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APL APOLLO TUBES LIMITED (APLAPOLLO)

Non-Energy Minerals · Steel · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.79 / 100
Profitability 64Growth 72Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.83 / 100
Price 80Earnings 74FII/DII 95

Passes these screensQuality CompounderDebt-light & profitableInstitutions in, retail outConsistent compoundersNear 52-week high

Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,181.3 latest close · +22.0% over the last 90 sessions

₹1,800₹2,000₹2,200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,800₹2,000₹2,200Jul 3Sep 4Nov 9

₹2,181.3 month-end · +26.9% over 12 months

₹1,800₹2,000₹2,200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,800₹2,000₹2,200Nov '25May '26Nov '26

₹2,181.3 month-end · +29.3% over 3 years

₹1,500₹1,750₹2,000₹2,250Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹1,750₹2,000₹2,250Nov '23May '25Nov '26

₹2,181.3 month-end · +1865.1% since Jan '19

₹0₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1690.00 to ₹2301.40 · 1-year volatility 29.6%

Was the rally earned?

+27%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 48 points, but investors now pay less per rupee of profit (P/E 59.5x to 49.3x), which took 21 points back.
  • The share count barely moved.
Net profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +27%+27%Share priceNet profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +27%+27%Share price
Net profit growth+48 ptsNet profit rose about 54%, which lifts the price.
P/E change-21 ptsThe P/E fell from 59.5x to 49.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+29%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 74 points, but investors now pay less per rupee of profit (P/E 72.9x to 49.3x), which took 45 points back.
  • The share count barely moved.
Net profit growth: +74 pts. Points of the price return explained by net profit growing (or shrinking).+74 ptsNet profit growthP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +29%+29%Share priceNet profit growth: +74 pts. Points of the price return explained by net profit growing (or shrinking).+74ProfitP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +29%+29%Share price
Net profit growth+74 ptsNet profit rose about 92%, which lifts the price.
P/E change-45 ptsThe P/E fell from 72.9x to 49.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+136%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 178 points, but investors now pay less per rupee of profit (P/E 64.1x to 49.3x), which took 42 points back.
  • The share count barely moved.
Net profit growth: +175 pts. Points of the price return explained by net profit growing (or shrinking).+175 ptsNet profit growthP/E change: −42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−42 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: +136%+136%Share priceNet profit growth: +175 pts. Points of the price return explained by net profit growing (or shrinking).+175ProfitP/E change: −42 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−42P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: +136%+136%Share price
Net profit growth+175 ptsNet profit rose about 201%, which lifts the price.
P/E change-42 ptsThe P/E fell from 64.1x to 49.3x, which lowers the price.
Share count change+3 ptsShare count was little changed. More shares would count against the price.
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.

Compare this with JSW STEEL

How rough has the ride been?

Maximum drawdown-49.3%recovered 2020-08
1-year volatility29.6%annualised
Beta vs sector index0.743-year daily, correlation 0.51
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−43.4% 0%−20%−40%2020202220242026−43.4%
Largest drawdowns

-49.3% (2020-02 peak to 2020-03 low, recovered 2020-08)

-28.2% (2021-12 peak to 2022-02 low, recovered 2022-08)

-27.4% (2023-09 peak to 2025-02 low, recovered 2025-05)

Most recent volume spikes

2026-08-03: 8.3x the 50-day median, price +6.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

49.3xP/E todayWithin its usual range
Against its own history46th percentile
CheapestMedian 54.1xDearest

Usual range 23.1x to 69.2x since 2019-01.

Against Non-Energy Minerals49.3x vs 21.8x
This company
49.3x
Sector median
21.8x

126% above the Non-Energy Minerals median.

8.6x32.1x55.7x79.3xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x32.1x55.7x79.3xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median
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.

All terms explained in the glossary →

How Non-Energy Minerals is valued

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

  • ROCE97th▲ 12 pts vs a year ago
  • Op. margin32nd▲ 6 pts vs a year ago
  • Revenue growth59th▼ 14 pts vs a year ago
  • EPS growth82nd▲ 15 pts vs a year ago
  • Debt/equity ↓78th▲ 6 pts vs a year ago
  • Cash cycle ↓92ndflat vs a year ago
  • P/E ↓17th▲ 5 pts vs a year ago
  • 12M momentum84th▲ 3 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

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?

~31%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 76.6x, a holder earning 12%/yr needs earnings to grow about 30.9%/yr for 10 years, then trade at 15x.

