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DALMIA BHARAT LIMITED (DALBHARAT)

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.49 / 100
Profitability 63Growth 35Balance sheet 50
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.46 / 100
Price 13Earnings 42FII/DII 81
Compare withULTRATECH CEMENTGRASIM INDUSTRIESAMBUJA CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,466.3 latest close · −16.9% over the last 90 sessions

₹1,400₹1,600₹1,800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,400₹1,600₹1,800Jul 3Sep 4Nov 9

₹1,466.3 month-end · −27.0% over 12 months

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

₹1,466.3 month-end · −33.9% over 3 years

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

₹1,466.3 month-end · +27.2% since Feb '19

₹1,000₹2,000Feb '19Sep '20Mar '22Oct '23Apr '25Nov '26 ₹1,000₹2,000Feb '19Jan '23Nov '26

52-week range ₹1319.00 to ₹2260.00 · 1-year volatility 31.5%

Was the rally earned?

-27%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 40.3x to 29.5x); per-share earnings took off 0 points.
  • 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: −27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−27 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: −27%−27%Share priceNet profit growth: −1 pts. Points of the price return explained by net profit growing (or shrinking).−1ProfitP/E change: −27 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−27P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −27%−27%Share price
Net profit growth-1 ptsNet profit fell about 2%, which lowers the price.
P/E change-27 ptsThe P/E fell from 40.3x to 29.5x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-34%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 40.2x to 29.5x); per-share earnings took off 9 points.
  • The share count fell 4%.
Net profit growth: −12 pts. Points of the price return explained by net profit growing (or shrinking).−12 ptsNet profit growthP/E change: −25 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−25 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: −34%−34%Share priceNet profit growth: −12 pts. Points of the price return explained by net profit growing (or shrinking).−12ProfitP/E change: −25 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−25P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: −34%−34%Share price
Net profit growth-12 ptsNet profit fell about 14%, which lowers the price.
P/E change-25 ptsThe P/E fell from 40.2x to 29.5x, which lowers the price.
Share count change+3 ptsShare count fell 4%, which lifts the price.
-22%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 20 points, while the multiple moved less (P/E 29.9x to 29.5x).
  • The share count barely moved.
Net profit growth: −21 pts. Points of the price return explained by net profit growing (or shrinking).−21 ptsNet profit growthP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1 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: −22%−22%Share priceNet profit growth: −21 pts. Points of the price return explained by net profit growing (or shrinking).−21ProfitP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −22%−22%Share price
Net profit growth-21 ptsNet profit fell about 21%, which lowers the price.
P/E change-1 ptsThe P/E fell from 29.9x to 29.5x, which lowers the price.
Share count change+1 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-66.3%recovered 2021-02
1-year volatility31.5%annualised
Beta vs sector index0.813-year daily, correlation 0.59
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−65.2% 0%−20%−40%−60%2020202220242026−65.2%
Largest drawdowns

-66.3% (2019-02 peak to 2020-03 low, recovered 2021-02)

-49.6% (2021-09 peak to 2022-06 low, recovered 2025-09)

-46.4% (2025-09 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-11-02: 7.1x the 50-day median, price +4.0% that day

2026-10-30: 10.5x the 50-day median, price -5.8% that day

2026-10-29: 17.4x the 50-day median, price -4.5% 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?

29.5xP/E todayNear its historic low
Against its own history12th percentile
CheapestMedian 41.1xDearest

Usual range 29.4x to 67.2x since 2019-02.

Against Non-Energy Minerals29.5x vs 21.8x
This company
29.5x
Sector median
21.8x

35% above the Non-Energy Minerals median.

8.6x56.4x104.2x152.0xFeb '19Sep '20Apr '22Nov '23Jun '25Nov '268.6x56.4x104.2x152.0xFeb '19Sep '21Apr '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

  • ROCE39th▲ 16 pts vs a year ago
  • Op. margin87thflat vs a year ago
  • Revenue growth45th▲ 19 pts vs a year ago
  • EPS growth39th▼ 32 pts vs a year ago
  • Debt/equity ↓43rd▼ 8 pts vs a year ago
  • Cash cycle ↓85th▼ 6 pts vs a year ago
  • P/E ↓37th▲ 9 pts vs a year ago
  • 12M momentum27th▼ 52 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?

