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BHARAT PETROLEUM CORPN LTD (BPCL)

Energy Minerals · Oil Refining/Marketing · 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.50 / 100
Profitability 51Growth 68Balance sheet 32
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.57 / 100
Price 64Earnings 43FII/DII 65

Passes these screensCash RichQuality CompounderLittle growth priced in

Compare withRELIANCE INDUSTRIESOIL AND NATURAL GAS CORPORATIOHINDUSTAN PETROLEUM CORP

Share price

Closing priceAdjusted for splits and bonus issues.

₹316 latest close · +2.5% over the last 90 sessions

₹280₹300₹320Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹280₹300₹320Jul 3Sep 4Nov 9

₹316 month-end · −9.5% over 12 months

₹300₹350Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹300₹350Nov '25May '26Nov '26

₹316 month-end · +65.1% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹316 month-end · +111.2% since Jan '19

₹200₹300₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹200₹300₹400Jan '19Dec '22Nov '26

52-week range ₹266.60 to ₹391.65 · 1-year volatility 30.0%

Was the rally earned?

-10%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 8.7x to 8.0x); per-share earnings took off 1 point.
  • The share count barely moved.
Net profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1 ptsNet profit growthP/E change: −8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−8 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: −9%−9%Share priceNet profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1ProfitP/E change: −8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−8P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −9%−9%Share price
Net profit growth-1 ptsNet profit fell about 1%, which lowers the price.
P/E change-8 ptsThe P/E fell from 8.7x to 8.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+65%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 271 points, but investors now pay less per rupee of profit (P/E 39.0x to 8.0x), which took 206 points back.
  • The share count barely moved.
Net profit growth: +271 pts. Points of the price return explained by net profit growing (or shrinking).+271 ptsNet profit growthP/E change: −206 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−206 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: +65%+65%Share priceNet profit growth: +271 pts. Points of the price return explained by net profit growing (or shrinking).+271ProfitP/E change: −206 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−206P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +65%+65%Share price
Net profit growth+271 ptsNet profit rose about 704%, which lifts the price.
P/E change-206 ptsThe P/E fell from 39.0x to 8.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+96%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 4.3x to 8.0x); per-share earnings added 8 points.
  • The share count fell 7%.
Net profit growth: −2 pts. Points of the price return explained by net profit growing (or shrinking).−2 ptsNet profit growthP/E change: +88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+88 ptsP/E changeShare count change: +10 pts. Points of the price return explained by the share count changing. More shares count against the price.+10 ptsShare count changeShare price: +96%+96%Share priceNet profit growth: −2 pts. Points of the price return explained by net profit growing (or shrinking).−2ProfitP/E change: +88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+88P/EShare count change: +10 pts. Points of the price return explained by the share count changing. More shares count against the price.+10SharesShare price: +96%+96%Share price
Net profit growth-2 ptsNet profit fell about 1%, which lowers the price.
P/E change+88 ptsThe P/E rose from 4.3x to 8.0x, which lifts the price.
Share count change+10 ptsShare count fell 7%, which lifts 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 RELIANCE INDUSTRIES

How rough has the ride been?

Maximum drawdown-53.8%recovered 2024-02
1-year volatility30.0%annualised
Beta vs sector index0.943-year daily, correlation 0.60
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−50.8% 0%−20%−40%2020202220242026−50.8%
Largest drawdowns

-53.8% (2019-11 peak to 2020-03 low, recovered 2024-02)

-35.9% (2024-09 peak to 2025-02 low, recovered 2025-11)

-30.1% (2026-02 peak to 2026-03 low, not yet recovered)

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?

8.0xP/E todayWithin its usual range
Against its own history48th percentile
CheapestMedian 8.1xDearest

Usual range 4.9x to 30.7x since 2019-01.

Against Energy Minerals8.0x vs 12.7x
This company
8.0x
Sector median
12.7x

37% below the Energy Minerals median.

