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HI-TECH PIPES LIMITED (HITECH)

Non-Energy Minerals · Steel · 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.58 / 100
Profitability 32Growth 67Balance sheet 75
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.34 / 100
Price 39Earnings 29FII/DII 33
Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹75.76 latest close · −15.3% over the last 90 sessions

₹70₹80₹90Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹70₹80₹90Jul 3Sep 4Nov 9

₹75.76 month-end · −24.9% over 12 months

₹70₹80₹90₹100Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹70₹80₹90₹100Nov '25May '26Nov '26

₹75.76 month-end · −28.8% over 3 years

₹100₹150₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹150₹200Nov '23May '25Nov '26

₹75.76 month-end · +299.8% since Jan '19

₹0₹100₹200Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹100₹200Jan '19Dec '22Nov '26

52-week range ₹62.10 to ₹114.64 · 1-year volatility 42.6%

Was the rally earned?

-25%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 26.1x to 20.4x); per-share earnings took off 3 points.
  • The share count rose 4%.
Net profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3 ptsShare count changeShare price: −25%−25%Share priceNet profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: −25%−25%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change-21 ptsThe P/E fell from 26.1x to 20.4x, which lowers the price.
Share count change-3 ptsShare count rose 4%, which lowers the price.
-29%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 20 points, but investors now pay less per rupee of profit (P/E 36.1x to 20.4x), which took 48 points back.
  • The share count rose 58%.
Net profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58 ptsNet profit growthP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48 ptsP/E changeShare count change: −39 pts. Points of the price return explained by the share count changing. More shares count against the price.−39 ptsShare count changeShare price: −29%−29%Share priceNet profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58ProfitP/E change: −48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−48P/EShare count change: −39 pts. Points of the price return explained by the share count changing. More shares count against the price.−39SharesShare price: −29%−29%Share price
Net profit growth+58 ptsNet profit rose about 99%, which lifts the price.
P/E change-48 ptsThe P/E fell from 36.1x to 20.4x, which lowers the price.
Share count change-39 ptsShare count rose 58%, which lowers the price.
+35%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 71 points, but investors now pay less per rupee of profit (P/E 27.6x to 20.4x), which took 35 points back.
  • The share count rose 79%.
Net profit growth: +139 pts. Points of the price return explained by net profit growing (or shrinking).+139 ptsNet profit growthP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35 ptsP/E changeShare count change: −68 pts. Points of the price return explained by the share count changing. More shares count against the price.−68 ptsShare count changeShare price: +35%+35%Share priceNet profit growth: +139 pts. Points of the price return explained by net profit growing (or shrinking).+139ProfitP/E change: −35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−35P/EShare count change: −68 pts. Points of the price return explained by the share count changing. More shares count against the price.−68SharesShare price: +35%+35%Share price
Net profit growth+139 ptsNet profit rose about 229%, which lifts the price.
P/E change-35 ptsThe P/E fell from 27.6x to 20.4x, which lowers the price.
Share count change-68 ptsShare count rose 79%, 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 JSW STEEL

How rough has the ride been?

Maximum drawdown-79.2%recovered 2021-02
1-year volatility42.6%annualised
Beta vs sector index1.023-year daily, correlation 0.47
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−78.1% 0%−25%−50%−75%2020202220242026−78.1%
Largest drawdowns

-79.2% (2019-05 peak to 2020-03 low, recovered 2021-02)

-69.4% (2024-10 peak to 2026-10 low, not yet recovered)

-45.0% (2021-07 peak to 2022-06 low, recovered 2022-11)

Most recent volume spikes

2026-11-05: 9.4x the 50-day median, price +0.4% that day

2026-10-06: 14.1x the 50-day median, price +6.6% that day

2026-09-03: 7.3x the 50-day median, price -1.8% 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?

20.4xP/E todayWithin its usual range
Against its own history39th percentile
CheapestMedian 23.3xDearest

Usual range 6.8x to 41.0x since 2019-01.

Against Non-Energy Minerals20.4x vs 21.8x
This company
20.4x
Sector median
21.8x

7% below the Non-Energy Minerals median.

2.8x22.1x41.3x60.6xJan '19Aug '20Mar '22Oct '23May '25Nov '262.8x22.1x41.3x60.6xJan '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

  • ROCE47th▼ 7 pts vs a year ago
  • Op. margin17thflat vs a year ago
  • Revenue growth95th▲ 42 pts vs a year ago
  • EPS growth32nd▼ 30 pts vs a year ago
  • Debt/equity ↓64th▼ 7 pts vs a year ago
  • Cash cycle ↓32nd▲ 21 pts vs a year ago
  • P/E ↓58th▲ 10 pts vs a year ago
  • 12M momentum29th▲ 14 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What is the price implying?

