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MAAN ALUMINIUM LIMITED (MAANALU)

Non-Energy Minerals

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.66 / 100
Growth 31Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.46 / 100
Price 9FII/DII 83
Compare withVEDANTA LIMITEDNATIONAL ALUMINIUM CO LTDARFIN INDIA LIMITED
Share Price
₹87.36
P/E
624.0x
Market Cap
₹524 cr
Revenue (TTM)
₹42 cr
P/S
12.4x
P/B
20.0x
ROE
3.2%
Debt / Equity
0.1x
Promoter Holding
55.8%
12M Momentum
-37.3%
P/E vs its own history63rd percentilesince Jan '19
P/E vs Non-Energy Minerals29.3xthe sector median

52-week range

₹85.68₹184.74
2% of the way from its 52-week low to its high

Price risk

1Y volatility
46.5%
Beta vs sector
1-year daily
0.92

Balance sheet & cash

Debt service
no meaningful debt
Share count, 1Y
unchanged

Was the rally earned?

-37%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 995.8x to 624.0x); per-share earnings added 0 points.
  • The share count barely moved.
1 year P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37% 1 year P/E change: -37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-37 pts -37%
Net profit growth0 ptsNet profit was little changed.
P/E change-37 ptsThe P/E fell from 995.8x to 624.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-36%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 974.6x to 624.0x); per-share earnings added 0 points.
  • The share count barely moved.
3 years P/E change: -36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-36 pts -36% 3 years P/E change: -36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-36 pts -36%
Net profit growth0 ptsNet profit was little changed.
P/E change-36 ptsThe P/E fell from 974.6x to 624.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+162%share price, 5 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 237.9x to 624.0x); per-share earnings added 0 points.
  • The share count barely moved.
5 years P/E change: +162 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+162 pts +162% 5 years P/E change: +162 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+162 pts +162%
Net profit growth0 ptsNet profit was little changed.
P/E change+162 ptsThe P/E rose from 237.9x to 624.0x, 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 VEDANTA

Is it expensive against its own past and its peers?

624.0xP/E todayWithin its usual range
Against its own history63rd percentileMedian 320.4x; usual range 59.5x to 1025.6x since 2019-01.
Against Non-Energy Minerals624.0x vs 21.3xAbove the Non-Energy Minerals median.
8.1x602.2x1196.4x1790.5xJan '19Aug '20Mar '22Oct '23May '25Oct '268.1x602.2x1196.4x1790.5xJan '19Aug '21Mar '24Oct '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; dashed 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

What is the price implying?

~63%annual earnings growth implied by the price

At a P/E of 624.0x, the price would imply about 62.6%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

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

What changed?

  1. Jul '26Volume reached 5.6x its 50-day median on 2026-07-29; price +7.8% that day.
  2. Jun '26Promoter holding fell 3.0 pts to 55.8%.
  3. Apr '26P/E crossed above the 90th percentile of its own history to date (1075.7x).
  4. Apr '26Volume reached 45.0x its 50-day median on 2026-04-27; price +13.3% that day.
  5. Mar '26Volume reached 7.0x its 50-day median on 2026-03-30; price -2.6% that day.
  6. Dec '25Slipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  7. Oct '25P/E crossed above the 90th percentile of its own history to date (995.8x).
  8. Oct '25Volume reached 45.2x its 50-day median on 2025-10-24; price +9.7% that day.
Show 22 earlier events
  1. Jun '25Moved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  2. May '25Volume reached 13.3x its 50-day median on 2025-05-28; price -1.0% that day.
  3. Mar '25Fell 70% from the Oct 2024 peak to the Mar 2025 low.
  4. Mar '25Volume reached 15.6x its 50-day median on 2025-03-19; price +1.9% that day.
  5. Oct '24Regained the 2024-02 peak, 2 months after the low.
  6. Oct '24Volume reached 78.5x its 50-day median on 2024-10-01; price +5.1% that day.
  7. Sep '24Volume reached 34.3x its 50-day median on 2024-09-30; price +20.0% that day.
  8. Aug '24Fell 34% from the Feb 2024 peak to the Aug 2024 low.
  9. Jun '24Slipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  10. Apr '24Volume reached 13.8x its 50-day median on 2024-04-15; price +5.0% that day.
  11. Feb '24Volume reached 19.4x its 50-day median on 2024-02-07; price +17.0% that day.
  12. Nov '23Volume reached 24.0x its 50-day median on 2023-11-01; price +4.1% that day.
  13. Sep '23Regained the 2023-07 peak, 1 month after the low.
  14. Sep '23Volume reached 15.6x its 50-day median on 2023-09-08; price +5.0% that day.
  15. Aug '23Fell 34% from the Jul 2023 peak to the Aug 2023 low.
  16. Jun '23Regained the 2023-01 peak, 3 months after the low.
  17. Jun '23Moved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  18. Jun '23Volume reached 143.6x its 50-day median on 2023-06-06; price +20.0% that day.
  19. Mar '23Fell 31% from the Jan 2023 peak to the Mar 2023 low.
  20. Jan '23Regained the 2021-08 peak, 7 months after the low.
  21. Jan '23Volume reached 59.3x its 50-day median on 2023-01-17; price +17.4% that day.
  22. Nov '22Volume reached 13.3x its 50-day median on 2022-11-07; price +13.4% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

