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XPRO INDIA LTD (XPROINDIA)

Process Industries · Industrial Specialties · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.38 / 100
Profitability 29Growth 32Balance sheet 53
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.64 / 100
Price 73Earnings 66FII/DII 53

Passes these screensLittle growth priced in

Compare withASIAN PAINTS INDIASOLAR INDUSTRIES INDIAPIDILITE INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,102.3 latest close · −26.3% over the last 90 sessions

₹1,000₹1,200₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,000₹1,200₹1,400Jul 3Sep 4Nov 9

₹1,102.3 month-end · +7.1% over 12 months

₹1,000₹1,200₹1,400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,000₹1,200₹1,400Nov '25May '26Nov '26

₹1,102.3 month-end · +23.9% over 3 years

₹1,000₹1,200₹1,400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,000₹1,200₹1,400Nov '23May '25Nov '26

₹1,102.3 month-end · +4353.7% since Jan '19

₹0₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹788.05 to ₹1574.80 · 1-year volatility 52.0%

Was the rally earned?

+7%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 53 points, but investors now pay less per rupee of profit (P/E 123.1x to 79.2x), which took 46 points back.
  • The share count rose 6%.
Net profit growth: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59 ptsNet profit growthP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46 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: +7%+7%Share priceNet profit growth: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59ProfitP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: +7%+7%Share price
Net profit growth+59 ptsNet profit rose about 76%, which lifts the price.
P/E change-46 ptsThe P/E fell from 123.1x to 79.2x, which lowers the price.
Share count change-6 ptsShare count rose 6%, which lowers the price.
+24%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 35.7x to 79.2x); per-share earnings took off 65 points.
  • The share count rose 30%.
Net profit growth: −36 pts. Points of the price return explained by net profit growing (or shrinking).−36 ptsNet profit growthP/E change: +89 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+89 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: +24%+24%Share priceNet profit growth: −36 pts. Points of the price return explained by net profit growing (or shrinking).−36ProfitP/E change: +89 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+89P/EShare count change: −29 pts. Points of the price return explained by the share count changing. More shares count against the price.−29SharesShare price: +24%+24%Share price
Net profit growth-36 ptsNet profit fell about 27%, which lowers the price.
P/E change+89 ptsThe P/E rose from 35.7x to 79.2x, which lifts the price.
Share count change-29 ptsShare count rose 30%, which lowers the price.
+112%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 161 points, but investors now pay less per rupee of profit (P/E 110.1x to 79.2x), which took 49 points back.
  • The share count rose 38%.
Net profit growth: +210 pts. Points of the price return explained by net profit growing (or shrinking).+210 ptsNet profit growthP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49 ptsP/E changeShare count change: −48 pts. Points of the price return explained by the share count changing. More shares count against the price.−48 ptsShare count changeShare price: +112%+112%Share priceNet profit growth: +210 pts. Points of the price return explained by net profit growing (or shrinking).+210ProfitP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49P/EShare count change: −48 pts. Points of the price return explained by the share count changing. More shares count against the price.−48SharesShare price: +112%+112%Share price
Net profit growth+210 ptsNet profit rose about 308%, which lifts the price.
P/E change-49 ptsThe P/E fell from 110.1x to 79.2x, which lowers the price.
Share count change-48 ptsShare count rose 38%, 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 ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-71.1%recovered 2021-02
1-year volatility52.0%annualised
Beta vs sector index0.893-year daily, correlation 0.32
Volume spikes9last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−67.2% 0%−20%−40%−60%2020202220242026−67.2%
Largest drawdowns

-71.1% (2019-01 peak to 2020-03 low, recovered 2021-02)

-50.3% (2024-12 peak to 2026-03 low, not yet recovered)

-49.9% (2022-03 peak to 2023-02 low, recovered 2023-10)

Most recent volume spikes

2026-11-04: 5x the 50-day median, price +10.7% that day

2026-10-19: 8.3x the 50-day median, price +1.8% that day

2026-09-07: 7.4x 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?

79.2xP/E todayWithin its usual range
Against its own history69th percentile
CheapestMedian 51.8xDearest

Usual range 11.2x to 167.9x since 2019-01.

Against Process Industries79.2x vs 18.1x
This company
79.2x
Sector median
18.1x

338% above the Process Industries median.

3.7x146.2x288.6x431.1xJan '19Aug '20Mar '22Oct '23May '25Nov '263.7x146.2x288.6x431.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries 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 Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries 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

  • ROCE17th▼ 17 pts vs a year ago
  • Op. margin40th▲ 32 pts vs a year ago
  • Revenue growth20th▼ 49 pts vs a year ago
  • EPS growth82nd▲ 69 pts vs a year ago
  • Debt/equity ↓45thflat vs a year ago
  • Cash cycle ↓67th▼ 15 pts vs a year ago
  • P/E ↓9th▲ 5 pts vs a year ago
  • 12M momentum68th▲ 34 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 Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~30%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 67.4x, a holder earning 12%/yr needs earnings to grow about 29.7%/yr for 10 years, then trade at 15x.

