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INDIAN METALS & FERRO ALLOYS L (IMFA)

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.70 / 100
Profitability 87Growth 65Balance sheet 57
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.50 / 100
Price 8Earnings 65FII/DII 77

Passes these screensQuality CompounderValue PickDebt-light & profitable

Compare withHINDUSTAN ZINCHINDALCO INDUSTRIESNMDC

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,114.8 latest close · −18.9% over the last 90 sessions

₹1,200₹1,400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,400Jul 3Sep 4Nov 9

₹1,114.8 month-end · −17.3% over 12 months

₹1,200₹1,400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,200₹1,400Nov '25May '26Nov '26

₹1,114.8 month-end · +112.8% over 3 years

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

₹1,114.8 month-end · +894.0% since Jan '19

₹0₹500₹1,000₹1,500Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹500₹1,000₹1,500Jan '19Dec '22Nov '26

52-week range ₹1051.10 to ₹1679.90 · 1-year volatility 47.1%

Was the rally earned?

-17%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 20.3x to 11.5x), which took 52 points back.
  • The share count barely moved.
Net profit growth: +35 pts. Points of the price return explained by net profit growing (or shrinking).+35 ptsNet profit growthP/E change: −52 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−52 ptsP/E changeShare price: −17%−17%Share priceNet profit growth: +35 pts. Points of the price return explained by net profit growing (or shrinking).+35ProfitP/E change: −52 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−52P/EShare price: −17%−17%Share price
Net profit growth+35 ptsNet profit rose about 47%, which lifts the price.
P/E change-52 ptsThe P/E fell from 20.3x to 11.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+113%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 126 points, but investors now pay less per rupee of profit (P/E 12.5x to 11.5x), which took 13 points back.
  • The share count barely moved.
Net profit growth: +126 pts. Points of the price return explained by net profit growing (or shrinking).+126 ptsNet profit growthP/E change: −13 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−13 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: +113%+113%Share priceNet profit growth: +126 pts. Points of the price return explained by net profit growing (or shrinking).+126ProfitP/E change: −13 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−13P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +113%+113%Share price
Net profit growth+126 ptsNet profit rose about 132%, which lifts the price.
P/E change-13 ptsThe P/E fell from 12.5x to 11.5x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+198%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 208 points, but investors now pay less per rupee of profit (P/E 12.1x to 11.5x), which took 10 points back.
  • The share count barely moved.
Net profit growth: +207 pts. Points of the price return explained by net profit growing (or shrinking).+207 ptsNet profit growthP/E change: −10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−10 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: +198%+198%Share priceNet profit growth: +207 pts. Points of the price return explained by net profit growing (or shrinking).+207ProfitP/E change: −10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−10P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: +198%+198%Share price
Net profit growth+207 ptsNet profit rose about 214%, which lifts the price.
P/E change-10 ptsThe P/E fell from 12.1x to 11.5x, which lowers the price.
Share count change+1 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-62.4%recovered 2020-11
1-year volatility47.1%annualised
Beta vs sector index1.093-year daily, correlation 0.48
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−59.2% 0%−20%−40%−60%2020202220242026−59.2%
Largest drawdowns

-62.4% (2019-03 peak to 2020-03 low, recovered 2020-11)

-52.8% (2022-04 peak to 2022-06 low, recovered 2023-11)

-42.0% (2024-12 peak to 2025-05 low, recovered 2025-09)

Most recent volume spikes

2026-11-04: 6.9x the 50-day median, price +2.5% that day

2026-08-05: 5.1x the 50-day median, price +1.5% that day

2026-08-04: 10.8x the 50-day median, price -1.7% 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?

11.5xP/E todayWithin its usual range
Against its own history54th percentile
CheapestMedian 11.2xDearest

Usual range 3.0x to 18.1x since 2019-01.

Against Non-Energy Minerals11.5x vs 21.8x
This company
11.5x
Sector median
21.8x

47% below the Non-Energy Minerals median.