3.8x22.2x40.6x59.0xJan '19Aug '20Mar '22Oct '23May '25Nov '263.8x22.2x40.6x59.0xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianEnergy Minerals median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianEnergy 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 Energy Minerals is valued

Where does it rank among Energy Minerals peers?

Each cell is the company's percentile rank among its 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

  • ROCE90th▲ 24 pts vs a year ago
  • Op. margin12th▼ 17 pts vs a year ago
  • Revenue growth46th▲ 11 pts vs a year ago
  • EPS growth38th▼ 12 pts vs a year ago
  • Debt/equity ↓25thflat vs a year ago
  • Cash cycle ↓87th▲ 22 pts vs a year ago
  • P/E ↓72nd▼ 9 pts vs a year ago
  • 12M momentum46th▼ 40 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 Energy Minerals sector page Watch it move against Energy Minerals in the Observatory

What is the price implying?

~3%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 8.6x, a holder earning 12%/yr needs earnings to grow about 3.0%/yr for 10 years, then trade at 15x.

Delivered14.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−11.5 ptsimplied minus delivered
Rank719thmost demanding of 856

Over time

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

-4%5%15% Jan 2019Nov 2026 -4%5%15% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x4.1%5.0%6.0%
15x2.1%3.0%3.9%
20x−0.4%0.5%1.4%

Drag a slider to test other assumptions

Implied: 3.0%/yr

Looking back

  • Jan 2020Price implied 6%/yr; EPS has since grown 19%/yr (7.0 yrs)
  • Jan 2021Price implied 5%/yr; EPS has since grown 43%/yr (6.0 yrs)
  • Jan 2022Price implied 1%/yr; EPS has since grown 10%/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 Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹316.00
P/E
8.0x
ROCE
26.0%
Market Cap
₹1.37L cr
Revenue (TTM)
₹4.94L cr
P/S
0.3x
P/B
1.4x
ROE
17.1%
Operating Margin
-2.7%
Debt / Equity
0.5x
Promoter Holding
53.0%
12M Momentum
-9.5%

52-week range

₹266.60₹391.65
40% of the way from its 52-week low to its high

Price risk

1Y volatility
30.0%
Beta vs sector
1-year daily
0.78

Balance sheet & cash

Interest cover
operating profit ÷ interest
9.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.67x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance29%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 28.8%. 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 conversion1.67xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.67x (cash from operations ₹1,10,383 cr, net profit ₹66,039 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-3 daysWithin range

Debtor days are below the median of the previous three fiscal years by 3 days (4 vs 7). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress35% of fixed assetsNear threshold

Capital work-in-progress is 35% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+14 days / 2 yrsWithin range

Days payable changed by +14 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 3 years, FIIs added 3.8 pts; DIIs trimmed 1.5 pts.
  • The number of shareholders rose from 8.2 lakh to 10.5 lakh (+29%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters53.0%53.0%0.0 pts
FIIs13.0%16.8%+3.8 pts
DIIs22.5%21.1%-1.5 pts
Public and others10.2%8.3%-2.0 pts

Number of shareholders

10.5 lakhshareholders+29% since Sep '23
7.2L8.8L10.4L11.9L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 8.2 lakh
Dec '23: 7.5 lakh
Mar '24: 7.2 lakh
Jun '24: 10.4 lakh
Sep '24: 10.2 lakh
Dec '24: 11.2 lakh
Mar '25: 11.9 lakh
Jun '25: 11.1 lakh
Sep '25: 10.6 lakh
Dec '25: 9.9 lakh
Mar '26: 10.3 lakh
Jun '26: 10.5 lakh
 7.2L8.8L10.4L11.9L Sep '23Sep '24Sep '25Jun '26
Sep '23: 8.2 lakh
Dec '23: 7.5 lakh
Mar '24: 7.2 lakh
Jun '24: 10.4 lakh
Sep '24: 10.2 lakh
Dec '24: 11.2 lakh
Mar '25: 11.9 lakh
Jun '25: 11.1 lakh
Sep '25: 10.6 lakh
Dec '25: 9.9 lakh
Mar '26: 10.3 lakh
Jun '26: 10.5 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

