अFunda Observatory

September 2026: ApnaFunda monthly report

Data as of 30 Sep 2026 close · fundamentals scraped 11 Oct 2026 · 1692 companies · generated 11 Oct 2026

Recomputed view of this month →

Generated late; it uses data available on 9 Oct 2026.
All reports

Month at a glance

ApnaFunda All index
−5.4%
1-month return
Advancers
31%
411 of 1345 eligible stocks
Market P/E
25.4x
from 27.2x
New quarters visible
1658
companies, under the 60-day lag

12 stocks closed at a 52-week high and 31 at a 52-week low (of 1689 with enough history). "Visible" means the quarter has passed the 60-day reporting lag, not that it was announced that month.

Biggest re-ratings

Price and earnings move the P/E together: a P/E that rose on a flat or growing EPS (TTM) is a re-rating; one that rose because earnings fell is not listed here (see earnings quality and results inflections).

Multiple expanded showing 10 of 17

CompanySectorP/EPriceEPS (TTM)P/E vs own range
FILATEX INDIA LIMITEDFILATEXProcess Industries18.1x → 24.8x+43%+5%92nd pct
WHEELS INDIA LTDWHEELSProducer Manufacturing27.3x → 36.4x+44%+8%86th pct
SUNFLAG IRON STEEL CO LTDSUNFLAGNon-Energy Minerals30.6x → 40.6x+34%+1%99th pct
TEGA INDUSTRIES LIMITEDTEGADistribution Services71.5x → 93.8x+33%+1%98th pct
MANOJ VAIBHAV GEMS JEW LTDMVGJLRetail Trade6.4x → 8.3x+37%+6%25th pct
VENUS PIPES TUBES LIMITEDVENUSPIPESNon-Energy Minerals33.2x → 42.9x+31%+1%68th pct
MUKAND LTDMUKANDLTDNon-Energy Minerals3.1x → 3.9x+31%+4%6th pct
SMS PHARMACEUTICALS LTDSMSPHARMAHealth Technology39.3x → 49.3x+28%+2%84th pct
SUN TV NETWORK LIMITEDSUNTVConsumer Services13.2x → 16.1x+30%+6%87th pct
BODAL CHEMICALS LTDBODALCHEMProcess Industries31.9x → 38.8x+70%+39%84th pct

Multiple compressed despite earnings growth showing 10 of 290

CompanySectorP/EPriceEPS (TTM)P/E vs own range
BOROSIL RENEWABLES LIMITEDBORORENEWProcess Industries823.9x → 16.8x−9%+4380%24th pct
PB FINTECH LTD POLICYBZRPOLICYBZRTechnology Services2083.3x → 111.4x−43%+961%—
FUSION FINANCE LIMITEDFUSIONFinance225.1x → 16.8x−13%+1073%—
AEROFLEX ENTERPRISES LIMITEDAEROENTERProducer Manufacturing144.2x → 14.1x−10%+814%13th pct
DREDGING CORPORATION OF INDIADREDGECORPTransportation648.4x → 65.5x−17%+726%29th pct
EQUITAS SMALL FINANCE BANK LTDEQUITASBNKFinance82.2x → 15.4x−7%+397%19th pct
SHRIRAM PROPERTIES LIMITEDSHRIRAMPPSFinance175.1x → 40.2x−10%+291%—
IG PETROCHEMICALS LIMITEDIGPLProcess Industries71.1x → 17.4x+8%+342%65th pct
NAHAR SPINNING MILLS LTDNAHARSPINGProcess Industries47.9x → 12.4x−10%+247%58th pct
ABANS FINANCIAL SERVICES LTDAFSLFinance230.5x → 61.8x−5%+253%3rd pct

Re-rated down showing 10 of 126

CompanySectorP/EPriceEPS (TTM)P/E vs own range
KEI INDUSTRIES LIMITEDKEIProducer Manufacturing59.7x → 42.7x−22%+9%57th pct
HAPPIEST MINDS TECHNOLOGIESHAPPSTMNDSTechnology Services36.2x → 26.8x−24%+3%8th pct
SALASAR TECHNO ENGINEERING LTDSALASARProducer Manufacturing22.7x → 17.0x−31%−8%27th pct
RAMKY INFRASTRUCTURE LIMITEDRAMKYIndustrial Services7.3x → 5.5x−21%+5%8th pct
IFCI LIMITEDIFCIFinance448.5x → 343.8x−23%+0%—
L&T FINANCE LIMITEDLTFFinance25.9x → 20.1x−17%+6%23rd pct
BHAGIRADHA CHEMICALS AND INDUSBHAGCHEMProcess Industries138.3x → 107.9x−15%+9%60th pct
PRUDENT CORPORATE ADVISORY LTDPRUDENTFinance70.2x → 54.8x−15%+9%17th pct
GLOBUS SPIRITS LIMITEDGLOBUSSPRConsumer Non-Durables28.0x → 22.0x−14%+9%56th pct
SUMITOMO CHEMICAL INDIA LTDSUMICHEMProcess Industries47.6x → 37.3x−16%+7%7th pct