3 of 3 checks are within range.
Tap a check to see how it is measured.

Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (49 vs 49). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.

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, promoters trimmed 4.9 pts; DIIs added 1.7 pts.
  • The number of shareholders rose from 26,618 to 30,389 (+14%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters60.7%55.8%-4.9 pts
FIIs0.1%0.0%-0.1 pts
DIIs0.0%1.7%+1.7 pts
Public and others39.1%42.5%+3.3 pts

Number of shareholders

30,389shareholders+14% since Dec '23
27k29k31k34k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 26,618
Mar '24: 27,842
Jun '24: 28,728
Sep '24: 28,239
Dec '24: 33,575
Mar '25: 33,516
Jun '25: 32,353
Sep '25: 31,109
Dec '25: 30,671
Mar '26: 29,626
Jun '26: 30,389
 27k29k31k34k Dec '23Dec '24Dec '25Jun '26
Dec '23: 26,618
Mar '24: 27,842
Jun '24: 28,728
Sep '24: 28,239
Dec '24: 33,575
Mar '25: 33,516
Jun '25: 32,353
Sep '25: 31,109
Dec '25: 30,671
Mar '26: 29,626
Jun '26: 30,389

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

How rough has the ride been?

Maximum drawdown-76.7%recovered 2020-12
1-year volatility46.5%annualised
Beta vs sector index0.833-year daily, correlation 0.33
Volume spikes1last 90 sessions, 5x the 50-day median

