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HEIDELBERG CEMENT INDIA LTD (HEIDELBERG)

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.67 / 100
Profitability 62Growth 39Balance sheet 100
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.33 / 100
Price 17Earnings 46FII/DII 37
Compare withULTRATECH CEMENTGRASIM INDUSTRIESAMBUJA CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹120.77 latest close · −19.2% over the last 90 sessions

₹120₹140Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹120₹140Jul 3Sep 4Nov 9

₹120.77 month-end · −31.2% over 12 months

₹120₹140₹160₹180Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹120₹140₹160₹180Nov '25May '26Nov '26

₹120.77 month-end · −32.1% over 3 years

₹150₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹150₹200Nov '23May '25Nov '26

₹120.77 month-end · −11.9% since Jan '19

₹150₹200₹250Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹150₹200₹250Jan '19Dec '22Nov '26

52-week range ₹114.03 to ₹186.88 · 1-year volatility 23.4%

Was the rally earned?

-31%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 1 point, but investors now pay less per rupee of profit (P/E 34.6x to 23.5x), which took 32 points back.
  • The share count barely moved.
Net profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2 ptsNet profit growthP/E change: −32 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−32 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: −31%−31%Share priceNet profit growth: +2 pts. Points of the price return explained by net profit growing (or shrinking).+2ProfitP/E change: −32 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−32P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −31%−31%Share price
Net profit growth+2 ptsNet profit rose about 2%, which lifts the price.
P/E change-32 ptsThe P/E fell from 34.6x to 23.5x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-32%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 13 points, but investors now pay less per rupee of profit (P/E 40.6x to 23.5x), which took 45 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: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45 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: −32%−32%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: −45 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−45P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −32%−32%Share price
Net profit growth+13 ptsNet profit rose about 18%, which lifts the price.
P/E change-45 ptsThe P/E fell from 40.6x to 23.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-41%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 77 points, while the multiple moved less (P/E 14.7x to 23.5x).
  • The share count barely moved.
Net profit growth: −77 pts. Points of the price return explained by net profit growing (or shrinking).−77 ptsNet profit growthP/E change: +37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+37 ptsP/E changeShare price: −41%−41%Share priceNet profit growth: −77 pts. Points of the price return explained by net profit growing (or shrinking).−77ProfitP/E change: +37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+37P/EShare price: −41%−41%Share price
Net profit growth-77 ptsNet profit fell about 63%, which lowers the price.
P/E change+37 ptsThe P/E rose from 14.7x to 23.5x, which lifts the price.
Share count change0 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-53.6%not yet recovered
1-year volatility23.4%annualised
Beta vs sector index0.583-year daily, correlation 0.48
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−53.6% 0%−20%−40%2020202220242026−53.6%
Largest drawdowns

-53.6% (2021-09 peak to 2026-10 low, not yet recovered)

-40.4% (2020-02 peak to 2020-03 low, recovered 2020-12)

-18.1% (2019-05 peak to 2019-12 low, recovered 2020-02)

Most recent volume spikes

2026-09-10: 5.5x the 50-day median, price -0.7% that day

2026-09-07: 5.3x the 50-day median, price +0.2% that day

2026-07-06: 8.6x the 50-day median, price +3.3% 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?

23.5xP/E todayWithin its usual range
Against its own history54th percentile
CheapestMedian 19.7xDearest

Usual range 14.3x to 40.1x since 2019-01.

Against Non-Energy Minerals23.5x vs 21.8x
This company
23.5x
Sector median
21.8x

8% above the Non-Energy Minerals median.

8.6x22.2x35.9x49.6xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x22.2x35.9x49.6xJan '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

  • ROCE71st▲ 22 pts vs a year ago
  • Op. margin53rd▼ 12 pts vs a year ago
  • Revenue growth41st▲ 10 pts vs a year ago
  • EPS growth46th▲ 18 pts vs a year ago
  • Debt/equity ↓96th▲ 8 pts vs a year ago
  • Cash cycle ↓96thflat vs a year ago
  • P/E ↓45th▲ 14 pts vs a year ago
  • 12M momentum19th▼ 27 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?

~9%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 18.1x, a holder earning 12%/yr needs earnings to grow about 8.8%/yr for 10 years, then trade at 15x.

