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ZEN TECHNOLOGIES LTD (ZENTEC)

Technology Services · Information Technology Services · 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.86 / 100
Profitability 69Growth 88Balance 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.53 / 100
Price 65Earnings 6FII/DII 89

Passes these screensHigh MomentumDebt-light & profitableLittle growth priced inConsistent compounders

Compare withTATA CONSULTANCY SERVICESINFOSYSHCL TECHNOLOGIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,712.6 latest close · −2.0% over the last 90 sessions

₹1,600₹1,800₹2,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,600₹1,800₹2,000Jul 3Sep 4Nov 9

₹1,712.6 month-end · +21.7% over 12 months

₹1,400₹1,600₹1,800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,400₹1,600₹1,800Nov '25May '26Nov '26

₹1,712.6 month-end · +121.7% over 3 years

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

₹1,712.6 month-end · +2166.8% since Jan '19

₹0₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1223.00 to ₹2043.70 · 1-year volatility 38.3%

Was the rally earned?

+22%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 50.6x to 85.8x); per-share earnings took off 37 points.
  • The share count rose 4%.
Net profit growth: −33 pts. Points of the price return explained by net profit growing (or shrinking).−33 ptsNet profit growthP/E change: +58 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+58 ptsP/E changeShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4 ptsShare count changeShare price: +22%+22%Share priceNet profit growth: −33 pts. Points of the price return explained by net profit growing (or shrinking).−33ProfitP/E change: +58 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+58P/EShare count change: −4 pts. Points of the price return explained by the share count changing. More shares count against the price.−4SharesShare price: +22%+22%Share price
Net profit growth-33 ptsNet profit fell about 26%, which lowers the price.
P/E change+58 ptsThe P/E rose from 50.6x to 85.8x, which lifts the price.
Share count change-4 ptsShare count rose 4%, which lowers the price.
+122%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 200 points, but investors now pay less per rupee of profit (P/E 143.6x to 85.8x), which took 79 points back.
  • The share count rose 9%.
Net profit growth: +214 pts. Points of the price return explained by net profit growing (or shrinking).+214 ptsNet profit growthP/E change: −79 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−79 ptsP/E changeShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14 ptsShare count changeShare price: +122%+122%Share priceNet profit growth: +214 pts. Points of the price return explained by net profit growing (or shrinking).+214ProfitP/E change: −79 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−79P/EShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: +122%+122%Share price
Net profit growth+214 ptsNet profit rose about 306%, which lifts the price.
P/E change-79 ptsThe P/E fell from 143.6x to 85.8x, which lowers the price.
Share count change-14 ptsShare count rose 9%, which lowers the price.
+735%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 1363 points, but investors now pay less per rupee of profit (P/E 525.6x to 85.8x), which took 628 points back.
  • The share count rose 13%.
Net profit growth: +1404 pts. Points of the price return explained by net profit growing (or shrinking).+1404 ptsNet profit growthP/E change: −628 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−628 ptsP/E changeShare count change: −41 pts. Points of the price return explained by the share count changing. More shares count against the price.−41 ptsShare count changeShare price: +735%+735%Share priceNet profit growth: +1404 pts. Points of the price return explained by net profit growing (or shrinking).+1404ProfitP/E change: −628 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−628P/EShare count change: −41 pts. Points of the price return explained by the share count changing. More shares count against the price.−41SharesShare price: +735%+735%Share price
Net profit growth+1404 ptsNet profit rose about 5658%, which lifts the price.
P/E change-628 ptsThe P/E fell from 525.6x to 85.8x, which lowers the price.
Share count change-41 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 TATA CONSULTANCY SERVICES

How rough has the ride been?

