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KALYANI STEELS LTD (KSL)

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.63 / 100
Profitability 78Growth 41Balance sheet 72
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.64 / 100
Price 71Earnings 44FII/DII 79
Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹852.05 latest close · −3.4% over the last 90 sessions

₹900₹1,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹900₹1,000Jul 3Sep 4Nov 9

₹852.05 month-end · +10.6% over 12 months

₹600₹800₹1,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹600₹800₹1,000Nov '25May '26Nov '26

₹852.05 month-end · +79.5% over 3 years

₹500₹750₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹500₹750₹1,000Nov '23May '25Nov '26

₹852.05 month-end · +324.4% since Jan '19

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

52-week range ₹574.00 to ₹1032.90 · 1-year volatility 38.3%

Was the rally earned?

+11%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 12.7x to 14.1x); per-share earnings took off 0 points.
  • The share count barely moved.
Net profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0 ptsNet profit growthP/E change: +11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+11 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: +11%+11%Share priceNet profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0ProfitP/E change: +11 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+11P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +11%+11%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change+11 ptsThe P/E rose from 12.7x to 14.1x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+80%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 8.5x to 14.1x); per-share earnings added 11 points.
  • The share count barely moved.
Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsNet profit growthP/E change: +69 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+69 ptsP/E changeShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2 ptsShare count changeShare price: +80%+80%Share priceNet profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9ProfitP/E change: +69 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+69P/EShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price.+2SharesShare price: +80%+80%Share price
Net profit growth+9 ptsNet profit rose about 7%, which lifts the price.
P/E change+69 ptsThe P/E rose from 8.5x to 14.1x, which lifts the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+165%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 7.4x to 14.1x); per-share earnings added 56 points.
  • The share count barely moved.
Net profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56 ptsNet profit growthP/E change: +110 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+110 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: +165%+165%Share priceNet profit growth: +56 pts. Points of the price return explained by net profit growing (or shrinking).+56ProfitP/E change: +110 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+110P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +165%+165%Share price
Net profit growth+56 ptsNet profit rose about 39%, which lifts the price.
P/E change+110 ptsThe P/E rose from 7.4x to 14.1x, 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 JSW STEEL

How rough has the ride been?

Maximum drawdown-62.0%recovered 2020-12
1-year volatility38.3%annualised
Beta vs sector index1.023-year daily, correlation 0.47
Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−57.6% 0%−20%−40%−60%2020202220242026−57.6%
Largest drawdowns

-62.0% (2020-01 peak to 2020-03 low, recovered 2020-12)

-53.7% (2024-12 peak to 2026-03 low, not yet recovered)

-41.2% (2021-08 peak to 2022-06 low, recovered 2023-08)

Most recent volume spikes

2026-09-23: 12.4x the 50-day median, price +4.1% that day

2026-09-17: 5.5x the 50-day median, price +1.9% that day

2026-09-10: 14.7x the 50-day median, price +6.3% 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?

14.1xP/E todayNear its historic high
Against its own history80th percentile
CheapestMedian 8.5xDearest

Usual range 5.7x to 15.4x since 2019-01.

Against Non-Energy Minerals14.1x vs 21.8x
This company
14.1x
Sector median
21.8x

35% below the Non-Energy Minerals median.

4.2x13.1x22.0x30.9xJan '19Aug '20Mar '22Oct '23May '25Nov '264.2x13.1x22.0x30.9xJan '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

  • ROCE71stflat vs a year ago
  • Op. margin85th▲ 10 pts vs a year ago
  • Revenue growth16th▼ 32 pts vs a year ago
  • EPS growth38th▼ 27 pts vs a year ago
  • Debt/equity ↓62ndflat vs a year ago
  • Cash cycle ↓41st▼ 13 pts vs a year ago
  • P/E ↓73rd▼ 10 pts vs a year ago
  • 12M momentum74th▲ 30 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?

~11%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 15.5x, a holder earning 12%/yr needs earnings to grow about 11.1%/yr for 10 years, then trade at 15x.