Delivered25.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+5.0 ptsimplied minus delivered
Rank424thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

0%19%38% Jan 2019Nov 2026 0%19%38% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x32.5%33.7%34.9%
15x29.7%30.9%32.0%
20x26.2%27.3%28.5%

Drag a slider to test other assumptions

Implied: 30.9%/yr

Looking back

  • Jan 2020Price implied 22%/yr; EPS has since grown 32%/yr (7.0 yrs)
  • Jan 2021Price implied 31%/yr; EPS has since grown 29%/yr (6.0 yrs)
  • Jan 2022Price implied 36%/yr; EPS has since grown 25%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2181.30
P/E
49.3x
ROCE
32.0%
Market Cap
₹60569 cr
Revenue (TTM)
₹23389 cr
P/S
2.6x
P/B
11.4x
ROE
23.2%
Operating Margin
7.0%
Debt / Equity
0.1x
Promoter Holding
28.3%
12M Momentum
26.9%

52-week range

₹1690.00₹2301.40
80% of the way from its 52-week low to its high

Price risk

1Y volatility
29.6%
Beta vs sector
1-year daily
0.74

Balance sheet & cash

Interest cover
operating profit ÷ interest
13.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.65x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance8%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.65xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.65x (cash from operations ₹4,434 cr, net profit ₹2,692 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (6 vs 3). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-2 days / 2 yrsWithin range

Days payable changed by -2 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.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, FIIs added 5.9 pts; DIIs added 4.8 pts; promoters trimmed 1.3 pts.
  • The number of shareholders fell from 2.1 lakh to 1.6 lakh (-23%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters29.6%28.3%-1.3 pts
FIIs29.3%35.1%+5.9 pts
DIIs13.8%18.6%+4.8 pts
Public and others27.4%18.0%-9.4 pts

Number of shareholders

1.6 lakhshareholders-23% since Dec '23
1.6L1.8L2.0L2.2L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 2.1 lakh
Mar '24: 2.0 lakh
Jun '24: 1.9 lakh
Sep '24: 2.2 lakh
Dec '24: 1.9 lakh
Mar '25: 1.9 lakh
Jun '25: 1.8 lakh
Sep '25: 1.6 lakh
Dec '25: 1.6 lakh
Mar '26: 1.6 lakh
Jun '26: 1.6 lakh
 1.6L1.8L2.0L2.2L Dec '23Dec '24Dec '25Jun '26
Dec '23: 2.1 lakh
Mar '24: 2.0 lakh
Jun '24: 1.9 lakh
Sep '24: 2.2 lakh
Dec '24: 1.9 lakh
Mar '25: 1.9 lakh
Jun '25: 1.8 lakh
Sep '25: 1.6 lakh
Dec '25: 1.6 lakh
Mar '26: 1.6 lakh
Jun '26: 1.6 lakh

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.

This quarter's smart-money board

What happened next to similar setups

−13.9%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like APL APOLLO TUBES 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 −23% to +9% vs the market, against +3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −16.5%, 80% range −20.3% to −13.0%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ARE&M · Nov 2020: −53.7% vs market
BSOFT · Dec 2021: −47.1% vs market
PETRONET · May 2020: −45.1% vs market
AHLUCONT · Feb 2020: −38.5% vs market
COROMANDEL · Nov 2020: −36.7% vs market
SUMICHEM · Dec 2022: −34.8% vs market
MPHASIS · Feb 2022: −34.5% vs market
EXIDEIND · May 2020: −32.6% vs market
ORIENTELEC · Dec 2021: −32.3% vs market
SUNDRMFAST · Aug 2023: −27.8% vs market
SONATSOFTW · May 2023: −26.1% vs market
EMAMILTD · Jun 2021: −25.0% vs market
APARINDS · Dec 2024: −23.2% vs market
MSUMI · Oct 2025: −21.3% vs market
COFORGE · Aug 2023: −21.2% vs market
BLUESTARCO · Feb 2020: −20.4% vs market
GODREJAGRO · Jan 2020: −19.7% vs market
HEROMOTOCO · May 2024: −17.9% vs market
FINPIPE · Feb 2020: −17.1% vs market
TTKPRESTIG · Mar 2020: −17.1% vs market
ENDURANCE · Sep 2020: −16.0% vs market
DEEPAKNTR · Sep 2021: −15.7% vs market
CROMPTON · Dec 2020: −14.8% vs market
HAVELLS · Mar 2023: −14.2% vs market
BERGEPAINT · Jun 2025: −14.1% vs market
RADICO · Nov 2021: −13.6% vs market
LTTS · Aug 2021: −11.6% vs market
VGUARD · Feb 2023: −11.5% vs market
ABBOTINDIA · Jan 2023: −10.5% vs market
TIINDIA · Jun 2023: −8.4% vs market
KAJARIACER · Aug 2021: −7.5% vs market
RATNAMANI · Nov 2020: −7.4% vs market
LUXIND · Jan 2020: −7.0% vs market
CERA · Mar 2020: −6.0% vs market
NH · Jan 2024: −2.6% vs market
TECHM · Mar 2020: −0.3% vs market
CENTURYPLY · Oct 2021: +6.7% vs market
ATUL · May 2020: +9.4% vs market
SFL · Jan 2020: +11.2% vs market
SUPREMEIND · Feb 2020: +12.9% vs market
PERSISTENT · Jul 2024: +13.4% vs market
KEI · Aug 2023: +15.6% vs market
KIMS · Oct 2022: +15.7% vs market
RHIM · Feb 2022: +24.1% vs market
GALAXYSURF · May 2020: +25.7% vs market
POLYCAB · Jun 2023: +29.5% vs market
GARFIBRES · Jul 2020: +31.9% vs market
POWERINDIA · Apr 2021: +41.0% vs market
VAIBHAVGBL · Jul 2020: +97.8% vs market
DIXON · Feb 2024: +117.3% vs market
Similar setups −13.9%All companies +2.6%← worse than the marketbetter than the market →