Maximum drawdown-73.3%recovered 2020-08
1-year volatility38.3%annualised
Beta vs sector index0.373-year daily, correlation 0.15
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−69.8% 0%−20%−40%−60%2020202220242026−69.8%
Largest drawdowns

-73.3% (2019-01 peak to 2020-03 low, recovered 2020-08)

-62.3% (2024-12 peak to 2025-02 low, not yet recovered)

-38.6% (2021-12 peak to 2022-05 low, recovered 2023-02)

Most recent volume spikes

2026-11-02: 18.2x the 50-day median, price +8.3% 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?

85.8xP/E todayWithin its usual range
Against its own history56th percentile
CheapestMedian 80.4xDearest

Usual range 11.3x to 722.8x since 2019-01.

Against Technology Services85.8x vs 21.1x
This company
85.8x
Sector median
21.1x

307% above the Technology Services median.

6.6x500.9x995.3x1489.6xJan '19Aug '20Mar '22Oct '23May '25Nov '266.6x500.9x995.3x1489.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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

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P/S (this company)10th to 90th percentile of its own historyIts medianTechnology Services median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Technology Services is valued

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE52nd▼ 35 pts vs a year ago
  • Op. margin86th▼ 10 pts vs a year ago
  • Revenue growth7th▼ 83 pts vs a year ago
  • EPS growth15th▼ 68 pts vs a year ago
  • Debt/equity ↓81st▲ 17 pts vs a year ago
  • Cash cycle ↓3rdflat vs a year ago
  • P/E ↓12th▼ 11 pts vs a year ago
  • 12M momentum87th▲ 45 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 Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

~38%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 120.7x, a holder earning 12%/yr needs earnings to grow about 37.7%/yr for 10 years, then trade at 15x.

Delivered53.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−15.8 ptsimplied minus delivered
Rank758thmost demanding of 856

Over time

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

0%28%57% Jan 2019Nov 2026 0%28%57% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x39.5%40.8%42.0%
15x36.5%37.7%38.9%
20x32.7%33.9%35.1%

Drag a slider to test other assumptions

Implied: 37.7%/yr

Looking back

  • Jan 2020Price implied 27%/yr; EPS has since grown 47%/yr (7.0 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown 22%/yr (6.0 yrs)
  • Jan 2022Price implied 33%/yr; EPS has since grown 130%/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 Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1712.60
P/E
85.8x
ROCE
16.0%
Market Cap
₹15467 cr
Revenue (TTM)
₹672 cr
P/S
23.0x
P/B
8.2x
ROE
9.5%
Operating Margin
27.0%
Debt / Equity
0.0x
Promoter Holding
48.5%
12M Momentum
21.8%

52-week range

₹1223.00₹2043.70
60% of the way from its 52-week low to its high

Price risk

1Y volatility
38.3%
Beta vs sector
1-year daily
0.30

Balance sheet & cash

Interest cover
operating profit ÷ interest
34.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.45x
low
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 7checks within range1 beyond a threshold
Other income reliance31%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 30.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.45xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.45x (cash from operations ₹289 cr, net profit ₹647 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

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

Receivable days vs history-34 daysWithin range

Debtor days are below the median of the previous three fiscal years by 34 days (119 vs 153). 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+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 3 years, DIIs added 10.3 pts; promoters trimmed 8.9 pts; FIIs added 1.6 pts.
  • The number of shareholders rose from 1.6 lakh to 2.9 lakh (+82%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters57.5%48.5%-8.9 pts
FIIs4.8%6.5%+1.6 pts
DIIs0.1%10.4%+10.3 pts
Public and others36.8%34.2%-2.6 pts

Number of shareholders

2.9 lakhshareholders+82% since Sep '23
1.6L2.2L2.7L3.3L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.6 lakh
Dec '23: 1.6 lakh
Mar '24: 1.7 lakh
Jun '24: 2.0 lakh
Sep '24: 2.3 lakh
Dec '24: 2.4 lakh
Mar '25: 2.8 lakh
Jun '25: 3.1 lakh
Sep '25: 3.3 lakh
Dec '25: 3.3 lakh
Mar '26: 3.1 lakh
Jun '26: 2.9 lakh
 1.6L2.2L2.7L3.3L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.6 lakh
Dec '23: 1.6 lakh
Mar '24: 1.7 lakh
Jun '24: 2.0 lakh
Sep '24: 2.3 lakh
Dec '24: 2.4 lakh
Mar '25: 2.8 lakh
Jun '25: 3.1 lakh
Sep '25: 3.3 lakh
Dec '25: 3.3 lakh
Mar '26: 3.1 lakh
Jun '26: 2.9 lakh

