Share price
₹295.3 latest close · −4.1% over the last 90 sessions
₹295.3 month-end · +7.7% over 12 months
₹295.3 month-end · +234.4% over 3 years
₹295.3 month-end · +384.5% since Jan '19
52-week range ₹200.65 to ₹343.90 · 1-year volatility 41.0%
Was the rally earned?
Mostly yes, with a catch.
- Per-share earnings added 34 points, but investors now pay less per rupee of profit (P/E 409.4x to 317.5x), which took 26 points back.
- The share count rose 6%.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 122.6x to 317.5x); per-share earnings added 50 points.
- The share count rose 22%.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 16.1x to 317.5x); per-share earnings took off 244 points.
- The share count rose 29%.
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.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-88.8% (2019-04 peak to 2020-03 low, recovered 2023-09)
-51.9% (2024-12 peak to 2026-03 low, not yet recovered)
-35.2% (2023-12 peak to 2024-03 low, recovered 2024-06)
Most recent volume spikes
2026-09-15: 8.6x the 50-day median, price 0.0% that day
2026-08-20: 5.2x the 50-day median, price +2.0% that day
2026-08-18: 25.7x the 50-day median, price +6.2% 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?
Usual range 22.8x to 366.1x since 2019-01.
974% above the Producer Manufacturing median.
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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.
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
- ROCE6thflat vs a year ago
- Op. margin13th▼ 10 pts vs a year ago
- Revenue growth91st▲ 39 pts vs a year ago
- EPS growth74th
- Debt/equity ↓57th▼ 21 pts vs a year ago
- Cash cycle ↓58th▲ 12 pts vs a year ago
- P/E ↓2ndflat vs a year ago
- 12M momentum63rd▲ 20 pts vs a year ago
Rank history
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?
At a P/E of 317.5x, the price would imply about 52.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Producer Manufacturing The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹295.30
- P/E
- 317.5x
- ROCE
- 2.0%
- Market Cap
- ₹3055 cr
- Revenue (TTM)
- ₹606 cr
- P/S
- 5.0x
- P/B
- 6.2x
- ROE
- 1.9%
- Operating Margin
- 4.2%
- Debt / Equity
- 0.2x
- Promoter Holding
- 43.0%
- 12M Momentum
- 7.7%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance93%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 93.0%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate11%Near threshold
Median quarterly effective tax rate over about 2.5 years: 10.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion—Not enough data
Not enough reported data to compute this.
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-5 daysWithin range
Debtor days are below the median of the previous three fiscal years by 5 days (24 vs 29). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress6% of fixed assetsWithin range
Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-61 days / 2 yrsWithin range
Days payable changed by -61 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.
Who has been buying and selling?
- Over 3 years, promoters trimmed 15.6 pts; FIIs added 2.2 pts; DIIs added 0.7 pts.
- The number of shareholders rose from 17,201 to 19,702 (+15%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like WINDSOR MACHINES 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 −28% to +25% vs the market, against −3% for all non-financial companies in the same months.
- The gap against the base rate (−5.8%, 80% range −13.5% to +3.1%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
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
50 past situations · 50 companies · 32 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| EIFFL Consumer Non-Durables |
Mar 2020 | 209x | 4% | −39% | −44% | −41% |
| SOBHA Finance |
Oct 2025 | 169x | 6% | +2% | −5% | −27% |
| CARTRADE Technology Services |
Jul 2024 | 285x | 4% | +73% | −8% | +168% |
| RATEGAIN Technology Services |
Mar 2023 | 441x | 3% | +3% | −14% | +40% |
| TAJGVK Consumer Services |
Mar 2023 | 569x | 6% | +23% | −18% | +37% |
Show the other 3 matches
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and interest cover. 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.
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What changed?
30 events since Jun '24
- OctResultsYear-on-year EPS growth turned positive.
- SepPromoterPromoter holding fell 3.3 pts to 43.0% (largest drop since 2025-06).
- SepResultsEPS (TTM) turned positive.
- SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- AugPriceVolume reached 31.1x its 50-day median on 2026-08-07; price +9.8% that day.
- JulSharesShare count is up 5.9% over 12 months.
- JunPriceVolume reached 26.0x its 50-day median on 2026-06-09; price +10.2% that day.
- MarResultsEPS (TTM) turned negative.
Show 22 earlier events
- MarPriceFell 52% from the Dec 2024 peak to the Mar 2026 low.
- MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
- JanPriceVolume reached 12.6x its 50-day median on 2026-01-21; price +4.2% that day.
- DecPriceVolume reached 28.6x its 50-day median on 2025-12-04; price +6.2% that day.
- SepResultsRevenue (TTM) reached a new high of ₹401 cr.
- SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
- JunPromoterPromoter holding fell 9.4 pts to 44.5%.
- JunSharesShare count is up 30.8% over 12 months.
- JunPriceVolume reached 6.2x its 50-day median on 2025-06-17; price -2.9% that day.
- AprResultsYear-on-year EPS growth turned negative.
- MarResultsEPS (TTM) turned positive.
- MarValuationP/E crossed above the 90th percentile of its own history to date (508.7x).
- MarPeer rankMoved into the 3rd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
- MarPriceVolume reached 7.1x its 50-day median on 2025-03-25; price +4.9% that day.
- DecPromoterPromoter holding fell 4.6 pts to 53.9%.
- NovPriceVolume reached 11.6x its 50-day median on 2024-11-13; price +8.3% that day.