Monthly share price

₹4₹86₹168₹251 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹11.35
2019-02: ₹10.25
2019-03: ₹11.65
2019-04: ₹10.70
2019-05: ₹11.95
2019-06: ₹10.30
2019-07: ₹9.35
2019-08: ₹8.55
2019-09: ₹8.60
2019-10: ₹8.10
2019-11: ₹7.60
2019-12: ₹7.05
2020-01: ₹8.40
2020-02: ₹6.55
2020-03: ₹3.50
2020-04: ₹4.90
2020-05: ₹5.40
2020-06: ₹6.55
2020-07: ₹6.40
2020-08: ₹8.70
2020-09: ₹8.30
2020-10: ₹8.45
2020-11: ₹10.80
2020-12: ₹14.30
2021-01: ₹13.20
2021-02: ₹20.20
2021-03: ₹19.20
2021-04: ₹23.20
2021-05: ₹25.40
2021-06: ₹40.90
2021-07: ₹49.40
2021-08: ₹33.35
2021-09: ₹30.75
2021-10: ₹33.30
2021-11: ₹26.70
2021-12: ₹29.60
2022-01: ₹28.30
2022-02: ₹34.60
2022-03: ₹33.70
2022-04: ₹32.80
2022-05: ₹31.00
2022-06: ₹29.50
2022-07: ₹33.20
2022-08: ₹38.70
2022-09: ₹40.75
2022-10: ₹43.80
2022-11: ₹45.90
2022-12: ₹41.90
2023-01: ₹57.25
2023-02: ₹47.20
2023-03: ₹43.50
2023-04: ₹50.20
2023-05: ₹51.55
2023-06: ₹83.90
2023-07: ₹92.45
2023-08: ₹69.65
2023-09: ₹85.65
2023-10: ₹136.45
2023-11: ₹134.25
2023-12: ₹142.30
2024-01: ₹137.95
2024-02: ₹145.95
2024-03: ₹136.80
2024-04: ₹149.40
2024-05: ₹130.25
2024-06: ₹144.13
2024-07: ₹136.96
2024-08: ₹136.86
2024-09: ₹171.38
2024-10: ₹250.67
2024-11: ₹144.80
2024-12: ₹123.91
2025-01: ₹116.74
2025-02: ₹89.56
2025-03: ₹76.25
2025-04: ₹84.65
2025-05: ₹113.57
2025-06: ₹122.69
2025-07: ₹120.03
2025-08: ₹106.75
2025-09: ₹109.97
2025-10: ₹139.41
2025-11: ₹160.25
2025-12: ₹161.67
2026-01: ₹155.79
2026-02: ₹135.56
2026-03: ₹120.89
2026-04: ₹150.60
2026-05: ₹138.17
2026-06: ₹121.23
2026-07: ₹122.62
2026-08: ₹122.67
2026-09: ₹100.17
2026-10: ₹87.36
 ₹4₹86₹168₹251 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹11.35
2019-02: ₹10.25
2019-03: ₹11.65
2019-04: ₹10.70
2019-05: ₹11.95
2019-06: ₹10.30
2019-07: ₹9.35
2019-08: ₹8.55
2019-09: ₹8.60
2019-10: ₹8.10
2019-11: ₹7.60
2019-12: ₹7.05
2020-01: ₹8.40
2020-02: ₹6.55
2020-03: ₹3.50
2020-04: ₹4.90
2020-05: ₹5.40
2020-06: ₹6.55
2020-07: ₹6.40
2020-08: ₹8.70
2020-09: ₹8.30
2020-10: ₹8.45
2020-11: ₹10.80
2020-12: ₹14.30
2021-01: ₹13.20
2021-02: ₹20.20
2021-03: ₹19.20
2021-04: ₹23.20
2021-05: ₹25.40
2021-06: ₹40.90
2021-07: ₹49.40
2021-08: ₹33.35
2021-09: ₹30.75
2021-10: ₹33.30
2021-11: ₹26.70
2021-12: ₹29.60
2022-01: ₹28.30
2022-02: ₹34.60
2022-03: ₹33.70
2022-04: ₹32.80
2022-05: ₹31.00
2022-06: ₹29.50
2022-07: ₹33.20
2022-08: ₹38.70
2022-09: ₹40.75
2022-10: ₹43.80
2022-11: ₹45.90
2022-12: ₹41.90
2023-01: ₹57.25
2023-02: ₹47.20
2023-03: ₹43.50
2023-04: ₹50.20
2023-05: ₹51.55
2023-06: ₹83.90
2023-07: ₹92.45
2023-08: ₹69.65
2023-09: ₹85.65
2023-10: ₹136.45
2023-11: ₹134.25
2023-12: ₹142.30
2024-01: ₹137.95
2024-02: ₹145.95
2024-03: ₹136.80
2024-04: ₹149.40
2024-05: ₹130.25
2024-06: ₹144.13
2024-07: ₹136.96
2024-08: ₹136.86
2024-09: ₹171.38
2024-10: ₹250.67
2024-11: ₹144.80
2024-12: ₹123.91
2025-01: ₹116.74
2025-02: ₹89.56
2025-03: ₹76.25
2025-04: ₹84.65
2025-05: ₹113.57
2025-06: ₹122.69
2025-07: ₹120.03
2025-08: ₹106.75
2025-09: ₹109.97
2025-10: ₹139.41
2025-11: ₹160.25
2025-12: ₹161.67
2026-01: ₹155.79
2026-02: ₹135.56
2026-03: ₹120.89
2026-04: ₹150.60
2026-05: ₹138.17
2026-06: ₹121.23
2026-07: ₹122.62
2026-08: ₹122.67
2026-09: ₹100.17
2026-10: ₹87.36

