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BIRLA CORPORATION LTD (BIRLACORPN)

Non-Energy Minerals · Construction Materials · 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.58 / 100
Profitability 56Growth 73Balance sheet 45
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.58 / 100
Price 41Earnings 64FII/DII 70

Passes these screensCash RichValue Pick

Compare withULTRATECH CEMENTGRASIM INDUSTRIESAMBUJA CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹814.9 latest close · −17.0% over the last 90 sessions

₹800₹900₹1,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹900₹1,000Jul 3Sep 4Nov 9

₹814.9 month-end · −27.2% over 12 months

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

₹814.9 month-end · −39.8% over 3 years

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

₹814.9 month-end · +67.6% since Jan '19

₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹756.05 to ₹1244.30 · 1-year volatility 33.4%

Was the rally earned?

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

Earnings helped, the multiple did not.

  • Per-share earnings added 32 points, but investors now pay less per rupee of profit (P/E 22.6x to 11.3x), which took 59 points back.
  • The share count barely moved.
Net profit growth: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32 ptsNet profit growthP/E change: −59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−59 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: +32 pts. Points of the price return explained by net profit growing (or shrinking).+32ProfitP/E change: −59 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−59P/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+32 ptsNet profit rose about 45%, which lifts the price.
P/E change-59 ptsThe P/E fell from 22.6x to 11.3x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-40%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 205 points, but investors now pay less per rupee of profit (P/E 257.3x to 11.3x), which took 245 points back.
  • The share count barely moved.
Net profit growth: +206 pts. Points of the price return explained by net profit growing (or shrinking).+206 ptsNet profit growthP/E change: −245 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−245 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −40%−40%Share priceNet profit growth: +206 pts. Points of the price return explained by net profit growing (or shrinking).+206ProfitP/E change: −245 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−245P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −40%−40%Share price
Net profit growth+206 ptsNet profit rose about 1285%, which lifts the price.
P/E change-245 ptsThe P/E fell from 257.3x to 11.3x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-40%share price, 5 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 16.5x to 11.3x); per-share earnings took off 10 points.
  • The share count barely moved.
Net profit growth: −10 pts. Points of the price return explained by net profit growing (or shrinking).−10 ptsNet profit growthP/E change: −29 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−29 ptsP/E changeShare price: −40%−40%Share priceNet profit growth: −10 pts. Points of the price return explained by net profit growing (or shrinking).−10ProfitP/E change: −29 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−29P/EShare price: −40%−40%Share price
Net profit growth-10 ptsNet profit fell about 12%, which lowers the price.
P/E change-29 ptsThe P/E fell from 16.5x to 11.3x, which lowers the price.
Share count change0 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 ULTRATECH CEMENT

How rough has the ride been?

Maximum drawdown-56.1%not yet recovered
1-year volatility33.4%annualised
Beta vs sector index0.843-year daily, correlation 0.50
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−56.1% 0%−20%−40%−60%2020202220242026−56.1%
Largest drawdowns

-56.1% (2024-02 peak to 2026-10 low, not yet recovered)

-53.1% (2020-01 peak to 2020-05 low, recovered 2021-02)

-48.3% (2021-11 peak to 2022-06 low, recovered 2024-02)

Most recent volume spikes

2026-10-22: 8.9x the 50-day median, price -0.2% that day

2026-07-28: 7.2x the 50-day median, price -3.8% that day

2026-07-27: 8.6x the 50-day median, price -4.9% 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?

11.3xP/E todayNear its historic low
Against its own history11th percentile
CheapestMedian 18.2xDearest

Usual range 11.5x to 233.7x since 2019-01.

Against Non-Energy Minerals11.3x vs 21.8x
This company
11.3x
Sector median
21.8x

48% below the Non-Energy Minerals median.

8.6x109.8x210.9x312.1xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x109.8x210.9x312.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

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

  • ROCE47th▲ 18 pts vs a year ago
  • Op. margin65th▲ 3 pts vs a year ago
  • Revenue growth33rd▼ 17 pts vs a year ago
  • EPS growth76th▲ 28 pts vs a year ago
  • Debt/equity ↓39thflat vs a year ago
  • Cash cycle ↓59th▼ 14 pts vs a year ago
  • P/E ↓83rd▲ 24 pts vs a year ago
  • 12M momentum26th▼ 24 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?

~13%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 18.3x, a holder earning 12%/yr needs earnings to grow about 13.0%/yr for 10 years, then trade at 15x.

