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GREENLAM INDUSTRIES LIMITED (GREENLAM)

Non-Energy Minerals · Forest Products · figures to Nov '26

Divergence: business ahead of price
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.37 / 100
Profitability 43Growth 49Balance sheet 18
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.36 / 100
Price 23Earnings 79FII/DII 5

Passes these screensBusiness ahead of price

Compare withSTYLAM INDUSTRIESRESPONSIVE INDUSTRIESGREENPANEL INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹204.61 latest close · −23.4% over the last 90 sessions

₹200₹225₹250₹275Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹225₹250₹275Jul 3Sep 4Nov 9

₹204.61 month-end · −19.0% over 12 months

₹200₹220₹240₹260Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹220₹240₹260Nov '25May '26Nov '26

₹204.61 month-end · −29.7% over 3 years

₹200₹250₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹250₹300Nov '23May '25Nov '26

₹204.61 month-end · +141.9% since Jan '19

₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹195.61 to ₹278.55 · 1-year volatility 37.0%

Was the rally earned?

-19%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 90 points, but investors now pay less per rupee of profit (P/E 188.5x to 56.1x), which took 109 points back.
  • The share count rose 7%.
Net profit growth: +96 pts. Points of the price return explained by net profit growing (or shrinking).+96 ptsNet profit growthP/E change: −109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−109 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: −19%−19%Share priceNet profit growth: +96 pts. Points of the price return explained by net profit growing (or shrinking).+96ProfitP/E change: −109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−109P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: −19%−19%Share price
Net profit growth+96 ptsNet profit rose about 191%, which lifts the price.
P/E change-109 ptsThe P/E fell from 188.5x to 56.1x, which lowers the price.
Share count change-6 ptsShare count rose 7%, which lowers the price.
-30%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 28 points, while the multiple moved less (P/E 57.4x to 56.1x).
  • The share count barely moved.
Net profit growth: −27 pts. Points of the price return explained by net profit growing (or shrinking).−27 ptsNet profit growthP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −30%−30%Share priceNet profit growth: −27 pts. Points of the price return explained by net profit growing (or shrinking).−27ProfitP/E change: −2 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−2P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −30%−30%Share price
Net profit growth-27 ptsNet profit fell about 28%, which lowers the price.
P/E change-2 ptsThe P/E fell from 57.4x to 56.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+38%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 21 points and the multiple added 17 points (P/E 48.7x to 56.1x).
  • The share count rose 5%.
Net profit growth: +27 pts. Points of the price return explained by net profit growing (or shrinking).+27 ptsNet profit growthP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17 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: +38%+38%Share priceNet profit growth: +27 pts. Points of the price return explained by net profit growing (or shrinking).+27ProfitP/E change: +17 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+17P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: +38%+38%Share price
Net profit growth+27 ptsNet profit rose about 26%, which lifts the price.
P/E change+17 ptsThe P/E rose from 48.7x to 56.1x, which lifts the price.
Share count change-6 ptsShare count rose 5%, 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 STYLAM INDUSTRIES

How rough has the ride been?

Maximum drawdown-55.1%recovered 2021-04
1-year volatility37.0%annualised
Beta vs sector index0.623-year daily, correlation 0.31
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−55.1% 0%−20%−40%2020202220242026−55.1%
Largest drawdowns

-55.1% (2019-11 peak to 2020-03 low, recovered 2021-04)

-35.4% (2024-04 peak to 2026-03 low, not yet recovered)

-31.8% (2019-04 peak to 2019-07 low, recovered 2019-11)

Most recent volume spikes

2026-08-12: 5.2x the 50-day median, price +2.5% that day

2026-08-10: 14.1x the 50-day median, price -11.3% that day

2026-08-05: 7.4x the 50-day median, price +7.7% 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?

56.1xP/E todayWithin its usual range
Against its own history71st percentile
CheapestMedian 47.3xDearest

Usual range 22.0x to 115.7x since 2019-01.

Against Non-Energy Minerals56.1x vs 21.8x
This company
56.1x
Sector median
21.8x

157% above the Non-Energy Minerals median.

8.6x108.6x208.6x308.6xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x108.6x208.6x308.6xJan '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

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▲ 10 pts vs a year ago
  • Op. margin47th▲ 21 pts vs a year ago
  • Revenue growth75th▲ 5 pts vs a year ago
  • EPS growth95th▲ 86 pts vs a year ago
  • Debt/equity ↓16thflat vs a year ago
  • Cash cycle ↓49thflat vs a year ago
  • P/E ↓14th▲ 11 pts vs a year ago
  • 12M momentum40th▼ 7 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?

