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GRASIM INDUSTRIES LIMITED (GRASIM)

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.40 / 100
Profitability 64Growth 51Balance sheet 5
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 50Earnings 62FII/DII 26
Compare withULTRATECH CEMENTAMBUJA CEMENTSSHREE CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹3,169.7 latest close · −0.4% over the last 90 sessions

₹3,000₹3,200₹3,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,000₹3,200₹3,400Jul 3Sep 4Nov 9

₹3,169.7 month-end · +15.7% over 12 months

₹2,500₹2,750₹3,000₹3,250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,500₹2,750₹3,000₹3,250Nov '25May '26Nov '26

₹3,169.7 month-end · +58.7% over 3 years

₹2,000₹2,500₹3,000₹3,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹2,500₹3,000₹3,500Nov '23May '25Nov '26

₹3,169.7 month-end · +341.4% since Jan '19

₹1,000₹2,000₹3,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000₹3,000Jan '19Dec '22Nov '26

52-week range ₹2502.50 to ₹3411.10 · 1-year volatility 23.8%

Was the rally earned?

+16%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 45.6x to 38.3x), which took 19 points back.
  • The share count fell 3%.
Net profit growth: +31 pts. Points of the price return explained by net profit growing (or shrinking).+31 ptsNet profit growthP/E change: −19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−19 ptsP/E changeShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4 ptsShare count changeShare price: +16%+16%Share priceNet profit growth: +31 pts. Points of the price return explained by net profit growing (or shrinking).+31ProfitP/E change: −19 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−19P/EShare count change: +4 pts. Points of the price return explained by the share count changing. More shares count against the price.+4SharesShare price: +16%+16%Share price
Net profit growth+31 ptsNet profit rose about 33%, which lifts the price.
P/E change-19 ptsThe P/E fell from 45.6x to 38.3x, which lowers the price.
Share count change+4 ptsShare count fell 3%, which lifts the price.
+59%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 19.9x to 38.3x); per-share earnings took off 24 points.
  • The share count rose 23%.
Net profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2 ptsNet profit growthP/E change: +83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+83 ptsP/E changeShare count change: −27 pts. Points of the price return explained by the share count changing. More shares count against the price.−27 ptsShare count changeShare price: +59%+59%Share priceNet profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2ProfitP/E change: +83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+83P/EShare count change: −27 pts. Points of the price return explained by the share count changing. More shares count against the price.−27SharesShare price: +59%+59%Share price
Net profit growth+2 ptsNet profit rose about 2%, which lifts the price.
P/E change+83 ptsThe P/E rose from 19.9x to 38.3x, which lifts the price.
Share count change-27 ptsShare count rose 23%, which lowers the price.
+91%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 38 points and the multiple added 54 points (P/E 26.2x to 38.3x).
  • The share count rose 23%.
Net profit growth: +67 pts. Points of the price return explained by net profit growing (or shrinking).+67 ptsNet profit growthP/E change: +54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+54 ptsP/E changeShare count change: −29 pts. Points of the price return explained by the share count changing. More shares count against the price.−29 ptsShare count changeShare price: +91%+91%Share priceNet profit growth: +67 pts. Points of the price return explained by net profit growing (or shrinking).+67ProfitP/E change: +54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+54P/EShare count change: −29 pts. Points of the price return explained by the share count changing. More shares count against the price.−29SharesShare price: +91%+91%Share price
Net profit growth+67 ptsNet profit rose about 61%, which lifts the price.
P/E change+54 ptsThe P/E rose from 26.2x to 38.3x, which lifts the price.
Share count change-29 ptsShare count rose 23%, which lowers 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-57.5%recovered 2021-01
1-year volatility23.8%annualised
Beta vs sector index0.683-year daily, correlation 0.62
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−51.7% 0%−20%−40%2020202220242026−51.7%
Largest drawdowns

-57.5% (2019-07 peak to 2020-03 low, recovered 2021-01)

-33.0% (2022-01 peak to 2022-06 low, recovered 2023-09)

-19.5% (2024-07 peak to 2025-01 low, recovered 2025-06)

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?

38.3xP/E todayNear its historic high
Against its own history80th percentile
CheapestMedian 24.4xDearest

Usual range 14.3x to 45.8x since 2019-01.

Against Non-Energy Minerals38.3x vs 21.8x
This company
38.3x
Sector median
21.8x

76% above the Non-Energy Minerals median.

8.6x22.8x37.0x51.2xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x22.8x37.0x51.2xJan '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

  • ROCE39th▲ 4 pts vs a year ago
  • Op. margin89th▲ 4 pts vs a year ago
  • Revenue growth73rd▼ 4 pts vs a year ago
  • EPS growth74th▲ 40 pts vs a year ago
  • Debt/equity ↓4th▼ 3 pts vs a year ago
  • Cash cycle ↓87thflat vs a year ago
  • P/E ↓27th▲ 5 pts vs a year ago
  • 12M momentum77th▲ 4 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?

