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GRAVITA INDIA LIMITED (GRAVITA)

Non-Energy Minerals · Other Metals/Minerals · 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.63 / 100
Profitability 54Growth 75Balance sheet 61
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.25 / 100
Price 22Earnings 28FII/DII 23

Passes these screensDebt-light & profitableLittle growth priced inConsistent compounders

Compare withHINDUSTAN ZINCHINDALCO INDUSTRIESNMDC

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,496.6 latest close · −13.2% 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

₹1,496.6 month-end · −17.9% over 12 months

₹1,400₹1,600₹1,800Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,400₹1,600₹1,800Nov '25May '26Nov '26

₹1,496.6 month-end · +33.8% over 3 years

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

₹1,496.6 month-end · +2390.2% since Jan '19

₹0₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1266.90 to ₹1913.60 · 1-year volatility 35.9%

Was the rally earned?

-18%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 12 points, but investors now pay less per rupee of profit (P/E 39.2x to 28.2x), which took 30 points back.
  • The share count barely moved.
Net profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13 ptsNet profit growthP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30 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: −18%−18%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −18%−18%Share price
Net profit growth+13 ptsNet profit rose about 16%, which lifts the price.
P/E change-30 ptsThe P/E fell from 39.2x to 28.2x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+34%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 70 points, but investors now pay less per rupee of profit (P/E 38.4x to 28.2x), which took 36 points back.
  • The share count rose 5%.
Net profit growth: +76 pts. Points of the price return explained by net profit growing (or shrinking).+76 ptsNet profit growthP/E change: −36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−36 ptsP/E changeShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6 ptsShare count changeShare price: +34%+34%Share priceNet profit growth: +76 pts. Points of the price return explained by net profit growing (or shrinking).+76ProfitP/E change: −36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−36P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: +34%+34%Share price
Net profit growth+76 ptsNet profit rose about 92%, which lifts the price.
P/E change-36 ptsThe P/E fell from 38.4x to 28.2x, which lowers the price.
Share count change-6 ptsShare count rose 5%, which lowers the price.
+667%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 636 points to the rise, while the multiple moved less (P/E 25.7x to 28.2x).
  • The share count barely moved.
Net profit growth: +631 pts. Points of the price return explained by net profit growing (or shrinking).+631 ptsNet profit growthP/E change: +31 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+31 ptsP/E changeShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 ptsShare count changeShare price: +667%+667%Share priceNet profit growth: +631 pts. Points of the price return explained by net profit growing (or shrinking).+631ProfitP/E change: +31 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+31P/EShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5SharesShare price: +667%+667%Share price
Net profit growth+631 ptsNet profit rose about 587%, which lifts the price.
P/E change+31 ptsThe P/E rose from 25.7x to 28.2x, which lifts the price.
Share count change+5 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 HINDUSTAN ZINC

How rough has the ride been?

Maximum drawdown-64.7%recovered 2021-02
1-year volatility35.9%annualised
Beta vs sector index1.033-year daily, correlation 0.43
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−63.8% 0%−20%−40%−60%2020202220242026−63.8%
Largest drawdowns

-64.7% (2019-04 peak to 2020-05 low, recovered 2021-02)

-51.4% (2024-09 peak to 2026-04 low, not yet recovered)

-38.2% (2022-02 peak to 2022-07 low, recovered 2022-12)

Most recent volume spikes

2026-07-28: 5.2x the 50-day median, price -8.4% that day

2026-07-09: 8.7x the 50-day median, price +4.8% 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?

28.2xP/E todayWithin its usual range
Against its own history55th percentile
CheapestMedian 26.2xDearest

Usual range 12.9x to 44.4x since 2019-01.

Against Non-Energy Minerals28.2x vs 21.8x
This company
28.2x
Sector median
21.8x

29% above the Non-Energy Minerals median.

8.6x27.9x47.2x66.6xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x27.9x47.2x66.6xJan '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

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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

  • ROCE75th▼ 10 pts vs a year ago
  • Op. margin32nd▼ 11 pts vs a year ago
  • Revenue growth67th▼ 16 pts vs a year ago
  • EPS growth58th▼ 22 pts vs a year ago
  • Debt/equity ↓53rd▼ 22 pts vs a year ago
  • Cash cycle ↓31st▼ 18 pts vs a year ago
  • P/E ↓40th▲ 12 pts vs a year ago
  • 12M momentum43rdflat 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 priceBelow delivered growth

At normalised P/E (five-year average earnings) of 42.9x, a holder earning 12%/yr needs earnings to grow about 23.6%/yr for 10 years, then trade at 15x.

