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JSW STEEL LIMITED (JSWSTEEL)

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.53 / 100
Profitability 70Growth 73Balance sheet 17
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.80 / 100
Price 73Earnings 86FII/DII 80

Passes these screensValue PickNear 52-week high

Compare withTATA STEELJINDAL STEELLLOYDS METALS AND ENERGY LIMIT

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,347 latest close · +9.5% over the last 90 sessions

₹1,200₹1,300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,300Jul 3Sep 4Nov 9

₹1,347 month-end · +16.1% over 12 months

₹1,200₹1,300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,200₹1,300Nov '25May '26Nov '26

₹1,347 month-end · +68.1% over 3 years

₹800₹1,000₹1,200₹1,400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹800₹1,000₹1,200₹1,400Nov '23May '25Nov '26

₹1,347 month-end · +390.5% since Jan '19

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

52-week range ₹1073.20 to ₹1370.00 · 1-year volatility 25.6%

Was the rally earned?

+16%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 176 points, but investors now pay less per rupee of profit (P/E 58.6x to 13.3x), which took 160 points back.
  • The share count rose 12%.
Net profit growth: +188 pts. Points of the price return explained by net profit growing (or shrinking).+188 ptsNet profit growthP/E change: −160 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−160 ptsP/E changeShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12 ptsShare count changeShare price: +16%+16%Share priceNet profit growth: +188 pts. Points of the price return explained by net profit growing (or shrinking).+188ProfitP/E change: −160 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−160P/EShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12SharesShare price: +16%+16%Share price
Net profit growth+188 ptsNet profit rose about 472%, which lifts the price.
P/E change-160 ptsThe P/E fell from 58.6x to 13.3x, which lowers the price.
Share count change-12 ptsShare count rose 12%, which lowers the price.
+68%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 233 points, but investors now pay less per rupee of profit (P/E 46.7x to 13.3x), which took 165 points back.
  • The share count rose 13%.
Net profit growth: +249 pts. Points of the price return explained by net profit growing (or shrinking).+249 ptsNet profit growthP/E change: −165 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−165 ptsP/E changeShare count change: −16 pts. Points of the price return explained by the share count changing. More shares count against the price.−16 ptsShare count changeShare price: +68%+68%Share priceNet profit growth: +249 pts. Points of the price return explained by net profit growing (or shrinking).+249ProfitP/E change: −165 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−165P/EShare count change: −16 pts. Points of the price return explained by the share count changing. More shares count against the price.−16SharesShare price: +68%+68%Share price
Net profit growth+249 ptsNet profit rose about 568%, which lifts the price.
P/E change-165 ptsThe P/E fell from 46.7x to 13.3x, which lowers the price.
Share count change-16 ptsShare count rose 13%, which lowers the price.
+121%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 173 points, but investors now pay less per rupee of profit (P/E 18.6x to 13.3x), which took 51 points back.
  • The share count rose 13%.
Net profit growth: +192 pts. Points of the price return explained by net profit growing (or shrinking).+192 ptsNet profit growthP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51 ptsP/E changeShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19 ptsShare count changeShare price: +121%+121%Share priceNet profit growth: +192 pts. Points of the price return explained by net profit growing (or shrinking).+192ProfitP/E change: −51 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−51P/EShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19SharesShare price: +121%+121%Share price
Net profit growth+192 ptsNet profit rose about 251%, which lifts the price.
P/E change-51 ptsThe P/E fell from 18.6x to 13.3x, which lowers the price.
Share count change-19 ptsShare count rose 13%, 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 TATA STEEL

How rough has the ride been?

Maximum drawdown-54.4%recovered 2020-10
1-year volatility25.6%annualised
Beta vs sector index0.893-year daily, correlation 0.72
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−54.4% 0%−20%−40%2020202220242026−54.4%
Largest drawdowns

-54.4% (2019-05 peak to 2020-04 low, recovered 2020-10)

-31.2% (2022-04 peak to 2022-05 low, recovered 2022-12)

-25.4% (2021-08 peak to 2022-02 low, recovered 2022-04)

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?

13.3xP/E todayWithin its usual range
Against its own history36th percentile
CheapestMedian 20.9xDearest

Usual range 7.5x to 51.4x since 2019-01.

Against Non-Energy Minerals13.3x vs 21.8x
This company
13.3x
Sector median
21.8x

39% below the Non-Energy Minerals median.

