अFunda Observatory

Distribution Services: implied vs delivered earnings growth

13 ranked companies · Oct 2026 · prices as of 9 Oct 2026

Discount rate 12% · 10-year horizon · exit P/E 15x · dividends at each company's own payout

In Distribution Services, the median price implies 21.8%/yr earnings growth against 13.7%/yr delivered over the past decade, a gap of +2.5 pts, higher than 4 of 17 other sectors. Treated as one company (aggregate market cap over aggregate profit), the sector's price implies 20.3%/yr.

These figures are a mechanical translation of each company's current price-to-earnings ratio into the earnings growth that would be consistent with it, under fixed assumptions we chose (12% annual return, 10 years, exit P/E 15x). They are not forecasts, price targets or recommendations, and change materially with the assumptions. Delivered growth is historical and does not predict future results. ApnaFunda is not a SEBI-registered research analyst or investment adviser. Data may contain errors; verify with company filings before relying on it.

0%0%10%10%20%20%30%30%40%40%50%50%60%60% Delivered growth, per year → Implied growth → RPTECH · delivered −30.0% · implied 20.8%OPTIEMUS · delivered 8.9% · implied 51.0%HMAAGRO · delivered −30.0% · implied 7.4%THEJO · delivered 4.3% · implied 27.1%MMTC · delivered 9.2% · implied 21.8%TEGA · delivered 31.5% · implied 35.6%SHARDACROP · delivered 10.9% · implied 13.5%AEGISLOG · delivered 31.9% · implied 30.5%GMDCLTD · delivered 14.3% · implied 12.4%IMPAL · delivered 13.7% · implied 7.0%REDINGTON · delivered 32.1% · implied 15.5%ADANIENT · delivered 53.5% · implied 31.4%EFCIL · delivered 60.0% · implied 29.8%RPTECHOPTIEMUSHMAAGROTHEJOMMTCGMDCLTDIMPALREDINGTONADANIENTEFCIL −30 pts0+50 pts

Most demanding in Distribution Services

  1. #1RASHI PERIPHERALS LIMITED RPTECH · Distribution Services · normalised P/E 32.5x · ₹5,849 cr
    price implies 20.8%/yr · delivered −37.8%/yr (avg-to-avg) · gap +50.8 pts
    cyclical: normalised earnings used
  2. #2OPTIEMUS INFRACOM LIMITED OPTIEMUS · Distribution Services · normalised P/E 297.6x · ₹7,261 cr
    price implies 51.0%/yr · delivered 8.9%/yr (avg-to-avg) · gap +42.1 pts
    cyclical: normalised earnings used
  3. #3HMA AGRO INDUSTRIES LIMITED HMAAGRO · Distribution Services · normalised P/E 10.6x · ₹1,160 cr
    price implies 7.4%/yr · delivered −30.0%/yr (avg-to-avg) · gap +37.4 pts
    cyclical: normalised earnings used · over half of profit is other income
  4. #4THEJO ENGINEERING LIMITED THEJO · Distribution Services · normalised P/E 55.0x · ₹2,199 cr
    price implies 27.1%/yr · delivered 4.3%/yr (avg-to-avg) · gap +22.8 pts
    cyclical: normalised earnings used
  5. #5MMTC LIMITED MMTC · Distribution Services · normalised P/E 34.8x · ₹8,276 cr
    price implies 21.8%/yr · delivered 9.2%/yr (avg-to-avg) · gap +12.6 pts
    cyclical: normalised earnings used · over half of profit is other income
  6. #6TEGA INDUSTRIES LIMITED TEGA · Distribution Services · normalised P/E 104.6x · ₹13,957 cr
    price implies 35.6%/yr · delivered 31.5%/yr (avg-to-avg) · gap +4.1 pts
    cyclical: normalised earnings used
  7. #7SHARDA CROPCHEM LIMITED SHARDACROP · Distribution Services · normalised P/E 19.2x · ₹6,529 cr
    price implies 13.5%/yr · delivered 10.9%/yr (avg-to-avg) · gap +2.5 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  8. #8AEGIS LOGISTICS LTD AEGISLOG · Distribution Services · normalised P/E 77.3x · ₹48,731 cr
    price implies 30.5%/yr · delivered 31.9%/yr (avg-to-avg) · gap −1.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  9. #9GUJARAT MINERAL DEVELOPMENT CO GMDCLTD · Distribution Services · normalised P/E 18.8x · ₹14,683 cr
    price implies 12.4%/yr · delivered 14.3%/yr (avg-to-avg) · gap −1.8 pts
    cyclical: normalised earnings used · over half of profit is other income
  10. #10INDIA MOTOR PARTS & ACCESSORIE IMPAL · Distribution Services · P/E 12.8x · ₹1,259 cr
    price implies 7.0%/yr · delivered 13.7%/yr (10-yr trend) · gap −6.8 pts