- JulPriceVolume reached 5.3x its 50-day median on 2024-07-04; price +5.0% that day.
- JunResultsEPS (TTM) turned negative.
- JunPriceRegained the 2023-12 peak, 3 months after the low.
- JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the top quartile).
- JunDividendDividend payout cut from 139% to -42% of profit.
- JunPriceVolume reached 30.6x its 50-day median on 2024-06-18; price +20.0% 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 history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 317.5x | ₹606 cr | 1.9% | 2.0% | 0.2x |
| 2026-10 | 287.0x | ₹606 cr | 1.9% | 2.0% | 0.2x |
| 2026-09 | 322.8x | ₹606 cr | 1.9% | 2.0% | 0.2x |
| 2026-08 | — | ₹570 cr | -0.5% | 2.0% | 0.2x |
| 2026-07 | — | ₹570 cr | -0.5% | 2.0% | 0.2x |
| 2026-06 | — | ₹570 cr | -0.5% | 2.0% | 0.2x |
| 2026-05 | — | ₹507 cr | -2.2% | 1.0% | 0.0x |
| 2026-04 | — | ₹507 cr | -2.2% | 1.0% | 0.0x |
| 2026-03 | — | ₹507 cr | -2.2% | 1.0% | 0.0x |
| 2026-02 | 48.5x | ₹478 cr | 5.2% | 1.0% | 0.0x |
| 2026-01 | 50.7x | ₹478 cr | 5.2% | 1.0% | 0.0x |
| 2025-12 | 52.0x | ₹478 cr | 5.2% | 1.0% | 0.0x |
| 2025-11 | 409.4x | ₹401 cr | 0.9% | 1.0% | 0.0x |
| 2025-10 | 437.3x | ₹401 cr | 0.9% | 1.0% | 0.0x |
| 2025-09 | 438.1x | ₹401 cr | 0.9% | 1.0% | 0.0x |
| 2025-08 | 251.2x | ₹369 cr | 1.7% | 1.0% | 0.0x |
| 2025-07 | 261.0x | ₹369 cr | 1.7% | 1.0% | 0.0x |
| 2025-06 | 307.6x | ₹369 cr | 1.7% | 1.0% | 0.0x |
| 2025-05 | 570.5x | ₹357 cr | 1.8% | 3.0% | 0.1x |
| 2025-04 | 493.8x | ₹357 cr | 1.8% | 3.0% | 0.1x |
| 2025-03 | 508.7x | ₹357 cr | 1.8% | 3.0% | 0.1x |
| 2025-02 | — | ₹337 cr | -21.3% | 3.0% | 0.1x |
| 2025-01 | — | ₹337 cr | -21.3% | 3.0% | 0.1x |
| 2024-12 | — | ₹337 cr | -21.3% | 3.0% | 0.1x |
| 2024-11 | — | ₹367 cr | -3.9% | 3.0% | 0.1x |
| 2024-10 | — | ₹367 cr | -3.9% | 3.0% | 0.1x |
| 2024-09 | — | ₹367 cr | -3.9% | 3.0% | 0.1x |
| 2024-08 | — | ₹355 cr | -3.5% | 3.0% | 0.1x |
| 2024-07 | — | ₹355 cr | -3.5% | 3.0% | 0.1x |
| 2024-06 | — | ₹355 cr | -3.5% | 3.0% | 0.1x |
| 2024-05 | 103.4x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2024-04 | 121.0x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2024-03 | 92.8x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2024-02 | 115.6x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2024-01 | 114.4x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-12 | 118.5x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-11 | 122.6x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-10 | 95.9x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-09 | 105.4x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-08 | 90.5x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-07 | 88.3x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-06 | 84.6x | ₹376 cr | 2.2% | 7.0% | 0.1x |
| 2023-05 | 134.6x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2023-04 | 125.7x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2023-03 | 108.0x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2023-02 | 116.7x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2023-01 | 137.3x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-12 | 128.1x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-11 | 142.1x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-10 | 114.9x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-09 | 106.7x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-08 | 99.0x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-07 | 105.7x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-06 | 91.4x | ₹369 cr | 0.9% | 6.0% | 0.1x |
| 2022-05 | 22.8x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2022-04 | 24.2x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2022-03 | 23.6x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2022-02 | 22.5x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2022-01 | 26.6x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-12 | 23.1x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-11 | 16.1x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-10 | 17.2x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-09 | 17.8x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-08 | 18.1x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-07 | 22.8x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-06 | 22.8x | ₹314 cr | 4.7% | 5.0% | 0.2x |
| 2021-05 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2021-04 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2021-03 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2021-02 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2021-01 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-12 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-11 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-10 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-09 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-08 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-07 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-06 | — | ₹283 cr | -3.6% | 1.0% | 0.2x |
| 2020-05 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2020-04 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2020-03 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2020-02 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2020-01 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-12 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-11 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-10 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-09 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-08 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-07 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-06 | — | ₹350 cr | -1.2% | 5.0% | 0.2x |
| 2019-05 | 36.0x | ₹393 cr | 4.9% | 9.0% | 0.3x |
| 2019-04 | 37.7x | ₹393 cr | 4.9% | 9.0% | 0.3x |
| 2019-03 | 36.3x | ₹393 cr | 4.9% | 9.0% | 0.3x |
| 2019-02 | 33.5x | ₹393 cr | 4.9% | 9.0% | 0.3x |
| 2019-01 | 32.8x | ₹393 cr | 4.9% | 9.0% | 0.3x |