Last 90 trading days

₹87₹101₹115₹129 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹126.64
2026-06-25: ₹125.59
2026-06-30: ₹121.23
2026-07-02: ₹125.83
2026-07-06: ₹122.83
2026-07-08: ₹119.80
2026-07-10: ₹121.62
2026-07-14: ₹117.91
2026-07-16: ₹118.90
2026-07-20: ₹113.29
2026-07-22: ₹114.88
2026-07-24: ₹114.86
2026-07-28: ₹110.92
2026-07-30: ₹116.87
2026-08-03: ₹126.78
2026-08-05: ₹127.25
2026-08-07: ₹124.43
2026-08-11: ₹123.16
2026-08-13: ₹121.70
2026-08-17: ₹119.33
2026-08-19: ₹118.85
2026-08-21: ₹119.40
2026-08-25: ₹118.32
2026-08-27: ₹116.68
2026-08-31: ₹122.67
2026-09-02: ₹118.15
2026-09-04: ₹117.90
2026-09-08: ₹114.34
2026-09-10: ₹110.79
2026-09-15: ₹106.14
2026-09-17: ₹102.89
2026-09-21: ₹105.12
2026-09-23: ₹103.93
2026-09-25: ₹100.18
2026-09-29: ₹100.62
2026-10-01: ₹99.34
2026-10-06: ₹105.03
2026-10-08: ₹98.97
2026-10-12: ₹100.72
2026-10-14: ₹103.71
2026-10-16: ₹100.34
2026-10-21: ₹95.84
2026-10-23: ₹88.27
2026-10-27: ₹92.44
2026-10-29: ₹90.38
2026-10-30: ₹87.36
 ₹87₹101₹115₹129 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹126.64
2026-06-25: ₹125.59
2026-06-30: ₹121.23
2026-07-02: ₹125.83
2026-07-06: ₹122.83
2026-07-08: ₹119.80
2026-07-10: ₹121.62
2026-07-14: ₹117.91
2026-07-16: ₹118.90
2026-07-20: ₹113.29
2026-07-22: ₹114.88
2026-07-24: ₹114.86
2026-07-28: ₹110.92
2026-07-30: ₹116.87
2026-08-03: ₹126.78
2026-08-05: ₹127.25
2026-08-07: ₹124.43
2026-08-11: ₹123.16
2026-08-13: ₹121.70
2026-08-17: ₹119.33
2026-08-19: ₹118.85
2026-08-21: ₹119.40
2026-08-25: ₹118.32
2026-08-27: ₹116.68
2026-08-31: ₹122.67
2026-09-02: ₹118.15
2026-09-04: ₹117.90
2026-09-08: ₹114.34
2026-09-10: ₹110.79
2026-09-15: ₹106.14
2026-09-17: ₹102.89
2026-09-21: ₹105.12
2026-09-23: ₹103.93
2026-09-25: ₹100.18
2026-09-29: ₹100.62
2026-10-01: ₹99.34
2026-10-06: ₹105.03
2026-10-08: ₹98.97
2026-10-12: ₹100.72
2026-10-14: ₹103.71
2026-10-16: ₹100.34
2026-10-21: ₹95.84
2026-10-23: ₹88.27
2026-10-27: ₹92.44
2026-10-29: ₹90.38
2026-10-30: ₹87.36

Drawdown from peak

0% -38% -75% Jan '19Dec '22Oct '26 0% -38% -75% Jan '19Dec '22Oct '26
Largest drawdowns

-76.7% (2019-01 peak to 2020-03 low, recovered 2020-12)

-69.6% (2024-10 peak to 2025-03 low, not yet recovered)

-54.6% (2021-08 peak to 2022-06 low, recovered 2023-01)

Most recent volume spikes

2026-07-29: 5.6x the 50-day median, price +7.8% 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).

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).

Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
WS INDUSTRIES (INDIA) (WSI)Producer Manufacturing58%revenue, market cap
AMRUTANJAN HEALTH CARE (AMRUTANJAN)Health Technology57%revenue growth, EPS growth
RELIANCE INDUSTRIAL INFRASTRUC (RIIL)Industrial Services50%revenue, P/E
HARDWYN INDIA (HARDWYN)Distribution Services46%market cap, revenue
APCOTEX INDUSTRIES (APCOTEXIND)Process Industries45%revenue growth, EPS growth
MOIL (MOIL)Non-Energy Minerals17%revenue growth, EPS growth
STEELCAST (STEELCAS)Non-Energy Minerals16%revenue growth, revenue
SHIVALIK BIMETAL CONTROLS (SBCL)Non-Energy Minerals0%debt/equity, revenue