~19%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 30.3x, a holder earning 12%/yr needs earnings to grow about 19.0%/yr for 10 years, then trade at 15x.

Delivered8.7%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg
Gap+10.3 ptsimplied minus delivered
Rank317thmost demanding of 856

Over time

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

0%21%41% Jun 2019Nov 2026 0%21%41% Jun 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x20.4%21.5%22.6%
15x17.9%19.0%20.1%
20x14.8%15.8%16.8%

Drag a slider to test other assumptions

Implied: 19.0%/yr

Looking back

  • Jan 2020Price implied 32%/yr; EPS has since grown 19%/yr (7.0 yrs)
  • Jan 2021Price implied 35%/yr; EPS has since grown 31%/yr (6.0 yrs)
  • Jan 2022Price implied 32%/yr; EPS has since grown −1%/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
₹1466.30
P/E
29.5x
ROCE
8.0%
Market Cap
₹27507 cr
Revenue (TTM)
₹15058 cr
P/S
1.8x
P/B
1.5x
ROE
5.2%
Operating Margin
21.0%
Debt / Equity
0.4x
Promoter Holding
55.8%
12M Momentum
-27.0%

52-week range

₹1319.00₹2260.00
16% of the way from its 52-week low to its high

Price risk

1Y volatility
31.5%
Beta vs sector
1-year daily
0.89

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.60x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.60xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.60x (cash from operations ₹7,030 cr, net profit ₹2,709 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (21 vs 21). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress14% of fixed assetsWithin range

Capital work-in-progress is 14% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+24 days / 2 yrsWithin range

Days payable changed by +24 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, DIIs added 10.5 pts; FIIs trimmed 7.3 pts.
  • The number of shareholders rose from 48,927 to 72,957 (+49%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters55.9%55.8%0.0 pts
FIIs14.1%6.8%-7.3 pts
DIIs9.4%19.9%+10.5 pts
Public and others20.5%17.3%-3.2 pts

Number of shareholders

72,957shareholders+49% since Sep '23
49k64k79k94k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 48,927
Dec '23: 52,428
Mar '24: 61,204
Jun '24: 88,455
Sep '24: 94,161
Dec '24: 90,385
Mar '25: 86,250
Jun '25: 76,773
Sep '25: 75,971
Dec '25: 73,797
Mar '26: 63,680
Jun '26: 72,957
 49k64k79k94k Sep '23Sep '24Sep '25Jun '26
Sep '23: 48,927
Dec '23: 52,428
Mar '24: 61,204
Jun '24: 88,455
Sep '24: 94,161
Dec '24: 90,385
Mar '25: 86,250
Jun '25: 76,773
Sep '25: 75,971
Dec '25: 73,797
Mar '26: 63,680
Jun '26: 72,957