2.6x12.0x21.4x30.9xJan '19Aug '20Mar '22Oct '23May '25Nov '262.6x12.0x21.4x30.9xJan '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

  • ROCE82ndflat vs a year ago
  • Op. margin93rd▲ 15 pts vs a year ago
  • Revenue growth81st▲ 62 pts vs a year ago
  • EPS growth78th▲ 16 pts vs a year ago
  • Debt/equity ↓49th▼ 19 pts vs a year ago
  • Cash cycle ↓17thflat vs a year ago
  • P/E ↓82nd▲ 15 pts vs a year ago
  • 12M momentum43rd▼ 53 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?

~12%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 16.0x, a holder earning 12%/yr needs earnings to grow about 11.6%/yr for 10 years, then trade at 15x.

Delivered14.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−3.3 ptsimplied minus delivered
Rank594thmost demanding of 856

Over time

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

-17%6%28% Jan 2019Nov 2026 -17%6%28% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x12.9%13.9%15.0%
15x10.6%11.6%12.6%
20x7.6%8.6%9.5%

Drag a slider to test other assumptions

Implied: 11.6%/yr

Looking back

  • Jan 2022Price implied 13%/yr; EPS has since grown 21%/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
₹1114.80
P/E
11.5x
ROCE
18.0%
Market Cap
₹6015 cr
Revenue (TTM)
₹3145 cr
P/S
1.9x
P/B
2.2x
ROE
19.3%
Operating Margin
29.0%
Debt / Equity
0.4x
Promoter Holding
58.7%
12M Momentum
-17.3%

52-week range

₹1051.10₹1679.90
10% of the way from its 52-week low to its high

Price risk

1Y volatility
47.1%
Beta vs sector
1-year daily
1.10

Balance sheet & cash

Interest cover
operating profit ÷ interest
18.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.19x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance8%Within range

Other income as a share of pre-tax profit (trailing twelve months): 8.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 25.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.19xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.19x (cash from operations ₹1,363 cr, net profit ₹1,148 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+15 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 15 days (31 vs 16). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress51% of fixed assetsWithin range

Capital work-in-progress is 51% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+8 days / 2 yrsWithin range

Days payable changed by +8 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 2 years, DIIs added 0.8 pts; FIIs added 0.7 pts.
  • The number of shareholders rose from 47,705 to 55,347 (+16%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.7%58.7%0.0 pts
FIIs2.9%3.6%+0.7 pts
DIIs0.1%0.9%+0.8 pts
Public and others38.3%36.9%-1.4 pts

Number of shareholders

55,347shareholders+16% since Dec '23
47k50k53k56k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 47,705
Mar '24: 47,636
Jun '24: 50,850
Sep '24: 51,525
Dec '24: 47,715
Mar '25: 49,688
Jun '25: 50,152
Sep '25: 46,652
Dec '25: 55,725
Mar '26: 52,983
Jun '26: 55,347
 47k50k53k56k Dec '23Dec '24Dec '25Jun '26
Dec '23: 47,705
Mar '24: 47,636
Jun '24: 50,850
Sep '24: 51,525
Dec '24: 47,715
Mar '25: 49,688
Jun '25: 50,152
Sep '25: 46,652
Dec '25: 55,725
Mar '26: 52,983
Jun '26: 55,347