+2.1%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like BHARAT PETROLEUM CORPN 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 +37% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+4.3%, 80% range −0.6% to +19.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
UFLEX · Oct 2022: −44.4% vs market
UPL · Jun 2023: −43.3% vs market
ALLCARGO · Dec 2022: −37.2% vs market
JINDALSAW · Aug 2024: −37.1% vs market
HINDPETRO · Oct 2021: −37.0% vs market
NIPPOBATRY · Jun 2021: −35.4% vs market
SIS · Mar 2022: −30.4% vs market
AWL · Aug 2025: −28.9% vs market
RAIN · Apr 2023: −27.3% vs market
SSWL · Feb 2024: −26.7% vs market
GRINFRA · Apr 2024: −25.4% vs market
RAYMOND · Mar 2024: −24.7% vs market
REDINGTON · Jun 2023: −21.4% vs market
JKTYRE · Jul 2024: −20.0% vs market
CESC · May 2022: −18.7% vs market
EIDPARRY · Aug 2022: −17.6% vs market
KPIL · Jun 2021: −16.3% vs market
JSWSTEEL · May 2023: −11.9% vs market
ONGC · May 2024: −11.7% vs market
GSPL · Jan 2022: −9.9% vs market
VTL · May 2023: −2.2% vs market
CHAMBLFERT · Jul 2021: −1.8% vs market
JSL · Jul 2024: −0.5% vs market
HINDALCO · Apr 2023: 0% vs market
PETRONET · Sep 2023: +1.6% vs market
DCMSHRIRAM · May 2024: +2.5% vs market
TATASTEEL · May 2023: +11.5% vs market
VEDL · Apr 2024: +11.5% vs market
RCF · Jul 2022: +14.3% vs market
WELCORP · Apr 2021: +16.2% vs market
KEC · May 2022: +20.8% vs market
CEATLTD · Aug 2024: +23.2% vs market
SHYAMMETL · Jul 2023: +27.0% vs market
HGINFRA · Jan 2024: +27.2% vs market
COALINDIA · Apr 2022: +29.2% vs market
SAIL · May 2023: +33.8% vs market
GAIL · Jan 2023: +34.0% vs market
PDSL · Jan 2023: +37.9% vs market
JINDALSTEL · Sep 2022: +41.0% vs market
IOC · Feb 2025: +47.3% vs market
APARINDS · Jul 2021: +60.9% vs market
JKPAPER · Mar 2021: +64.2% vs market
GLENMARK · Jan 2023: +70.4% vs market
LTFOODS · Jul 2024: +76.4% vs market
GULFOILLUB · Jun 2023: +79.3% vs market
GHCL · Mar 2021: +93.1% vs market
PCBL · Sep 2023: +135.8% vs market
IRCON · Nov 2022: +147.1% vs market
OIL · Aug 2023: +176.4% vs market
RVNL · May 2022: +239.3% vs market
Similar setups +2.1%All companies −2.2%← 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
+2.1%
All companies' median
−2.2%
Beat the market
52% vs 48%

50 past situations · 50 companies · 31 months · 2021–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
REDINGTON
Distribution Services		 Jun 2023 10x25% +48%−7% −21%
SAIL
Non-Energy Minerals		 May 2023 3x24% +9%−11% +34%
TATASTEEL
Non-Energy Minerals		 May 2023 3x31% 0%−15% +12%
IOC
Energy Minerals		 Feb 2025 9x21% −28%−38% +47%
PETRONET
Utilities		 Sep 2023 10x26% +20%−4% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ONGC
Energy Minerals		 May 2024 9x14% +76%−8% −12%
HINDPETRO
Energy Minerals		 Oct 2021 4x19% +79%−8% −37%
HINDALCO
Non-Energy Minerals		 Apr 2023 7x17% −10%−13% 0%
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 interest cover. 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 BHARAT PETROLEUM CORPN 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.