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

+10.0%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like DALMIA BHARAT 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 −6% to +43% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +11.2%, 80% range +4.9% to +15.6%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
MOTHERSON · Jan 2022: −36.5% vs market
CEATLTD · Apr 2021: −34.4% vs market
AARTIIND · Sep 2024: −30.3% vs market
HIKAL · Aug 2025: −26.7% vs market
TATACHEM · May 2023: −26.1% vs market
LUPIN · Dec 2021: −25.6% vs market
TRIDENT · Dec 2024: −24.3% vs market
BLUEDART · Aug 2025: −18.5% vs market
RKFORGE · Jun 2025: −16.4% vs market
BRIGADE · Sep 2025: −14.9% vs market
LUXIND · Jul 2023: −12.3% vs market
TRIVENI · Aug 2025: −9.9% vs market
SUPRAJIT · Aug 2024: −6.4% vs market
APLLTD · Jun 2023: −6.0% vs market
GESHIP · Sep 2020: −4.1% vs market
IPCALAB · Jul 2023: +1.5% vs market
SOMANYCERA · Aug 2022: +1.7% vs market
MRF · Sep 2021: +2.5% vs market
RAMCOCEM · Sep 2022: +4.0% vs market
JKCEMENT · Sep 2022: +4.4% vs market
APOLLOTYRE · Sep 2020: +5.4% vs market
BAJAJELEC · May 2022: +5.8% vs market
BEML · Jun 2022: +7.6% vs market
INDIACEM · May 2022: +9.6% vs market
BALRAMCHIN · Dec 2023: +9.8% vs market
GODREJIND · Dec 2020: +10.2% vs market
GODREJAGRO · Aug 2023: +10.9% vs market
EPL · Jul 2022: +14.1% vs market
ASTERDM · Jan 2022: +15.9% vs market
BANARISUG · Jun 2021: +16.3% vs market
AMBER · May 2023: +18.4% vs market
BIRLACORPN · Jun 2022: +18.6% vs market
DCMSHRIRAM · Jun 2024: +20.1% vs market
NILKAMAL · Jul 2022: +21.6% vs market
WELSPUNLIV · Jan 2020: +29.0% vs market
GSFC · Jul 2020: +31.1% vs market
HFCL · Jul 2023: +43.0% vs market
ASAHIINDIA · Aug 2024: +43.0% vs market
NAVINFLUOR · Sep 2024: +45.5% vs market
SANSERA · Nov 2023: +46.2% vs market
KCP · Jun 2023: +56.3% vs market
MAHSEAMLES · Mar 2021: +62.1% vs market
TORNTPOWER · Jan 2023: +66.2% vs market
JSWENERGY · May 2020: +68.8% vs market
SOBHA · Jan 2023: +73.6% vs market
INDUSTOWER · Aug 2023: +77.7% vs market
BHARATFORG · Jul 2025: +78.6% vs market
INDHOTEL · Apr 2021: +91.8% vs market
CIEINDIA · Feb 2022: +120.3% vs market
FLUOROCHEM · Dec 2020: +214.7% vs market
Similar setups +10.0%All companies −1.2%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
+10.0%
All companies' median
−1.2%
Beat the market
70% vs 49%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
AARTIIND
Process Industries		 Sep 2024 44x7% +19%−23% −30%
APOLLOTYRE
Consumer Durables		 Sep 2020 16x5% −28%−31% +5%
RAMCOCEM
Non-Energy Minerals		 Sep 2022 20x9% −23%−31% +4%
TATACHEM
Process Industries		 May 2023 20x8% +2%−19% −26%
JSWENERGY
Utilities		 May 2020 9x9% −45%−49% +69%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TRIDENT
Process Industries		 Dec 2024 53x10% −8%−33% −24%
BAJAJELEC
Consumer Durables		 May 2022 40x12% −6%−35% +6%
TORNTPOWER
Utilities		 Jan 2023 48x13% −18%−23% +66%
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 P/E. 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.

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 DALMIA BHARAT 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.

DEEPAK NITRITEDEEPAKNTR
Process Industries
82%similar
operating marginEPS growth
BALKRISHNA INDUSTRIESBALKRISIND
Consumer Durables
75%similar
operating marginrevenue
TORRENT POWERTORNTPOWER
Utilities
74%similar
volatilityrevenue growth
SRFSRF
Process Industries
73%similar
revenuedebt/equity
RELIANCE INDUSTRIESRELIANCE
Energy Minerals
68%similar
debt/equityROCE
JINDAL STEELJINDALSTEL
Non-Energy Minerals
75%similar
EPS growthdebt/equity
JK LAKSHMI CEMENTJKLAKSHMI
Non-Energy Minerals
57%similar
EPS growthrevenue growth
SHREE CEMENTSSHREECEM
Non-Energy Minerals
55%similar
operating marginrevenue

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

What changed?