Lowest expectations in Distribution Services

  1. #13EFC (I) LIMITED EFCIL · Distribution Services · normalised P/E 65.6x · ₹2,125 cr
    price implies 29.8%/yr · delivered 95.3%/yr (avg-to-avg) · gap −30.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  2. #12ADANI ENTERPRISES LIMITED ADANIENT · Distribution Services · normalised P/E 75.3x · ₹3,40,345 cr
    price implies 31.4%/yr · delivered 53.5%/yr (avg-to-avg) · gap −22.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  3. #11REDINGTON LIMITED REDINGTON · Distribution Services · normalised P/E 25.7x · ₹29,708 cr
    price implies 15.5%/yr · delivered 32.1%/yr (avg-to-avg) · gap −16.6 pts
    cyclical: normalised earnings used
  4. #10INDIA MOTOR PARTS & ACCESSORIE IMPAL · Distribution Services · P/E 12.8x · ₹1,259 cr
    price implies 7.0%/yr · delivered 13.7%/yr (10-yr trend) · gap −6.8 pts
  5. #9GUJARAT MINERAL DEVELOPMENT CO GMDCLTD · Distribution Services · normalised P/E 18.8x · ₹14,683 cr
    price implies 12.4%/yr · delivered 14.3%/yr (avg-to-avg) · gap −1.8 pts
    cyclical: normalised earnings used · over half of profit is other income
  6. #8AEGIS LOGISTICS LTD AEGISLOG · Distribution Services · normalised P/E 77.3x · ₹48,731 cr
    price implies 30.5%/yr · delivered 31.9%/yr (avg-to-avg) · gap −1.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  7. #7SHARDA CROPCHEM LIMITED SHARDACROP · Distribution Services · normalised P/E 19.2x · ₹6,529 cr
    price implies 13.5%/yr · delivered 10.9%/yr (avg-to-avg) · gap +2.5 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  8. #6TEGA INDUSTRIES LIMITED TEGA · Distribution Services · normalised P/E 104.6x · ₹13,957 cr
    price implies 35.6%/yr · delivered 31.5%/yr (avg-to-avg) · gap +4.1 pts
    cyclical: normalised earnings used
  9. #5MMTC LIMITED MMTC · Distribution Services · normalised P/E 34.8x · ₹8,276 cr
    price implies 21.8%/yr · delivered 9.2%/yr (avg-to-avg) · gap +12.6 pts
    cyclical: normalised earnings used · over half of profit is other income
  10. #4THEJO ENGINEERING LIMITED THEJO · Distribution Services · normalised P/E 55.0x · ₹2,199 cr
    price implies 27.1%/yr · delivered 4.3%/yr (avg-to-avg) · gap +22.8 pts
    cyclical: normalised earnings used

Distribution Services sector fundamentals → · All sectors

How this works

An investor buys at today's trailing P/E, receives dividends equal to a fixed share of earnings for 10 years, then sells at an exit P/E of 15x. We solve for the constant annual earnings-per-share growth that makes that sequence worth exactly today's price at a 12% required return: P/E = payout × Σ xᵗ + exit P/E × xᴺ, with x = (1 + growth) / (1 + required return). With no dividends it reduces to growth = (1 + r) × (P/E ÷ exit P/E)^(1/N) − 1. Each company uses its own median payout over its last five fiscal years (zero if unknown).

Delivered growth is the fitted annual growth of net profit per share over the last up to ten fiscal years known at the time (a 60-day reporting lag is applied), or a first-three-versus-last-three-years average where earnings are cyclical or a loss year interrupts the series. Cyclical companies are valued on their five-year average earnings rather than trailing ones. The gap is implied growth minus delivered growth, in percentage points.

Sensitivity at a P/E of 40x and a 30% payout (exit P/E down, required return across):

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.8%21.9%23.0%
20x17.7%18.7%19.8%

Because a change in the required return or exit multiple moves every company's implied growth by nearly the same amount, the ranking is stable under the assumptions; only the levels move. The curve is also concave: doubling a P/E from 40x to 80x adds only about seven points of implied growth, so a 200x P/E does not mean ten times the growth. There is no consensus forecast in this data, so the comparison is with history only. Sector indices and "sector as one company" use today's constituents and are survivorship-biased.