JK TYRE AND INDUSTRIESJKTYRE
Consumer Durables
56%similar
promoter holdingrevenue growth
KEC INTERNATIONAL LTD (FORMERKEC
Industrial Services
51%similar
revenuepromoter holding
AWL AGRI BUSINESSAWL
Process Industries
50%similar
revenuevolatility
CEATCEATLTD
Consumer Durables
49%similar
debt/equityrevenue
JINDAL STAINLESSJSL
Non-Energy Minerals
49%similar
revenuevolatility
INDIAN OIL CORPORATIONIOC
Energy Minerals
85%similar
revenuemarket cap
OIL AND NATURAL GAS CORPORATIOONGC
Energy Minerals
45%similar
revenueP/E
HINDUSTAN PETROLEUM CORPHINDPETRO
Energy Minerals
34%similar
revenueoperating margin

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

What changed?

30 events since Jun '21

  1. SepResultsYear-on-year EPS growth turned negative.
  2. SepPeer rankSlipped to the 3rd quartile of Energy Minerals on EPS growth (from the top quartile).
  3. JunPeer rankMoved into the top quartile of Energy Minerals on ROCE (from the 2nd quartile).
  4. MarPriceFell 30% from the Feb 2026 peak to the Mar 2026 low.
  5. MarPeer rankSlipped to the bottom quartile of Energy Minerals on operating margin (from the 3rd quartile).
  6. MarPriceVolume reached 5.3x its 50-day median on 2026-03-09; price -6.1% that day.
  7. DecResultsYear-on-year EPS growth turned positive.
  8. DecPeer rankMoved into the top quartile of Energy Minerals on EPS growth (from the 2nd quartile).
Show 22 earlier events
  1. NovPriceRegained the 2024-09 peak, 9 months after the low.
  2. SepPeer rankMoved into the 2nd quartile of Energy Minerals on EPS growth (from the 3rd quartile).
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 2nd quartile of Energy Minerals on ROCE (from the top quartile).
  5. MarPriceVolume reached 11.9x its 50-day median on 2025-03-27; price +1.1% that day.
  6. FebPriceFell 36% from the Sep 2024 peak to the Feb 2025 low.
  7. JunResultsYear-on-year EPS growth turned positive.
  8. JunValuationP/E fell below the 10th percentile of its own history to date (4.5x).
  9. JunPeer rankMoved into the top quartile of Energy Minerals on ROCE (from the bottom quartile).
  10. JunDebtDebt / equity fell below 1.0x (0.72x).
  11. FebPriceRegained the 2019-11 peak, 47 months after the low.
  12. DecPriceVolume reached 5.0x its 50-day median on 2023-12-04; price +5.6% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹473,187 cr.
  14. JunValuationP/E crossed above the 90th percentile of its own history to date (32.3x).
  15. JunPeer rankSlipped to the bottom quartile of Energy Minerals on ROCE (from the 2nd quartile).
  16. MarPriceVolume reached 7.7x its 50-day median on 2023-03-16; price +6.7% that day.
  17. JunResultsYear-on-year EPS growth turned negative.
  18. JunPeer rankSlipped to the bottom quartile of Energy Minerals on EPS growth (from the top quartile).
  19. JunDividendDividend payout cut from 102% to 29% of profit.
  20. DecPeer rankSlipped to the 2nd quartile of Energy Minerals on ROCE (from the top quartile).
  21. JunResultsYear-on-year EPS growth turned positive.
  22. JunValuationP/E fell below the 10th percentile of its own history to date (5.5x).