P/E last month and now, largest moves

BORORENEW: 823.9x to 16.8x BORORENEW POLICYBZR: 2083.3x to 111.4x POLICYBZR FUSION: 225.1x to 16.8x FUSION AEROENTER: 144.2x to 14.1x AEROENTER DREDGECORP: 648.4x to 65.5x DREDGECORP EQUITASBNK: 82.2x to 15.4x EQUITASBNK SHRIRAMPPS: 175.1x to 40.2x SHRIRAMPPS IGPL: 71.1x to 17.4x IGPL NAHARSPING: 47.9x to 12.4x NAHARSPING AFSL: 230.5x to 61.8x AFSL 12x 2083x

Sector re-rating

Sector1-month P/E change3-monthAggregate P/E
Transportation+12.6%+4.2%172.2x
Energy Minerals+10.5%+9.5%17.1x
Distribution Services+9.1%+6.6%34.8x
Non-Energy Minerals−11.4%−8.1%21.9x
Consumer Durables−11.9%−1.9%34.7x
Technology Services−15.7%−1.0%22.8x

P/E is price divided by EPS (TTM); the price and EPS changes shown multiply to the P/E change. Names with a possible split or bonus timing mismatch in the month are excluded.

New divergences

Business ahead of price: 29 new · Price ahead of business: 38 new. Compared with a recomputation of last month. See the full Divergence Radar.

Business ahead of price: 29 new

CompanySectorFundamentals scorePrice scoreOn list
PB FINTECH LTD POLICYBZRPOLICYBZRTechnology Services8511 mo
BIRLASOFT LIMITEDBSOFTTechnology Services7931 mo
ELDECO HOUSING & IND LTDELDEHSGFinance85131 mo
BRAINBEES SOLUTIONS LIMITEDFIRSTCRYRetail Trade7431 mo
PRISM JOHNSON LIMITEDPRSMJOHNSNNon-Energy Minerals7571 mo
KIOCL LIMITEDKIOCLNon-Energy Minerals97281 mo
CRIZAC LIMITEDCRIZACTechnology Services7891 mo
MANGALORE REFINERY & PETROCHEMMRPLEnergy Minerals85171 mo
SANOFI CONSUMER HEALTHCARE INDSANOFICONRConsumer Non-Durables79131 mo
ATUL LIMITEDATULProcess Industries79161 mo

Price ahead of business: 38 new

CompanySectorFundamentals scorePrice scoreOn list
GENESYS INTERNATIONAL CORPORATGENESYSTechnology Services5901 mo
HINDUSTAN OIL EXPLORATION COHINDOILEXPEnergy Minerals7741 mo
SYNERGY GREEN INDUSTRIES LTDSGILNon-Energy Minerals4711 mo
LLOYDS ENTERPRISES LIMITEDLLOYDSENTDistribution Services28931 mo
DHUNSERI VENTURES LIMITEDDVLConsumer Non-Durables13771 mo
ADANI GREEN ENERGY LTDADANIGREENUtilities19811 mo
WELSPUN ENTERPRISES LIMITEDWELENTIndustrial Services29891 mo
UFLEX LIMITEDUFLEXProcess Industries35921 mo
ENVIRO INFRA ENGINEERS LIMITEDEIELIndustrial Services15721 mo
CENTUM ELECTRONICS LIMITEDCENTUMElectronic Technology32891 mo

