Glossary

The terms, scores and assumptions used across ApnaFunda, in one place.

Reading the numbers

pp and pts (percentage points): Both mean percentage points: the difference between two percentages. A holding that goes from 12% to 15% is up 3 pp, not up 25%. Return breakdowns, score gaps and ROCE or margin changes use “pts”; ownership and relative-strength changes use “pp”.
Percentile: Where a value sits among others, from 0 to 100. The 80th percentile is higher than 80% of the comparison group (the other companies that month, the sector, or the company’s own history, as each page says).
Median vs aggregate: The median is the typical company: half are above it, half below. The aggregate treats a group as one company (for example total market cap ÷ total profit), so the largest companies carry it. The two can differ a lot.
TTM (trailing twelve months): The sum of the last four reported quarters. Revenue (TTM) and net profit (TTM) are what P/E and P/S are built on.
Crore and lakh crore: 1 crore = 10 million rupees; 1 lakh crore = 1 trillion rupees. Market caps and revenues are shown in ₹ crore.

60-day reporting lag: A quarter’s results are treated as public 60 days after the quarter ends, so any month only uses figures that could have been known then. It is an assumption, not each company’s actual announcement date.
Fiscal year and quarters (FY, Q1 FY27): Indian companies report on an April–March year. FY27 runs from April 2026 to March 2027; Q1 FY27 is April–June 2026.
Tracked companies and market-cap floors: ApnaFunda tracks every listed company it has data for. Rankings then use a floor so tiny, thinly traded stocks do not dominate: ₹500 crore for most rankings, ₹1,000 crore for the Expectations Gap. Each page says how many of the tracked companies it ranks.
Constant panel (“same companies throughout”): Only the companies tracked in every month of the period, so a reading is not moved by new listings joining the data.
Survivorship bias: The data covers companies listed today. Companies that delisted, merged or failed since 2019 are missing, which tends to make history look better than it was. Sector indices and look-backs carry this bias.

Quality score: How good the business itself is today, ranked against sector peers from 0 to 100: the average of profitability (ROCE and operating margin, ROE for financials), 3-year growth and balance-sheet strength. Shown on company pages and the home page’s Quality lens.
Momentum score: How strong the recent trend is, from 0 to 100, among companies above ₹500 crore: the average percentile of the 3-month price change, the 12-month improvement in earnings and the rise in FII + DII holding.
Fundamental momentum: The Divergence Radar’s business score, 0 to 100: the average percentile of the one-year change in EPS, ROCE and operating margin (EPS only for financials). It measures change, not quality, so a weak business that is improving fast scores high.
Price momentum: The Divergence Radar’s price score, 0 to 100: the percentile of the share-price move over 6 months. A divergence is a large gap between fundamental momentum and price momentum.

P/E, P/B, P/S: Share price divided by earnings, book value or sales per share. Lower means the market pays less for each rupee of profit, assets or revenue; it says nothing on its own about whether that is deserved.
Normalised P/E: P/E on five-year average earnings instead of the last year’s. Used for cyclical companies, whose single-year earnings can make P/E look misleadingly high or low.
Implied earnings growth: The yearly earnings growth today’s price needs for a holder to earn the required return (12% by default) over 10 years, ending at an exit P/E of 15x. It is what the price assumes, not a forecast.
Delivered growth (trend and avg-to-avg): What the company actually achieved: a fitted trend through past earnings per share, or, where that is unreliable, the growth from the first to the last three-year average (“avg-to-avg”).
Expectations gap: Implied growth minus delivered growth, in percentage points. A large positive gap means the price assumes much faster growth than the company has managed.

Return breakdown: A share-price return split into net profit growth, the change in P/E and the change in share count, each in percentage points of the return (price = P/E × net profit ÷ share count).
Sector index: ApnaFunda’s market-cap-weighted index of a sector’s companies listed today. Not an official NSE or BSE index, and survivorship-biased.
Drawdown and volatility: Drawdown is the fall from the highest price so far. Volatility is how much daily returns swing, annualised. Beta is how much a stock moves with its sector index (built without the stock itself).
ROCE and ROE: Return on capital employed (pre-tax operating profit ÷ capital employed, i.e. debt plus equity) and return on equity (net profit ÷ shareholders’ equity). ROE is used for banks and other lenders, where ROCE does not describe the business.
FII, DII and promoters: Foreign institutional investors, domestic institutions (mutual funds, insurers, pension funds) and the founding owners. Holdings come from the quarterly shareholding patterns companies file.