4.6x29.3x54.1x78.8xJan '19Aug '20Mar '22Oct '23May '25Nov '264.6x29.3x54.1x78.8xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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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

  • ROCE55th▲ 20 pts vs a year ago
  • Op. margin85th▲ 15 pts vs a year ago
  • Revenue growth60th▲ 27 pts vs a year ago
  • EPS growth99th▲ 74 pts vs a year ago
  • Debt/equity ↓15thflat vs a year ago
  • Cash cycle ↓81st▼ 3 pts vs a year ago
  • P/E ↓76th▲ 63 pts vs a year ago
  • 12M momentum77th▼ 10 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?

~18%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 29.5x, a holder earning 12%/yr needs earnings to grow about 18.4%/yr for 10 years, then trade at 15x.

Delivered11.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.5 ptsimplied minus delivered
Rank398thmost demanding of 856

Over time

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

0%28%55% Jan 2019Nov 2026 0%28%55% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x19.7%20.8%21.9%
15x17.3%18.4%19.4%
20x14.2%15.2%16.3%

Drag a slider to test other assumptions

Implied: 18.4%/yr

Looking back

  • Jan 2020Price implied 12%/yr; EPS has since grown 19%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 36%/yr (6.0 yrs)
  • Jan 2022Price implied 17%/yr; EPS has since grown 26%/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
₹1347.00
P/E
13.3x
ROCE
11.0%
Market Cap
₹3.29L cr
Revenue (TTM)
₹1.90L cr
P/S
1.7x
P/B
3.3x
ROE
24.8%
Operating Margin
20.0%
Debt / Equity
1.0x
Promoter Holding
44.3%
12M Momentum
16.1%

52-week range

₹1073.20₹1370.00
92% of the way from its 52-week low to its high

Price risk

1Y volatility
25.6%
Beta vs sector
1-year daily
0.89

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.53x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance59%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 58.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 28.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.53xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.53x (cash from operations ₹58,129 cr, net profit ₹37,972 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+6 daysWithin range

Debtor days are above the median of the previous three fiscal years by 6 days (22 vs 16). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress19% of fixed assetsWithin range

Capital work-in-progress is 19% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-3 days / 2 yrsWithin range

Days payable changed by -3 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

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

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs added 2.0 pts; promoters trimmed 0.5 pts.
  • The number of shareholders fell from 6.6 lakh to 6.1 lakh (-8%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters44.8%44.3%-0.5 pts
FIIs26.1%25.9%-0.2 pts
DIIs9.5%11.5%+2.0 pts
Public and others18.6%17.6%-1.0 pts

Number of shareholders

6.1 lakhshareholders-8% since Sep '23
6.0L6.3L6.5L6.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 6.6 lakh
Dec '23: 6.4 lakh
Mar '24: 6.7 lakh
Jun '24: 6.4 lakh
Sep '24: 6.3 lakh
Dec '24: 6.4 lakh
Mar '25: 6.2 lakh
Jun '25: 6.2 lakh
Sep '25: 6.1 lakh
Dec '25: 6.1 lakh
Mar '26: 6.0 lakh
Jun '26: 6.1 lakh
 6.0L6.3L6.5L6.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 6.6 lakh
Dec '23: 6.4 lakh
Mar '24: 6.7 lakh
Jun '24: 6.4 lakh
Sep '24: 6.3 lakh
Dec '24: 6.4 lakh
Mar '25: 6.2 lakh
Jun '25: 6.2 lakh
Sep '25: 6.1 lakh
Dec '25: 6.1 lakh
Mar '26: 6.0 lakh
Jun '26: 6.1 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.8%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 JSW STEEL 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 +11% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (0%, 80% range −5.6% to +3.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
UPL · Jan 2023: −48.9% vs market
TATACHEM · Jan 2020: −46.5% vs market
BIRLACORPN · Oct 2021: −41.8% vs market
OIL · Sep 2021: −33.2% vs market
DALBHARAT · Jun 2021: −32.2% vs market
AUROPHARMA · Aug 2024: −29.0% vs market
RAMCOCEM · Mar 2023: −27.9% vs market
APOLLOTYRE · Jan 2024: −25.2% vs market
CESC · Oct 2025: −24.1% vs market
BALKRISIND · Feb 2025: −22.8% vs market
GRANULES · Jul 2024: −20.0% vs market
JUBLPHARMA · Jun 2025: −20.0% vs market
DCMSHRIRAM · Jun 2025: −18.6% vs market
VTL · Feb 2020: −17.6% vs market
RELIANCE · Oct 2025: −17.2% vs market
INDIGO · Jul 2025: −17.0% vs market
ONGC · Jan 2022: −15.5% vs market
WIPRO · Nov 2024: −15.2% vs market
TATAPOWER · Jan 2024: −13.5% vs market
HINDALCO · May 2024: −12.6% vs market
MRF · Jun 2025: −10.4% vs market
GRASIM · May 2021: −10.1% vs market
TORNTPOWER · Aug 2020: −9.2% vs market
NLCINDIA · Sep 2025: −8.8% vs market
POWERGRID · May 2022: −8.0% vs market
TATACOMM · Oct 2025: −5.6% vs market
FSL · May 2023: −5.2% vs market
BIOCON · Jan 2025: −4.6% vs market
BALRAMCHIN · Aug 2024: −2.9% vs market
TATASTEEL · Mar 2024: −2.2% vs market
MOTHERSON · Apr 2024: 0% vs market
PNCINFRA · Jan 2023: +0.1% vs market
JSL · Sep 2025: +0.7% vs market
ULTRACEMCO · Oct 2020: +4.5% vs market
LUPIN · Jul 2024: +7.1% vs market
LT · Aug 2021: +7.3% vs market
M&M · Jul 2022: +10.4% vs market
INDUSTOWER · Mar 2024: +10.8% vs market
GODREJIND · Apr 2024: +11.0% vs market
TVSMOTOR · Jun 2025: +18.4% vs market
ASTERDM · Jul 2022: +18.8% vs market
JINDALSTEL · Feb 2025: +23.1% vs market
GLENMARK · Apr 2023: +27.0% vs market
ASHOKLEY · Aug 2025: +28.4% vs market
NTPC · Mar 2023: +29.1% vs market
ZYDUSLIFE · Feb 2023: +35.4% vs market
JKCEMENT · Sep 2024: +47.0% vs market
NHPC · Jun 2023: +49.6% vs market
PRESTIGE · Aug 2023: +91.1% vs market
MOTILALOFS · Oct 2023: +159.2% vs market
Similar setups −6.8%All companies −6.8%← 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 · 1 beyond the range shown, drawn at the edge