Delivered9.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+2.2 ptsimplied minus delivered
Rank490thmost demanding of 856

Over time

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

0%9%18% Jan 2019Nov 2026 0%9%18% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x12.5%13.5%14.5%
15x10.1%11.1%12.1%
20x7.2%8.2%9.1%

Drag a slider to test other assumptions

Implied: 11.1%/yr

Looking back

  • Jan 2020Price implied 7%/yr; EPS has since grown 10%/yr (7.0 yrs)
  • Jan 2021Price implied 5%/yr; EPS has since grown 12%/yr (6.0 yrs)
  • Jan 2022Price implied 5%/yr; EPS has since grown 6%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹852.05
P/E
14.1x
ROCE
15.0%
Market Cap
₹3719 cr
Revenue (TTM)
₹1867 cr
P/S
2.0x
P/B
1.8x
ROE
12.6%
Operating Margin
20.0%
Debt / Equity
0.2x
Promoter Holding
64.7%
12M Momentum
10.6%

52-week range

₹574.00₹1032.90
61% of the way from its 52-week low to its high

Price risk

1Y volatility
38.3%
Beta vs sector
1-year daily
0.85

Balance sheet & cash

Interest cover
operating profit ÷ interest
51.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.11x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold
Other income reliance15%Within range

Other income as a share of pre-tax profit (trailing twelve months): 14.8%. 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 conversion1.11xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.11x (cash from operations ₹846 cr, net profit ₹763 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+20 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 20 days (98 vs 78). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress89% of fixed assetsBeyond threshold

Capital work-in-progress is 89% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+29 days / 2 yrsWithin range

Days payable changed by +29 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 2.1 pts; FIIs trimmed 0.9 pts.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters64.7%64.7%0.0 pts
FIIs2.7%1.8%-0.9 pts
DIIs9.4%11.5%+2.1 pts
Public and others23.2%22.1%-1.2 pts

Number of shareholders

43,550shareholders+3% since Dec '23
42k44k46k47k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 42,135
Mar '24: 45,777
Jun '24: 46,153
Sep '24: 47,179
Dec '24: 44,048
Mar '25: 44,429
Jun '25: 47,214
Sep '25: 47,085
Dec '25: 45,854
Mar '26: 44,840
Jun '26: 43,550
 42k44k46k47k Dec '23Dec '24Dec '25Jun '26
Dec '23: 42,135
Mar '24: 45,777
Jun '24: 46,153
Sep '24: 47,179
Dec '24: 44,048
Mar '25: 44,429
Jun '25: 47,214
Sep '25: 47,085
Dec '25: 45,854
Mar '26: 44,840
Jun '26: 43,550

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

+9.3%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 KALYANI STEELS 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 −26% to +53% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+11.2%, 80% range −13.4% to +20.3%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BHARATRAS · Mar 2025: −53.0% vs market
BLISSGVS · Aug 2020: −51.2% vs market
GAEL · Nov 2023: −48.3% vs market
GATEWAY · Feb 2024: −42.3% vs market
FINPIPE · Oct 2024: −39.6% vs market
KIRLOSENG · May 2021: −38.6% vs market
RSYSTEMS · Oct 2025: −36.2% vs market
BALRAMCHIN · Apr 2023: −35.6% vs market
DBCORP · Sep 2025: −33.7% vs market
SIYSIL · Dec 2024: −30.7% vs market
PLASTIBLEN · Oct 2020: −29.0% vs market
BANCOINDIA · Apr 2021: −26.7% vs market
INSECTICID · Jan 2023: −25.9% vs market
KCP · Oct 2025: −25.0% vs market
MALLCOM · May 2023: −21.0% vs market
AARTIDRUGS · Jul 2025: −20.8% vs market
PCBL · Feb 2021: −18.8% vs market
DATAMATICS · May 2023: −18.7% vs market
MAITHANALL · Sep 2021: −17.5% vs market
BALMLAWRIE · Jan 2020: −17.0% vs market
LGBBROSLTD · Nov 2023: −14.9% vs market
USHAMART · Jun 2024: −7.4% vs market
HEG · Sep 2023: −0.9% vs market
EXCELINDUS · Jul 2020: +0.3% vs market
GEOJITFSL · Jan 2024: +7.0% vs market
LINCOLN · May 2020: +11.6% vs market
ZENSARTECH · May 2023: +15.0% vs market
KRBL · Aug 2022: +17.1% vs market
SHREEPUSHK · Sep 2020: +17.5% vs market
GPIL · Jul 2025: +18.5% vs market
NIITLTD · Apr 2020: +21.8% vs market
VTL · Apr 2025: +26.3% vs market
JUBLINGREA · May 2024: +33.6% vs market
JAMNAAUTO · Sep 2025: +34.7% vs market
SANDUMA · Feb 2025: +42.0% vs market
GHCL · Oct 2021: +47.6% vs market
KABRAEXTRU · Feb 2020: +52.3% vs market
AARTIPHARM · Jul 2024: +53.0% vs market
KIRLOSIND · Jun 2020: +57.3% vs market
GRANULES · Sep 2025: +62.8% vs market
GODFRYPHLP · Jul 2022: +64.7% vs market
MARKSANS · Jan 2023: +74.0% vs market
POLYPLEX · May 2021: +94.8% vs market
COCHINSHIP · Dec 2022: +99.6% vs market
FSL · Apr 2020: +100.3% vs market
SUPRIYA · Mar 2024: +112.8% vs market
UNIPARTS · Sep 2025: +113.6% vs market
SMSPHARMA · Apr 2020: +115.8% vs market
RAILTEL · Jan 2023: +152.3% vs market
GOLDIAM · Dec 2020: +162.3% vs market
Similar setups +9.3%All companies −1.9%← 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
+9.3%
All companies' median
−1.9%
Beat the market
54% vs 48%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
AARTIPHARM
Health Technology		 Jul 2024 26x17% +81%−2% +53%
GEOJITFSL
Finance		 Jan 2024 22x14% +86%−3% +7%
UNIPARTS
Producer Manufacturing		 Sep 2025 18x12% −14%−15% +114%
GODFRYPHLP
Consumer Non-Durables		 Jul 2022 14x17% +11%−17% +65%
BANCOINDIA
Producer Manufacturing		 Apr 2021 15x13% +123%−9% −27%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
FINPIPE
Producer Manufacturing		 Oct 2024 22x11% +58%−13% −40%
PCBL
Process Industries		 Feb 2021 12x16% +86%−4% −19%
SHREEPUSHK
Process Industries		 Sep 2020 10x12% +15%−13% +18%
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: drawdown from 12-month high, P/E and P/S. 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 KALYANI STEELS 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.