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

−15.7%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like INDIAN METALS & FERRO ALLOYS L 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 −32% to +4% vs the market, against +1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −16.2%, 80% range −24.2% to −12.4%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
VALIANTORG · May 2023: −54.2% vs market
TAKE · Feb 2020: −53.4% vs market
SIGACHI · Jun 2025: −51.2% vs market
POLYPLEX · Sep 2022: −49.6% vs market
VRLLOG · Aug 2023: −46.6% vs market
ICIL · Nov 2021: −46.1% vs market
BIRLANU · Feb 2022: −45.2% vs market
HSCL · Apr 2020: −43.9% vs market
EPIGRAL · Sep 2025: −40.5% vs market
MOL · Oct 2022: −39.4% vs market
SPAL · Jan 2020: −38.4% vs market
SATIA · Nov 2020: −35.4% vs market
IGPL · Nov 2021: −32.5% vs market
IIFLCAPS · May 2022: −31.7% vs market
CHAMBLFERT · Aug 2022: −28.2% vs market
SHK · Mar 2022: −27.0% vs market
HINDOILEXP · Jan 2025: −25.8% vs market
KRBL · Jan 2020: −24.7% vs market
MASTEK · Apr 2025: −24.0% vs market
MONTECARLO · Jan 2023: −22.8% vs market
OIL · Apr 2020: −22.6% vs market
WELENT · May 2021: −20.5% vs market
BODALCHEM · Feb 2020: −19.7% vs market
JKPAPER · May 2023: −18.4% vs market
SAGCEM · Apr 2022: −15.8% vs market
INSECTICID · Mar 2020: −15.5% vs market
DBCORP · Sep 2024: −14.5% vs market
KSL · Feb 2025: −13.2% vs market
NAVNETEDUL · Jun 2023: −12.7% vs market
DOLLAR · Nov 2022: −10.9% vs market
AWHCL · Jun 2022: −5.5% vs market
KIRIINDUS · Apr 2020: −5.0% vs market
VTL · Sep 2022: −4.7% vs market
MINDACORP · Mar 2020: −3.1% vs market
RAMKY · Apr 2025: +0.8% vs market
TALBROAUTO · Mar 2025: +0.9% vs market
SHREEPUSHK · Mar 2020: +3.6% vs market
LGBBROSLTD · Mar 2020: +4.5% vs market
SHRIPISTON · Jul 2024: +25.7% vs market
TAJGVK · Oct 2024: +35.7% vs market
PCBL · Feb 2020: +36.3% vs market
VADILALIND · Sep 2024: +47.8% vs market
HINDWAREAP · Jun 2022: +51.8% vs market
WELSPUNLIV · Jun 2020: +59.0% vs market
DCMSHRIRAM · Jul 2020: +74.8% vs market
BALRAMCHIN · Jul 2020: +93.9% vs market
HGINFRA · Sep 2020: +109.5% vs market
GODFRYPHLP · Nov 2023: +116.7% vs market
TIIL · Nov 2022: +120.0% vs market
ECLERX · Jul 2020: +198.5% vs market
Similar setups −15.7%All companies +0.5%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−15.7%
All companies' median
+0.5%
Beat the market
32% vs 51%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BALRAMCHIN
Process Industries		 Jul 2020 5x16% −11%−35% +94%
KSL
Non-Energy Minerals		 Feb 2025 13x— −19%−42% −13%
GODFRYPHLP
Consumer Non-Durables		 Nov 2023 15x22% +12%−14% +117%
EPIGRAL
Process Industries		 Sep 2025 17x25% −26%−28% −41%
TIIL
Producer Manufacturing		 Nov 2022 8x22% +3%−28% +120%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MOL
Process Industries		 Oct 2022 9x24% +1%−22% −39%
LGBBROSLTD
Producer Manufacturing		 Mar 2020 5x18% −58%−59% +5%
TAKE
Technology Services		 Feb 2020 8x13% −30%−42% −53%
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/E 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 INDIAN METALS & FERRO ALLOYS L. 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.

SHIPPING CORP OF INDIA LTSCI
Transportation
72%similar
debt/equityvolatility
AGI GREENPACAGI
Process Industries
69%similar
P/Epromoter holding
JM FINANCIALJMFINANCIL
Finance
60%similar
P/Epromoter holding
PACE DIGITEKPACEDIGITK
Electronic Technology
54%similar
P/Erevenue
ENVIRO INFRA ENGINEERSEIEL
Industrial Services
53%similar
debt/equityvolatility
KALYANI STEELSKSL
Non-Energy Minerals
50%similar
P/Erevenue growth
GALLANTT ISPATGALLANTT
Non-Energy Minerals
48%similar
ROCEEPS growth
VEDANTAVEDL
Non-Energy Minerals
47%similar
operating marginpromoter holding