Similar setups' median
−6.8%
All companies' median
−6.8%
Beat the market
38% vs 42%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NTPC
Utilities		 Mar 2023 10x9% +30%−4% +29%
LT
Industrial Services		 Aug 2021 20x10% +77%0% +7%
POWERGRID
Utilities		 May 2022 13x12% +39%−5% −8%
M&M
Consumer Durables		 Jul 2022 22x11% +57%−2% +10%
RELIANCE
Energy Minerals		 Oct 2025 25x10% +12%−4% −17%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GRASIM
Non-Energy Minerals		 May 2021 23x8% +150%0% −10%
UPL
Process Industries		 Jan 2023 17x14% −3%−9% −49%
JINDALSTEL
Non-Energy Minerals		 Feb 2025 17x13% +10%−21% +23%
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, ROCE 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 JSW STEEL 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.

NTPCNTPC
Utilities
67%similar
market caprevenue
GAIL (INDIA)GAIL
Utilities
62%similar
volatilityrevenue
INDUS TOWERSINDUSTOWER
Communications
62%similar
volatilityrevenue growth
ASHOK LEYLANDASHOKLEY
Producer Manufacturing
54%similar
revenuemarket cap
MAHINDRA & MAHINDRAM&M
Consumer Durables
52%similar
revenuemarket cap
HINDALCO INDUSTRIESHINDALCO
Non-Energy Minerals
65%similar
P/Erevenue
THE RAMCO CEMENTSRAMCOCEM
Non-Energy Minerals
52%similar
revenue growthvolatility
STEEL AUTHORITY OF INDIASAIL
Non-Energy Minerals
52%similar
revenuemarket cap

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

What changed?

30 events since Feb '22

  1. AugPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  2. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  3. JunDebtDebt / equity fell below 1.0x (0.99x).
  4. JunDividendDividend payout cut from 24% to 10% of profit.
  5. MarResultsRevenue (TTM) reached a new high of ₹179,109 cr.
  6. MarPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  7. DecResultsYear-on-year EPS growth turned positive.
  8. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
Show 22 earlier events
  1. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  2. JunPriceVolume reached 6.1x its 50-day median on 2025-06-20; price +1.0% that day.
  3. MarResultsYear-on-year EPS growth turned negative.
  4. MarValuationP/E crossed above the 90th percentile of its own history to date (78.8x).
  5. MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  6. DecPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  7. DecPriceVolume reached 20.6x its 50-day median on 2024-12-20; price -0.9% that day.
  8. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  11. JulPriceVolume reached 11.4x its 50-day median on 2023-07-12; price +1.0% that day.
  12. JunResultsYear-on-year EPS growth turned negative.
  13. JunValuationP/E crossed above the 90th percentile of its own history to date (45.8x).
  14. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  15. MayPriceVolume reached 11.8x its 50-day median on 2023-05-31; price -1.2% that day.
  16. DecPriceRegained the 2022-04 peak, 7 months after the low.
  17. JunResultsRevenue (TTM) reached a new high of ₹146,371 cr.
  18. JunValuationP/E fell below the 10th percentile of its own history to date (6.6x).
  19. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  20. MayPriceFell 31% from the Apr 2022 peak to the May 2022 low.
  21. AprPriceRegained the 2021-08 peak, 2 months after the low.
  22. FebPriceFell 25% from the Aug 2021 peak to the Feb 2022 low.