GUJARAT INDUSTRIES POWER CO LGIPCL
Utilities
76%similar
debt/equityROCE
EPIGRALEPIGRAL
Process Industries
75%similar
ROCEP/E
UNIPARTS INDIAUNIPARTS
Producer Manufacturing
71%similar
promoter holdingmarket cap
DATAMATICS GLOBAL SERVICES LIMDATAMATICS
Technology Services
69%similar
operating marginEPS growth
G N A AXLESGNA
Producer Manufacturing
67%similar
debt/equitypromoter holding
GREENPANEL INDUSTRIESGREENPANEL
Non-Energy Minerals
62%similar
debt/equityvolatility
GODAWARI POWER AND ISPATGPIL
Non-Energy Minerals
59%similar
EPS growthoperating margin
ORIENT CEMENTORIENTCEM
Non-Energy Minerals
56%similar
P/EROCE

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

What changed?

30 events since Mar '23

  1. SepResultsYear-on-year EPS growth turned negative.
  2. SepPriceVolume reached 14.7x its 50-day median on 2026-09-10; price +6.3% that day.
  3. AugValuationP/E crossed above the 90th percentile of its own history to date (15.4x).
  4. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  5. MarPriceFell 54% from the Dec 2024 peak to the Mar 2026 low.
  6. FebPriceVolume reached 18.2x its 50-day median on 2026-02-04; price +10.1% that day.
  7. NovPriceVolume reached 5.5x its 50-day median on 2025-11-04; price -3.7% that day.
  8. JulPriceVolume reached 9.3x its 50-day median on 2025-07-01; price +1.9% that day.
Show 22 earlier events
  1. JunResultsRevenue (TTM) reached a new high of ₹1,981 cr.
  2. JunValuationP/E crossed above the 90th percentile of its own history to date (15.9x).
  3. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  4. JunPriceVolume reached 75.5x its 50-day median on 2025-06-17; price +12.0% that day.
  5. MarPriceVolume reached 5.8x its 50-day median on 2025-03-05; price +0.4% that day.
  6. DecPriceRegained the 2024-03 peak, 2 months after the low.
  7. DecPriceVolume reached 80.7x its 50-day median on 2024-12-17; price +16.7% that day.
  8. OctPriceFell 29% from the Mar 2024 peak to the Oct 2024 low.
  9. JulPriceVolume reached 12.2x its 50-day median on 2024-07-02; price +2.2% that day.
  10. JunResultsRevenue (TTM) reached a new high of ₹1,959 cr.
  11. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  12. JunPriceVolume reached 13.8x its 50-day median on 2024-06-21; price +6.8% that day.
  13. JanValuationP/E crossed above the 90th percentile of its own history to date (10.9x).
  14. JanPriceVolume reached 37.0x its 50-day median on 2024-01-11; price +14.7% that day.
  15. DecPriceVolume reached 24.5x its 50-day median on 2023-12-26; price +12.4% that day.
  16. SepValuationP/E crossed above the 90th percentile of its own history to date (9.6x).