~24%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 42.9x, a holder earning 12%/yr needs earnings to grow about 23.8%/yr for 10 years, then trade at 15x.

Delivered11.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+11.9 ptsimplied minus delivered
Rank279thmost demanding of 856

Over time

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

-4%11%25% Jan 2019Nov 2026 -4%11%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.3%26.5%27.6%
15x22.7%23.8%24.9%
20x19.3%20.4%21.4%

Drag a slider to test other assumptions

Implied: 23.8%/yr

Looking back

  • Jan 2020Price implied 18%/yr; EPS has since grown 20%/yr (7.0 yrs)
  • Jan 2021Price implied 18%/yr; EPS has since grown 7%/yr (6.0 yrs)
  • Jan 2022Price implied 23%/yr; EPS has since grown 7%/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
₹3169.70
P/E
38.3x
ROCE
8.0%
Market Cap
₹2.16L cr
Revenue (TTM)
₹1.84L cr
P/S
1.2x
P/B
2.1x
ROE
5.4%
Operating Margin
23.0%
Debt / Equity
2.2x
Promoter Holding
43.7%
12M Momentum
15.7%

52-week range

₹2502.50₹3411.10
73% of the way from its 52-week low to its high

Price risk

1Y volatility
23.8%
Beta vs sector
1-year daily
0.70

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
-1.63x
low
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold
Other income reliance6%Within range

Other income as a share of pre-tax profit (trailing twelve months): 5.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-1.63xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -1.63x (cash from operations ₹-45,699 cr, net profit ₹27,982 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+4 daysWithin range

Debtor days are above the median of the previous three fiscal years by 4 days (23 vs 19). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress11% of fixed assetsWithin range

Capital work-in-progress is 11% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-69 days / 2 yrsWithin range

Days payable changed by -69 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 2.5 pts; promoters added 1.0 pts; DIIs trimmed 0.8 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters42.8%43.7%+1.0 pts
FIIs12.2%14.6%+2.5 pts
DIIs16.9%16.1%-0.8 pts
Public and others27.8%25.1%-2.7 pts

Number of shareholders

2.4 lakhshareholders+1% since Sep '23
2.3L2.4L2.5L2.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 2.4 lakh
Dec '23: 2.3 lakh
Mar '24: 2.5 lakh
Jun '24: 2.5 lakh
Sep '24: 2.7 lakh
Dec '24: 2.6 lakh
Mar '25: 2.6 lakh
Jun '25: 2.5 lakh
Sep '25: 2.4 lakh
Dec '25: 2.4 lakh
Mar '26: 2.4 lakh
Jun '26: 2.4 lakh
 2.3L2.4L2.5L2.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 2.4 lakh
Dec '23: 2.3 lakh
Mar '24: 2.5 lakh
Jun '24: 2.5 lakh
Sep '24: 2.7 lakh
Dec '24: 2.6 lakh
Mar '25: 2.6 lakh
Jun '25: 2.5 lakh
Sep '25: 2.4 lakh
Dec '25: 2.4 lakh
Mar '26: 2.4 lakh
Jun '26: 2.4 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