Delivered115.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−30.3 ptsimplied minus delivered
Rank819thmost demanding of 856

Over time

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

-3%56%115% Jan 2019Nov 2026 -3%56%115% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x31.3%32.5%33.7%
15x28.5%29.7%30.8%
20x25.0%26.1%27.2%

Drag a slider to test other assumptions

Implied: 29.7%/yr

Looking back

  • Jan 2020Price implied 9%/yr; EPS has since grown 30%/yr (7.0 yrs)
  • Jan 2021Price implied 38%/yr; EPS has since grown 81%/yr (6.0 yrs)
  • Jan 2022Price implied 64%/yr; EPS has since grown 12%/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 Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1102.30
P/E
79.2x
ROCE
4.0%
Market Cap
₹2587 cr
Revenue (TTM)
₹535 cr
P/S
4.8x
P/B
3.4x
ROE
4.3%
Operating Margin
9.1%
Debt / Equity
0.4x
Promoter Holding
40.3%
12M Momentum
7.1%

52-week range

₹788.05₹1574.80
40% of the way from its 52-week low to its high

Price risk

1Y volatility
52.0%
Beta vs sector
1-year daily
0.80

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.75x
Share count, 1Y
+4.5%

Are profits backed by cash?

4 of 7checks within range1 beyond a threshold
Other income reliance41%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 41.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.75xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.75x (cash from operations ₹77 cr, net profit ₹102 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+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (50 vs 43). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress77% of fixed assetsWithin range

Capital work-in-progress is 77% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-11 days / 2 yrsWithin range

Days payable changed by -11 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, promoters trimmed 4.9 pts; DIIs added 2.4 pts; FIIs added 1.8 pts.
  • The number of shareholders fell from 29,179 to 27,413 (-6%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters45.3%40.3%-4.9 pts
FIIs12.0%13.8%+1.8 pts
DIIs0.5%2.9%+2.4 pts
Public and others42.1%42.9%+0.8 pts

Number of shareholders

27,413shareholders-6% since Dec '23
27k28k28k29k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 29,179
Mar '24: 28,186
Jun '24: 27,797
Sep '24: 27,137
Dec '24: 28,255
Mar '25: 28,276
Jun '25: 28,580
Sep '25: 28,455
Dec '25: 28,189
Mar '26: 27,435
Jun '26: 27,413
 27k28k28k29k Dec '23Dec '24Dec '25Jun '26
Dec '23: 29,179
Mar '24: 28,186
Jun '24: 27,797
Sep '24: 27,137
Dec '24: 28,255
Mar '25: 28,276
Jun '25: 28,580
Sep '25: 28,455
Dec '25: 28,189
Mar '26: 27,435
Jun '26: 27,413