  17. AugPriceRegained the 2021-08 peak, 14 months after the low.
  18. JulPriceVolume reached 38.6x its 50-day median on 2023-07-24; price +5.9% that day.
  19. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  20. AprPriceVolume reached 14.0x its 50-day median on 2023-04-28; price +3.1% that day.
  21. MarValuationP/E fell below the 10th percentile of its own history to date (5.3x).
  22. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd 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
2026-1114.1x₹1867 cr12.6%15.0%0.2x
2026-1013.6x₹1867 cr12.6%15.0%0.2x
2026-0915.9x₹1867 cr12.6%15.0%0.2x
2026-0815.4x₹1845 cr12.3%15.0%0.2x
2026-0714.8x₹1845 cr12.3%15.0%0.2x
2026-0614.9x₹1845 cr12.3%15.0%0.2x
2026-0513.5x₹1905 cr14.1%16.0%0.2x
2026-0413.9x₹1905 cr14.1%16.0%0.2x
2026-039.5x₹1905 cr14.1%16.0%0.2x
2026-0212.5x₹1927 cr13.8%16.0%0.2x
2026-0111.9x₹1927 cr13.8%16.0%0.2x
2025-1212.9x₹1927 cr13.8%16.0%0.2x
2025-1112.7x₹1963 cr14.0%16.0%0.2x
2025-1014.2x₹1963 cr14.0%16.0%0.2x
2025-0912.5x₹1963 cr14.0%16.0%0.2x
2025-0814.2x₹1981 cr13.5%16.0%0.2x
2025-0715.2x₹1981 cr13.5%16.0%0.2x
2025-0615.9x₹1981 cr13.5%16.0%0.2x
2025-0513.9x₹1959 cr14.8%—0.4x
2025-0412.3x₹1959 cr14.8%—0.4x
2025-0313.4x₹1959 cr14.8%—0.4x
2025-0212.8x₹1959 cr14.8%—0.4x
2025-0115.7x₹1959 cr14.8%—0.4x
2024-1220.5x₹1959 cr14.8%—0.4x
2024-1115.8x₹1959 cr14.8%—0.4x
2024-1014.1x₹1959 cr14.8%—0.4x
2024-0915.0x₹1959 cr14.8%—0.4x
2024-0813.6x₹1959 cr14.8%—0.4x
2024-0715.6x₹1959 cr14.8%—0.4x
2024-0616.3x₹1959 cr14.8%—0.4x
2024-0514.5x₹1706 cr18.1%23.0%0.2x
2024-0415.8x₹1706 cr18.1%23.0%0.2x
2024-0315.3x₹1706 cr18.1%23.0%0.2x
2024-0216.0x₹1706 cr18.1%23.0%0.2x
2024-0110.9x₹1706 cr18.1%23.0%0.2x
2023-128.7x₹1706 cr18.1%23.0%0.2x
2023-118.5x₹1706 cr18.1%23.0%0.2x
2023-108.2x₹1706 cr18.1%23.0%0.2x
2023-099.6x₹1706 cr18.1%23.0%0.2x
2023-088.7x₹1706 cr18.1%23.0%0.2x
2023-077.6x₹1706 cr18.1%23.0%0.2x
2023-066.4x₹1706 cr18.1%23.0%0.2x
2023-056.0x₹1706 cr18.1%23.0%0.2x
2023-045.9x₹1706 cr18.1%23.0%0.2x
2023-035.3x₹1706 cr18.1%23.0%0.2x
2023-025.5x₹1706 cr18.1%23.0%0.2x
2023-016.0x₹1706 cr18.1%23.0%0.2x
2022-126.5x₹1706 cr18.1%23.0%0.2x
2022-115.9x₹1706 cr18.1%23.0%0.2x
2022-105.3x₹1706 cr18.1%23.0%0.2x
2022-095.4x₹1706 cr18.1%23.0%0.2x
2022-085.7x₹1706 cr18.1%23.0%0.2x
2022-075.4x₹1706 cr18.1%23.0%0.2x
2022-065.0x₹1706 cr18.1%23.0%0.2x
2022-057.1x₹1188 cr16.5%23.0%0.1x
2022-047.2x₹1188 cr16.5%23.0%0.1x
2022-036.8x₹1188 cr16.5%23.0%0.1x
2022-026.7x₹1188 cr16.5%23.0%0.1x
2022-017.2x₹1188 cr16.5%23.0%0.1x
2021-127.3x₹1188 cr16.5%23.0%0.1x

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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