~27%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 54.1x, a holder earning 12%/yr needs earnings to grow about 26.6%/yr for 10 years, then trade at 15x.

Delivered3.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+22.7 ptsimplied minus delivered
Rank107thmost demanding of 856

Over time

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

0%16%32% Jan 2019Nov 2026 0%16%32% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x28.2%29.3%30.5%
15x25.4%26.6%27.7%
20x22.0%23.1%24.2%

Drag a slider to test other assumptions

Implied: 26.6%/yr

Looking back

  • Jan 2020Price implied 26%/yr; EPS has since grown −5%/yr (7.0 yrs)
  • Jan 2021Price implied 20%/yr; EPS has since grown −8%/yr (6.0 yrs)
  • Jan 2022Price implied 29%/yr; EPS has since grown −6%/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
₹204.61
P/E
56.1x
ROCE
8.0%
Market Cap
₹5222 cr
Revenue (TTM)
₹3169 cr
P/S
1.6x
P/B
4.4x
ROE
7.9%
Operating Margin
10.0%
Debt / Equity
1.0x
Promoter Holding
51.0%
12M Momentum
-19.0%

52-week range

₹195.61₹278.55
11% of the way from its 52-week low to its high

Price risk

1Y volatility
37.0%
Beta vs sector
1-year daily
0.52

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.66x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 29.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.66xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.66x (cash from operations ₹696 cr, net profit ₹262 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (26 vs 24). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+14 days / 2 yrsWithin range

Days payable changed by +14 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs trimmed 4.7 pts.
  • The number of shareholders rose from 14,278 to 16,944 (+19%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters51.2%51.0%-0.2 pts
FIIs1.4%1.5%+0.1 pts
DIIs15.6%10.9%-4.7 pts
Public and others31.8%36.6%+4.8 pts

Number of shareholders

16,944shareholders+19% since Sep '23
14k16k17k18k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 14,278
Dec '23: 18,022
Mar '24: 16,848
Jun '24: 14,771
Sep '24: 15,142
Dec '24: 14,412
Mar '25: 16,140
Jun '25: 16,093
Sep '25: 16,232
Dec '25: 16,983
Mar '26: 16,425
Jun '26: 16,944
 14k16k17k18k Sep '23Sep '24Sep '25Jun '26
Sep '23: 14,278
Dec '23: 18,022
Mar '24: 16,848
Jun '24: 14,771
Sep '24: 15,142
Dec '24: 14,412
Mar '25: 16,140
Jun '25: 16,093
Sep '25: 16,232
Dec '25: 16,983
Mar '26: 16,425
Jun '26: 16,944

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

+4.6%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 GREENLAM 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 −18% to +32% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+9.4%, 80% range −0.4% to +22.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
CAMLINFINE · Aug 2023: −57.6% vs market
BANARISUG · May 2023: −40.3% vs market
MEDPLUS · May 2023: −37.3% vs market
RAMCOCEM · Aug 2023: −35.0% vs market
SHALBY · Mar 2025: −33.9% vs market
SFL · Mar 2025: −32.7% vs market
SOMANYCERA · Aug 2023: −31.9% vs market
MHRIL · Feb 2024: −26.4% vs market
TRIDENT · May 2025: −24.5% vs market
GOKEX · Sep 2024: −19.6% vs market
EVEREADY · Jul 2023: −19.3% vs market
JINDWORLD · Jun 2020: −18.8% vs market
SAPPHIRE · Jul 2023: −18.4% vs market
RCF · Jan 2020: −15.8% vs market
GODREJIND · Jan 2020: −11.3% vs market
GESHIP · Aug 2020: −11.2% vs market
HCG · Apr 2023: −8.3% vs market
HATSUN · Jul 2025: −8.2% vs market
BHARATFORG · Feb 2024: −7.9% vs market
VMART · Oct 2025: −5.8% vs market
CENTURYPLY · Jun 2025: −1.6% vs market
ALICON · Aug 2022: −1.1% vs market
GREENPLY · Sep 2025: −1.1% vs market
JKCEMENT · Sep 2023: +0.6% vs market
SUPRAJIT · Jul 2025: +4.4% vs market
ARVINDFASN · Apr 2025: +4.8% vs market
HNDFDS · Sep 2025: +9.7% vs market
VARROC · Mar 2025: +11.7% vs market
KEC · Jan 2024: +18.2% vs market
AMBER · May 2023: +18.4% vs market
AARTIIND · Oct 2025: +21.2% vs market
ORIENTCEM · Mar 2020: +21.7% vs market
WELSPUNLIV · Feb 2020: +23.1% vs market
JKLAKSHMI · Apr 2020: +26.4% vs market
PRSMJOHNSN · Feb 2020: +26.7% vs market
SAGCEM · Mar 2020: +30.6% vs market
TORNTPOWER · Sep 2022: +30.7% vs market
ASTERDM · Feb 2022: +31.8% vs market
ABREL · Nov 2022: +36.7% vs market
DYNAMATECH · May 2025: +58.7% vs market
SUDARSCHEM · Sep 2023: +60.9% vs market
PRIVISCL · Aug 2024: +63.2% vs market
SOBHA · Oct 2023: +64.3% vs market
CRAFTSMAN · Jun 2025: +69.5% vs market
BRIGADE · Sep 2023: +71.9% vs market
NETWORK18 · Apr 2021: +76.4% vs market
JPPOWER · Feb 2023: +83.2% vs market
RKFORGE · May 2022: +114.6% vs market
JBMA · Jun 2021: +147.5% vs market
PURVA · Jul 2023: +192.6% vs market
Similar setups +4.6%All companies −4.8%← 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 · 3 beyond the range shown, drawn at the edge

