Share price
₹36.45 latest close · −20.7% over the last 90 sessions
₹36.45 month-end · −16.5% over 12 months
₹36.45 month-end · −25.9% over 3 years
₹36.45 month-end · +127.8% since Feb '19
52-week range ₹31.20 to ₹54.90 · 1-year volatility 47.5%
Was the rally earned?
Mostly earnings.
- Per-share earnings took off 46 points, while the multiple moved less (P/E 29.1x to 40.1x).
- The share count barely moved.
Mostly earnings.
- Per-share earnings took off 82 points, while the multiple moved less (P/E 20.8x to 40.1x).
- The share count barely moved.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 18.3x to 40.1x); per-share earnings took off 21 points.
- The share count barely moved.
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
-59.9% (2019-05 peak to 2020-03 low, recovered 2021-01)
-58.0% (2024-02 peak to 2026-03 low, not yet recovered)
-36.3% (2021-08 peak to 2021-12 low, recovered 2022-08)
Is it expensive against its own past and its peers?
Usual range 6.1x to 81.3x since 2019-02.
84% 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
- ROCE22nd▼ 19 pts vs a year ago
- Op. margin49th▲ 19 pts vs a year ago
- Revenue growth29th▲ 13 pts vs a year ago
- EPS growth16thflat vs a year ago
- Debt/equity ↓60th▲ 5 pts vs a year ago
- Cash cycle ↓55th▲ 20 pts vs a year ago
- P/E ↓25th▼ 17 pts vs a year ago
- 12M momentum46th▲ 7 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 33.7x, the price would imply about 21.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“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
- ₹36.45
- P/E
- 40.1x
- ROCE
- 4.0%
- Market Cap
- ₹81 cr
- Revenue (TTM)
- ₹216 cr
- P/S
- 0.4x
- P/B
- 0.6x
- ROE
- 1.6%
- Operating Margin
- 10.0%
- Debt / Equity
- 0.2x
- Promoter Holding
- 52.7%
- 12M Momentum
- -16.5%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance30%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 30.2%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate43%Near threshold
Median quarterly effective tax rate over about 2.5 years: 43.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion2.92xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 2.92x (cash from operations ₹35 cr, net profit ₹12 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+15 daysNear threshold
Debtor days are above the median of the previous three fiscal years by 15 days (42 vs 27). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress2% of fixed assetsWithin range
Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-4 days / 2 yrsWithin range
Days payable changed by -4 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 2 years, promoters trimmed 2.6 pts.
- The number of shareholders rose from 8,494 to 10,714 (+26%) 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 BARAK VALLEY CEMENTS 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 −25% to +33% vs the market, against −5% for all non-financial companies in the same months.
- The gap against the base rate (+4.3%, 80% range −7.4% to +6.0%) is within what chance and overlapping periods produce.
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 · 2 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 37 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| RUCHIRA Process Industries |
Sep 2021 | 41x | 4% | +77% | −15% | +47% |
| SHIVAMILLS Process Industries |
Mar 2021 | 32x | 6% | +94% | −14% | +94% |
| INCREDIBLE Non-Energy Minerals |
Feb 2023 | 27x | 7% | −9% | −30% | +48% |
| RKDL Consumer Non-Durables |
Aug 2020 | 34x | 1% | +5% | −21% | +8% |
| HILTON Producer Manufacturing |
May 2020 | 17x | 5% | −47% | −52% | −22% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SAGARDEEP Non-Energy Minerals |
May 2024 | 84x | 6% | +27% | −27% | +3% |
| SUNDRMBRAK Producer Manufacturing |
May 2021 | 55x | 5% | +104% | −8% | −11% |
| VASCONEQ Industrial Services |
Apr 2020 | 21x | 3% | −44% | −55% | +22% |
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, interest cover and drawdown from 12-month high. 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?
26 events since Jun '19
- JunValuationP/E crossed above the 90th percentile of its own history to date (315.8x).
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
- MarPriceFell 58% from the Feb 2024 peak to the Mar 2026 low.
- MarPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
- DecPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- SepPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
- JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
- MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
Show 18 earlier events
- DecResultsYear-on-year EPS growth turned negative.
- DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
- SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
- NovPriceRegained the 2023-04 peak, 4 months after the low.
- JulPriceFell 25% from the Apr 2023 peak to the Jul 2023 low.
- JunResultsEPS (TTM) turned positive.
- JunPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
- AugPriceRegained the 2021-08 peak, 8 months after the low.
- JunResultsEPS (TTM) turned negative.
- DecPriceFell 36% from the Aug 2021 peak to the Dec 2021 low.
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
- JanPriceRegained the 2019-05 peak, 10 months after the low.
- JunResultsRevenue (TTM) reached a new high of ₹162 cr.
- MarPriceFell 60% from the May 2019 peak to the Mar 2020 low.
- JunResultsEPS (TTM) turned positive.