Delivered−0.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+9.5 ptsimplied minus delivered
Rank342ndmost demanding of 856

Over time

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

-1%27%54% Jan 2019Nov 2026 -1%27%54% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x9.6%10.6%11.6%
15x7.8%8.8%9.8%
20x5.5%6.4%7.4%

Drag a slider to test other assumptions

Implied: 8.8%/yr

Looking back

  • Jan 2020Price implied 21%/yr; EPS has since grown −7%/yr (7.0 yrs)
  • Jan 2021Price implied 18%/yr; EPS has since grown −11%/yr (6.0 yrs)
  • Jan 2022Price implied 14%/yr; EPS has since grown −16%/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
₹120.77
P/E
23.5x
ROCE
15.0%
Market Cap
₹2736 cr
Revenue (TTM)
₹2360 cr
P/S
1.2x
P/B
2.0x
ROE
8.5%
Operating Margin
11.0%
Debt / Equity
0.0x
Promoter Holding
69.4%
12M Momentum
-31.2%

52-week range

₹114.03₹186.88
9% of the way from its 52-week low to its high

Price risk

1Y volatility
23.4%
Beta vs sector
1-year daily
0.54

Balance sheet & cash

Interest cover
operating profit ÷ interest
12.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.99x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance13%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.99xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.99x (cash from operations ₹813 cr, net profit ₹409 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (9 vs 8). 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+9 days / 2 yrsWithin range

Days payable changed by +9 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 4.9 pts; FIIs trimmed 2.8 pts.
  • The number of shareholders fell from 1.0 lakh to 78,468 (-24%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters69.4%69.4%0.0 pts
FIIs3.9%1.1%-2.8 pts
DIIs9.0%13.9%+4.9 pts
Public and others17.6%15.7%-1.9 pts

Number of shareholders

78,468shareholders-24% since Sep '23
78k87k95k1.0L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.0 lakh
Dec '23: 91,101
Mar '24: 89,345
Jun '24: 89,805
Sep '24: 92,039
Dec '24: 87,647
Mar '25: 85,190
Jun '25: 83,556
Sep '25: 80,781
Dec '25: 79,806
Mar '26: 78,433
Jun '26: 78,468
 78k87k95k1.0L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.0 lakh
Dec '23: 91,101
Mar '24: 89,345
Jun '24: 89,805
Sep '24: 92,039
Dec '24: 87,647
Mar '25: 85,190
Jun '25: 83,556
Sep '25: 80,781
Dec '25: 79,806
Mar '26: 78,433
Jun '26: 78,468

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

−1.5%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 HEIDELBERG CEMENT INDIA LTD 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 −16% to +20% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+3.6%, 80% range −4.3% to +9.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
PRINCEPIPE · Jul 2024: −46.9% vs market
DBCORP · Mar 2020: −37.2% vs market
FAIRCHEMOR · Sep 2024: −30.6% vs market
EXIDEIND · Apr 2021: −30.4% vs market
CROMPTON · Oct 2025: −28.4% vs market
SKFINDIA · May 2025: −27.1% vs market
TVTODAY · Jun 2024: −26.2% vs market
TCIEXP · Aug 2025: −25.5% vs market
GALAXYSURF · Dec 2024: −22.9% vs market
WHIRLPOOL · Apr 2023: −22.9% vs market
LXCHEM · Apr 2025: −22.7% vs market
BALMLAWRIE · Oct 2020: −21.9% vs market
BAJAJELEC · Aug 2023: −16.3% vs market
AHLUCONT · Jun 2025: −15.9% vs market
SHRIPISTON · May 2020: −14.9% vs market
TTKHLTCARE · Jun 2024: −14.9% vs market
TTKPRESTIG · May 2024: −12.8% vs market
AVANTIFEED · May 2023: −8.8% vs market
NILKAMAL · Mar 2022: −8.8% vs market
ROSSARI · May 2024: −8.4% vs market
BSOFT · Oct 2025: −8.1% vs market
KANSAINER · Jan 2025: −6.9% vs market
CIEINDIA · Aug 2025: −5.6% vs market
JTEKTINDIA · Jun 2025: −4.5% vs market
RALLIS · Aug 2022: −4.4% vs market
BHARATRAS · Nov 2023: +1.4% vs market
LMW · Aug 2024: +2.1% vs market
MOLDTKPAC · Feb 2025: +3.0% vs market
INDIGOPNTS · Oct 2025: +5.4% vs market
AMBIKCO · Jun 2020: +6.2% vs market
LUXIND · Aug 2023: +9.5% vs market
KIRLOSENG · Aug 2020: +11.3% vs market
RATNAMANI · Sep 2025: +12.4% vs market
ARE&M · Jul 2022: +12.5% vs market
TCI · Feb 2024: +13.2% vs market
HERITGFOOD · Sep 2022: +17.2% vs market
VEEDOL · Jan 2023: +18.0% vs market
ATUL · May 2024: +20.8% vs market
VSTTILLERS · Jun 2025: +22.8% vs market
ADOR · Jun 2025: +24.1% vs market
FDC · Sep 2022: +25.3% vs market
GOODYEAR · Jul 2022: +29.1% vs market
STARCEMENT · Mar 2022: +31.5% vs market
INDNIPPON · Jan 2023: +33.2% vs market
WINDLAS · Oct 2022: +34.9% vs market
KAJARIACER · Apr 2025: +38.4% vs market
DODLA · Nov 2022: +47.1% vs market
GODFRYPHLP · Dec 2021: +69.8% vs market
CYIENT · Nov 2022: +102.1% vs market
BAJAJCON · May 2025: +209.1% vs market
Similar setups −1.5%All companies −5.1%← 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
−1.5%
All companies' median
−5.1%
Beat the market
50% vs 44%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ARE&M
Producer Manufacturing		 Jul 2022 16x16% −32%−36% +13%
TCIEXP
Transportation		 Aug 2025 31x15% −40%−41% −26%
ROSSARI
Process Industries		 May 2024 36x18% −6%−22% −8%
GOODYEAR
Consumer Durables		 Jul 2022 21x18% −25%−27% +29%
STARCEMENT
Producer Manufacturing		 Mar 2022 20x13% −7%−23% +32%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ADOR
Producer Manufacturing		 Jun 2025 26x20% −28%−31% +24%
KANSAINER
Process Industries		 Jan 2025 30x17% −32%−32% −7%
DODLA
Consumer Non-Durables		 Nov 2022 22x21% −16%−16% +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, revenue growth 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 HEIDELBERG CEMENT INDIA LTD. 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.