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

At normalised P/E (five-year average earnings) of 28.2x, a holder earning 12%/yr needs earnings to grow about 19.2%/yr for 10 years, then trade at 15x.

Delivered9.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+9.9 ptsimplied minus delivered
Rank330thmost demanding of 856

Over time

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

-0%16%33% Jan 2019Nov 2026 -0%16%33% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x20.8%21.9%23.0%
15x18.2%19.2%20.3%
20x14.8%15.9%16.9%

Drag a slider to test other assumptions

Implied: 19.2%/yr

Looking back

  • Jan 2020Price implied 10%/yr; EPS has since grown 6%/yr (7.0 yrs)
  • Jan 2021Price implied 13%/yr; EPS has since grown 13%/yr (6.0 yrs)
  • Jan 2022Price implied 21%/yr; EPS has since grown 13%/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
₹75.76
P/E
20.4x
ROCE
10.0%
Market Cap
₹1540 cr
Revenue (TTM)
₹4822 cr
P/S
0.3x
P/B
1.2x
ROE
5.7%
Operating Margin
3.5%
Debt / Equity
0.2x
Promoter Holding
43.4%
12M Momentum
-24.9%

52-week range

₹62.10₹114.64
26% of the way from its 52-week low to its high

Price risk

1Y volatility
42.6%
Beta vs sector
1-year daily
1.01

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.11x
low
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold
Other income reliance2%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.11xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.11x (cash from operations ₹-22 cr, net profit ₹193 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (39 vs 36). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress16% of fixed assetsWithin range

Capital work-in-progress is 16% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-104 days / 2 yrsWithin range

Days payable changed by -104 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 11.8 pts; DIIs added 11.4 pts; FIIs added 0.7 pts.
  • The number of shareholders rose from 29,575 to 99,593 (+237%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters55.3%43.4%-11.8 pts
FIIs0.3%1.1%+0.7 pts
DIIs4.8%16.2%+11.4 pts
Public and others39.6%39.1%-0.4 pts

Number of shareholders

99,593shareholders+237% since Sep '23
30k56k82k1.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 29,575
Dec '23: 39,283
Mar '24: 45,888
Jun '24: 52,237
Sep '24: 61,937
Dec '24: 73,118
Mar '25: 78,293
Jun '25: 1.1 lakh
Sep '25: 1.0 lakh
Dec '25: 1.0 lakh
Mar '26: 1.0 lakh
Jun '26: 99,593
 30k56k82k1.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 29,575
Dec '23: 39,283
Mar '24: 45,888
Jun '24: 52,237
Sep '24: 61,937
Dec '24: 73,118
Mar '25: 78,293
Jun '25: 1.1 lakh
Sep '25: 1.0 lakh
Dec '25: 1.0 lakh
Mar '26: 1.0 lakh
Jun '26: 99,593

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

+6.7%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 HI-TECH PIPES 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 −35% to +55% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+11.4%, 80% range −3.5% to +22.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
GVPIL · Oct 2021: −53.3% vs market
SHANKARA · Oct 2023: −51.4% vs market
ASTRON · Apr 2022: −48.1% vs market
ANNAPURNA · Sep 2025: −48.1% vs market
TEAMLEASE · Jan 2025: −46.5% vs market
VINDHYATEL · Mar 2024: −44.5% vs market
MUNJALAU · Jul 2021: −38.9% vs market
NELCAST · Mar 2024: −37.7% vs market
RUSHIL · Oct 2025: −37.5% vs market
KRITIKA · Oct 2025: −36.9% vs market
HMAAGRO · May 2025: −36.7% vs market
INDTERRAIN · May 2024: −36.3% vs market
AFSL · Mar 2024: −35.9% vs market
BODALCHEM · Jul 2022: −33.4% vs market
THOMASCOOK · Mar 2025: −31.5% vs market
CONFIPET · May 2024: −31.3% vs market
MIRZAINT · Jun 2020: −25.4% vs market
TEXMOPIPES · May 2022: −20.6% vs market
TNPL · Apr 2020: −12.9% vs market
APOLSINHOT · May 2025: −8.5% vs market
WHEELS · Nov 2022: −3.4% vs market
GULPOLY · Oct 2025: −0.8% vs market
SANDHAR · Nov 2024: +2.3% vs market
GENUSPAPER · May 2023: +4.7% vs market
ALICON · Sep 2023: +6.2% vs market
QUESS · Feb 2020: +7.3% vs market
MANINDS · Dec 2024: +11.8% vs market
GLOBUSSPR · Dec 2024: +16.1% vs market
NRAIL · Jun 2025: +19.4% vs market
RPTECH · Feb 2025: +19.5% vs market
NIRAJ · Jun 2023: +20.9% vs market
AARVI · Jun 2025: +27.9% vs market
WABAG · Mar 2022: +32.2% vs market
NECLIFE · Feb 2020: +33.6% vs market
FILATEX · Aug 2025: +34.7% vs market
JAYBARMARU · Feb 2023: +50.3% vs market
ENTERO · Oct 2025: +50.6% vs market
CAPACITE · Nov 2022: +56.8% vs market
RPSGVENT · Feb 2021: +62.4% vs market
SURYAROSNI · Feb 2020: +68.5% vs market
MMTC · Feb 2020: +71.7% vs market
SKIPPER · May 2022: +72.9% vs market
PGIL · Apr 2023: +87.9% vs market
ELECTCAST · May 2020: +96.0% vs market
GENUSPOWER · May 2020: +111.3% vs market
CEMPRO · Jun 2022: +113.0% vs market
ARVIND · Mar 2023: +114.1% vs market
PATELENG · Oct 2022: +124.9% vs market
BLKASHYAP · Sep 2022: +127.4% vs market
PRECAM · Feb 2021: +178.2% vs market
Similar setups +6.7%All companies −4.7%← 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 · 6 beyond the range shown, drawn at the edge