Delivered10.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+2.4 ptsimplied minus delivered
Rank488thmost demanding of 856

Over time

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

0%13%25% Jan 2019Nov 2026 0%13%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x14.3%15.3%16.4%
15x11.9%13.0%14.0%
20x9.0%9.9%10.9%

Drag a slider to test other assumptions

Implied: 13.0%/yr

Looking back

  • Jan 2020Price implied 19%/yr; EPS has since grown 12%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 2%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/yr; EPS has since grown −2%/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
₹814.90
P/E
11.3x
ROCE
10.0%
Market Cap
₹6278 cr
Revenue (TTM)
₹9848 cr
P/S
0.6x
P/B
0.9x
ROE
7.5%
Operating Margin
13.0%
Debt / Equity
0.5x
Promoter Holding
62.9%
12M Momentum
-27.3%

52-week range

₹756.05₹1244.30
12% of the way from its 52-week low to its high

Price risk

1Y volatility
33.4%
Beta vs sector
1-year daily
0.82

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.33x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 13.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion3.33xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.33x (cash from operations ₹4,239 cr, net profit ₹1,274 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history-2 daysWithin range

Debtor days are below the median of the previous three fiscal years by 2 days (12 vs 14). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+21 days / 2 yrsWithin range

Days payable changed by +21 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, DIIs added 0.8 pts.
  • The number of shareholders fell from 95,729 to 88,705 (-7%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters62.9%62.9%0.0 pts
FIIs6.5%6.1%-0.3 pts
DIIs16.2%17.0%+0.8 pts
Public and others14.5%14.0%-0.5 pts

Number of shareholders

88,705shareholders-7% since Dec '23
89k1.1L1.3L1.5L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 95,729
Mar '24: 1.1 lakh
Jun '24: 1.2 lakh
Sep '24: 1.4 lakh
Dec '24: 1.5 lakh
Mar '25: 1.4 lakh
Jun '25: 1.3 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 93,942
Jun '26: 88,705
 89k1.1L1.3L1.5L Dec '23Dec '24Dec '25Jun '26
Dec '23: 95,729
Mar '24: 1.1 lakh
Jun '24: 1.2 lakh
Sep '24: 1.4 lakh
Dec '24: 1.5 lakh
Mar '25: 1.4 lakh
Jun '25: 1.3 lakh
Sep '25: 1.2 lakh
Dec '25: 1.2 lakh
Mar '26: 93,942
Jun '26: 88,705

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

+9.9%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like BIRLA CORPORATION LTD 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 −21% to +31% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +15.2%, 80% range +7.5% to +19.4%), but the matches cluster in only 5 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
DCMSRIND · Jun 2025: −77.4% vs market
DALMIASUG · Nov 2024: −32.8% vs market
STLTECH · Mar 2022: −30.8% vs market
DOLLAR · Oct 2025: −29.5% vs market
RUPA · Jul 2025: −28.1% vs market
JINDALSAW · Sep 2021: −27.9% vs market
NILKAMAL · Dec 2023: −27.5% vs market
SIS · Feb 2024: −27.4% vs market
PATELENG · Aug 2025: −27.4% vs market
TVSSRICHAK · Jul 2024: −26.2% vs market
KIRLOSIND · Feb 2025: −25.6% vs market
BIRLANU · Dec 2023: −24.4% vs market
SOMANYCERA · Feb 2025: −21.7% vs market
TNPL · Jun 2020: −17.0% vs market
TATACHEM · Sep 2024: −8.6% vs market
NCLIND · Jun 2022: −5.0% vs market
SANDHAR · Mar 2022: −2.8% vs market
SAIL · Nov 2023: −1.9% vs market
HUHTAMAKI · Sep 2025: +0.8% vs market
RPSGVENT · May 2023: +2.0% vs market
JKPAPER · Jul 2025: +3.3% vs market
GVT&D · Nov 2021: +3.7% vs market
UNIVCABLES · Aug 2024: +8.1% vs market
EPL · Feb 2024: +9.0% vs market
INDIACEM · May 2022: +9.6% vs market
ISGEC · May 2022: +10.2% vs market
JKTYRE · Jun 2025: +10.3% vs market
VTL · Dec 2023: +11.5% vs market
IGPL · Aug 2025: +15.8% vs market
SHK · Apr 2023: +16.9% vs market
WELSPUNLIV · Jul 2025: +17.4% vs market
PNCINFRA · Jul 2022: +18.1% vs market
JKLAKSHMI · Sep 2024: +20.4% vs market
JUBLPHARMA · Feb 2023: +24.3% vs market
WELENT · Oct 2021: +25.8% vs market
TIMETECHNO · Mar 2022: +26.9% vs market
RCF · Aug 2021: +28.3% vs market
APOLLOTYRE · Jul 2020: +31.8% vs market
BALRAMCHIN · Oct 2025: +35.7% vs market
KCP · Apr 2020: +43.0% vs market
TIRUMALCHM · Nov 2023: +45.3% vs market
WABAG · Oct 2022: +66.5% vs market
GNA · Aug 2025: +67.3% vs market
NCC · May 2022: +69.2% vs market
GLENMARK · Jan 2023: +70.4% vs market
ARVIND · Aug 2025: +83.7% vs market
MANGLMCEM · Apr 2023: +96.3% vs market
MAHSEAMLES · Jun 2021: +112.2% vs market
KIRLOSENG · Jul 2022: +139.5% vs market
JSWENERGY · Aug 2020: +203.6% vs market
Similar setups +9.9%All companies −5.3%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+9.9%
All companies' median
−5.3%
Beat the market
64% vs 44%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKPAPER
Process Industries		 Jul 2025 15x9% −29%−31% +3%
SIS
Commercial Services		 Feb 2024 18x11% +22%−17% −27%
JUBLPHARMA
Health Technology		 Feb 2023 12x10% −23%−37% +24%
KIRLOSIND
Non-Energy Minerals		 Feb 2025 17x11% −23%−50% −26%
DALMIASUG
Process Industries		 Nov 2024 14x10% −4%−23% −33%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NCC
Consumer Durables		 May 2022 15x11% −20%−33% +69%
SHK
Process Industries		 Apr 2023 11x10% −26%−28% +17%
WABAG
Industrial Services		 Oct 2022 12x13% −17%−29% +67%
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: 12-month momentum, drawdown from 12-month high and ROCE. 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 BIRLA CORPORATION LTD. 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.