Similar setups' median
+4.6%
All companies' median
−4.8%
Beat the market
54% vs 45%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JKLAKSHMI
Non-Energy Minerals		 Apr 2020 46x7% −46%−49% +26%
ASTERDM
Health Services		 Feb 2022 58x6% +19%−27% +32%
VMART
Retail Trade		 Oct 2025 98x8% −22%−26% −6%
PRIVISCL
Process Industries		 Aug 2024 61x12% +28%−11% +63%
SUPRAJIT
Producer Manufacturing		 Jul 2025 64x11% −12%−26% +4%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RKFORGE
Producer Manufacturing		 May 2022 128x6% +28%−32% +115%
SOBHA
Finance		 Oct 2023 71x8% +14%−9% +64%
BRIGADE
Finance		 Sep 2023 45x8% +12%−11% +72%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 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 GREENLAM 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.

V MART RETAILVMART
Retail Trade
70%similar
debt/equityvolatility
TVS SRICHAKRATVSSRICHAK
Consumer Durables
67%similar
ROCErevenue
GREENPLY INDUSTRIESGREENPLY
Producer Manufacturing
66%similar
operating marginrevenue
LANDMARK CARSLANDMARK
Retail Trade
65%similar
promoter holdingrevenue growth
WESTLIFE FOODWORLDWESTLIFE
Consumer Services
64%similar
revenueROCE
SAGAR CEMENTSSAGCEM
Non-Energy Minerals
55%similar
operating margindebt/equity
MSP STEEL & POWERMSPL
Non-Energy Minerals
51%similar
revenueROCE
SHREE DIGVIJAY CEMENT COSHREDIGCEM
Non-Energy Minerals
46%similar
volatilityoperating margin

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

What changed?

30 events since Nov '23

  1. SepResultsYear-on-year EPS growth turned positive.
  2. SepInstitutionsFII + DII holding fell 3.9 pts over 2 quarters to 12.4%.
  3. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  4. AugPriceVolume reached 14.1x its 50-day median on 2026-08-10; price -11.3% that day.
  5. JunDebtDebt / equity fell below 1.0x (0.98x).
  6. MayPriceVolume reached 99.5x its 50-day median on 2026-05-25; price +5.6% that day.
  7. MarPriceFell 35% from the Apr 2024 peak to the Mar 2026 low.
  8. MarPriceVolume reached 52.0x its 50-day median on 2026-03-20; price +0.4% that day.
Show 22 earlier events
  1. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  2. DecPriceVolume reached 70.3x its 50-day median on 2025-12-04; price -3.1% that day.
  3. SepPriceVolume reached 115.0x its 50-day median on 2025-09-16; price +2.7% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  5. JunPriceVolume reached 40.8x its 50-day median on 2025-06-09; price +4.6% that day.
  6. MayValuationP/E crossed above the 90th percentile of its own history to date (62.0x).
  7. MarPriceVolume reached 9.6x its 50-day median on 2025-03-17; price +7.2% that day.
  8. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  9. DecPriceVolume reached 23.3x its 50-day median on 2024-12-30; price +8.1% that day.
  10. NovValuationP/E crossed above the 90th percentile of its own history to date (58.0x).
  11. SepResultsYear-on-year EPS growth turned negative.
  12. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  13. JulPriceVolume reached 6.7x its 50-day median on 2024-07-11; price -0.1% that day.
  14. JunResultsRevenue (TTM) reached a new high of ₹2,306 cr.
  15. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  16. JunDebtDebt / equity rose above 1.0x (1.03x).
  17. MayPriceVolume reached 15.9x its 50-day median on 2024-05-27; price +5.3% that day.
  18. AprPriceRegained the 2023-11 peak, 1 month after the low.
  19. AprValuationP/E crossed above the 90th percentile of its own history to date (59.7x).
  20. MarPriceFell 26% from the Nov 2023 peak to the Mar 2024 low.
  21. FebPriceVolume reached 5.8x its 50-day median on 2024-02-23; price +3.6% that day.
  22. NovValuationP/E crossed above the 90th percentile of its own history to date (57.4x).