−5.2%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 GRASIM INDUSTRIES 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 −14% to +11% vs the market, against −9% for all non-financial companies in the same months.
  • The gap against the base rate (+4.1%, 80% range −2.4% to +9.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
MHRIL · Sep 2025: −45.2% vs market
JKLAKSHMI · Jul 2025: −44.8% vs market
JUBLFOOD · Jan 2025: −33.4% vs market
HINDALCO · Mar 2022: −25.0% vs market
CESC · Oct 2025: −24.1% vs market
JSWSTEEL · Jul 2023: −23.0% vs market
VRLLOG · May 2025: −19.6% vs market
KIRLOSENG · Mar 2024: −19.2% vs market
APOLLOTYRE · May 2023: −17.4% vs market
TORNTPOWER · Jan 2020: −16.3% vs market
DALBHARAT · May 2025: −15.2% vs market
TVSHLTD · Oct 2025: −15.1% vs market
POWERGRID · Apr 2020: −14.1% vs market
UPL · Jun 2025: −13.8% vs market
LT · Dec 2023: −13.0% vs market
RAMCOCEM · May 2025: −12.7% vs market
RELIANCE · Aug 2025: −12.6% vs market
KPIL · Mar 2024: −12.1% vs market
NTPC · May 2024: −11.5% vs market
INDIGO · Sep 2025: −11.4% vs market
JKCEMENT · Jun 2023: −11.4% vs market
TATAPOWER · Oct 2025: −9.9% vs market
GODREJIND · Jan 2024: −8.5% vs market
BPCL · Mar 2024: −7.9% vs market
TATACOMM · Oct 2025: −5.6% vs market
HATSUN · Oct 2025: −4.9% vs market
MOTHERSON · May 2024: −3.7% vs market
TATASTEEL · Oct 2025: −3.1% vs market
ULTRACEMCO · Oct 2025: −0.3% vs market
ASHOKLEY · May 2024: +0.2% vs market
BHARATFORG · Aug 2023: +0.7% vs market
INDUSTOWER · May 2024: +5.0% vs market
ERIS · Jan 2025: +5.6% vs market
KEC · May 2024: +7.2% vs market
TVSMOTOR · Feb 2024: +8.4% vs market
BIOCON · Mar 2025: +8.5% vs market
M&M · Nov 2022: +10.4% vs market
ASAHIINDIA · Jun 2025: +11.8% vs market
BHARTIARTL · Jul 2023: +13.6% vs market
JSWENERGY · Mar 2020: +14.4% vs market
APOLLOHOSP · May 2025: +16.2% vs market
JINDALSTEL · Aug 2025: +17.1% vs market
BRIGADE · Dec 2023: +17.9% vs market
ASTERDM · May 2022: +23.6% vs market
HCG · Dec 2024: +28.2% vs market
TITAN · Sep 2025: +35.5% vs market
CCL · Feb 2025: +48.2% vs market
PRIVISCL · Jan 2025: +51.5% vs market
PRESTIGE · Oct 2023: +53.4% vs market
KALYANKJIL · Oct 2022: +156.5% vs market
Similar setups −5.2%All companies −9.3%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−5.2%
All companies' median
−9.3%
Beat the market
42% vs 39%

50 past situations · 50 companies · 27 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LT
Industrial Services		 Dec 2023 47x12% +69%−1% −13%
TVSMOTOR
Consumer Durables		 Feb 2024 77x13% +98%−1% +8%
JSWSTEEL
Non-Energy Minerals		 Jul 2023 48x8% +30%0% −23%
TATAPOWER
Utilities		 Oct 2025 32x11% −8%−10% −10%
M&M
Consumer Durables		 Nov 2022 25x11% +56%−4% +10%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ASHOKLEY
Producer Manufacturing		 May 2024 53x11% +58%−1% 0%
UPL
Process Industries		 Jun 2025 62x8% +21%−4% −14%
INDIGO
Transportation		 Sep 2025 32x17% +17%−9% −11%
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 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 GRASIM INDUSTRIES 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.

TATA POWER COTATAPOWER
Utilities
67%similar
debt/equityvolatility
BIOCONBIOCON
Health Technology
65%similar
revenue growthEPS growth
ASTER DM QUALITY CAREASTERDM
Health Services
62%similar
EPS growthpromoter holding
PVR INOXPVRINOX
Consumer Services
62%similar
ROCEP/E
TATA COMMUNICATIONSTATACOMM
Communications
62%similar
debt/equityrevenue
DALMIA BHARATDALBHARAT
Non-Energy Minerals
53%similar
ROCEEPS growth
JINDAL STEELJINDALSTEL
Non-Energy Minerals
48%similar
EPS growthrevenue
ULTRATECH CEMENTULTRACEMCO
Non-Energy Minerals
47%similar
revenuevolatility

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

What changed?