DILIP BUILDCONDBL
Industrial Services
67%similar
promoter holdingmarket cap
DCM SHRIRAMDCMSHRIRAM
Process Industries
62%similar
volatilityP/E
JK TYRE AND INDUSTRIESJKTYRE
Consumer Durables
57%similar
revenue growthrevenue
KCPKCP
Producer Manufacturing
55%similar
P/Evolatility
FINOLEX INDUSTRIESFINPIPE
Producer Manufacturing
54%similar
operating marginmarket cap
STEEL AUTHORITY OF INDIASAIL
Non-Energy Minerals
61%similar
debt/equitypromoter holding
KIRLOSKAR FERROUS INDUSTRIES LKIRLFER
Non-Energy Minerals
59%similar
market capoperating margin
NUVOCO VISTAS CORPORATIONNUVOCO
Non-Energy Minerals
57%similar
EPS growthrevenue

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

What changed?

30 events since Jun '23

  1. OctPriceFell 56% from the Feb 2024 peak to the Oct 2026 low.
  2. OctPriceVolume reached 8.9x its 50-day median on 2026-10-22; price -0.2% that day.
  3. SepResultsRevenue (TTM) reached a new high of ₹9,848 cr.
  4. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  5. AugValuationP/E fell below the 10th percentile of its own history to date (12.1x).
  6. JulPriceVolume reached 13.1x its 50-day median on 2026-07-15; price +5.4% that day.
  7. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  8. MayPriceVolume reached 15.0x its 50-day median on 2026-05-11; price +6.8% that day.
Show 22 earlier events
  1. MarPriceVolume reached 8.8x its 50-day median on 2026-03-25; price +9.2% that day.
  2. DecResultsYear-on-year EPS growth turned positive.
  3. DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  4. OctPriceVolume reached 17.0x its 50-day median on 2025-10-06; price -1.2% that day.
  5. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  6. JulPriceVolume reached 18.1x its 50-day median on 2025-07-30; price -8.5% that day.
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  9. MayPriceVolume reached 11.3x its 50-day median on 2025-05-13; price +5.2% that day.
  10. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  11. MarPriceVolume reached 6.6x its 50-day median on 2025-03-13; price -2.7% that day.
  12. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  13. OctPriceVolume reached 5.9x its 50-day median on 2024-10-09; price +2.0% that day.
  14. JunResultsYear-on-year EPS growth turned positive.
  15. JunPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
  16. JunDividendDividend payout cut from 48% to 18% of profit.
  17. MayPriceVolume reached 11.8x its 50-day median on 2024-05-06; price -1.0% that day.
  18. FebPriceRegained the 2021-11 peak, 20 months after the low.
  19. FebPriceVolume reached 24.7x its 50-day median on 2024-02-09; price +6.5% that day.
  20. NovPriceVolume reached 5.4x its 50-day median on 2023-11-28; price +4.4% that day.
  21. SepPriceVolume reached 8.2x its 50-day median on 2023-09-08; price +4.9% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹8,682 cr.