Similar setups' median
+6.7%
All companies' median
−4.7%
Beat the market
56% vs 45%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SHANKARA
Retail Trade		 Oct 2023 26x15% +2%−20% −51%
SKIPPER
Producer Manufacturing		 May 2022 31x9% −7%−37% +73%
CAPACITE
Industrial Services		 Nov 2022 20x10% −17%−26% +57%
GULPOLY
Consumer Non-Durables		 Oct 2025 34x6% −26%−31% −1%
WABAG
Industrial Services		 Mar 2022 16x13% +12%−29% +32%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ASTRON
Process Industries		 Apr 2022 23x11% +25%−31% −48%
INDTERRAIN
Consumer Non-Durables		 May 2024 40x11% +19%−24% −36%
ELECTCAST
Non-Energy Minerals		 May 2020 10x9% −48%−51% +96%
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 ROCE. 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 HI-TECH PIPES 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.

BHARAT BIJLEEBBL
Producer Manufacturing
72%similar
operating marginEPS growth
RANE HOLDINGSRANEHOLDIN
Producer Manufacturing
64%similar
ROCEpromoter holding
SHRIRAM PROPERTIESSHRIRAMPPS
Finance
61%similar
operating marginrevenue growth
SALZER ELECTRONICSSALZERELEC
Producer Manufacturing
59%similar
ROCEP/E
GREENPLY INDUSTRIESGREENPLY
Producer Manufacturing
56%similar
volatilityrevenue growth
PONDY OXIDES N CHEMICALS LIMITPOCL
Non-Energy Minerals
58%similar
debt/equityP/E
JTL INDUSTRIESJTLIND
Non-Energy Minerals
55%similar
ROCEdebt/equity
GRAVITA INDIAGRAVITA
Non-Energy Minerals
46%similar
revenueoperating margin

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

What changed?

30 events since Jun '24

  1. OctPriceFell 69% from the Oct 2024 peak to the Oct 2026 low.
  2. OctPriceVolume reached 14.1x its 50-day median on 2026-10-06; price +6.6% that day.
  3. SepPriceVolume reached 7.3x its 50-day median on 2026-09-03; price -1.8% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  5. JunDividendDividend payout cut from 1% to 0% of profit.
  6. JanDebtDebt / equity halved over 12 months to 0.15x.
  7. DecResultsYear-on-year EPS growth turned negative.
  8. DecInstitutionsFII + DII holding fell 8.5 pts over 2 quarters to 16.9%.
Show 22 earlier events
  1. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  2. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  3. SepSharesShare count is up 33.3% over 12 months.
  4. SepPriceVolume reached 38.1x its 50-day median on 2025-09-18; price +9.2% that day.
  5. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  6. JunDebtDebt / equity halved over 12 months to 0.15x.
  7. JunPriceVolume reached 8.1x its 50-day median on 2025-06-06; price +7.0% that day.
  8. MarPromoterPromoter holding fell 6.8 pts to 44.0% (largest drop in the history since 2019-01).
  9. MarResultsRevenue (TTM) reached a new high of ₹3,015 cr.
  10. MarInstitutionsFII + DII holding rose 13.9 pts over 2 quarters to 27.1%.
  11. MarPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  12. MarPriceVolume reached 5.2x its 50-day median on 2025-03-11; price -8.7% that day.
  13. DecPromoterPromoter holding fell 3.2 pts to 50.8%.
  14. DecPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
  15. SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  16. AugPriceRegained the 2024-02 peak, 5 months after the low.
  17. AugSharesShare count is up 15.4% over 12 months.
  18. JulPriceVolume reached 12.7x its 50-day median on 2024-07-10; price +7.7% that day.
  19. JunPromoterPromoter holding fell 2.4 pts to 53.2%.
  20. JunResultsYear-on-year EPS growth turned positive.
  21. JunInstitutionsFII + DII holding rose 6.7 pts over 2 quarters to 11.8%.
  22. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).