Delivered36.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−12.6 ptsimplied minus delivered
Rank729thmost demanding of 856

Over time

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

0%21%42% Jan 2019Nov 2026 0%21%42% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.1%26.3%27.4%
15x22.5%23.6%24.7%
20x19.1%20.2%21.3%

Drag a slider to test other assumptions

Implied: 23.6%/yr

Looking back

  • Jan 2020Price implied 16%/yr; EPS has since grown 52%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 46%/yr (6.0 yrs)
  • Jan 2022Price implied 29%/yr; EPS has since grown 44%/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
₹1496.60
P/E
28.2x
ROCE
16.0%
Market Cap
₹11046 cr
Revenue (TTM)
₹4701 cr
P/S
2.3x
P/B
4.5x
ROE
16.0%
Operating Margin
7.0%
Debt / Equity
0.3x
Promoter Holding
55.9%
12M Momentum
-17.9%

52-week range

₹1266.90₹1913.60
36% of the way from its 52-week low to its high

Price risk

1Y volatility
35.9%
Beta vs sector
1-year daily
0.88

Balance sheet & cash

Interest cover
operating profit ÷ interest
16.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.53x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 7checks within range3 near a threshold
Other income reliance21%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 20.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate15%Within range

Median quarterly effective tax rate over about 2.5 years: 15.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.53xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.53x (cash from operations ₹493 cr, net profit ₹933 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 history+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (37 vs 26). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

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

Payable days-3 days / 2 yrsWithin range

Days payable changed by -3 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, promoters trimmed 10.6 pts; DIIs added 5.1 pts; FIIs added 2.9 pts.
  • The number of shareholders rose from 76,242 to 1.6 lakh (+107%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters66.5%55.9%-10.6 pts
FIIs10.0%12.9%+2.9 pts
DIIs0.4%5.5%+5.1 pts
Public and others21.7%24.4%+2.8 pts

Number of shareholders

1.6 lakhshareholders+107% since Sep '23
75k1.0L1.3L1.6L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 76,242
Dec '23: 81,524
Mar '24: 75,335
Jun '24: 75,740
Sep '24: 97,869
Dec '24: 1.3 lakh
Mar '25: 1.3 lakh
Jun '25: 1.5 lakh
Sep '25: 1.6 lakh
Dec '25: 1.5 lakh
Mar '26: 1.5 lakh
Jun '26: 1.6 lakh
 75k1.0L1.3L1.6L Sep '23Sep '24Sep '25Jun '26
Sep '23: 76,242
Dec '23: 81,524
Mar '24: 75,335
Jun '24: 75,740
Sep '24: 97,869
Dec '24: 1.3 lakh
Mar '25: 1.3 lakh
Jun '25: 1.5 lakh
Sep '25: 1.6 lakh
Dec '25: 1.5 lakh
Mar '26: 1.5 lakh
Jun '26: 1.6 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

+5.7%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 GRAVITA INDIA 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 +26% vs the market, against +1% for all non-financial companies in the same months.
  • The gap against the base rate (+5.1%, 80% range −8.6% to +9.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
EPL · Jun 2021: −46.8% vs market
GLENMARK · May 2021: −38.5% vs market
GALAXYSURF · Mar 2023: −34.4% vs market
SANDHAR · Apr 2020: −28.0% vs market
INDOCO · Jun 2022: −25.8% vs market
GODREJAGRO · Jun 2022: −25.5% vs market
IONEXCHANG · Jun 2025: −25.0% vs market
TCI · Mar 2020: −24.2% vs market
VGUARD · May 2025: −20.9% vs market
VOLTAS · Aug 2025: −19.3% vs market
RAMCOCEM · Jan 2021: −18.2% vs market
VRLLOG · Apr 2020: −17.3% vs market
JTEKTINDIA · Feb 2020: −14.3% vs market
CROMPTON · Jun 2024: −14.2% vs market
SUDARSCHEM · Dec 2020: −13.8% vs market
GREENPLY · Jun 2022: −13.1% vs market
HUHTAMAKI · Jun 2020: −11.7% vs market
JYOTHYLAB · Feb 2020: −11.2% vs market
MASTEK · Aug 2024: −10.5% vs market
KPRMILL · Jul 2023: −7.9% vs market
ENDURANCE · Apr 2024: −6.7% vs market
BALKRISIND · Dec 2023: −3.6% vs market
GRANULES · Dec 2022: +0.1% vs market
USHAMART · Mar 2024: +2.3% vs market
JAMNAAUTO · Mar 2022: +5.5% vs market
SUPRAJIT · Sep 2021: +5.9% vs market
CIEINDIA · Nov 2020: +5.9% vs market
BLUESTARCO · Apr 2021: +8.6% vs market
KNRCON · May 2021: +9.5% vs market
MINDACORP · Dec 2024: +11.1% vs market
CYIENT · Mar 2022: +13.0% vs market
RADICO · Jun 2021: +14.9% vs market
GREENLAM · Oct 2020: +15.0% vs market
ASAHIINDIA · May 2024: +21.1% vs market
KSB · May 2020: +21.2% vs market
CCL · Nov 2021: +23.8% vs market
JUBLPHARMA · Apr 2020: +24.9% vs market
UNOMINDA · Jan 2024: +26.7% vs market
FINPIPE · Sep 2020: +27.1% vs market
AEGISLOG · Jul 2022: +28.6% vs market
PRICOLLTD · Jun 2025: +31.1% vs market
BSOFT · Jun 2023: +31.3% vs market
LAURUSLABS · May 2024: +38.4% vs market
SUNDRMFAST · Aug 2022: +39.2% vs market
ERIS · Feb 2024: +39.6% vs market
BHARATFORG · Mar 2020: +41.1% vs market
ZENSARTECH · Jul 2020: +66.0% vs market
RRKABEL · Sep 2025: +98.6% vs market
ELGIEQUIP · Sep 2021: +104.9% vs market
CENTURYPLY · May 2020: +124.7% vs market
Similar setups +5.7%All companies +0.6%← 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
+5.7%
All companies' median
+0.6%
Beat the market
56% vs 51%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SUPRAJIT
Producer Manufacturing		 Sep 2021 32x17% +78%−8% +6%
CENTURYPLY
Producer Manufacturing		 May 2020 15x17% −41%−43% +125%
CCL
Consumer Non-Durables		 Nov 2021 30x17% +52%−16% +24%
INDOCO
Health Technology		 Jun 2022 22x23% −11%−29% −26%
USHAMART
Producer Manufacturing		 Mar 2024 28x21% +48%−14% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SUNDRMFAST
Producer Manufacturing		 Aug 2022 38x20% +5%−13% +39%
GRANULES
Health Technology		 Dec 2022 19x17% −5%−16% 0%
EPL
Process Industries		 Jun 2021 37x17% +56%−7% −47%
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, P/S 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.