AUTOMOTIVE AXLESAUTOAXLES
Producer Manufacturing
69%similar
debt/equityrevenue
HONDA INDIA POWER PRODUCTSHONDAPOWER
Producer Manufacturing
65%similar
volatilitydebt/equity
JAGRAN PRAKASHANJAGRAN
Consumer Services
65%similar
promoter holdingrevenue growth
VSTTILLERS TRACTORSVSTTILLERS
Producer Manufacturing
64%similar
EPS growthROCE
CERA SANITARYWARECERA
Consumer Durables
62%similar
revenue growthP/E
MAHARASHTRA SEAMLESSMAHSEAMLES
Non-Energy Minerals
59%similar
promoter holdingROCE
ORIENT CEMENTORIENTCEM
Non-Energy Minerals
52%similar
revenuemarket cap
SURYA ROSHNISURYAROSNI
Non-Energy Minerals
51%similar
ROCEdebt/equity

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

What changed?

30 events since Nov '22

  1. OctPriceFell 54% from the Sep 2021 peak to the Oct 2026 low.
  2. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  3. JulPriceVolume reached 8.6x its 50-day median on 2026-07-06; price +3.3% that day.
  4. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  5. MayPriceVolume reached 11.8x its 50-day median on 2026-05-25; price +2.1% that day.
  6. MarResultsYear-on-year EPS growth turned positive.
  7. MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  8. FebPriceVolume reached 8.7x its 50-day median on 2026-02-06; price -0.1% that day.
Show 22 earlier events
  1. OctPriceVolume reached 11.6x its 50-day median on 2025-10-29; price +2.9% that day.
  2. SepPeer rankMoved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  3. JulPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  4. JulPriceVolume reached 8.8x its 50-day median on 2025-07-02; price +4.5% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  7. MayPriceVolume reached 22.5x its 50-day median on 2025-05-30; price -0.9% that day.
  8. MarValuationP/E crossed above the 90th percentile of its own history to date (39.7x).
  9. JanPriceVolume reached 57.0x its 50-day median on 2025-01-27; price +5.5% that day.
  10. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  11. OctPriceVolume reached 65.3x its 50-day median on 2024-10-07; price +4.1% that day.
  12. JulPriceVolume reached 10.5x its 50-day median on 2024-07-16; price +5.6% that day.
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  15. JunPriceVolume reached 11.2x its 50-day median on 2024-06-26; price +2.0% that day.
  16. JanPriceVolume reached 9.6x its 50-day median on 2024-01-31; price -1.2% that day.
  17. DecPriceVolume reached 16.1x its 50-day median on 2023-12-12; price +2.8% that day.
  18. JulPriceVolume reached 5.6x its 50-day median on 2023-07-18; price -1.9% that day.