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
2026-1120.4x₹4822 cr5.7%10.0%0.2x
2026-1018.4x₹4822 cr5.6%10.0%0.2x
2026-0919.5x₹4822 cr5.6%10.0%0.2x
2026-0821.0x₹4200 cr5.7%10.0%0.2x
2026-0722.5x₹4200 cr5.7%10.0%0.2x
2026-0623.4x₹4200 cr5.7%10.0%0.2x
2026-0523.1x₹3454 cr6.0%12.0%0.2x
2026-0424.5x₹3454 cr6.0%12.0%0.2x
2026-0318.9x₹3454 cr6.0%12.0%0.2x
2026-0223.0x₹3145 cr6.2%12.0%0.2x
2026-0119.4x₹3145 cr6.2%12.0%0.2x
2025-1224.0x₹3145 cr6.2%12.0%0.2x
2025-1126.1x₹2992 cr6.0%12.0%0.2x
2025-1029.6x₹2992 cr6.0%12.0%0.2x
2025-0929.5x₹2992 cr6.0%12.0%0.2x
2025-0821.6x₹3068 cr5.8%12.0%0.2x
2025-0722.6x₹3068 cr5.8%12.0%0.2x
2025-0625.5x₹3068 cr5.8%12.0%0.2x
2025-0524.8x₹3015 cr11.5%12.0%0.7x
2025-0423.4x₹3015 cr11.5%12.0%0.7x
2025-0326.6x₹3015 cr11.5%12.0%0.7x
2025-0226.2x₹2884 cr10.6%12.0%0.7x
2025-0132.7x₹2884 cr10.6%12.0%0.7x
2024-1240.3x₹2884 cr10.6%12.0%0.7x
2024-1144.1x₹2924 cr9.4%12.0%0.7x
2024-1048.7x₹2924 cr9.4%12.0%0.7x
2024-0951.9x₹2924 cr9.4%12.0%0.7x
2024-0860.6x₹2699 cr7.6%12.0%0.7x
2024-0748.1x₹2699 cr7.6%12.0%0.7x
2024-0640.5x₹2699 cr7.6%12.0%0.7x
2024-0541.3x₹2386 cr9.1%14.0%0.7x
2024-0445.1x₹2386 cr9.1%14.0%0.7x
2024-0347.4x₹2386 cr9.1%14.0%0.7x
2024-0250.8x₹2386 cr9.1%14.0%0.7x
2024-0149.4x₹2386 cr9.1%14.0%0.7x
2023-1239.0x₹2386 cr9.1%14.0%0.7x
2023-1136.1x₹2386 cr9.1%14.0%0.7x
2023-1035.4x₹2386 cr9.1%14.0%0.7x
2023-0927.9x₹2386 cr9.1%14.0%0.7x
2023-0826.2x₹2386 cr9.1%14.0%0.7x
2023-0727.9x₹2386 cr9.1%14.0%0.7x
2023-0624.4x₹2386 cr9.1%14.0%0.7x
2023-0523.0x₹1879 cr15.5%16.0%1.5x
2023-0423.3x₹1879 cr15.5%16.0%1.5x
2023-0324.3x₹1879 cr15.5%16.0%1.5x
2023-0223.6x₹1879 cr15.5%16.0%1.5x
2023-0128.6x₹1879 cr15.5%16.0%1.5x
2022-1224.9x₹1879 cr15.5%16.0%1.5x
2022-1124.9x₹1879 cr15.5%16.0%1.5x
2022-1019.8x₹1879 cr15.5%16.0%1.5x
2022-0917.9x₹1879 cr15.5%16.0%1.5x
2022-0817.9x₹1879 cr15.5%16.0%1.5x
2022-0716.3x₹1879 cr15.5%16.0%1.5x
2022-0614.3x₹1879 cr15.5%16.0%1.5x
2022-0524.9x₹1341 cr11.2%13.0%1.5x
2022-0430.1x₹1341 cr11.2%13.0%1.5x
2022-0324.8x₹1341 cr11.2%13.0%1.5x
2022-0227.2x₹1341 cr11.2%13.0%1.5x
2022-0127.7x₹1341 cr11.2%13.0%1.5x
2021-1226.5x₹1341 cr11.2%13.0%1.5x

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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