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 history94 months · 2019-02 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 40.1x | ₹216 cr | 1.6% | 4.0% | 0.2x |
| 2026-10 | 39.6x | ₹216 cr | 1.6% | 4.0% | 0.2x |
| 2026-09 | 47.3x | ₹216 cr | 1.6% | 4.0% | 0.2x |
| 2026-08 | 344.9x | ₹212 cr | 0.2% | 4.0% | 0.2x |
| 2026-07 | 316.9x | ₹212 cr | 0.2% | 4.0% | 0.2x |
| 2026-06 | 315.8x | ₹212 cr | 0.2% | 4.0% | 0.2x |
| 2026-05 | — | ₹210 cr | 0.0% | 9.0% | 0.3x |
| 2026-04 | — | ₹210 cr | 0.0% | 9.0% | 0.3x |
| 2026-03 | — | ₹210 cr | 0.0% | 9.0% | 0.3x |
| 2026-02 | 25.4x | ₹218 cr | 2.9% | 9.0% | 0.3x |
| 2026-01 | 27.7x | ₹218 cr | 2.9% | 9.0% | 0.3x |
| 2025-12 | 25.7x | ₹218 cr | 2.9% | 9.0% | 0.3x |
| 2025-11 | 29.1x | ₹212 cr | 2.7% | 9.0% | 0.3x |
| 2025-10 | 31.4x | ₹212 cr | 2.7% | 9.0% | 0.3x |
| 2025-09 | 32.4x | ₹212 cr | 2.7% | 9.0% | 0.3x |
| 2025-08 | 17.6x | ₹208 cr | 4.3% | 9.0% | 0.3x |
| 2025-07 | 18.2x | ₹208 cr | 4.3% | 9.0% | 0.3x |
| 2025-06 | 16.3x | ₹208 cr | 4.3% | 9.0% | 0.3x |
| 2025-05 | 30.8x | ₹219 cr | 2.3% | 12.0% | 0.4x |
| 2025-04 | 29.6x | ₹219 cr | 2.3% | 12.0% | 0.4x |
| 2025-03 | 28.6x | ₹219 cr | 2.3% | 12.0% | 0.4x |
| 2025-02 | 20.8x | ₹223 cr | 3.2% | 12.0% | 0.4x |
| 2025-01 | 26.3x | ₹223 cr | 3.2% | 12.0% | 0.4x |
| 2024-12 | 26.6x | ₹223 cr | 3.2% | 12.0% | 0.4x |
| 2024-11 | 16.2x | ₹232 cr | 6.2% | 12.0% | 0.4x |
| 2024-10 | 17.3x | ₹232 cr | 6.2% | 12.0% | 0.4x |
| 2024-09 | 18.0x | ₹232 cr | 6.2% | 12.0% | 0.4x |
| 2024-08 | 19.8x | ₹234 cr | 6.2% | 12.0% | 0.4x |
| 2024-07 | 21.4x | ₹234 cr | 6.2% | 12.0% | 0.4x |
| 2024-06 | 19.9x | ₹234 cr | 6.2% | 12.0% | 0.4x |
| 2024-05 | 21.9x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2024-04 | 23.6x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2024-03 | 23.2x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2024-02 | 25.5x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2024-01 | 25.1x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-12 | 21.7x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-11 | 20.8x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-10 | 16.0x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-09 | 16.6x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-08 | 15.5x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-07 | 14.4x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-06 | 14.7x | ₹183 cr | 4.6% | 10.0% | 0.5x |
| 2023-05 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2023-04 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2023-03 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2023-02 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2023-01 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-12 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-11 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-10 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-09 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-08 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-07 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-06 | — | ₹176 cr | -4.8% | 8.0% | 0.7x |
| 2022-05 | 22.5x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2022-04 | 21.2x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2022-03 | 21.7x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2022-02 | 20.9x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2022-01 | 22.1x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-12 | 19.3x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-11 | 18.3x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-10 | 20.3x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-09 | 23.3x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-08 | 22.3x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-07 | 21.7x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-06 | 21.7x | ₹147 cr | 2.0% | 6.0% | 1.0x |
| 2021-05 | 8.4x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2021-04 | 6.6x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2021-03 | 6.4x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2021-02 | 6.2x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2021-01 | 6.0x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-12 | 5.9x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-11 | 5.3x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-10 | 4.9x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-09 | 5.0x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-08 | 5.8x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-07 | 4.7x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-06 | 5.1x | ₹162 cr | 5.4% | 6.0% | 0.9x |
| 2020-05 | 72.3x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2020-04 | 68.3x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2020-03 | 50.3x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2020-02 | 77.7x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2020-01 | 81.7x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-12 | 83.3x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-11 | 77.0x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-10 | 70.0x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-09 | 80.7x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-08 | 95.7x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-07 | 98.0x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-06 | 102.0x | ₹148 cr | 0.3% | 6.0% | 0.9x |
| 2019-05 | — | ₹157 cr | -2.1% | 5.0% | 1.0x |
| 2019-04 | — | ₹157 cr | -2.1% | 5.0% | 1.0x |
| 2019-03 | — | ₹157 cr | -2.1% | 5.0% | 1.0x |
| 2019-02 | — | ₹157 cr | -2.1% | 5.0% | 1.0x |