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. NovPriceVolume reached 6.9x its 50-day median on 2026-11-04; price +2.5% that day.
  2. OctPriceFell 34% from the Apr 2026 peak to the Oct 2026 low.
  3. SepPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  4. AugPriceVolume reached 10.8x its 50-day median on 2026-08-04; price -1.7% that day.
  5. JulValuationP/E crossed above the 90th percentile of its own history to date (18.4x).
  6. JunResultsRevenue (TTM) reached a new high of ₹2,827 cr.
  7. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  8. AprPriceRegained the 2026-01 peak, 3 months after the low.
Show 22 earlier events
  1. AprPriceVolume reached 10.6x its 50-day median on 2026-04-16; price +9.5% that day.
  2. MarResultsYear-on-year EPS growth turned positive.
  3. JanPriceFell 27% from the Jan 2026 peak to the Jan 2026 low.
  4. JanPriceVolume reached 10.8x its 50-day median on 2026-01-06; price -11.3% that day.
  5. DecResultsYear-on-year EPS growth turned negative.
  6. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  7. NovPriceVolume reached 11.3x its 50-day median on 2025-11-10; price +10.5% that day.
  8. SepPriceRegained the 2024-12 peak, 4 months after the low.
  9. SepValuationP/E crossed above the 90th percentile of its own history to date (16.7x).
  10. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  11. SepPriceVolume reached 7.4x its 50-day median on 2025-09-08; price +5.9% that day.
  12. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  13. JunPriceVolume reached 12.6x its 50-day median on 2025-06-24; price +7.8% that day.
  14. MayPriceFell 42% from the Dec 2024 peak to the May 2025 low.
  15. DecPriceRegained the 2024-06 peak, 3 months after the low.
  16. DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  17. NovPriceVolume reached 31.0x its 50-day median on 2024-11-08; price +8.6% that day.
  18. SepPriceFell 28% from the Jun 2024 peak to the Sep 2024 low.
  19. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  20. JunResultsYear-on-year EPS growth turned positive.
  21. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  22. JunDividendDividend payout cut from 24% to 12% of profit.