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 GRAVITA INDIA 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.

LT FOODSLTFOODS
Process Industries
77%similar
revenue growthdebt/equity
POWER MECH PROJECTSPOWERMECH
Industrial Services
74%similar
EPS growthdebt/equity
MINDA CORPORATIONMINDACORP
Producer Manufacturing
70%similar
EPS growthrevenue
HERITAGE FOODSHERITGFOOD
Consumer Non-Durables
69%similar
revenuevolatility
TIME TECHNOPLASTTIMETECHNO
Process Industries
69%similar
volatilitymarket cap
GOODLUCK INDIAGOODLUCK
Non-Energy Minerals
60%similar
P/Erevenue
KIRLOSKAR FERROUS INDUSTRIES LKIRLFER
Non-Energy Minerals
59%similar
debt/equityrevenue
VARDHMAN SPECIAL STEELSVSSL
Non-Energy Minerals
57%similar
operating marginROCE

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

What changed?

30 events since Jun '23

  1. SepPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  2. JulPriceVolume reached 8.7x its 50-day median on 2026-07-09; price +4.8% that day.
  3. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  4. AprPriceFell 51% from the Sep 2024 peak to the Apr 2026 low.
  5. JanDebtDebt / equity halved over 12 months to 0.14x.
  6. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  7. OctPriceVolume reached 14.5x its 50-day median on 2025-10-24; price +5.2% that day.
  8. SepPromoterPromoter holding fell 3.4 pts to 55.9% (largest drop since 2025-03).
Show 22 earlier events
  1. JulPriceVolume reached 5.8x its 50-day median on 2025-07-24; price +5.1% that day.
  2. JunPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  3. JunDebtDebt / equity halved over 12 months to 0.14x.
  4. JunSharesShare count is up 7.1% over 12 months.
  5. AprPriceVolume reached 16.5x its 50-day median on 2025-04-11; price +16.3% that day.
  6. MarPromoterPromoter holding fell 4.1 pts to 59.3%.
  7. MarValuationP/E crossed above the 90th percentile of its own history to date (45.0x).
  8. MarPriceVolume reached 5.3x its 50-day median on 2025-03-21; price +3.0% that day.
  9. DecPriceVolume reached 5.7x its 50-day median on 2024-12-17; price +0.9% that day.
  10. SepPromoterPromoter holding fell 3.1 pts to 63.4%.
  11. SepInstitutionsFII + DII holding rose 5.0 pts over 2 quarters to 16.0%.
  12. AugPriceVolume reached 16.8x its 50-day median on 2024-08-19; price +7.2% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹3,161 cr.
  14. JunPriceRegained the 2023-11 peak, 3 months after the low.
  15. JunValuationP/E crossed above the 90th percentile of its own history to date (42.6x).
  16. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  17. JunPriceVolume reached 22.8x its 50-day median on 2024-06-21; price +11.4% that day.
