x
2022-1012.9x₹466 cr9.6%15.0%0.0x
2022-0913.4x₹466 cr9.6%15.0%0.0x
2022-0812.8x₹466 cr9.6%15.0%0.0x
2022-0712.1x₹466 cr9.6%15.0%0.0x
2022-0612.5x₹466 cr9.6%15.0%0.0x
2022-0526.1x₹428 cr8.0%19.0%0.2x
2022-0428.8x₹428 cr8.0%19.0%0.2x
2022-0324.1x₹428 cr8.0%19.0%0.2x
2022-0228.0x₹428 cr8.0%19.0%0.2x
2022-0129.9x₹428 cr8.0%19.0%0.2x
2021-1231.7x₹428 cr8.0%19.0%0.2x

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.

Feedback