Despite the share price slide, recent quarterly results paint a more encouraging picture. Net sales for the quarter reached a record Rs 4,245 crore, while PBDIT hit a high of Rs 902 crore. The half-year ROCE also improved to 7.71%, signalling better capital efficiency in the near term. Profit growth over the past year has surged by 51.1%, a sharp contrast to the stock’s 17.56% decline over the same period. This divergence between improving earnings and falling share price suggests that investors may be factoring in concerns beyond the headline numbers, possibly related to sectoral headwinds or broader macroeconomic factors. Could the recent quarterly improvement be signalling a turnaround that the market has yet to price in?

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