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

What happened next to similar setups

−4.2%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 MAAN ALUMINIUM LIMITED today on valuation, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −22% to +18% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+0.5%, 80% range −8.7% to +6.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
AKASH · Mar 2021: −75.9% vs market
VAKRANGEE · Aug 2024: −55.8% vs market
TRACXN · Jan 2025: −53.3% vs market
HARDWYN · Sep 2024: −51.9% vs market
INDOWIND · Jul 2025: −50.9% vs market
APCOTEXIND · Aug 2023: −40.6% vs market
DUGLOBAL · Mar 2025: −39.3% vs market
BPL · Jul 2025: −37.9% vs market
AIRAN · Oct 2025: −37.3% vs market
ARTNIRMAN · Apr 2024: −32.8% vs market
BHANDARI · Oct 2025: −30.7% vs market
RAJTV · Nov 2020: −27.9% vs market
PILANIINVS · Oct 2025: −22.3% vs market
AMRUTANJAN · Jul 2023: −22.1% vs market
HGM · May 2020: −21.9% vs market
RESPONIND · May 2021: −20.8% vs market
SINCLAIR · Jun 2025: −18.2% vs market
PILITA · Jul 2020: −17.4% vs market
CHEVIOT · Jun 2023: −16.5% vs market
NOVARTIND · Oct 2021: −12.1% vs market
PARASPETRO · Sep 2025: −9.2% vs market
DENORA · Aug 2025: −8.1% vs market
ESABINDIA · Feb 2024: −6.9% vs market
GKWLIMITED · Sep 2025: −5.6% vs market
BORORENEW · Jan 2023: −4.9% vs market
MOTOGENFIN · Sep 2025: −3.5% vs market
PARAS · Oct 2022: −1.3% vs market
BHAGCHEM · Aug 2025: −0.2% vs market
AETHER · Nov 2024: +2.6% vs market
ITDC · Nov 2020: +3.9% vs market
CARTRADE · Aug 2023: +4.7% vs market
JUSTDIAL · Nov 2022: +5.3% vs market
TASTYBITE · Jul 2022: +5.5% vs market
OLECTRA · Aug 2024: +7.0% vs market
SUNTECK · Aug 2023: +7.1% vs market
IGARASHI · Jan 2024: +8.3% vs market
NELCO · Aug 2025: +9.9% vs market
KILITCH · Aug 2020: +20.2% vs market
TEXINFRA · Sep 2023: +22.2% vs market
ZOTA · Dec 2022: +22.4% vs market
ASHIANA · May 2022: +22.9% vs market
SHRIRAMPPS · Dec 2022: +28.4% vs market
FCSSOFT · Jun 2023: +30.0% vs market
RIIL · Jul 2021: +30.3% vs market
MTARTECH · Nov 2024: +36.4% vs market
URJA · Oct 2023: +46.7% vs market
INVENTURE · Dec 2020: +52.3% vs market
TATVA · Mar 2025: +59.6% vs market
RATEGAIN · Dec 2022: +100.7% vs market
ZENTEC · Nov 2022: +248.9% vs market
Similar setups −4.2%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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.2%
All companies' median
−4.7%
Beat the market
44% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ASHIANA
Finance		 May 2022 759x0% −10%−37% +23%
CHEVIOT
Process Industries		 Jun 2023 —— −1%−20% −17%
TEXINFRA
Utilities		 Sep 2023 289x1% +13%−22% +22%
ZENTEC
Technology Services		 Nov 2022 774x2% −6%−21% +249%
PILITA
Producer Manufacturing		 Jul 2020 193x7% −35%−43% −17%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SINCLAIR
Consumer Services		 Jun 2025 201x— −20%−31% −18%
DUGLOBAL
Commercial Services		 Mar 2025 331x9% −34%−46% −39%
AMRUTANJAN
Health Technology		 Jul 2023 93x31% −18%−22% −22%
How reliable is this?