Left the business-ahead list: 55 left the list

CompanyWhy it leftFundamentals scorePrice score
SHARDA CROPCHEM LIMITEDSHARDACROPfundamental momentum faded672
JEENA SIKHO LIFECARE LIMITEDJSLLfundamental momentum faded6810
INDIAN OIL CORPORATION LIMITEDIOCfundamental momentum faded6422
ORIENT CEMENT LIMITEDORIENTCEMfundamental momentum faded6215
BIGBLOC CONSTRUCTION LIMITEDBIGBLOCfundamental momentum faded6815
JK TYRE AND INDUSTRIES LIMITEDJKTYREfundamental momentum faded607
FORCE MOTORS LIMITEDFORCEMOTfundamental momentum faded675
HMA AGRO INDUSTRIES LIMITEDHMAAGROfundamental momentum faded7036
HINDUSTAN PETROLEUM CORPHINDPETROfundamental momentum faded3439
STAR CEMENT LIMITEDSTARCEMENTfundamental momentum faded578
RAYMOND LIFESTYLE LIMITEDRAYMONDLSLfundamental momentum faded554
SAGAR CEMENTS LTDSAGCEMfundamental momentum faded4814
GILLETTE INDIA LTDGILLETTEfundamental momentum faded6314
BHARAT PETROLEUM CORPN LTDBPCLfundamental momentum faded4137
THE RAMCO CEMENTS LIMITEDRAMCOCEMfundamental momentum faded5113

Left the price-ahead list: 55 left the list

CompanyWhy it leftFundamentals scorePrice score
TEJAS NETWORKS LIMITEDTEJASNETprice momentum faded3353
MOREPEN LABORATORIES LIMITEDMOREPENLABfundamentals caught up63100
APOLLO PIPES LIMITEDAPOLLOPIPEprice momentum faded1053
ARROW GREENTECH LIMITEDARROWGREENfundamentals caught up5097
QUADRANT FUTURE TEK LIMITEDQUADFUTUREfundamentals caught up5394
NELCO LIMITEDNELCOfundamentals caught up5288
TATA TECHNOLOGIES LIMITEDTATATECHprice momentum faded2366
ZEN TECHNOLOGIES LTDZENTECprice momentum faded853
LIKHITHA INFRASTRUCTURE LTDLIKHITHAprice momentum faded1269
JANA SMALL FINANCE BANK LTDJSFBprice momentum faded2566
MAGADH SUGAR & ENERGY LIMITEDMAGADSUGARprice momentum faded1252
DALMIA BHARAT SUGAR AND INDUSTDALMIASUGprice momentum faded2053
CONCORD BIOTECH LIMITEDCONCORDBIOprice momentum faded3369
ZYDUS LIFESCIENCES LIMITEDZYDUSLIFEprice momentum faded1464
POLYPLEX CORPORATION LTDPOLYPLEXprice momentum faded2070

A divergence is a description of past data, not a forecast.

Ownership shifts

Mar 2026 quarter shareholding patterns became final this month: FIIs cut holdings by an estimated ₹1,78,000 cr (flow component −0.56 pp); DIIs raised holdings by an estimated ₹1,29,100 cr (flow component +0.39 pp).

Sectors where FIIs added most

SectorFII flowEstimated
Transportation+0.94 pp+₹6,800 cr
Industrial Services+0.32 pp+₹2,300 cr
Non-Energy Minerals+0.01 pp+₹900 cr

Sectors where FIIs cut most

SectorFII flowEstimated
Consumer Services−2.17 pp−₹5,500 cr
Retail Trade−1.48 pp−₹5,400 cr
Commercial Services−1.44 pp−₹1,900 cr

Retail-rush names

CompanyShareholder countInstitutionsPublic holding rose
ALLCARGO LOGISTICS LTDALLCARGO+54%−3.8 ppyes
COFORGE LIMITEDCOFORGE+16%−19.9 ppyes
GRM OVERSEAS LTDGRMOVER+28%−2.2 ppyes
ADITYA BIRLA FASHION & RTL LTDABFRL+15%−14.7 ppyes
JAGRAN PRAKASHAN LIMITEDJAGRAN+19%−2.9 ppyes

₹ flows are estimates from percentage changes × average market cap. Full smart-money tracker.

Sector rotation

One-month sector index return minus the ApnaFunda All index (−5.4%), in percentage points. Sector indices use today's constituents weighted by market cap.

Transportation Transportation: +9.5 pp +9.5 pp Distribution Services Distribution Services: +8.6 pp +8.6 pp Utilities Utilities: +4.8 pp +4.8 pp Consumer Services Consumer Services: +2.9 pp +2.9 pp Health Technology Health Technology: +2.9 pp +2.9 pp Consumer Non-Durables Consumer Non-Durables: +1.3 pp +1.3 pp Communications Communications: +1.2 pp +1.2 pp Industrial Services Industrial Services: +0.8 pp +0.8 pp Energy Minerals Energy Minerals: +0.6 pp +0.6 pp Non-Energy Minerals Non-Energy Minerals: +0.6 pp +0.6 pp Process Industries Process Industries: +0.5 pp +0.5 pp Electronic Technology Electronic Technology: +0.0 pp +0.0 pp Producer Manufacturing Producer Manufacturing: −0.2 pp −0.2 pp Retail Trade Retail Trade: −0.3 pp −0.3 pp Finance Finance: −1.1 pp −1.1 pp Commercial Services Commercial Services: −1.8 pp −1.8 pp Health Services Health Services: −2.3 pp −2.3 pp Consumer Durables Consumer Durables: −3.5 pp −3.5 pp Technology Services Technology Services: −5.3 pp −5.3 pp

Quadrant changes

Quadrants come from the Sector Rotation Map; sectors near the centre are not counted as moves.