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
2026-1113.3x₹1.90L cr24.8%11.0%1.0x
2026-1012.3x₹1.90L cr25.1%11.0%1.0x
2026-0912.4x₹1.90L cr25.1%11.0%1.0x
2026-0814.3x₹1.85L cr22.9%11.0%1.0x
2026-0713.9x₹1.85L cr22.9%11.0%1.0x
2026-0613.4x₹1.85L cr22.9%11.0%1.0x
2026-0541.9x₹1.79L cr8.8%8.0%1.2x
2026-0441.5x₹1.79L cr8.8%8.0%1.2x
2026-0336.8x₹1.79L cr8.8%8.0%1.2x
2026-0251.3x₹1.74L cr6.9%8.0%1.2x
2026-0149.3x₹1.74L cr6.9%8.0%1.2x
2025-1247.3x₹1.74L cr6.9%8.0%1.2x
2025-1158.6x₹1.69L cr5.5%8.0%1.2x
2025-1060.9x₹1.69L cr5.5%8.0%1.2x
2025-0957.7x₹1.69L cr5.5%8.0%1.2x
2025-0871.6x₹1.69L cr3.9%8.0%1.2x
2025-0773.1x₹1.69L cr3.9%8.0%1.2x
2025-0671.2x₹1.69L cr3.9%8.0%1.2x
2025-0573.6x₹1.70L cr3.8%13.0%1.1x
2025-0476.3x₹1.70L cr3.8%13.0%1.1x
2025-0378.8x₹1.70L cr3.8%13.0%1.1x
2025-0246.5x₹1.71L cr5.8%13.0%1.1x
2025-0146.2x₹1.71L cr5.8%13.0%1.1x
2024-1244.1x₹1.71L cr5.8%13.0%1.1x
2024-1132.3x₹1.76L cr8.6%13.0%1.1x
2024-1032.2x₹1.76L cr8.6%13.0%1.1x
2024-0934.4x₹1.76L cr8.6%13.0%1.1x
2024-0826.1x₹1.75L cr10.4%13.0%1.1x
2024-0725.8x₹1.75L cr10.4%13.0%1.1x
2024-0625.9x₹1.75L cr10.4%13.0%1.1x
2024-0551.4x₹1.66L cr5.7%8.0%1.2x
2024-0451.5x₹1.66L cr5.7%8.0%1.2x
2024-0348.4x₹1.66L cr5.7%8.0%1.2x
2024-0246.7x₹1.66L cr5.7%8.0%1.2x
2024-0147.8x₹1.66L cr5.7%8.0%1.2x
2023-1251.4x₹1.66L cr5.7%8.0%1.2x
2023-1146.7x₹1.66L cr5.7%8.0%1.2x
2023-1043.0x₹1.66L cr5.7%8.0%1.2x
2023-0945.5x₹1.66L cr5.7%8.0%1.2x
2023-0845.5x₹1.66L cr5.7%8.0%1.2x
2023-0747.7x₹1.66L cr5.7%8.0%1.2x
2023-0645.8x₹1.66L cr5.7%8.0%1.2x
2023-058.1x₹1.46L cr27.9%28.0%1.1x
2023-048.5x₹1.46L cr27.9%28.0%1.1x
2023-038.0x₹1.46L cr27.9%28.0%1.1x
2023-027.8x₹1.46L cr27.9%28.0%1.1x
2023-018.4x₹1.46L cr27.9%28.0%1.1x
2022-129.0x₹1.46L cr27.9%28.0%1.1x
2022-118.7x₹1.46L cr27.9%28.0%1.1x
2022-107.9x₹1.46L cr27.9%28.0%1.1x
2022-097.4x₹1.46L cr27.9%28.0%1.1x
2022-087.8x₹1.46L cr27.9%28.0%1.1x
2022-077.4x₹1.46L cr27.9%28.0%1.1x
2022-066.6x₹1.46L cr27.9%28.0%1.1x
2022-0516.8x₹79839 cr15.5%15.0%1.5x
2022-0422.2x₹79839 cr15.5%15.0%1.5x
2022-0322.4x₹79839 cr15.5%15.0%1.5x
2022-0219.2x₹79839 cr15.5%15.0%1.5x
2022-0119.2x₹79839 cr15.5%15.0%1.5x
2021-1220.0x₹79839 cr15.5%15.0%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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