  18. MarPriceFell 36% from the Nov 2023 peak to the Mar 2024 low.
  19. JanPriceVolume reached 12.6x its 50-day median on 2024-01-25; price +4.8% that day.
  20. OctValuationP/E crossed above the 90th percentile of its own history to date (34.2x).
  21. SepPriceVolume reached 19.2x its 50-day median on 2023-09-27; price +14.9% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹2,801 cr.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1128.2x₹4701 cr16.0%16.0%0.3x
2026-1026.1x₹4701 cr15.9%16.0%0.3x
2026-0927.3x₹4701 cr15.9%16.0%0.3x
2026-0835.1x₹4266 cr15.4%16.0%0.3x
2026-0731.5x₹4266 cr15.4%16.0%0.3x
2026-0631.8x₹4266 cr15.4%16.0%0.3x
2026-0531.2x₹4130 cr18.4%22.0%0.1x
2026-0431.5x₹4130 cr18.4%22.0%0.1x
2026-0325.5x₹4130 cr18.4%22.0%0.1x
2026-0232.9x₹4109 cr17.5%22.0%0.1x
2026-0132.7x₹4109 cr17.5%22.0%0.1x
2025-1237.8x₹4109 cr17.5%22.0%0.1x
2025-1139.2x₹4000 cr16.3%22.0%0.1x
2025-1035.8x₹4000 cr16.3%22.0%0.1x
2025-0933.7x₹4000 cr16.3%22.0%0.1x
2025-0837.1x₹3868 cr15.1%22.0%0.1x
2025-0742.9x₹3868 cr15.1%22.0%0.1x
2025-0643.1x₹3868 cr15.1%22.0%0.1x
2025-0544.9x₹3694 cr34.2%28.0%0.7x
2025-0443.0x₹3694 cr34.2%28.0%0.7x
2025-0345.0x₹3694 cr34.2%28.0%0.7x
2025-0241.0x₹3456 cr32.2%28.0%0.7x
2025-0153.1x₹3456 cr32.2%28.0%0.7x
2024-1256.0x₹3456 cr32.2%28.0%0.7x
2024-1159.1x₹3365 cr30.7%28.0%0.7x
2024-1057.5x₹3365 cr30.7%28.0%0.7x
2024-0966.6x₹3365 cr30.7%28.0%0.7x
2024-0865.7x₹3161 cr28.9%28.0%0.7x
2024-0747.3x₹3161 cr28.9%28.0%0.7x
2024-0642.6x₹3161 cr28.9%28.0%0.7x
2024-0536.9x₹2801 cr34.6%32.0%0.6x
2024-0433.6x₹2801 cr34.6%32.0%0.6x
2024-0334.3x₹2801 cr34.6%32.0%0.6x
2024-0232.7x₹2801 cr34.6%32.0%0.6x
2024-0132.0x₹2801 cr34.6%32.0%0.6x
2023-1237.6x₹2801 cr34.6%32.0%0.6x
2023-1138.4x₹2801 cr34.6%32.0%0.6x
2023-1034.2x₹2801 cr34.6%32.0%0.6x
2023-0931.2x₹2801 cr34.6%32.0%0.6x
2023-0826.8x₹2801 cr34.6%32.0%0.6x
2023-0723.1x₹2801 cr34.6%32.0%0.6x
2023-0620.8x₹2801 cr34.6%32.0%0.6x
2023-0530.5x₹2216 cr38.2%31.0%1.0x
2023-0425.2x₹2216 cr38.2%31.0%1.0x
2023-0324.0x₹2216 cr38.2%31.0%1.0x
2023-0222.6x₹2216 cr38.2%31.0%1.0x
2023-0125.7x₹2216 cr38.2%31.0%1.0x
2022-1222.3x₹2216 cr38.2%31.0%1.0x
2022-1117.8x₹2216 cr38.2%31.0%1.0x
2022-1018.3x₹2216 cr38.2%31.0%1.0x
2022-0915.8x₹2216 cr38.2%31.0%1.0x
2022-0816.0x₹2216 cr38.2%31.0%1.0x
2022-0714.4x₹2216 cr38.2%31.0%1.0x
2022-0614.4x₹2216 cr38.2%31.0%1.0x
2022-0535.5x₹1410 cr21.2%21.0%1.0x
2022-0440.8x₹1410 cr21.2%21.0%1.0x
2022-0341.8x₹1410 cr21.2%21.0%1.0x
2022-0244.4x₹1410 cr21.2%21.0%1.0x
2022-0144.4x₹1410 cr21.2%21.0%1.0x
2021-1238.5x₹1410 cr21.2%21.0%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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