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

−22.3%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like ZEN TECHNOLOGIES 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 −31% to +10% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −19.6%, 80% range −26.0% to −12.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
CLEAN · May 2025: −49.6% vs market
AETHER · Jun 2023: −41.0% vs market
VIDHIING · Feb 2025: −40.7% vs market
INDIAMART · May 2023: −39.6% vs market
MOIL · Oct 2025: −38.2% vs market
SIEMENS · Jan 2025: −36.8% vs market
NATCOPHARM · Nov 2020: −35.6% vs market
ANUP · May 2025: −35.2% vs market
SYMPHONY · Feb 2020: −35.1% vs market
CERA · May 2023: −35.1% vs market
VESUVIUS · Mar 2020: −34.1% vs market
SUNTECK · Jan 2020: −31.8% vs market
ACI · Aug 2025: −31.3% vs market
NAVINFLUOR · Oct 2022: −31.2% vs market
SAREGAMA · May 2022: −31.2% vs market
BORORENEW · Jul 2022: −29.1% vs market
AMRUTANJAN · Jul 2022: −28.5% vs market
BOSCHLTD · Jul 2020: −27.0% vs market
PIIND · Apr 2023: −26.9% vs market
SHILPAMED · Apr 2020: −26.5% vs market
SUMICHEM · Feb 2025: −26.2% vs market
EMAMILTD · Mar 2021: −25.5% vs market
ICRA · Apr 2023: −24.3% vs market
HINDCOPPER · Jan 2024: −23.5% vs market
WENDT · Aug 2020: −23.5% vs market
KANSAINER · Jun 2020: −21.2% vs market
COHANCE · Sep 2024: −18.8% vs market
GOCOLORS · Dec 2022: −17.7% vs market
PGHL · May 2020: −17.3% vs market
GRINDWELL · Sep 2022: −13.2% vs market
LAOPALA · Dec 2021: −13.1% vs market
HONAUT · May 2023: −10.6% vs market
PFIZER · Jan 2020: −6.1% vs market
LINDEINDIA · Feb 2025: −3.8% vs market
HBLENGINE · Sep 2025: −2.9% vs market
TECHNOE · Apr 2024: +3.1% vs market
KIRLPNU · Apr 2024: +6.5% vs market
CUMMINSIND · Aug 2021: +11.4% vs market
BDL · Dec 2023: +11.6% vs market
ASTRAZEN · Apr 2023: +13.2% vs market
CDSL · Apr 2024: +23.2% vs market
NEULANDLAB · Oct 2025: +26.4% vs market
BASF · May 2020: +28.1% vs market
POLYMED · May 2023: +28.7% vs market
AJANTPHARM · Jan 2020: +33.8% vs market
INGERRAND · May 2022: +60.6% vs market
GLAND · Oct 2025: +69.6% vs market
TRITURBINE · Mar 2022: +73.6% vs market
MCX · Feb 2023: +79.4% vs market
BSE · Sep 2023: +95.6% vs market
Similar setups −22.3%All companies −2.7%← 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

Similar setups' median
−22.3%
All companies' median
−2.7%
Beat the market
30% vs 47%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BDL
Electronic Technology		 Dec 2023 89x16% +81%−3% +12%
COHANCE
Health Technology		 Sep 2024 117x19% +109%−6% −19%
LINDEINDIA
Process Industries		 Feb 2025 113x17% +10%−39% −4%
MCX
Finance		 Feb 2023 50x14% +11%−15% +79%
ASTRAZEN
Health Technology		 Apr 2023 129x16% +16%−11% +13%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HONAUT
Electronic Technology		 May 2023 104x17% +24%−8% −11%
HINDCOPPER
Non-Energy Minerals		 Jan 2024 95x18% +134%0% −24%
LAOPALA
Consumer Durables		 Dec 2021 92x10% +78%−3% −13%
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 size. 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 ZEN TECHNOLOGIES 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.