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
2026-118.0x₹4.94L cr17.1%26.0%0.5x
2026-107.2x₹4.94L cr17.1%26.0%0.5x
2026-097.7x₹4.94L cr17.1%26.0%0.5x
2026-085.4x₹4.55L cr25.8%26.0%0.5x
2026-075.4x₹4.55L cr25.8%26.0%0.5x
2026-065.1x₹4.55L cr25.8%26.0%0.5x
2026-055.3x₹4.48L cr30.2%16.0%0.8x
2026-045.3x₹4.48L cr30.2%16.0%0.8x
2026-035.0x₹4.48L cr30.2%16.0%0.8x
2026-027.9x₹4.42L cr26.1%16.0%0.8x
2026-017.2x₹4.42L cr26.1%16.0%0.8x
2025-127.6x₹4.42L cr26.1%16.0%0.8x
2025-118.7x₹4.40L cr21.3%16.0%0.8x
2025-108.5x₹4.40L cr21.3%16.0%0.8x
2025-098.1x₹4.40L cr21.3%16.0%0.8x
2025-089.6x₹4.40L cr16.4%16.0%0.8x
2025-0710.2x₹4.40L cr16.4%16.0%0.8x
2025-0610.3x₹4.40L cr16.4%16.0%0.8x
2025-059.6x₹4.46L cr18.2%32.0%0.7x
2025-049.3x₹4.46L cr18.2%32.0%0.7x
2025-038.4x₹4.46L cr18.2%32.0%0.7x
2025-027.5x₹4.48L cr17.3%32.0%0.7x
2025-018.2x₹4.48L cr17.3%32.0%0.7x
2024-129.2x₹4.48L cr17.3%32.0%0.7x
2024-116.3x₹4.48L cr25.2%32.0%0.7x
2024-106.7x₹4.48L cr25.2%32.0%0.7x
2024-098.0x₹4.48L cr25.2%32.0%0.7x
2024-085.5x₹4.48L cr35.5%32.0%0.7x
2024-075.2x₹4.48L cr35.5%32.0%0.7x
2024-064.5x₹4.48L cr35.5%32.0%0.7x
2024-0559.0x₹4.73L cr4.0%7.0%1.3x
2024-0457.1x₹4.73L cr4.0%7.0%1.3x
2024-0356.6x₹4.73L cr4.0%7.0%1.3x
2024-0256.8x₹4.73L cr4.0%7.0%1.3x
2024-0147.2x₹4.73L cr4.0%7.0%1.3x
2023-1242.3x₹4.73L cr4.0%7.0%1.3x
2023-1139.0x₹4.73L cr4.0%7.0%1.3x
2023-1030.8x₹4.73L cr4.0%7.0%1.3x
2023-0930.6x₹4.73L cr4.0%7.0%1.3x
2023-0830.0x₹4.73L cr4.0%7.0%1.3x
2023-0733.5x₹4.73L cr4.0%7.0%1.3x
2023-0632.3x₹4.73L cr4.0%7.0%1.3x
2023-055.9x₹3.47L cr22.5%16.0%1.2x
2023-045.8x₹3.47L cr22.5%16.0%1.2x
2023-035.5x₹3.47L cr22.5%16.0%1.2x
2023-025.1x₹3.47L cr22.5%16.0%1.2x
2023-015.5x₹3.47L cr22.5%16.0%1.2x
2022-125.3x₹3.47L cr22.5%16.0%1.2x
2022-115.5x₹3.47L cr22.5%16.0%1.2x
2022-104.8x₹3.47L cr22.5%16.0%1.2x
2022-094.9x₹3.47L cr22.5%16.0%1.2x
2022-085.3x₹3.47L cr22.5%16.0%1.2x
2022-075.3x₹3.47L cr22.5%16.0%1.2x
2022-064.9x₹3.47L cr22.5%16.0%1.2x
2022-053.8x₹2.30L cr32.3%18.0%1.0x
2022-044.2x₹2.30L cr32.3%18.0%1.0x
2022-034.2x₹2.30L cr32.3%18.0%1.0x
2022-024.1x₹2.30L cr32.3%18.0%1.0x
2022-014.7x₹2.30L cr32.3%18.0%1.0x
2021-124.5x₹2.30L cr32.3%18.0%1.0x

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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