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 history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1111.5x₹3145 cr19.3%18.0%0.4x
2026-1011.2x₹3145 cr19.3%18.0%0.4x
2026-0912.3x₹3145 cr19.3%18.0%0.4x
2026-0816.8x₹2827 cr15.6%18.0%0.4x
2026-0718.4x₹2827 cr15.6%18.0%0.4x
2026-0616.1x₹2827 cr15.6%18.0%0.4x
2026-0521.2x₹2631 cr15.7%21.0%0.2x
2026-0422.0x₹2631 cr15.7%21.0%0.2x
2026-0317.6x₹2631 cr15.7%21.0%0.2x
2026-0220.7x₹2571 cr14.1%21.0%0.2x
2026-0119.0x₹2571 cr14.1%21.0%0.2x
2025-1224.4x₹2571 cr14.1%21.0%0.2x
2025-1120.3x₹2544 cr15.2%21.0%0.2x
2025-1018.1x₹2544 cr15.2%21.0%0.2x
2025-0916.7x₹2544 cr15.2%21.0%0.2x
2025-0812.3x₹2564 cr16.1%21.0%0.2x
2025-0710.4x₹2564 cr16.1%21.0%0.2x
2025-0611.2x₹2564 cr16.1%21.0%0.2x
2025-059.2x₹2698 cr17.4%24.0%0.1x
2025-048.6x₹2698 cr17.4%24.0%0.1x
2025-039.0x₹2698 cr17.4%24.0%0.1x
2025-028.8x₹2740 cr18.2%24.0%0.1x
2025-019.9x₹2740 cr18.2%24.0%0.1x
2024-1212.1x₹2740 cr18.2%24.0%0.1x
2024-1113.1x₹2741 cr16.5%24.0%0.1x
2024-1010.5x₹2741 cr16.5%24.0%0.1x
2024-0910.9x₹2741 cr16.5%24.0%0.1x
2024-0810.5x₹2781 cr16.4%24.0%0.1x
2024-0711.6x₹2781 cr16.4%24.0%0.1x
2024-0611.7x₹2781 cr16.4%24.0%0.1x
2024-0516.5x₹2676 cr12.1%18.0%0.2x
2024-0417.5x₹2676 cr12.1%18.0%0.2x
2024-0315.3x₹2676 cr12.1%18.0%0.2x
2024-0214.6x₹2676 cr12.1%18.0%0.2x
2024-0115.7x₹2676 cr12.1%18.0%0.2x
2023-1212.0x₹2676 cr12.1%18.0%0.2x
2023-1112.5x₹2676 cr12.1%18.0%0.2x
2023-1010.4x₹2676 cr12.1%18.0%0.2x
2023-0910.0x₹2676 cr12.1%18.0%0.2x
2023-089.1x₹2676 cr12.1%18.0%0.2x
2023-078.6x₹2676 cr12.1%18.0%0.2x
2023-067.7x₹2676 cr12.1%18.0%0.2x
2023-053.1x₹2603 cr29.6%34.0%0.3x
2023-043.0x₹2603 cr29.6%34.0%0.3x
2023-033.0x₹2603 cr29.6%34.0%0.3x
2023-023.3x₹2603 cr29.6%34.0%0.3x
2023-013.1x₹2603 cr29.6%34.0%0.3x
2022-122.8x₹2603 cr29.6%34.0%0.3x
2022-112.7x₹2603 cr29.6%34.0%0.3x
2022-102.6x₹2603 cr29.6%34.0%0.3x
2022-092.6x₹2603 cr29.6%34.0%0.3x
2022-082.9x₹2603 cr29.6%34.0%0.3x
2022-073.1x₹2603 cr29.6%34.0%0.3x
2022-062.8x₹2603 cr29.6%34.0%0.3x
2022-059.8x₹1844 cr13.4%14.0%0.5x
2022-0413.3x₹1844 cr13.4%14.0%0.5x
2022-0313.4x₹1844 cr13.4%14.0%0.5x
2022-0211.0x₹1844 cr13.4%14.0%0.5x
2022-0111.5x₹1844 cr13.4%14.0%0.5x
2021-1214.7x₹1844 cr13.4%14.0%0.5x
2021-1112.1x₹1844 cr13.4%14.0%0.5x
2021-1013.2x₹1844 cr13.4%14.0%0.5x
2021-0912.1x₹1844 cr13.4%14.0%0.5x
2021-0811.3x₹1844 cr13.4%14.0%0.5x
2021-0715.3x₹1844 cr13.4%14.0%0.5x
2021-069.4x₹1844 cr13.4%14.0%0.5x
2021-05—₹1612 cr-6.1%0.0%0.7x
2021-04—₹1612 cr-6.1%0.0%0.7x
2021-03—₹1612 cr-6.1%0.0%0.7x
2021-02—₹1612 cr-6.1%0.0%0.7x
2021-01—₹1612 cr-6.1%0.0%0.7x
2020-12—₹1612 cr-6.1%0.0%0.7x
2020-11—₹1612 cr-6.1%0.0%0.7x
2020-10—₹1612 cr-6.1%0.0%0.7x
2020-09—₹1612 cr-6.1%0.0%0.7x
2020-08—₹1612 cr-6.1%0.0%0.7x
2020-07—₹1612 cr-6.1%0.0%0.7x
2020-06—₹1612 cr-6.1%0.0%0.7x
2020-05—₹1634 cr-0.0%9.0%0.7x
2020-04—₹1634 cr-0.0%9.0%0.7x
2020-03—₹1634 cr-0.0%9.0%0.7x
2020-02—₹1634 cr-0.0%9.0%0.7x
2020-01—₹1634 cr-0.0%9.0%0.7x
2019-12—₹1634 cr-0.0%9.0%0.7x
2019-11—₹1634 cr-0.0%9.0%0.7x
2019-10—₹1634 cr-0.0%9.0%0.7x
2019-09—₹1634 cr-0.0%9.0%0.7x
2019-08—₹1634 cr-0.0%9.0%0.7x
2019-07—₹1634 cr-0.0%9.0%0.7x
2019-06—₹1634 cr-0.0%9.0%0.7x
2019-053.2x₹1766 cr15.4%17.0%0.7x
2019-043.5x₹1766 cr15.4%17.0%0.7x
2019-033.8x₹1766 cr15.4%17.0%0.7x
2019-023.4x₹1766 cr15.4%17.0%0.7x
2019-013.3x₹1766 cr15.4%17.0%0.7x

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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