BLACKBUCKBLACKBUCK
Transportation
68%similar
volatilityrevenue
PARAS DEFENCE AND SPACE TECHPARAS
Electronic Technology
63%similar
operating marginP/E
YATHARTH HOSPITAL TRAUMAYATHARTH
Health Services
63%similar
revenue growthvolatility
PRUDENT CORPORATE ADVISORYPRUDENT
Finance
60%similar
operating marginvolatility
PTC INDUSTRIESPTCIL
Producer Manufacturing
59%similar
revenue growthrevenue
AFFLE 3IAFFLE
Technology Services
59%similar
debt/equityROCE
KFIN TECHNOLOGIESKFINTECH
Technology Services
55%similar
market capoperating margin
CARTRADE TECHCARTRADE
Technology Services
48%similar
market caprevenue

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

What changed?

30 events since Feb '23

  1. NovPriceVolume reached 18.2x its 50-day median on 2026-11-02; price +8.3% that day.
  2. SepInstitutionsFII + DII holding rose 3.5 pts over 2 quarters to 16.9%.
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  5. AprPriceVolume reached 12.8x its 50-day median on 2026-04-21; price +6.0% that day.
  6. JanPriceVolume reached 15.4x its 50-day median on 2026-01-16; price +8.2% that day.
  7. DecPeer rankSlipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  8. NovPriceVolume reached 5.1x its 50-day median on 2025-11-14; price +4.9% that day.
Show 22 earlier events
  1. SepPriceVolume reached 6.6x its 50-day median on 2025-09-18; price +5.0% that day.
  2. JunSharesShare count is up 12.5% over 12 months.
  3. MayPriceVolume reached 6.1x its 50-day median on 2025-05-20; price +0.9% that day.
  4. MarPromoterPromoter holding fell 2.2 pts to 49.0% (largest drop since 2024-12).
  5. FebPriceFell 62% from the Dec 2024 peak to the Feb 2025 low.
  6. FebPriceVolume reached 9.7x its 50-day median on 2025-02-18; price -10.0% that day.
  7. DecPromoterPromoter holding fell 3.8 pts to 51.3%.
  8. DecInstitutionsFII + DII holding rose 7.3 pts over 1 quarter to 13.8%.
  9. DecPriceVolume reached 8.4x its 50-day median on 2024-12-17; price +3.2% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹440 cr.
  11. JunPeer rankMoved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  12. JunPriceVolume reached 5.9x its 50-day median on 2024-06-18; price +8.7% that day.
  13. MarPromoterPromoter holding fell 2.4 pts to 55.1%.
  14. FebPriceVolume reached 12.4x its 50-day median on 2024-02-01; price +4.8% that day.
  15. DecPriceVolume reached 8.2x its 50-day median on 2023-12-27; price +5.0% that day.
  16. JulPriceVolume reached 27.5x its 50-day median on 2023-07-13; price +2.2% that day.
  17. JunResultsYear-on-year EPS growth turned positive.