30 events since Dec '22

  1. OctPriceFell 46% from the Sep 2025 peak to the Oct 2026 low.
  2. OctValuationP/E fell below the 10th percentile of its own history to date (26.7x).
  3. OctPriceVolume reached 17.4x its 50-day median on 2026-10-29; price -4.5% that day.
  4. SepResultsYear-on-year EPS growth turned negative.
  5. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  6. AugPriceVolume reached 9.4x its 50-day median on 2026-08-31; price +0.6% that day.
  7. JunResultsRevenue (TTM) reached a new high of ₹14,804 cr.
  8. JunPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
Show 22 earlier events
  1. MayPriceVolume reached 7.6x its 50-day median on 2026-05-08; price -7.6% that day.
  2. MarValuationP/E fell below the 10th percentile of its own history to date (28.1x).
  3. JanPriceVolume reached 6.9x its 50-day median on 2026-01-20; price +1.6% that day.
  4. DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  5. SepResultsYear-on-year EPS growth turned positive.
  6. SepPriceRegained the 2021-09 peak, 39 months after the low.
  7. SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  8. SepPriceVolume reached 5.4x its 50-day median on 2025-09-17; price +2.0% that day.
  9. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  10. AprPriceVolume reached 11.0x its 50-day median on 2025-04-24; price +4.5% that day.
  11. JanPriceVolume reached 11.7x its 50-day median on 2025-01-22; price +1.6% that day.
  12. DecPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  13. DecPriceVolume reached 5.5x its 50-day median on 2024-12-02; price +3.3% that day.
  14. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  15. JulPriceVolume reached 5.0x its 50-day median on 2024-07-19; price -5.1% that day.
  16. JunResultsYear-on-year EPS growth turned negative.
  17. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  18. AprPriceVolume reached 8.9x its 50-day median on 2024-04-25; price -8.0% that day.
  19. NovPriceVolume reached 9.8x its 50-day median on 2023-11-30; price +0.7% that day.
  20. JunResultsYear-on-year EPS growth turned positive.
  21. JunPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
  22. DecPriceVolume reached 6.1x its 50-day median on 2022-12-13; price -2.6% that day.