Earnings quality

Companies whose earnings-quality flags changed colour as new numbers became visible, worsened first. Grey (missing inputs) is a coverage change, not a quality change, and is not listed.

Flags that worsened showing 15 of 55

CompanyFlagChangeInputsWhy now
LARSEN AND TOUBRO LIMITEDLTother-income reliancegreen → amber3% of pre-tax profit → 17% of pre-tax profita new quarter became visible
HYUNDAI MOTOR INDIA LIMITEDHYUNDAIother-income reliancegreen → amber13% of pre-tax profit → 16% of pre-tax profita new quarter became visible
SIEMENS LTDSIEMENSother-income relianceamber → red21% of pre-tax profit → 62% of pre-tax profita new quarter became visible
MRF LTDMRFother-income reliancegreen → amber14% of pre-tax profit → 16% of pre-tax profita new quarter became visible
SONA BLW PRECISION FORGINGSSONACOMSother-income reliancegreen → amber11% of pre-tax profit → 16% of pre-tax profita new quarter became visible
INDIAN RAIL CAT AND TOUR IRCTCIRCTCother-income reliancegreen → amber15% of pre-tax profit → 15% of pre-tax profita new quarter became visible
KRISHNA INSTITUTE OF MED SCIKIMSother-income reliancegreen → amber14% of pre-tax profit → 19% of pre-tax profita new quarter became visible
SHYAM METALICS AND ENERGY LTDSHYAMMETLother-income reliancegreen → amber15% of pre-tax profit → 16% of pre-tax profita new quarter became visible
APOLLO TYRES LTDAPOLLOTYREother-income reliancegreen → amber15% of pre-tax profit → 17% of pre-tax profita new quarter became visible
EIH LIMITEDEIHOTELother-income reliancegreen → amber6% of pre-tax profit → 18% of pre-tax profita new quarter became visible
JINDAL SAW LIMITEDJINDALSAWother-income reliancegreen → amber14% of pre-tax profit → 19% of pre-tax profita new quarter became visible
BAYER CROPSCIENCE LIMITEDBAYERCROPother-income reliancegreen → amber11% of pre-tax profit → 18% of pre-tax profita new quarter became visible
INOX WIND LIMITEDINOXWINDother-income relianceamber → red31% of pre-tax profit → 40% of pre-tax profita new quarter became visible
BAJAJ HINDUSTHAN SUGAR LIMITEDBAJAJHINDother-income reliancegreen → amber5% of pre-tax profit → 16% of pre-tax profita new quarter became visible
KEC INTERNATIONAL LTD (FORMERKECother-income relianceamber → red33% of pre-tax profit → 38% of pre-tax profita new quarter became visible

Flags that improved showing 15 of 71

CompanyFlagChangeInputsWhy now
RELIANCE INDUSTRIESRELIANCEother-income reliancered → amber44% of pre-tax profit → 28% of pre-tax profita new quarter became visible
NTPC LIMITEDNTPCother-income reliancered → amber41% of pre-tax profit → 31% of pre-tax profita new quarter became visible
BHARAT HEAVY ELECTRICALS LTDBHELother-income reliancered → amber40% of pre-tax profit → 28% of pre-tax profita new quarter became visible
BOSCH LIMITEDBOSCHLTDother-income reliancered → amber39% of pre-tax profit → 25% of pre-tax profita new quarter became visible
HITACHI ENERGY INDIA LIMITEDPOWERINDIAother-income relianceamber → green17% of pre-tax profit → 15% of pre-tax profita new quarter became visible
BAJAJ HOLDINGS & INVESTMENT LIBAJAJHLDNGother-income reliancered → green41% of pre-tax profit → 2% of pre-tax profita new quarter became visible
GMR AIRPORTS LIMITEDGMRAIRPORTother-income reliancered → green42% of pre-tax profit → 9% of pre-tax profita new quarter became visible
MARICO LIMITEDMARICOother-income reliancered → amber43% of pre-tax profit → 29% of pre-tax profita new quarter became visible
ORACLE FINANCIAL SERVICES SOFTOFSSother-income relianceamber → green19% of pre-tax profit → 14% of pre-tax profita new quarter became visible
MAZAGON DOCK SHIPBUILDERS LTDMAZDOCKother-income reliancered → amber35% of pre-tax profit → 34% of pre-tax profita new quarter became visible
BALKRISHNA INDUSTRIES LTDBALKRISINDother-income relianceamber → green15% of pre-tax profit → 13% of pre-tax profita new quarter became visible
GLOBAL HEALTH LIMITEDMEDANTAother-income relianceamber → green16% of pre-tax profit → 14% of pre-tax profita new quarter became visible
ASTER DM HEALTHCARE LTDASTERDMother-income relianceamber → green17% of pre-tax profit → -14% of pre-tax profita new quarter became visible
ESCORTS KUBOTA LIMITEDESCORTSother-income reliancered → amber57% of pre-tax profit → 31% of pre-tax profita new quarter became visible
CARBORUNDUM UNIVERSAL LTDCARBORUNIVother-income relianceamber → green26% of pre-tax profit → 14% of pre-tax profita new quarter became visible