30 events since Apr '19

  1. MayValuationP/E crossed above the 90th percentile of its own history to date (47.2x).
  2. MarResultsYear-on-year EPS growth turned positive.
  3. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  4. SepPeer rankMoved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  5. JunPriceVolume reached 5.1x its 50-day median on 2025-06-10; price +3.8% that day.
  6. JunResultsRevenue (TTM) reached a new high of ₹130,978 cr.
  7. JunValuationP/E crossed above the 90th percentile of its own history to date (32.1x).
  8. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. JunPriceVolume reached 5.9x its 50-day median on 2024-06-27; price +3.3% that day.
  2. SepPriceRegained the 2022-01 peak, 15 months after the low.
  3. SepPriceVolume reached 5.4x its 50-day median on 2023-09-13; price +3.3% that day.
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  6. JunDebtDebt / equity rose above 1.0x (1.31x).
  7. JunResultsYear-on-year EPS growth turned positive.
  8. JunPriceFell 33% from the Jan 2022 peak to the Jun 2022 low.
  9. JunValuationP/E fell below the 10th percentile of its own history to date (11.9x).
  10. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  11. JunDebtDebt / equity fell below 1.0x (0.99x).
  12. JunPriceVolume reached 5.8x its 50-day median on 2022-06-03; price -6.5% that day.
  13. JunResultsYear-on-year EPS growth turned negative.
  14. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  15. JanPriceRegained the 2019-07 peak, 10 months after the low.
  16. JanPriceVolume reached 8.0x its 50-day median on 2021-01-25; price +6.5% that day.
  17. AugPriceVolume reached 7.2x its 50-day median on 2020-08-18; price +6.7% that day.
  18. JunResultsYear-on-year EPS growth turned positive.
  19. JunPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  20. JunDividendDividend payout cut from 27% to 6% of profit.
  21. MarPriceFell 58% from the Jul 2019 peak to the Mar 2020 low.
  22. AprPriceVolume reached 5.8x its 50-day median on 2019-04-25; price +5.0% 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 history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1138.3x₹1.84L cr5.4%8.0%2.2x
2026-1036.0x₹1.84L cr5.4%8.0%2.2x
2026-0937.0x₹1.84L cr5.4%8.0%2.2x
2026-0846.8x₹1.75L cr4.9%8.0%2.2x
2026-0743.0x₹1.75L cr4.9%8.0%2.2x
2026-0643.0x₹1.75L cr4.9%8.0%2.2x
2026-0547.2x₹1.69L cr4.9%8.0%1.9x
2026-0442.2x₹1.69L cr4.9%8.0%1.9x
2026-0338.6x₹1.69L cr4.9%8.0%1.9x
2026-0244.1x₹1.60L cr4.6%8.0%1.9x
2026-0144.4x₹1.60L cr4.6%8.0%1.9x
2025-1244.6x₹1.60L cr4.6%8.0%1.9x
2025-1145.6x₹1.54L cr4.3%8.0%1.9x
2025-1048.1x₹1.54L cr4.3%8.0%1.9x
2025-0945.9x₹1.54L cr4.3%8.0%1.9x
2025-0850.0x₹1.48L cr4.0%8.0%1.9x
2025-0749.4x₹1.48L cr4.0%8.0%1.9x
2025-0651.2x₹1.48L cr4.0%8.0%1.9x
2025-0546.8x₹1.42L cr4.2%9.0%1.5x
2025-0450.4x₹1.42L cr4.2%9.0%1.5x
2025-0348.0x₹1.42L cr4.2%9.0%1.5x
2025-0236.0x₹1.39L cr4.7%9.0%1.5x
2025-0139.1x₹1.39L cr4.7%9.0%1.5x
2024-1238.1x₹1.39L cr4.7%9.0%1.5x
2024-1134.1x₹1.35L cr5.3%9.0%1.5x
2024-1035.2x₹1.35L cr5.3%9.0%1.5x
2024-0936.6x₹1.35L cr5.3%9.0%1.5x
2024-0832.4x₹1.31L cr5.6%9.0%1.5x
2024-0733.3x₹1.31L cr5.6%9.0%1.5x
2024-0632.1x₹1.31L cr5.6%9.0%1.5x
2024-0523.1x₹1.18L cr7.0%10.0%1.3x
2024-0424.0x₹1.18L cr7.0%10.0%1.3x
2024-0322.8x₹1.18L cr7.0%10.0%1.3x
2024-0221.8x₹1.18L cr7.0%10.0%1.3x
2024-0121.7x₹1.18L cr7.0%10.0%1.3x
2023-1221.2x₹1.18L cr7.0%10.0%1.3x
2023-1119.9x₹1.18L cr7.0%10.0%1.3x
2023-1018.7x₹1.18L cr7.0%10.0%1.3x
2023-0919.3x₹1.18L cr7.0%10.0%1.3x
2023-0817.8x₹1.18L cr7.0%10.0%1.3x
2023-0718.4x₹1.18L cr7.0%10.0%1.3x
2023-0617.2x₹1.18L cr7.0%10.0%1.3x
2023-0515.4x₹95701 cr7.4%9.0%1.0x
2023-0415.4x₹95701 cr7.4%9.0%1.0x
2023-0314.7x₹95701 cr7.4%9.0%1.0x
2023-0214.2x₹95701 cr7.4%9.0%1.0x
2023-0114.3x₹95701 cr7.4%9.0%1.0x
2022-1215.5x₹95701 cr7.4%9.0%1.0x
2022-1115.8x₹95701 cr7.4%9.0%1.0x
2022-1015.5x₹95701 cr7.4%9.0%1.0x
2022-0915.0x₹95701 cr7.4%9.0%1.0x
2022-0815.1x₹95701 cr7.4%9.0%1.0x
2022-0714.1x₹95701 cr7.4%9.0%1.0x
2022-0611.9x₹95701 cr7.4%9.0%1.0x
2022-0522.5x₹76404 cr5.3%9.0%1.2x
2022-0426.6x₹76404 cr5.3%9.0%1.2x
2022-0326.2x₹76404 cr5.3%9.0%1.2x
2022-0225.2x₹76404 cr5.3%9.0%1.2x
2022-0127.2x₹76404 cr5.3%9.0%1.2x
2021-1225.5x₹76404 cr5.3%9.0%1.2x

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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