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
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1129.5x₹15058 cr5.2%8.0%0.4x
2026-1026.7x₹15058 cr5.3%8.0%0.4x
2026-0933.9x₹15058 cr5.3%8.0%0.4x
2026-0830.6x₹14804 cr6.4%8.0%0.4x
2026-0729.7x₹14804 cr6.4%8.0%0.4x
2026-0628.0x₹14804 cr6.4%8.0%0.4x
2026-0527.7x₹14650 cr6.9%6.0%0.3x
2026-0430.2x₹14650 cr6.9%6.0%0.3x
2026-0328.1x₹14650 cr6.9%6.0%0.3x
2026-0233.2x₹14325 cr6.6%6.0%0.3x
2026-0134.4x₹14325 cr6.6%6.0%0.3x
2025-1235.5x₹14325 cr6.6%6.0%0.3x
2025-1140.3x₹13995 cr5.5%6.0%0.3x
2025-1042.1x₹13995 cr5.5%6.0%0.3x
2025-0944.7x₹13995 cr5.5%6.0%0.3x
2025-0866.0x₹13980 cr4.0%6.0%0.3x
2025-0761.4x₹13980 cr4.0%6.0%0.3x
2025-0660.6x₹13980 cr4.0%6.0%0.3x
2025-0567.2x₹14196 cr3.5%7.0%0.3x
2025-0464.7x₹14196 cr3.5%7.0%0.3x
2025-0360.7x₹14196 cr3.5%7.0%0.3x
2025-0241.4x₹14619 cr4.8%7.0%0.3x
2025-0145.8x₹14619 cr4.8%7.0%0.3x
2024-1243.3x₹14619 cr4.8%7.0%0.3x
2024-1140.8x₹14685 cr5.2%7.0%0.3x
2024-1041.1x₹14685 cr5.2%7.0%0.3x
2024-0943.3x₹14685 cr5.2%7.0%0.3x
2024-0842.9x₹14691 cr5.2%7.0%0.3x
2024-0742.0x₹14691 cr5.2%7.0%0.3x
2024-0641.2x₹14691 cr5.2%7.0%0.3x
2024-0532.2x₹13552 cr6.9%8.0%0.2x
2024-0433.3x₹13552 cr6.9%8.0%0.2x
2024-0335.2x₹13552 cr6.9%8.0%0.2x
2024-0236.7x₹13552 cr6.9%8.0%0.2x
2024-0141.3x₹13552 cr6.9%8.0%0.2x
2023-1241.2x₹13552 cr6.9%8.0%0.2x
2023-1140.2x₹13552 cr6.9%8.0%0.2x
2023-1038.1x₹13552 cr6.9%8.0%0.2x
2023-0943.5x₹13552 cr6.9%8.0%0.2x
2023-0837.8x₹13552 cr6.9%8.0%0.2x
2023-0735.4x₹13552 cr6.9%8.0%0.2x
2023-0639.2x₹13552 cr6.9%8.0%0.2x
2023-0548.9x₹11286 cr5.3%7.0%0.2x
2023-0445.8x₹11286 cr5.3%7.0%0.2x
2023-0345.2x₹11286 cr5.3%7.0%0.2x
2023-0242.1x₹11286 cr5.3%7.0%0.2x
2023-0140.6x₹11286 cr5.3%7.0%0.2x
2022-1242.8x₹11286 cr5.3%7.0%0.2x
2022-1141.8x₹11286 cr5.3%7.0%0.2x
2022-1036.8x₹11286 cr5.3%7.0%0.2x
2022-0936.7x₹11286 cr5.3%7.0%0.2x
2022-0835.3x₹11286 cr5.3%7.0%0.2x
2022-0736.7x₹11286 cr5.3%7.0%0.2x
2022-0629.5x₹11286 cr5.3%7.0%0.2x
2022-0521.8x₹10110 cr9.2%10.0%0.3x
2022-0424.3x₹10110 cr9.2%10.0%0.3x
2022-0323.9x₹10110 cr9.2%10.0%0.3x
2022-0225.0x₹10110 cr9.2%10.0%0.3x
2022-0128.5x₹10110 cr9.2%10.0%0.3x
2021-1229.5x₹10110 cr9.2%10.0%0.3x
2021-1129.9x₹10110 cr9.2%10.0%0.3x
2021-1032.2x₹10110 cr9.2%10.0%0.3x
2021-0933.6x₹10110 cr9.2%10.0%0.3x
2021-0835.2x₹10110 cr9.2%10.0%0.3x
2021-0734.2x₹10110 cr9.2%10.0%0.3x
2021-0630.2x₹10110 cr9.2%10.0%0.3x
2021-05152.0x₹9674 cr2.3%4.0%0.6x
2021-04129.7x₹9674 cr2.3%4.0%0.6x
2021-03136.9x₹9674 cr2.3%4.0%0.6x
2021-02123.7x₹9674 cr2.3%4.0%0.6x
2021-0199.5x₹9674 cr2.3%4.0%0.6x
2020-1293.0x₹9674 cr2.3%4.0%0.6x
2020-1194.9x₹9674 cr2.3%4.0%0.6x
2020-1072.6x₹9674 cr2.3%4.0%0.6x
2020-0967.3x₹9674 cr2.3%4.0%0.6x
2020-0864.6x₹9674 cr2.3%4.0%0.6x
2020-0765.5x₹9674 cr2.3%4.0%0.6x
2020-0658.0x₹9674 cr2.3%4.0%0.6x
2020-0534.8x₹9484 cr3.3%4.0%0.6x
2020-0432.7x₹9484 cr3.3%4.0%0.6x
2020-0330.7x₹9484 cr3.3%4.0%0.6x
2020-0249.0x₹9484 cr3.3%4.0%0.6x
2020-0154.7x₹9484 cr3.3%4.0%0.6x
2019-1250.1x₹9484 cr3.3%4.0%0.6x
2019-1155.2x₹9484 cr3.3%4.0%0.6x
2019-1050.7x₹9484 cr3.3%4.0%0.6x
2019-0951.5x₹9484 cr3.3%4.0%0.6x
2019-0856.4x₹9484 cr3.3%4.0%0.6x
2019-0757.7x₹9484 cr3.3%4.0%0.6x
2019-0665.7x₹9484 cr3.3%4.0%0.6x
2019-05—₹8579 cr2.8%6.0%0.7x
2019-04—₹8579 cr2.8%6.0%0.7x
2019-03—₹8579 cr2.8%6.0%0.7x
2019-02—₹8579 cr2.8%6.0%0.7x

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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