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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−13.9%
All companies' median
+2.6%
Beat the market
28% vs 53%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
POLYCAB
Producer Manufacturing		 Jun 2023 42x27% +61%−2% +30%
SUPREMEIND
Producer Manufacturing		 Feb 2020 37x28% +16%−6% +13%
KEI
Producer Manufacturing		 Aug 2023 51x26% +84%0% +16%
MSUMI
Producer Manufacturing		 Oct 2025 52x43% +13%−6% −21%
COFORGE
Technology Services		 Aug 2023 48x31% +54%0% −21%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PERSISTENT
Technology Services		 Jul 2024 68x29% +104%−1% +13%
BLUESTARCO
Producer Manufacturing		 Feb 2020 41x25% +29%−7% −20%
RATNAMANI
Non-Energy Minerals		 Nov 2020 26x24% +71%−1% −7%
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: drawdown from 12-month high, 12-month momentum and revenue growth. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to APL APOLLO TUBES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

BLUE STARBLUESTARCO
Producer Manufacturing
66%similar
revenuemarket cap
KEI INDUSTRIESKEI
Producer Manufacturing
66%similar
EPS growthmarket cap
PERSISTENT SYSTEMSPERSISTENT
Technology Services
64%similar
P/Epromoter holding
HAVELLS INDIAHAVELLS
Producer Manufacturing
61%similar
operating marginrevenue
HERO MOTOCORPHEROMOTOCO
Consumer Durables
60%similar
EPS growthROCE
TUBE INVESTMENTS OF INDIATIINDIA
Non-Energy Minerals
46%similar
revenuedebt/equity
GRAVITA INDIAGRAVITA
Non-Energy Minerals
43%similar
operating marginEPS growth
JK CEMENTJKCEMENT
Non-Energy Minerals
38%similar
revenue growthmarket cap

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Aug '22

  1. AugPriceVolume reached 8.3x its 50-day median on 2026-08-03; price +6.7% that day.
  2. JanDebtDebt / equity halved over 12 months to 0.15x.
  3. JanPriceVolume reached 5.1x its 50-day median on 2026-01-27; price +3.0% that day.
  4. DecInstitutionsFII + DII holding rose 4.1 pts over 2 quarters to 52.6%.
  5. DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  6. JunResultsYear-on-year EPS growth turned positive.
  7. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  8. JunDebtDebt / equity halved over 12 months to 0.15x.
Show 22 earlier events
  1. MayPriceRegained the 2023-09 peak, 3 months after the low.
  2. AprValuationP/E crossed above the 90th percentile of its own history to date (70.9x).
  3. MarPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
  4. FebPriceFell 27% from the Sep 2023 peak to the Feb 2025 low.
  5. DecResultsYear-on-year EPS growth turned negative.
  6. DecValuationP/E crossed above the 90th percentile of its own history to date (74.7x).
  7. NovPriceVolume reached 5.8x its 50-day median on 2024-11-25; price +2.8% that day.
  8. SepInstitutionsFII + DII holding rose 3.5 pts over 2 quarters to 46.5%.
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  11. JunPriceVolume reached 7.5x its 50-day median on 2024-06-07; price +3.4% that day.
  12. MarPriceVolume reached 9.7x its 50-day median on 2024-03-13; price -6.3% that day.
  13. NovValuationP/E crossed above the 90th percentile of its own history to date (72.9x).
  14. NovPriceVolume reached 29.0x its 50-day median on 2023-11-30; price +2.2% that day.
  15. AugPriceVolume reached 6.6x its 50-day median on 2023-08-29; price -2.6% that day.
  16. JulValuationP/E crossed above the 90th percentile of its own history to date (68.9x).
  17. JunResultsYear-on-year EPS growth turned negative.
  18. JunSharesShare count is up 10.0% over 12 months.
  19. MayPriceVolume reached 6.8x its 50-day median on 2023-05-19; price -2.0% that day.
  20. MarPriceVolume reached 5.9x its 50-day median on 2023-03-17; price +5.2% that day.
  21. SepPriceVolume reached 5.7x its 50-day median on 2022-09-01; price +8.5% that day.
  22. AugPriceRegained the 2021-12 peak, 6 months after the low.

