Share price
₹106.2 latest close · +15.0% over the last 90 sessions
₹106.2 month-end · +3.8% over 12 months
₹106.2 month-end · −17.1% over 3 years
₹106.2 month-end · +405.7% since Jun '20
52-week range ₹78.00 to ₹123.77 · 1-year volatility 42.5%
Was the rally earned?
- The share price was roughly flat over 1 year (+4%).
- The share count barely moved.
Mostly earnings.
- Per-share earnings took off 27 points, while the multiple moved less (P/E 26.0x to 28.9x).
- The share count barely moved.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 15.2x to 28.9x); per-share earnings added 2 points.
- The share count rose 4%.
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.
Net profit is trailing twelve months as reported with a 60-day lag.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-58.6% (2024-02 peak to 2026-06 low, not yet recovered)
-57.0% (2019-03 peak to 2020-03 low, recovered 2021-06)
-47.1% (2022-09 peak to 2023-03 low, recovered 2023-08)
Is it expensive against its own past and its peers?
Usual range 8.4x to 68.5x since 2020-06.
32% above the Non-Energy Minerals median.
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).
Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.
Where does it rank among Non-Energy Minerals peers?
Each cell is the company's percentile rank among its Non-Energy Minerals 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).
Where it ranks today
- ROCE47th▲ 18 pts vs a year ago
- Op. margin27th▼ 8 pts vs a year ago
- Revenue growth62nd▲ 7 pts vs a year ago
- EPS growth98th▲ 89 pts vs a year ago
- Debt/equity ↓12thflat vs a year ago
- Cash cycle ↓22nd▲ 8 pts vs a year ago
- P/E ↓39th▲ 32 pts vs a year ago
- 12M momentum68th▲ 30 pts vs a year ago
Rank history
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 Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory
What is the price implying?
At a P/E of 25.3x, the price would imply about 18.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Non-Energy Minerals The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹106.20
- P/E
- 28.9x
- ROCE
- 10.0%
- Market Cap
- ₹159 cr
- Revenue (TTM)
- ₹243 cr
- P/S
- 0.7x
- P/B
- 2.0x
- ROE
- 7.0%
- Operating Margin
- 5.7%
- Debt / Equity
- 1.0x
- Promoter Holding
- 53.4%
- 12M Momentum
- 3.8%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance19%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 18.8%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate30%Within range
Median quarterly effective tax rate over about 2.5 years: 30.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion2.00xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 2.00x (cash from operations ₹32 cr, net profit ₹16 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow1 of 5 yrsBeyond threshold
Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+4 daysWithin range
Debtor days are above the median of the previous three fiscal years by 4 days (102 vs 98). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+31 days / 2 yrsNear threshold
Days payable changed by +31 over two years. Bands: rise of up to 30 days; more than 30 days.
Tap a check to see how it is measured
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 3 years, institutional and promoter holdings were broadly unchanged.
- The number of shareholders rose from 3,550 to 4,276 (+20%) 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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like AIRO LAM 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 −17% to +62% vs the market, against −4% for all non-financial companies in the same months.
- The analogs' median sat above that base rate (gap +19.2%, 80% range +6.6% to +27.2%), but the matches cluster in only 6 distinct 12-month windows.
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 · 7 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 33 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| KHADIM Consumer Non-Durables |
Oct 2023 | 40x | 10% | +37% | −4% | −31% |
| REMSONSIND Producer Manufacturing |
Jan 2023 | 27x | 12% | +8% | −11% | +133% |
| RICOAUTO Producer Manufacturing |
Oct 2022 | 34x | 7% | +37% | −6% | +36% |
| CENTUM Electronic Technology |
Oct 2021 | 40x | 8% | +96% | −7% | +18% |
| COMSYN Process Industries |
Feb 2025 | 35x | 9% | −7% | −16% | +75% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| HISARMETAL Non-Energy Minerals |
Jul 2025 | 35x | 9% | +4% | −6% | −32% |
| GRPLTD Producer Manufacturing |
Jun 2022 | 30x | 6% | +36% | −16% | +134% |
| HARRMALAYA Process Industries |
Jun 2020 | 14x | 13% | −1% | −13% | +79% |
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: ROCE, P/S and 12-month momentum. 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.
What changed?
30 events since Mar '22
- AugPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
- JunPriceFell 59% from the Feb 2024 peak to the Jun 2026 low.
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- DecResultsYear-on-year EPS growth turned positive.
- DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
- SepValuationP/E crossed above the 90th percentile of its own history to date (88.0x).
- SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
- JunPromoterPromoter holding rose 3.7 pts to 53.1%.
Show 22 earlier events
- JunResultsRevenue (TTM) reached a new high of ₹214 cr.
- JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- MarPromoterPromoter holding fell 3.6 pts to 49.5%.
- MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the top quartile).
- DecValuationP/E crossed above the 90th percentile of its own history to date (80.2x).
- DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- SepResultsYear-on-year EPS growth turned negative.
- JunValuationP/E crossed above the 90th percentile of its own history to date (27.3x).
- JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
- JunDebtDebt / equity rose above 1.0x (1.13x).
- MarResultsRevenue (TTM) reached a new high of ₹208 cr.
- MarPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
- AugPriceRegained the 2022-09 peak, 5 months after the low.