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
2026-1156.1x₹3169 cr7.9%8.0%1.0x
2026-1056.7x₹3169 cr7.9%8.0%1.0x
2026-0958.3x₹3169 cr7.9%8.0%1.0x
2026-08112.2x₹3046 cr4.7%8.0%1.0x
2026-07114.0x₹3046 cr4.7%8.0%1.0x
2026-06116.9x₹3046 cr4.7%8.0%1.0x
2026-05308.6x₹2870 cr1.4%7.0%1.1x
2026-04305.2x₹2870 cr1.4%7.0%1.1x
2026-03276.0x₹2870 cr1.4%7.0%1.1x
2026-02191.2x₹2766 cr2.7%7.0%1.1x
2026-01191.9x₹2766 cr2.7%7.0%1.1x
2025-12194.2x₹2766 cr2.7%7.0%1.1x
2025-11188.5x₹2639 cr2.8%7.0%1.1x
2025-10198.0x₹2639 cr2.8%7.0%1.1x
2025-09178.5x₹2639 cr2.8%7.0%1.1x
2025-0887.5x₹2570 cr6.0%7.0%1.1x
2025-0785.9x₹2570 cr6.0%7.0%1.1x
2025-0687.5x₹2570 cr6.0%7.0%1.1x
2025-0562.0x₹2512 cr10.0%12.0%1.0x
2025-0448.6x₹2512 cr10.0%12.0%1.0x
2025-0355.4x₹2512 cr10.0%12.0%1.0x
2025-0247.4x₹2473 cr11.1%12.0%1.0x
2025-0158.2x₹2473 cr11.1%12.0%1.0x
2024-1261.2x₹2473 cr11.1%12.0%1.0x
2024-1158.0x₹2396 cr11.6%12.0%1.0x
2024-1052.8x₹2396 cr11.6%12.0%1.0x
2024-0951.4x₹2396 cr11.6%12.0%1.0x
2024-0851.6x₹2306 cr12.8%12.0%1.0x
2024-0753.0x₹2306 cr12.8%12.0%1.0x
2024-0655.9x₹2306 cr12.8%12.0%1.0x
2024-0556.1x₹2026 cr13.5%14.0%0.7x
2024-0459.7x₹2026 cr13.5%14.0%0.7x
2024-0349.9x₹2026 cr13.5%14.0%0.7x
2024-0253.3x₹2026 cr13.5%14.0%0.7x
2024-0153.1x₹2026 cr13.5%14.0%0.7x
2023-1252.6x₹2026 cr13.5%14.0%0.7x
2023-1157.4x₹2026 cr13.5%14.0%0.7x
2023-1047.3x₹2026 cr13.5%14.0%0.7x
2023-0941.0x₹2026 cr13.5%14.0%0.7x
2023-0843.4x₹2026 cr13.5%14.0%0.7x
2023-0747.9x₹2026 cr13.5%14.0%0.7x
2023-0644.5x₹2026 cr13.5%14.0%0.7x
2023-0549.9x₹1703 cr13.9%14.0%0.6x
2023-0438.6x₹1703 cr13.9%14.0%0.6x
2023-0339.9x₹1703 cr13.9%14.0%0.6x
2023-0240.5x₹1703 cr13.9%14.0%0.6x
2023-0141.6x₹1703 cr13.9%14.0%0.6x
2022-1242.8x₹1703 cr13.9%14.0%0.6x
2022-1144.2x₹1703 cr13.9%14.0%0.6x
2022-1042.5x₹1703 cr13.9%14.0%0.6x
2022-0938.5x₹1703 cr13.9%14.0%0.6x
2022-0845.8x₹1703 cr13.9%14.0%0.6x
2022-0747.5x₹1703 cr13.9%14.0%0.6x
2022-0641.8x₹1703 cr13.9%14.0%0.6x
2022-0552.3x₹1200 cr12.9%15.0%0.5x
2022-0457.9x₹1200 cr12.9%15.0%0.5x
2022-0359.6x₹1200 cr12.9%15.0%0.5x
2022-0254.0x₹1200 cr12.9%15.0%0.5x
2022-0160.7x₹1200 cr12.9%15.0%0.5x
2021-1258.3x₹1200 cr12.9%15.0%0.5x

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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