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

−8.5%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 XPRO 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 −33% to +34% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (−4.9%, 80% range −11.6% to +6.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ROSSELLIND · May 2024: −84.7% vs market
RAMASTEEL · Jun 2025: −63.2% vs market
PRECAM · Jan 2025: −53.1% vs market
ABREL · Jan 2025: −44.6% vs market
SAKAR · Jan 2024: −40.9% vs market
ORCHPHARMA · May 2024: −40.3% vs market
TAJGVK · Jan 2020: −37.3% vs market
KOKUYOCMLN · May 2020: −36.4% vs market
MEDICAMEQ · Nov 2022: −35.6% vs market
POKARNA · May 2022: −34.6% vs market
GOCLCORP · Jan 2020: −34.6% vs market
NGLFINE · Aug 2023: −34.3% vs market
BORORENEW · Oct 2022: −34.1% vs market
BHAGCHEM · Dec 2024: −30.6% vs market
RAJTV · Feb 2020: −30.6% vs market
JTEKTINDIA · Mar 2021: −29.0% vs market
HINDOILEXP · Dec 2021: −27.4% vs market
TASTYBITE · Jul 2025: −23.0% vs market
YUKEN · May 2024: −15.1% vs market
JAICORPLTD · Aug 2020: −14.7% vs market
HESTERBIO · Apr 2025: −14.1% vs market
DPSCLTD · Feb 2021: −12.4% vs market
SOBHA · Dec 2024: −12.3% vs market
APCOTEXIND · Oct 2022: −9.9% vs market
NELCO · Jun 2025: −8.6% vs market
INDIACEM · Nov 2022: −8.4% vs market
KCP · May 2021: −2.3% vs market
UNICHEMLAB · May 2023: +1.3% vs market
BOROLTD · Jan 2024: +2.0% vs market
SYNCOMF · Jan 2024: +4.5% vs market
NEOGEN · May 2025: +8.2% vs market
ASHIANA · Aug 2025: +9.6% vs market
BEML · Mar 2021: +17.2% vs market
KINGFA · Aug 2021: +18.4% vs market
VRLLOG · Dec 2021: +21.9% vs market
AVALON · Jan 2025: +22.6% vs market
IGPL · Apr 2021: +31.5% vs market
RESPONIND · Jun 2023: +35.2% vs market
ASTRAMICRO · Oct 2022: +39.1% vs market
HIRECT · Feb 2025: +42.4% vs market
ANANTRAJ · Nov 2021: +42.5% vs market
ARVSMART · Aug 2023: +49.0% vs market
ELGIEQUIP · May 2021: +52.5% vs market
HBLENGINE · Mar 2022: +58.2% vs market
SRHHYPOLTD · May 2020: +60.8% vs market
DIACABS · May 2025: +67.6% vs market
TIRUMALCHM · Dec 2020: +74.7% vs market
PREMEXPLN · Sep 2023: +81.1% vs market
ITI · May 2023: +96.5% vs market
GENUSPOWER · Aug 2022: +178.1% vs market
Similar setups −8.5%All companies −3.6%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median
−8.5%
All companies' median
−3.6%
Beat the market
46% vs 46%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JAICORPLTD
Process Industries		 Aug 2020 50x3% +26%−20% −15%
APCOTEXIND
Process Industries		 Oct 2022 68x— +25%−25% −10%
AVALON
Electronic Technology		 Jan 2025 151x6% +21%−35% +23%
DIACABS
Producer Manufacturing		 May 2025 145x— +18%−39% +68%
ARVSMART
Finance		 Aug 2023 60x9% +48%−16% +49%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BOROLTD
Producer Manufacturing		 Jan 2024 78x6% +85%−6% +2%
ANANTRAJ
Consumer Durables		 Nov 2021 181x1% +147%−17% +43%
BHAGCHEM
Process Industries		 Dec 2024 157x8% +95%−30% −31%
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, size and drawdown from 12-month high. 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 XPRO 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.

NELCONELCO
Electronic Technology
76%similar
operating marginrevenue growth
KOPRANKOPRAN
Health Technology
72%similar
volatilityoperating margin
WALCHANDNAGAR INDUSTRIESWALCHANNAG
Producer Manufacturing
72%similar
ROCEoperating margin
SOM DISTILLERIES N BREWERIES LSDBL
Consumer Non-Durables
68%similar
promoter holdingvolatility
ZIM LABORATORIESZIMLAB
Health Technology
68%similar
debt/equityROCE
BHAGIRADHA CHEMICALS AND INDUSBHAGCHEM
Process Industries
69%similar
market capEPS growth
NACL INDUSTRIESNACLIND
Process Industries
66%similar
debt/equitymarket cap
CAMLIN FINE SCIENCESCAMLINFINE
Process Industries
63%similar
ROCErevenue growth

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

What changed?

30 events since Oct '23

  1. OctPriceVolume reached 8.3x its 50-day median on 2026-10-19; price +1.8% that day.
  2. SepResultsYear-on-year EPS growth turned positive.
  3. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  4. SepPriceVolume reached 38.5x its 50-day median on 2026-09-02; price +13.2% that day.
  5. JunPeer rankSlipped to the bottom quartile of Process Industries on ROCE (from the 3rd quartile).
  6. JunPriceVolume reached 32.5x its 50-day median on 2026-06-16; price +15.2% that day.
  7. MarPriceFell 50% from the Dec 2024 peak to the Mar 2026 low.
  8. MarPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. JanPriceVolume reached 31.7x its 50-day median on 2026-01-14; price +14.8% that day.
  2. DecPromoterPromoter holding fell 2.1 pts to 40.3% (largest drop since 2024-06).
  3. DecValuationP/E crossed above the 90th percentile of its own history to date (159.4x).
  4. DecPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  5. SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
  6. SepPriceVolume reached 12.1x its 50-day median on 2025-09-22; price +7.8% that day.
  7. JunResultsRevenue (TTM) reached a new high of ₹535 cr.
  8. JunPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
  9. MayPriceVolume reached 6.7x its 50-day median on 2025-05-30; price -1.0% that day.
  10. FebPriceVolume reached 6.0x its 50-day median on 2025-02-10; price -4.4% that day.
  11. NovPriceRegained the 2024-02 peak, 5 months after the low.
  12. NovPriceVolume reached 25.6x its 50-day median on 2024-11-27; price +17.2% that day.
  13. SepPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
  14. JunPromoterPromoter holding fell 2.8 pts to 42.5%.
  15. JunInstitutionsFII + DII holding rose 5.5 pts over 1 quarter to 18.1%.
  16. JunPriceFell 28% from the Feb 2024 peak to the Jun 2024 low.
  17. JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
  18. JunSharesShare count is up 22.2% over 12 months.
  19. AprDebtDebt / equity halved over 12 months to 0.17x.
  20. JanPriceVolume reached 8.2x its 50-day median on 2024-01-03; price +9.5% that day.
  21. DecPriceVolume reached 7.5x its 50-day median on 2023-12-19; price -4.6% that day.
  22. OctPriceRegained the 2022-03 peak, 8 months after the low.