  19. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  20. JunPriceVolume reached 13.4x its 50-day median on 2023-06-06; price +3.3% that day.
  21. MarValuationP/E fell below the 10th percentile of its own history to date (13.4x).
  22. NovPriceVolume reached 7.0x its 50-day median on 2022-11-01; price +5.3% 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
2026-1123.5x₹2360 cr8.5%15.0%0.0x
2026-1023.5x₹2360 cr8.5%15.0%0.0x
2026-0925.8x₹2360 cr8.5%15.0%0.0x
2026-0825.4x₹2330 cr9.8%15.0%0.0x
2026-0724.7x₹2330 cr9.8%15.0%0.0x
2026-0624.7x₹2330 cr9.8%15.0%0.0x
2026-0524.5x₹2296 cr10.0%11.0%0.1x
2026-0424.7x₹2296 cr10.0%11.0%0.1x
2026-0321.4x₹2296 cr10.0%11.0%0.1x
2026-0227.5x₹2265 cr9.2%11.0%0.1x
2026-0128.6x₹2265 cr9.2%11.0%0.1x
2025-1229.4x₹2265 cr9.2%11.0%0.1x
2025-1134.6x₹2214 cr8.2%11.0%0.1x
2025-1037.0x₹2214 cr8.2%11.0%0.1x
2025-0937.8x₹2214 cr8.2%11.0%0.1x
2025-0840.4x₹2148 cr7.6%11.0%0.1x
2025-0741.8x₹2148 cr7.6%11.0%0.1x
2025-0640.4x₹2148 cr7.6%11.0%0.1x
2025-0539.6x₹2133 cr7.1%16.0%0.1x
2025-0438.5x₹2133 cr7.1%16.0%0.1x
2025-0339.7x₹2133 cr7.1%16.0%0.1x
2025-0230.9x₹2197 cr8.8%16.0%0.1x
2025-0135.0x₹2197 cr8.8%16.0%0.1x
2024-1233.3x₹2197 cr8.8%16.0%0.1x
2024-1129.3x₹2302 cr10.5%16.0%0.1x
2024-1031.2x₹2302 cr10.5%16.0%0.1x
2024-0930.0x₹2302 cr10.5%16.0%0.1x
2024-0828.9x₹2366 cr11.4%16.0%0.1x
2024-0729.2x₹2366 cr11.4%16.0%0.1x
2024-0627.4x₹2366 cr11.4%16.0%0.1x
2024-0542.7x₹2238 cr6.8%11.0%0.1x
2024-0442.6x₹2238 cr6.8%11.0%0.1x
2024-0341.5x₹2238 cr6.8%11.0%0.1x
2024-0243.6x₹2238 cr6.8%11.0%0.1x
2024-0149.6x₹2238 cr6.8%11.0%0.1x
2023-1249.2x₹2238 cr6.8%11.0%0.1x
2023-1140.6x₹2238 cr6.8%11.0%0.1x
2023-1039.6x₹2238 cr6.8%11.0%0.1x
2023-0937.8x₹2238 cr6.8%11.0%0.1x
2023-0839.5x₹2238 cr6.8%11.0%0.1x
2023-0738.2x₹2238 cr6.8%11.0%0.1x
2023-0636.3x₹2238 cr6.8%11.0%0.1x
2023-0514.3x₹2297 cr16.1%21.0%0.1x
2023-0414.4x₹2297 cr16.1%21.0%0.1x
2023-0313.4x₹2297 cr16.1%21.0%0.1x
2023-0214.3x₹2297 cr16.1%21.0%0.1x
2023-0114.6x₹2297 cr16.1%21.0%0.1x
2022-1215.6x₹2297 cr16.1%21.0%0.1x
2022-1117.0x₹2297 cr16.1%21.0%0.1x
2022-1015.7x₹2297 cr16.1%21.0%0.1x
2022-0915.8x₹2297 cr16.1%21.0%0.1x
2022-0815.9x₹2297 cr16.1%21.0%0.1x
2022-0715.3x₹2297 cr16.1%21.0%0.1x
2022-0614.2x₹2297 cr16.1%21.0%0.1x
2022-0512.2x₹2117 cr21.1%25.0%0.2x
2022-0413.4x₹2117 cr21.1%25.0%0.2x
2022-0312.6x₹2117 cr21.1%25.0%0.2x
2022-0212.4x₹2117 cr21.1%25.0%0.2x
2022-0115.0x₹2117 cr21.1%25.0%0.2x
2021-1215.1x₹2117 cr21.1%25.0%0.2x

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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