- AugValuationP/E crossed above the 90th percentile of its own history to date (24.1x).
- JunResultsRevenue (TTM) reached a new high of ₹198 cr.
- JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
- MarPriceFell 47% from the Sep 2022 peak to the Mar 2023 low.
- SepPriceRegained the 2021-10 peak, 10 months after the low.
- SepValuationP/E crossed above the 90th percentile of its own history to date (28.0x).
- JunResultsRevenue (TTM) reached a new high of ₹168 cr.
- MayPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
- MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
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
Monthly history78 months · 2020-06 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 28.9x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-10 | 22.5x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-09 | 25.2x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-08 | 23.9x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-07 | 23.4x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-06 | 25.7x | ₹243 cr | 7.0% | 10.0% | 1.0x |
| 2026-05 | 15.2x | ₹241 cr | 11.2% | 7.0% | 1.2x |
| 2026-04 | 15.8x | ₹241 cr | 11.2% | 7.0% | 1.2x |
| 2026-03 | 15.5x | ₹241 cr | 11.2% | 7.0% | 1.2x |
| 2026-02 | 18.1x | ₹226 cr | 10.7% | 7.0% | 1.2x |
| 2026-01 | 18.3x | ₹226 cr | 10.7% | 7.0% | 1.2x |
| 2025-12 | 20.1x | ₹226 cr | 10.7% | 7.0% | 1.2x |
| 2025-11 | 80.5x | ₹216 cr | 2.6% | 7.0% | 1.2x |
| 2025-10 | 80.9x | ₹216 cr | 2.6% | 7.0% | 1.2x |
| 2025-09 | 88.0x | ₹216 cr | 2.6% | 7.0% | 1.2x |
| 2025-08 | 59.4x | ₹214 cr | 3.7% | 7.0% | 1.2x |
| 2025-07 | 59.3x | ₹214 cr | 3.7% | 7.0% | 1.2x |
| 2025-06 | 64.6x | ₹214 cr | 3.7% | 7.0% | 1.2x |
| 2025-05 | 89.0x | ₹209 cr | 2.3% | 12.0% | 1.1x |
| 2025-04 | 84.0x | ₹209 cr | 2.3% | 12.0% | 1.1x |
| 2025-03 | 84.4x | ₹209 cr | 2.3% | 12.0% | 1.1x |
| 2025-02 | 63.1x | ₹212 cr | 3.4% | 12.0% | 1.1x |
| 2025-01 | 77.7x | ₹212 cr | 3.4% | 12.0% | 1.1x |
| 2024-12 | 80.2x | ₹212 cr | 3.4% | 12.0% | 1.1x |
| 2024-11 | 25.5x | ₹210 cr | 10.9% | 12.0% | 1.1x |
| 2024-10 | 23.6x | ₹210 cr | 10.9% | 12.0% | 1.1x |
| 2024-09 | 26.9x | ₹210 cr | 10.9% | 12.0% | 1.1x |
| 2024-08 | 25.2x | ₹206 cr | 11.7% | 12.0% | 1.1x |
| 2024-07 | 23.8x | ₹206 cr | 11.7% | 12.0% | 1.1x |
| 2024-06 | 27.3x | ₹206 cr | 11.7% | 12.0% | 1.1x |
| 2024-05 | 25.4x | ₹208 cr | 14.1% | 12.0% | 1.0x |
| 2024-04 | 30.6x | ₹208 cr | 14.1% | 12.0% | 1.0x |
| 2024-03 | 26.7x | ₹208 cr | 14.1% | 12.0% | 1.0x |
| 2024-02 | 35.5x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2024-01 | 30.3x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-12 | 26.4x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-11 | 26.0x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-10 | 23.4x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-09 | 22.5x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-08 | 24.1x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-07 | 18.4x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-06 | 18.3x | ₹198 cr | 11.5% | 12.0% | 1.0x |
| 2023-05 | 18.7x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2023-04 | 16.1x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2023-03 | 15.0x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2023-02 | 16.3x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2023-01 | 17.8x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-12 | 18.7x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-11 | 19.7x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-10 | 24.2x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-09 | 28.0x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-08 | 16.3x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-07 | 14.7x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-06 | 14.3x | ₹168 cr | 13.1% | 13.0% | 0.9x |
| 2022-05 | 18.4x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2022-04 | 19.5x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2022-03 | 18.8x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2022-02 | 19.1x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2022-01 | 21.9x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-12 | 22.0x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-11 | 15.2x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-10 | 18.6x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-09 | 17.6x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-08 | 15.2x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-07 | 10.7x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-06 | 9.5x | ₹133 cr | 10.5% | 12.0% | 0.8x |
| 2021-05 | 8.3x | ₹105 cr | 11.9% | — | 0.8x |
| 2021-04 | 7.5x | ₹105 cr | 11.9% | — | 0.8x |
| 2021-03 | 8.5x | ₹105 cr | 11.9% | — | 0.8x |
| 2021-02 | 8.5x | ₹105 cr | 11.9% | — | 0.8x |
| 2021-01 | 9.4x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-12 | 8.4x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-11 | 8.2x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-10 | 7.8x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-09 | 7.8x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-08 | 6.9x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-07 | 6.9x | ₹105 cr | 11.9% | — | 0.8x |
| 2020-06 | 6.6x | ₹105 cr | 11.9% | — | 0.8x |