  18. JunPeer rankMoved into the 2nd quartile of Technology Services on ROCE (from the bottom quartile).
  19. JunDividendDividend payout cut from 40% to 4% of profit.
  20. MayPriceVolume reached 6.2x its 50-day median on 2023-05-17; price +8.1% that day.
  21. FebPriceRegained the 2021-12 peak, 9 months after the low.
  22. FebPriceVolume reached 45.1x its 50-day median on 2023-02-15; price +10.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1185.8x₹672 cr9.5%16.0%0.0x
2026-1079.6x₹672 cr9.3%16.0%0.0x
2026-0980.4x₹672 cr9.3%16.0%0.0x
2026-0883.0x₹688 cr10.2%16.0%0.0x
2026-0775.8x₹688 cr10.2%16.0%0.0x
2026-0682.8x₹688 cr10.2%16.0%0.0x
2026-0557.1x₹835 cr14.9%37.0%0.0x
2026-0457.4x₹835 cr14.9%37.0%0.0x
2026-0343.9x₹835 cr14.9%37.0%0.0x
2026-0249.5x₹809 cr14.2%37.0%0.0x
2026-0151.6x₹809 cr14.2%37.0%0.0x
2025-1249.8x₹809 cr14.2%37.0%0.0x
2025-1150.6x₹877 cr14.3%37.0%0.0x
2025-1048.8x₹877 cr14.3%37.0%0.0x
2025-0951.5x₹877 cr14.3%37.0%0.0x
2025-0846.1x₹974 cr15.6%37.0%0.0x
2025-0746.2x₹974 cr15.6%37.0%0.0x
2025-0662.6x₹974 cr15.6%37.0%0.0x
2025-0586.8x₹790 cr44.2%46.0%0.0x
2025-0457.5x₹790 cr44.2%46.0%0.0x
2025-0360.0x₹790 cr44.2%46.0%0.0x
2025-0243.8x₹738 cr41.6%46.0%0.0x
2025-0172.9x₹738 cr41.6%46.0%0.0x
2024-12102.4x₹738 cr41.6%46.0%0.0x
2024-11101.1x₹562 cr31.9%46.0%0.0x
2024-10100.4x₹562 cr31.9%46.0%0.0x
2024-0991.5x₹562 cr31.9%46.0%0.0x
2024-08111.5x₹440 cr25.8%46.0%0.0x
2024-07112.0x₹440 cr25.8%46.0%0.0x
2024-0677.2x₹440 cr25.8%46.0%0.0x
2024-05179.4x₹219 cr14.0%23.0%0.0x
2024-04206.4x₹219 cr14.0%23.0%0.0x
2024-03177.8x₹219 cr14.0%23.0%0.0x
2024-02160.9x₹219 cr14.0%23.0%0.0x
2024-01156.2x₹219 cr14.0%23.0%0.0x
2023-12147.7x₹219 cr14.0%23.0%0.0x
2023-11143.6x₹219 cr14.0%23.0%0.0x
2023-10133.5x₹219 cr14.0%23.0%0.0x
2023-09142.1x₹219 cr14.0%23.0%0.0x
2023-08156.2x₹219 cr14.0%23.0%0.0x
2023-07114.8x₹219 cr14.0%23.0%0.0x
2023-0677.7x₹219 cr14.0%23.0%0.0x
2023-051489.6x₹70 cr0.7%2.0%0.1x
2023-041163.8x₹70 cr0.7%2.0%0.1x
2023-031312.6x₹70 cr0.7%2.0%0.1x
2023-021054.4x₹70 cr0.7%2.0%0.1x
2023-01806.2x₹70 cr0.7%2.0%0.1x
2022-12737.0x₹70 cr0.7%2.0%0.1x
2022-11773.8x₹70 cr0.7%2.0%0.1x
2022-10810.6x₹70 cr0.7%2.0%0.1x
2022-09777.0x₹70 cr0.7%2.0%0.1x
2022-08838.4x₹70 cr0.7%2.0%0.1x
2022-07701.6x₹70 cr0.7%2.0%0.1x
2022-06690.4x₹70 cr0.7%2.0%0.1x
2022-05474.4x₹55 cr1.5%3.0%0.0x
2022-04497.7x₹55 cr1.5%3.0%0.0x
2022-03525.6x₹55 cr1.5%3.0%0.0x
2022-02507.3x₹55 cr1.5%3.0%0.0x
2022-01512.6x₹55 cr1.5%3.0%0.0x
2021-12553.8x₹55 cr1.5%3.0%0.0x

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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