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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1149.3x₹23389 cr23.2%32.0%0.1x
2026-1048.9x₹23389 cr23.2%32.0%0.1x
2026-0949.5x₹23389 cr23.2%32.0%0.1x
2026-0851.3x₹22952 cr22.7%32.0%0.1x
2026-0742.0x₹22952 cr22.7%32.0%0.1x
2026-0641.3x₹22952 cr22.7%32.0%0.1x
2026-0544.5x₹22192 cr27.1%22.0%0.2x
2026-0446.3x₹22192 cr27.1%22.0%0.2x
2026-0347.1x₹22192 cr27.1%22.0%0.2x
2026-0259.1x₹21643 cr24.9%22.0%0.2x
2026-0154.1x₹21643 cr24.9%22.0%0.2x
2025-1250.6x₹21643 cr24.9%22.0%0.2x
2025-1159.5x₹20886 cr19.0%22.0%0.2x
2025-1062.1x₹20886 cr19.0%22.0%0.2x
2025-0958.4x₹20886 cr19.0%22.0%0.2x
2025-0858.8x₹20690 cr18.0%22.0%0.2x
2025-0758.7x₹20690 cr18.0%22.0%0.2x
2025-0663.8x₹20690 cr18.0%22.0%0.2x
2025-0579.3x₹19947 cr17.6%25.0%0.3x
2025-0470.9x₹19947 cr17.6%25.0%0.3x
2025-0366.7x₹19947 cr17.6%25.0%0.3x
2025-0268.5x₹18692 cr16.2%25.0%0.3x
2025-0171.9x₹18692 cr16.2%25.0%0.3x
2024-1274.7x₹18692 cr16.2%25.0%0.3x
2024-1157.5x₹18548 cr20.3%25.0%0.3x
2024-1057.6x₹18548 cr20.3%25.0%0.3x
2024-0960.1x₹18548 cr20.3%25.0%0.3x
2024-0855.4x₹18119 cr20.3%25.0%0.3x
2024-0756.3x₹18119 cr20.3%25.0%0.3x
2024-0658.9x₹18119 cr20.3%25.0%0.3x
2024-0565.0x₹16166 cr21.4%27.0%0.3x
2024-0467.3x₹16166 cr21.4%27.0%0.3x
2024-0364.6x₹16166 cr21.4%27.0%0.3x
2024-0266.9x₹16166 cr21.4%27.0%0.3x
2024-0165.0x₹16166 cr21.4%27.0%0.3x
2023-1266.4x₹16166 cr21.4%27.0%0.3x
2023-1172.9x₹16166 cr21.4%27.0%0.3x
2023-1067.6x₹16166 cr21.4%27.0%0.3x
2023-0970.2x₹16166 cr21.4%27.0%0.3x
2023-0872.4x₹16166 cr21.4%27.0%0.3x
2023-0768.9x₹16166 cr21.4%27.0%0.3x
2023-0656.4x₹16166 cr21.4%27.0%0.3x
2023-0545.9x₹13063 cr25.1%32.0%0.2x
2023-0448.3x₹13063 cr25.1%32.0%0.2x
2023-0348.7x₹13063 cr25.1%32.0%0.2x
2023-0248.1x₹13063 cr25.1%32.0%0.2x
2023-0146.2x₹13063 cr25.1%32.0%0.2x
2022-1244.2x₹13063 cr25.1%32.0%0.2x
2022-1145.3x₹13063 cr25.1%32.0%0.2x
2022-1043.6x₹13063 cr25.1%32.0%0.2x
2022-0942.0x₹13063 cr25.1%32.0%0.2x
2022-0838.3x₹13063 cr25.1%32.0%0.2x
2022-0738.6x₹13063 cr25.1%32.0%0.2x
2022-0634.4x₹13063 cr25.1%32.0%0.2x
2022-0565.0x₹8500 cr24.1%26.0%0.3x
2022-0471.0x₹8500 cr24.1%26.0%0.3x
2022-0363.4x₹8500 cr24.1%26.0%0.3x
2022-0259.0x₹8500 cr24.1%26.0%0.3x
2022-0159.9x₹8500 cr24.1%26.0%0.3x
2021-1269.3x₹8500 cr24.1%26.0%0.3x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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