Matched on P/E, P/S, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and debt/equity. Not used (unavailable for this company): ROCE, operating margin and interest cover. 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 MAAN ALUMINIUM 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 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEDebt / Equity
2026-10624.0x₹42 cr3.2%0.1x
2026-09715.5x₹42 cr3.2%0.1x
2026-08876.2x₹42 cr3.2%0.1x
2026-07875.9x₹42 cr3.2%0.1x
2026-06865.9x₹42 cr3.2%0.1x
2026-05986.9x₹42 cr3.2%0.1x
2026-041075.7x₹42 cr3.2%0.1x
2026-03863.5x₹42 cr3.2%0.1x
2026-02968.3x₹42 cr3.2%0.1x
2026-011112.8x₹42 cr3.2%0.1x
2025-121154.8x₹42 cr3.2%0.1x
2025-111144.6x₹42 cr3.2%0.1x
2025-10995.8x₹42 cr3.2%0.1x
2025-09785.5x₹42 cr3.2%0.1x
2025-08762.5x₹42 cr3.2%0.1x
2025-07857.4x₹42 cr3.2%0.1x
2025-06876.4x₹42 cr3.2%0.1x
2025-05811.2x₹42 cr3.2%0.1x
2025-04604.6x₹42 cr3.2%0.1x
2025-03544.6x₹42 cr3.2%0.1x
2025-02639.7x₹42 cr3.2%0.1x
2025-01833.9x₹42 cr3.2%0.1x
2024-12885.1x₹42 cr3.2%0.1x
2024-111034.3x₹42 cr3.2%0.1x
2024-101790.5x₹42 cr3.2%0.1x
2024-091224.1x₹42 cr3.2%0.1x
2024-08977.6x₹42 cr3.2%0.1x
2024-07978.3x₹42 cr3.2%0.1x
2024-061029.5x₹42 cr3.2%0.1x
2024-05930.4x₹42 cr3.2%0.1x
2024-041067.1x₹42 cr3.2%0.1x
2024-03977.1x₹42 cr3.2%0.1x
2024-021042.5x₹42 cr3.2%0.1x
2024-01985.4x₹42 cr3.2%0.1x
2023-121016.4x₹42 cr3.2%0.1x
2023-11958.9x₹42 cr3.2%0.1x
2023-10974.6x₹42 cr3.2%0.1x
2023-09611.8x₹42 cr3.2%0.1x
2023-08497.5x₹42 cr3.2%0.1x
2023-07660.4x₹42 cr3.2%0.1x
2023-06599.3x₹42 cr3.2%0.1x
2023-05368.2x₹42 cr3.2%0.1x
2023-04358.6x₹42 cr3.2%0.1x
2023-03310.7x₹42 cr3.2%0.1x
2023-02337.1x₹42 cr3.2%0.1x
2023-01408.9x₹42 cr3.2%0.1x
2022-12299.3x₹42 cr3.2%0.1x
2022-11327.9x₹42 cr3.2%0.1x
2022-10312.9x₹42 cr3.2%0.1x
2022-09291.1x₹42 cr3.2%0.1x
2022-08276.4x₹42 cr3.2%0.1x
2022-07237.1x₹42 cr3.2%0.1x
2022-06210.7x₹42 cr3.2%0.1x
2022-05221.4x₹42 cr3.2%0.1x
2022-04234.3x₹42 cr3.2%0.1x
2022-03240.7x₹42 cr3.2%0.1x
2022-02247.1x₹42 cr3.2%0.1x
2022-01202.1x₹42 cr3.2%0.1x
2021-12211.4x₹42 cr3.2%0.1x
2021-11190.7x₹42 cr3.2%0.1x
2021-10237.9x₹42 cr3.2%0.1x
2021-09219.6x₹42 cr3.2%0.1x
2021-08238.2x₹42 cr3.2%0.1x
2021-07352.9x₹42 cr3.2%0.1x
2021-06292.1x₹42 cr3.2%0.1x
2021-05181.4x₹42 cr3.2%0.1x
2021-04165.7x₹42 cr3.2%0.1x
2021-03137.1x₹42 cr3.2%0.1x
2021-02144.3x₹42 cr3.2%0.1x
2021-0194.3x₹42 cr3.2%0.1x
2020-12102.1x₹42 cr3.2%0.1x
2020-1177.1x₹42 cr3.2%0.1x
2020-1060.4x₹42 cr3.2%0.1x
2020-0959.3x₹42 cr3.2%0.1x
2020-0862.1x₹42 cr3.2%0.1x
2020-0745.7x₹42 cr3.2%0.1x
2020-0646.8x₹42 cr3.2%0.1x
2020-0538.6x₹42 cr3.2%0.1x
2020-0435.0x₹42 cr3.2%0.1x
2020-0325.0x₹42 cr3.2%0.1x
2020-0246.8x₹42 cr3.2%0.1x
2020-0160.0x₹42 cr3.2%0.1x
2019-1250.4x₹42 cr3.2%0.1x
2019-1154.3x₹42 cr3.2%0.1x
2019-1057.9x₹42 cr3.2%0.1x
2019-0961.4x₹42 cr3.2%0.1x
2019-0861.1x₹42 cr3.2%0.1x
2019-0766.8x₹42 cr3.2%0.1x
2019-0673.6x₹42 cr3.2%0.1x
2019-0585.4x₹42 cr3.2%0.1x
2019-0476.4x₹42 cr3.2%0.1x
2019-0383.2x₹42 cr3.2%0.1x
2019-0273.2x₹42 cr3.2%0.1x
2019-0181.1x₹42 cr3.2%0.1x

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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