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
2026-1111.3x₹9848 cr7.5%10.0%0.5x
2026-1010.8x₹9848 cr7.5%10.0%0.5x
2026-0911.7x₹9848 cr7.5%10.0%0.5x
2026-0812.1x₹9656 cr7.6%10.0%0.5x
2026-0712.3x₹9656 cr7.6%10.0%0.5x
2026-0613.6x₹9656 cr7.6%10.0%0.5x
2026-0514.8x₹9635 cr7.4%7.0%0.5x
2026-0413.5x₹9635 cr7.4%7.0%0.5x
2026-0312.4x₹9635 cr7.4%7.0%0.5x
2026-0215.5x₹9733 cr7.1%7.0%0.5x
2026-0116.3x₹9733 cr7.1%7.0%0.5x
2025-1216.5x₹9733 cr7.1%7.0%0.5x
2025-1122.6x₹9479 cr5.5%7.0%0.5x
2025-1023.8x₹9479 cr5.5%7.0%0.5x
2025-0924.6x₹9479 cr5.5%7.0%0.5x
2025-0832.6x₹9215 cr4.2%7.0%0.5x
2025-0735.3x₹9215 cr4.2%7.0%0.5x
2025-0635.0x₹9215 cr4.2%7.0%0.5x
2025-0545.6x₹9054 cr3.5%9.0%0.6x
2025-0435.2x₹9054 cr3.5%9.0%0.6x
2025-0335.0x₹9054 cr3.5%9.0%0.6x
2025-0224.2x₹9107 cr4.6%9.0%0.6x
2025-0129.0x₹9107 cr4.6%9.0%0.6x
2024-1230.7x₹9107 cr4.6%9.0%0.6x
2024-1124.3x₹9440 cr5.9%9.0%0.6x
2024-1022.9x₹9440 cr5.9%9.0%0.6x
2024-0924.8x₹9440 cr5.9%9.0%0.6x
2024-0824.4x₹9656 cr6.3%9.0%0.6x
2024-0728.0x₹9656 cr6.3%9.0%0.6x
2024-0629.2x₹9656 cr6.3%9.0%0.6x
2024-05268.1x₹8682 cr0.7%4.0%0.7x
2024-04274.2x₹8682 cr0.7%4.0%0.7x
2024-03270.7x₹8682 cr0.7%4.0%0.7x
2024-02312.1x₹8682 cr0.7%4.0%0.7x
2024-01291.4x₹8682 cr0.7%4.0%0.7x
2023-12273.9x₹8682 cr0.7%4.0%0.7x
2023-11257.3x₹8682 cr0.7%4.0%0.7x
2023-10242.1x₹8682 cr0.7%4.0%0.7x
2023-09233.8x₹8682 cr0.7%4.0%0.7x
2023-08218.5x₹8682 cr0.7%4.0%0.7x
2023-07233.5x₹8682 cr0.7%4.0%0.7x
2023-06235.8x₹8682 cr0.7%4.0%0.7x
2023-0521.7x₹7461 cr6.6%8.0%0.7x
2023-0417.7x₹7461 cr6.6%8.0%0.7x
2023-0317.2x₹7461 cr6.6%8.0%0.7x
2023-0216.8x₹7461 cr6.6%8.0%0.7x
2023-0117.5x₹7461 cr6.6%8.0%0.7x
2022-1218.9x₹7461 cr6.6%8.0%0.7x
2022-1118.3x₹7461 cr6.6%8.0%0.7x
2022-1017.8x₹7461 cr6.6%8.0%0.7x
2022-0918.5x₹7461 cr6.6%8.0%0.7x
2022-0818.8x₹7461 cr6.6%8.0%0.7x
2022-0718.8x₹7461 cr6.6%8.0%0.7x
2022-0616.8x₹7461 cr6.6%8.0%0.7x
2022-0511.9x₹6785 cr11.5%12.0%0.8x
2022-0413.3x₹6785 cr11.5%12.0%0.8x
2022-0314.4x₹6785 cr11.5%12.0%0.8x
2022-0213.4x₹6785 cr11.5%12.0%0.8x
2022-0116.6x₹6785 cr11.5%12.0%0.8x
2021-1217.4x₹6785 cr11.5%12.0%0.8x

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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