52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Earnings helped, the multiple did not.
- Per-share earnings added 17 points, but investors now pay less per rupee of profit (P/E 27.2x to 13.0x), which took 58 points back.
- The share count barely moved.
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.
Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
What is the price implying?
At a P/E of 13.0x, the price would imply about 9.9%/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
What changed?
- Oct '26Fell 77% from the Jul 2024 peak to the Oct 2026 low.
- Sep '26Moved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
- Dec '24Promoter holding fell 2.7 pts to 70.0%.
- Feb '24Regained the 2024-01 peak, 0 months after the low.
- Feb '24Fell 28% from the Jan 2024 peak to the Feb 2024 low.
- Oct '23Regained the 2022-02 peak, 19 months after the low.
- Mar '22Fell 61% from the Feb 2022 peak to the Mar 2022 low.
- Nov '21Regained the 2021-09 peak, 0 months after the low.
Show 3 earlier events
- Nov '21Fell 30% from the Sep 2021 peak to the Nov 2021 low.
- Apr '21Regained the 2019-06 peak, 12 months after the low.
- Apr '20Fell 64% from the Jun 2019 peak to the Apr 2020 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
Are profits backed by cash?
2 of 2 checks are within range.
Tap a check to see how it is measured.
Other income reliance10%Within range
Other income as a share of pre-tax profit (trailing twelve months): 10.3%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate28%Within range
Median quarterly effective tax rate over about 2.5 years: 27.9%. 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 flow—Not enough data
Not enough reported data to compute this.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress—Not enough data
Not enough reported data to compute this.
Payable days—Not enough data
Not enough reported data to compute this.
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 2 years, promoters trimmed 2.9 pts.
- The number of shareholders rose from 26,569 to 36,307 (+37%) between Dec 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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-77.3% (2024-07 peak to 2026-10 low, not yet recovered)
-64.4% (2019-06 peak to 2020-04 low, recovered 2021-04)
-61.4% (2022-02 peak to 2022-03 low, recovered 2023-10)
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).
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 happened next to similar setups
- We found 50 past situations where a non-financial company looked like ZODIAC ENERGY 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 −15% to +29% vs the market, against −4% for all non-financial companies in the same months.
- The gap against the base rate (+1.9%, 80% range −3.1% to +10.3%) 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 · 36 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| GREENPOWER Utilities |
Nov 2020 | 9x | 10% | −13% | −37% | +218% |
| RITCO Transportation |
Oct 2025 | 17x | 15% | −35% | −40% | +12% |
| MANOMAY Process Industries |
Aug 2025 | 16x | 13% | −34% | −37% | +19% |
| NACLIND Process Industries |
Oct 2023 | 17x | 15% | −10% | −29% | −49% |
| EMAMIPAP Process Industries |
Mar 2023 | 6x | 17% | −32% | −41% | −31% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SARVESHWAR Process Industries |
Sep 2025 | 23x | 13% | −36% | −45% | −42% |
| BEDMUTHA Non-Energy Minerals |
Aug 2025 | 18x | 17% | −41% | −44% | −28% |
| FOODSIN Consumer Non-Durables |
Apr 2024 | 17x | 17% | +13% | −28% | −45% |
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 ROCE. 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.
Monthly history (17 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 13.0x | ₹587 cr | 21.7% | 15.0% | 2.1x |
| 2026-09 | 12.9x | ₹587 cr | 21.7% | 15.0% | 2.1x |
| 2026-08 | 17.5x | ₹544 cr | 17.9% | 15.0% | 2.1x |
| 2026-07 | 18.1x | ₹544 cr | 17.9% | 15.0% | 2.1x |
| 2026-06 | 19.8x | ₹544 cr | 17.9% | 15.0% | 2.1x |
| 2026-05 | 22.5x | ₹504 cr | 20.6% | — | 1.8x |
| 2026-04 | 24.7x | ₹504 cr | 20.6% | — | 1.8x |
| 2026-03 | 16.2x | ₹504 cr | 20.6% | — | 1.8x |
| 2026-02 | 17.9x | ₹470 cr | 21.3% | — | 1.8x |
| 2026-01 | 19.1x | ₹470 cr | 21.3% | — | 1.8x |
| 2025-12 | 22.5x | ₹470 cr | 21.3% | — | 1.8x |
| 2025-11 | 24.9x | ₹426 cr | 21.1% | — | 1.8x |
| 2025-10 | 27.2x | ₹426 cr | 21.1% | — | 1.8x |
| 2025-09 | 29.1x | ₹426 cr | 21.1% | — | 1.8x |
| 2025-08 | 29.1x | ₹408 cr | 20.8% | — | 1.8x |
| 2025-07 | 33.9x | ₹408 cr | 20.8% | — | 1.8x |
| 2025-06 | 35.5x | ₹408 cr | 20.8% | — | 1.8x |