EPS (TTM) turned positive

CompanyEPS (TTM)Net profit (TTM)
GLENMARK PHARMACEUTICALS LTDGLENMARK-7.11 → 7.26₹205 cr
JSW CEMENT LIMITEDJSWCEMENT-8.43 → 5.47₹744 cr
BLUESTONE JEWELLERY N LIFESTBLUESTONE-5.45 → 4.59₹69 cr
BAJAJ HINDUSTHAN SUGAR LIMITEDBAJAJHIND-0.33 → 0.25₹129 cr
SUNTECK REALTY LIMITEDSUNTECK-1.33 → 1.17₹17 cr
KOLTE-PATIL DEVELOPERS LTDKOLTEPATIL-0.22 → 19.28₹171 cr
IDEAFORGE TECHNOLOGY LIMITEDIDEAFORGE-1.81 → 2.70₹12 cr
INDOCO REMEDIES LIMITEDINDOCO-0.62 → 11.34₹104 cr
GREENPANEL INDUSTRIES LIMITEDGREENPANEL-2.37 → 0.55₹7 cr
THEMIS MEDICARE LIMITEDTHEMISMED-1.54 → 3.25₹31 cr
SIGACHI INDUSTRIES LIMITEDSIGACHI-2.07 → 0.69₹26 cr
SAL STEEL LTDSALSTEEL-0.16 → 1.19₹12 cr
ALBERT DAVID LTDALBERTDAVD-2.61 → 39.55₹23 cr

EPS (TTM) turned negative

CompanyEPS (TTM)Net profit (TTM)
TILAKNAGAR INDUSTRIES LIMITEDTI2.22 → -0.99₹-35 cr
SIGNATUREGLOBAL INDIA LTDSIGNATURE1.15 → -1.59₹-22 cr
RAYMOND LIMITEDRAYMOND790.39 → -3.51₹-23 cr
NETWORK 18 MEDIA & INVESTMENTSNETWORK181.73 → -2.13₹-329 cr
MAHINDRA HOLIDAYS & RESORTS INMHRIL0.23 → -0.85₹-17 cr
INDOSTAR CAPITAL FINANCE LTDINDOSTAR14.21 → -24.26₹-395 cr
DELTA CORP LIMITEDDELTACORP4.42 → -0.63₹-17 cr
NITCO LIMITEDNITCO1.52 → -1.01₹-24 cr
BF UTILITIES LIMITEDBFUTILITIE0.58 → -2.45₹-9 cr
SOM DISTILLERIES N BREWERIES LSDBL1.16 → -0.59₹-12 cr
PRECISION CAMSHAFTS LIMITEDPRECAM0.61 → -0.52₹-5 cr
SYNERGY GREEN INDUSTRIES LTDSGIL2.99 → -5.68₹-9 cr
SATIA INDUSTRIES LIMITEDSATIA4.09 → -0.78₹-8 cr

Flags are mechanical thresholds, not judgements about management or accounting. Only flags computed from the published data are listed here; the full set is on each company page.

Data notes

Methodology and rules

All reports

This report is generated automatically from public financial data using fixed, published rules. It describes what changed in the data; it is not investment advice, a research report, or a recommendation to buy, sell or hold any security. ApnaFunda is not registered with SEBI as a research analyst or investment adviser. Data may contain errors, is point-in-time with a 60-day reporting lag, covers only companies listed today (past delistings are excluded), and may differ from company filings. Do your own research or consult a SEBI-registered adviser.