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
2026-1179.2x₹535 cr4.3%4.0%0.4x
2026-1072.5x₹535 cr4.3%4.0%0.4x
2026-0983.5x₹535 cr4.3%4.0%0.4x
2026-08142.1x₹505 cr2.6%4.0%0.4x
2026-07185.7x₹505 cr2.6%4.0%0.4x
2026-06172.7x₹505 cr2.6%4.0%0.4x
2026-05202.3x₹529 cr2.1%8.0%0.4x
2026-04185.1x₹529 cr2.1%8.0%0.4x
2026-03184.1x₹529 cr2.1%8.0%0.4x
2026-02151.2x₹528 cr2.2%8.0%0.4x
2026-01158.0x₹528 cr2.2%8.0%0.4x
2025-12159.4x₹528 cr2.2%8.0%0.4x
2025-11123.1x₹542 cr3.0%8.0%0.4x
2025-10132.5x₹542 cr3.0%8.0%0.4x
2025-09135.3x₹542 cr3.0%8.0%0.4x
2025-0866.2x₹535 cr6.2%8.0%0.4x
2025-0765.1x₹535 cr6.2%8.0%0.4x
2025-0669.4x₹535 cr6.2%8.0%0.4x
2025-0559.9x₹505 cr7.8%15.0%0.1x
2025-0451.8x₹505 cr7.8%15.0%0.1x
2025-0359.0x₹505 cr7.8%15.0%0.1x
2025-0248.1x₹497 cr8.4%15.0%0.1x
2025-0158.3x₹497 cr8.4%15.0%0.1x
2024-1268.7x₹497 cr8.4%15.0%0.1x
2024-1167.8x₹473 cr8.3%15.0%0.1x
2024-1050.3x₹473 cr8.3%15.0%0.1x
2024-0952.1x₹473 cr8.3%15.0%0.1x
2024-0854.9x₹465 cr7.8%15.0%0.1x
2024-0746.4x₹465 cr7.8%15.0%0.1x
2024-0646.1x₹465 cr7.8%15.0%0.1x
2024-0539.3x₹509 cr19.3%25.0%0.2x
2024-0444.1x₹509 cr19.3%25.0%0.2x
2024-0344.9x₹509 cr19.3%25.0%0.2x
2024-0247.2x₹509 cr19.3%25.0%0.2x
2024-0149.1x₹509 cr19.3%25.0%0.2x
2023-1241.7x₹509 cr19.3%25.0%0.2x
2023-1135.7x₹509 cr19.3%25.0%0.2x
2023-1040.9x₹509 cr19.3%25.0%0.2x
2023-0942.5x₹509 cr19.3%25.0%0.2x
2023-0838.1x₹509 cr19.3%25.0%0.2x
2023-0734.8x₹509 cr19.3%25.0%0.2x
2023-0633.2x₹509 cr19.3%25.0%0.2x
2023-0528.4x₹469 cr26.2%22.0%0.5x
2023-0431.0x₹469 cr26.2%22.0%0.5x
2023-0327.3x₹469 cr26.2%22.0%0.5x
2023-0221.5x₹469 cr26.2%22.0%0.5x
2023-0125.7x₹469 cr26.2%22.0%0.5x
2022-1226.8x₹469 cr26.2%22.0%0.5x
2022-1127.8x₹469 cr26.2%22.0%0.5x
2022-1029.0x₹469 cr26.2%22.0%0.5x
2022-0926.1x₹469 cr26.2%22.0%0.5x
2022-0829.7x₹469 cr26.2%22.0%0.5x
2022-0730.5x₹469 cr26.2%22.0%0.5x
2022-0631.3x₹469 cr26.2%22.0%0.5x
2022-05148.1x₹370 cr8.9%13.0%1.5x
2022-04190.6x₹370 cr8.9%13.0%1.5x
2022-03207.2x₹370 cr8.9%13.0%1.5x
2022-02139.5x₹370 cr8.9%13.0%1.5x
2022-01138.1x₹370 cr8.9%13.0%1.5x
2021-12132.4x₹370 cr8.9%13.0%1.5x

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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